ADNOC is acquiring another 50% of Fertiglobe

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WHAT WE’RE TRACKING TODAY

THIS MORNING: ADNOC is taking over OCI’s stake in Fertiglobe + ADQ has its eyes on DB Schenker

Good morning, wonderful people, and welcome to a fresh week. We have a relatively busy issue with which to start this Monday morning, with plenty of business and capital markets news.

THE BIG STORY AT HOME is the Abu Dhabi National Oil Company (Adnoc) snapping up an additional 50% stake in its JV with OCI, Fertiglobe. The two companies established Fertiglobe back in 2019 and it has since become the largest fertilizer producer in the MENA region.

WATCH THIS SPACE- Abu Dhabi sovereign wealth fund ADQ has reportedly expressed interest in acquiringglobal supply chain and logistics solutions provider DB Schenker, RailFreight reports, citing German media. The logistics company is said to be selling 100% of its shares, with the official bidding process still pending. Potential buyers include the Danish transport and logistics company DSV, Germany’s DHL Group, shipping companies Maersk and MSC, and Dubai’s DP World. Analysts estimate the value of Schenker to be between EUR 10-20 bn.

** You’re reading Zero Issue #15 of EnterpriseAM UAE.

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PSA #1- Complimentary Wi-Fi for Abu Dhabi residents: Abu Dhabi’sDepartment of Municipalities and Transport (DMT) launched public Wi-Fi coverage without charge across the emirate. Internet service provider Hala will provide Wi-Fi for a string of locations, including public buses, beaches, and 19 public parks, according to a media release. The move is designed to boost the “smart city development” of Abu Dhabi, which currently ranks 13 out of 141 cities in the 2023 IMD Smart City Index report.

PSA #2- If you toil in Microsoft Teams, your files app is about to become a whole lot more useful. The Redmond-based tech giant is rolling out a new OneDrive integration for Teams that will take away the useless Files tab in your chat and replace it with the baked-in OneDrive app. The updated experience — familiar to anybody who has used OneDrive on the web — is rolling out this month to users of “new” Teams. “Old” Teams users will get it sometime in January; Microsoft has no plans right now to roll it out to its mobile app.

You can get an early peek hereif it hasn’t rolled out to your app yet.

Two people suffered minor injuries after a section of Al Mulla Plaza in Dubai collapsed on Saturday night. The incident was caused by improper storage of heavy material. Dubai police said on Sunday that the relevant authorities took quick action, with various departments ensuring the safety of everyone involved, Gulf News reports.

CONDOLENCES- It’s the third and final day of mourning across the country after President Mohamed bin Zayed Al Nahyan declared a mourning period for Kuwait’s ruling Emir, Sheikh Nawaf Al Ahmad Al Sabah, who died on Saturday aged 86, Khaleej Times reports. Fujairah Ruler Hamad bin Mohammed Al Sharqi was in Kuwait yesterday to pay his respects and offer condolences on bin Zayed’s behalf. The emir had been admitted to hospital for an emergency health problem at the end of November.

Al Sabah’s half-brother, Crown Prince Sheikh Mishal Al Ahmad Al Sabah, has been announced as the new emir, according to a Kuwaiti cabinet statement. President Sheikh Mohamed bin Zayed Al Nahyan has declared a three-day mourning period, according to a presidential court statement. (New York Times | Financial Times | France24 | CNN | AP | Reuters)

MORNING MUST-READ- Remember the meltdown of Germany’s wirecard back in 2020? The missing USD 2 bn? Turns out its COO was a Russian agent — and that he was using Wirecard to channel money to espionage operations around the world. Go read He’s wanted for wirecard’s missing USD bn. He’s now suspected of being a Russian spy in the Wall Street Journal.

Runner up: Wherein the New York Times (once more) indulges its inner Orientalist and introduces its readers to the mysterious concept know as “the majlis.” The gray lady, which the WSJ reports is dealing with something of a newsroom rebellion by the non-woke this morning, credits a “change-makers majlis” for breaking the deadlock at COP28 in Dubai. (Was that just last week?)

CIRCLE YOUR CALENDAR-

This week: Legendary Iranian songster Ebi is playing at the Dubai Opera tomorrow.

This weekend: There’s a star-studded line-up at the World Tennis league, which hits Abu Dhabi’s Etihad Arena from 21-24 December (Thursday-Sunday). Women’s World No 1 Iga Swiatek and Men’s World No 3 Daniil Medvedev are among those lacing up.

If tennis isn’t your thing, the event will also be jam-packed with shows from high-profile music stars, including Neo, Akon and 50 Cent.

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

ADNOC to acquire 50% stake in Fertiglobe from OCI for USD 3.62 bn

ADNOC is acquiring OCI’s share in Fertiglobe:Abu Dhabi National Oil Company (ADNOC) has inked a binding agreement with Netherlands-based chemical producer OCI to acquire OCI’s entire 50% stake in ammonia and urea producer Fertiglobe for USD 3.62 bn, according to statements by the three companies (here, here, and here, pdf). The transaction prices Fetiglobe shares at an 8% premium at AED 3.20 per share and is expected to close in 2024, according to the statements.

Remember: Fertiglobe is a joint venture between ADNOC and OCI, which is owned by Egyptian b’naire Nassef Sawiris. The two companies set up the JV back in 2019. Fertiglobe is currently developing ADNOC’s Ta’ziz project, the first low-carbon ammonia project in the UAE and the MENA region. The plant is expected to operate with the capacity of about 1 mn tons annually.

Who will own what? The transaction will see ADNOC up its stake in Fertiglobe to 86.2%. The remaining 13.8% of shares will continue to be traded in freefloat on the Abu Dhabi Securities Exchange (ADX).

Market reax: Following news of the agreement being made official, Fertiglobe’s shares inched up 0.3% during trading on Friday to AED 3.01 a share — 6.1% below the premium penciled into the agreement. Euronext-listed OCI’s shares dropped 13.7% to EUR 20.12 a share by the end of trading Friday.

With this acquisition, ADNOC is growing its presence in Egypt through Fertiglobe: Fertiglobe is currently working with the Sovereign Fund of Egypt and Norwegian renewables developer Scatec on a 50-100 MW green hydrogen plant in Ain Sokhna. The largest fertilizer producer in the MENA region also recently shipped the world’s first ISCC PLUS-certified (International Sustainability and Carbon Certification) green ammonia from the company’s pilot green hydrogen electrolyzer in Egypt.

This isn’t the end of the road for Sawiris and ADNOC: OCI and ADNOC have agreed to explore joint investments in decarbonization and product distribution projects in North America and Europe, OCI said. Sawiris’ private investment office NNS — which recently moved its headquarters to Abu Dhabi, as we noted last week — will also be investing in Fertiglobe, “demonstrating NNS’s deep conviction … in the material value creation that lies ahead for Fertiglobe under ADNOC’s stewardship,” Sawiris said.

The CBUAE maintains interest rates in line with the US Federal Reserve

UAE holds interest rates steady following US Fed announcement: The Central Bank of the UAE (CBUAE) maintained the base rate for the overnight deposit facility (ODF) unchanged at 5.4% at its meeting last week, WAM reports. The CBUAE also kept interest rates at 50 basis points above the Base Rate. The move follows the US Federal Reserve’s decision on 13 December to maintain the Interest on Reserve Balances (IORB), leaving its key overnight policy rate unchanged at 5.25-5.5%.

Across the pond: US Federal Reserve Chair Jerome Powell said on Wednesday that the US’ tightening cycle is “likely at or near its peak” and that officials are now discussing a reduction in interest rates from their current 22-year high, according to The Financial Times.

Looking forward: The Fed’s announcement to maintain rates was accompanied by its new forecasts, which reveal that a majority of officials expect rates to end 2024 between 4.5%-4.75%. Projections suggest rates will decrease further in 2025, with a majority of officials forecasting they would finish up between 3.5-3.75%.

SOUND SMART- The Base Rate, anchored to the US Fed’s IORB, indicates the overall direction of monetary policy and sets a minimum level for overnight money market interest rates in the UAE.

Non-oil sector, IPO momentum to propel UAE’s economy next year

What’s going to be driving UAE growth next year: The UAE’s GDP growth is projected to double to 4.8% y-o-y in 2024, up from the 2023 forecast of 2.4% y-o-y, according to the latest Economic Insights report from advisory firm Oxford Economics, commissioned by ICAEW. The growth is projected to be mainly driven by the expansion of the non-oil sector, increasing IPO activity, and the various government economic and development initiatives, such as We the UAE 2031.

This is an upgraded forecast from the 4.4% y-o-y GDP growth in 2024 that Oxford Economics projected for the UAE in October.

Non-oil sector expansion to drive growth: While Oxford Economics now expects the non-energy sector’s GDP growth to slow down to 3.8% y-o-y from this year’s recorded 5.9% y-o-y, the modest fall is still expected to lead the economy’s overall growth. Despite the report’s projection being lower, the IMF also expects a positive performance from the UAE’s non-oil sector, anticipating that the non-oil GDP will grow to 4% for the rest of 2023 and to maintain that growth into 2024.

ICYMI: The UAE’s non-oil private sector jumped to a four-year high of 57.7 in October, according to S&P Global’s October purchasing managers’ index (pdf), attesting to the projected upward economic trend. The strong performance was driven by strong demand and a surge in new orders and purchasing activity.

UAE bourses to gain even more traction: IPO activity in the UAE’s stock markets is expected to keep up its momentum on the back of the “diversification efforts coupled with regulatory reforms and technological upgrades” that are set to attract investors to the regional bourses, which in turn will encourage further IPO activity, Oxford Economics said.

The UAE’s stock markets have had a great year: The UAE is going through a privatization drive with seven companies listing their shares on the UAE’s stock markets so far this year, with more set to debut in 2024. Between January and September, the ADX saw an influx of state-owned and private companies listing their shares, with proceeds amounting to USD 3.7 bn, ranking the Abu Dhabi bourse sixth globally in terms of IPO proceeds, according to a report by EY. The UAE generated over 91% of total GCC IPO proceeds in 1Q 2023, according to a report from Kuwait Financial Centre (Markaz).

In war, no economic outlook is certain for the region: In the scenario where the ongoing Israel-Hamas war escalates, the likelihood of which Oxford Economics puts at 10%, the advisory firm sees the GCC growth rate dropping by 1.8%. In that scenario, the war’s disruption of regional and global oil supplies would likely have an adverse impact on inward investment flows and tourism, as well as causing a global economic slowdown.

ADQ, Azerbaijan Investment Holding set up USD 1 bn investment platform

ADQ and Azerbaijan Investment Holding (AIH) established a USD 1 bn joint investment fund,aiming to generate sustainable returns in sectors of mutual priority, according to a press release. The entities share a 50-50 interest in the JV, each padding the platform with USD 500 mn.

Investment targets include agriculture, technology, pharma, and energy infrastructure. The JV aims to tap other investment markets in the near future, according to the press release. “The new fund will serve as an instrument of implementation of joint projects aimed at long-term development of both respective countries and the wider region,” said Azerbaijan Economy Minister Mikayil Jabbarov.

About ADQ: ADQ is one of the region’s largest holdings and encompasses over 25 Emirati sectors. The Abu Dhabi investment vehicle drove 22% of the Emirate’s non-oil growth in 2022.

About AIH: AIH is a sovereign wealth fund in Baku that is actively financing long-term development in Azerbaijan. The fund holds USD 22 tn in assets, according to SWFI Institute data.

Aqua Bridge to IPO on Dubai Nasdaq next year

Aqua Bridge to list on Dubai Nasdaq: Dubai-based Aqua Bridge is “actively considering” listing its shares on Nasdaq Dubai, the aquaculture company said in a press release. The company’s plans come as it recorded strong revenue growth over the past year and is expected to see revenues rising 425% during the current fiscal year. The decision “is poised to infuse the company with the capital required to catalyze its growth and solidify its position as an industry leader,” Aqua Bridge CEO Mohammad Tabish said.

Aqua Bridge is expanding: Established in 2017, the company is the UAE’s only aquaculture service provider. This year, the company moved to establish a subsidiary in Kuwait in partnership with Kuwaiti sovereign-investment firm EnerTech Holding Company. Aqua Bridge was awarded a contract to develop a major multi-species hatchery in the Maldives last year. Also in 2022, the company inked an agreement to set up a joint venture with Israel-based water filtration firm Aqua Green.

The UAE’s markets have seen an influx of IPO activity: Over the past year, the UAE’s stock markets saw seven companies list their shares. The UAE had its biggest IPO to date, with Adnoc Gas’ IPO raising AED 9.1 bn (USD 2.5 bn) when it debuted in March. This month, healthcare firm PureHealth came in second place, with the company set to raise AED 3.62 bn (USD 986 mn) from its IPO on the ADX. Earlier this month, the Dubai Financial Market (DFM) saw state-owned Dubai Taxi debut its shares, selling 25% of the company for USD 315 mn.

Tabreed closes USD 163 mn green credit facility

DFM-listed Tabreed inked an USD 163 (AED 600 mn) green revolving credit facility with Abu Dhabi Commercial Bank (ADCB) and Emirates NBD, according to a DFM disclosure (pdf) by the company. First Abu Dhabi Bank (FAB) acted as the green coordinator.

Where the money’s going: The cooling solution company will use the funds from the five-year credit facility to finance its GCC green expansion plans, the company said. The proceeds will also go towards supporting the company’s energy, water efficiency, and wastewater management projects.

Tabreed’s Green Finance Framework: The company launched its Green Finance Framework (pdf) in 2022 to attract green equity investors to invest in green projects. Under the framework, Tabreed issues “green bonds and loans, with the resulting net proceeds to be used for financing eligible green projects, which include its core business of constructing, acquiring and operating district cooling schemes,” the company says.

UAE caps its return from Alterra to attract more investors

UAE caps its returns from Alterra: The UAE has struck an agreement with BlackRock and alternative asset firm TPG to retain a lower percentage of the proceeds from the USD 30 bn climate fund Alterra with the aim of drawing in more investors to the ESG investment vehicle, Bloomberg reported, citing a person familiar with the terms of the agreement. With the UAE capping its own returns from the fund, other investors will receive about 5% of additional returns, raising their overall return rate from the fund.

What’s going to be affected? While this arrangement will reportedly only apply to the USD 5 bn catalytic investment fund Alterra Transformation, the UAE’s cap on its own returns will also apply to some funds under Alterra and will see the UAE receive returns that make up about 5% of each fund’s total capital. Moreover, the USD 25 bn fund earmarked for “climate investments at scale” — also under Alterra — will not be subject to any cap on the returns.

The arrangement is a “return enhancement” to attract more investor money to climate finance, TPG Chairman Jim Coulter said, describing Alterra’s financing structure as “pretty revolutionary.” However, Coulter did not disclose TPG’s own return percentage from its Alterra funds. The goal of Alterra’s finance and return structure is to “achieve capital mobilization at scale and in a way that is replicable,” the Alterra spokesperson told Bloomberg, explaining that this design requires “private sector market model that targets climate impact as well as positive returns, and can leverage a wide funnel of deployment channels.”

About Alterra: The UAE launched Alterra, a USD 30 bn blended finance vehicle during COP28 to improve access to climate funding for the Global South. The venture — backed by Chimera Investment-backed Lunate Capital — aims to mobilize USD 250 bn in green investments by 2030. Alterra — along with BlackRock, Brookfield, and TPG — have committed USD 6.5 bn to climate-dedicated funds, some of which are earmarked for 6 GW worth of renewables in India, 1.2 GW of which will start operation in 2025.

New pensions law to encourage Emiratisation

More incentives for Emiratisation: The new Pension and Security Law introduces provisions to bridge any gaps in the Emiratisation pension and ins. services and policies, with an eye to improving the pension and social security system and encourage Emirati nationals to join the private sector labor force, Wam reported, citing the General Pension and Social Security Authority (GPSSA).

What does the new law offer?

Increasing employers’ maximum contribution to the pension savings account for Emirati nationals to AED 70k from AED 50k.
Working mothers with five children or more are entitled to request their pensions at a younger age or to subscribe for a shorter period.
Pensions are calculated based on employees’ last six years of work in both the public and private sectors.
Pensioners who have worked in either the public or private sector, whose subscription period has reached 30 years, have the right to merge the pension with a salary from a new job.
The UAE government will support private sector employees who have less than AED 20k in their pension contribution account.

We want more nationals in the private sector: The government aims to increase the number of Emiratis working in the private sector to 6% in 2024, 8% in 2025, and 10% in 2026. To this end, the government launched the Nafis program in 2021 to ensure that 75k highly-trained Emirati professionals fill 10% of the positions in private companies by 2026.

UAE X mourns Kuwait’s ruling emir, Sheikh Nawaf Al Ahmad Al Sabah, and talks sports

This morning on UAE X: The death of Kuwait’s ruling Emir Sheikh Nawaf Al Ahmad Al Sabah, took precedence on Emirati Twitter, with the hashtags #الكويت (Kuwait) and #الشيخ_نواف_الاحمد_الصباح (Sheikh Nawaf Al Ahmad Al Sabah) trending. We also saw #البحرين (Bahrain) and the Emirates spotlighting the country’s three-day grieving period.

Sportingly: Emiratis also discussed Australia and Pakistan’s cricket showdown on Twitter, making the hashtag #AUSvsPAK trend. Other sports talks featured the names of competing football teams, with the hashtags #ميلان (Milan), #فالنسيا (Valencia), and #ليفربول (Liverpool) circulating.

UAE in the News on 18 November 2023

The UK press picked up on Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum’s plans to extend his mansion in the Scottish highlands (Daily Mail), while COP28 continues to make headlines, with publications around the world weighing up the historic call for a global transition away from fossil fuels. (Telegraph India | TRT World)

ADIO + Gridserve developing EV industry + Ras Al Khaimah gets greener bus stops + Wizz Air launches route with Turkistan

TRANSPORT-

ADIO, Gridserve to develop the electric vehicle industry: The Abu Dhabi Investment Office (ADIO) inked a partnership with UK-based EV sustainable energy provider Gridserve to advance the UAE’s electric vehicle and smart mobility industries, ADIO said in a statement. The partnership, announced on the sidelines of COP28, will see Gridserve join Abu Dhabi’s Smart and Autonomous Vehicles Industry (SAVI) cluster to accelerate the emirate’s transition to smart and autonomous EVs.

Green bus stops in Ras Al Khaimah: The Ras Al Khaimah Transport Authority (RAKTA) launched a new generation of public bus stops, powered by renewable solar energy and designed with natural materials extracted from mountains, reports Wam. RAKTA will up the number of upgraded transport shelters across the Emirate as part of its 2023-2030 strategy to enhance mass transport infrastructure and coax residents to ditch their cars.

Dubai toll operatore Salik will be able to deliver its tags to customers directly through Careem Quik, a high-speed grocery service on the Careem app, as part of the expansion of Salik’s partnership with Careem, according to a press release. 300k customers have linked their postpaid and prepaid bills to Careem Pay, enabling them to automate payments for Salik recharges and other expenses. “We hope to help people free up more time in their day by removing the need to drive to other locations to buy a Salik tag,” Mudassir Sheikha, CEO and co-founder of Careem said.

Trucking through alternative roads: Dubai’s RTA, in collaboration with Dubai Police, has implemented a 24/7 truck ban on specific Nad Al Sheba roads following Al-Meydan Street improvements, according to a press release by the RTA on Saturday. The move, effective since December, supports the strategic development plans for the area. Developers and truck drivers are urged to use designated alternative routes, with permits required for restricted roads.

AVIATION-

Budget-friendly airline Wizz Air Abu Dhabi will launch an air route between Turkistan and Abu Dhabi on 16 January 2024, featuring three weekly flights providing flexible travel choices on Tuesdays, Thursdays, and Saturdays. (The Astana Times)

REAL ESTATE-

ADX-listed GFH is launching a new development in Bahrain’s Manama, named Areen, with the backing of Bahraini Prince Abdullah bin Hamad bin Isa Al Khalifa, according to an ADX disclosure. The 2 mn sqm project will accommodate 25k Bahrainis across 16 major clusters of commercial offices, rental units, and facilities for hospitality and entertainment. The blueprints for Areen also include a new Raffles Hotels & Resorts branch spanning 131k sqm. The five-star hotel resort opened last Monday, complete with 78 villas, 120 rooms, and five F&B outlets.

Reportage launches residential project in Abu Dhabi: Abu Dhabi-based real estate developer Reportage has unveiled its new 844-unit residential project, dubbed Royal Park, in Abu Dhabi’s Masdar City, TradeArabia reports. With the launch of the new project, Reportage has expanded its portfolio in Masdar City to six projects, boasting some 2.7k residential units.

CLIMATE-

You can track your carbon footprint: The National Experts Program (NEP)rolled out an application on Wednesday with the Climate Change and Environment Ministry to measure carbon emissions of an individual Emiratis, reports Wam. The new UAE Environmental Identity (UAEEI) app tracks data on consumer choices, with the aim of reducing emissions by 43% by 2030. The project is being funded by sovereign investor company Mubadala and the Abu Dhabi Department of Energy.

REGULATION-

The Central Bank of the UAE (CBUAE) revoked Emirati ins. broker Cogent’s license after failing to comply with regulations, reports Wam. The broker was axed from the CBUAE’s Register on Thursday, with no further information provided. The Central Bank’s move comes one year after it enacted strict guidelines to offset money laundering and terrorism financing in the insurance sector.

Human Resources Ministry clamps down on two domestic recruitment agencies: The Human Resources and Emiratisation Ministry revoked the licenses of the Emirates International Centre for Domestic Workers and Al Shamsi Domestic Workers for violating the domestic workers law, the ministry said in a statement. The agencies will still be legally obligated to settle the status of their workers and pay any imposed penalties until the date of the license revocation.

CAPITAL MARKETS-

The ADX and the Shenzhen Stock Exchange (SZSE) agree to enhance cross-border investment and ETF cooperation, according to an ADX statement. The two exchanges inked an MoU, following similar agreements between the SZSE and Saudi exchanges, and the Shanghai Stock Exchange and the Dubai Financial Market, Reuters reports. This comes amid a surge of collaboration between institutions in nations seeking to reduce dependence on the West.

A shift in international investment flows: There has been increased investment flows between the Middle East and China while some global investors are shifting their focus from China to Southeast Asian nations like Vietnam and Malaysia, Mike Wardle, CEO of London-based think tank Z/Yen Group explained. Hong Kong has been strengthening its bonds with the Middle East, and recently launched the first ETF in the Asia-Pacific region tracking Saudi Arabian equities.

Central Asian Stock Exchange to join ADX’s Tabadul: The Abu Dhabi Securities Exchange (ADX) signed an agreement with Tajikistan’s Central Asian Stock Exchange (CASE) to officially add CASE to ADX’s cross-market trading platform, Tabadul, according to an ADX press release. The partnership, expected to be implemented early 2024, will allow investors to access and directly trade on both bourses through Tabadul. CASE joins current Tabadul members ADX, Bahrain Bourse, Muscat Securities Market, and Astana International Exchange.

INFRASTRUCTURE-

EBS to build two hangars at Abu Dhabi Airport: Steel structure manufacturer Emirates Building Systems (EBS) has been awarded an AED 34 mn contract to build two aircraft hangars at Abu Dhabi Airport, according to a press release. EBS will be responsible for engineering, fabrication, supply, construction, and the application of fire-rated paint, with the fast-tracked project slated for completion in early 2024, the press release says.

ENERGY-

ENEC, China National Nuclear Corporation to partner in global nuclear energy projects: The Emirates Nuclear Energy Corporation (ENEC) inked an MoU on Friday with China National Nuclear Corporation (CNNC) to strategize windows for developing new nuclear energy plants globally, reports Wam. The agreement will see the corporations form a Joint Working Group to guide countries eyeing the nuclear energy sector.

Nuclear solutions for energy scarcity: ENEC and CNNC will also launch High-Temperature Gas-Cooled Reactors (HTGR) for power generation and heat, addressing the need to triple global nuclear energy capacity by 2050 in the transition to clean energy.

Schneider Electric inked an MoU with Masdar City-based technology company Volts to establish a giga-industrial facility in Abu Dhabi to produce Battery Energy Storage Systems (BESS), according to a press release. Both companies are looking into new tech and services to make industrial and home energy storage systems, including battery cells.

WAR WATCH-

More aid from Gallant Knight 3: An aid ship carrying 4,016 tonnes of humanitarian cargo recently arrived at Egypt’s Al Arish City after setting sail from the port of Fujairah in an attempt to alleviate the plight of the Palestinians in Gaza, Wam writes. The ship delivered 3,465 tonnes of food supplies, 420 tonnes of shelter materials, and 131 tonnes of medical aid were granted by the Khalifa bin Zayed Al Nahyan Foundation and the Zayed Bin Sultan Al Nahyan Charitable and Humanitarian Foundation.

Green finance could be in trouble

New capital requirements on Wall Street will rock the green finance boat: Basel 3 Endgame — the final stage of regulations imposed in the US after the 2008 financial crisis — is expected to significantly affect Wall Street’s biggest banks’ ability to finance green projects, Bloomberg wrote. The regulations will increase capital requirements, making it more expensive for banks to provide finance — “fundamentally alter[ing]” their approach to risk and affect their ability to allocate funds to green projects.

The US’ biggest banks aren’t happy: JP Morgan alleges that the new rules would “for sure” affect its green projects financing, while Goldman Sachs CEO David Solomon warned that the new regulations would push the capital requirements for some of its green energy products to “quadruple.” Citigroup Vice Chairman of Banking, Capital Markets and Advisory Jay Collins also chimed in on the topic in an interview cited by Bloomberg, claiming that “as long as there is so much policy noise and regulatory fog, the multifold increase in climate investment won’t happen.”

ADX	9,498	+0.2% (YTD: -7.0%)
DFM	4,001	+0.5% (YTD: +19.9%)
Nasdaq Dubai UAE20	3,770	+0.3% (YTD: – 6.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.0% o/n	+5.5% 1 yr
TASI	11,601	+0.5% (YTD: +10.7%)
EGX30	24,792	+0.3% (YTD: +69.3%)
S&P 500	4,719	0.0% (YTD: +22.9%)
FTSE 100	7,576	-1.0% (YTD: +1.7%)
Euro Stoxx 50	4,549	+0.2% (YTD: +19.9%)
Brent crude	USD 76.92	+0.5%
Natural gas (Nymex)	USD 2.50	+0.3%
Gold	USD 2,036	0.0%
BTC	USD 40,956	-2.7% (YTD: +150.1%)

THE CLOSING BELL-

The ADX rose 0.2% on Fridayon turnover of AED 1.62 bn. The index is down 7.0% YTD.

In the green: Gulf Medical Projects Company (+11.6%), National Bank of Fujairah (+11.1%) and Ooredoo (+8.0%).

In the red: Hayah Ins. (-9.8%), Palm Sports (- 9.1%) and Kiko (-5.9%).

The DFM rose 0.5% on Fridayon turnover of AED 442.66 mn. The index is up 19.9% YTD.

Busy times in the world of diplomacy

UAE + Ireland FinMin talk economic cooperation: Minister of State for Financial Affairs Mohamed Hadi Al Hussaini and Irish Finance Minister Michael McGrath discussed collaborating on economic development and improving the regulatory environment between both, focusing on non-traditional sectors such as AI, fintech, and entrepreneurship, according to a press release.

Al Nahyan + Erdogan dial in: President Mohamed bin Zayed Al Nahyan called Turkish President Recep Tayyip Erdogan to discuss mutual cooperation and the ongoing situation in Gaza, emphasizing a ceasefire and advocating for eventual peace through a two-state solution, a WAM writes.

(UAE + Kazakhstan to bolster their partnership in fighting financial crimes: The Executive Office of Anti-Money Laundering and Counter Terrorism Financing (EO AML/CTF) and the Financial Monitoring Agency of the Republic of Kazakhstan (FMA) inked an MoU, which aims to increase the two countries’ collaboration in combating money laundering, terrorism financing, and proliferation financing, WAM reports. The three-year MoU focuses on “virtual assets, public-private partnership (PPP), education and capacity building, and asset recovery.”

ALSO-

UAE RSVPs to G20 Brazil summit: Finance Minister Maktoum bin Mohammed Al Maktoum will participate in G20’s Finance track on behalf of the UAE, attending a pre-G20 meeting in Brazil’s capital on 14-15 December to discuss bio-economy topics, according to the Ministry of Foreign Affairs (MoFA). The G20 summit is scheduled for 18-19 November in Rio de Janeiro next year. The annual summit pioneers solutions to sustainable development, with its Finance track aimed at reducing global socioeconomic inequalities.

CALENDAR

DECEMBER

8-31 December: Abu Dhabi MOTN Entertainment Festival

8 December-14 January: Dubai Shopping Festival, City wide.

December 21-23: Abu Dhabi World Tennis League

2024

JANUARY

1 January (Monday): New years day, national holiday.

9-11 January (Tuesday-Thursday): Dubai International Pharmaceuticals and Technologies Conference and Exhibition, Dubai World Trade Centre.

9-11 January (Tuesday-Thursday): Gulf Print and Pack, Dubai World Trade Centre.

21-23 January: World of Coffee Dubai, Dubai World Trade Centre.

29 January- 1 February: Arab Health, Dubai World Trade Centre.

FEBRUARY

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

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

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

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.

28-29 February (Wednesday-Thursday): Ras Al Khaimah Investment and Trade Summit, Rak Exhibition Centre.

28 February-1 March (Wednesday-Friday): MENA Transport Congress and Exhibition 2024, Dubai.

Signposted to happen sometime in February:

World Trade Organization Ministerial Conference, Abu Dhabi, UAE.

MARCH

5-6 March (Tuesday-Wednesday): MRO Middle East, Dubai Trade Centre.

5-7 March (Tuesday-Thursday): World Police Summit, Dubai World Trade Centre.

5-8 March (Tuesday-Friday): Forbes’ Third Annual 30/50 Summit In Abu Dhabi During International Women’s Day

12 March (Tuesday): Start of Ramadan, public holiday.

APRIL

11 April (Thursday): End of Ramadan, public holiday.

12 April (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.

23-25 April (Tuesday-Thursday): Connecting Green Hydrogen MENA, Madinat Jumeirah Conference Centre.

MAY

8-9 May (Wednesday-Thursday): Innovative Finance Expo, Jumeirah Emirates Towers.

14-15 May (Tuesday-Wednesday): Seamless Middle East, Dubai World Trade Centre.

JUNE

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.

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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