Non-oil activity picks up + Investors love UAE debt right now

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WHAT WE’RE TRACKING TODAY

THIS MORNING: AIQ mulls IPO + Dubai home prices to rise this year

Good morning, friends — it’s almost Friday. Today we have August’s PMI data for you, with non-oil private sector activity gaining steam after a drop in July.

PLUS: Lots of debt and M&A news, continuing the big theme of the week. We have the rundown on all of this and more, below and in the news well.

WATCH THIS SPACE-

#1- AIQ has South America expansion on the table: AIQ, an AI solutions provider for energy companies, is eyeing South America, Malaysia, Azerbaijan, and Kazakhstan, the company’s CEO Chris Cooper told CNBC Arabia in an interview. He added that the company’s new shareholder Presight mull taking it public.

Is an IPO in the cards? There’s a chance that majority owner Presight AI could look to offer a stake in AIQ in a future offering, Cooper said, stopping short of offering details.

Bragging rights: Cooper noted national oil giant Adnoc realized USD 500 mn in cost savings last year using AI.

Background: ADX-listed data analytics firm Presight AI completed its acquisition of a 51%stake in AIQ, a then joint venture between Adnoc and G42, in a USD 350 mn transaction earlier in June. The transaction saw Adnoc reduce its share to 49% from 60%, while G42 offloaded its entire stake.

#2- Home prices in Dubai and other tight housing markets are expected to rise this year and the next. The argument: That declining mortgage rates could modestly boost demand by making homes more affordable to some, according to a Reuters survey of analysts. Rental prices could also increase due to tight supply resulting from the lack of affordable housing, the survey showed.

BACKGROUND- The US Federal Reserve is widely expected to cut interest rates later when it meets later this month, and Canada’s central bank cut rates yesterday for the third meeting in row. The ECB is expected to cut rates again this month, and the Bank of England cut rates last month for the first time since 2020.

#3- Sharjah Ruler Sheikh Sultan bin Muhammad Al Qasimi approved the design and location of a new Sports City in the emirate, state news agency Wam reported. The city will feature four sports complexes for team and individual sports and will be connected to four main roads, including Al Madam, Al Badayer, Mahafiz and Al Bataeh.

#4- World’s second-tallest tower to reach 725 meters in Dubai: Azizi Developments says that its upcoming skyscraper on Sheikh Zayed Road in Dubai will be the second-tallest building in the world at 725 meters high, the developer told Al Bayan. Currently under construction, the tower will trail only the 828-m Burj Khalifa.

REMEMBER- Azizi Developments broke ground on the USD 1.5 bn tower in January. Slated to be completed in four years, the project includes a vertical mall, luxury residences, a seven-star hotel, and restaurants.

HAPPENING TODAY-

Among the many things you can do today:

It’s the final day of the 2024 International Government Communication Forum at the Expo Centre Sharjah;
Telecom operator du’s Envision takes place today at Atlantis the Royal, Dubai;
And it’s the deadline to apply for both the Access Sharjah Challenge and the Dubai Future Academy’s FEEL: A Disruptive Futures Program.

THE BIG STORY ABROAD-

With no one story dominating headlines in the business press this morning, we bring you a smattering of news at the intersection of business and US politics, alongside a heads-up on OPEC’s latest output hike deliberations.

White House may axe Nippon Steel’s acquisition of US Steel, with Joe Biden reportedly close to blocking the Japanese company’s USD 14.9 bn bid in light of “national security concerns” — a concern that many Washington insiders and experts in the field have privately ridiculed. Election year politics are truly glorious.

The timing of the news is far from coincidental, with the move — which Trump and Harris also say they support — understood to be a pivot to unionized workers in the swing state of Pennsylvania concerned about the takeover ahead of the November election.

For Trump, it’s not only his poll numbers that are slipping: Shares in the Republican nominee’s Trump Media & Technology Group took a tumble yesterday, wiping all the company’s gains since January. Under a lock-up agreement, Trump is unable to sell his shares until the end of this month and has had to sit tight as his majority stake in the company lose more than half its value since March.

ON WALL STREET– Nvidia’s terrible Tuesday may not have been as bad as we told, as the AI chip goliath rejected a Bloomberg report saying that it had been subpoenaed in an antitrust probe being carried out by the US Department of Justice.

IN THE OIL MARKETS- OPEC+ is considering delaying a planned 180k bpd output hike in October after prices fell to their lowest level in a year.

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CIRCLE YOUR CALENDAR-

The PPP MENA Forum will take place on 10-11 September at the Jumeirah Emirates Towers in Dubai. Sponsored by the Abu Dhabi Investment Office, the two-day event will bring together senior policymakers, investors, and business executives from the UAE, Saudi Arabia, Kuwait, and Oman to discuss the latest financial and regulatory developments in PPP frameworks and explore means to advance PPP initiatives in the region.

The inaugural Dubai AI & Web3 Festival will be held on 11-12 September at Madinat Jumeirah. The Dubai International Financial Centre event will host over 100 exhibitors and will welcome some 5k tech industry experts and entrepreneurs to explore and discuss investment, collaboration and innovation in the tech sector.

DMCC + Bybit kick off Web3 hackathon: The Dubai Multi Commodities Center (DMCC) and global crypto exchange Bybit have launched their second joint hackathon, offering a USD 100k purse for most innovative Web3 businesses, according to a statement. The event takes place on 20 November at DMCC’s Uptown Tower and will focus on AI, gaming, and information security. Want to participate? Pitch your idea here.

Abu Dhabi Finance Weekwill be held from 9-12 December 2024. The event, hosted by the Abu Dhabi Global Market, will include 50 events and sub-events that will explore the emirate’s financial, human, cultural, environmental and technological facets.

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

August sees non-oil business activity pick up in the UAE as companies booked new orders

Non-oil business activity in the UAE regained momentum in August after slipping to a near three-year low the month before, according to S&P Global’s purchasing managers’ index (pdf). The index inched up to 54.2 last month, from 53.7 in July, signaling “solid improvement in the health of the non-oil private sector,” although it came in as the second-softest uptick in over a year and a half.

Business activity was on the up as non-oil firms logged a surge in new orders midway through 3Q. Foreign clients were the big source of new business, with export orders seeing their sharpest increase since October 2023, pushing overall new business growth to a five-month peak. Growth was also supported by improved domestic conditions, which boosted business and consumer spending alongside ongoing project work.

We still have a long way to go: Despite the rebound, business growth was among the weakest it has been in the past three years.

Challenges persisted: While companies kicked up their output to meet the uptick in demand, the impact of this year’s flood and supply chain issues strained operations and slowed down firms’ ability to process new orders in August. Work backlogs hit record levels, “although the rate of accumulation was the softest since January,” the report says.

Supply chains showed some signs of recovery, with vendor delivery times improving as suppliers were “better able to reset their schedules”; stockpiling of inputs resumed modestly. The hiring rate was the softest in seven months — some cut staff to cope with rising costs, but others added to their teams amid rising demand.

Input prices continued to climb: August saw another spike in raw materials, transport, IT equipment, and maintenance costs, while wage costs rose at the fastest pace since May. Still, businesses benefited from cooling purchase price inflation. Businesses raised prices for the fourth month running, though at a slower rate.

Looking ahead: “Projections for business activity strengthened in August … with firms largely positive that domestic economic conditions will improve,” S&P Global said, adding that “companies also suggested that strong sales pipelines would shore up output over the coming months.”

MEANWHILE- Operating conditions in Dubai’s non-oil sector improved at a faster pace, driven by a quicker increase in new business inflows and as stockpiling picked up after the first drop-off in two years. Still, business growth sat at its lowest level since September 2021.

Dubai also saw input costs rise — but at a slower pace — with average selling charges increasing for the fourth month in a row, marking the sharpest rise since April 2021.

Egypt is back in expansion territory

Egypt’s business community snapped its losing streak. Non-oil private sector activity there expanded in August for the first time in over three years, S&P Egypt PMI shows. The report pointed to more stable demand conditions thanks to “market recovery amid improved macro-economic factors and rising export business” as an important reason behind activity finally increasing.

It’s been a long time coming: The index rose to 50.4 in August, up from 49.7 in July. The country’s non-oil private sector has been in contraction since November 2020, but has been flirting with the 50.0 mark that separates growth from contraction since May thanks to cooling inflation and growing confidence.

Saudi Arabia business activity picked up, breaking five-month trend

Saudi Arabia’s non-oil private sector activity grew at a faster pace in August, with the headline PMI figure recording a slight increase to 54.8 in August, up from 54.4 in July, reversing a five-month downward trend, Riyad Bank Saudi Arabia’s Purchasing Managers’ Index shows. Despite the month-on-month growth, the index is below the 56.9 long-run average.

As appetite for UAE debt rises, UAE national oil company Adnoc makes USD 4 bn bond market debut and Rakbank locks in good pricing

Strong investor appetite for a stream of UAE issuances continues, with both Adnoc and Rakbank locking in good pricing as investors seek that perfect mix of yield and safety ahead of what some worry could be a pickup in turbulence this fall.

UP FIRST- Adnoc is set to raise USD 4 bn from the sale of its three-tranche bonds, Reuters reports, citing IFR. The USD-denominated bonds were issued by Adnoc’s debt issuing arm, Adnoc Murban, under its global medium term note program and are set to be listed on the London Stock Exchange, according to IFR.

The details: The USD 1 bn five-year bonds were priced at about 70 basis points (bps) above US Treasuries with the same tenor, the USD 1.5 bn 10-year tranche at 85 bps above, and the 30-year tranche at 115 bps.

That’s a good pricing for Adnoc, which had initially guided on pricing at 105 bps above treasuries for the five-year notes, 115 bps over for 10-year bonds, and 145 bps for the 30-year tranche.

IN CONTEXT- Plenty of companies around the world are tapping the bond market rightnow to lock in finance amid fears that risk premiums could rise if there’s more turbulence in global markets (or worries about economic downturns). Investor appetite is also strong right now,, as buyers look to lock-in returns before the US Federal Reserve kicks in with interest rate cuts, translating into lower yields.

BACKGROUND- Adnoc said in revealed in 2022 that Adnoc Murban, the special-purpose vehicle it set up for the debt program, was set to become Adnoc’s primary debt issuer in the bond market in 2024. Assigning it an AA rating, Fitch expects Adnoc Murban to raise up to USD 10 bn in debt,

ADVISORS- JPMorgan and Morgan Stanley are acting as global coordinators. BofA Securities, Citi and FAB are active bookrunners while our friends at HSBC are passive bookrunners alongside ADCB, Mizuho, and SMBC Nikko. Adnoc was revealed earlier this week to have hired the banks to advise on the benchmark-sized issuance.

Rakbank raises USD 250 mn in Tier 2 bond sale

The National Bank of Ras Al Khaimah (Rakbank) raised USD 250 mn from the sale of Tier 2 security bonds yesterday, according to a press release. The issuance carries a maturity of 10.25 years, with a 5.25-year non-call period. The bank kicked off investor meetings for the debt sale last Friday.

Investor appetite was solid: The issuance was 4x oversubscribed, receiving USD 1 bn in orders, allowing Rakbank to price the issuance at a spread of 42.5 basis points over US Treasuries.

Tier 2? Tier 2 capital forms a part of a bank’s capital reserves. Unlike core capital listed as tier 1 (such as reserves and equity capital), tier 2 is composed of assets considered more unreliable or risky due to being more illiquid or being harder to quantify.

SOUND SMART- A non-what? A non-call period is the length of time Rakbank promises not to “call” the bond — to exercise its option to buy back the bond at a predetermined price before the issuance reaches maturity.

Why does that matter? It gives investors confidence that they’ll book the coupon payments from the bonds they buy for at least the duration of the non-call period, even if interest rates decline.

ADVISORS- Our friends at Mashreq, along with Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait, Bank ABC, Citigroup, Doha Bank, Emirates NBD, First Abu Dhabi Bank, Kamco Invest, QNB Capital, and Standard Chartered were tapped to manage the issuance.

UAE debt issuances are standing out globally

The UAE is emerging as a standout among higher-rated emerging market borrowers as a global risk-off, worries about US growth, and lower US yields push investors to look at safer EM assets in search of returns, Bloomberg suggests.

UAE were the best performers in a basket of AA-rated bonds in the Bloomberg EM Sovereign Total Return Index. Federal and emirate-level bonds were the best performers in the index for the fourth month in a row, the longest streak since 2021. “The bonds have handed investors an 8.1% return since the end of April, beating 55 of their 70 peers in the emerging-market gauge including many high-yield names,” the business information service writes.

What’s the appeal? “Investors like the combination of twin surpluses, FX reserve accumulation, lack of political noise and a supportive local bid,” fixed-income portfolio manager at Arqaam Capital, Fady Gendy, told Bloomberg.

UAE debt’s rarity also adds to their allure, with the federal government issuing its fourth-ever eurobond in June, Abu Dhabi debuting a USD 5 bn debt issuance in April, and no further bond expected this year, Gendy added.

Adnoc to snap up 35% of Exxon’s Texas hydrogen project

Abu Dhabi National Oil Company (Adnoc) is set to acquire a 35% stake in US energy giant Exxon Mobil’s low-carbon hydrogen project in Texas under a strategic partnership agreement inked between the two outfits yesterday, according to a statement.

BACKGROUND- Initially slated to be operational by 2028, the project’s launch has been pushed to 2029 due to a dispute with the Biden administration over whether the plant qualifies for tax credits under the Inflation Reduction Act, Bloomberg reports, citing Exxon President of Low Carbon Solutions Dan Ammann.

Value of the stake? While the financial terms of the acquisition have not been disclosed, Adnoc is talking up its economics. The Texas facility is set to be “among the lower-cost blue hydrogen proposals,” Michele Fiorentino, Adnoc’s executive vice president for low-carbon solutions and business development, told the business information service. The story also got ink from Reuters and the Financial Times.

About the project: Exxon plans to make a final investment decision in 2025. The Texas plant is expected to be the largest of its kind in the world with a daily production capacity of 1 bn cubic feet of hydrogen and over 1 mn tons of ammonia.

Adnoc’s strategy: The Emirati oil giant is looking to expand its blue hydrogen portfolio in the “cost competitive regions to do so,” namely the Gulf and the US, Fiorentino said. The project will supply hydrogen for local refineries and users, while ammonia will be exported.

Exxon is already lining up offtake agreements and construction partners: Japan’s biggest power producer, Jera, inked a non-binding agreement in March to purchase 500k tons of low-carbon ammonia annually from the plant. France’s Air Liquide agreed to build and operate four large modular air separation units to supply some 9k metric tons of oxygen and 6.5k metric tons of nitrogen to the facility.

REFRESHER- This is Adnoc’s second US acquisition, after the energy giant acquired an 11.7% stake in the first phase of sustainable liquefied natural gas producer NextDecade’s USD 18 bn Rio Grande LNG export facility in Texas in May.

IN CONTEXT- Adnoc has pushing into the US market for some time now. It’s reportedly looking to set up a trading desk in the States as part of its global expansion plans. The oil giant is also mulling a the acquisition of a stake in AmeriGas, the propane distribution unit of US utility holding company UGI Corp, through its subsidiary Adnoc Distribution, as part of plans to diversify away from oil.

TAQA completes AED 1.7 bn acquisition of SWS Holding

TAQA wraps up AED 1.7 bn acquisition of SWS Holding: Abu Dhabi National Energy Company (TAQA) finalized its AED 1.7 bn acquisition of Sustainable Water Solutions Holding Company (SWS Holding), according to a press release (pdf ).

The acquisition integrates Abu Dhabi Sustainable Water Solutions Company (Adsws), a subsidiary of SWS Holding, into TAQA’s portfolio, adding to its portfolio of wastewater collection, treatment, and recycled water production in Abu Dhabi. ADSWS, established in 2005, is the only company licensed for wastewater collection, treatment, and recycled water production in Abu Dhabi.

The pitch: TAQA says the acquisition will boost its long-term earnings and add predictable cashflows while strengthening its asset base.

BACKGROUND- SWS Holding, along with Japan’s Marubeni Corporation, and France-based utility company Suez, inked a joint development agreement with Uzbekistan, earlier this month, to build a USD 1 BN wastewater treatment plant in Tashkent, aimed at treating 1.5 mn cubic meters of water treatment daily.

UAE, Jordan ink USD 2.3 bn railway project

The UAE and Jordan have signed four agreements to build a USD 2.3 bn railway, connecting Jordan’s port of Aqaba with Al-Shidiya and Ghor es-Safi mining regions, according to a statement picked up by the state-run Jordan News Agency. The project is part of a broader USD 5.5 bn investment package inked in late 2023 by President Sheikh Mohammed bin Zayed Al Nahyan and Jordan’s King Abdullah II. The story also got ink in Reuters.

What’s next? Studies for construction, railway routes, and handling requirements for potash and phosphate are scheduled to be completed by the end of 2025, with construction tenders for the railway to be issued by early 2026.

BACKGROUND- The railway is set to be operational by 2030, featuring two main routes: one extending to Al-Shidiya and another to Ghor es-Safi, passing through Wadi Araba. The new railway is set to facilitate the transport of a total of 16 mn tons of phosphate and potash products, connecting the mining areas with the port.

Sewa inks USD 680 mn water purchase and development contract with Saudi’s Acwa Power

Acwa Power to build independent water project in Sharjah: Saudi-listed private water desalination company Acwa Power inked an agreement with Sharjah Electricity, Water and Gas Authority (Sewa) to develop Sharjah’s first independent water project in Hamriyah, according to a disclosure to Tadawul.

By the numbers: The USD 680 mn project will use seawater reverse osmosis technology to produce 410k cubic m per day of desalinated water by 2Q 2028 — enough for as many as 1.4 mn people.

The 30-year contract signed between SEWA and Hamriyah Developer Holding (45% owned by Acwa) will cover the design, finance, operation, and maintenance of the plant.

OTHER INFRASTRUCTURE NEWS-

Etihad Water and Electricity inaugurated four new power and water facilities across three emirates with a total cost of AED 442 mn, Wam reported. The facilities include:

AED 137 mn substation in Ajman’s Al Hamdiya;
AED 61 mn substation in Mohamed Bin Zayed;
AED 122 mn main station in Fujairah’s Al-Nujaymat;
AED 122 mn water pumping station in Ras Al Khaimah’s Al Ghail.

JLL appoints Taimur Khan as head of research for Middle East and Africa

Real estate and investment management firm JLL has appointed Taimur Khan (LinkedIn) as new head of research for the Middle East and Africa, according to a press release. Khan most recently served as head of research at CBRE and held multiple roles at Knight Frank MENA prior to that.

Gold picked up yesterday after US job opening data disappointed

Gold prices bounced back yesterday, lifted by a weaker USD and expectations that weak US job-opening data could signal the economy is cooling — and that the Fed might consider going to a rate cut of more than a quarter point this month, Reuters reports. The report showed job openings in July were at their lowest level in 3.5 years.

REMEMBER- All eyes are on tomorrow’s US jobs report for insights into the US economy and the Fed’s next moves after Fed boss Jay Powell’s emphasized the risks of a weaker labor market. A soft August labor figure could stoke fears of a sharper economic slowdown and tip the scales towards a 50 bps rate cut.

Gold could see a short-term dip on the back of the elevated positioning, Suki Cooper, an analyst at Standard Chartered told Bloomberg, noting that gold prices are higher than in any previous rate-cutting cycle. However, Cooper sees gold prices reaching USD 2.7k per ounce by 2025.

THE MARKETS THIS MORNING-

Asian markets are thoroughly mixed in early trading this morning, with the Nikkei and Hang Seng down slightly, the Kospi leading the gainers (+1.1%), the ASX 200 up nearly 0.4%, and Shanghai flat.

Futures point to European equities dipping at the opening bell, while Wall Street and Bay Street are on course to open mostly flat.

ADX	9,367	-0.1% (YTD: -2.2%)
DFM	4,365	-0.1% (YTD: +7.5%)
Nasdaq Dubai UAE20	3,820	-0.3% (YTD: -0.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.0% o/n	4.4% 1 yr
TASI	12,128	-0.4% (YTD: +1.3%)
EGX30	30,998	-0.1% (YTD: 24.5%)
S&P 500	5,520	-0.2% (YTD: +15.7%)
FTSE 100	8,270	-0.4% (YTD: +6.9%)
Euro Stoxx 50	4,848	-1.3% (YTD: +7.2%)
Brent crude	USD 72.94	+0.3%
Natural gas (Nymex)	USD 2.14	-0.4%
Gold	USD 2,525.10	0.0%
BTC	USD 58,023.40	-0.3% (YTD: +37.2%)

THE CLOSING BELL-

The ADX fell 0.1% yesterday on turnover of AED 1 bn. The index is down 2.2% YTD.

In the green: Abu Dhabi National Company for Building Materials (+15.0%), Al Khaleej Investment (+15.0%) and Takaful (+14.9%).

In the red: Gulf Medical Projects (-10.0%), Union Ins. Company (-6.4%) and NMDC Group (-4.7%).

Over on the DFM, the index also fell 0.1% on turnover of AED 329.5 mn. Meanwhile Nasdaq Dubai closed down 0.3%.

CALENDAR

SEPTEMBER

31 August-8 September (Saturday-Sunday): Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX), Adnec Centre, Abu Dhabi.

4-5 September (Wednesday-Thursday): 2024 International Government Communication Forum, Expo Centre Sharjah, Sharjah.

5 September (Thursday): du’s Envision, Atlantis the Royal, Dubai.

5 September (Thursday): Deadline to apply for the Access Sharjah Challenge.

5 September (Thursday): Deadline to apply for Dubai Future Academy’s FEEL: A Disruptive Futures Program.

7-8 September (Saturday-Sunday): Binous Classic Bodybuilding Championship, DWTC, Dubai.

7-13 September (Saturday-Friday): Makers’ Month, Al Quoz Creative District, Dubai.

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

9-12 September (Monday-Thursday): The annual EFG Hermes London Conference.

10-11 September (Tuesday-Wednesday): MENA PPP forum, Jumeirah Emirates Towers, Dubai.

11-12 September (Wednesday-Thursday): Dubai AI & Web3 Festival, Madinat Jumeirah, Dubai.

11-12 September (Wednesday-Thursday): Gitex Digi_Health 5.0 conference, Singapore.

16 September (Monday): HKMA–DFSA Climate Finance Conference, Hong Kong.

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

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

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

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

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

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

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

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

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

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

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

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

OCTOBER

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

NOVEMBER

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

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

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

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

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

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

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

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

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

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

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

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

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

27-28 November (Wednesday-Thursday): RAK Energy Summit, Al Hamra International Exhibition and Conference Centre, Ras Al Khaimah.

Signposted to happen ahead of ADIPEC:

Changemakers Majlis, Abu Dhabi.

DECEMBER

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

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

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

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

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

10-12 December (Tuesday-Thursday): Middle East Investor Relations Association (MEIRA Conference), Conrad Abu Dhabi Etihad Towers Hotel, Abu Dhabi.

10-12 December (Tuesday-Thursday): The Middle East and North Africa Business Aviation Association Show, Al Maktoum International Airport, Dubai.

11-13 December (Wednesday-Friday): European-Arab Medical Congress, Abu Dhabi.

14-21 December (Saturday-Saturday): World Schools Festival, Abu Dhabi

Signposted to happen sometime in December:

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

JANUARY 2025

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

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

FEBRUARY 2025

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

24-25 February (Monday-Tuesday): 3rd 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.

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 Centre, Dubai.

JUNE 2025

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

OCTOBER 2025

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

Signposted to happen sometime in 2025:

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

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

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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