President Mohamed bin Zayed Al Nahyan heads to Russia for first Brics summit

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WHAT WE’RE TRACKING TODAY

THIS MORNING: President Sheikh Mohamed bin Zayed is in Russia for Brics summit + LuLu Group kicks off IPO roadshow

Good morning, wonderful people. It’s already shaping up to be a busy week as President Sheikh Mohamed bin Zayed Al Nahyan gears up to attend his first Brics summit, and Lulu Group kicks off its IPO roadshow. Let’s dive in.

WEATHER- The National Center of Meteorology forecasts (pdf) cloudy, foggy weather this week.Today, expect temperatures to peak at 37°C in Dubai before cooling to an overnight low of 30°C. The mercury in Abu Dhabi is set to hit 32°C before cooling a bit to 30°C overnight.

HAPPENING TODAY-

The Alternative investment Summit kicks off today and runs through tomorrow at the Jumeirah Emirates Towers. The event will bring together key decision makers and professionals interested in the alternative investment space, with Economy Minister Abdullah bin Touq Al Marri and former UK Prime Minister Boris Johnson set to attend.

HAPPENING THIS WEEK-

#1- President Sheikh Mohamed bin Zayed Al Nahyan will attend the BRICS summit in Kazan, Russia, which kicks off tomorrow and runs until Thursday. This marks the UAE's first participation in the summit since its formal admission as a member last year.

Al Nahyan is set to meet with Russian President Vladimir Putin during his visit, according to the Kremlin’s website. The two leaders will discuss bilateral ties and the situation in the region, according to the statement. They will also discuss trade, which Putin said has tripled in the past three years, despite seeing a slight decline over the past seven months. The Kremlin also said bilateral investments between the two countries has reached USD 7 bn.

ALSO- More Brics expansion to come? Putin said the “doors are open” for some 30 countries that have expressed interest in joining the alliance, which he says will spearhead global economic growth in the foreseeable future, Reuters reports.

#2- The Foreseeing Government Audit Future Conference will take place on 24 October at Madinat Jumeirah, Wam reports. Organized by the Financial Audit Authority, the event will be held under the theme “Tomorrow’s Auditor” and will gather key figures, senior officials, and experts in auditing, finance, and economics to discuss the future of government auditing.

WATCH THIS SPACE-

#1- LuLu Group puts on investor roadshow as it preps for IPO: Supermarket chain LuLu Group will kick off its investor roadshow today to market its IPO on the ADX, after scrapping dual-listing plans that would have included Riyadh’s Tadawul, Bloomberg reports, citing people it says are familiar with the matter. The company is targeting a valuation of at least USD 5 bn for its Abu Dhabi listing, the sources said. Another source said that the company could be looking to offer a 25% stake.

ADVISORS- Abu Dhabi Commercial Bank, Citigroup, Emirates NBD Capital and HSBC Holdings are working on the offering. Moelis & Co. is also reportedly acting as an independent financial adviser.

REFRESHER- LuLu Group reportedly tapped advisors in March to work on its planned IPO on the ADX this year. It was reported in September that the company is eyeing the last week of October or early November for the listing. While Lulu has yet to decide on the final details of the offering, it reportedly could be looking to raise between USD 1.5-1.85 bn, potentially making it the biggest IPO of the year.

#2- Dubai-based private equity firm Gateway Partners is reportedly looking to sell its stake in the Gulf franchise of Tim Hortons, Bloomberg reports, citing sources it says are in the know. The firm has reportedly tapped BNP Paribas to work on the sale, which could see non-binding bids come in over the coming weeks, the sources added.

Background: Gateway acquired a 40% stake in Tim Hortons’ Gulf franchise for USD 50 mn in 2020. The franchise currently has 300 outlets across the Gulf, including in Saudi Arabia and the United Arab Emirates, according to its website.

#3- The National Bank of Kuwait (NBK) sees the UAE’s oil sector growing by 7.8% in 2025, rebounding after moderate 0.4% growth in 2024, supported by the planned phase-out of Opec+ supply cuts starting December this year, according to a report (pdf). Oil production is expected to reach 3.4 mn barrels per day (bbl / d) by the end of 2025, the bank said.

REMEMBER- The UAE is reportedly on track to hit its 5 mn bbl / d oil capacity target by the end of 2025 or early 2026, ahead of the original 2027 goal set by the Abu Dhabi National Oil Company (Adnoc). The country has USD 30 bn worth of oil and gas projects in the pipeline, the report notes, citing Meed estimates.

The bank expects the country’s GDP to grow at a 5.1% clip in 2025, up from 3.3% projected for 2024. The non-oil sector is expected to maintain its 4% growth from 2024 into next year, driven by the UAE’s expansion into private credit and increased investment inflows, particularly with regard to the financial and real estate markets. “Looser monetary policy, relatively low inflation, and a rising population should also be supportive of consumer activity over the forecast period,” NBK said.

#4- The consulting industry is expected to keep making strides in the Gulf, with the region ranking among the strongest globally based on revenue and profitability for consultancy giants McKinsey & Co. and Boston Consulting Group (BCG), Bloomberg reports, citing people it says are familiar with the matter. The sector is benefitting from significant government investments in nation-building and development projects, with firms like McKinsey and BCG ramping up their presence in the region.

Fast facts: The growth of the sector increased 4x as fast as the global 3% growth the sector saw in 2023, the business information service said.

Dubai has led the wave of consultancy firms flocking to the region, becoming a hub for international b’naires, with other emirates to follow suit as they ramp up their development plans, which could bring even more business to consulting firms operating in the region

#5- Global vaccine alliance Gavi is turning to the UAE, Saudi Arabia, and Qatar, among other GCC states, for funding as aid budgets in traditional European donors — including Germany, the UK, and France — shrink, Gavi’s CEO Sania Nishtar told Bloomberg. Saudi Arabia, Qatar, Kuwait, Oman and Bahrain, which “have not traditionally supported in a massive way,” have now pledged USD 267 mn to Gavi, Nishtar said. “Collectively, the group of Gulf donors have been a set of rising players that are worth watching,” Janeen Madan Keller, deputy director of the Center for Global Development’s global health-policy program, told the news agency.

Background:The UAE has pledged USD 50 mn to the Global Fund to Fight AIDS, Tuberculosis, and Malaria since 2020.

Still, the GCC states remain small donors compared to traditional G7 countries — such as the US — which has pledged USD 1.58 bn to Gavi toward the latest funding round. Major global health funds are looking to raise approximately USD 100 bn by the end of next year.

#7- Abu Dhabi’s SDF financing talks with Reaction Engines have hit a snag: Negotiations between Abu Dhabi-based Strategic Development Fund (SDF) and UK aerospace engine tech manufacturer Reaction Engines to back the British firm have stalled, Sky News reports, citing people familiar with the matter. While the reasons for the stalled talks remain undisclosed, sources indicate that the situation is “fluid and could be resolved.”

Previous discussions had positioned SDF to become Reaction Engines' largest shareholder. However, with insolvency looming, the British manufacturer is now actively pursuing alternative investment options to avert insolvency.

Reaction Avenues is in a tight spot: The firm tapped SDF — already one of its investors — in September, along with other existing backers, to raise up to GBP 20 mn, after posting sluggish revenue growth and losses this year. If Reaction Engines fails to raise the funds “within days,” accountancy firm PwC will step in as administrator, according to Sky News.

PSAs-

#1- Al Warqa’a roads to get an overhaul: Dubai’s Roads and Transport Authority (RTA) is constructing new entrance and exit points for Al Warqa’a from Sheikh Mohammed bin Zayed Road, aiming to cut travel time by 80%, down to 3.5 minutes, according to a Dubai Media Office statement.This project will also boost road capacity by 5k vehicles per hour and shorten the travel distance to 1.5 km from 5.7 km.

#2- Emirates extended the suspension of flights to and from Iran and Iraq until 23 October, according to a travel update. The airline had initially suspended flights to both destinations until 16 October.

DATA POINTS-

#1- The UAE’s spending on information and communications tech is projected to hit AED 84 bn in 2024, Emarat Al Youm reports, citing a recent report by Abu Dhabi-based InterRegional for Strategic Analysis.

#2- The UAE maintained its ranking as the GCC’s second-largest projects market, securing 18.8% of the USD 52.2 bn aggregate contract value in the region during 3Q 2024, according to a report (pdf) by Kamco Invest.

Despite this, the UAE saw a 61.5% y-o-y slump in awarded contracts during the quarter, falling to USD 10 bn, their lowest level in nine quarters. Construction projects fell by 52.5% y-o-y to USD 5.6 bn in 3Q, compared to USD 11.7 bn during the same period last year. Despite the slump, the construction sector’s share of total contracts grew to 55.4% of the total.

Gas sector projects soared 2.6x y-o-y to USD 1.6 bn, while oil sector contracts rose 8.2% y-o-y to USD 1.2 bn. Key contracts included Adnoc’s USD 400 mn engineering, procurement, and construction contract to a consortium of mostly Abu Dhabi-based firms for the Abu Dhabi airport tank farm.

THE BIG STORY ABROAD-

Israel’s ongoing battering of Lebanon and Gaza is still getting top billing in the foreign press, as it shifts its focus to sites it says are linked with Hezbollah’s financial operations in Lebanon, Reuters reports. Israel launched the bombing campaign yesterday, sending hundreds of Beirut residents fleeing from their homes.

The attacks come a day after a drone reportedly exploded near Prime Minister Benjamin Netanyahu’s home and only a few days after Israel killed Hamas leader Yahya Sinwar. Sinwar’s killing is also fueling speculations over where the war could go next, with some expecting more attempts towards a ceasefire, despite Hezbollah vowing more retaliation against Israel, Semafor reports.

OVER IN EUROPE- Moldovan President Maia Sandu is accusing “foreign forces” of interfering with a crucial vote to decide if the country will join the EU, after most votes were counted showing a 53% majority voting “no” to the referendum. Still, the decision remains too close to call due to the tight margin and the impact of votes among the large Moldovan diaspora. (Financial Times | The Guardian | Reuters)

AND FURTHER EAST- Indonesian ex-military general Prabowo Subianto was sworn in as president yesterday, vowing to tackle corruption and accelerate economic growth in the country during his time in office. (Reuters | France24)

AND IN THE BUSINESS PRESS- US stocks are expected to continue their rally through to the end of the year despite the impact of US elections, with the latest Bloomberg Markets Live Pulse survey forecasting the S&P 500 to end the year at a new record.

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CIRCLE YOUR CALENDAR-

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.

EFG Hermes will host its annual One on One Conference from 7 to 10 April 2025 in Dubai. The largest gathering of its kind in the MENA region, the conference connects hundreds of international corporate leaders with institutional investors and family offices from around the world.

Check out our full calendar (at the bottom of this email) for a comprehensive listing of upcoming news events, national holidays and news triggers.

Dubai’s rural areas are getting an AED 390 mn upgrade

Dubai’s countryside to get overhaul to boost tourism: Dubai Crown Prince Hamdan bin Mohammed bin Rashid Al Maktoum approved an AED 390 mn plan to develop Dubai’s rural areas and countryside over the next four years, with some 37 projects slated for completion by 2028, he said on X. The plan aims to boost the number of tourists visiting Dubai’s countryside to over 3 mn by 2040, up from 500k currently.

The details: The plan includes five recreational facilities and 79 km of cyclic tracks, and a 100km scenic route — known as Saih Al Salam — aimed at boosting desert tourism, state news agency Wam reports. The five stations will each feature various activities, including:

A traditional market to sell local products;
An open-air cinema;
Hot air balloons near the Flamingo Lake along with kayak tours;
An adventure park that includes hiking trails;
An entertainment theater and majlis at the camel farm.

The plan will also see these areas get more services, including nurseries, parks, and healthcare facilities, to cater to residents and visitors, according to Wam.

OTHER INFRASTRUCTURE NEWS-

The Follow-Up Committee of the Initiatives of the UAE President gave the green light for several dam and water canal developments across the UAE, Wam reports. The projects — scheduled for completion within 19 months — include building nine new dams, expanding two existing ones, and creating several embankment barriers, boosting storage capacity to 8 mn cubic meters. The plans also include building nine water canals to eliminate damage caused by rainfall in residential areas.

The developments aim to improve climate change adaptability and boost water reserves through rainwater and floodwaters. The infrastructure projects will take place in 13 residential areas across Sharjah, Ajman, Ras Al Khaimah, and Fujairah.

Acciona to support decarbonization in the GCC with EUR 300 mn

Acciona to fund decarbonization projects in GCC: Spanish renewables and infrastructure company Acciona has secured EUR 300 mn in funding to support decarbonization and sustainable growth in the GCC, according to a statement published last week. The statement did not disclose the specifics of the projects or their exact location.

Where is the money going? The green loan — linked to a local initiative supporting local suppliers in developing lower or zero-carbon building materials — will be allocated to climate change mitigation and environmental conservation projects, including renewable energy, energy efficiency programs, sustainable mobility, and sustainable water management.

Accionia is no stranger to the UAE: The company previously worked on the extension of the Dubai metro in 2020, and the construction of the Jebel Ali desalination plant — one of the largest reverse osmosis desalination plants in the UAE.

ADVISORS- The green loan coordinators were First Abu Dhabi Bank and Standard Chartered, with SFI Markets as the arranger and Dentons as legal counsel.

Event report: Final day of Gitex

Data analytics and AI took the lead on the final days of Gitex Global 2024. These are the main highlights of the final day:

DATA ANALYTICS-

Abu Dhabi’s Statistics Center launched an upgraded Bayaan platform to provide the emirate’s officials with statistical data analytics, according to the Abu Dhabi Media Office. This new version enables visual smart scenario analysis and generates predictions of the impact of government initiatives.

AI-

Dewa’s IT subsidiary Moro Hub partnered with Dell Technologies to develop Moro’s digital solutions, according to a statement on LinkedIn. The partnership also aims to enhance customer support services.

More from Moro Hub: The company also entered an agreement with DataRobot to develop its AI capabilities, it said on LinkedIn. This partnership will focus on developing predictive analytics and business process optimization. The data hub also said that it has become a VMware cloud service provider, including sovereign services support data residency, Wam reports.

BUSINESS-

du partnered with the Dubai Chamber of Commerce to provide the chamber’s members with access to the telco’s entrepreneurial services, according to a press release. These privileges include access to du’s fintech accelerator Entrepreneurship Hub, and its SME development scheme, which provides training in communication, marketing, and cybersecurity.

DET, Network team up to boost the digital economy: The Dubai Department of Economy and Tourism (DET) signed an MoU with Dubai-based payments provider Network International to strengthen the emirate’s digital payment infrastructure and support businesses’ access to financing, according to a press release (pdf).

The two entities will jointly launch a fintech ecosystem, offering customer access, mentorship, and funding through the partnership, DET and Network plan to further explore micro-lending fintech solutions, using data from point of sale transactions and banking information to facilitate customer onboarding and improve credit risk assessment for SMEs.

More earnings…

The UAE’s largest lender, First Abu Dhabi Bank’s (FAB), saw its net income grow 4.9% y-o-y to AED 4.5 bn in 3Q 2024 on the back of increased client activity,, according to its management discussion and analysis report and financial statements (pdf). FAB saw its operating income increase 17.5% y-o-y, reaching AED 8.2 bn, and its net interest income increase by 4.8% y-o-y to AED 4.4 bn during the quarter.

On a nine-month basis, the lender’s bottom line climbed 3.9% y-o-y to AED 12.9 bn. FAB booked AED 23.9 bn in operating income, up 16.5% in the first nine months, with strong growth in wholesale banking services. Investment banking revenues also grew by 22% y-o-y in this duration. Net interest income in the first three quarters rose 6.4% y-o-y to AED 13.1 bn.

What they said: This performance was driven by “increased client activity, sustained business momentum, and diversified sources of revenue growth,” CEO Hana Al Rostamani said in the. There was a strong demand for personal and wealth management services in particular. Expansion across FAB’s network also contributed to the growth, with the international franchise growing 33% y-o-y this quarter.

NATIONAL BANK OF UMM AL QAIWAIN-

National Bank of Umm Al Qaiwain’s (NBQ) net income fell 12.1% y-o-y to AED 114.6 mn in 3Q 2024, according to the bank’s financial statements (pdf). The lender’s net interest income and income from Islamic financing products rose 12.1% y-o-y during the quarter to AED 157.1 mn.

On a 9M basis, NBQ’s net income rose 3.8% y-o-y to AED 399.9 mn, while net interest income and income from Islamic financing products rose by 10.4% y-o-y to AED 493.8 mn.

Driving the growth: The bank attributed the performance to an “increase in operating income and effective cost optimization strategies,” according to an earnings release. NBQ also cited improvements in its loan and deposit portfolios as drivers of its income growth.

PALMS SPORTS-

International Holding Company sports management subsidiary Palms Sports reported a net income of AED 38.4 mn in 3Q, representing a 19.4% decline y-o-y, according to the company's financial statement (pdf). The decline in net income came alongside higher finance costs incurred in 3Q of 2024 compared to 3Q 2023. Meanwhile, the company reported AED 257.9 mn in revenues in 3Q, representing a 49.7% increase y-o-y.

For 9M, the company reported a net income of AED 76.7 mn, representing a marginal 1% y-o-y decline. The company reported revenues of AED 769.9 mn, up 128.1% increase y-o-y.

UNITED ARAB BANK-

United Arab Bank recorded a net income of AED 73.7 mn, down 16.7% y-o-y, according to the bank’s financial statements (pdf). The bank’s net income before tax rose 12% y-o-y to AED 233 mn. Total operating income during the quarter fell 13% y-o-y to AED 151.7 mn.

The lender recorded a net income of 212.3 mn in 9M 2024, up 1.6% y-o-y. The bank booked AED 452 mn in total income for the nine month period, marking a nearly flat 1% y-o-y growth.

Looking ahead, the lender plans to continue investing in tech “that [enhances] customer experience, [drives] efficiency, and [supports] our long-term growth objectives,” CEO Shirish Bhide said in the bank’s earnings release (pdf).

Brics + Russia-UAE relations get top billing

Mentions of the UAE in the foreign press are led by Russia-UAE relations as UAE President Sheikh Mohamed bin Zayed heads to Russia to attend the Brics summit this week. Bloomberg is looking at how the addition of the UAE, along with Egypt, Iran, and Ethiopia in January, has improved the group’s potential to emerge as a stronger rival to the G7 — which includes the US, Canada, France, Germany, Italy, Japan and the UK. The expanded group aims to reduce reliance on the USD in oil and gas trading. Bloomberg and Reuters each also took note of the Kremlin’s comments on UAE-Russia relations ahead of their talks this week.

A newly established company in Dubai has taken control of three liquefied natural gas tankers as Russia continues to rely on alternative routes due to Western sanctions, Bloomberg reported.

CBUAE joins cross-border finance initiative

BANKING-

The Central Bank of the UAE enrolled in Project Aperta in a bid to boost cross-border interoperability for financial institutions and businesses in the country, according to a press release (pdf).

What is Project Aperta? Launched by the Bank for International Settlements Innovation Hub last week, Project Aperta connects open finance infrastructures across several jurisdictions to address challenges in trade finance for businesses. The project aims to lower costs and expedite international trade and shipping — especially for SMEs — by facilitating the transfer of trade finance data.

Who else has joined? The Central Bank of Brazil, the Financial Conduct Authority of the

UK, the Hong Kong Monetary Authority, the Global Legal Entity Identifier Foundation, the International Chamber of Commerce Digital Standards Initiative, and the Hong Kong University Standard Chartered Foundation FinTech Academy have joined the initiative.

LOGISTICS-

Aramex + ZK Holding set up logistics JV: Aramex has launched a JV with Abu-Dhabi based investment company ZK Holding to boost logistics, shipping, and courier services in Iraq, with operations expected to start in 2025, according to a statement released on Thursday.

The JV will provide fully integrated services that include domestic and international courier, freight forwarding, and contact logistics to support local, international, corporate, and retail businesses, as well as facilitate cross-border trade. It will unlock new trade lanes and provide access to new markets for businesses in Iraq, according to the statement. Aramex will be able to expand its footprint in Iraq through ZK Holding to over 7k points of sales across the country for widespread pick-up and drop-off services.

CONSTRUCTION-

Dubai-based real estate developer Jad Global broke ground on its AED 250 mn residential project 171 Garden Heights in Jumeirah Garden City, according to a press release. The development will feature 171 fully furnished units, including studios and one- and two-bedroom apartments. The handover date was not disclosed.

Jad Global has more in the pipeline: The company plans to invest over AED 1 bn over the coming months in future projects in Jumeirah Garden City, it said in the statement.

MANUFACTURING-

Schneider Electric opened a new production facility for AI-ready, prefabricated modular data centers in Sharjah’s Hamriyah Free Zone, Wam reports. Local components will account for 70% of the facility’s output.

Global economy on the edge: High stakes at the World Bank / IMF annual meetings

Central bank governors, finance ministers, and policymakers are gathering in Washington, DC, today to kick off the World Bank / IMF annual meetings, where the conversation is expected to center on the most urgent challenges confronting the global economy — slow growth and rising debt. The meetings will wrap this Saturday, 26 October.

We’re one regional war up this year: While it’s been two years since Russia’s invasion of Ukraine and inflation is finally easing across much of the world, this year’s meetings take place amid sluggish economic growth and rising geopolitical tensions in the Middle East. It’s seen that the widening of Israel’s war could place pressure on global finances, while threatening financial markets, trade, and stability — given that it could involve major commodity exporters.

IN CONTEXT- World Bank President Ajay Banga estimated that damage from Israeli strikes on Gaza is now in the USD 14-20 bn range, adding that the World Bank had provided USD 300 mn, 6x what was normally given, to the Palestinian Authority to help it cope with the ongoing crisis. That amount was small compared to the "large number" that would be needed should the conflict spiral to the wider region, he explained.

The big themes in Washington: IMF Managing Director Kristalina Georgieva warned on Thursday (watch, runtime: 3:56) of a challenging economic outlook, stressing the need for fiscal discipline, Bloomberg reports. “Our forecasts point to an unforgiving combination of low growth and high debt — a difficult future,” Georgieva said, urging governments to rein in borrowing and avoid further fiscal deterioration. Check out our coverage of the World Bank’s semi-annual MENA economic outlook.

A sobering economic outlook: “Medium-term growth is forecast to be lackluster, not sharply lower than pre-pandemic, but far from good enough. Not enough to eradicate world poverty, nor to create the number of jobs we require, nor to generate the tax revenues that governments need to service heavy debt loads while attending to vast investment needs, including for the green transition,” the IMF chief said.

REMEMBER- Global public debt is on track to surpass USD 100 tn by year’s end, representing 93% of global GDP, the IMF said in a blog post ahead of the full release of its October 2024 Fiscal Monitor report this Wednesday. Emerging markets are also facing a wall of debt that many could struggle to repay, with a handful of countries at risk of defaulting over the next decade, S&P Global has said.

US + China in the spotlight: With both high debt levels and modest growth on the horizon, the IMF is warning that spillover risks from the US and China could raise borrowing costs globally. “Governments must work to reduce debt and rebuild buffers for the next shock — which will surely come, and maybe sooner than we expect.” Georgieva said. China cut its loan prime rates by 25 bps today, with additional clarity on economic momentum coming from the 3Q industrial profit data later in the week.

Europe faces fiscal challenges: The UK has already been warned of potential market backlash if it fails to stabilize its debt, as Chancellor Rachel Reeves prepares to present the 30 October budget. In the Eurozone, key reports this week include inflation data and consumer sentiment surveys, with Moody’s poised to deliver a rating decision on France that markets are closely watching.

And Russia eyes further tightening: Russia is considering another rate hike this Friday to tame inflation, potentially restoring the benchmark rate to 20% — a level last seen during the emergency hike in 2022. Meanwhile, Hungary is expected to keep rates unchanged.

MARKETS THIS MORNING-

It’s a mixed start to the week in Asia-Pacific markets, as investors adopt a wait-and-see approach to gauge the effect of China cutting its loan prime rates. Meanwhile, Wall Street futures suggest US markets are set to open in the green.

ADX	9,288	+0.1% (YTD: -3.0%)
DFM	4,469	+0.2% (YTD: +10.1%)
Nasdaq Dubai UAE20	3,767	-0.0% (YTD: -2.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.7% o/n	4.2% 1 yr
TASI	11,883	-0.2% (YTD: 0.7%)
EGX30	29,529	-2.0% (YTD: +18.6%)
S&P 500	5,865	+0.4% (YTD: +23.0%)
FTSE 100	8,358	-0.3% (YTD: +8.1%)
Euro Stoxx 50	4,986	+0.8% (YTD: +10.3%)
Brent crude	USD 73.06	-1.9%
Natural gas (Nymex)	USD 2.26	-3.8%
Gold	USD 2,730	+0.8%
BTC	USD 68,687	+0.6% (YTD: +62.6%)

THE CLOSING BELL-

The ADX rose 0.1% last Friday on turnover of AED 862.5 mn. The index is down 3.0% YTD.

In the green: Gulf Pharma Industries (+14.9%), Rapco Investment (+10.3%) and Hayah Insurance Company (+3.2%).

In the red: Chimera S&P KSA Shariah ETF – Income (-3.3%), Bank of Sharjah (-3.0%) and Ghitha Holding (-2.5%).

Over on the DFM, the index rose 0.2% on turnover of AED 233.4 mn. Meanwhile Nasdaq Dubai closed down 0.02%.

UAE mediates ninth Russia-Ukraine prisoner swap

The UAE facilitated a prisoner exchange agreement between Russia and Ukraine, resulting in each country swapping 95 prisoners, according to a statement from the Foreign Ministry. Last month, the UAE mediated a swap that involved the exchange of 206 prisoners.The most recent swap brings the total number of captives freed captives in UAE-brokered agreements close to 2k. This swap marks the ninth Russia-Ukraine prisoner swap facilitated by the UAE since January.

UAE + Azerbaijan discuss boosting finance ties: UAE Financial Affairs Minister Mohamed Bin Hadi Al Hussaini met with Azerbaijan’s finance minister, Samir Sharifov to discuss bilateral cooperation in the financial sector, Wam reports. The talks revisited an agreement signed earlier this year to enhance collaboration on budget management, financial tech, and public debt management.

CALENDAR

OCTOBER

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

20-24 October (Sunday-Thursday): The NBE Egyptian Super Cup, Mohammed bin Zayed Stadium and Al Nahyan Stadium, Abu Dhabi.

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

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

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

23 October (Tuesday): ADNH Catering’s shares begin trading on ADX.

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

24 October (Thursday): Foreseeing Government Audit Future, Madinat Jumeirah, Dubai.

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

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

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

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

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

29-31 October (Tuesday-Thursday): Sharjah International Conference in Biotechnology (SICBiotech), University of Sharjah.

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

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

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

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

NOVEMBER

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

5-7 November (Tuesday-Thursday): 2024 EMEA Stakeholder Conference, Dubai.

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

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

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

10 November (Sunday): American Boarding School Fair 2024, Grosvenor Hotel, Dubai Marina, Dubai.

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

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

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.

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

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

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

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

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

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

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

23-24 November (Saturday-Sunday): Emirates Dubai Sail Grand Prix, SailGP Race Stadium.

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

26-28 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.

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

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

28 November-1 December (Thursday-Sunday): Spartan World Championship, Al Wathba Desert, Abu Dhabi.

30 November (Saturday): Football Legends Cup, Al Maktoum Stadium Al Nasr Sports Club, Dubai.

Signposted to happen ahead of ADIPEC:

Changemakers Majlis, Abu Dhabi.

DECEMBER

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

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

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

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

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

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

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

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

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

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

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

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

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

6 December-12 January: Dubai Shopping Festival.

Signposted to happen sometime in December:

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

JANUARY 2025

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

9-13 January (Thursday-Monday): International Renewable Energy Agency Youth Forum, Abu Dhabi.

11-13 January (Saturday-Monday): International Renewable Energy Agency Assembly, Abu Dhabi.

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

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

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.

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

OCTOBER 2025

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

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.

Signposted to happen sometime in 2026:

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

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