Good morning, lovely people. It’s a slightly quieter day here at home, with the biggest stories of the day being the price range for Talabat’s IPO — setting it up to raise USD 1.5 bn — and BlackRock’s new Abu Dhabi commercial license. Plus: IRH is eyeing an investment in Alphamin.

WEATHER- The mercury peaks at 32°C in Dubai today, before cooling to an overnight low of 24°C. Over in Abu Dhabi, expect a high of 28°C and a low of 23°C.

Lulu Retail’s shares closed 1% higher on the third day of trading on ADX at AED 2.05 a piece, slightly paring its gains after rising as much as AED 2.06 throughout the trading day.

REFRESHER- Despite having a record IPO, Lulu Retail saw a muted debut on the ADX, with its shares falling as much as 2.5% on their first day of trading to AED 1.99, down from the IPO set price of AED 2.04, before settling at its original share price at market close. The IPO raised AED 6.3 bn and was 25x oversubscribed.

Lulu investors could be in for “some incremental gains” as indicated by the solid trading volumes coming from retail investors, an analyst told Gulf News. Another analyst forecasts “heavy action” on Lulu shares in tandem with the release of its 2024 earnings.

WATCH THIS SPACE-

#1- Abu Dhabi-based agriculture firm Pure Harvest plans to go public, most likely in the UAE, in 2027 or 2028, the company’s CEO Sky Kurtz told Zawya. The company is also looking at tapping into the US and Mexico markets in the long run, alongside further expansions in Saudi Arabia and Morocco, Kurtz said.

REMEMBER- The company is currently seeking to raise as much as USD 100 mn by year-end to fund its plans of expansion into Singapore, Morocco, and Kuwait. The company had raised USD 180.5 mn in its previous funding round in 2022, taking total funding raised up to USD 387 mn.

#2- UAE’s Emsteel is eying more projects in Saudi and Egypt: ADQ-owned Emsteel is working on Saudi megaproject Neom and Ras El Hekma in Egypt, Emsteel CEO Saeed Al Ghafri told Asharq Business, without disclosing further details. Emsteel aims to capture a 60% market share in the UAE while exporting its products to 70 countries globally, he added.

ALSO FROM EMSTEEL- A new project for producing low-carbon iron coming to Abu Dhabi: Emsteel Group subsidiary Emirates Steel is working with Japanese partners on a feasibility study for a new project to produce low-carbon iron in Abu Dhabi, Wam reports. The project’s commercial production is expected no sooner than 2027. Emsteel is collaborating with Japan’s JFE Steel and Itochu Corporation on the project, Alghafri told Asharq Business.

REMEMBER- Emirates Steel had more green iron projects in the pipeline: Masdar said inApril it was looking at raising the efficiency of its pilot project to produce green iron ore for Emirates Steel Arkan, which currently has a production capacity of 2 MW electrolyzers, to 100 electrolyzers, though the figure was still under study.

#3- The Institute of International Finance (IIF) expects the UAE’s economy to grow 4% in 2024 and 5.1% in 2025, the highest among its GCC peers, Al Bayan reports, citing a recent IIF report. Strong tourism and hospitality sectors, huge investments in innovation and digitalization, and an anticipated increase in oil production underpin IIF’s forecast.

Gulf economies are poised for a sharp rebound, with GDP growth across GCC countries forecast to grow to 4.4% in 2025 compared to 1% this year, the IIF said. The recovery will be driven by increased private consumption and public investment targeting long-term economic expansion.

#4- Dubai’s Roads and Transport Authority is piloting the use of AI-powered in-car cameras to detect smoking inside taxis, it said in a statement.

SIGN OF THE TIMES- Neymar Jr. now has a penthouse in Business Bay: Brazilian footballer Neymar Jr. purchased a AED 200 mn penthouse in Binghatti’s Bugatti Residences in Business Bay, according to a press release. The residential project consists of 182 residences overlooking a French Riviera-inspired private beach.

Fancy a lift? The penthouse includes a private car lift feature, which transports cars directly to the penthouse.

DATA POINTS-

#1- Dubai welcomed 3.9 mn tourists in 3Q 2024, marking a 3.4% y-o-y increase, Al Khaleej reports, citing statistics. In 9M 2024, the emirate attracted 13.3 mn tourists, a 7.3% y-o-y increase.

Remember: Dubai International Airport (DXB) revised its 2024 passenger forecast up to a record 91.8 mn in August, after receiving a record 44.9 mn visitors in 1H 2024.

#2- The Ajman NuVentures Center Freezone (ANCFZ) attracted over 450 companies within two months of its establishment, thanks to the fast issuance of business licenses, ANCFZ CEO Rishi Somaiya told Khaleej Times. The freezone offers a business license in as little as 15 minutes and a visa within 48 hours, significantly faster than the typical process which can take several days, Somaiya added.

#3- The UAE landed the 26th spot globally and the first among Arab countries on the 2023 Global Knowledge Index (pdf) by the UN Development Program – Regional Bureau for Arab States and the Mohammed bin Rashid Al Maktoum Knowledge Foundation. The index measures knowledge and development levels, featuring sub-indices covering sectors like education, ICT, research, development, and economy.

#4- SMEs account for over 90% of total businesses in Abu Dhabi, employing nearly half of the workforce and contributing 42.8% to the emirate’s non-oil GDP, Acting CEO of the Khalifa Fund for Enterprise Development and Executive Director of the SME Sector at the Abu Dhabi Department of Economic Development Moza Obaid Al Nasri said in statements to Wam.

HAPPENING TODAY-

#1- Ras Al Khaimah Ruler Sheikh Saud bin Saqr Al Qasimi is currently on a four-day visit to Guangdong Province, China, which commenced yesterday, Wam reports. During the visit, the RAK Ruler will sign a cooperation agreement with Guangdong, focusing on the digital economy, scientific and technological innovation, advanced manufacturing, smart cities, and culture and tourism. Al Qasimi will also hold business meetings.

#2- Apex Invest Abu Dhabi is on its second and final day at The Hilton in Abu Dhabi. The event will feature senior representatives from major sovereign wealth funds, including Mubadala, the Abu Dhabi Investment Council, the Abu Dhabi Investment Authority, ADQ, Saudi Arabia’s Public Investment Fund, and the Oman Investment Authority, along with a number of family offices. The agenda will focus on investment strategies in asset management, with a two-to-one investor-to-manager ratio to facilitate networking.

#3-The OECD MiddleEast and North Africa Senior Budget Officials Meeting is on its second and final day in Abu Dhabi. The event will feature discussions among senior budget officials from across the MENA region on public financial management, covering public budget preparation, government spending trends, strategies for spending efficiency, public-private partnership financing, financial literacy initiatives, and the use of artificial intelligence in budget preparation and public spending.

#4- Abu Dhabi’s Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan is attending the G20 summit in Brazil, which wraps today, after he arrived yesterday in Rio de Janeiro to participate in the event on behalf of the UAE President Sheikh Mohamed bin Zayed Al Nahyan, Wam reports.

#5- The two-day Knowledge Summit wraps today at the Dubai World Trade Center. The summit will see the announcements of the Global Knowledge Index results and the Mohammed bin Rashid Al Maktoum Knowledge Award winners. The summit will also feature discussions on digital transformation, AI dynamics, future education, and workforce competencies.

#6- The International Program for Civil Aviation Leaders is on its second day today in Dubai, bringing together over 20 civil aviation ministers, as well as heads of civil aviation authorities from Arab countries to ramp up cooperation within the sector, state news agency Wam reports. The event wraps up on 21 November.

#7- Dubai Future Solutions–Prototypes for Humanity kicks off today and runs until Thursday at Emirates Towers in Dubai. The event will facilitate collaboration among graduates and professors from over 800 universities, focusing on innovation in sectors such as agriculture, healthcare, energy, civil society, mobility, water, and the environment.

#8- Air Expo kicks off today and runs until Thursday at the Adnec in Abu Dhabi. The event will gather over 20k aviation professionals and will feature keynote speakers and panel discussions from industry leaders focusing on advanced air mobility, among other topics in the aviation sector.

#9- The Adia Lab Symposium 2024 kicks off today and runs until Thursday at the ADGM. The event will feature discussions by notable researchers and scientists on the topics of climate change and AI implementations.

#10- Dubai Future Forum will take place today and tomorrow at the Museum of the Future. Hosted by the Dubai Future Foundation, the event will bring together 150 global speakers, including government officials, CEOs, academics, and futurists, and spotlight 100 pilot projects to advance future-focused strategies for healthcare, nature, and other key topics.

#11- Qatar Development Bank (QDB) is organizing a Qatari trade mission to the UAE today and tomorrow in Dubai, featuring site visits and dedicated B2B meetings, QDB vice president of enterprise development Khalid Abdullah Al Mana told Khaleej Times. The mission will bring over 25 Qatari companies from various sectors — including construction, plastics, iron and steel, food and beverage, artificial intelligence, and sports technology — to explore investments in the UAE.

HAPPENING THIS WEEK-

#1- Xpanse 2024will take place at the Adnec Center in Abu Dhabi between 20-22 November, Wam reports. The event will focus on artificial intelligence, machine learning, genomics, quantum computing, neuromorphic computing, and 6G connectivity. Some 3k decision-makers, technology innovators, Nobel Prize winners, industry executives, CEOs, government officials, and scientists are expected to attend.

THE BIG STORY ABROAD-

COP29 climate talks in Baku are in disarray and multiple Western media outlets are portraying Saudi Arabia as spoiler-in-chief. Ministers leading the talks, including top officials from Germany, Australia, and South Africa, have flown into Azerbaijan in a bid to put things back on track.

The key sticking points in this final week of talks: Saudi leads a group of countries that don’t want the final agreement to include steps outlining how countries will transition away from fossil fuels and embrace greener energy. Saudi, the UAE and China are also resisting pushes to contribute to a fund to help developing countries transition — backers want a USD 100 bn goal (agreed a decade ago) to be bumped up to USD 1 tn, the Financial Times notes.

The flavor in the western press: “Saudi Arabia is a ‘wrecking ball’ in global climate talks,” blares the headline in the New York Times. Bloomberg has a similar take.

MEANWHILE- Eat the rich: The G20, meeting in Rio, has pledged to impose taxes on the super-rich — and repeated a demand that the climate finance pool be expanded to “tns” not “bns” of USD. The call to tax bn’aires incomes by 2%, pushed by Brazil, is short on specifics.

WORTH READING- The Wall Street Journal’s portrait of the incoming Trump administration’s “point man” on the Middle East, real estate baron Steve Witkoff.

Speaking to Trump II: It’s still unclear who will run Treasury and the National Economic Council, though Bloomberg suggests we may have some clarity here before the week is out.

CLOSER TO HOME- Oman’s state energy company, OQ, is looking to raise as much as USD 490 mn from the IPO of its methanol and liquefied petroleum unit. Cornerstone investors for up to 30% of the offering are reportedly in place.

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