DIFC provides clarity on law interpretation with new amendments

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WHAT WE’RE TRACKING TODAY

THIS MORNING: The Trump-Musk era could spur more GCC investments in the US + COP29 talks in stalemate ahead of final day

Good morning, lovely people. It’s the quietest day of news here at home that we’ve had in weeks — if not months — but we have an important update on DIFC law and the Central Bank of the UAE’s latest T-sukuk auction for you to dig your teeth into.

PLUS- We have an interesting My Morning Routine read for you this morning with Wisewell and Incubayt’s Sami Khoreibi, where he dives into how he balances work as an entrepreneur and investor, and his ambitions to drive sustainability in the region through various avenues both in his past work and through his current roles.

WEATHER- Temperature will hit 32°C in Dubai before cooling to 24°C overnight. In Abu Dhabi, the mercury peaks at 28°C, with an overnight low of 26°C.

WATCH THIS SPACE-

#1- GCC funds to deepen US investments post-Trump’s election? With Elon Musk set to lead the US president-elect Donald Trump’s new Department of Government Efficiency, the UAE and GCC countries see an opportunity to deepen investments in the US, Bloomberg reports, citing unnamed sources. Musk's presence in Trump’s inner circle is expected to bolster Gulf investors' confidence, particularly in critical sectors like tech and AI, which faced restrictions under Joe Biden’s administration.

Gulf sovereign wealth funds have long supported Musk. Sheikh Tahnoon bin Zayed invested in Musk’s SpaceX. Saudi Arabia’s PIF invested in his AI company xAI (MGX was also rumored to be eyeing an investment in the startup), and Qatar’s fund backed his Twitter acquisition and other ventures.

The potential investments could add to the UAE’s existing USD 1 tn investments in the US, with both countries already having pledged to expand their collaboration in tech and AI, according to an unnamed UAE official.

Trump could soon visit the UAE, Eric Trump, the president-elect’s son, previously said prior to the elections. Eric is also slated to speak at the Bitcoin MENA event in Abu Dhabi this December.

#2- As COP29 talks on climate finance face a stalemate, UAE-backed Alterra fund is also struggling to deploy capital amid what CEO Majid Al Suwaidi identified as a lack of viable projects in the energy transition space in a Bloomberg interview. Alterra has so far committed USD 6.5 bn to seven strategies managed by BlackRock, Brookfield Asset Management, and TPG, though actual funds spent are significantly less, its CEO said, without disclosing a specific figure.

Background: The UAE-backed USD 30 bn vehicle was unveiled last year at COP28 to mobilize USD 250 bn globally by 2030 to finance the climate transition. It recently announced plans to direct an additional USD 200 bn to climate investments over the next six years, and said that it will increase its focus on co-investments and direct investments, capping returns in its Transformation unit to attract external investors.

#3- Sharjah rental rates rise 30-50% amid surging demand: Sharjah's rental market is experiencing 30-50% increases this year, driven by economic growth, rising rents in other emirates like Dubai, and an influx of residents from countries such as Sudan, Russia, and Ukraine, real estate experts told The National.

REMEMBER- In September, Sharjah's ruler, Sheikh Sultan bin Mohammed Al Qasimi, approved a new rental law aimed at capping rent increases for the first three years of a lease, tightening eviction rules, and expediting leasing contract ratifications.

#4- DP World mulls investments in Cambodia: DP World CEO Sultan Ahmed Bin Sulayem expressed interest in investing in Cambodia’s transportation, logistics, and industrial park development during a call with Cambodian Prime Minister Hun Manet yesterday, Cambodian newswire Khmer Times reports.

#5- Kuwait Petroleum Corp. (KPC) will establish a fuel-trading unit in Dubai in 1H 2025, CEO Sheikh Nawaf Al-Sabah told Bloomberg. The initiative is part of KPC’s KWD 20 bn investment plan aimed at boosting oil production capacity and enhancing operations across its value chain, from exploration to petrochemicals.

#6- GulfNav’s Brooge takeover still in the works: Maritime player GulfNav confirmed that its acquisition of oil storage outfit Brooge Petroleum and Gas Investment Company from Brooge Energy is “still in progress,” as the Securities and Commodities Authority is still reviewing the transaction, the company said in a disclosure (pdf). The company also said the drop in its share price to the minimum threshold temporarily during trading yesterday could not be attributed to any information or news that would justify the drop.

BACKGROUND- GulfNav received board approval in September for the AED 448.5 mn share swap transaction, which involves a capital increase equivalent to the shares issued to Brooge. The proposal, initially submitted to the SCA in October 2023, was updated earlier this year.

PSA-

Three categories of individuals violating UAE entry and residency regulations are excluded from the grace period extended to 31 December under the visa overstay amnesty program, Gulf News reports, citing the Federal Authority for Identity, Citizenship, Customs, and Port Security. These categories include employees abandoning their jobs after 1 September, which is the start date of the amnesty program, individuals with deportation orders from the UAE or other GCC countries, and those who entered the UAE illegally.

Eligible overstayers are encouraged to apply for exit permits to leave the UAE without fines if they cannot secure work by year-end, according to Col Abdullah Atiq, deputy assistant director of investigation affairs at the General Directorate of Residency and Foreigners Affairs in Dubai, The National reports.

ICYMI- The visa overstay amnesty program, initially launched in September, was extended from 31 October to 31 December. It allows individuals to address visa violations without fines or bans preventing re-entry.

HAPPENING TODAY-

#1- Ras Al Khaimah Ruler Sheikh Saud bin Saqr Al Qasimi is wrapping a four-day visit to Guangdong Province, China,, Wam reports. During the visit, the RAK Ruler will sign a cooperation agreement with Guangdong, focusing on the digital economy, scientific and technological innovation, advanced manufacturing, smart cities, and culture and tourism. Al Qasimi will also hold business meetings.

#2- Xpanse 2024is on its second and final day at the Adnec Center in Abu Dhabi, Wam reports. The event will focus on artificial intelligence, machine learning, genomics, quantum computing, neuromorphic computing, and 6G connectivity. Some 3k decision-makers, technology innovators, Nobel laureates, industry executives, CEOs, government officials, and scientists are expected to attend.

HAPPENING THIS WEEK-

The ADLM Middle East Conference and Exposition will be held on 23-24 November at the Conrad Abu Dhabi Etihad Towers. The event will showcase diagnostic products and clinical solutions, with topics covering mobile health, molecular diagnostics, and next-generation sequencing. Attendees include laboratory directors, government officials, and industry representatives from across the Middle East and Africa.

THE BIG STORY ABROAD-

The stalemate in Baku is still getting attention as COP29 climate talks enter their final day with no progress on a climate finance agreement for developing countries — or an agreement for a transition away from fossil fuels — in sight. The climate conference is widely expected to overrun.

Still hanging in the balance: Draft documents failed to include mention of fossil fuels (an issue Western countries have blamed squarely on oil-producing countries in the region, led by Saudi Arabia) or a specific figure to update the USD 100 bn owed to developing countries to help the climate transition, which was agreed a decade ago, the Financial Times reports. Developing countries have been looking to bump the figure up to USD 1 tn, but people the FT says are familiar with the discussions say it could land at USD 200-300 bn.

Outside of Baku, the International Criminal Court’s arrest warrant for Israeli Prime Minister Benjamin Netanyahu is the single story getting the most attention. US President Joe Biden rejected the warrants and called them “outrageous,” saying the ICC does not have jurisdiction of the matter and that “there is no equivalence — none — between Israel and Hamas.” Hamas leader Mohammed Deif was also issued a warrant. (Al Arabiya | Reuters | The Guardian | AP | Bloomberg)

Also getting attention: US president-elect Donald Trump named a new attorney-general — former Florida attorney-general Pam Bondi — after his initial choice, Matt Gaetz, backed out. (FT | Reuters | WSJ | AP)

PLUS- BTC hit another fresh high yesterday, approaching USD 100k for the first time but reaching a peak of USD 99.1k, as the cryptocurrency continues to benefit from a post-election rally. (Reuters | CNBC)

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DIFC amends Application + Real Property Laws, providing more clarity for law interpretation

The Dubai International Financial Center (DIFC)’s amendments to its Application Law and Real Property Law and Regulations came into effect yesterday, according to the Dubai Media Office. The amendments, which were enacted last Thursday, 14 November, provide clarity on where the law stands on issues outside of DIFC statutes, backstopping any gaps with English Common Law and other international common law jurisdictions.

REFRESHER- DIFC had published consultations on the amendments earlier in May.

What’s new? The amendments to the Application Law establish clearer guidelines on the source of DIFC law and its interpretation. A new article confirms that DIFC laws are primarily determined by DIFC statutes and court judgments interpreting them. Where there are gaps, the law is supplemented by common law principles, with reference to English Common Law and other established common law jurisdictions.

Where the courts stand: The amendment clarifies that courts retain the authority to adapt and develop common law principles “on a case by case basis,” but do not have broader legislative or policy making powers.

Further global coordination for legal interpretation: Another new article also provides that DIFC statutes modeled on international laws can be interpreted with guidance from global jurisprudence and commentary related to those laws.

Property reg changes: The amendments to the Real Property Law and Regulations introduce…

A mortgage registration fee, requiring purchasers registering mortgages to pay a 0.25% fee on the mortgage value to cover administrative costs;
An extended off-plan sales registration period from 30 days to 60 days, granting buyers more time to complete transactions and pay freehold transfer fees.

CBUAE’s T-sukuk for 4Q 2024 was 4.9x oversubscribed

The Central Bank of the UAE’s (CBUAE) latest AED 1.1 bn T-Sukuk auction was 4.9x oversubscribed, pooling AED 5.4 bn in bids, according to a Finance Ministry statement posted on X. The auction was part of the Islamic T-Sukuk issuance program for 4Q 2024, Wam reports.

The details: The tranche maturing in May 2027 offered a yield of 4.3%, with a spread of 4 basis points above US Treasuries bonds of similar maturities at the time of issuance. The tranche maturing in September 2029 provided a yield of 4.38%, with a spread of 12 basis points above US Treasuries.

ALSO- Another CBUAE AED 1.1 bn T-Sukuk auction started trading on Nasdaq Dubai today, according to a bourse disclosure. The May 2027 tranche is priced at a yield of 4.57%, while the September 2029 tranche is set at 3.65%.

Beyond Banking: How Mashreq’s BaaS Is Shaping the Digital Financial Future

In response to evolving market demands and the accelerating shift toward digital financial solutions, Mashreq has launched a division dedicated to Banking-as-a-Service (BaaS). This move aligns with customer expectations for banking to be as accessible and integrated as their favorite digital platforms. Through BaaS, Mashreq delivers seamless, on-demand financial services that fit effortlessly into modern lives while addressing the global need for inclusive banking solutions.

The emergence of BaaS represents a revolutionary approach to banking, one that redefines access to financial services. For us, BaaS isn’t just a service but a complete experience. It integrates banking functionalities directly into digital environments, enabling customers to fulfill their financial needs anytime, anywhere through familiar digital channels.

Expanding channels and partnerships through BaaS, Mashreq’s model revolutionizes traditional banking by embedding financial services into everyday digital experiences, meeting customers where they are. It allows us to integrate services into platforms like e-commerce and ride-hailing, enabling options like buy-now-pay-later at checkout or loan access when booking a ride.

Collaborations with fintechs and partner banks, BaaS offers a digital-only banking experience tailored to modern consumers. Customized APIs provide targeted solutions, from healthcare financing at the point of care to payroll-linked services for corporates.

Revolutionizing access through BaaS, we envision banking as an experience beyond transactions. Our model enables customers to engage with essential financial services—money transfers, payments, or loans—through channels they use daily, removing the need for physical branches and integrating banking into their daily interactions.

A bold commitment to financial inclusion, Mashreq’s BaaS provides essential financial access for underserved communities. By building an ecosystem that democratizes financial services, Mashreq ensures banking access for everyone, regardless of background or location. It helps us empower more people and foster economic stability. Expanding our reach to underserved areas, we’re enabling communities to access financial tools previously unavailable, bridging gaps that once limited economic participation.

Our vision for BaaS extends beyond the UAE. Through our non-resident account platform, Mashreq enables UAE residents and expatriates to open accounts back home with ease. This approach builds a global financial ecosystem, meeting the needs of a mobile, globally connected customer base.

Why does Mashreq’s role in BaaS matter? BaaS is the foundation of a future where banking integrates seamlessly into digital lives. Mashreq envisions a future where banking operates quietly in the background, simplifying daily life.

Mashreq is committed to expanding BaaS offerings to new regions, including Asia and Africa, and working closely with regulators to establish standards in open banking. By redefining financial services to be adaptable, accessible, and future-ready, Mashreq isn’t just offering banking—it’s shaping what banking can be.

Ghazal Al Sakaal, Global Head of Digital Strategic Partnerships at Mashreq

Dewa and Enoc Link each receive two awards for sustainable and tech-advanced projects

Dubai Electricity and Water Authority (Dewa) received two awards at the Asian Power Awards 2024, according to a Dubai Media Office statement. The authority received the Innovative Power Technology of the Year - UAE award for its AI-powered load profile simulator, and the Smart Grid Project of the Year - UAE award for its Distribution Automation Smart Grid projects.

Emirates National Oil Company’s on-demand fuel delivery service provider Enoc Link also snagged two awards at the Global Brand Awards 2024 by Global Brands Magazine, according to a company statement. The company received the Best Logistics Technology Implementation award for its automated delivery scheduling. It also took home Best Sustainable Energy Innovation for its solar-powered fueling system, which cuts emissions and reliance on traditional power, offering up to eight hours of battery life for uninterrupted service.

Drake and Scull taps Muin Al Saleh as new CEO

Drake and Scull International reappointed Muin Al Saleh (LinkedIn) as CEO, effective immediately, according to a press release (pdf). Al Saleh was CEO at Drake and Scull between June 2017 and October 2019. He also served as the general manager at Al Majal Al Arabi Group and group general manager at Sharqawi.

Abu Dhabi-based investment firm Multiply Group appointed Syed Basar Shueb (LinkedIn) as chairman of its board of directors and Hamad Khalfan Ali Matar Al Shamsi as vice chairman, according to a disclosure (pdf).

Abu Dhabi woos UK’s ultra-rich as tax reforms spark exodus concerns

Abu Dhabi targets UK’s rich: Bloomberg highlighted Abu Dhabi’s growing efforts to attract wealthy UK non-doms, as new tax reforms under PM Keir Starmer’s Labour government push the ultra-wealthy to relocate, with others like Greece and Singapore also attempting to court them. The emirate held an exclusive event in London, organized by the Abu Dhabi Investment Office and ADGM, to promote its tax-friendly environment and rapidly expanding financial sector.

The strategy seems effective: Jo Eccles, founder of Eccord, has warned that the UK could see a significant “brain drain,” with affluent families and hedge funds already making moves. Even wealthy British residents are relocating — a member of the Kamani family, behind Boohoo Group, relocated to the UAE earlier this year.

CBUAE inaugurates Innovation Hub for tech innovation in the finance sector, inks partnerships

TECH-

The Central Bank of the UAE launched the Innovation Hub at the Emirates Institute of Finance in Dubai, aimed at promoting technological transformation and developing national competencies in financial innovation, state news agency Wam reports.

The details: The hub is part of the Financial Infrastructure Transformation Program, which includes nine initiatives to accelerate digital transformation in the financial sector. It features six laboratories designed for collaboration among students, researchers, and finance professionals.

Several MoUs were inked at the inauguration, including:

An agreement with Udacity and Accenture to upskill 5k learners in data analytics and cybersecurity;
An agreement with Ernst & Young to support sustainable digital solutions in the financial sector;
An agreement with Microsoft to provide AI training for 10k professionals in the financial services sector.

MARITIME-

Singapore-based Seagull New Horizon Offshore and Maritime launched a new 162k sqft facility at Hamriyah Freezone to support ship repairs, maintenance, and marine equipment development, Wam reports. It will mainly focus on the oil, gas, and wind energy sectors to attract offshore oil companies and international shipowners.

AVIATION-

#1- Mubadala and Safran partner up: Mubadala Investment Company and French aerospace and defense corporation Safran partnered up to accelerate aerospace development, according to a press release. The agreement focuses on maintenance, manufacturing, human capital development, advanced materials, and space. It also aims to expand Strata's manufacturing strengths to include engine components, while enhancing capabilities in air traffic management, Earth observation, and propulsion systems.

#2- Etihad Cargo extended its MoU with the Industry and Advanced Technology Ministry to provide preferential air cargo rates for In-Country Value (ICV)-certified companies, according to a press release. Under the agreement, ICV-certified companies will receive a 25% reduction on air cargo tariffs, facilitating their operations within the UAE and enhancing access to international markets. This builds on the original agreement established in 2021.

#3- Emirates will add a fifth weekly flight between Madagascar and Seychelles from 13 December 2024 to 10 January 2025, to cater to heightened demand during the holiday season, according to a statement. The extra flights on the Dubai-Antananarivo route will boost the airline’s capacity to over 1.8k seats in each direction weekly.

CAPITAL MARKETS-

Multi-asset fintech and capital markets solutions provider Centroid will now allow clients to trade in UAE’s key markets, Nasdaq Dubai, Dubai Financial Market (DFM), and the Abu Dhabi Securities Exchange (ADX), after successfully integrating with Dubai-based investment bank Arqaam Capital, according to Centroid’s press release.

EDUCATION-

The Indian Institute of Management-Ahmedaba will open its first overseas campus in Dubai in 2H 2025, Gulf News cites Indian Ambassador to the UAE Sunjay Sudhir as saying.

REMEMBER- Another Indian educational institute is coming: The Indian Institute of Foreign Trade (IIFT) will also open its first overseas campus in Dubai early next year. The IIFT campus will be located at the India Pavilion in Expo City Dubai.

STARTUPS-

US blockchain platform Sui’s web3 hub in Expo City Dubai launched a global accelerator program in collaboration with Brinc, Coinlist, Ghaf Capital Partners, as part of its push to grow Sui’s developer ecosystem globally and onboard an additional 1 bn users to Web3, according to a press release. The 12-week program offers funding, technical mentorship, and networking windows, with selected startups eligible for up to USD 200k per team based on milestone achievements.

Who’s eligible? The program targets innovative projects with minimum viable products (MVPs), real-world applications, and scalability, particularly those that haven’t launched their tokens yet. Applications are open until 20 December, 2024 via the SuiHub Accelerator portal.

REFRESHER- Sui opened a web3 hub in Expo City Dubai in partnership with Ghaf Group last month to offer local Web3 startup founders access to workshops, technical support, community events, funding, and needed expertise.

PAYMENTS-

#1- Umm Al Quwain’s Smart Government Department partnered with several fintechs to enhance the emirate’s payment system in government agencies and introduce services like buy now, pay later,, Wam reports.

#2- UAE fintech Fundbot partnered up with Mastercard to launch a payments platform that connects buyers and suppliers, initially focusing on early claim settlements in the healthcare sector to address payment delays, according to a press release.

The details: The platform will feature Fundbot’s discount product, which incentivizes quicker B2B payments, and an AI tool to recommend optimal discount rates based on industry trends. It will also use Mastercard’s In Control for Commercial Payments to issue virtual cards for suppliers.

BUSINESS-

Imdaad expanded into Oman through a joint venture with Oman Real Estate and Investment (Oris), part of Ominvest Group, state news agency Wam reports. The JV — Omdaad — will provide comprehensive facility management solutions across Oman. The company also recently expanded into Egypt.

SUSTAINABILITY-

#1- The UAE launched the Mangrove Alliance for Climate (MAC) 2031 Strategy at COP29 in Azerbaijan during MAC’s ministerial meeting, which was chaired by UAE climate change and environment minister Amna Al Dahak, Wam reports. The strategy will see the MAC members collaborate to scale mangrove restoration and conservation worldwide.

#2- Siemens to boost buildings’ energy efficiency in UAE: Siemens Smart Infrastructure has partnered with the UAE Ministry of Energy and Infrastructure to retrofit 60 government buildings with advanced technology aimed at achieving up to 27% energy and water savings, according to a statement. The program — which targets healthcare and education facilities — is expected to reduce CO2 emissions by 15.4k metric tons annually.

Not the first collaboration with Siemens: The collaboration follows a successful pilot in which Siemens retrofitted seven ministry buildings, resulting in 20% energy and water savings. Last September, the UAE’s Energy and Infrastructure Ministry signed an MoU with Siemens Energy to boost sustainable development, grid infrastructure, and climate action.

Adani, GQG stocks plunge on US indictment

The aftermath of Adani’s indictment: In the wake of Gautam Adani’s indictment on bribery and fraud charges, the Adani Group saw its companies lose USD 27 bn in value by market close yesterday, bringing its combined market cap to USD 142.6 bn, Reuters reports.

What went down? US prosecutors formally charged Adani and seven others with involvement in a USD 265 mn bribery and fraud scheme, promising contracts that would have yielded USD 2 bn in net income over 20 years. The charges also include raising capital through false and misleading statements, with USD 2 bn in syndicated loans and another USD 1 bn from bond offerings sold to US-based investors.

Adani Green Energy scrapped its USD 600 mn bond issuance, which was offered to the market mere hours before the charges made the news. The debt offering was almost 3x oversubscribed, drawing over USD 1.9 bn in orders, Bloomberg reports.

Kenya calls off USD 2.5 bn projects with Adani: Kenyan President William Ruto called off two major projects with Adani, including a USD 2 bn airport project at Jomo Kenyatta International Airport — that would have seen Adani add a second runway and upgrade the passenger terminal in exchange for a 30-year lease — and a USD 736 mn power transmission line project, Reuters reports.

Its shareholders were not spared: US wealth manager GQG Partners, Adani’s fourth-largest shareholder with USD 10 bn invested in the group, saw its shares fall 19%, wiping AUD 1.5 bn off its market cap, the Wall Street Journal reports. GQG emphasized that 90% of its assets are unrelated to Adani Group, in a statement (pdf), and launched a USD 65.1 mn share buyback program, capitalizing on the fact that its stock was undervalued and sending the stock up in trading this morning, the Wall Street Journal reports.

Adani has gone on the defensive, rejecting the accusations as “baseless,” and reaffirmed that “Adani Group has always upheld and is steadfastly committed to maintaining the highest standards of governance, transparency and regulatory compliance across all jurisdictions of its operations,” the group said in a statement.

Not Adani’s first controversy: Adani has had a sackful of allegations over the years, from accusations of market manipulation and fraud schemes by US short seller Hindenburg Research, which triggered massive share sell-offs in January 2023 and again in August, to allegations of using offshore funds to trade its own shares, to protests over the Kenya airport project.

MARKETS THIS MORNING-

Asian markets are in the green as Wall Street saw a fourth day of gains, and Japan came out with cooler inflation figures for October. Wall Street futures are slightly lower this morning, though the indices are still expected to close the week on a high.

ADX	9,313	-1% (YTD: -2.8%)
DFM	4,730	-0.7% (YTD: +16.5%)
Nasdaq Dubai UAE20	3,879	-1.9% (YTD: +1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.5% o/n	4.4% 1 yr
TASI	11,841	-0.2% (YTD: -1.1%)
EGX30	30,632	+0.1% (YTD: +23.1%)
S&P 500	5,951	+0.7% (YTD: +24.3%)
FTSE 100	8,149	+0.8% (YTD: +5.4%)
Euro Stoxx 50	4,756	+0.6% (YTD: +5.2%)
Brent crude	USD 73.76	+1.3%
Natural gas (Nymex)	USD 3.3	+3.4%
Gold	USD 2,699	+0.9%
BTC	USD 98,334.9	+4.5% (YTD: +132.7%)

THE CLOSING BELL-

The ADX fell 1% yesterday on turnover of AED 1.2 bn. The index is down 2.8% YTD.

In the green: Umm Al Qaiwain General Investment Co. (+6.9%), Palms Sports (+4.3%) and Abu Dhabi Ship Building Co. (+4.3%).

In the red: Abu Dhabi Commercial Bank (-4.7%), Abu Dhabi National Building Materials Co. (-4.4%) and Easy Lease Motor Cycle Rental (-3.9%).

Over on the DFM, the index fell 0.7% on turnover of AED 235.9 mn. Meanwhile, Nasdaq Dubai closed down 1.9%.

CORPORATE ACTIONS-

Budget retailer Union Coop has tapped a legal advisor to look into changing the company’s legal status into a public joint stock company, according to a DFM disclosure (pdf).

UAE + Azerbaijan to boost green investments

UAE-Azerbaijan green collaboration set to expand: Economy Minister Abdulla Bin Touq Al Marri met with his Azerbaijani counterpart Mikayil Jabbarov on the sidelines of COP29 to discuss increasing investments in the green economy transition, expanding renewable energy partnerships, and fostering joint digital initiatives, Azerbaijan’s state news agency Azertac reports. The meeting also focused on ramping up economic and trade relations, focusing on supporting the economic diversification goals of both countries.

Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan discussed the situation in Gaza, Lebanon, and Sudan in a call with US Secretary of State Antony Blinken yesterday, state news agency Wam reports. The two called for expanding humanitarian responses and reaching a sustainable ceasefire in Gaza.

The foreign minister also met with his Turkmen counterpart Rashid Meredov in Abu Dhabi yesterday. They discussed enhancing cooperation between the UAE and Turkmenistan in key areas, including trade, investment, and energy, Wam reports. The two foreign ministers also addressed regional and international issues of mutual interest. The meeting was attended by Energy Minister Suhail bin Mohammed Al Mazrouei and State Minister Ahmed bin Ali Al Sayegh.

ALSO- Earlier this week, Sheikh Mohamed bin Zayed Al Nahyan met with Jordan’s King Abdullah II bin Al Hussein in Abu Dhabi to discuss strengthening the comprehensive economic partnership between the two nations, Wam reports. The leaders discussed regional and international issues, focusing on the situations in Gaza and Lebanon.

My Morning Routine: Sami Khoreibi, co-founder and executive chairman at Wisewell and founding partner at Incubayt

Sami Khoreibi, co-founder and executive chairman at Wisewell and founding partner at Incubayt: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Sami Khoreibi (LinkedIn), co-founder and executive chairman at Wisewell and founding partner at Incubayt.

My name is Sami Khoreibi. I am the founder and CEO of Incubayt Investments, as well as the founder and executive chairman of Wisewell. What I try to focus on is scaling sustainability throughout the Middle East and North Africa, with global ambitions. I spend virtually every day focused on that mission, and trying to bring great ideas both within what we do at [Wisewell] and by supporting entrepreneurs.

I grew up in Toronto, and after graduating university, I started an energy company — Candax Energy — which went public in Toronto. That got me traveling to the region quite a bit, and I was excited by the potential that was being brought forward by the UAE. I decided to start a solar company with a few very good friends and co-founders, and that was what got my foot in the door in terms of entrepreneurship in sustainability and in the region. That company was called Environmena. We were the first solar company in the region based out of Abu Dhabi in 2007. It grew to do the first solar project in seven countries across the Middle East and North Africa. We later got acquired in 2017.

After we were acquired, I wanted to spend a lot of my time and effort investing in exciting businesses and startups with founders from across the region, with a focus on sustainability. That prompted the launch of Incubayt, an investment office focused on investing in companies at the crossroads of sustainability and technology.

While doing so, I started thinking about some ideas myself, and looking at what kind of sustainable opportunities are not being addressed today. That was the catalyst for Wisewell; it really started to address the challenges with drinking water across the region. Consumers today across the entire region, and, for the most part, across the globe, drink bottled water. It's unsustainable, and it’s bad for our health. We figured there must be a better way, and that was the rationale behind building Wisewell, which is a technology company focused on delivering sustainable water through tech-enabled filtration systems.

It is often a big challenge to try to take on multiple roles. In order to be able to do so, you have to build a very strong, capable, and independent team around you. I take the independent part very seriously; you need to enable and trust your colleagues and peers to be able to make decisions and help the business move forward in the right way, while allowing me the ability to focus on what's needed most.

At Incubayt, we invest very early into startups. We like to focus on early-stage businesses that have a positive impact — a lot of that is in climate tech, but we even go broader into health and wellness.

Often, we're actually the first investor, and those entrepreneurs are often first-time founders, so there's a lot of learning to do. I'm very happy to get to add value in terms of experience that I've had over the past 20 years as a founder, but it also takes up a lot of time. You have to be focused with the entrepreneurs, so I always like to carve out a few hours of my day to really be able to either spend time or support the entrepreneurs.

My vantage point as an investor really gives me perspective on a lot of different businesses in different sectors. That allows me to always have a very unique perspective when hiring. At Wisewell also, we're looking at entering new markets and introducing additional product lines. We're looking at building further team members, so that perspective helps guide my decisions at Wisewell too.

I'm very blessed to wake up with my family. I have three children — all six and under — and my wife. One of the things that really energizes me most is spending time with that morning cup of coffee and all of our kids and family in the kitchen.

Every morning and at the end of the day, I have to exercise, whether it's tennis or going to the gym. Physical activity allows you to have a clear and puts you in a very positive mood before you go to work.

I'll be at the office around between 8:30-9am usually depending on traffic. I like to get the immediate emails out of the way in the first hour of the morning, which really opens up your day for collaboration and conversation.

What I try to do every day is take a walk, either with a colleague or while taking a phone call, and I will spend at least half an hour walking while I'm in my meetings. I'm fortunate to be here in the DIFC where we have this amazing indoor and outdoor connectivity depending on the time of year. It just really allows me to reset, especially as the day goes on. It's very important to get up, move, and reset, and I think a mistake I used to make was I wouldn't reset. I would power through the day, but there's a way to be productive and reset at the same time.

I think the more you love what you do, the more that work life balance comes into focus — and it’s a privilege when you get to that point in your career. If you're enjoying the work and your work allows you to have the flexibility to also focus on other things that are important, it’s really important. All of these things complement each other. If one starts dropping, the others are impacted, so I kind of look at balance as the equilibrium of all the different components working hand in hand with each other. This goes back to having the right team that’s allowed independence and control in a way that creates sustainability in the long term.

On a professional level, I feel like we’ve hit a point here at Incubayt, and at Wisewell, where we've identified a set of incredibly exciting opportunities, and we've built a base which is ready to scale, so we’re no longer trying to find new things. I want to focus on growing what we have within our portfolio, and prioritize time with entrepreneurs, potentially investing in more businesses, but being extremely selective.

At Wisewell, we now have several thousand users in the UAE. We're seeing that scale and seeing the impact of what we're doing in terms of removing plastic bottles. What I want to do over the next five years is focus on scaling Wisewell and our portfolio companies.

On a personal level, over the past two years and with having little children, you realize that they grow up very quickly — so [I want to focus on] really being there and having valuable quality time [with them]. Every time I speak with somebody who's got older children, or my own mother, they say don't take this time for granted.

One of the best therapies for me is cooking while having a podcast on. I love long-form biographic podcasts, whether that's talking about a company or an individual, or just a long interview with somebody who's interesting. One of my favorite podcasts now that I listen to is called Acquired. Having time to go on evening walks with my wife after dinner is also a very nice way to reset before bed.

I think that the best piece of advice — and one that's been sticking with me recently — was from my wife. She said that the impact of your mood and your words may seem like a very small thing to you, but it could have a very big effect on those around you.

CALENDAR

NOVEMBER

19-27 November (Tuesday-Wednesday): Subscription period for the retail portion of Talabat’s IPO.

19-28 November (Tuesday-Thursday): Subscription period for the institutional portion of Talabat’s IPO.

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.

25 November (Monday): The Sharjah International Tourism and Travel Forum, Expo Center, Sharjah.

26 November (Tuesday): The Gulf Capital Market Summit, Address Sky View, 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.

DECEMBER

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

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

4-5 December (Wednesday-Thursday): WORLDEF Dubai, Dubai CommerCity.

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.

5 December (Thursday): Khalifa Fund Entrepreneurship Competition, Adnec center, Abu Dhabi.

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.

1- December (Tuesday): Talabat’s shares will start trading on the DFM.

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

10-11 December (Tuesday-Wednesday): SCALEX 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.

11-13 January (Saturday-Monday): The 1 Bn Followers Summit, Dubai.

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

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

14-16 January (Tuesday- Thursday): Intersec, Dubai World Trade Center, 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.

1-28 February (Saturday-Friday): 3rd Sheikh Mansour bin Zayed Agriculture Excellence Award, Abu Dhabi.

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.

NOVEMBER 2025

18-19 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

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

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