Happy 50th to the CBUAE

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WHAT WE’RE TRACKING TODAY

THIS MORNING: IMF releases its World Economic Outlook today + Sharjah has a new identity

Good morning, nice people, and welcome to an unexpectedly busy Tuesday. We have a packed issue for you this morning, so let’s jump right in.

THE BIG STORY here at home is fresh projections that real estate prices in Dubai will continue rising this year, albeit at a slower pace than last year’s growth. Real estate advisory firm Cushman & Wakefield anticipates slower growth in new build prices on the back of limited availability of post-handover payment plans in the off-plan market, among other things.

^^ We have chapter and verse in this morning’s news well, below.

CBUAE turns 50: Vice President Sheikh Mansour bin Zayed Al Nahyan marked the Central Bank of the UAE’s (CBUAE) fiftieth anniversary by initiating the first cross-border transaction using the CBUAE’s digital currency, the Digital Dirham, state news agency Wam reports. The transfer saw AED 50 mn sent to China through mBridge, a system that makes it easier to transfer central bank digital currencies and that records transactions using blockchain technology. Sheikh Mansour also launched Open Finance, a system that allows consumers to link and exchange data throughout the entire financial ecosystem.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- Sharjah unveiled its new identity yesterday, Sharjah24 reports. The new visual identity comes as part of a bid to encourage residency, tourism, and investment, while reflecting Sharjah's history and cultural heritage. The revamp was greenlit by the Sharjah Executive Council last week.

#2- Parents with kids in Abu Dhabi government schools can track students’ buses: Abu Dhabi Integrated Transport Center (ITC)’s Salama Parent App will expand to include government schools, the ITC said on LinkedIn. The app allows parents, teachers, and transport supervisors to keep track of students traveling on school buses.

#3- Abu Dhabi Global Market (ADGM) now has an information center in Shams Boutik Mall, Al Reem Island, to provide information about ADGM licensing, fees, documentation and registration steps with interested businesses and individuals, according to a statement.

ICYMI- ADGM expanded to the jurisdiction of Al Reem Island under a cabinet decree in November 2023.

HAPPENING TODAY-

#1- It’s World Economic Outlook day: The IMF will be out with its January 2024 World Economic Outlook update today.

#2- The Arab Health Exhibition 2024, one of the region’s two largest healthcare conferences, kicked off yesterday and runs until this Thursday in Dubai at the World Trade Center. Over 3k companies are attending.

#3- Emirati real estate developers are in Sao Paulo, Brazil, for the UAE Property Forum, hosted by the embassy in Brazil and the consulate general in Sao Paulo. The exhibition started on Monday and wraps today, according to a press release.

#4- It’s interest rate week across the pond: The Federal Reserve kicks off a two-day policy meeting today. Economists expect the Fed to leave rates unchanged and wait until the summer before loosening up, according to a Reuters poll. The majority of economists polled see the Fed leaving rates at their current 22-year high at 5.25-5.5% when it meets to ensure that “recent progress in inflation is sustainable.”

REMEMBER- The Central Bank of the UAE — along with most central banks in the GCC — usually follows the Fed’s policy rate moves as part of the peg of the AED to the USD.

HAPPENING THIS WEEK-

Abu Dhabi Arbitration Center goes live on Thursday: The Abu Dhabi International Arbitration Centre (arbitrateAD) will launch on Thursday, Wam reports. The center's team includes Arnold & Porter Global Chair of International Arbitration Practice Maria Chedid (bio), who will serve as the first woman president of an arbitral court in the region.

MARKET WATCH-

OPEC+ oil cuts aren’t impacting crude markets yet: Steady oil exports by OPEC+ members in January suggest that voluntary output cuts are taking time to kick in, Bloomberg reported, citing data from Vienna-based market intelligence firm Kpler.

The UAE was MENA’s fourth-largest LNG exporter in 2023: The Emirates exported nearly 5 mn tons of liquefied natural gas (LNG) in 2023, making it the fourth-biggest LNG exporter in the MENA region despite volumes dipping 6.6% y-o-y, according to the Organization of Arab Petroleum Exporting Countries’ (OAPEC) annual report. Most of the LNG went to buyers in Asia, including India, South Korea, Japan and China.

THE BIG STORY ABROAD-

It’s a quiet morning abroad, with no single story capturing the collective imagination of the global business press.

Every major outlet is watching how Washington will respond to a drone attack on a US base in Jordan that killed three. The consensus is that the White House is looking for something that’s tough enough to send a message, but not so tough as to ratchet tensions even higher. Officials in Washington have been careful to stress they don’t want war with Iran.

The UAE “strongly condemned” the attack in a Foreign Ministry statement yesterday.

Tehran is trying to put distance between itself and the attack, which reports say was carried out by one of the many armed groups it backs.

Want to go deeper? Politico | Financial Times | New York Times | Reuters

Three business stories worth knowing about this morning:

Energy: A London hedge fund is trying to force BP to back away from its clean energy pledges. (Financial Times)
IPO watch: Renault has canceled the IPO of Ampere, its EV business, thanks to what it said were poor market conditions. (Reuters)
In the bulge bracket: Jim Esposito, a top Goldman Sachs banker who has led its IB and markets group and aspired to be CEO, is leaving the bank after a more than 30-year run. You can read his note to staff on his departure here. (Wall Street Journal)

AND IN TECH NEWS- Big AI developers are now required to share safety test results with the US government, as the Biden administration seeks to try to regulate and monitor the rapidly evolving technology. (Associated Press)

SIGN OF THE TIMES- Consulting and assurance outfit EY really, really wants its people back in the office and is now using data from staff IDs used to swipe into work to track attendance.

Need a two-minute break? Go watch this cringe-inducing get-back-to-the-office NOW video from WebMD. Doesn’t matter whether you’re Team Office or Team WFH, there’s enough here to make you wince.

CIRCLE YOUR CALENDAR-

Conference season is heating up:

Dubai will host the Family Office Roundtable (FORT) Global this 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 big names including four-time Grand Slam champion Naomi Osaka, plus Elena Rybakina, Ons Jabeur, Maria Sakkari, and Barbora Krejčíková, reports The National.

Young entrepreneurs can pitch 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. 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 players to discuss issues in 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.

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 speakers and upwards of 200 attendees discuss regulation, financing, and investments in sustainable aviation fuels in MENA.

Dubai will host the World Government Summit from Monday, 12 February, to Wednesday, 14 February. The summit, with the central theme of 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. President Sheikh Mohamed bin Zayed Al Nahyan invited Qatar Emir Sheikh Tamim bin Hamad Al Thani to attend the summit, according to a Foreign Ministry statement.

Dubai will host the Future Warehouse & Logistics 2024 Conference from Monday, 12 February to Wednesday, 14 February in Dubai. On the agenda: How to boost resilience and overcome challenges, with discussions on disruptions, sustainability, internet of things, 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.

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

Real estate prices in Dubai could climb up to 12% in 2024 -Cushman & Wakefield

More forecasts for Dubai property price increases this year: Real estate prices could rise 8-12% y-o-y in Dubai in 2024, decelerating from the 20% rate recorded last year, real estate services firm Cushman & Wakefield said in its latest report (pdf).

Refresher: Data out over the past few weeks pointed to a record increase in real estate prices here in 2023, with indications that property prices will continue to appreciate in 2024 — albeit at a slightly slower pace than last year. The IMF estimates that real estate prices in the UAE faster than anywhere else in the world, with a 10.4% y-o-y surge in 2023. Others estimate that prices in Dubai advanced 15-18%.

The biggest jumps were in Palm Jumeirah, which saw prices rise 34% last year, while “other central villa districts including Jumeirah Park (31%) and The Lakes (28%) also witnessed sharp rises,” Cushman found.

ICYMI- We ran a deep-dive into the reasons behind the property price boom in 2023, and abreakdown of different analysts’ and pundits’ outlook for the market this year.

Cushman sees a handful of factors contributing to slower growth in new build prices, including limited availability of post-handover payment plans in the off-plan market — but that will also keep a floor under the secondary market.

Affordability concerns persist: The rising contribution of off-plan sales to the total market mix signals an increase of investors buying into the market, as opposed to folks buying primary dwellings in which to live, the report cautioned. There are also risks of inflationary pressures driving end users away, with a risk of more migration to the northern emirates, the report said.

Still, it’s higher than what others expect: S&P Global Ratings forecasts a 5-7% jump in Dubai property prices this year, with risk of a cyclical slowdown. Morgan Stanley also sees “continued tailwinds” for the market and thinks the market this year will be “less of a boom than 2023.” Some analysts have seen signs of a cooldown since the last few months of 2023, with buyers downsizing amid economic uncertainty and oversupply giving way to lower prices.

Rentals are also forecasted to surge 10-20% in central locations, according to the report. Outer and sub-urban locations are expected to experience less inflated rental increases. Despite rents continuing to increase, the rate of increase is cooling in some popular neighborhoods, with average rents rising 19.2% in November, slightly slower than October’s 19.7%, according to data from property advisory firm CBRE.

Some 65k residential units are slated for handover this year, though the report expects only 32k units to be handed over. This is down from 39.4k units handed over last year, the biggest volume of handovers since 2020.

The biggest players in the market last year: Emaar Properties accounted for 26% of the handovers, while Aizzi overtook Damac with a 15% share, and Damac had an 8% share, the report said.

Apartments were king, but both apartments and villas saw prices rise: Apartment unitsaccounted for over 83% of property sales, while villa units comprised 17% of sales, the report said. Villa sales prices rose 22% year-on-year, up over 16% from their 2014 peak, while apartment prices rose 20% y-o-y, just 6% below their 2014 peak, the report noted.

Offices aren’t spared: Rentals for office spaces are expected to climb 10-15% y-o-y in 2024 as new market entrants continue to pour into the emirate, while established entities expand operations, the report said, adding that 1.65 mn square feet worth of office space is expected to be handed over. Prices rose 21% y-o-y in 2023, with the sharpest increases witnessed in Downtown Dubai (45%) and Business Bay (36%), while sales prices rose 23% y-o-y.

Adnoc + Taqa’s subsea energy transmission project kickstarts cable laying process

Adnoc kickstarts USD 3.8 bn subsea energy project: Italian cable company Prysmian Group ’s cable-laying vessel, the Leonardo Da Vinci, has arrived in the UAE for a four-month stint to kickstart Adnoc and Taqa’s USD 3.8 bn (AED 14 bn) subsea energy transmission project, state news agency Wam reports. The vessel will lay cables between the Mirfa and the Zakum cluster, covering 134 km initially and later adding a second 141 km route.

Background: The two energy firmsreached financial close back in September 2022 on the USD 3.8 bn project that will see them build what they say is a “first-of-its-kind” subsea transmission network in MENA, designed to reduce emissions at its offshore production facilities. The high-voltage direct current transmission system will include two subsea links and converter stations and will have a total installed capacity of 3.2 GW.

But Enterprise, how does using a subsea transmission network slash emissions at offshore production infrastructure? Offshore platforms usually generate their own electricity through gas turbines or diesel generators — but replacing these onboard generating systems with power from the mainland transmitted through subsea cables can significantly reduce CO2 emissions. Because of their design, HVDC subsea cables are particularly effective in transmitting energy over long distances in an energy-efficient way.

The timeline:Construction began in early 2022 and commercial operations are expected to begin in 2025.

Who’s involved: Adnoc and Taqa are joined by a consortium consisting of Korea Electric Power, Kyushu Electric Power Company and France’s EDF. Adnoc and Taqa each own a 30% stake in the project, while the consortium collectively owns the remaining 40% stake.

MAG Property Development to invest USD 212.62 mn in residential project in Switzerland

Dubai-based MAG Property Development will invest USD 212.6 mn (AED 781 mn) in a new residential project in Stabio, Switzerland, Investment Monitor reports.The development, Stabio Garden Living by Keturah, is expected to be completed in 2026 and will consist of 180 units across 14 buildings. The project will be developed in collaboration with Swiss real estate group and design agency A++ Group.

The details: The development, which will include a number of recreational and functional facilities, will have Minergie construction certification, a Swiss building standard that focuses on efficiency and environment-friendly living.

The latest in a string of new Keturah properties: This project follows the launch of several other projects under the Keturah brand, including The Ritz-Carlton Residences in Dubai, Creekside, Keturah Resort, Keturah Reserve, and the upcoming Keturah Downtown developments.

What’s MAG Property Development? Established in 2003, MAG Property Development is a division of Moafaq Ahmad Al Gaddah (MAG) Group, which owns more than 50 companies and branches globally.

OTHER REAL ESTATE NEWS-

Samana Developers is launching a AED 1.4 bn (USD 381 mn) tower project in Majan,between Al Khail Road and Sheikh Mohammed bin Zayed Road,according to a press release. The Samana Barari Twin Towers will span 148.6k square meters, with 1,388 apartments across 54 floors. Handover is scheduled for 2Q 2027.

AD Ports’ Noatum Logistics launches its Middle East brand

Noatum Logisticshas rebranded AD Ports’ freight-forwarding arm Micco Logistics to Noatum Logistics Middle East,according to a press release. Micco Logistics has served as the freight forwarding arm of AD Ports Logistics Cluster since AD Ports acquired it in 2020, the statement said. Noatum Logistics is AD Ports Group’s logistics unit.

It’s “business as usual”: “Our clients and stakeholders can rest assured that they will continue to be served by familiar teams and that all current contracts and business relationships will continue unabated — it is business as usual,” Managing Director of Noatum Logistics Middle East and CEO of Noatum Project Cargo Daniel Berasategui said.

About Noatum: The company operates 16 terminals, and is present at 67 ports around the world. It also has 143 global offices covering operations at 27 countries linked to global markets and trade routes.

About Micco: Micco Logistics supported upwards of 80% of Abu Dhabi’s oil, gas, and petrochemical projects, and other industries, through its 400-vehicle fleet.

Background: AD Ports fully acquired Spanish logistics outfit Noatum in July 2023, with the subsidiary since leading AD Ports Group’s logistics cluster. Noatum has served as a growth vehicle for AD Ports, acquiring Sesé Auto Logistics in October, and APM Terminals Castellón earlier this month. Noatum also inked an agreement with NWTN Motors in October 2023 to develop a logistics hub for electric vehicles in Khalifa Economic Zones Abu Dhabi.

Mashreq achieves record net income of AED 8.6 bn in 2023

Our friends at Mashreq reported a 130% y-o-y rise in 2023 net income yo-y to AED 8.6 bn, according to the bank’s earnings report (pdf). Management attributed the growth to a 69% y-o-y rise in net interest income to AED 7.7 bn, as well as cost reduction and solid client margins, the bank said. A high interest rate environment and favorable one-off effects linked to loan loss provisioning backed the growth, the bank said. The bank’s non-interest income was up 13% y-o-y to AED 3.1 bn.

The bank’s total assets grew 21.7% y-o-y to AED 240 bn, as it ramped up loans and advances 25% y-o-y to a cumulative AED 149.5 bn, according to the report. Customer deposits rose 29% y-o-y to 146.2 bn.

What they said: “Our franchise continues to yield outstanding results, bolstered by the addition of a substantial number of new clients and the deepening of existing relationships across the bank,” Mashreq Chairman Abul Aziz Ghurair said.

Looking ahead: “Our course and position remain resolute, even in the face of ongoing uncertainty,” Group CEO Ahmed Abdelaal said. “We possess a stable, robust, and resilient business model, characterized by high quality earnings and a well-diversified loan portfolio spanning various markets.”

Operational adjustments could be necessary as interest rates normalize: “It is imperative, however, that we brace ourselves for the normalization of interest rates, which will necessitate adjustments in operational strategies to align with this new reality,” he added.

Ghitha’s operating income rose in 2023, while revenues doubled + BHM Capital Financial Services doubles net income

Ghitha’s bottom line surges in 2023: International Holding Company (IHC) retail subsidiary Ghitha Holding ’s net income fell 87% y-o-y to AED 43.2 mn in 2023, the ADX-listed company said in its financial statements (pdf). The company’s revenues doubled y-o-y to AED 4.6 bn during the year, according to its earnings release (pdf).

Ghitha credited revenue growth to strategic acquisitions: Ghitha acquired WAS Commercial Investment back in April 2023, contributing AED 747.3 mn in revenues. The company also acquired a 45% stake in Anina Culinary Art for AED 36.7 mn during 2023, and formed a JV with its subsidiary Apex Commercial Investment to create APHE Restaurants Management.

Looking ahead: In the current fiscal year, the company’s “approach integrates key elements such as strategic acquisitions, supply chain efficiency, and focused marketing efforts, positioning us for continued growth and long-term profitability,” Ghitha CEO Falal Ameen said.

More on Ghitha: Founded in 2002 and previously known as Zee Stores, Ghitha Holding owns and operates businesses including Al Ain Farms, Apex Investment, Al Ajban Poultry, Alliance Food Company, Zee Stores International, Agrinv (Al Hashemiya), and others.

BHM Capital Financial Services’ net income rose 101.1% y-o-y to AED 31.5 mn in 2023,according to the company’s financials (pdf). The company's revenues also rose 60.2% y-o-y to AED 136.7 mn. BHM Capital's total assets also witnessed a rise of 61.2%, soaring to AED 1.2 bn.

Edge Group appoints Hamad Al Marar as managing director and CEO

Edge gets a new CEO: Defense contractor company Edge Group tapped Hamad Al Marar as its managing director and CEO, effective from 1 February, according to a company statement. Al Marar, who is currently president of the group’s missiles and weapons cluster, succeeds Mansour AlMulla (LinkedIn), who is returning to ADQ Group after a two-year managerial secondment to Edge.

About Edge: Edge currently has 25 companies under its wing, with its most recent acquisition being the Abu Dhabi-based security solutions group International Golden Group (IGG) valued at AED 874 mn. The company has compiled an order book of over USD 5 bn (AED 18.4 bn), a third of which draws from export sales.

Digital asset custody platform Liminal Custody Solutions has appointed Amir Tabch(LinkedIn) as CEO for the Middle East region to spearhead the company’s expansion, according to a press release. Prior to his appointment, Tabch held senior leadership positions at SC Meta Markets, Emirates Investment Bank, and First Abu Dhabi Bank.

About Liminal Custody Solutions: Founded in 2021, Liminal Custody Solutions provides secure, user-friendly wallet infrastructure for crypto entities to store and manage digital assets.

Engie Solutions appoints new UAE GM: Sustainable energy solutions and services player Engie Solutions named Graham Easton (LinkedIn) as general manager for the UAE, according to a press release. Easton has over three decades of experience in operational and business development leadership, and most recently served as operations director at ENGIE Solutions.

Jordan and Qatar advance to the semi-finals of the Asian Cup

The Asian Cup continues to dominate UAE X, with the hashtag #كاس_اسيا_2023 (Asian Cup 2023) trending as football fans from around the world express a mixed bag of emotions as match results roll in. Yesterday saw Jordan beat Iraq 3-2, seeing goals deep into extra time, while Qatar beat out Palestine 2-1 to advance to the semi-finals.

Americana cuts jobs and Euromoney thinks regulatory change could attract more tech IPOs

It’s a quiet morning for the Emirates in the global business press. Of the few notices of note, Bloomberg reports that KFC and Pizza Hut operator Americana has slashed nearly 100 jobs (most of them in Dubai) as it both restructures and faces the impact of a consumer boycott of its brands that came after the start of Israel’s war in Gaza.

IPO WATCH- Euromoney, meanwhile, thinks Abu Dhabi and Dubai should loosen IPO eligibility rules to make it easier for earlier-stage technology firms to list.

Lots of healthcare news out of Arab Health + Flat6labs joins USD 3 mn funding round for Roboost. PLUS: More aviation, energy, education, mining and automotive news

HEALTHCARE-

#1- Have your blood drawn by a robot: Emirates Health Services (EHS) unveiled the region's first blood-drawing robot, designed to improve precision and speed while minimizing associated risks, according to a press release. By relying on AI and infrared imaging, the robot could save approximately 80% of medical staff time, and cut patient waiting time for blood drawing by 50%.

#2- Experimenting with blockchain for Abu Dhabi healthcare sector: The Abu Dhabi Health Department, Abu Dhabi Health Data Services, Abu Dhabi Health Information Exchange operator Malaffi, and pharma company MSD GCC will examine the potential use of blockchain in the region’s healthcare sector after signing an MoU, reports Wam. Blockchain technology could help the sector to improve “data security and interoperability.”

#3- e& + Burjeel Holdings to launch telemedicine services project: Emirati telecommunications company e& and healthcare service provider Burjeel Holdings will cooperate on a telemedicine services project that involves developing a cloud-based application improving patient access to remote medical care, according to a press release. The two also inked an MoU aimed at advancing sustainable healthcare solutions with a focus on telehealth, remote patient care monitoring solutions, and supporting chronic disease management.

STARTUPS-

#1-Flat6Labs participates in USD 3 mn funding round for Egypt-bornRoboost: Regional VC firm Flat6Labs was among several investors participating in a USD 3 mn funding round for Egyptian AI-powered logistics startup Roboost, Roboost said in a statement (pdf). Jordan-based VC Silicon Badia with participation from and Saudi firms RZM Investment and Saudi Angel Investors also participated in the funding round, which will see the startup scale up its business “across the MENA region’s entire delivery market, while also expanding its e-commerce and middle-mile offerings with more tailored automated solutions,” the statement read.

All about Roboost: The Egypt-born startup leverages AI to automate delivery management for businesses — including order dispatching and fleet management — in order to achieve faster delivery rates. It currently operates in Egypt, Saudi Arabia, Kuwait, Morocco and Tunisia, with clients like Cinnabon, McDonald’s, Koshari Abou Tarek, and El Ezaby Pharmacy.

#2-Dubai-based Limitless Parking launched a ticketless car parking system that utilizes license plate reading and data analysis for parking and mobile payments, Gulf News writes. The system directs drivers to open parking spaces, facilitating faster payments via smartphone apps, and aiming to reduce congestion and lower expenses.

ENERGY-

Empower + Ashrae to advance district cooling tech: The Emirates Central Cooling Systems Corporation (Empower) inked an MoU with the American Society of Heating, Refrigerating, and Air-Conditioning Engineers (Ashrae) to upgrade the third district cooling generation system, according to a press release (pdf). Under the partnership, Ashrae will be in charge of conducting a research project to “identify the forthcoming generation of [district cooling (DC)] technology, specifically concentrating on the transition from traditional, first and second-generation DC systems to innovative third-generation models,” according to the statement.

ICYMI- Empower and Ashrae signed an MoU last weekto collaboratively develop global standards for the design, operation, and maintenance of district cooling systems, in addition to instructions for system improvement and thermal stage integration.

AVIATION-

#1-Dubai Aerospace Enterprise (DAE) will lease 10 new Boeing 737-8 planes to to Turkish Airlines, reports Wam. The handover is scheduled for 2025.

ICYMI: The Dubai-based firm signed an agreement earlier this month with Indian airline Fly91 for two ATR 72-600 aircraft to be delivered this year.

#2- Air Arabia introduces daily flights from Sharjah to Krakow: Sharjah-based budget airline is set to launch daily non-stop flights from Sharjah International Airport to Krakow John Paul II International Airport in Poland, starting 29 June, according to a press release.

#3- Emirates is also ramping up its flights to Australia, with a second daily flight between Dubai and Brisbane and Dubai and Perth, raising capacity by nearly 7k seats, according to a press release.

EDUCATION-

Abu Dhabi University (ADU) secured a renewable energy patent from the UnitedStates Patent and Trademark Office (USPTO), allowing ADU students to develop an upgraded model for photovoltaic-wind hybrid energy systems that merges the energy sources in a single system, according to an Abu Dhabi Media Office statement.

SOUND SMART- Photovoltaic-wind hybrid energy systems typically combine standalone wind turbines and solar panels to generate electricity. ADU’s model aims to dynamically control the tilt of solar modules to adjust wind turbine arms to ideal positions, optimizing energy harvesting rates.

AUTOMOTIVE-

Jordan-based Manaseer Group lands exclusive distribution rights for W Motorsand NWTN vehicles in the MENA region: Manaseer Group inked a partnership agreement with Dubai-based luxury car manufacturer and Abu-Dhabi based NWTN, a green energy company to assemble and distribute their vehicles in Jordan and the MENA region, according to a press release. Manaseer will also manufacture the vehicles at its facilities at a later stage, the press release said.

SCIENCE-

Abu Dhabi-based healthcare company M42 completed the genome sequencing of the ghaf tree, the national tree, in a bid to “enhance the understanding of the [its] genetic adaptations for thriving in arid conditions,” according to a statement from the Abu Dhabi Media Office.

SOUND SMART- Genome sequencing is the process of analyzing the genetic code or DNA sequencing of an organism.

Hong Kong court calls for the liquidation of Evergrande

China’s Evergrande ordered to liquidate: A Hong Kong court ordered the liquidation of China’s second largest property developer China Evergrande Group, with more than USD 300 bn in liabilities, after the group failed to restructure following offshore debt defaults and more than two years in court. (Reuters | Bloomberg | FT)

It remains unclear what will happen next: The legal reach of Hong Kong’s ruling will be tested as most of Evergrande’s assets lie in mainland China, making them harder for liquidators to seize. “The liquidators will have very limited powers of enforcement over onshore assets in mainland China if they cannot get such recognition,” global law firm Ashurst’s Lance Jiang told Bloomberg.

China’s property market is in pretty rough shape after the country’s largest real estate developer Country Garden defaulted on a USD 15.4 mn bond payment in October.

Market reax: The Hong Kong Exchange halted trading in shares of Evergrande and its subsidiaries China Evergrande New Energy Vehicle Group and Evergrande Property Services.

Dive deeper: Bloomberg is out with a piece looking into the company’s history and China’s struggling property sector.

ADX	9,550	-0.2% (YTD: -0.3%)
DFM	4,170	+0.2% (YTD: +2.7%)
Nasdaq Dubai UAE20	3,838	-0.2% (YTD: -0.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.3% o/n	5.0% 1 yr
TASI	12,252	-0.1% (YTD: +1.2%)
EGX30	28,050	+1.2% (YTD: +12.7%)
S&P 500	4,891	0% (YTD: +2.5%)
FTSE 100	7,631	0% (YTD: -1.2%)
Euro Stoxx 50	4,636	0% (YTD: +2.3%)
Brent crude	USD 82.40	-1.4%
Natural gas (Nymex)	USD 2.49	-8.2%
Gold	USD 2,045	+0.4%
BTC	USD 43,161	+3.4% (YTD: +2.1%)

THE CLOSING BELL-

The ADX fell 0.2% yesterday on turnover of AED 953.8 mn. The index is down 0.3% YTD.

In the green: Gulf Medical Projects (+7.6%), Q Holding (+5.8%) and National Bank of Umm Al Qaiwain (+5.3%).

In the red: E7 Group (-3.9%), Al Seer Marine Supplies and Equipment (-3.4%) and Umm Al Qaiwain General Investment (-3.3%).

Over on the DFM, the index closed up 0.2% on turnover of AED 242.5 mn, while the Nasdaq Dubai index fell 0.2%.

Asian markets are largely in the green this morning in early trading, but shares in Hong Kong are expected to sag at the opening bell as investors digest the liquidation of Evergrande, changes to make it more difficult to short some stocks, and the failure of Beijing to deliver a bailout package some had expected last week.

Looking to Europe: You can expect major indexes to open in the green, but the picture is mixed in New York. Futures suggest the S&P will come under pressure at the opening bell after hitting another record high, while the Nasdaq will be in the green.

CALENDAR

JANUARY

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 February (Thursday): Dhow Sailing Race, Abu Dhabi Corniche

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

2-29 February (Friday-Thursday): Ras Al Khaimah Art 2024 Festival, Al Jazeera Al Hamra.

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.

9-11 February (Friday-Sunday): HERO Abu Dhabi, Al Hudayriat Island.

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.

15-25 February (Thursday-Sunday): FIFA Beach Soccer World Cup 2024, Dubai.

18 February (Sunday):Abu Dhabi Run and Ride, Abu Dhabi Corniche.

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

1-3 March (Friday-Sunday): Art Dubai, Madinat Jumeirah.

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

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

5-7 March (Tuesday-Thursday): Dubai Entertainment Amusement & Leisure Exhibition, Dubai World Trade Center.

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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