Day one of Adipec wraps with AI in focus

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Is MGX eyeing an investment in Elon Musk’s AI startup? + A new USD 1 bn fund is coming to Abu Dhabi

Good morning, friends. We have a busy — yet tight — issue for you to dig your teeth into this morning, with everything you need to know from day one of the world’s biggest energy forum in Abu Dhabi.

WEATHER- It’s another foggy, humid morning, with temperatures peaking at 34°C before cooling to an overnight low of 26°C in Dubai. Over in Abu Dhabi, the mercury peaks at 29°C, with an overnight low of 26°C.

FIRST- Citi just marked its 60th anniversary in the UAE at a ceremony attended by CEO Jane Fraser, the bank said in a press release (pdf). Citi was the first American bank to open up a branch in the UAE in 1964, with a branch in Dubai, followed by another in Abu Dhabi in 1971. It has since opened one of the first trading floors in the UAE, set up its regional headquarters in Dubai, and set up regional offices in both the Dubai International Financial Center and the Abu Dhabi Global Market.

AND- The UAE Cabinet approved 22 international agreements with 17 countries at its latest cabinet meeting, according to an X post. The agreements target economic partnerships, as well as partnerships in trade, legal, judicial, educational, energy, competitiveness, and research fields.

Cabinet also signed off on a National Strategy for Combating Drugs, aiming to intensify deterrence efforts against both local and international traffickers. The plan includes expanding treatment, rehabilitation, and correctional centers for offenders, alongside boosting community awareness efforts, according to a separate X post.

WATCH THIS SPACE-

#1- Former Investcorp Co-CEO Hazem Ben-Gacem is planning to launch a USD 1 bn Abu Dhabi-based capital fund — BlueFive Capital — to invest in financial services firms, Bloomberg reports, citing unnamed sources. This new fund plans to invest in ins., private wealth, and public market brokerage firms across Southeast Asia and the GCC. Ben-Gacem is currently in discussions with investors across the US, Asia, Europe, and the Middle East to raise funds for BlueFive. He aims to secure founding shareholders and possibly raise infrastructure and private equity funds in the future.

The end goal is to make BlueFive a USD 25 bn entity within five years and potentially expand into South America to establish a financial services company operating across the Global South.

REMEMBER- A wave of funds is heading to the UAE and Saudi Arabia amid heightened competition in the region and as each country sets out incentives to attract more investors and companies to their financial hubs.

#2- MGX eyes potential investment in Musk’s AI startup: Abu Dhabi-based tech-focused investor MGX is in talks with Elon Musk’s AI startup xAI for a potential investment as the latter targets raising around USD 5 bn at a valuation of USD 45 bn, The Information reports, citing representatives from both firms.

REMEMBER- MGX has big ambitions in the AI space: The AI investor is aiming to accumulate over USD 100 bn in assets under management in a few years. MGX’s interest in xAI comes on the heels of its participation in OpenAI’s latest USD 6.6 bn funding round. It also backed a major new AI infrastructure fund launched by BlackRock and Global Infrastructure Partner, joining as a general partner.

#3– Adnoc eyes Cyprus gas sector: The Abu Dhabi National Oil Company (Adnoc) has shown repeated interest in Cyprus’ natural gas industry, Cypriot Energy Minister George Papanastasiou told Reuters. Adnoc is mainly considering acquiring “de-risk assets” but may also participate in an upcoming licensing round for offshore blocks, Papanastasiou noted. The state-run oil giant has yet to submit a formal request to the Cypriot government.

Previous discussions with BP: In August, Adnoc and UK-based BP representatives met with Cypriot Energy Ministry officials to explore potential investment in Cyprus’ emerging natural gas sector earlier in August. The meeting focused on potential cooperation in Cyprus’ exclusive economic zone, where Cyprus has commercial rights.

#4– The Dubai Municipality has implemented a new business model that will see it tap the private sector for the management of shared government centers, according to the Dubai Media Office. The first phase of the initiative saw it implemented with Al Kifaf Center and saw operational expenses drop by 70% as a result, with more phases now underway to implement the same model across all shared centers.

DATA POINTS-

#1- Dubai’s property market reached an all-time high in October 2024, with nearly 20.5k sales transactions, according to a press release. This marks the first time monthly transactions exceeded 20k, representing a 13% increase compared to September. Approximately 73% of transactions were for off-plan or under-construction properties, while the residential sector accounted for nearly 95% of total sales, with over 19.4k transactions recorded.

#2- The UAE’s total foreign assets rose by 1.5% m-o-m to AED 781.9 bn in July 2024, according to a Central Bank of the UAE’s (CBUAE) statement (pdf). Meanwhile, bank deposits climbed by 1.6% m-o-m to AED 2.7 tn in July on the back of the combined increase in resident deposits by 1.5% and in non-resident deposits by 2.4%, according to a CBUAE report (pdf). Gross credit inched up by 0.1% to AED 2.1 tn, on the back of an increase in domestic credit, while bank assets grew 0.9% m-o-m to AED 4.3 tn.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- The Federal Tax Authority asked resident juridical persons with licenses issued in October and November to submit their corporate tax registration application by 30 November, according to a statement. The registration process is available through government service centers and the EmaraTax digital tax services platform.

#2- There’s a new taxi-sharing service in town: Dubai’s Roads and Transport Authority launched a six-month pilot taxi-sharing service running between Dubai’s Ibn Battuta Centre and Abu Dhabi’s Al Wahda Centre, according to the Dubai Media Office. The service offers up to 75% in savings, with fares costing AED 132 for two passengers, AED 88 for three, and AED 66 for four.

#3- Ajman is offering a 50% reduction on traffic fines incurred before 31 October until 15 December 2024, according to an X post. The initiative also includes the cancellation of vehicle seizures and removal of traffic points, Sharjah 24 reports. Specific aggravated violations are excluded from pardon, including reckless driving, truck overtaking in prohibited areas, exceeding the speed limit by over 80 km/h, and unauthorized vehicle modifications.

Fines can be paid via service centers, Sahl machines, and the Ministry of Interior and Ajman Police apps.

HAPPENING TODAY-

#1- It’s the final day of LuLu Retail’s investor subscription period, following the full subscription of its IPO on 28 October. The final price will be disclosed tomorrow, after which the company’s shares will start trading on 14 November. We have more on the latest on the IPO in the news well, below.

#2- Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan is in Ethiopia for the World Without Hunger Conference, which will focus on global food security, according to an Abu Dhabi Media Office statement.

#3- Adipec is on its second day today and runs through to Thursday at Adnec Center in Abu Dhabi. The event — the biggest oil and gas forum in the world — brings together over 40 ministers and over 200 C-suite executives and technology leaders from the Middle East, Asia, Africa, Europe, and the Americas, focusing on innovation and partnerships to advance the energy transition. We have everything you need to know from day one of the conference in the news well, below.

#4- The 2024 UAE Government Annual Meetings are on their second day today in Abu Dhabi, chaired by Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum, according to the Dubai Media Office. The meetings bring together over 500 dignitaries, including UAE rulers, crown princes, and government officials to discuss means for enhancing the country’s government performance and competitiveness. The meetings wrap tomorrow.

This year’s agenda features new organizational priorities and frameworks, with national retreats focusing on identity, family, and AI, and panel sessions to review national priorities and strategies for economy and investment, AI, education, sports, family, and community empowerment. Dedicated sessions for young government leaders are also on the roster, alongside exclusive local government meetings for Ajman, Umm Al Quwain, and Ras Al Khaimah.

#5- Gulfood Manufacturing will kick off today and run through to Thursday at the Dubai World Trade Center. The event will showcase trends and solutions in global food manufacturing, with more than 2.5k companies set to attend.

#6- GulfHost will also take place today at the Dubai World Trade Center and run through to Thursday. The event will feature over 350 exhibitors showcasing innovations in hospitality and foodservice equipment, along with networking opportunities for more than 25k industry professionals.

#7- Design Next exhibition kicks off today at the Dubai Design District as part of Dubai Design Week and wraps up Sunday, 10 November. The event will showcase sustainable design solutions and feature discussions by industry leaders.

#8- The WHO’s latest Emergency Medical Teams (EMT) Global Meeting starts today at Conrad Abu Dhabi Etihad Towers, marking the first time the event is hosted in the Middle East. Organized in partnership with Abu Dhabi’s Department of Health, the meeting aims to advance global emergency response and rapid deployment capabilities. It will wrap this Thursday, 7 November.

HAPPENING THIS WEEK-

#1- Dubai will host the World Finance Forum 2024 tomorrow at Sofitel Dubai The Palm. The event will welcome CFOs and finance directors from leading companies to discuss emerging trends, growth prospects, and potential challenges in the financial landscape.

#2- The UAE BioTech Symposium will take place from tomorrow to Wednesday in Masdar City. The event will discuss the latest developments in biotechnology, with participants including researchers, entrepreneurs, government entities, and strategic investors.

THE BIG STORY ABROAD-

It’s election day in the US of A, which means very few other stories will top headlines in the international press. Donald Trump and Kamala Harris were both in Pennsylvania overnight, where each candidate pushed final messaging in a bid to secure what is widely seen as one of the most critical swing states in the election. Meanwhile, both candidates’ campaigns continued to work on boosting voter turnout in the last stretch before today’s vote, with each taking different approaches, the New York Times notes. The Financial Times, the Wall Street Journal, Reuters, and Bloomberg also have coverage of the final campaigning push.

Speaking of (unorthodox) methods of boosting turnout: Elon Musk’s USD 1 mn daily voter giveaway — designed to encourage voter turnout — is being allowed to proceed after a Pennsylvania judge ruled that the contest was not designed as an “illegal lottery.” Reuters, Bloomberg, and Axios have more.

What we can expect: Politico has rundowns of each of Harris’ and Trump’s paths to securing the vote, while the Financial Times looks at what each outcome would mean for Trump.

REMEMBER: The Electoral College, not the popular vote, ultimately decides who becomes president. Each state is allocated electors equal to its congressional representation (senators plus representatives). Voters in each state choose electors, pledged to presidential candidates. Taking the popular vote in a state usually means a candidate gets all its electoral votes (except in Maine and Nebraska). A candidate needs 270 of 538 electoral votes to take the presidency. Bloomberg also goes deeper.

BELOW THE FOLD- Israel killed another 16 Palestinians in Gaza’s Beit Lahiya and Zawayda in airstrikes yesterday. Meanwhile, Tel Aviv has also limited aid trucks’ entry into Gaza even further, bringing the daily average to 30 — equivalent to “only 6% of the commercial and humanitarian supplies that used to enter Gaza before the war,” according to UNRWA head Philippe Lazzarini. Reuters has the story.

***

You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.

EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq. Tap or click here to get your own copy of EnterpriseAM UAE.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA climate and logistics industries?

***

Adnoc pledges AED 200 bn in renewables investments, launches energy industry’s first autonomous AI agent at Adipec

AI’s role in the energy transition took center stage at the opening session of Adipec yesterday. Adnoc Group CEO and Industry and Advanced Technology minister Sultan al Jaber called for “integrating renewable energy, nuclear energy, and gas in the most cost-and carbon-efficient way” to meet the surge in energy demand created by the “exponential growth of AI,” during his opening speech at the forum (watch, runtime: 2:56:25).

Al Jaber calls for more energy investments-

The UAE plans to invest over AED 200 bn in sustainable energy over the next six years, commiting to meeting future energy demand, Wam cites Energy and Infrastructure minister Suhail Al Mazrouei as saying at Adipec. Al Mazrouei noted that the country already has “significant investments in clean energy projects in operation and others under development.”

Investments in the power sector need to grow to at least USD 1.5 tn to meet the surging demand from AI, Al Jaber said during his opening speech, citing takeaways from a Majlis meeting held the day before the conference. The majlis also stressed the importance of enabling regulatory frameworks to accelerate and protect investments in the energy sector and the need to leverage AI to optimize energy resources and predict fluctuations in demand.

Al Jaber urged for energy markets to “shift and grow” to accommodate the surge in energy demand driven by AI’s growth, alongside the projected population growth, which is expected to grow by 1.7 bn by 2050. With growing urbanization, electricity demand is anticipated to double, Al Jaber noted, highlighting the opportunity that AI presents for the transformation of energy systems and potentially “supercharging” low-carbon growth. Wind and solar are expected to grow 7x, LNG could expand by at least 65%, and oil will continue to be used for fuel for the foreseeable future, Al Jaber said.

Integration and balance are key: “We need a model that will integrate all forms of energy together. We will need more renewable energy and we need to advance battery storage technology to turn renewables from intermittent power to base load. We need gas as a bridge and we will need, in some locations, nuclear power,” Al Jaber told the Financial Times.

Adnoc’s USD 23 bn investment in decarbonization tech positions Adnoc to meet its carbon targets ahead of schedule, the Financial Times quoted Al Jaber as saying.

REMEMBER- The UAE is on track to achieve its goal to triple the contribution of renewables to its energy mix to 32% by the end of the decade, with production capacity having reached 6 GW, nearly half of its target of 14.2 GW. With the launch of the fourth reactor at the Barakah Nuclear Energy Plant, the facility entered full operations, generating 5.6 GW of nuclear energy.

Regardless of demand, securing oil and gas investments is paramount: While global demand could potentially settle, the world still needs to pour more investments into oil and gas to maintain supply levels, Reuters cites British energy giant BP CEO Murray Auchincloss as saying.

Although still a nascent sector, AI tech also requires significant investments to boost its energy efficiency, AI and Digital Economy Minister Omar Al Olama told Sky News Arabia (watch, runtime: 4:58). In turn, with the rising adoption of AI systems, the industry’s energy consumption is projected to decline in the short to medium term, leading to lower energy demand.

New AI investments in the energy sector-

Adnoc launched its first autonomous AI solution, dubbed EnergyAI, in collaboration with state-owned AI firm G42, Microsoft, and Adnoc-Presight-G42 JV AIQ, Al Jaber revealed at Adipec. Designed to act autonomously, the AI agent will “speed up seismic surveys from months to days,” and “increase the accuracy of production forecasts by up to 90%,” he added.

AI agents? AI agents are advanced systems currently developed by various tech companies, including Microsoft. These advanced models can carry out tasks current AI models are incapable of without human supervision, with some agentic AI models currently able to handle employee onboarding and supply chain management, according to Bloomberg.

The UAE is set to unveil more AI-focused projects, according to Al Mazrouei, who noted that the government aims to secure enough investments to support AI integration into the energy grid.

Oil + gas are here to stay-

Despite the growing share of renewables in the energy mix, oil and gas are here to stay: Given the global market disruptions and instability due to geopolitical crises and economic fluctuations, “ensuring a balance between supply and demand is crucial for the stability of the energy market,” said Sharif Al Olama, undersecretary for energy and petroleum affairs at the energy ministry.

Yes, but: Market stability hinges on price “stability and predictability,” India’s oil minister Hardeep Singh Puri told Reuters on the sidelines of Adipec, calling for discussions between producing and consuming countries to set a “realistic price.” Puri predicted that the market will evolve over the next five years, driven by the adoption of green hydrogen and the shift to clean energy.

Throwing a wrench in the works? Opec’s supply cuts: CEO of Italian energy firm Eni, Claudio Descalzi, anticipates energy markets’ high volatility to extend into next year as a result of Opec+ production cuts, which have “increased volatility in energy markets and hampered investment in new production,” Descalzi said yesterday.

ICYMI- This week Opec+ pushed back its planned 180k bpd output hike for December for another month amid persistent concerns of soft oil demand from China and a glut in supply. Following the oil cartel’s decision, oil prices rose almost 3%.

Lulu Retail boosts IPO offering to 30% amid strong investor demand

LuLu Group’s retail arm, Lulu Retail ramped up the size of its IPO amid heightened demand, offering up to a 30% stake in the company, up from an initial 25%, according to a statement (pdf ). This decision came after strong demand from international, regional, and local investors, with all additional shares allocated to institutional investors.

Refresher: Initially, the supermarket giant aimed to list a 25% stake on the Abu Dhabi Securities Exchange (ADX). Key cornerstone investors, including Abu Dhabi Pension Fund, Bahrain Mumtalakat, Emirates International Investment Company, and Oman Investment Authority, committed around AED 753 mn in shares, with the IPO fully subscribed within an hour of books opening last week.

Another cornerstone investor joined the party: Saudi Arabia’s Masarrah Invest is investing AED 250 mn in the IPO, bringing total investments from cornerstone investors to AED 1 bn.

No changes in the timeline or price: The book-building process began last Monday, 28 October, with the subscription period for both retail and institutional investors set to conclude today. Lulu is holding the price range steady at AED 1.9 to AED 2.04 . The final share price will be disclosed tomorrow, and Lulu Retail expects to start trading on ADX by 14 November.

The IPO is set to be the UAE’s biggest this year. With the expanded offering, Lulu’s IPO could raise up to USD 1.7 bn (AED 6.3 bn). This tops recent IPOs like NMDC Energy’s AED 3.2 bn in September, Alef Education’s AED 1.9 bn IPO, and ADNH Catering’s AED 864 mn listing last month.

ADVISORS- Abu Dhabi Commercial Bank, Citigroup, Emirates NBD Capital and HSBC Holdings are acting as joint coordinators and bookrunners, while Alrajhi Capital, EFG Hermes UAE, First Abu Dhabi Bank, and Goldman Sachs have been tapped as bookrunners. ADCB, Citigroup, Emirates NBD Capital, HSBC Holdings, and EFG Hermes UAE are also joint lead managers, while FAB and ADCB are joint lead receiving banks, along with our friends at Mashreq, Dubai Islamic Bank, Emirates Islamic Bank, and Emirates NBD, who are acting as receiving banks. Moelis & Co. is also acting as an independent financial advisor.

The story also got ink in Bloomberg.

Adnoc, Alpha Dhabi JV Enersol snaps up 95% of US-based energy tech firm

Enersol is set to acquire a 95% stake in DWS: Adnoc Drilling and Alpha Dhabi Holding’s joint venture Enersol agreed to acquire a 95% stake in US-based energy tech firm Deep Well Services (DWS) for approximately USD 223 mn including performance based payments, according to a press release (pdf).

This marks Enersol’s fourth acquisition this year: The firm picked up drilling visualization and analytics firm EV Holdings for USD 45 mn in August, a majority 51% stake in manufacturing solutions provider NTS Amega for USD 58 mn in July, and majority ownership in US-based Gordon Technologies.

Future plans: Enersol aims to to support Adnoc Drilling’s recent USD 1.7 bn contract, through DWS, to deliver 144 unconventional wells to Adnoc Group by utilizing various available technologies.

About DWS: Established in 2008 in the US, DWS offers advanced energy-sector tech, including patented hydraulic completion units supported by its analytics software. The company also runs globally accredited training programs that enhance safety and operational efficiency.

Adnoc Drilling eyes more GCC acquisitions: Adnoc Drilling is looking to buy companies in Kuwait and Oman as it expands beyond the UAE, with most of its focus now on companies in the region, Bloomberg quotes Adnoc Drilling CFO Youssef Salem as saying.

NorthLadder secures USD 10 mn Series B funding

UAE-based device trade-in platform NorthLadder raised USD 10 mn in a Series B funding round, according to a press release. The investment was led by Saudi telco stc Group’s corporate venture capital arm, tali ventures, with additional funds from Amsterdam-based Dutch Founders Fund and Leuven-based Crescent Ventures.

Where will the funds go? The funding will enable NorthLadder to expand its operations into new international markets, particularly in Europe — where it has recently established a presence in Amsterdam — as well as support developments to its trade-in platform.

About NorthLadder: NorthLadder was founded in 2018 and specializes in pre-owned electronics trade-ins, offering an automated assessment process and home pickup services.

Orient Takaful’s net income hits AED 15.9 mn in 3Q 2024

Islamic ins. company Orient Takaful’s net income rose by 32.6% y-o-y to AED 15.9 mn in 3Q 2024, according to its financials (pdf). The firm’s takaful contract revenues increased by 33.2% y-o-y to AED 233.3 mn in this quarter. On a 9M basis, net income grew 23.3% y-o-y to AED 40.2 mn, while revenues increased by 33.3% y-o-y to AED 618.4 mn.

Citi Commercial Bank taps new UAE head

Citi Commercial Bank (CCB) appointed Vineet Vetts (LinkedIn) as head of its UAE business and operations, effective early November 2024, according to a press release. Vetts joined CCB in February 2016, serving as UK Head of Industrials. He brings over 17 years of experience in banking, including previous roles as a relationship manager at HSBC UK, as well as positions at Barclays and Kotak Mahindra Bank in India.

In his new role, Vetts will report to Alexander Stiris (LinkedIn), head of CCB for Europe, the Middle East, and Africa Clusters, and Maria Ivanova (LinkedIn), Citi country officer and banking head for the UAE.

The UAE's first pilot vertiport will be at the Abu Dhabi Cruise Terminal

TRANSPORT-

AMH and AD ports Group partner up to launch first vertiport: Tech conglomerate Multi Level Group subsidiary The Advanced Mobility Hub (AMH) and AD Ports Group signed an agreement to launch the UAE’s first pilot vertiport at Abu Dhabi Cruise Terminal in Port Zayed in a bid to boost air tours and logistics services using eVTOL aircraft, according to the Abu Dhabi Media Office.

Remember: The General Civil Aviation Authority (GCAA) granted operational approval for the country’s inaugural vertiport back in April, after publishing the world’s first national regulation related to vertiports — covering their design and operational requirements — in December 2022. The authority has since announced a plan to launch air taxis by 1Q 2026.

ALSO- Adnoc, AD Ports Group, AMH’s parent Multi Level Group, and e& signed a collaboration agreement to explore the use of eVTOLs in the logistics sector for cargo transport, according to a separate statement from the Abu Dhabi Media Office. The agreement will involve work from Multi Level Group subsidiaries under the Advanced Mobility Hub (AMH) umbrella, including Wings Logistics, who will provide drone services, Space Falcon for drone surveillance, and Vertihub and its subsidiary Unified Aviation for infrastructure operations and port audits, as well as ground support and operational services for airports.

TECH-

Abu Dhabi to boost cooperation with US tech giants: Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan met with Microsoft’s president Brad smith to discuss potential partnerships in AI, energy, and climate sectors, according to a statement from the Abu Dhabi Media Office. Held on the sidelines of the Enact Majlis, the meeting highlighted the ongoing collaboration between Adnoc, Masdar, G42, and Microsoft, to power Microsoft’s data centers with renewable energy.

State-owned AI firm G42 Chairman Tahnoon Bin Zayed Al Nahyan also met with Google and Alphabet’s president Ruth Porat to discuss future partnerships aimed at driving digital transformation, focusing on the potential application of AI and advanced tech, Al Nahyan said in an X post.

Remember: Microsoft is a key AI partner for the UAE, with the company investing USD 1.5 bn in G42, and pledging to set up artificial intelligence centers in Abu Dhabi.

STARTUPS-

A new tech incubator in town: Tech startup incubator Soul launched in Umm Al Quwain FreeTrade Zone to back local and international entrepreneurs’ expansion across the UAE and GCC, according to a press release. Soul targets sectors like AI, blockchain, fintech, edtech, proptech, regtech, and robotics. The incubator’s services include mentorship, help with market access, minimum viable product validation, and access to funding channels.

AVIATION-

#1- Dubai Aerospace Enterprise (DAE) inked lease agreements with China’s Hainan Airlines for four new Boeing 737-8 aircraft, according to a press release. The aircraft are scheduled for delivery in 4Q 2025 and 1Q 2026.

#2- RoyalJet taps into Asian market: Abu Dhabi-based charter airline RoyalJets launched operations for its Bombardier Global 5000 (A6 RJD) aircraft from Kuala Lumpur, Malaysia in a bid to meet the growing demand for private charters in the Asia-Pacific region, according to a press release. The luxury aircraft accommodates up to 13 passengers.

MANUFACTURING-

Baker Hughes opens an SPC center in Abu Dhabi: US-based energy technology company Baker Hughes inaugurated a surface pressure control (SPC) headquarters and manufacturing facility in Abu Dhabi, according to a press release. The facility — developed in collaboration with oilfield services firm Al Ghaith Energy — will provide equipment to clients in the Middle East and beyond and is expected to improve supply chain logistics, reduce shipping times, and create over 100 local jobs. The first product from the facility is slated to be delivered by the end of the year.

FX-

Multibank’s clients can now access trading accounts through Al Ansari’s branches: Foreign exchange company Al Ansari Exchange partnered with Multibank’s financial services arm MEX Global to enable Multibank’s customers to perform deposits and withdrawals from their trading accounts at Ansari’s 260 UAE-based branches, according to a DFM disclosure (pdf).

AUTOMOTIVE-

VentureOne launches platform for turning conventional vehicles autonomous: VentureOne, the Advanced Technology Research Council’s commercialization arm, launched the SteerAI mobility system which rewires traditional vehicles to become autonomous, according to a statement from VentureOne. The system, which will initially target vehicles in the logistics and defense sectors, includes hardware and software kits, as well as a fleet management platform.

ENERGY-

It’s a wrap on phase two of Snoc’s gas storage project in Moveyeid: Sharjah National Oil Corporation (Snoc) completed the second phase of its underground gas storage project in the Moveyeid field, Wam reports. The project’s pilot phase started in 2017, with the second phase kicking off in 2021 to expand storage capacity.

INVESTMENT-

Dubai Chambers signed an MoU with the Dubai Multi Commodities Center (DMCC), offering tailored business setup support packages for companies attracted by Dubai Chambers, particularly those in cryptocurrencies, artificial intelligence, and gaming, according to Wam. Participating companies will also gain access to DMCC’s knowledge series events and complimentary services from its compliance hub and tax clinics.

ELECTRICITY-

Telecom giant du launched a new initiative to recycle all lead-acid batteries used in its operations in partnership with Dubatt, the UAE’s first battery recycling plant in Dubai Industrial City, according to a press release. The initiative aims to promote responsible resource management in the telecom sector and reduce emissions.

BUSINESS-

Global booking and business automation platform Altegio expanded its operations into the UAE, according to a press release. The platform offers over 30 management tools designed to automate up to 80% of business operations, including financial and inventory management tools, data analytics, and an online booking widget.

SUSTAINABILITY-

Gov’t buildings to cut energy, water use: The UAE’s Energy Ministry inked an agreement with Germany’s Siemens to reduce energy and water consumption across federal buildings, Wam reports. Siemens will fund, install, test, and operate retrofit systems in buildings with high water and energy needs, aiming for a 27% reduction compared to the average use of the last three years.

AGRICULTURE-

Agro-food trader Invictus Investment Company expanded into Jordan, the Netherlands, Burkina Faso, and Senegal, according to a press release (pdf). The Dubai-based company also added two sunflower and rapeseed meal to its portfolio, bringing its total offerings to over 30 products.

ALSO- Invictus added Spain and Tunisia to its freight services network and registered its first export to Brazil.

Election jitters and Fed rate decision set to shake Wall Street this week

Traders gear up for an all-nighter as US elections loom: Wall Street is bracing for a long, volatile night as traders prepare for the results of the US presidential election today, with trading desks in Hong Kong and Singapore ready to support overnight activities. As one portfolio manager put it, “5 November is going to be a blindfolded mud-wrestle in a minefield,” pointing out the uncertainty revolving around the elections this time around.

Everybody is preparing for the big night: Major banks like JPMorgan and Goldman Sachs are staffing up to ensure their trading desks are ready to handle high volumes and volatility throughout the election night. “We will stay as long as we need — if that’s 2 am, it’s 2 am. If we have to sleep over, we will,” said Glen Capelo of Mischler Financial Group.

Focus on bonds and currencies: The ICE BofA Move index — a key measure of expected volatility in the US bond market — surged by 40% last month, while the CME index of implied volatility across major currencies hit its highest level since early 2023.

What happens if who wins? Traders have been putting their money on former president Donald Trump winning for weeks, pushing up stocks, currencies, and crypto, all while bond yields were on the rise. After a poll showed that the Democratic Party’s Kamala Harris has a lead over Trump in Iowa, the Bloomberg USD Index dropped to its lowest since August, yields on 10-year Treasuries fell, and BTC slipped. Traders are eyeing the return of popular “Trump trades” — going long on the USD and short on bonds — with plans to either capitalize on or swiftly unwind these positions, depending on how the results go. But if Harris pulls the rug from under Trump’s feet, Trump trades could reverse, leaving behind dramatic swings in the market overnight.

Lessons from the past: Traders are revisiting the 2016 elections, when markets initially misread the results of the polls, pushing US futures to swing widely. This time, hedge funds are scaling back risks and preparing for any unexpected moves. “Equity markets collapsed after Trump was elected [in 2016], but that lasted a day, then they rallied,” noted Ed Al Hussainy of Columbia Threadneedle Investments. Traders are adopting a neutral stance to shore up their liquidity. “We’ve spent a lot of time cleaning up our inventory and our own positions in order to be as neutral as possible to approach the event from the perspective of providing that intermediation,” Citi’s Vikram Prasad said.

It’s not just the Oval Office that matters, as market reactions also hinge on Congressional outcomes. A Republican sweep could trigger inflation and higher bond yields, as Trump’s plans to cut tax and import tariffs could very much reverse the course on inflation and increase US national debt, while a divided Congress may limit policy shifts, offering some balance.

Ongoing market volatility could extend beyond today, as Wall Street braces for potentially delayed or contested election results. Such scenarios could lead to a prolonged market uncertainty, making it difficult for traders to navigate. There’s also the Federal Reserve’s upcoming rate decision on Thursday, where a second consecutive rate cut is widely expected, with one survey showing that 98% of traders are banking on a 25 bps cut by the end of this week. The Fed’s decision will play a key role in shaping post-election market dynamics, as traders balance election outcomes with potential shifts in monetary policy.

Market reax: It was a sea of red across US markets with the Dow Jones ending the first trading day of the week down 0.6%, the S&P 500 dipping 0.3%, and the Nasdaq falling 0.3%.

The story is all over international press: Bloomberg | FT | CNBC.

MARKETS THIS MORNING-

Asian markets are mixed at dispatch time as investors sit awaiting the results of the US presidential election and the Federal Reserve’s decision when it meets later this week. Japan’s Nikkei is up 1.3% and South Korea’s Kospi is down 0.5%.

ADX	9,331	-0.2% (YTD: -2.6%)
DFM	4,585	-0.8% (YTD: +12.9%)
Nasdaq Dubai UAE20	3,814	-0.9% (YTD: -0.7%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.8% o/n	4.4% 1 yr
TASI	12,039	-0.1% (YTD: 0.6%)
EGX30	30,650	-0.6% (YTD: +23.1%)
S&P 500	5,713	-0.3% (YTD: +19.8%)
FTSE 100	8,184	+0.1% (YTD: +5.8%)
Euro Stoxx 50	4,852	-0.5% (YTD: +7.3%)
Brent crude	USD 75.12	+2.8%
Natural gas (Nymex)	USD 2.78	+4.4%
Gold	USD 2,746	-0.1%
BTC	USD 68,072	-1.2% (YTD: +60.7%)

THE CLOSING BELL-

The DFM fell 0.8% yesterday on turnover of AED 252.7 mn. The index is up 12.9% YTD.

In the green: Emirates Investment Bank (+15.0%), AL Salam Sudan (+15.0%) and Takaful Emarat (+15.0%).

In the red: National Industries Group Holding (-10.0%), Commercial Bank of Dubai (-5.1%) and Emaar Development (-2.8%).

Over on the ADX, the index fell 0.2% on turnover of AED 1.1 bn. Meanwhile, Nasdaq Dubai closed down 0.9%.

President discusses bilateral cooperation with Slovenian counterpart

UAE, Slovenia deepen ties: UAE President Sheikh Mohamed bin Zayed Al Nahyan and Slovenian President Nataša Pirc Musar discussed boosting trade, investments, and cooperation on development during Musar’s visit to the UAE, state news agency Wam reports. Talks included exploring investments in renewable energy and sustainability, along with supporting stability efforts in the Middle East.

Separately, Musar met with Federal National Council Speaker Saqr Ghobash to discuss expanding parliamentary cooperation, mutual visits, collaboration in international forums, and the exchange of expertise and best practices, Wam reports. The two also explored strengthening collaboration in economic, investment, and other critical sectors.

AND- The UAE Chambers of Commerce and Industry inked an MoU with its Slovenian counterpart to establish a UAE-Slovenian Business Council to support trade and private sector investments between the two countries, Wam reports. This joint entity will make it easier for Slovenian businesses to expand in the region and support their operations, UAE Chambers Secretary-General Humaid bin Salem said.

The council will look to foster investments in key sectors, including health, logistics, ICT, e-commerce, tourism, real estate, financial services, ins., and agricultural technology.

CALENDAR

NOVEMBER

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

4-6 November (Monday-Wednesday): Legislative week, Mohammed bin Rashid Al Maktoum Library, Dubai.

6 November (Wednesday): LuLu Group’s IPO final price to be disclosed.

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

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

5-7 November (Tuesday-Thursday): 10th edition of Gulfood Manufacturing, Dubai World Trade Center.

5-7 November (Tuesday-Thursday): GulfHost, Dubai World Trade Center.

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

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

6-10 November (Wednesday-Sunday): Al Yasat Festival, Al Dhafra, Abu Dhabi.

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

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

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

11-13 November (Monday-Wednesday): IAOM MEA Conference & Expo, Dubai World Trade Center.

12-14 November (Tuesday-Thursday): The Global Educational Supplies and Solutions, Dubai World Trade Center.

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

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

14 November (Thursday): LuLu Group’s shares to commence trading on ADX.

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

16-17 November (Saturday-Sunday): Gladiator Summit, Dubai World Trade Center, Dubai.

18-19 November (Monday-Tuesday): Dubai Precious Metals Conference, JAFZA One Convention Center, Dubai

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

18-20 November (Monday-Wednesday): Middle East Organic and Natural Products Expo, Dubai World Trade Center.

18-20 November (Monday-Wednesday): The International Conference of ShenZhen Association, Dubai World Trade Center.

19-20 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

19-21 November (Tuesday-Thursday): Dubai Future Solutions – Prototypes for Humanity, Emirates Towers, Dubai.

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

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

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

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

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

23-24 November (Saturday-Sunday): Forbes Middle East Medical Tourism & Wellness Summit, Jumeirah Beach Hotel, Dubai.

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

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

26-27 November (Tuesday-Wednesday): Open Source AI Summit, The St. Regis Saadiyat Island Resort, Abu Dhabi.

26-28 November (Tuesday-Thursday): Liveable Cities X, Dubai World Trade Center.

26-28 November (Tuesday-Thursday): Future FM, Dubai World Trade Center.

26-28 November (Tuesday-Thursday): Geo World, Dubai World Trade Center.

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

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

27 November: Acceptance period for Adnoc’s Covestro takeover bid ends.

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

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

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

Signposted to happen ahead of ADIPEC:

Changemakers Majlis, Abu Dhabi.

DECEMBER

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

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

4-6 December (Wednesday-Friday): Abu Dhabi Business Week, Adnec Center, Abu Dhabi.

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

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

13 December – 4 January (Friday-Saturday): Liwa International Festival, Al Dhafra, Abu Dhabi.

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

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

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

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

10-11 December (Tuesday-Wednesday): Global Trade and Infrastructure at Logimotion, Dubai World Trade Center.

10-12 December (Tuesday-Thursday): Middle East Investor Relations Association (MEIRA Conference), Conrad Abu Dhabi Etihad Towers Hotel, Abu Dhabi.

10-12 December (Tuesday-Thursday): The Middle East and North Africa Business Aviation Association Show, Al Maktoum International Airport, Dubai.

11-13 December (Wednesday-Friday): European-Arab Medical Congress, Abu Dhabi.

14-21 December (Saturday-Saturday): World Schools Festival, Abu Dhabi

16-20 December (Monday-Friday): AIMS Conference 2024, Adnec Centre, Abu Dhabi.

6 December-12 January: Dubai Shopping Festival.

Signposted to happen sometime in December:

UAE-China Summit, Abu Dhabi.
Abu Dhabi Forum for Peace, Abu Dhabi.

JANUARY 2025

1 January (Wednesday): ADGM to slash licensing fees for retail and non-financial firms, and hike fees for finance firms.

9-13 January (Thursday-Monday): International Renewable Energy Agency Youth Forum, Abu Dhabi.

11-13 January (Saturday-Monday): International Renewable Energy Agency Assembly, Abu Dhabi.

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

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

19-24 January (Sunday-Friday): Coling 2025, Abu Dhabi.

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

FEBRUARY 2025

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

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

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

16 February-1 March: Dubai Dutyfree Tennis Championships, Dubai Dutyfree Tennis Stadium in Al Garhoud.

24-25 February (Monday-Tuesday): World Passenger Experience Forum, Dubai.

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai.

Signposted to happen sometime in 1Q 2025:

The first eight fronds of the Palm Jebel Ali will be site-ready, allowing for the commencement of villa infrastructure and civil works.

APRIL 2025

6-11 April (Sunday-Friday): Geo-Spatial Week 2025, Dubai.

7-10 April 2025 (Monday-Thursday) : EFG Hermes One on One conference, Dubai.

7-9 April (Monday-Wednesday): AIM Investment Summit, Abu Dhabi National Exhibition Center

14-16 April (Monday-Wednesday): Dubai Woodshow’s 21st Edition, Dubai World Trade Center

14-16 April (Monday-Wednesday): IPS congress, Dubai World Trade Center.

16-18 April (Wednesday-Friday): World Future Energy Summit,Abu Dhabi National Exhibition, Abu Dhabi.

28 April-1 May (Monday-Thursday): The Arabian Travel Market 2025, Dubai World Trade Center

Signposted to happen sometime in April:

Abu Dhabi Autonomous Racing League, Yas Marina Circuit in Abu Dhabi

MAY 2025

6-7 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

19-22 May (Monday-Thursday) Make it in the Emirates Forum 2025, Adnec, Abu Dhabi.

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

SEPTEMBER 2025

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

OCTOBER 2025

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

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.

Signposted to happen sometime in 2026:

The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE

Sections

About

Privacy & Support

Get EnterpriseAM daily