Non-oil trade hits record high in 2023

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WHAT WE’RE TRACKING TODAY

Emirati climate tech investors choose MENA + Africa over traditional markets for growth

Good morning, ladies and gents, and welcome to the penultimate week of the month. It’s a relatively calm Monday morning (particularly now that earnings season has taken its last breaths).

THE BIG STORY here at home is the UAE seeing record non-oil trade in 2023, buoyed by a strong 4Q and rising exports of services and non-oil goods.

^^ We have chapter and verse in this morning’s news well, below.

IN MEMORIAM- Former Dubai Chamber of Commerce President Hassan Mohammed Bin Al Shaikh has passed away, Gulf News reports. Al Shaikh chaired the chamber from 1997-2000 and was the second vice chairman from 1983-1997. He founded the Hassan Bin Al Shaikh Group of Industries in 1959, which expanded into sectors including paper, plastic, and real estate.

Several officials, business figures, and individuals have offered their condolences: Vice President and Dubai Ruler Sheikh Mohammed bin Rashid offered condolences, praising Bin Al Shaikh's dedication and pioneering role in industry and commerce in a statement. Diplomatic advisor to the president Anwar Garash also offered his condolences on X.

HAPPENING TODAY-

#1- Global champs are here for the Dubai Dutyfreee Championships: World No.1 Iga Swatiek, former World No. 1 Tennis champion Naomi Osaka, and two-time Australian Open champion Aryna Sabalenka will compete in the Dubai Dutyfree Tennis Championships, which kicked off yesterday, Khaleej Times reports. The World Tennis Association tour event will run until 2 March. You can buy tickets for both the women’s WTA tournament and the men’s ATP here.

#2- UAE Innovates 2024 resumes in Sharjah, Fujairah and Ras Al Khaimah, before its final stop in Dubai this Thursday, reports state news agency Wam.

#3- The world's largest F&B event, Gulfood 2024, returns to Dubai World Trade Centretoday. The event, which runs until this Friday, will bring together suppliers, distributors, and chefs, to discuss the future of F&B.

#4-Let Web3 Happen in Dubai is taking place at the Bybit HQ today at the Dubai World Trade Center. The event focuses on the concept of SocialFi, bringing together the ideas of social media, and decentralized finance.

HAPPENING THIS WEEK-

#1-The International Dialogue of Civilizations and Tolerance Conference will take placetomorrowand Wednesday at the Abu Dhabi National Exhibition Centre.

#2-Dubai’s Ramadan Souq kicked off on Saturday and will run until9 March at Old Municipality Street in Bur Deira, Dubai Media Office said in a statement. The annual market offers Ramadan items and gadgets at competitive prices, alongside live entertainment. It opens everyday from 10am to 10pm.

#3-It’s that time of year: Dubai’s Dar Al Ber Society has kicked off its Ramadan campaign,which intends to raise AED 160 mn for fasting individuals both inside and outside of the Emirates, reports state news agency Wam. The campaign — comprising 16 charitable projects — will run through the end of Ramadan and Eid Al Fitr.

#4- The International Freight Forwarders Conference 2024 gets underway this Thursdayand wraps next Sunday, 24 February. The logistics event brings global freight forwarders to the Hyatt Hotel in Dubai.

#5- Taste of Dubai opens its doors this Friday. The four-day food festival will bring together 16 of the emirates' best restaurants at Dubai Marina’s Skydive Dubai.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- We now have an emergency and crisis management platform: The National Emergency Crisis and Disasters Management Authority launched a risk management platform, Makhatar, to manage incident reports, state news agency Wam reports.

… and a crisis management training platform: The authority also launched Tamkeen to engage in training on crisis and disaster management, the news agency added.

ALSO-Rabdan Academy to provide crisis management training: State-owned training agency Rabdan Academy is cooperating with the National Emergency Crisis and Disaster Management Authority on training programs in the fields of emergency and crisis management, Wam reports.

#2- Sharjah City for Humanitarian Services (SCHS) is getting a new home, with the hub set to move to new headquarters on Sheikh Mohamed bin Zayed Road amid rising demand for services in the emirate, The National reports. Construction of the new headquarters, which cost some AED 500 mn, is set to be complete within weeks after beginning in November 2019. The move comes as part of a plan to expand services and respond to increased registrations, particularly among individuals with autism. SCHS operates more than 10 schools, centers, nurseries, and departments. Financial support is provided to families facing challenges, with a focus on inclusivity and accessibility.

#3- Stop idling at traffic lights: The city of Ajman is calling on drivers to switch off their vehicles at timed traffic signals throughout the city, Khaleej Times reports.

#4-Trucks weighing over 65 tonnes are getting a reprieve from facing an AED 15k fine if they operate on federal roads, as cabinet decided to push back the implementation of the amended federal law on heavy vehicles, Wam reports. The Energy and Infrastructure Ministry will re-examine the decision’s rationale, Wam says, without providing further details on how long the law’s entry into force could be postponed.

REFRESHER- Following a four-month grace period, the decision banning trucks weighing over 65 tonnes from operating on federal roads was due to come into force on 1 February. All heavy vehicles operating on the roads fall under the law’s purview, with only security, military, police, and civil defense vehicles exempt.

WATCH THIS SPACE-

#1- We might find out who was awarded a stake in Egyptian fuel retailer Wataniya this week, Al Masry Al Youm reported on Wednesday, citing what it said are senior government sources. There are three final offers on the table for a 30% stake in the company.

REMEMBER- Taqa Arabia is the only firm to have publicly declared interest in the filling station operator, which has been on the market for the last four years, but Abu Dhabi National Oil Company (Adnoc), Shell, and several other companies have reportedly been lodging bids.

Has Adnoc exited stage left? Adnoc has reportedly withdrawn its bid for a stake in the fuel retailer, local Egyptian outlet Al Borsa reported earlier, citing sources it says are familiar with the agreement.

#2- Emirates Global Aluminum to launch alumina refinery in Guinea: Emirates Global Aluminum (EGA) subsidiary Guinea Alumina Company (GAC) plans to open a refinery in Guinea with an annual capacity of 1 mn tonnes, Zawya cites GAC Director-General Youssef Sylla as saying on the sidelines of a roundtable organized by the Government of Guinea in Dubai to raise funds for development projects.

#3- RTA to kick off construction of Dubai Metro blue line this year: Dubai’s Road and Transport Authority is set to break ground on the USD 4.9 bn Dubai Metro Blue Line in 2024, the authority said in a statement. The authority brought the kick-off date forward by a year, with the previously revealed plan to commence construction in 2025. The authority issued tender documents for consortiums bidding for the contract to design and develop the line in January.

Refresher: The 30-km-long metro line will see 28 trains serve 14 elevated and underground stations as part of Dubai’s 20-minute city urban policy plan. The line will be integrated with the Red and Green lines, linking between Dubai International Airport and nine areas situated along its route to accommodate some 320k passengers daily in Dubai Creek Harbour, Dubai Festival City, International City, and more.

#4- Buna to begin integrating international payment systems by the end of the year: The Arab Monetary Fund’s cross-payment system, Buna, is expected to begin linking African, Chinese, Indian, Pakistani and Latin American payment systems by 4Q 2024, Buna CEO Mehdi Manaa told Albayan. The progress of linking their systems will depend on the readiness of each country’s payment systems, Manaa said.

ICYMI- The Finance Ministry launched Buna last week during the World Governments Summit, where it also agreed to link its instant payment platform AANI with India’s UPI. The platform is set to expand its clearing and settlement services by adding currencies from Asia, Africa, and Europe over the next two years, including the INR, the PKR, and the CNY.

DATA POINTS-

#1-Abu Dhabi Judicial Department’s Auction App facilitated over AED 3.4 bn in sales since launching in June 2022,reports Wam. The app — which offers remote bidding options for UAE-based assets — has so far seen 333 properties sold, in addition to over 1k vehicles worth some AED 78.3 mn, jewelry worth AED 232k, and nearly 2k movable properties totaling AED 129.4 mn.

#2- Emirati climate tech angel investors prefer African and MENA markets for growth over traditional ones,according to a report by Abu-Dhabi based startup accelerator startAD and VentureSouq. Some 23% of UAE investors prioritize climate investments in Africa (23%), while 19% pick the MENA region, and 15% would go for Asia over their western counterparts, the report found. This bucks the global pattern, where the majority of climate tech venture capital is directed towards the US (40%), China (22%), and Europe (20%), while MENA attracts between 1.5-3% and Africa secures 1-2%.

Investor demographics: The gender ratio of angel investors in the UAE is 57% male to 43% female, surpassing international averages such as the US, where women account for 22% of angel investors, and the UK, whose ratio of women angel investors is 14%. The average age of angel investors in the UAE (42) is also notably younger than those in the US (57.6 years) and the UK (55 years).

OIL WATCH-

Global oil demand growth is losing steam, IEA says: The International Energy Agency (IEA) slashed its 2024 projection for global oil demand growth in its latest monthly report, It sees the pace of expansion decelerating further to 1.2 mn bpd this year from 2.3 mn bpd in 2023 on the back of a decline in consumption in China. It has previously forecast a global oil demand growth of 1.24 for 2024. “The expansive post-pandemic growth phase in global oil demand has largely run its course,” it said.

And we’ll see supply grow: The IEA raised its forecasts for global oil supply in 2024, expecting it to grow by 1.7 mn bpd on the back of increased supply from non-OPEC+ countries — think shale producers in North America.

THE BIG STORY ABROAD-

It’s a mixed bag this morning in the global business press. The Financial Times leads with news that Apple has been hit with it’s first-ever fine in the European Union — a EUR 500 mn hit after an antitrust probe urged on by Spotify.

The Wall Street Journal, meanwhile, notes that a USD 355 mn “New York fraud ruling against Donald Trump stands to put a serious dent in his bank account.” The Donald is barred from being an exec at any New York company for three years and has blocked him from applying for loans from any financial institution chartered in New York state.

And Deutsche Bank is having a moment in the global business press: The Wall Street Journal has a long take out that notes Christian Sewing may have shored up the fate of the storied institution, but investors have yet to (fully) buy into his turnaround story. And everybody and her brother is taking note of the fact that Deutsche has (a) ordered managers back to work four days a week — and (b) banned the practice of working from home on Fridays and Mondays. (Fortune | Bloomberg | Still more Bloomberg | Financial News)

CIRCLE YOUR CALENDAR-

The World Trade Organization’sMinisterial Conference is scheduled from Monday, 26 February, to Thursday, 29 February, in Abu Dhabi. Trade ministers are meeting “at a difficult conjuncture” this year, with factors like regional and eastern European geopolitical tensions and upcoming election threatening to hamper negotiations for global trade agreements, Reuters cites WTO Director-General Ngozi Okonjo-Iweala as telling reporters in Geneva.

The Investopia Summit will take place from Wednesday, 28 February, to Thursday, 29 February, in Abu Dhabi. The two-day event will run under the theme “Emerging Economic Frontiers: Investing in Fast-Growing Sectors in the New Economy,” gathering investors, government officials, and entrepreneurs to explore investments in strategic markets.

The Xposure International Photography Festival will run from Wednesday, 28 February, to Tuesday, 5 March, at the Sharjah Expo Centre. The festival, organized by the Sharjah Government Media Bureau features a “Conservation Summit” on its second day, featuring environmental activist and Amazonian tribe leader, Junior Hekurari, reports Sharjah 24.

The Bassam Freiha Art Foundation will open its doors to the public on Monday, 4 March in Abu Dhabi’s Saadiyat Cultural District, according to the Abu Dhabi Media Office. The private art foundation will kick off an inaugural exhibition featuring pieces from both Western and Arab artists.

Beyond Global Trade opens its doors on Thursday, March 7 at the Edition Hotel in Dubai, according to a LinkedIn statement. The event — held in collaboration between the Economy Ministry, LexisNexis and law firm Al Tamimi — will see speakers from the UAE government, the United Nations Commission on International Trade Law, and Emirati businesses discuss trade and tech, including digital trade, e-commerce, data protection, and consumer rights.

MIT-backed family business course coming to DIFC in June:Dubai International Financial Centre (DIFC) ’s Family Wealth Centre and Massachusetts-based university MIT Sloan Executive Education will hold a three-day family business-focused higher education training program in Dubai between 24 and 26 June, according to a DIFC statement. Participants will obtain an MIT Sloan School of Management Certificate of Completion after completing the program. You can register for the course here.

Adnec Group has launched its Tanfeeth Innovation Accelerator Program, aiming to foster innovative solutions for operational challenges within the group, Wam reports. Employees from all seven clusters can participate, proposing solutions to enhance commercial performance. The closing session in March 2024, led by CEO Humaid Al Dhaheri, will feature presentations judged by executives.

Mobility startups can pitch their ideas for sustainable transportation solutions at Dubai’s Roads and Transport Authority’s Startups Challenge, held concurrently with UAE Innovates, starting February 26. You can register for the challenge by sending a nomination request here.

The MENA Transport Congress and Exhibition 2024 is set to take place from 28 February to 1 March at the Dubai World Trade Centre. Look for 2k attendees and 65 speakers, including industry leaders, researchers, and government officials to be in attendance.

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

Non-oil foreign trade reaches AED 3.5 tn in 2023

Non-oil trade hit a record AED 3.5 tn in 2023, Vice President Sheikh Mohammed bin Rashid Al Maktoum said early yesterday. Trade in goods was up 12.6% y-o-y to AED 2.6 tn, while trade in services hit AED 900 bn, Foreign Trade Minister Thani Al Zeyoudi also said. Exports of goods and services surpassed AED 1 tn for the first time, Al Zeyoudi added.

Non-oil exports rose 16.7% y-o-y to AED 441 bn during the year, contributing 17.1% to thecountry’s total foreign trade, up from 14.1% in 2019, Wam reports. imports fell 14.2% y-o-y to AED 1.4 tn, led by imports of gold, telephones, petroleum oils, cars, and diamonds.

The UAE’s services trade surplus doubled to AED 207 bn, driven by key sectors such as travel, ICT, and financial services. Re-exports also increased 6.9% y-o-y to AED 690 bn in 2023.

Non-oil foreign trade had a record 4Q: The UAE’s non-oil foreign trade hit a record AED 710 bn in 4Q 2023, up 16.3% y-o-y, the state news agency said. Non-oil exports increased 39.3% y-o-y AED 132.2 bn during the quarter, and have consistently exceeded AED 100 bn since 1Q 2023.

Trade agreements drove record growth: Non-oil foreign trade with the UAE’s 10 biggest trade partners increased 26.9% in the past year, with a 103% rise in trade with Turkey following the September implementation of the trade agreement between both countries, a 47% y-o-y increase in trade with China, and a 20% y-o-y growth with the United States, Al Maktoum said.

Looking ahead: “CEPAs are going to play a major role in our foreign trade numbers moving forward,” Al Zeyoudi told Reuters.

NON-OIL + OVERALL GDP TO CONTINUE TO GROW IN 2024-

Regional tensions are expected to have limited impact on economic growth, withthe UAE’s non-oil GDP expected to reach 4.3% in 2024, but prolonged oil production cuts could slow overall growth to 3.1%, according to the Institute of International Finance's (IIF) baseline scenario outlined in their latest report (pdf) on the global economic fallout of a Middle East regional war. The IIF also expects real GDP growth to come in at a 3.1% clip under this scenario.

Non-oil GDP outlook is in line with other analysts’ forecasts: The International Monetary Fund sees the non-oil sector maintaining its 4% growth in 2024, while Oxford Economics expects non-oil GDP to grow 3.8% in 2024. The Finance Ministry is the most optimistic, seeing non-oil GDP growing at a 4.7% clip.

Forecasts for overall GDP are much more varied: The World Bank expects to see 3.7% growth in 2024, while The Arab Monetary Fund sees the GDP growing at a 4.3% clip. S&P Global said that the economy could accelerate to more than 5%, while the Finance Ministry sees it growing 5.3% and the Central Bank of the UAE expects a higher 5.7% clip.

The overall impact on the six GCC countries is expected to be moderate, manifesting through a slight uptick in inflation, a decrease in tourism, and subdued private investment.

What the foreign trade minister has to say about Red Sea disruptions: “We think our country will not be disturbed with that… we are in a good position, and it’s about how we are resilient, and the adaptability of the system here to face the challenges facing the world and the region,” Al Zeyoudi told Reuters.

Tourism in the UAE could be impacted if regional tensions drag, according to the IIF’s 30% likelihood pessimistic scenario, which sees the UAE’s economy growing 1.5% in 2024, with non-oil real GDP growing 3.1%. While the GCC countries are unlikely to participate in future wars, their economies could potentially suffer from disruptions in oil and LNG shipments, offsetting gains from higher oil prices, the report reads. This could manifest through a wider fiscal deficit and deteriorated current account balance.

Gaming company Exverse raises USD 3 mn in investment round

Dubai-based Web3 gaming startup Exverse secured a USD 3 mn investment in a private funding round, according to a press release.The round was led by blockchain investors Cogitent Ventures, Cointelligence, and Moonrock Capital, with participation from KuCoin Labs, Seedify, ChainGPT, and US-based games company, Epic Games.

Where the money is going: The investment will be allocated towards Exverse ’s upcoming alpha launch, the release of its token, as well as to establish strategic partnerships and expand marketing efforts across the Asia-Pacific region.

About Exverse: Founded in 2020 by Nikita Uriupin (LinkedIn), Exverse is a gaming studio focused on developing first-person shooting games with Web3 elements. Exverse’s game has already seen 65k registrations ahead of the alpha launch, according to the statement.

Response Plus names Omran Al Khoori as new chairman

Abu Dhabi-based emergency medical services firm Response Plus appointed Omran Al Khoori (LinkedIn) as chairman of the company, according to a press release (pdf). Prior to his appointment, Al Khoori was director of Burjeel Holdings. He currently serves as a board member of Al Maryah Community Bank, Dubai Islamic Ins. & ReIns. Company, and Amanat Holdings.

The UAE Presidents Cup dominated X

It’s all about the UAE President’s Cup (#كأس_رئيس_الدولة) on X, with three matches taking place yesterday. Al Ittihad Kalba beat Dibba 3-0 (#إتحاد_كلباء_دبا), Shabab Al Ahly beat Baniyas 2-1 (#شباب_الأهلي_بني_ياس), and Al Ain beat Al Wahda (#العين_الوحدة) with a last minute goal, scored by the Argentinian midfielder, Matias Palacios.

Also making the rounds: Sheikh Mohammed bin Rashid Al Maktoum’s post on the UAE’s non-oil trade performance in 2023, which we cover in this morning’s Economy section, above.

Strong office occupancy + Moelis & Co’s good fortune in Dubai lead UAE headlines

The conversation on the UAE in the foreign press is all business this morning, thanks to a trio of stories from Bloomberg: The business information service looks at Dubai’s record office occupancy rates amid sluggish demand for office spaces worldwide, on the back of the country becoming more business and expat-friendly through initiatives like the Emirates visa, and the influx of bankers, crypto investors, and wealthy Russians. Meanwhile, financial services firm Rothschild & Co is planning to relocate some of its Dubai-based bankers to its new Riyadh office at the King Abdullah Financial District, Partner and Head of the Middle East at Rothschild Saeed Al Awar told Bloomberg.

Also getting ink:Bloomberg ran a feature on Wall Street giant Moelis & Co’s ascension to being one of the largest global investment banks and advisers in the MENA region, having reaped the benefits of maintaining business in Dubai and ties with Saudi Arabia.

UAE to explore green industrial and green hydrogen investments with Baden-Württemberg

MANUFACTURING-

UAE, Germany to advance industrial cooperation: The Industry and Advanced Technology Ministry inked a declaration of intent with the German state of Baden-Württemberg to look into ramping up investments in sustainable industrial development and accelerating industrialization and decarbonization projects, Wam reports. The partnership will also see them cooperate on AI, smart manufacturing, smart health, and aerospace, as well as capacity building.

A focus on green hydrogen: One of the partnership’s goals is to establish a “common market for green hydrogen,” as the UAE has the capabilities to produce green hydrogen from its solar plants while several companies from Baden-Württemberg work in the production of climate-neutral hydrogen, according to Baden-Württemberg’s environment and energy minister Thekla Walker.

ENERGY-

Abu Dhabi National Oil Company (Adnoc) will source urea-based products from Fertiglobe subsidiaryRuwais Fertilizer Industries (Fertil), after the two inked a three-year supply agreement based on market prices on Friday, according to an ADX disclosure (pdf). The low-carbon products will allow Adnoc to offer its customers a new diesel exhaust fluid which can be used by heavy-duty vehicles to reduce emissions from diesel.

ICYMI: In December, Adnoc agreed with OCI Global to purchase its entire stake in Fertiglobe for USD 3.62 bn. The transaction, which will bring Adnoc’s share in Fertiglobe to a majority holding of 86.2% from a previous 36.2%, is set to close this year.

REAL ESTATE-

New AED 300 mn residential building in Sharjah: Sharjah-based construction conglomerate Tiger Group is launching a AED 300 mn Faradis Tower residential project in Al Mamzar, Sharjah, Albayan reports. The 47-storey residential tower is expected to be completed within three years, with unit delivery slated to begin in 2026.

Tiger Group has big plans for 2024: The group expects to launch six real estate projects during 2024 across the Emirates, with a focus on four major ventures in Dubai, a project in Ajman, and one each in Sharjah and Abu Dhabi, CEO Amer Walid Al Zoubi told Forbes in January.

LOGISTICS-

Alexandria International opens new distribution center: Sharjah-based flooring and office furniture trading company Alexandria International has inaugurated a 74k sqft logistics distribution center in the emirate, reports Sharjah 24. Alexandria International previously held 40k sqft of stores and offices in Sharjah, according to the company’s website.

ENTERTAINMENT-

New streaming platform in GCC: Tech platform Yango launched entertainment superapp Yango Play in the UAE, Saudi Arabia and other GCC countries, according to a press release. Yango Play offers Arabic and international content, personalized music, and interactive games, as well as a bilingual AI assistant named “Yasmina” who answers questions and provides a chat function.

CLIMATE-

Abu Dhabi + Unesco advocate for environmental education: Abu Dhabi rolled out the Abu Dhabi Roadmap, a recommendation plan drafted in cooperation with Unesco aimed at improving global environment and sustainable development education, Wam reports. The plan “identifies several key actions that tackle climate change, waste management, and biodiversity loss, and can be implemented by countries across the globe,” Abu Dhabi’s Environment Agency head Ahmed Baharoon said yesterday at the World Environmental Education Congress.

AVIATION-

Sharjah Airport has added two daily flights to Islamabad, Pakistan,reports state news agency Wam. The flights will take to the air via Fly Jinnah, a Pakistani carrier jointly operated by Pakistan’s Lakson Group and the UAE’s Air Arabia Group.

Investors worry Red Sea disruptions and consumer boycotts could put an end to US stock rally

S&P 500 jitters: While earnings forecasts for S&P 500 companies over the next 12 months are at a record high and have helped the index surpass the 5k mark for the first time earlier this month, the risk of Israel’s war on Gaza further disrupting Red Sea shipping and leading to larger consumer boycotts could potentially upend the index’s historic rally in the event that earnings forecasts have to be scaled back, writes Bloomberg.

A nightmare on Wall Street: Mentions of the Red Sea and geopolitics in American and European companies’ earnings calls have occurred as frequently in the first half of 1Q2024 as during the entirety of 4Q2023, according to data collected by Bloomberg.

ICYMI- Geopolitical uncertainty was the defining feature of forecasts for 2024 at the end of last year. A poll of 500 global institutional investors saw geopolitics as the biggest economic risk in 2024. Almost half of respondents (49%) cited “geopolitical bad actors” as a key concern.

MEANWHILE- Asian markets are mixed this morning as Shanghai opens for the first trading day since the weeklong Lunar New Year holiday. The Shanghai Composite and the Kospi are up, while the Hang Seng and Nikkei have slipped into the red in early trading. Europe looks set to open in the red later this morning, while the Nasdaq, Dow, and S&P look set to open the trading day flat.

ADX	9,427	+0.2% (YTD: -1.6%)
DFM	4,259	+0.5% (YTD: +4.9%)
Nasdaq Dubai UAE20	3,836	+0.7% (YTD: -0.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.96% o/n	5.16% 1 yr
TASI	12,502	+0.1% (YTD: +4.5%)
EGX30	29,126	+0.7% (YTD: +17.0%)
S&P 500	5,006	-0.5% (YTD: +4.9%)
FTSE 100	7,712	+1.5% (YTD: -0.3%)
Euro Stoxx 50	4,766	+0.5% (YTD: +5.4%)
Brent crude	USD 83.47	+0.7%
Natural gas (Nymex)	USD 1.61	+1.8%
Gold	USD 2,024.10	+0.5%
BTC	USD 51,874.54	+0.1% (YTD: +22.5%)

THE CLOSING BELL-

The DFM rose 0.5% at Friday’s closeon turnover of AED 328.6 mn. The index is up 4.9% YTD.

In the green: Takaful Emarat (+14.9%), Emaar Development (+4.1%) and Emirates Reem Investments (+3.7%).

In the red: Amlak Finance (-5.6%), Islamic Arab Ins. (-4.8%) and National Central Cooling (-3.6%).

Over on the ADX, the index closed up 0.2% on turnover of AED 862.5 mn, while the Nasdaq Dubai closed up 0.7%.

MbZ talked GCC security and boosting ties with Bahraini counterpart + More aid dispatched to Palestine

UAE, Bahrain to strengthen bilateral ties: President Sheikh Mohamed bin Zayed Al Nahyan met on Friday with Bahrain’s King Hamad bin Isa Al Khalifa to discuss growing relations between the countries, as well as regional security, reports Wam.

A Federal National Council parliamentary delegation headed to Morocco for the Parliamentary Conference on South-South Cooperation, where it discussed boosting parliamentary ties with Jordan and Madagascar:

FNC Speaker Saqr Ghobash met with Jordan’s Lower House of Parliament Speaker Ahmed Safadi in Jordan to discuss strengthening parliamentary cooperation and activating joint parliamentary committees, Wam reports.
FNC Second Deputy Speaker Maryam Majid Bin Thaniah met with Senate President Richard Ravalomanana to discuss parliamentary cooperation in technology, energy, investment, economy, and government administration, said FNC on Facebook.

More aid to Gaza from Gallant Knight 3: A second aid ship carrying 4.5k tonnes of relief supplies arrived at Egypt’s Al Arish City after departing from the port of Fujairah en route to Gaza, reports Wam. The Emirates also dispatched five automatic bakeries to Al Arish, expected to operate with a production capacity of 17.5k loaves per hour to help accommodate the needs of some 420k Gazans amidst a severe food shortage in Gaza, Wam reports.

CALENDAR

FEBRUARY

2-29 February (Friday-Thursday): Ras Al Khaimah Art 2024 Festival, Al Jazeera Al Hamra.

15-25 February (Thursday-Sunday): FIFA Beach Soccer World Cup 2024, Dubai.

15-21 February (Thursday-Wednesday): UAE Innovates 2024, Sharjah, Ras Al Khaimah, and Fujairah.

19 February (Monday): Let Web3 Happen in Dubai, Bybit HQ, Dubai.

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

20 February (Tuesday): Open Day, Al Ain’s Hili Archaeological Park, Abu Dhabi.

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

21-22 February (Wednesday-Thursday): Step Conference, Dubai Internet City, Dubai.

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

22-29 February (Thursday-Thursday): UAE Innovates 2024, Dubai.

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

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

23 February-3 March (Friday-Sunday): Sikka Art and Design Festival, Dubai

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

25 February-2 March (Sunday-Saturday): Abu Dhabi Desert Challenge 2024, Al Dhafra Region.

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

26-28 February (Monday-Wednesday): RTA Startups Challenge, RTA Research and Innovation Centre for Mobility, Dubai.

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.

28-29 February (Wednesday-Thursday): Third Investopia Summit, Abu Dhabi.

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

28 February-5 March (Wednesday-Tuesday):Xposure International Photography Festival,Expo Centre Sharjah.

29 February-3 March (Thursday-Sunday): Gov Games, Dubai Festival City, Dubai.

MARCH

1-3 March (Friday-Sunday): Art Dubai, Madinat Jumeirah.

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

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

5-7 March (Tuesday-Thursday): Dubai Entertainment Amusement & Leisure Exhibition, Dubai World Trade Center.

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

7 March (Thursday): Beyond Global Trade, Edition Hotel, Dubai.

8-9 March (Friday-Saturday): World Triathlon Championship Series 2024 Opening Race, Yas Marina Circuit on Yas Island.

11/12 March (Monday/Tuesday): Start of Ramadan.

APRIL

TBC April: DRIFTx, Abu Dhabi.

9/10 April (Tuesday/Wednesday): End of Ramadan, public holiday.

8-12 April (Monday-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.

24 April-1 May (Wednesday-Wednesday): Abu Dhabi Mobility Week.

MAY

6-7 May (Monday-Tuesday): Dubai Fintech Summit 2024, Madinat Jumeirah.

7-9 May (Tuesday-Thursday): AIM Congress 2024, Abu Dhabi.

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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