CBUAE revises up 2024 growth forecast

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WHAT WE’RE TRACKING TODAY

CBUAE expects higher growth in 2024 + Turkey scraps visa requirements for UAE citizens

Good morning, ladies and gentlemen, and a very Merry Christmas to everyone celebrating today.

The big theme as we kick off a new week: So. Many. Year-end. Reports.

The most important report of the bunch: The CBUAE’s quarterly economic review, in which the central bank has revised upwards its projection for 2024 GDP growth by 1.3 percentage points.

^^ We have the full story in this morning’s news well, below.

We also know it’s the end of the year because it’s bonus season: Dubai government employees are in line for a total of AED 152 mn worth of performance-based bonuses. Eligible employees will receive bonuses in accordance with the criteria established by Dubai Government Human Resources. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the crown prince of Dubai and chairman of the executive council, approved the distribution, Wam reports

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PUBLIC SERVICE ANNOUNCEMENTS-

#1- UAE citizens can now enter Turkey without a visa: Ordinary passport holders from the UAE, Saudi Arabia, the United States, Canada, Bahrain, and Oman will no longer require tourist visas to enter Turkey, Ankara said in its Official Gazette. Visa-free entry is good for stays of up to 90 days in every 180-day period.

#2-Want to get hitched? All you need is your phone in Abu Dhabi: The Abu Dhabi Judicial Department (ADJD) set up a new platform to deliver marriage licenses through text messages and streamline the registration process, Wam reports. The new platform will allow spouses to receive their certificates immediately after the marriage is officially registered. The platform will allow applicants to finalize the process digitally or request a video-call marriage ceremony through its booking system. ADJD has issued some 7k digital marriage certificates since the program started in 2022

#3- Abu Dhabi reins-in worker buses: The Abu Dhabi Police and Integrated Transport Centre banned worker buses holding more than 26 passengers from driving on Sheikh Zayed Bin Sultan Street, reports Wam. The ban applies to both directions from Sheikh Zayed Bridge to the Sheikh Zayed Tunnel (formerly Al Qurm Street).

DATA POINTS-

#1- Dubai real estate market sets a new record: Dubai’s property market recorded AED 39 bn worth of sales in October, beating the previous high of AED 30 bn from November 2022, Khaleej Times reports, citing figures from Avalon Properties. The market has amassed over AED 400 bn in sales YTD, up from AED 265 bn in 2022. Recent sales include the world’s third most expensive penthouse, which closed at AED 500 mn.

ICYMI: S&P Global Ratings forecast developers would sell up to 40k Dubai homes this year, owing to unprecedented demand, Bloomberg reported. Historically, some 15-30k homes in Dubai are sold each year.

#2- Real estate transactions in Sharjah rose 7.3% m-o-m to 4k, Sharjah24 reports, citing the Sharjah Real Estate Registration Department. Sales accounted for 20.2% of all transactions. The remaining 71.8% were classified as “other trading transactions.” Mortgage transactions, totaling 327 and representing 8% of the overall figure, accounted for a value of AED 434.5 mn. The total value of real estate changing hands dropped 28% m-o-m dip to AED 2.6 bn in November, down from AED 3.6 bn in October.

#3- Hamriyah and Deira ports processed nearly 62.5 customs declarations in 9M 2023, worth a combined AED 12.1 bn, with 19 seizures documented, Wam reported.

THE BIG STORY ABROAD

Gaza is back on the global front pages after the latest Israeli attacks in central Gaza left at least 70 dead. (AP | Reuters | Bloomberg | FT | Washington Post)

Israeli Prime Minister Benjamin Netanyahu vowed to “continue to fight” in Gaza despite it “exacting a very heavy cost from [Israel].” Netanyahu’s remarks to his cabinet yesterday came after he lost 10 of his troops in a single day and five the day before, marking the worst two-day losses for the Israeli army since early November, according to Reuters.

Netanyahu’s remarks come two days after the UN Security Council passed a UAE-drafted resolution on Gaza. The draft, although watered down from its original form, called for “urgent and extended humanitarian pauses and corridors throughout the Gaza Strip for a sufficient number of days” and the safe delivery of humanitarian assistance to those in Gaza.

SEPARATELY- Jim Ratcliffe officially owns 25% of Man. United: British b’naire Jim Ratcliffe has acquired a non-controlling 25% stake in Manchester United for around USD 1.3 bn, in a transaction that values the sports club at around USD 6.3 bn. (The Guardian | Reuters | Financial Times | Bloomberg)

CIRCLE YOUR CALENDAR-

[wwtt5] Federal government entities will be closed on New Year’s Day, which will be a government holiday, the Federal Authority for Government Human Resources said last week.

It’s a big end-of-year weekend for pop fans, with Sean Paul and T.I. playing Dubai’s Coca Cola Arena and X Factor India star Jubin Nautiyal performing at the Duty Free Tennis Stadium, both this Saturday, 30 December.

Madinat Jumeirah’s Festive Market is also on throughout the holiday season, with a host of parties across Dubai, Abu Dhabi, and the rest of the country on 31 December.

CBUAE projects 5.7% growth in 2024 for the UAE

Higher growth ahead: The Central Bank of the UAE (CBUAE) revised upwards the country’s 2024 growth forecast to 5.7%, up from its September projection when it penciled in 4.3% growth for next year. The bank sees an expected rise in OPEC oil production boosting growth, according to the CBUAE’s Quarterly Economic Review report. The CBUAE also adjusted its 2023 growth forecast to 3.1%, from 3.3%, citing extended oil production cuts.

The CBUAE’s forecast matches the latest projections from the Arab Monetary Fund, which said in its Arab Economic Outlook (pdf) last month that the UAE is set to post the highest growth rate among GCC countries next year, penciling in 4.3% GDP growth in 2024.

Bouncing back after a slower 2Q: GDP growth slowed in 2Q 2023, coming in at 3.8%, compared to a robust 8% in 2Q 2022. Slowing growth came on the back of slower oil production, with the non-oil sector factoring more in the mix.

The non-oil economy is going strong, but oil production cuts bite: Non-oil GDP grew at a 7.3% clip in 2Q 2023, with the finance, construction, real estate, wholesale, and retail sectors all booming, the report reads. Oil GDP contracted 5.1% y-o-y in 2Q 2023 on the back of OPEC production cuts that saw the country produce just 2.9 mn barrels per day.

The drop in the oil economy shouldn’t last long: Oil GDP should clock in at 8.1% in 2024, with production averaging 3.2 mn barrels per day, the central bank writes.

The government recorded a fiscal surplus of AED 47.4 bn in 1H 2023, equal to 5.2% of GDP, according to the report, but government revenues dipped 19.2% y-o-y to AED 246.9 bn. Total government expenditures for the first half came in at AED 199.5 bn, an 8.3% increase on the same period last year.

The CBUAE sees inflation dipping to 2.4% from 2.8% this year. The adjustment was based on falling food prices and a strong AED, which outweighed a slight uptick in housing prices. It is penciling in inflation at 2.1% in 2024, citing global disinflationary patterns.That’s a bit lower than the AMF, which sees inflation settling at 2.6% next year. The UAE has navigated inflation through interest rate hikes, capitalizing on advantages such as key trade partners’ higher inflation rates, and the strength of the AED against the USD. The AED’s performance makes imports, especially food, less expensive, the report says.

How do our neighbors compare? The 2024 outlook, per the AMF:

Oman: +3.6% (the fastest in the region)
Saudi Arabia: +2.8%
Qatar: +2.8%
Kuwait: 2.5%
Bahrain: -2.9%

UAE consumer spending is on track to grow 5% y-o-y next year, MasterCard says

The UAE will see 5% year-on-year growth in consumer spending in 2024, outpacing Saudi Arabia’s 4.3% and Egypt’s 1.2%, according to the Mastercard Economics Institute (MEI)’s Economic Outlook 2024 report.

MEI predicts a rise in headline GDP growth within the GCC region, with efforts to diversify the economy set to bolster the non-oil sector and boost employment and domestic consumption. With these moves, the UAE can maintain its position as the regional trade and investment hub.

Gulf countries are projected to experience a 22% surge in spending by tourists in 2023 compared to 2019, 26% higher than the global average. The UAE is one of the ten fastest-growing destinations for European tourists, with this trend expected to continue in 2024.

SPEAKING OF TOURISTS- Abu Dhabi is pushing to meet its tourist arrival target before the year is out: Abu Dhabi’s Department of Culture and Tourism (DCT) inked 10 joint marketing campaigns with major travel and tourism companies last week to achieve its target to attract more than 24 mn visitors by the end of 2023, Zawya reports. DCT signed agreements with Kenwood Travel, Trailfinders, Destination2, Voyage Prive and El Corte Ingles, and also extended existing joint agreements with dnata, Expedia, lastminute and Amadeus. Over 10.2 mn passengers have arrived in Abu Dhabi over the first six months of 2023, up from 6.1 mn last year during the same period, according to Zawya.

Emirates Stallions Group snaps up majority stake in labor provider

A subsidiary of ADX-listed Emirates Stallions Group (ESG) has acquired a majority stake in manpower services provider United International Group (UIG), according to a disclosure to the ADX. ESG subsidiary Centuray Human Resources and Logistics will acquire the stake. The disclosure did not disclose the size or value of the stake.

Market reax: ESG’s shares rose 14.9% on the ADX after the news landed, its highest intraday gain since late July.

What’s ESG? Founded in 2008, ESG’s subsidiaries and companies operate in sectors including construction and real estate sectors across MENA, Asia, Europe, and the Americas. IHC owns 85% of the ADX-listed company.

TAQA hits financial close on AED 1.6 bn Shuweihat 4 desalination project in the UAE

The Shuweihat 4 Reverse Osmosis Seawater Desalination Project reached financial close with AED 1.6 bn (USD 444 mn) in funding on Friday, according to a press release. The project is 60-40 owned by Abu Dhabi National Energy Company (TAQA) and GS Inima.

Who’s funding: Some 71% of the funding will come in the form of debt financing from local and international banks, including the Abu Dhabi Islamic Bank, Commercial Bank of Dubai, KfW IPEX-Bank GmbH, and the Export-Import Bank of Korea.

About S4 RO: The project in the Shuweihat Power and Water Complex will supply up to 70 mn imperial gallons of potable water per day and is leased to the Emirates Water and Electricity Company (EWEC) for a 30-year period. Commercial operations are scheduled to begin in 2Q 2026 and will be handled by TAQA and GS Inima.

TAQA ❤️ RO: This is TAQA’s second utility-scale reverse osmosis project to reach financial closure this year, coming in after the Mirfa 2 Reverse Osmosis Desalination Plant (M2 RO), which closed in May in partnership with France’s Engie and EWEC. The ADX-listed international energy and water company plans to up its water generation capacity to 1,250 MIGD by 2030.

So does EWEC: The ADQ-owned Abu Dhabi water supplier has participated in six reverse osmosis projects to date and forecasts that 90% of its water production capacity will stem from RO technology by 2030, aligned with Abu Dhabi’s clean energy targets and national net zero initiatives.

ENTERPRISE EXPLAINS- Reverse osmosis. It’s a process through which saline water is pushed through a semipermeable membrane, filtering out salts and impurities to produce fresh water. It’s energy-intensive, primarily because it requires high pressure to overcome the natural osmotic pressure and force water through the membrane. How much energy you need goes up with the salinity of the water. RO is one of five commercially used desalination techniques.

The UAE’s Islamic finance sector grew 11% in 2022, a new central bank report says

The UAE’s Islamic finance sector grew 11% y-o-y to AED 16.5 tn in 2022, according to the Central Bank of the UAE’s recently-issued Islamic Finance Report 2023 (pdf). Growth was driven by higher demand for both Islamic banking and sukuk, the report says.

Islamic banks are gaining market share — and so are islamic windows at conventional lenders. In terms of value, standalone Islamic banks dominated the market for Islamic finance, as opposed to Islamic windows, which are departments within conventional banks that provide shariah-compliant services.

The breakdown: Islamic banking assets amounted to AED 845 bn during the year, constituting 23% of the banking sector’s total assets. Islamic banks made up nearly 75% of the market, with Islamic windows at conventional banks making up the rest. The number of Islamic windows — which stood at 16 in 2022 — has grown 49% since 2018, while Islamic banks rose 8% to six, according to the report.

The most popular Islamic finance products: Ijara, a lease contract used for fixed assets like homes and equipment, and murabaha, which is a sales-contract-like structure that allows clients to purchase goods at a pre-agreed margin.

Corporates ❤️ Islamic finance: Some 43% of Islamic financing providers’ portfolio is made up of financing to the corporate sector, while 35% went to individuals in 2022, according to the report.

Islamic banking deposits saw their highest growth since 2019, according to the report. Also growing: profitsharing investment accounts such as mudharaba (where a bank and the client agree to share net income for a specific period) and wakala (where the bank is appointed as an agent to carry out investments on the client’s behalf).

Three institutions dominated the AED 127 bn market for sukuk issuances in the past five years: The Government of Sharjah, Dubai Islamic Bank, and Abu Dhabi Islamic Bank. Together, the three accounted for 74% of total sukuk issuances in the past five years.

2023 is looking like a stronger year for sukuk: The Emirati market saw some AED 28.7 bn sukuk issuances (c. USD 7.8 bn) over the first six months of 2023, up from the AED 24.6 bn (c. USD 6.7 bn) posted over the entire year of 2022.

Watch this space: The “introduction of local-currency treasury sukuk by the federal government has the potential to encourage the issuance from other players in the market,” the central bank writes. The AED-denominated treasury sukuk issuance in May was 7.6x oversubscribed.

Background: The government introduced a federal law governing commercial transactions, which came into effect on 2 January 2023. The law is the first in the world to address the technological and industrial developments that have affected commercial transactions, including the growing Islamic finance industry. The law sets a governing framework for Islamic finance transactions and sukuk structures such as murabaha, istisna, ijarah, and salam.

The sector is poised to grow to USD 6.7 tn: Having expanded by 163% over the past decade, the industry is expected to maintain its momentum and reach USD 6.7 tn in assets by 2027, according to the Islamic Finance Development Indicator (pdf) report. The Islamic finance industry is also expected to turn over USD 3 tn between 2023-2024, growing at a rate of 10%, according to S&P Global. The industry’s growth in the UAE is expected to be boosted by high oil prices and solid economic conditions, ratings agency Fitch said in May.

Zeroe obtains USD 2.2 mn in seed funding round led by Indonesian investor Owen Rahadiyan

UAE-based cleantech startup Zeroe secured USD 2.2 mn in a seed round to expand its growth in the decarbonization industry, according to a statement. The round was led by Indonesian investor Owen Rahadiyan, who is offering access to significant Southeast Asian growth markets.

About Zeroe: The company, which was founded earlier this year by Farouk Jivani and Ali Najafian, specializes in a software platform that enables businesses to monitor and report their carbon emissions through an AI-powered carbon management platform.

What they said: “This investment is a testament to our commitment to driving tangible change. We’re here to accelerate the enterprise decarbonization journey and unlock climate finance to fund the transition,” Farouk Jivani, founder and CEO of Zeroe said.

UAE Twitter is feeling the Christmas spirit

UAE Twitter X is feeling festive: X users in the UAE are feeling the # Christmas spirit, with hashtag #خالد عيسى trending. The Al Ain FC goalkeeper, Khalid Eissa, also got a lot of attention for the second consecutive week after another impressive performance.

Sterling did not live up to his namesake: Chelsea fans in the UAE were angry after Raheem # Sterling missed a chance. Some fans turned their ire at # تشيلسي (Chelsea) towards coach # Poch (Mauricio Pochettino), with some calling for his dismissal.

UAE in the News on 25 December 2023

We have a mixed bag of business stories leading the conversation on the UAE in the international press this morning, although none of the three is dominating coverage.

Saudi fund to sell off Emirati energy holding company: Fujairah-based Brooge Petroleum and Gas Investment Company (BPGIC Holdings), holding company of Nasdaq-listed Brooge Energy, is being liquidated by a Saudi Arabia-backed investment fund over trouble with its financial statements and unpaid debt, the Financial Times reports. The liquidation comes after the US Securities and Exchange Commission (SEC) handed Brooge Energy a USD 5 mn fine to settle charges of committing fraud by providing auditors with false financial filings about its revenue, according to an SEC statement.

KPMG Dubai partners are throwing allegations of bias and lack of transparency at Freshfields after Freshfields published a review detailing alleged misconduct at the global advisory network’s office in Dubai.KPMG board members accused the multinational law firm of being biased and failing to keep them informed during its investigation while omitting disclosure of Freshfields’ recommendations, according to the Financial Times.

Investcorp consolidation + IHC’s Palm Sports snags two gov’t contracts + CBUAE’s cash deposits rise to AED 687.2 bn in October

CAPITAL MARKETS-

#1- Investcorp ups its stake in Investcorp Capital: Bahrain-based Investcorp increased its stake in its asset management vehicle, ADX-listed Investcorp Capital, according to an ADX disclosure (pdf). The parent company transferred the ownership of over 93.91 mn shares in Investcorp Capital through a stabilizing agent it had appointed ahead of its IPO, the disclosure said. The consolidation of the shares raised Investcorp’s stake in the company to 71.4%, up from the 70.66% stake it held following Investcorp Capital’s IPO on the ADX.

Arqaam oversaw the consolidation: The consolidation of the stabilization shares was facilitated by emerging markets investment bank Arqaam Capital a day after Investcorp Capital appointed Arqaam to serve as its advisor and market maker.

ICYMI: Bahrain-based firm Investcorp successfully debuted on the ADX on 17 November, raising some AED 1.66 bn (USD 450 mn) with a market cap of AED 5.04 bn (USD 1.37 bn). The IPO was described as “lackluster” and “muted” by Bloomberg, after its shares fell flat on their first day of trading, despite being at the top of the IPO price range and being upsized by 12%.

#2- ADX-listed Jiu-Jitsu company Palm Sports, an IHC subsidiary, secured two AED 76 mn government contracts, according to a bourse filing. The first contract valued at AED 62.8 mn, will see the renewal of Palms Sports over the span of four years deploying 108 trainers and supervisors to enhance the fitness of 45k participants within an unspecified government entity, the statement reads. The second contract, valued at AED 13.2 mn, involves supplying 50 specialized trainers in tactical defense and close combat for a one-year term.

TAX-

Sharjah Finance Department inked MoU with the Federal Tax Authority to promote information disclosure, developing a framework for disclosure clarity and accuracy, reports Sharjah 24. The agreement exempts data exchange between taxpayers or undisclosed tax amounts including statistics on administrative fines, without authority board approval. They also established guidelines for secure data storage when businesses need to retain traded information.

TRANSPORT-

Dubai’s Roads and Transport Authority (RTA) plans to roll out 762 new public bus shelters by 2025, reports Wam. Construction will take priority in the Emirate’s most densely populated areas. The stops will be grouped under the following four tiers according to the number of visitors they can house per day: Main stop (750), secondary stop (250-750), primary stop (100-250), and pick-up/drop-off station (up to 100).

ECONOMY-

The Central Bank of the UAE (CBUAE) reported a 10.2% y-o-y increase in cash deposits, reaching AED 687.2 bn by the end of October, Wam reports. The CBUAE’s cash aggregates statistics indicate a m-om increase of 0.2%, equivalent to AED 1.3 bn from AED 685.9 bn in September 2023.

Quasi-cash deposits rose to AED 1.123 tn in October, a 24% y-o-y increase from AED 906.3 bn in October 2022. On a monthly basis, quasi-cash deposits saw a 0.93% uptick, from AED 1.1 tn reported in September 2023.

FINANCE-

Manufacturers can access financing solutions through the Abu Dhabi Department of Economic Development’s (ADDED) new Business Financing Facilitation Platform, according to an Abu Dhabi Media Office statement. The platform, designed by ADDED’s Industrial Development Bureau, allows investors to select personalized services and products from a diverse array of financial and banking partners, with a view to making financial processes more efficient.

REGULATION-

#1- The government issued a new federal law on mental health, regulating relations between psychiatric patients and mental health professionals, Wam reports. The decree extends to all national mental health facilities, including those in freezones. Accompanying monitoring committees have been established across each emirate to supervise and provide reports on facilities’ compliance with regulations. Fines of up to AED 200k will be applied for violations.

The details: The decree outlines psychiatric patients’ rights, with the guidelines preserving job rights against exploitation, prohibiting mental health services without patient permission, and promoting patient information confidentiality. The decree pays attention to minors, highlighting their right to education and introducing age-specific health safeguards for facilities. Facility guidelines for patient admission and discharge are also included.

#2- New policy for marine life protection: Head of the Abu Dhabi Environment Agency (EAD) Sheikh Hamdan bin Zayed Al Nahyan has issued a regulation aimed at addressing the threat posed by invasive marine species to the Emirate’s biodiversity, according to a statement from the Abu Dhabi Media Office. The five-year policy presents a strategy to be implemented emirate-wide to control the spread of invasive marine species. Under the policy, EAD will cooperate with relevant authorities to enforce the tools stipulated in the strategy in accordance with a defined timeline.

REAL ESTATE-

Deyaar Development and Arady Properties partner for Al Reem Island development: Dubai-based real estate developer Deyaar Development inked an MoU with Arady Properties, a real estate company based in Abu Dhabi, to collaborate on a development on Al Reem Island in Abu Dhabi, according to a DFM disclosure. The MoU Outlines the project’s commercial goals, establishes a framework for ongoing negotiations between the two companies, and explores “how the project can be developed on a joint ownership basis.”

TECH-

AI-powered healthcare? Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) and United Al-Saqer Group inked a research endowment agreement on Friday that will see the conglomerate fund health research projects at MBZUAI for the next ten years, reports Wam. The research will investigate leveraging AI to address the spread of diseases, early cardio and fetal abnormalities detection, and remote patient monitoring.

MBZUAI likes AI for healthcare: The Abu Dhabi-based research institute partnered with recent ADX joiner PureHealth in November to explore AI use in medical data analysis, diagnosis, and treatment. MBZUAI researchers are also working to develop an AI-based longevity score, dubbed PureScore, providing a holistic view of individuals’ health for PureHealth.

ENERGY-

EWEC + Energy Exemplar to cooperate on energy modeling: Emirates Water and Electricity Company (EWEC) inked an MoU with energy market software developer Energy Exemplar. Under the agreement, EWEC will use Energy Examplar’s cloud-based technology to improve its energy modeling and forecasting, according to a press release.

Sound smart- Energy modeling is a multipurpose computer tool that uses computer simulations to estimate and predict the energy consumption of a building or complex. It allows businesses and individuals to assess and optimize their energy consumption and carbon footprints.

AVIATION-

Etihad Airways + China Eastern Airlines ink a MoU to boost commercial and operational cooperation, according to the company statement.The partnership aims to offer travelers more options, better services, and added value, while supporting sustainable aviation. The agreement is set to introduce codeshare, loyalty programmes, cargo transport, maintenance, repair and overhaul, ground handling, catering, lounge access, staff training, and various sustainability initiatives. The MoU aims to advance China Eastern’s goal to commence services in Abu Dhabi.

Cryptobros are savoring their comeback — and looking forward to more in ‘24

Crypto is having a moment in the financial press as journalists take stock of the segment’s turnaround in 2023, with BTC soaring over 160% this year despite back-to-back legal scandals ranging from FTX’s Sam Bankman-Fried after being found guilty of criminal fraud and Binance’s Changpeng Zhao facing money-laundering charges. “It was the year of crypto’s resiliency,” global advisory StonTurn crypto expert Kyla Curley told CNN.

We could be looking at another solid year for crypto: The anticipated approval of the first-ever spot BTC exchange-traded fund early 2024 is expected to further cement market sentiment, allowing traditional investors to track BTC prices without owning it and making crypto more accessible to mainstream investors.

Markets outside North America and Western Europe are shrugging off their suspicion of the asset class: Emirati crypto firm Phoenix made its ADX debut earlier this month, soaring 35% on its first day trading. Turkey and Nigeria both took steps signaling that they have started taking crypto more seriously: Turkey has added a crypto expert to its central bank’s Monetary Policy Committee and the Nigerian central bank lifted a two-year ban on crypto trading.

Some go so far as to suggest that investors in emerging markets have helped fuel crypto’s recover this year, with a blogger on the Forbes contributor platform claiming folks in markets with unstable local currencies are turning to crypto as a hedge against inflation and depreciation.

AND- Crypto firms are trying to buy Washington’s approval: Crypto firms are increasing donations to US politicians to help elect pro-crypto legislators and forward favorable legislation for the industry, as the digital assets market falls under increased scrutiny, the Financial Times wrote. Crypto outfits including Coinbase and Circle as well as venture capital firm Andreessen Horowitz have donated some USD 78 mn to a political action committee that takes donations to spend on elections to be directed to “pro-crypto leadership.”

ADX	9,490	0.0% (YTD: +7.1%)
DFM	4,023	+0.4% (YTD: +20.6%)
Nasdaq Dubai UAE20	3,777	+0.2% (YTD: -5.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.1% o/n	5.3% 1 yr
TASI	11,691	+0.6% (YTD: +11.6%)
EGX30	23,822	-2.0% (YTD: +63.2%)
S&P 500	4,755	+0.2% (YTD: +23.8%)
FTSE 100	7,698	0.0% (YTD: +3.3%)
Euro Stoxx 50	4,521	-0.1% (YTD: +19.2%)
Brent crude	USD 79.1	-0.4%
Natural gas (Nymex)	USD 2.61	+1.5%
Gold	USD 2,069	+0.9%
BTC	USD 43,556	-0.5% (YTD: +163.5%)

THE CLOSING BELL-

The ADX remained stable on Fridayon turnover of AED 1.04 bn. The index is up 7.1% YTD.

In the green: ESG Emirates Stallions (+14.9%), Sudatel Telecommunications Group (+14.9%) and Gulf Cement (+5.7%).

In the red: Union Ins. (-7.7%), Chimera S&P China HK Shariah ETF (-4.9%) and Hayah Ins. Company (-4.8%).

The DFM rose 0.4% on Fridayon turnover of AED 139.89 mn. The index is up 20.6% YTD.

UAE, Mauritius ink CEPA + Foreign Ministry condemns Prague shooting

New CEPA with Mauritius: Foreign Trade Minister Thani bin Ahmed Al Zeyoudi inked a Comprehensive Economic Partnership Agreement (CEPA) with his Mauritian counterpart, making the CEPA between the two countries the first such pact for the UAE with an African nation, Wam reports. The agreement aims to foster increased trade and investment flows, as well as enhance private-sector collaboration between the two nations. Non-oil bilateral trade between the UAE and Mauritius amounted to USD 63.1 mn in 1H 2023.

The Foreign Affairs Ministry condemned the mass shooting at Prague’s Charles University and Minister Abdullah bin Zayed Al Nahyan also phoned his Czech Republic counterpart, Jan Lipavský, to offer condolences. The Director-General of Umm Al Quwain Municipality, Ahmed Ibrahim Obaid Ali Al Ali, and his wife were injured in the incident, reports Wam.

Aid sent to South Sudan: The government, alongside the World Food Programme, sent 100 tonnes of food supplies and medical services to refugees in South Sudan, Wam reports. Since the beginning of the war in Sudan, the UAE has “provided 8,810 tonnes of food and medical supplies through the operation of 133 relief planes, in addition to dispatching a ship carrying approximately 1k tonnes of urgent relief supplies,” said the assistant Minister of Foreign Affairs for International Development affairs Sultan Al Shamsi.

US lawmakers expressed “grave concern” over claims that the UAE is backing Sudan’s Rapid Support Forces (RSF). The letter comes after Sudan expelled 15 Emirati diplomats earlier this month over allegations of UAE support for the RSF.

CALENDAR

DECEMBER

8-31 December: Abu Dhabi MOTN Entertainment Festival

31 December (Sunday): RAK NYE Festival, Al Marjan Island.

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.

28-29 February (Wednesday-Thursday): UAE delegation attends ‘Invest in Austria’ conference, Vienna.

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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