GDP growth remains positive, even with lower oil + an economic slowdown -World Bank

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WHAT WE’RE TRACKING TODAY

COP28 is around the corner + Long weekend coming up for federal gov’t employees in the UAE

Good morning, wonderful people, and welcome back from the impromptu long weekend. We have a tight but meaty issue for you this morning to jump right back into our regular programming.

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THE BIG STORIES here at home: The Dubai Financial Market plans to debut a carbon trading program at COP28, while the World Bank thinks the UAE is going to continue registering positive GDP growth this year and next, albeit at a slower rate than 2022.

WillCZ be allowed to return home? Former Binance CEO Changpeng Zhao filed an opposition to the US government motion preventing him from returning to the UAE before his sentencing. The court ruled in favor of his return home after assessing his low flight risk and compliance with bail conditions.

Remember: Zhao pleaded guilty last week to violating US money laundering laws. He faces up to 10 years in prison after stepping down from his former company as part of a USD 4.3 bn settlement, USD 150 mn of which he will personally pay, with the DoJ.

PSA #1- Federal government employees are getting a long weekend from Saturday-Monday, 2-4 December, in observance of the UAE National Day, Cabinet said, according to state news agency WAM. Friday, 1 December will be a work from home day except for employees requiring their physical presence.

PSA #2- Pension payday is here: The General Pension and Social Security Authority will distribute nearly AED 749 mn in pension payments to 4.7k registered beneficiaries today, reports Gulf News. The pension amount falls over AED 25 mn higher than last year’s pension total of approximately AED 723.8 mn.

DATA POINT- 51.6k citizens have registered to vote in the Sharjah Consultative Council elections, surpassing the 44,758 registered voters in the 2019 session. The registrations account for 96% of the total registrations in electoral bodies.

Voters can submit their ballots from December 5-7, between 8 AM and 8 PM. Voting is available online, via the UAE PASS app and the Sharjah Digital Platform, and in person at nine electoral centers across Sharjah’s municipalities.

COP28 is right around the corner: The annual climate event kicks off in Dubai this Thursday, 30 November and will run through 12 December. During this year’s event, governments will, for the first time, undertake a Global Stocktake (GST) to assess their advancements in meeting the nationally determined contributions (NDCs) pledged at the 2015 Paris Climate Accords.

COP28 is opening its doors to the public, encouraging active participation in the climate change discourse, The National reports. Events at the Expo City Dubai host site and grassroots initiatives across the Emirates provide opportunities for engagement in the global dialogue on climate issues.

The first three days are reserved for delegates, featuring a leaders’ summit from 1-2 December, where the agenda for the following days will be established. The COP28 site is divided into blue and green zones, each serving distinct purposes.

The Blue Zone: Accessible from 30 November, the Blue Zone caters exclusively to heads of state, accredited government officials, and media. Managed by the UN, this zone encompasses prominent locations such as the Rove Hotel, the Dubai Exhibition Centre, and the iconic Al Wasl Plaza, including the captivating 360-degree projection dome until 3 December.

The Green Zone: This zone includes the Sustainability District, Alif – The Mobility Pavilion, the Vision and Women’s pavilions, the Surreal water feature, Al Forsan Park, and specific areas within the Mobility District showcasing a youth and green hub.

THE BIG STORY ABROAD

ON THE FRONT PAGES- Gaza is dominating the international front pages this morning, with the world’s media all focused on the latest on the prisoner swap between Hamas and Israel, brokered by Egypt and Qatar.

The latest on day four of the four-day ceasefire: Another batch of Palestinian and Israeli hostages were released yesterday and an extension of the truce could be on the table, mediators Egypt and Qatar have signaled.

IN THE GLOBAL BUSINESS PRESS- Sam Altman is back as CEO of OpenAI ending the endless news cycle of “will he or won’t he” after he was sacked by the OpenAI board.

Instead, OpenAI’s board is out: The board that fired Altman, which was in place to ensure the “safe development” of AI, has been replaced by a three-man provisional board. The board that fired Atlman included two high-profile effective altruists and Ilya Sutskever, a co-founder of OpenAI and its chief scientist. Sutskever helped lead the rebellion against Altman and then flipped sides, saying he would leave the company if Altman did not return as CEO.

So who’s on the board?

US economist and former treasury secretary Larry Summers (someone apparently thinks he’s capable of standing up to Altman ?)
Bret Taylor, a former Facebook and Salesforce exec who was a key player in negotiating the sale of Twitter to Elon Musk;
Quora CEO Adam D’Angelo, the only remaining member of the board that had sacked Altman.

Their mandate: Sort out a proper governance structure and an expanded board, among other things.

Wondering how Altman weighs in the power dynamics of the AI space? It took twelve years for Steve Jobs to Apple after he was sacked; Altman took only 5 days to reclaim his throne.

There are whispers that an AI breakthrough catalyzed Altman’s sacking: Prior to Altman’s dismissal, a previously unreported letter from staff researchers to the board of directors had warned of a powerful AI discovery that they believed “could threaten humanity,” two sources told Reuters. It was this letter, and the new algorithm finding named Q*, which catalyzed Altman’s ousting, they added.

But the tech press isn’t buying it (yet). Reporters have been unable to track down the letter, and there’s disagreement among experts on whether an AI that can do grade school math is a breakthrough.

The story is getting plenty of ink:New York Times | Bloomberg | Reuters | CNN, amongst others.

CIRCLE YOUR CALENDAR-

A handful of events kicking off around town:

Abu Dhabi Finance Week will feature the MENA’s biggest fintech festival from today until this Thursday.
Dubai Future Forum will welcome futurists to anticipate challenges and solutions in climate and technology today and tomorrow at the Museum of the Future.
Fortune Global Forum will invite the world’s biggest multinational companies to engage in discussion and address global issues from today through to Wednesday in Abu Dhabi.
The World Green Economy Summit will focus on investments in the global green economy tomorrow and Wednesday at Dubai’s Madinat Jumeirah Conference Center.

Sole DXB is also coming back to Dubai from 8-10 December. The culture festival will bring rap artists from all over the world to the Dubai Design District stage.

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

World Bank expects UAE economy to grow at a weaker pace in 2023

The economy is set to grow at a 3.4% clip this calendar year, slowing down from the 6.6% growth seen in 2022, according to the World Bank’s latest Gulf Economic Update (pdf), out last week. The report sees oil GDP growing 0.7%, while non-oil GDP is expected to grow 4.5%.

The rationale: Non-oil GDP growth is expected to be buoyed by “strong performance in tourism, real estate, construction, transportation, and manufacturing and a surge in capital expenditure,” the World Bank says. Overall GDP is weighed down by “weaker global activity, stagnant oil output, and tighter financial conditions.”

Growth will pick up again next year: The World Bank expects the economy to grow 3.7% next year, rising 0.3 percentage points from the current calendar year, albeit remaining below 2022’s GDP growth rate.

Our fiscal sustainability is on track: “The implementation of fiscal revenue reforms such as the introduction of Corporate Income Tax (CIT), and maintaining prudent and well-coordinated emirate-specific fiscal anchors and rules, should improve fiscal buffers and overall fiscal sustainability,” the World Bank said. While the government has maintained a fiscal surplus, this surplus is “narrowing to reflect softening oil prices and lower oil production levels.”

SLOWER REGIONAL GROWTH-

The GCC economy as a while is shifting to a lower gear this year, with the economy expected to contract 1% y-o-y before growing 3.6% in 2024 and 3.7% in 2025. Still, the region’s private sector will grow at a 3.9% clip this year.

Israel’s war in Gaza provides downside risk: “The current conflict in the Middle East poses significant risks to the region and the GCC outlook, especially if it extends or involves other regional players. As a result, global oil markets are already witnessing higher volatility,” said World Bank Country Director for the GCC Safaa El Kogali.

Dubai inflation reaches accelerates to 4.3% in October

Dubai’s consumer price index accelerated in October to 4.3% y-o-y, from 3.8% in September, according to data released by the Dubai Statistics Center. The uptick is primarily a result of increased transportation costs, driven by rising petrol prices in October, TradeArabia reports, citing NBD Research Economist Jeanne Walters. Housing and utilities also fueled the accelerating inflation rate, with prices rising 6.07% y-o-y.

What’s going on with fuel? Since the liberalization of the energy market in 2015, the cost of petrol and diesel has closely followed trends in the global oil markets. Global oil supply has been reduced by Saudi Arabia and Russia's commitment to oil production cuts, Reuters reports.

However, monthly inflation figures slowed down a bit: October put monthly inflation on a downward trend, coming in at 0.29%, down from 0.86% in September, according to Dubai Statistics Center ’s monthly inflation report.

What’s next? Inflation will ease once more when month-on-month petrol price decreases set in, according to Walters, with NBD’s projection that the average consumer price inflation will remain at 3.5% for 2023, a decline from 4.7% in 2022.

UAE’s financial institutions break ground on climate action

DFM to pilot carbon credits trading at COP28: The Dubai Financial Market (DFM) is planning to roll out a carbon credit trading program at COP28, DFM said in a statement last week. The inaugural program will be a trial run for DFM to look into the prospects for trading carbon credits on the securities market.

About the pilot program: The DFM will introduce the program for institutional investors to trade in the carbon credits between 4-8 December, with the offsetting period — when traders price the carbon credits — ending on 10 January.

Who are the traders: Dubai Electricity and Water Authority (Dewa) and MyCarbon will be responsible for bringing in carbon credits from UN or VERRA -accredited carbon projects worldwide.Over 17 Emirati companies will take part in the program, including DP World, Dubai Municipality, Dubai International Financial Centre (DIFC), Emirates NBD, Majid Al Futtaim, SHUAA Capital, Al Ansari Financial Services, Emaar, Salik, Gulf Cryo, and Tabreed, among others.

The transactions will be arranged by five DFM brokers: Al Ramz Capital, Arqaam Securities, BHM Capital, EFG Hermes, and Emirates NBD Securities.

What they said: “Capital markets play a pivotal role in driving the development of a low carbon economy by facilitating project capital raising, enhancing price discovery and transparency, and centralizing liquidity. The launch of carbon credit trading represents a logical progression for DFM as a platform for ESG-focused themes and building on our existing track record,” Hamed Ali, DFM and Nasdaq Dubai CEO said.

The UAE is making good on its carbon trading goals: Emirates NBD, one of the institutional investors, revealed this year that the UAE government is looking to launch carbon credit trading exchanges and clearing houses ahead of COP28, the bank said in a statement.

IN OTHER CLIMATE FINANCING NEWS-

Mashreq + partners to roll out first climate banking platform in MENA: Our friends at Mashreq are collaborating with Visa and sustainability solutions firm Ecolytiq to launch the first climate banking platform in the UAE and the region, according to a statement.

How will it work? The novel climate banking platform will calculate the carbon emissions resulting from their transactions with the transaction data to give customers an estimate of the environmental impact of their purchases. The platform will provide customers with a clear view of their carbon footprint which will help with individual environmental behavior and a collective positive impact for Mashreq customers.

What they said: “This collaboration represents another endeavor within Mashreq’s Climb2Change initiative, which showcases the bank’s commitment to sustainability through a variety of ESG initiatives. With advanced carbon footprint analytics, the platform personalizes climate insights to customers to educate and encourage climate action. These products are designed to promote climate-positive behaviors while delivering tangible impact for Mashreq customers,” Fernando Morillo, Group Head of Retail Banking at Mashreq, said.

Emirati investor eyes 100% of Egypt’s Misr Life Insurance

An unnamed Emirati investor is reportedly in preliminary talks to acquire 100% of Egyptian state-owned ins. provider Misr Life Ins., Al Borsa reports, citing unnamed sources it says have knowledge of the matter.

IN CONTEXT- Misr Life ins., a subsidiary of Misr Ins. Holding (MIH) is part of Egypt’s state privatization program, where it’s set to list 25% of its shares on the EGX by the first half of 2024. The company’s ownership was transferred to the Sovereign Fund of Egypt (SFE) earlier this year, and was added to the SFE’s pre-IPO fund, which looks to bring strategics onboard to invest and help restructure state-owned firms before they go up for a public offering on the EGX.

SFE is mulling its options: The sovereign fund is considering the Emirati investor’s offer, but reportedly prefers to move forward with listing MIH on the Egyptian bourse, Al Borsa quotes its sources as saying.

About MIH: The company holds six subsidiaries other than Misr Ins. and Misr Life Ins., according to its website. They include two mutual guarantee or sharia-compliant ins. firms — Misr Takaful Ins. and Misr Takaful Life Ins — in partnership with the National Bank of Egypt; a real estate firm; a real estate and tourism investment company; an asset management subsidiary; and a financial services firm.

The UAE has put its head in Egypt’s privatization game recently:Global Investment Holding (GIH) purchased 669 mn shares from Egypt’s state-owned tobacco manufacturer Eastern Company majority shareholder for EGP 24.52 apiece, totaling EGP 16.4 bn (USD 532 mn), the Egyptian Public Enterprises Ministry said in a statement (pdf) last week. The transaction will make GIH the company’s single-largest shareholder.

UAE to develop the region’s first green hydrogen-based steel

Masdar + Emirates Steel Arkan to “greenify” the steel sector: Clean energy giant Masdar is set to collaborate with steel manufacturer Emirates Steel Arkan to develop a green hydrogen-based steel production facility, Masdar said in a statement.

About the project: The maiden project, which is set to be the first in the region, the project, currently in the installation phase, is situated in The Industrial City of Abu Dhabi. The project is expected to begin production by early 2024.

What makes this steel green? The plant will utilize green hydrogen, instead of natural gas, to extract iron from iron ore. Green hydrogen is produced from clean renewable sources of energy such as solar and wind power.

Decarbonizing the steel sector is becoming essential since the iron and steel industry is responsible for 7-9% of all direct fossil fuel emissions worldwide.

Emirates Steel Arkan is pushing to produce green steel: Emirates Steel Arkan inked a non-binding agreement last year with two Japanese companies to study establishing a low-carbon iron ore processing plant in Abu Dhabi. The company is the UAE's largest steel and building materials manufacturer, with a total steel production capacity of 3.5 mn tons annually.

UAE to spearhead MENA’s transformation to a green steel-producing hub? The news of the new facility comes a week after US-based Institute for Energy Economics & Financial Analysis (IEEFA) published a report on how the region is qualified to become a hub for green steel and iron production. The report cites the ample solar energy resources in the region that can be used to produce green hydrogen to make green steel amidst rising demand.

Dubai 2.4 GW Hassyan energy plant’s final unit begins commercial operations

Dubai Electricity and Water Authority (DEWA) gave the greenlight to our friends at Acwa power to begin commercial operations at the final unit of the 2.4 GW Hassyan IPP project, the Saudi renewable energy firm said in a disclosure to Tadawul yesterday.

Fully operational: The last 600 MW power unit joins three others of the same size already in operation. The financial impact of this final phase will be evident from 4Q 2023 onwards, Acwa Power added.

About the plant: Built with a USD 3.2 bn investment, the Hassyan power plant in Dubai is set to be one of the largest in the GCC, with four highly advanced plants, according to Acwa’s website. The project was originally supposed to run on coal but was switched to natural gas to align with Dubai’s 2050 clean energy strategy. The power plant is expected to reduce annual carbon emissions by some 30 mn tons by 2030.

Who owns what? DEWA owns 51% of the facility, while Acwa owns 26.95%, with the remaining shares divided between Chinese companies Harben Electric Int. (HEI) and Silk Road Fund.

Abu Dhabi Global Market’s FSRA releases regulatory priorities for 2024

Crackdown on financial crime in the year ahead: The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) made developing regulatory frameworks in sustainable finance and digital assets a top priority in its Business Plan for 2024.

Meeting FATF recommendations: The push towards stronger regulation comes after the Financial Action Task Force (FATF) placed the country on its gray list, over suspicions of money laundering and the financing of terrorism. The plan commits the FSRA to be tougher on financial and cybercrime to further improve the UAE’s standing with the FATF. Specialized supervision and enforcement departments will also impose sanctions to ensure compliance with the regulations.

More FinTech: The FSRA will promote the adoption of previously adopted digital transformation solutions including FinTech, RegLab, and Digital Lab, which leverage technology to provide a user-friendly and efficient regulatory environment. The FSRA plans to collaborate with government-backed tech centers, such as Hub71, to spur the transformation while integrating decentralized finance technologies into its platforms.

Greener finance: Piggybacking off its success in regulating ADGM’s environmental instruments last year, the FSRA will implement a sustainable finance regulatory framework covering funds, discretionary managed portfolios, bonds, and sukuk. The framework will “greenify” the instruments, launching green funds, climate transition funds, and green bonds and sukuks to transition the UAE to a low-carbon economy, in line with net zero transition targets.

Emirati field hospital, aid trucks enter Gaza

Emirati 150-bed field hospital enters Gaza: A fully-equipped Emirati field hospital entered Gaza after a temporary halt in fighting between Israel and Hamas began on Friday, the Foreign Affairs Ministry said on Friday. The hospital is set to operate with a capacity of 150 beds and will include several departments to provide medical treatment to the injured Palestinians under the supervision of an Emirati medical team.

Food aid convoy crosses into Gaza: 10 Emirates Red Crescent trucks carrying 16.5k food parcels entered Gaza yesterday, WAM reports.

The field hospital and aid trucks are arriving under the Gallant Knight 3 humanitarianoperation, which President Al Nahyan ordered at the start of the month to provide essential humanitarian aid to Gaza to alleviate the suffering of the Palestinian people.

Emirati solidarity extends beyond the state: Dubai billionaire Khalaf Ahmad Al Habtoor, the founder and chairman of Al Habtoor Group donated a convoy of fully-equipped ambulances to the Palestinian Red Crescent to support the healthcare system in Gaza, Al Habtoor said in a facebook post.

Dubai Airshow 2023 highlights

What went down at Dubai’s Airshow 2023? Twin-aisle aircrafts stole the spotlight, with 199 orders for widebody planes: Emirates, EgyptAir, Ethiopian Airlines, flydubai, Royal Jordanian, and Royal Air Maroc ordered various widebody aircrafts, including the Airbus A350-900, Boeing 777X, and 787s, Simple Flying reports.

However, wide body aircraft excitement was tainted by concerns over the availability of engines and supply chain challenges running through 2024, Forbes reports.

Airshow versus Airbus? Airbus and Boeing both secured a combination of 393 aircraft orders, with 50% dedicated to wide-body aircrafts, according to Forbes. However, Boeing outpaced Airbus in order numbers by raking in a whopping USD 52 bn deal with Emirates on the first day of the airshow.

Airlines were wary of the Airbus A320neo due to complications related to the Pratt & Whitney Geared Turbo Fan Groundings, Forbes writes. American aerospace manufacturer Pratt & Whitney revealed back in September that the turbo fan engine had “defective high-pressure turbine and compressor discs,” Flight Global wrote.

Abu Dhabi GP + Shabab Al Ahly v Al Ain are top of the Twitterverse

Sports are at the top of the menu on the Emirati X, and it’s not a surprise that we’re see (#AbuDhabiGP) in pole position today. There’s been a massive build up around the Grand Prix for months, culminating in yesterday’s race, which saw Max Verstappen taking first place.

Keeping on brand with the sports theme yesterday's match between Shabab Al Ahly and Al Ain saw the hashtag (شباب_الاهلي_العين#) also making the rounds.

UAE in the News on 27 November 2023

It’s all COP for the UAE in the international press:. Newsweek broke down the top five things scientists are hoping for at COP28, with Politico reporting Pope Francis’ intention to attend the climate conference despite his currently suffering from “inflammation of the lungs.”

Also making headlines:

Pakistan is talking about Kakar’s bilateral visit to the UAE, with the Pakistani PM set to meet with President Mohamed bin Zayed between Sunday and Tuesday. (The News International)
UAE is tightening up on working with Russian firms, as Washington puts Abu Dhabi under pressure. (Bloomberg)

Saudi Arabian investor SEDCO Capital dips its toes in Dubai’s education market

REAL ESTATE-

Saudi Arabia’s SEDCO Capitalsigned an MoU to purchase an educational complex property in Dubai, according to a company disclosure to Tadawul. The purchase, worth AED 160.5 mn, will be financed through the corporation’s REIT fund, which invests in income-generating real estate, principally in Saudi Arabia.

Looking outside the kingdom: The Dubai complex has a land area of 36,690 sqm and a built-up area of 18,250 sqm. The foreign acquisition is part of the fund’s strategy to diversify its real estate portfolio, the disclosure said.

ENERGY-

Emirates becomes first airline to operate an A380 demonstration flight using 100% Sustainable Aviation Fuel (SAF), according to a press release. The flight took off from Dubai International Airport with one of four engines entirely powered by SAF, helping showcase SAF's viability as a sustainable alternative that meets the technical and chemical requirements of jet fuel. This marks the first time that drop-in SAF has been used on an A380 aircraft.

The event coincided with the Third ICAO Conference on Aviation and Alternative Fuels in Dubai, with collaboration from industry partners such as Airbus, Engine Alliance, Pratt & Whitney, Neste, Virent, and ENOC.

ENVIRONMENT-

Abu Dhabi to take on pollution with a new air quality system: The Environment Agency — Abu Dhabi (EAD) rolled out a new air quality modeling system to reduce air pollution in the emirate, WAM reported. The new model will include detailed maps monitoring air pollution levels emirate-wide and will introduce regulations aimed at cutting air pollution by assessing the projected environmental impact of Abu Dhabi urban projects.

What’s an air quality modeling system? Put simply, it is a computer tool that simulates the dispersion of pollutants into the atmosphere.

TRANSPORT-

Dubai’s metro to get 30km extension as Blue Line gets green light: Dubai's ruler Sheikh Mohammed bin Rashid Al Maktoum the all clear to an AED 18 bn (USD 4.9 bn) investment in Dubai Metro’s new Blue Line, according to Dubai’s Media Office. The new line will stretch over 30km and will feature 14 stations, five of them underground. The Blue Line is set to begin operating in 2029 and is expected to transport some 320k passengers per day.

Singapore-based Hafnia, one of the world’s leading tanker companies, has partnered with Dubai’s AI start-up SteelCorr DMCC to oversee ship paint maintenance on 57 ships, according to an announcement by the company. The maintenance will be run through SteelCorr’s Digital Paint Report (DPR) app, which is designed for data collection and analysis on paint maintenance, such as through monitoring corrosion levels.

HEALTHCARE-

Abu Dhabi gets a new surgery center: Private healthcare service provider Bureej Holding has opened an advanced day surgery center in Al Shahama, Abu Dhabi, according to a company press release. The new facility specializes in same-day surgical care with a view to limiting the average length of hospital stays.

What they said: “At the Department of Health—Abu Dhabi, we continue to work with partners in the healthcare sector to further enhance the quality and availability of health services in the emirate, thus consolidating Abu Dhabi’s position as a leading destination for healthcare globally,” Department of Health chief Mansoor Ibrahim Al Mansoori said during the opening.

CULTURE-

Sheikh Hamdan led the Dubai Run, joined by 226k runners, Gulf News reported yesterday. Runners opted either for a 5km route that started on Sheikh Zayed Road and ended near Dubai Mall, or a 10km route that started near the Museum of the Future and ended at the Dubai International Financial Centre (DIFC) Gate.

Goldman sees global IPO market taking off in 2024. PLUS: KSA leads regional market in 3Q

Global IPO market, dealmaking to accelerate next year: Goldman Sachs sees the global IPO market picking momentum and is penciling in an acceleration in activities in 2H 2024 on expectations of a less restrictive monetary environment, according to a Goldman Sachs briefing. “We do expect to see a reasonable pickup in dealmaking activity, especially now that we seem to be through the other side of this interest rate hiking cycle,” said Jim Esposito, the co-head of Goldman Sachs’ Global Banking & Markets business.

Saudi dominated the regional IPO market in 3Q: Five out of the six main-market IPOs in the MENA region came out of Saudi with Lumi Rental drawing the highest proceeds (USD 291 mn), according to Ernst and Young. MBC Group is set for what could be one of the region’s top IPOs this year.

ALSO FROM PLANET FINANCE-

Gulf funds, including Saudi’s PIF, are facing great headwinds from the Biden administration, as part of a wider US campaign to scrutinize countries with closer ties to China. The Committee on Foreign Investment in the US is reportedly reviewing over six pacts with PIF, UAE’s ADIA and Mubadala Investment Co over national security risks. (Reuters)

ADX	9,541.76	-0.4% (YTD: +6.6%)
DFM	3,985.04	-0.4% (YTD: +19.5%)
Nasdaq Dubai UAE20	3,786.74	-0.8% (YTD: 5.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.11% o/n	5.55% 1 yr
TASI	11,129.10	+0.1% (YTD: +0.1%)
EGX30	24,774	+0.1% (YTD: +69.4%)
S&P 500	4,538.19	-0.2% (YTD: +18.2%)
FTSE 100	7,481.99	-0.2% (YTD: +0.4%)
Euro Stoxx 50	4,331.90	-0.2% (YTD: +14.2%)
Brent crude	USD 77.63	-0.18%
Natural gas (Nymex)	USD 2.85	+0.2%
Gold	USD 2,018.30	-0.2%
BTC	USD 36,786.20	-1.7% (YTD: +123.4%)

THE CLOSING BELL-

The ADX fell 0.4% on Friday on turnover of AED 830.8 mn.

In the green: Emirates Driving Company (+12.7%), Al Khaleej Investment (+12.0%) and Chimera (+4.9%).

In the red: Hayah Ins. Company (-4.6%), Bildco (-3.2%) and Aram Group (-2.8%).

Meanwhile, the DFM closed down 0.4% on Friday. The index is up 19.5% YTD.

UAE, China discuss boosting security cooperation

Closer ties, enhanced cooperation with Hong Kong: Deputy Prime Minister and Interior Minister Lt. Gen. Sheikh Saif bin Zayed Al Nahyan met with China’s Deputy Minister of Public Security, General Xu Ganlu last Friday in Abu Dhabi, where they discussed boosting bilateral relations, according to a statement by the foreign affairs ministry. The meeting saw the two ministers address ways to boost cooperation between the two countries in the fields of security and the police force.

CALENDAR

27-28 November (Monday-Tuesday): Dubai Future Forum, Museum of the Future.

27-29 November (Monday-Wednesday): Abu Dhabi International Food Exhibition, Abu Dhabi National Exhibition Centre.

27-29 November (Monday-Wednesday): Fortune Global Forum, Emirates Palace Mandarin Oriental.

27-30 November (Monday-Thursday): Abu Dhabi Finance Week (ADFW), Abu Dhabi.

27 November (Tuesday): Deadline for submitting offers for the development of Saahat Deira in Dubai.

28-29 November (Tuesday-Wednesday): World Green Economy Summit, Madinat Jumeirah Conference & Events Centre.

30 November (Thursday): Commemoration day, national holiday.

30 November-12 December: COP28, Expo City Dubai.

Signposted to happen some time in November:

Annual cabinet meeting.

DECEMBER

1-3 December (Friday-Sunday): Dubai Rugby 7s Tournament.

2-3 December (Saturday-Sunday): UAE national holiday.

4 December (Monday): Abu Dhabi Sustainability Week (ADSW) summit, Dubai, UAE.

4-7 December (Monday-Thursday): Big 5 Global, Dubai World Trade Centre.

4-7 December (Monday-Thursday): The Big 5 Heavy, Dubai World Trade Centre.

4-7 December (Monday-Thursday): Middle East Concrete, Dubai World Trade Centre.

4-7 December (Monday-Thursday): HAVAC R Expo, Dubai World Trade Centre.

4-7 December (Monday-Thursday): International Conference on Global Warming: The Critical Role of Oceans, Ras Al-Khaimah.

4-7 December (Monday-Thursday): Windows Door & Facades event, Dubai World Trade Centre.

4-7 December (Monday-Thursday): Gulf Glass, Dubai World Trade Centre.

4-7 December (Monday-Thursday): Middle East Stone, Dubai World Trade Centre.

4-7 December (Monday-Thursday): FM EXPO, Dubai World Trade Centre.

7 December (Thursday): Everything Architecture, Dubai World Trade Centre.

3-10 December (Monday-Sunday): Al Dhafra Book Festival, near Madinat Zayed.

8-9 December (Friday-Saturday): Global EV Show 2023, TBA.

8 December-14 January: Dubai Shopping Festival, City wide.

8-10 December (Friday-Sunday): Dubai EarthSoul Festival, Dubai Media City Amphitheatre.

8-10 December (Friday-Sunday): Sole DXB 2023, Dubai Design District.

12-14 December (Tuesday-Thursday): Organic & Natural Expo Dubai 2023, Dubai World Trade Centre.

13-15 December (Wednesday-Friday): ArabPlast 2023, Dubai World Trade Centre.

15-16 December (Friday-Saturday): Super Angels Summit, Abu Dhabi National Exhibition Centre.

Signposted to happen sometime in December:

2024

JANUARY

1 January (Monday): New years day, national holiday.

9-11 January (Tuesday-Thursday): Dubai International Pharmaceuticals and Technologies Conference and Exhibition, Dubai World Trade Centre.

9-11 January (Tuesday-Thursday): Gulf Print and Pack, Dubai World Trade Centre.

21-23 January: World of Coffee Dubai, Dubai World Trade Centre.

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

FEBRUARY

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.

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

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

Signposted to happen sometime in February:

World Trade Organization Ministerial Conference, Abu Dhabi, UAE.

MARCH

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

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

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

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.

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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