Good morning, ladies and gentlemen. We love waking up to the smell of fresh paper, which makes today a good day for us.

THE BIG STORY here at home is Dubai taking Parkin — its recently-established car parking space manager — public on the DFM in an IPO next month. The company will offer up a 25% stake in its debut, which will mark the UAE’s first IPO of the year.

^^We have chapter and verse in this morning’s news well, below.

WTO MINISTERIAL-

Day two of WTO meeting sees trade services agreement go into effect: The second day of the WTO ministerial meeting saw 71 countries activating the joint initiative on services domestic regulation (pdf) that intends to ease procedural and administrative hurdles faced by SMEs in the services sector, state news agency Wam reports. The agreement is the first tangible WTO achievement in the service sector in over 25 years.

Why this matters: The implementation of the new regulations has the potential to reduce trade costs by more than USD 125 bn, according to Wam.

STILL ON THE DRAWING TABLE-

The fisheries agreement still needs a push: Talks on the fisheries agreement continued on the second day of the conference behind closed doors, with a final agreement yet to be finalized, although there are now 70 signatories after the Philippines accepted the agreement, Wam reported. The acceptance of forty more members is still needed.

No consensus yet on an investments agreement: Members need to reach consensus on incorporating the Investment Facilitation for Development Agreement — which 125 members have already agreed to — in the WTO’s legal corpus, Reuters reports. The agreement seeks to ease bureaucratic hurdles and encourage FDI. However, some countries are voicing their opposition.

And no sign of India yet: India’s Commerce Minister Piyush Goya — seen as a major player in the four-day talks — has yet to arrive in Abu Dhabi, Reuters reports.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- Ras Al Khaimah clamps down on traffic violations: Individuals who violate certain traffic laws will have their vehicles impounded for anywhere between 15 days and three months, and will be required to pay between AED 1-20k to have them, after the Ras Al Khaimah Police tightened traffic rules on Monday. Impoundment durations and release fees double for repeat offenders. The new set of rules, which addresses violations such as road stunts, modified vehicles, and making unnecessary noise, will take effect from Friday, 1 March.

#2- Companies that delay registration for the corporate tax will be fined AED 10k, the Finance Ministry said. Effective this Friday, 1 March, the penalty will be imposed on companies that fail to submit their registration applications prior to the Federal Tax Authority’s specified deadlines, which it sets out in its new decision (pdf). Companies that fail to register before 1 March will still be required to apply within three months (ie before 31 May 2024) to avoid violating tax laws.

You can register via the Federal Tax Authority’s EmaraTax platform.

#3- Restaurants and shops in Sharjah that want to sell food during fasting hours throughout Ramadan are required to obtain permits that will cost AED 3k to issue, according to the Sharjah Municipality. Food displays outside shops during the day will also require a permit for a AED 500 fee.

DATA POINTS-

#1- Hotel and hotel apartment bookings in Fujairah rose 32% y-o-y in 2023, hitting over 61k rooms over the course of the year, up 32% y-o-y, Al Bayan cites Director General of Fujairah’s Department of Tourism and Antiquities Saeed Al-Samahi as saying. Hotel occupancy climbed 9% during the period, with room capacity nearing full on holidays and weekends. Al-Samahi attributes the growth to new hotel projects during the year, including Dibba Mountain Park Resort and DoubleTree Hilton Hotel, and the restoration of archaeological sites Habhab Castle and Al-Qarya Castle.

#2- Some 260 startups joined Abu Dhabi’s tech VC Hub71 in 2023, raising AED 5.4 bn in five years, Wam reported. Hub71 created 1.1k jobs, with AED 3.5 billion in revenue and 118 transactions totaling AED 658 mn in the last two years.

#3- The UAE food service market size is projected to reach USD 43.98 bn by 2029, from an estimated USD 19.98 bn in 2024, with a projected compound annual growth rate (CAGR) of 17.10% during the period, according to a Mordor Intelligence report.

Breakdown by food service type: The largest segment in terms of food service type, with a 41.6% share of the market value in 2023, is full service restaurants, driven by the demand for comprehensive dining experiences. However, quick service restaurants are the fastest-growing segment, with a projected CAGR of 18.9% over the period.

Breakdown by outlet type: Independent outlets are the largest segment by outlet type and hold a 60.5% share of the market value. Chained outlets are the fastest-growing segment with a 17.6% projected CAGR over the period, fueled by rising consumer demand for consistent dining options and competitive pricing strategies.

WATCH THIS SPACE-

#1- The Sharjah government has enlisted several banks to organize investor gatherings for a benchmark-sized, senior unsecured USD sustainable bond issuance, Reuters reports, citing an arranging bank document. The issuance will have a 12-year tenor. Benchmark-sized issuances usually indicate an offering of at least USD 500 mn.

Participating banks: Emirates NBD Capital and HSBC have been chosen to jointly serve as global coordinators, lead managers, and bookrunners, while Citi, Credit Agricole CIB, and Standard Chartered Bank will act as joint lead managers and bookrunners. HSBC will serve as the sole ESG structuring agent.

#2- Emirati logistics giant DP World is eyeing potential investments in building logistics hubs and an industrial park in the Philippines, according to a Philippines Trade and Industry Department statement. The Philippines will collaborate with DP World on developing their logistics sector, including industrial parks, economic zones, and digital solutions, Philippines Trade and Industry Department secretary Fred Pascual said. The country has launched a program to prioritize infrastructure investments for developing seaports, airports, and railways to enhance accessibility in a bid to become Asia’s next logistics hub, the statement says.

#3-The UAE and Malaysia are poised to finalize a trade agreement by the end of June, potentially paving the way for more investments in the country from UAE sovereign wealth funds, Malaysian Trade Minister Tengku Zafrul Aziz told Reuters on the sidelines of the WTO meeting. Negotiations on the agreement are nearing completion, and Malaysia has expressed hopes that the UAE will invest in its energy, digital economy, electric vehicle, and chip sectors. The Malaysian trade minister said the agreement could position Malaysia as a key hub for UAE investments in Asia.

ALSO- The UAE is set to engage in talks with Peru on a trade agreement in the coming months in a bid to boost exports between the countries, Arab News reports, citing an announcement at the World Trade Organization meeting in Abu Dhabi. The agreement would mark the UAE’s first pact of its kind in the Americas, and would be Peru’s first with a country in the MENA region. The two countries inked an aviation agreement last June.

#4- Mubadala Energy plans to increase gas production at Malaysia’s Pegaga field, Reuters reports, citing media statements from COO Stefano Raciti, who does not disclose the details of the expansion. The field currently has the capacity to produce 550 mn standard cubic feet per day of gas, which travels through a new subsea pipeline linked to an offshore gas pipeline network to export it from Bintulu LNG terminal.

#5- Ireland is looking to reel in investments from GCC sovereign wealth funds for its infrastructure projects, the country’s Enterprise, Trade and Employment Minister Simon Coveney told Reuters on the sidelines of the WTO meeting. Highlighting the trade relations between Ireland and the UAE and the country’s growing trade with the UAE and Saudi Arabia, Coveney said that he sees Ireland welcoming more Gulf investments over the upcoming years.

HAPPENING TODAY-

#1-The International Conference on Management and Sustainability of Water Resourcesis on its second and final day at the Marriott Hotel, Al Jaddaf, Dubai.

#2- The third day of The International Innovation Forum 2024 is underway at the Dubai Customs head office as part of the ongoing UAE Innovates national event.

#3- It’s the final day for mobility startups to pitch ideas for sustainable transportation solutions as part of Dubai’s Roads and Transport Authority’s Startups Challenge, held concurrently with UAE Innovates. You can register for the challenge by sending a nomination request here.

#4- The UAE-Kazakhstan Business Council’s first meeting kicks off today at Expo City Dubai, Wam reports. Kazakh Trade Minister Shakkaliyev Arman will participate, along with over 200 private companies across various sectors from both countries. The event aims to promote cooperation between UAE and Kazakh businesses.

#4- The International Property Show kicked off yesterday at the Dubai World Trade Centre, and will run until tomorrow. The property event will feature over 100 real estate developers from 45 countries, including the US, Spain, GCC countries, and Turkey.

#5- The Arab Payments Week wraps today at the Beach Rotana Hotel in Abu Dhabi. Organized by the Arab Monetary Fund and Arab regional payments system Buna, the event is gathering over 40 speakers in the field of payment systems to discuss the latest developments and innovative ideas to advance the sector.

#6- The Investopia Summit kicks off today 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.

#7- The MENA Transport Congress and Exhibition 2024 is also happening today, running until Friday, 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.

#8- The Dubai International Boat Show sets sail from the Dubai Harbor today, running until next Sunday, 3 March. The event will showcase over 1k brands and over 200 boats from renowned shipyards like Azimut, Sunseeker Gulf, and Gulf Craft, and serves as a crucial sales and networking platform for both local manufacturers and global distributors.

#9-The Dubai Dutyfree Championship continues today with the men’s singles. Yesterday saw top seed Daniil Medvedev dispatch Alexander Shevchenko 6-3, 7-5 to qualify for the next round. Center court also saw number 4 seed Karen Khachanov defeat frenchman Luca Van Assche2-6, 3-6.

Can’t get enough tennis? The World Tennis Association tour’s final is set for Saturday, 2 March. You can buy tickets for both the women’s WTA tournament and the men’s ATP here.

THE BIG STORY ABROAD-

It’s all Apple, all the time this morning in the international business press with a trifecta of stories casting Tim Cook and his crew into the spotlight.

#1- Apple is ending its secretive, decade-long effort to build an electric car. The company made the announcement internally yesterday. Bloomberg, which broke the news, says “many” of the 2k staff working on the car will be transferred to its AI unit, where they’ll work on generative AI projects. Technical challenges and signs that the market for EVs may be cooling factored into the decision, Bloomberg’s Mark Gurman writes.

The story is getting ink everywhere:Financial Times | Wall Street Journal | Reuters.

(Sound smart: Gurman started breaking news about Apple as a teenage blogger at Apple news outlet 9to5Mac and has remained a perennial thorn in Apple’s side ever since.)

#2- The US Department of Justice may be on the verge of hitting Apple with an antitrust suit, and California has separately told Bloomberg that it may be “very interested” to join the case if it materializes. Reuters has also picked up the story while the Wall Street Journal has a former US attorney general asking in its opinion pages, “Siri, Does Apple Violate Antitrust Law?” (he thinks the answer is, “Yes.”)

#3- Big Apple shareholders Norges Bank Investment Management and Legal & General want Apple to be more transparent about its guidelines for the ethical use of AI, the Financial Times writes.

Apple investors don’t seem bothered by it all: The tech giant’s shares closed up nearly 1% yesterday.

HAPPENING THIS WEEK-

#1- Economy Minister Abdulla Bin Touq Al Marri will meet with the UK’s Business and Trade Secretary Kemi Badenoch to discuss a trade agreementon the margins of her visit to attend the WTO ministerial conference, along with UK Trade Policy Secretary Greg Hands, the Telegraph reports. Badenoch and Hands’ visit to the UAE — which comes as part of a wider Middle East tour — comes against the backdrop of the stalled GBP 600 mn takeover of the Telegraph by RedBird IMI, which is backed by Abu Dhabi’s International Media Investments.

#2-GovGames 2024 gets underway tomorrow and will run through Sunday 3 March. The event will feature physical challenges across various categories, with some 194 teams from around the world set to join.

CIRCLE YOUR CALENDAR-

Abu Dhabi’s Department of Culture and Tourism’s Souq Al Wahat will host an African parade on Saturday and Sunday, 2-3 March, reports the Abu Dhabi Media Office. Souq Al Wahat will open its doors again the following weekend (until Sunday, 10 March) with its final weekend dedicated to American culture, hot dogs, and country dancing.

The World Skate Tour will kick off its Middle Eastern leg on Sunday, 3 March, according to the Dubai Media Office. The Middle East’s debut pro skating event will return to Dubai Harbor next week, with over 500 skaters from 65 countries competing in back-to-back rounds until Sunday, 10 March, with finalists qualifying for the Summer Olympic Games. Tickets for the tour’s two-week stop in Dubai can be purchased through Virgin Radio, for more information and the full schedule, check out the Adara website.

An inaugural Cross-Border Digital Trade Forum will take place later this year in Dubai,according to the Dubai Media Office. The event is being organized by Worldefand is sponsored by digital commerce freezone Dubai CommerCity. The two also agreed to set up a digital commerce academy.

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

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