Adnoc closes Fertiglobe + ADQ to buy Turkish lender

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Masdar, DP World eye projects in Philippines + Ewec seeks bids to develop Al Sila wind farm

Good morning, wonderful people, and happy hump day. It’s a busy news day once again, with two high-profile M&As leading the news well as Adnoc completes its acquisition of Fertiglobe and ADQ going after a 96% of Turkish lender Odeabank.

We also have a ton of tech news from Gitex, not least of which is Khazna Data Centers’ plan to build the largest data center in the country.

^^ We have all of this and more in this morning’s news well, below.

BUT FIRST — your morning must-read: Should you be nice to your chatbot?

WEATHER- It’s another hot day in Dubai, with the mercury hitting 37°C before cooling to an overnight low of 24°C. In Abu Dhabi, expect a high of 37°C and a low of 26°C overnight.

WATCH THIS SPACE-

#1- UP FIRST- Masdar and DP World are eyeing infrastructure and energy projects in the Philippines, that country’s Trade and Industry Department said in a statement yesterday.

DP World is reportedly looking to invest as much as AED 1.6 bn in ports across the Philippines (the Philippines’ acting trade secretary suggested a number of ports could be up for grabs soon), while Masdar is interested in solar, wind, and geothermal power generation.

#2- In other renewable energy news: The Emirates Water and Electricity Company (Ewec) is open to expressions of interest from bidders to develop the planned 150 MW Al Sila wind farm, which would generate enough energy to power 36k homes while offsetting some 190k tonnes of CO2 each year. The deadline for submissions is 5 November.

BACKGROUND- EWEC has been busy: The company invited developers and consortiums earlier this month to submit an EOI for the development of the 1.5 GW Zarraf solar PV IPP in Abu Dhabi’s Al Dhafra Region. Masdar is also developing a 27 MW wind farm at Al Sila as part of the UAE’s first wind program with a total capacity of 103.5 MW.

#3- It’s official: Sphere is coming to Abu Dhabi: Sphere Entertainment and the Department of Culture and Tourism Abu Dhabi are partnering to build a Sphere arena in the emirate, according to a statement. The venue will match the 20k-seat capacity of the Las Vegas original, with DCT Abu Dhabi overseeing funding and construction. Sphere Entertainment will provide tech expertise, operational support, and creative content, earning annual fees once the arena opens.

REFRESHER- New York Knicks and New York Rangers owner James Dolan was reportedly in “serious” discussions with Abu Dhabi investors in December to build here. The move is part of the DCT Abu Dhabi’s broader tourism push: The emirate set aside USD 10 bn in April to nearly double its annual visitors to 39.3 mn and grow non-oil GDP contributions to AED 90 bn by 2030.

#4- UAE officials attended a high-level Brics meeting in Moscow even as a number of Brics finance ministers and central bank chiefs stayed home, sending senior staffers instead, Reuters reports. In addition to the UAE, representatives from Egypt and Iran were present, while finance ministers from China, India, and South Africa were absent.

THE BIG STORY ABROAD-

Nothing goes up and to the right forever. That’s the key takeaway on a very busy morning for global business news as market watchers join an increasingly loud debate about how much gas is left in the tank for the global equities market.

On the “we’re worried” side: Shars of the most important tech company you’ve never heard of slumped the most in 26 years after it booked not even 50% of the orders analysts expected. ASML Holding makes key equipment that chipmakers themselves use to make chips; the shortfall in orders has folks taking a deeper look at the chipmaking industry. Companies that sell chips with AI applications are doing really well — those that sell more workaday semiconductors for the auto, memory, and other industries? Not doing nearly as well.

Also on the worried side of the ledger: Luxury goods conglomerate LVMH saw sales slump in 3Q and says the outlook is “uncertain,” thanks in large part to a pullback in spending by Chinese consumers.

On the other side: US consumers look on track to spend about 3.5% more during the upcoming holiday season, a business group representing American retailers said. And Goldman Sachs has just reported a “monster jump” in 3Q earnings while Bank of America did a bit better than analysts had expected and Citi recorded 44% increase in fee income from investment banking activities.

The state of the debate (presented with no guidance…): Can the stock market keep going up? Market watchers think so.

ALSO IN THE BUSINESS PAGES on this fine fall morning:

In Saudi Arabia: A senior government appointee promised to limit Chinese access to US-made chips and Aramco is reportedly shelving its plans for a Ras Al Khair chemicals and refining hub in favor of investing in Asia, EnterpriseAM Saudi notes.
A tale of two bailouts: The founder of 23 and Me is riding to the rescue of her struggling startup while Boeing is trying to line up USD 35 bn from a combination of stock and bond offerings as well as bank loans to shore up its finances.

MEANWHILE- There are 19 days to go until the US election. About 2x more voters turned out to cast early ballots yesterday in the key state of Georgia compared to during the 2020 cycle. Kamala Harris is on a media blitz. And Donald Trump is beating his protectionist drum.

IN POLITICS- Washington has warned Tel Aviv it has 30 days to allow more aid into Gaza or risk a cut to arms sales (Wall Street Journal | New York Times | Reuters).

And for our fellow iSheep: Apple has released an updated iPad Mini with a beefed up processor (the same as in last year’s Pro model) and the same big, ugly bezels as last year, too.

HAPPENING TODAY-

It’s day three of Gitex Global 2024, which runs through Friday at Dubai’s World Trade Center. Happening alongside Gitex is Expand North Star, which wraps up today at Dubai Harbour. Fintech Surge and the Future Blockchain Summit also continue, with today being the last day for the latter.

^^ We have full coverage of yesterday’s major Gitex headlines in this morning’s news well, below.

The SuperBridge Summit wraps up today at One Za’abeel in Dubai. The event focuses on AI, innovation, and manufacturing in emerging markets.

The IEEE / RSJ International Conference on Intelligent Robots and Systems (IROS 2024) continues today at Adnec Center Abu Dhabi and will wrap on Friday.

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CIRCLE YOUR CALENDAR-

The Sharjah International Conference on AI & Linguistics will take place on 17-18 October at the American University of Sharjah.

The Lease Conference Dubai 2024 will take place on 13-14 November at the Jumeirah Creekside Hotel. The event will bring together key players in the leasing industry across the Middle East and Africa.

EFG Hermes will host its annual One on One Conference from 7 to 10 April 2025 in Dubai. The largest gathering of its kind in the MENA region, the conference connects hundreds of international corporate leaders with institutional investors and family offices from around the world.

Check out our full calendar (at the bottom of this email) for a comprehensive listing of upcoming news events, national holidays and news triggers.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- The Securities and Commodities Authority is warning that a company named Aiwa Capitals Marketing does not hold a license to engage in any financial activities or services regulated by the authority, according to a statement.

#2- Residents of GCC countries must now apply for a 30-day e-visa to enter the UAE. The e-visa is required for foreign residents of Saudi Arabia, Bahrain, Kuwait, Oman, and Qatar who apply for entry as GCC residents and not through another pathway (for example: they hold passports making them eligible for visa-free access). Tap or click here for the full rundown.

Adnoc completes acquisition of OCI Global’s stake in Fertiglobe, with El-Hoshy set to stay on as CEO

Adnoc finalizes Fertiglobe acquisition: Abu Dhabi National Oil Company (Adnoc) completed its USD 3.62 bn acquisition of OCI Global’s 50% +1 stake in Fertiglobe, the Netherlands-domiciled chemical producer, according to a press release (pdf) shared with EnterpriseAM UAE. The transaction increases Adnoc’s stake in Fertiglobe to 86.2%, with the remaining 13.8% in free float on the ADX.

El Hoshy to continue leading: Fertiglobe’s management team remains in place, with our friend Ahmed El-Hoshy staying on as CEO. El-Hoshy, who has led Fertiglobe since 2021, will step down from his twin role as CEO of OCI Global. “Positioned as the vehicle of ADNOC’s plans to establish a global growth platform for ammonia, Fertiglobe is poised to meet the increasing global demand for low-carbon solutions and bring us closer to a more sustainable future,” El Hoshy said.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

What this means for Fertiglobe: Adnoc will “transfer its stakes in existing and future low-carbon ammonia projects to Fertiglobe at cost,” according to the statement. This includes two lower-carbon ammonia projects in Abu Dhabi and other global projects. The transfer is expected to add some 2 mn tonnes per annum (mtpa), more than doubling Fertiglobe’s current capacity of 1.6 mtpa. Once completed, the total sellable capacity for Fertiglobe will rise to 8.6 mtpa for ammonia and urea combined.

Aiming for the top five globally: The transaction marks a “milestone in our ambitious international chemicals growth strategy and our goal to become a top five chemicals player,” Adnoc Managing Director and Group CEO Sultan Ahmed Al Jaber said.

Fertiglobe is targeting USD 150 mn in incremental annual EBITDA by the end of 2025 and will outline its detailed growth strategy in 1Q 2025.

New board coming: A general assembly will take place on 24 October for shareholders to elect a new board, reflecting the updated shareholding structure.

If you invested in Fertiglobe at the time of its IPO, you did well: The company has approved a USD 150 mn dividend for 1H 2024 that’s payable this month. That will mean the company has doled our dividends worth more than USD 2.4 bn since IPOing in late 2021 — a figure it says is “one of the highest dividend yields and total return metrics in its sector.”

BACKGROUND- Adnoc obtained all necessary approval for the acquisition earlier this week. The two companies had signed a binding agreement for the sale of OCI’s Fertiglobe stake in December.

Fertiglobe has been busy: In December, it sent the world’s first ISCC PLUS-certified green ammonia shipment to India from its Egypt facility. Recently, it secured a EUR 397 mn offtake agreement with Germany’s H2Global program to supply green ammonia to the EU from 2027 to 2033. The company signed a shareholder agreement to build a facility in the UAE to produce 1 mn tons of low-carbon ammonia annually, partnering with ADNOC-ADQ JV Ta’ziz, GS Energy, and Mitsui, and is exploring a green hydrogen project with Masdar and Engie.

ADQ poised to acquire 96% stake in Turkey’s Odeabank

ADQ to snap up 96% of Turkey’s Odeabank: Abu Dhabi sovereign wealth fund ADQ inked a definitive agreement with a consortium led by Lebanese lender Bank Audi to acquire 96% of Odeabank, currently Bank Audi’s subsidiary in Turkey, according to a statement. The value of the transaction was not disclosed.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Who’s selling: The consortium also includes the International Finance Corporation (IFC), IFC FIG Investment Company Sàrl, and the European Bank for Reconstruction and Development.

We knew this was coming: ADQ has reportedly been in talks to acquire Odeabank for months. The Turkish lender, established by current majority shareholder Bank Audi, has USD 2.6 bn worth of assets. Bank Audi holds a 76.4% stake in the bank.

ADQ has had its eyes on Turkey: The sovereign investor launched in 2022 a USD 300 mn fund with the Türkiye Wealth Fund to invest in emerging technologies. ADQ also acquired Turkish pharmaceuticals company Birgi Mefar Group in the same year.

Other Emirati players have an appetite for Turkey: First Abu Dhabi Bank (FAB) was reportedly close to finalizing talks to take a 61.2% stake in Yapi Kredi, but negotiations stalled as seller Koc sought a higher price, blocking FAB from conducting due diligence. Dubai Islamic Bank also announced plans back in September to acquire a 20% stake in Turkey’s Tom Group of Companies.

Khazna builds the UAE’s largest data center

Dubai-based Khazna Data Centers will develop the UAE’s largest data center in Ajman with a capacity of 100 MW, according to a press release. Set for completion in 3Q 2025, the new facility is (surprise) designed for AI applications. Khazna is the largest player in the industry by market share, operating centers with a combined capacity of 360 MW right now.

The rationale: The company is expecting data center capacity in the UAE to double to 850 MW by 2029, so it aims to take advantage of the growing demand, CEO Hassan Al Naqbi told The National. Demand is being driven by both domestic use of cloud services and growing international investment in tech here.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

The company is also eyeing two additional 30 MW data centers, Al Naqbi said, suggesting announcements on that front will come within a matter of weeks.

Total investment cost? The average cost of construction of a data center clocks in at USD 8-12 mn per MW, Al Naqbi says, suggesting a total investment plan of about USD 720 mn by our math. Khazna currently has 24 live data centers in the UAE and eight under construction, amounting to a 74% market share, he added.

REMEMBER- The Dubai-based firm recently partnered with US cloud service provider Hewlett Packard Enterprise to build the UAE’s first direct-liquid cooled data center, capable of handling AI tech and high-performance computing.

Khazna plans to expand further into the Middle East and Asia. It is closing in on the location for a USD 250 mn data center in Egypt (set for completion in 2026) and is in advanced stages of construction in Saudi Arabia. Turkey and Southeast Asia are also on its radar.

Amazon, e& will chase after government clients, regulated industries

E& and Amazon Web Services (AWS) inked a six-year USD 1 bn (AED 3.7 bn) agreement over the upcoming six years to enhance cloud innovation and digital transformation in the region, according to a press release. The partnership aims to deliver cloud services, including storage, computing, and networking, while advancing cybersecurity, artificial intelligence (AI), and machine learning (ML).

Target markets: The two are going after governments and regulated industries including healthcare and finance. Some 70% of Middle East companies are moving to the cloud, they said.

The agreement will see e& use AWS’s cloud infrastructure to modernize platforms including Starzplay Arabia and Careem, and expand its AI and smart home offerings.

ICYMI- AWS recently launched its second cloud region in the UAE. The company plans to invest USD 5 bn (AED 20 bn) here through 2036 to ramp up local cloud infrastructure.

Amea Power to invest in upcoming Cox IPO

Dubai-based Amea Power will subscribe to Spanish energy and water utility company Cox’s upcoming IPO, according to a Cox press release (pdf). The IPO is expected to raise EUR 270 mn.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Who’s in? Amea Power is joining a group of cornerstone investors for the transaction. Others in the group include Morocco’s Attijariwafa Bank, Spanish copper and aluminum production firm Cunext Group, Spanish businessman and Cox shareholder Alberto Zardoya, and Cox’s founder and primary shareholder, Enrique Riquelme.

Amea and Cunext have each inked binding agreements for their share purchases, the IPO advisors note. Cox, which has 3.6 GW of installed capacity in Latin America, Spain, and Africa, said last week it was planning to offer new shares in an IPO on the Madrid Stock Exchange.

Want to go deeper? Check out Cox’s IPO microsite here or its intention to float announcement here (pdf).

BACKGROUND- Amea Power signed power purchase agreements last month to develop USD 800 mn solar and battery energy storage projects in Egypt. Amea Power is working to secure USD 5 bn in capital to develop 5 GW of renewable energy capacity across Africa by 2030.

Event report: Day two of Gitex

Everything from autonomous vehicles to the use of AI in government was in the spotlight at Gitex Global 2024, the sprawling tech and startup show that’s snarling traffic near the World Trade Center. Here’s the rundown on what you need to know after the first two days:

AUTOMOTIVE-

#1- Dubai’s Roads and Transport Authority (RTA) plans to launch a new autonomous electric pod system called Floc Duo Rail, Gulf News reports. The driverless pods will operate on rail tracks or dedicated road routes, carrying up to 16 passengers per pod.

Timeline: The pods are currently in the testing phase, with the authority planning to roll them out once they are “mature and safe to operate,” RTA rail maintenance director Hassan Al Mutawa said.

#2- Abu Dhabi Police launched a new autonomous patrol vehicle, Wam reports. This vehicle was introduced to improve security coverage, especially in residential and off-road environments through remote operations.

AEROSPACE-

The Dubai Civil Aviation Authority launched phase one of its aerospace platform Dubai Sky Map, it said on X. The map combines DCAA’s aviation-related services in one platform that broadcasts data, including air transport movements and cranes.

AI-

#1- There’s no escaping the bots: e& says it will introduce the UAE’s first “AI-powered human-digital advisors” in customer service roles, according to a press release. The roboadvisors will be designed to be “culturally sensitive,” multilingual, and simulate emotions and gestures as, well, humans do — without needing breaks, pay rises, or the like. Sifting the press release, the bit-based advisors will be “hyper-realistic digital representation of a real human.”

#2- Data analytics firm Presight AI launched an AI startup accelerator targeting companies in MENA, Southeast Asia, and Central Asia, according to an ADX disclosure (pdf). The initiative launched on the sidelines of Expand North Star.

Also from Presight: The company signed an expanded partnership with US-based Intelligent Security Systems (ISS) to integrate its technology into ISS’s portfolio across North and South America, according to a press release (pdf).

#3- Microsoft UAE will help train Dubai government employees in AI technologies, Wam reports. The initiative targets AI administrative staff and AI executives overseeing the development of AI strategies within the Dubai government.

#4- Masdar and AI analytics company Presight will introduce an AI-powered asset management tool for renewable energy projects, according to an ADX disclosure. The project is set to enter its main phase within the next four to six weeks, Presight COO Adel Al Sharji told CNBC Arabia (watch, runtime: 02:22).

DIGITAL ID-

The UAE will introduce “palm IDs” for the first time in the Middle East: The Central Bank of the UAE (CBUAE) and the Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP) partnered to introduce palm ID technology, Khaleej Times reports. Residents will provide palm biometrics at the ICP platform, allowing them to make payments and withdraw cash from ATMs by scanning their hand. Commuters will also be able to use the tech to ride the Metro without a card.

LEGALTECH-

DIFC has launched new digital services. They include wills for digital assets, self-service notarization for English documents, and online mediation services using an AI-based case management system. Tap or click here for the full rundown.

GOVTECH-

The Abu Dhabi government is rolling out AI tools including GovGPT for government employees, a decision-making platform to visualize performance indicators and data analytics, and an AI-powered audio platform for folks with visual impairment.

Mashreq recruits Mo Salah for Visa Cards campaign in the UAE

BANKING-

Mashreq recruits Mo Salah for new campaign: Our friends at Mashreq partnered with Visa to launch a new campaign featuring football icon and Visa’s brand ambassador, Mohamed Salah, for Mashreq Visa Cards in the UAE, according to a statement.

ENERGY-

The UAE welcomed three new clean energy technology companies to its NextGenFDI program, Wam reports. The companies, based in the US and China, specialize in advanced energy storage and generation solutions. They include:

Enerflow, an expert in vanadium flow battery technology, extending battery life for clean-energy storage;
HyGreen Energy, a developer of water electrolysis hydrogen equipment for industries such as steel and petrochemicals;
Enpower Greentech, a producer of solid-state batteries, created in collaboration with automotive and eVTOL companies.

About NextGenFDI: Launched in 2022, the initiative aims to attract global high-tech firms in ICT, healthcare, and advanced manufacturing sectors to the UAE. The program offers fast-track setup and licensing, visa issuance, and access to financial services.

INVESTMENT-

Dubai-based investment platform Stryde launched as the first regulated private-market investment service in the Mena region, according to a press release. It aims to increase access to private equity and venture capital investments for both retail and institutional investors, with a minimum investment requirement of USD 1k.

TRANSPORT-

#1- DFM-listed Dubai Taxi Company partnered with Bolt to introduce an e-hailing platform in Dubai, marking Bolt’s entry into the UAE market, according to a press release (pdf). That will give Bolt access to the AED 6 bn taxi and ride-hailing market in Dubai. Bolt has also expanded to Saudi Arabia and Egypt.

#2- Dubai’s Roads and Transport Authority is expanding its fleet with 76 new Volvo double-decker buses in an agreement with Malaysian manufacturer Gemilang Coachwork (GML) and UAE distributor Al-Futtaim Auto & Machinery Company, according to a GML statement. The delivery contract was signed earlier this month and includes Volvo BZL electric buses.

INFRASTRUCTURE-

Etihad Water and Electricity (EtihadWE) has completed the installation of smart meters for all its customers, with 40% currently integrated into the company’s smart systems, Wam reports. EtihadWE plans to achieve full integration by the end of next year, ahead of its original target set for 2026.

IMF paints “worse than expected” picture of global debt outlook, passing USD 100 tn mark in 2024

Crossing the USD 100 tn mark: Global public debt is on track to surpass USD 100 tn by year’s end, representing 93% of global GDP, the IMF said in a blog ahead of the full release of its October 2024 Fiscal Monitor report, which is due to be published in full next week. Public debt is also set to exceed 100% by 2030, 10 percentage points above 2019 levels before the pandemic ushered in higher fiscal spending.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Worst-case scenario: Slower economic growth, tighter borrowing conditions, fiscal “slippages,” and economic and political uncertainty could see global debt soaring to 115% of global GDP within three years, the IMF says. Higher uncertainty in major economies such as the US could also create ripple effects increasing borrowing costs for more vulnerable countries.

Driving the rise in fiscal debt: The IMF warns that, although two-thirds of countries are expected to see their public debt levels “stabilize or decline,” the debt outlook for many others may be “worse than expected.” Budget demands due to aging populations and healthcare needs, the green transition, and geopolitical uncertainty have “tilted” the political discourse towards greater fiscal spending, placing added pressures on state coffers. Countries also tend to be overly optimistic with regards to their debt forecasts and consistently underestimate future debt burdens.

Also a culprit? Unidentified debt: Countries are also facing a pileup of what the IMF calls “unidentified debt,” which the multilateral lender says has historically stood at 1-1.5% of GDP on average. That rate “increases sharply during periods of financial stress,” the IMF notes. Unidentified debt “stems from contingent liabilities and fiscal risks government face, of which most are related to losses in state-owned enterprises.”

REMEMBER- Emerging markets are also facing a wall of debt that many could struggle to repay, with a handful of countries at risk of defaulting over the next decade, S&P Global has said.

As inflation and interest rates come down, it’s time to get moving on fiscal improvements: Cooling inflation and the start of the global monetary easing cycle mean that economies are in a better position today to absorb adverse effects from budget cuts, the IMF says. Economies should make use of this window to roll out budget cuts while seeking a “judicious mix of people- and growth-focused fiscal measures” that balance the needs of low income individuals and economic output and growth, the multilateral lender said. Most economies will have to cut their budgets by about 3.8% of GDP over the next six years to see improvement, with China and the US requiring stronger measures to stabilize public debt.

MARKETS THIS MORNING-

Asian markets are down in early trading this morning, mirroring declines yesterday on Wall Street. The Nikkei is down the most (-2.0%), but the Hang Seng, Shanghai Composite, and ASX are all in the red.

Dow, S&P, and Nasdaq futures are little changed in overnight trading, while the FTSE 100, Euro Stoxx 50, DAX, and CAC 40 all look set to open in the red later this morning.

ADX	9,283	-0.2% (YTD: -3.1%)
DFM	4,470	+0.3% (YTD: +10.1%)
Nasdaq Dubai UAE20	3,791	+0.4% (YTD: -1.3%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.7% o/n	4.2% 1 yr
TASI	12,002	+0.4% (YTD: +0.3%)
EGX30	30,584	+1.0% (YTD: +22.9%)
S&P 500	5,825	-0.6% (YTD: +22.4%)
FTSE 100	8,249	-0.5% (YTD: +6.7%)
Euro Stoxx 50	4,947	-1.9% (YTD: +9.4%)
Brent crude	USD 74.69	-3.6%
Natural gas (Nymex)	USD 2.50	+0.2%
Gold	USD 2,679	+0.5%
BTC	USD 66,580	+0.9% (YTD: +57.6%)

THE CLOSING BELL-

The DFM rose 0.3% yesterday on turnover of AED 360.9 mn. The index is up 10.1% YTD.

In the green: Agility The Public Warehousing Company (+4.3%), Chimera S&P UAE Shariah ETF (+3.1%) and Al Salam Sudan (+2.8%).

In the red: Emirates Reem Investments Company (-9.9%), Emirates Investment Bank (-7.4%) and Takaful Emarat (-6.7%).

Over on the ADX, the index fell 0.2% on turnover of AED 1.07 bn. Meanwhile Nasdaq Dubai closed up 0.4%.

CORPORATE ACTIONS-

Sharjah Islamic Bank amends shareholder policy: Sharjah Islamic Bank updated its shareholder policy, broadening an exemption that once applied solely to the Sharjah government, according to an ADX disclosure (pdf). The change now permits entities affiliated with the Sharjah government and the Sheikh Sultan bin Muhammed bin Saqr Al Qasimi Endowment to hold more than 3% of the bank’s capital.

CALENDAR

OCTOBER

13-16 October (Sunday-Wednesday): DMCCxAGCC: Global AI Challenge *Sustainability Edition, Dubai.

13-16 October (Sunday-Wednesday): Expand North Star, Dubai Harbour.

13-16 October (Sunday-Wednesday): Fintech Surge, Dubai Harbour.

13-16 October (Sunday-Wednesday): Future Blockchain Summit, Dubai Harbour.

14-18 October (Monday-Friday): IEEE/RSJ International Conference on Intelligent Robots and Systems, Adnec Centre, Abu Dhabi.

14-18 October (Monday-Friday): Gitex Global, Dubai World Trade Centre and Dubai Harbour.

15-16 October (Tuesday-Wednesday): SuperBridge Summit 2024, Dubai World Trade Centre, Dubai.

16 October (Wednesday): ADNH Catering’s final share price to be announced.

18-19 October (Friday-Saturday): World Biohack Summit 2024, JW Marriott, Dubai Marina.

20-23 October (Sunday-Wednesday): The International Congress and Convention Association (ICCA) Congress, Abu Dhabi National Exhibition Centre, Abu Dhabi.

20-24 October (Sunday-Thursday): The NBE Egyptian Super Cup, Mohammed bin Zayed Stadium and Al Nahyan Stadium, Abu Dhabi.

21-22 October (Monday-Tuesday): Port Development MEA Forum, Dubai.

21-22 October (Monday-Tuesday): Roads, Bridges, Tunnels MENA Conference, Dubai.

21-22 October (Monday-Tuesday): The Alternative Investment Summit, Dubai.

23 October (Tuesday): ADNH Catering’s shares begin trading on ADX.

24 October (Thursday): Game Changers – Dubai Real Estate Summit, Coca-Cola Arena, Dubai.

24-27 October (Thursday-Sunday): International Sports Medicine Conference, Dubai.

26 October (Saturday): UFC 308: TOPURIA vs HOLLOWAY, Etihad Arena, Abu Dhabi.

26-27 October (Saturday-Sunday): International Conference on Tourism, Transport, and Logistics, Dubai.

27-30 October (Sunday-Wednesday): IEEE – International Conference on Image Processing, Adnec Centre, Abu Dhabi.

28-29 October (Monday-Tuesday): MENA Climate Proof Forum, Dubai.

29-31 October (Tuesday-Thursday): Sharjah International Conference in Biotechnology (SICBiotech), University of Sharjah.

29 October-2 November (Tuesday-Saturday): Abu Dhabi Early Childhood Week, Abu Dhabi.

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

30 October (Wednesday): Connected Construction Conference, Museum of the Future, Dubai.

30-31 October: Sixth edition of Binance Blockchain Week, Coca-Cola Arena, Dubai.

NOVEMBER

3-10 November (Sunday-Sunday): Dubai Premier Padel P1, Dubai Dutyfree Tennis Stadium, Dubai.

4-7 November (Monday-Thursday): Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC), Abu Dhabi.

4-7 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi.

4-7 November (Monday-Thursday): ADIPEC Decarbonisation Accelerator, Abu Dhabi.

5-7 November (Tuesday-Thursday): 2024 EMEA Stakeholder Conference, Dubai.

6 November (Friday): World Finance Forum, Dubai.

6-8 November (Friday-Sunday): UAE BioTech Symposium, Masdar City, Abu Dhabi.

6-17 November (Friday- Sunday) Sharjah International Book Fair, Expo Center Sharjah, Sharjah.

10 November (Sunday): American Boarding School Fair 2024, Grosvenor Hotel, Dubai Marina, Dubai.

11 November (Monday): Dubai Diamond Conference, Jafza One Convention Centre, Dubai.

11-12 November (Monday-Tuesday): META Cinema Forum, Dubai.

13 November (Wednesday): Registration deadline for Dubai Chamber of Digital Economy’s App Olympics.

13-14 November (Wednesday-Thursday): Lease Conference Dubai 2024, Jumeirah Creekside Hotel, Dubai.

15 November (Friday): Tax amendments that exempt crypto and investments through fund managers from VAT to take effect.

18-20 November (Monday-Wednesday): Fastmarkets Middle East Iron & Steel 2024, Dubai.

19-20 November (Tuesday-Wednesday): Dubai Future Forum.

20-22 November (Wednesday-Friday): Xpanse Abu Dhabi, Adnec Centre, Abu Dhabi

22-23 November (Friday-Saturday): Global Meet on Electronics & Electrical Engineering (GMEEE), Dubai.

22-24 November (Friday-Sunday): Michelin Guide Food Festival, Emirates Palace Mandarin Oriental, Abu Dhabi.

23 November (Saturday): Wireless Festival Middle East, Etihad Park, Abu Dhabi.

23-24 November (Saturday-Sunday): Emirates Dubai Sail Grand Prix, SailGP Race Stadium.

26-27 November (Tuesday-Wednesday) Global Food Security Summit, Adnec Centre Abu Dhabi.

26-28 November (Tuesday-Thursday) Global Media Congress 2024, Abu Dhabi National Exhibition Centre (ADNEC).

26-29 November (Tuesday-Friday): Big 5 Global, Dubai World Trade Centre.

26-27 November (Tuesday-Wednesday): Global Women’s Forum Dubai, Madinat Jumeirah, Dubai

27-28 November (Wednesday-Thursday): RAK Energy Summit, Al Hamra International Exhibition and Conference Centre, Ras Al Khaimah.

28 November-1 December (Thursday-Sunday): Spartan World Championship, Al Wathba Desert, Abu Dhabi.

30 November (Saturday): Football Legends Cup, Al Maktoum Stadium Al Nasr Sports Club, Dubai.

Signposted to happen ahead of ADIPEC:

Changemakers Majlis, Abu Dhabi.

DECEMBER

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

4-5 December (Wednesday-Thursday): Sport Impact Summit, The Palm, Dubai.

5-8 December (Thursday-Sunday): Formula 1 Etihad Airways Abu Dhabi Grand Prix, Yas Marina Circuit.

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

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

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

9-12 December (Monday-Thursday): World Conference on Desalination and Water Re-use 2024, Adnec Centre, Abu Dhabi.

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

10-12 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.

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.

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.

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.

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

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

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

FEBRUARY 2025

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

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

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

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.

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

OCTOBER 2025

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

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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