Land routes in UAE + KSA could be shippers’ saving grace

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WHAT WE’RE TRACKING TODAY

THIS MORNING: It’s PMI day + Could land routes through the UAE and KSA solve shipping woes?

Good morning, wonderful people, and welcome to the start of a new workweek. We’re expecting a pleasant, sunny day after we got some rainfall at the tail-end of last week.

THE BIG STORY here at home is land routes through the UAE and Saudi Arabia emerging as potential alternatives to the Red Sea, allowing shippers to avoid the Bab El Mandeb strait in the southern Red Sea.

HAPPENING TODAY-

#1- S&P Global will publish the UAE’s PMI figures for January today at 8:15am. Activity in the non-oil private sector expanded to its highest level in over four years in December on the back of robust domestic demand. You can find the PMI survey here when it’s out and read our coverage of it in tomorrow’s issue.

LATER THIS WEEK- Dubai’s PMI figures will be out on Thursday, 8 February.

#2- The Middle East Bunkering Convention begins this morning, continuingthrough to Wednesday 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.

#3- The Mubadala Abu Dhabi Tennis Open tournament is underway at Zayed Sports City's International Tennis Center, running until next Sunday, 11 February. The tournament will feature big names including four-time Grand Slam champion Naomi Osaka, Elena Rybakina, Ons Jabeur, Maria Sakkari, and Barbora Krejčíková, The National reports.

#4- The Foreign Affairs Ministry will kick off the Ambassadors and Representatives of Missions Abroad Forum today, until this Thursday, the ministry said in a statement. Over the span of 30 sessions, ministers, senior officials and government representatives will gather at the ministry to discuss regional issues, geostrategic developments, and plans to advance the government’s strategy.

HAPPENING THIS WEEK

Biggest dental conference happening this week at DWTC: TheArab Dental Exhibition Dubai is set to take place from tomorrow to Thursday at the Dubai World Trade Centre, bringing together an estimated 66k attendees and 5.3k global brands, state news agency Wam says. The gathering is one of the largest healthcare conferences in the region.

FACT CHECK-

#1- Shuaa Capital is not delisting: Asset management firm Shuaa Capital denied it is delisting and going private, saying in a DFM filing (pdf) that the rumors are “unfounded.” The firm is, however, working on a restructuring plan that will be announced to shareholders by 14 February along with the company’s financial statements, according to the filing.

Background: Shuaa, which has been listed on the DFM since 2022, disclosed in an October filing (pdf) that it plans to go through a “capital optimization” process to increase its profitability and shed debt. The plan involves raising some USD 150 mn via a rights issue, Bloomberg reported at the time.

#2- Emirati investors haven’t bought Egypt’s Ras El Hekma: Egyptian government and industry sources EnterpriseAM Egypt spoke with denied vague media reports that the Egyptian government is nearing an agreement with Emirati investors over a USD 22 bn sale of a piece of land in Ras El Hekma on the country’s north coast.

WATCH THIS SPACE-

#1- Abu Dhabi’s private sector is getting a boost with a new Advocacy Hub courtesy of the Abu Dhabi Chamber of Commerce and Industry designed to connect businesses and government agencies, Wam reports. The hub will function as a forum for the exchange of ideas and suggestions related to policy and legislation.

#2-Dubai-based mobility firm NWTN pulls the brakes on talks for a stake in Nev: Chinese Evergrande’s New Energy Vehicle (Nev) suspended negotiations on its USD 497.42 mn (AED 1.83 bn) share subscription agreement with NWTN, after its parent company China Evergrande was ordered to be liquidated after defaulting on offshore debt, reports Reuters. The agreement would have seen NWTN claim 6.18 bn new shares in Nev, bringing its ownership stake to 27.5%, while Evergrande’s stake would be reduced to 46.86%. Both NWTN and Nev are still considering whether the trade will proceed, with certain terms to be renegotiated if it does, Reuters adds.

#3- Coming up on the Federal National Council’s agenda: Education, government employee efficiency, pharma industries, boosting fertility rates, and zakat funds are among nine topics the Federal National Council has agreed to discuss, Emarat Al Youm reports. The issues have been referred to specialized parliamentary committees to prepare reports with their findings, observations, and recommendations, which will then be submitted to the council’s leadership to schedule discussions with the government.

#4- The region’s most advanced satellite for space photography will be ready to launch in mid-2024, courtesy of Mohammed bin Rashid Space Center, reports Al Khaleej. The 800 kg satellite, dubbed MBZ-Sat, is expected to more than double image capture accuracy with triple data transfer speed, when compared to its predecessor, KhalifaSat. The satellite has been in the works since October 2020. Its operational duration in orbit is expected to last eight years at 613 km.

What the satellite will do: MBZ-Sat will send feedback to the ground station in the Al Khawaneej area in Dubai, providing real-time data to manage and assess the impact of global crises and disasters. The satellite will additionally help find solutions to mitigate the damage of future crises, including floods and earthquakes.

#5- It’s another Year of Sustainability for the UAE afterPresident Mohamed bin Zayed Al Nahyan renewed the theme yesterday to mark National Environment Day. The theme was introduced last January to drive community-driven initiatives and activities focused on thinking and acting more green.

DATA POINTS-

#1- Over 11k real estate transactions were logged in Dubai in January, up 17% y-o-y from 8.7k in January 2023, Mubasher reports, citing Property Finder data. The transactions were valued at AED 35 bn (a 27% y-o-y increase) and divided across 6k transactions of off-plan residential units (up 25% y-o-y) and 5k handovers of ready real estate properties (up 8% y-o-y). The value of off-plan purchases in January climbed 21% y-o-y to AED 15 bn from AED 12.2 bn. Ready estates, on the other hand, collectively pooled AED 21 bn in sales, up 31% y-o-y from AED 15.7 bn in January 2023.

#2- Dewa registers 1.1 mn charging sessions in 2023: Demand for Dubai Electricity and Water Authority’s (Dewa) EV Green Charger initiative saw a 59% y-o-y increase in 2023, recording over 1.1 mn charging sessions in 2023, Wam reports.

#3- Opec Fund pours USD 1.7 bn into development funding in 2023: Vienna-based Opec Fund for International Development pledged USD 1.7 bn (AED 6.24 bn) in development funding for 55 sustainability and development projects worldwide in 2023, according to a press release. The fund — a financial institution made up of OPEC member countries — earmarked 60% of the investments to support renewable energy projects, including an energy security project in Bangladesh with a USD 60 mn investment and two wind plants in Uzbekistan for USD 40 mn. The fund also allocated some USD 273 mn for trade finance to “support the movement of critical commodities and goods in developing economies,” the statement read.

MARKET WATCH-

Brics’ inclusion of UAE, Iran, and KSA anticipated to boost downstream investments: The extension of the BRICS group to include the UAE, Iran, and possibly Saudi Arabia could foster alignment of economic objectives among members, particularly within the oil sector, potentially leading to increased investments in downstream activities, S&P Global said.

The UAE and Iran have already committed to joining BRICS, there are expectations that Saudi Arabia, the world's largest crude exporter, will also become a member, as indicated by the group's former president. Saudi Arabia, the UAE and Iran contribute to 17% of the global crude production. If Saudi Arabia joins BRICS, the group would collectively oversee 42% of global oil production and 35% of total oil consumption, according to the report.

THE BIG STORY ABROAD-

There’s no single big story abroad this morning, as is often the case on Mondays.

In the business pages, you have your choice between a Financial Times report that claims Iran used accounts at Lloyds and Santander to sidestep western sanctions while the Wall Street Journal continues to go deep on Elon Musk with The money and drugs that tie Elon Musk to some Tesla directors. (Missed the first part? Tap or click here.)

In foreign affairs: A range of global media organizations are trying to articulate a clear US foreign policy toward the Middle East as Secretary of State Antony Blinken heads back to this part of the world. The New York Times’ Tom Friedman is still pushing his notion of a “Biden Doctrine,” while the Wall Street Journal writes that Washington is “pairing military action with diplomacy” in a bid to reshape our corner of the world. The pillars: “rolling back Iranian influence by resolving Gaza conflict, pushing Israel-Saudi normalization, and establishing a Palestinian state.”

The US struck Houthi positions in Yemen for a third day in a row yesterday. A top US national security official said yesterday that wider attacks against Iran-backed groups in the region would continue. US strikes have so far hit groups in Yemen, Iraq, and Syria.

CIRCLE YOUR CALENDAR-

Investors and startups with sustainable solutions can now apply to Dubai Holding’s Innovate for Tomorrow challenge, which will provide the selected company with a rewards package and funding. Ideas can range from solutions for economic circularity, resource efficiency and supply chain sustainability to waste reduction and consumer education, according to the Dubai Media Office. The selected idea will get access to Tecom Group’s in5 business incubator, and will get the chance to implement the idea through a pilot program with Dubai Holding. Applications can be submitted here until 31 March.

The UAE Tour Women is happening from this Thursday until next Sunday 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 next 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, focusing on the daily implications of AI, will include 15 AI-centered conferences, and an annual gathering for the Time 100 AI list. OpenAI CEO Sam Altman will be among the speakers headlining the event, Gulf News reports. 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 also host the Future Warehouse & Logistics 2024 Conference from Monday, 12 February to Wednesday, 14 February. 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.

The Investopia Summit will take place from Wednesday, 28 February, to Thursday, 29 February, in Abu Dhabi. The two-day event will run under the theme “Emerging Economic Frontiers: Investing in Fast-Growing Sectors in the New Economy,” gathering investors, government officials, and entrepreneurs to explore investments in strategic markets.

Abu Dhabi is set to host the World Congress of the World Federation of the Deaf (WFD) in 2027, marking the first time the event will take place in the Middle East and North Africa (MENA), Wam reports. Some 125 countries and over 2k heard of hearing participants from across the world are expected to participate in the event. The event promotes the inclusion of deaf individuals in societies and to increase awareness about their rights.

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

Shippers may turn to new trade corridor running through the heart of the Middle East

Land routes through Saudi Arabia and the UAE are emerging as a potential lifeline for trade amid the crisis in the Red Sea, Bloomberg reported over the weekend. The commercial trade routes in the “heart of the Middle East” are designed to avert the Bab El Mandeb strait in the southern Red Sea, a choke point the Houthis have been exploiting.

What we know: Israeli software startup Trucknet Enterprise is among those testing the routes, sending goods from ports in the UAE and Bahrain through the Kingdom and Jordan towards Israel and Europe, its CEO Hanan Fridman told business information service. The route, which hasn’t been tapped before on a commercial level due to strained ties between Israel and Arab countries, saw Trucknet sending cargo from India, Thailand, South Korea, and China in recent weeks. Asian-bound goods were also moving in the opposite direction, helping bring costs down.

WATCH THIS SPACE- German shipping giant Hapag-Lloyd is considering linking Jebel Ali port and two eastern ports in Saudi Arabia with Jeddah on the west coast. Another option by the German group seeks linking Jebel Ali with Jordan, which borders Israel.

REMEMBER- The Houthis have held Red Sea trade hostage for months, causing “the biggest diversion of international trade in decades,” according to Bloomberg. The Houthis are looking to put pressure on Israel, but their actions have started to have an impact on some Gulf markets.

The catch: An overland truck route will work for some types of cargo, but Hapag-Lloyd spokesman Nils Haupt admitted that it’s a short term-solution for shippers looking to ship small cargo — “not thousands of containers.” While it may “carry a not-insignificant quantity of traffic, [the land bridge] will remain a niche solution for shipments specifically to Israel,” Chris Rogers, head of the supply-chain research group at S&P Global, said.

The risks: “Gulf Cooperation Council states may be hesitant to promote the route as the Houthis have not yet threatened UAE or Saudi maritime assets,” according to S&P Global analysts. “A road route via Saudi Arabia and Jordan also would increase risks of cross-border attacks on cargo by Iran-aligned Iraq-based or Syria-based militants,” they added.

These routes could serve as a trial run for the planned US-backed India-Middle East-Europe Economic Corridor in which the Kingdom is taking part. The crisis in Gaza has stalled talks on the corridor, which was announced during the G20 summit in India last year.

Average salaries expected to increase 4.5% in 2024

Average salaries in the UAE could go up 4.5% y-o-y in 2024, driven by strong non-oil sector performance and an anticipated increase in OPEC+ oil production, according to GCC HR advisory firm Cooper Fitch’s Salary Guide UAE 2024 (pdf). The report is based on surveys with business leaders from 1k organizations, gathering insights on recruitment, headcounts, and salary trends for 2023-2024.

Some 54% of companies increased wages in 2023, with around 8% raising them by over 10%, prioritizing talent retention in specific sectors, the report reads.

Fifty-nine percent of companies upsized their workforce during 2023, up from 55% companies upsizing in 2022, the report said. Only 28% of companies downsized operations, down slightly from the 30% who downsized in 2022.

More workforce expansions + salary hikes are expected in 2024: Over half of companies are gearing up to expand their teams in 2024, while 20% anticipate a reduction in headcount. More than one third of respondents plan to raise wages by up to 5%, while 21% plan to lower salaries.

Are you in financial services, IT, or consulting? Don’t expect a bonus: With finance companies in the lead, 29% of businesses are skipping bonuses this year, likely due to economic challenges hitting international banks in 2023, according to the report. Consulting and IT-focused industries also show a high rate of bonus omission. On a more positive note, 2% of companies in accounting, chemicals, consumer goods, and healthcare are awarding bonuses equivalent to six months' basic salary.

Is there enough talent to meet your hiring needs in 2024? Some 27% of companies reported talent shortages in management, leadership, and sales positions.

Abu Dhabi’s property market pooled AED 52 bn in sales in 2023

Abu Dhabi’s property market reeled in AED 52 bnin sales in 2023,divided across the off-plan and secondary market sectors, according to Bayut’s Abu Dhabi Annual Sales Market Report 2023. The report forecasts Abu Dhabi’s property market will continue to grow this year, owing to rising demand and attractive pricing schemes from suppliers.

Off-plan properties accounted for over 10k transactions in 2023, collectively valued at AED 36 bn, according to the report, indicating a rise in investor confidence in Abu Dhabi’s housing market. Unbroken apartment projects Plaza by Reportage, Reeman 1, and Bloom Living were the most sought-after affordable sites, while island community developments Yas Bay, City of Lights, and Saadiyat Cultural District were popular among luxury buyers.

Some 4k ready properties were sold, on the other hand, amounting to AED 16 bn, according to Bayut. Apartments at Al Reef, Al Ghadeer, Khalifa City, and Hydra Village Al Reef were the top choice among budget-conscious buyers. Luxury apartments at Al Reem Island, Yas Island, and Saadiyat Island were the most sought-after among high-net-worth individuals.

The luxury segment got more expensive,with the price per sq ft increasing by up to 13% y-o-y in 2023 for both high-end apartments and villas. Luxury apartments at Saadiyat Island witnessed the most drastic price increase, 8.7% higher y-o-y, while villas at Saadiyat Island climbed 12.9% y-o-y in terms of price per square foot.

Meanwhile, affordable apartments became slightly more affordable: Non-luxury apartments saw a 2.1% y-o-y decrease in price per sqft, though villas’ price per square foot jumped approximately 4% y-o-y.

ICYMI- The property market saw a 10.4% y-o-y increase in house prices in 2023, according to IMF data. You can read our deep dive into the reasons behind the property price boom here.

AD Ports to invest further in port infrastructure at Karachi Port

AD Ports continues to expand operations in Pakistan:AD Ports Group has inked a 25-year concession agreement for more berths at a bulk and general cargo terminal at Karachi Port with Pakistan’s federal government agency Karachi Port Trust, according to a press release. The agreement hands AD Ports’ JV with UAE-based Kaheel Terminals, dubbed Karachi Gateway Terminal Multipurpose, full control of Karachi Port’s East Wharf.

The JV will invest some USD 175 mn in seven years: The JV will invest USD 75 mn in the first two years in port infrastructure and equipment, with a planned USD 100 mn to be invested within five years to boost the terminal’s capacity by 75%. Once completed, the terminal will have the capacity to handle 14 mn tonnes per year, potentially raking in some USD 30 mn in revenues a year in the short term, the statement said.

Background: AD Ports inked a concession agreement in June 2023 that saw it acquire the rights to develop, operate and manage container terminal berths 6 to 10 at the same wharf. The new agreement will also see it manage berths 11-17.

About the terminal: General cargo operations at the port primarily include steel, paper and clinker, while the clean bulk terminal will focus on grains and fertilizers, the statement said.

Al Khaleej Investments' + RAK White Cement’s net income falls in 2023

Al Khaleej Investments’ net income fell 64.4% y-o-y to AED 1.9 mn in 2023, according to the company’s earnings release (pdf). Revenues also declined 5.9% y-o-y to AED 16.9 mn.

Looking ahead: The firm aims to boost overall income by diversifying income sources, replacing assets, and finding a balance between financial portfolios and real estate development. Anticipated economic recovery and price improvements are also expected to have a positive impact, along with ongoing economic reforms, leading to strengthened performance in the sector, the company said..

About Al Khaleej Investments: The ADX-listed company works primarily in the real estate sector, with its primary operations including “real estate enterprise investment, development, institution and management,” as well as other related services.

Ras Al Khaimah Co. For White Cement and Construction Materials’s bottom line fell 2.6% y-o-y to 20.5 mn in 2023, according to the company’s financial statements (pdf). The company also reported AED 255.9 mn in sales in 2023, up 3% y-o-y.

Sheikh Mohamed Al Sharqi wins humanitarian award

UAE X celebrates Sheikh Mohammed bin Hamad’s humanitarian award:Crown Prince of Fujairah Sheikh Mohammed bin Hamad bin Mohammed Al Sharqi’s humanitarian personality award from the World Taekwondo Foundation got a lot of buzz on X, with the hashtag #تضامن_الانسانيه_2023 (Humanitarian Solidarity 2023) trending.

Why has Dubai become such an economic hub in the Gulf?

From its household tourist spots to its booming aviation industry,Business Insider ran a feature on what makes Dubai stand out as an attractive economic hub and how other Gulf cities might be seeking to play catch up with the emirate.

New bridge to link Dubai Harbor with Sheikh Zayed Road + other news in healthcare, trade, tech, education, defense, and investment

INFRASTRUCTURE-

RTA to build new bridge in Dubai Harbour: Real estate developer and investment management company Shamal Holding will work with Dubai’s Road and Transport Authority to build a two-lane, 1.5km bridge, connecting Sheikh Zayed Road to Dubai Harbour, according to a Dubai Media Office statement. The project will also include surface improvements at four intersections along the bridge, the statement said. The bridge is expected to accommodate 6k vehicles per hour, and will help reduce travel time to three minutes, down from 12 minutes previously, the statement said.

HEALTHCARE-

#1- Clinical research in Abu Dhabi gets a boost: Abu Dhabi’s Department of Health signed an MoU with Masdar City, Switzerland's Xlife Sciences, and Thermo Fisher Scientific to support clinical research and trials, and supporting life science startups in Abu Dhabi, Wam reports.

#2- Abu Dhabi’s Department of Health (DoH) hit an unnamed healthcare center with a AED 1 mn fine and banned the center from providing dental healthcare services indefinitely on the back of suspected embezzlement of public funds, the DoH said in a statement. The authority also ordered eight healthcare centers to be closed down after finding the centers in breach of the federal law on the prevention of infectious diseases and several DoH regulations. The DOH also closed a dental clinic and four home care centers for non-compliance with department standards.

TRADE-

Irish companies eye more investments in Dubai: Irish export-focused agency Enterprise Ireland and Dubai Chambers inked an MoU to spur investments for Enterprise Ireland’s clients in sectors like tech, manufacturing, ESG, and clean technology in Dubai, Wam reports. The MoU was signed during a four-day trade mission to the UAE, which focused on strengthening economic ties and trade between the two countries.

WATCH THIS SPACE- Ireland’s Minister of State for Trade Promotion, Digital and Company Regulation Dara Calleary also pointed to plans to meet with officials from Emirates Airlines and Dubai International Airport to explore potential partnerships, Wam said.

TECH-

Meydan Freezone firms gain access to Zoho's management tools: India-based software solutions company Zoho will offer Meydan Freezone -registered companies access to its business operating system, which includes over 50 business management applications including sales, marketing, customer service, collaboration, finance, and HR, according to a press release. Newly licensed MFZ companies can apply to receive a complimentary one-year subscription to Zoho One.

DEFENSE-

Edge unveils upgraded armored vehicle: Defense conglomerate Edge Group launched Jais MK2, the second generation of its armored vehicle, which features a larger crew capacity and an expanded external storage space, ahead of the World Defense Show in Riyadh, Saudi Arabia, TradeArabia reports.

INVESTMENT-

#1- Sharjah’s FDI promotion agency, Invest in Sharjah, partnered with the Sharjah Entrepreneurship Festival (SEF) to showcase the emirate’s potential investments and its Investors Services Centre, “which provides tailored packages for entrepreneurs looking to launch their enterprises in the emirate," Invest in Sharjah CEO Mohammed Juma Al Musharrakh told Sharjah24.

#2- Singapore-based wealth manager Wriselaunched its regional office in Dubai, Wrise Middle East, to serve the region’s high-net-worth individuals and family offices, which are expected to grow in the Emirates by 24.6% over the next year, the firm said.

China’s fresh promises to rejuvenate its faltering stock market may not be enough

Investors seem to be giving up on China’s stock market: Over 40% of investors surveyed at a Goldman Sachs conference in Hong Kong last week think that Chinese equities are “uninvestable,” despite authorities vowing “forceful” measures to stabilize its falling stock market, the Financial Times reported yesterday.

The measures: The country’s Securities Regulatory Commission said on Sunday that it would introduce more medium- and long-term funds and would crack the whip on short selling and insider trading. This came two days after the benchmark CSI 300 fell 3.4%, Bloomberg wrote.

Triggering the sell off: Chinese and Hong Kong stocks have shed USD 6 tn in value since their peak in February 2021 amid the country’s economic slowdown, spiraling property crisis, and cooler relations with the US.

ALSO- Turkey has a new central bank governor: Turkish President Recep Tayyip Erdogan appointed Fatih Karahan (bio) as the new head of the country’s central bank after its former governor Hafize Gaye Erkan stepped down, claiming to be facing a smear campaign from local media, Bloomberg wrote.

AND- Leading Asian benchmarks are in the red in early trading this morning as traders digest worries about Chinese stocks and Jay Powell’s remarks that the Fed will be “cautious” when it comes to rate cuts. They’re also looking forward to the Luna New Year holiday, which runs 10-17 February — and which often sees retail investors sell down positions to have more cash available for the break. Futures suggest stocks on Wall Street and in Europe will follow suit at the opening bell later today.

ADX	9,456	-0.1% (YTD: -1.3%)
DFM	4,228	+0.2% (YTD: +4.2%)
Nasdaq Dubai UAE20	3,787	-0.2% (YTD: -1.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.1% o/n	5.0% 1 yr
TASI	11,962	+0.4% (YTD: -4.7%)
EGX30	27,573	-3.0% (YTD: +10.8%)
S&P 500	4,958	+1.1% (YTD: +4.0%)
FTSE 100	7,615	-0.1% (YTD: -1.5%)
Euro Stoxx 50	4,654	+0.3% (YTD: +2.9%)
Brent crude	USD 77.98	+0.8%
Natural gas (Nymex)	USD 2.08	+1.4%
Gold	USD 2,054	-0.8%
BTC	USD 42,793	-0.5% (YTD: +1.4%)

THE CLOSING BELL-

The ADX fell 0.1% yesterday on turnover of AED 895.5 mn. The index is down 1.3% YTD.

In the green: E7 Group (+6.0%), Gulf Cement (+5.0%) and RAK Properties (+4.6%).

In the red: Union Ins. (-10.0%), Julphar Gulf Pharmaceutical Industries (-4.3%) and Sudatel Telecommunications Group (-2.4%).

Over on the DFM, the index rose 0.2% on turnover of AED 263 mn. Meanwhile Nasdaq Dubai closed down 0.2%.

The UAE allocates USD 5 mn to support UNRWA

The UAE has allocated USD 5 mn to support UNRWA’s humanitarian efforts in Gaza, led by the agency’s chief coordinator Sigrid Kaag, after various countries cut their funding, Wam reports. Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan met with Kaag, reaffirming calls for a ceasefire, and the country's support for the agency's efforts.

REMEMBER- The US — the UN Relief and Works Agency’s (UNRWA) biggest donor — along with the UK, Italy, Canada, Finland, and Australia suspended additional funding to UNRWA a week ago, over Israeli allegations that a number of staff members took part in the 7 October attacks.

Also on the Gaza aid front: Another Emirati ship loaded with 4.5k tonnes of aid for Gaza, has embarked for Al Arish, Egypt from the Port of Fujairah, carrying food, shelter materials, and medical aid, as part of the Gallant Knight 3 initiative. So far, the UAE has delivered 15k tonnes of aid to Gaza through 151 flights, via its airbridge. (Wam)

UAE officials discussed investments, the war in Gaza, and economic growth in various meetings and events over the weekend.

#1- Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan reiterated the need for a lasting ceasefire in Gaza during a meeting with US Middle Eastern Affairs Assistant Secretary of State Barbara A. Leaf in Abu Dhabi where they discussed the situation in Gaza and the latest developments in the region, according to a ministry statement.

#2- UAE invests in data centers in Greece: The Investment Ministry inked an MoU with the Hellenic Republic’s Digital Governance Ministry on Friday to develop new data centers in Greece with capacities up to 500 MW, reports Wam. The agreement builds on a previous agreement signed in May 2022 by Abu Dhabi-based investment company ADQ and Greece’s national bank Hellenic Development Bank to jointly pour AED 15.43 tn (USD 4.2 bn) into the Greek economy.

#3- Energy minister discusses investments with Indonesian officials: Energy and Infrastructure Minister Suhail Al Mazrouei discussed increasing bilateral cooperation and potential investments, particularly in the halal industrial products sector, with Indonesian President Joko Widodo, Vice President Marouf Amin, and other Indonesian ministers, Wam reports. Al Mazrouei also attended a roundtable with Emirati and Indonesian private sector players, as well as a ceremony breaking ground on Mohammed Bin Zayed College of Future Studies, in Yogyakarta, Wam added.

#4-State minister attends the EU Indo-Pacific Ministerial Forum: State minister NouraAl Kaabi headed a high-level delegation to represent the UAE at the EU Indo-Pacific Ministerial Forum in Brussels, the foreign ministry said in a statement. The forum saw discussions on economic growth, strengthening supply chains and the digital transition, and research.

OTHER DIPLO NEWS-

The Sheikh Zayed Hospital in Mogadishu has reopened its doors after extensive renovations and installation of new medical equipment. (Statement)
Al Zeyoudi visits Pakistan: Minister of State for Foreign Trade Thani bin Ahmed Al Zeyoudi met with Pakistani Prime Minister Anwaar ul Haq Kakar to explore avenues to enhance trade between the countries, Al Zeyoudi said on X.

CALENDAR

FEBRUARY

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

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.

3-11 February (Saturday-Sunday): Mubadala Abu Dhabi Open, 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.

6-8 February (Tuesday-Thursday): AEEDC Dubai 2024, Dubai World Trade Centre.

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.

25 February - 2 March (Sunday-Saturday): Abu Dhabi Desert Challenge 2024, Al Dhafra Region.

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.

28-29 February (Wednesday-Thursday): Third Investopia Summit, Abu Dhabi.

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

8-9 March (Friday-Saturday): World Triathlon Championship Series 2024 Opening Race, Yas Marina Circuit on Yas Island.

11/12 March (Monday/Tuesday): Start of Ramadan.

APRIL

9/10 April (Tuesday/Wednesday): End of Ramadan, public holiday.

8-12 April (Monday-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

6-7 May (Monday-Tuesday): Dubai Fintech Summit 2024, Madinat Jumeirah.

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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