Good morning, wonderful people. We have a news day that is adequately brisk on this fine Thursday as we near the end of the first work week of the new year.

THE BIG STORY here at home is the International Holding Company setting up a new holding company to house some AED 100 bn in assets, including Chimera Investments, Lunate, and Egypt’s Beltone Financial Holding. We have the full story in this morning’s news well, below.

ALSO- Keep an eye out for the S&P Global Purchasing Managers’ Index, which comes out this morning at 8:15am UAE time. You can check out the release when it’s out here. We’ll have the full rundown in our next issue on Monday.

DATA POINT-

Funding for MENA startups was underwhelming last year: Total MENA startup funding remained flat in 2023, with a less than 1% y-o-y increase to USD 3.98 bn, reports Wamda. Nearly half of that figure was debt funding, which was up 256% y-o-y to USD 1.77 bn, Wamda said.

Homegrown startup Tabby’s debt round accounted for nearly 18% of total funds:December funding was up a hulking 825% y-o-y and 55% m-o-m to USD 1.5 bn, with UAE-founded fintech startup Tabby’s USD 700 mn single debt round accounting for the bulk of funds.

Emirati startups did well in December: Financing activity jumped 22.4% m-o-m in December for MENA startups to 60 transactions, with the UAE seeing a lot of grants and USD 8 mn in investments from VCs — the most in the region after Saudi Arabia and Egypt.

PUBLIC SERVICE ANNOUNCEMENTS-

#1-No more plastic bags in Dubai: Dubai has pulled the brakes on single-use plastic products, with a resolution banning single-use plastic taking effect at the beginning of January, Dubai’s Media Office reports. The plastic bag ban is the first in a phased approach towards banning single-use plastic altogether. Non-plastic single-use products — including non-plastic bags for single use — will be banned starting June of this year, followed by a wider ban covering single-use plastic products like stirrers, table covers, cups, styrofoam containers, straws, and cotton swabs, on 1 January, 2025. More products will join the ban by 2026.

Still using plastic products? That’ll cost you a fine of AED 200. Repeat the offense within a year, and brace yourself for a double penalty, with a cap of AED 2k on repetition fines.

#2- Dubai’s streets are getting brighter: Dubai’s Road and Transport Authority (RTA)allocated AED 278 mn for a street lighting project spanning 40 districts and streets, according to Dubai’s Media Office. The project will cover the installation of energy-efficient LEDs in Mirdif, Al Baraha, Oud Metha, and other areas. Installation is already underway in Al Qusais Industrial Areas 1 to 5, Al Lusaily, and Lahbab 1 and 2.

Next up in 2024: Umm Suqeim areas through one and three, Al Safa 1 and 2, Al Manara, Al Mariyal Reserve Street, and the road to Al Minhad Air Base.

** You’re reading Zero Issue #22 of EnterpriseAM UAE.

** Think of a zero issue as a “beta.” This issue has not been published or distributed to a wide audience.

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** Have a comment, criticism, or story tip? Hit up patrick@enterprisemea.com.

HAPPENING NEXT WEEK-

The Central Bank of the UAE (CBUAE) will auction four m-bills on 10 January worth up to a combined AED 20.5 bn, according to a CBUAE statement (pdf). All four are tap issuances and have tenors ranging from 28 to 308 days.

Decoding central bank speak: M-bills are short-term securities issued in AED by the CBUAE at no interest. The bonds typically have maturity dates of 1-12 months and are not retrievable through any other listing. A tap issuance allows the CBUAE to more finely control money supply by allowing it the flexibility to continue selling bills past the initial auction date.

THE BIG STORIES ABROAD-

Over 100 killed in bomb attack in Iran: Two explosions have killed at least 103 people at a ceremony for the fourth anniversary of Iranian military commander Qasem Soleimani’s assassination by the US. The death toll is still being updated, but already stands as the deadliest attack on the country since the Iranian Revolution of 1979. No group or nation has claimed responsibility for the attack, but Iranian parliamentarians have pointed the finger at Israel and some analysts believe the attack was instead likely perpetrated by an Islamic State-linked group. (Guardian | CNN | Reuters | Bloomberg)

AND- Israeli drone attack in Beirut puts a halt to truce negotiations: Hamas has reportedly withdrawn from negotiations for a humanitarian pause in exchange for the release of Israeli captives after a suspected Israeli drone strike on a southern suburb of Beirut killed the group’s deputy leader Saleh Al Arouri, Ahram Online reported.

MEANWHILE- Harvard president calls it quits: Harvard President Claudine Gay has resigned following allegations of plagiarism and criticisms of an insufficient response to antisemitism on campus, exposing the fractures and culture wars that the university is under mounting pressure to address. (Washington Post | New York Times | Reuters | BBC | Bloomberg)

CIRCLE YOUR CALENDAR-

If you’re in Dubai, you can catch the year’s first meteor shower tonight, with up to 200 Quadrantid meteors expected to fireball across the sky. You can watch it at Dubai Astronomy Group’s stargazing event, which will start at 11pm and run into the early hours of 5 January in Al Qudra Desert.

Heritage-themed cultural event Al Bataeh Festival is happening today in Al Bataeh Public Park from 4pm to 11pm, and includes camel racing, historical workshops, along with family activities.

Madinat Jumeirah’s Festive Market is still on until 7 January, complete with a large Christmas tree, sound and light shows, a gingerbread house, and plenty of shopping, dining, and live entertainment.

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