Dubai’s economy grew 3.3% in 2Q 2024

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Mubadala eyes Haier’s Indian business + Tiger Group to go public?

Good morning, lovely people. It’s an unusually busy start to the week, with news of another IPO kicking into gear in Dubai, fresh macro figures for Dubai in 2Q 2024, and more investments and earnings.

WEATHER- Expect a mostly sunny and hot day in Dubai and Abu Dhabi, with temperatures in the former hitting 33°C during the day, and an overnight low of 25°C. Abu Dhabi will be slightly cooler, with mercury hitting 30°C during the day and falling to an overnight low of 25°C.

WATCH THIS SPACE-

#1- Mubadala is considering acquiring a minority stake in Chinese household appliance maker Haier Smart Home’s Indian business, which could be valued at USD 4-5 bn, Bloomberg reports, citing people familiar with the matter. Temasek Holdings and GIC also expressed preliminary interest in the potential transaction, the sources said.

In context: Haier was reportedly mulling selling a 25-49% stake in its Indian unit in October, with Citigroup acting as an advisor. However, discussions are still in the early stages, and the company might not move forward with the sale.

#2- Avaada Group eyes setting up green hydrogen plant in Abu Dhabi: Indian renewable energy firm Avaada Group, backed by Brookfield Renewable, is in talks with the Abu Dhabi government to establish a green hydrogen and ammonia plant in Abu Dhabi, with a potential capacity of between 500k and 1 mn tonnes, Chairman Vineet Mittal told The National. The company is in talks to obtain energy banking facilities to store renewable energy for grid support.

#3- Tiger Group to go public? Dubai-based developer Tiger Group is exploring the possibility of going public, noting the decision will hinge on “the right timing and market,” Tiger Group Chairman Waleed Al Zoubi told Al Khaleej.

Tiger launched projects worth AED 7 bn in Dubai and Sharjah this year, expanding its leasing portfolio to 20k units.

REFRESHER- Tiger Group is developing a USD 1 bn residential tower in Business Bay, dubbed Tiger Sky. The 532 m tall development is set to break five world records, including the highest rainforest, railway adventure, infinity pool, penthouse, and luxury restaurant— all with views of the Burj Khalifa. It’s also pursuing projects in Ajman and Sharjah, Al Zoubi told Al Khaleej.

#4- Damac launches luxury airline: Dubai-based developer Damac Properties is unveiling its own luxury airline, Damac Air, later today, as announced on its website. The airline will initially offer flights to tropical destinations, including the Seychelles, Maldives, Bali, Bora Bora, Fiji, and Hawaii.

DATA POINTS-

#1- The UAE saw 18.2k new trademark registrations in 9M 2024, marking a 39% y-o-y increase, state news agency Wam reports. This brings the total to 356.4k active trademarks across all sectors. The Economy Ministry received 24.3k trademark registration requests during this period, while intellectual property registration grew by 34.3% y-o-y, with 1.9k new registrations, bringing the total to 20.4k.

#2- Five UAE startups have earned a spot on CB Insights’ unicorn list, with Dubai-based Vista Global leading the pack at a USD 2.5 bn valuation. Cloud kitchen Kitopi also featured on the list with a valuation of USD 1.6 bn, as did fintech firm Tabby at USD 1.5 bn, tech services startup Andalusia Labs at USD 1 bn, and marketplace Dubizzle at USD 1 bn.

#3- Sharjah’s real estate transactions in the central and eastern regions rose 57.6% y-o-y in 9M 2024 to AED 1.3 bn, driven by various real estate and tourism projects, Wam reports. The cities of Khorfakkan, Kalba, Dibba Al Hisn, and Al Qasimia accounted for the bulk of the transaction activity.

PSAs-

#1- Dubai’s Al Jamayel Street is now fully operational after the Roads and Transport Authority (RTA) completed its revamp of the road, previously known as Garn Al Sabkha, according to a statement. The project included the construction of four new bridges spanning 2.8 km and with a 17.6k vehicle per hour capacity, along with 7 km of new roads to serve around 250k residents.

#2- Abu Dhabi's construction signboards will be replaced with QR codes linked to the Municipal e-Permitting System, providing live updates and key details such as project location, type, and permit status, according to new guidelines by the Department of Municipalities and Transport, according to the Abu Dhabi Media Office.

#3- Architects invited to submit designs for House of the Future competition: The Mohammed Bin Rashid Centre for Government Innovation and the Sheikh Zayed Housing Program are inviting architects to submit designs for affordable, expandable homes with a cost cap of AED 800k as part of the House of the Future competition, according to a statement.

Chosen designs will be implemented in future housing projects by the Sheikh Zayed Housing Program and featured on the Darek platform. Finalists will also receive prizes, with the top design awarded AED 500k. Submissions are open until 2 June 2025.

#4- Starting January 2025, genetic testing will be required as part of premarital screenings for all Emirati citizens, the Abu Dhabi Department of Health announced, Wam reports. The testing will cover 570 genes linked to over 840 genetic disorders. The aim: reduce the transmission of hereditary diseases and empower couples with the information they need to make informed family planning decisions. The initiative is part of the Emirati Genome Program, which aims to improve public health and strengthen the UAE’s role in genomic research.

The initiative was initially set to be rolled out in October, we reported earlier. The testing has been rolled out as part of a pilot phase, and is now available across 22 primary care centers in the emirate.

HAPPENING TODAY-

#1- The UAE is participating in COP29, which kicks off today in Baku, Azerbaijan, and runs until 22 November, Wam reports. The event aims to limit global warming to 1.5°C and boost climate finance. As the host of last year’s COP, the UAE will present a national pavilion and over 60 side sessions on topics such as climate finance, decarbonization, renewables, and AI-powered food and water solutions.

#2- The Dubai Diamond Conference kicks off today at Jafza One Convention Centre. Organized by DMCC, the forum gathers global diamond industry experts to discuss the latest developments in the industry, including tech innovations and market trends.

#3- Dubai is hosting the Meta Cinema Forum at Le Méridien Dubai Hotel & Conference Center, running until tomorrow. The cinema convention brings together industry leaders to explore the future of cinema in emerging markets across the Middle East, Africa, and Asia.

#4- Dubai Arbitration Week is underway at the Waldorf Astoria in the Dubai International Financial Center and wraps on 15 November. The event features a series of panel discussions, workshops, and presentations focused on the latest developments and challenges in international commercial arbitration.

#5- The International Federation for Equestrian Sports (FEI) General Assembly is on its second day at the Conrad Hotel, Etihad Towers, gathering heads from 137 national equestrian sports federations, Wam reports. The assembly, running through 13 November, coincides with the start of FEI regional group meetings at Emirates Palace, Abu Dhabi.

#6- The inaugural Audit, Anti-Fraud and IT Congress is underway in Dubai, running through 13 November. The event brings together over 1k global professionals in internal auditing, anti-fraud, cybersecurity, and IT to discuss the latest trends in the sectors. Pre-congress workshops and internal discussions are underway, with the main congress set to begin tomorrow, state news agency Wam reports.

THE BIG STORY ABROAD-

There’s no single story capturing the imagination of the international press this morning, instead giving us a smattering of stories about US president-elect Donald Trump’s plans in office and how global leaders are reacting to his upcoming term.

Trump’s policy on Russia and Ukraine is a key point of concern for Ukraine, Russia, and outgoing president Joe Biden, who is planning to lobby Trump to maintain the US’ support for Ukraine when the two meet at the Oval Office on Wednesday. Trump, meanwhile, reportedly spoke with Russian President Vladimir Putin but urged him not to escalate his war against Ukraine, Reuters reports.

MEANWHILE- BTC rallied to a record high as the crypto industry sees Trump’s election — including him securing all seven swing states — as a positive outcome that will see digital currencies facing less hostile policy. The cryptocurrency rose above USD 81k, with expectations it will break the USD 90k ceiling soon. The Financial Times and CNBC have more.

GAZA UPDATE- Israeli airstrikes killed at least 40 in Jabalia in Gaza’s north, where Israel alleges “terrorists” are operating and “[posing] a threat to IDF troops.” Reuters has the story.

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Dubai’s GDP grew 3.3% in 2Q 2024

Dubai saw its GDP expand 3.3% y-o-y to AED 116 bn in 2Q 2024, according to the Dubai Media Office. On a 1H basis, Dubai’s economy grew 3.2% y-o-y to AED 231 bn. The emirate’s GDP expanded 3.2% y-o-y to over AED 115 bn in 1Q 2024, with trade, transport, financial activities, real estate, and manufacturing collectively accounting for some 64% of total economic growth.

The biggest contributors:

The wholesale and retail sector was the top contributor to GDP, accounting for 24.7% of GDP and growing 2.2%;
The transport and storage sector came in second, accounting for 13.6% of GDP and growing 7.8%;
The manufacturing sector grew 2.5% y-o-y to account for 9.1% of GDP;
The financial and ins. sector climbed 4.6% y-o-y, contributing 11.3% to GDP;
Real estate grew 2.6% y-o-y to account for 8.7% of GDP.

Other sectors logging growth: Information and communication activities expanded by 5.6% y-o-y, contributing 4.4% of GDP, while accommodation and food services rose by 4.7% y-o-y. Electricity, gas, water, and waste management increased by 2.9% y-o-y, making up 3.4% to GDP. Construction grew 1.8% y-o-y.

Delivery Hero’s Talabat to IPO on the DFM in December

Delivery Hero is selling a 15% stake of Middle East food delivery unit Talabat in an IPO on the Dubai Financial Market (DFM) in mid-December, the company said in a statement. The transaction is expected to exceed USD 1 bn, Reuters reports, citing people it says are familiar with the matter. The company is issuing a prospectus today.

What we know: The German last-mile delivery company plans to retain a majority stake in Talabat, with a lock-up period of 180 days following the listing.

Talabat’s valuation could hit somewhere between EUR 11.5-13.5 bn, managing director of equity research firm Jefferies, Giles Thorne, said. These figures exceed previous expectations of Bloomberg Intelligence which put the valuation between USD 9-12 bn.

The Berlin-based company’s MENA activities are flourishing: Delivery Hero’s gross merchandise value, measuring the total value of all goods sold, increased by 30% across the MENA region in 3Q 2024, according to a statement. This performance came on the back of a 25% y-o-y increase in order volumes and affordability initiatives in this quarter.

Dividends: Post-IPO, Talabat aims to distribute dividends amounting to 90% of net income, starting with a minimum payout of USD 100 mn in April, according to the statement. Additional installments totaling USD 400 mn are scheduled across 2025 and 2026.

ADVISORS- Delivery Hero appointed Emirates NBD, Morgan Stanley, and JP Morgan to work on the upcoming IPO, with the possibility of adding more banks to its share sale.

THE DFM PIPELINE AT A GLANCE-

Construction firm Alec tapped advisors for a planned IPO;
Amanat Holdings is looking to list its education and healthcare units, with reports that its healthcare unit could raise around USD 200 mn in 2024;
Hospitality group Five Holdings and Dubai-based platform Dubizzle Group also tapped advisors for a potential IPO next year;
Shisha producer Advanced Inhalation Rituals is also eyeing an IPO.

Dubai earmarks AED 3.7 bn to revamp internal roads

Dubai unveils five-year plan for new internal roads: Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum has approved a five-year plan for the emirate’s internal roads with an investment of AED 3.7 bn to develop 21 road projects, according to a press release. Under the project, Dubai’s Roads and Transport Authority (RTA) will build 634 km of roads across 12 residential, commercial, and industrial areas with urbanization rates between 30% and 80%, RTA Director General Mattar Al Tayer said.

The breakdown:

In 2025, the Nad El Sheba 3, Al Amardi, and Hatta areas will receive new roads to serve the Mohammed bin Rashid Housing Establishment projects;
In 2026, 92km of internal roads will be built in Nadd Hessa, and Al Awir 1;
In 2027, 45 km of roads will be built in Al Athbah, Mushrif, and Hatta, while the Warsan 3 industrial area will get roads spanning 14 km;
In 2028, RTA will kick off the construction of “one of the longest internal road projects” — spanning 284 km — in Al Awir 1, Wadi Al Amardi, and Hind 3;
In 2029, Hind 4 and Al Yalayis 5 will see the construction of 200 km of internal roads.

ICYMI- Dubai is investing big in its transport infrastructure, recently unveiling a AED 16 bn plan comprising 22 new projects for 2024-2027, to improve the emirate’s road network, integrating AI to boost traffic flow and reduce travel times.

The UAE's Construction Sentiment Index reaches a net balance of +55 in 3Q

The UAE’s Construction Sentiment Index (CSI) reached a net balance of +55 in 3Q 2024, indicating expansion at the highest level recorded since the Royal Institution of Chartered Surveyors (Rics) began assessing the country in 2018, according to the latest Rics construction monitor (pdf). In comparison, Saudi Arabia's CSI stood at +61, slightly down from the previous quarter.

About the Construction Sentiment Index: The CSI is a metric that assesses the overall sentiment and outlook within the construction sector. It is derived from responses of industry professionals regarding their expectations for future activity, workload, and market conditions. Ranging from -100 to +100, positive CSI indicates a favorable market outlook, while a negative index suggests challenges.

The UAE outperformed the overall Middle East and Africa (MEA) region's CSI of +28. The MEA region also surpassed other global regions, including the Americas, Europe, and Asia-Pacific, with positive trends noted across residential, non-residential, and infrastructure sectors. Survey respondents cited increased government investments in the sector and increased localization as boons to the sector.

Despite positive indicators, challenges remain in the UAE construction market: Fluctuating oil prices due to geopolitical tensions have led to decreased investor confidence, resulting in project delays and cancellations, especially for projects reliant on government or oil-related funding. There is also a high demand for professionals in the sector, particularly quantity surveyors, contributing to a shortage of skilled labor.

Competition with KSA + Emiratization were also mentioned as challenges: Some survey respondents highlighted challenges caused by competition from a highly active Saudi construction market, saying that “concurrency of major projects in [the Kingdom is] outstripping the availability of competent contractors and subcontractors,” while others pointed toward Emiratization and oversupply as a hurdle for talent acquisition and business activity.

Earnings margins in the MEA construction market are under pressure, with a net balance of -24 percent reported this quarter, but margin improvements are expected over the next year. Material costs are a significant concern for contractors, with 73% of respondents identifying them as their primary challenge.

More earnings pour in…

DANA GAS-

Sharjah’s Dana Gas saw its net income fall 7% y-o-y to AED 147 mn in 3Q 2024, according to its financials (pdf). The company’s revenue stood at AED 352 mn in 3Q, down 7.7% y-o-y on the back of lower production in Egypt, which fell 24% y-o-y to an average 15.9 mn of barrels of oil equivalent (MMboe), Dana Gas said.

On a 9M basis, Dana Gas recorded a net income of AED 410 mn, down 11.1% y-o-y from the same period last year due to lower revenues, which also fell 12.3% y-o-y, standing at AED 1 bn in 9M. The dip in revenues was attributed to lower production and realized prices in Egypt. However, a 3% y-o-y increase in production in Kurdistan partly offset the decline.

Dana gas now has a timeline for the completion of KM250: After terminating the EPC contract with former contractor Enerflex for the Khor Mor gas plant expansion in Kurdistan, KM250, the Dana Gas-led consortium Pearl Petroleum is poised to resume the project soon with full direct control of the plant’s construction, with first gas output slated to be produced in 2Q 2026.

Pearl has fresh funding to finish the project: Having secured USD 350 mn from a bond issuance in October, Pearl Petroleum will use the proceeds to complete the project and cover any additional expenditures, Dana Gas said in an earnings release (pdf)

Looking ahead, Dana Gas plans to extend its operation in Egypt by investing USD 100 mn to increase production. However, the investment plan is subject to the Egyptian government releasing USD 24 mn from an outstanding USD 59 mn receivables balance, with the plan to be implemented “as soon as the receivables are paid down,” Dana Gas CEO Richard Hall said. Hall also noted that the company is “one of the earliest UAE investors in Egypt, [and] has contributed over USD 2 bn to the country’s energy sector since 2007.”

The investment includes the drilling of 11 new wells, and is expected to add 80 bn cbf of gas reserves, the company said in its earnings release. The company claims the increased gas supplies from the project would save “over USD 1 bn for Egypt’s economy, reducing reliance on imported LNG and mazut for power generation.”

Also in Dana Gas’ pipeline: The company aims to resume the distribution of its annual dividends next March, having reduced its corporate debt during 9M 2024, Hall said.

ABU DHABI AVIATION-

Abu Dhabi Aviation turned to the black in 3Q 2024, reporting a net income of AED 198.4 mn from a loss of AED 69.1 mn in the same period last year, according to its financials (pdf). The company's revenues climbed 30.3% y-o-y to AED 1.9 bn.

On a 9M basis: The company saw its net income increase 2,753.8% y-o-y to AED 920.6 mn, up from AED 32.3 mn in the same period last year. The company's revenues also rose 6% y-o-y to AED 5.1 bn. The company’s performance was supported by the “improved profitability” of several of its subsidiaries, as well as the “post acquisition contribution of ADA legacy group,” according to a company earnings release (pdf).

ADNH CATERING-

ADNH Catering’s net income declined by 46.7% y-o-y to AED 38.2 mn in 3Q 2024, according to its financials (pdf). The company’s revenues increased 39.5% y-o-y to AED 407.3 mn in this quarter. The catering firm saw its net income decline by 34.2% y-o-y to AED 139.1 mn and its revenue rise by 4.3% y-o-y to AED 1.4 bn during the fiscal year running from 1 October 2023 to 30 September 2024.

This twelve-month performance was affected by the termination of a client contract that was deemed not commercially viable, leading to an AED 203 mn decline in revenue, according to an earnings release (pdf). Meanwhile, the parent company, ADNH, combined the accounts of ADNH Catering and ADNH Compass under a common control method which increased revenues by AED 170 mn. It also took on new projects in the industry and private health sectors, leading to an organic growth of AED 93 mn.

The decline in the company’s net income in FY 2023-2024was also caused by the release of a one-off provision in the 2023 period and the mobilization costs incurred due to awarding several new contracts.

REMEMBER- ADNH Catering’s parent company ADNH saw its net income fall 38.9% y-o-y to AED 30.2 mn in 3Q 2024.

Redefining the role of people in business success

In today's fast-paced corporate world, the role of people in driving business success is evolving beyond the conventional definitions of HR. We no longer see ourselves as simply managing “human resources” but rather as stewards of people and intellectual capital—a subtle yet crucial distinction that defines how we shape the employee experience at Mashreq. Our mission is not only to manage people but to integrate them into every business decision, from process design to product launch, ensuring that they are at the heart of everything we do.

Just as we strive to deliver exceptional customer experiences (CX), we are equally focused on creating a seamless, exceptional employee experience (EX). Every interaction, whether it's the first call to a potential candidate or the thoughtful exit process when an employee moves on, matters. This holistic approach allows us to treat employees not merely as cogs in a machine, but as individuals on a journey carefully designed to enhance their engagement, development, and well-being.

Take, for example, our recent organizational investment in AI upskilling. This initiative is not optional—it's mandatory for everyone, from our Executive Committee to front-line employees. We've segmented the training into three levels, ensuring it addresses the needs of different roles within the organization, from digital leaders to everyday end-users.

But learning is just one piece of the puzzle. Development, especially leadership development, is paramount. The Group CEO often speaks about creating future CEOs for the banking industry, and that vision is embedded in how we nurture talent. We don’t just think locally; we think globally, building a pipeline of leaders who are ready to take on challenges across borders. Whether it’s through tailored succession planning or the investment in local talent across our 14 geographies, we aim to shape leaders who understand the complexity of the markets they operate in.

Our engagement strategy also reflects this comprehensive view. Employee well-being is no longer just about mental or physical health; it encompasses financial health and overall work-life integration. We've revamped our reward philosophy to ensure it aligns with this vision. Compensation isn’t merely about salary but about supporting the holistic well-being of our people.

Our digital transformation journey mirrors this ethos. Today’s employees demand seamless, tech-enabled experiences so why should managing their work life be any different? We’ve consolidated all aspects of the employee journey under a single digital umbrella, enhancing accessibility and ease of use. This shows employees that we value their time and effort, and that we’re committed to providing them with the tools they need to thrive.

Lastly, we’ve completely reshaped the way we approach employee experience (EX). What was once known as HR operations is now Employee Experience, positioning our function as a service provider to our most important clients—our employees. This shift has revolutionized the way we interact with our people, creating meaningful touchpoints that reinforce our commitment to their success and satisfaction. We don't design policies in an ivory tower; we listen to our people.

Hamda Al Shamali, Group Chief People and Intellectual Capital Officer at Mashreq

e& enterprise taps new CEO + Dubai Executive Council gets new deputies

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum appointed three new deputies to the Secretary General of Dubai Executive Council, according to the Dubai Media Office.

The appointees are:

Hamda Mohammed Jassim bin Kalban (LinkedIn) as Assistant Secretary General for the Governance Sector;
Samira Mohammed Abdulrahman Mohammed Al Rais (LinkedIn) as Assistant Secretary General for the Sustainable Development Sector;
Hazza Khalfan Matar Al Nuaimi (LinkedIn) is appointed as Assistant Secretary General for the Excellence and Government Services Sector.

Sheikh Al Maktoum also appointed Ahmad Al Marzouqi (LinkedIn) as CEO of the Dubai Department of Finance’s Central Accounts Sector, Wam reports.

Telecom company e& appointed Khalid Murshed (LinkedIn) as CEO of e& enterprise, effective 1 January, 2025, according to an ADX disclosure (pdf). He replaces Salvador Anglada, who will take on an advisory role to the group.

Murshed has over 23 years of experience in telecommunications, including roles as the chief technology officer for Etisalat Misr, vice president of mobile access network at du, and director of network development at Mobily.

Abu Dhabi, Riyadh compete to lure global finance giants

Bloomberg highlights UAE-Saudi finance rivalry: The competition between Abu Dhabi and Riyadh to attract global financial giants is heating up, with firms like BlackRock, Goldman Sachs, and Barclays splitting operations between the two cities. Bloomberg reports that Abu Dhabi’s strategy centers on leveraging assets — like energy wealth and infrastructure — for a post-oil future, while Riyadh, backed by a young population, is pushing to localize operations as part of a broader privatization push.

Bloomberg also looked at a handful of Indian tycoons who found success in the UAE, including Lulu Group’s Yusuff Ali, tracking his rise to become the UAE’s second-wealthiest private individual. The feature spotlighted his journey from a single Abu Dhabi grocery store in the 1970s to Lulu Retail’s USD 1.7 bn IPO, the largest in the UAE this year. Bloomberg also examined GEMS Education owner Sunny Varkey, who sold a USD 2 bn majority stake to Brookfield, and discussed challenges faced by foreign-born tycoons in amassing wealth in the UAE.

Wasl breaks ground on decarbonized GigaFarm project at Dubai’s Food Tech Valley

AGRICULTURE-

Dubai-based developer Wasl broke ground on the decarbonized GigaFarm project at Dubai’s Food Tech Valley, according to a press release. The 900k sq ft vertical farm is set to be operational by 2025, with a capacity to roll out over 3 mn kg of produce annually using Intelligent Growth Solutions ’ AI-powered vertical farming tech. The farm will divert over 50k tons of food waste from landfills each year.

AVIATION-

#1- flydubai partnered with Batik Air Malaysia to allow its customers to access over 40 destinations in Southeast Asia within the Malaysian airline’s network, including Hanoi, Hong Kong, Jakarta, Osaka, and Sydney, according to the Dubai Media Office. The interline agreement will also give Batik Air Malaysia’s customers access to over 38 destinations from flydubai's network.

#2- Emirates launches its travel services store in Africa: Emirates opened its flagship travel services store, Emirates World, in Nairobi, Kenya, its first in Africa, the airline said in a statement. The store offers travel advice through dedicated consultants and self-service technology, allowing customers to explore travel destinations through interactive maps and selfies which puts them against scenic backdrops. They also allow customers to step on virtual aircraft cabins using VR technology.

LOGISTICS-

AD Ports Group + Pakistan ink several logistics MoUs: AD Ports Group has inked MoUs with Pakistan to boost the nation’s maritime, rail, airport, customs, and logistics infrastructure, according to the Abu Dhabi Media Office. The port operator signed MoUs with Pakistan’s Federal Revenue Board, Railways Ministry, National Shipping Corporation, Karachi Port Trust, and Pakistan Airports Authority.

FINTECH-

Zand Bank taps Alibaba Cloud, Ant Digital to implement new banking solutions: Dubai-based all-digital lender Zand Bank partnered with Alibaba Cloud and Ant Digital Technologies to use their generative AI, blockchain, and payment technologies to develop new banking products, according to a press release. The agreement also includes the development of an AI agent platform to enhance customer support productivity.

INVESTMENT-

Dubai-based private equity firm EightClouds pledged a USD 10 mn investment to hostel brand Next’House to fund its upcoming development in Dubai, among other expansion plans, according to a press release. The new beachfront hostel aims to attract “digital nomads” and remote workers.

TOURISM-

Abu Dhabi’s Department of Culture and Tourism signed agreements with nine travel operators — primarily from the UK — to develop joint marketing programs in a bid to attract more tourists to Abu Dhabi’s hotels, according to news reports (here and here).

The companies involved in the agreements are UK-based Best At Travel, Destination2, Travel Republic, Luxury Holidays, Kenwood Travel, Southall Travel, Trailfinders, and We Love Holidays, in addition to Indian MakeMyTrip.

SPACE-

The Climate Change and Environment Ministry inked an MoU with the Mohammed Bin Rashid Space Centre to use its geospatial mapping systems for managing environmental data, according to a press release. The agreement outlines plans for joint research to develop real-time and historical geospatial data, focusing on areas such as wildlife, marine life, agriculture, air quality, and seawater quality.

REAL ESTATE-

The first phase of Sobha Realty’s USD 5 bn Siniya Island luxury residential project in Umm Al Quwain is set to attract 25k residents across 8k units upon completion, Managing Director Francis Alfred told Khaleej Times. Onsite infrastructure work is set to begin this quarter, with building works scheduled to start in 2Q 2025. The phase is expected to be completed by December 2027.

Emerging markets remain vulnerable to the sway of US economic policies, even as momentum for de-dollarizing the world economy grows

EMs at a crossroads: As another Donald Trump presidency looms, Bloomberg Economics sees emerging market economies (EMs) as having some cause for optimism — as well as significant causes for concern. While EM interest rates and growth prospects may not be as tightly linked to developments in the US as they once were, financial vulnerabilities and as-of-yet unrealized chances for coordination could hamper EM attempts to adjust to a new global economic normal.

In some ways, EMs’ independence from the US’ economic sphere has never been greater: Bloomberg’s research outfit points out that EMs’ rate moves are beginning to break away from the US Federal Reserve’s easing and tightening cycles, with several EMs lowering rates before the Fed did. Some countries have moved in the opposite direction of the Fed, with Brazil and Russia hiking rates shortly after the Fed’s initial 50 bps cut in September — suggesting that at least some EMs’ fates are beginning to decouple somewhat from the US economic outlook.

But US economic policy still has an oversized impact on EMs — especially following Trump set to soon take up the Oval Office: Egypt, along with Argentina and South Africa are pointed to as EMs that stand out as being particularly vulnerable to building debt burdens on the back of higher global rates pushed up by a forecasted uptick in inflation in the states. The new Republican president’s talk of hiking tariffs could also have an outsized impact on certain countries with export industries that target the US.

So far, Brics is yet to live up to its promise of de-dollarizing the world economy: Brics has yet to capitalize on its potential to coordinate policies and boost trade across its member economies, Bloomberg Economics writes. While the bloc has continued to grow in economic weight, it has struggled to reduce its reliance on the USD and has failed to find a mechanism to settle trade between members in alternative currencies — a key condition for decoupling EM growth from US policy.

MARKETS THIS MORNING-

Asian markets are starting the day in the red, as the markets react to inflation data for China that came in lower than forecast, putting into question the country’s economic recovery. Leading the pack in the red was Hong Kong’s Hang Seng that was down 2.4% at the time of writing, followed by Korea’s Kospi at -0.9%, Japan’s Nikkei at -0.2%, and China’s Shanghai index at -0.1%

ADX	9,449	-0.2% (YTD: -1.3%)
DFM	4,640	-0.1% (YTD: +14.3%)
Nasdaq Dubai UAE20	3,877	+0.3% (YTD: +0.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.6% o/n	4.4% 1 yr
TASI	12,103	-0.2% (YTD: +1.1%)
EGX30	31,394	+0.4% (YTD: +26.1%)
S&P 500	5,996	+0.4% (YTD: +25.7%)
FTSE 100	8,072	-0.8% (YTD: +4.4%)
Euro Stoxx 50	4,803	-1.0% (YTD: +6.2%)
Brent crude	USD 73.87	-2.3%
Natural gas (Nymex)	USD 2.67	-0.9%
Gold	USD 2,695	-0.4%
BTC	USD 80,327.90	+5.0% (YTD: +88.9%)

THE CLOSING BELL-

The DFM fell 0.1% last Friday on turnover of AED 600 mn. The index is up 14.3% YTD.

In the green: International Financial Advisors (+14.8%), National Cement Company (+14.7%) and National International Holding Company (+9.4%).

In the red: Commercial Bank of Dubai (-4.0%), Mashreq Bank (-2.0%) and National Central Cooling Company (-1.9%).

Over on the ADX, the index fell 0.2% on turnover of AED 1.0 bn. Meanwhile, Nasdaq Dubai closed up 0.3%.

CORPORATE ACTIONS-

DFM-listed supermarket chain Spinneys distributed AED 102.6 mn in interim dividends in 3Q 2024, according to its earnings release (pdf).

UAE President and Kuwaiti Emir discuss strengthening bilateral relations

President Sheikh Mohamed bin Zayed Al Nahyan met Kuwaiti Emir Sheikh Mishal Al Sabah during the President's state visit to Kuwait Wam reports. The two heads of state discussed bilateral relations and explored windows for cooperation in various sectors, including economy, trade, and investment.

The talks focused on strengthening Gulf cooperation and regional security and stability. Both leaders reviewed recent developments in the region, particularly in Gaza and Lebanon, emphasizing the need for international efforts to halt hostilities and protect civilians.

US Secretary of State Antony Blinken discussed the situation in Gaza, Lebanon, and Sudan in a call with Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan, according to a statement. Blinken called for expanding humanitarian access in Sudan, and reaching a diplomatic resolution in Sudan, Gaza, and Lebanon.

Dubai Humanitarian launched a relief convoy to Lebanon, dispatching 27 trucks loaded with UNHCR aid supplies, including 192 metric tonnes of essential items for those impacted by the escalating conflict. (Wam)

CALENDAR

NOVEMBER

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

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

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

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

11-13 November (Monday-Wednesday): Audit, Anti-Fraud and IT Congress, Dubai.

11-15 November (Monday- Friday): Dubai Arbitration Week, Waldorf Astoria, Dubai International Financial Center.

12 November (Tuesday): The Dubai Sports Retreat, The Museum of the Future, Dubai.

12 November (Tuesday): ICOM 2024 International Symposium, Etihad Museum, Dubai

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

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

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

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

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

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

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

18-19 November (Monday-Tuesday): Apex Invest Abu Dhabi, The Hilton, Abu Dhabi.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

DECEMBER

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

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

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

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

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.

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

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

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

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

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

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

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

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

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

6 December-12 January: Dubai Shopping Festival.

Signposted to happen sometime in December:

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

JANUARY 2025

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

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

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

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

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

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

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

FEBRUARY 2025

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

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

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

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

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

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

Signposted to happen sometime in 1Q 2025:

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

APRIL 2025

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

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

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

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

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

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

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

Signposted to happen sometime in April:

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

MAY 2025

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

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

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

SEPTEMBER 2025

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

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

OCTOBER 2025

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

Signposted to happen sometime in 2025:

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

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.

Signposted to happen sometime in 2026:

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

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