NDCs updated with pledge to cut carbon emissions by 47% by 2035

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Adnoc’s Covestro takeover gets management nod + CBUAE cuts rates in line with Fed

Good morning, friends. We have a meaty issue for you as we wrap yet another busy week both on the local and global front, as Adipec draws to a close and the aftermath of Donald Trump’s reelection takes shape.

PLUS- The Central Bank of the UAE cut interest rates by 25 bps in line with the Fed’s move to cut rates in its meeting yesterday, according to a statement (pdf). The base rate applicable to the overnight deposit facility is now at 4.65%. We have more on the Fed’s decision in Planet Finance, below.

WEATHER- It’s another sunny day in Dubai, with a high of 33°C and a low of 26°C, according to our favorite weather app. Meanwhile, a sunny Abu Dhabi will see a high of 29°C and a low of 26°C today.

Remember Sidara’s most recent target for an acquisition? Its shares just took a nosedive after commissioning a review of its project performance, Bloomberg reports. British engineering and oil services giant Wood Group — which was targeted for an acquisition by Dubai infrastructure group Sidara over the summer before backing out earlier in August — saw its shares plummet 49% yesterday, marking the steepest single-day drop in its history. CEO Ken Gilmartin pointed to “delayed awards” in its chemicals sector and persistent weakness in minerals and life sciences as key contributors to the underperformance.

ICYMI- Sidara cited geopolitical risks and financial market volatility as reasons for its change of plans when backing out of the acquisition. Sidara submitted four acquisition bids for Wood Group, which were all rejected for “significantly undervaluing” the company.

WATCH THIS SPACE-

#1- Covestro’s board recommends Adnoc takeover: Covestro’s management expressed support for Abu Dhabi National Oil Company’s (Adnoc) EUR 14.7 bn (c. USD 16.3 bn) takeover offer, lauding it as “an attractive opportunity to realize significant value,” according to a statement from the German chemicals manufacturer.

REFRESHER- The acceptance period for Adnoc’s voluntary public takeover offer wraps up on 27 November. Adnoc has been in ongoing negotiations for the takeover, which is set to be the biggest acquisition from a Middle Eastern buyer in Europe in 16 years, for more than a year. Covestro’s management signaled it will likely recommend Adnoc's takeover bid to the company’s shareholders last month.

#2- Response Plus to tap into pre-hospital emergency services: ADX-listed Response Plus Holding plans to revamp its expansion strategy over the next three years, aiming for new acquisitions and market expansion, its chairman Omran Al Khoori told Wam. The company plans to scale up its pre-hospital emergency services — covering emergency consultations, training, and telehealth — with a strong focus on the energy sector and recent expansion into the UK and Scandinavia.

REMEMBER- Response Plus recently expanded to the UK, with its acquisition of UK-based Prometheus Medical for unified defense and energy health solutions last April.

The company also has ambitious plans for Saudi Arabia, targeting to double revenue there this year through new projects and events. Response Plus aims to increase total revenue by 25% y-o-y in 2024.

#3- Americana Restaurants’ TGI Fridays will continue to operate in the GCC region despite the group filing for the restaurant’s bankruptcy in the US last week, according to a press release. Americana Restaurants operates in the region under a franchise agreement with TGI Fridays Franchisor, making the GCC entities separate from the TGI Fridays Inc. involved in the bankruptcy.

#4- Talabat’s IPO could value the company at between USD 9-12 bn, driven by the strong performance in certain areas of the business, according to Bloomberg Intelligence, which has revised its estimate from a previous USD 6 bn.

German last-mile delivery firm Delivery Hero downgraded its income outlook for the year, expecting its EBITDA to come “at the lower end” of the EUR 725-775 mn guidance it gave previously, according to its financials. While the revised outlook signals challenges in its “strategic overhaul” within the food delivery market, the company posted EUR 3.2 bn in total revenues in 3Q 2024, in line with analyst expectations.

REMEMBER- Delivery Hero plans to list Talabat on DFM in 4Q 2024. The transaction — potentially worth USD 1 bn — is waiting for approval from the Securities and Commodities Authority. Delivery Hero appointed Emirates NBD, Morgan Stanley, and JP Morgan to work on the upcoming listing.

#5- Swiss art organization Art Basel is reportedly in talks with the UAE’s Tourism Development and Investment Company to take over the art fair Abu Dhabi Art, unnamed sources told Artnews. The transaction could see Art Basel receive USD 20 mn in exchange for operating the Abu Dhabi fair. The fair’s parent company MCH Group has recently been through financial struggles, experiencing a rise in the selling, general, and administrative costs as a percentage of sales.

#6- NMDC Group is vying for AED 76 bn in new tenders, alongside current contracts valued at around AED 70 bn by the end of 3Q 2024, it said in an ADX disclosure (pdf). The energy sector accounts for 60% of NMDC’s ongoing contracts and contributes half of the group’s total revenue.

#7- Dubai’s Deyaar Developments plans to launch an AED 1.5 bn project in Dubai Production City with over 1k units scheduled for completion in two years, the company’s CEO Saeed Al Qatami told the National. Deyaar also plans to launch additional projects in Dubai next year, supported by AED 1.8 bn in liquidity to fund new developments and AED 400 mn in unused facilities, Al Qatami told CNBC Arabia (watch, runtime: 07:33).

The company forecasts a 15-20% y-o-y revenue increase in 2025, driven by strong demand in the local real estate sector from the US, Europe, India, and the Far East. Revenue is expected to grow by 20-25% this year, with the real estate development sector comprising 70% of Deyaar’s total revenues.

DATA POINTS-

#1- Dubai's real estate market is set to exceed AED 500 bn in annual sales for the first time, with total sales reaching AED 435.6 bn from 150.7k transactions as of October 2024, according to an estimate from real estate brokerage Fam Properties (pdf). October alone saw AED 61.1 bn in sales, marking a 798% y-o-y increase.

#2- Gulf Commodity Exchange experienced a sizable growth in oil trading volumes in 2024 with an 8% y-o-y increase in physical delivery to 217 mn barrels, according to a press release. Trading volume for the front month rose by 20% y-o-y to 965 mn, while the total exchange volume increased by 29.3% q-o-q with 116.9k contracts traded.

#3- The UAE was ranked as the top foreign investor in the Arab region’s construction projects over the past 20 years with a value of USD 139 bn in investments, according to the Arab Investment and Export Corporation infrastructure report (pdf). This accounts for a third of the total value of foreign construction projects of USD 430 bn.

Dubai-based Majid Al-Futtaim Group came on top of construction sector investors in the Arab World with USD 23 bn in investments over the past two decades, representing 5.5% of the total foreign direct investments in the construction sector across Arab countries.

Emaar Properties was named as the largest job provider with its projects creating around 16.8k jobs, representing 2.7% of a total of 621.2k jobs.

Dubai topped the Middle East and Africa in Brand Finance’s Global Cities Index2024, ranking first in all regional key performance indicators for the second consecutive year, according to the Dubai Media Office. Globally, Dubai climbed to fifth place among 100 cities, achieving a score of 86 out of 100.

PSA-

Sheikh Zayed Road will be temporarily closed on Sunday 10 and 24 November, for two sports events as part of the annual Dubai Fitness Challenge this month, The National reports. On 10 November, the 14-lane road will be out of service during the cycling event Dubai Ride until 8:15am. On 24 November, the road will be closing during Dubai Run. Dubai’s Roads and Transport Authority (RTA) has not confirmed the closure times yet.

HAPPENING TODAY-

#1-Design Next exhibition is underway at the Dubai Design District as part of Dubai Design Week and wraps up Sunday, 10 November. The event showcases sustainable design solutions and features discussions by industry leaders.

#2- Dubai is hosting the first Arab Classic Baseball Tournament at Sevens Stadium, running until 10 November according to a statement. The event features eight national teams from the UAE, Saudi Arabia, Pakistan, Sri Lanka, and India. Organized by Baseball United in collaboration with the Dubai Sports Council, the tournament kicked off yesterday with an opening match between Afghanistan and India.

HAPPENING NEXT WEEK-

#1- The Central Bank of the UAE (CBUAE) will offer up to AED 33.5 bn in four M-Bills at an auction next Monday, 11 November, according to a statement (pdf). The bills — one of which is a tap issuance — will be released on 13 November, with the AED 3.5 bn M-Bill having a tenor of 28 days, the AED 5.5 bn bill having a tenor of 84 days, the AED 8 bn issuance having 168 days, and a final AED 16.5 bn issuance with a tenor of 336 days.

Decoding central bank speak: M-bills are short-term securities issued in AED by the CBUAE with no interest. The bonds typically have maturity dates of one to 12 months and are not retrievable through any other listing. A tap issuance gives the CBUAE flexibility to adjust money supply by continuing to sell bills beyond the initial auction.

#2- The UAE’s pavilion at Cop29 in Azerbaijan, which runs from 12-21 November, will feature over 60 dialogue sessions, gathering climate experts, government officials, private sector leaders, and academics to discuss critical issues such as climate finance for the Global South and to review progress on the UAE’s global partnerships, Wam reports.

THE BIG STORY ABROAD-

The US Federal Reserve’s decision to cut interest rates by 25 bps in the first meeting after Donald Trump’s reelection as president is dominating international front pages everywhere. This is the second rate cut since its bumper 50 bps rate cut in September. (Reuters | Bloomberg | CNBC | Financial Times)

Fed chair Jerome Powell also struck a defiant tone during a press conference, saying he will not be stepping down even if the incoming president asks him to. He also signaled future plans for further rate cuts, saying that policy remains restrictive. We have more on the decision — and the Fed’s challenge ahead when the new administration takes office — in today’s Planet Finance, below.

With all eyes still on Trump, the foreign press is also taking note of his choice of chief of staff — Susie Wiles, one of his two campaign managers, as he gets started on a flurry of staffing announcements before his return to office on 20 January. Bloomberg also profiles other potential candidates for the rest of his team, including Wall Street and business execs as well as familiar faces from his previous term. (Reuters | The Guardian | BBC | Politico)

ELECTIONS UPDATE- After securing the majority for the Senate, the Republicans are now expected to secure a majority in the House of Representatives, though it will be days until all votes are counted and the House race is called. You can track results of voting as they come here.

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CIRCLE YOUR CALENDAR-

The Dubai Diamond Conference will take place on 11 November at Jafza One Convention Centre. Organized by DMCC, the forum will gather global diamond industry experts to discuss the latest developments in the industry, including tech innovations and market trends.

Dubai will host the Meta Cinema Forum on 11-12 November at Le Méridien Dubai Hotel & Conference Center. The cinema convention will bring together industry leaders to explore the future of cinema in emerging markets across the Middle East, Africa, and Asia.

Dubai Arbitration Week will take place on 11-15 November at the Waldorf Astoria in the Dubai International Financial Center. The event features a series of panel discussions, workshops, and presentations focused on the latest developments and challenges in international commercial arbitration.

The Lease Conference Dubai 2024 will take place on 13-14 November at the Jumeirah Creekside Hotel. The event will bring together key players in the leasing industry across the Middle East and Africa.

Dubai Future Solutions–Prototypes for Humanity will take place on 19-21 November at Emirates Towers in Dubai. The event will facilitate collaboration among graduates and professors from over 800 universities, focusing on innovation in sectors such as agriculture, healthcare, energy, civil society, mobility, water, and the environment.

Gladiator Summit will take place on 16-17 November at the Dubai World Trade Center. The event will feature presentations from leading entrepreneurs, educational sessions on business strategies, and networking prospects for participants.

Forbes Middle East Medical Tourism & Wellness Summit will take place on 23-24 Novemberat Jumeirah Beach Hotel in Dubai. The summit will gather leading health and wellness professionals, innovators, and industry leaders to discuss the Middle East's rise as a hub for healthcare and wellness solutions.

Open Source AI Summit will take place on 26-27 November at The St. Regis Saadiyat Island Resort in Abu Dhabi. The event will feature discussions on open-source artificial intelligence, focusing on opportunities, challenges, ethical considerations, governance, and international cooperation.

The Khalifa Fund Entrepreneurship Competition will take place on 5 December during Abu Dhabi Business Week at the Adnec Center in Abu Dhabi. The competition focuses on three sectors: Biolife and healthcare, robotics and AI, and agritech and aquatech. Entrepreneurs and startups interested in participating must submit their applications by November 20, 2024.

Apex Invest Abu Dhabi will take place on 18-19 November at The Hilton in Abu Dhabi. The event will feature senior representatives from major financial institutions, including Mubadala, the Abu Dhabi Investment Council, the Abu Dhabi Investment Authority, ADQ, Saudi Arabia’s Public Investment Fund, and the Oman Investment Authority, along with a number of family offices. The agenda will focus on investment strategies in asset management, with a two-to-one investor-to-manager ratio to facilitate networking.

Dubai Future Forum is scheduled from 19-20 November at the Museum of the Future. Hosted by the Dubai Future Foundation, the event will bring together 150 global speakers, including government officials, CEOs, academics, and futurists, and spotlight 100 pilot projects to advance future-focused strategies to equip the next generation.

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

UAE commits to cut carbon emissions by 47% by 2035

UAE submits updated emissions target for 2035: The UAE has pledged to reduce its carbon emissions by 47% by 2035 in its new national climate plan (pdf). The new nationally determined contributions (NDCs) come ahead of the United Nations Cop29 climate summit in Azerbaijan next Monday, positioning the UAE as the first major emitter to submit its updated strategy ahead of the February 2025 deadline.

The updated climate targets cover all major domestic sectors and greenhouse gasses, including the newly added fluorinated gas.

By the sector:

The UAE plans to reduce emissions by 20% for the transport sector compared to 2019 levels through accelerated adoption of EVs;
50% for power and water compared to 2019 levels;
37% for the waste sector, aiming to divert 50% of landfill waste by 2025 and 80% by 2031 through increased recycling and waste-to-energy initiatives;
79% for new buildings;
and 35% for agriculture.

No shift in fossil fuel plans: The new NDCs acknowledge that the national economy has been “historically heavily reliant on oil, making the transition to a low-carbon economy more distinct,” however it makes no mention of phasing out fossil fuel production. Nonetheless, the oil and gas sector aims to mitigate its emissions by “integrating substantial amounts of CO2 capture into their operations.”

While the updated NDCs exclude international aviation and shipping sectors, the UAE pledged to advance sustainable aviation fuel production and use and continue seeking green shipping corridors to meet decarbonization goals for these sectors. The UAE plans to upscale the production of e-kerosene for sustainable aviation fuel and green or blue ammonia and methanol for shipping, expecting a “significant ramp-up post-2030.”

How it plans to get there: The target will be pursued through a “diversified strategy,” which hinges on expanding solar capacity, deploying nuclear energy, and increasing waste-to-energy initiatives. The government plans to conduct feasibility studies to adjust the plan, while factoring in new opportunities and challenges.

The story got ink in Reuters

Beco Capital's Booster Fund IV receives USD 20 mn investment from Saudi Venture Capital

Dubai-linked VC fund bags USD 20 mn investment: Booster Fund IV — a venture capital fund managed by Dubai-based Beco Capital — has secured a USD 20 mn investment from Saudi Venture Capital (SVC), according to a press release. The VC is targeting a USD 150 mn close for the fund early next year, General Partner Abdulaziz Al Sagha told EnterpriseAM UAE.

The details: To date, Booster Fund IV has made seven investments in various companies, including Mala, Ejari, Brkz, Sirdab, Flapkap, Keyper, and ClearGrid. The ticket sizes for investments out of the fundrange from USD 1 mn to USD 5 mn, with a target ownership of 10% at entry, Al Sagha told us.

About Beco Capital: Beco Capital is a Dubai-based early-stage venture capital firm focused on investing in technology-driven startups across the Gulf region. Its portfolio includes four funds, with a total of USD 495 mn in assets under management.

Emirates, Space42, Spinneys, and others report 3Q earnings

SPACE42-

Space42 reports first earnings post-merger: AI-powered space tech firm Space42’s bottom line rose 18.2% y-o-y to USD 111.6 mn during 9M 2024, according to its financials (pdf). The firm booked USD 428.5 mn in revenues during the nine-month period, down 7.2% y-o-y in 9M.

REFRESHER- Space42 was created after Bayanat and Al Yah Satellite Communications (Yahsat) merged in October, with Bayanat owning 54% of Space42 and Yahsat owning the remainder.

Bayant records bottom line growth in 3Q: Geospatial solutions firm Bayant saw its net income climb 40.4% y-o-y to AED 47.4 mn in 3Q 2024. The company saw its revenues fall 26.5% y-o-y to AED 205.6 mn in 3Q, compared to AED 279.7 mn in 3Q 2023.

Looking ahead, Space42 aims to boost its bottom line growth as Bayanat and Yahsat integrate their assets across the value chain. The company will “pursue programs that bring incremental value and where we can sustain a distinct advantage, investing in new capabilities and unlocking opportunities which can be materially scaled,” Managing Director Karim Michel Sabbagh said in the firm’s earnings release (pdf).

AL ANSARI FINANCIAL SERVICES-

Al Ansari Financial Services’ posted a 17.2% y-o-y decline in its net income to AED 103.1 mn in 3Q 2024, according to its financials (pdf). The company’s total income inched up 1.5% y-o-y to AED 297.3 mn. Remittances grew 2% over the first nine months of the year, according to an earnings release (pdf).

On a nine-month basis, Al Ansari saw its net income fall 20.4% y-o-y to AED 308 mn in 9M 2024. Al Ansari’s total income remained relatively flat, standing at AED 882.7 mn in 9M.

Looking ahead, Al Ansari is set to expand its operations, with the acquisition of Al Ansari Exchange in Kuwait set to be finalized this quarter and the benefits to reflect on its 1Q 2025 earnings. Additionally, the firm plans to roll out its digital wallet service before year-end.

RAK PROPERTIES-

RAK Properties’ net income rose by 90.6% y-o-y to AED 32.4 mn in 3Q 2024, according to its financials (pdf). The company’s revenue increased by 61.5% y-o-y to AED 281 mn in this quarter. On a 9M basis, net income climbed by 15.4% y-o-y to AED 121.4 mn, while revenues rose by 30% y-o-y to AED 891.3 mn.

REMEMBER- Ras Al Khaimah government increased its stake in the company to 34% and injected additional land bank into it, boosting its assets and share capital, according to its earnings (pdf).

EMIRATES-

Emirates Group’s net income amounted to AED 9.3 bn in the six months ending on 30 September, according to its earnings release (pdf). The group’s revenue during that period increased by 5% y-o-y to AED 70.8 bn, on the back of heightened customer demand across markets and the group’s divisions.

National airline Emirates’ net income attributable to owners declined by 6.9% y-o-y to AED 8.7 bn during that same period, according to its financials (pdf), while the carrier’s revenues rose by 4.5% y-o-y to AED 62.2 bn due to strong travel and air cargo demand.

Emirates Group’s air services provider dnata saw its net income reach AED 571 mn during the period, down 19.5% y-o-y, while the revenue including other operating income increased by 11% y-o-y to AED 10.4 bn. The figures were affected by a one-off impairment charge of AED 152 mn. Dnata’s airport operations were the largest contributor to revenues, increasing by 15% y-o-y to AED 4.8 bn in the first six months of the financial year, due to operations picking up in the UAE, Australia, UK, and Singapore.

EMPOWER-

Empower’s revenue rose while profits dipped slightly: The Emirates Central Cooling Systems Corporation (Empower) saw its net income fall 6% y-o-y to 264.9 mn in 3Q, while it recorded a 5.3% increase in revenue y-o-y for to reach AED 1.1 bn, according to a financial statement (pdf).

On a 9M basis, Empower recorded a net income of AED 68.5 mn, up 4.4% from the same period last year. Meanwhile its revenues hit AED 2.5 bn, up 8% y-o-y.

High demand drove revenue growth: Empower attributed its revenue growth for the first nine months of 2024 to increased demand for its district cooling services, driven by Dubai’s booming real estate market and a surge in new developments.

SPINNEYS-

Spinneys’ net income grew 12.3% y-o-y to AED 35.4 mn in 3Q 2024, according to the company’s financial statements (pdf) filed with the DFM. The company booked AED 701.4 mn in revenues, up 14.9% y-o-y.

On a nine-month basis, Spinneys’ bottom line grew 14.6% y-o-y to AED 181.9 mn in 9M 2024. The company’s revenues grew 11.4% y-o-y to AED 2.3 bn on the back of a 11.1% increase in like-for-like sales, according to a separate earnings release (pdf). The growth in revenues was bolstered by the opening of four new locations in Dubai — Al Khawaneej, Sobha, The Kitchen by Spinneys in Dubai Mall — and its first store in Riyadh, Saudi Arabia.

GULF MEDICAL PROJECTS-

Gulf Medical Projects saw its net income fall 29.1% y-o-y to AED 11 mn in 3Q 2024, according to the company's financial statements (pdf). The company booked a revenue increase of 13.7% y-o-y to AED 157.8 mn.

On a 9M basis: Gulf Medical Projects saw its net income rise 22.5% y-o-y to AED 58.7 mn while the company's revenues also saw a 20% increase to AED 489 mn.

ARAMEX-

Logistics outfit Aramex’s net income rose 212.1% y-o-y to AED 27.1 mn in 3Q 2024, according to its financial statements (pdf).The company recorded AED 1.6 bn in revenues, up 18% y-o-y, buoyed by “consistent volume gains across all product lines,” with each achieving double-digit revenue growth during the quarter, according to a separate earnings release (pdf).

On a nine-month basis, Aramex saw its bottom line rise 49.8% y-o-y to AED 76.9 mn. The company’s top line also increased 11.0% during the same period to AED 4.6 bn, driven primarily by improved sales, especially in international and domestic express operations.

Looking ahead: Aramex is on track to meet its year-end targets, it said. The company is currently “reassessing certain activities” within its freight business, anticipating lower margins across the industry due to a challenging operating environment.

Walter Jopp resigns as Salama Islamic Arab Ins. CEO

Walter Jopp (LinkedIn) resigned from his position as Salama Islamic Arab Ins. Company's CEO for personal reasons, with his last working day set for 4 January 2025, according to a company statement (pdf). Jopp will continue to oversee the company's operations during this period.

The board plans to appoint a new CEO “in due course,” pending necessary regulatory approvals from the Central Bank of the UAE.

Trump’s Gulf ties remain in the spotlight amid White House win

Donald Trump’s imminent return to the Oval Office continues to lead UAE headlines in the foreign press, with the New York Times spotlighting his keenness to maintain ties with the Gulf. The UAE and other Gulf states view Trump as a reliable business ally, with Trump developing a “personal rapport" with both UAE President Sheikh Mohamed bin Zayed and Saudi Crown Prince Mohammed, as opposed to more formal relations with current US President Joe Biden and his VP Kamala Harris.

The UAE’s property boom continues with new developments from Pantheon + Al Sayyah

REAL ESTATE-

#1- Real estate developer Pantheon Development launched AED 1 bn mixed-use project One Central in Ras Al Khaimah, according to a press release. The development will encompass 450k square feet and include 312 residential apartments, an office building, and hotel apartments.

#2- Al Sayyah Group launched Butterfly Towers, a new residential development in Arjan, Dubai, with a total investment of AED 350 mn, according to a press release. With construction close to completion, the project consists of 434 residential units, as well as retail spaces.

MANUFACTURING-

Abu Dhabi National Oil Company (Adnoc) awarded AED 720 mn contracts to 11 companies for local manufacturing across its value chain, according to a statement. The state-run oil giant also inaugurated eight manufacturing facilities during Adipec, raising the total enabled by its ICV program to 16 this year and 33 since inception.

About ICV: Adnoc’s ICV program rewards companies that prioritize localizing supply chains and attracting foreign investments. It has reinjected AED 187 bn into the UAE economy since 2018 and created 14k private-sector jobs for Emiratis. It aims to contribute an additional AED 178 bn and create 13.5k jobs by 2028

FINANCE-

Wellington lands at the DIFC: Boston-based investment management firm Wellington Management has inaugurated its new office at the Dubai International Financial Center (DIFC), in an event attended by Wellington CEO Jean Heynes, and DIFC governor Essa Kazim, according to a press release. The new office received a regulatory license from the Dubai Financial Services Authority and will be led by Waleed Al-Rezooqi, who is responsible for business development and client relations in the Middle East.

About Wellington Management: Wellington Management is a global asset manager founded in Boston, US. The firm has been managing assets for Mena clients from its London office for 29 years and aims to expand its operations in the region.

ENERGY-

#1- Hodler Investments and China's GCL Group subsidiary GCL Energy Investment partnered to develop a distributed energy infrastructure project, aimed at powering next-generation compute cluster data centers for AI, blockchain, and other applications, according to a press release.

Under the MoU, the companies will co-invest in energy projects that use energy optimization and sustainable technologies. GCL Group will provide critical energy infrastructure to monetize under-utilized energy resources in Ethiopia, facilitating the establishment of global data center operations while aiming to reduce carbon emissions.

#2- State-owned Dragon Oil inked an MoU with the Egyptian Oil Ministry to use AI tech in submerged oil fields in the Suez Gulf to improve the management of mature fields in the region, Wam reports. The AI application aims to boost data analysis and streamline field operations.

Dragon Oil is looking to sign more exploration agreements with Egypt, particularly in the Suez Gulf, as it aims to expand its operations in the country, Dragon Oil’s CEO Ali Rashid Al-Jarwan said during a meeting with Egyptian General Petroleum Corporation’s chairman Salah Abdel Kerim, according to a statement from the Egyptian Oil Ministry.

REMEMBER- Dragon Oil is doubling down on Egypt’s oil, with plans to invest some USD 500 mn in Egypt this year to drill new wells and maintain oil production levels at 61k barrels per day. The Dubai-owned company also started crude oil production from the Al Wasl field in Egypt earlier this year, and said it plans to invest USD 200 mn to drill seven new wells to double production capacity.

AGRICULTURE-

State-led initiative Food Tech Valley has secured multiple partnerships with food production firms and international investors, including Badia Farms, Spinneys, Indonesian Golden Leaf Farm, and French Bakery, aimed at achieving national and international food security, developing innovative agricultural tech, and collaborating with the private sector in sustainable food production, according to a press release. The project has also signed procurement contracts to advance local food production with Fit Fresh, Reform, and Imdaad.

TOURISM-

Ajman Tourism Development Department partnered with the tourism services provider Coral Touristik GmbH and the tour operator Vtours to develop the emirate’s tourism sector, Wam reports. The signed agreements involve cooperating with foreign entities to develop promotional plans, exchange data, provide advisory services, and participate in tourism-related events.

BANKING-

Emirates Development Bank (EDB) partnered with Commercial Bank International (CBI) to launch a joint credit guarantee program, aimed at improving financial inclusion for small and medium-sized enterprises in the UAE, according to a press release. This marks CBI as the 13th commercial bank to join EDB's credit guarantee scheme, which has already facilitated over AED 1.5 bn in financing for SMEs.

Under the new program, EDB will guarantee up to 50% of the loan amount extended by CBI to eligible SMEs, reducing risk for both institutions. This will enable CBI to provide financing to a broader range of SMEs, particularly those in priority sectors identified by EDB that have faced challenges in accessing traditional financing options.

TECH-

#1- du launched Ultimate Plans in collaboration with Microsoft, a suite of digital solutions aimed at small and medium-sized enterprises (SMEs), according to a press release. Through this collaboration with Microsoft, du integrates cloud storage and collaboration tools into its offerings, ensuring that SMEs have access to tailored resources.

#2- Abu Dhabi’s Statistics Center has released its Data for Good (D4G) framework, to drive public-private partnerships, according to a statement. Developed in collaboration with local and global experts, the framework focuses on securely sharing real-time data to improve decision-making and sustainable economic growth.

D4G? Launched last year, the D4G initiative brings together over 60 public and private sector partners to collaborate on secure data collection to use the data for addressing socio-economic challenges and supporting the economy.

DEFENSE-

#1- Edge’s engineering arm EPI partnered with Airbus Defence and Space to produce C295 cargo compartment removable tanks (CCRT) over the next five years, according to a press release. The agreement also involves the integration of 300 fabricated parts, 16k fasteners, center of gravity testing, and leak testing. The CCRT tank’s functions include ground refueling operations, extended-range missions, and air-to-air refueling.

#2- Navy to get French mine clearance system: The UAE Navy awarded a contract to French robotics systems manufacturer Exail to supply its UMIS 3rd generation unmanned integrated mine countermeasures system, providing advanced remote mine clearance capabilities, according to a statement from Exail.

SUSTAINABILITY-

Mubadala Energy inked an MoU with Sarawak Forestry Corporation (SFC) to collaborate on a mangrove rewilding pilot project in Sarawak’s Kuching Wetland National Park, Dayak Daily reports. The agreement focuses on forest conservation and promotes knowledge exchange between energy producers to protect forests and habitats in Sarawak, particularly wildlife.

CAPITAL MARKETS-

The DFM saw three major transactions totaling AED 38.6 mn involving 35 mn of Al Ansari Financial Services and Ajman Bank’s shares, Wam reports. The trades included a single trade of 29.1 mn Al Ansari shares worth AED 28.5 mn, and two trades of 5.9 mn Ajman Bank shares valued at AED 10.2 mn.

Fed trims rate cuts by a further 25 bps as central bankers brace for an uncertain time for monetary policy

The US Federal Reserve cut interest rates for the second time, this time by 25 bps, bringing it to 4.5%-4.75%, it said in a press release yesterday. The decision comes just a day after Donald Trump was voted president, with many investors now expecting a less certain path for monetary easing due to an anticipated rise in inflation when Trump begins to implement US tariffs and extend tax cuts.

The path ahead is uncertain, Powell says: Powell said he does not expect any “near-term” impact from the elections on monetary policy — but further down the line, nothing is set in stone. “We don’t know what the timing and substance of any policy changes will be,” Powell said. “We therefore don’t know what the effects on the economy would be, specifically whether and to what extent those policies would matter for the achievement of our goal variables: maximum employment and price stability.”

Powell left the door open for a potential policy pause during a press conference, refusing to rule anything out — though he committed to further rate cuts in the future, Reuters reports. The next meeting will take place on 17-18 December.

Market reax: The S&P 500 and Nasdaq both notched record highs, extending a rally that began in the wake of Trump’s reelection.

MARKETS THIS MORNING-

Asian markets are also rallying following the news, as investors brace for new stimulus measures in China during the final day of the National People Congress. Over on Wall Street, futures indicate another strong open as stocks extend their rally.

ADX	9,466	+0.44% (YTD: -1.2%)
DFM	4,644	+0.6% (YTD: +14.4%)
Nasdaq Dubai UAE20	3,866	+0.1% (YTD: +0.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.6% o/n	4.3% 1 yr
TASI	12,131	+0.3% (YTD: +1.4%)
EGX30	31,268	+0.7% (YTD: 25.6%)
S&P 500	5,973	+0.7% (YTD: +25.2%)
FTSE 100	8,141	-0.3% (YTD: 5.3%)
Euro Stoxx 50	4,852	+1.1% (YTD: +7.3%)
Brent crude	USD 75.38	-0.3%
Natural gas (Nymex)	USD 2.7	+0.3%
Gold	USD 2,709.1	+0.1%
BTC	USD 75,932.4	+0.2% (YTD: +79.7%)

THE CLOSING BELL-

The ADX rose 0.4% yesterday on turnover of AED 1.7 bn. The index is down 1.2% YTD.

In the green: Invictus Investment (+4.4%), Abu Dhabi Holding (+3.8%) and Agility Global (+2.3%).

In the red: Abu Dhabi National Takaful Company (-9.9%), AL Khaleej Investment (-7.6%) and Aram Group (-5.8%).

Over on the DFM, the index rose 0.6% on turnover of AED 452.9 mn. Meanwhile, Nasdaq Dubai closed up 0.6%.

More cooperation with Ethiopia and Canada

Economy Minister Abdullah bin Touq Al Marri met with Canadian Jobs, Economy, and Trade Minister Matt Jones to discuss cooperation in new and circular economy, investment, entrepreneurship, and clean energy sectors, as well as tourism, aviation, infrastructure and transport, food security, and healthcare, Wam reports.

The discussion included plans to facilitate import and export processes, provide incentives for businesses in both countries, and explore economic diversification initiatives. Both ministers also nodded to the potential for growth in tourism and aviation.

State Foreign Affairs Minister Sheikh Shakhboot bin Nahyan Al Nahyan met with Ethiopia's Foreign Affairs Minister Gedion Timotheos, according to an X post. The officials discussed methods to strengthen bilateral cooperation between Ethiopia and the UAE and exchanged perspectives on regional peace and stability issues.

CALENDAR

NOVEMBER

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

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

6-10 November (Wednesday-Sunday): Al Yasat Festival, Al Dhafra, 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.

11-13 November (Monday-Wednesday): IAOM MEA Conference & Expo, Dubai World Trade Center.

11-15 November (Monday- Friday): Dubai Arbitration Week, Waldorf Astoria, Dubai International Financial Center.

12-14 November (Tuesday-Thursday): The Global Educational Supplies and Solutions, Dubai World Trade Center.

13 November (Wednesday): Registration deadline for Dubai Chamber of Digital Economy’s App Olympics.

13-14 November (Wednesday-Thursday): Lease Conference Dubai 2024, Jumeirah Creekside Hotel, Dubai.

14 November (Thursday): LuLu Group’s shares to commence trading on ADX.

15 November (Friday): Tax amendments that exempt crypto and investments through fund managers from VAT to take effect.

16-17 November (Saturday-Sunday): Gladiator Summit, Dubai World Trade Center, Dubai.

18-19 November (Monday-Tuesday): Dubai Precious Metals Conference, JAFZA One Convention Center, Dubai

18-19 November (Monday-Tuesday): Apex Invest Abu Dhabi, The Hilton, Abu Dhabi.

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

18-20 November (Monday-Wednesday): Middle East Organic and Natural Products Expo, Dubai World Trade Center.

18-20 November (Monday-Wednesday): The International Conference of ShenZhen Association, Dubai World Trade Center.

19-20 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

19-21 November (Tuesday-Thursday): Dubai Future Solutions – Prototypes for Humanity, Emirates Towers, Dubai.

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.

23-24 November (Saturday-Sunday): Forbes Middle East Medical Tourism & Wellness Summit, Jumeirah Beach Hotel, Dubai.

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

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

26-27 November (Tuesday-Wednesday): Open Source AI Summit, The St. Regis Saadiyat Island Resort, Abu Dhabi.

26-28 November (Tuesday-Thursday): Liveable Cities X, Dubai World Trade Center.

26-28 November (Tuesday-Thursday): Future FM, Dubai World Trade Center.

26-28 November (Tuesday-Thursday): Geo World, Dubai World Trade Center.

26-28 November (Tuesday-Thursday) Global Media Congress 2024, Abu Dhabi National Exhibition Centre (ADNEC).

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

27 November: Acceptance period for Adnoc’s Covestro takeover bid ends.

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.

DECEMBER

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

4-5 December (Wednesday-Thursday): Sport Impact Summit, The Palm, Dubai.

4-6 December (Wednesday-Friday): Abu Dhabi Business Week, Adnec Center, Abu Dhabi.

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

5 December (Thursday): Khalifa Fund Entrepreneurship Competition, Adnec center, Abu Dhabi.

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

13 December - 4 January (Friday-Saturday): Liwa International Festival, Al Dhafra, 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.

10-11 December (Tuesday-Wednesday): Global Trade and Infrastructure at Logimotion, Dubai World Trade Center.

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.

19-24 January (Sunday-Friday): Coling 2025, Abu Dhabi.

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.

3-6 February (Monday-Thursday): Medlab Middle East, Dubai World Trade Center.

16 February-1 March: Dubai Dutyfree Tennis Championships, Dubai Dutyfree 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.

7-10 April 2025 (Monday-Thursday) : EFG Hermes One on One conference, 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 Center

14-16 April (Monday-Wednesday): IPS congress, Dubai World Trade Center.

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 Center

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.

19-22 May (Monday-Thursday): Make it in the Emirates Forum 2025, Adnec, Abu Dhabi.

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

SEPTEMBER 2025

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, 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

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