Modon appointed as master developer for USD 35 bn project in Egypt

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WHAT WE’RE TRACKING TODAY

THIS MORNING: First gaming license handed to Wynn Resorts for Marjan resort + Some teachers to get golden visas?

Good morning, lovely people. It’s a relatively busy start to a new week, with a big milestone for Abu Dhabi sovereign wealth fund ADQ’s megaproject in Egypt, amendments to VAT regulations, and not one, but two trade and economic partnership agreements inked. But first…

⛈️WEATHER- We’re in for a cloudy and rainy week: The National Center of Meteorology forecasts cloudy weather in eastern and northern areas, with a chance of light to moderate rainfall, and potentially heavy downpours — paired with lightning, thunder, and blowing dust — until Wednesday, the National Center of Meteorology said. Temperatures today will hit 39°C in Dubai, with an overnight low of 31°C, and 36°C in Abu Dhabi, before cooling to an overnight low of 29°C.

WATCH THIS SPACE-

#1- The UAE hands out its first gaming license: The General Commercial Gaming Regulatory Authority awarded the UAE’s first commercial gaming operator's license to hotel and casino operator Wynn Resorts, Reuters and Bloomberg reported over the weekend, citing a statement from Wynn. Wynn plans to present its upcoming USD 3.9 bn project on the Marjan Islands in Ras Al Khaimah — in which it has funneled USD 514 mn so far — to investors tomorrow. The project is set to be the first integrated gaming resort in the MENA region and is slated for handover in 2027.

REMEMBER- The UAE issued a regulatory framework for the gaming sector in July as the country makes a push in the sector. While the country still has yet to clarify regulations around gambling, gaming establishments are already underway, with Las Vegas entertainment giant MGM Resorts also applying for a license to run casino operations in Abu Dhabi. Casinos in the UAE are expected to generate USD 3-5 bn in gaming revenue annually, depending on whether locals are allowed to gamble, Morgan Stanley has recently said.

#2- Dubai will offer golden visas to “exceptionally performing” educators in the private education sector, state news agency Wam reports. The visas will be awarded to teachers who strongly influenced student academic development and garnered positive feedback, Wam said. The step comes under Dubai’s new Education 33 strategy, which aims to attract more capable educators and international universities to the emirate.

#3- The Commercial Bank of Dubai (CBD) issued a USD 500 mn five-year bond last Thursday, it said in a disclosure to the DFM (pdf), without providing details on the pricing of or demand for the issuance. The bond will be settled on Thursday, 10 October, and carries a coupon rate of 4.864%, Zawya reports. The CBD issued the bond following an investor meeting last week.

ADVISORS- Citibank, Commerzbank, Emirates NBD Capital, First Abu Dhabi Bank, JPMorgan Chase, and Standard Chartered have been appointed as bookrunners.

#4- Abu Dhabi sovereign wealth fund Mubadala is in talks to buy a stake in US payments firm HPS, Semafor reports, citing sources it says are familiar with the matter. Mubadala is already an investor in Blue Owl, which owns a stake in HPS. No additional details on the potential size or value of the stake were disclosed.

In context- Mudabala has made a series of investments in the US this year, including buying a majority stake in asset manager Fortress Management and investing in the second venture capital fund of the private equity firm Blue Opal.

#5- RedBird IMI closer to turning the page on the Telegraph: Abu Dhabi-backed RedBird IMI is advancing talks with the New York Sun’s owner Dovid Efune for the sale of the Telegraph, with a GBP 550 mn agreement expected to be reached early next week, the Financial Times reports, citing three people it says are familiar with the talks. Backed by several US investors and funds, Efune has reportedly submitted a higher offer than other bidders.

REMEMBER- RedBird IMI, a JV between Deputy Prime Minister Sheikh Mansour bin Zayed Al Nahyan's International Media Investments and RedBird Capital Partners, was looking to sell the papers to recoup the GBP 600 mn invested last year to acquire the assets, before the takeover bid fell through due to opposition from the UK government. It has already sold sister magazine the Spectator to founding partner of Marshall Wace Paul Marshall, who was also interested in the Telegraph, as was Former Tory Chancellor Nadhim Zahawi and National World.

ADVISORS- Robey Warshaw and Raine Group are acting as RedBird IMI’s advisors on the transaction.

#6- Gov’t confirms “targeted” attack on ambassador’s residence in Sudan, calls on UN to assess evidence: Assistant Minister for Security and Military Affairs Salem Al Jaberi confirmed the presence of irrefutable evidence that the Sudanese army attacked the UAE Ambassador's residence in Khartoum, causing significant damage, according to a statement from the Foreign Affairs Ministry. The army denied claims of a deliberate attack last week and shifted the blame onto the rival Rapid Support Forces. Al Jaberi called on United Nations experts to review the evidence and assess the damage.

#7- The cabinet approved a new agriculture initiative and a National Agriculture Center to see it through in its latest cabinet meeting, state news agency Wam reports. The center will provide technical support to agricultural projects, and will work on organizing exhibitions, events, and volunteer campaigns to boost the sector.

The center will focus for the next five years on:

Raising the number of productive farms in the country by 20%;
Boosting the number of organic farms by 25%;
Increasing adoption of climate-smart solutions across 30% of farms;
Reducing agricultural waste by 50%;
Increasing the use of local agricultural products in restaurants and hotels by25%;
and increasing the number of workers in the sector by 15%.

ALSO FROM THE MEETING- The UAE ratified its trade and economic partnership agreement with Mauritius, and approved the restructuring of the Higher Committee for Consumer Protection.

PUBLIC SERVICE ANNOUNCEMENTS-

Emirates is barring passengers from carrying pagers and walkie-talkies on its flights, the UAE’s flag carrier stated in a travel update. The decision follows Israel’s recent deadly attacks on Hezbollah members in Lebanon in which many of their pagers exploded abruptly.

The airline has also resumed flights to Amman as of yesterday, but is extending its suspension of flights to Iraq and Iran to today, and to Beirut until 15 October, it said in the update, without clarifying when flights to Iraq and Iran will resume.

DATA POINTS-

#1- Dubai’s Roads and Transport Authority raked in AED 3.71 bn in revenues In 2023 from digital transactions, marking a 16.8% y-o-y increase, according to a statement. The authority recorded a total of 821 mn digital transactions last year, up 1% y-o-y, with transactions through RTA’s smart apps accounting for 15.3 mn, up 29% from 2022.

#2- Trade between GCC countries hit USD 2.2 tn in 2023, up from USD 1.5 tn in 2022, Saleh bin Hamad Al Sharqi, secretary general of the Federation of Chambers of the GCC, told CNBC Arabia (watch, runtime: 5:49). GCC intra-trade is poised for further growth in 2024 through partnerships and trade pacts, Al Sharqi added.

#3- Dubai Financial Market’s (DFM) equity index was among the top performers in the GCC in September, gaining 4.1%, according to Kuwait Financial Centre (Markaz). The DFM’s performance was driven by strong performance from listed firms, such as real estate developer Emaar, which rose 3.3%, and Aldar Properties, which saw its share price increase 2.5%, buoyed by “the positive sentiment” following GCC central banks’ interest rate cuts, Markaz said.

#4- Etihad Water and Electricity (EtihadWE) has invested over AED 5 bn in renewing water networks and developing the desalination plant of Umm Al Qaiwain, the company’s CEO Youssef Ahmed Al Ali told CNBC Arabia.

HAPPENING TODAY-

#1- Abu Dhabi Crown Prince Sheikh Khalid bin Mohamed bin Zayed Al Nahyan is in Oslo for an official visit to Norway alongside a high-level delegation of UAE officials, according to a statement. Al Nahyan will meet with Norwegian Crown Prince Haakon Magnus and Prime Minister Jonas Gahr Støre to explore boosting bilateral relations and expanding cooperation across key sectors.

#2- Dubai International Chamber kicked off a trade mission to Serbia and Turkey yesterday that runs until 11 October, aiming to help UAE businesses identify and capitalize on potential investments in Serbia and Turkey. The program includes bilateral business meetings designed to foster cooperation, expansion, and the establishment of new trade and investment agreements between companies from the two countries.

#3- AgraME will take place today and tomorrow at the Dubai World Trade Center. The event will bring together professionals from the Middle Eastern agricultural ecosystem to explore the latest trends in crop farming, horticulture, animal farming, aquaculture, and agri-tech.

#4- The Grand Hyatt Dubai will host The World Air TaxiCongress from today to Thursday, showcasing the latest in aerial technologies, including eVTOLs, next-generation STOLs, eCTOLs, delivery and cargo drones, and the role of autonomy and AI in aviation.

#5- Dubai Chambers’ Centre for Responsible Business will host the annual DubaiChambers Sustainability Week 2024 from today until Friday. The activities of the week will focus on the intersection of technology and sustainability.

#6- The Forex Expo kicks off today and tomorrow at the Dubai World Trade Center, where attendees will engage with brokers, investors, and financial institutions to explore the latest trends in foreign exchange markets.

HAPPENING THIS WEEK-

#1- JW Marriott Hotel Marina will host the Global Trade and Supply Chain Summiton 8-9 October. The event aims to address the evolving landscape of international trade and supply chains, focusing on overcoming challenges and leveraging solutions offered by new technologies.

#2- Adnec Abu Dhabi will host the Global Rail Transport Infrastructure Exhibition and Conference on 8-10 October. The event gathers leaders and specialists from the rail and transport industries from the region and beyond to discuss smart mobility, greentech, and automation.

#3- Al Jawaher Reception and Convention Centre will host The Regional Data and Community Development Forumon 9-10 October. Organized by the Department of Statistics and Community Development, the forum aims to bring together global experts and decision-makers to discuss the role of data in promoting sustainable social development.

** EDITOR'S NOTE- This story was amended on 13 October, 2024 to remove incorrect information.

THE BIG STORY ABROAD-

It’s exactly one year since Hamas’ attacks on Israel triggered a deadly and ongoing campaign in Gaza that has since seen thousands of Palestinians killed — with the estimate for the exact number of deaths contested by multiple sources as many remain missing or under rubble. The UN estimates over 42 mn tons of rubble, which could take more than a decade to clear, Reuters reports.

Israel’s military marked the eve of the anniversary of the start of the war with an aerial and ground offensive in Gaza, said to be the largest in months, killing 26 people in Deir al Balah through two attacks on a school and mosque that are now shelters for the displaced, Reuters reports separately. It also struck Jabaliya in northern Gaza, dropping leaflets to tell residents they’re attacking the area. In Lebanon, Israel bombarded Beirut overnight, while Hezbollah struck a military base near Haifa in Israel, the Guardian reports.

IN THE BUSINESS PRESS- It’s relatively quiet, typical for the start of a new week, but only for a little while as earnings season kicks into gear with 3Q figures set to trickle in as of 11 October. Speculations and forecasts are already making headlines, with Reuters taking note of an expected weakening recovery in Samsung’s earnings and of UBS’ forecast of an average 4.7% growth in S&P 500 earnings this quarter.

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CIRCLE YOUR CALENDAR-

The American University of Sharjah will host the Sharjah InternationalConference on AI & Linguistics on 17-18 October, to discuss and promote the integration of AI in linguistics to preserve linguistic diversity, foster innovation in language learning, and enhance multilingual communication platforms.

Dubai Harbour will host the DMCCxAGCC: Global AI Challenge - Sustainability Edition on 13-16 October, the largest AI startup competition aiming to identify innovative AI solutions that contribute to sustainability in the GCC region.

Dubai World Trade Centre and Dubai Harbour will host Gitex Global on 14-18 October. The event will showcase the latest innovations in technology, including AI cybersecurity, cloud computing, and digital transformation.

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

Modon Holding appointed as master developer for Egypt’s Ras El Hekma as megaproject kicks into gear

ADQ’s Ras El Hekma megaproject officially launches: President Sheikh Mohamed bin Zayed Al Nahyan and his Egyptian counterpart Abdel Fattah El Sisi agreed on the development plan of the USD 35 bn Ras El Hekma megaproject over the weekend, with state-backed developer Modon Holding appointed as master developer, state news agency Wam reports. The signings took place over the weekend when Al Nahyan and El Sisi marked the start of construction of the megaproject in a visit to the site.

REMEMBER- Abu Dhabi sovereign wealth fund ADQ i nked a USD 35 bn agreement with Egypt in February to develop the megaproject, located on the northern coast of Egypt. The sovereign wealth fund invested USD 24 bn for the development rights for the project, and converted USD 11 bn of UAE deposits into investments in key national projects. The coastal land will be transformed into a “next-generation city,” housing tourism, urban, commercial, and recreational spaces, alongside a freezone and an investment zone, and an airport nearby — with the first phase of the project expected to take about five years to complete.

The details: Modon will be responsible for developing the first 50 mn in the 170 mn sqm project, leaving the remaining area to be developed with local, regional, and international partners under the oversight of ADQ’s subsidiary Ras El Hekma Urban Development Project Company, according to a statement (pdf).

Modon Holding signed several agreements with major Emirati, Egyptian, and international companies for the execution of the megaproject, including:

A framework agreement with Orascom Construction, positioning them as a key contractor for the project's initial phase;
An MoU with Elsewedy Electric to supply building materials and collaborate on industrial park development;
An MoU with Abu Dhabi Airports to collaborate in strategic airport planning and operations;
An MoU with Taqa to explore cooperation on greenfield utilities, including water desalination and electricity projects;
An MoU with e& Egypt to design and implement smart city infrastructure, from 5G networks and IoT-enabled solutions to city-wide data analytics systems;
An MoU with real estate mogul Nick Candy’s Candy International to look into developing luxury real estate;
An MoU with US-based Montage International for the development and management of luxury hotels in Ras El Hekma.
An MoU with hotel operator Accor and its subsidiary Ennismore to operate hotels and resorts in the city;
An MoU with Burjeel Holding to develop multi-specialty healthcare facilities and collaborate on public health initiatives and community wellness programs.

UAE inks trade agreements with Serbia and Jordan

It was a busy weekend for the Trade Ministry: The UAE inked two separate trade and economic agreements with Serbia and Jordan aimed at boosting investment and trade flows.

JORDAN-

#1- UAE inks first trade pact with an Arab country: The UAE signed an economic partnership with Jordan, marking the inaugural agreement of its kind to be signed between the UAE and an Arab country, Wam reports. The agreement is set to reduce restrictions and non-tariff measures on goods and services, and is poised to “accelerate growth in priority sectors and strengthen supply chains,” according to Wam. The agreement was finalized during president Sheikh Mohamed bin Zayed Al Nahyan’s official visit to Jordan.

The targets: The agreement aims to double trade between the countries to USD 8 bn over the next five years, up from USD 4.2 bn in 2023. “Promising” areas of cooperation include tourism, hospitality, real estate, renewables, transport, logistics, manufacturing, pharma, and food security, Trade Minister Thani Al Zeyoudi told Wam (watch, runtime: 2:02) on the sidelines of the visit. The agreement is expected to be ratified later this year, Al Zeyoudi added.

Background: The UAE is currently the biggest foreign investor in Jordan, with more than USD 4 bn invested in the country and mutual investments totaling USD 22.5 bn, spanning sectors like energy, infrastructure, transport, and finance. The UAE signed agreements to build a USD 2.3 bn railway in Jordan earlier in September, with plans to complete studies for the project by the end of next year.

During the visit, Al Nahyan and Jordan’s King Abdullah II bin Al Hussein emphasized the importance of the trade agreement as a “natural progression” of the two countries’ economic ties, noting that it will pave the way for further opportunities, Wam reports. The two heads of state also discussed ongoing collaboration in the economy, investment, sustainable development, food security, renewable energy, and other key sectors. They also discussed the ongoing war in the region, stressing the need for a ceasefire.

SERBIA-

The UAE and Serbia signed a trade and economic partnership agreement to remove tariffs on up to 96% of customs tariff lines and facilitate investment in “high-growth sectors,” including renewable energy, agriculture, infrastructure, and logistics, state news agency Wam reports here and here. The trade agreement is the UAE’s first with a non-WTO member country.

Private sector cooperation is another priority: The agreement will also see the countries work to protect intellectual property and support small and medium-sized enterprises, in a bid to ramp up private-sector collaboration between the UAE and Serbia.

By the numbers: The agreement is expected to add USD 351 mn to the local economy by 2032, with non-oil bilateral trade forecast to rise to USD 500 mn over the next five years, up from USD 122.9 mn in 2023. The UAE accounts for 55% of Serbia’s trade with Gulf nations — marking it the country’s largest GCC trading partner — and is the third-largest market for Serbian exports in the Middle East.

More UAE-Serbia collaboration to come? President Sheikh Mohamed bin Zayed Al Nahyan explored further cooperation with his Serbian counterpart Aleksandar Vučić on Saturday, focusing on investment, economy, trade, technology, food security, and renewable energy, Wam reported separately. The leaders also addressed “several regional and international issues of mutual interest,” the statement reads.

REMEMBER- The agreements come as part of the country’s broader plan to double foreign trade to AED 4 tn by 2031. The UAE finalized similar agreements with New Zealand and Australia last month.

OTHER DIPLO NEWS-

Emirati trade mission to Malta next year? The Federation of UAE Chambers of Commerce and the Malta Chamber of Commerce are considering forming a joint business council and sending a UAE trade mission to Malta in 2025. (Wam)
The UAE has sent six aircraft carrying 205 tons of aid to Lebanon as part of a wider aid campaign running from tomorrow to 21 October. The relief supplies will be delivered over two days via an air bridge. (Statement)

Finance Ministry issues VAT amendments to encourage investments

Investment services exempt from VAT: The cabinet approved amendments to Value Added Tax (VAT) regulations that will exempt investments through fund managers and the transfer and conversion of virtual assets from the 5% VAT, Wam reports. The amendments came in response to “market needs” and feedback from stakeholders on current policies, and will take effect as of 15 November, according to PwC.

Also exempt: In-kind (i.e. non-monetary) donations up to AED 5 mn between charitable and government organizations over a one-year period will also be exempt.

In context: A number of services are already exempt from VAT, including ins. and reins., the issuance of debt, and financial services where no fee is involved; buying residential properties; supply of bare land; and local passenger transport services. Most education and healthcare services are also exempt.

The Federal Tax Authority can also now deregister taxpayers in specific cases, as the ministry plans to tighten its grip on tax compliance.

28 Emirati startups bagged USD 114.3 mn in funding in September

Emirati startups were the second most funded across the MENA region in September, with 28 startups raising USD 114.3 mn, according to Rasmal’s latest Mena Startup Funding Report. This is a 48% m-o-m increase from August’s USD 76.9 mn. KSA came in first position with USD 165.3 mn raised across 13 startups, with Egypt in third place at USD 25 mn across eight startups.

Dubai led the pack with the most investments in startups in a city, with 25 startups raising a combined USD 107.3 mn. The emirate is a “magnet” for founders on the back of the government’s initiatives, global investor access, and the emirate’s “robust innovation ecosystem,” the report said. Meanwhile, Abu Dhabi startups were the fifth most funded, with three startups securing USD 23 mn during the month.

REGIONAL SNAPSHOT-

Some 60 MENA startups raised a combined USD 328.3 mn in September, down from USD 566 mn in August. In 3Q 2024, 143 startups raised USD 1.1 bn.

Late-stage startups were the most popular in September: The lion’s share of investments in September — amounting to USD 129.1 mn — was in the form of VC funding to growth-stage startups. Meanwhile, seed-stage funding declined 17% m-o-m to USD 57.3 mn, and Series A saw c. 3x surge to USD 54.7 mn.

The three most attractive sectors: Fintech startups secured USD 134.8 mn in September, up from USD 47.2 mn in August. This was followed by the logistics sector at USD 83 mn, and the software development sector with USD 52.6 mn.

LinkedIn data suggests over half the workforce in the UAE is “overwhelmed”

There’s not much going on for the UAE in the foreign press — but LinkedIn’s head of MENA and EMEA discussed a workforce sentiment survey in an interview with CNBC (watch, runtime: 1:58), showing that some 67% of professionals in the UAE and Saudi Arabia — 4% higher than the global average — are feeling “overwhelmed” at work.

Matar identified three primary challenges facing workers today: The integration of artificial intelligence in the workplace, the transition back to office environments, and managing multi-generational teams.

Emirates Reem Investments acquires stakes in two firms

M&A-

Emirates Reem Investments acquires majority stake in two companies: Dubai-based bottled water company Emirates Reem Investments (ERC) acquired 55% stakes in Abu Dhabi-based import and distribution firms Worldwide General Trading and Pallets General Trading for AED 15.4 mn, according to a DFM disclosure (pdf). The transaction, which was self-funded by ERC, aims to diversify the company’s portfolio and boost supply chain integration.

EVs-

Nio taps into the Mena region via the UAE: Chinese EV manufacturer Nio partnered with Abu Dhabi-owned smart mobility-focused investment firm Cyvn Holding to launch its brand in the MENA region, with the UAE chosen as the initial market for its EVs, the company said in a statement. The partnership will also see Nio and Cyvn establish a research and development center in Abu Dhabi focusing on autonomous driving technologies and AI.

TECH-

Salesforce inaugurates new office in Dubai: Salesforce, a US-based AI-powered customer relationship management firm, opened a new office in Dubai Internet City, according to the Dubai Media Office. The company introduced its cloud platform Hyperforce in the UAE last year, which received the Cloud Service Provider Security Standard certificate from the Dubai Electronic Security Center.

TRADE-

Ras Al Khaimah Economic Zone (Rakez) signed an MoU with China's Tianjin Pilot Freetrade Zone (Tianjin FTZ) to facilitate trade and investment between the two zones, Wam reports.

F&B-

Spinneys to build a food processing facility in Dubai: DFM-listed supermarket chain Spinneys will build a food processing plant at the Food Tech Valley ’s production zone in Dubai under a 27-year agreement signed between the two, according to the Dubai Media Office. The value of the agreement was not disclosed.

AVIATION-

Greece’s Aegean Airlines adds Abu Dhabi flights: Greece’s flag carrier Aegean Airlines is launching a new route connecting Athens to Abu Dhabi starting 27 October, Travel and Tour World reports. The service will feature three direct flights a week.

INFRASTRUCTURE-

Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum approved a new master plan for developing Expo City Dubai, according to the Dubai Media Office. The site, which hosted the 2020 World Expo and COP28, is expected to accommodate over 35k residents and 40k professionals.

US September jobs report beats analyst expectations

The US economy added 254k jobs in September, coming in far above forecasts, with unemployment dropping to 4.1%, according to data from the Bureau of Labor Statistics over the weekend. Unemployment also fell to 4.1% during the month, coming down from a three-year high of 4.3% in July.

Sector breakdown: Job growth in the US was led by the leisure and hospitality sectors, with nearly 70k new positions added in restaurants and bars. Healthcare also posted gains with 45k new jobs. Meanwhile manufacturing, mining, oil, retail, and other sectors remained flat for the month.

“Smashing” expectations: The September data far exceeded the 140k new jobs figure cited in a Reuters poll, with the Financial Times saying the figures “smashed” expectations and led traders to reassess their expectations of the US Federal Reserve’s monetary easing pace. Traders are now penciling in a smaller 25 bps reduction at the Fed’s next pol icy meeting in November. The higher-than-expected employment growth reinforces economists’ hopes that the US Federal Reserve’s strategy is placing the US economy on track for a “soft landing,” the salmon-colored paper reported.

Strong outlook for the US economy: “You couldn’t paint a prettier picture of the job market and broader economy. If this report doesn’t silence the recession fearmongers, then nothing will,” the Financial Times quotes chief economist at Moody’s Analytics Mark Zandi as saying. Meanwhile, senior US economist at Vanguard Josh Hirt has described the latest jobs reports as “a bit of a game-changer.” The boost in perceptions on the US economy is also expected to boost VP Kamala Harris’ standing against Donald Trump ahead of November’s presidential elections with the pair currently head-to-head in polls.

Bond markets paint a different picture: US Treasury yields rose after the job numbers were published, with the two-year yield rising to a one-month high of 3.93%. Stocks also rallied, with S&P 500 closing up 0.9% on Friday, marking its fourth straight week of gains. Bond traders are now concerned that the higher-than-expected jobs figures are putting the US economy on track for a “‘no landing’ scenario — a situation where the US economy keeps growing, inflation reignites and the Federal Reserve has little room to cut interest rates,” Bloomberg says. The data “spoiled” a rally in US Treasuries that had driven yields down, with bond markets reacting to fears that the Fed’s monetary easing cycle is “disconnected” from the market.

All eyes on inflation now: Queens’ College, Cambridge President Mohamed El Erian told Bloomberg TV the strong employment figures require that the Fed “renew its focus” on keeping inflation in check. “This is not just a solid labor market, but if you take these numbers at face value, it’s a strong labor market late in the cycle,” El Erian said. The Bureau of Labor Statistics is set to release its Consumer Price Index for September this Thursday, 10 October.

MARKETS THIS MORNING-

Asia-Pacific markets are solidly in the green in early morning trading today, Japan’s Nikkei rising more than 2% and Hong Kong’s HSI rising nearly 1%. South Korea’s Kospi and Australia’s ASX 200 are also in the green. Mainland China’s markets are still closed for the Golden Week holiday and will reopen tomorrow.

ADX	9,180	-0.4% (YTD: -4.2%)
DFM	4,406	+0.2% (YTD: +8.5%)
Nasdaq Dubai UAE20	3,690	-0.9% (YTD: -4.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.6% o/n	4.0% 1 yr
TASI	11,769	-1.6% (YTD: -1.7%)
EGX30	31,721	+1.2% (YTD: +27.4%)
S&P 500	5,751	+0.9% (YTD: +21.3%)
FTSE 100	8,281	-0.02% (YTD: +10.4%)
Euro Stoxx 50	4,955	+0.7% (YTD: +9.6%)
Brent crude	USD 78.05	+0.6%
Natural gas (Nymex)	USD 2.85	-3.9%
Gold	USD 2,667.80	-0.4%
BTC	USD 62,501	+1.0% (YTD: +47.9%)

THE CLOSING BELL-

The ADX fell 0.4% on Friday on turnover of AED 1 bn. The index is down 4.2% YTD.

In the green: Rapco Investment (+6.1%), Taqa (+3.3%) and Rak Properties (+1.8%).

In the red: Hayah Ins. Company (-9.8%), Phoenix Group (-5.8%) and Alpha Dhabi Holding (-3.5%).

Over on the DFM, the index closed up 0.2% on turnover of AED 368 mn. Meanwhile Nasdaq Dubai closed down 0.9%

CALENDAR

OCTOBER

6-11 October (Sunday-Friday): Dubai International Chamber to head out for a trade mission to Serbia and Türkiye.

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

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

7-9 October (Monday-Wednesday): AccessAbilities Expo, Dubai World Trade Centre.

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

7-11 October (Monday-Friday): The Annual Dubai Chambers Sustainability Week 2024, Dubai Chambers’ Centre for Responsible Business, Dubai.

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

8-10 October (Tuesday-Thursday): The Global Rail Transport Infrastructure Exhibition and Conference (Global Rail), Adnec Centre, Abu Dhabi.

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

10 October (Thursday): DXBAPEX500 Summit and DIFC Workshop, Dubai International Financial Centre, Dubai.

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.

14-18 October (Monday-Friday): IROS 2024, Adnec Centre, Abu Dhabi.

15-16 October (Tuesday-Wednesday): SuperBridge Summit 2024, Dubai World Trade Centre, Dubai.

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

13-16 October (Sunday-Wednesday): Fintech Surge, 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.

20-23 October (Sunday-Wednesday): The 63rd International Congress and Convention Association (ICCA) Congress, Abu Dhabi National Exhibition Centre, Abu Dhabi.

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.

23-26 October (Tuesday-Saturday): World Stroke Congress, Adnec Centre, Abu Dhabi.

24 October (Thursday): Game Changers - Dubai Real Estate Summit, Coca-Cola Arena, 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.

27-30 October (Sunday-Wednesday): IEEE - International Conference on Image Processing, Adnec Centre, Abu Dhabi.

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.

30-31 October: Sixth edition of Binance Blockchain Week, Coca-Cola Arena, Dubai.

NOVEMBER

3-10 November (Sunday-Sunday): Dubai Premier Padel P1, Dubai Duty free 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.

6-8 November (Friday-Sunday): UAE BioTech Symposium, Masdar City, Abu Dhabi.

6-17 November (Friday- Sunday) Sharjah International Book Fair, Expo Center Sharjah, Sharjah.

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.

22-24 November (Friday-Sunday): Michelin Guide Food Festival, Emirates Palace Mandarin Oriental, Abu Dhabi.

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.

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

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.

9-12 December (Monday-Thursday): World Conference on Desalination and Water Re-use 2024, Adnec Centre, Abu Dhabi.

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

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

6 December-12 January: Dubai Shopping Festival.

Signposted to happen sometime in December:

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

JANUARY 2025

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

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.

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

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

FEBRUARY 2025

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

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

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

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

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

Signposted to happen sometime in 1Q 2025:

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

APRIL 2025

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

7-9 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

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

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

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.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.

Signposted to happen sometime in 2026:

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

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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