Adia wants to invest USD 4-5 bn in India through a new fund

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Lunate and Blue Owl Capital are setting up a new USD 3 bn fund

Good morning, friends. We have another meaty issue for you this morning, thanks in no small part to a slew of earnings.

THE BIG STORY here at home this morning is the Abu Dhabi Investment Authority getting in-principle regulatory clearance for its plans to set up a USD 4-5 bn fund in India’s Gift City through which the sovereign wealth fund will invest in the country.

^^ We have chapter and verse in the news well, below.

WATCH THIS SPACE-

#1- Lunate + Blue Owl Capital set up USD 3 bn fund: Private markets-focused firm Lunate and New York-based alternative investment asset management company Blue Owl are launching a USD 3 bn fund to acquire minority stakes in mid-size asset managers, Bloomberg reports, citing an emailed statement. Blue Owl is drumming up USD 2.5 bn in funding for the venture, while Lunate is contributing USD 500 mn, the newswire reports, citing a source with knowledge of the matter.

#2- Indian LNG buyers are in talks with UAE suppliers to secure crude supplies at reduced prices, after Indian oil and gas company Petronet LNG inked an agreement with Qatar to purchase 7.5 mn tons of LNG annually at a 12.2% link to Brent oil, reports Bloomberg, citing traders. Talks with Emirati suppliers are over a similar type of long-term, discounted agreement.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- You can now get birth and death certificates attested online: Those applying for a birth or death certificate online can now also request the Foreign Affairs Ministry’s attestation through the same website, after the ministry integrated its attestation service onto the Health and Prevention Ministry and Emirates Health Services digital platforms, reports Wam.

#2- Expect more traffic in Dubai between today and Saturday: Traffic will be temporarily suspended on several Dubai roads for 10-15 minute intervals for the UAE Tour Women cycling event, which kicked off its Dubai leg yesterday and will run until Saturday, the Road and Transport Authority said on X. Cyclists will ride from Dubai Miracle Garden all the way to Dubai Harbour between 1:30 pm and 4:30 pm today, the authority said in a separate post. You can find the cyclists’ exact route — along with timings — here.

Up next: Closures will hit Al Dhafra region on Friday, Al Ain on Saturday, and Saadiyat Island and Yas Marina on Sunday.

HAPPENING TODAY-

#1- Dubai’s PMI figures are out today at 8:15 am. You can find the PMI survey here when it’s out and read our coverage of it in tomorrow’s issue.

#2- The International Crop-Science Conference & Exhibition 2024 (ICSCE), one of the world’s largest agriculture input events, starts today at the JW Marriott, Marquis Dubai.

#3- The Arab Dental Exhibition Dubai concludes today at the Dubai World Trade Center.The gathering is one of the largest healthcare conferences in the region, according to Wam.

#4- The Foreign Affairs Ministry’s Ambassadors and Representatives of Missions Abroad Forum also wraps today.The event saw ministers, senior officials and government representatives gather at the Foreign Affairs Ministry, discussing regional issues, geostrategic developments, and plans to advance the government’s strategy, said the ministry in a statement.

#5- The Mubadala Abu Dhabi Tennis Open women’s tournament is underway at Zayed Sports City’s International Tennis Center. The first matches of the final 16 takes place today. Finals weekend runs 9-11 February.

#6- The Sharjah Investment Forum concludes today at the Al Jawaher Reception and Convention Center. The event gathered 50 speakers, including ministers, government officials, and economists.

#7- UAE Innovates 2024 kicks off in Ajman and Umm Al Quwain today and runs until next Wednesday, 14 February, after wrapping its Abu Dhabi leg yesterday, reports state news agency Wam. The event will move to Sharjah, Ras Al Khaimah, and Fujairah from Thursday-Wednesday, 15-21 February. The event’s last stop will be Dubai, running from Thursday, 22 February, to Thursday, 29 February.

MARKET WATCH-

#1- OPEC+ is likely to maintain its oil supply cutbacks into 2Q 2024 when it next meets as the group looks to preserve prices and curb the risk of oversupply in the market, Bloomberg says.

#2- Fujairah oil stocks climb as Kuwait imports arrive: Oil stockpiles at the Port of Fujairah increased 5.9% last week, after receiving the first fuel oil imports from Kuwait in 2024, according to S&P Global data. The total oil inventory has risen 8.2% since the beginning of the year, with stockpiles registering at 18.8 mn barrels on 5 February, up from a five-week low.

DATA POINTS-

Some 17 mn tourists visited Dubai in 2023, up 19.4% y-o-y, Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashed Al Maktoum said on X. The emirate’s hotel occupancy rates climbed to 77.4% last year, one of the highest in the world, and up from 72.8% in 2022, according to Al Maktoum.

THE BIG STORY ABROAD-

As has been the case most of this week, there’s no single big story abroad that has captured the imaginations of the business or mainstream press. Among the stories you need to know about this morning — or might simply find interesting:

Republican Nikki Haley lost to “none of these candidates” in what the New York Times calls an “irrelevant” Nevada primary, but she’s still staying in the race in a bid to “broaden voters’ imagination of what’s possible, both for her prospects in the 2024 Republican presidential primary, and for the nation.”

The S&P hit a record highas strong earnings continued and tech stocks rallied. Among those reporting earnings: Uber posted an operating profit for the first time on a full-year basis (you can check out its earnings here).

AND- Cairo is playing host today to a fresh round of ceasefire talks, but Israeli PM Benjamin Netanyahu tried to pour cold water on the conversation, dismissing Hamas’ goal of a long ceasefire as “delusional.” US Secretary of State Antony Blinken is still pushing Israel to play ball.

MORNING DISTRACTIONS-

Finance meme lord Litquidity is a 32-year-old former banker named Hank Medina who did time at Jeffries and Deutsche Bank. Media sat down for his first-ever interview courtesy the Financial Times. Don’t know him? Check out his IG.
Aussie businesses that call or email employees after hours could face penalties under proposed legislation that would give staff the right to “refuse to monitor, read or respond to contact, or attempted contact, from an employer outside of the employee’s working hours unless the refusal is unreasonable.” (Bloomberg)

CIRCLE YOUR CALENDAR-

The Federal Tax Authority is running its corporate tax awareness campaign through the end of the year, Wam reports. The campaign will cover topics such as legislation, corporate tax compliance, and procedures, tailored for individual taxpayers, and will also provide workshops for SME stakeholders.

The Sustainable Aviation Futures MENA will kick off next Monday, 12 February through to Wednesday, 14 February at Kempinski Central Avenue. The event will see 80 speakers and upwards of 200 attendees discuss regulation, financing, and investments in sustainable aviation fuels in MENA.

Breakbulk Middle East 2024 will take place from Monday, 12 February, to Tuesday,13 January, in Dubai. The event is being hosted by the Ministry of Energy and Infrastructure to address industry challenges and identify prospects for growth in the UAE, KSA, and East Africa.

Dubai will host the World Government Summit from Monday, 12 February, to Wednesday, 14 February. The summit, focusing on the daily implications of AI, will include 15 AI-centered conferences, and an annual gathering for the Time 100 AI list. OpenAI CEO Sam Altman will be among the speakers headlining the event, Gulf News reports.

Dubai will also host the Future Warehouse & Logistics 2024 Conference from Monday, 12 February to Wednesday, 14 February. On the agenda: How to boost resilience and overcome challenges, with discussions on disruptions, sustainability, internet of things, automation, workplace management and other topics.

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.

Abu Dhabi is set to host the World Congress of the World Federation of the Deaf in 2027, marking the first time the event will take place in the Middle East and North Africa (MENA), Wam reports. Some 125 countries and over 2k hard of hearing participants from across the world are expected to participate in the event. The event promotes the inclusion of deaf individuals in societies and aims to increase awareness about their rights.

The inaugural edition of DRIFTx will take place in Abu Dhabi in April. The event is supported by the Abu Dhabi Investment Office and Bayanat, according to the Abu Dhabi Media Office. The showcase will offer an international platform for smart and sustainable urban mobility, featuring Banayat’s autonomous taxis by TXAI.

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

Abu Dhabi wealth fund to set up USD 4-5 bn fund in Indian finance hub

ADIA to set up a USD 4-5 bn fund in India’s Gift City: Abu Dhabi’s sovereign wealth fund Abu Dhabi Investment Authority (ADIA) is set to establish a USD 4-5 bn fund in Gujarat International Finance Tec-City (Gift City) in India, after receiving in-principle approval from the city’s financial regulatory authority, Reuters reports, citing two unnamed sources with direct knowledge of the matter. The sovereign wealth fund is set to become the first to invest in the city, the newswire wrote.

What we know: ADIA is looking to kick off investments with the new fund by mid-year, gradually channeling the allocated funds into India over an unspecified period of time, according to one of the sources. Funds at Gift City can invest in both Indian and foreign equities, as well as debt securities and other assets, the newswire said.

The UAE has been one of India’s prime investors, with talks on establishing ADIA’s presence in Gift City ongoing since India’s Prime Minister Narendra Modi visited the UAE in July 2023, according to a joint statement from both states. Trade between the two countries reached USD 85 bn during India’s FY 2022-203, which ended in March 2023, with the UAE emerging as India’s third largest trade partner.

REMEMBER- ADIA and its subsidiaries have been exempt from long-term capital gains taxes on Indian investments since 2020 through a special provision. This provision remains applicable until March 2025.

India’s GIFT City is angling to become a foreign investor haven: The economic zone offers 10-year tax holidays for companies setting up shop in the city’s financial center, with no taxes on transferring funds internationally. One of the city’s goals is to curb offshore equity trading, Bloomberg wrote earlier. The city secured over USD 30 bn worth of commitments and USD 2.93 bn in investments across 95 local and global funds as of December 2023, according to Reuters.

Emirates Strategic Investments begins selling USD-denominated 5-year sukuk

ESIC takes USD 700 mn sukuk to market amid strong investor interest: Sheikh Mansour bin Zayed Al Nahyan’s investment holding firm Emirates Strategic Investments (ESIC) has issued five-year, USD 700 mn senior sukukat 180 basis points over US treasuries, Reuters reports, citing a document it saw yesterday. The sukuk is part of a broader USD 2 bn trust certificate issuance program.

Orders for the issuance topped USD 1.7 bn, leading the bank to narrow the spread, the newswire added. The spread was revised downwards from initial price guidance of around 210 basis points over US Treasuries.

ADVISORS- Emirates NBD Capital, First Abu Dhabi Bank (FAB) and Standard Chartered Bank were selected as joint global coordinators, Reuters reported last month. Our friends at Mashreq, as well as Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, FAB, Standard Chartered and Warba Bank were tapped as joint lead managers and joint bookrunners.

This marks the second sukuk issuance of the year in the UAE, after FAB kicked off the year with another oversubscribed USD 800 mn sukuk issuance in January.

IN OTHER DEBT NEWS-

USD 30 mn Opec Fund loan to Uganda: The Opec Fund for International Development — a financial institution made up of OPEC member countries — has committed a USD 30 mn loan to Uganda to develop its Katine-Ochero road infrastructure, with co-financing provided by the Islamic Development Bank and Uganda’s government, according to a press release. The project aims to strengthen transportation links in the central-east region, with the goal of improving speed and safety of travel for the local rural communities, as well as providing improved connections for small businesses to access marketplaces and shops.

Economy ministry launches new comprehensive intellectual property framework

IP is getting more protection: A new integrated intellectual property (IP) framework the Economy Ministry rolled out yesterday will focus on IP protection, reducing violations, dispute resolution, as well as improving and broadening services for patent registration, a press release reads. The system “will be based on AI technology,” Economy Minister Abdulla bin Touq Al Marri said at the launch event, without elaborating on which aspects of the system will be AI-driven.

Non-traditional trademarks can be registered as well: Within the new IP framework, companies and individuals can officially register not only traditional trademarks like logos and words, but also more unconventional ones such as sounds, scents, holograms, and geographical indication marks, Khaleej Times reports.

Why this is important: The framework is ultimately looking to encourage more innovation and “support the growth of R&D-based projects, exploit the fruits of intellectual property protection and market them as national exports to foreign markets,” the minister said.

What the system looks like: The framework comprises 11 separate initiatives the Economy Ministry will implement with other government entities, including:

An initiative with the Finance Ministry, One DayTM, to streamline the issuance of trademark registration certificates within a single business day
A “patent hive” to issue 6k patents by 2026 (up from 5.1k registered patents today);
A sports-focused initiative, IP Sport, looking to encourage trademarking within the sector;
The InstaBlock initiative, dedicated to addressing livestream copyright infringements and enforcing intellectual property rights protection;
The Innovation Hub, an online platform providing technical guidance and patent registration assistance; and
An initiative with the Emirati Talent Competitiveness Council (Nafis) to improve Emiratis’ IP skills and create jobs by spurring private sector involvement in innovative fields.

UAE ranks among top emerging markets globally -Agility

The Emirates maintained its position as the third most-attractive emerging market globally in Kuwaiti logistics giant Agility’s annual Emerging Markets Logistics Index (pdf). The UAE is also the highest-ranked country in the Middle East and North Africa region. China and India occupy the top two spots in the ranking, while Venezuela, Myanmar, and Libya are the lowest-ranked countries.

How it’s measured: The index surveys 830 executives from the logistics industry to assess the performance of 50 emerging markets based on four criteria: Domestic logistics potential, international logistics potential, business fundamentals, and digital readiness.

Solid business fundamentals: The UAE ranks first globally for best business fundamentals, while coming in second place (behind China) in the digital readiness category. The country stayed put in fifth place on the domestic potential category and seventh place on the international opportunities subindex.

The UAE is developing its digital infrastructure on the back of a regional “surge in digital infrastructure investment, including in the laying of undersea cables and development of data centers,” according to Agility. Most recently, e& said it is planning to anchor the world’s longest undersea telecoms cable, the 2Africa subsea internet cable, in Kaliba, which will be connected to Fujairah’s cable landing station.

We’re also doing well with economic diversification: The non-oil economy and economic diversification are underpinned by SMEs and SME growth, as UAE-based SMEs currently account for over 63.5% of the country’s non-oil GDP, the report said. The government aims to grow SMEs’ contribution to the economy by increasing their number to 1 mn by 2030.

REGIONAL + GLOBAL ANGLES-

GCC countries stood out: Along with the UAE, Saudi Arabia came in the top 10 emerging markets on all the indices. Apart from the international potential index, Qatar also ranked among the top 10 in all categories. Bahrain secured eighth place in the business fundamentals category. The GCC countries’ top 10 positions helped the MENA region outperform Southeast Asia as 2024’s projected “region with the third strongest economic growth.”

Optimism is high for MENA, as it stands at a “junction of development in many areas. It has a rapidly growing population of young consumers, increased digital adoption, rising disposable income, giga investment projects and significant public expenditure,” according to the survey’s respondents. The report also projects that the fallout of Israel’s war on Gaza will not extend beyond the borders of the Strip, confining its impact on instabilities in the price of oil due to tensions around the Red Sea and Suez Canal.

Global recession to come? Of the survey’s respondents, almost 50% believe that a global recession is looming in the wake of an expected worldwide economic slowdown, driven by global headwinds such as “monetary policy tightening, high inflation, and extreme weather events.” However, in the case of a US recession, emerging markets might have a chance at growing on the back of investors looking to diversify their portfolios and “ramp up their investments in emerging markets.” On the flip side, due to being export-oriented, weak global demand will put emerging markets’ growth at risk.

Yet more earnings: Adnoc Distribution, Dubai Taxi, Multiply Group, BHM Capital, Dubai Aerospace Enterprise, and Bayanat

Adnoc Distribution saw its full-year net income fall 5.4% y-o-y to AED 2.6 bn in 2023 on the back of lower inventory gains, the company said in its earnings report (pdf). Revenues grew 7.8% y-o-y to AED 34.63 bn in 202 on the back of an increase in fuel volumes and higher non-fuel retail segment contribution.

On a quarterly basis: The company’s net income jumped 61.4% y-o-y in 4Q 2023 to AED 677 mn. Adnoc Distribution booked net revenues of AED 9.56, up 16.8% y-o-y during the same period.

2024 is about sustainability: The company is expecting a solid outlook for 2024 driven by growth in fuel volumes and international operations, as well as higher contribution of non-fuel retail, and growth in international operations, according to the report. The company is also targeting the next phase of growth “with a focus on sustainable mobility and convenience,” Adnoc Distribution CEO Bader Al Lamki said. “It includes optimizing existing assets to improve our profitability, doubling down on non-fuel retail, and generating new revenue streams offered by energy transition to future-proof our business and increase customer satisfaction.”

The fuel retailer’s board will pay out AED 1.285 bn in dividends for 2H 2023, after it paid the same amount for 1H 2023, the company said.

Dubai Taxi had a good year: Recently-listed Dubai Taxi’s net income grew 54% y-o-y in 2023 to AED 345.3 mn, according to the company’s preliminary financials (pdf). The company booked AED 1.95 bn in revenues, climbing 11% y-o-y in 2023 on the back of better performance in its regular taxi segment, which the company attributed to “positive economic activity in the country, as well as enhanced operational utilization of vehicles due to increased number of drivers during the year,” the statement read.

REMEMBER- Dubai Taxi debuted on DFM last year: Dubai’s Road and Transport Authority listed Dubai Taxi on DFM in December, raising AED 1.16 bn on the back of heavy investor appetite, with orders covering the transaction 130x.

Abu Dhabi-based investment firm Multiply Group reported a 240% y-o-y increase in its net income to AED 1.1 bn in 2023, excluding fair value changes in investments, according to its earnings release (pdf). The company attributed the uptick to higher investment income and increased income from its JV with International Energy Holding’s renewables firm Kalyon Enerji. Including unrealized fair value changes on market volatility, the group’s net income came in at AED 552 mn.

Group revenues increased 15% y-o-y to AED 1.3 bn in 2023, demonstrating strong growth across the company’s four key sectors: Mobility, energy and utilities, media and communications, and beauty and wellness. The mobility sector accounted for 28% of revenues and 48% of net income, while energy and utilities contributed 23% of revenues.

Background: Multiply finalized its acquisition of a majority stake in outdoor advertising firm Media 247 in 2023, and integrated Fisio and The Juice Spa and Salon into its beauty and wellness division. The company also made a significant investment of AED 367 mn for a minority stake in EIG’s Breakwater Energy.

BHM Capital revenues doubled in 2023: BHM Capital saw its net income more thandouble in 2023, rising 101% y-o-y to AED 31.5 mn, according to a DFM filing (pdf). The company’s revenues jumped 60% y-o-y in 2023 to AED 136.7 mn, reflecting “the company’s solid strategy and continuous efforts to diversify revenue sources, establishing its position as a leading provider of advanced financial services and solutions to clients,” BHM Capital CEO Abdel Hadi Al Sa’di said.

WATCH THIS SPACE- BMH is in the “final stages” of inking an investment management agreement to take over Ethmar International Holding’s local equity portfolio, the company said in a separate DFM disclosure (pdf). Ethmar acquired a 67% stake in BHM in October 2023, in a bid to expand and diversify its investments.

Dubai plane lessorDubai Aerospace Enterprise (DAE) turned to the black in 2023, recording a bottom line ofUSD 350.6 mn (AED 1.3 bn), compared to net losses of USD 279.3 mn in 2022 according to the company’s financial statements (pdf). DAE’s revenues climbed 15.6% y-o-y to USD 1.3 bn (AED 4.77 bn).

What they said: “Our full year 2023 financial results demonstrate the continued strength of our expanding franchise as we acquired 20 aircraft and a 64 aircraft order book with near-term delivery positions,” DAE CEO Firoz Tarapore said in an earnings release. “Our engineering division posted record results with sizable increases in output and revenue,” Tarapre said, adding that the company plans to continue to invest in its flagship facility in Amman.

AI company Bayanat saw its net income increase 15% y-o-y in 2023 to hit AED 232.4 mn, the company said in its financials (pdf). Bayanat noted in its earnings release (pdf) that its net income as a percentage of revenue was lower compared to the previous year due to the company’s ongoing investment in talent, R&D, product strategy, and new processes aligned with its IPO strategy. Revenues rose 47% y-o-y to AED 1.16 bn, which the company credits to its AI solutions, the statement reads.

Presight AI Holding’s 2023 net income came in at AED 570.6 mn, rising 5.1% y-o-y, according to the company’s maiden full-year earnings release (pdf) after listing on the ADX in March 2023. The AI company’s revenues increased 14.7% y-o-y to AED 1.7 bn. Presight’s results were supported by domestic projects throughout the year, the statement reads.

Looking ahead: “The 2023 numbers are backed by an additional AED1.56 bn of multi-year revenue contracts which will support strong future revenue and cashflow. The health of our balance sheet gives us the potential to accelerate our growth through future capital deployments which could include targeted geographical expansion, new product development to future proof growth, or value-adding acquisitions,” Presight CEO Thomas Pramotedham said.

Military graduation + football on UAE X

UAE X has been talking about#زايد الثاني العسكريه(Zayed II Military College), after Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum, along with several military officials from the UAE and other nations, attended the graduation ceremony of a cohort of cadets from the college.

Keeping in football form: X was tipping its hat to Emirati commentator Faris Awad (“فارس عوض”) for his work on Tuesday night’s Asian cup between Jordan and South Korea.

How Israel’s war in Gaza could impact business in the UAE

It’s a relatively quiet morning for the UAE in the foreign press, save for one piece from the Financial Times looking at how UAE-Israeli business and interpersonal ties could be affected by Israel’s war in Gaza.

Abu Dhabi’s Kezad will get MENA’s first biodegradable PLA plant

Abu Dhabi’s Kezad will get MENA’s first biodegradable PLA plant: Dubai-based polymer supplier Gulf Biopolymers Industries (GBI) will build the MENA region’s first biodegradable polylactic acid (PLA) polymers production facility in the Khalifa Economic Zones Abu Dhabi (Kezad), according to a statement.

What is polylactic acid? PLA is a thermoplastic monomer (a molecule that can be bonded to counterparts to form a polymer) derived from organic, renewable resources including corn scratch and sugar cane, unlike conventional plastics which are produced from the distillation and polymerization of petroleum. They can be used for packaging and other biodegradable products.

The details: The facility — for which GBI signed a 50-year lease agreement— will span 135k sq meters and is planned to have an annual 30k ton PLA production volume. The investment ticket and target launch date for the project were not disclosed.

REAL ESTATE-

Real estate developer Aldar Properties handed out 49 contracts worth AED 22.03 bn in 2023, covering infrastructure, residential, commercial, and mixed-use developments in Yas Island, Saadiyat Island, and Al Shamkha, according to a press release (pdf). The contracts were awarded to 36 UAE-based companies, including Trojan General Contracting, Fibrex, and Noor Al Sahara General Contracting, and contributed nearly AED 10.5 bn to the local economy. A little over half of the contracts (53%) were for Aldar’s projects, while the remaining 47% were for Aldar-delivered government projects.

COMMODITIES-

More services added to gov’t digital procurement platform: The Finance Ministry has expanded the catalog of its digital procurement platform to encompass over 120k products and services from 230 suppliers across 35 categories, including advertising, real estate ins., translation, and consulting, reports state news agency Wam. The catalog initially offered 7k products and 500 services across over 19 categories.

Background: The ministry launched the platform last February to streamline government procurement processes and boost spending efficiency, allowing them to sign agreements with suppliers in just three steps, down from the previous 11 steps, and in six minutes, down from 60 days.

GREEN ENERGY-

UAE gets its first battery recycling plant: Dubai-based developer Tecom Group inaugurated its Dubatt Battery Recycling plant in Dubai Industrial City on Tuesday, the Climate Change and Environment Ministry said on LinkedIn. The plant will power advanced opening, separating, and smelting technology to recycle up to 80% of hazardous battery waste into lead ingots.

TELECOMS-

#1-Asia-Middle East subsea cable in the works:e& inked an MoU with Telecom Egypt, Indonesian network provider Telin and an undisclosed Indian telecoms operator to form a consortium to build an 11k km open and subsea cable connecting Indonesia and Singapore to India, Oman, Egypt, and the UAE, a joint statement (pdf) read. The project — dubbed ICE IV — is scheduled to go live in 4Q 2027.

#2-e& + Vodafone partner on trans-border managed voice services: Technology group e& and telecommunications company Vodafone are partnering to provide other operators with voice over 4G/5G (VoLTE) services, expected to run over 70% of global mobile connections by 2030, according to a Vodafone statement. The two companies will also offer fraud protection functionalities to operators, building on a previous agreement inked in October.

CLIMATE-

Zero Carbon Ventures forms JV with Egyptian consultancy for a waste-to-value facility: Carbon-reducing technology company Zero Carbon Ventures and Egyptian environmental consultancy Green Planet have established a waste-to-value JV in the Abu Dhabi Global Markets (ADGM), according to a press release. The first phase of the facility, which will be located in 15 May City in Egypt, is expected to be operational by 2025.

SOUND SMART- Waste-to-value refers to the conversion of waste products into energy, industrial material, or consumer goods.

The details: The JV — dubbed the Zero Carbon Green Planet (ZCGP) — will employ Zero Carbon Ventures-produced technology to process and convert 400 tons of waste per day into profitable substances upon its completion in 2027. The two companies first inked an agreement last September for the project.

TAX-

Dubai Chambersand the Federal Tax Authority (FTA) will work together to raise awareness on UAE tax procedures and requirements through conferences, forums, and workshops, according to a press release.

ENERGY-

DSCE to boost the retail fuel distribution sector: The Dubai Supreme Council ofEnergy (DSCE) greenlit during a meeting yesterday plans to roll out mobile fuel distribution vehicles across the UAE, in a bid to meet increased demand for retail fuel distribution, according to a press release. Dubai’s Road and Transport Authority (RTA) said it will also be issuing accreditation certificates to entities and companies operating green vehicle fleets to up the number of eco-friendly cars in the local market.

FINANCE-

Abu Dhabi Global Market (ADGM) inked an MoU with Swiss nonprofit blockchain organization Solana Foundation to expand blockchain services, ADGM said in a press release.

TRANSPORT-

#1-Sharjah’s Roads and Transport Authority and Ajman Transport Authoritysigned an MoU to improve transportation services, Sharjah24 reports. The agreement includes data exchange in transport and communications, collaboration in field studies, and providing supervisory, technical and media support, STRA chairman Youssef Al Othmani told Sharjah24.

#2- UK-based luxury ride-hailing startup Wheely has launched operations in Dubai, according to a press release. The startup aims to generate 500 jobs in Dubai in the next 18-24 months and expand its regional team and chauffeur network to over 1k within 3-5 years.

CORRECTION- An old version of this section had the value of contracts Aldar Properties handed in 2023 at AED 22.03 tn; we have amended the story to reflect the correct figure.

Turkey’s sovereign wealth fund makes a successful debut international bond issuance

Central bank turbulence has not swayed investors away from Turkey: Turkey’s sovereign wealth fund’s debut international bond issuance was met with a strong investor appetite, despite the sudden leadership change within the country’s central bank last week. The Turkey Wealth Fund reeled in some USD 7 bn in orders for its USD 500 mn USD-denominated bond issuance yesterday, according to a term sheet seen by the Financial Times.

Remember: Last week, President Recep Tayyip Erdogan appointed Fatih Karahan to lead the country’s central bank, replacing former governor Hafize Gaye Erkan, who stepped down just eight months into occupying the position.

ADX	9,354	+0.2% (YTD: -2.3%)
DFM	4,161	+0.2% (YTD: +2.5%)
Nasdaq Dubai UAE20	3,720	+0.4% (YTD: -3.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.0% o/n	5.1% 1 yr
TASI	12,165	+0.8% (YTD: +1.7%)
EGX30	27,905	+2.3% (YTD: +12.1%)
S&P 500	4,995	+0.8% (YTD: +4.7%)
FTSE 100	7,629	-0.7% (YTD: -1.4%)
Euro Stoxx 50	4,679	-0.3% (YTD: +3.5%)
Brent crude	USD 79.21	+0.8%
Natural gas (Nymex)	USD 1.97	-2.1%
Gold	USD 2,052	0.0%
BTC	USD 44,162	+2.3% (YTD: +4.6%)

THE CLOSING BELL-

The DFM rose 0.2% yesterday on turnover of AED 454.5 mn. The index is down 2.3% YTD.

In the green: International Financial Advisors (+9.5%), Mashreqbank (+5.1%) and Union Properties (+4.4%).

In the red: Takaful Emarat (-9.9%), Shuaa Capital (-5.8%) and Gulf Navigation Holding (-2.9%).

Over on the ADX, the index closed up 0.2% on turnover of AED 1 bn, while Nasdaq Dubai rose 0.4%.

MEANWHILE- Asian shares are mixed this morning in early trading.The Kospi and Nikkei are comfortably in the green, but shares in Shanghai and Hong Kong are weakly in the red as traders look for direction and wait for inflation numbers. Futures suggest major European benchmarks will open largely in the green, with Paris’ CAC 40 being the sole exception. And look for a weak open on Wall Street absent a change in momentum.

CALENDAR

FEBRUARY

1-15 February (Thursday-Thursday): InClassica Dubai International Music Festival 2024, Dubai Opera.

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

3-11 February (Saturday-Sunday): Mubadala Abu Dhabi Open, Zayed Sports City’s International Tennis Centre.

5-8 February (Monday-Thursday): Medlab Middle East, Dubai.

6-8 February (Tuesday-Thursday): AEEDC Dubai 2024, Dubai World Trade Centre.

7-8 February (Wednesday-Thursday): Sharjah Investment Forum, Al Jawaher Reception and Convention Centre.

8-9 February (Thursday-Friday): International Crop-Science Conference & Exhibition 2024, JW Marriott, Marquis Dubai.

8-11 February (Thursday- Sunday): The UAE Tour Women.

8-14 February (Thursday-Wednesday): UAE Innovates 2024, Ajman and Umm Al Quwain.

9 February (Friday): Abu Dhabi International Airport to be renamed to Zayed International Airport.

9-11 February (Friday-Sunday): HERO Abu Dhabi, Al Hudayriat Island.

12-13 February (Monday-Tuesday): Breakbulk Middle East conference, Dubai Trade Centre.

12-14 February (Monday-Wednesday): World Government Summit, Dubai.

12-14 February (Monday-Wednesday): Sustainable Aviation Futures MENA Congress, Hotel Dubai Mall.

12-15 February (Monday-Thursday): Future Warehouse & Logistics, Dubai, UAE.

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.

18 February (Sunday): Abu Dhabi Run and Ride, Abu Dhabi Corniche.

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

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

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.

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.

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.

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

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.

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.

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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