Economy to grow 3.7% this year -ICAEW

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Aldar eyes USD 1.5 bn NDCs + GulfNav nears completion of Brooge acquisition, planned for 1Q 2025

Good morning, wonderful people. It’s nearly the end of this short workweek, and business is slowly getting back on track as conferences kick into gear and companies dot their I’s and cross their T’s before the end of the year.

We have a mixed bag of news here at home, with another projection for economic growth, courtesy of ICAEW; Damac’s plans to invest USD 3 bn in data centers in Southeast Asia, and measures in Abu Dhabi to streamline business setup procedures. Plus: We have more indications that property prices are set for more increases next year.

WEATHER- Dubai will see the mercury peak at 28°C before cooling to an overnight low of 20°C. In Abu Dhabi, temperatures peak at 25°C, before cooling to 23°C overnight.

WATCH THIS SPACE-

#1- LSE-listed online trading platform Plus500 launched the Dubai Index CFD to track the performance of key sectors in the emirate’s economy — including real estate and finance — according to a press release. Plus500 plans to further expand its presence in the UAE next year, focusing on localized tools and community initiatives, according to the statement.

REMEMBER- Plus500 has been ramping up its UAE footprint for a while: The company began operating in the Dubai International Financial Center earlier in January through its subsidiary, Plus500AE. Plus500 has since introduced the Abu Dhabi 15 Index and local stocks CFDs.

#2- Aldar eyes NCDs: Aldar Properties requested board approval to issue up to USD 1.5 bn in non-convertible debentures (NCDs), it said in a disclosure to the ADX (pdf). The issuance will be tied to Aldar’s existing debt and may either be perpetual or have a fixed maturity between five to 60 years.

Uh, Enterprise, what are NCDs? An NCD is a long-term debt instrument — similar to bonds and sukuk — that cannot be converted into shares or equities. NCDs are also not backed by collateral from the issuing company; instead, they depend on the latter's creditworthiness.

#3- Maritime player GulfNav is in the final stages of acquiring oil storage outfit Brooge Petroleum and Gas Investment Company from Brooge Energy, with plans to close the acquisition by 1Q 2025, Wam reports. GulfNav had previously provided the Securities and Commodities Authority with the required documents for the transaction as of October.

Background: The acquisition has been in the works for more than a year, with an initial proposal submitted in October 2023, and board approval coming in September. 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.

#4- Investors interested in the development of premier events arenas in Abu Dhabi or highway rest areas in Al Dhafra have until 20 January to submit their bids, after the Abu Dhabi Investment Office (Adio) and the Department of Municipalities and Transport put up the projects yesterday on the Adio Investment Map, according to press releases (here and here).

The details: The projects include the design, construction, maintenance, and operation of two premier events arenas — one in Madinat Al Riyadh and the other in Madinat Zayed — and two highway rest areas in Ghayathi and Um Laylah.

DATA POINTS-

#1- Gross bank assets rose 0.7% m-o-m to AED 4.4 tn at the end of August, according to the Central Bank of the UAE’s (CBUAE) latest monetary and banking developments report (pdf). Gross credit grew 0.5% m-o-m to AED 2.1 tn, driven by a 0.5% increase in domestic credit and a 0.8% rise in foreign credit.

The increase in domestic credit was fueled by increased lending mostly to the private sector, which saw a 0.8% m-o-m increase. This growth offset the reductions of 0.3% in credit to the public sector and 3.0% to non-banking financial institutions, while credit to the government remained stable.

Total bank deposits rose 0.2% m-o-m to AED 2.7 tn at the end of August, propelled by a 0.8% increase in resident deposits against a 6.4% m-o-m decrease in non-resident deposits, according to the report. Increases in resident deposits were driven by increases in deposits to non-banking financial institutions (4.2%), government (2.6%), and private sector (1.2%). Meanwhile, government-related entities’ deposits saw a downtick of 5.9% m-o-m.

#2- Dubai International Airport surpasses Hartsfield-Jackson Atlanta International Airport to become the world's busiest airport in terms of total seat capacity for both international and domestic flights. In December, Dubai International Airport recorded approximately 5.3 mn scheduled seats, according to a report from OAG, a global aviation data provider. This marks a 5% increase compared to November 2024. DXB also leads in international seat capacity.

PSAs-

Dubai regulator flags unlicensed crypto firms: Dubai’s Virtual Assets Regulatory Authority (Vara) has issued warnings against seven cryptocurrency firms for falsely claiming to be licensed in the emirate, Cryptopolitan reports. The entities, including Koto Crypto, Finchain Payment Service Provider, Crypto Force, and Finchain Technologies, were accused of conducting unregulated virtual asset activities. Vara also flagged Stabit, linked to Genesis Digital Assets, for offering unlicensed trading services. Coin Cashy and BTC Bay were flagged for having non-operational websites. Separately, crypto exchange XT — which was also flagged — suspended withdrawals after a suspected USD 1.7 mn hack.

HAPPENING TODAY-

#1- The WORLDEF Dubai 2024 forum is on its second and final day at Dubai CommerCity. The event will gather over 5k representatives from leading organizations in digital commerce.

#2- The Future Sustainability Forum 2024 is on its second and final day at Madinat Jumeirah in Dubai. The event brings together global experts to discuss the transition to a low-carbon and climate-resilient future, with a focus on sustainable practices in the UAE’s financial sector.

#3- The two-day Milken Institute Middle East and Africa Summit kicks off today at St. Regis Saadiyat Island in Abu Dhabi. The summit gathers key business and philanthropic leaders, health and finance experts, and policymakers to discuss solutions aimed at addressing various global issues, including climate change, public health crises, and energy insecurities.

#4- The Global Manufacturing and Industrialization Summit kicks off today at the Adnec Center in Abu Dhabi. The summit brings together global manufacturing and technology delegates, including government leaders, industry executives, and academic experts.

#5- The Abu Dhabi Business Week is on its second day at the Adnec Center in Abu Dhabi. The event, which wraps up tomorrow, features discussions aimed at supporting business development.

THE BIG STORY ABROAD-

Government collapse and warnings of economic peril are once again leading the digital front pages this morning, with French lawmakers on both ends of the political spectrum uniting to oust Prime Minister Michel Barnier in a no confidence vote that left the three-month old administration as the shortest-lived in the history of France’s Fifth Republic.

The fallout from the budget battle has plunged France into uncertainty, with President Emmanuel Macron now under pressure to appoint a new premier while facing calls for his own resignation. France’s political turmoil hit just weeks after Germany’s Scholz coalition crumbled, throwing the EU’s top two economies into uncertainty and keeping financial markets on edge. (Wall Street Journal | Bloomberg | Financial Times | Reuters | Associated Press | New York Times | Guardian)

The fatal shooting of UnitedHealthcare CEO Brian Thompson also ranks high on the press’ radar, as New York police label the incident a “targeted premeditated attack.” The killing, which occurred ahead of an investor event in Midtown Manhattan, has sent shockwaves through healthcare and business sectors. A manhunt is currently underway for the suspect. (Wall Street Journal | Bloomberg | Financial Times | Reuters | Associated Press | New York Times | Guardian)

Also featuring prominently in the business papers is Trump’s decision to tap crypto advocate Paul Atkins to lead the US Securities and Exchange Commission, signaling a softer regulatory environment for financial markets. Atkins is expected to ease restrictions on digital assets, departing from outgoing chair Gary Gensler’s tougher approach towards Wall Street and crypto companies. (Wall Street Journal | Financial Times | Associated Press | New York Times)

IN BUSINESS NEWS- BTC topped USD 100k for the first time ever, a milestone anticipated ever since Trump’s election prompted a rally for the cryptocurrency. (CNBC)

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CIRCLE YOUR CALENDAR-

Abu Dhabi Finance Week kicks off on 9 December and lasts through 12 December. The event will feature a patchwork of forums exploring capital markets, investments, Islamic finance, sustainability, and more, with more than 600 speakers and 20k guests set to attend. Speakers include Trade Minister Thani bin Ahmed Al Zeyoud, founder and CIO of Bridgewater Associates Ray Dalio, UBS CEO Sergio Ermotti, and Jihad Azour, director for Middle East and Central Asia Department of International Monetary Fund (IMF). You can find the full agenda for the week here.

The International Desalination and Water Reuse World Congress will take place between 8-12 December at the Adnec Center in Abu Dhabi. The event will feature discussions on innovations in water desalination and reuse technologies, decarbonization efforts, integrated water resources management, and best practices for rationalizing water consumption.

TheInternational Mangrove Conservation and Restoration Conference is set for December 10-12 at Bab Al Qasr Hotel, Abu Dhabi. Specialists from 82 countries will converge to discuss the latest in mangrove restoration science. Expect plenary sessions, panel discussions, workshops, and even field trips packed into the three-day event.

Automechanika Dubai will run from 10-12 December at the Dubai World Trade Center. The event will cover nine key product areas: parts and components, electronics and connectivity, accessories and customization, tyres and batteries, car wash and care, oils and lubricants, diagnostics and repair, body and paint, and management and digital solutions. Automechanika Academy will offer industry insights and market updates.

The Forbes Middle East Under 30 Summit will take place on 10-11 December at Umm Al Emarat Park in Abu Dhabi. The event gathers young Arab leaders and entrepreneurs to highlight their achievements and innovations. Discussions will focus on the accomplishments of individuals recognized in the Forbes Middle East 30 Under 30 list.

The European Arab Medical Congress will take place on 11-12 December at the headquarters of Zayed Higher Organisation for People of Determination in Abu Dhabi. Hosted by the Emirates Scholar Center for Research and Studies, the event will host 50 speakers and feature 40 scientific sessions covering the latest innovations in medicine and medical technology.

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

Economy to grow at 3.7% in 2024 -ICAEW

The UAE's economic growth is anticipated to stand at 3.7% for 2024, weighed down by oil production cuts, according to the end-of-year ICAEW Economic Insight report prepared by Oxford Economics. ICAEW expects growth to accelerate to 4.5% next year, supported by an expected ramp-up of oil output levels over the upcoming three years.

The non-oil economy is predicted to grow by 4.5% in 2024, slightly easing to 4.3% in 2025 due to pricing pressures and capacity constraints in finance and construction. The main drivers of growth are tourism and travel, real estate, and IPO-driven capital markets.

How does the forecast compare with others? The World Bank maintained its GDP growth outlook for the UAE at 3.3% in 2024, while its forecast for 2025 and 2026 remained unchanged at 4.1%, supported by an expected recovery in oil production. Moody’s, on the other hand, expects growth to come in at 3.8% this year and 4.8% next year.

The UAE is projected to achieve a budget surplus of 4.1% of GDP in 2025, with expectations that the easing of interest rates will continue, supporting real estate and private-sector investment.

Regional performance is showing mixed signals: The ICAEW revised downwards its forecast for GCC growth to 1.9% in 2024 — a reduction of two percentage points — due to Opec+’s oil output limits. It anticipates a rebound to 4% in 2025 as production levels increase. The region’s non-energy sectors are expected to grow by 4% in 2023-24 due to high interest from investors, with the UAE taking the top spot in terms of foreign direct investment flows in proportion to the size of the economy. Inflation projections for the region increased to 1.8% in 2024, with expectations for this figure to reach 2.3% in 2025.

Damac Group to invest USD 3 bn in Southeast Asia's data center expansion

Damac Group ramps up data center investments: Damac Group plans to invest approximately USD 3 bn in establishing data centers across Southeast Asia through its subsidiary Edgnex, Bloomberg reports. The investment will primarily target Malaysia, Indonesia, and Thailand over the next three to five years.

Key updates:

The first of three planned data centers in Thailand will launch in Bangkok in March 2025, utilizing Nvidia chips;
Edgnex has secured land for two additional data centers in Malaysia and Indonesia, incorporating Nvidia’s Blackwell chips;
Edgnex is forming a joint venture with Siam AI, a Nvidia cloud partner, allocating part of its Bangkok data center’s capacity to the partnership, with plans to acquire Nvidia chips for the facility;
Edgnex is exploring opportunities for similar projects in Vietnam and the Philippines, with agreements expected in 2025.

Market potential: Edgnex estimates Southeast Asia could represent a USD 5 bn market, with its projected capacity exceeding 550 MW. Regional demand for data center services is forecasted to grow from 14.3 GW in 2024 to 23.2 GW by 2029, Nayar said.

Background: Earlier this year, Damac announced plans to invest USD 1 bn in data centers through Edgnex to address rising demand for digital infrastructure. This comes as part of the group’s broader strategy of investing USD 5 bn to 7 bn globally over the next few years to expand its operations, Danish Nayar, senior vice president of investments and acquisition at Damac Group, told Bloomberg.

The company has been investing outside of SouthEast Asia as well: Edgnex is investing USD 600 mn in data centers in Dammam and Riyadh in Saudi Arabia, expected to launch next year. The company also signed a MoU with Salam, Cinturion, and Emaar, Economic City, to develop a digital infrastructure hub in Jeddah. Additionally, Edgnex allocated USD 100 mn with Vodafone Turkey for a 6 MW data center in Izmir, also set to go online next year.

Abu Dhabi to get centralized business registry + family business council

Abu Dhabi unveils initiatives to boost business growth: On the sidelines of Abu Dhabi Business Week, the emirate rolled out a series of initiatives aimed at driving economic diversification and attracting foreign investment, Khaleej Times reports.

New registration authority + family business council: The Abu Dhabi Registration Authority was introduced as a centralized entity for simplifying business registration and compliance for businesses across the mainland and freezones. A new Family Business Council was also launched to support family-owned enterprises with tailored solutions and investments.

New industrial zone for innovation: Abu Dhabi launched the The MZN Venture Studios Industrial Zone, which will target technological advancements and localized production, offering infrastructure, shared services, and incentive packages to bolster key industries.

New strategies:

The Khalifa Fund for Enterprise Development launched a strategy to support small-to-medium enterprises (SMEs) with growth measures and ecosystems;
The Abu Dhabi Chamber of Commerce and Industry introduced a roadmap to ramp up private sector growth by connecting businesses to local and international markets.

The story also got ink in Reuters.

Dubai home prices to rise 8% next year -Knight Frank

Dubai home prices are projected to continue surging in 2025, with overall residential values anticipated to increase by 8%, while luxury properties could see an increase of 5% y-o-y, according to a report (pdf) by global property consultant Knight Frank. Analysts perceive few downside risks to the market, thanks to regulations that increased down payments and the fact that most buyers are end users, Faisal Durrani, head of Middle East research at Knight Frank, told Bloomberg.

Buyers are expected to look for between 30k and 57k new homes in 2025, which will drive up prices given the expected 53k completions. To meet this demand, developers aim to deliver 300k homes by 2029, with an average of 50k units per year. However, anticipated delays of about 30% could result in only around 210k units being completed over the next six years — indicating a long-term shortfall in the market.

The supply pipeline: Apartments are set to dominate new developments, comprising 80.1% of the total, while villas will make up just 17.4%. Some 8.9k new villas are slated for handover by the end of 2024, underscoring the ongoing villa shortage in Dubai.

Prices to stabilize in the coming years? An increase in supply over the next 2-3 years is expected to contribute to market stabilization, Cushman & Wakefield said in a previous report.

PRICES CONTINUED TO RISE IN 3Q-

Dubai’s housing market saw prices increases 4.3% q-o-q and 19.9% y-o-y in 3Q 2024. Villa prices saw sharper growth, climbing by 5.5% q-o-q, now sitting 34.3% above 2014 peaks. Apartment prices rose at a slower pace, increasing 4.1% q-o-q, 7.7% above the previous peak. The average price of a single-family home is around USD 1 mn, Durrani said.

Data from the Dubai Statistics Center offers slightly different figures, reporting residential prices increasing by 11.3% y-o-y and 3.3% q-o-q in 3Q, Al Khaleej reports. Villa prices surged by 21.9% y-o-y and 6.3% q-o-q, while apartment prices rose by 6.6% y-o-y and 1.8% q-o-q.

The heightened sales activity led to 3Q sales reaching a record AED 116.8 bn, and the total transaction volume for the first three quarters surpassed the entirety of 2023, marking a 41.8% y-o-y increase, with a record 47.3k transactions recorded, Knight Frank said. Transaction value reached AED 306.3 bn, marking a 36% y-o-y increase.

Buyers ❤️off-plan units: Off-plan sales dominated the market, accounting for 71% of total number of transactions, with Jumeirah Village Circle, Dubai Hills Estate, and Business Bay leading off-plan activity. Emaar emerged as the top developer in this category, with 23.7% of total sales value, followed by Damac Properties and Sobha Real Estate.

The luxury segment was also popular, with 83 properties priced over USD 10 mn sold at an average of USD 15.7 mn. The Palm Jumeirah led sales with 22 transactions, totalling USD 489.7 mn. Demand from high-net-worth individuals reduced the availability of over USD 10 mn homes by 65%, according to the report.

Rentals were also on the rise: Median rents for villas rose 16% y-o-y, with three-bedroom villas averaging AED 145k annually. Palm Jumeirah recorded the highest villa rents, averaging AED 143 per sqft annually. City-wide rents increased by 18% y-o-y, with yields tightening for villas and remaining flat for apartments.

COMMERCIAL + HOSPITALITY-

The commercial property sector also saw growth, with prices increasing by 8.6% y-o-y and 1.1% q-o-q in the quarter, according to the Dubai Statistics Center. Office prices were the primary driver, surging 23.4% y-o-y and 2.1% q-o-q, while shop prices logged an annual increase of 7.1% y-o-y but declined by 1.9% q-o-q compared to 2Q.

Over in the hospitality sector, hotel apartment prices rose by 2.8% y-o-y and 3.2% q-o-q. On the flip side, hotel room prices dropped by 4.1% y-o-y and 3.2% q-o-q.

The Binary Holdings secures an investment of up to USD 5 mn from ABO Digital

The Binary Holdings secures USD 5 mn from ABO Digital: Dubai-based decentralized technology company The Binary Holdings secured an investment of up to USD 5 mn from ABO Digital, a digital asset investment firm, according to a press release (pdf). Valued at USD 16.9 bn, The Binary Holdings has a user base of 169 mn and aims to reach 1 bn users by 2025.

Where will the money go? The funds will be used to expand The Binary Holdings' decentralized open network by enhancing its integration with existing Web2 infrastructure and developing Web3 capabilities. The fresh capital will support the development of digital services, including cross-border payments, gaming, and social networking features.

In the pipeline: The company plans to launch Millenia, a digital banking platform, in 2Q 2025. Designed for cross-border payments and remittances, the platform will operate within The Binary Network and use BNRY, the network’s native digital currency, as the primary medium for transactions.

Standard Chartered Bank taps Mazen Barbir as Head of Markets in the UAE

Standard Chartered named Mazen Barbir (LinkedIn) as its UAE head of markets, adding to his role as managing director and head of FX trading for the UAE, Middle East, North Africa, and Pakistan, according to a press release. Barbir, who joined the bank in 2007, has spent 17 years at Standard Chartered, progressing through roles such as desk head, managing director and regional business head.

Al Mubarak talks tourism plans and housing challenges

It's a quiet day for the UAE in the global press, except for a Bloomberg interview with the Culture and Tourism Department and Aldar Properties Chairman Mohamed Al Mubarak about the UAE’s cultural tourism and housing challenges (watch, runtime: 2:52 and 2:45). Al Mubarak spoke of the opening of the new Guggenheim Museum in Abu Dhabi and how it impacts the community of the emirate — with the museum district suiting different tastes and attracting tourists from all over the globe.

He also delved into housing challenges in the UAE, saying that development is booming to keep up with the demand and match the needs of incoming foreigners. Al Mubarak agreed that there is a housing problem in the UAE, but it’s a “good problem to have,” he says.

Enersol finalizes its USD 45 mn acquisition of EV Holdings + Aldar acquires AED 2.3 bn DIFC tower

M&A-

It’s a wrap for Enersol’s acquisition of EV Holdings: Enersol, a joint venture between Adnoc Drilling and Alpha Dhabi, finalized its USD 45 mn acquisition of drilling visualization and analytics firm EV Holdings, according to an ADX disclosure (pdf).

Background: The JV also snapped up a 51% stake in manufacturing solutions provider NTS Amega for USD 58 mn in July and raised its stake to 67.2% in US oil engineering firm Gordon Technologies in a USD 270 mn transaction earlier in June. It also acquired a 95% stake in US-based energy tech firm Deep Well Services (DWS) for approximately USD 223 mn.

REAL ESTATE-

Aldar acquires DIFC tower for AED 2.3 bn: Abu Dhabi-based real estate developer Aldar Properties acquired a 40-story commercial tower under construction in the Dubai International Financial Center (DIFC) for AED 2.3 bn from Dubai-based H&H Development, according to a statement (pdf). The tower, which features commercial and retail spaces, is set to be completed by 2028. This acquisition makes Aldar the only UAE developer with assets in both ADGM and DIFC.

The developer has been making a push in Dubai: The Abu Dhabi developer set aside AED 1 bn earlier this year to expand its logistics operations in Abu Dhabi and Dubai, and AED 5 bn for commercial, retail, and hospitality assets set to open between 2025 and 2027. In July, it also committed AED 1.8 bn to scale its commercial presence in key Dubai business districts. It is also introducing a mixed-use development to Dubai’s Expo City beside the Dubai Exhibition Center under a new joint venture with Expo City Dubai.

INVESTMENT-

Saudi SME Bank’s VC arm Saudi Venture Capital (SVC) committed an undisclosed sum to Aliph Fund I, a USD 250 mn target private equity vehicle managed by Aliph Capital, it said in a press release (pdf). The sector-agnostic fund targets medium-sized companies in the Kingdom and the broader GCC. It secured a USD 125 mn investment from the UAE’s sovereign wealth fund ADQ back in 2022, and a separate investment from Saudi wealth fund PIF-backed Jada Fund of Funds in 2023.

LOGISTICS-

NMDC Group taps into logistics, technical services market: NMDC Group launched a new business arm, NMDC LTS, focusing on marine logistics and technical operations, according to an ADX disclosure (pdf). The move comes as part of the company’s strategy to diversify its portfolio.

REMEMBER- The company is also planning to set up a construction unit, NMDC Construction, with plans to use proceeds from NMDC Energy’s AED 3.22 bn IPO for geographical expansion.

CONSTRUCTION-

Ramhan Development awarded NMDC Group a AED 170 mn contract for excavation and backfilling work at Ramhan Island, a luxury development by Eagle Hills located off the coast of Abu Dhabi, according to a dis closure to the ADX (pdf). The project is scheduled for completion by December 2025.

ENERGY-

#1- Adnoc Gas awarded Worley Engineering a front-end engineering and design contract for new gas processing facilities at Bab Gas Cap, according to a press release (pdf). The project is expected to add 20%, or 1.8 bn standard cubic feet per day, to Adnoc Gas’ current processing capacity. The facilities are expected to enhance production of natural gas liquids, condensate, sulfur, and sales gas, and will incorporate CO2 capture technology. A final investment decision is expected in 2026. The contract value was not disclosed.

#2- Empower commences operations on new district cooling plant: Emirates Central Cooling Systems Corporation (Empower) kicked off operations for the first phase of its new district cooling plant in Jumeirah Beach Hills, according to a press release (pdf). The plant is expected to reach a total production capacity of 48k refrigeration tons once all its phases are up and running.

The plant will serve some of Dubai's most iconic hospitality projects in Jumeirah, including Burj Al Arab, Jumeirah Beach Hotel, Marsa Al Arab, Madinat Jumeirah Living, and Jumeirah Al Naseem Hotel, as well as future developments like Souk Madinat Jumeirah and Jumeirah Al Qasr Hotel.

BANKING-

Dubai Chambers partnered with HSBC Middle East to help local companies expand internationally and assist international firms looking to grow in Dubai, state news agency Wam reports. Under the MoU, Dubai Chambers will support HSBC’s global clients with investments in the emirate, while HSBC will provide banking services such as global trade finance and local account opening to businesses operating in Dubai.

TELECOMS-

#1-State-owned telco du partnered with Spanish telecom giant Telefónica to explore potential opportunities in sectors like B2B, B2C, innovation, procurement, and digital services, according to a press release.

ALSO- Du said it’s joining international telecom alliance Alaian, which will provide the Emirati company with access to a network of leading telecom firms, as well as disruptive startups.

FINTECH-

UAE-based digital payment platform Comera Pay partnered with MoneyGram International to allow Comera’s customers to send cross-border remittances, according to a press release. The transactions will take place through MoneyGram’s network, providing access to over 200 countries. Comera Pay recently obtained the UAE Central Bank’s approval to offer cross-border payment solutions.

INFRASTRUCTURE-

Enoc's subsidiary Horizon Terminals wrapped up the Horizon JPUT Pipeline Connectivity Project in Singapore, according to a press release. The project, executed by Horizon Singapore Terminals and Jurong Port Universal Terminals, involved constructing a new pipe rack that connects the two terminals and aims to reduce operational risks and transfer times.

MANUFACTURING-

Siemens to help Kezad companies boost their sustainable manufacturing readiness: Siemens agreed to work with clients of the Khalifa Economic Zones Abu Dhabi (Kezad) to boost their digital and sustainable manufacturing readiness in line with the Industrial Technology Transformation Index launched by the Industry Ministry, Wam reports. The partnership will see Siemens organize workshops, virtual factory tours, and knowledge-sharing initiatives.

Global political unrest spreads volatility across stock markets

Global political unrest is sowing uncertainty across several stock markets and economies worldwide, Reuters reports, with South Korea’s president facing calls for impeachment and the French government voting to oust Prime Minister Michel Barnier, already influencing stocks, exchange rates, and investment decisions in the upcoming weeks.

Both stocks and currency in Korea took a hit after South Korean President Yoon Suk Yeol’s decision to declare and then reverse martial law sparked calls for resignation or impeachment. The Kospi Index dropped by 1.3% as a result, taking its year-to-date losses to over 7% and making it the worst-performing major stock market in Asia this year.

The Korean government is trying to contain the situation: The KRW stabilized near a two-year low against the greenback with USD 1 amounting to KRW 1,413. The currency’s stability is suspected to be supported by an intervention from the Korean central bank, with the bank approving emergency rescue measures for the local credit market and the Finance Ministry pledging to deploy “unlimited” liquidity into markets. The ministry said it will activate a KRW 40 tn stock market stabilization fund, Reuters reports.

Over in Europe, the French government collapse could see the risk premium between France’s 10-year bonds and German equivalents tighten by 100 basis points, Bloomberg reports. The premium has already tightened to 84 basis points, after having reached the widest gap since 2012 at 90 basis points, Bloomberg reports separately. Barnier warned of a “storm” for financial markets if he is ousted, the business information service added. French blue chips are already down 3.5% so far this year, though the CAC 40 index has seen a downward trend stall with five days straight of gains. The index closed up 0.7% yesterday.

Other experts are suggesting that a “short squeeze” could occur as investors are seeking to cover bearish positions, according to Bloomberg. They also believe that the light positioning and negative sentiment in French stocks indicate significant risk premiums have been priced in, setting the stage for a potential bounce back.

MARKETS THIS MORNING-

Asian markets are mixed as traders mull the volatility in global markets, with South Korea’s Kospi opening higher but falling 0.4% later, and the Kosdaq down 0.7%. Japan’s Nikkei and the Topix, on the other hand, are up. Wall Street futures are unchanged after another record day for US stocks, with the S&P 500 and Nasdaq both closing at fresh highs.

ADX	9,265	+0.3% (YTD: -3.3%)
DFM	4,854	+0.1% (YTD: +19.6%)
Nasdaq Dubai UAE20	3,899	+0.3% (YTD: +1.5%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.6% o/n	4.3% 1 yr
TASI	11,887	+0.6% (YTD: -0.4%)
EGX30	30,833	+0.7% (YTD: +23.9%)
S&P 500	6,086	+0.6% (YTD: +27.6%)
FTSE 100	8,336	-0.3% (YTD: +7.8%)
Euro Stoxx 50	4,919	+0.8% (YTD: +8.8%)
Brent crude	USD 72.31	-1.8%
Natural gas (Nymex)	USD 3.06	+0.6%
Gold	USD 2,676.20	+0.3%
BTC	USD 98,204.80	+2.3% (YTD: +131.7%)

THE CLOSING BELL-

The DFM rose 0.1% yesterday on turnover of AED 829.1 mn. The index is up 19.6% YTD.

In the green: Takaful Emarat (+9.7%), National International Holding Company (+6.9%) and International Financial Advisors (+6.4%).

In the red: Emirates Investment Bank (-10.0%), Sukoon Takaful (-10.0%) and Dubai National Ins. & Reins. (-9.9%).

Over on the ADX, the index closed down 3.3% on turnover of AED 1.4 bn. Meanwhile, Nasdaq Dubai rose 0.3%.

CORPORATE ACTIONS-

Ajman Ruler Sheikh Humaid bin Rashid Al Nuaimi increased his stake in Ajman Bank from 12.3% to 14.1%, according to a DFM disclosure (pdf).

CALENDAR

DECEMBER

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

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

5 December (Thursday): Global Manufacturing and Industrialisation Summit 2024, Abu Dhabi.

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.

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

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

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

9-13 December (Monday-Friday): World Realty Congress, Palazzo Versace, Dubai.

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

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

10-11 December (Tuesday-Wednesday): The Forbes Middle East Under 30 Summit, The Great Lawn, Umm Al Emarat Park, 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.

10-12 December (Tuesday-Thursday): The International Mangrove Conservation and Restoration Conference, Bab Al Qasr Hotel, Abu Dhabi.

10-12 December (Tuesday-Thursday): Automechanika Dubai, Dubai World Trade Center.

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.

17-19 December (Tuesday-Thursday): China Home Life, Dubai Word Trade Center.

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.

7-9 January (Tuesday-Thursday): 17th edition of the Arab Plast International Trade Fair for Plastics, Recycling, Petrochemicals, Packaging and Rubber Industry, Dubai International Convention and Exhibition Center, Dubai.

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

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

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

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

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

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

19-24 January (Sunday-Friday): Coling2025, Abu Dhabi.

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

22-25 January (Monday-Saturday): The Sharjah Real Estate Exhibition, Expo Centre, Sharjah.

27-30 January (Monday-Thursday): Arab Health Exhibition 2025, Dubai World Trade Centre, Dubai.

FEBRUARY 2025

1-6 February (Saturday-Thursday): Dubai Fashion Week, Dubai Design District.

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

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

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

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

10-12 February (Monday-Wednesday): Japan Kyoto Trade Exhibition, Dubai Word 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.

28-29 February (Friday-Saturday): The Investopia 2024, the St. Regis, Abu Dhabi.

Signposted to happen sometime in 1Q 2025:

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

APRIL 2025

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

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

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

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

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

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

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

Signposted to happen sometime in April:

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

MAY 2025

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

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

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

SEPTEMBER 2025

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

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

OCTOBER 2025

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

NOVEMBER 2025

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

Signposted to happen sometime in 2025:

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

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.

Signposted to happen sometime in 2026:

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

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