UAE banks will see growth cool in 2024

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Emirati consortium lands USD 22 bn development in Egypt

Good morning, wonderful people, and happy FRIDAY. The news cycle shows no intentions of slowing down as we race towards the weekend, giving us a fresh batch of corporate earnings as well as a handful of real estate and banking stories to keep an eye on.

THE BIG STORY here at home: Aldar Properties is investing AED 407 mn in logistics and storage assets in Europe, as the company works to expand its portfolio in Europe.

^^ We have all the details in this morning’s news well, below.

WATCH THIS SPACE-

#1- Emirati consortium chosen for USD 22 bn development of Egyptian North Coast land plot: Egypt’s General Authority for Investment and Freezone (GAFI) has picked an Emirati consortium to take over the USD 22 bn development of a plot of land in the North Coast’s Ras El Hekma, GAFI head Hossam Heiba told CNBC Arabia. He explained that the authority had received a number of offers from several international consortiums. Heiba’s comments mark the first official confirmation of the project after a week-long tangle of rumors from Egyptian officials about the investment’s size and origin.

What we know so far: Heiba made clear that USD 22 bn is the total investment value of the project (and that the final figure could be higher and disbursed over several tranches), and that the UAE-based consortium would be responsible for lining up and mobilizing financing before developing and managing the project. Both domestic and international companies would likely have a chance to bid for pieces of the construction work, he suggests.

Critically: “We have finished negotiations and are now preparing to sign the contracts,” Heiba said. While no final agreement has yet been reached, the emirate of Abu Dhabi is reportedly taking part in the ongoing talks, Bloomberg reported, citing people familiar with the matter who also revealed that Egypt might retain a 20% minority stake in Ras El Hekma, including shares to be held by Egyptian developer Talaat Moustafa Group and other Egyptian state entities.

#2-Adani Group’s UAE-based subsidiary is eyeing a container terminal in Tanzania:UAE-based East Africa Gateway, a subsidiary of Indian port operator Adani Ports and Special Economic Zone, has reportedly agreed to acquire Tanzania International Container Terminal Services (Ticts), which operates a container terminal at Tanzania’s Dar es Salaam, Economic Times Infra reported, citing a public note from Tanzania’s Fair Competition Commission (FCC). The value of the agreement was undisclosed.

The FCC will reportedly review and investigate the potential acquisition to ensure that it would not harm competition in the sector, the newswire quotes the FCC as saying. Adani Ports and SEZ has already been running four container handling berths at Dar es Salaam port, under a five-year agreement with Ticts, the newswire writes.

Could AD Ports be involved? AD Ports inked an MoU with Adani Ports and SEZ back in 2022 to invest in logistics infrastructure in Tanzania — including in maritime services, port operations, rail infrastructure, digital services, and an industrial zone.

#3- Inflation in the GCC was slower than in other regions in 2023, except for Dubai, which saw its inflation rate accelerate to 3.3% in 2023 (pdf) from 2.9% in 2022, according to a Kamco report (pdf).

The tables might turn this year: The report points to the ongoing conflicts in Gaza and disruptions in Red Sea shipping lines as potential disruptions, with 81.6% of the region's imports exposed to the disruptions.

#4-UAE could finance Turkey’s Bosphorus railway: The government is currently in talks with Turkey to grant the Turkish government a loan to finance the railway project across Istanbul’s Bosphorus Strait, Asharq Business reports, citing Anadolu Agency. The Turkish government expects to reach an agreement on the loan during Turkish President Recep Tayyip Erdoğan’s visit to the Emirates set for this month, Turkish Transport and Infrastructure Minister Abdulkadir Uraloğlu reportedly said.

This isn’t the first time we hear of the UAE taking part in the project: Abu Dhabi’s ADQ fund reportedly held talks with Turkey in October last year to discuss building the railway, which is planned to be a part of a trade corridor linking Europe to the MENA region and Asia, Bloomberg reported.

#5- Dragon oil to break ground on Turkmenistan oil fields in December: Dubai government-owned Dragon Oil plans to start drilling an exploration well in Block 19 in Turkmenistan next December, Wam reports. The state-owned oil company will begin the exploration to prepare for the development phase of its three offshore oil fields in accordance with an MoU signed last month with Turkmenistan’s national oil company, Turkmennebit.

The Energy Ministry has come out with more details on the Cabinet-approved federal energy management regulationsfor industrial facilities, which aim to reduce energy consumption and cut emissions in the industrial sector, as well as encourage investments in new technology, the ministry said on X.

Reducing energy demand + improving air quality: The regulations aim to reduce energy demand in the industrial sector by 33% by 2050, state news agency Wam cites Undersecretary for Energy and Petroleum Affairs at the Ministry Sharif Al Olama as saying. The regulations are also expected to improve air quality by reducing carbon emissions by 63 mn tons by 2050, resulting in financial savings of AED 14 bn, Olama said.

The Union for Human RIghts Association is now registered as a public interest association, headquartered in Abu Dhabi, Wam reports. The association, comprising 16 human rights experts, will advise on national reports submitted to international human rights organizations. The organization will also organize initiatives, training programs, and publications, and field human rights complaints and follow up on them with relevant authorities.

HAPPENING TODAY-

#1- Dubai’s PMI figures are out today at 8:15 am. You can find the PMI survey here when it’s out and read our coverage of it on Monday.

CORRECTION- We previously reported that Dubai’s PMI figures would be released yesterday.

#2- The International Crop-Science Conference & Exhibition 2024 (ICSCE), one of the world’s largest agriculture input events, starts today at the JW Marriott, Marquis Dubai.

#3- The Mubadala Abu Dhabi Tennis Open women’s tournament kicks off its finals weekend today at Zayed Sports City's International Tennis Center. The final game will take place on 11 February.

#4- UAE Innovates 2024 is underway in Ajman and Umm Al Quwain today and runs until next Wednesday, 14 February, 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.

HAPPENING NEXT WEEK-

Over 300 prime ministers and international organization chiefs will descend on Dubai next Monday 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 15 AI-centered conferences and over 23 ministerial meetings and executive sessions.

The Sustainable Aviation Futures MENA will kick off next Monday, 12 February through to Wednesday, 14 February at Kempinski Central Avenue. The event will see 80 speakers and upwards of 200 attendees discuss regulation, financing, and investments in sustainable aviation fuels in MENA.

Breakbulk Middle East 2024 is also happening next Monday and Tuesday, 12-13 February in Dubai. The event is being hosted by the Ministry of Energy and Infrastructure to address industry challenges and identify prospects for growth in the UAE, KSA, and East Africa.

Dubai will also host the Future Warehouse & Logistics 2024 Conference from Monday, 12 February to Wednesday, 14 February. On the agenda: How to boost resilience and overcome challenges, with discussions on disruptions, sustainability, internet of things, automation, workplace management and other topics.

DATA POINT-

#1- Adnec contributed AED 7.37 bn to the GDP in 2023: The Abu Dhabi National Exhibitions Company has more than doubled its contributions to the UAE’s GDP in 2023 to AED 7.37 bn both directly and indirectly through its business segments, according to the Abu Dhabi Media Office.

The highlights:

Adnec’s three international venues, including the largest in the Middle East, Abu Dhabi National Exhibition Centre, saw a 122% y-o-y uptick in visitors to 1.78 mn and a 100% y-o-y uptick in events;
Its hotel segment saw bookings climb 270% y-o-y;
The company increases cruise trips by 39% y-o-y.

#2- Over AED 67 bn was direcinto the economy in 2023under the NationalIn-Country Value (ICV) Program, marking a 26% y-o-y increase in spending on local products and services, state news agency Wam cites Industry Ministry Undersecretary Omar Al Suwaidi as saying. ICV-certified companies invested over AED 200 bn in 2023 in the local economy.

The program expanded in 2023, with 1k companies receiving the ICV certification over the year, bringing the total number of certified companies to 5.5k.

CIRCLE YOUR CALENDAR-

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.

Abu Dhabi is set to host the World Congress of the World Federation of the Deaf in 2027, marking the first time the event will take place in the Middle East and North Africa (MENA), Wam reports. Some 125 countries and over 2k hard of hearing participants from across the world are expected to participate in the event. The event promotes the inclusion of deaf individuals in societies and aims to increase awareness about their rights.

The inaugural edition of DRIFTx will take place in Abu Dhabi in April. The event is supported by the Abu Dhabi Investment Office and Bayanat, according to the Abu Dhabi Media Office. The showcase will offer an international platform for smart and sustainable urban mobility, featuring Banayat’s autonomous taxis by TXAI.

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

Aldar Properties invests AED 407 mn in European logistics assets

Real estate developer Aldar Properties is investing AED 407 mn (USD 111 mn) in logistics and storage assets in Europe through global investment firm Carlyle, according to an ADX disclosure (pdf).

Where the funds are going: While the developer did not provide a breakdown for the investments, portions of the investments are going towards:

The EUR 540 mn Carlyle Europe Realty (CER) fund, which targets real estate acquisitions in Europe;
A majority stake in Carlyle’s co-investment platform, which manages a portfolio of 14 warehouses in the UK with 900k sqft of leasable area;
Aportfolio of self-storage facilities and development sites in Western Europe, in which it has invested alongside Carlyle and other investors.

Aldar has been boosting its logistics + European portfolio:Aldar invested USD 1 bn in European commercial real estate private credit in December as part of a partnership with Abu Dhabi wealth fund Mubadala and Ares Management, which also saw it pledge USD 100 mn in investments into Ares and Mubadala’s European private real estate credit strategy. The developer also acquired UK developer London Square for AED 1.07 bn in the same month. Aldar also recently earmarked AED 1 bn to expand its logistics portfolio in Abu Dhabi and Dubai.

All part of a diversification strategy: “Asset and geographic diversification are core tenets of our growth strategy, and logistics is becoming an important asset class for Aldar,” Aldar CEO Talal Al Dhiyebi said previously.

About Carlyle: The global investor manages a USD 426 bn asset portfolio, spanning across private equity, credit, and investments, with 585 investment vehicles under its belt, according to its website.

!SubHed_! IN OTHER INVESTMENT NEWS-

Abu Dhabi Catalyst Partners to invest in Ardian Secondaries Fund IX: Abu Dhabi Catalyst Partners (ADCP), a JV between Mubadala Capital and investment firm Alpha Wave Global, signed a partnership agreement with France-based asset manager Ardian to invest in its secondaries platform, Secondaries Fund IX, Wam reports. Under the partnership, Ardian, which launched its Abu Dhabi office last year, will expand its presence in Abu Dhabi Global Market (ADGM) to promote the market’s growth as a global financial hub.

ADCP has a lot of investments in the pipeline:ADCP aims to finalize between four to eight new transactions and is currently engaged in discussions with “several big international names,” Mubadala Capital Solutions (MCS) co-head Fatima Al Noaimi told Bloomberg.

ADCP wants more than just returns on their investments — they want firms to physically relocate to the ADGM. “What we don’t want is a large asset manager to come here, they put two sales guys so they can do fundraising, and then that’s it,” MCS co-head Maxime Franzetti said. With capital currently dried up in other parts of the world, Franzetti noted that the ADCP no longer needs to look out for new clients, and those who wish to be close to Mubadala should be physically present in Abu Dhabi.

Background: With a USD 1.7 bn capital base, part of ADCP’s goals is to attract businesses to the ADGM. So far, the JV has invested in over 29 companies and is helping to create 400 new jobs in the ADGM.

New USD 250 mn crypto asset management firm sets up shop in ADGM

Global crypto asset managers set up crypto infrastructure platform in ADGM: London-based family office Deus X Capital and Australian private equity firm and blockchain provider Bridgetower Capital are setting up a digital asset infrastructure platform in Abu Dhabi Global Market, according to a press release. Dubbed Bridgetower Middle East, the self-funded company will own USD 250 mn assets for turnkey staking, the statement said.

Uh, Enterprise, what’s turnkey staking? In the cryptoverse, a proof of stake consensus mechanism — which governs certain crypto exchanges — involves staking (or locking up) some of your crypto assets to help validate other transactions. The bigger your stake, the more transactions you validate and, potentially, the more of the currency you get in return. You can read more on the exact rules of how this works in Enterprise Egypt’s explainer on proof of stake here.

So what will the platform do? The company will host nodes to provide turnkey staking services, where it validates transactions on crypto investors’ behalf across different blockchain platforms. It will also provide AI graphical processing unit computing to improve data center capabilities, and will have a PE arm that focuses on developing digital asset businesses in the UAE and the Middle East.

Who’s heading the company? The company will be led by Deus X Capital CEO Tim Grant and Bridgetower Capital CEO Cory Pugh.

Is there demand for these services? Grant told Coin Telegraph that the company aims to serve a “wide range of institutional clients who are looking to leverage new technologies in a scalable, compliant and cost-effective manner.”

2024 could see slower growth for banks, but the outlook is stable -S&P Global

Less lending + slightly slower bottom line growth for banks in 2024: Lending in the UAE is expected to ease well into 1H 2024 on the back of increased interest rates and a marginal slowdown in non-oil sector activity, S&P Global says in its Credit FAQ. S&P expects credit growth rates for UAE banks to be lower than the 7% rate recorded in 2023, but the outlook remains stable, with a continued expansion of the hospitality, real estate, and financial services sectors.

Stellar bank earnings are expected to slow down: Banks are expected to see their bottom lines narrow as the US Federal Reserve ends its monetary tightening cycle and begins to cut interest rates, leading to lower interest rate margins, S&P Global predicts.

ICYMI- Emirati banks have witnessed a substantial surge in earnings in 2023, fueled by minimal loan loss provisions, augmented interest margins, and high deposit rates that outperformed lending. GCC banks on the whole are expected to experience slightly slower credit growth this year, moderating due to an unfavorable base effect and heightened lending caution, S&P Global said previously.

On the upside, banks’ strong capital buffers are expected to persist well into 2024, as banks continue to support themselves with internal capital generation, potentially bolstered by hybrid capital instruments that employ debt and equity, S&P said. This will allow banks to replace their instruments more affordably when interest rates fall.

There are risks: If interest rates remain elevated for longer, corporate credit quality could eventually impact demand for new credit, the ratings agency said. An escalation of ongoing regional conflicts like the war in Gaza and Red Sea tensions could also pose a risk to banks, especially those with exposure to Egypt, it added.

But UAE banks are strong enough to absorb the shocks, according to the agency: S&P’s base case scenario foresees no shocks beyond the banks' absorptive capacity, noting that the banking system is “in a very strong net asset position and able to withstand our stressed outflow scenario.”

Earnings season continues: Emaar, Dewa, Salik, Aramex, Dana Gas, Abu Dhabi Aviation, United Arab Bank and Ras Al Khaimah Ceramics

Emaar’s net income rose 70% y-o-y to AED 11.6 bn in 2023 on the back of booming real estate demand and tourism growth, according to an earnings release (pdf). The real estate giant’s revenues stood at AED 26.7 bn during the year, up 7% y-o-y, while property sales rose 15% y-o-y to AED 40.3 bn. The robust growth in sales signals “a promising outlook for revenue recognition in the upcoming years,” the company 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.

Dewa reports record revenues:Dubai Electricity and Water Authority (Dewa) saw its revenues climb 7% y-o-y, to AED 29.9 bn, logging its highest-ever net revenues amid increased demand, according to the company’s preliminary financial results (pdf). The utility provider’s net income inched down 1.4% y-o-y in 2023 to AED 7.9 bn.

On a 4Q basis: Dewa’s net income jumped 14.6% y-o-y in 4Q 2023 to AED 1.8 bn, while revenues increased during the quarter to AED 7.1 bn, up 5.5% y-o-y.

Dewa is paying out AED 3.1 bn in dividends for its 2H 2023 earnings, expected to be distributed in April.

Aramex’s net income fell 22% y-o-y in 2023 to AED 129 mn due to higher financing costs on the back of an “acquisition loan taken in Q4 2022, and to a lesser extent, to the currency translation impact,” the company said in a DFM filing (pdf). The company posted a 4% y-o-y decline in its revenues for the year, easing to AED 5.69 bn.

On a quarterly basis Aramex’s net income more than doubled in 4Q 2023, soaring 127% y-o-y to AED 77 mn in 4Q 2023. However, the company posted a marginal decline in its revenues for the same period, inching down 1% y-o-y to AED 1.52 bn.

=Toll operatorSalik’s net income fell 17.8% y-o-y to AED 1.1 bn in 2023, according to its preliminary financial results (pdf). The company’s revenues increased 11.4% y-o-y to AED 2.1 bn in 2023, primarily due to heightened toll usage resulting from improved economic activity and increased traffic.

Take the net income drop with a grain of salt: Salik’s separation from the Road and Transport Authority in 2022 ahead of its IPO distorts annual profitability comparisons due to differences in organizational structure and new costs, the company said in the statement.

Sharjah’sDana Gas saw its net income fall 12% y-o-y in 2023 to AED 586 mn on the back of lower oil and gas prices, it said in its earnings release (pdf). The decline was partly offset by record production in the Kurdistan region of Iraq and cost-saving measures, the company said. Revenues also saw a 20% y-o-y decline to AED 1.55 bn.

WATCH THIS SPACE- The natural gas company expects the Egyptian parliament to approve a consolidated concession agreement in 1Q 2024, which aims to extend the operational lifespan of the company’s Egyptian assets and will pave the way for an additional investment of around USD 100 mn in Egypt.

Looking ahead: “Our focus remains on developing our world class assets in the KRI and maximizing the value of our Egypt assets, post ratification by the Egyptian Parliament,” Dana Gas CEO Richard Hall said, adding that “enhancing our liquidity and reinstating dividends are key objectives for the company.”

Abu Dhabi Aviation (ADA) Group’s net income rose 19.5% y-o-y to AED 493.2 mn in 2023 amid “market volatility” and “disruption to global distribution channels,” according to the company’s financial results (pdf). The company reported a revenue of AED 2.62 bn in 2023, up 29% y-o-y, despite the Russia-Ukraine conflict impacting global supply chains, according to an earrings release (pdf).The company is expanding its aviation operations locally and globally, increasing its fleet to meet market demand.

United Arab Bank’s (UAB) net income rose 65% y-o-y to AED 255 mn in 2023 on the back of a 15% y-o-y increase in operating income, tighter cost management, and lower credit losses, according to the bank’s earnings release (pdf). Operating income came in at AED 576.5 mn, according to the lender’s financial statements (pdf).

UAB saw its total assets increase 25% y-o-y in 2023 to AED 17.6 bn on the back of a 23% y-o-y “strong growth in loans, advances and Islamic financing, as well as [a 31% y-o-y growth] in the investments portfolio,” according to the filing.

Ras Al Khaimah (RAK) Ceramics’ net income dipped 5.7% y-o-y to AED 320 mn in 2023, according to the company’s annual earnings release (pdf). Excluding a one-off gain in 2022, the company’s bottom line rose 3.7% y-o-y. RAK Ceramics saw its net revenues dip 1.7% to AED 3.45 bn in 2023 on the back of “market volatility and continued macro-economic challenges across core markets except the UAE,” the company said.

A look at 4Q: The company’s bottom line rose 4.8% y-o-y to AED 81.8 mn in 4Q 2023, excluding the on-off, whereas including the one-off makes for a jump of 25.3%. Meanwhile its revenues stood at AED 866 mn, falling 3.8% y-o-y during the period.

Sports General Authority names Ghanim Mubarak Al Hajeri director-general

Sports General Authority gets a new head: President Mohamed bin Zayed Al Nahyan has appointed Ghanim Mubarak Al Hajeri (LinkedIn) as director general of the General Authority of Sports, reports state news agency Wam. He succeeds Saeed Abdul Ghaffar Hussein.

Al Hajeri is an active member of several national sports councils and committees, including the Sports Coordination Council. He was previously heading the Zoo & Aquarium Public Institution in Al Ain.

Union Coop has a new BoD: Following a board shuffle, six new board members have joined Dubai’s Union Coop ’s board, according to a DFM disclosure (pdf). Majid Hamad Rahmah Al Shamsi retained his position as chairman, while Ahmad Abdulkarim Julfar, Dubai Chambers CEO Mohammad Ali Rashed Lootah (LinkedIn), Ahmed Mohammed Aqil Qassim (LinkedIn), Marwan Althani, Ahmad Abdulrahim Al-Ansari and Fatema Abdulla Alshaibeh all joined as board members.

Maritime Decarbonization Center titled Best Innovative Project in 2024 + ADGM’s Registration Authority enlists in global independent audit regulator organization

The Energy Ministry’s Maritime Decarbonization Center was crowned the Best Innovative Project at the ShipTek Awards 2024 ceremony, the ministry said on Facebook. The ministry inaugurated the center back in July in collaboration with maritime risk manager DNV, in a bid to facilitate the research, development, and implementation of carbon-reducing technologies in the maritime sector.

Abu Dhabi Global Markets (ADGM)’s Registration Authority has joined theInternational Forum of Independent Audit Regulators (IFIAR), which comprises independent audit regulators from 55 key international markets, including the US and UK, according to an ADGM statement. The membership allows the authority to participate in IFIAR’s regular audit initiatives and activities.

It’s sports day on X

There’s a lot happening on X: Emirati footballer #علي سالمين (Ali Salmeen) got some hits following his appointment as captain of Al Wasl SC. #طيران_الإمارات (Emirates Airlines) has also been circulating due to their new multi-year sponsorship agreement with the NBA. Ghanem Al Hajri also received congratulatory mentions following his appointment as director general of the General Sports Authority.

Al Hudayriyat gets the region’s first air purification tower

ENVIRONMENT-

Abu Dhabi gets region’s first air purification tower: Abu Dhabi’s Environment Agency and Modon Properties opened the first air-purification tower in the region on Al Hudayriyat Island, according to a press release. The seven-meter tall tower uses positive ionization technology to purify 30k cubic meters of air per hour.

More projects on the way? The tower is part of an MoU signed between the agency and Modon Properties in 2022 to improve the emirate’s environment by tackling air pollution as well as protecting wildlife and natural resources.

TRANSPORT-

Abu Dhabi boosts electrification and automation of heavy road freight: Abu Dhabi’s Integrated Transport Center (ITC) has inked an agreement with Swedish electric and self driving trucking startup Einride AB to establish a network deploying 1k all-electric heavy-duty trucks and 100 self-driving vehicles, according to the statement. No investment ticket or details regarding the launch of the network were disclosed.

Details: The agreement sees the pair collaborating on the development of a transit network connecting Al Ruwais, Khalifa Industrial Zone Abu Dhabi, and the city of Al Ain, the statement notes. The network — dubbed the Falcon Energy Project — will also consist of the charging infrastructure required.

Background: The Energy and Infrastructure Ministry inked an initial MoU with Einride to deploy a 550 km freight mobility grid last June. The agreement set out plans for the fast tracked deployment of 2k EVs, 200 self-driving vehicles, and eight charging stations across a national grid, dubbed Falcon Rise, connecting Abu Dhabi, Dubai, and Sharjah. Initial plans saw a development timeline of five years.

STARTUPS-

Indian video commerce startup Swirl wants to set up shop in Dubai and the US,after securing USD 1.1 mn in a seed funding round led by Indian venture capital fund Shastra VC, with additional angel investors in India, the Middle East, and the US, according to a statement. Swirl was founded in 2021 by Kaizad Hansotia (LinkedIn) and Bheshaj Joshi (LinkedIn), offering specialized AI-powered short videos and interactive live streaming for brands such as Puma, Vivo, and LG.

TECH-

Khazna launches 31.8 MW data center in Abu Dhabi: Khazna Data Centers has inaugurated a data center for AI development in Abu Dhabi’s Masdar City, featuring an IT load capacity of 31.8 MW, according to a company statement.

REAL ESTATE-

Real estate players get slap on the wrist for ads: Dubai Land Department ’s regulatory arm, RERA, handed 30 real estate companies fines of AED 50k each for violating advertising terms and conditions, reports Gulf News, citing a RERA statement.

REMEMBER- RERA made it mandatory for real estate advertisements to feature a QR code allowing investors to verify property data back in April 2023.

BANKING-

Dhaman inks inaugural Sharia-compliant agreement with a financial institution:The Arab Investment and Export Credit Guarantee Corporation (Dhaman) and Emirates Islamic Bank agreed to deliver ins. services tailored for trade, investment, and financing, particularly against political and commercial risks, Albayan reports.

E-COMMERCE-

Emirates Post and Qatar Post are working together to streamline e-commerce shipping operations between the UAE and Qatar, according to a press release. Goods purchased online in the UAE will be delivered to Qatar through Qatar Post’s Connected platform. Emirates Post will be in charge of handling shipping to Qatar, while Qatar Post will manage customs clearance and local delivery.

HEALTHCARE-

Dubai dental forum sees AED 19 bn agreements: The Dubai Dental Conference and Arab Dental Exhibition (AEEDC 2024) concluded yesterday with recorded transactions worth AED 19 bn (USD 5.2 bn), state news agency Wam reports..

MANUFACTURING-

Alumina Industrial Company to set up UAE’s first alumina factory in Kezad: The Alumina Industrial Company will set up the first alumina factory in the UAE in the Khalifa Economic Zone Abu Dhabi (Kezad), with a production capacity of 80k tonnes annually, according to a press release. Operations are set to commence in the plant in 2025, with a projection of 200 jobs being created during the construction phase. Once operational, the factory is expected to create 150 permanent jobs.

EGA to supply the alumina:Emirates Global Aluminium (EGA) inked an agreement with the Alumina Industrial Company to supply the company’s factory with alumina to “[enable] the development of a new industry making speciality products from alumina and contributing to the achievement of the UAE’s industrial growth strategy Operation 300bn,” the press release read.

DEFENSE-

Abu Dhabi-based defense tech manufacturer Calidus signed a partnership agreement with US-based L3Harris Technologies to develop the system of the first domestically-produced attack aircraft, the Calidus B-250 defense aircraft, as well as other defense aircrafts, Wam reports.

Defense contractor Edge Group inked an MoU with Turkish Aerospace, a Turkey-based defense tech company, at the World Defense Show in Riyadh, Saudi Arabia, to collaborate on developing solutions for intelligence, surveillance, target acquisition, and reconnaissance (ISTAR) defense aircrafts, according to Wam.

COURTS-

Abu Dhabi court hears plea against 84 defendants accused of terrorism offenses: The Abu Dhabi Federal Appeals Court held a yesterday for the public prosecution’s evidence against 84 individuals charged with “establishing and managing a terrorist organization, as well as money laundering proceeds from the crimes of forming and setting up a clandestine terrorist organization,” Wam reports. The 84 defendants were referred to the State Security Court in January.

Driven by a rally in the largest companies, S&P 500 breaches 5k points

The S&P 500 hit a new intraday record high yesterday, breaching 5k points for the first time before paring gains to close just short of that mark. Yesterday’s gains brought the index’s year-to-date return to nearly 5%, buoyed by a rally in several big players, including Nvidia and Meta, the Financial Times reports. “Strong gains for the largest companies have more than offset the concerns of investors about how quickly the Federal Reserve plans to reduce US interest rates this year,” the Financial Times says. The index’s valuation also hit a fresh high, with its forward price-to-earnings ratio this week rising 20.4x, putting it “far above the index’s historic average of 15.7,” Reuters reports, citing LSEG Datastream.

ADX	9,362	+0.1% (YTD: -2.3%)
DFM	4,159	-0.1% (YTD: +2.5%)
Nasdaq Dubai UAE20	3,713	-0.2% (YTD: -3.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.0% o/n	5.1% 1 yr
TASI	12,202	+0.3% (YTD: +2.0%)
EGX30	28,411	+1.8% (YTD: +14.1%)
S&P 500	4,995	0% (YTD: +4.8%)
FTSE 100	7,595	-0.4% (YTD: -1.8%)
Euro Stoxx 50	4,710	+0.7% (YTD: +4.2%)
Brent crude	USD 81.61	0.0%
Natural gas (Nymex)	USD 1.87	-2.4%
Gold	USD 2,049.20	+0.1%
BTC	USD 45,496.46	+1.9% (YTD: 3.0%)

THE CLOSING BELL-

The ADX rose 0.1% yesterday on turnover of AED 1.1 bn. The index is down 2.3% YTD.

In the green: Emirates Stallions Group (+10.2%), Julphar Gulf Pharmaceutical Industries (+7.8%) and RAK Co. for White Cement and Construction Materials (+x4.4%).

In the red: Aram Group (-4.8%), Sudatel Telecommunications Group (-3.7%) and Dana Gas (-3.5%).

Over on the DFM, the index closed down 0.1% on turnover of AED 386.6 mn. Meanwhile, Nasdaq Dubai fell 0.2%.

! UAE officials discuss Gaza with Spanish FM, Scholz

UAE, Spain talk war on Gaza + bilateral ties: Foreign Affairs Minister Abdullah binZayed Al Nahyan met yesterday with his Spanish counterpart, José Manuel Albarez, to discuss the need for a lasting ceasefire and a system to deliver relief supplies to Palestinians in the Gaza Strip, reports state news agency Wam. The foreign ministers also discussed economic, investment and development cooperation between the two countries.

OTHER DIPLO NEWS-

President Mohamed Bin Zayed Al Nahyan and German Chancellor OlafScholz also touched on the situation in Gaza in a phone call yesterday, where they discussed the need for a two-state solution to prevent the further spread of conflict in the region. (Statement)
An Emirati floating hospital has set sail from Khalifa Port to provide critical medical aid to Palestinians affected by Israel’s war on Gaza, the National reports. The ship, which will dock at Egypt’s Al-Arish, has 100 hospital beds, as well as 100 staff members to provide care.

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.

3-11 February (Saturday-Sunday): Mubadala Abu Dhabi Open, Zayed Sports City’s International Tennis Centre.

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

8-9 February (Thursday-Friday): International Crop-Science Conference & Exhibition 2024, JW Marriott, Marquis Dubai.

8-11 February (Thursday- Sunday): The UAE Tour Women.

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

9 February (Friday): Abu Dhabi International Airport to be renamed to Zayed International Airport.

9-11 February (Friday-Sunday): HERO Abu Dhabi, Al Hudayriat Island.

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.

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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