More projections of higher GDP growth

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WHAT WE’RE TRACKING TODAY

GDP growth will accelerate this year, Reuters poll suggests + Mubadala is doubling down on Asia

Happy hump day, friends. We have a busy issue to get you through the midweek slog, with quite the range of business stories to keep things interesting.

THE BIG STORY: More signs are pointing to a year of strong economic growth in the UAE and the wider GCC, this time in the form of a Reuters poll of economists that forecasts a major rebound in growth in 2024 underpinned by non-oil activity.

^^ You can read the full story in this morning’s news well, below.

WATCH THIS SPACE-

#1- Abu Dhabi wealth fund Mubadala plans to more than double its assets in Asia to 25% fromthe 12% currently under the fund’s management, head of Mubadala’s life sciences and healthcare division Camilla Macapili Languille told Bloomberg. The wealth fund is looking at emerging markets in which it is “underweight,” such as China, India, Japan, and South Korea.

Bigger tickets? Mubadala’s healthcare investment division usually invests between USD 200-500 mn in Asia, but the fund has the flexibility to increase ticket sizes, Languille said. The fund’s checks to the US and Europe can go up to USD 1 bn.

#2-Real estate to continue spurring economic growth in 2024: Driven by “robustdemand and favorable investment climate in the country,” the real estate sector will continue to drive economic growth in 2024, Arabian Business reports, citing global real estate consultancy firm JLL ’s year in review report.

The residential sector saw robust growth, with Dubai’s residential real estate jumping 51% y-o-y in value and 43% y-o-y in volume and Abu Dhabi’s soaring 102% y-o-y in value and 77% y-o-y in volume, according to JLL.

The hospitality sector also did well: Some 5k keys were added to Dubai’s hotels, while 200 keys were added to Abu Dhabi’s, JLL said. Occupancy rates reached 77% in Dubai and 72% in Abu Dhabi in November.

And office + retail space is expected to continue to boom: A surge in demand for office space led to the delivery of some 92k sqm of office space in Dubai, with the total gross leasable area reaching 9.2 mn sqm, the report said. Some 44k sqm of new office space is expected to be added this year, the report ads. In Abu Dhabi, 112k sqm of new office space will be added.

#3-AFZ eyes 10k business registrations in 2024: The Ajman Freezone (AFZ) wants to double the number of company registrations to 10k in 2024, AFZ Director General Ismail Al Naqi told Gulf News (watch, runtime: 1:30). AFZ rolled out the “one-click license” service last week in a bid to ease and expedite business registrations. The authority is also set to launch designated packages to support entrepreneurs.

ALSO- More freezones? The freezone is also eyeing the establishment of new freezones in the coming year, Al Naqi reportedly said.

#4-A new district cooling standard — partly launched by the UAE — will guide countries with emerging district cooling infrastructure by 2025, according to a Dubai media office statement. The Emirates Central Cooling Systems Corporation (Empower) and the American Society of Heating, Refrigerating, and Air-Conditioning Engineers (Ashrae) inked an MoU yesterday to collaboratively develop global standards for the design, operation, and maintenance of district cooling systems, in addition to instructions for system improvement and thermal stage integration.

Background: Empower and Ashrae first discussed partnering to standardize and refine the district cooling guide on the sidelines of COP28 in December. Empower attended the Ashrae annual conference, which wraps up today in Chicago, to finalize the agreement.

#5- Intellectual property + entrepreneurship get a boost: The Economy Ministry is setting up an Intangible Assets and Finance Committee to offer SMEs and startups with customized financial assistance and avenues for funding, Economy Middle East reports. The ministry is also launching the Patent Incubator, which aims to build a supportive ecosystem for skilled individuals that encourages innovation and “facilitates the development and protection of patents.”

#6- Sharjah to launch new national visual identity: Sharjah Deputy Ruler and Sharjah Executive Council (SEC) chairman Sheikh Sultan bin Mohammed Al Qasimi greenlit the new visual identity for Sharjah during SEC’s meeting yesterday, Sharjah24 reports. The new identity, set to be revealed next Sunday, is said to reflect the Emirate’s history and cultural heritage.

HAPPENING THIS WEEK-

The UAE Analog Programme will kick off its second analog study this Friday, the Mohammed bin Rashid Space Centre said. The study is part of Nasa’s Human Exploration Research Analog (Hera), simulating space-like conditions on Earth to prepare astronauts for longer missions outside the big blue marble.

The details: Emirati analog crew members will be posted at Johnson Space Center’s Hera habitat in Houston, Texas for six months, Wam. The program will be divided into four phases, subjecting crew members to a range of scenarios, including communication delays with ground control and a possible simulated visit to Mars.

Research is also being done here at home, with theUAE University, Mohammed bin Rashid University of Medicine and Health Sciences, and the American University of Sharjah deep in the books to gather insight for the study.

REMEMBER- The UAE has big space ambitions: The UAE Analog Programme is being funded by the ICT Fund of the Telecommunications and Digital Government Regulatory Authority to support research for UAE-based space missions like the Mars 2117 program. The program’s first analog study concluded in 2022, testing the effects of isolation on the human psyche and physique.

DATA POINT-

The UAE Food Bank helped over 18.6 mn individuals globally and averted 6k tonsof surplus food from landfills in 2023, as it works towards its 2027 goal to reduce food waste environmental pollution by 30%, reports Wam. Last year saw the charity establish 32 partnerships with public and private institutions, receiving a collective AED 14.7 mn from over 800 donors.

THE BIG STORIES ABROAD-

Trump 2, Haley 0: Days after former US President Donald Trump’s victory in Iowa, the former presidentis now projected to beat last-opponent-standing Nikki Haley in the New Hampshire primary as early results start trickling in. Haley has vowed to fight on, telling supporters that “New Hampshire is the first in the nation. It is not the last.” (NYT | CNBC | CNN | The Guardian | Associated Press | Reuters |FT |WSJ)

ALSO- The Turkish parliament has voted in favor of Sweden becoming a NATO member state, after stalling for 20 months. With Turkey out of the way, Hungary is the only NATO member that is still against Sweden becoming a fellow member. (Washington Post | BBC | Associated Press | FT | WSJ | NYT | AFP | Reuters | Politico | Bloomberg)

AND- Christopher Nolan’s Oppenheimer nabbed 13 Oscar nominations for best picture, director, acting and craft categories, dominating the 2024 Oscar nominations. Nolan has never won an Oscar before despite his rich blockbuster portfolio, but critics think this might be the one. Associated Press | FT | Reuters | The Guardian | NYT | CNBC | Bloomberg)

CIRCLE YOUR CALENDAR-

Emirati real estate developers will be in Sao Paulo, Brazil, for the UAE Property Forum, hosted by the Emirati embassy in Brazil and the Consulate General in Sao Paulo. The exhibition is happening next Monday and Tuesday, 29-30 January at the Tivoli Mofarrej São Paulo Hotel, Brazil, according to a press release.

The Arab Health Exhibition 2024 will kick off next Monday, 29 January and runs through Thursday, 1 February in Dubai. Over 3k companies will be in attendance, including European healthcare and diagnostic software provider Dedalus. The exhibit aims to showcase the latest tech-powered solutions to challenges in the healthcare sector.

Dubai will host the Family Office Roundtable (FORT) Global on Friday, 2 February at the Museum of the Future, according to a press release. The invite-only event will center discussions on the international finance and investment communities, influential family offices, government members and dignitaries, with nearly 10k guests, hailing from over 35 countries.

The Mubadala Abu Dhabi Tennis Open will take place from Saturday, 3 February to Sunday, 11 February at Zayed Sports City's International Tennis Centre. The tournament will see participation from four-time Grand Slam champion Naomi Osaka, plus Elena Rybakina, Ons Jabeur, Maria Sakkari, and Barbora Krejčíková, reports The National.

Young entrepreneurs can pitch their early education startup ideas at the AbuDhabi Youth Challenge: Techstars Startup Weekend, running for three days from Friday, 2 February, to Sunday, 4 February at Cloud Spaces ADGM in Abu Dhabi. Participants get 54 hours to develop startup ideas under the mentorship of founders and investors, form teams with which they can develop a demo or prototype, and then present their ideas to a panel of judges. The top three teams will get AED 30k.

The Middle East Bunkering Convention will take place from Monday, 5 February through to Wednesday, 7 February at the Hilton Dubai Jumeirah. The event will bring together industry experts to tap into issues affecting the global marine fuel sector, including supply chains, decarbonization, and new fuels.

The UAE Tour Women will take place from 8-11 February starting in Dubai and ending in Abu Dhabi. The event will feature three sprint stages and a mountain climb up Jebel Hafeet, spanning 468 km from Dubai to Abu Dhabi. Riders will compete for the competition’s Red, Green, White and Black jerseys.

The Sustainable Aviation Futures MENA will kick off on Monday, 12 February through to Wednesday, 14 February at Kempinski Central Avenue. The event will see 80 expert speakers and upwards of 200 high level attendants and will handle topics pertaining to regulation, financing, and investments in Sustainable Aviation Fuels (SAF) in MENA.

Dubai will host the World Government Summit from Monday, 12 February, to Wednesday, 14 February. The summit, with a central theme 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. Over 4k participants from 150 countries are expected to be in attendance.

The UAE will host the Future Warehouse & Logistics 2024 Conference from Monday, 12 February to Wednesday, 14 February in Dubai. The event will handle means for supply chain leaders to boost resilience and overcome challenges, with discussions on disruptions, sustainability, Internet of Things (IoT), 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 Ras Al Khaimah Half Marathon is returning on Saturday, 24 February, on Al Marjan Island. The World Athletics Gold Label event will welcome athletes, running enthusiasts and amateurs alike. You can register here.

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

Reuters poll sees UAE GDP growth accelerating in 2024 as GCC economies stage a “rebound”

Economic growth will accelerate in 2024 to 3.8%, up from last year’s 3.0%, according to a Reuters poll of 20 economists. The economists also expect the UAE’s budget surplus to narrow this year, although an exact figure was not provided.

How this compares to other projections: The World Bank expects to see 3.7% growth in 2024, it said in its Global Economic Prospects report, up from the previous estimate of 3.4% in the June edition of its report. The Arab Monetary Fund sees the UAE’s GDP growing at a 4.3% clip this year, while the Central Bank of the UAE is more bullish, saying last month it sees the economy growing at a 5.7% clip in 2024. S&P Global Ratings also expects the economy to grow more than 5% this year.

THE REGIONAL PICTURE-

The outlook: All six economies of the Gulf Cooperation Council (GCC) are expected to grow at an average of 3.5% in 2024, with estimates of 2023 to have closed at 0.8%, the survey showed. "For 2024, we anticipate [oil] production cuts to remain in place, which dampens the oil sector outlook and also total real GDP," said S&P Global’s Ralf Wiegert.

Diversification is set to fuel growth in the regional bloc’s non-oil sector with expectations of the sector growing 3.6% this year “underpinned by continued investment as oil exporting countries push ahead with ambitious economic diversification programmes," said chief economist and head of research at Emirates NBD, Khatija Haque.

The downside risk: Pundits pointed to a “challenging global outlook” as potentially weighing on GCC economies’ performance this year, thanks to a combination of high interest rates, regional tensions from the war between Israel and Hamas to the trade disruption in the Red Sea, and “an unlikely reversal in oil production cuts.”

Eagle Hills to finalize talks over AED 5.8 bn Saudi resort within a month

Eagle Hills + PIF to line up AED 5.9 bn investment in Saudi resort: Abu Dhabi-based investment firm Eagle Hills is partnering with Saudi Arabia’s Public Investment Fund (PIF) to develop a SAR 6 bn (AED 5.8 bn) hotel resort in the Kingdom, Asharq Business cites Eagle Hills and Emaar Chairman Mohamed Alabbar as saying. The firm is currently finalizing agreements with the wealth fund and plans to disclose the details of the project within a month, Alabbar said on Monday at the Real Estate Future Forum, held in Riyadh.

Emaar to unveil four Address hotels in KSA: Dubai-based Emaar Properties is currently building four hotels under the Address Hotels and Resorts brand in Saudi Arabia, two in Riyadh and the other two in Makkah, according to Alabbar.

And a new KAEC project with PIF: Emaar Properties is also set to establish a new project in collaboration with Saudi’s Public Investment Fund (PIF) in the King Abdullah Economic City (KAEC) in the city of Rabigh, Mubasher reports.

About KAEC: Located 100 km north of Jeddah, the Economic City is currently being developed by Emaar, The Economic City, a subsidiary of Emaar properties. The Saudi government repurposed the area as a special economic zone last year to drive the Kingdom’s industrial growth.

On the UAE front, Alabbar’s firms recently bought large plots of land in Dubai, Alabbar said, adding that he expects that the emirate will run out of land suitable for development in the future.

Uganda in talks with Dubai-based Alpha MBM Investments for a USD 4 bn oil refinery

Dubai-based private investment officeAlpha MBM Investments is in discussions with Uganda for the establishment of a USD 4 bn refinery to process a portion of the country’s crude oil, Ugandan Energy Minister Ruth Nankabirwa said, according to Reuters. The negotiations, which began last week, are expected to be completed in three months, Nankabirwa said.

These negotiations come after the collapse of talks with a US consortium, which included Baker Hughes, last year over the refinery — which will produce 60k barrels per day — due to its inability to secure financing in a timely manner. Several potential investors submitted expressions of interest, which were evaluated before an MoU was inked with MBM Investments, Nankabirwa said during a press conference.

Uganda is set to commence commercial crude oil production in 2025, tapping into fields within the Albertine Rift Basin situated in the western part of the nation, in proximity to the border with the Democratic Republic of Congo. The Ugandan government manages the oil fields through the state-operated Uganda National Oil Company, in conjunction with China's CNOOC and France's TotalEnergies.

Who is Alpha MBM Investments? The investment office is led by Dubai royal family member Sheikh Mohammed bin Maktoum bin Juma Al Maktoum, with ventures in sectors ranging from tech and infrastructure to sustainable energy, according to its website.

Elite Co acquires cold chain logistics company in a multi mn-USD transaction

GreenDome subsidiary acquires cold chain logistics company:Dubai-based land freight company Elite Co, a subsidiary of GCC-based logistics investment consortium GreenDome Holdings, has acquired UAE-based cold chain logistics company LogX in a USD multi-mn transaction, according to a press release. The acquisition broadens the scope of logistics services for both GDH and its subsidiary, while also expanding their reach.

What they said: “LogX's impressive track record and strong market presence will further strengthen GDH's capabilities, allowing us to deliver even more comprehensive and innovative solutions to our clients,” GreenDome Holdings CEO Mohammed Sharaf said.

Background:GreenDome Investments acquired Elite, a supply chain solutions company that operates throughout Oman, Bahrain, Qatar and the UAE, back in November 2021 in what was then one of the “largest acquisitions in the logistics market,” Wam reported.

Crysp Farms closes USD 2.25 mn pre-series A round led by GateCapital

Dubai-based vertical farming startup Crysp Farms has secured USD 2.25 mn (AED 8.3 mn) in a pre-series A funding round, according to a company press release. The seed round was led by strategic and financial advisory firm GateCapital, as well as unnamed strategic investors from the UAE and Saudi Arabia, the statement reads.

The seed round will help Crysp Farms expand its presence regionally across Saudi Arabia, Seychelles, and the Maldives, as well as facilitate the establishment of new farms in the UAE within hotels and resorts managed by Hilton Worldwide, Jumeirah Group, and Marriott International.

A special focus on Saudi: Crysp Farms is currently prioritizing the establishment of its farms within the hospitality and healthcare sectors across different cities in Saudi Arabia, along with providing support for undisclosed “development projects.”

About Crysp Farms: Founded in 2019, Crysp Farms builds and operates vertical hydroponic farms for hotels, hospitals, restaurants, and supermarkets, providing 130 crop varieties for fresh local produce. The startup currently operates in 20 locations across the UAE, with farms at the Ritz Carlton JBR, Carrefour Me’aisem, and Mandarin Oriental.

ADIB nets more than AED 5 bn in 2023 earnings

Abu Dhabi Islamic Bank (ADIB) saw its bottom line increase 45% y-o-y in 2023 to a record AED 5.25 bn, according to the bank’s earnings release (pdf). The bank’s net income in 4Q 2023 reached AED 1.5 bn, up 29% y-o-y.

Funded and non-funded income led the record growth: ADIB’s revenues during the year rose 36% y-o-y to AED 9.3 bn. The revenue surge, driven by a 47% y-o-y increase in funded income to AED 6.1 bn due to heightened transaction volumes and improved gross margins, was also complemented by an 18% y-o-y rise in non-funded income to AED 3.2 bn on the back of increased fees and commissions.

Total assets and deposits also grew: ADIB’s total assets rose 14% y-o-y to AED 193 bn in 2023, driven by a 6% y-o-y surge in gross financing and a 26% y-o-y increase in investments. The bank’s total customer deposits also saw a 14% y-o-y increase to AED 157 bn, driven by a 9% y-o-y surge in current and savings accounts, which now comprise 65% of ADIB’s total deposits.

What does 2024 look like for ADIB? “Looking ahead for 2024 and while the global economic outlook remains uncertain, we are confident that our strong financial position, strong capital and liquidity ratios will enable us to capture business [prospects] and identify new growth areas and continue to see broad-based income momentum across the group,” ADIB CEO Nasser Abdulla Al Awadhi said.

Dividends: The bank’s board is proposing a dividend of 71 fils per share, up from 49 fils per share in 2022.

DIB’s net income rises 26% to AED 7 bn in 2023

Dubai Islamic Bank (DIB)’s net income rose 26% y-o-y to AED 7 bn in 2023, with revenues rising 43% y-o-y to AED 20 bn, according to the bank’s earnings release.

Growth across the board: DIB reported growth across its consumer banking, corporate banking, and sukuk investment portfolios last year. The breakdown:

Consumer banking: DIB’s consumer banking portfolio grew 8% to AED 56 bn in FY 2023 and generated AED 5.3 bn in revenues during the year, up 9% y-o-y.

Corporate banking: The bank’s corporate banking portfolio reached AED 143 bn, up 7% y-o-y driven by expansions in the services, utilities, automobile, and financial institution sectors. The segment's revenue inched up 1% to AED 2.9 bn.

Treasury: Net financing and sukuk investments rose 12% y-o-y to AED 268 bn. The bank’s sukuk investment portfolio grew 30.5% y-o-y to AED 68 bn, constituting 22% of the bank’s assets. Gross new sukuk investments in 2023 totaled AED 21 bn, up 52% y-o-y, resulting in a net growth of AED 16 bn for the year.

The rise in numbers was driven by higher non-funded revenue and reduced impairment charges, and were “supported by significant asset growth, stable costs, and strong margins, solid recoveries,” said CEO Adnan Chilwan.

Dividends: The bank proposed a 45% dividend, pending shareholder approval at the annual general meeting.

UAE qualify for knockout rounds of Asian Cup, just

Sporting news dominates UAE X, after Al Abyad qualified for the round of 16 in the Asian Cup despite a 2-1 defeat against Iran. X was following the action with the hashtag #الامارات_ايران (The Emirates vs Iran). #يحيى الغساني (Yehia Al Ghasani)’s 92nd minute goal secured second place for the national team, after his 62nd minute penalty miss. The Emirates are set to play Uzbekistan on 28 January at 6pm.

!_InsertUAESponsorBlock_!

Sharjah’s getting more EV chargers

INFRASTRUCTURE-

Sharjah to expand EV charging network: Sharjah Roads and Transport Authority (SRTA) will cooperate with state-backed sustainable solutions firm Beeah to expand the emirate’s electric vehicle (EV) charging infrastructure, Wam reports. The partnership will see Beeah develop and install a network of EV charging points and fast chargers across Sharjah along highways and in commercial and urban areas. The project is in line with the Emirates’ national EV policy, which looks to have EVs account for 50% of all vehicles in the UAE by 2050.

TECH-

American computer tech company Oracle is developing an AI-driven customer experience center at its Dubai office as part of renovations, Oracle’s senior VP for tech cloud and UAE country head, Nick Redshaw, told The National. The company has also collaborated with Dubai Business Women Council for a year-long initiative that aims to upskill 500 women entrepreneurs on AI, Redshaw told the outlet.

LOGISTICS-

An air corridor for perishable supplies will be established through a partnership between Etihad Cargo, Abu Dhabi Airports, and Abu Dhabi Food Hub, according to a press release. The statement did not mention when the air corridor, named Fresh Corridor 2.0, will begin operating.

HEALTHCARE-

M42, Egypt talk partnership: A delegation of Egyptian human vaccine manufacturing companies met yesterday with Mubadala and G42’s healthcare venture M42 to explore the potential of collaborating in AI, predictive wastewater monitoring, and early cancer detection, reports Daily News Egypt. The visit was organized by Egypt’s Industrial Modernization Center (IMC).

Egypt ❤️ UAE healthcare tech: Egypt’s Health Minister sat down with another Emirati AI-powered health company — G42 Healthcare — on Saturday to consider the establishment of a modern laboratory for genetic testing, water analyses, and food analyses in Cairo’s Badr City.

TELECOMS-

Oracle + du could roll out nationwide cloud platform: Dubai-based telecom operator du inked a partnership agreement with US-based software provider Oracleto explore developing a sovereign hyperscaler cloud service for the UAE during Oracle’s Dubai CloudWorld Tour, according to a press release.

SOUND SMART- A sovereign hyperscaler cloud is a large-scale data center operator that processes and stores data within the sovereign borders of a certain region, preventing foreign access to the data.

Etisalat by e& will also make use of Oracle’s software, after it expanded its previousagreement with the firm yesterday to include the deployment of Oracle’s NVIDIA clusters in the Oracle cloud region, according to a press release. The on-premises computing resources will also integrate AI into Etisalat by e&’s business applications.

Background: The telecoms service provider inked an agreement with Oracle back in May 2023 to migrate its HR business applications to the Oracle Cloud Infrastructure (OCI) Dedicated Region. Oracle’s cloud region includes over 100 cloud services on-premise.

ALSO FROM ETISALAT- The telco teamed up with Kezad Communities to strengthen the digital infrastructure at Razeen Worker Residential City in Abu Dhabi, Wam reports. The collaboration will see etisalat work to ensure that Wi-Fi is reachable for over 50k residents Razeen Worker Residential City by installing advanced fiber optic cables, high-performance switches, and wireless access points across the city.

FINANCE-

Doo Group opens new Dubai offices: Singapore-based financial services company Doo Group opened two offices in Dubai last week, according to a press release. The two offices are located in the Emaar Square Building in Downtown Dubai and the Dome Tower in JLT.

What’s Doo Group? The financial services company specializes in fintech, offering its services through sub-brands, including brokerage, wealth management, payment exchange, fintech, financial education, and healthcare.

MANUFACTURING-

Pakistan’s National Foods has established its first overseas manufacturing facility in Sharjah after obtaining a license to manufacture in the UAE, Arab News quotes CEO Abrar Hasan as saying. The company's wholly-owned Dubai-based subsidiary, National Foods, established a new subsidiary in Sharjah, it said in a disclosure (pdf) to Pakistan’s stock exchange.

REAL ESTATE

Aldar Properties is launching Sama Yas, an upscale residential community withinAbu Dhabi’s Yas Park, on 2 February, offering 234 homes, including apartments, duplexes, and penthouses, according to a press release.The development will feature a variety of amenities, including retail spaces, community gardens, a co-working space, and others.

DEFENSE-

Emirati defense contractor EDGE Groupacquired Abu Dhabi-based security solutions group International Golden Group(IGG), reports Wam. The Defense Ministry inked an AED 874 mn contract with IGG for the purchase of unmanned aerial vehicle systems and to deliver support services and training for five years, during the Unmanned Systems Exhibition and Conference (Umex) and Simulation and Training Exhibition (Simtex), The Nationa l reports.

FINTECH

Fintech Galaxy + Paytabs to roll out fast payment service: Dubai-based open banking firm Fintech Galaxy inked a partnership with KSA-headquartered payment solutions firm PayTabs to launch payment solutions for SMEs and companies through Fintech Galaxy’s open banking platform, according to a press release. The companies will initially provide their services, including account verification, swift payouts, and point-of-sale lending, in the Emirati and Saudi markets, before expanding to other MENA markets.

EDUCATION-

#1- The American University of Sharjah (AUS) is getting a hospitality and tourism institute by 3Q 2026, offering internationally accredited diplomas in tourism management, reports Sharjah 24. The institute is being jointly developed by the Sharjah Investment and Development Authority (Shurooq) and the Southern Alberta Institute of Technology (SAIT) in Canada, who inked an agreement for the institute yesterday.

#2- Engineering students at the American University of Sharjah (AUS) will get hands-on experience with internships at the Sharjah National Oil Corporation (Snoc),after the AUS College of Engineering (CEN) inked an MoU with the firm on Tuesday, reports Wam.

BTC drops 20% since 11 January peak

Crypto winter is coming: BTC has dropped over 20% since the launch of BTCexchange-traded funds (ETFs) earlier this month — currently trading at USD 39.2k as of midnight yesterday, down from a USD 49k+ high during trading on 11 January.

The why: BTC “has been challenged by tougher macro conditions — evidenced by rallying rates and a strengthening USD — and significant selling pressure from traders unwinding their Grayscale BTC Trust arbitrage positions along with the FTX bankruptcy estate offloading assets,” Fundstrat Global Advisors’s head of digital-asset strategy Sean Farrell said in a note picked up by Bloomberg.

ICMYI- This month has marked a milestone for the currency with nine new BTC ETFslaunching on 11 January, granting BTC and other crypto more exposure to traders on the stock market. Investors — including investment manager giant BlackRock — poured a total USD 900 mn into the BTC ETFs in the first three days of trading.

Not everyone saw this coming: Crypto investors earlier in the month excitedly predicted BTC to surpass the USD 100k a piece mark in 2024, following the US Securities and Exchange Commission’s approval of spot BTC exchange-traded funds (ETFs), according to CNBC. ETFs that allow investors to hold and trade cryptos on stock exchanges were expected to attract more investor appetite and boost its use as a mainstream currency as more Wall Street big shots like BlackRock, Invesco, and Fidelity pile into the new offering.

ADX	9,653	-0.3% (YTD: +0.8%)
DFM	4,107	+0.6% (YTD: +1.2%)
Nasdaq Dubai UAE20	3,869	0% (YTD: +0.7%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5% o/n	5.2% 1 yr
TASI	12,105	0.0% (YTD: +1.1%)
EGX30	28,050	+1.2% (YTD: +12.7%)
S&P 500	4,851	0.0% (YTD: 1.7%)
FTSE 100	7,485	0.0% (YTD: -3.2%)
Euro Stoxx 50	4,465	-0.3% (YTD: -1.2%)
Brent crude	USD 79.78	-0.3%
Natural gas (Nymex)	USD 2.45	+1.3%
Gold	USD 2049.90	+0.4%
BTC	USD 39,206.21	-1.5% (YTD: -7.5%)

THE CLOSING BELL-

The ADX fell 0.3% yesterday on turnover of AED 930.8 mn. The index is down 0.8% YTD.

In the green: Commercial Bank International (+9.4%), E7 Group (+3.7%) and Foodco National (+3.3%).

In the red: National Corporation for Tourism and Hotels (-6.8%), Emirates Driving Company (-6.4%) and Americana Restaurants International (-4.9%).

Over on the DFM, the index rose 0.6% on turnover of AED 255.2 mn. Meanwhile, Nasdaq Dubai stayed flat.

UAE reaffirms calls for ceasefire in Gaza at Arab League meeting + Al Nahyan heads to the Third South Summit of the Group of 77 and China

UAE reaffirms calls for a ceasefire in Gaza: During a meeting of the Arab LeagueCouncil, UAE Ambassador to Egypt Mariam Khalifa Al Kaabi reaffirmed the UAE’s position in calling for a ceasefire in Gaza, as well as rejecting any attempts to displace Palestinians from the Gaza Strip, Wam reports. Al Kaabi also stressed the UAE’s condemnation of Israel collectively punishing Palestinians in Gaza, and reiterated the UAE’s commitment to providing humanitarian relief in the Strip.

Armenians are set to enjoy travel to the UAE without a visa starting next month, according to a press release. A recently inked agreement permits Armenian nationals to visit the UAE for up to 90 days within a 180-day period without the need for a visa, starting 1 February. Emiratis will continue to benefit from access to Armenia without a visa, allowing them to stay for up to 180 days within a year.

The government recently finalized several visa-waiver pacts, including with Uzbekistan, Mongolia, and Kosovo.

CALENDAR

JANUARY

22-24 January (Monday-Wednesday): Japan Kyoto Trade Exhibition 2024, Dubai World Trade Centre.

22-24 January (Monday- Wednesday): IAAPA Middle East Trade Summit, Yas Island in Abu Dhabi.

22-26 January (Monday-Friday): WED Innovation Lab, Abu Dhabi's Yas Acres Golf and Country Club.

23-25 January (Tuesday-Thursday): The Unmanned Systems Exhibition (UMEX) and the Simulation and Training Exhibition (SimTEX), Abu Dhabi National Exhibition Centre (ADNEC), Abu Dhabi.

24-25 January (Wednesday-Thursday): WFC FinTech Dubai 2024.

26-28 January (Friday-Sunday): Dubai Challenge Cup, Al Maktoum Stadium, Dubai.

29 January-1 February (Monday-Thursday): Arab Health Exhibition 2024, Dubai World Trade Centre.

29 January-30 January (Monday-Tuesday): UAE Property Forum, Tivoli Mofarrej São Paulo Hotel, Brazil.

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

FEBRUARY

1 February (Thursday): New amendments banning trucks weighing over 65 tonnes to take effect.

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

2-4 February (Friday-Sunday): Sharjah Classic Cars Festival.

2-4 February (Friday-Sunday): All Africa Festival Abu Dhabi.

2-4 February (Friday-Sunday): Abu Dhabi Youth Challenge Techstars Startup Weekend, ADGM, Abu Dhabi.

3-11 February (Saturday-Sunday): Mubadala Abu Dhabi Opening, Zayed Sports City’s International Tennis Centre.

5-7 February (Monday-Wednesday): Middle East Bunkering Convention, Dubai, UAE.

5-8 February (Monday-Thursday): Medlab Middle East, Dubai.

6-7 February (Tuesday-Wednesday): The Middle East ProcureTech Summit, Dubai, UAE.

7-8 February (Wednesday-Thursday): Sharjah Investment Forum, Al Jawaher Reception and Convention Centre.

8-9 February (Thursday-Friday): International Crop-Science Conference & Exhibition 2024, JW Marriott, Marquis Dubai.

8-11 February (Thursday- Sunday): The UAE Tour Women.

9 February (Friday): Abu Dhabi International Airport to be renamed to Zayed International Airport.

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.

19-23 February (Monday-Friday): Gulfood 2024, Dubai World Trade Centre.

20-21 February (Tuesday- Wednesday): International Dialogue of Civilizations and Tolerance Conference, Abu Dhabi National Exhibition Centre.

22-24 February (Thursday-Saturday): International Freight Forwarders Conference 2024 Dubai, Hyatt Hotel.

23-25 February (Friday-Sunday): Taste of Dubai Festival, Skydive Dubai.

23 February - 3 March (Friday-Sunday): Maritime Heritage Festival Abu Dhabi.

24 February (Saturday): Ras Al Khaimah Half Marathon, Al Marjan Island.

26-28 February (Monday-Wednesday): Management and Sustainability of Water Resources, Marriott Hotel Al Jaddaf.

27-28 February (Tuesday-Wednesday): Dubai Association Centre Conference, Dubai World Trade Centre.

26-29 February (Monday-Thursday): World Trade Organization Ministerial Conference, Abu Dhabi, UAE.

28-29 February (Wednesday-Thursday): Ras Al Khaimah Investment and Trade Summit, Rak Exhibition Centre.

28-29 February (Wednesday-Thursday): UAE delegation attends ‘Invest in Austria’ conference, Vienna.

28 February - 1 March (Wednesday-Friday): MENA Transport Congress and Exhibition 2024, Dubai.

MARCH

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

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

5-8 March (Tuesday-Friday): Forbes’ Third Annual 30/50 Summit In Abu Dhabi During International Women’s Day

12 March (Tuesday): Start of Ramadan, public holiday.

APRIL

11 April (Thursday): End of Ramadan, public holiday.

12 April (Friday): Eid Al-Fitr, public holiday.

16-18 April (Tuesday-Thursday): World Future Energy Summit, Abu Dhabi National Exhibition Centre.

16-18 April (Tuesday-Thursday): Middle East Coatings Show, Dubai World Trade Centre.

16-18 April (Tuesday-Thursday): Middle East Energy, Dubai World Trade Centre.

23-25 April (Tuesday-Thursday): Connecting Green Hydrogen MENA, Madinat Jumeirah Conference Centre.

24-26 April (Wednesday-Friday): Global Education & Training Exhibition.

MAY

8-9 May (Wednesday-Thursday): Innovative Finance Expo, Jumeirah Emirates Towers.

14-15 May (Tuesday-Wednesday): Seamless Middle East, Dubai World Trade Centre.

JUNE

2-4 June (Sunday-Tuesday): The World Air Transport Summit and International Air Transport Association (IATA)’s annual general meeting, Dubai.

4-6 June (Tuesday-Thursday): The Hotel Show, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): INDEX, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): WORKSPACE, Dubai World Trade Centre.

4-6 June (Tuesday-Thursday): Leisure Show, Dubai World Trade Centre.

15 June (Saturday): Arafat day, national holiday.

16-18 June (Sunday-Tuesday): Eid Al-Adha, national holiday.

JULY

7 July (Sunday): Islamic new year, national holiday.

SEPTEMBER

9-11 September (Monday-Wednesday): World Utilities Congress, Abu Dhabi.

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

OCTOBER

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

NOVEMBER

11-14 November (Monday-Thursday): ADIPEC, Abu Dhabi.

11-14 November (Monday-Thursday): ADIPEC Maritime and Logistics Exhibition and Conference, Abu Dhabi.

11-14 November (Monday-Thursday): ADIPEC Decarbonisation Accelerator, Abu Dhabi.

DECEMBER

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

10-12 December (Tuesday-Thursday): Middle East Business Aviation, Dubai World Central.

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