UAE entrepreneurs have a strong appetite for international expansion

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Turkey is pulling the brakes on its sukuk sale to ADQ

Good morning, wonderful people. It’s shaping up to be a busy and interesting news day, with plenty of investment news and an interesting read on the philosophy among Emirati entrepreneurs, which leads this morning’s news well.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- Do you have unclaimed dividends from a decade ago? The SCA can help with that:The Securities and Commodities Authority (SCA) will distribute unclaimed dividends from before March 2015, after appointing First Abu Dhabi Bank (FAB) as the bank handling payments, according to a statement. The decision also includes claims for money held in dormant brokerage accounts.

To claim your payment: Submit a request to FAB via email, phone: 02 6161800, or head to any FAB branch with the supporting documents in the statement.

#2-Charities and organizations will be able to apply for Ramadan tent permits in Ajman via a new online system,inaugurated by Ajman’s Charitable Work and Endowments Coordination Council yesterday, reports Ajman News.

WATCH THIS SPACE-

#1- The UAE’s crackdown on illicit finance is paying off:Global watchdog Financial Action Task Force (FATF) is on track to remove the UAE from its “gray list” following a series of reforms, Bloomberg reports, citing sources in the know. The FATF’s assessors acknowledged significant progress during a recent visit, with removal from the list expected as early as 23 February, coinciding with the end of the FATF plenary in Paris. Several FATF member countries that had initially supported the UAE’s inclusion on the list are now in favor of its removal, Bloomberg previously reported.

SOUND SMART- Getting off the gray list requires a significant majority of FATF’s member countries to vote in the country’s favor.

Background: The UAE was initially placed on the list in March 2022. Last year, the UAE doubled down on its efforts to ramp up its financial compliance by rallying support from key FATF members through visits and updating anti-money laundering guidelines (pdf), among other measures.

#2-Turkey halted its proposed USD 8.5 bn sukuk sale to Abu Dhabi wealth fund ADQ as it looks for “cheaper options,” Bloomberg reports, citing people familiar with the matter. The Turkish government sees the yields ADQ has proposed for the debt as “unfavorable,” Bloomberg’s sources say, and Ankara is now reportedly waiting for global central banks to begin cutting interest rates later this year, which would “fuel appetite for emerging-market debt.“

REFRESHER- Turkey was considering offering 10-year bonds in tranches to ADQ last year, with proceeds geared towards stymying Turkey’s decline in foreign investments, which has thrown its balance of payments out of whack and resulted in short-term liabilities exceeding USD 200 bn.

DATA POINTS-

#1- Passenger traffic at Dubai International Airport (DXB) rose 31.7% y-o-y to 87 mn passengers in 2023, marking a recovery to pre-pandemic levels, according to a Dubai Media Office statement.While not quite reaching its peak of 89.1 mn passengers in 2018, the number rests just above the 86.3 mn passengers recorded in 2019. India was the top destination for travelers from the airport, followed by Saudi Arabia and the UK.

Dubai Airports is also making “advanced” plans to expand the existing capacity at Al Maktoum International Airport to accommodate more passengers and airlines in the absence of sufficient infrastructure at DXB, Dubai Airports CEO Paul Griffiths told Bloomberg (watch, runtime 7:15). However, precise timelines and details are still under deliberation and will be disclosed at a later date.

The figures got a lot of ink in the foreign press:Bloomberg | Associated Press | Reuters.

#2- Twelve food and beverage companies set up shop in Dubai Industrial City in 2023, investing a combined AED 800 mn, according to a press release.

#3-Female investor contribution to the country’s real estate market climbed 53.9% y-o-y to AED 90.5 bn (USD 25 bn) in 2023, Arabian Business reports, citing market analysis by Dubai-based real estate fund management firm Hedge & Sachs. The number of women investing in the UAE rose to over 38k during the year, compared to less than 27k in 2022. Hedge & Sachs’ analysis attributes the growth to “more financial literacy and exposure to investment and wealth management for women,” in addition to improved access to capital on the back of a rise in female employment and government empowerment initiatives.

In 2024: Women are forecast to account for 22% of property investments in Dubai in 1Q 2024, with a total expenditure of AED 12 bn (USD 3.27 bn), the analysis says, adding that a slump is expected due to slowing market growth and the onset of Ramadan.

HAPPENING TODAY-

#1- Global champs are here for the Dubai Dutyfreee Championships: World No.1 Iga Swatiek, former World No. 1 Tennis champion Naomi Osaka, and two-time Australian Open champion Aryna Sabalenka will compete in the Dubai Dutyfree Tennis Championships, Khaleej Times reports. The World Tennis Association tour got underway on Sunday and will run until Saturday, 2 March. You can buy tickets for both the women’s WTA tournament and the men’s ATP here.

#2- UAE Innovates 2024 resumes in Sharjah, Fujairah and Ras Al Khaimah, before its final stop in Dubai this Thursday, reports state news agency Wam.

#3- The world's largest F&B event, Gulfood 2024, returns to Dubai World Trade Centre: The event brings together suppliers, distributors, and chefs, to discuss the future of F&B. Gulfood 2024 opened its doors on Sunday, and concludes this Friday.

#4-The International Dialogue of Civilizations and Tolerance Conference is underway, and concludes tomorrow at the Abu Dhabi National Exhibition Centre.

HAPPENING THIS WEEK-

#1- CBUAE to hold AED 18.5 bn m-bill auction: The Central Bank of the UAE (CBUAE) will auction four m-bills worth up to AED 18.5 bn tomorrow, according to a statement (pdf). Three of the m-bills are tap issuances, and the four have tenors ranging from 28 to 266 days.

Decoding central bank speak: M-bills are short-term securities issued in AED by the CBUAE at no interest. The bonds typically have maturity dates of one to 12 months and are not retrievable through any other listing. A tap issuance allows the CBUAE to more finely control money supply by allowing it the flexibility to continue selling bills past the initial auction date.

#2- The two-day tech startup event Step Conference gets underway tomorrow at Dubai Internet City. The event promises the attendance of 400 startups, and hundreds of global tech investors, and will see several tracks, including digital, fintech, wellness, earth, and AI.

#3- The International Freight Forwarders Conference 2024 gets underway this Thursdayand wraps next Sunday, 24 February. The logistics event brings global freight forwarders to the Hyatt Hotel in Dubai.

#4-Taste of Dubai opens its doors this Friday. The four-day food festival will bring together 16 of the emirates' best restaurants at Dubai Marina’s Skydive Dubai.

THE BIG STORY ABROAD-

One story is dominating the front pages of the global business press this morning: Two of the US’ biggest credit card lenders are getting married. Capital One is acquiring Discover Financial Services in a USD 35 bn all-stock transaction, it said in a statement overnight. The transaction will see Discover shareholders receiving 1.0192 shares in Capital One for every share in Discover, “representing a premium of 26.6% based on Discover’s closing price of USD 110.49 on February 16, 2024,” the statement said. The merged company will see Capital One shareholders holding 60% and Discover shareholders taking the remaining balance.

The story got plenty of ink:Bloomberg | Financial Times | Wall Street Journal | CNBC | Reuters

FROM THE POLITICAL SIDE OF THINGS- US plans to call for temporary Gaza ceasefire in UN resolution: After 230 days of Israel’s war on Gaza that has killed over 29k Palestinians — two-thirds of which are women and children — the US will now call for a temporary ceasefire. The US has reportedly put forth a UN Security Council draft resolution calling for a temporary ceasefire and warning against a ground incursion into Rafah — now the world’s most densely populated area hosting 1.5 mn people.

OVER IN TECH NEWS- US, EU, and UK are joining forces to launch an operation against Lockbit, the notorious ransomware gang that has launched cyberattacks against some of the world’s largest organizations.

CIRCLE YOUR CALENDAR-

The Berklee Abu Dhabi Music Summit will kick off on Saturday, 24 February, in Berklee College of Music’s Middle East outpost in Abu Dhabi. The two-day event — running under the theme “Your Music Your Business” — features workshops and sessions by XP Music Futures, Dolby, and Anghami, aiming to guide independent artists in developing their careers.

Dubai’s Ramadan Souq kicked off on Saturday and will run until9 March at Old Municipality Street in Bur Deira, Dubai Media Office said in a statement. The annual market offers Ramadan items and gadgets at competitive prices, alongside live entertainment. It opens everyday from 10am to 10pm.

The World Trade Organization’s Ministerial Conference is scheduled from Monday, 26 February, to Thursday, 29 February, in Abu Dhabi. Trade ministers are meeting “at a difficult conjuncture” this year, with factors like regional and eastern European geopolitical tensions and upcoming election threatening to hamper negotiations for global trade agreements, Reuters cites WTO Director-General Ngozi Okonjo-Iweala as telling reporters in Geneva.

The Investopia Summit will take place from Wednesday, 28 February, to Thursday, 29 February, in Abu Dhabi. The two-day event will run under the theme “Emerging Economic Frontiers: Investing in Fast-Growing Sectors in the New Economy,” gathering investors, government officials, and entrepreneurs to explore investments in strategic markets.

Mobility startups can pitch their ideas for sustainable transportation solutions at Dubai’s Roads and Transport Authority’s Startups Challenge, held concurrently with UAE Innovates, starting February 26. You can register for the challenge by sending a nomination request here.

The MENA Transport Congress and Exhibition 2024 is set to take place from 28 February to 1 March at the Dubai World Trade Centre. Look for 2k attendees and 65 speakers, including industry leaders, researchers, and government officials to be in attendance.

DIFC is marking its 20th anniversary with a series of finance-focused events — 20Days of Finance — running from 29 April to 29 May, including seminars, workshops, and networking sessions. The lineup includes the Dubai World Ins. Congress from 29-30 April, the Dubai FinTech Summit from 6-7 May, and the first Hedge Fund Managers’ Summit on 15 May. The Institute of International Finance will also participate with the Institute of International Finance MENA Chief Risk Officer Forum on 21 May.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

UAE entrepreneurs rank second in overseas expansion ambitions –HSBC

The majority (86%) of UAE entrepreneurs are actively expanding internationally or operating beyond their immediate borders, according to HSBC’s first Global Entrepreneurial Wealth Report (pdf). That places Emirati entrepreneurs second only to entrepreneurs in Hong Kong in terms of appetite for international expansion. The report surveys entrepreneurs in nine markets — France, Hong Kong, India, China, Singapore, Switzerland, the UAE, the UK, and the US — with investable assets ranging between USD 2-20 mn.

HSBC surveyed entrepreneurs to gauge their perspective in three areas: International business prospects, strategies for business exit, and the intergenerational transfer of wealth.

Personal wealth creation and education drive interest in expansion:Operational efficiency stands out as the primary advantage for conducting business abroad, with nearly 57% of UAE entrepreneurs seeing international markets as a potential avenue to enhance their margins. Almost 55% of UAE entrepreneurs are interested in international markets for their children’s education.

Family businesses are popular in the UAE: Almost 66% of UAE entrepreneurs have familial ties to established enterprises, surpassing the global average and highlighting a prevalence of affiliation with family businesses.

UAE entrepreneurs have the lowest inclination for business exits, with as many as 79% saying they don’t have immediate plans to sell off their businesses, the report says.

Family is a top priority when it comes to succession: Some 42% of UAE business owners are considering transferring their business to immediate family members, while 23% are leaning towards other family members. A mere 8% of UAE entrepreneurs prefer selling off their business to an external buyer.

Over half of UAE entrepreneurs aim to pass on or distribute their wealth to the next generation, while 39% want to use that wealth for charitable and philanthropic purposes, higher than the 29% global average, the report reads. Most surveyed entrepreneurs demonstrated a consistent family-centric mindset, prioritizing the preservation of wealth for future generations.

All entrepreneurs are worried their family members will drop the ball: Surveyed entrepreneurs express concerns about passing down wealth, citing a lack of trust in the next generation's ability to manage family wealth or business. The UAE and India are specifically worried about the work ethic of future generations.

Emirates Flight Catering fully acquires vertical farm Emirates Bustanica

Emirates airline’s in-flight catering services arm, Emirates Flight Catering (EKFC), has acquired the remaining stake in Emirates Bustanicaalong with its consumer brand, Bustanica, according to a statement. Emirates Bustanica — formerly a JV between EKFC and US-based Crop One — owns the world’s largest indoor vertical farm, located near Al Maktoum International Airport. The statement did not disclose the exact size of the additional stake or the value of the acquisition.

About the farm: The farm uses technology that uses 95% less water than conventional agriculture. Their 31 sqm facility can yield over 1 mn tonnes of leafy greens annually, equivalent to three tonnes daily.

Emirates Bustanica-branded produce is widely available in major retailers across the UAE. The company was also selected as a preferred supplier of produce for COP 28, and is used in in-flight meals on Emirates and other airlines’ flights.

Indian startup Beyoung bags funding from Abu Dhabi royal family

Indian fashion startup Beyoung secured an disclosed “strategic investment” from the Abu Dhabi royal family, according to a press release yesterday. Beyoung plans to channel the funds into expanding outside India, eyeing a target of launching 300 stores globally over the next three years.

What they said: “The strategic investment in Beyoung aligns with our long-term vision of supporting the Indian apparel industry and fostering the creation of international brands. We believe in Beyoung’s potential to not only excel in the domestic market but also emerge as a global fashion leader,” said Royal Office Executive Director Zulfiquar Ghadiyali.

About Beyoung: Founded in 2018 in Udaipur, India, Beyoung offers direct-to-consumer (D2C) everyday fashion to over 3 mn customers from India’s emerging cities. The Indian startup — valued at INR 1.5 bn (AED 66 mn) — plans to up its valuation to INR 6 bn (AED 265 mn) in the next three years.

OTHER INVESTMENT NEWS-

DFDF invests inPartech’s second Africa fund close: Dubai Future District Fund (DFDF) participated in global tech investment firm Partech’s close of its second Africa-focused fund, dubbed Africa II fund, it said in a statement (pdf ). The final closing was oversubscribed, hitting the fund’s hard cap of USD 300 mn — i.e. the maximum capital that it aims to raise. DFDF’s exact investment was not disclosed.

Where’s the money going? Africa II will invest in tech startups across Africa with initial tickets of USD 1-15 mn in seed to series C funding.The fund has so far deployed funds in three companies and has plans to expand its portfolio to house over 20 companies across the continent.

DP World and partners breaks ground on Agri Terminals facility at Jebel Ali Port

DP World kicks off new agricultural terminal in Dubai: UAE-based port operator DP World, crop trader Al Amir Foods, and agricultural trader Adroit Overseas Canada have broken ground on a new AED 550 mn (USD 150 mn) agricultural processing and silo storage facility at Jebel Ali Port, according to a Dubai Media Office statement. The first phase — of two planned — is slated for completion early next year, the statement said.

Details: The Agri Terminals facility is expected to boost bulk handling capacity at Jebel Ali Port by some 750k tonnes and total storage capacity by 200k tonnes, the statement said. The new facility is expected to generate upwards of AED 1.2 bn in new international trade, the statement also said.

UAE Finance Ministry issues new law to enhance federal asset management

Federal properties and assets are getting a database: The Finance Ministry yesterday issued a new federal decree (pdf) to regulate and manage federal assets, which goes into effect next Wednesday, 28 March, according to a ministry statement. Under the law, the ministry will launch a digital platform to register all federal real estate assets and catalog any relevant information, including the asset’s value, topographic data and judicial rulings on the use of the property.

The scope:The law governs “federal real estate used for public services such as roads, railways, and bridges, along with movable assets that support these properties,” as well as intangible assets and non-real estate federal assets that are not for public use.

It also sets out rules for leasing and using these properties, as well as demolishing them.

Objectives: The new regulation aims to “efficiently govern federal assets, improve their use, and ensure sustainable growth” of both onshore and offshore state-owned assets.

Hub71-backed startup The Cloud lands USD 12 mn in series B funding

The Cloud raises USD 12 mn in series B round: Abu Dhabi-based cloud kitchen The Cloud, a startup backed by Abu Dhabi-based tech accelerator Hub71, raised USD 12 mn in a series B round from Dubai-based early stage VC MENA Moonshots and a debt facility from London-based Aluna Partners, Wamda reports. The funding marks the first close of the series B round, in which The Cloud is looking to raise a total of USD 30 mn.

Previous funding: Coupled with a USD 10 mn raised in its series A round in September 2022 led by VC Middle East Venture Partners and Olayan Financing Company, the company has raised a total of USD 22 mn to date.

About The Cloud: Founded in 2019 by Kamil Rogalinski (LinkedIn) and George Karam (LinkedIn), the company uses AI technology to provide dining solutions for kitchens and virtual food brands. The company recently strengthened its foothold in the UK by acquiring food tech startup KBOX, which saw the firm expand its reach by 200 locations in the UK.

The Cloud is cooking up an expansion: The cloud kitchen will earmark the raised sum to accelerate its growth, fund its expansion plans in international markets, boost its operations and develop its digital platform. The startup is looking to expand its presence “across the UK and other GCC and European markets such as Saudi Arabia, Lithuania, Belgium, and Netherlands,” according to the press release.

What they said: “Our Series B funding and the KBOX acquisition reinforce our position as innovators in the global food tech landscape. Having raised a total of USD 22 mn, we are now focused on enhancing our market presence in the UAE and beyond. Looking forward, we continue to actively eye more strategic acquisitions while also seeking to raise further capital,” The Cloud CEO George Karam said.

What’s next for The Cloud? Looking to grow its reach in the EMEA region to 8k locations by 2027, the startup is planning a dual listing in Abu Dhabi and Riyadh.

OTHER STARTUP NEWS-

Gaming startup GameCentric raised USD 1.5 mn in a funding round from Dubai-based angel investor Bilal Merchant, according to a press release. The gaming firm will use the funds to upgrade its digital platform and expand beyond the GCC and MENA region.

About GameCentric: Following the completion of the funding round, the platform officially launched on 1 December 2023. The gaming platform was endorsed by Liv, the digital bank operated by Emirates NBD.

What’s next for GameCentric: The startup is looking to triple its user base over the next two years and more than double its portfolio by including web2 and web3 games.

Abu Dhabi Ship Building appoints new chairman

Abu Dhabi Ship Building gets new chairman: Abu Dhabi Ship Building has appointed Khaled Ahmed Al Zaabi (LinkedIn) as its new chairman, succeeding Mansour Mohamed

Abdulqader Mohamed Al Mulla, effective last Friday, according to a company statement. Al Zaabi previously served in managing positions in Mubadala and NIMR Automotive.

Sports and airports on UAE X

UAE X was a mixed bag yesterday, with some sports news as Al Ain FC (#نادي_العين) announced that it has extended the contracts of midfielder Bandar Al Ahbabi, and Emirati national team and club goalkeeper, Khaled Eissa.

There were also numerous posts about Dubai International airport (دبي الدولي#), after Dubai media office, uploaded a short interview (watch, runtime: 01:34) with COO Majid Al Jokar, coinciding with news that the airport welcomed 86.9 mn passengers in 2023. We have the lowdown on the figures above, in What We’re Tracking Today.

Yahsat will use satellite networks to boost connectivity in remote areas as soon as this year

TELECOMS-

Space tech is coming to the UAE:Yahsat is launching a “direct-2-device” program in a bid to use satellite networks to bring connectivity to underserved areas, state news agency Wam reports. The project, dubbed Project Sky, will use three geostationary earth orbit (GEO) satellites, which it plans to launch this year, to boost connectivity.

The timeline: The company plans to provide voice and messaging services this year, followed by the introduction of texting and IoT capabilities on smartphones by 2025. The second phase, Project BlueStar, aims to establish comprehensive connectivity through a satellite network.

ICYMI- Yahsat merged with G42 subsidiary and geospatial services provider Bayanat last December to create a USD 4.1 bn space tech company dubbed Space42. The merger is expected to be completed in 2H 2024.

FOOD & BEVERAGE-

Orkla India sets up Dubai office: Consumer brands investment company Orkla India has launched a Middle East subsidiary in Dubai named Orkla India Middle East and Africa, according to a press release. The company already sells products of its Indian food brands MTR and Eastern Condiments in 20k stores across the region, with the Middle East accounting for 70% of its international business.

TAX-

Licenses for Tax 10 platform up for grabs: The Federal Tax Authority inked an agreement with digital platform 01GOV to offer 100 licenses allowing representatives of tax authorities across the GCC countries to use the Tax 10 platform for a month, according to a press release. Launched in March 2023, Tax 10 provides a catalog of over 3k international government innovation practices across 15 fields.

BUSINESS-

IFZA to bring German SMEs to Dubai: Dubai’s International Freezone Authority (IFZA) inked a partnership agreement with the German federal association of SMEs, Bundesverband mittelständische Wirtschaft (BVMW), to officially represent BVMW and set up a regional office for the association in Dubai, according to a press release (pdf). BVME’s regional office will collaborate with IFZA to facilitate the expansion of German businesses in the emirate, and help connect German businesses with potential partners across the region, the statement says.

TECH-

AI for sustainable development? Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) inked an agreement with the United Nations Development Programme (UNDP) to use AI to mark off sustainable development goals, including water resource management, climate adaptation, social cohesion, and reducing inequalities, reports state news agency Wam. As part of the partnership, MBZUAI signed on as a founding knowledge partner for the UNDP’s AI for Sustainable Development Platform.

MANUFACTURING-

Vittorio expands into Middle East with new factory in Sharjah Airport Freezone: Azerbaijani perfume and cosmetics producer Vittorio will build an AED 18.4 mn factory on 215k square feet of land in Sharjah Airport Freezone (SAIF Zone), state news agency Wam reports. The new facility is projected to have an annual production capacity of 5-6 mn packages, with exports aimed at markets in the Middle East, Africa, Europe, and the US.

New automotive component factory in Kezad: Al Ghurair Group subsidiary Automotive Precision Technology (APT) inked a lease agreement to establish a 30k sqm automotive aluminum component manufacturing facility in Kezad, set to be operational by early 2025, Wam reports.

TRADE-

Dubai Chambers headed an inaugural exporter roundtable with 140 majorexporting companies, according to the Dubai Media Office. Attendees discussed challenges in the export sector and set priorities to ramp up Dubai’s foreign trade, with a focus on expanding the reach of Dubai-based companies in global markets.

MEDIA-

Media training from Wam: State news agency Wam and Sharjah’s Al Qasimia University (AQU) signed an MoU to collaborate on media training and design and deliver programs for media students, according to an ADX disclosure (pdf).

REAL ESTATE-

Dubai’s first-ever 3D printed building completed: Nakheel completed the 3D printing process for buildings in its Al Furjan Hills project in 20 days, after receiving the first license for construction using 3D printing technology in December, the Dubai Media Office said on X.

EDUCATION-

Siemens Energy unveiled its global innovation center at Abu Dhabi’s KhalifaUniversity of Science and Technology, aimed at bolstering knowledge exchange and capacity building with an eye to creating 75 “high-skilled” jobs in the emirate by 2025, according to a press release.

Foreign direct investment in China hits lowest level since 1993

FDI inflows to China slow to a crawl: Foreign direct investment in China in 2023 hit itslowest level in three decades on the back of slow post-pandemic recovery and a spiraling property crisis, writes the Financial Times.

By the numbers: Direct investment liabilities — a gauge that measures foreign capital inflows — were down 82% y-o-y in 2023 at USD 33 bn — its lowest since 1993, according to government data cited by the salmon coloured paper.

But it’s not just the economic crisis driving investors away: Beijing has cracked the whip on foreign consultancies in recent months to prevent them from sharing basic information — such as in a televised police raid of NYC-based Capvision — alleging “national security” concerns. The crackdown has made it difficult for foreign investors to access needed information on potential acquisitions or suppliers.

ADX	9,410	-0.2% (YTD: -1.8%)
DFM	4,272	+0.3% (YTD: +5.3%)
Nasdaq Dubai UAE20	3,840	+0.1% (YTD: -0.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.2% o/n	5.2% 1 yr
TASI	12,594	+0.7% (YTD: +5.2%)
EGX30	29,452	+1.1% (YTD: +18.3%)
S&P 500	5,006	-0.5% (YTD: +4.9%)
FTSE 100	7,729	+0.2% (YTD: -0.1%)
Euro Stoxx 50	4,763	-0.1% (YTD: +5.3%)
Brent crude	USD 83.56	+0.1%
Natural gas (Nymex)	USD 1.56	-3.1%
Gold	USD 2,029.40	+0.3%
BTC	USD 51,896.09	0.0% (YTD: +22.6%)

THE CLOSING BELL-

The ADX fell 0.2% yesterday on turnover of AED 1 bn. The index is down 1.8% YTD.

In the green: Abu Dhabi National Company for Building Materials (+6.5%), RAK Company for White Cement and Construction Materials (+4.6%) and National Bank of Ras Al Khaimah (+4.6%).

In the red: Abu Dhabi National Hotels (-2.8%), RAPCO Investment (-2.6%) and Pure Health Holding (-2.3%).

Over on the DFM, the index was up 0.3% on turnover of AED 297 mn. Meanwhile Nasdaq Dubai closed up 0.1%.

CORPORATE ACTIONS-

Sharjah Islamic Bank will pay out AED 323.5 mn in dividends to its shareholders for 2023, after the general assembly approved the board’s proposal, Sharjah24 reports.

CALENDAR

FEBRUARY

2-29 February (Friday-Thursday): Ras Al Khaimah Art 2024 Festival, Al Jazeera Al Hamra.

15-25 February (Thursday-Sunday): FIFA Beach Soccer World Cup 2024, Dubai.

15-21 February (Thursday-Wednesday): UAE Innovates 2024, Sharjah, Ras Al Khaimah, and Fujairah.

19-23 February (Monday-Friday): Gulfood 2024, Dubai World Trade Centre.

20 February (Tuesday): Open Day, Al Ain’s Hili Archaeological Park, Abu Dhabi.

20-21 February (Tuesday-Wednesday): International Dialogue of Civilizations and Tolerance Conference, Abu Dhabi National Exhibition Centre.

21-22 February (Wednesday-Thursday): Step Conference, Dubai Internet City, Dubai.

22-24 February (Thursday-Saturday): International Freight Forwarders Conference 2024 Dubai, Hyatt Hotel.

22-29 February (Thursday-Thursday): UAE Innovates 2024, Dubai.

23-25 February (Friday-Sunday): Taste of Dubai Festival, Skydive Dubai.

23 February-3 March (Friday-Sunday): Maritime Heritage Festival Abu Dhabi.

23 February-3 March (Friday-Sunday): Sikka Art and Design Festival, Dubai

24 February (Saturday): Ras Al Khaimah Half Marathon, Al Marjan Island.

24-25 February (Saturday-Sunday): Berklee Abu Dhabi Music Summit, Berklee Abu Dhabi.

25 February-2 March (Sunday-Saturday): Abu Dhabi Desert Challenge 2024, Al Dhafra Region.

26-28 February (Monday-Wednesday): Management and Sustainability of Water Resources, Marriott Hotel Al Jaddaf.

26-28 February (Monday-Wednesday): RTA Startups Challenge, RTA Research and Innovation Centre for Mobility, Dubai.

27-28 February (Tuesday-Wednesday): Dubai Association Centre Conference, Dubai World Trade Centre.

26-29 February (Monday-Thursday): World Trade Organization Ministerial Conference, Abu Dhabi, UAE.

28-29 February (Wednesday-Thursday): Ras Al Khaimah Investment and Trade Summit, Rak Exhibition Centre.

28-29 February (Wednesday-Thursday): UAE delegation attends ‘Invest in Austria’ conference, Vienna.

28-29 February (Wednesday-Thursday): Third Investopia Summit, Abu Dhabi.

28 February - 1 March (Wednesday-Friday): MENA Transport Congress and Exhibition 2024, Dubai.

28 February-5 March (Wednesday-Tuesday): Xposure International Photography Festival, Expo Centre Sharjah.

29 February-3 March (Thursday-Sunday): Gov Games, Dubai Festival City, Dubai.

MARCH

1-3 March (Friday-Sunday): Art Dubai, Madinat Jumeirah.

5-6 March (Tuesday-Wednesday): MRO Middle East, Dubai Trade Centre.

5-7 March (Tuesday-Thursday): World Police Summit, Dubai World Trade Centre.

5-7 March (Tuesday-Thursday): Dubai Entertainment Amusement & Leisure Exhibition, Dubai World Trade Center.

5-8 March (Tuesday-Friday): Forbes’ Third Annual 30/50 Summit In Abu Dhabi During International Women’s Day.

7 March (Thursday): Beyond Global Trade, Edition Hotel, Dubai.

8-9 March (Friday-Saturday): World Triathlon Championship Series 2024 Opening Race, Yas Marina Circuit on Yas Island.

11/12 March (Monday/Tuesday): Start of Ramadan.

APRIL

TBC April: DRIFTx, Abu Dhabi.

9/10 April (Tuesday/Wednesday): End of Ramadan, public holiday.

8-12 April (Monday-Friday): Eid Al Fitr, public holiday.

16-18 April (Tuesday-Thursday): World Future Energy Summit, Abu Dhabi National Exhibition Centre.

16-18 April (Tuesday-Thursday): Middle East Coatings Show, Dubai World Trade Centre.

16-18 April (Tuesday-Thursday): Middle East Energy, Dubai World Trade Centre.

23-25 April (Tuesday-Thursday): Connecting Green Hydrogen MENA, Madinat Jumeirah Conference Centre.

24-26 April (Wednesday-Friday): Global Education & Training Exhibition.

24 April-1 May (Wednesday-Wednesday): Abu Dhabi Mobility Week.

29-30 April (Monday- Tuesday): Dubai World Ins. Congress, Atlantis, The Palm.

MAY

6-7 May (Monday-Tuesday): Dubai Fintech Summit 2024, Madinat Jumeirah.

7-9 May (Tuesday-Thursday): AIM Congress 2024, Abu Dhabi.

8-9 May (Wednesday-Thursday): Innovative Finance Expo, Jumeirah Emirates Towers.

14-15 May (Tuesday-Wednesday): Seamless Middle East, Dubai World Trade Centre.

15 May (Wednesday): HFM Summit, DIFC.

JUNE

2-4 June (Sunday-Tuesday): The World Air Transport Summit and International Air Transport Association (IATA)’s annual general meeting, Dubai.

4-6 June (Tuesday-Thursday): The Hotel Show, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): INDEX, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): WORKSPACE, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): Leisure Show, Dubai World Trade Centre.

15 June (Saturday): Arafat day, national holiday.

16-18 June (Sunday-Tuesday): Eid Al-Adha, national holiday.

JULY

7 July (Sunday): Islamic new year, national holiday.

SEPTEMBER

9-11 September (Monday-Wednesday): World Utilities Congress, Abu Dhabi.

28-30 September (Saturday-Monday): World Association of Nuclear Operators (WANO) Biennial General Meeting, Abu Dhabi.

OCTOBER

30-1 November (Wednesday-Friday): World Cities Cultural Summit, Dubai.

NOVEMBER

11-14 November (Monday-Thursday): ADIPEC, Abu Dhabi.

11-14 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi.

11-14 November (Monday-Thursday): ADIPEC Decarbonisation Accelerator, Abu Dhabi.

DECEMBER

2-3 December (Monday-Tuesday): National Day, public holiday.

10-12 December (Tuesday-Thursday): Middle East Business Aviation, Dubai World Central.

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