MGX to back Blackrock’s USD 30 bn AI fund

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Fed decision today + Investors are becoming more selective amid the surge in MENA IPOs

12t Good morning, friends, and happy hump day. We continue a week that started off with big AI news — as reports that Nvidia’s chips are coming our way came out — with even more AI news: this time from MGX and G42. Plus: A lot of investment and energy — including Abu Dhabi’s Ajban solar plant reaching financial close.

WEATHER- Dubai’s mercury will peak at 38°C, before dropping to a low of 32°C. Meanwhile, Abu Dhabi will see a high of 36°C, and a low of 33°C.

UPDATE- Abu Dhabi Investment Authority-backed Bajaj Housing Finance’s shares jumped up to as high as INR 161 on their market debut on Monday, up 130% from the final set price of INR 70. The IPO raised USD 782 mn — marking it one of the largest in India this year — after receiving more than USD 39 bn in orders, with the order book 64x oversubscribed.

Background: Adia invested INR 470 mn (USD 5.7 mn) in Bajaj Housing Finance USD 782 mn IPO, purchasing some 6.7 mn shares at INR 70 (USD 0.84) a piece through its Monsoon subsidiary, Zawya reports. The Abu Dhabi sovereign wealth fund comprised 2.67% of the IPO’s anchor investor portion, which saw institutional investors, including Adia, BlackRock, and the government of Singapore, funnel USD 209 mn into the IPO.

WATCH THIS SPACE-

#1- Investors in the Middle East’s equity capital markets are becoming more selective as the region experiences a surge in transactions, EFG Hermes’ co-CEO of investment banking, Mohamed Ebeid, told Bloomberg “There continues to be decent demand for ECM [transactions], but investors will become a little bit more selective.”

The region has seen 31 ECM transactions worth USD 18.2 bn this year, surpassing last year’s USD 11 bn, according to the news outlet. However, recent IPOs, like Saudi’s Fakeeh Hospital and Abu Dhabi’s Alef Education, showed weaker debuts, highlighting a more selective approach amid tightening liquidity in GCC markets.

Government entities are now stepping in to support local equity funds, who are usually offered more allocations in regional transactions, according to Ebeid.

EFG plans to close five to six ECM transactions by the end of the year and anticipates robust activity into 2025, according to Ebeid. Holding a 10% market share, the firm is engaged in major upcoming listings, including Oman’s OQ, which could raise USD 2 bn, and the Talabat IPO in Dubai.

#2- The first of four vertiports in Dubai will kick off operations in 1Q 2026, head of transportation systems at the Roads and Transport Authority, Khaled Al Awadhi, said on the sidelines of the World Congress and Exhibition on Intelligent Transport Systems, state news agency Wam reports.

We already knew this was going to happen: The RTA agreed with electric aircraft developer Joby Aviation to launch air taxis in 1Q 2026, with the company recently saying it plans to launch them in Dubai by late 2025. The company said it will kick off infrastructure work later this year, begin initial flights in early 2025, and aims for full commercialization by year-end.The taxis will be designed to carry a pilot and four passengers at speeds of up to 200 miles per hour, slashing journey times from DXB to Palm Jumeirah to 10 minutes, down from 45 minutes by car.

#3- Abu Dhabi’s Energy Department plans to issue a new unified water management strategy to rationalize consumption and conserve resources, chairman of the department, Awaidha Al Marar told Wam on the sidelines of the World Utilities Congress. The strategy is being developed in collaboration with strategic partners and relevant authorities, and will cover all stages of water management, from production to consumption, and will assess water usage value, investigate loss rates, and promote conservation methods.

#3- Wizz Air predicts growth in its UAE passenger volume: Hungarian-based airline Wizz Air anticipates a 15% to 20% boost in passenger volume in 2025 with new low-cost routes to the Middle East acting as a main contributor, Reuters reported, citing the company’s CEO József Váradi. Its Europe to UAE travel routes, specifically Abu Dhabi, are expected to experience a sharp growth rate going beyond these predicted figures, Váradi stated.

The airline plans to expand existing operations in the GCC: The airline has plans to operate a daily flight between Milan Malpensa airport and Abu Dhabi starting from June 2025, alongside plans to boost its flights from Saudi Arabia.

#4- UAE-based developer Sol Properties is working on a pipeline of AED 12 bn worth of luxury projects for the next six months, Khaleej Times reports. The company recently secured 4 mn sqft of land for both ultra-luxury and affordable luxury projects, with key developments including the Fairmont Residences Solara Tower in Downtown Dubai and a project on the West Crescent of Palm Jumeirah, with a combined value of AED 8.2 bn.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- Residency status violations can only be resolved in the UAE: The Federal Authority for Identity, Citizenship, Customs and Port Security confirmed that the amnesty period to correct residency status violations is limited to violators present inside the country during the allocated correctional period, ending 31 October, state news agency Wam reports. A valid passport is required to resolve violations and to get a departure permit without a stamp of denial of re-entry.

Background: The authority kicked off a visa overstay amnesty program at the start of September to allow anyone overstaying their visa to get their paperwork in order or to leave the country without fines.

#2- Sharjah residents can now pay government fees at several service partner locations under a new payment platform, Madd, Wam reports. The new payment channel is an extension of the digital payment system Tahseel.

HAPPENING TODAY-

Besides, the slew of conferences here at home — across the pond, the Federal Reserve is expected to pull the trigger on the first in a series of rate cuts. We’ll have an update on the outcome of the meeting — and the Central Bank of the UAE’s moves following the meeting — in tomorrow’s issue.

#1- The Arab Water Forum is on its final day today at Adnec Center in Abu Dhabi. The event features over 60 exhibitors from 24 countries, along with roundtables and speaker sessions, gathering water sector leaders to discuss solutions for clean water and sanitation, with an emphasis on innovation and improving water security.

#2- The World Utilities Congress is on its final day today in Abu Dhabi. The event gathers global energy leaders, policymakers, and other industry professionals from the power and water utilities value chain to discuss industry trends and challenges.

#3- The Intelligent Transport Systems World Congress 2024 is on its third day today, and will run until Friday, 20 September in Dubai. The Congress is expected to welcome 20k participants to explore innovations in smart mobility and transportation technology.

#4- The AI in Oil and Gas Midle East conference kicked off yesterday in Abu Dhabi and will wrap today, with a focus on AI in exploration and production, supply chains, data analytics, and more. The event will feature speakers and AI experts from across the region’s oil firms.

#5- The Inaugural Hili Forum kicked off on Monday and will wrap up today at The St. Regis Saadiyat Island Resort, Wam reports. The two-day event brings together global experts to address challenges in geopolitics, geoeconomics, and geotech. The forum aims to explore strategic solutions, present research, and offer policy recommendations.

#6- The Sharjah Investment Forum kicks off today and runs until tomorrow at the Jawaher Reception and Convention Centre in Sharjah. Discussions will span across investments in emerging markets and in the UAE, smart cities and economies, and more.

HAPPENING TOMORROW-

Forbes’ Healthcare Leaders Summit 2024 will take place on Thursday and Friday at the St. Regis Saadiyat Island Resort, Abu Dhabi. The event gathers healthcare leaders from across the region to discuss innovation in healthcare and sustainability in the industry.

THE BIG STORY ABROAD-

Our corner of the world is unfortunately once again dominating the international news cycle after an Israeli operation that killed nine and injured thousands in Lebanon “marked an extremely concerning escalation,” according to UN Special Coordinator for Lebanon Jeanine Hennis-Plasschaert.

At around 3:30pm in Lebanon, pagers belonging to Hezbollah members began exploding, injuring more than 2.7k and killing nine people — including a child. It is still unclear how Israel — which has not publicly admitted responsibility — conducted the attack, with some outlets reporting that they likely sabotaged supply lines and rigged the Taiwan-made pagers with small explosives prior to their arrival in Lebanon. An official from the armed group described the attack as the “biggest security breach” that Hezbollah has faced in the nearly year since 7 October.

All eyes are now on what happens next, with Hezbollah vowing that Israel would receive “fair punishment” for the attack and an increasingly belligerent Netanyahu saying Israel will pursue a “fundamental change in the security situation in the north” as part of its war aims.

WHILE IN AI NEWS- BlackRock and Microsoft are teaming up to bring us a USD 30 bn AI investment fund to invest in rapidly scaling up the power and digital infrastructure to get ahead of potential bottlenecks in AI’s growth trajectory. We have more on this in the news well, below.

The news comes as the US continues to throw up regulatory hurdles to stop AI tech from getting into Chinese hands, with Microsoft calling yesterday for more “clarity and consistency” on US chip export controls to the Middle as the tech giant seeks to expand its collaboration with Abu Dhabi-based AI company G42. Meanwhile, over in Japan, policymakers are mulling a deal with the US that would curb chip exports to China and prevent Japanese tech companies from falling afoul of new US export controls — though potentially at the cost of Chinese retaliation.

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MARKET WATCH-

Citigroup expects Brent crude prices to climb before cooling off in 2025: Global investment bank Citigroup expects a spike in short-term Brent crude prices to USD 75 per barrel before an eventual decline to below USD 60 by the end of 2025, Market Watch reported. Predictions for the next 15 months are USD 74 per barrel in 4Q, followed by USD 60 in 2Q and 3Q, and USD 55 in 4Q.

OPEC+ is anticipated to carefully loosen its production shackles: The financial institution also predicts that OPEC+ will likely continue with its output cuts in 2025 — despite initial plans to lift some of these reductions in October, which it scrapped earlier this month.

Citigroup also expects global demand to decline due to the pandemic recovery period being mostly over and the increase of EV sales, with expectations for demand to hover around 900k bbl / d in 2025.

CIRCLE YOUR CALENDAR-

The DMCC- and AGCC-hosted Expand North Star/Gitex 2024 will see a Global AIChallenge take place between 13 and 16 October in Dubai, with a chance for AI startups to receive a prize of USD 100k, as well as a package including a DMCC company license, co-working space, residency visas, and a three-month acceleration program from AGCC to help startups grow in the region.

How to sign up: Startups can apply to the competition here, with eligibility requirements including aligning with at least one of the UN Sustainable Development Goals (SDGs). Startups specifically addressing SDGs will receive higher tallies.

The Aviation Future Week will take place between 15 and 17 October in Dubai. Hosted by Emirates and the Museum of the Future, the event will connect UAE ministers, senior government officials, and industry leaders from various sectors including aviation, aerospace, air freight, maintenance, overhaul and repair, and logistics.

The Sustainability in Accounting and Auditing Conference for the Middle East and North Africa will be held between 22-24 October in Dubai. It will be hosted by the Emirates Association For Accountants And Auditors and the International Federation of Accountants, and will focus on the international standards of financial sustainability and implementing them in GCC countries.

CyberQ: Security in the Quantum Era will kick off 12-13 November at Adnec in Abu Dhabi. The agenda includes keynote speeches, panel discussions, workshops on quantum-safe cryptography, and networking opportunities.

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

MGX to back new USD 30 bn AI infrastructure fund + G42, Microsoft to set up two AI research centers in Abu Dhabi

In another big development this predominantly AI-themed week, G42 and MGX are both working on separate projects to boost AI infrastructure — with MGX backing a massive USD 30 bn AI infrastructure fund, and G42 setting up two research centers in Abu Dhabi alongside Microsoft.

#1- Abu Dhabi-based investment firm MGX will back a new USD 30 bn AI infrastructure fund launched by BlackRock and Global Infrastructure Partners as a general partner, alongside Microsoft, according to a statement. Chipmaker Nvidia is also on board to provide its expertise, it added. The fund will be known as the Global AI Infrastructure Investment Partnership

The details: The fund will aim to invest in data centers and energy projects to power them, primarily in the US, alongside others in “US partner countries,” the statement said, without clarifying a timeline for investments. The fund will also aim to mobilize some USD 70 bn in debt financing by bringing on additional investors and pensions, according to the statement.

A multi-tn USD industry? “The need to build out data centers globally is multi-tns of dollars to finance,” BlackRock CEO Larry Fink told Bloomberg, “This is just a great example of the capital markets building out infrastructure and building out the opportunities and new technologies.”

Background: MGX — which was set up earlier this year by wealth fund Mubadala and G42 — is gunning for some USD 100 bn in AUM under MGX as it makes big regional and world-scale investments in AI and semiconductors. The company kicked off the month with a board meeting that signaled “significant steps” coming to establish itself as a premier AI investor. The fund is also rumored to be interested in backing ChatGPT maker OpenAI’s upcoming multi-bn USD funding round.

#2- G42 and Microsoft will set up two AI centers in Abu Dhabi focused on boosting access to AI for the Middle East and Global South, according to a press release. The first center, co-founded with the UAE’s Artificial Intelligence and Advanced Technology Council (AIATC), will work on setting standards for ethical AI practices across the two regions, while the second — Microsoft’s AI for Good Research Lap — will focus on creating large models for underserved languages and addressing challenges in food security and climate resilience.

More assurances US tech is secure in the UAE: G42 will adopt a “red teaming” approach to test AI systems against cyberattacks, the statement reads.

REMEMBER: The IHC-backed company started receiving AI chips from US chipmaker Nvidia after the US government approved the sale earlier this year without making the transaction public. This came under Microsoft’s USD 1.5 bn investment in April in G42, for which the state-owned AI firm had offloaded all its stakes in Chinese businesses in a bid to reportedly appease US partners.

Gulf Capital to invest in Kazakhstan’s non-resource sector with QIC

Gulf Capital, QIC to invest in Kazakhstan + Central Asia: Abu Dhabi-based private equity firm Gulf Capital inked an agreement with Kazakhstan’s state-backed private equity fund Qazaqstan Investment Corporation (QIC) to expand its portfolio companies to Kazakhstan, with support from QIC and Kazakhstan’s Baiterek, according to a QIC LinkedIn post. The partnership aims to attract foreign direct investment flows into Kazakhstan.

The agreement will see the entities set up a new fund, looking to raise USD 800 mn with QIC as an investor, according to the statement. The fund will “invest twice the amount of QIC investments in Kazakhstani projects,” the statement added.

Targeted sectors: Investments will target Kazakhstan’s priority non-resource sectors, including technology and fintech, healthcare and healthtech, business services, logistics, and sustainability, including water and food security, agrotechnology, and green energy.

That’s not all: Gulf Capital plans to also offer Kazakhstani specialists in finance and investment internships in its UAE offices, in a bid to ramp up the country’s human resources potential.

Gulf Capital has had its eyes on Kazakhstan: “We have several companies operating [in Kazakhstan] in sectors such as water management, environmental services, and fintech,” Gulf Capital CEO Karim El Solh said earlier this month, adding that the firm wants to bring in healthcare, health tech, and fintech companies. “This is a large and rapidly growing market. I’m particularly impressed with the region’s economic diversification and momentum,” El Solh said.

Mubadala-backed Investcorp acquires US industrial portfolios

Investcorp adds USD 300 mn in industrial real estate to its US portfolio: Mubadala-backed global alternative investment firm Investcorp acquired three industrial portfolios in the US, totaling around 1.5 mn sqft, for some USD 300 mn (AED 1.10 bn), according to a company statement. The transaction will see approximately 1.5 mn sqft added to Investcorp’s USD 5.3 bn US industrial portfolio across Dallas, Atlanta, Tampa, and the West Coast.

The move comes as Investcorp looks to capitalize on industrial and manufacturing landscapes in the US. “We continue to see strong performance and compelling investment opportunities for existing infill assets in high-growth markets,” Co-Head of Real Estate North America at Investcorp Herb Myers said.

Ajban solar project reaches financial close

UAE’s Al Ajban 1.5 GW solar project reaches financial close: Korea Western Power (Kowepo), France’s EDF Renewables, and Masdar have reached financial close on the 1.5 GW Al Ajban solar project in Abu Dhabi, according to a statement.

Who kicked in financing? BNP Paribas, Credit Agricole CIB, Standard Chartered Bank, HSBC Middle East, Sumitomo Mitsui Banking Corporation, and the Export-Import Bank of Korea (Korea Eximbank) all contributed financing to the project, the statement notes.

Who owns what: The consortium inked a 30 year power purchase agreement with the Emirates Water and Electricity Company (Ewec) in April to design, finance, build and operate the plant. EDF Renewables and Kowepo will hold a 20% stake each and Masdar will hold the remaining 60% stake, the statement notes. Ewec will offtake all the renewable energy generated.

REMEMBER- Ewec had selected the consortium in February and awarded it development rights for the project, with Masdar serving as the local shareholder. PowerChina Huadong Engineering Corporation then secured an engineering, procurement, and construction (EPC) contract for the solar power plant in July.

Background: The project, once fully commissioned in 3Q 2026, will be one of the world’s largest single-site solar power plants, with some 3 mn solar panels, capable of generating power for 160k homes across the UAE. The plant is expected to slash 2.4 mn tons of CO2 per year.

Julphar appoints Khalid Zuhair Malkawi as new CFO

Pharma manufacturer Julphar tapped Khalid Malkawi (LinkedIn) as its new CFO, replacing Ignacio Anglada who recently resigned, according to an ADX disclosure (pdf). Malkawi brings over 24 years of financial leadership experience, having most recently served as vice president of finance and CFO for MENA at Hikma, and has held board roles across several regional pharma firms across the region.

Taqa awards Gulf Contractors AED 150 mn wastewater management contract

ENERGY-

#1- Taqa Water Solutions — formerly known as Sustainable Water Solutions — awarded an AED 150 mn (USD 40.8 mn) wastewater management contract to Abu Dhabi-based Gulf Contractors, a press release reads. Announced at the World Utilities Congress, the project aims to serve four communities in Abu Dhabi: Al Bahia, Al Sader, Al Shaliela, and Taweelah.

The details: The project entails building a 9.5-km gravity-driven pipeline and shutting down existing pumping stations to boost energy efficiency and reduce carbon emissions. This upgrade will increase wastewater capacity, raising it to 120k cubic meters per day.

Remember: Taqa rebranded its subsidiaries and consolidated its distribution arms on Tuesday.

#2- The newly established Apex Energy and Enercap JV signed MoUs to manufacture 35 GWh of energy storage capacity across its facilities, according to an ADX disclosure (pdf). The companies had set up the JV last week, with plans to build a 10 GW manufacturing plant and acquire and develop another 6 GW one in Dubai Industrial City. Apex Energy holds a 65% stake in the joint venture, while Enercap controls 35%.

#3- EtihadWe has partnered with the Energy and Infrastructure Ministry to promote renewable energy usage in the northern emirates, through the Distributed Solar System (DSS) project, which allows EtihadWe customers to generate solar power via rooftop photovoltaic (PV) systems, according to a press release (pdf).

#4- The Energy and Infrastructure Ministry and Siemens Energy signed an MoU to boost sustainable development and grid infrastructure, state news agency Wam reports. The collaboration areas include developing solutions for grid expansion and reliability and exploring synergies with research facilities regarding energy transition. The partners will also evaluate integrating renewable energy sources into the existing grid infrastructure, as well as analyzing the hydrogen value chain and production.

AVIATION-

Air Astana expanding in the UAE: Kazakhstani flag carrier Air Astana will be launching new services from the Kazakh capital Astana to Abu Dhabi on 30 October and from the country’s western region Almaty to Abu Dhabi on 12 December 2024, according to a statement.

SPORTS-

Palm Sports renews AED 240 mn government contract: The International Holdin g Company ’s (IHC) sports management subsidiary Palms Sports renewed a AED 240 mn government for jiu jitsu and self-defense training for two more years, ending in June 2026, according to an ADX disclosure (pdf).

Remember:The sports entity renewed another governmental contract last month worth AED 49.5 mn to provide similar self-defense courses.

DEFENSE-

Swedish aerospace and defense company Saab has provided the UAE Air Force with another GlobalEye Airborne Early Warning and Control (AEW&C) aircraft, it said in a statement. This is the fifth GlobalEye aircraft Saab has produced and delivered to the UAE since 2020.

Saab ❤️ the UAE: Earlier in January, Saab inked a three-year agreement to provide the Defense Ministry with maintenance support for the GlobalEye AEW&C solution under a USD 190 mn (AED 697.8 mn) contract. The company’s UAE division also inked an MoU with AD Ports Group in August 2023 to boost safety and efficiency in port operations.

FINANCIAL SERVICES-

Bidzi launches in the UAE market: Digital M&A facilitating platform Bidzi, which provides business valuations, marketing, buyer matching, due diligence and closings, launched in the UAE, according to a press release. The platform mainly targets SMEs.

Wall Street's biggest banks are lagging in their response to climate risks

Wall Street’s climate blind spot: Some of Wall Street’s biggest banks might be miscalculating a crucial risk metric — how they’ll navigate a world shaped by rising temperatures and extreme weather, Bloomberg reports. A new study from Climate X, a risk data provider, suggests that while banks, such as Goldman Sachs, Morgan Stanley, and JPMorgan Chase, are beginning to track climate-related risks, they are not making the necessary shifts to address future disruptions caused by extreme weather and rising global temperatures.

Deja vu? Kamil Kluza, chief product officer at Climate X, drew a parallel to the 2008 financial crisis, when banks overlooked liquidity risks. He believes a similar gap exists today with climate risk.

How banks fared: Standard Chartered and Banco Santander emerged as the top performers in financing climate adaptation, scoring around 11-12 points out of 17, while US banks Goldman Sachs, Morgan Stanley, and JPMorgan Chase rank among the lowest for investments that support climate adaptation.

Adaptation efforts fall short…: Climate X found that while 80% of banks are collecting climate-related data, less than half are actively engaging with clients to adjust their financing for climate-vulnerable businesses.

… creating a funding gap: The private sector’s contribution to climate adaptation finance is still alarmingly low. From 2019 to 2022, it accounted for just 3% of the total funding, with most of the burden falling on governments and philanthropies. The current allocation of funds represents only a “fraction of what’s needed,” according to World Bank Senior Managing Director Axel van Trotsenburg, who criticized that much of it is being used to “rectify mistakes that should not have been made.”

ALSO WORTH KNOWING-

Microsoft boosts dividend, launches USD 60 bn buyback program: Microsoft raised its quarterly dividend 10% to 83 cents per share and introduced a new USD 60 bn stock-buyback plan, matching a similar program from three years ago. Shares rose up to 2.4% following the announcement. (Bloomberg)
Forty commercial banks have joined in on the new G7-dominated digital currency platform Agora, considered a rival for the multi-central bank digital currency platform being developed by the UAE, China, Hong Kong, Thailand, and Saudi Arabia, mbridge. (Reuters)

MARKETS THIS MORNING-

Once again, Asian markets are mixed as traders continue to brace themselves for a decisive day for global markets, with the Fed expected to make its first rate cut in five years. While South Korea and Hong Kong markets remain closed for national holidays, Japan’s Nikkei rose 1.22%, and Topix was up 0.9%. Meanwhile, Wall Street futures are flat heading into the big day, with the Nasdaq and Dow Jones only marginally up.

ADX	9,428	+0.4% (YTD: -1.6%)
DFM	4,395	0.0% (YTD: +8.3%)
Nasdaq Dubai UAE20	3,825	+0.6% (YTD: -0.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.2% o/n	4.1% 1 yr
Tadawul	11,886	+0.2% (YTD: -0.7%)
EGX30	30,159	-0.3% (YTD: +21.2%)
S&P 500	5,635	+0.03% (YTD: +18.1%)
FTSE 100	8,310	+0.4% (YTD: +7.5%)
Euro Stoxx 50	4,861	+0.7% (YTD: +7.5%)
Brent crude	USD 73.70	+1.3%
Natural gas (Nymex)	USD 2.31	-0.8%
Gold	USD 2,592.40	-0.6%
BTC	USD 60,380.70	+4.2% (YTD: +42.3%)

THE CLOSING BELL-

The DFM stayed flat yesterday on turnover of AED 265.5 mn. The index is up 8.3% YTD.

In the green: Dubai National Ins. & Reins. (+10%), Spinneys (+6.1%) and Al Salam Bank (+2.4%).

In the red: Drake & Scull International (-2.3%), Union Properties (-1.7%) and Agility (-1.7%).

Over on the ADX, the index rose 0.4% on turnover of AED 1.3 bn. Meanwhile Nasdaq Dubai closed up 0.6%.

UAE, Australia finalize trade agreement

UAE, Australia to boost trade + investment: The UAE and Australia agreed the terms of a comprehensive economic partnership agreement to remove tariffs and trade barriers and facilitate investment in “priority sectors,” Foreign Trade Minister Thani Al Zeyoudi said on X. The trade agreement is the Australian labor government’s first since taking office in May 2022, and Australia’s first with a country in the MENA region, Australia’s Trade Minister Don Farrell said in a statement.

The partnership targets Australian agriculture exports: The trade agreement will see tariffs removed on approximately 99% of Australian products. The agreement also reduces Australian import tariffs on furniture, copper wire, glass containers, and plastic products from the UAE.

Australia’s leading exports to the UAE include meat, dairy products, oilseeds, seafood, steel, nuts, honey, coal, chickpeas, and lentils.

And investment in minerals: The agreement also includes provisions to ramp up Abu Dhabi’s investment in Australia’s critical minerals. The mining industry will also benefit from tariff reductions on alumina exports.

The agreement is slated to take effect later this year, and is expected to boost Australian exports by AUD 678 mn (USD 458 mn) annually.

Australia ❤️UAE for trade, investment: The UAE is Australia’s largest trade and investment partner in the Middle East, with bilateral trade valued at AUD 9.9 bn (USD 6.37 bn) last year and two-way investment totaling AUD 20.6 bn (USD 13.17 bn). Bilateral non-oil trade reached USD 2.3 bn in 1H 2024, up 10% y-o-y.

The story also got ink in Bloomberg.

ALSO- Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan discussed UAE-EU cooperation across various sectors with EU High Representative for Foreign Affairs Josep Borrell and EU Special Representative for the Gulf Luigi Di Maio yesterday, Wam reports. The two sides also discussed regional tensions during their meeting, calling for a ceasefire and two-state solution in Gaza to ensure stability in the region.

CALENDAR

SEPTEMBER

15-19 September (Sunday-Thursday): Loop Beyond Borders, Abu Dhabi.

15 September – 23 February 2025 (Sunday-Sunday): Labour Sports Tournament, Dubai.

16-18 September (Monday-Wednesday): World Utilities Congress, Abu Dhabi.

16-18 September (Monday-Wednesday): Arab Water Forum, ADNEC Abu Dhabi Center.

16-20 September (Monday- Friday): Intelligent Transport Systems World Congress 2024, Dubai.

17-18 September (Tuesday-Wednesday): AI in oil and gas conference, Abu Dhabi.

18-19 September (Wednesday-Thursday): Sharjah Investment Forum, Jawaher Reception and Convention Centre, Sharjah.

19-20 September (Thursday-Friday): Healthcare Leaders Summit 2024, St. Regis Saadiyat Island Resort, Abu Dhabi.

22-26 September (Sunday-Thursday): Sharjah-Europe Businesswomen Forum, Brussels.

23-25 September (Monday-Wednesday): WorldFreezonesOrganization’s Annual International Conference and Exhibition, Dubai.

24-26 September (Tuesday-Thursday): Careers UAE 2024, Dubai World Trade Centre, Dubai.

24-26 September (Tuesday-Thursday): Gulfood Green, Dubai World Trade Centre, Dubai.

25-26 September (Wednesday-Thursday): Green Steel Summit, Dubai, UAE.

25-26 September (Wednesday-Thursday): Global Aerospace Summit, Abu Dhabi, UAE.

28-30 September (Saturday-Monday): World Association of Nuclear Operators (WANO) Biennial General Meeting, Abu Dhabi.

30 September (Monday): Dubai Podfest, World Trade Center, Dubai.

OCTOBER

1-3 October (Tuesday-Thursday): Water, Energy and Environment Technology Exhibition, Dubai.

2-3 October (Wednesday-Thursday): The World Green Economy Summit, World Trade Center Dubai.

2-3 October (Wednesday-Thursday): MENA District Cooling Projects & MENA Cool Forum, Grand Hyatt Dubai, Dubai Healthcare City, Dubai.

7-8 October (Monday-Tuesday): Forex expo, World Trade Center, Dubai.

7-8 October (Monday-Tuesday): AgraME, World Trade Center, Dubai.

7-10 October (Monday-Thursday): The World Air Taxi Congress, The Grand Hyatt Dubai, Dubai.

8-9 October (Tuesday-Wednesday): Global Trade and Supply Chain Summit, Dubai.

8-10 October (Tuesday-Thursday): The Global Rail Transpo[rt Infrastructure Exhibition and Conference(Global Rail), Abu Dhabi.

9-10 October (Wednesday-Thursday): The Regional Data and Community Development Forum, Al Jawaher Reception and Convention Centre, Sharjah.

10-13 October (Thursday-Sunday): The Abu Dhabi Grand Slam Judo tournament, Mubadala Arena.

13-14 October (Sunday-Monday): Abu Dhabi Wedding Show, Park Hyatt Abu Dhabi.

13-16 October (Sunday-Wednesday): DMCCxAGCC: Global AI Challenge *Sustainability Edition, Dubai.

14-18 October (Monday-Friday): Gitex Global, Dubai World Trade Centre and Dubai Harbour.

13-16 October (Sunday-Wednesday): Expand North Star, Dubai Harbour.

14-18 October (Monday-Friday): IEEE/RSJ International Conference on Intelligent Robots and Systems, Adnec Centre, Abu Dhabi.

14 October (Monday): The Smart Cities MENA Summit, Dubai.

15 October (Tuesday): Deadline for the European Commission to make a decision on its probe into e&’s acquisition of PPF’s Eastern European assets.

21-22 October (Monday-Tuesday): Port Development MEA Forum, Dubai.

21-22 October (Monday-Tuesday): Roads, Bridges, Tunnels MENA Conference, Dubai.

21-22 October (Monday-Tuesday): The Alternative Investment Summit, Dubai.

24-27 October (Thursday-Sunday): International Sports Medicine Conference, Dubai.

26 October (Saturday): UFC 308: TOPURIA vs HOLLOWAY, Etihad Arena, Abu Dhabi.

26-27 October (Saturday-Sunday): International Conference on Tourism, Transport, and Logistics, Dubai.

28-29 October (Monday-Tuesday): MENA Climate Proof Forum, Dubai.

29 October-2 November (Tuesday-Saturday): Abu Dhabi Early Childhood Week, Abu Dhabi.

30 October-1 November (Wednesday-Friday): World Cities Cultural Summit, Dubai.

30 October (Wednesday): Connected Construction Conference, Museum of the Future, Dubai.

NOVEMBER

3-10 November (Sunday-Sunday): Dubai Premier Padel P1, Dubai Dutyfree Tennis Stadium, Dubai.

4-7 November (Monday-Thursday): Abu Dhabi International Petroleum Exhibition & Conference (ADIPEC), Abu Dhabi.

4-7 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi.

4-7 November (Monday-Thursday): ADIPEC Decarbonisation Accelerator, Abu Dhabi.

6 November (Friday): World Finance Forum, Dubai.

11 November (Monday): Dubai Diamond Conference, Jafza One Convention Centre, Dubai.

11-12 November (Monday-Tuesday): META Cinema Forum, Dubai.

18-20 November (Monday-Wednesday): Fastmarkets Middle East Iron & Steel 2024, Dubai.

19-20 November (Tuesday-Wednesday): Dubai Future Forum.

20-22 November (Wednesday-Friday): Xpanse Abu Dhabi, Adnec Centre, Abu Dhabi

22-23 November (Friday-Saturday): Global Meet on Electronics & Electrical Engineering (GMEEE), Dubai.

23 November (Saturday): Wireless Festival Middle East, Etihad Park, Abu Dhabi.

23-24 November (Saturday-Sunday): Emirates Dubai Sail Grand Prix, SailGP Race Stadium.

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

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

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.

Signposted to happen ahead of ADIPEC:

Changemakers Majlis, Abu Dhabi.

DECEMBER

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

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

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

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

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

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

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.

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.

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

FEBRUARY 2025

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

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

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.

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

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

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.

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

JUNE 2025

3-4 June (Tuesday-Wednesday): Make-A-Wish International’s Global Wish summit, Abu Dhabi.

OCTOBER 2025

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

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
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

Signposted to happen sometime in 2028:

Abu Dhabi to host the Chess Olympiad.

Signposted to happen sometime in 2029:

Dubai to host the International Conference on Computer Vision.

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