ADQ signs USD 35 bn agreement to develop Egypt’s Ras El Hekma

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: World Trade Organization ministerial meeting kicks off in Abu Dhabi today

Good morning, ladies and gentlemen, and welcome to a busy start to a new week. It’s a relatively economy-heavy news morning, although there are also a handful of big investment stories to keep an eye on.

THE BIG STORY here at home is sovereign wealth fund ADQ signing a USD 35 bn agreement to develop a large stretch of land in Egypt’s North Coast, marking Egypt’s largest direct investment agreement. The investment gives ADQ development rights in Ras El Hekma, where it will develop a “next-generation city” housing tourism, urban, commercial, and recreational spaces, alongside a freezone and an investment zone.

^^The full story leads this morning’s news well, below.

HAPPENING TODAY-

#1- Abu Dhabi is hosting the World Trade Organization’s Ministerial Conference from today through this Thursday. The meeting takes place against the backdrop of intensifying geopolitical tensions and global disruptions to trade amid Houthi attacks in the Red Sea.

Key on ministers’ agenda: Reviving the WTO’s long-idle dispute system, which has been deadlocked for years due to the US’ blockage of judge appointments; scrapping subsidies that promote unsustainable fishing practices; making a decision on the extension of a moratorium that, if expired, would impose new customs duties on e-commerce transactions; and scrapping domestic agriculture subsidies in developing countries.

Today will see discussions on trade and sustainable development, including industrial policy and inclusion. You can find the full agenda here.

ALSO- The UAE is providing a USD 10 mn grant to support WTO initiatives and fundsslated for launch at the meeting, state news agency Wam reports. The funds include a fisheries funding mechanism, the Enhanced Integrated Framework, and the Women Exporters in the Digital Economy.

MORNING MUST-READ: While we’re on the topic of the ministerial, go read Financial Times columnist Rana Foroohar’s two cents on the meeting, which she expects to fall short of addressing “the core problem” of “unsustainable economics and politics around the world.”

#2- The Dubai Dutyfree Championship continues today with the men’s singles: Pavel Kotov takes on Sebastian Korda at 10am, followed by Andy Murray’s match against Canada’s Denis Shapovalov on the center court at 12pm. Check out the full schedule here.

ICYMI- Italy’s Jasmine Paolini took home the women’s title on Saturday after beating Russia’s Anna Kalinskaya with a final score of 4-6, 7-5, 7-5. Over in the women’s doubles, Storm Hunter and Katerina Siniakova beat Ellen Perez Nicole and Melichar-Martinez, 6-4, 6-2, to claim the doubles title.

Can’t get enough tennis? The World Tennis Association tour’s final is set for Saturday, 2 March. You can buy tickets for both the women’s WTA tournament and the men’s ATP here.

#3- Today is the second and last day of the Sharjah International Summit on Improvementin Education, held at the Sharjah Education Academy under the theme “Pioneering Future Education.” The event brings together 60 speakers from 17 countries, to discuss education technology and the adoption of AI in the education sector.

PUBLIC SERVICE ANNOUNCEMENTS-

#1– Another rainy day ahead: The National Center of Meteorology forecasts some fog for today, with a chance of rain throughout the day, following last night’s light showers.

#2-You can visit Sharjah’s museums without paying for tickets until next Sunday, 3 March, owing to this year’s Sharjah Heritage Days showcase, reports Wam. The Sharjah Museums Authority is also rolling out a mobile bus museum featuring Sharjah Museum collections, which is scheduled to run in Dibba Al Hisn on Wednesday, and the Heart of Sharjah next Friday and Sunday, according to Khaleej Times. Find the full list of museum events here.

#3-Red marks the limit: The Abu Dhabi municipality marked major roads with red signs, marking new speed limits for safety, Gulf News reports.

WATCH THIS SPACE-

#1-Adnoc’s USD 30 bn OMV merger on hold? The Abu Dhabi National Oil Company (Adnoc) and Austria-based integrated oil and gas company OMV have reportedly put their “pencils down,” halting negotiations between the two companies over merging ADX-listed Borouge with Borealis to “navigate a series of disagreements,” the Financial Times reports, citing people familiar with the talks who said that the two companies had been closing in on a final agreement in mid-December.

Spanners in the works: The issues that stalled the talks range from the name of the potential merged entity to “the more serious.” However, an agreement could potentially be reached as the two companies are “in ongoing and open-ended negotiations and cannot comment further,” OMV told the salmon-colored publication.

ICYMI- Adnoc and OMV were set to resume negotiations and finalize the terms of the agreement this week. Both companies were reportedly negotiating over the merged entity’s potential trading venue or headquarters, the need for job assurances in Austria, and the appointment of an Austrian chairman for the new entity.

#2-New AED 700 mn Al Khail road improvement project: Dubai’s Roads and Transport Authority awarded an AED 700 mn contract for a new project to improve the Al Khail road, which aims to reduce travel time by 30% by expanding bridge and intersection capacity, according to a statement. The project also includes improving several spots along Al Khail Road, including Zabeel, Meydan, Al Quoz 1, Ghadeer Al Tair, and Jumeirah Village Circle.

#3-Construction tender prices in the UAE are projected to rise by 2-3% in 2024, primarily on the back of rising costs of key commodities, a robust market, and higher demand from specific projects and contractors, according to a Currie and Brown report. Shipping challenges caused by the ongoing disturbances in the Red Sea present a significant risk to the industry this year, potentially leading to higher costs and longer delivery times. The report adds that supply chain disruptions may lead businesses to explore alternative solutions such as air freight, albeit at a premium. However, logistics solutions, including analytics and real-time tracking, can aid in mitigating the impact of disruptions. There also persists a shortage of skilled labor, exacerbated by the competition for talent between the UAE and Saudi Arabia

#4- The UAE’s floating hospital arrived at Al Arish port in Egypt to provide critical medical aid to Palestinians, Wam reports. The ship will operate with a 100-bed capacity, as well as operating rooms, intensive care and radiology units, a laboratory, and a pharmacy, to provide care as part of the Gallant Knight 3 humanitarian operation.

DATA POINTS-

#1- Dubai expects to welcome over 17 mn tourists this year, Dubai Corporation for Tourism and Commerce Marketing Issam Kazim tells Khaleej Times. Kazim forecasts the emirate will beat its record high of 17.15 mn tourists in 2023 — which surpassed 2022 figures by growing 19.4% y-o-y — owing to green investments to reduce carbon footprints and appeal to eco-conscious travelers. “Attracting new and repeat visitors from across our international markets is key” to pushing growth, Kazim adds.

#2- The number of digital customs transactions through Abu Dhabi’s ports grew 72% y-o-y in 2023, the Abu Dhabi Media Office reported. Proactive and automated transactions increased by 24.3% y-o-y, customs declarations grew 6% y-o-y, and pre-arrival customs clearance transactions grew 20% y-o-y.

#3- DEWA generated 6.2 terawatt-hours of clean energy, up 32.7% y-o-y in 2023, according to Emarat Al Youm. The figure constituted 11% of the total energy output for the year.

MARKET WATCH-

OPEC+ cuts are here to stay — at least through 2Q: OPEC+ is forecast to maintain its 2 mn bpd output trim into the next quarter in an attempt to balance out global oil markets against a backdrop of waning demand and rising US crude supply, according to a Bloomberg survey. Fourteen of the 17 traders and analysts surveyed by the business newswire expect the oil cartel to maintain the cuts, while three see the curbs being eased gradually.

What the pundits are saying: “They’ll have to extend their cuts,” Bob McNally, who leads consulting firm Rapidan Energy Group, told Bloomberg TV. “Supply is exceeding demand, and to keep prices stable, OPEC+ has to keep that oil off the market,” McNally said. “OPEC+ have no choice but to extend the current cuts in order to avoid a meltdown,” said Tamas Varga, an analyst at brokerage PVM Oil Associates.

BIG STORY ABROAD-

It’s a (fairly typical) slow Monday in the global business press. A rebound in (developed market) housing prices leads the front page of the Financial Times, while the Wall Street Journal has split its focus, writing that Donald Trump is “on the brink of securing” the Republican nomination and that Nvidia is on the cusp of entering a new, much larger market — with significantly more competition. Reuters also has Trump on its mind, while Bloomberg can’t really decide what’s news, leading the homepage with a spot report on the price of oil.

For our fellow tech nerds: Lenovo earlier this morning showed off a prototype of a laptop with a see-through screen and a no-key keyboard (ugh), while Apple is said to be preparing for a March event. Look for the tech giant to unveil its first iPad Pro redesign in years, a new iPad Pro keyboard that looks more Mac-like, and MacBook Airs with M3 processors.

CIRCLE YOUR CALENDAR-

The Dubai International Boat Show is set to take place at the Dubai Harbor from this Tuesday, 28 February to next Sunday, 3 March. The event will showcase over 1k brands and over 200 boats from renowned shipyards like Azimut, Sunseeker Gulf, and Gulf Craft, and serves as a crucial sales and networking platform for both local manufacturers and global distributors.

Abu Dhabi’s Department of Culture and Tourism’s Souq Al Wahat will host an African parade on Saturday and Sunday, 2-3 March, reports the Abu Dhabi Media Office. Souq Al Wahat will open its doors again the following weekend (until Sunday, 10 March) with its final weekend dedicated to American culture, hot dogs, and country dancing.

The World Skate Tour will kick off its Middle Eastern leg on Sunday, 3 March, reports the Dubai Media Office. The Middle East’s debut pro skating event will return to Dubai Harbor next week, with over 500 skaters from 65 countries competing in back-to-back rounds until Sunday, 10 March, with finalists qualifying for the Summer Olympic Games. Tickets for the tour’s two-week stop in Dubai can be purchased through Virgin Radio, for more information and the full schedule, check out the Adara website.

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

ADQ to invest USD 35 in Egyptian coastal area development

Sovereign wealth fund ADQ has inked a USD 35 bn agreement to develop Ras El Hekma on Egypt’s North Coast, according to separate statements from the Egyptian cabinet and ADQ (pdf). This marks the “largest direct investment agreement in Egypt,” Egyptian Prime Minister Moustafa Madbouly said.

IN CONTEXT- The funds will help Egypt plug its FX and financing gaps, and set it up for a devaluation of its currency — which is a major prerequisite for the country to secure a financing package from the IMF. The UAE has been among Egypt’s biggest lenders since Russia’s war in Ukraine impacted state coffers in 2022, with ADQ used as the main vehicle to drive foreign direct investments into the country.

THE FINANCES-

ADQ is paying USD 24 bn for the development rights to Ras El Hekma and will convert some USD 11 bn worth of UAE deposits at the Central Bank of Egypt into money that it will “invest … in real estate and other prime projects,” the fund said in its press release.

To put that into perspective: The agreement is worth 3.5x the value of all foreign investment Egypt attracted last year.

ADQ will provide USD 10 bn in fresh capital within a week and another USD 14 bn within two months. It is also converting USD 11 bn worth of deposits at the Central Bank of Egypt that it will use to invest in real estate and other projects.

ADQ thinks Ras El Hekma will attract investment worth c. USD 150 bn as it is built out, and it looks like that could be just in phase one. Egypt’s New Urban Communities Authority Vice Chairman Walid Abbas told talk show host Ahmed Moussa (watch, runtime: 40:34) that investment is likely to top USD 500 bn over 15 years and three phases.

PROJECT DETAILS-

A next-generation city: A 170-mn sqm stretch of prime coastal land will be transformed into a “next-generation city,” housing tourism, urban, commercial, and recreational spaces, alongside a freezone and an investment zone. The area will also feature a marina for yachts and will have an airport nearby.

ADQ “aims to unlock the appeal of Ras El-Hekma as a premium international financial and tourism destination, adopting the latest cutting edge digital and technological smart city solutions,” it said. The city could be a game-changer for Egypt’s North Coast, extending more than 50km along the sea and transforming the area into a year-round residential, tourism, and business hub. The project is expected to attract 8 mn additional tourists into the country every year when it is up and running.

The timeline: ADQ will break ground on the project in early 2025. Phase one will take about five years to complete.

Who will carry out the development? ADQ will set up an Egyptian joint stock company named Ras El Hekma to handle the project’s development. Egypt’s Talaat Moustafa Group (TMG) will also “collaborate” with Abu Dhabi wealth fund ADQ and the Emirati real estate developer Modon Properties on the project, the Egyptian real estate developer said in an EGX disclosure (pdf), without providing any further details.

More developers will join: The project is too big to be carried out by just a single developer, so a group of developers will be contracted to help out with the development, Egypt’s New Urban Communities Authority Vice Chairman Walid Abbas told Al Arabiya (watch, runtime: 6:31).

ICYMI- TMG and ADQ have done business with each other before: TMG sold a 40.5% stake in subsidiary Icon Investments to ADQ and its subsidiary Adnec Group last month reportedly for USD 882.5 mn, helping it secure the remaining funds to up its stake in the government’s Legacy Hospitality — a group of seven historic hotels in Egypt.

ADVISORS- Baker McKenzie provided counsel for the Egyptian government, while Matouk Bassiouny & Hennawy was the advisor to ADQ, according to Al Borsa.

Global watchdog FATF wipes UAE off its gray list

The UAE was officially marked off the Financial Action Task Force (FATF)’s “graylist,” following the FATF plenary in Paris on Friday, according to a statement from the French organization. The removal means less scrutiny and monitoring by the FATF, after the UAE successfully cracked down on anti-money laundering and counter-terrorism financing “deficiencies,” the statement adds.

We had hints this was coming: The FATF’s assessors recently acknowledged significant progress, with several FATF member countries that had initially supported the UAE’s inclusion on the list swinging in favor of its removal, as we noted last week.

The UAE checked off all 15 of the FATF’s recommendations, state news agency Wam cites Director-General of the Executive Office for Anti-Money Laundering and Counter Terrorism Financing (AML / CFT) Hamid Al Zaabi as saying. Last year, the country doubled its financial compliance efforts by updating its anti-money laundering guidelines (pdf) and inaugurating a “sophisticated monitoring and reporting system” involving over 90 national entities. The AML / CTF handed out AED 249 mn in fines in 2023 for breaches of the guidelines.

The UAE has also inked 45 mutual legal assistance treaties (MLATs) to increase financial compliance with other countries, with more expected throughout the year.The UAE also extended some 200 MLAT requests between January and October 2023, Wam adds.

The UAE will work with an FATF regional body to continue to strengthen its anti-money laundering and terrorism financing measures ahead of FATF’s next round of evaluations in 2026, according to the FATF statement.

Watch this space: The UAE will roll out its next AML / CFT national strategy for 2024-2027 in the coming months, Wam added.

WHAT THIS MEANS FOR BUSINESS-

A boon for investment: The removal is expected to have a “positive return on the national economy in the long term,” improving the UAE’s ranking in global competitiveness indicators and facilitating the flow of foreign currencies on the back of reduced bank fees, state news agency Wam cites the Dubai Financial Services Authority as saying. Restored international confidence in the UAE’s financial stability is also expected to boost trade and investment, Wam adds.

Wall street banks in particular will benefit from the move, after dealing with increased compliance costs and having to outsource some functions to other countries like India, Bloomberg reports.

Dubai inflation accelerates in January

Inflation inched up in Dubai in January to its highest level since October 2023, according to figures from the Dubai Statistics Center (pdf). Annual inflation rose to 3.60% y-o-y during the month, up slightly from 3.27% in December.

An increase in food, fuel and housing prices is at the root: Housing, water, electricity, gas, and other fuels — the largest component of the basket of goods and services — increased 6.2% during the month, while food and beverage prices rose 3.69%.

On a monthly basis, Dubai’s inflation slowed to 0.26% in January, down from 0.56% in December, according to the statistics center’s monthly inflation report (pdf).

Looking ahead: On a federal level, the Energy Ministry increased fuel prices by up to 2.1% for the first time in February, while last month’s purchasing managers’ index (PMI) pointed to an increase in material costs and salary adjustments — indicating potential signs of increased inflation down the line.

Mubadala-led consortium to invest USD 133 mn in Indian education finance company Avanse

A Mubadala-led consortium is set to invest USD 133 mn into Indian ed-tech services provider Avanse Financial Services, Asharq Business reports, citing an Economic Times India report. The transaction is expected to value Avanse at INR 80 bn (USD 965 mn), and support the company’s expansion plans. The outlet did not clarify the breakdown of investments among members of the consortium, nor whether the investment involves debt or equity.

Who else is on board: India-based funds Kotak Pre-IPO Fund and Avendus Future Leaders Fund are also participating.

More on Avanse: Established in 2013, Avanse Financial Services provides affordable education financing for Indian students. In 2019, US-based private equity firm Warburg Pincus acquired 80% of Avanse, with the remaining 20% owned by India-based Kedaara Capital and the World Bank’s International Finance Corporation, according to its website.

This is Mubadala’s second investment in India this month: The sovereign wealth fund invested a couple of weeks ago an undisclosed amount in Indian healthcare network Manipal Health Enterprises.

REMEMBER-Mubadala plans to more than double its assets in Asia — including India — to 25% from the 12% currently under the fund’s management, head of Mubadala’s life sciences and healthcare division Camilla Macapili Languille told Bloomberg.

The UAE and India inked an investment pact in Februarywith President Sheikh Mohamed bin Zayed Al Nahyan and Indian Prime Minister Narendra Modi signing several agreements, following news of the government’s plan to invest USD 50 bn in the country.

UAE GDP to grow 4% in 2024 -FAB

First Abu Dhabi Bank (FAB) expects the UAE’s GDP to grow 4%in 2024 on the back of expansion in the non-oil economy, the bank said in its UAE fixed income report (pdf). On the flipside, the oil sector is set to contract as a result of the temporary oil cuts in Saudi Arabia and lower oil prices, the Emirates’ biggest lender said, expecting the UAE’s economy to stay resilient and outperform emerging market economies.”

How FAB’s projection compares to the rest of the class: The World Bank expects to see 3.7% growth in 2024, up from the previous estimate of 3.4% in the June edition of its report, while The Arab Monetary Fund sees the economy growing at a 4.3% clip. On the more bullish side, S&P Global expects the economy to accelerate to more than 5%, while the Central Bank of the UAE expects it to grow 5.7% and the Finance Ministry projects 5.3% growth.

The rationale: The “UAE’s non-oil PMI indicators suggest solid underlying momentum,” FAB writes, citing S&P Global’s purchasing managers’ index (PMI), which has been running above the 50 threshold that separates growth from contraction since 2020. Activity in the UAE’s non-oil private sector expanded again in January, with the index hitting 56.6.

Dubai’s non-oil economy reeled in liquidity for the emirate, helping it deleverage over the past two years, driven by its “strong business momentum particularly in services, retail, tourism, real estate and construction,” the report said. The lender expects the emirate to book a 4.6% fiscal surplus for FY 2023, according to its Investment Outlook 2024 report (pdf).

DEBT MARKET OUTLOOK-

The bank also has a positive credit outlook for the UAE in 2024 on the back of “robust credit fundamentals and a diverse investor base,” it said in its fixed income report. All-in yield values are at a 10-year high, and an anticipated tapering of US treasury yields indicates positive returns for UAE credits, the report added.

The country faces some USD 20 bn in bond maturities, which is another indicator that the bond market will remain liquid and active during the year, the report noted.

THE REGIONAL ANGLE-

The Emirati lender expects the GCC region to experience 3.4% growth in the medium term, “driven by the domestic multi-year investment cycle, particularly in Saudi Arabia, supported by various reforms being implemented in GCC countries,” as well as a string of anticipated IPOs, according to the report. GCC equities are also expected to have a good year despite expected market volatility, as global inflation subsides and the Fed ends its monetary tightening cycle.

Standard Chartered UAE + others report 2023 results

Standard Chartered Bank UAE’s net income before tax rose 26.4% y-o-y to USD 421 mn in 2023, according to its financial statements (pdf). Operating income rose 27.9% y-o-y to USD 794 mn during the year. Total assets the bank manages in the country stood at USD 20.37 bn during the year.

In 4Q: The bank recorded a net income of USD 87 mn in the UAE in 4Q 2023, up 16% y-o-y. Operating income stood at USD 182 mn during the quarter, up 2.8% y-o-y.

OTHER EARNINGS-

Umm Al Qaiwain General Investments’s bottom line fell 45.5% y-o-y to AED 27 mn in 2023,according to the company’s financial results (pdf). The company attributes the decline to an AED 8.5 mn decrease in booked unrealized income last year, in addition to AED 11 mn sold in shares in 2022. The investment firm proposed paying out some AED 21.8 mn in dividends.

bu Dhabi-based investor Sawaeed Holding turned to the black in 2023 with a bottom line of AED 6.4 mn,up from a net loss of AED 15.6 mn in the previous year, according to the company’s preliminary results (pdf). The company’s revenues grew 13.9% y-o-y to reach AED 139.8 mn during the period.

Du appoints new chief ICT officer

Emirati telecoms giant Emirates Integrated Telecommunications, commonly known as du, has tapped Jasim Al Awadhi (LinkedIn) to lead its ICT unit as chief ICT officer, according to a press release. Al Awadhi joined the company in 2007 and has since held several senior roles, including senior VP of service operations and the head of government and key accounts segments.

Emirati companies affected by US trade ban for alleged Russia support

New US trade ban: The Biden administration has banned US shipments to 93 entities from various countries including four from the UAE, and others in China and Turkey, for allegedly supporting Russia’s war on Ukraine. Reuters has the full story.

Tons of property agreements at Ajman’s real estate exhibition + We have the UAE’s first sports scholarship program

REAL ESTATE-

A total of 336 property agreements worth a combined AED 195.8 mn were signed during the Ajman Real Estate Investment Exhibition, with the number of agreements rising 343% y-o-y, according to state news agency Wam. The three-day showcase — organized by Ajman’s Land and Real Estate Regulation department — gathered over 3k visitors to promote investment in real estate projects.

F&B-

Gulfood 2024 saw upwards of USD 12 bn in commercial agreements, Al Bayan reports. The event brought together more than 5,500 exhibitors and over 150k participants from 190 countries.

EDUCATION-

UAE offers inaugural sports scholarships: Abu Dhabi’s Department of Education and Knowledge has launched a sports scholarship program for Emirati students in grades 9-11 (years 10-12) to receive fully-funded university scholarships in sports-related academic fields abroad, according to a press release. The authority sent six student-athletes for training at IMG Academy in Florida as part of the program’s first batch, and plans to monitor participants in the Abu Dhabi Sports Championships to source further talents.

HEALTHCARE-

A national center for epidemic prevention is in the works: The UAE Health Council announced during a recent council meeting plans to establish a center dedicated to the prevention of epidemics, alongside a centralized platform for health professionals to register and obtain licensing services, Gulf News reports. The meeting also discussed the potential establishment of the Emirates Council for Healthcare Facility Accreditation.

CRYPTO-

Dubai-based fintech company DKK Partners secured preliminary approval from Dubai’s Virtual Assets Regulatory Authorityto offer its blockchain technologies to crypto investors, Al Bayan reports.

INFRASTRUCTURE-

Dubai Municipality to rehabilitate Deira side walls of Dubai Creek: Dubai Municipality kicked off an AED 112 mn project to rebuild and upgrade the supporting walls alongside the Deira side of Dubai Creek, the Dubai Media Office reported. The project aims to reduce commercial traffic interruptions by restoring the creek’s walls.

BANKING-

IBM partnered with First Abu Dhabi Bank Misr (FABMISR) to deploy IBM’s cloud park solutions,Arab Finance reports. The collaboration is set to help FABMISR offer improved and more reliable products to their customers.

TELECOMS-

du + Huawei to upscale internet capacity: Telecoms operator du completed with Huawei the first-ever trial of the high-speed 800G bandwidth aimed at “improving customer experience for using high-speed 5G mobile and broadband home services,” according to a press release.

MANUFACTURING-

Kallada Food Industries inaugurated its AED 100 mn food processing factory in Dubai Investment Park 2, spanning 65k sqm, Albayan reports.

Buffett says Berkshire Hathaway has no possible “eye-popping” gains left

Warren Buffett’s USD 900 bn conglomerate now has “no possibility of eye-popping performance” because its colossal size means “there remain only a handful of companies in this country capable of truly moving the needle at Berkshire, and they have been endlessly picked over by us and by others,” Buffett said in his annual letter (pdf) to Berkshire shareholders.

A hard act to follow: Since Buffet took over Berkshire Hathaway in 1965, its price has risen 4.4 mn percent By comparison, the S&P 500 has risen 31k percent during the same period.

Berkshire Hathaway still reported its highest ever earnings in 2023: The company reported earnings of USD 97 bn in 2023, according to Berkshire’s latest earnings release (pdf).

With Buffett now in his twilight years, his latest letter is sparking a look back at a remarkable career. Case in point: I read all 59 of Warren Buffett’s annual letters. These are the best parts, in this morning’s Wall Street Journal.

MEANWHILE- It’s a mixed picture for Asian markets this morning. Shares in China are mixed, with both Shanghai and Hong Kong basically flat, the Kospi in the red, and the Nikkei extending its rally to hit a new high. Futures suggest a soft open for shares in both Europe and North America later today.

ADX	9,279	-0.4% (YTD: -3.1%)
DFM	4,225	-0.1% (YTD: +4.1%)
Nasdaq Dubai UAE20	3,727	-0.6% (YTD: -3.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.1% o/n	5.4% 1 yr
TASI	12,604	-0.2% (YTD: +5.3%)
EGX30	27,840	-5.0% (YTD: +11.8%)
S&P 500	5,089	0.0% (YTD: +6.7%)
FTSE 100	7,706	+0.3% (YTD: -0.4%)
Euro Stoxx 50	4,873	+0.4% (YTD: +7.8%)
Brent crude	USD 81.62	-2.5%
Natural gas (Nymex)	USD 1.60	-7.5%
Gold	USD 2,049.40	+0.9%
BTC	USD 51,760	+0.4% (YTD: +22.4%)

THE CLOSING BELL-

The ADX fell 0.4% yesterday on turnover of AED 998.6 mn. The index is down 3.1% YTD.

In the green: Emirates Stallions Group (+13.1%), E7 Group PJSC Warrants (+9.4%) and Chimera (+2.1%).

In the red: Ras Al Khaima National Ins. (-10.0%), Response Plus Holding (-9.5%) and Sharjah Cement and Industrial Development (-7.7%).

Over on the DFM, the index closed down 0.1% on turnover of AED 289.2 mn. Meanwhile Nasdaq Dubai fell 0.6%.

CORPORATE ACTIONS-

Al Mal Capital REIT will pay AED 12.3 mn in dividends for 2H 2023 in March, bringing the total dividends for 2023 to AED 24.5 mn, it said in an ADX filing (pdf).

UAE, Kenya finalize trade agreement

Foreign Trade Minister Thani Al Zeyoudi finalized a trade and economic agreement with his Kenyan counterpart Rebecca Miano on Friday, he said in an X post. The agreement will support growth in trade and investment flows, as well as cooperation on food production, mining, technology, and logistics, Al Zeyoudi said.

Background: The UAE first entered trade negotiations with Kenya in July 2022, marking its first pursuit of a CEPA with an African nation. Initial talks came on the back of growing relations, with non-oil bilateral trade between the UAE and Kenya climbing 26.4% y-o-y to USD 3.1 bn in 2023, adds Reuters.

UAE ❤️ trade with Africa:Al Zeyoudi inked a similar agreement in January with Congo to streamline trade and customs procedures. The minister also finalized trade talks with Mauritius earlier in December to roll out the UAE’s first trade agreement with an African nation.

OTHER DIPLOMACY NEWS-

UAE at the G20 foreign ministers’ meeting: State Minister Ahmed bin Ali Al Sayegh stressed the Emirates’ support for priorities announced by G20 president Brazil to tackle global challenges like poverty, energy transitions, and global governance at the G20 foreign ministers’ meeting. (Statement)
The UAE and Azerbaijan agreed to boost parliamentary cooperation,afterthe Federal National Council (FNC) inked an MoU with Azerbaijan’s Parliament on Friday. (X post)
A UAE delegation led by National Media Office Chairman Sheikh Abdulla bin Mohammed Al Hamed attended the Islamic Conference of Information Ministers, which addressed hostilities against journalists in Gaza, in Istanbul, and called for more international efforts to alleviate Palestinian suffering. (Wam)
Foreign Affairs Minister Abdullah bin Zayed Al Nahyan met with his Danish counterpart Lars Løkke Rasmussen to discuss boosting relations between the UAE and Denmark. (X post)

CALENDAR

FEBRUARY

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

22-29 February (Thursday-Thursday): UAE Innovates 2024, Dubai.

26-28 February (Monday-Wednesday): RTA Startups Challenge, RTA Research and Innovation Centre for Mobility, Dubai.

26-29 February (Monday-Thursday): World Trade Organization Ministerial Conference, Abu Dhabi, UAE.

26-28 February (Monday-Wednesday): Management and Sustainability of Water Resources, Marriott Hotel Al Jaddaf.

26 February (Monday): Trends Research and Advisory and International Institute for Cultural Diplomacy joint conference, Abu Dhabi.

27 February (Tuesday): TradeTech Forum, Abu Dhabi National Exhibition Center, Abu Dhabi.

27-28 February (Tuesday-Wednesday): Dubai Association Centre Conference, Dubai World Trade Centre.

28 February (Wednesday): UAE-Kazakhstan Business Council meeting, Expo City Dubai.

28 February-3 March (Wednesday-Sunday): Dubai International Boat Show, Dubai Harbor.

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.

28 February-5 March (Wednesday-Tuesday): Xposure International Photography Festival, Expo Centre Sharjah.

29 February-3 March (Thursday-Sunday): Gov Games, Dubai Festival City, Dubai.

MARCH

1 March (Friday): Abu Dhabi Family Office Summit, Saadiyat Rotana.

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.

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

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

7 March (Thursday): Beyond Global Trade, Edition Hotel, Dubai.

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.

23-25 April (Tuesday-Thursday): Argus Fertilizer Asia Conference, Abu Dhabi.

24-26 April (Wednesday-Friday): Global Education & Training Exhibition.

24 April-1 May (Wednesday-Wednesday): Abu Dhabi Mobility Week.

29-30 April (Monday- Tuesday): Dubai World Ins. Congress, Atlantis, The Palm.

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.

14-16 May (Tuesday-Thursday): The Airport Show, Dubai World Trade Centre.

15 May (Wednesday): HFM Summit, DIFC.

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.

Sections

About

Privacy & Support

Get EnterpriseAM daily