GDP rose by 3.9% in 2Q 2024

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Adnoc to sell stake in Adnoc Gas? + Four-day weekend confirmed

Good morning, friends. We have a tight issue for you this morning, with fresh federal GDP figures out for 2Q 2024, an upgrade for Ras Al Khaimah’s credit rating from S&P Global, and a new law regulating the arts sector.

WEATHER- Expect a mostly sunny and warm day in Dubai and Abu Dhabi, with temperatures in the former hitting 32°C during the day, and an overnight low of 24°C. Abu Dhabi will be slightly cooler, with mercury hitting 28°C during the day and falling to an overnight low of 24°C.

WATCH THIS SPACE-

#1 Abu Dhabi National Oil Company (Adnoc) is considering selling 3-5% of Adnoc Gas, Bloomberg reports, citing sources it says are familiar with the matter. The potential transaction could be announced in the coming days, the sources added. The size and timing of the transaction have yet to be agreed on. The stake could be worth some USD 3.5 bn based on the gas unit’s share price at Fridays’ close.

REMEMBER- Adnoc sold a 5.5% stake in its drilling unit in a secondary sale for USD 935 mn to institutional investors in May.

#2- Boston Celtics’ major shareholder Wyc Grousbeck pitched selling a stake in the NBA champion to sovereign wealth fund Mubadala Investment when the two met during the team’s pre-season games in Abu Dhabi in October, Bloomberg reports, citing people it says are in the know. While Mubadala executives are reportedly interested in NBA ownership, they — and other Gulf sovereign funds — are looking at investments in teams that offer hands-on management roles rather than passive stakes, the business information service notes.

The Celtics, valued at USD 5.1 bn, face challenges in attracting buyers due to financial losses last season and the lack of an arena, which is crucial for revenue streams. The NBA is actively pursuing partnerships in the UAE and Qatar, including discussions about hosting exhibition games and establishing a regional office to boost fan engagement. It is also hoping to extend its partnership on fan engagement with sovereign wealth fund ADQ, which expires this year, one source said.

The UAE has seen a surge in sponsorship agreements, including Emirates airline sponsoring the NBA Cup and promotional patches for Abu Dhabi on New York Knicks jerseys.

#3- Abu Dhabi will be the first city in the MENA region to implement the Paris Agreement on Climate Change’s Enhanced Transparency Framework (ETF) on a subnational level, following the national launch by the Climate Change and Environment Ministry last year, according to the Abu Dhabi Media Office. This will involve a digital platform to improve data collection and regulatory enforcement pertaining to climate change policy in Abu Dhabi that will feed into the national ETF system.

What is the ETF? The ETF provides guidelines to countries in the Paris Agreement on reporting and tracking progress towards achieving the agreement goals. The ETF system in Abu Dhabi will be responsible for monitoring emissions across key sectors, including manufacturing, agriculture, energy, land-use change, and waste management.

#4- Masdar and Albania’s state-owned energy company Kesh plan to develop 3 GW worth of clean energy projects, starting with a 100 MW solar plant set to launch soon, state news agency Wam reports. Masdar had inked a joint venture term sheet with Kesh to develop GW-scale renewable energy projects, focusing on solar, wind, and hybrid technologies with potential battery storage earlier this month during COP29 in Baku.

DATA POINTS-

#1- Abu Dhabi is expected to have slashed 26 mn tons of carbon emissions between the launch of its Climate Change Strategy 2023–2027 in July 2023 and the end of the current year, Abu Dhabi’s Energy and the Environment Agency Department said in its latest report, according to Wam. The progress puts the emirate on track to achieve the strategy’s goal of slashing emissions by 22% by 2027 from 2016 levels.

The strategy monitors progress across 77 projects, of which 26% have been completed, including major initiatives like the Al Dhafra Solar Power Project.

#2- The UAE claimed the fifth spot in the Global AI Vibrancy Ranking for 2023(pdf) published by the Institute for Human-Centered AI at Stanford University. The Emirates was among the top three nations globally to invest in AI via both IPOs and minority stakes, according to the report. The country also scored highly on the net migration of AI talent and boasts a diverse AI workforce gender-wise, the report noted. The US claimed the top spot, followed by China, the UK, and India.

What they said: “The UAE’s strong position in the vibrancy ranking highlights the Middle East’s growing influence in the global AI landscape and is reflective of the UAE government’s deliberate efforts to position the country as a significant global AI player,” the report read.

Remember- Abu Dhabi’s Technology Innovation Institute (TII) launched the Falcon Foundation, a nonprofit entity dedicated to advancing open-source Generative AI models for specific industries, with an AED 1 bn funding commitment earlier this year. The TII launched the open-source Falcon 40B large language model in May.

PSAs-

#1- A four-day weekend incoming: The UAE Cabinet approved a national holiday for the public and private sectors in observance of the UAE National Day on Monday, 2 December, and Tuesday, 3 December, according to X posts (here and here).

#2- The Interior Ministry will lift drone restrictions for companies and government entities starting today, with plans to expand the mandate to include other users, including amateur operators, in subsequent phases, state news agency Wam reports. Operators must check requirements on the UAE Drones app or website.

HAPPENING TODAY-

The Sharjah International Tourism and Travel Forumwill kick off today at the Expo Center in Sharjah. The forum gathers industry leaders and innovators for panel discussions and workshops on advancements in the tourism sector, and will include discussions around digitization, data-driven decision-making, health protocols, and sustainable practices.

HAPPENING THIS WEEK-

#1- Open Source AI Summit will take place tomorrow and after at The St. Regis Saadiyat Island Resort in Abu Dhabi. The event will feature discussions on prospects for open-source artificial intelligence, as well as challenges, ethical considerations, governance, and international cooperation.

#2- The Gulf Capital Market Summit will take place tomorrow at the Address Sky View in Dubai. The event will focus on debt and equity markets. Participants will include investors, issuers, market practitioners, and officials who will address key issues that will influence the future of the markets.

#3- The Global Food Security Summit will take place tomorrow and after at the Adnec center in Abu Dhabi. The event will focus on biosecurity and agriculture in arid environments, as well as innovative and sustainable agricultural practices, including the application of artificial intelligence.

#4- The Global Women’s Forum will take place tomorrow and afterat Madinat Jumeriah in Dubai. The forum will feature over 60 sessions with participation from 100 leaders and influencers globally.

#5- Livable Cities X will take place between 26-28 November at the Dubai World Trade Center. The event will feature discussions with key players driving efforts to enhance sustainability, resilience, and livability in urban environments. Participants will engage with experts to discuss innovative solutions for urban challenges.

#6- Future FM Exhibition will take place between 26-28 November at the Dubai World Trade Center. The event will gather facility management experts and will discuss digital solutions within the industry to boost efficiency and sustainability.

#7- GeoWorld Summit will take place between 26-28 November at the Dubai World Trade Center. The forum will focus on exploring the latest trends in geospatial technologies and providing solutions based on data analysis and visualization to business leaders and governments.

#8- TheGlobalMedia Congress 2024 will take place between 26-28 November at Abu Dhabi’s Adnec Center. The event will bring together leaders and notable figures in the media industry to discuss the latest trends and technologies in the sector.

#9- The Big 5 Global Exhibition will take place between 26-29 November at the Dubai World Trade Center. The exhibition will feature key players and experts in the construction industry to discuss recent innovations and showcase available investment prospects.

#10- The RAK Energy Summit 2024 will take place on 27-28 November at the Al Hamra International Exhibition and Convention Center. The summit will bring together renewable energy experts and decision-makers to discuss energy transition and decarbonization efforts in the GCC region. It will also explore topics such as AI, future energy transport, and energy storage.

THE BIG STORY ABROAD-

It’s another deeply mixed morning in the international business press, giving us a range of stories and headlines to wade through. Among the stories leading the front pages this morning:

Huawei to launch phone with own software in sign of China-US splintering (Financial Times)
Riyadh’s new dealmakers show women rising in USD 1 tn economy (Bloomberg)
Hezbollah fires about 250 projectiles into Israel after deadly strike in Beirut (New York Times | Reuters)
Israel and Lebanon on cusp of ceasefire deal, officials say (Axios)
How tech bros bought “America’s most pro-crypto Congress ever” (CNBC)

MEANWHILE FROM COPLAND– COP29 wrapped over the weekend with an agreement on a USD 300 bn per year global climate finance target following two weeks of high-stress negotiations. The agreement — which will earmark the funding to help developing nations cope with climate change — triples a previous climate finance target, although the USD 100 bn goal was met two years late. Developing nations, however, are criticizing the new target as insufficient. Reuters | Bloomberg

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GDP rose by 3.9% in 2Q

The economy grew 3.9% y-o-y to AED 449.6 bn in 2Q 2024, according to figures published by the Federal Competitiveness and Statistics Center (pdf). Non-oil GDP increased by 4.8% y-o-y to AED 336.6 bn in this quarter, contributing to 74.2% of the UAE economy.

The top drivers of growth in the non-oil sector: Transportation and storage activities led the charge, growing 9.3% y-o-y to AED 25 bn, contributing 5.6%. Construction followed with an 8.3% increase, reaching AED 38.3 bn, contributing 8.5%. Meanwhile, financial and ins. services grew 7.2%, hitting AED 39.4 bn and contributing 8.8%.

On a 1H basis, the country’s economy grew by 3.7% y-o-y to AED 880 bn, Al Khaleej reports. Non-oil GDP rose by 4.5% y-o-y to AED 660.3 bn during the same period.

REFRESHER- Abu Dhabi’s economy grew 4.1% to AED 297 bn in 2Q 2024, while Dubai’s GDP expanded by 3.3% y-o-y to AED 116 bn in the same quarter.

S&P Global upgraded Ras Al Khaimah’s sovereign credit ratings with a stable outlook

S&P upgrades Ras Al Khaimah’s credit rating to A/A-1 on stronger growth outlook: S&P Global Ratings upgraded Ras Al Khaimah’s (RAK) long- and short-term foreign and local currency sovereign credit ratings to A/A-1 from A-/A-2, with a stable outlook, according to a statement. The upgrade reflects stronger growth prospects and resilient fiscal performance.

New tourism projects are to thank: The growth forecast is primarily driven by a “solid pipeline of tourism-related development projects in RAK,” including the Wynn Al Marjan Island integrated resort, set to open in early 2027. The project, which is being developed in collaboration with state-owned enterprises RAK Hospitality Holding and Marjan, is expected to contribute 40% of RAK’s GDP.

The improved rating is supported by a strong pipeline of tourism-related projects, including the Wynn Al Marjan Island integrated resort, which is expected to open in early 2027. The project—developed with state-owned enterprises RAK Hospitality Holding and Marjan—is projected to contribute 40% of RAK’s GDP.

Non-oil growth is expected to be supported by sectors including mining, economic freezones, real estate, and ports, the report said. These sectors are poised to gain from robust non-oil growth and increased infrastructure investment across the UAE, the GCC, and the Indian subcontinent.

Real GDP is set to grow by over 4% annually from this year to 2027, with GDP per capita projected to rise to USD 32.8k by 2027 from USD 30k in 2024.

The government is expected to maintain fiscal surpluses averaging 1.9% of GDP over 2024-2027, supported by conservative fiscal management and a net asset position of about 18% of GDP, the report said.

The downside risk: RAK could face a downgrade if public finances weaken due to significant cost overruns or underperformance of development projects. Rising interest costs relative to revenue could also pressure the rating.

OTHER KEY INDICATORS-

Government debt is low, at approximately 8% of GDP in 2024;
Revenue will comprise 11.8% of GDP from 2024-2027, up from 10% in 2023.

Masdar and Silk Road Fund to co-invest USD 2.8 bn in renewable energy projects

State-owned renewables giant Masdar and China’s Silk Road Fund agreed to co-invest RMB 20 bn (USD 2.8 bn) in renewable energy projects within Belt and Road Initiative (BRI) countries under an MoU, according to a statement. The partnership focuses on emerging markets and the global south, with plans to invest in projects developed, invested in, or operated by Masdar.

ICYMI- The BRI links Asia, Europe, and Africa through trade and infrastructure projects, boosting economic ties between participating regions. The UAE has been a key BRI player, investing USD 10 bn in a joint China-UAE fund to back BRI projects in East Africa.

REMEMBER- Masdar is eyeing more acquisitions across the Middle East, Europe, Asia, and the US with a fairly equal split as it looks to increase its wind and solar capacity to 100 GW by 2030, its CEO Mohamed Jameel Al Ramahi said last month.

UAE launches centralized KYC platform

The government launched a Know Your Customer (KYC) digital platform to enhance financial data management and combat financial crimes, Wam reports. The platform is designed to verify customer identities, store and analyze data, and facilitate secure information sharing between relevant authorities.

A new company, overseen by the Central Bank of the UAE (CBUAE), will be established to develop and manage the KYC platform. The entity’s tasks include managing data collection, storage, analysis, usage, issuing reports and working with data providers to streamline KYC data acquisition.

The CBUAE will regulate the entity’s activities, define system standards for data protection, and determine what customer data may be requested. A code of conduct for data providers and users will also be implemented to ensure compliance.

Strict regulations to enforce KYC data security: Customer data will only be disclosed under specific conditions, requiring prior approval from the customer or from the legal entity in charge. Breaches in confidentiality regulations through unauthorized disclosures or illegal attempts to obtain KYC reports can result in a minimum two-year prison sentence and at least a AED 50k fine, while the misuse of customer data by public officials or employees will result in harsher penalties.

UAE government hands tax and customs exemptions to art institutions under new law

The government rolled out a new federal law to regulate the arts sector and hand benefits to both institutions and professionals in the creative economy, Wam reports. The law exempts artistic institutions from the corporate tax, and encourages local authorities to offer separate incentives and exemptions to encourage artistic creation and attract talent in the sector.

Under the new rules, both individuals and companies — foreign or local — can set up temporary museums, exhibitions, and performances, as long as they secure the proper approvals.

The law paves the way for financial backing: Art institutions can now also accept grants, donations, and sponsorships under specific legal guidelines, with collections for exhibitions eligible for temporary customs exemptions.

On the operational side, licensing for artistic entities will be handled by local authorities or the Culture Ministry. The law specifies the types of artistic activities allowed in the UAE, including performances, academic lectures, and digital platforms. It also bans unlicensed artistic activity and forms of content that promote hatred, and racial and religious discrimination.

Dubai’s emerging real estate investment options + murder of Israeli-Moldovan rabbii are getting attention

It’s a busy morning for UAE in the foreign press, with headlines on the growing interest in fractional ownership and REITs in Dubai and the murder investigation of Israeli-Moldovan rabbi Zvi Kogan.

#1- Dubai real estate boom sparks interest in fractional ownership and REITs: Bloomberg reports on the growing trend in Dubai’s real estate market, where high prices are prompting investors to turn to fractional property ownership and real estate investment trusts (REITs). Tech-driven property management platforms like Keyper are expanding in Dubai, and major entities, including Dubai Holding, are considering REIT listings to offer more options for real estate investments.

#2- The UAE arrested three suspects for the murder of Israeli-Moldovan rabbi Zvi Kogan, after his body was found in Dubai yesterday and following an investigation into his disappearance. Investigations are still underway, the ministry said, adding that full details will be disclosed once they are completed. Israel recommended that residents avoid non-essential travel to the UAE in the time being, while Israeli Prime Minister Benjamin Netanyahu said he appreciates the UAE’s cooperation with the investigation. (AP | Reuters | Bloomberg | New York Times)

#3- Kenya plans to access its USD 1.5 bn loan from Abu Dhabi in tranches to stay within the IMF’s borrowing limits, Bloomberg reports, citing sources it says are familiar with the matter. The African country is expected to receive USD 700 mn at the start of 2025, with the remaining funds to be distributed later. The IMF has set a cap on Kenya’s commercial borrowing for the current fiscal year at USD 1.3 bn.

#4- ALSO GETTING ATTENTION- Emirates shelved its plan to create a strategic center overseeing administrative operations after months of development. The project failed to gain sufficient internal backing from senior management, Bloomberg reports, citing unnamed sources.

There’s a new digital payment platform in town, courtesy of Comera Financial Holding

PAYMENTS-

Abu Dhabi’s Royal Group’s fintech subsidiary Comera Financial Holding launched Comera Pay, a digital payment platform integrated into the Comera messaging app, according to a press release. The platform, licensed by the Central Bank of the UAE, offers cashless payment services for both individuals and businesses.

For individuals, the platform offers digital wallets, peer-to-peer transfers, QR code payments, remittances, bill payments, mobile top-ups, and virtual accounts. For businesses, it provides POS systems, payment gateways, QR code acceptance, multi-currency wallets, cross-border remittances, corporate expense management, and merchant services.

INFRASTRUCTURE-

#1- The first floating smart police station in the Middle East will be operational in Dubai by the end of 2026, state news agency Wam reports. The unmanned facility — part of a AED 2 bn initiative aimed at revamping Dubai Police — will operate 24/7 without human intervention, relying on AI and robotics. It has a Guinness record title.

The details: The floating station will provide 27 primary services, including filing criminal and traffic reports, and 33 additional services, such as returning lost items and managing requests for certificates and permits.

#2- Ajman’s Municipality and Planning Department inaugurated the Envirol Grease Trap Waste Receiving Plant in the Al Jurf Industrial Area in partnership with Alserkal Group, state news agency Wam reports. The plant will collect waste from oil and grease traps, helping to protect drainage systems and mitigate environmental impacts.

The details: The facility has a capacity to receive up to 10k gallons of waste per day, with plans for future expansion. The plant uses smart technologies for waste collection and transportation, with the ability to convert waste into treated water and organic fertilizers for agriculture.

SUSTAINABILITY-

The first phase of the Dubai Reef project went online, following the fabrication of 1k out of 20k modules, Wam reports. The project, which aims to create the world’s largest single purpose-built reef development, will deploy 20k reef modules over 600k sq km during a three-year period.

M&A-

GFH Partners acquires US student housing assets: GFH Financial Group’s DIFC-based asset management arm GFH Partners acquired A-Class purpose-built student housing assets in the US worth USD 300 mn, it said in an ADX disclosure (pdf). The transactions bring its US student housing portfolio to over 5.5k beds, with total assets under management reaching USD 900 mn. The acquisition was executed in partnership with Atlanta-based SQ Asset Management, which manages over 15k beds, and New York-based Vesper Holdings, which manages 30k beds.

The details:The assets boast a 99% occupancy rate, supported by their location near major public universities with over 30k enrollments annually. They include…

Two properties near the University of North Texas, offering 859 beds;
One property near the University of Kentucky, offering 649 beds;
A development project near the University of Tennessee, to deliver 605 beds by 2026.

MANUFACTURING-

Al Ghurair Foods broke ground on a new hatchery and poultry processing facility in Abu Dhabi’s Kezad Area A, which will feature the largest rendering plant in the UAE, according to a press release. The facility will include a hatchery, poultry processing plant, rendering plant, and effluent treatment plant. The project follows a 50-year land lease agreement signed with Kezad in April 2023 for three mega food processing projects with over AED 1 bn in estimated investments.

The details: The hatchery will have an initial capacity to hatch 10 mn day-old chicks and produce 10k tons of finished goods annually. The rendering plant will process 1.6k tons of high-protein meals and 400 tons of oil derived from poultry waste, which will be reused as animal feed and alternative fuel.

A stronger USD could spell trouble for emerging market bonds

Investors are warning that a strong USD under the approaching Trump administration could lead to weaker returns in emerging market bonds — a line of thought that has prompted investors to pull some USD 5 bn from funds investing in USD- and local currency-denominated EM bonds during the first half of November, the Financial Times reports, citing data from JPMorgan.

Investors are continuing to redirect their attention toward the greenback, Wall Street stocks, and the so-called “Trump trades,” as analysts predict incoming tax cuts and tariffs to fuel inflation — bumping the USD and Treasury yields higher. Ten-year treasury yields have risen from 4.29 to 4.39 per cent since Trump’s election win, while the USD is up against its peers

US tariffs could cause additional pressures on emerging markets’ local currencies due to lower demand for their exports, which could lessen returns on local currency bonds, investors and analysts warn, according to the salmon-colored paper. “All of this is going to be negative for emerging markets,” GAM EM debt manager Paul McNamara told the publication.

But a stronger USD under Trump is far from guaranteed, as the Trump administration’s plans for “fiscal policy, monetary policy, trade policy and exchange rate outcomes are incompatible with each other,” argues Quincy Institute senior research fellow Karthik Sankaran. Over time, the economic policies of the incoming government could weaken the dollar, but this may be too late for EMs to dodge forecasts of exchange rate pressures, Sankaran adds.

MARKETS THIS MORNING-

Asian markets are kicking off the day in early trading in the green, led by Korea’s Kospi at 1.5%, Japan’s Nikkei at 1.4%, along with Hong Kong’s Hang Seng and the mainland’s Shanghai index both at 0.3%.

ADX	9,232	-0.9% (YTD: -3.6%)
DFM	4,724	-0.1% (YTD: +16.4%)
Nasdaq Dubai UAE20	3,846	-0.8% (YTD: +0.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.5% o/n	4.3% 1 yr
TASI	11,865	+0.2% (YTD: -0.9%)
EGX30	30,397	-0.8% (YTD: +22.1%)
S&P 500	5,969	+0.4% (YTD: +25.2%)
FTSE 100	8,262	+1.4% (YTD: +6.8%)
Euro Stoxx 50	4789	+0.7% (YTD: +5.9%)
Brent crude	USD 75.17	+1.3%
Natural gas (Nymex)	USD 3.13	-6.3%
Gold	USD 2737.20	+1.4%
BTC	USD 97.317.10	-0.7% (YTD: +129.4%)

THE CLOSING BELL-

The ADX fell 0.9% last Friday on turnover of AED 950.8 mn. The index is down 3.6% YTD.

In the green: Commercial Bank International (+5.6%), E7 Group – Warrants (+3.0%) and Easy Lease Motorcycle Rental (+2.9%).

In the red: Abu Dhabi Ship Building Co. (-9.1%), Al Khaleej Investment (-8.3%) and Lulu Retail (-2.5%).

Over on the DFM, the index fell 0.1% on turnover of AED 400.2 mn. Meanwhile, Nasdaq Dubai closed down 0.8%.

CORPORATE ACTIONS-

Driving institute Emirates Driving appointed Q Market Maker as its liquidity provider (QMM), effective today, according to an ADX disclosure (pdf).

UAE signs bilateral agreements with Indonesia + to cooperate on USD 19 bn development projects in Brazil

The UAE and Indonesia inked several agreements and MoUs to boost bilateral cooperation during Indonesian President Prabowo Subianto’s visit to Abu Dhabi, state news agency Wam reports. The agreements cover technology, renewable energy, healthcare, culture, tourism, mining, infrastructure, government modernization, and international shipping.

ALSO- The UAE will cooperate with the Rio de Janeiro government on USD 19 bn worth of development projects, focusing on infrastructure and urban renewal, including metro systems and a project for alternative housing for slum residents, according to a press release. This initiative was discussed during the G20 Summit in Rio de Janeiro.

The Abu Dhabi Customs and Brazil’s Tax Authority also launched the pilot phase of the Trusted Digital Trade Corridor project, the first of its kind in the Middle East, Wam reported separately. The project aims to use technology to streamline trade, simplify customs procedures, reduce transaction times, and enhance cross-border trade security.

OTHER DIPLOMACY NEWS-

The UAE-Finland Joint Committee held in Helsinki as part of a UAE trade mission focused on enhancing bilateral ties, and exploring cooperation in trade, investment, food security, education, digitalization, AI, space, and logistics (Wam)
The UAE and Albania launched their first Joint Economic Committee to strengthen trade and investment relations, with discussions focused on renewables, logistics, agriculture, infrastructure, food security, and technology (Wam)
A UAE delegation recently wrapped up a two-day mission to Dublin, Ireland, focusing on exploring opportunities in advanced science, emerging technologies, and economic sectors (Wam)

CALENDAR

NOVEMBER

19-27 November (Tuesday-Wednesday): Subscription period for the retail portion of Talabat’s IPO.

19-28 November (Tuesday-Thursday): Subscription period for the institutional portion of Talabat’s IPO.

25 November (Monday): The Sharjah International Tourism and Travel Forum, Expo Center, Sharjah.

26 November (Tuesday): The Gulf Capital Market Summit, Address Sky View, Dubai.

26-27 November (Tuesday-Wednesday) Global Food Security Summit, Adnec Centre Abu Dhabi.

26-27 November (Tuesday-Wednesday): Global Women’s Forum Dubai, Madinat Jumeirah, Dubai

26-27 November (Tuesday-Wednesday): Open Source AI Summit, The St. Regis Saadiyat Island Resort, Abu Dhabi.

26-28 November (Tuesday-Thursday): Liveable Cities X, Dubai World Trade Center.

26-28 November (Tuesday-Thursday): Future FM, Dubai World Trade Center.

26-28 November (Tuesday-Thursday): Geo World, Dubai World Trade Center.

26-28 November (Tuesday-Thursday) Global Media Congress 2024, Abu Dhabi National Exhibition Centre (ADNEC).

26-29 November (Tuesday-Friday): Big 5 Global, Dubai World Trade Centre.

27 November: Acceptance period for Adnoc’s Covestro takeover bid ends.

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

28 November-1 December (Thursday-Sunday): Spartan World Championship, Al Wathba Desert, Abu Dhabi.

30 November (Saturday): Football Legends Cup, Al Maktoum Stadium Al Nasr Sports Club, Dubai.

DECEMBER

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

4-5 December (Wednesday-Thursday): Sport Impact Summit, The Palm, Dubai.

4-5 December (Wednesday-Thursday): WORLDEF Dubai, Dubai CommerCity.

4-6 December (Wednesday-Friday): Abu Dhabi Business Week, Adnec Center, Abu Dhabi.

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

5 December (Thursday): Khalifa Fund Entrepreneurship Competition, Adnec center, Abu Dhabi.

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

13 December – 4 January (Friday-Saturday): Liwa International Festival, Al Dhafra, Abu Dhabi.

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

1- December (Tuesday): Talabat’s shares will start trading on the DFM.

9-12 December (Monday-ThursdayTuesday): Abu Dhabi Finance Week, Abu Dhabi.

9-12 December (Monday-Thursday): IEEE International Conference on Data Mining 2024, Adnec Centre, Abu Dhabi.

10-11 December (Tuesday-Wednesday): Global Trade and Infrastructure at Logimotion, Dubai World Trade Center.

10-11 December (Tuesday-Wednesday): SCALEX at Logimotion, Dubai World Trade Center.

10-12 December (Tuesday-Thursday): Middle East Investor Relations Association (MEIRA Conference), Conrad Abu Dhabi Etihad Towers Hotel, Abu Dhabi.

10-12 December (Tuesday-Thursday): The Middle East and North Africa Business Aviation Association Show, Al Maktoum International Airport, Dubai.

11-13 December (Wednesday-Friday): European-Arab Medical Congress, Abu Dhabi.

14-21 December (Saturday-Saturday): World Schools Festival, Abu Dhabi

16-20 December (Monday-Friday): AIMS Conference 2024, Adnec Centre, Abu Dhabi.

6 December-12 January: Dubai Shopping Festival.

Signposted to happen sometime in December:

UAE-China Summit, Abu Dhabi.
Abu Dhabi Forum for Peace, Abu Dhabi.

JANUARY 2025

1 January (Wednesday): ADGM to slash licensing fees for retail and non-financial firms, and hike fees for finance firms.

7-9 January (Tuesday-Thursday): 17th edition of the Arab Plast International Trade Fair for Plastics, Recycling, Petrochemicals, Packaging and Rubber Industry, Dubai International Convention and Exhibition Center, Dubai.

9-13 January (Thursday-Monday): International Renewable Energy Agency Youth Forum, Abu Dhabi.

11-13 January (Saturday-Monday): International Renewable Energy Agency Assembly, Abu Dhabi.

11-13 January (Saturday-Monday): The 1 Bn Followers Summit, Dubai.

14-16 January (Tuesday-Thursday): World Energy Summit, Abu Dhabi.

14-16 January (Tuesday- Thursday): The Light + Intelligent Building Middle East exhibition, Dubai.

14-16 January (Tuesday- Thursday): Intersec, Dubai World Trade Center, Dubai.

19-24 January (Sunday-Friday): Coling 2025, Abu Dhabi.

20-22 January (Saturday-Monday): FESPA Middle East, Dubai World Trade Centre, Dubai.

FEBRUARY 2025

1-8 February (Saturday-Saturday): The Mubadala Abu Dhabi Open, Zayed Sports City’s International Tennis Centre.

1-28 February (Saturday-Friday): 3rd Sheikh Mansour bin Zayed Agriculture Excellence Award, Abu Dhabi.

2-3 February (Sunday-Monday): L’Etape Dubai cycling race, Dubai.

3-6 February (Monday-Thursday): Medlab Middle East, Dubai World Trade Center.

16 February-1 March: Dubai Dutyfree Tennis Championships, Dubai Dutyfree Tennis Stadium in Al Garhoud.

24-25 February (Monday-Tuesday): World Passenger Experience Forum, Dubai.

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai.

Signposted to happen sometime in 1Q 2025:

The first eight fronds of the Palm Jebel Ali will be site-ready, allowing for the commencement of villa infrastructure and civil works.

APRIL 2025

6-11 April (Sunday-Friday): Geo-Spatial Week 2025, Dubai.

7-10 April 2025 (Monday-Thursday) : EFG Hermes One on One conference, Dubai.

7-9 April (Monday-Wednesday): AIM Investment Summit, Abu Dhabi National Exhibition Center

14-16 April (Monday-Wednesday): Dubai Woodshow’s 21st Edition, Dubai World Trade Center

14-16 April (Monday-Wednesday): IPS congress, Dubai World Trade Center.

16-18 April (Wednesday-Friday): World Future Energy Summit,Abu Dhabi National Exhibition, Abu Dhabi.

28 April-1 May (Monday-Thursday): The Arabian Travel Market 2025, Dubai World Trade Center

Signposted to happen sometime in April:

Abu Dhabi Autonomous Racing League, Yas Marina Circuit in Abu Dhabi

MAY 2025

6-7 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

19-22 May (Monday-Thursday): Make it in the Emirates Forum 2025, Adnec, Abu Dhabi.

26-28 May (Monday-Wednesday): Arab Media Summit, World Trade Center, Dubai.

SEPTEMBER 2025

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

OCTOBER 2025

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

NOVEMBER 2025

18-19 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.

Signposted to happen sometime in 2026:

The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE

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