Dubai inflation hits nine-month low + gov’t debt looking good

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Is Riyadh’s KAFD gearing up for another run at DIFC?

Good morning, friends, and happy FRIDAY to you all. We’ve made it through another week together, and our reward is yet another busy news day. We hope you’re all looking forward to the weekend as much as we are.

A LOOK AHEAD- We expect another busy news week as the IMF and World Bank’s annual meetings get underway in Washington, DC. Chatter about growth in the Middle East and the state of the global economy will vie for your attention along with the penultimate week of the US presidential race.

WEATHER- It’s another mainly sunny day today, with a daytime high of 37°C and an overnight low of 30°C in Dubai, and a high of 32°C in Abu Dhabi before the mercury dips to 30°C at night.

WATCH THIS SPACE-

#1- Is KAFD gearing-up for a more intense drive to lure financial services companies? King Abdullah Financial District — Riyadh’s answer to DIFC — is said to be interested in raising as much as USD 750 mn to fuel its expansion. The company is mulling both an IPO on Tadawul and the creation of a real estate investment trust to which it would contribute a number of revenue-generating buildings. KAFD is backed by the Public Investment Fund, the Kingdom’s sovereign wealth fund.

Advisors: Our friends at HSBC have the mandate, alongside Citi and Al Rajhi Capital.

Fast fact: KAFD is looking for a new boss after Gautam Sashittal stepped down earlier this month.

#2- HYDROGEN WATCH- French private equity firm Ardian is exploring partnerships with UAE renewables giant Masdar and Saudi’s sovereign wealth fund to invest in green hydrogen, Ardian’s senior managing director, Francois-Aissa Touazi, told The National. Ardian, has assets under management of c. USD 169 bn, will make its first joint investment with Masdar next year through its USD 2.2 bn clean energy fund.

AND- The firm is putting together a dedicated hydrogen investment team in Abu Dhabi and has plans to launch a hydrogen tech fund.

#3- US tech outfit SolarWinds is said to be looking into moving its Europe, Middle East, and Africa headquarters to Dubai from Cork, Ireland. The company is also opening an office in Riyadh, Bloomberg reports.

#4- Further stimulation of economic growth, environmental protection, and safeguarding the rights of residents are the features of 2024-2029 strategic plan put forward yesterday by Dubai’s Supreme Legislation Committee, according to a statement.

HAPPENING TODAY-

Rejoice: It is the last day of Gitex. Traffic around the Dubai World Trade Centre will ease and AI will become a slightly less omnipresent part of your news diet.

THE BIG STORY ABROAD-

Hamas leader Yehya Sinwar is dead, Israel says, claiming to have killed him in a shootout and verified the identity of the body through dental records and fingerprints.

News outlets on both sides of the Atlantic are asking whether this means the end of Israel’s war on Gaza after US President Joe Biden said Sinwar’s killing means “Now’s the time to move on … towards a ceasefire. It’s time for this war to end.”

Netanyahu is having none of it, saying: “But the war, my dear ones, is not over yet. Great challenges still lie ahead of us. Together we will fight.”

MEANWHILE- It was the first time in more than a decade that an Iranian foreign minister has touched down in Cairo when Abbas Araghchi met yesterday with Egyptian President Abdel Fattah El-Sisi. Araghchi’s visit comes as Tehran steps up diplomatic efforts to avoid being drawn deeper into conflict with Israel.

IN US POLITICS- It’s 17 days until voters head to the polls, and Kamala Harris’ campaign is tweaking tactics after the seesaw of polls began tipping in Donald Trump’s favor. Harris’ team is now looking to attract more men and Republican voters.

CLOSER TO HOME- Oman’s state energy company raised USD 2 bn in a blockbuster IPO that now stands as the country’s largest-ever stock offering. The sale of a 25% stake in OQ Exploration & Production makes it the biggest IPO in the region since Adnoc Gas went public in an USD 2.5 bn offering last year.

In context: The OQ sale was more than 2x oversubscribed and is the fourth-largest IPO in Europe, the Middle East, and Africa this year. You can check out OQEP’s prospectus here (pdf).

Advisors- Our friends at HSBC were joint global coordinators, as were Natixis, Sohar International Bank, and Oman Investment Bank.

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CIRCLE YOUR CALENDAR-

The Sharjah International Conference on AI & Linguistics will take place on 17-18 October at the American University of Sharjah.

The Lease Conference Dubai 2024 will take place on 13-14 November at the Jumeirah Creekside Hotel. The event will bring together key players in the leasing industry across the Middle East and Africa.

EFG Hermes will host its annual One on One Conference from 7 to 10 April 2025 in Dubai. The largest gathering of its kind in the MENA region, the conference connects hundreds of international corporate leaders with institutional investors and family offices from around the world.

Check out our full calendar (at the bottom of this email) for a comprehensive listing of upcoming news events, national holidays and news triggers.

Dubai inflation falls to 2024 low in September

Annual inflation in Dubai decelerated to a nine-month low in September, dipping to 2.50% from 3.38% in August, according to figures (pdf) from the Dubai Statistics Center. The lower inflation reading was driven by slower growth of food and beverage, transport, restaurant and accommodation, and insurance and financial services costs.

The breakdown: Prices of housing, water, electricity, gas, and other fuels — the largest component of the basket of goods and services — advanced at the highest pace this year to 7.02% in September, compared to 6.92% in August. Meanwhile, food and beverage inflation cooled to 1.81% from 2.75%.

REMEMBER- The Fuel Price Committee slashed fuel prices for October by about 8%, following a 6% price decrease in September.

Month-on-month, Dubai’s inflation slowed to 0.01% in September, down from a 0.55% increase in August, according to the statistics center’s monthly inflation report (pdf).

UAE economy to grow 3.3% in 2024 -World Bank

World Bank cuts UAE growth outlook for 2024: The World Bank has revised downward its growth outlook for the UAE. It’s now forecasting GDP growth of 3.3% for the current calendar year, trimming 0.6 percentage points from its May projection of 3.9%, in its semi-annual MENA economic update — Growth in the Middle East and North Africa (pdf). Its 2025 forecast remains unchanged at 4.1%.

The UAE is still expected to lead MENA in real per-capita GDP growth, with the non-oil sector driving a 2.5% increase.

Current account surplus to narrow: The report’s authors expect the UAE’s current account surplus to drop to 7.5% of GDP in 2024, down from 9.2% in 2023. Fiscal surplus will hold steady at 4.9% of GDP this year, thanks to expanding non-oil revenues, putting the UAE in line with Qatar as the only countries in the region to maintain a fiscal surplus, thanks to the “expansion of non-oil revenues.”

Inflation on the rise: Inflation is expected to reach 2.2% in 2024, driven by rising housing and utility costs, before easing to 2.1% in 2025.

REMEMBER- UAE Inflation reached 2.08% in 1H 2024, narrowing slightly from the 2.09% it reached in 1H 2023.

Regional growth slashed as well: MENA economies are now expected to grow 2.2% this year, down from a summer forecast of 2.8%, but still higher than the 1.8% recorded in 2023. The region’s 2024 growth outlook has been significantly downgraded, particularly among conflict-affected countries.

The ray of sunshine: MENA growth is expected to accelerate to 3.8% in 2025, though that’s down from the World Bank’s earlier forecast of 4.2%.

The concern: “Economic uncertainty in MENA is currently twice the average of other emerging markets and developing economies worldwide,” according to the report, based on the range of forecasts from private sector analysts.

What’s next: The report was published just ahead of the World Bank and IMF Annual Meetings, which will take place next week in Washington, DC, from 21-26 October.

Dubai's government debt to fall to USD 50 bn end of 2024, S&P report

Dubai has a good handle on its government debt, ratings agency S&P’s latest report suggests. The agency expects government debt in the emirate to continue its downward trend, hitting USD 50 bn (c. 34% of GDP) by the end of 2024. That’s a big drop from the c. 70% we saw in 2021, thanks in large part to AED 40 bn in repayments over 2022-2023, which included an AED 20 bn loan from Abu Dhabi and the CBUAE, and AED 7.1 bn in bond issuances.

S&P doesn’t see Dubai needing to tap debt markets for deficit refinancing in the next “couple of years” thanks to projected fiscal surpluses from 2024 through 2027.

Downside risk to that forecast: The report’s authors aren’t factoring in debt finance for the USD 35 bn Al Maktoum International Airport expansion or the USD 8.2 bn Tasreef rainwater drainage project, writing, “it is unclear how it will be distributed between the government and state-owned enterprises and the timing of issuance.”

And on the upside: Dubai has not yet IPO’ed four of the 10 companies it said it would list as part of its asset monetization program, having already taken to market Dewa, Salik, Empower, Parkin, Dubai Taxi, and Tecom. Strong proceeds from those four sales (provided the IPO climate holds up) could help reduce the need to take on fresh debt for the airport and drainage projects.

Looking ahead, S&P sees Dubai’s economy growing at an average clip of 3% annually from 2024-2027, with real estate, hospitality, and financial services sectors leading the charge. GDP per capita is projected to reach USD 38k in 2024, with the expat influx anticipated to push the emirate’s population to 4 mn by 2026.

A pile of bank earnings for you as 3Q earnings season continues

Dubai’s Emirates NBD delivered “record profit” of AED 19.0 bn in 9M 2024 on total revenues of AED 32.9 bn, it said in an earnings release (pdf) and its financial statements (pdf).

Diving deeper: Loan growth was up 9% in the first nine months of the year “across all business units and international locations,” it said. Profitability was supported by “an excellent stable, low-cost funding mix” as current and savings account liabilities swelled AED 33 bn. Higher fee and commission income in 3Q also boosted profitability.

Regional growth: Management noted that its Emirates Islamic franchise is delivering its strongest year ever, turning in AED 2.5 bn in profit and growing its Saudi loan book 49% year-to-date since expanding into the Kingdom.

Dive deeper: You can check out Emirates Islamic’s results here in its financials (pdf) and earnings release (pdf)

BANK OF SHARJAH-

The Bank of Sharjah’s net income rose 495.2% y-o-y to AED 125 mn in 3Q 2024, up from AED 21 mn during the same period last year, according to the lender’s earnings release (pdf). The lender’s total operating income in the quarter rose 88% y-o-y to AED 188 mn.

On a YTD basis: 9M 2024 net income came in at AED 296 mn compared to a loss of AED 122 mn in the same period last year as total operating income rose 50.6% y-o-y to AED 488 mn.

SHARJAH ISLAMIC BANK-

Sharjah Islamic Bank (SIB)’s net income after tax rose 23.3% y-o-y to AED 336.4 mn in 3Q 2024, according to its financial statements (pdf). Total operating income was up 30.5% y-o-y to AED 585.2 mn as fee and commission, Islamic finance, investment income, and FX income all advanced.

SIB’s net income rose to AED 902.5 mn in 9M 2024, up 17.6% y-o-y on a more than 14% increase in revenue to AED 1.61 bn.

Event report: Day four of Gitex

AI and digitalization were again the flavor of the day at Gitex Global 2024. Here’s what you need to know:

TRANSPORT-

Abu Dhabi Mobility inked an MoU with data analytics firm Presight AI to deploy AI technologies across the emirate’s transport infrastructure, state news agency Wam reports. The agreement emphasizes knowledge transfer and skill development, focusing on AI applications in traffic management, corporate fleet systems, EV charging infrastructure management, commercial transport, and transport safety solutions.

HEALTH-

Abu Dhabi’s Department of Health (DoH) will use Microsoft’s AI and data analytics in patient care and and to enhance clinical trials, Wam reports. The DoH will deploy Microsoft’s AI Copilot, conversational AI advisors, and advanced data analytics technologies.

CUSTOMS-

Abu Dhabi Customs is launching an AI-powered data hub to manage, process, and analyze data, according to the Abu Dhabi Media Office.

INVESTMENT WATCH-

The Ajman Chamber has rolled out Ajman Investment, an AI-powered service it says will promote investment in the emirate, Wam reports.

LOGISTICS-

#1- Dubai Customs and Aramex Aramex have inked an MoU that will see shipments inspected in company warehouses rather than at customs centers, a development they said would speed up the shipping process, Wam said.

#2- The customs office also inked a partnership with Dubai Land Department to launch a warehouse platform designed to make it easier to register refrigerated, dry, or air-conditioned storage facilities that they want to make available for lease, according to a press release.

EASE OF DOING BUSINESS-

Dubai streamlines business setup for SMEs: The Dubai Business Registration and Licensing Corporation will work with multiple UAE service providers to advance the Dubai Unified License initiative, according to a press release. Businesses can now use their license number to receive business-related services from both government and private entities.

Who will do what? Emirates NBD and FAB will facilitate bank account opening for SMEs, while telco Du will provide accelerated telecom services. Arab Financial Services will offer businesses a range of fintech services, and the Dubai Electricity and Water Authority will provide utility services.

Response Plus Holding appoints chairman + Emirates shuffles global commercial team

#1- Medical services provider Response Plus Holding (RPM) appointed Omran Al Khoori (LinkedIn) as chairman, according to a press release (pdf). He previously served as chairman of RPM from February until the end of the term in September 2024. Al Khoori is also a board member of Burjeel Holdings, Amanat Holdings, and Al Maryah Community Bank.

#2- Emirates restructured its global commercial team portfolios to support its expansion plans across several regions, according to Dubai Media Office.

Thierry Aucoc (LinkedIn) will become the senior vice president (SVP) of commercial operations in Europe and the Americas. Aucoc is currently serving as the SVP of commercial operations in Europe and Russia.

Adil Al Ghaith will be appointed as the SVP for commercial operations in the Gulf, Middle East, and Africa. Al Ghaith is the current SVP of the Gulf, Middle East, and Central Asia, and has worked for Emirates for over 17 years, supervising commercial operations across GCC countries.

Essa Sulaiman Ahmad (LinkedIn) will assume the position of SVP of commercial operations in West Asia and the Indian Ocean. Ahmad was most recently divisional vice president for the US and Canada.

Matthew Jones (LinkedIn) will be appointed as the vice president for the US and Canada, reporting to Aucoc. Jones is the current regional sales manager for the US.

ADIA-backed Lake Shore secures a USD 143 mn green loan

DEBT-

ADIA-backed Indian real estate asset manager LakeShore secured a USD 143 mn green loan from HSBC to refinance lenders of its Viviana mall acquisition, according to a press release. The loan was obtained through Lake Shore’s subsidiary and the mall owner Salsette Developers, which intends to use a portion of the funding for liquidity.

FINTECH-

Mastercard is set to launch its payment passkey service in the UAE with Noon payments, according to a press release. The technology is used in online checkouts and will replace one-time passwords with biometrics like fingerprints and facial recognition. Mastercard plans to expand the service across the region once the technology rolls out in the UAE.

ECB trims interest rate for third time amid cooling inflation

The European Central Bank (ECB) lowered interest rates for the third time this year, cutting its key deposit rate by 25 bps to 3.25%. The ECB said the move aims to curb potential for “downside surprises” in the eurozone economy. The move is the bank’s first back-to-back rate cut in 13 years, five weeks after a previous rate cut.

The context: Inflation dropped below the eurozone’s 2% target to 1.7% in September, its lowest level in three years.

REMEMBER- Central banks are pivoting toward cutting rates as inflation slows down, with the US Federal Reserve spearheading the global policy-easing cycle, cutting interest rates by half a percentage point in September.

The rate cut is expected to spur growth for the region by giving “a boost to the German [and wider eurozone] economy, inspiring consumer spending, encouraging investment, and ultimately stimulating the economy,” Joe Nellis, an adviser to the financial consultancy MHA, told The Guardian. Germany, the region’s largest economy, faces the risk of a second year of contraction.

If inflation remains on its downward slide, an aggressive cut could be on the table. “A 50 bps cut at the next meeting in December is a possibility if the two inflation and PMI prints of October and November continue to surprise on the downside,” said Douglas Lytle, an editor at Bloomberg Intelligence.

ECB president Christine Lagarde signaled that the bank is unlikely to stick to “a particular rate path,” only keeping rates “sufficiently restrictive for as long as necessary” to achieve its 2% target.

Some pundits concur, seeing as the ECB “will likely want to keep flexibility about a December cut and will push back against the idea that this is the start of consecutive cuts,” ING said in a note ahead of the decision.

MARKETS THIS MORNING-

Asian markets opened mostly in the green this morning, with only the ASX 200 in Australia bucking the trend. The Nikkei, Hang Seng, and Shanghai Composite are all up in early trading.

Dow, S&P, and Nasdaq futures were all unchanged in overnight trading, while in Europe it seems the CAC 40 is the only major benchmark set to open in the green as investors mull the ECB’s rate cut yesterday: Look for the Euro Stoxx 50, the FTSE 100 and the Dax 30 all to come under a bit of selling pressure at the opening bell.

ADX	9,277	-0.3% (YTD: -3.1%)
DFM	4,459	-0.6% (YTD: +9.8%)
Nasdaq Dubai UAE20	3,768	-1.4% (YTD: -1.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.8% o/n	4.2% 1 yr
TASI	11,907	-1.09% (YTD: -0.5%)
EGX30	30,144	-1.3% (YTD: 21.1%)
S&P 500	5,842	-0.0% (YTD: +22.5%)
FTSE 100	8,385	+0.7% (YTD: +8.4%)
Euro Stoxx 50	4,947	+0.8% (YTD: +9.4%)
Brent crude	USD 74.58	+0.2%
Natural gas (Nymex)	USD 2.35	+0.1%
Gold	USD 2,710	+0.1%
BTC	USD 67,279	-0.9% (YTD: +59.2%)

THE CLOSING BELL-

The DFM fell 0.6% yesterday on turnover of AED 411.0 mn. The index is up 9.8% YTD.

In the green: Ekttitab Holding Company (+3.3%), Al Firdous Holdings (+2.3%) and Ajman Bank (+1.7%).

In the red: BHM Capital Financial Services (-5.7%), Emirates Reem Investments Company (-2.7%) and Emirates NBD (-2.7%).

Over on the ADX, the index fell 0.3% yesterday on turnover of AED 1.08 bn. Meanwhile Nasdaq Dubai closed down 1.4%.

CORPORATE ACTIONS-

GulfNav inches closer to Brooge takeover: Maritime player GulfNav has provided the Securities and Commodities Authority (SCA) with all required documents for its acquisition of oil storage outfit Brooge Petroleum and Gas Investment Company from Brooge Energy, according to a DFM disclosure (pdf). The SCA is currently reviewing the documents, which include a valuation report.

The transaction, if it goes ahead, will be a share swap, with GulfNav’s board having approved an AED 448.5 mn capital increase — equivalent to the value of the shares that will be issued to Brooge.

BACKGROUND- GulfNav received board approval for key terms of the acquisition earlier in September, after submitting an acquisition proposal earlier in the year to the SCA, following its initial proposal back in October 2023.

AD Ports cleans up in 2024 Extel poll

#1- Abu Dhabi Ports Group cleaned up in the Extel poll as it was recognized as the top performer in the transportation sector in the Emerging Large Institutions in Europe, the Middle East, and Africa survey for 2024, according to a company statement.

The company ranked first in five out of seven categories — including best investor relations officer, best investor relations program, and best ESG program — and secured third place for Best Chief Financial Officer. The group was also named the “most-honored company” for its efforts in enhancing investor relations and corporate governance.

#2- Dubai Silicon Oasis (DSO) received four awards at the Financial Times’ fDi MagazineGlobal Freezones of the Year Awards 2024, according to the Dubai Media Office. DSO was named the Middle East freezone of the year for innovation zones, among other awards. UAE FreeZones secured six positions in fDi’s Top 10 Global FreeZones of the Year 2024.

#3- Dubai’s Roads and Transport Authority (RTA) received the SAG Award for special achievement in geographic information systems, according to an RTA press release.

CALENDAR

OCTOBER

14-18 October (Monday-Friday): IEEE/RSJ International Conference on Intelligent Robots and Systems, Adnec Centre, Abu Dhabi.

14-18 October (Monday-Friday): Gitex Global, Dubai World Trade Centre and Dubai Harbour.

18-19 October (Friday-Saturday): World Biohack Summit 2024, JW Marriott, Dubai Marina.

20-23 October (Sunday-Wednesday): The International Congress and Convention Association (ICCA) Congress, Abu Dhabi National Exhibition Centre, Abu Dhabi.

20-24 October (Sunday-Thursday): The NBE Egyptian Super Cup, Mohammed bin Zayed Stadium and Al Nahyan Stadium, Abu Dhabi.

21-22 October (Monday-Tuesday): Port Development MEA Forum, Dubai.

21-22 October (Monday-Tuesday): Roads, Bridges, Tunnels MENA Conference, Dubai.

21-22 October (Monday-Tuesday): The Alternative Investment Summit, Dubai.

23 October (Tuesday): ADNH Catering’s shares begin trading on ADX.

24 October (Thursday): Game Changers – Dubai Real Estate Summit, Coca-Cola Arena, Dubai.

24-27 October (Thursday-Sunday): International Sports Medicine Conference, Dubai.

26 October (Saturday): UFC 308: TOPURIA vs HOLLOWAY, Etihad Arena, Abu Dhabi.

26-27 October (Saturday-Sunday): International Conference on Tourism, Transport, and Logistics, Dubai.

27-30 October (Sunday-Wednesday): IEEE – International Conference on Image Processing, Adnec Centre, Abu Dhabi.

28-29 October (Monday-Tuesday): MENA Climate Proof Forum, Dubai.

29-31 October (Tuesday-Thursday): Sharjah International Conference in Biotechnology (SICBiotech), University of Sharjah.

29 October-2 November (Tuesday-Saturday): Abu Dhabi Early Childhood Week, Abu Dhabi.

30 October-1 November (Wednesday-Friday): World Cities Cultural Summit, Dubai.

30 October (Wednesday): Connected Construction Conference, Museum of the Future, Dubai.

30-31 October: Sixth edition of Binance Blockchain Week, Coca-Cola Arena, Dubai.

NOVEMBER

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

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

4-7 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi.

4-7 November (Monday-Thursday): ADIPEC Decarbonisation Accelerator, Abu Dhabi.

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

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

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

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

10 November (Sunday): American Boarding School Fair 2024, Grosvenor Hotel, Dubai Marina, Dubai.

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

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

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.

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

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

19-20 November (Tuesday-Wednesday): Dubai Future Forum.

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.

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

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.

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

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.

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.

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.

10-12 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.

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

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