Singapore-based fund First APAC is investing AED 5 bn in local real estate firm AMIS

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Pollution-charging system coming? + Nutrition labels to become mandatory on food packaging in Abu Dhabi in 2025

Good morning, wonderful people, and happy hump day. It’s one of those rare quiet days in the UAE, and we’re savoring it with an (also rare) tight issue. The biggest stories to keep an eye on: Singapore’s First APAC fund is investing AED 5 bn in Dubai real estate firm AMIS Development; our friends at Mashreq inked a new trade facility agreement with BII; and we have two new laws on Sharjah’s digital landscape and the UAE’s penal and corrective institutions.

The Dubai Financial Market index broke past the 4.8k-point level for the first time since October 2014, closing up 1.2%, Al Khaleej reports. Gains were primarily driven by improved performances in the real estate, financial, industrial, and utility sectors, led by Emaar (up 2.9%), Deyaar (up 5.7%), and Dubai Islamic Bank (0.9%). This marks the second time this month that the DFM hits a decade high.

WEATHER- We’re in for a cloudy (and possibly rainy) end to the week: The National Center of Meteorology forecasts (pdf) partly cloudy conditions in northern and coastal areas and islands, with a chance of light rainfall and blowing dust until Saturday. Temperatures today will hit 31°C in Dubai, with an overnight low of 25°C, and 29°C in Abu Dhabi, before cooling to an overnight low of 24°C.

There’s a money story in the Gulf. Take one look at the news, and you’ll see headlines about Saudi Arabia’s rapidly changing economy, Qatar’s investment in mass infrastructure, and the UAE’s transformation into a global tech hub. The geopolitical tectonic plates are shifting.

To stay up to date on the business happening in the Gulf that is impacting the world around you, check out our friends at Semafor Gulf. Each issue uncovers the economic forces shaping the region — and the world. Subscribe here at no cost.

WATCH THIS SPACE-

#1- The UAE mulls pollution-charging system: The UAE is considering rolling out a pollution-charging mechanism to incentivize companies to reduce greenhouse gas emissions, Bloomberg cites Eva Torreblanca, a director at the Abu Dhabi’s Environment Agency’s policy and planning division, as saying. The Climate Change Ministry is currently reviewing proposals from the agency, including…

A cap-and-trade system similar to the European Union’s Emissions Trading System;
A carbon tax for companies emitting over 25k tons of CO2 annually;
An auction-based mechanism inspired by Germany’s system for heating and transporting fuels.

The caveat? Officials outside the agency are worried that these measures could deter companies from establishing operations in the UAE, the business news information service reports, citing people it says are in the know.

Meanwhile, the Environment Agency is working on a system to measure and certify emissions, expected to be operational by January 2025, to address pitfalls in cap-and-trade systems, Torreblanca said.

#2- Shorooq Partners to provide AED 30 mn for content startups: Abu Dhabi-based VC Shorooq Partners partnered with 1 Bn Followers Summit, the world’s largest content-focused event, to provide AED 50 mn in funding for the 1 Bn Pitches competition, state news agency Wam reports. Shorooq will contribute AED 30 mn through direct investments and in-kind services — such as cloud credits — while the 1 Bn Followers Summit will provide AED 20 mn.

The competition will see ten finalists compete for first and second place, with the final outcome announced during the summit in Dubai from 11-13 January. Participants will be evaluated on feasibility, pitch quality, market potential, creativity, scalability, social/economic impact, and leadership capabilities.

Three UAE startups made the shortlist:

Atlaseek, a travel platform connecting creators and destinations;
PenSell, an AI-driven platform for content collaboration;
Division, a platform connecting brands with gamers for immersive advertising.

PSAs-

#1- Manufacturers and local agents will be required to display Nutri-Mark labels on food packaging starting 1 June 2025, as part of a joint initiative by the Abu Dhabi Quality and Conformity Council (ADQCC) and the Abu Dhabi Public Health Center, Khaleej Times reports. The Nutri-Mark nutrition grading system, launched to combat rising obesity rates in the UAE, assigns a grade from A (most healthy) to E (least healthy) based on a product’s nutritional value, Wam reports.

The first phase of the project will apply to five food categories: baked goods, oils, dairy, children's food, and beverages, with plans to expand Nutri-Mark to additional food items — including non-packaged foods — in the future.

The penalties: Products lacking the Nutri-Mark label or carrying inaccurate grades will be removed from shelves, with retailers facing fines.

And there’s more: ADQCC is set to collaborate with manufacturers to reformulate products with lower sugar, salt, or fat content to achieve better Nutri-Mark grades.

#2- UAE driving licenses will soon be recognized in Texas, allowing drivers to exchange their UAE licenses for a Texas license without the need for tests. The agreement came under an MoU signed between the UAE Interior Ministry and the Texas Department of Public Safety, Khaleej Times reports.

#3- The financial markets in the UAE will be closed on 2-3 December in light of the UAE National Day, the Securities and Commodities Authority said. Trading will resume on 4 December.

DATA POINTS-

#1- Ras Al Khaimah is now the world’s best city in terms of expat essentials, according to InterNations’ Expat Essentials Index for 2024, which placed the Emirati city at the top of the 53-city list, with Dubai and Abu Dhabi filling the second and third spots. The index gauges four essential factors for expat life, namely, admin (securing a visa and handling bureaucracy), language, digital life, and housing. As for the overall Expat City Ranking, Ras Al Khaimah came in sixth place, while Abu Dhabi and Dubai had the ninth and tenth spots, respectively.

How the three cities performed in other indices:

Abu Dhabi landed in the seventh spot for quality of life, Dubai ranked 8th, and Ras Al Khaimah 28th;
Ras Al Khaimah secured the second spot for working abroad, Dubai was 9th, and Abu Dhabi was 12th;
Ras Al Khaimah secured the fifth place in terms of ease of settling in, while Dubai landed the 11th spot and Abu Dhabi 14th;
Ras Al Khaimah landed the eighth spot for personal finance, with Abu Dhabi ranking 24th, and Dubai 36th.

#2- The Dubai Financial Services Authority (DFSA) took eight enforcement actions and issued 24 alerts YTD, targeting unauthorized financial activities, investor deception, anti-money laundering non-compliance, and obstruction of DFSA investigations, Wam reports. The authority issued fines exceeding a total of USD 2.5 mn — with USD 1.3 mn imposed on individuals and USD 1.2 mn on firms — and prohibited three individuals from operating in the Dubai International Financial Center (DIFC).

HAPPENING TODAY-

#1- Open Source AI Summit is on its second and final day at The St. Regis Saadiyat Island Resort in Abu Dhabi. The event will feature discussions on prospects for open-source artificial intelligence, as well as challenges, ethical considerations, governance, and international cooperation.

#2- The Global Food Security Summit is on its second and final day as part of Global Food Week at the Adnec center in Abu Dhabi. The event will focus on biosecurity and agriculture in arid environments, as well as innovative and sustainable agricultural practices, including the application of artificial intelligence. The Global Food Week will also include the Abu Dhabi International Food Exhibition and coffee and palm festivals.

#3- The Global Women's Forum is on its second and final day at Madinat Jumeriah in Dubai. The forum will feature over 60 sessions with participation from 100 leaders and influencers globally.

#4- Livable Cities X is on its second day, before wrapping tomorrow at the Dubai World Trade Center. The event will feature discussions with key players driving efforts to enhance sustainability, resilience, and livability in urban environments. Participants will engage with experts to discuss innovative solutions for urban challenges.

#5- Future FM Exhibition kicked off yesterday and will wrap on Thursday, 28 November at the Dubai World Trade Center. The event will gather facility management experts and will discuss digital solutions within the industry to boost efficiency and sustainability.

#6- GeoWorld Summit kicked off yesterday and wraps tomorrow at the Dubai World Trade Center. The forum will focus on exploring the latest trends in geospatial technologies and providing solutions based on data analysis and visualization to business leaders and governments.

#7- The Global Media Congress 2024 kicked off yesterday and wraps tomorrow at Abu Dhabi’s Adnec Center. The event will bring together leaders and notable figures in the media industry to discuss the latest trends and technologies in the sector.

#8- The Big 5 Global Exhibition kicked off yesterday and wraps on Friday, 29 November at the Dubai World Trade Center. The exhibition will feature key players and experts in the construction industry to discuss recent innovations and showcase available investment prospects.

#9- The RAK Energy Summit 2024 kicks off today and runs until tomorrow at the Al Hamra International Exhibition and Convention Center. The summit will bring together renewable energy experts and decision-makers to discuss energy transition and decarbonization efforts in the GCC region. It will also explore topics such as AI, future energy transport, and energy storage.

#10- The Mining Show wraps up today at the Festival Arena in Dubai. The show gathers governments, businesses, and investors to discuss advancements in the mining sector. The event focuses on the rising demand for key minerals, including lithium, copper, and cobalt, essential for EVs and renewable energy technologies.

THE BIG STORY ABROAD-

Israel and Hezbollah agreed to a ceasefire agreement that is set to take hold this morning, after the Israeli cabinet voted in favor of a pact brokered by the US and France. The agreement will see Israel “gradually withdraw its remaining forces” from its border with Lebanon over the next 60 days, while “the Lebanese Army and the State Security Forces will deploy and take control of their own territory [in the south] once again,” US President Joe Biden said yesterday.

Ceasefire coming for Palestine soon? Washington is planning to “make another push with Turkey, Egypt, Qatar, Israel, and others” to reach a similar ceasefire agreement in Palestine, Biden said. An agreement would see Israel halting its assault on Gaza while removing Hamas from its position as de facto rulers of the enclave, and securing the release of remaining Israeli hostages.

Biden is looking to also push through with a set of agreements with Saudi Arabia, including a defense pact and other forms of economic cooperation, which would also see Riyadh recognize and create diplomatic ties with Israel. The agreements have stalled since earlier this year as Saudi has made its recognition of Israel contingent on having a “clear and credible” pathway for Palestinian statehood. The story is topping front pages in the international press this morning: Reuters | Bloomberg | New York Times | CNBC | Wall Street Journal | Financial Times

OIL WATCH-

Opec+ countries are in discussions to potentially delay its plan to phase out oil supply cuts in January due to threat of oversupply, after delaying it initially from October, Bloomberg reports, citing delegates who asked to remain anonymous. Opec+ is due to meet online on 1 December, with traders widely expecting another delay to 2Q 2025, according to traders surveyed by Bloomberg.

REMEMBER- The UAE has already been granted a higher production quota of 3.5 mn barrels per day in 2025, up from the current 2.9 mn.

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CIRCLE YOUR CALENDAR-

The International Desalination and Water Reuse World Congress will take place between 8-12 December at the Adnec Center in Abu Dhabi. The event will feature discussions on innovations in water desalination and reuse technologies, decarbonization efforts, integrated water resources management, and best practices for rationalizing water consumption.

The WORLDEF Dubai 2024 forum will take place on 4-5 December at Dubai CommerCity. The event will gather over 5k representatives from leading organizations in digital commerce.

The European Arab Medical Congress will take place on 11-12 December at the headquarters of Zayed Higher Organisation for People of Determination in Abu Dhabi. Hosted by the Emirates Scholar Center for Research and Studies, the event will host 50 speakers and feature 40 scientific sessions covering the latest innovations in medicine and medical technology.

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

First APAC will invest up to AED 5 bn in Dubai real estate firm AMIS Development

Singaporean investment fund First APAC will invest up to AED 5 bn in Dubai-based real estate firm AMIS Development, the firm said in a statement. The Fund is managed by Singaporean fund management company Pilgrim Partners Asia (PPA), which is currently completing its due diligence on AMIS Development, according to a press release.

Where will the funds go? AMIS Development will use the funds to grow its land bank, project pipeline, global brand partnerships, team, and investments in technology.

ADVISORS- PPA appointed Greenback Capital to aid in evaluating and structuring the transaction and provide sub-investment management services.

REMEMBER- AMIS Development awarded a construction contract to Dar Al Aayan Contracting last month to build its AED 425 mn Woodland Residences project in District 11 of Meydan.

Mashreq, BII sign risk participation agreement for USD 50 mn trade facility focusing on South Asia and Africa

Mashreq taps BII for South Asia and Africa-focused trade finance facility: Our friends at Mashreq struck a master risk participation agreement for a USD 50 mn trade finance facility with British International Investment (BII) to support cross-border trade across emerging markets in South Asia and Africa, according to a statement (pdf). The agreement is the first of its kind between a Middle East-based bank and BII.

Uh, Enterprise, what’s a risk participation agreement? Banks enter into this type of agreement when they want to share risk on certain transactions — especially in trade finance and syndicated loans. They do so by selling part of their exposure in a transaction, with the participant in return getting a piece of the returns — whether in the form of interest or fees.

The details: The facility will allow Mashreq to “strengthen [its] capacity to provide trade finance to clients in West Africa and South Asia, ensuring faster response times and better client support,” the statement said.

The bank will first focus on trade finance prospects in Angola, Bangladesh, Benin, and Ivory Coast, before expanding into additional countries over the coming year, the statement said. The facility will help address the gap in financing for imports of critical goods to these countries, it added.

OTHER DEBT NEWS-

Dubai-based mass transit app Swvl obtained a sustainable credit facility from HSBC to expand its pipeline of client contracts in 4Q 2024, according to a statement. The mobility solutions provider sold USD 4.7 mn in ordinary shares to investors in a private placement last week to support its expansion to the US next year. It also secured USD 4.2 mn in contracts across Egypt's mobility sector during the past three months.

Sharjah sets out responsibilities for the Sharjah Digital Department + New penal and corrective institution law

Sharjah rolled out a new law to oversee the operations of the Sharjah Digital Department (SDD), aiming to strengthen the emirate's digital transformation initiatives, state news agency Wam reports. The legislation outlines the department's goals, responsibilities, and financial structure.

Responsibilities: The SDD will develop and manage strategies for digital transformation and information security, coordinate with public and private sectors to build digital infrastructure, supervise the government portal, and standardize IT systems. The SDD will also oversee digital services and unified service platforms for government entities, establish and monitor a cybersecurity framework to protect government infrastructure, develop data management platforms to ensure privacy and enable data sharing, and promote digital skills through training programs.

The department will be headquartered in the city of Sharjah, with the possibility of establishing additional branches across the emirate by decree from Sharjah Ruler Sheikh Sultan bin Mohammed Al Qasimi. A director-general appointed by the ruler will oversee SDD’s operations, including managing budgets, proposing laws, and forming committees to address specific tasks.

OTHER LEGISLATION NEWS-

The UAE also issued a federal decree-law to improve penal and corrective institutions in the country and protect the rights of inmates and allow them to more easily reintegrate into society, Khaleej Times reports. The law sets out rules for the construction of facilities, including their proximity to public service areas and their capacity, as well as allowing inmates to work for wages at the facilities, or continue their education. The law also establishes a fund designed to market products manufactured by inmates at facilities.

On the other side of the coin: The law sets out strict penalties and fines for smuggling of prohibited items and substances into facilities, with penalties reaching AED 100k. Penalties for those helping inmates escape will be a prison sentence of up to five years, or 10 if it’s an employee of the institution.

Mubadala Investment trims GlobalFoundries stake by 4.1% in 3Q 2024

CAPITAL MARKETS-

Mubadala trims its GlobalFoundries stake: Mubadala Investment Company, a subsidiary of the Abu Dhabi sovereign wealth fund, reduced its stake in semiconductor manufacturer GlobalFoundries by 4.1% in 3Q 2024 to 81.63%, MarketBeat reports. Mubadala’s current stake, which accounts for 96.3% of its holdings, is valued at around USD USD 18.1 bn.

We knew this was coming: Mubadala Tech was looking to sell a portion of its stake in GlobalFoundries on Nasdaq earlier in May in a bid to raise USD 950 mn by offering shares at USD 50.75-52.50 apiece. Mubadala was GlobalFoundries’ majority shareholder with an 85% stake prior to the sale.

STARTUPS-

Ireland and US-based venture capital firm Continuous Ventures agreed to support the Economy Ministry’s NextGen FDI initiative aimed at attracting innovative companies from around the world to the UAE, Wam reports. The partnership will see Continuous Ventures evaluate the program’s potential entrants, offer go-to-market strategies, and connect their startups to the program. The firm will initially support UAE-based startups from its Dubai and Abu Dhabi offices, before expanding to a larger facility in the Dubai International Financial Center as the initiative grows.

ENERGY-

#1- Enec to conduct studies to identify nuclear tech for Adnoc: The Emirates Nuclear Energy Company (Enec) signed an agreement with Adnoc to conduct technical and economic assessments for identifying suitable nuclear reactor technologies for the state-run oil giant, according to a press release. The two companies will also conduct feasibility studies on the potential applications of excess heat from the Barakah Nuclear Energy Plant.

#2- Basf to expand gas treatment in the UAE: German chemicals giant Basf partnered with Dubai-based engineering firm Kent to advance its gas treatment operations in the UAE, Gas World reports. Kent will provide engineering and design services, including developing process design packages for Basf’s OASE gas treatment technology. Under the agreement, Kent will also optimize process schemes for gas treatment at Basf’s facilities and ensure compliance with industry standards.

SOUND SMART- Basf’s OASE technology uses a liquid absorption process with chemical solutions to separate specific gases from gas mixtures, such as CO2. These gases are then released for reuse, improving efficiency and reducing emissions. The technology is widely adopted in industries such as natural gas processing and carbon capture.

TECH-

Gov’t launches tech training initiative: The UAE's Artificial Intelligence, Digital Economy, and Remote Work Applications Office launched a tech training initiative to upskill 5k Emirati students over the next five years in collaboration with the Emirati Human Resources Development Council, Wam reports. The council signed MoUs with LinkedIn, SAS, and several local universities for the initiative.

HOSPITALITY-

Shaner Hotels partnered with Dubai-based The First Group to expand branded hotels across the Gulf and Mena region, Greece, and Cyprus, according to a press release. The partnership will focus on hotel management agreements, and will include services like site selection, operations, and eventual sale. Future hotels may feature brands like The First Collection, Tribute Portfolio, and other Marriott International brands.

As part of the agreement, the two companies will launch The First Collection at Jumeirah Village Circle, a Tribute Portfolio Hotel, marking the debut of Marriott Bonvoy’s Tribute Portfolio in the Middle East.

AGRICULTURE-

Abu Dhabi-based agri-food and technology company Silal partnered with China’s Shouguang Vegetable Industry Group to boost the UAE’s agricultural product supply capacity, focusing on agricultural innovation, Wam reports. The agreement involves two key initiatives: the Seed Development Program, aimed at advancing seed breeding, and the Greenhouse Demonstration Park, which will showcase advanced technologies based on the Shouguang Model, including greenhouse systems, seedling cultivation, grafting, pollination, and plantation management.

EVs-

Dubai’s taxi operator National Taxi partnered with EV manufacturer Skywell UAE to add EVs to its taxi fleet in Dubai, according to a press release.

Remember- The UAE is improving EV infrastructure: There are currently 380 green charging stations for EVs in Dubai, with plans to expand the network to 1k in 2025. The Energy Ministry and Etihad Water and Electricity set up a joint venture in May to boost EV charging infrastructure in the UAE.

FINTECH-

Global fintech Exante opened an office in the Dubai International Financial Center (DIFC), following regulatory approval from the Dubai Financial Services Authority (DFSA), according to a company statement. The office will provide UAE clients access to over 50 global financial markets and more than one mn instruments via Exante’s customizable trading platform. Exante is regulated in five jurisdictions: the UK, Hong Kong, UAE, Cyprus, and Malta.

AVIATION-

The National Center of Meteorology partnered with Ras Al Khaimah International Airport to provide forecasts and real-time weather monitoring to the airport to ensure aviation safety, Wam reports.

In a trade war, there are no winners, cautions China following Trump’s tariff pledges

“No one will win a trade war or a tariff war,” warned a Chinese embassy spokesperson in Washington yesterday, reacting to president-elect Trump’s pledge via social media on Monday to impose a blanket additional 10% tax on all incoming Chinese goods. Trump alleged that China had failed to crack down on narcotics — in particular Fentanyl — from being sent to the US and that the tariff would remain in place until China takes definitive action, including a death penalty for drug smugglers.

The incoming administration also put neighbors — and historically close trading partners — Mexico and Canada on notice, pledging a 25% tariff on “ALL products” from its top two trading partners. Trump posted on his Truth Social platform — with his characteristically bizarre use of capital letters — that the “Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country.”

Mexico is already saying that it is prepared to respond, with the country’s president Claudia Sheinbaum warning that “to one tariff will follow another in response and so on, until we put our common businesses at risk” at a press conference yesterday. This would lead to job losses and inflation on both sides of the border, Sheinbaum argued.

Trade is also a two-way street, and the prospect of a trade war between the US and the three countries could have a big impact on American businesses and the economy at large — especially considering that the three countries are also the top three importers of US-made goods.

The three targeted countries are already feeling the squeeze in the currency markets, with the MXN falling 2.5% against the greenback yesterday, along with the CAD that fell 0.7% and CNY that dropped 0.2%.

But so too are US automakers — who rely on Mexico for much of their production — with shares in General Motors slipping 8.9% and Ford dropping 2.6% despite both the Nasdaq and S&P 500 ending the day comfortably in the green. "If implemented, this would spell disaster for the U.S. auto industry and Detroit Three manufacturers, all of whom import significant numbers of vehicles from Canada and Mexico," Bernstein analyst Daniel Roeska said in a note seen by Reuters.

MARKETS THIS MORNING-

Asian markets are kicking the day off in the red, on the heels of gains on Wall Street with the Dow Jones and S&P 500 both closing on all-time record highs. Leading the pack in the red is Japan’s Nikkei at -0.8%, China’s Shanghai index at -0.5%, and Hong Kong’s Hang Seng at -0.1%. Korea’s Kospi is just in the green at +0.1%.

ADX	9,294	+0.7% (YTD: -3.1%)
DFM	4,829	+1.3% (YTD: +18.9%)
Nasdaq Dubai UAE20	3,934	+1.7% (YTD: +2.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.5% o/n	4.4% 1 yr
TASI	11,736	-0.4% (YTD: -1.9%)
EGX30	30,284	+0.1% (YTD: +21.7%)
S&P 500	6022	+0.6% (YTD: +26.2%)
FTSE 100	8259	-0.4% (YTD: +6.8%)
Euro Stoxx 50	4762	-0.8% (YTD: +5.3%)
Brent crude	USD 72.86	+0.1%
Natural gas (Nymex)	USD 3.43	+1.8%
Gold	USD 2658.20	+0.6%
BTC	USD 91,985.40	-1.8% (YTD: +116.2%)

THE CLOSING BELL-

The ADX rose 0.7% yesterday on turnover of AED 1.2 bn. The index is down 3.1% YTD.

In the green: Takaful (15.0%), Emirates Stallions Group (+14.9%) and Hily Holding (+11.5%).

In the red: Al Khaleej Investment (-9.9%), Ghitha Holding (-4.7%) and Lulu Retail (-4.2%).

Over on the DFM, the index rose 1.3% on turnover of AED 597.6 mn. Meanwhile, Nasdaq Dubai closed up 1.7%.

CORPORATE ACTIONS-

Methaq Takaful Ins. approved a capital increase through its shareholders, during a general assembly meeting, according to an ADX disclosure (pdf), without disclosing the exact amount it plans to increase.

Busy week in diplo land: More cooperation with Bahrain and the Philippines + talks with Blinken, World Bank VP for MENA, and more

It’s a busy week for the UAE on the diplomacy front, with Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan wrapping his visit in Bahrain, President Sheikh Mohamed bin Zayed Al Nahyan meeting with his Philippine counterpart, and several other officials making the rounds throughout the week.

#1- Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan met with Bahraini Crown Prince and Prime Minister Prince Salman bin Hamad Al Khalifa in Bahrain yesterday, where they discussed boosting bilateral ties in economy, investment, and development, state news agency Wam reports. Bahrain’s King Hamad bin Isa Al Khalifa handed the crown prince the Order of the Renaissance in recognition of their ties, according to a statement.

UAE, Bahrain take steps to boost industrial cooperation: Technical teams from the UAE and Bahrain finalized agreements to implement a Memorandum of Understanding (MoU) signed earlier this year in January, in a bid to strengthen industrial ties, the Bahrain News Agency reports. The collaboration will align Bahrain's Takamul Program with the UAE's National In-Country Value (ICV) Program.

Bahraini companies can now apply for certification under the UAE's National ICV Program, granting them eligibility to participate in government procurement tenders across the UAE. Emirati companies will receive a 10% procurement preference in Bahrain's Takamul Program, once they complete the required application process. This move is aimed at boosting cross-border business opportunities and supporting the growth of local industries in both countries.

#2- President Sheikh Mohamed bin Zayed Al Nahyan met with his Philippine counterpart, President Ferdinand Marcos Jr, during his working visit to the UAE, to discuss strengthening cooperation in various sectors, with a focus on trade, investment, and development, Wam reports. The UAE expressed its intent to continue talks with the Philippines on a trade and economic partnership agreement. Several MoUs were signed during the visit, covering areas like culture, energy transition, and mutual legal assistance.

OTHER DIPLOMACY NEWS-

Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan and US Secretary of State Antony Blinken spoke over the phone about regional issues, focusing on Gaza and Lebanon and the need for a sustainable ceasefire in the region, as well as the ongoing crisis in Sudan. (Wam)
Financial Affairs Minister Mohamed bin Hadi Al Hussaini met with the World Bank’s VP for Mena Ousmane Dione to discuss strengthening collaboration between the UAE and the World Bank and fostering communication through the Finance Ministry. (Wam)
The UAE pledged financial aid to support Azerbaijan’s humanitarian demining efforts, focusing on former conflict zones, under a new MoU. The funding will focus on boosting Anama’s technical capabilities, acquiring demining equipment, and conducting risk education programs. (Azertac)
Interior Minister Sheikh Saif bin Zayed Al Nahyan met with his Swedish counterpart, Gunnar Strömer, to discuss boosting cooperation in security and combating organized crime and cybercrime. (Wam)
The UAE and Saudi Arabia held the inaugural Joint Consular Committee session yesterday, aiming to boost consular cooperation to improve services like streamlining travel and movement procedures for citizens and residents of both nations, developing digital consular services, and resolving challenges faced by citizens abroad. (Statement)

CALENDAR

NOVEMBER

19-27 November (Tuesday-Wednesday): Subscription period for the retail portion of Talabat’s IPO.

19-28 November (Tuesday-Thursday): Subscription period for the institutional portion of Talabat’s IPO.

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

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

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

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

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

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

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

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

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

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

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

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

DECEMBER

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

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

4-5 December (Wednesday-Thursday): WORLDEF Dubai, Dubai CommerCity.

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

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

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

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

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

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

1- December (Tuesday): Talabat’s shares will start trading on the DFM.

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

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

9-13 December (Monday-Friday): World Realty Congress, Palazzo Versace, Dubai.

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

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

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

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

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

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

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

6 December-12 January: Dubai Shopping Festival.

Signposted to happen sometime in December:

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

JANUARY 2025

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

7-9 January (Tuesday-Thursday): 17th edition of the Arab Plast International Trade Fair for Plastics, Recycling, Petrochemicals, Packaging and Rubber Industry, Dubai International Convention and Exhibition Center, Dubai.

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.

11-13 January (Saturday-Monday): The 1 Bn Followers Summit, Dubai.

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

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

14-16 January (Tuesday- Thursday): Intersec, Dubai World Trade Center, Dubai.

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

20-22 January (Saturday-Monday): FESPA Middle East, Dubai World Trade Centre, Dubai.

27-30 January (Monday-Thursday): Arab Health Exhibition 2025, Dubai World Trade Centre, Dubai.

FEBRUARY 2025

1-8 February (Saturday-Saturday): The Mubadala Abu Dhabi Open, Zayed Sports City's International Tennis Centre.

1-28 February (Saturday-Friday): 3rd Sheikh Mansour bin Zayed Agriculture Excellence Award, Abu Dhabi.

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

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

16 February-1 March: Dubai Dutyfree Tennis Championships, Dubai Dutyfree Tennis Stadium in Al Garhoud.

24-25 February (Monday-Tuesday): World Passenger Experience Forum, Dubai.

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai.

Signposted to happen sometime in 1Q 2025:

The first eight fronds of the Palm Jebel Ali will be site-ready, allowing for the commencement of villa infrastructure and civil works.

APRIL 2025

6-11 April (Sunday-Friday): Geo-Spatial Week 2025, Dubai.

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

7-9 April (Monday-Wednesday): AIM Investment Summit, Abu Dhabi National Exhibition Center

14-16 April (Monday-Wednesday): Dubai Woodshow’s 21st Edition, Dubai World Trade Center

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

16-18 April (Wednesday-Friday): World Future Energy Summit,Abu Dhabi National Exhibition, Abu Dhabi.

28 April-1 May (Monday-Thursday): The Arabian Travel Market 2025, Dubai World Trade Center

Signposted to happen sometime in April:

Abu Dhabi Autonomous Racing League, Yas Marina Circuit in Abu Dhabi

MAY 2025

6-7 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

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

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

SEPTEMBER 2025

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

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

OCTOBER 2025

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

NOVEMBER 2025

18-19 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

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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