Funding diversification could drive the UAE’s debt market to USD 300 bn next year, Fitch says

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WHAT WE’RE TRACKING TODAY

UMEX & SimTEX 2024 end in Abu Dhabi today

Good morning, ladies and gentlemen. We’re closing in on the weekend and the last full week of January — and we’re a little unsure of where the time goes.

THE BIG STORY here at home is Fitch Ratings’ expectation that the UAE’s debt capital markets will hit USD 300 bn by 2025, growing some 11% y-o-y. The ratings agency sees room for growth as diversification of funding increasingly becomes the name of the game.

^^ We have this story and others in this morning’s news well, below.

HAPPENING TODAY-

The UMEX & SimTEX 2024 conference wraps today in Abu Dhabi. Defense and security acquisitions authority Tawazun Council inked five agreements at the event, including Edge’s AED 874 mn acquisition of International Golden Group, an AED 10 mn agreement for anti-drone guns with Abu Dhabi-based supplier Resource Industries, and an AED 16 mn agreement with Yahsat subsidiary Star Satellite Communications Company for communication bonds totaling, state news agency Wam reports.

Tawazun also inked two international agreements, pledging simulator support services to Canadian Aviation Electronics’ for AED 49 mn and procuring Chinese company CETC International Co’s anti-drone systems for AED 23 mn.

The Defense Ministry also inked an agreement with Milrem Robotics — in which Edge Group holds a majority stake — for the supply of 20 tracked robotic combat vehicles (RCVs) and 40 THeMIS unmanned ground vehicles (UGVs), reports Zawya. The agreement stands as the world’s largest combat robotics program. Milrem Robotics will spearhead trials to integrate these systems.

PUBLIC SERVICE ANNOUNCEMENTS-

#1-PSA- Dubai and Abu Dhabi roads are expected to be clouded by heavy fog until Saturday, the National Centre of Meteorology (NCM) cautionedin an X post yesterday. The Abu Dhabi Police also issued a warning, calling for folks on the road to cut back their speeds to a maximum of 80 km/h. Rainfall is expected on Saturday, with temperature drops to 13°C by the coast and 7°C inland, The National reports, citing the NCM’s bulletin.

#2- Emiratis traveling to the UK can apply for entry using the newly introduced electronic travel authorization (ETA) starting 1 February, the UAE Embassy in London said. The ETA will allow Emiratis to travel an unlimited number of times within the span of two years for GBP 10. You can apply here.

REMEMBER- An ETA only allows you to travel to the destination, but you will still need to obtain approval for entry into the UK through an eGate or a border force officer, Khaleej Times notes.

WATCH THIS SPACE-

#1-Could we soon get a mega seven-emirate highway? A proposal for a federal highway connecting all seven emirates is under study by Energy and Infrastructure Minister Suhail bin Mohammed Al Mazrouei as part of a new set of measures to be rolled out in 2H 2024 to ease traffic between Dubai and the northern emirates, reports Khaleej Times. Local government representatives are currently assessing the necessity of the proposal — compared to upgrading existing highways — to reroute traffic.

#2-Homebuyers can now get the golden visa without a down payment: The UAE has removed the requirement of a AED 1 mn minimum down payment for homebuyers who took out mortgages or paid in installments in order for them to obtain a golden visa through real estate investment, The National cites sources as saying. Initially, buyers who took out mortgages or paid in installments had to submit an AED 1 mn down payment or half of the property’s value to qualify for the visa.

Investors will now automatically qualify for the visa if the property they buy is valued at AED 2 mn or more, regardless of whether they are “off-plan, completed, mortgaged or not mortgaged” purchases, Maroun Abou Harb, an associate at law firm BSA Ahmad bin Hezeem & Associates, said.

The change has yet to be announced: Dubai Land Department's Cube website has not been updated to acknowledge this change. One source from Dubai property broker Allsop & Allsopp said that they were made aware of the change when visiting the Dubai Land Department, according to The National.

#3- Abu Dhabi Islamic Bank (ADIB) plans to expand its footprint in Saudi Arabia and maintain investments in Egypt despite “challenges,” CFO Mohamed Abdel Bary told Reuters. The Saudi market is an attractive destination, with potential across various industries within the bank’s risk appetite, Abdel Bary said, without providing further details on its expansion plans. Meanwhile, the bank also plans to boost corporate lending in 2024, with a focus on the commercial and real estate sectors, he told the newswire.

#4-100 Emirati women will receive complimentary training in a data labeling program by the National Programme for Coders, regional talent marketplace Ureed.com, and Meem Foundation, reports Wam. The program will target stay-at-home mothers over a 24-week timeline.

HAPPENING THIS WEEK-

Dubai Multi-Commodities Centre (DMCC) kicked off the first leg of its global trade roadshow, Made For Trade Live, in London yesterday in a bid to attract FDI from the UK, according to a statement.

Next up: DMCC is heading to Switzerland today for the second leg of the roadshow.

DATA POINTS-

#1-Dubai Customs processed a record 30.4 mn customs transactions in 2023, up 17.5% y-o-y, reports Wam. The authority averaged 84k customs daily transactions. The record is thanks in part to a recently inaugurated self-audit service, boosting efficiency by 39% y-o-y. The authority also managed to seize some 3.7k goods,and resolved 333 dispute cases last year. Customs also recycled over 15 mn counterfeit goods (pooled at a value of AED 73.4 mn), Wam said.

#2-The Sharjah Charity International (SCI) provided AED 13.2 mn in tuition coverage for 1,894 students through its Student Support initiative, Wam reports. The SCI also allocated AED 6.9 mn to support students studying abroad.

#3- Abu Dhabi Real Estate Centre (ADREC) lowered service and community charges by 6% y-o-y for jointly owned real estate in Abu Dhabi, resulting in AED 39.7 mn in reductions, the Abu Dhabi Media Office reports.

#4- The Dubai Financial Services Authority (DFSA) licensed and registered 117 companies in 2023, marking a 25% y-o-y increase, according to a press release. The registration of hedge fund managers saw a 125% y-o-y increase, it said.

CIRCLE YOUR CALENDAR-

Emirati real estate developers will be in Sao Paulo, Brazil, for the UAE Property Forum, hosted by the Emirati embassy in Brazil and the Consulate General in Sao Paulo. The exhibition is happening next Monday and Tuesday, 29-30 January at the Tivoli Mofarrej São Paulo Hotel, Brazil, according to a press release.

The Arab Health Exhibition 2024 will kick off next Monday, 29 January and runs through Thursday, 1 February in Dubai. Over 3k companies will be in attendance, including European healthcare and diagnostic software provider Dedalus. The exhibit aims to showcase the latest tech-powered solutions to challenges in the healthcare sector.

Dubai will host the Family Office Roundtable (FORT) Global on Friday, 2 February at the Museum of the Future, according to a press release. The invite-only event will center discussions on the international finance and investment communities, influential family offices, government members and dignitaries, with nearly 10k guests, hailing from over 35 countries.

The Mubadala Abu Dhabi Tennis Open will take place from Saturday, 3 February to Sunday, 11 February at Zayed Sports City's International Tennis Centre. The tournament will see participation from four-time Grand Slam champion Naomi Osaka, plus Elena Rybakina, Ons Jabeur, Maria Sakkari, and Barbora Krejčíková, reports The National.

Young entrepreneurs can pitch their early education startup ideas at the AbuDhabi Youth Challenge: Techstars Startup Weekend, running for three days from Friday, 2 February, to Sunday, 4 February at Cloud Spaces ADGM in Abu Dhabi. Participants get 54 hours to develop startup ideas under the mentorship of founders and investors, form teams with which they can develop a demo or prototype, and then present their ideas to a panel of judges. The top three teams will get AED 30k.

The Middle East Bunkering Convention will take place from Monday, 5 February through to Wednesday, 7 February at the Hilton Dubai Jumeirah. The event will bring together industry experts to tap into issues affecting the global marine fuel sector, including supply chains, decarbonization, and new fuels.

The UAE Tour Women will take place from 8-11 February starting in Dubai and ending in Abu Dhabi. The event will feature three sprint stages and a mountain climb up Jebel Hafeet, spanning 468 km from Dubai to Abu Dhabi. Riders will compete for the competition’s Red, Green, White and Black jerseys.

The Sustainable Aviation Futures MENA will kick off on Monday, 12 February through to Wednesday, 14 February at Kempinski Central Avenue. The event will see 80 expert speakers and upwards of 200 high level attendants and will handle topics pertaining to regulation, financing, and investments in Sustainable Aviation Fuels (SAF) in MENA.

Dubai will host the World Government Summit from Monday, 12 February, to Wednesday, 14 February. The summit, with a central theme on the daily implications of AI, will include 15 AI-centered conferences and an annual gathering for the Time 100 AI list. OpenAI CEO Sam Altman will be among the speakers headlining the event, Gulf News reports. Over 4k participants from 150 countries are expected to be in attendance.

The UAE will host the Future Warehouse & Logistics 2024 Conference from Monday, 12 February to Wednesday, 14 February in Dubai. The event will handle means for supply chain leaders to boost resilience and overcome challenges, with discussions on disruptions, sustainability, Internet of Things (IoT), automation, workplace management and other topics.

Breakbulk Middle East 2024 will take place from Monday, 12 February, to Tuesday,13 January, in Dubai. The event is being hosted by the Ministry of Energy and Infrastructure to address industry challenges and identify prospects for growth in the UAE, KSA, and East Africa.

The Ras Al Khaimah Half Marathon is returning on Saturday, 24 February, on Al Marjan Island. The World Athletics Gold Label event will welcome athletes, running enthusiasts and amateurs alike. You can register here.

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

Outstanding debt market grew 10% y-o-y in 2023, and could expand to over USD 300 bn by 2025, Fitch says

Debt market on track to expand to >USD 300 bn in 2024-2024: Fitch Ratings expects the debt capital market to expand some 11% y-o-y to USD 300 bn (AED 1.1 tn) in 2024-2025, up from its projection in September that it will hit that milestone by the end of the decade, according to its 2024 UAE Debt Capital Markets Dashboard report.

The bullish projection comes on the back of an anticipated “diversification of funding and capital market developments,” Global Head of Islamic Finance at Fitch Bashar Al Natoor said.

Outstanding debt grew 10% y-o-y in 2023, on the back of an increase in both sukuk and bond listings, the ratings agency said.

The rise of USD listings are among the reasons for expansion: USD-denominated debt accounted for 71.4% of total debt, while AED-denominated issuances accounted for 20.5%, according to the report summary. Some 35% of USD-denominated issuances were sukuk issuances, the report added.

Fast facts: The UAE has the biggest USD debt capital market in the GCC, with some USD 81.98 bn of sukuk listed in Dubai, according to Nasdaq Dubai’s website. Nasdaq Dubai holds the lion’s share of listings with some 97%, it said.

Other key figures on the debt market last year:

Sukuk issuances in all currencies accelerated by 115% y-o-y, accounting for 8.7% of all debt issuances;
Bonds inched up at a slower pace, rising 23.6% y-o-y to USD 132.9 bn (AED 488.8 bn);
Outstanding ESG debt rose 165% y-o-y to USD 17.1 bn (AED 62.81 bn), with 40.2% in sukuk.

The share of AED-denominated issuances and sukuk in the UAE’s debt mix is expected to rise next year, as a result of issuers looking to diversify funding, the implementation of the Central Bank of the UAE’s AED monetary framework, and strong investor demand, including from local banks with solid liquidity, the report said.

REMEMBER- The AED monetary framework is an initiative launched in 2017 to manage the Emirates’ money markets and the AED exchange rate, and maintain the peg to the USD.

Fitch rated Emirati sukuk issuers’ credit profiles as “predominantly stable, with 96.5% of the sukuk being investment grade and 92% on stable outlook, with the balance on positive outlook,” Al Natoor said.

ICYMI- S&P Global said that the Emirates issued 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. Meanwhile, the total value of sukuk issued over the first six months of 2023 in the UAE reached AED 28.7 bn. The government also switched from issuing T-bonds in 2022 to launching its maiden AED-denominated T-Sukuk in 2023.

There are some downside risks: Fitch warned that the debt market’s growth might face risks such as “rising rates and oil prices,” the ratings agency said. Sukuk could also be impacted by challenges in adopting Sharia standards, it said. Non-compliant sukuk with the AAOIFI shariah standards “could face lower demand and secondary market liquidity as UAE Islamic banks are constrained from investing in them,” the ratings agency said in November.

OTHER DEBT NEWS-

UAE lenders advise on RGE’s USD 1 bn (AED 3.6 bn) loan:First Abu Dhabi Bank (FAB) and Commercial Bank of Dubai (CBD) advised on a three-year USD 1 bn sustainability-linked loan (SLL) for Singapore-based industrial group Royal Golden Eagle (RGE) to help expand the group’s agri-businesses Asian Agri and Apical Group, according to a press release (pdf). The loan includes RGE’s maiden USD 150 mn (AED 550 mn) Sharia-compliant Murabaha facility, and will allow it to expand its operations in the Middle East, according to the statement.

The roles:CBD was a joint coordinator on the transaction, while FAB acted as the islamic advisor.

Mozambique approves DP World’s USD 2 bn Maputo port expansion + Omniyat eyes AED 10 bn investments in Marasi Bay Marina

DP World’s USD 2 bn (AED 7.4 bn) Mozambique port expansion received the greenlight from Mozambique’s cabinet, Bloomberg reports. The agreement involves a further USD 1.1 bn investment into the port until 2033, when the original concession was due to end, according to the outlet.

Background: DP World secured the concession for Maputo Port back in 2003, as part of a consortium with Mozambique’s national railway operator Mozambican Railway Company, Grindrod and local company Mozambique Gestores, according to the port’s website. The concession was extended for a period of 15 years in 2010, with an option of an additional ten years of operations after 2033..

The new agreement: The 25 year-extension extends the group's concessions at Maputo until 2058.

The port’s capacity is expected to increase to 54 mn tons a year by 2058, up from 37 mn tons a year presently, according to the revised concession agreement. The Matola coal terminal near Maputo will be expanded, increasing its capacity to 18 mn tons per year from 7.5 mn tons. Annual shipping-container capacity is set to experience a nearly fourfold increase, reaching 1 mn units during the same period.

Maputo's port has seen increased demand in recent years, driven by the country's expanding economy and a surge in South African miners opting to export through the port, avoiding disruptions caused by issues with South Africa's state-owned rail and ports operator Transnet. These disruptions have incurred significant financial losses, amounting to bns of USDs for exporters.

OTHER INVESTMENT NEWS-

Luxury real estate developer Omniyatplans to invest AED 10 bn by 2028 in theMarasi Bay Marina, which it acquired in September 2023, Albayan cites Omniyat CEO Mehdi Amjad as saying.The company plans on adding a fifth tower to its existing AED 8 bn investment in four towers and a hotel in the Marina.

The company is also looking to explore green bonds to fund its operations in the next two years, Amjad said.

DHL Global Forwarding takes full control of Danzas AEI Emirates

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DHL Global Forwarding has completed its acquisition of Dubai-based Danzas AEI Emirates, with a full rebranding of facilities to DHL, according to a press release. The acquisition involves the transfer of 1.1k logistics employees and ownership of 20 facilities in Dubai and the Northern Emirates, including key sites in Jebel Ali Freezone, Dubai World Central (Al Maktoum International Airport), Dubai Airport FreeZone, and Ras Al Khaimah to DHL.

Refresher: DHL Global Forwarding had agreed to acquire Investment Trading Group’s 60% stake in Danzas AEI Emirates in October, after it was operated as a joint venture since 1995.

What they said: “Our integration with Danzas will enable us to expand our reach and

support the growth of the logistics business in the GCC, while enhancing regional competitiveness as an economic hub,” said Amadou Diallo, CEO of DHL Global Forwarding Middle East, and Africa.

Government could form new Zakat + Islamic Affairs authority, while Fatwa Council could see reforms

A newer, bigger Islamic Affairs council could be in the works:The Federal National Council (FNC) discussed yesterday two draft federal laws proposed by the cabinet on the Fatwa Council and the establishment of a new authority that combines both the General Authority of Islamic Affairs and Endowments (Awaf) and the Zakat Fund, Emarat Al Youm reports, citing a federal government memorandum. The council discussed the draft law during its third meeting of the first ordinary session of the legislative chapter in Abu Dhabi.

No fees for Islamic institutions + more Zakat payment channels: The draft law includes provisions on exempting mosques, Quran teaching centers and any affiliated facilities from all government-imposed fees, Albayan said, without clarifying what the fees are. The law also aims to develop the endowments sector and ramp up Zakat payment channels.

The draft law would see a new administrative council appointed for the authority, as well as a chairman and director general, Albayan reported.

Fatwa Council to be reformed: Another draft law proposes introducing a set of reforms to the organization and mandate of the Fatwa Council, the sole entity authorized with issuing fatwas in the Emirates, to develop the council’s legislative and regulatory framework toward “building a modern model for fatwas that responds to global developments,” according to the memorandum.

A new heritage authority + 60 new modern heritage sites

Abu Dhabi now has a Heritage Authority: President Sheikh Mohamed bin Zayed Al Nahyan has given the green light to a new law that formally establishes the Abu Dhabi Heritage Authority, replacing the Emirates Heritage Club and the Abu Dhabi Cultural Programs and Heritage Festivals Committee, according to an Abu Dhabi Media Office statement.

The new authority will focus on preserving Emirati history through developing initiatives, documenting heritage practices, and supporting Nabati and classical Arabic poetry. The authority will also oversee historical studies, publications, and cultural events.

ALSO- Abu Dhabi’s Cultural and Tourism Department has identified and registered more than 60 modern heritage sites for preservation under its Modern Heritage Building Plaque program during a ceremony led by DCT chairman Mohamed Khalifa Al Mubarak, Wam reports. Plaques are affixed on points of interest such as hospitals, theaters, schools, mosques, and commercial buildings to highlight their significance.

Apex reports AED 58.3 mn loss in 2023

Apex Investment in the red:Ras Al Khaimah Cement’s (RAKCC) ’s Abu Dhabi-based Apex Investment reported a net loss of AED 58.4 mn in 2023, compared to the AED 187.2 mn net income the company posted in 2022, according to the company’s annual consolidated financial statements (pdf).The ADX-listed company’s revenues also fell 11.8% y-o-y to AED 723.5 mn during the year.

The company attributed the loss to a AED 129 mn incurred loss on its financial assets, according to the financials.

Background: Ras Al Khaimah Cement Investment Company (RAK CIC) acquired IHC’s subsidiary Apex Holding in 2022 (pdf) through the issuance of mandatory convertible bonds worth AED 3.05 bn sold to IHC in exchange for its stake in Apex Holding. The company’s name was changed to Apex Investment following the transaction, which was expected to “strengthen RAK CIC’s financial performance through the robust financial position of Apex Holding,” RAK CIC general manager Ahmed Ali Al Nuaimi said.

National Bank of Fujairah reports 113% jump in 2023 net income

National Bank of Fujairah reported a 113% y-o-y increase in net income in 2023, reaching a record, according to an ADX disclosure. The bank also achieved record-breaking operating revenues of AED 2.3 bn, up 25.8% y-o-y.

Net interest income and net income from Islamic financing and investment activities rose 39.6% y-o-y to AED 1.7 bn. Net fees, commission, and other income rose 6.2% y-o-y to AED 417.8 mn. However, foreign exchange and derivatives income decreased, standing at AED 164.5 mn, down from AED 181.4 mn in 2022.

The why: The bank attributes its performance last year to “resilience in [its] core business,” strategic business expansion, a favorable high-interest rate environment, effective investment portfolio management, and cost control, according to the statement. The bank’s total revenues surged 223.8% to AED 790.4 mn during the year.

Dividends: The board has suggested a dividend distribution equivalent to 15% of the paid-up capital, a significant increase from the 6% in 2022. This proposed distribution comprises 10% in cash dividends (compared to none in 2022) and 5% in bonus shares (compared to 6% in 2022).

Looking ahead: “The Board’s strategic focus continues to be on generating long-term sustainable returns and benefitting from the innovative opportunities that are arising from the emerging opportunities in environmental, social and governance [ESG] matters, which will enhance further growth in 2024 and beyond,” said the bank’s chairman, Sheikh Saleh Bin Mohamed Bin Hamad Al Sharqi.

!_InsertUAESponsorBlock_!

Misra eyes more GCC funds + Telegraph takeover gets more ink

Rajeev Misra seeks GCC backing in new fund:Former SoftBank CEO Rajeev Misra is looking to boost the size of his One Investment Management fund to more than USD 10 bn through more Gulf investments, including from Saudi Arabia, after raising some USD 6.8 bn from investors including Mubadala and Sheikh Tahnoon bin Zayed Al Nahyan’s Royal Group, he told Bloomberg in an interview.

More foreign press coverage of the Telegraph bid: The Telegraph has a lengthy feature on ties between former UK Prime Minister David Cameron and the UAE, amid reports that International Media Investments-backed Redbird IMI is open to establishing a UK-based holding company for the Telegraph and its sister publication to secure the contested USD 600 mn takeover.

Du completes 50G broadband network trial + more healthcare, fintech, energy, education, startup and AI news

TELECOMS-

du completes 50G broadband tech trial: Telecoms operator du completed the first trial of the 50G passive optical network (PON) in the Emirates, a high-bandwidth network connection that enables “businesses and consumers to harness high-bandwidth, latency-sensitive applications, including 8k-interactive video applications, 3D cloud design, high-graphic/high-quality AI/ML applications,” according to a press release.

STARTUPS-

Crypto investment firm Cypher Capital co-led a USD 2.4 mn investment in German blockchain company bitsCrunch, Wamda reports.BitsCrunch is “a global data analytics firm specializing in multi-chain insights and forensics for NFTs and digital assets,” founded in 2021. The startup is backed by Coinbase Ventures, Animoca Brands, Chainlink, Cypher Capital, Crypto.com Capital, Morningstar Ventures, Shima Capital, among others.

What they said: “We are excited to partner with Vijay and his team at bitsCrunch. They are solving the transparency problem in the NFT space through AI and data analytics, which will further enhance the user experience and trust,” Cypher Capital Chairman Bill Qian said.

LOGISTICS-

TII + Aspire + Maqta Gateway to work together on autonomous tech: Abu Dhabi's Technology Innovation Institute (TII) and Aspire, the technology program management pillar of the Advanced Technology Research Council (ATRC), will work with AD Ports Group subsidiary Maqta Gateway on a proof-of-concept for autonomous tech, according to a press release. The agreement will see them explore AI and robotics projects across terrestrial, aerial, and marine sectors to create tailored solutions and applications for AD Port’s infrastructure, in a bid to enhance productivity and efficiency while lowering costs.

HEALTHCARE-

The National Multiple Sclerosis Society (NMSS) awarded six research grants for treatment of multiple sclerosis, according to an Abu Dhabi Media Office statement. The grants are backed by Abu Dhabi’s Department of Health, which contributed AED 500k to the initiative.

FINTECH-

#1- Embedded finance platform Abhi has set up its global HQ in Abu Dhabi, with help from the Abu Dhabi Investment Office (ADIO), according to an Abu Dhabi Media Office statement. The Pakistani firm first landed in the emirate last year, joining the global technology ecosystem accelerator Hub71. The company currently services over 500 companies globally with earned wage access, payroll solutions, and SME financing solutions.

#2- Egyptian fintech company Paymob has partnered with Mastercard to encourage SMEs’ usage of digital payments in the region through low-cost solutions, according to a Mastercard press release. The agreement involves expediting solutions like tap on phone, e-commerce gateways, and payment links.

More on Paymob: Founded in 2015, Paymob is a financial technology company specializing in constructing digital infrastructure, with offices spanning the UAE, Egypt, Pakistan, Saudi Arabia, and Oman. The startup secured a USD 50 mn (AED 183 mn) round of series B funding back in 2022.

ENERGY-

Adnoc has launched two hybrid-powered land rigs, featuring a high-capacity battery and engine automation that contribute to a 15% reduction in emissions compared to traditional rigs Wam reports. Adnoc invested USD 327 mn in purchasing 16 land rigs throughout 2023 in a bid to decarbonize its operations. With two rigs currently in use, the remaining fourteen will be integrated into Adnoc’s drilling fleet over this year.

REMEMBER- Adnoc recently increased its budget for decarbonization investment to USD 23 bn, up from its initial USD 15 bn planned investments.

Energy solutions providerDucab India inked a partnership agreement with Emirates NBD to advance its expansion goals and boost both countries' economies, according to a Media Office statement. Ducab has been actively expanding in India, and recently opened its first office in the country in Bengaluru.

EDUCATION-

The American University of Sharjah (AUS) board has greenlit the launch of five new degree programs in Fall 2024, Sharjah24 reports. The degrees include masters of business analytics, and another in machine learning; and bachelors degrees in chemical and biological engineering, digital construction engineering and management, intelligent systems and mechatronics engineering.

Tesla warns of lower growth expectations in 2024

“Between two major growth waves”: Tesla could see “notably lower” growth in sales volumes of its electric vehicles, the company said in its shareholder deck (pdf), which it released overnight. The slowdown comes as Tesla — currently the world’s most valuable automaker — is “between two major growth waves” and is planning to focus this year on launching its next-generation vehicle at its Texas gigafactory. The company reported weak 3Q 2024 earnings, with revenues rising 3% to USD 25.2 bn, which the Financial Times notes is “its slowest pace of growth in more than three years” and falls short of the USD 25.6 bn analysts had expected.

ADX	9,655	0.0% (YTD: +0.8%)
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THE CLOSING BELL-

The DFM closed up 1.8%, on turnover of AED 968.4 mn. The index is up 0.8% YTD.

In the green: Takaful Emarat (+14.9%), Dubai Islamic Bank (+7.7%) and Ekttitab Holding Company (+6.6%).

In the red: National International Holding Company (-10.0%), Al Firdous Holdings (-3.8%) and Emirates Reem Investments Company (-2.7%).

Over on the ADX, the index closed essentially flat on turnover of AED 1.2 bn, while Nasdaq Dubai rose 0.9%.

Sheikh Mohamed meets King of Bahrain + RAK’s Sheikh Saud meets Kuwait’s new emir

President Sheikh Mohamed bin Zayed Al Nahyan met the King of Bahrain, to explore avenues for enhanced cooperation across various sectors, Wam reports. The leaders also stressed the significance of reinforcing collaboration in the Gulf region for the shared advantage of GCC member states and discussed recent developments in the Middle East.

RAK ruler sits down with Kuwait’s new emir: Ras Al Khaimah Ruler Sheikh Saud bin Saqr Al Qasimi discussed mutual interests and improving bilateral relations with Kuwaiti Emir Sheikh Meshal Al Ahmad Al Jaber Al Sabah during his visit to Kuwait, Wam reports.

CALENDAR

JANUARY

22-26 January (Monday-Friday): WED Innovation Lab, Abu Dhabi's Yas Acres Golf and Country Club.

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.

24-25 January (Wednesday-Thursday): WFC FinTech Dubai 2024.

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

29 January-1 February (Monday-Thursday): Arab Health Exhibition 2024, Dubai World Trade Centre.

29 January-30 January (Monday-Tuesday): UAE Property Forum, Tivoli Mofarrej São Paulo Hotel, Brazil.

31 January-6 February (Wednesday-Tuesday): Emirates LitFest, InterContinental Hotel Festival City.

FEBRUARY

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

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

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

2-4 February (Friday-Sunday): All Africa Festival Abu Dhabi.

2-4 February (Friday-Sunday): Abu Dhabi Youth Challenge Techstars Startup Weekend, ADGM, Abu Dhabi.

3-11 February (Saturday-Sunday): Mubadala Abu Dhabi Opening, Zayed Sports City’s International Tennis Centre.

5-7 February (Monday-Wednesday): Middle East Bunkering Convention, Dubai, UAE.

5-8 February (Monday-Thursday): Medlab Middle East, Dubai.

6-7 February (Tuesday-Wednesday): The Middle East ProcureTech Summit, Dubai, UAE.

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

8-9 February (Thursday-Friday): International Crop-Science Conference & Exhibition 2024, JW Marriott, Marquis Dubai.

8-11 February (Thursday- Sunday): The UAE Tour Women.

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): 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.

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.

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

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

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

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.

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

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

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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