Finance Ministry slaps multinationals with 15% top-up tax

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Talabat debuts on the DFM today + Abu Dhabi eyes AED 450 bn in public-private infrastructure projects

Good morning, lovely people. We have a brisk issue for you this morning, with big news of a new 15% tax on multinationals, several M&A updates, and a lot of news on the renewables front.

Expect more updates from Abu Dhabi Finance Week as the week goes on. We’ll be attending Asset Abu Dhabi today, and several other forums throughout the week, and would love to say hi — hit “reply” to this email and let us know if you’ll be on the ground.

WEATHER- Expect a more cloudy day in Dubai today, with a high of 28°C and a low of 20°C overnight. In Abu Dhabi, it’s more of the same, with a high of 25°C, and an overnight low of 20°C.

WATCH THIS SPACE-

Abu Dhabi plans to develop AED 450 bn worth of infrastructure projects over the next five to 10 years in collaboration with the private sector, Khaleej Times quotes Department of Municipalities and Transport Chairman, Mohamed Al Shorafa, as saying at Abu Dhabi Finance Week. These projects include road networks, transportation, hospitals, and schools, and come against the backdrop of government projections for Abu Dhabi’s GDP and population to double by 2040, Al Shorfa said.

UPDATE-

Mair Group saw its shares close 154.3% higher on the first day of trading on the Abu Dhabi Securities Exchange (ADX) yesterday, according to market data. The company’s stock settled at AED 2.95, up from a reference price of AED 1.16, which boosted the company’s market capitalization to AED 6.6 bn from AED 2.6 bn. The company is the second to follow through with a direct listing on the ADX, after Agility Global in May.

Remember- The company, which specializes in food retail and commercial real estate, was recently consolidated, with Adcoop and Makani moving under its wing in September.

DATA POINTS-

#1- The UAE landed in the fifth spot among countries with similar GDP levels on the Quality Infrastructure for Sustainable Development Index, climbing up six places since the UN Industrial Development Organisation’s index’s inception in 2022, the UN body’s latest report (pdf) showed. The UAE was grouped with countries whose GDP levels ranged from USD 100 bn to USD 1 tn.

#2- Dubai’s green hydrogen output reaches 90 tonnes: Dubai’s Electricity and Water Authority has generated 90 tonnes of green hydrogen from its facility in the Mohammed bin Rashid Al Maktoum Solar Park since its launch in May 2021, the authority said in a statement. Most of the output was used to produce more than 1 GWh of green energy, reducing about 450 tonnes of carbon emissions.

HAPPENING TODAY-

#1- Finance professionals from the world over are in Abu Dhabi for Abu Dhabi Finance Week, which kicked off yesterday and lasts through to Thursday. The event features a patchwork of forums exploring capital markets, investments, Islamic finance, sustainability, and more, with more than 600 speakers and 20k guests set to attend.

Speakers include Trade Minister Thani bin Ahmed Al Zeyoudi, founder and CIO of Bridgewater Associates Ray Dalio, UBS CEO Sergio Ermotti, and Jihad Azour, director for Middle East and Central Asia Department of International Monetary Fund (IMF). You can find the full agenda for the week here.

#2- Talabat’s shares will start trading on the DFM today under the ticker symbol TALABAT. The company raised AED 7.5 bn in its IPO, pricing shares at AED 1.60 each, and marking the biggest IPO of the year in the region and the biggest tech IPO globally this year. The company sold a 20% stake, totaling 4.7 bn shares, and experienced a “double-digit oversubscription level.”

#3- The International Desalination and Water Reuse World Congress kicked off on Sunday and runs through to 12 December at the Adnec Center in Abu Dhabi. The event features discussions on innovations in water desalination and reuse technologies, decarbonization efforts, integrated water resources management, and best practices for rationalizing water consumption.

#4- TheInternational Mangrove Conservation and Restoration Conference kicks off today and runs through to Thursday at Bab Al Qasr Hotel, Abu Dhabi. Specialists from 82 countries will discuss the latest in mangrove restoration science. Expect plenary sessions, panel discussions, workshops, and even field trips packed into the three-day event.

#5- Automechanika Dubai kicks off today and runs through to Thursday at the Dubai World Trade Center. The event will cover nine key product areas: parts and components, electronics and connectivity, accessories and customization, tyres and batteries, car wash and care, oils and lubricants, diagnostics and repair, body and paint, and management and digital solutions. Automechanika Academy will offer industry insights and market updates.

#6- The two-day Forbes Middle East Under 30 Summit kicks off today at Umm Al Emarat Park in Abu Dhabi. The event gathers young Arab leaders and entrepreneurs to highlight their achievements and innovations. Discussions will focus on the accomplishments of individuals recognized in the Forbes Middle East 30 Under 30 list.

#7- The MEBAA Show 2024 kicks off today at the Dubai World Central, Dubai Airshow Site. The business aviation event, which runs through Thursday, will feature more than 145 exhibitors from around the globe, with over 65 first-time participants.

#8- Bitcoin Mena kicked off yesterday and will wrap up today at the Adnec Center in Abu Dhabi. The two-day event focuses on opportunities, challenges, and innovations in the Bitcoin ecosystem. The event features speakers including Eric Trump, Changpeng Zhao, Marwan Alzarouni, and others.

THE BIG STORY ABROAD-

The digital front pages of the global press — business papers included — are once again led by our part of the world, with on-the-ground developments in Syria after the fall of Basher Al Assad’s regime taking centre stage.

Causing concern in regional capitals and at the UN is news that Israel launched over one hundred airstrikes on “military targets” in the country and further encroached into Syrian territory in the Golan Heights in actions that it claims are “limited and protected measures.” The UN condemned the moves as violations of the 1974 Disengagement Agreement between the two countries. (Reuters | Financial Times | Guardian)

The opening of Syria’s notorious Sednaya Prison is also featured heavily in the int’l press, with haunting scenes of people looking for loved ones in the complex notorious for torture and the disappearance of thousands. (Wall Street Journal | Bloomberg | Guardian)

In stark contrast, scenes of opulence and excess have emerged from the abandoned mansions of Assad, with videos showing civilians sifting through racks of designer clothes and luxury goods left behind by the family and exploring garages filled with supercars. (Guardian)

WHILE IN THE STATES- The manhunt for the killer of UnitedHealthcare executive Brian Thompson has led to the arrest of 26-year-old Pennsylvania, who was found with a “ghost gun,” fake ID, and a handwritten manifesto critical of corporate America. (Wall Street Journal | Financial Times | Bloomberg | Reuters | Associated Press | New York Times | Guardian)

IN TRADE WAR NEWS- Beijing HAS launched an antitrust probe into chipmaker giant Nvidia over alleged violations tied to its USD 7 bn Mellanox Technologies acquisition. The move comes days after Washington tightened export controls on advanced semiconductors to China. (Wall Street Journal)

AND IN BUSINESS NEWS- ByteDance and TikTok are racing against the clock to prevent a US ban as they seek an emergency Supreme Court review to delay a law requiring Tiktok’s divestment by 19 January. The companies warn the ban could disrupt services for over 170 mn American users and cripple businesses reliant on the platform. (Reuters)

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CIRCLE YOUR CALENDAR-

The European Arab Medical Congress will take place on 11-12 December at the headquarters of Zayed Higher Organisation for People of Determination in Abu Dhabi. Hosted by the Emirates Scholar Center for Research and Studies, the event will host 50 speakers and feature 40 scientific sessions covering the latest innovations in medicine and medical technology.

The Middle East Investor Relations Association Conference will take place on 11-12 December at the Conrad Abu Dhabi Etihad Towers Hotel. The event — considered the largest gathering for investor relations professionals in the Middle East — features activities for networking and dialogue among participants from local firms, international corporations, investors, research analysts, and regulatory bodies.

Aims will take place on 16-20 December at the Adnec Center in Abu Dhabi. The conference focuses on pure and applied analysis, differential equations, and dynamical systems, covering a wide range of applications in fields such as biology, chemistry, physics, finance, and industrial mathematics.

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

Finance Ministry slaps multinationals with 15% top-up tax + proposes tax incentives for senior execs, R&D initiatives

Large multinational enterprises will be required to pay a minimum 15% tax on net income earned in the UAE under the Finance Ministry’s new domestic minimum top-up tax (DMTT), an increase from the current 9% corporate tax rate, the Finance Ministry said yesterday. This will apply to financial years beginning on or after January 1, 2025, state news agency Wam reports.

Who is affected? The DMTT applies to multinationals with consolidated global revenues of EUR 750 mn or more in at least two of the four financial years before the tax takes effect.

On the bright side, C-suite execs could start benefitting from a refundable tax credit: High-value employment activities could be eligible for a tax credit as a percentage of eligible salary costs as of 1 January 2025, under a separate proposal pending legislative approvals. The new scheme applies to C-suite executives and senior personnel performing core business functions that enhance the UAE’s global competitiveness.

An R&D tax incentive is also in the works: The ministry is considering an expenditure-based new research and development (R&D) tax incentive that could provide 30-50% refundable tax credits, depending on the company’s revenue and UAE-based workforce. Qualifying R&D activities would need to align with OECD guidelines and be conducted within the UAE. If approved, the incentive could take effect for tax periods starting on or after 1 January 2026.

REMEMBER- The Finance Ministry also recently issued amendments to ease administrative and tax compliance requirements for domestic businesses, foreign partnerships, and family foundations. These include considering foreign partnerships tax-transparent if they hold that status in their home country, allowing foreign firms to apply for tax-transparent status, and fewer requirements for reporting on partner composition.

Mulk International and Ajeenkya DY Patil Group acquire equal stakes in Mulk Med Healthcare

India’s Ajeenkya DY Patil Group acquires stake in Mulk Med Healthcare: UAE-based conglomerate Mulk International and India’s Ajeenkya DY Patil Group have become equal partners in Mulk Med Healthcare, after acquiring stakes in the company to launch the UAE’s first large-scale virtual hospital. The two parties have committed an additional AED 100 mn investment to enhance healthcare in the MENA and Asia-Pacific regions, according to a press release.

The details: The “virtual hospital” will offer 24/7 telehealth consultations, doorstep delivery of discounted medicines, smart ambulances, and mobile clinics. It will also offer non-insured patients and UAE visitors price reductions on medical services through a dedicated membership.

About Mulk International: Founded in 1982 and based in the UAE, Mulk International operates in over 70 countries. The company’s diverse portfolio includes manufacturing (such as Alubond USA metal composites), facade contracting, healthcare (with notable investments like Mulk Med Healthcare), plastics, and sports assets, managing 14 companies across various sectors.

OTHER M&A NEWS-

#1- Cyvn Holdings, an Abu Dhabi-owned advanced mobility investment firm, is set to acquire McLaren’s automotive business and a minority stake in its racing arm, according to an Abu Dhabi Media Office statement. CYVN and Bahraini sovereign wealth fund Mumtalakat inked a strategic partnership agreement to seal the transaction yesterday, though the acquisition is still pending regulatory approval.

REMEMBER: This acquisition follows the signing of a non-binding agreement between Mumtalakat and Cynn in October to explore acquiring 100% of UK luxury sports car manufacturer McLaren Automotive.

#2- Abu Dhabi investment firm Al Nowais along with Egypt’s Eastern Investment, Orascom Investment, and Luxembourg-based SOSTNT submitted a bid to acquire Moroccan company SAEMOG, according to a press release. SAEMOG oversees the Essaouira Mogador coastal project, which the consortium plans to redevelop for USD 404 mn by renovating an existing hotel, building three beachfront hotels, and developing a shopping and entertainment area. The acquisition will take place through the UAE-based company Orascom Investments.

What’s next? Morocco’s competition council has opened the floor for interested parties to submit feedback on the transaction before 19 December.

Emirati-Moroccon private venture Dahamco readies plan for Morocco green ammonia project, eyes 2031 operational start

Dahamco’s MAD 254 bn (AED 93.4 bn) green ammonia project in Dakhla has most of its ducks in a row: Emirati-Moroccon private venture Dahamco is developing a MAD 254 bn (c. AED 93.4 bn) hydrogen and ammonia project in Dakhla, Morocco, having finalized designs and mobilized investors for financing, Dahamco President Tom Hanson told Le Matin.

Where’s the project at now? The renewables venture has already received approval from the Moroccan government for the project and secured land use rights in 2022, he said. If agreements are finalized by 1Q 2025, the first phase could be operational by 2031, he added.

About the project: Phase 1 of the plant will cost MAD 40 bn (c. AED 14.7 bn), with planned annual production of almost 1 mn tons of green ammonia per year exclusively dedicated for exports mainly to Amsterdam, Rotterdam, and Antwerp for maritime transport and industry use, Hanson said. The plant will continue to be developed in phases to avoid the risks of “too early” adoption, where production for local industry may begin.

The financing: Dhamaco plans on raising the project’s first phase funds through equity and debt.

UK EV charging firm Gridserve’s founders launch ADGM-based decarbonization platform

UAE gets a decarbonization tech acceleration platform: The founders of the UK’s renewables-based EV charging company Gridserve launched Gigatons, a UAE-based global platform dedicated to accelerating the transition to net zero, according to a press release. The platform addresses what the founders view as the three main obstacles to achieving net zero: mobilizing capital, scaling infrastructure, and transparency and trust.

The details: The company was launched at Abu Dhabi Finance Week and is headquartered in the ADGM, according to the press release. It collaborates with regional entities, including the UAE’s Energy and Infrastructure Ministry, Abu Dhabi Investment Office, Abu Dhabi Mobility, and major organisations such as ABB.

The platform consists of three business divisions, each designed to address one of the key barriers to reducing carbon emissions:

#1- Gigacapital: This will be the company’s fintech platform. Its goal is to mobilize USD 100 bn in investments over the next decade to drive global carbon reductions. It will also offer digitized finance solutions, including stablecoins that connect traditional finance with decentralized and regenerative finance to verify carbon impact.
#2- Gigaserve will focus on a portfolio of products and services for net-zero EV charging and critical power infrastructure, focusing on cost-effective, scalable, and rapidly deployable infrastructure.
#3- Gigatech‘s platform will use advanced blockchain technology to ensure transparent and traceable carbon reductions from green infrastructure projects and combat greenwashing, as well as use AI to optimize project efficiency and scalability

Some projects are already underway: Gigaserve is collaborating with Australian renewables company Flow Power on its first global project, a net-zero, sun-to-wheel EV charging network across Australia. Multiple sites are already secured, with construction set to begin in 2025.

Gridserve is no stranger to the UAE: British sustainable energy company Gridserve partnered with the Abu Dhabi Investment Office last year to join the Smart and Autonomous Vehicles Industry (SAVI) cluster.

Talabat’s net income jumps 44.5% in 9M 2024

Delivery Hero’s Middle East unit Talabat’s net income rose 44.5% y-o-y to AED 1.1 bn in 9M 2024, while revenues for the period increased 26.7% y-o-y to AED 5.7 bn, according to the company’s financial statements (pdf).

REMEMBER- The company — which debuts on the DFM today — raised AED 7.5 bn (around USD 2 bn) in its IPO on the DFM, pricing the offering at the top of the range. The IPO, which saw double-digit oversubscription, marks the largest tech listing globally so far this year and the biggest IPO in the GCC in 2024. It is also the DFM’s first-ever tech IPO.

ADFW puts finance at center stage in the foreign press

It’s all about finance for the UAE in the news this week as Abu Dhabi Finance Week gets underway, with a spotlight on Abu Dhabi as a buy-side hub, Mubadala’s CEO, and the Bitcoin MENA conference, which has brought key Bitcoin investors to the emirate.

#1- Bloomberg profiles Khaldoon Al Mubarak, CEO of Mubadala Investment, just a couple of days after he confirmed the sovereign wealth fund had hit USD 330 bn in assets under management. Since taking charge in 2002, Al Mubarak has transformed Mubadala from a domestic investor into a global powerhouse, with USD 24 bn invested across sectors like AI, finance, and healthcare in 2023.

#2- Abu Dhabi has differentiated itself as an emerging buy-side hub amid rising competition between regional — and global — financial centers, Hani Kablawi, BNY’s chairman of international, told Bloomberg (runtime, 6:42 ) on the sidelines of ADFW. Abu Dhabi has the resources, intent, and capital to attract global talent “in order to invest regionally and domestically,” he said. Dubai remains a recognized sell-side hub, with both cities contributing to the region’s financial growth.

#3- Reuters and Politico are both covering Abu Dhabi’s Bitcoin Mena conference and the attendance of pro-crypto leaders, including key players in US President Donald Trump’s cryptocurrency venture, World Liberty Financial (WLF), like the president-elect’s son, Eric Trump, and Steve Witkoff, co-founder of WLF and the incoming White House envoy for the Middle East.

More asset managers head to ADGM

FINANCE-

#1- US-based asset manager Polen Capital received preliminary approval from the ADGM to establish an office at the financial hub, according to a press release. The firm, which managed USD 63 bn in assets as of 30 September, according to Reuters, follows the trend of global asset managers and hedge funds expanding to ADGM, drawn by the region’s strong demand and favorable incentives, such as streamlined license approvals.

#2- US-based private credit asset manager Golub Capital also received preliminary approval to set up an office at the ADGM, it said in a statement. The company, which according to Reuters had around USD 70 bn in assets under management as of 1 October, tapped Naser Almutairi to be the managing director for the Middle East operations.

CAPITAL MARKETS-

Trading platform eToro partnered with the Abu Dhabi Securities Exchange (ADX) to allow users to invest in ADX-listed companies on the platform starting next year, according to a press release. The new offering will include stocks from sectors such as energy, real estate, banking, finance, technology, and healthcare.

Remember- eToro added 10 DFM stocks to its platform back in August under a similar agreement with the Dubai Financial Market (DFM).

INVESTMENT-

#1- Shorooq eyes expanding financial services offerings under partnership with Hanwha Life: Homegrown investment manager Shorooq partnered with South Korean life ins. firm Hanwha Life to scale up its financial services offerings while backing Hanwha’s expansion in the Mena region, according to a press release. “This partnership with Hanwha Life fortifies our ability to scale, innovate, and support emerging businesses in critical sectors, including AI and fintech,” Shane Shin, founding partner at Shorooq, said.

#2- India’s largest early-stage accelerator VC 100Unicorns opened its first offshore office in the ADGM, according to a press release. The new office aims to draw Mena investors to “high-growth” prospects in the Indian market.

CRYPTO-

Dubai-based crypto trading platform BitOasis secured a full Virtual Asset Service Provider license to operate in the emirate, after meeting all regulatory requirements, according to a company statement. The firm will work to secure additional approvals from Dubai Virtual Assets Regulatory Authority and other regulators to further expand its product portfolio.

MANUFACTURING-

#1- Space42 + ICEYE form a JV to manufacture SAR satellites in the UAE: State-owned AI-powered space tech firm Space42 and Finnish microsatellite manufacturer ICEYE have formed a joint venture to manufacture synthetic aperture radar (SAR) satellites in the UAE, according to a company statement. The JV’s operations will be based at Space42’s new facilities in Abu Dhabi, addressing the growing demand for high-resolution SAR data for applications such as environmental monitoring and disaster response.

REFRESHER- Space42 was formed after the merger of Bayanat and Al Yah Satellite Communications (Yahsat) in October, with Bayanat holding 54%. Bayanat and Yahsat launched the UAE’s first low Earth orbit (LEO), synthetic aperture radar (SAR) satellite, developed in partnership with ICEYE back in August.

#2- Emirates Global Aluminium broke ground on 10 pilot reduction cells at Al Taweelah for its smelting technology EX, according to a company statement. The first production from the pilot cells is expected to be rolled out by mid-2025, with full-scale industrialization targeted for 2028.

DEVELOPMENT FINANCE-

The Abu Dhabi Fund for Development agreed to allocate AED 183.5 mn (USD 50 mn) to finance the first phase of Ivory Coast’s Social Housing Program in Abidjan, state news agency Wam reports. The project’s first phase will cover the construction of 25k housing units, and marks the fund’s first venture in the Ivory Coast.

AGRICULTURE-

UAE agri-tech food company Silal and global enterprise Bayer have inked an MoU outlining a collaboration program in advanced agricultural practices in desert environments, addressing climate change challenges, according to a statement. The MoU builds on a partnership which began in December 2023.

The program will run until 2028 and focusing on:

Developing advanced digital farming solutions tailored to regional agricultural needs;
Creating a demonstration site for the ForwardFarming initiative at Silal’s “Innovation Oasis” Research and Development Center;
Supporting sustainable farming in arid climates through Bayer’s BayG.A.P program and research to improve vegetable seeds for local conditions.

STARTUPS-

The Khalifa Fund for Enterprise Development has chosen startups to receive financial support, mentorship, and resources to further develop their projects after the conclusion of its first Entrepreneurship Competition, Wam reports. The categories included were robotics and AI, agritech and aquatech, and biolife and healthcare.

The startups are: VIAI Technologies, which came out on top for the robotics and AI category for their AI-powered smart glasses; HyveGeo, which secured the top position in the agritech and aquatech category for their biolife and healthcare technology; and Nutrigenics Care, which was top for biolife and healthcare for their AI-driven nutritional platform.

TRADE-

The China-UAE Economy and Trade Exchange Center opened in Expo City Dubai, offering a platform to boost cooperation in trade, science, technology, education, and culture, according to a press release. The center aims to capitalize on Expo City’s strategic location and innovative business environment to advance China’s Belt and Road Initiative (BRI).

China headed for further stimulus in 2025

China’s leadership indicated a shift towards more aggressive economic support in 2025, marking a change in a 14-year-long policy direction as the country braces for a potential trade war once US president-elect Donald Trump takes office and implements a 60% trade tariff on Chinese exports. President Xi Jinping’s politburo pledged a “moderately loose” monetary policy, moving away from the “prudent” approach previously followed, Bloomberg reports.

This change is expected to include further interest rate cuts and a widening of the 3% fiscal deficit, with an eye to stimulate the economy with more government borrowing. It will also involve measures to “stabilize” the stock and property markets, with analysts expecting a potential stabilization fund for the stock market or more bond issuances. Analysts from Morgan Stanley noted that the politburo’s meeting “sent the most aggressive stimulus tone in a decade,” although there is less certainty with respect to how these policies will be implemented.

The implications of these developments extend beyond China’s borders: Increased government spending and monetary easing are likely to influence global financial markets, particularly as investors react to potential shifts in trade dynamics stemming from rising tensions with the US. China’s offshore-traded currency, the CNH, strengthened following the announcements, reflecting market optimism regarding China’s economic recovery prospects.

Remember: China’s central bank, the People’s Bank of China (PBOC), has already been implementing monetary stimulus measures to jumpstart the country’s faltering growth. Key measures include cutting short-term interest rates, reducing the reserve requirement ratio to its lowest since 2018, lowering mortgage costs to approximately USD 5.3 tn, and easing down-payment requirements for second homes. Additionally, CNY 800 bn (about USD 113 bn) will be injected into the stock market to enhance liquidity, alongside a market stabilization fund.

MARKETS THIS MORNING-

Asian stocks are mostly in the green today on the news of more stimulus in China, with China’s CSI 300 index up 2.1% in trading. Hong Kong’s Hang Seng and Japan’s Nikkei, along with South Korea’s Kospi, are also up. Wall Street futures are little changed following lackluster sessions from the S&P 500 and Nasdaq yesterday, which saw them fall from their record highs last week.

ADX	9,251	-0.2% (YTD: -3.4%)
DFM	4,848	-0.1% (YTD: +19.4%)
Nasdaq Dubai UAE20	3,890	-0.6% (YTD: +1.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.5% o/n	4.3% 1 yr
TASI	12,097	+1.2% (YTD: +1.4%)
EGX30	31,005	+0.2% (YTD: +24.6%)
S&P 500	6,053	-0.6% (YTD: +26.9%)
FTSE 100	8,352	+0.5% (YTD: +8.0%)
Euro Stoxx 50	4,985	+0.2% (YTD: +10.3%)
Brent crude	USD 72.14	+1.4%
Natural gas (Nymex)	USD 3.18	-0.1%
Gold	USD 2682.60	+0.9%
BTC	USD 96,894.40	-3.1% (YTD: +129.1%)

THE CLOSING BELL-

The ADX fell 0.2% yesterday on turnover of AED 967.1 mn The index is down 3.4% YTD.

In the green: Mair Group (+154.3%), Al Buhaira National Ins. Company (+10.0%) and United Arab Bank (+9.5%).

In the red: Union Ins. Company (-10.0%), Abu Dhabi National Co. for Building Materials (-5.0%) and Abu Dhabi Ship Building (-4.8%).

Over on the DFM, the index closed down 0.1% on turnover of AED 524.9 mn. Meanwhile, Nasdaq Dubai fell 0.6%.

UAE strengthens bilateral relations with the UK, EU, and Serbia

President Sheikh Mohamed bin Zayed Al Nahyan met with UK Prime Minister Keir Starmer in Abu Dhabi, where the leaders discussed means of strengthening bilateral collaboration between the two countries, state news agency Wam reports. Starmer reportedly also met with representatives from Mubadala, aiming to establish investment, defense, and security partnerships between the countries, with a focus on funding for projects including a nuclear power plant on the coast of Suffolk in the UK — though we have not heard of any updates on that front as of yet.

This diplomatic visit is part of a wider Gulf trip — with Starmer touching down in Saudi Arabia yesterday — in which he aims to accelerate progress on the UK-GCC trade agreement potentially being signed as early as this year. The UK and GCC have held seven rounds of trade talks since 2022.

UAE, EU talk bilateral relations: Sheikh Mohamed also discussed ramping up the country’s cooperation with the EU during a phone call with the European Commission President Ursula von der Leyen, Wam reports. They also addressed shared concerns regarding the situation in Syria and the importance of dialogue, understanding, and safeguarding the country’s national institutions.

OTHER DIPLO NEWS-

Deputy Prime Minister and Interior Minister Sheikh Saif bin Zayed Al Nahyan met with Serbian Deputy Prime Minister Aleksandar Vulin to discuss boosting bilateral cooperation between the two countries, as well as developments in key issues of interest. (Wam)

CALENDAR

DECEMBER

8-12 December (Sunday-Thursday): International Desalination and Reuse Association World Congress, Adnec Centre Abu Dhabi.

13 December – 4 January (Friday-Saturday): Liwa International Festival, Al Dhafra, Abu Dhabi.

9-10 December (Monday-Tuesday): The Bitcoin Mena Conference, Adnec Centre Abu Dhabi.

10 December (Tuesday): Talabat’s shares will start trading on the DFM.

9-12 December (Monday-ThursdayTuesday): Abu Dhabi Finance Week, Abu Dhabi.

9-12 December (Monday-Thursday): IEEE International Conference on Data Mining 2024, Adnec Centre, Abu Dhabi.

9-13 December (Monday-Friday): World Realty Congress, Palazzo Versace, Dubai.

10-11 December (Tuesday-Wednesday): Global Trade and Infrastructure at Logimotion, Dubai World Trade Center.

10-11 December (Tuesday-Wednesday): SCALEX at Logimotion, Dubai World Trade Center.

10-11 December (Tuesday-Wednesday): The Forbes Middle East Under 30 Summit, The Great Lawn, Umm Al Emarat Park, Abu Dhabi.

11-12 December (Tuesday-Thursday): Middle East Investor Relations Association (MEIRA Conference), Conrad Abu Dhabi Etihad Towers Hotel, Abu Dhabi.

10-12 December (Tuesday-Thursday): The Middle East and North Africa Business Aviation Association Show, Al Maktoum International Airport, Dubai.

10-12 December (Tuesday-Thursday): The International Mangrove Conservation and Restoration Conference, Bab Al Qasr Hotel, Abu Dhabi.

10-12 December (Tuesday-Thursday): Automechanika Dubai, Dubai World Trade Center.

11-13 December (Wednesday-Friday): European-Arab Medical Congress, Abu Dhabi.

14-21 December (Saturday-Saturday): World Schools Festival, Abu Dhabi

16-20 December (Monday-Friday): AIMS Conference 2024, Adnec Centre, Abu Dhabi.

17-19 December (Tuesday-Thursday): China Home Life, Dubai Word Trade Center.

6 December-12 January: Dubai Shopping Festival.

Signposted to happen sometime in December:

UAE-China Summit, Abu Dhabi.
Abu Dhabi Forum for Peace, Abu Dhabi.

JANUARY 2025

1 January (Wednesday): ADGM to slash licensing fees for retail and non-financial firms, and hike fees for finance firms.

7-9 January (Tuesday-Thursday): 17th edition of the Arab Plast International Trade Fair for Plastics, Recycling, Petrochemicals, Packaging and Rubber Industry, Dubai International Convention and Exhibition Center, Dubai.

9-13 January (Thursday-Monday): International Renewable Energy Agency Youth Forum, Abu Dhabi.

11-13 January (Saturday-Monday): International Renewable Energy Agency Assembly, Abu Dhabi.

11-13 January (Saturday-Monday): The 1 Bn Followers Summit, Dubai.

14-16 January (Tuesday-Thursday): World Energy Summit, Abu Dhabi.

14-16 January (Tuesday- Thursday): The Light + Intelligent Building Middle East exhibition, Dubai.

14-16 January (Tuesday- Thursday): Intersec, Dubai World Trade Center, Dubai.

19-24 January (Sunday-Friday): Coling2025, Abu Dhabi.

20-22 January (Saturday-Monday): FESPA Middle East, Dubai World Trade Centre, Dubai.

22-25 January (Monday-Saturday): The Sharjah Real Estate Exhibition, Expo Centre, Sharjah.

27-30 January (Monday-Thursday): Arab Health Exhibition 2025, Dubai World Trade Centre, Dubai.

FEBRUARY 2025

1-6 February (Saturday-Thursday): Dubai Fashion Week, Dubai Design District.

1-8 February (Saturday-Saturday): The Mubadala Abu Dhabi Open, Zayed Sports City’s International Tennis Centre.

1-28 February (Saturday-Friday): 3rd Sheikh Mansour bin Zayed Agriculture Excellence Award, Abu Dhabi.

2-3 February (Sunday-Monday): L’Etape Dubai cycling race, Dubai.

3-6 February (Monday-Thursday): Medlab Middle East, Dubai World Trade Center.

10-12 February (Monday-Wednesday): Japan Kyoto Trade Exhibition, Dubai Word Trade Center.

16 February-1 March: Dubai Dutyfree Tennis Championships, Dubai Dutyfree Tennis Stadium in Al Garhoud.

24-25 February (Monday-Tuesday): World Passenger Experience Forum, Dubai.

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai.

28-29 February (Friday-Saturday): The Investopia 2024, the St. Regis, Abu Dhabi.

Signposted to happen sometime in 1Q 2025:

The first eight fronds of the Palm Jebel Ali will be site-ready, allowing for the commencement of villa infrastructure and civil works.

APRIL 2025

6-11 April (Sunday-Friday): Geo-Spatial Week 2025, Dubai.

7-10 April 2025 (Monday-Thursday) : EFG Hermes One on One conference, Dubai.

7-9 April (Monday-Wednesday): AIM Investment Summit, Abu Dhabi National Exhibition Center

14-16 April (Monday-Wednesday): Dubai Woodshow’s 21st Edition, Dubai World Trade Center

14-16 April (Monday-Wednesday): IPS congress, Dubai World Trade Center.

16-18 April (Wednesday-Friday): World Future Energy Summit,Abu Dhabi National Exhibition, Abu Dhabi.

28 April-1 May (Monday-Thursday): The Arabian Travel Market 2025, Dubai World Trade Center

Signposted to happen sometime in April:

Abu Dhabi Autonomous Racing League, Yas Marina Circuit in Abu Dhabi

MAY 2025

6-7 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

19-22 May (Monday-Thursday): Make it in the Emirates Forum 2025, Adnec, Abu Dhabi.

26-28 May (Monday-Wednesday): Arab Media Summit, World Trade Center, Dubai.

SEPTEMBER 2025

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

OCTOBER 2025

27-29 October (Monday-Wednesday): Asia Pacific Cities Summit, Dubai Exhibition Center.

NOVEMBER 2025

18-19 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.

Signposted to happen sometime in 2026:

The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE

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