Draft for global adaptation goals introduced at COP

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WHAT WE’RE TRACKING TODAY

It’s the second-to-last (official) day of COP28

Good morning, friends, and welcome to a new week — as well as the penultimate day of COP28.

THE BIG STORY here at home remains the slew of agreements signed on the sidelines of COP28 — led once again by homegrown renewables firm Masdar — followed closely by capital markets news.

Is COP28 going into overtime? It’s the next-to-last (regularly scheduled) day of the event — but there are signs the gathering may need to go into overtime to hammer out a final agreement.

What gives? Two things. First: Saudi Arabia and other hydrocarbon producers are digging in their heels, refusing to accept text that speaks to a phase-out of oil and gas. On the other side of the ring, International Energy Agency (IEA) chief Fatih Birol is demanding delegates reach a consensus on an “orderly and just decline in fossil fuels in line with our international climate goals” before the summit wraps up,” he told the Financial Times.

Second: And some developing countries think text on funding for climate adaptation is “weak.” The UN Environment Program has already identified an adaptation funding gap of around USD 387 bn.

ALSO- We’re going to be handing over the COP presidency to Baku: Azerbaijan is set to host COP29 after the Eastern European bloc agreed to have its capital city Baku as the host of the UN climate summit, Bloomberg reported on Saturday. The petrostate won backing from the 23 members of the Eastern European bloc after it pushed Armenia to withdraw its own bid.

Sharjah voting wraps: Sharjah’s Consultative Council elections closed last week, with 25 candidates voted in to fill half of the council’s seats, according to Gulf News, which has the full rundown of the appointments. The elections saw an 87% turnout, with 97% opting for electronic voting.

The UAE secured the 31st position globally in Whiteshield's inaugural Global Trade Resilience Index (GTRI 2023), according to a press release. The UAE and the top spot among Arab countries in the rankings. Whiteshield has created a methodology to assess countries' capacity to endure immediate trade disruptions and recover in the medium term.

The top 10 GTRI performers were dominated by nine high-income countries, with Germany securing the top spot, followed by the Netherlands in second place, the USA in third, France in fourth, Japan in fifth, the UK in sixth, Italy in seventh, Singapore in eighth, and Belgium in tenth. Notably, the only upper-middle-income country in this elite group was China, in ninth position.

Dubai aims to become a 20-minute city, wherein 80% of daily services are reachable within a 20-minute walk or cycle, Gulf News reports. Dubai’s Roads and Transport Authority (RTA) Strategic Plan 2024-2030 involves the creation of road and transport systems that promote accessibility. It focuses on enhancing access, extending existing and upcoming mobility services, and mapping out smart mobility solutions.

PSA- Get your umbrellas ready — the weather this week brings a mix of fog, rain, and a drop in temperatures in Abu Dhabi and Dubai, according to The National. Safety alerts are in place due to fog affecting road visibility. The National Centre of Meteorology expects fog and mist today through Wednesday, with a chance of rain in northern and coastal areas. Daytime highs are forecasted to reach 26-27°C, while evenings will cool down to as low as 16-17°C.

THE BIG STORIES ABROAD-

#1- Eyes around the region have turned to the border between Egypt and Gaza, where tens of thousands of refugees are being pushed by Israel’s drive into southern Gaza. UN and Arab officials have warned that “the developments we are witnessing point to attempts to move Palestinians into Egypt” and that conditions on the border could “increase pressure for mass displacement into Egypt.” (LA Times | Reuters | UN remarks)

MORNING MUST-READ-

AI nerds and even the simply curious should read Inside OpenAI’s crisis over the futureof Artificial Intelligence. Not the greatest headline ever written, but the deeply reported piece is a must-read if you want to get not just into why Sam Altman got sacked, but think through what “cracks at the heart of the AI movement” the brawl exposed.

CIRCLE YOUR CALENDAR-

The MENA region’s largest trade show for organic and natural products, Organic &Natural Expo Dubai, returns to Dubai World Trade Centre from 12-14 December.

The Abu Dhabi Center has the world’s first angel investor summit, Super Angels, this Friday and Saturday. The summit kicks off at 8am and wraps at 5pm on both days.

Also on this weekend: Ahlam and Assala will be playing at Dubai’s Coca Cola Arena this Friday night.

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

COP28 negotiators introduce draft text for new global adaptation goals + Global finance experts roll out climate finance roadmap

COP28 negotiators introduced a draft for the new Global Goal on Adaptation (GGA) yesterday outlining the new global framework for adaptation plans and funding, The Guardian reports. Delegates from climate-vulnerable countries have raised their concerns about the draft as it did not stipulate any targets committing “wealthy countries to provide the finance needed to make the adaptation goal a reality on the ground,” said Teresa Anderson, global lead on climate justice for ActionAid International.

Where did the draft fall short? Despite highlighting the funding gap for adaptation strategies and calling upon developed countries to double their adaptation finance, the draft failed to address a clear goal for effectively increasing the funding. There is a c. USD 387 bn gap in climate finance, according to UNEP’s Adaptation Gap report. The framework also pushed back setting solid, measurable targets for global adaptation until the implementation of a two-year program to develop a system for evaluating progress on the adaptation goals. Talks on Equity and Common But Differentiated Responsibilities (CBDR), one of the UNFCCC principles, are also being foiled by some developed countries. Developed countries have reportedly introduced a “no text,” option, leaving out any mention of a CBDR provision in the draft.

Global finance experts roll out climate finance roadmap: The UN’s Independent High-Level Expert Group (IHLEG) released its Climate Finance Framework (pdf) report outlining the action plans needed to implement the recently released UAE Leaders Declaration on a Global Climate Finance Framework (pdf), and deliver on the Paris Agreement. The report outlines a roadmap to deliver climate funding and address the issues facing emerging markets and developing countries (EMDCs) in their implementation of adaptation and mitigation policies.

Roland Berger + Bee'ah Group-led consortium debuts global mechanism for recycling: A consortium led by UAE waste management company Bee'ah Group and management consultancy firm Roland Berger, in collaboration with DFINITY Foundation and the International Solid Waste Association (ISWA), launched the first global Voluntary Recycling Credits (VRC) initiative to cut companies’ solid waste footprints, Wam reported last week. The consortium premiered the first live transaction last week at COP28. The complete VCR platform is set to be officially introduced some time in 2024.

ALSO- Climate Change Ministry unveils global ‘Waste to Zero’ decarbonization initiative: Spearheaded by the Climate Change and Environment Ministry (MOCCAE) and Abu Dhabi Waste Management Company (Tadweer), the government launched its global ‘Waste to Zero’ initiative to reduce carbon emissions in the waste management sector, Wam reported on Thursday. Backed by global management consultancy firm Roland Berger, the initiative will serve as a voluntary coalition comprising governments, NGOs and the private sector. The initiative will promote cooperation and developing solutions for waste management by hosting discussions, workshops, and awareness programs globally.

As well as a comprehensive green-powered action plan to hit new environmental targets: Ten initiatives and decisions, including implementing a framework for the Biodiversity Strategy 2031 were approved during a cabinet meeting at Expo City Dubai yesterday, The National reports. The strategy aims to rehabilitate 80% of degraded land and marine areas, preserve at least 21% of ecosystems, and enhance the status of endangered species by 10%. The UAE also committed to the “global cooling pledge” along with 60 other nations to reduce emissions in the cooling sector and joined a global effort to remove carbon from the waste sector.

The UAE and US’ Agriculture Innovation Mission for Climate (AIM for Climate) initiative reeled in investments of around USD 17 bn, according to a statement (pdf) on Friday. USD 12 bn of the investments came from over 600 government partners, while the other USD 5 bn came from 27 new Innovation Sprints — initiatives led and funded by partners to support small farmers in low and middle-income countries, and invest in emerging technologies, agroecological research, and methane reduction. The USD 17 bn in investments is more than double the USD 8 bn pledged at COP27, and 4x the USD 4 bn invested when the program first launched at COP26.

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-

UAE pledges USD 220 mn for Africa’s health sector: The UAE will extend a USD 220 mn grant to help some African countries build health care systems to address the impacts of climate change.(Wam)
Another green loan from ADCB: Abu Dhabi Commercial Bank (ADCB) extended an AED 500 mn sustainability-linked loan to Lulu Group.(Statement)

Masdar signs spate of green hydrogen agreements with an eye on EU exports

Green hydrogen galore: Green hydrogen was at the top of Masdar’s agenda the last few days and Amea Power entered the ring with a foray into Mauritania. Waste management has also made a splash with a spate of agreements from Bee’ah and Tadweer.

GREEN HYDROGEN-

Masdar and Austria’s OMV partner on green hydrogen: Renewables developer Masdar signed on Friday a Heads of Terms agreement with Austria-based integrated oil and gas company OMV to develop a “large-scale” green hydrogen plant, according to a company statement. The location of the electrolysis facility, targeted generation capacity, and an expected timeline on the project were not disclosed, but the companies are expected to make a final investment decision on the plant in 2H 2024. The agreement follows an earlier agreement between the two sides to explore cooperation in the green fuels and renewables sectors.

Masdar partners with Dutch firms on UAE-EU hydrogen corridor: UAE-based renewables developer Masdar signed an agreement on Wednesday with the Port of Amsterdam and Dutch firms SkyNRG, Evos Amsterdam, and Zenith Energy to explore developing a green fuel supply chain for Europe to import hydrogen from Abu Dhabi, Wam reported last week. The expected investment ticket for the green hydrogen corridor and when shipments are expected were not disclosed.

Who’s doing what: Zenith will work on developing a liquid hydrogen supply chain to facilitate imports, while Evos Amsterdam will manage development of a liquid organic hydrogen carrier supply network. Sustainable aviation fuel (SAF) supplier SkyNRG is establishing a network of SAF production facilities and will use the hydrogen as feedstock for its operations.

And with Verbund on green hydrogen in Spain: Masdar and Austria's Verbund Green Hydrogen GmbH signed an agreement to explore establishing a green hydrogen plant in Spain, according to a statement on Thursday. The hydrogen produced will be used to decarbonize Spain or Europe’s hard-to-abate sectors including steel, fertilizers, chemicals, heavy transportation, and aviation.

Amea Power taps into Mauritania’s renewables and green hydrogen sectors: Renewables developer Amea Power signed two MoUs with the government of Mauritania to establish a 3 GW green hydrogen plant and two renewables projects with a combined 200 MW generation capacity in the African country, according to a Mauritanian Cabinet statement. Amea says it is looking to build a 100 MW wind farm and a 100 MW solar plant in Mauritania, both of which would be supplemented with battery energy storage systems. The timeline and expected price tags of three projects were not disclosed.

RENEWABLES-

See Holding teaming up with EnerTech to set up a new green city in Kuwait: Kuwaiti state-owned green tech investor and developer EnerTech signed an agreement with UAE-based sustainable architecture and investment company SEE Holding to establish a green, renewables-powered microcity in Kuwait, according to a statement released on Thursday. A planned 16 MW solar farm will generate 120% of the city’s energy needs. The green city will have a waste-to-biogas production plant, recycle 100% of its water, and produce 50% of its own agricultural needs. The investment ticket and construction date of the project were not disclosed.

ALSO- Masdar has another solar farm in the works: Masdar is partnering with Bee’ah Group and the Sharjah Electricity, Water, and Gas Authority to convert the 68 hectare Al Sajah landfill in Sharjah into a 120 MW solar farm, according to a statement released last week. The expected price tag and timeline of the project were not disclosed.

DECARBONIZATION-

Emirates Steel Arkan, Khalifa University and Ohmium International partner on decarbonizing steel: Emirates Steel Arkan signed an agreement with Abu Dhabi’s Khalifa University and US-based electrolyzer producer Ohmium International to develop a green hydrogen-focused research and development program for decarbonizing the UAE’s steel industry, according to a statement released on Friday. Emirates Steel Arkan aims to build on the research as it looks to produce Direct Reduced Iron and expand in the green steel sector.

Tech research group launches blockchain carbon platform: The Cryptography Research Center (CRC) at the Technology Innovation Institute (TII) launched a blockchain-powered carbon tracking and trading platform to facilitate international trade in carbon tokens, according to a statement published last week. The platform is the first to implement a blockchain-enabled Proof of Concept to accurately track emissions by registering the credits from any public or private organization globally. Auditors can then certify the emissions through the different stages of capture, storage, and trading.

Taqa will trial Octopus Energy’s power management platform Kraken regionally: The Abu Dhabi National Energy Company (Taqa) signed an agreement with British renewables developer Octopus Energy Group to trial the latter’s AI-powered energy management platform Kraken across its UAE operations, according to a statement published last week. A timeline for the pilot project’s launch was not provided. The Kraken platform enables energy firms to create and launch eco-friendly energy solutions while also managing customer inquiries in a faster and more comprehensive manner, the company notes. Both sides are also exploring the creation of a UAE-based joint venture through which they would establish an energy tech innovation and development hub in the Emirates.

Dubai Taxi Company’s share price rises 18% on first day of trading

Dubai Taxi Company’s shares climbed almost 18% on their first day of trading on the DFM on Thursday to close at AED 2.18, up from their initial price of AED 1.85, Gulf News reports. More than 28k worth AED 64 mn changed hands within the first 15 minutes of trading. The IPO raised some AED 1.16 bn.

Dubai Taxi Company tapped BHM Capital as a liquidity provider for its shares listed on the DFM, the company stated in a DFM disclosure.

Advisors: Citigroup, Emirates NBD, and Merrill Lynch were joint global coordinators and joint bookrunners, while EFG Hermes UAE and FAB acted as joint bookrunners. Receiving banks included our friends at Mashreq as well as Emirates NBD, Abu Dhabi Islamic Bank, FAB, Ajman Bank, Commercial Bank of Dubai, Dubai Islamic Bank, and Emirates Islamic Bank.

reword: Abu Dhabi National Hotels Company obtains 50% ownership stake in M Five Cleaning Services

Abu Dhabi National Hotels Company acquires a 50% stake in M Five Cleaning Services, a UAE-based housekeeping and cleaning firm, according to an ADX disclosure. The financial details of the transactions were not disclosed.

Looking forward: The company plans to explore new markets, particularly in North Africa and Europe, aiming for global expansion, the company's CEO, Khalid Anib said in September, Arab News reports.

About Abu Dhabi National Hotels Company: Established in 1976, Abu Dhabi National Hotels (ADNH) has evolved from a hotel owner and asset manager into a diversified hospitality group encompassing hotels, restaurants, destination management services, catering, and transportation. The company's hotel portfolio includes The Ritz-Carlton Abu Dhabi Grand Canal, The Park Hyatt Abu Dhabi Hotel & Villas and Le Meridien Abu Dhabi.

IN OTHER M&A NEWS-

e& now owns half of Careem’s super app: Telecom giant e& has acquired a majority stake in Careem’s super app for USD 400 mn according to a bourse filing on the ADX. The transaction was inked back in April with the creation of a new entity dubbed “Careem Everything App,” which separates Careem’s ridesharing business, fully owned by Uber, from its non-rishesharing business.

The new app is an amalgamation of various services featuring food and grocery delivery, micro-mobility, a digital wallet, fintech services, and other third-party services including home cleaning, car rental and laundry, the press release reads.

AM Best maintains Al Fujairah National Ins Company's credit ratings with a negative outlook

Ins.-focused ratings agency AM Best affirmed Al Fujairah National Ins Company (AFNIC)’s financial strength rating at B++,and the company’s long-term Issuer credit rating at bbb, according to a press release. Both ratings were given a negative outlook.

The rationale: AFNIC's ratings demonstrate the company's robust balance sheet strength, evaluated as strong by AM Best. The ratings also reflect AFNIC's “strong operating performance, limited business profile and marginal enterprise risk management”.

The credit ratings also factor in the support from AFNIC's main shareholder, the Government of Fujairah-Department of Industry and Economy, which owns over 80% of AFNIC. The entity has repeatedly backed AFNIC through capital injections and allowed the company to accumulate capital through bonus shares instead of liquidity distributions.

Why the negative outlook? AFNIC has been reporting “loss making operating results” since 2022. At the end of 2022, the company reported a net loss of AED 14.4 and an additional AED 13.4 mn loss in 9M 2023. These losses are mainly due to poor technical performance, which was partially counteracted by positive investment returns. The reduction in earned premiums, and many large losses have strained AFNIC’s expenses base. These challenges are straining the rating agency’s operating performance assessment.

Fourth phase of Al Maktoum is now operational

Fourth phase of Al Maktoum Solar Park is now live: UAE Vice President and Prime Minister Mohammed bin Rashid Al Maktoum inaugurated the fourth phase of the 5 GW Mohammed bin Rashid Al Maktoum Solar Park, featuring the tallest concentrated solar power (CSP) tower and the largest single-site thermal energy storage in the world, WAM reported. This phase slashes annual carbon emissions by roughly 1.6 mn tonnes and delivers clean, sustainable energy to around 320k households.

About the fourth phase:The 950 MW fourth phase — built by Dewa and a KSA Acwa Power-led consortium that includes the Chinese Silk Road Fund — is the largest single-site project in the world that brings together Concentrated Solar Power (CSP) and photovoltaic technologies. The phase uses the Independent Power Producer (IPP) model with investments of up to AED c.16 bn.

The upcoming phases: The 900 MW fifth phase of the solar park became operational back in June, with the 1.8 GW sixth phase set to commence between 4Q 2024 and 2026. Masdar will build and operate the upcoming sixth phase, with an investment ticket of AED 5.5 bn (c. USD 1.5 bn).

More on the solar park: Al Makhtoum solar park is the world’s largest single-site solar park using the Independent Power Producer (IPP) model with a planned production capacity of 5 GW by 2030 and investments totalling AED 50 bn (c. USD 13.6 bn).

IN OTHER ENERGY NEWS-

China to invest USD 5 bn in Emirati solar power project: Chinese renewable energy company Trina Solar will pour USD 5 bn into an integrated solar power generation chain in the UAE, reports Wam. The project is expected to generate more than 7k jobs.

We’ve been here before: Trina Solar has been investing in clean energy solutions in the UAE since 2012. The company previously developed the Sustainable City in Dubai initiative, installing up to 40k solar panels across Dubai. The project produces 24 GWh annually, equivalent to saving 11k tons of CO2.

More on Trina Solar: The Chinese firm has generated more than 150 GW of solar modules worldwide, including connecting over 9.5 GW of solar power plants to the grid, according to its company website. Trina Solar has consecutively received accreditation from international institutions like BloombergNEF and RETC.

Enoc launches first green hydrogen fuel station in Dubai: The Emirates National Oil Company (Enoc) opened its first green hydrogen fuel station in Expo City Dubai, The National reports. The Dubai Electricity and Water Authority and Toyota partnered in the development of the project, which is the only station in the region offering green hydrogen, hydrocarbon fuels and electric charging stations, Enoc said.The UAE aims to generate 1.4 mn tonnes of low-emission hydrogen per year by 2031, with a subsequent increase to 15 mn tonnes annually by 2050.

ADIB’s USD 500 mn green sukuk is now live on the ADX

Abu Dhabi Islamic Bank (ADIB) listed its five-year USD 500 mn green sukuk on the Abu Dhabi Securities Exchange on Friday, according to an ADX filing. ADIB intends to allocate the bond’s net proceeds to fund green projects to accelerate the green transition.

The details: ADIB raised USD 2.6 bn in its green sukuk sale, which was 5.2x oversubscribed, according to a statement by the bank last month. ADIB priced the five-year senior sukuk, rated A+ by Fitch, at an interest rate of 5.695%, to be paid semi-annually.

REMEMBER- The UAE holds 19% of the global sustainable sukuk market, with the value of its Environmental, Social and Governance (ESG) sukuk reaching USD 6.4 bn during the first nine months of the year, Skynews Arabia reports, citing Fitch Ratings.

Going green, even before COP: Green bond issuances in the Gulf raised USD 14.6 bn year-to-date by the beginning of the month, almost doubling the amount sold in the region last year, according to data compiled by Bloomberg.

National investment strategy to be launched soon

National investment strategy around the corner:The newly formed Investment Ministry is working on a national investment strategy to unify the investment policies of the seven emirates, Reuters reported, Minister Mohamed Al Suwaidi said on the sidelines of a conference on Thursday. The new unified strategy is intended to bolster the country’s economic standing by attracting more national and international investments. Further information regarding the strategy remains undisclosed.

The Investment Ministry, established in July, takes on a role that is more supportive than regulatory, focusing on facilitating the global expansion of companies as well as attracting more FDI. The ministry will not be involved in any asset management or allocation decisions pertaining to the new national investment strategy.“So when the Abu Dhabi Investment Authority, Mubadala, or a Dubai sovereign fund, or others say I want to put [capital] into private equity, we're not going to be influencing that,” Al Suwaidi said.

The goal is always to attract more investments: The government is looking to draw in USD 150 bn worth of FDI inflows by 2031. The country recorded a 10% y-o-y growth in FDI inflows last year, amounting to USD 23 bn according to the World Investment Report 2023 (pdf).

Union Ins records a net loss of AED 166.6 mn

Union Ins remained in the red in 3Q 2023, recording AED 166.6 mn in net losses during the quarter, according to a bourse filing.

Union Ins suffered significant losses due to various factors: They took a hit from a failed property transaction back in 2013 and 2014, leading to an ongoing legal battle as they strive to recover the incurred losses; some mistakes in recording the true value of freehold land as well as undertaking some bad debts between 2019 and 2021 that the company suspects will not be paid back.

Al Salam Bank Sudan addresses its financial reporting backlog, discloses 1Q-3Q 2023 financial statements:The lender recorded a net loss of SDG 496.9 mn in 3Q 2023, down 245% compared to a net income of SDG 343.7 mn in 2Q 2023, according to a DFM disclosure. The bank recorded SDG 363.7 mn in revenue in 3Q 2023, down 69.7% from SDG 1.2 bn during the same period last year.

Net income stood at SDG 29.6 mn in 9M 2023, down 98% y-o-y fromSDG 2.6 bn in 9M 2022. 9M 2023 revenues stood at SDG 2.9 bn, down 27% y-o-y.

ICYMI: The bank’s shares resumed trading at 1pm yesterday, according to a DFM market announcement, after being suspended from trading since May 2023, due to non-disclosure of financial statements for the first quarter of 2023, Argaam reports.

The listing of the company’s shares was transferred to Category A from the second category, according to a separate DFM market announcement.The DFM transferred the shares of Al Salam Bank Sudan to the second category last month on 16 November, in line with the Chairman of the Authority’s Board of Directors’ Decision No. (13/R.M.) of 2020 regarding procedures for dealing with troubled listed public joint-stock companies.

ADX-listed MBME appointed Briseida Sinaj as CFO

MBME gets a new CFO: MBME Group appointed Briseida Sinaj (LinkedIn) as the CFO, according to a company disclosure. Sinaj holds a master’s degree in Finance Accounting and a Certified Management Accountant (CMA) verification from the International Management Accounting organization. Her over 15 years of experience includes working as the Head of Budgeting for the Ministry of Finance and Economy in Albania.

About MBME: MBME is a leading investment company operating an integrated fintech ecosystem encompassing the region’s largest online utility and government services platform. The company went live on the ADX in April, making it the first fintech firm to list on the Abu Dhabi bourse.

Dubai Crown Prince’s office gets a new director general: UAE Vice President and Prime Minister Mohammed bin Rashid Al Maktoum has appointed Omar Sultan Al Olama as the Director General of the Dubai Crown Prince’s Office, Gulf Today reports. Al Olama holds various positions, including Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications. He also serves as deputy managing director at the Dubai Future Foundation, vice chair at the World Government Summit, chairman of the Dubai Chamber of Digital Economy, and heads the Artificial Intelligence and Blockchain Council. One of Al Olama's notable achievements before his appointment is the formulation of the UAE's Artificial Intelligence Strategy.

UAE X is all about sports + Palestine today

This morning on UAE X: It’s all sports this morning, we’re seeing several different hashtags with السيتي# “City” as a result of their 2-1 victory over Luton Town yesterday. We’re also seeing #PAKvsIND (cricket) and #Chelsea (football).

Palestine protests: We’re also seeing the hashtag الاضراب_الشامل# calling for a “global strike” in solidarity with the people of Gaza.

COP continues to lead UAE coverage in the international press

It’s all COP in the international press: As the conference in Dubai enters its final stretch, attention has turned to the question of setting a date for global ending fossil fuels use. (Reuters | Bloomberg | El País | Mail Online)

ESA + FAB to develop commodity trading platform

CAPITAL MARKETS-

Emirates Steel Arkan (ESA) and First Abu Dhabi Bank (FAB) will work together on carbon market development, includingcommodity trading, carbon credits, and sustainable investments and deposits, according to a press release. The cooperation will cover current and future ESA projects tailored towards hedging and trading carbon credits, with the aim of making high-integrity green financing readily available in the region.

TRADE-

DP World + Rosatom to partner on new logistics operator: DP World and Russian state corporation Rosatom inked an agreement for a partnership on “an international logistics operator” to operate in Russia and international markets, according to a press release.

The details: The agreement, signed on the sidelines of COP28, looks to boost logistics integration between BRICS nations, bolster supply chains, boost trade turnover and sustainable development. The newly created logistics operator will make use of established trade infrastructure in Russia, Eurasia, the Middle East, Africa, and South America, including the Northern Sea Route (NSR).

MANUFACTURING-

Mohamed Hareb Al Otaiba Group and Japan’s M-TEchX formed a JV dubbed Maotex, the first nanofiber producer in the region, according to a press release. Maotex will be deployed in the oil and gas sectors to absorb oil.

TECH-

Phoenix is getting its hands on Whatsminer’s state-of-the-art mining equipment: Phoenix Group inked a USD 380 mn agreement with Whatsminer on Thursday to integrate the manufacturer’s hydrocooling technology within its HPC data centers, according to a press release. The agreement will see Phoenix benefit from mining hardware worth USD 136 mn, with an option still left on the table to acquire an additional value of USD 246 mn.

REAL ESTATE-

VA Properties and RSD Group plan to invest AED 5 bn in a new luxury residential project, Fairmont Dubai Skyline Residences, according to a press release. The project, located in Al Sufouh, will include 121 fully furnished residences with 2-3 bedroom apartments, a half floor sky mansion, and a full-floor sky palace, the statement reads.

Aldar Properties sold all 420 units, worth AED 1 bn, in the first phase of its Ras Al Khaimah residential project on Al Marjan Island, according to an ADX disclosure. The beachfront units, including the coveted Nikki Beach Residences, were completely sold within 48 hours of the launch, demonstrating high demand for short-term stay and second home options. Due to significant interest, an additional 150 units have been released for sale.

India’s stock market poised to overtake Hong Kong as leading trading center

India’s stock market is on track to eclipse Hong Kong: Recent surges in Indian share prices have put the country’s stock exchange on track to surpass Hong Kong and become one of the world’s largest trading centers, according to the Financial Times. The National Stock Exchange of India’s total market cap stood at USD 3.7 tn at the end of October, and with strong earnings and growth projections pushing share prices higher in the weeks since, the Mumbai-based market is poised to take the place of the Hong Kong stock exchange (October market cap: USD 3.9 tn) as the world’s seventh-largest exchange.

ADX	9,401	-0.7% (YTD: -7.4%)
DFM	3,952	-0.1% (YTD: +18.5%)
Nasdaq Dubai UAE20	3,952	-1.3% (YTD: -7.5%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.0% o/n	5.3% 1 yr
TASI	11,297	+0.6% (YTD: +7.8%)
EGX30	24,190	-0.2% (YTD: +65.7%)
S&P 500	4,604	+0.4% (YTD: +19.9%)
FTSE 100	7,554	+0.5% (YTD: +1.4%)
Euro Stoxx 50	4,523	+1.1% (YTD: +19.2%)
Brent crude	USD 75.84	+2.4%
Natural gas (Nymex)	USD 2.58	-0.2%
Gold	USD 2,014.50	-1.6%
BTC	USD 43,807	-0.3% (YTD: +165.4%)

THE CLOSING BELL-

The ADX fell 0.7% yesterday on turnover of AED 901.27 mn. The index is down 7.4% YTD.

In the green: Gulf Cement (+8.9%), Sharjah Cement and Industrial Development (+8.0%) and Emirates Driving Company (+4.9%).

In the red: Phoenix Group (-10.0%), National Bank of Umm Al Qaiwain (-5.6%) and Multiply Group (-4.4%).

The DFM fell 0.1% yesterday on turnover of AED 255.01 mn. The index is up 18.5% YTD.

UAE presses UNSC for permanent Gaza ceasefire in new draft resolution

UAE demands a ceasefire that sticks: The UAE submitted a draft resolution to the UN Security Council (UNSC) on Thursday urging for an immediate end to the Israel-Hamas conflict, according to a statement by the mission on X. The situation in Gaza is “catastrophic and close to irreversible” the statement read, quoting UN Secretary General Antonio Guterres. The US vetoed the resolution, barring it from passing.

The Foreign Affairs Ministry lauded the peace-building measures agreed upon between Azerbaijan and Armenia on Saturday, saying in a statement that the accord will mean greater stability for the Caucasus and the world. President Mohammed bin Zayed Al Nahyan also held a talk with the Azerbaijan President on the same day in which he praised the reconciliation efforts.

CALENDAR

DECEMBER

30 November-12 December: COP28, Expo City Dubai.

8 December-14 January: Dubai Shopping Festival, City wide.

12-14 December (Tuesday-Thursday): Organic & Natural Expo Dubai 2023, Dubai World Trade Centre.

13-15 December (Wednesday-Friday): ArabPlast 2023, Dubai World Trade Centre.

15-16 December (Friday-Saturday): Super Angels Summit, Abu Dhabi National Exhibition Centre.

Signposted to happen sometime in December:

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 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.

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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