Finance and tech are the big stories on a reasonably quiet winter morning

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: UAE led GCC in IPO 2024 IPO proceeds even as market declined regionally

Good morning, wonderful people. It’s a reasonably quiet morning on the business news front here at home, with key government and private-sector players in Davos for the World Economic Forum.

Still, finance nerds have lots to consider, between Atlantic General’s blockbuster acquisition yesterday of emerging markets infrastructure private equity giant Actis — and optimism on 2024 dealflow from top execs at Goldman Sachs and Morgan Stanley.

And it’s shaping up to be a big day for our fellow tech nerds, with Samsung set to unveil its latest crop of flagship smartphones and plenty of news from archrival Appe.

^^ We have all of these stories and more, below.

FROM DAVOS- The government’s focus for the next few years is green growth and decarbonization, Economy Minister Abdullah bin Touq al Marri told CNBC (runtime 03:17) on the sidelines of the World Economic Forum. “In a world where we’re going to [see] high inflation and high interest rates, and being realistic as well on the global challenges and crises we currently live in, I think we need a different lens on looking at economic policies,” he said, referencing the need to engage more with the private sector to improve ease of doing business and reducing regulatory burdens.

ALSO FROM WEF:The oil market could tip toward a supply crunch as early as 2025 as new exploration slows to the point where reserves are not discovered and brought online fast enough to meet demand, Reuters cites Occidental Petroleum CEO Vicki Hollub as saying at the gathering. Whereas in the mid-1950s to late 1970s, discoveries of oil were five times as much as the amount of oil consumed, this ratio has fallen to 25% in 2023, Hollub said, adding that the markets are not balanced in the near term.

Crude prices could trade at USD 80-85 per barrel from next year as a result, Hollub estimates.

AND- Mohammed bin Rashid Al Maktoum Global Initiatives (MBRGI) agreed to provide the UN World Food Program with AED 43 mn for direct food aid Gaza, Zawya reports. MBRGI signed the agreement on the sidelines of the World Economic Forum.

PUBLIC SERVICE ANNOUNCEMENT-

Some 54 homebuilding services will be under one roof in Dubai when the new Integrated Housing Center launches in February, hosting 54 residential services in Nad Al Sheba’s Avenue Mall, according to a Government of Dubai Media Office statement. The center will incorporate services from four government departments: Mohammed Bin Rashid Housing Establishment, Dubai’s Roads and Transport Authority, Dubai Municipality and Dubai Land. Two private sector partners — Emirates Islamic Bank and Sobha Realty — will also provide services to customers through the center.

DATA POINTS-

#1- The UAE led the GCC in IPO proceeds in 2023, raising AED 20.2 bn in seven transactions that accounted for 54% of all funds raised last year, according to Kuwait Financial Centre (Markaz).

It wasn’t a great year for IPOs in the Gulf. The UAE’s 55% y-o-y dip in IPO value last year mirrors the 55% drop in GCC proceeds. Some 45 IPOs across the region raised USD 10.1 bn (AED 37 bn) last year.

By market in the UAE: The Abu Dhabi Securities Exchange led in proceeds with USD 4.9 bn (AED 17.9 bn), followed by the Dubai Financial Market with USD 0.5 bn (AED 1.8 bn).

Top ADX IPOs of 2023: Adnoc Gas (AED 9.1 bn) alone made up 25% of total GCC IPO proceeds. Pure Health’s AED 3.6 bn offering and Adnoc Logistics’ AED 2.8 bn listing round out the top three in the UAE.

#2- Anti-money laundering watchdog handed out AED 249 mn in fines in 2023: TheExecutive Office of Anti-Money Laundering and Counter Terrorism Financing’s (AML/CTF) annual review revealed a 223% surge in the value of fines issued by the authority in the first 10 months of 2023 to some AED 246 mn, Wam reports. The AML/CFT Partnership Forum — a national public-private initiative set up to coordinate with private actors to curb money laundering — also saw its membership expand to over 50 members in 2023.

#3- Passenger traffic at Sharjah International Airport rose to over 15.3 mn in 2023, up 17.4% y-o-y, according to a statement. Air traffic increased by 12%, with more than 98k flights recorded throughout the year, the statement said. The airport handled over 141k tonnes of air cargo.

#4-Dubai Electricity and Water Authority (Dewa) extended over 364 km of fiber optic (FO) ducts in 2023, bringing the total length of ducts in the emirate to nearly 4k km, up 10% y-o-y, reports Wam. Dewa has injected some AED 7 bn to upgrade its FO network for its smart electricity grid, Wam adds.

WATCH THIS SPACE-

Bids are open for Dubai Metro Blue Line: Dubai’s Road and Transport Authority (RTA) issued tender documents for the design and construction of the Dubai Metro Blue Line, valued at USD 4.9 bn, reports MEED. Six consortiums prequalified to bid for the contract after the initial tender notice last fall. They are:

Hyundai Rotem, China Civil Engineering Construction Corporation, and Nippon;
China Railway Rolling Stock Corporation, Limak Holding, and Mapa Group;
Siemens, Samsung, Larsen & Toubro, and Wade Adams;
Alstom, FCC, and China State Construction Engineering Corporation;
Construcciones y Auxiliar de Ferrocarriles, China Tiesiju Civil Engineering Group, Arab Contractors;
Hitachi and WeBuild.

Project timeline: Construction will kick off in 2025, with trial operations expected in 2028, The National reported previously. Full commercial operations are scheduled to begin in 2029.

Refresher: The 30-km-long metro line will see 28 trains serve 14 elevated and underground stations as part of Dubai’s 20-minute city urban policy plan. The line will accommodate some 320k passengers daily in Dubai Creek Harbour, Dubai Festival City, International City, and more.

THE BIG STORY ABROAD

The global business press is digesting Donald Trump’s landslide win in the Iowa caucuses yesterday. He was always tipped to come out on top, but a much stronger than expected showing has pundits openly suggesting that his appeal has expanded beyond his base (at least in very white, very Republican midwestern states…) and that Nikki Haley and Ron Desantis are “running out of time” to stop him. (Financial Times | Wall Street Journal | Politico | Axios | Reuters)

Must-read on the topic:A wary world braces for Trump’s return to the White House, in Bloomberg.

IT’S A BIG DAY FOR: Tech nerds, as Samsung holds its Galaxy Unpacked event. Expect a new S24 line with new artificial intelligence capabilities to take center stage. Samsung faithful expecting a big redesign will be as disappointed as were iSheep this past fall with the, let’s say “extreme stability” of Apple’s iPhone design language.

Want more? You can check out Samsung’s Unpacked page or head over to its Youtube channel when the event starts at 10pm UAE time tonight.

Speaking of Samsung: The company is no longer the world’s largest mobile phone maker. Apple, which already led the industry in terms of value, has overtaken Samsung by volume — the first time in a dozen years of heavy competition that the Cupertino company has edged out its Korean rival.

And speaking of Apple: The tech giant is going to let third-party apps in the United States link to their developer’s website to process payments for in-app purchases. While doing so would bypass Apple’s built-in payment system, it will still ask for a percentage of the sale, Bloomberg reports. Apple and Google face pressure from regulators around the world to open their app marketplaces to sideloading and third-party payment methods.

Curious about Apple’s Vision Pro? With the order and delivery window coming up (for readers in the United States only), you might want to head over to The Verge not just for a Samsung recap this evening, but for Victoria Song’s take on Vision Pro after getting to spend 30 minutes hands-on with it. Her take: “I know what I saw, but I’m still trying to figure out where this headset fits in real life.”

AND- Interim BP boss Murray Auchincloss will get the job permanently, the Financial Times reports. Expect an announcement later today.

HAPPENING THIS WEEK-

#1- Australian Foreign Minister Penny Wong will be in town as part of a wider regional tour that will also see her visiting Jordan, Israel, and Palestine to discuss the ongoing war in Gaza, according to a statement from the Australian Foreign Ministry.

Wong’s visit also marks the start of negotiations for a trade agreement between the UAE and Australia, the statement said. The two countries agreed last December to launch the negotiations, aimed at boosting bilateral trade ties and bolstering Australian imports to the UAE.

CIRCLE YOUR CALENDAR-

The Abu Dhabi Extreme Championship 2 (ADXC 2) is taking place this Friday at the Mubadala Arena. You can get your tickets for the martial arts tournament here.

World of Coffee Dubai kicks off on Sunday, 21 January at the Dubai World Trade Center, bringing together stakeholders in the UAE’s coffee industry, including producers, retailers and traders. The event — which includes lectures and workshops, as well as a barista championship — runs until Tuesday, 23 January.

The IAAPA Middle East Trade Summit is set to take place from next Monday-Wednesday (22-24 January) on Yas Island in Abu Dhabi. The event will feature a trade connections area with 41 companies as well as sessions, events and tours.

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

WE WANT TO HEAR FROM YOU

Do you want to send us a press release, pitch us a story, or send in comments, criticism, or suggestions? Email us on uae@enterprise.news and we’ll be in touch directly. Feel free to pass this email on to your comms professionals or agency and ask them to reach out to us or put us on their distribution list.

AND- We’re open to interview pitches, so do get in touch.

ALSO- We’re happy to let you know that the EnterpriseAM UAE website is now up and running with 28 back issues online. We’re building out functionality over the coming day or two and it should be fully up and running before the end of the week.

Having trouble getting the website to open or clicking through to a page? Hit CMD-shift-R in your browser on a Mac or Ctrl-F5 on a PC. Do that a couple of times and you should be good to go.

*** Were you forwarded this email? Tap or click here to subscribe and receive you own copy of EnterpriseAM UAE at 7am UAE time — available without charge thanks to the support of our friends at Mashreq.

*** Do you want to be among the first readers of our upcoming KSA edition? Tap or click here to get EnterpriseAM Saudi on our first day later this month.

Depa bags contracts totaling nearly AED 1 bn in Dubai and KSA

New KSA hospitality project + Dubai office for Depa: Nasdaq Dubai-listed interior contractor Depa has bagged contracts in Dubai and Saudi Arabia with a total value of AED 950 mn, according to separate market disclosures (pdfs — here and here) out yesterday.

#1- The group is set to take on hospitality and tourism projects for Red Sea Globalin Saudi Arabia, including fit-out works for the mountain-situated Desert Rock Hotel, premier yachting destination Amaala Yacht Club, and two luxury five-star hotels also in the Amaala marine development.

The is the seventh hospitality contract Depa has taken from Red Sea Global, with an AED 110 mn contract awarded in August 2022 and another AED 157 mn contract in November of the same year.

#2- Depa has also taken an AED 200 mn fit-out contract for a high-end HQ office building in Dubai by an undisclosed company.

Background: Saudi sovereign wealth fund Public Investment Fund (PIF) purchased a 55% stake in Dubai-headquartered Depa for AED 150 mn in February 2022, Reuters previously reported.

OTHER REAL ESTATE NEWS-

Palm Islands lead Dubai property sales: Nakheel ’s Palm Jebel Al i and Palm Jumeirah are leading super luxury estate sales in Dubai, with the former accounting for half of Dubai estate sales priced between AED 18-20 mn after only launching sales three months ago, reports Gulf News, citing data from Reidin-GCP. Palm Jumeirah, meanwhile, makes up some 32% of homes in Dubai that are valued at AED 45 mn and above. Palm Jumeirah has sold 541 villa plots, with Palm Jebel Ali trailing closely behind with a little over 500 villas sold.

ICYMI- Check out our deep dive on the rise of property prices in the UAE last year, and the appeal of luxury estates in Dubai in particular on the back of an influx of foreign wealth.

ALSO- Majid Al Futtaim Developments launched a new Dubai luxury residential project, Amara, in Tital Al Ghaf, according to a press release.

LuLu Group to build India’s “biggest shopping mall” with USD 483 mn investment + Edge to invest in expanding Brazil’s Siatt’s HQ

UAE retailer LuLu Group is investing USD 483 mn (AED 1.77 bn) to build India’s “biggest shopping mall” in the western city of Ahmedabad, LuLu Chairman Yusuff Ali told Asian News International on the sidelines of the Vibrant Gujarat Global Summit in India. The mall’s construction is scheduled to start later this year, according to Ali.

One of seven LuLu malls in India: LuLu currently runs six other malls in the cities of Kochi, Thiruvananthapuram, Bengaluru, Lucknow, Coimbatore, and Hyderabad — the last of which is set to open at the end of January.

Another one coming? Ali had also announced plans to build another large mall in Chennai last September.

OTHER INVESTMENT NEWS-

Edge to invest in expanding Siatt’s Sao Paolo base: Abu Dhabi-based defense conglomerate Edge group, which holds a 50% stake in Brazilian arms company Siatt, will help expand Siatt’s headquarters in Sao Paolo and boost its workforce over the next two years, according to an Edge press release. The agreement came during an Edge delegation’s visit to Sao Paolo. The press release did not clarify the value of the investments Edge will make in the expansion.

The details: Edge will help Siatt expand its headquarters to a 7k square meter base São José dos Campos city, located in the State of São Paulo, up from the current 1k sqm base. The HQ will help accommodate more offices, labs and production facilities, the statement said.

Edge will also help the company double its workforce to 200 qualified full-time employees, with plans to create over 600 new indirect positions with partners and suppliers in high-tech.

ICYMI- Edge Group acquired the controlling stake in Siatt in September last year, building on an agreement between Edge and the Brazilian navy for advanced long-range anti-ship missile technology.

General Atlantic is buying Actis, the backer of Yellow Door and Emicool

Gneral Atlantic acquires Actis to form USD 96 bn asset manager: US private equity firm General Atlantic has agreed to acquire London-based infrastructure giant — and longtime regional investor — Actis, according to a joint statement, which did not disclose the value of the acquisition. The move will add USD 12.5 bn worth of assets to General Atlantic’s USD 83 bn portfolio to form what will now be its sustainable infrastructure arm.

The details: Actis will retain its name, independence over investment decisions, and familiar faces at the top of the organization.

Actis has stakes in a couple of Emirati firms: The PE firm bought a controlling stake in local renewable energy developer Yellow Door Energy, and a 50% stake in district cooling company Emicool, in 2022.

What they said: “Addressing the global paradigm shift toward sustainability requires an economic transformation and a capital investment on a massive scale,” said Bill Ford, General Atlantic chairman and CEO. “With the addition of Actis, we are taking a significant step forward to add a sustainable investment capability which positions General Atlantic to capture this [potential] set for our investors.”

Appetite for alternative assets is on the rise: US investment giant BlackRock agreed to acquire Global Infrastructure Partners for USD 12.5 bn last week, which would create the world’s second-largest infrastructure firm.

The story got global coverage:Financial Times | Reuters

UAE issued 40% of global sustainable sukuk in 2023 –S&P Global

Emirati sukuk issuances made up 40% of total sustainable sukuk issuances worldwide in 2023, with AED 15.45 bn green and sustainable sukuk issuances in the first 11 months of the year, according to S&P Global’s sukuk outlook 2024 report. S&P attributed the UAE’s market contribution to the hosting of COP28 in November, and the Securities and Commodities Authority’s (SCA) decision to waive registration fees from sustainable bonds.

Some AED 28.7 bn worth of sukuk (c. USD 7.8 bn) went to market in the UAE over the first six months of 2023, up from the AED 24.6 bn (c. USD 6.7 bn) posted over the entire 12 months of 2022, according to the CBUAE’s Islamic Finance Report 2023 (pdf).

Global sukuk issuances cooled off in 2023: Global sukuk issuances fell by 6.1% y-o-y to USD 168.4 bn during the year on the back of Saudi Arabia’s monetary tightening measures and Indonesia’s lower fiscal deficit, according to the S&P’s report. However, the drop was offset by higher-value FX-denominated issuances in the UAE, Saudi Arabia and a handful of new sukuk issuers, such as the Philippines and Egypt, according to the report.

Local currency-denominated sukuk also fell, but not here: While local currency-denominated sukuk issuances declined globally by 16.8% y-o-y, they increased in the Emirates due to the government launching AED-denominated T-Sukuk.

Moody’s called it: Moody’s Investors Service expected that global sukuk issuances in 2023 would fall to range between USD 150-160 bn “on lower volumes from major sovereign issuers, mostly reflecting an improving fiscal position across the Gulf Cooperation Council (GCC) countries and South-East Asia,” the ratings agency projected last September.

Financial pressures to propel issuances in 2024: Issuances in the UAE are expected to increase over the upcoming years on the back of the government’s efforts to grow the local capital market. The ratings agency also projects that global sukuk issuances will rebound and reach between USD 160-170 bn (AED 588-624 bn) in 2024, “thanks to higher financing needs in some core Islamic finance countries and potentially easing global liquidity conditions,” it said.

CBI reports 14%bottomline growth in 2023

Commercial Bank International (CBI) saw its net income climb 14% y-o-y to AED 171 mnin 2023, up from the AED 150 mn recorded in FY2022, according to the bank’s annual financial statements (pdf). CBI’s top line rose 108% y-o-y to AED 174.3 mn in 2023, up from AED 83.7 mn in 2022.

Assets inched down, while deposits inched up: The lender’s total assets declined 10.4% y-o-y to AED 18.97 bn last year. Meanwhile, the bank saw customer deposits grow to AED 12.6 bn during FY2023, recording a 3% y-o-y increase from AED 12.2 bn.

What they said: “By strongly focusing on our client relationships, whilst simultaneously pursuing innovative ways of working, we have been able to deliver solid results in 2023,” CBI CEO Ali Al Amri said in a statement (pdf). “As our customers’ needs evolve in the year ahead, we will continue to push the boundaries of our services and ultimately, our customer experience,” he added.

Abdulla bin Mohammed Al Hamed appointed as National Media Office chair

NMO gets a new chair: Abdulla bin Mohammed Al Hamed will serve as chairman of the recently inaugurated National Media Office (NMO), as per a federal decree issued on Tuesday by President Al Nahyan, reports state news agency Wam. Al Hamed holds the rank of minister.

About the NMO: The Abu Dhabi-based federal unit is responsible for developing the national media sector. Its duties include training and developing Emirati media talent, appointing official spokespeople, and representing the UAE at media conferences and events.

UAE in Davos and Mancini meme trending in X-land

Top of the trendlist yesterday was #الامارات_في_دافوس (UAE in Davos), tracking the developments from the World Economic Forum, in Davos. Followed closely by #Iran, in light of recent escalations on the border of Pakistan.

In more sporting news, we have #السعوديه_عمان (Saudi Arabia v Oman) following some VAR drama, and a match that saw Saudi Arabia come back from an early goal to secure a 2-1 victory.

!_InsertUAESponsorBlock_!

ADCB to set up shop in KSA + Dubai billboards for Saudi-Emirati JV. PLUS: A mixed bag of news

FINANCE–

#1- Abu Dhabi Commercial Bank is launching operations in Saudi Arabia, after getting the regulatory greenlight from the Kingdom yesterday, Saudi Press Agency (SPA) reports.

#2- Investment Corporation of Dubai wants to go by its acronym ICD after a company rebrand, which sees it adopt a new logo, according to a press release. The principal investment arm of the Dubai government also moved its HQ to One Za’abeel as part of the rebrand.

ADVERTISING-

Saudi-Emirati JV lands billboard contract from RTA: Dubai’s Roads and Transport Authority (RTA) has awarded an SAR 534 mn contract to a Saudi-Emirati joint venture to install, operate, and maintain 294 advertising billboards in Dubai, according to a Tadawul regulatory filing. The contract runs for 10 years and five months.

About the JV: Saudi advertising firm Arabian Contracting Service subsidiary Al Arabia Out of Home Advertising holds a 60% stake in the JV, while Saudi-based Mawaqie owns a 10% stake, and the rest of the shares are owned by an undisclosed Emirati company.

CRYPTO-

Global crypto exchange OKX to set up shop in Dubai: Cryptocurrency exchange OKX’s Dubai-based subsidiary, OKX Middle East Fintech, can now offer trading services to retail and institutional clients in the UAE after securing a virtual asset service provider from the Virtual Assets Regulatory Authority, according to a press release.

Operations to launch in a few weeks: OKX is working on regulatory requirements and expects to launch operations over the next few weeks, MENA general manager Rifad Mahasneh told Reuters.

REMEMBER- Dubai is becoming a crypto haven for exchanges including Toko and Trek Labs Backpack, which set up shop in the emirate last year, following in the footsteps of the world’s largest cryptocurrency exchange, Binance, in 2022.

ENERGY-

Dewa has kicked off operational testing for the fourth phase of its AED 1.1 bn, 829 MW power plant in Al Aweer (H-Station), Wam reports. Testing involves the initial operation of turbines and power generators, as well as connection to the power grid. A consortium made up of Siemens Energy and Elsewedy Power is implementing the project, while other local and regional companies are also contributing to the project. The project is expected to be completed in 2Q 2024, Saeed Al Tayer, Managing Director and CEO of DEWA, said.

TELECOMS-

Du and global satellite service provider Intelsat inked an agreement to expand cellular connectivity nationwide with Intelsat’s IS-39 satellite fleet,particularly in remote areas, according to a press release.

Old friends: Du recruited the services of Intelsat in a regional first back in 2011 to use Intelsat’s turnkey multi-channel per carrier (MCPC).

DEBT-

Oman Telecommunication Company’s (Omantel) tapped Dubai Islamic Bank andFirst Abu Dhabi Bank as joint bookrunners on its first Islamic bond, which was put on hold in October due to outstanding debts, Reuters reports, citing an IFR report. Omantel’s 7-year USD-denominated sukuk will also see Bank ABC, Bank Muscat, and Standard Chartered Bank act as joint bookrunners, while Citigroup and JPMorgan will serve as joint global coordinators and bookrunners.

CLIMATE-

Mastercard partners with CarbonSifr to boost climate action for SMEs: Mastercardand local climate tech firm CarbonSifr will work to support SMEs with climate awareness, carbon footprint measurement initiatives as well as embedding climate action into their payment processes, according to a press release. The partnership will also see CarbonSift join Mastercard’s initiative to plant 100 mn trees worldwide in order to combat climate change.

FINTECH-

Global multi-asset fintech LSE-listed firmPlus500 will now operate in the DubaiInternational Financial Centre (DIFC) through its subsidiary, Plus500AE, after getting regulatory approval from the Dubai Financial Services Authority (DFSA), according to a press release. The license will allow Plus500 to localize its services to Emirati clients, and provide them with additional benefits.

WOMEN IN THE WORKPLACE-

Women professionals can now access jobs in sectors including banking, fintech, and IT through the UAE’s first women-only job portal, Women First Jobs, according to a press release. Founded by CEO Priyanka Sengar, the platform caters to senior-level positions, as well as roles in junior and middle management.

TRANSPORTATION-

Upcoming bus service links Sharjah to Oman: The Sharjah Executive Council (SEC) greenlit the launch of a new bus service between Sharjah and Oman, Gulf Business reports. Daily trips will run between Al Jubail Station in Sharjah and Al Azaiba Bus Station in Muscat.

BACKGROUND- Mwasalat resumed bus services from Muscat to Abu Dhabi in October to promote easier travel between Oman and the UAE. The bus route starts in Muscat, travels to Abu Dhabi, and returns through Al Ain.

Panmure Gordeon and Liberum join forces to create the UK’s largest independent broker

London brokers Panmure Gordon and Liberum are merging to create the largest advisor to London-listed companies, the two said in a joint statement yesterday. The all-stock transaction will also see Panmure Liberum become the largest advisor to UK-quoted investment funds. The transaction makes Panmure Liberum the top player by volume in the under GBP 1 bn IPO market over the past five years.

The transaction comes as brokers struggle with dealflow as the IPO market in London remains stagnant, the Financial Times notes. Panmure boss Rich Ricci (pictured above) will lead the merged entity while Liberum founder Shane Le Prevost will be non-executive chairman.

ALSO WORTH NOTING-

#1- Goldman Sachs and Morgan Stanley are reporting their lowest profits in four yearsafter a slow 2023 for investment bankers weighed on earnings. Blame depressed M&A dealflow and anemic IPO execution.

But, but, but… Top execs at both banks said on earnings calls that they’re seeing signs that corporate appetite to raise capital, do M&As, and go public is on the rise, with both Morgan CFO Sharon Yeshaya and Goldman CEO David Solomon pointing to growing pipelines of transactions. “I’m pretty optimistic,” Solomon said on his results call. “I’m not going to say it’s running back to 10-year averages right away, but it has materially improved.”

#2- Elon Musk wants more shares of Tesla to stick around and help the carmaker tackle AI. Tesla CEO Elon Musk said he would be willing to grow the EV maker into an AI and robotics leader only if he has at least 25% voting control — roughly double his current c.13% stake. He added in a later post that having a voting power of 15% or lower “makes a takeover by dubious interests too easy.” (Reuters)

It would be a shame if something were to happen to your nice company, fellas… Don’t give him the shares? Elon will look to build new things outside Tesla, he warned. “Unless that is the case, I would prefer to build products outside of Tesla,” he wrote on X. Musk is basically asking Tesla to give him the bns of USD he spent on his ill-fated acquisition of Twitter — and then some.

ADX	9,761	-0.2% (YTD: +1.9%)
DFM	4,082	-0.46% (YTD: 0.6%)
Nasdaq Dubai UAE20	3857	-0.9% (YTD: +0.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.1% o/n	5.1% 1 yr
TASI	12,077	-0.4% (YTD: 0.9%)
EGX30	26,938	2.6% (YTD: 8.2%)
S&P 500	4,766	-0.4% (YTD: -0.1%)
FTSE 100	7,558	-0.5% (YTD: -2.3%)
Euro Stoxx 50	4,447	-0.2% (YTD: -1.7%)
Brent crude	USD 78.29	+0.2%
Natural gas (Nymex)	USD 2.84	-2.0%
Gold	USD 2,030.20	-1.0%
BTC	USD 43,447.92	+1.7% (YTD: +2.9%)

THE CLOSING BELL-

The ADX fell 0.2% yesterday on turnover of AED 1.30 bn. The index is up 1.9% YTD.

In the green: Al Khaleej Investment (+14.9%), Commercial Bank International (+6.1%) and American Restaurants (+3.7%).

In the red: Abu Dhabi National Co. for Building Materials (-9.9%), Ins. House (-8.4%) and Hayah Ins. (-8.3%).

The DFM closed down 0.46% and is up 0.56% YTD, while the Nasdaq Dubai closed down 0.91%. The index is up 0.39% YTD.

Asian markets are mixed in early trading this morning ahead of the release today of Chinese economic data and after all three major Us indexes closed Tuesday in the red. Futures point to a weak opening in Europe and on Wall Street later this morning.

!_Subhed_! CORPORATE ACTIONS-

ON THE DFM- The International Financial Advisors Holding Company and Al Mazayareport that they have both received the green light from the Capital Market Authority to buy and sell their owns shares through six-month treasury programs.

UAE ranks 23rd globally in Newsweek’s Future Possibilities Index

The UAE is the most “future-ready” country in the region according to Newsweek’s Futures Possibilities Index (pdf), which ranked it 23rd globally. The report launched at the UAE pavilion during the World Economic Forum in Davos, Switzerland, on Monday.

How it works: The FPI uses a combination of primary and secondary research, including a survey of 5k execs, to evaluate how 70 countries are prepared to capture six “transformational” business trends based on government strategy and policy, industry strength, and core capacity over the next 5-10 years.

Leading in government strategy and core capacity:The UAE ranked first globally in creating a future-oriented strategic and policy environment, noting the country’s preparedness through initiatives like Centennial Lab, and innovation hubs like G42. The country secured the ninth position in overall core capacity, claiming the top spot in six key strengths: providing flexible employment, attracting and retaining talent, and excelling in rapid ICT connectivity, mobile broadband, internet usage, and responsive governance.

In the six transformational trends,the UAE was fifth globally under the wellbeing economy trend, 10th in exabyte economy, and eighth in circular economy with initiatives like the circular economy strategy. It also claimed ninth spot in biogrowth economy rankings, which track advanced nature and science-led technologies, 13th place in experience economy, and 19th in net zero economy.

What the UAE needs to focus on:The country should invest more in R&D, especially in green hydrogen, solar, and nuclear capacity, and promote collaboration between universities and industries, the report reads. The UAE could also do more to attract more purpose-driven companies, leverage its flexible talent pool, as well as boost its export capacity to seize more global opportunities.

More on the FPI: The report was born out of a 2023 partnership with the UAE government, Newsweek Vantage International, and insight agency Swiss Horizon Group.

CALENDAR

Due to the length of this morning’s issue, our Calendar appears only on the web.

JANUARY

16-18 January (Tuesday-Thursday): Light + Intelligent Building Middle East, Dubai World Trade Centre.

16-18 January (Tuesday-Thursday): iFX EXPO Dubai 2024, Dubai World Trade Centre.

16-20 January (Tuesday-Saturday): The Sharjah Real Estate Exhibition, Expo Centre Sharjah.

19 January (Friday): The Abu Dhabi Extreme Championship 2 (ADXC 2), Mubadala Arena.

21-23 January (Sunday-Tuesday): World of Coffee Dubai, Dubai World Trade Centre.

22-24 January (Monday- Wednesday): IAAPA Middle East Trade Summit, Yas Island in Abu Dhabi.

23-25 January (Tuesday-Thursday): The Unmanned Systems Exhibition (UMEX) and the Simulation and Training Exhibition (SimTEX), Abu Dhabi National Exhibition Centre (ADNEC), Abu Dhabi.

26-28 January (Friday-Sunday): Dubai Challenge Cup, Al Maktoum Stadium, Dubai.

29 January- 1 February: Arab Health, Dubai World Trade Centre.

FEBRUARY

1 February (Thursday): New amendments banning trucks weighing over 65 tonnes to take effect.

2-4 February (Friday-Sunday): Sharjah Classic Cars Festival.

9 February (Friday): Abu Dhabi International Airport to be renamed to Zayed International Airport.

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

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

7-8 February (Wednesday-Thursday): Sharjah Investment Forum, Al Jawaher Reception and Convention Centre.

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

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

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

MARCH

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

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

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

12 March (Tuesday): Start of Ramadan, public holiday.

APRIL

11 April (Thursday): End of Ramadan, public holiday.

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

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

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

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

MAY

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

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

JUNE

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.

Sections

About

Privacy & Support

Get EnterpriseAM daily