Real estate market growth will be driven by expats + HNWI, Markaz suggests

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WHAT WE’RE TRACKING TODAY

THIS MORNING: World Government Summit kicks off in Dubai today

Good morning, friends, and happy Monday. We’re kicking off a fresh week with a reasonably busy issue — and plenty more earnings.

HAPPENING TODAY-

It’s WFH day for the public sector: The government has called a work from home day for all public sector employees across the country, and ordered public schools to conduct classes remotely, amid expectations of heavy rain, thunderstorms, and high winds today, according to a statement.

Private sector asked to follow suit: The Human Resources Ministry also called on private sector companies across the country to adopt flexible work arrangements today, while Dubai's Knowledge and Human Development Authority urged all educational institutions to operate remotely for the day.

All public parks across Sharjah have also been temporarily closed, according to a Sharjah Municipality statement.

LOOKING AHEAD: Expect a sunny day tomorrow with modest humidity, mostly clear skies, and a high of 26°C in Dubai and 25°C in Abu Dhabi.

Against that backdrop, we have:

#1- Over 300 prime ministers and international organization chiefs are in Dubai for the three-day World Government Summit. The summit will focus on the daily implications of AI and government priorities for the future, and will include AI-centered conferences, ministerial meetings, and executive sessions. The summit will seeArab finance ministers, energy ministers, and development ministers hold meetings to address six key themes ranging from AI to health and education, according to Wam.

On the agenda for Day One: Forums on the future of work and of mobility are underway today, with discussions about AI, the future of governments, and sustainable mobility. You can find the full agenda here.

#2- Breakbulk Middle East 2024 opens its doors today,and will run until tomorrow at the Dubai World Trade Center. The event is being hosted by the Energy and Infrastructure Ministry to address challenges for the project cargo and break bulk industry and identify prospects for growth in the UAE, KSA, and East Africa, according to a press release.

#3- The Sustainable Aviation Futures MENA Congressalso kicks off today at Kempinski Central Avenue, and will run until Wednesday, 14 February. The event offers a platform for businesses and organizations to showcase their solutions for the decarbonization of the aviation industry, as well as ways to scale sustainable fuel production.

#4- UAE Innovates 2024 is underway in Ajman and Umm Al Quwain today and runs until Wednesday, reports state news agency Wam. The event will move to Sharjah, Ras Al Khaimah, and Fujairah from Thursday, 15 February to Wednesday, 21 February. The event’s last stop will be Dubai, running from 22-29 February.

PUBLIC SERVICE ANNOUNCEMENTS-

#1-Abu Dhabi International Airport is now officially Zayed International Airport, Abu Dhabi Airports said on X. The airport first announced it would switch names in honor of former president Zayed bin Sultan Al Nahyan back in October.

#2-New weekend-exclusive bus route in Dubai: Dubai’s Road and Transport Authority (RTA) has inaugurated a weekend-only bus route, dubbed W20, to connect passengers from Stadium Metro Station to Al Mamzar Beach from Friday to Sunday, according to an RTA statement.

Still to come: Dubai’s RTA plans to expand some bus routes, and introduce reroutes for faster commute times across 13 bus routes.

Dubai’s next transport plan will depend on you: With the Dubai Statistics Center, RTA will roll out travel behavior surveys at the end of February, which it will use when updating its Dubai Strategic Transportation Plan to 2040, RTA said on LinkedIn. The surveys will collect data on consumers’ trip purposes, mode choices, and travel times.

#3-Volunteer groups in Sharjah can apply for official permitsunder the emirate’s Social Services Department, Sharjah 24 reports. Groups must have five founding members, individual volunteer permits for team members, and a professional practice license, to be approved for a permit.

IN MEMORIAM- Four Emirati soldiers killed in Somalia: The bodies of four Emirati soldiers killed in an attack in Mogadishu in Somalia arrived in the UAE yesterday, state news agency Wam reported. A Bahraini soldier was also killed in the attack, which targeted a military base where Emirati and Bahraini troops were on a training mission. The news agency had initially reported that three soldiers were killed, with two others wounded.

Al Qaeda-linked Somali militant group Al Shabab claimed responsibility for the attack, the Associated Press reports. A funeral prayer attended by senior leaders and officers of the Defence Ministry of Defence, was held later yesterday.

The story earned coverage in the foreign press:Reuters | The Washington Post | Bloomberg | CNN

WATCH THIS SPACE-

#1- The UAE’s new corporate tax regime is “non-harmful,” the Organization for Economic Co-operation and Development said in a statement last week. The 9% business tax was introduced by the Finance Ministry in June 2023.

#2- Did G42 offload stakes in Chinese companies?IHC-backed tech and AI group G42 has sold its stakes in “all its investments in China,” in a bid to reassure US partners, the Financial Times reports, citing a statement from G42’s investment arm, 42XFund.

The divestments reportedly included a USD 100 mn stake in TikTok parent company ByteDance, two sources with knowledge of the matter are cited as telling the salmon-colored paper.

Background: G42’s divestments come after the group “categorically denied” having ties to the Chinese government in January, in response to a New York Times report and a letter from a US congressional committee accusing the tech group of working with the Chinese military. The company’s CEO Peng Xiao had vowed to phase out its stakes in Chinese hardware suppliers in statements to the FT last December.

#3- Dubai’s Port Police and Air Wing Center rescued eight fishermen after a cargo ship collided with their boat, which was heading to Dubai’s fish market at night, Dubai Police said in a statement. Three of the ship’s crew sustained injuries and were transported to Rashid Hospital.

The Cyber Security Council foiled multiple attempted cyberattacks that targeted “vital and strategic sectors” over the weekend,state news agency Wam reported, without providing further details.

THE BIG STORY ABROAD

It’s all war and technology in the global business press this morning.

War:

Nobody believes Benjamin Netanyahu, who said Israel is “working out a detailed plan” to evacuate civilians from Rafah after Joe Biden warned him that Israeli forces shouldn’t move into the area without a “credible and executable” plan to safeguard non-combattants.
Donald Trump is freaking out the Europeans with his suggestion that he’d be happy (if elected) to see Russia do “whatever the hell they want” to Nato allies that don’t meet minimum defense spending targets.

Tech:

Tech giants have laid off at least 34k people since the start of the year as they get their heads around what AI means to their businesses and prepare for what’s next. And it’s not just Big Tech that’s trimming staff.
OpenAI boss Sam Altman is still trying to raise as much as USD 7 tn (yes, tn, not bn) for a new AI chip and power production project, including from Arab investors.
Apple’s Vision Pro is still having a moment, with tech pundits variously talking about how it is really for work, an eventual (not now) iPad replacement, and changing social norms about walking around wearing a face computer.

HAPPENING THIS WEEK

#1- Dubai will also host the three-day Future Warehouse & Logistics 2024 Conference starting tomorrow. On the agenda: How to boost resilience and overcome challenges, with discussions on disruptions, sustainability, internet of things, automation, workplace management and other topics.

#2- The FIFA Beach Soccer World Cup 2024will kick off this Thursday at Dubai International Stadium, before wrapping on Sunday, 25 February. The tournament will see 16 beach soccer teams, including the United Arab Emirates, battling it out for this year's cup.

DATA POINT-

Emirati startups pooled the most investments in January, raising some USD 47 mn, Wamda reports. UAE-based traveltech startup Tumodo's pre-seed round accounted for USD 35 mn, making it the largest funding round of the month.

MENA startups raised USD 86.5 mn across 33 funding rounds during the month, marking a 34% y-o-y decreasein comparison to January 2022. Fifteen startups from Saudi Arabia collectively raised USD 11 mn, while Egyptian startups secured USD 23 mn across seven funding rounds.

CIRCLE YOUR CALENDAR-

The Shams Creative Fest will take place from this Friday to next Sunday, 16-18 February at the Shams Business Center in Sharjah, Sharjah24 reports. The festival aims to support small and medium-sized projects and entrepreneurs and help them access local and regional markets. It will include arts and musical events, cultural and entertainment workshops, and competitions.

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.

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

How to face economic headwinds, according to the IMF’s Georgieva

Three courses of action could help the region withstand economic headwinds and uncertainties resulting from geopolitical conflict and crises, IMF Managing Director Kristalina Georgieva said during her keynote speech at the Arab Fiscal Forum in Dubai yesterday:

Phasing out energy subsidies could save the region USD 336 bn and help address pollution and improve social spending;
Implementing tax reforms and diversifying away from hydrocarbon revenues is also key; and
Improving state-owned companies’ performance.

Support from GCC countries — and the IMF — will also be crucial for the region moving forward, the IMF head said.

REMEMBER- The IMF recently lowered its MENA growth outlook for the year by 0.5 percentage points, now expecting regional growth to pick up to 2.9% in 2024 from 2.0% the year before. The Fund pointed to temporary oil cuts in Saudi Arabia as the main driver behind the slashed outlook.

Georgieva lauded the Emirates’ strong economic performance during a meeting with Prime Minister Sheikh Mohammed bin Rashid Al Maktoum, where they discussed the bilateral relations between the UAE and the IMF, how the Emirates can contribute to the advancement of global business, and the role of the World Government Summit (WGS) as a platform for addressing global challenges, according to a statement from the Dubai Media Office.

The prime minister also met with World Economic Forum chairman Klaus Schwab to discuss the role of the WGS as a platform for fostering international cooperation and the importance of intergovernmental coordination in confronting global challenges, according to a statement.

Flying taxis are coming to the UAE in 2026

RTA, Joby to bring air taxis to the UAE soon:Dubai's Road and Transport Authority (RTA) inked an agreement with electric aircraft developer Joby Aviation to launch air taxi services in the UAE by early 2026, Joby said in a statement. The manufacturer, which was also handed the rights to operate in the emirate for six years, plans to begin initial operations as early as 2025.

The air taxis will be stationed at vertiports, slated to be located in Dubai International Airport (DXB), Palm Jumeirah, Dubai Marina and Dubai Downtown. Joby signed an agreement with London-based air mobility company Skyports to develop the four vertiports. Work on the vertiports will begin this year, with the DXN vertiport slated to be completed by the end of 2025, CEO of RTA’s Public Transport Agency Ahmed Bahrozyan told Khaleej Times.

The details: The taxis will be designed to carry a pilot and four passengers at speeds of up to 200 miles per hour, slashing journey times from DXB to Palm Jumeirah to 10 minutes, down from 45 minutes by car.

Starting small: Operations will begin with a fleet of six taxis, Bahrozyan said, as the authority gauges demand and begins to “see what people are looking for.”

Background: Joby was among several smart mobility companies setting up shop in Abu Dhabi’s smart and autonomous vehicles (SAVI) cluster at Masdar City in November 2023.

Union Properties reaches AED 1.2 bn settlement agreements with Dubailand, Emirates NBD

Motor City developer Union Properties has reached settlement agreements with Dubailand and Emirates NBD to settle its debt and repurpose some of its Motor City land for new projects.

#1- The developer secured a no-objection certificate from Dubailand, granting it the right to repurpose its land in Motor City in exchange for a payment of AED 400 mn paid in installments over three years, according to a DFM disclosure (pdf). The developer will now apply for a change of usage permit from the zoning authority to develop additional residential zones and expand its gross floor area in the city, the developer said.

Making use of the long-deserted F1 park land: Union Properties had plans to develop a USD 460 mn Formula One racing theme park, but scrapped the plan in 2009. It later had plans to revive the project in 2016, but a string of losses and legal disputes, as well as a deluge of park developments across Dubai, stalled the project.

SOUND SMART- A no-objection certificate is a bureaucratic greenlight that allows companies and developers to move forward with projects on the terms they have communicated.

Refresher: Union Properties had filed a real estate claim against Dubailand in April, claiming that the developer declined to issue NOCs for the developer’s projects in Motor City without any contractual basis, Gulf News previously reported.

#2- The developer also reached a debt settlement agreement with Emirates NBD that will see it pay AED 850 mn within nine months of signing the agreement,the disclosure adds. The company was in talks with Emirates NBD in March to restructure its debt, after it turned to the black in 2022, compared with AED 966 mn in losses in 2021.It later said in December (pdf) that it plans to pay a “national bank” somewhere between AED 825-875 mn over nine months.

Background: Union Properties is among several real estate developers still sifting through the aftermath of the 2009 property market correction in Dubai. The company has owed Emirates NBD USD 2 bn in debt repayments for years, and has since closed a USD 257.5 mn debt restructuring agreement back in August 2020.

Expats and high net worth individuals expected to drive growth in the property market this year -Markaz

Yet more positive forecasts for the real estate market in 2024: The UAE’s property market will continue to grow in 1H 2024, albeit at a slightly slower rate than in 2023, on the back of increased demand from expats and ultra-high net worth individuals, Kuwait Financial Centre (Markaz) said in its UAE real estate report (pdf). The rental market is also expected to remain stable during the first half of the year, the report added.

ICYMI #1-Most analysts expect real estate prices to continue to grow this year, particularly in Dubai, albeit at a slightly slower rate from 2023. Real estate services firm Cushman & Wakefield expects real estate prices to rise up to 12% y-o-y in Dubai, while S&P Global Ratings expects a 5-7% jump, with risk of a cyclical slowdown. Morgan Stanley also sees “continued tailwinds” for the market and thinks the market this year will be “less of a boom than 2023.”

ICYMI #2- We ran a deep-dive into the reasons behind the property price boom in 2023, and a breakdown of different analysts’ and pundits’ outlook for the market this year.

Chinese investors to push Dubai’s property market to growth: Chinese investors are turning to Dubai’s luxury property segment amid pressure on the property market back home and an ease of travel restrictions, the report notes. In 1H 2023, Chinese investments made up 7% of total sales for Emaar Properties, doubling from 3-4% during the same period the year before.

A demand for limited office space could drive price growth in the market in both Dubai and Abu Dhabi,the report adds. In 3Q 2023, the average occupancy rate in Dubai’s office segment rose to 92.4%.

The retail segment is expected to attract more landlords, who are becoming more selective with tenant choice, as demand persists for “quality assets,” the report said. Dubai is expected to see more growth as malls begin to offer more amenities, while Abu Dhabi’s growth will be driven by an increase in tourism activity.

On the downside, higher interest rates could impact mortgage demand, which could drive consumers towards rentals, the report said. The US Federal Reserve’s higher-for-longer monetary policy — which the Central Bank of the UAE is expected to mirror due to the peg of the AED to the USD — could weigh on the demand for mortgage loans in the coming year.

The hospitality sector is also expected to continue to grow, with the report forecasting an additional 6k rooms in Dubai and 200 rooms in Abu Dhabi to be rolled out by the end of the year, owing to the start of the winter season and more upcoming events.

Gov’t signs tax treaties with Bahrain, Kuwait, and Egypt

No more dual taxation with Bahrain, Kuwait, and Egypt:The Finance Ministry signed agreements yesterday at the World Governments Summit with three Arab countries to eliminate dual taxation, with an eye to crack down on tax evasion.

#1- Bahrain: The two countries will prevent double taxation on income tax, after signing their first tax treaty, according to a ministry statement. The ministry and the Kingdom of Bahrain also signed an agreement to promote and “protect” investments, according to the statement.

#2- Kuwait: The ministry signed an agreement with Kuwait yesterday to eliminate double taxation on income and capital taxes, according to a statement.

#3- Egypt: TheFinance Ministry signed a supplementary agreement with Egypt’s Finance Ministry yesterday to prevent double taxation between the two countries, according to the Egyptian ministry’s readout. The original agreement was signed in November 2019 and ratified by Egypt’s President Abdel Fattah El Sisi in June 2021.

Aiming to attract Emirati investors and facilitate all business procedures, including tax and customs obstacles, Egypt signed the agreement to reel in more Emirati investments and businesses in Egypt, Egyptian Finance Minister Mohamed Maait told Wam.

Egypt also explores bond issuances in GCC: As part of its efforts to diversify its economy and financing instruments, Egypt is currently studying issuing bonds in the GCC’s stock markets to “expand the base and segments of international investors,” Maait said, nodding to Egypt’s efforts with the Emirates to further cooperation and explore potential joint projects between the two countries.

More companies report 2023 earnings: Aldar, Emirates Stallions Group, Yahsat, Rapco, Umm Al Quwain General Investments, and The National Investor

Aldar's net income rose 40% y-o-y to AED 4.4 bn in 2023, underpinned by record sales, robust demand, and an expanded investment portfolio, according to the company’s earnings release (pdf). The company’s revenues rose 26% y-o-y to AED 14.2 bn in 2023. Full-year sales increased 94% y-o-y to a record AED 27.9 bn, while its revenue backlog grew to a record AED 36.8 bn. Growth came on the back of expat buyers and international investors, as well as its expansion into Dubai, Ras Al Khaimah and the UK, the developer said.

SOUND SMART- In real estate, sales ≠ revenues. With off-plan sales dominating the industry, most real estate companies book a sale when you sign a contract to buy a home. But they only record (some or all) of the value of the unit it sold you when it (a) delivers the unit to you or (b) hits a percentage completion on a total project. In most cases, then, revenues are composed of sales from past periods, while sales in a given quarter will be recognized as revenues in the future when units are completed or delivered.

The Abu Dhabi-based real estate developer’s net income stood at AED 1.4 bn in 4Q 2023, up 39% y-o-y, while revenues rose 40% y-o-y to AED 4.4 bn in 2023. Group sales hit AED 8.5 bn, up 65% y-o-y, marking Aldar’s highest-ever quarterly sales.

Looking ahead: An “AED 5 bn pipeline of ‘develop-to-hold’ assets across core segments and AED 1 bn investment in logistics set to bolster recurring-income streams and long-term capital appreciation,” the developer said, adding that it is “well positioned for further expansion, centered on its home market.”

Dividends: The company plans to dish out some AED 1.3 bn in dividends for 2023, according to the statement.

Construction and real estate firm Emirates Stallions Group (ESG) reported a 316% y-o-y increase in net incometo AED 687 mn in 2023, according to its earnings release (pdf). The International Holding Company subsidiary saw a 70% y-o-y growth in revenues to AED 609 mn, primarily driven by an emphasis on high-value projects. Meanwhile, total assets grew 168% y-o-y, standing at AED 3.06 bn.

An expanded scope: ESG ventured into new sectors last year, with acquisitions such as a majority stake in United International Group for manpower solutions, and an entrance into staff housing and real estate with investments in Kezad Communities and Afkar Financial & Property Investments. The company also launched ESG Hospitality to solidify its position in the hospitality sector.

Looking ahead:“ESG remains committed to building on its current momentum, with a focus on sustainable growth, operational excellence, and strategic expansion to continue delivering exceptional value to both its shareholders and clients alike,” reads the press release.

Al Yah Satellite Communications Company’s (Yahsat) net income attributable to shareholders rose 68% y-o-y to AED 405 mn in 2023, according to the company’s unaudited financials (pdf). The company’s revenues also rose 5.5% y-o-y to AED 1.68 bn, driven by expansions across all operating segments, and in particular mobility solutions, the company said.

Ras Al Khaimah Poultry & Feeding Co. (Rapco Investment) turned to the black in 2023, recording a bottom line of AED 16.2 mn after reporting losses of nearly AED 561k in 2022, according to the company’s preliminary results brief (pdf). Rapco collected AED 11.5 mn in income from investments last year, up 16% y-o-y. The company attributes the profitability to the commencement of hospitality operations in 4Q 2022, the brief adds.

Umm Al Quwain General Investments saw its bottom line fall 45% y-o-y to AED 27 mn in 2023 due to a one-off gain from a share sale in 2022, as well as a decline in unrealized income on the back of a revaluation of investments, according to the company’s preliminary results (pdf). Revenues declined 38.5% y-o-y to AED 35.1 mn in 2023.

Abu Dhabi-based investment firm The National Investor narrowed its net losses in 2023 to AED 476k, down from a net loss of AED 27.2 mn in 2022, according to the company’s preliminary results (pdf). The company also saw its revenues rise to AED 4.9 mn last year, compared to a loss of AED 20.8 mn in 2022.

Chinese private equity fund CMC Capital opens Abu Dhabi office

Chinese CMC Capital sets up Abu Dhabi office: Shanghai-based private equity fund CMC Capital Partners has become the latest financial heavyweight to open an office in the Abu Dhabi Global Market, according to the fund’s website, Bloomberg reports.

The Telegraph takeover saga continues: “Right-wing” calls to block Abu Dhabi-backed RedbirdIMI’s takeover of The Telegraph will do more harm than good to the British newspaper, Simon Nixon writes in an op-ed for The Independent.

US slaps more UAE-based shipping firms with sanctions, Russia-Ukraine war,

LOGISTICS-

US Treasury sanctions three more Emirati oil traders and shippers: The US Treasury Department’s Office of Foreign Assets Control (OFAC) imposed sanctions on UAE-based Zeenit Supply and Trading, Talassa Shipping, and Dubai-based Oil Tankers (SCF) Management for breaching the USD 60 / bbl price cap on Russian crude oil exports, the OFAC said in a statement on Thursday. Under the sanctions, the companies’ US assets will be frozen, and American companies will be barred from engaging in any business with them.

ICYMI- The US has previously sanctioned four UAE shipowners accused of violating the USD 60 / bbl price cap on Russian crude oil exports this past January and November 2023.

ENERGY-

Dana Gas is planning to reinvest USD 58 mn of its receivables in Egypt to drill more wells and increase production, the company’s CEO Richard Hall told Asharq Business (watch, runtime: 0:31).

ICYMI- Dana Gas said in November that it plans to invest USD 43 mn in Egypt in 2024, as part of an “intensive” natural gas drilling program. The company said it wants to drill 11 development wells and three exploratory wells in 2024, with the aim of increasing production by some 30 mn cubic feet per day.

M&A-

Amethis gets a piece of BBI: Africa-focused investment fund manager Amethis has acquired an undisclosed minority stake in UAE-based data management consultancy BBI via its MENA Fund II, according to a joint press release (pdf). The move will help BBI expand its geographical coverage and offer more services, the statement read. BBI currently operates in the UAE, Egypt, Algeria, and Saudi Arabia.

INFRASTRUCTURE-

The world’s first mobile marine station was launched in Dubai, courtesy of the Dubai Civil Defense, reports the Dubai Media Office. The floating station travels at 11 miles per hour with up to 16 individuals onboard, aiming to reduce response times to maritime incidents to four minutes. It is considered to be 70% more cost effective than traditional marine posts.

HEALTHCARE-

Dubai Health launched its new prenatal pediatrics center at the Latifa Hospital in partnership with Dubai-based holding company Al Tayer Group to provide maternity care for expecting mothers and high-risk pregnancies, aiming to establish the center as a “hub for discovery, fostering research and innovation,” according to the Dubai Media Office.

BUSINESS-

Sharjah + Oman chambers of commerce want to boost investment and business cooperation: The Sharjah Chamber of Commerce and Industry (SCCI) and the Oman Chamber of Commerce and Industry (OCCI) discussed startup growth and capitalizing on the potential of the tourism and commerce sectors during a meeting yesterday, Wam reports. The two sides also discussed organizing commercial events and trade delegation exchanges to increase economic cooperation.

S&P could be on a tear this year

More gains for the S&P 500 incoming? The S&P 500 is poised to hit fresh peaks and deliver returns in the double digits in the upcoming months after surpassing the 5,000 mark last week, the Financial Times reported. The blue-chip index has traditionally reached numerous all-time highs within a year of hitting a previous record in cases where over a year had elapsed since its last peak — and this pattern has held since 1950, Truist Advisory Services’ Keith Lerner told the salmon-colored paper.

AND- Tech companies partake in mass layoffs as they shift their focus to AI: Some 138 tech firms such as Microsoft, eBay, and PayPal have already laid off around 34k employees since the start of January to put more money towards generative artificial intelligence, the Financial Times reported.

ADX	9,344	-0.2% (YTD: -2.4%)
DFM	4,183	+0.6% (YTD: +3.1%)
Nasdaq Dubai UAE20	3,718	+0.1% (YTD: -3.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.0% o/n	5.1% 1 yr
TASI	12,209	+0.1% (YTD: +2.0%)
EGX30	28,199	-0.8% (YTD: +13.3%)
S&P 500	5,027	+0.6% (YTD: +5.4%)
FTSE 100	7,573	-0.3% (YTD: -2.1%)
Euro Stoxx 50	4,716	+0.1% (YTD: +4.3%)
Brent crude	USD 82.19	+0.7%
Natural gas (Nymex)	USD 1.85	-3.7%
Gold	USD 2,039	-0.5%
BTC	USD 48,204	+1.1% (YTD: +13.9%)

THE CLOSING BELL-

The DFM rose 0.6% at yesterday’s close on turnover of AED 260.7 mn. The index is up 3.1% YTD.

In the green: Shuaa Capital (+9.3%), Emirates Reem Investments Company (+3.9%) and Emaar Development (+3.8%).

In the red: International Financial Advisors (-9.9%), Al Firdous Holdings (-3.9%) and Ithmaar Holding (-2.0%).

Over on the ADX, the index closed down 0.2% on turnover of AED 168.0 mn, while Nasdaq Dubai closed up 0.1%.

Asian markets are quiet this morning — and will likely remain so for the week asChina is closed for a weeklong Lunar New Year holiday. Exchanges in Hong Kong, Shanghai, and Korea are all off today. The Nikkei is up slightly, and futures suggest a mixed open in Europe and on Wall Street.

UAE mediates third prisoner exchange between Russia and Ukraine

The UAE mediated a third round of negotiations for the exchange of captivesbetween Russia and Ukraine, resulting in the return of 100 prisoners to each country, according to a Foreign Ministry statement. The Emirates previously mediated the exchange of 207 Ukrainian prisoners for 195 Russian prisoners at the start of the month, and the swap of 200 Ukrainian prisoners for 248 Russian prisoners earlier in January.

The Foreign Affairs Ministry warned that a military operation in Rafah could lead to “serious humanitarian repercussions,”urging immediate international action to achieve a ceasefire and prevent escalation of the situation after Israel killed at least 44 Palestinians as it launched airstrikes in Rafah on Saturday.

Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan emphasized the need for unified Arab action and cooperation with international partners to address regional challenges, particularly the crisis in Gaza, at the Arab consultative ministerial meeting on Gaza in Riyadh last Friday, according to a ministry statement. High-ranking officials from Qatar, Jordan, Egypt, and the Palestinian Authority attended the meeting.

CALENDAR

FEBRUARY

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

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

7-18 February (Wednesday-Sunday): Sharjah Light Festival, Sharjah Police Headquarters.

8-14 February (Thursday-Wednesday): UAE Innovates 2024, Ajman and Umm Al Quwain.

12-13 February (Monday-Tuesday): Breakbulk Middle East conference, Dubai Trade Centre.

12-14 February (Monday-Wednesday): World Government Summit, Dubai.

12-14 February (Monday-Wednesday): Sustainable Aviation Futures MENA Congress, Hotel Dubai Mall.

12-15 February (Monday-Thursday): Future Warehouse & Logistics, Dubai, UAE.

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.

16-18 February (Friday-Sunday): The Shams Creative Fest, Shams Business Center.

17 February (Saturday): UAE President Cup for Purebred Arabian Horses, Abu Dhabi Equestrian Club.

18 February (Sunday): Abu Dhabi Run and Ride, Abu Dhabi Corniche.

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

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

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

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.

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.

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

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.

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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