Fitch affirms UAE FCY issuer default rating

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Fitch affirms UAE’s FCY issuer default rating

Good morning, friends. It’s a moderately busy news morning as we wind down the workweek and run headlong into the last weekend of the month. The big story of the day is Fitch Ratings affirming the UAE federal government’s long-term FCY issuer default rating at AA-, while the flavor of the day remains a string of M&A. Let’s get right to it.

PUBLIC SERVICE ANNOUNCEMENT-

Friday sermons and prayers will be limited to a maximum of 10 minutes from today through early October, at the instruction of the General Authority for Islamic Affairs, Wam reports. The decision is meant to protect worshippers from the summer heat, when temperatures here regularly exceed 40°C.

DATA POINTS-

#1- Emirati SMEs in Dubai landed AED 1.27 in contracts in 2023: Emirati small and medium enterprise (SME) suppliers associated with the Mohammed bin Rashid Establishment for SME Development (Dubai SME) were awarded AED 1.27 bn in contracts and purchases in 2023, according to the Dubai Media Office. Contracts were awarded by several government entities and semi-government organizations — supported by the government procurement policy mandating that Dubai government bodies allocate 10% of procurement to Emirati companies affiliated with Dubai SME — plus private businesses.

Emirati entrepreneurs have snagged some AED 10.9 bn in contracts from 2002 to 2023. Emirati entrepreneurs and national enterprises won AED 606 mn in contracts from the Dubai government in 2023, with federal government entities offering AED 94.5 mn in support. Semi-government entities contributed AED 332 mn, while the private sector handed out AED 238.5 mn in contracts during the period.

#2- Remittances to MENA countries are projected to recover by 4.3% to USD 58 bn in 2024, after falling 15% y-o-y to USD 55 bn in 2023 on the back of a “sharp” decline in flows to Egypt — the region’s largest recipient — and slower growth in GCC countries, the World Bank said in its latest Migration and Development Brief (pdf). A rebound in official remittance flows to Egypt following the unification of exchange rates in March are expected to drive the recovery this year, and edge up remittances to MENA by 5.5% to USD 61 bn in 2025.

The cost of sending USD 200 to MENA averaged 5.9% in 2023, down from 6.7% in the previous year, and reflecting a 73 bps point decline.

WATCH THIS SPACE-

#1- IHC unit is eyeing investments in Zambia’s copper sector: International Holding Company’s (IHC) mining investment arm, International Resources Holding (IRH) is in talks with Vedanta Resources to purchase Zambian copper assets through its acquisition of UK-based Konkola Copper Mines (KCM), Vedanta’s chief executive for base metals Chris Griffith told Reuters. IRH is currently conducting due diligence on the assets, which have attracted interest from other buyers, Griffith added without disclosing the names of the firms. The UK firm is looking to sell USD 1.2 bn-worth of its stakes in the copper mines.

#2- The UAE is expected to ramp up logistics and maritime trade activities in the Horn of Africa, Zawya reports, citing Sub-Saharan Africa Country Risk Analyst at BMI Sayen Gohil. This comes as part of the country’s plan to diversify its economy away from oil. The Horn is in a strategic location for Gulf markets as it is situated across from Yemen in the closest part of Africa to the Middle East. Expansion of logistics in that region “will have an impact on intra-MENA relations for years to come,” Gohil said, adding that recent Houthi attacks in the Red Sea have proven the Horn’s importance as a maritime route.

There’s a lot to gain: The UAE has invested the largest amount of funds into Africa compared to other GCC countries, which at USD 60 bn, is twice the amount invested by KSA, according to a BMI webinar on the UAE’s strategic economic expansion into Africa. The country is also the fourth largest investor in the continent globally after the EU, China, and the US, Zawya writes.

#3- The Changemakers Majlis taking place in Abu Dhabi in November ahead of COP29 will focus on AI integration in “the fight against climate change mitigation,” COP28 President Sultan Al Jaber wrote in a Project Syndicate editorial on Wednesday. This round of climate talks with energy and tech industry leaders will explore the role of AI in climate efforts and energy transition, aiming to “[resolve] the contradiction between AI’s thirst for electricity and its potential to reduce emissions,” Al Jaber wrote.

THE BIG STORY ABROAD-

It’s Trump vs. Biden as far as the eye can see, as the international press’ attention is fixed entirely on Donald Trump and Joe Biden’s presidential election debate — the first of two between the candidates. The debate wrapped just minutes before we hit “send” on this morning’s issue, so expect to see plenty of commentary streaming out over the rest of the day and into the weekend.

The debate in a nutshell: “Biden bombs and Trump pounces,” as Politico puts it. As would have been expected, the two candidates threw plenty of personal attacks at each other throughout the debate in Atlanta as they covered everything from hot-button issues like immigration and abortion — all the way to Trump’s golf habits.

Go down the rabbit hole: You can wade through recaps and highlights from CNN, the Financial Times, CNBC, the Wall Street Journal, Bloomberg, or Reuters.

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CIRCLE YOUR CALENDAR-

Expo City Dubai is set to host the Asia Pacific Cities Summit from 27-29 October 2025, it said in a statement. The event, which will be held at the Dubai Exhibition Centre, will bring together business leaders and professionals from the Middle East, Africa, South Asia, and the Asia Pacific region. Held biennially, the summit will focus on creating business opportunities and investing in sustainable growth and urban development plans.

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

UAE’s FCY issuer default rating affirmed at AA-

Fitch Ratings affirmed the UAE’s federal government’s long-term foreign-currency issuer default rating at AA- with a stable outlook, it said in a statement. The rating affirmation “reflects the UAE’s moderate consolidated public debt level, strong net external asset position, and high GDP per capita.”

The country’s net external asset position is supported by Abu Dhabi’s sovereign net foreign assets — which comprised 122% of UAE GDP in 2023, the rating agency said, adding that the emirate holds among the highest of Fitch-rated sovereigns. Fitch affirmed Abu Dhabi’s long-term foreign-currency issuer default rating at AA with a stable outlook earlier this week.

The fiscal forecast: Fitch expects to see the UAE maintain a fiscal surplus this year, although the surplus is expected to narrow from an estimated 7.8% in 2023. The UAE is expected to have a fiscal surplus of 4.1% of GDP in 2024, 3.3% in 2025, and 2.6% in 2026, with surpluses in Abu Dhabi and Dubai, and budget deficits in Ras Al Khaimah and Sharjah, Fitch says.

The UAE fiscal breakeven oil price is expected to average USD 64 per barrel in 2024-26, subject to potential adjustments based on Abu Dhabi’s dividend plans. “Narrower deficits in Sharjah and higher production levels in Abu Dhabi will mitigate the gradual drop in oil prices,” Fitch said.

The federal government’s “budget is small, with revenues and expenditure at about 4% of GDP,” the rating agency said.

What’s constraining the rating: The UAE’s high reliance on hydrocarbons, “significant leverage of government-related entities,” and “weak governance indicators relative to rating peers” are the primary factors holding it back from a rating upgrade. Geopolitical tensions between Iran, Israel, and the US also pose high-security risks to Abu Dhabi’s hydrocarbon infrastructure and Dubai’s status as a trade, tourism, and financial hub.

The UAE faces the risk of a downgrade if Abu Dhabi’s sovereign credit profile deteriorates, or public finances weaken, for example, “due to a sustained period of low oil prices or a materialization of contingent liabilities.” Fitch said. A geopolitical shock negatively affecting economic, social, or political stability could also trigger a lower rating.

OTHER KEY INDICATORS-

Consolidated government debt will land at 24% in 2024;
Non-oil growth forecasted at 4.3% for 2024;
Anticipated slowdown in non-oil growth to 3.4% in 2025;
Hydrocarbon GDP is expected to contract by 0.4% in 2024 and expand by 9.5% in 2025;
Average oil output in 2024 is anticipated to decrease, despite the relaxation of OPEC+ quotas in the latter half of the year.

Adia pours another USD 200 mn in Australian real estate private credit

Adia pours more funding into QDCI: The Abu Dhabi Investment Authority (Adia) has made a AUD 300 mn (USD 199.8 mn) investment in Australian real estate private credit company Qualitas Diversified Credit Investments (QDCI), with AUD 220 mn (USD 146.4 mn) activated immediately, according to a statement (pdf). The remaining AUD 80 mn (USD 53.3 mn) will be activated “at Adia’s discretion,” either in whole or part.

This is Adia’s third commitment to QDCI: The investment brings Qualitas’ total funds under management to AUD 8.9 bn (USD 5.9 bn), and QDCI’s committed capital to AUD 1.67 bn (USD 1.1 bn). Adia poured AUD 700 mn (USD 465.8 mn) into QDCI back in August 2023, after initially investing AUD 700 mn (USD 465.8 mn) in the fund a year earlier in August 2022.

Commitments in exchange for Qualitas shares: Qualitas granted Adia options to acquire up to 32.6 mn new ordinary shares as part of its initial investment, divided across an initial tranche of 22.8 mn ordinary shares at a strike price of AUD 2.50 (USD 1.66) per share, and three tranches containing 3.3 mn shares each. The options will expire on 1 August 2024, and can only be exercised when Qualitas secures an additional AUD 100 mn (USD 66.5 mn) in commitments from Adia.

Adia’s latest commitment allows it to exercise options to snag 29.4 mn new shares, owing to the activated component increase of AUD 220 mn (USD 146.4 mn).

Saint Gobain to acquire Fosroc in a USD 1 bn transaction

French glass and building materials manufacturer Saint Gobain acquired Dubai-based construction chemicals company Fosroc for USD 1 bn, a press release (pdf) reads. The purchase price represents 7.1x of Forsoc’s combined earnings for the next three years, including expected cost savings and additional earnings. The transaction is expected to close in 1H 2025, subject to regulatory approvals, according to the statement.

The rationale: The acquisition represents Saint Gobain’s interest in expanding its construction chemicals business in the Middle East, India, and the Asia-Pacific region. Having acquired Menat-based chemicals company Chryso back in 2021, Saint Gobain views the Fosroc acquisition as a complementary move to its regional chemicals business, the statement reads. The French-based company is expected to generate USD 91 mn in EBITDA.

Advisors: Morgan Stanley is the transaction’s financial advisor, and Freshfields is providing legal counsel to Saint-Gobain.

German Wefox rejects Mubadala’s sale offer

No-go on Mubadala’s proposal to sell Wefox to Adia-backed Ardonagh: German ins. tech startup Wefox has reportedly turned down Mubadala’s proposal to sell the cash-strapped firm to Abu Dhabi Investment Authority-backed UK ins. broker Ardonagh Group, writes Bloomberg, citing sources familiar with the matter. Following the startup’s rejection of the sale, which gave the startup an enterprise valuation of EUR 550 mn, the board decided to replace CEO Mark Hartigan, who took on the role in March and supported the sovereign wealth fund’s offer.

REFRESHER- Reported earlier this month, the rejected proposal would have seen the startup split into two, with Ardonagh taking over the core of the company and a separate firm comprising Wefox’s tech platform and Swiss business set up and owned by early investors and shareholders.

Background: Founded in 2015, Wefox has secured multiple investment rounds over the years, with Mubadala leading a round in 2022 that valued the startup at USD 4.5 bn. Despite the promising start, the company has faced mounting challenges recently, now grappling with financial pressures due to high operational costs and the need to turn profitable. Hartigan had succeeded Wefox founder Julian Teicke to restructure the financially strained startup.

Mubadala wants the payoff: The Abu Dhabi sovereign wealth fund is opting for an “aggressive” approach towards its currently unprofitable startup investments, which it ramped up when low interest rates sparked an interest in venture capital, according to Bloomberg.

ICYMI- This week, Mubadala agreed to invest USD 250 mn in Turkish delivery company Getir as part of the company’s restructuring plans, which will see the fund hold a controlling stake.

Wefox is looking to secure fresh funding — but Mubadala might sit this one out: The startup’s board approved a EUR 25 mn convertible loan agreement arranged by investors Chrysalis Investments and Target Global, reports Bloomberg. The startup also plans to secure additional funds from another funding round and is in talks to sell its e-bike ins. unit, Assona, in a transaction worth at least EUR 50 mn. Mubadala’s participation in the funding round remains uncertain as the sovereign wealth fund is currently “evaluating its options,” sources in the know told Bloomberg.

Al Mal Capital REIT acquires 100% of Carnation Education

Amcreit expands into education: Real estate investment trust Al Mal Capital REIT (Amcreit), a subsidiary of Dubai Investments, has fully acquired K-12 educational firm Carnation Education, according to a press release (pdf). Carnation Education owns the real estate assets of Kent College Dubai, and has been leasing it to the college since 2017 under a 25-year lease agreement for the land and buildings. The investment brings Al Mal’s total assets under management to nearly AED 1 bn.

Part of a diversification plan: “The acquisition has further diversified the asset portfolio by now having assets across various Emirates including Dubai, Sharjah, and Ajman,” Vice Chairman and CEO of Amcreit, Naser Al Nabulsi, said, adding that the K-12 education sector is predicted to experience further grow in Dubai.

SIB closes USD 500 mn sukuk

Sharjah Islamic Bank (SIB) took a five-year USD 500 mn sukuk issuance to market, Wam reports. The issuance was priced at a spread of 105 bps over US Treasuries — tightened by 35 bps from initial price thoughts at 140 bps, on the back of robust investor demand. The sukuk will feature a 5.25% annual yield rate, with maturity set for 3 July 2029.

The issuance was 3x oversubscribed, drawing some USD 1.5 bn in orders from international investors in Europe, the Middle East and Asia, Wam said.

ADVISORS- ENBD Capital, HSBC, and Standard Chartered acted as joint global coordinators. Our friends at Mashreq alongside Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Bank ABC, Dubai Islamic Bank, ENBD Capital, First Abu Dhabi Bank, HSBC, QNB Capital and Standard Chartered Bank were joint bookrunners.

ICYMI- SIB hired banks to advise on a benchmark-sized USD-denominated five-year senior sukuk issuance earlier this week. The sukuk will be issued under the lender’s USD 3 bn trust certificate issuance program.

Abu Dhabi Police receives global excellence award + Empower snags four titles

Abu Dhabi Police became the first police organization worldwide to snag the European Foundation for Quality Management Global Excellence Main Award 2024, with a 7-diamond score, the Abu Dhabi Media Office writes. This accolade recognizes their administrative processes and advanced use of technology in law enforcement.

Dubai Taxi was recognized as the best sustainable IPO by the Emea Finance Awards in London last week, Wam reports. The mobility company was also awarded the equity markets transaction of the year title at Emea’s Bonds, Loans & Sukuk Middle East award. These awards follow Dubai Taxi’s debut on the DFM in December last year, which saw the company raise AED 1.16 bn on the back of heavy investor appetite, with orders covering the transaction 130x.

Emirates Steel Arkan has been selected by the World Economic Forum as one of the top five steel producers worldwide for its work in decarbonizing steel production, according to a press release. The ADX-listed company was among the first to capture carbon emissions as well as launching one of the first green hydrogen steel pilot projects in the Mena region in partnership with Masdar.

Emirates Central Cooling Systems Corporation (Empower) bagged four awards at the International District Energy Association (IDEA) annual conference in Orlando, Florida last week, a DFM filing (pdf) reads. Empower received the Innovation Award Honorable Mentions for Integrated Metering Solutions and Chiller Efficiency Improvement at Business Bay 02, along with IDEA Gold awards for the number of buildings committed and the total building area committed.

Dubai Culture & Arts Authority scooped two awards at the GovMedia Conference & Awards last week, Wam reports. The authority earned the Digital Initiative of the Year award for the Ramadan Heroes initiative and the Campaign of the Year award for the Dubai Calligraphy Biennale, held in October 2023. Launched in 2020 in partnership with food delivery platform Talabat, the Ramadan Heroes initiative is an annual virtual charitable project aimed at engaging Dubai residents in humanitarian work during the holy month by encouraging them to donate iftar and suhoor meals.

Alcazar Energy to Invest USD 500 mn in 400 MW Wind Farm in North Macedonia

INVESTMENT-

Alcazar Energy is investing USD 500 mn to build a 400 MW wind farm in North Macedonia, Al Bayan reports. The project — which is set to be North Macedonia’s largest wind plant — will be located 75 km south of the Macedonian capital of Skopje and will increase the country’s wind energy generation more than fivefold, generating enough energy for more than 100k homes annually. The project will bring the firm’s investments in the Western Balkans region to some USD 1 bn.

BANKING-

Mashreq will soon have instant cross border transactions in some markets: Our friends at Mashreq along with Singapore’s DBS Bank will work together to introduce same-day and near-instant cross-border payments for Mashreq’s retail customers, Reuters cites the two banks as saying. The initiative will roll out DBS’s cross-border payment solution which includes 132 currencies across 190 markets. The peer-to-peer international payments will apply to selected markets across the Asia Pacific region, Europe, and the Americas.

Mashreq has also extended their partnership with computer tech company Oracle, a press release reads. Mashreq will upgrade its core systems with Oracle solutions in key international hubs, including Hong Kong, the US, and the UK. The lender is also establishing digital banks in Pakistan and Oman.

Emirates NBD will now offer online auto loan initiation through its exclusive partnership with Indian multinational online used car marketplace CARS24, a press release reads. Customers can get pre-approval within 10 minutes and final loan approval in two days, without physical visits. This partnership aims to streamline the process of buying and financing cars in the UAE.

FINANCE-

CBUAE issues open finance framework: The Central Bank of the UAE (CBUAE) issued the Open Finance Regulation to promote soundness and efficiency of open finance services, as part of its Financial Infrastructure Transformation program, Wam reports. The regulation includes a trust framework, an application planning interface hub, and common infrastructural services, geared at facilitating cross-sectoral data sharing and transaction initiation on behalf of users. The open finance framework also includes a consumer consent model for sharing financial data with trusted third parties.

Participation in the framework is mandatory for all financial institutions licensed by the CBUAE as data holders and service owners.

LOGISTICS-

Etihad Cargo to ramp up North America capacity: Etihad Cargo is set to expand its freight capacity to the North American market to meet rising demand, according to a statement. Collaborating with partner networks, the carrier plans to incrementally add 250 tons of weekly capacity to North American destinations, including New York, Chicago, Washington, and Toronto, with connections through European hubs like Lisbon and Barcelona. Currently, Etihad’s wide-body capacity to North America stands at 550 tons, with 445 tons to the US through 30 weekly flights and 105 tons to Canada via daily flights.

AVIATION-

Etihad to onboard more pilots: Etihad Airways will launch an international roadshow to recruit hundreds of pilots in 2024 and 2025, starting in eight cities across Europe before expanding to more global locations, it said in a statement. The move comes as Etihad looks to support its expansion plans, with the airline planning to double its fleet size by 2030.

SECURITY-

Automated compliance screening for fraud to operate in ADIB: Abu Dhabi Islamic Bank (ADIB) and Singapore-based financial crime prevention firm Silent Eight have agreed to incorporate Silent Eight’s AI-powered financial crime alert system into the bank’s screening process, according to a press release. As part of the agreement, ADIB will automate its “alert screening investigation process to improve the efficiency, accuracy and auditability of the bank’s compliance operations,” the statement adds.

TRADE-

The Dubai Chamber of Commerce formed a Colombian Business Council to increase bilateral trade between the UAE and Colombia, the Dubai Media Office writes. The new council aims to promote collaborations between the private sectors of both countries.

The UAE and Georgia launched their Comprehensive Economic Partnership, slashing customs duties on 95% of goods to boost trade in sectors like tourism, real estate, and renewable energy, Wam writes. By 2031, bilateral trade could triple to USD 1.5 bn, adding USD 3.9 bn to UAE’s GDP and USD 291 mn to Georgia’s.

The Ajman Chamber discussed boosting economic and trade ties with Turkmenistan at the UAE-Turkmenistan Business Forum in Ashgabat, focusing on tourism, construction, energy, logistics, aviation, and agricultural products sectors, Wam reports.

TOURISM-

Abu Dhabi + Fujairah want more people to visit their museums: Abu Dhabi’s Department of Culture and Tourism and Fujairah’s Tourism and Antiquities Department inked an MoU to work together on boosting museum visitor figures and tourism across both emirates, according to a statement. Under the agreement, the departments will conduct joint training initiatives and marketing campaigns aimed at increasing local and global tourism in both emirates.

DEVELOPMENT-

The OPEC Fund for International Development launched a new USD 605 mn development fund, according to Wam. The fund is being allocated for financing global food security, climate action, and essential infrastructure initiatives, with USD 3 mn earmarked for the development of the OPEC Fund Food Security and Climate Adaptation Facility.

RETAIL-

Dubai-based Al Khayyat Investments (AKI) has been selected as the sole distributor for US-based household appliance-producer SharkNinja in the UAE, according to a press release. This marks SharkNinja’s debut in the Middle East. Based in Dubai, AKI is a family-owned conglomerate involved in various sectors such as pharma, automotive, and contracting.

M&A activity is off track globally this year

Global M&A agreements have yet to show “a sustained recovery,” despite a surge in transaction volumes at the start of the year, according to data compiled by Bloomberg. “The year has been good so far, but all indications suggest it should have been great,” Guggenheim Securities Global Head of M&A Eric Rutkoske told the business information service, adding that “there has been a deceleration” in activity despite “macro indicators actually [getting] better throughout the year.”

Increased M&A activity came on the back of expectations that central banks would slash interest rates, but faltered after the Federal Reserve projected a single rate cut this year. “It’s really wait-and-see mode until we understand what direction of travel we’re in and what that means for the broader economy. That’s what’s keeping some folks on the sidelines,” JPMorgan Chase & Co Co-Head of North America M&A Ben Carpenter said.

Global M&A transactions stood at USD 1.4 tn in 1H 2024, up 14% y-o-y, but still over USD 300 bn below the 10-year average for the first half of the year. The energy sector stood center in most M&A activity in 2024, with transaction values in the sector up by over 40% during the year. Technology companies were also “heavily targeted by both strategic and private equity buyers,” while dealmaking in healthcare came to a standstill in favor of smaller private transactions.

Higher borrowing costs and rising stock markets are to thank for halted negotiations: “Buyer and seller valuation mismatches have narrowed but they haven’t been completely bridged, and while capital is increasingly available, it’s still very expensive,” said Evercore Inc Senior Managing Director and Co-Head of US Investment Banking Naveen Nataraj.

It’s unlikely that activity will pick up again before November, with bankers and lawyers predicting that some companies will wait for the results of the US election in November before deciding whether or not to pursue transactions. “There’s a view that the regulatory policy could change meaningfully so there are a lot of larger transactions that companies may wish to start under a new administration,” said Rutkoske.

ADX	9,004	+0.4% (YTD: -6%)
DFM	4,009	+0.1% (YTD: -1.3%)
Nasdaq Dubai UAE20	3460	+0.7% (YTD: -9.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.9% o/n	5.4% 1 yr
TASI	11,730	+0.6% (YTD: -2%)
EGX30	27,766	+1.0% (YTD: +11.5%)
S&P 500	5,483	+0.1% (YTD: +15%)
FTSE 100	8,180	-0.6% (YTD: +5.8%)
Euro Stoxx 50	4,902.6	-0.27% (YTD: +8.4%)
Brent crude	USD 86.6	+0.2%
Natural gas (Nymex)	USD 82.0	+0.3%
Gold	USD 2,331.60	-0.3%
BTC	USD 61,862.35	+1.4% (YTD: +40%)

THE CLOSING BELL-

The DFM rose 0.1% yesterday on turnover of AED 360.7 mn. The index is down 1.25% YTD.

In the green: Orascom Construction (+8.2%), Dubai Islamic Insurance and Reinsurance Co. (+6.5%) and Deyaar Development (+1.7%).

In the red: Al Salam Sudan (-9%), Emirates Reem Investments Company (-2.6%) and Islamic Arab Insurance Company (-2.2%).

Over on the ADX, the index closed up 0.1% on turnover of AED 1.04 bn. Meanwhile, Nasdaq Dubai closed up 0.7%.

Abdullah bin Zayed meets with Syrian FM to boost bilateral relations

Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan and his Syrian counterpart Faisal Mekdad two discussed bilateral cooperation in areas such as development, and shared their perspectives on humanitarian and regional matters, during a meeting in Abu Dhabi yesterday Wam reports.

UAE, US discuss boosting economic cooperation: Foreign Trade Minister Thani bin Ahmed Al Zeyoudi met with US Secretary of Commerce Gina Raimondo yesterday to discuss ramping up bilateral trade and investment ties, Wam reports. Al Zeyoudi also headed the UAE delegation to the latest SelectUSA Investment Summit during his working visit to Washington DC to explore windows for UAE-based businesses, investors and family offices in the US market, focusing on clean energy, logistics, infrastructure, and advanced technology sectors.

Fast facts: The UAE is the US’ largest Arab investor, with investments exceeding USD 38.1 bn. Bilateral trade between the countries totaled USD 40 bn in 2023, up 20.1% y-o-y and 50.2% compared to 2019. The US is the UAE’s third-largest global trade partner.

A UAE government delegation visited the Organisation for Economic Co-operation and Development (OECD) headquarters in Paris yesterday to discuss boosting bilateral cooperation and promoting UAE practices as global standards, Wam reports. Discussions focused on accelerating development across agile governance, digital transformation, AI, zero bureaucracy, innovation, community participation, and entrepreneurial encouragement areas.

The delegation invited the OECD Secretary-General to attend the upcoming World Governments Summit — scheduled for February 2025 in Dubai — during their visit.

CALENDAR

JULY

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

AUGUST

3 August (Saturday): UFC Fight Night, Etihad arena, Abu Dhabi.

21-22 August (Wednesday-Thursday): Dubai Business Forum in Beijing, China.

Signposted to happen sometime in mid-August:

New regulations around telemarketing calls will go into effect

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

15 October (Tuesday): Deadline for the European Commission to make a decision on its probe into e&’s acquisition of PPF’s Eastern European assets.

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

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

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

NOVEMBER

4-7 November (Wednesday-Saturday): ADIPEC, Abu Dhabi.

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

4-7 November (Wednesday-Saturday): ADIPEC Decarbonisation Accelerator, Abu Dhabi.

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

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

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

Signposted to happen ahead of ADIPEC:

Changemakers Majlis, Abu Dhabi.

DECEMBER

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

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

8-12 December (Sunday-Thursday): International Desalination and Reuse Association World Congress, Adnec Centre Abu Dhabi.

9-10 December (Saturday-Sunday): The Bitcoin Mena Conference, Adnec Centre Abu Dhabi.

9-12 December (Saturday-Thursday): Abu Dhabi Finance Week, Abu Dhabi.

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

OCTOBER 2025

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

Signposted to happen sometime before the end of the year:

Spinneys inaugurates three more stores in KSA

Signposted to happen in 2025:

6-11 April (Sunday-Friday): Geo-Spatial Week 2025, Dubai.
3-4 June (Tuesday-Wednesday): Make-A-Wish International’s Global Wish summit, Abu Dhabi.
TBD: The Middle East Electric Vehicle Show, Expo Center Sharjah.

Signposted to happen sometime in 2028:

Abu Dhabi to host the 47th Chess Olympiad

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