Everything you missed from the World Government Summit

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WHAT WE’RE TRACKING TODAY

THIS MORNING: World Government Summit day two + Another WFH day for Dubai

Good morning, friends. We hope you’re all staying safe and warm in this uncharacteristically chilly weather. We’re hearing of a lot of cases of what sounds like the flu (but might be something more serious, like the new variant of covid-19), so watch out and wear your masks, folks.

THE BIG STORY here at home is the World Government Summit and everything related to it, including the launch of a USD 200 mn fund for global tech advancement, key forecasts from the IMF and other global leaders, and several minister-level meetings to advance cooperation. We have the rundown on everything that happened in this morning’s news well, Planet Finance, and Diplomacy sections.

Expect the summit to continue driving the conversation today and tomorrow, as over 300 prime ministers and international organization chiefs are in Dubai for the three-day event.

The summit, which is on its second day today, will focus on the daily implications of AI and government priorities for the future, and will include AI-centered conferences, ministerial meetings, and executive sessions. The summit will seeArab finance ministers, energy ministers, and development ministers hold meetings to address six key themes ranging from AI to health and education, according to Wam.

On the agenda for Day Two: Forums covering topics such as Arab public administration, government services, geotechnology and policy, industry and advanced technology, SDGs in action, and AI. You can find the full agenda here.

India’s Prime Minister Narendra Modi is expected to ink new investment agreements and MoUs with the UAE during his visit to the UAE this week, which will see him inaugurate the country’s first Hindu temple in Abu Dhabi, Bloomberg reports. Modi will also address a gathering of over 40k people from India at a stadium in Abu Dhabi today.

The story earned coverage in the foreign press: AP | CNBC | Fox News

Background: The countries have been boosting political ties over the past few years,with the government planning to invest up to USD 50 bn in the country, which is its second largest trading partner.

Heavy vehicles and workers’ buses are banned from driving on Sheikh Zayed Bridge, Sheikh Khalifa Bridge, Amsefah Bridge, and Al Muktaar Bridge in Abu Dhabi today in light of Modi’s visit, Abu Dhabi Police said on Facebook. Public hygiene and logistics support vehicles are exempt from the ban.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- It’s another WFH day for Dubai workers: The Dubai government has called for another remote working day as rainy, unstable weather continues this morning, according to the Dubai Media Office.

…and another remote learning day for students across the country: Public schools will all adopt distance learning today, the Emirates School Establishment said.

Expect things to clear up by noon: The National Center of Meteorology urged folks to steer clear of beaches and valleys and to drive cautiously amid heavy rain set to last until noon today. Abu Dhabi Police returned speed limits back to their normal rates yesterday following alerts from officials earlier in the day, while Sharjah Police closed down the ring road in Kalba City and several roads in Khor Fakkan and Kalba due to flooding.

#2- In other road closure news: Sharjah’s Road and Transport Authority blocked off the Corniche Road to Maryam Island yesterday for construction work, set to last until 13 August.

#3- It’s Zakat season:Sharjah City for Humanitarian Services launched its annual Zakat campaign, with a target to raise AED 12 mn in Zakat to cover tuition fees for 537 students with disabilities, according to a statement. Donations can be made via a bank transfer or by calling 0562160222 to arrange for collection.

#4- Remittance fees out of the UAE are rising: Exchange houses in the UAE now have regulatory approval to hike remittance fees out of the country by 15%, the Foreign Exchange and Remittance Group said, according to Khaleej Times. The hike will apply to transactions from physical branches, while those through mobile apps will either remain unchanged or could be reduced to maintain digital competitiveness.

HAPPENING TODAY-

#1- Breakbulk Middle East 2024 wraps up today at the Dubai World Trade Center. The event ishosted by the Energy and Infrastructure Ministry to address challenges for the project cargo and break bulk industry and identify prospects for growth in the UAE, KSA, and East Africa, according to a press release.

#2- The Sustainable Aviation Futures MENA Congress concludes today at Kempinski Central Avenue. The event offers a platform for businesses and organizations to showcase their solutions for the decarbonization of the aviation industry, as well as ways to scale sustainable fuel production.

#3- UAE Innovates 2024 is underway in Ajman and Umm Al Quwain until tomorrow, reports state news agency Wam. The event will move to Sharjah, Ras Al Khaimah, and Fujairah from Thursday, 15 February to Wednesday, 21 February. The event’s last stop will be Dubai, running from 22-29 February.

#4- The three-day Future Warehouse & Logistics 2024 Conference opens its doors today. On the agenda: How to boost resilience and overcome challenges, with discussions on disruptions, sustainability, internet of things, automation, workplace management, and other topics.

#5- The Ajman Department of Tourism Development is kicking off day two of its UK roadshow,showcasing the emirate’s cultural offerings to reel in British tourists and investors in the tourism sector, according to a press release. The campaign will stop in Glasgow, Birmingham, and London before wrapping on Thursday, 15 February.

HAPPENING THIS WEEK

#1- The FIFA Beach Soccer World Cup 2024will kick off this Thursday at Dubai International Stadium, before wrapping on Sunday, 25 February. The tournament will see 16 beach soccer teams, including the United Arab Emirates, battling it out for this year’s cup.

WATCH THIS SPACE-

#1- G42 plans to expand its presence and investments in western markets, “from Israel to Germany, to the UK and US,” G42 CEO Peng Xiao told Bloomberg, saying that the company has been pursuing a “commercial strategy since 2022 to fully align with our US partners and not to engage with Chinese companies.”

ICYMI- Xiao’s comments come on the heels of news that G42 reportedly offloaded all itsstakes in Chinese companies, including a USD 100 mn stake in TikTok parent company ByteDance. The divestment means G42 no longer has a physical presence in China, Xiao told Bloomberg. The move comes after the company denied ties to the Chinese government in January, in response to a New York Times report and a letter from a US congressional committee accusing the tech group of working with the Chinese military.

#2-Bahrain’s Investcorp plans to take one of its portfolio companies public in the Gulf this year, co-CEO Hazem Ben-Gacem said, according to Reuters. “We will definitely take advantage of the very strong public market demand, and we have a roster of businesses that are ripe for a public listing, and we hope that we can do that in 2024,” said Ben-Gacem. Investcorp took its Abu Dhabi-based unit Investcorp public on the ADX last year.

#3- OPEC could be welcoming more members: OPEC is in ongoing discussions with several countries that have expressed interest in joining the OPEC+ group, after Brazil recently joined, OPEC Secretary-General Haitham Al Ghais said, according to Wam. Al Ghais did not name the countries, saying they would be announced once the discussions are finalized.

MORNING MUST READ-

What new trends will define the next few decades? The Dubai Future Foundation is out with a report (pdf) on the 10 “megatrends” it expects to drive growth over the next decade or more. The report provides a deep-dive into what those trends are, how they’re set to impact business and major industries, and how far along they are at the moment. The trends — all of which are worth a deeper read, should you have a few minutes on your hands:

Material science, including upcycling and advancements in nanotechnology;
Multimodal generative artificial intelligence;
Biotechnology, gene editing and cybersecurity;
Decentralized finance and the evolution of 6G networks;
Geothermal energy;
Sustainable trade and development;
More fluid cross-border transactions;
Automation and robotics;
Transforming the workplace; and
Smart cities.

CIRCLE YOUR CALENDAR-

The Shams Creative Fest will take place from this Friday to next Sunday, 16-18 February at the Shams Business Center in Sharjah, Sharjah24 reports. The festival aims to support small and medium-sized projects and entrepreneurs and help them access local and regional markets. It will include arts and musical events, cultural and entertainment workshops, and competitions.

The Investopia Summit will take place from Wednesday, 28 February, to Thursday, 29 February, in Abu Dhabi. The two-day event will run under the theme “Emerging Economic Frontiers: Investing in Fast-Growing Sectors in the New Economy,” gathering investors, government officials, and entrepreneurs to explore investments in strategic markets.

MIT-backed family business course coming to DIFC in June:Dubai International Financial Centre (DIFC) ’s Family Wealth Centre and Massachusetts-based university MIT Sloan Executive Education will hold a three-day family business-focused higher education training program in Dubai between 24 and 26 June, according to a DIFC statement. Participants will obtain an MIT Sloan School of Management Certificate of Completion after completing the program. You can register for the course here.

Dubai International Marine Sports Club (DIMC) will host the Dubai race for 60 ft sail ships on Saturday, 17 February, as the second round of the Dubai Championship 2023-2024 commences, reports Aletihad. The race comes months before DIMC’s Al Gaffal 60 ft traditional dhow sailing race, starting from Sir Bu Nair Island to the shores of Dubai in April.

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

ATRC launches USD 200 mn fund for global tech advancement in developing nations

The Advanced Technology Research Council (ATRC) launched a USD 200 mn fund aimed at supporting technological advancements in developing countries on the sidelines of the World Government Summit, it said in a statement. The fund — dubbed the ATRC Global Tech R&D Platform — will be financed by the Abu Dhabi government and overseen by ATRC.

The details: The platform will facilitate access to advanced technologies developed in the UAE for governments and organizations in developing nations, as well as fund research projects, Reuters cites ATRC Secretary General Faisal Al Bannai as saying.

How it works: The organization plans to engage target countries as “private clients” to assess their needs for solutions, Al Bannai is quoted as saying. It will then either offer the solution as a donation or sell it to the country at an affordable price, Al Bannai said.

Target sectors: Projects in sectors including aerospace and space, food and agriculture, healthcare, safety and security, sustainability and environment, and energy and transport will be eligible for funding, according to the statement. Eligible projects can apply for funding here.

ADEX, Mashreq, and ADCB lend BGN USD 100 mn to ramp up UAE energy exports

BGN lands USD 100 mn from ADEX, Mashreq and ADCB: Our friends at Mashreq, along with Abu Dhabi Exports Office (Adex) — the export arm of Abu Dhabi Fund for Development — and Abu Dhabi Commercial Bank (ADCB), have agreed to provide global energy trader BGN a revolving credit agreement worth up to USD 100 mn, state news agency Wam reports. The agreement marks BGN’s first loan from regional lenders.

Where will the funds go? The proceeds will help BGN “expand its global reach across a range of commodity classes,” according to ADCB Group Chief Business Officer Abdulla Al Shamsi.

>USD 100 mn? The syndicated loan is embedded with an accordion feature that allows for additional funding from regional and overseas lenders.

Helping boost trade in the UAE: The partnership between Adex and Mashreq to provide the financing package will also help “support the strategic objective of UAE’s economic diversification and strengthen UAE’s position as a global leader in trade, energy and commodities,” Head of Corporate and Investment Banking at Mashreq Joel Van Dusen said.

M&A activity continued to grow in the UAE and the MENA region in 2023 -EY

The UAE was investors’ preferred destination for acquisitions in 2023 thanks to “its business-friendly regulations and efficient legal framework,” writes EY in its 2023 MENA M&A Insights update. The UAE and Saudi Arabia saw a combined 305 transactions worth USD 24.8 bn in total, with the UAE seeing the largest acquisition of the year in the region, Apollo Global Management’s USD 8.2 bn acquisition of Univar Solutions.

Mubadala + ADIA among the biggest drivers of M&A activity: Abu Dhabi Investment Authority (ADIA), Mubadala, Saudi Arabia’s Public Investment Fund (PIF), and the Qatar Investment Authority led regional M&A activity with a focus on “national development and investing in sectors of the future,” EY MENA Strategy and Transactions Leader Brad Watson said.

UAE investors 💗 the US: Emirati investors targeted American firms in 21 transactions worth USD 15.3 bn, EY said.

MENA countries closed mergers and acquisitions worth USD 86 bn in 2023, up 4% from the year before despite regional tensions and global economic uncertainty.

Which sectors saw traction? Tech transactions led the pack, with 141 M&As recorded in 2023, while the energy and resources sectors — including metals and mining, oil and gas, and chemicals — also saw “significant capital deployment.”

Most came from the GCC: Gulf nations closed 565 transactions, worth some USD 83.2 bn.

Lots of cross-border and domestic transactions: Cross border M&As made up 72% of the total value of M&As in 2023, with North America remaining the largest acquiring region by value — with transactions totaling USD 2.7 bn — and largest number of inbound MENA transactions — with 32. Domestic transactions made up 49% of the total volume of MENA M&As.

Outbound transactions accounted for the lion’s share of value of transactions, with 208 outbound M&As worth a total of USD 53.5 bn, the report said.

Looking ahead: “We expect M&A activity in MENA to remain robust in 2024 given continuingsecular trends around energy transition and digitalization of everything,” Watson said.

Criteria for Emirates NBD’s AED 500 mn SME initiative are out

More details on Emirates NBD’s AED 500 mn SME investment initiative:

Emirates NBD has set the criteria for SMEs taking part in the AED 15 mn first phase of the AED 500 mn Dubai International Growth Initiative, according to a press release. Launched in January, the initiative aims to provide Dubai-based SMEs with financing at the Emirates’ interbank offered rate (EIBOR) to help them expand globally.

The first phase of the initiative will commit AED 15 mn over seven years to SMEs operating in food and beverage, fast-moving consumer goods, retail, e-commerce, and services and manufacturing, the statement said, without clarifying ticket sizes or the number of SMEs targeted. Later phases will include SMEs in other sectors, Emirates NBD added.

Additional criteria: SMEs must only be founded and based in Dubai, and use the financing for global expansion purposes, the statement said. Applicants will need to prepare a comprehensive business plan outlining strategies for growth outside of the UAE, the bank said.

REFRESHER- What’s an SME in the UAE? It varies by business type (trade, industry, services), how many staff you have, and what your annual turnover looks like — but the broad strokes are: You have to have a maximum of 250 employees and an annual turnover of AED 250 mn or less.You can play with the sliders on the Economy Ministry’s website here. The Government of Dubai’s SME unit already provides a range of finance and other support for qualifying SMEs.

What’s next: A committee of representatives from the Dubai government and Emirates NBD will review eligible SMEs before providing them with financing.

If you’re an eligible SME, you can apply for financing through the initiative here.

Earnings watch: Adnoc Gas + Drilling, Empower, Bank of Sharjah, Investcorp, Invictus, MBME, Burjeel, and more

We have more earnings reports from two Abu Dhabi National Oil Company subsidiaries, as well as district cooling company Empower, Ghitha Holding subsidiary Invictus, newly-listed Investcorp, and a few others.

Abu Dhabi National Oil Company (Adnoc) Gas recorded a net income of USD 4.7 bn in 2023, driven by an increase in production volumes and a positive pricing environment in 4Q 2023, according to the company’s earnings release (pdf). The gas processing unit saw its revenues fall 12% y-o-y to USD 22.7 bn on the back of a “less favorable” pricing environment for the earlier in the year, it said in its earnings report (pdf).

Net income rose 24% y-o-y to USD 1.35 bn in 4Q 2023, while revenues increased 7% y-o-y to USD 6.3 bn during the quarter. The company’s processed volumes grew 5% y-o-y to 912 tn British thermal units (TBTU), enough to provide energy for 6 mn homes for a year.

What they said: “Our strong performance is a testament to the resilience of the company and our ability to maintain strong margins through the commodity cycle,” CEO Ahmed Alebri said.

Dividends: The board confirmed full-year dividend payouts of USD 3.25 bn for 2023. Half of the amount (USD 1.63 bn) was distributed in December 2023, with the remaining USD 1.63 bn scheduled for payment in 2Q 2024. Looking ahead, the company anticipates annual dividend growth of 5% per share over the next four years.

Looking ahead: The company plans to invest some USD 2-2.5 bn in 2024, marking a “substantial increase” from investments in 2023, the company said. Sales are also expected to remain stable at 3.5 TBTU during the year as it looks to boost capacity at its Ruwais Industrial Complex, it added.

Adnoc Drilling saw its net income jump 29% y-o-y in 2023, booking a record USD 1bn (AED 3.6 bn), according to the drilling company’s earnings release (pdf). Revenues climbed 14% y-o-y to USD 3 bn (AED 11 bn) on the back of a 31% y-o-y growth in the company’s offshore jack-up segment and a 37% y-o-y increase in its oilfield services segment, Adnoc Drilling said.

Results for 4Q: Adnoc Drilling’s bottom line leaped 41% y-o-y in 4Q 2023 to USD 329 mn (AED 1.2 bn). The company posted USD 841 mn (AED 3 bn) in revenues for the period, up 15% y-o-y. The company attributed the robust quarterly performance to expanding its operational rigs and a “USD 55 mn reduction in depreciation,” according to the company’s financial statements (pdf).

Looking ahead: The company expects to expand its rig count to 142, including 4 new lease-to-own land rigs, by the end of the year, the company said.

Dividends: The board recommended a dividend payout of USD 358 mn, raising total dividends for the year to USD 717 mn, the company said.

EMPOWER POSTS BUMPER EARNINGS-

Emirati district cooling company Emirates Central Cooling Corporation (Empower) saw its revenues jump 8.7% y-o-y in 2023 to its highest ever at AED 3.04 bn, according to an earnings release. The company’s net profit fell 4% y-o-y to AED 960 mn last year, according to its financials (pdf).

What’s behind the numbers? Empower saw its portfolio grow last year with services spanning over 1.5k buildings in Dubai, according to the statement. The company also opened a new 47k refrigeration ton district cooling plant in the Dubailand Residence complex, and started upgrading its Jumeirah Beach Residence plant with an AED 102 mn investment. Empower also awarded contracts for next-gen cooling plants, expanding to provide a total cooling capacity of 48k tons at Jumeirah Beach Hills.

Major partnerships in 2023: Empower finalized Master Development Agreements with some of Dubai’s biggest real estate developers, including Dubai Maritime City, to provide cooling services for 43 of its buildings with a total capacity of over 63k tons. The company also inked agreements with Sobha Properties, the Anwa residential tower, and the Dubai International Airport.

INVESTCORP’S NET INCOME FELL IN 4Q 2023

Investcorp Capital’s net income stood at USD 21 mn in 4Q 2023, down 34% y-o-y, according to its first set of financial results (pdf) as a listed company. Gross operating income fell to USD 25 mn during the period from USD 36 mn in 4Q 2022.

The company recorded a 17% y-o-y decline in net income to USD 34 mn in 2H 2023, while gross operating income also fell 8% y-o-y to USD 44 mn.

Looking ahead: “We are encouraged by what we see as a positive outlook for the global financial markets in 2024, but with inflationary pressures abating, interest rates expected to come down and general market confidence improving, we believe we are well positioned to continue to deliver returns for shareholders in the second half of the year,” Chief Financial Officer Abbas Rizv said in the earnings release (pdf). The company expects to see increased capital deployment and more exits across its portfolio, the earnings release said.

INVICTUS ALSO REPORTS DECLINE IN NET INCOME-

Ghitha Holding subsidiary Invictus Investment Company saw its bottom line fall 53% y-o-y to AED 213.6 mn, on the back of lower global commodity prices and an increase in investments and expansion, according to the company’s earnings release (pdf). Revenues increased 37.3% y-o-y during the year to a record AED 8.1 bn.

What’s next for Invictus? The company’s focus “will remain on downstream acquisitions in the value chain, with the aim to become a vertically integrated agro-food enterprise.” Invictus also plans to continue its expansion in Africa, following its expansion to Morocco, Tanzania, Mozambique, and Malawi in 2023.

REMEMBER- The company plans to acquire 60% of Zalar Holding’s stake in Moroccan agriculture trader Graderco, pending approvals from the company’s boards.

Dividends: The company plans to pay shareholders AED 45 mn in dividends in 2Q 2024.

MORE EARNINGS-

The Bank of Sharjah’s net losses widened to AED 241 mn in 2023, from AED 156 mnthe previous year, according to the company’s preliminary results brief (pdf). The bank’s net operating income fell 33% y-o-y during the year to AED 308 mn.

National Cement Company turned to the black in 2023, after postingAED 56.3 mn in net income, a turnaround from the net loss of AED 28.7 mn in 2022, according to the company’s preliminary financial results (pdf). Revenues for the year were up 37.2% y-o-y to AED 187.9 mn.

Abu Dhabi-based Eshraq Investments booked a net loss of AED 394kin 2023, compared to AED 589.8 mn in net income in 2022, according to the company’s ADX filing (pdf). Eshraq attributed its net loss to “asset write-downs and revaluation of assets, as part of the commitment made by the new board and management.” The company also saw its revenues from commercial operations fall 23% y-o-y.

Healthcare provider Burjeel Holdings’ bottom line climbed 52% y-o-y in 2023 to AED 540 mn, driven by improved operational performance, according to the company’s preliminary financial results (pdf). The healthcare firm booked AED 4.5 bn in revenues, up 15.6% y-o-y.

ADX-listed Dubai Ins. saw its net income increase 57.5% y-o-y in 2023 to AED 141.9 mn, according to the company’s preliminary earnings report (pdf). The firm’s revenues jumped 79% y-o-y to AED 2.15 bn over the year.

Digital payments firm MBME Group’s bottom line remained flat in 2023 at AED 480 mn, inching up 1% y-o-y, according to the company’s unaudited earnings (pdf).

Daman appoints Khaled Ateeq Aldhaheri as CEO

Daman gets a new CEO: PureHealth subsidiary National Health Ins. Company (Daman) has appointed Khaled Ateeq Aldhaheri (LinkedIn) as CEO, according to the Abu Dhabi Media Office. Aldhaheri had been serving as acting CEO since July 2023. He previously held the roles of CFO and CCO at Abu Dhabi Health Services (Seha), CFO at Al Ain Hospital, and acting executive director of Abu Dhabi’s Department of Health.

Hailstones and heavy rain populate UAE X

X was flooded (pun intended) with posts on the storm hitting the country yesterday, from photos and videos of hail covering parts of Al Ain, to lightning striking Burj Khalifa.

The World Government Summit continued to get attention, with the hashtag #القمه العالميه (World Summit) making the rounds. Meanwhile, more posts came in to mourn the Emirati soldiers killed in the weekend’s attacks in Mogadishu, via the hashtag #شهداء_الوطن (Martyrs of the Country).

Dubai is getting its own Music City

ENTERTAINMENT-

Capitol Studios is coming to Dubai: Dubai-based music firm DGMC inked a partnership with Universal Music Group to establish a “Music City” in the emirate, according to a press release. The music hub is set to feature the first Capitol Studios outside of Hollywood, a JV record label and music education academies.

CAPITAL MARKETS-

ADGM’s FSRA fines six financial institutions AED 170k: The Abu Dhabi Global Market’s Financial Services Regulatory Authority (FSRA) fined six financial institutions a total of AED 170k for violating common reporting standard regulations, according to a statement. The violations include: Failing to do due diligence procedures with financial reporting, keeping records of due diligence, reporting required information in a complete and accurate manner, and submitting the required annual information, the ADGM said.

TRADE-

Expo Center Sharjah, World Trade Center Istanbul talk cooperation: Expo Center Sharjah CEO Saif Mohammed Al Midfa met with World Trade Center Istanbul Technical Manager Coskun Akman to discuss strengthening cooperation between the two trade centers and explore holding events to unlock more trade in the region, Wam reports.

Mars Food Industries enters the Ethiopian market: Tana Ekt Trading signedan agreement with Mars Food Industries to market and distribute its Miralac baby food products, produced in the UAE, in Ethiopia, according to a Dubai Chamber International statement. Mars plans to expand further into African markets, including Nigeria, Rwanda, and Mozambique.

DEFENSE-

Abu Dhabi’s Rabdan Academy and global think tank center Middle East Instituteinked an agreement to collaborate on research and development, according to the Abu Dhabi Media Office.The two sides will develop and publish research on international relations, policing, security, and defense, in addition to organizing specialized training courses to boost research skills.

TECH-

DMCC to use QX Lab AI’s platform for its center: Dubai’s freezone and trade hub Dubai Multi Commodities Centre (DMCC) signed a partnership agreement with Dubai-based AI firm QX Lab AI to use its Ask QX platform to enhance the efficiency, productivity, and security of DMCC’s AI center, which is slated to launch later this year, state news agency Wam reports.

STARTUPS-

Three Emirati and Bahraini startups snagged USD 547k for their business pitches on the last episode of the entrepreneurship-themed reality show Beban, TradeArabia reports. UAE-based startup Drop It raised USD 200k, while Bahrain-based startups Right Calories and Motolines raised USD 265k and USD 82k, respectively.

LAW-

London-based law firm Pinsent Masons is launching its flexible service offering, Vario, in Dubai, to “further its professional and legal services in the Middle East,” according to a company statement. Pinsent Masons’ Vario offering “matches clients with experienced flexible lawyers to support specific projects and address capacity issues in busy in-house legal teams.” The firm recently opened its Abu Dhabi office, and received approval to operate in Saudi Arabia.

PAYMENTS-

FinMin rolls out cross-border payment system Buna:Finance Minister Sheikh Maktoum bin Rashid Al Maktoum officially launched Buna, the cross-border payment system operated by Abu Dhabi-headquartered Arab Regional Payments Clearing and Settlement Organization to facilitate regional cross-border transactions and trade exchange, the Dubai Media Office said in a statement.

China, India and Pakistan to join: The platform is set to expand its clearing and settlement services by adding currencies from Asia, Africa, and Europe over the next two years, including the INR, the PKR, and the CNY, Khaleej Times reports. Buna currently supports six currencies: the AED, the SAR, the JOD, the EGP, the USD and the EUR.

World economy in for a “soft landing” -IMF’s Georgieva

The global economy is headed for “this soft landing we have been dreaming of,” IMF Managing Director Kristalina Georgieva said yesterday at the World Government Summit, according to Reuters. Georgieva also expects global monetary policy will begin to loosen in the coming months, with major economies such as the US set to start cutting interest rates by mid-2024. However, a prolonged war in Gaza, coupled with the Red Sea crisis, will threaten to bring about “unintended consequences in terms of where the fighting goes, then it can become much more problematic for the world as a whole,” Georgieva warned.

Despite regional tensions, a “decent year” is ahead, BofA says: Regardless of geopolitical crises, which have not “impacted flows in any material way,” global markets were off to a good start this year, president of International for Bank of America Bernard Mensah said, agreeing with Georgieva that 2024 is expected to be a “decent year” for market growth, Reuters reports.

The UAE’s economy is on an upward trajectory, along with the broader regional economy, Mensaid said, pointing to the “acceleration in terms of their economic outlook and their economic agenda and the good IPO activity.” Mensah also lauded the UAE’s economy for its resilience and “dynamism” in an interview with Wam.

ADX	9,324	-0.2% (YTD: -2.7%)
DFM	4,210	+0.7% (YTD: +3.7%)
Nasdaq Dubai UAE20	3,730	+0.3% (YTD: -2.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.0% o/n	5.1% 1 yr
TASI	12,295	+0.7% (YTD: +2.8%)
EGX30	28,494	+1.1% (YTD: +14.5%)
S&P 500	5,022	-0.1% (YTD: +5.3%)
FTSE 100	7,574	0.0% (YTD: -2.1%)
Euro Stoxx 50	4,746	+0.7% (YTD: +5.0%)
Brent crude	USD 82.00	-0.2%
Natural gas (Nymex)	USD 1.77	-4.3%
Gold	USD 2,033	-0.3%
BTC	USD 50,062	+3.8% (YTD: +18.5%)

THE CLOSING BELL-

The ADX fell 0.2% yesterday on turnover of AED 885.6 mn. The index is down 2.7% YTD.

In the green: Fujairah Cement Industry (+8.8%), Foodco National Foodstuff (+8.0%) and Easy Lease Motorcycle Rental (+3.9%).

In the red: Ooredoo (-7.7%), Gulf Cement (-6.5%) and Eshraq Investments (-5.1%).

Over on the DFM, the index rose 0.7% on turnover of AED 312.7 mn, while Nasdaq Dubai rose 0.3%.

Asian markets are a mixed bag this morning: The Nikkei and Kospi are handily in the green, but Chinese markets remain closed for the Lunar New Year holiday, so there’s nothing to report out of Hong Kong or Shanghai. Looking ahead: Futures suggest a weak open in both Europe and on Wall Street later today.

UAE, Egypt extend agreement for governance cooperation

UAE, Egypt renew governance cooperation agreement: The Cabinet Affairs Ministry and Egypt’s Planning and Economic Development Ministry extended a governance cooperation MoU for two years, Egypt’s State Information Service said in a statement. Initially signed in February 2018, the MoU has been renewed multiple times.

The countries are also exploring economic cooperation: Dubai ruler and Prime Minister Mohammed bin Rashid Al Maktoum met yesterday with Egyptian PM Moustafa Madbouly to discuss collaborating in trade, investment, and project implementation, according to Wam.

Al Maktoum talks global economy with OECD + World Bank Group heads: Al Maktoum also met with Organization for Economic Co-operation and Development (OECD) Secretary-General Mathias Cormann yesterday to discuss bilateral relations and cooperation between the UAE and OECD, global economic issues, and the organization’s role in the global economy, Wam reports. The prime minister also had a similar discussion with World Bank Group President Ajay Banga, discussing best practices from the UAE as a model for creating investor-friendly economies.

AND- Al Maktoum discussed cooperation and policies for sustainable development with Qatari Prime and Foreign Minister Sheikh Mohammed bin Abdulrahman bin Jassim Al Thani Wam reports.

UAE’s UN ambassador envoy calls for “irreversible progression” towards the two-state solution: The Palestinian-Israeli conflict will only be resolved through “irreversible progression” towards the two-state solution as a prerequisite for regional partners providing the funding for the reconstruction of the devastated Gaza strip once the war is over, the permanent ambassador to the UN Lana Nusseibeh said during a panel discussion at the World Government Summit, Reuters reports.

CALENDAR

FEBRUARY

1-15 February (Thursday-Thursday): InClassica Dubai International Music Festival 2024, Dubai Opera.

2-29 February (Friday-Thursday): Ras Al Khaimah Art 2024 Festival, Al Jazeera Al Hamra.

7-18 February (Wednesday-Sunday): Sharjah Light Festival, Sharjah Police Headquarters.

8-14 February (Thursday-Wednesday): UAE Innovates 2024, Ajman and Umm Al Quwain.

12-13 February (Monday-Tuesday): Breakbulk Middle East conference, Dubai Trade Centre.

12-14 February (Monday-Wednesday): World Government Summit, Dubai.

12-14 February (Monday-Wednesday): Sustainable Aviation Futures MENA Congress, Hotel Dubai Mall.

12-15 February (Monday-Thursday): Future Warehouse & Logistics, Dubai, UAE.

15-25 February (Thursday-Sunday): FIFA Beach Soccer World Cup 2024, Dubai.

15-21 February (Thursday-Wednesday): UAE Innovates 2024, Sharjah, Ras Al Khaimah, and Fujairah.

16-18 February (Friday-Sunday): The Shams Creative Fest, Shams Business Center.

17 February (Saturday): UAE President Cup for Purebred Arabian Horses, Abu Dhabi Equestrian Club.

18 February (Sunday): Abu Dhabi Run and Ride, Abu Dhabi Corniche.

19-23 February (Monday-Friday): Gulfood 2024, Dubai World Trade Centre.

20-21 February (Tuesday- Wednesday): International Dialogue of Civilizations and Tolerance Conference, Abu Dhabi National Exhibition Centre.

22-24 February (Thursday-Saturday): International Freight Forwarders Conference 2024 Dubai, Hyatt Hotel.

22-29 February (Thursday-Thursday): UAE Innovates 2024, Dubai.

23-25 February (Friday-Sunday): Taste of Dubai Festival, Skydive Dubai.

23 February-3 March (Friday-Sunday): Maritime Heritage Festival Abu Dhabi.

23 February-3 March (Friday-Sunday): Sikka Art and Design Festival, Dubai

24 February (Saturday): Ras Al Khaimah Half Marathon, Al Marjan Island.

25 February-2 March (Sunday-Saturday): Abu Dhabi Desert Challenge 2024, Al Dhafra Region.

26-28 February (Monday-Wednesday): Management and Sustainability of Water Resources, Marriott Hotel Al Jaddaf.

27-28 February (Tuesday-Wednesday): Dubai Association Centre Conference, Dubai World Trade Centre.

26-29 February (Monday-Thursday): World Trade Organization Ministerial Conference, Abu Dhabi, UAE.

28-29 February (Wednesday-Thursday): Ras Al Khaimah Investment and Trade Summit, Rak Exhibition Centre.

28-29 February (Wednesday-Thursday): UAE delegation attends ‘Invest in Austria’ conference, Vienna.

28-29 February (Wednesday-Thursday): Third Investopia Summit, Abu Dhabi.

28 February – 1 March (Wednesday-Friday): MENA Transport Congress and Exhibition 2024, Dubai.

29 February-3 March (Thursday-Sunday): Gov Games, Dubai Festival City, Dubai.

MARCH

1-3 March (Friday-Sunday): Art Dubai, Madinat Jumeirah.

5-6 March (Tuesday-Wednesday): MRO Middle East, Dubai Trade Centre.

5-7 March (Tuesday-Thursday): World Police Summit, Dubai World Trade Centre.

5-7 March (Tuesday-Thursday): Dubai Entertainment Amusement & Leisure Exhibition, Dubai World Trade Center.

5-8 March (Tuesday-Friday): Forbes’ Third Annual 30/50 Summit In Abu Dhabi During International Women’s Day

8-9 March (Friday-Saturday): World Triathlon Championship Series 2024 Opening Race, Yas Marina Circuit on Yas Island.

11/12 March (Monday/Tuesday): Start of Ramadan.

APRIL

TBC April: DRIFTx, Abu Dhabi.

9/10 April (Tuesday/Wednesday): End of Ramadan, public holiday.

8-12 April (Monday-Friday): Eid Al Fitr, public holiday.

16-18 April (Tuesday-Thursday): World Future Energy Summit, Abu Dhabi National Exhibition Centre.

16-18 April (Tuesday-Thursday): Middle East Coatings Show, Dubai World Trade Centre.

16-18 April (Tuesday-Thursday): Middle East Energy, Dubai World Trade Centre.

23-25 April (Tuesday-Thursday): Connecting Green Hydrogen MENA, Madinat Jumeirah Conference Centre.

24-26 April (Wednesday-Friday): Global Education & Training Exhibition.

MAY

6-7 May (Monday-Tuesday): Dubai Fintech Summit 2024, Madinat Jumeirah.

7-9 May (Tuesday-Thursday): AIM Congress 2024, Abu Dhabi.

8-9 May (Wednesday-Thursday): Innovative Finance Expo, Jumeirah Emirates Towers.

14-15 May (Tuesday-Wednesday): Seamless Middle East, Dubai World Trade Centre.

JUNE

2-4 June (Sunday-Tuesday): The World Air Transport Summit and International Air Transport Association (IATA)’s annual general meeting, Dubai.

4-6 June (Tuesday-Thursday): The Hotel Show, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): INDEX, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): WORKSPACE, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): Leisure Show, Dubai World Trade Centre.

15 June (Saturday): Arafat day, national holiday.

16-18 June (Sunday-Tuesday): Eid Al-Adha, national holiday.

JULY

7 July (Sunday): Islamic new year, national holiday.

SEPTEMBER

9-11 September (Monday-Wednesday): World Utilities Congress, Abu Dhabi.

28-30 September (Saturday-Monday): World Association of Nuclear Operators (WANO) Biennial General Meeting, Abu Dhabi.

OCTOBER

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

NOVEMBER

11-14 November (Monday-Thursday): ADIPEC, Abu Dhabi.

11-14 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi.

11-14 November (Monday-Thursday): ADIPEC Decarbonisation Accelerator, Abu Dhabi.

DECEMBER

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

10-12 December (Tuesday-Thursday): Middle East Business Aviation, Dubai World Central.

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