Good morning, friends. There’s a big Trump theme in today’s issue, with the big story of the day being Damac Properties’ planned USD 20 bn investment in data centers in the US, hot on the heels of Trump’s election. Plus: Dar Global — a key partner for the Trump Organization in the region — is eyeing expansions in the US.

Outside of Trump Land, we have several M&A and investment news from DAE, the Abu Dhabi Investment Authority, and Alchemative Group. Let’s dive in.

☁️WEATHER- Expect to see cloudy skies today, with a chance of rainfall, particularly over the islands and some coastal and Northern areas, according to the National Center of Meteorology’s forecast (pdf). The mercury will reach 25°C today in Dubai before dropping to an overnight low of 19°C. Meanwhile, in Abu Dhabi, temperatures will peak at 22°C, with a low of 20°C.

WATCH THIS SPACE-

#1- The UAE agreed to roll over a USD 2 bn repayment that was due by Pakistan this month, Reuters quotes Pakistani Prime Minister Muhammad Shehbaz Sharif as saying at a press conference. The UAE government originally deposited the funds in 2019 under a USD 3 bn financial assistance package and rolled it over in January 2023 and January 2024.

Background: Pakistan had been seeking to drum up external financing to meet the requirements of its ongoing USD 7 bn loan program with the IMF, and previously lined up financing commitments from the UAE, China, and Saudi Arabia as part of the program in September.

More investments in Pakistan coming? The PM also said he asked UAE President Sheikh Mohamed bin Zayed Al Nahyan for “a few bn USD” in investments in key projects during his visit to the UAE earlier this week.

#2- Dar Global eyes US, Greece expansion: Dubai-based developer Dar Global, the international arm of Saudi Dar Al Arkan, plans to expand operations in the US and Greece, Reuters reports. The developer plans to invest in major US cities, seeking partnerships with developers on luxury residential properties. The focus will be on both US residents and international buyers, although specific project details remain undisclosed.

REMEMBER- The decision follows recent joint projects with the Trump Organization, including Trump Towers in Jeddah and Dubai, as well as a hotel project in Oman. Eric Trump, Trump Organization’s executive vice president, also told Reuters last month that additional projects are in the pipeline for the region, including a tower in Riyadh and further developments in Abu Dhabi.

DATA POINT-

Lunate had a good 2024: Abu Dhabi-based alternative asset manager Lunate’s total assets under management for its ADX and DFM-listed ETFs grew 13% y-o-y in 2024 to AED 831 mn, according to a LinkedIn post. The company reported AED 2 bn in trading liquidity across its ETFs, with its portfolio expanding to 17 ETFs listed on the Abu Dhabi and Dubai bourses, compared to 12 a year earlier.

PSAs-

#1- Syria resumes flights to the UAE: Syria’s Damascus International Airport resumed international flights yesterday for the first time since the fall of Bashar Al Assad’s regime on 8 December with a flight to Sharjah, Syrian state news agency Sana reports. Qatar Airways also resumed flights to Damascus following a 13-year hiatus, while flights to Dubai were also set to resume as of yesterday, AFP reports.

#2- Air Arabia adds Ethiopia flights: Air Arabia is launching non-stop flights to Ethiopia’s capital starting 30 January, the Sharjah-based budget airline stated. The new route will connect Sharjah International Airport with Addis Ababa Bole International Airport, running three weekly flights in both directions on Tuesdays, Thursdays, and Saturdays.

#3- Sharjah updates fees for impounded vehicle releases: The Sharjah Executive Council revised fees on releasing impounded vehicles in the emirate, applying to vehicles held due to serious safety-related offenses, according to a statement. No further details were disclosed on the value of the fees.

HAPPENING TODAY-

#1- The Arab Plast International Trade Fair for Plastics, Recycling, Petrochemicals,Packaging and Rubber Industry kicked off yesterday and runs through tomorrow at the Dubai International Convention and Exhibition Center. The event will showcase advancements in the plastics and recycling sectors, with a focus on sustainable practices, circular economy, recycling technologies, and sustainable materials.

#2- Dubai International Pharma & Technologies Conference and Exhibition(DUPHAT) kicked off yesterday at the Dubai World Trade Center. DUPHAT, which wraps up on Thursday, will feature scientific sessions, workshops, and scientific poster presentations from university students. Additionally, it will feature Vita Show Dubai, showcasing innovations in nutritional supplements.

HAPPENING TOMORROW-

The Sharjah Consultative Council will discuss a draft law on corporate tax for the emirate’s natural resources in its upcoming session tomorrow, Sharjah 24 reports.

REMEMBER- The council’s Financial, Economic and Industrial Affairs Committee had reviewed a draft law proposing taxation on companies involved in natural resource activities in the emirate late last month. The law targets companies involved in both extractive activities — such as oil, gas, and coal — and non-extractive natural resources. The committee was set to submit the draft law’s final report to the Advisory Council for approval.

THE BIG STORY ABROAD-

It’s a busy morning in the foreign press, with a wide-ranging press conference from US president-elect Donald Trump, along with updates on the latest round of Israel-Hamas ceasefire talks, and news from Meta, Nvidia, and Anthropic getting plenty of ink.

#1- More threats of tariffs and annexation from Trump: Trump said he could use economic — and possibly military — action to acquire Greenland and take control of the Panama Canal, threatening to tariff Denmark “at a very high level” if it refuses, and separate tariffs on Mexico and Canada, which it also said it could annex through “economic force.” Canadian Prime Minister Justin Trudeau took to X later to say “There isn’t a snowball’s chance in hell that Canada would become part of the United States,” in response to Trump’s comments.

Trump also revealed a USD 20 bn investment planned by Emirati developer Damac Properties in US data centers, saying Damac’s founder Hussain Sajwani was inspired by Trump’s election to make the commitment. Sajwani said he’d been waiting four years to ramp up investments in the US. We have more on the story in the news well, below.

The press conference got a lot of ink: FT | Reuters | NPR | AP | CNN

#2- Also from Trump Land, his new Middle East envoy Steve Witkoff said he is “hopeful” for some good news from the Israel-Hamas ceasefire talks taking place in Doha before Trump’s inauguration on 20 January, Reuters quotes him as saying. Trump again threatened that “all hell will break out in the Middle East" if Hamas does not release the hostages by the time he takes office during his presser.

PLUS- Several stories on the tech and AI front are making the rounds:

  • Facebook owner Meta shelved a US fact-checking program and curbed restrictions on discussions around contentious topics on its platforms in response to pressure from conservatives. (Reuters)
  • Nvidia’s shares slid 6.2% after an unveiling of a new product lineup — including a new USD 3k desktop PC — failed to reassure investors about a near-term return. (Bloomberg)
  • AI startup Anthropic is closing in on a USD 2 bn investment that would value it at USD 60 bn, only two months after securing an additional USD 4 bn investment from ecommerce giant Amazon. (WSJ)

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MARKET WATCH-

Opec sees production dip in December, driven by UAE cuts: Opec’s crude output dropped in December by 120k bbl / d to 27.05 mn bbl / d, primarily on the back of supply cuts from the UAE, according to a Bloomberg survey. The UAE slashed its production to about 3.2 mn bbl / d and trimmed oil exports to an 18-month low. The decline in these allocations is expected to continue throughout January and February, companies set to receive the shipments told Bloomberg.

REMEMBER- State-run Abu Dhabi National Oil Company (Adnoc) reportedly decreased crude oil cargo allocations for certain Asian customers, cutting volumes by up to 230k bbl / d across various grades, in a bid to adhere to Opec+’s strategy to stabilize market prices. A plan to hike the UAE’s quota by an additional 300k bbl/d was also postponed to April 2025, after Opec+ decided to delay a planned increase in production last month. The UAE has been hoping to increase its capacity, and is on track to hit its 5 mn barrels per day (bbl / d) oil capacity target — originally set for 2027 — by the end of 2025 or early 2026.

CIRCLE YOUR CALENDAR-

The 1 Bn Followers Summit will take place between 11-13 January at Jumeirah Emirates Towers at the DIFC in Dubai. The event will feature over 250 speakers, including top content creators and industry experts, and will feature discussions on technology, content strategies, and the economic impact of content creation.

The Abu Dhabi Sustainability Week (ADSW) will take place between 12-18 January at the Abu Dhabi National Exhibition Center. The event features 11 events gathering policymakers, industry leaders, and youth to discuss global sustainability solutions and foster collaborations.

Among the biggest events of the week: The International Renewable Energy Agency (IRENA) Assembly will take place between 11-13 January in Abu Dhabi. The event will gather global leaders and decision-makers to discuss the renewable energy transition and address challenges to energy security and financing. Featured in the agenda: An International Renewable Energy Agency Youth Forum, which will see interactive sessions, open dialogues, and thematic workshops for youth to contribute to renewable energy deployment and sustainable development.

Other events include:

  • 13 January (Monday): Global Climate Finance Annual Meeting.
  • 14-16 January (Tuesday-Thursday): World Future Energy Summit and Youth 4 Sustainability (Y4S) Forum and Hub.
  • 15 January (Wednesday): Women in Sustainability, Environment, and Renewable Energy (WiSER) Forum.
  • 16 January (Thursday): Green Hydrogen Summit and Zayed Sustainability Prize Forum & Investor Connect.

The Security Leader’s Summit will take place between 14-16 January at the Dubai World Trade Center. The event features sessions that showcase the latest security strategies and technological solutions, as well as discussions addressing the most prominent security threats.

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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