UAE’s banking sector pledges AED 1 tn of climate finance by 2030

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WHAT WE’RE TRACKING TODAY

Is Putin in town? Plus: Energy, industry, and “just transition” day at COP28

Good morning, ladies and gentlemen. We have a reasonably brisk issue for you on this fine Tuesday morning, with all the big news from the fifth day of COP28 as well as a slew of energy updates.

THE BIG STORY here at home continues to be (of course) COP28, with yesterday bringing a host of finance and energy updates. We’ve seen a total of USD 57 bn pledged to finance the green transition since the conference got underway last week, and several Emirati companies inked agreements for green projects yesterday.

Russian President Vladimir Putin may be coming to town as a part of a two-stop tour of the region that will see him touch down first in Dubai before heading to Saudi Arabia. Putin has rarely traveled since his country invaded Ukraine. Two Russian media outlets broke the news, which was then confirmed by Russian state news agency Tass (per Politico) and picked up by Reuters and Bloomberg.

FROM COP-

RabdanOnes rolling around COP: Rental car company Autostrand has purchased 200 Rabdan One electric cars from NWTN Motors, according to a press release. The newly acquired vehicles were all leased for COP28 usage.

Refresher: The Rabdan One is the UAE’s first EV, boosting a dual-motor drive system, packing a 510 KW battery with a range of up to 860 KM, 1.04k horsepower, and can reach 100 km/h in 4.5 seconds.

Yesterday also saw some protests over Palestine: Over 200 activists took to COP’s UN-controlled Blue Zone to call for an immediate ceasefire in Gaza,reports Khaleej Times. The environmental activists, dressed in Palestinian keffiyehs, read out the names of Palestinians killed by Israeli bombardment. The UAE released a joint statement with UN Climate Change earlier in August, allocating a safe space at the COP for activists to assemble and express their views peacefully.

HAPPENING TODAY AT COP- It’s energy, industry and the “just transition” day. Key topics will include boosting the deployment of renewable energy, unlocking greater energy efficiency, innovation and action for hard-to-abate sectors including steel and aluminum, and the decarbonization of oil and gas supplies including methane abatement and carbon management tech.

The next big business-relevant themes at COP28:

Transport — 6 December
Food, agriculture, and water — 10 December
Final negotiations — 10-11 December

Need to go deeper? Click here to check out a handy guide (pdf) to the main thematic days and what to expect. Head to the official events schedule for a full rundown of all the panels, workshops, discussions, debates, and keynote speeches.

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HAPPENING TODAY- Sharjah Consultative Council (SCC) elections begin today, with voters able to cast their ballots in person or electronically, WAM reports.The SCC reviewed the voting mechanisms yesterday, ensuring the veracity of electronic and in-person voting at approved centers such as Sharjah Chess Club, Khorfakkan Expo Centre, and others across the emirate.

Here comes the sun: The thick wave of early morning fog that covered Abu Dhabi and Dubai yesterday appears to have cleared up, giving way to sunny skies and temperatures peaking at 28°C in Abu Dhabi and 30°C in Dubai, our favorite weather app indicates. Abu Dhabi Police reduced the speed limit in Abu Dhabi to 80 km/h yesterday as a result of the fog, according to the National Centre of Meteorology (NCM).

For the first time in almost two months, the war in Gaza isn’t dominating the world’s attention: It’s a mixed picture on the global front pages, with Saudi oil policy, the war in Ukraine, mass shootings in America, and Wednesday’s Republican presidential debate all getting coverage.

Oh, and a longtime US diplomat has been charged with being an agent for Cuba in what Reuters is presenting as “one of the highest-reaching and longest-lasting infiltrations of the U.S. government by a foreign agent.”

The big business story: Spotify is laying off 17% of its workforce. (Reuters | Financial Times | Wall Street Journal)

MARKET WATCH-

Oil prices struggled to recover as doubts linger over the impact of OPEC+ supply cuts: Global benchmark Brent fell to nearly USD 78 per barrel after a six-week decline, and West Texas Intermediate dropped below USD 74 per barrel, Bloomberg reports.

European crude markets are grappling with a surplus driven by sluggish regional demand and an influx of US shipments: Monday’s fall totals at a 2% decline to share price adds to last week after the supply cuts announced on Thursday by the organization

Remember: This comes just days after the delayed OPEC+ meeting in which the participating countries reaffirmed their commitment to “a balanced and stable market.”

CIRCLE YOUR CALENDAR-

Coming up tomorrow: The Yas Winter Festival — complete with its snow park, carnival, and Santa Land — returns to Abu Dhabi. Admission for children below the age of three is without charge, while those aged 4-12 will be charged AED 15 for tickets bought in advance or AED 20 at the door. All those above the age of 13 will pay AED 25 for advance tickets or AED 30 at the door.

Sole DXB is coming back to Dubai from Friday-Sunday, 8-10 December. The culture festival will see the Dubai Design District stage host rap artists from all around the world.

Also on this weekend: The Global EV Show in Dubai is on this Friday and Saturday, 8-9 December, with the Dubai EarthSoul Festival running from Friday to Sunday.

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

The’s UAE banking sector to mobilize AED 1 tn in climate finance by 2030

Green finance bonanza at COP: Day 5 of COP28 concluded with a smattering of climate finance updates, with USD bns pledged in the financing towards emerging markets and a just energy transition.

USD 57 bn in climate pledges made so far at COP28: Governments, businesses, NGOs and donors have pledged over USD 57 bn in commitments towards tackling climate change over the first four days of COP28, Wam reports.

Where’s the USD 57 bn going?

USD 30 bn to launch the climate finance vehicle Alterra
USD 725 mn to the recently operational Loss and Damage Fund
USD 3.5 bn to the Green Climate Fund
USD 9 bn from the World Bank to finance climate projects globally
USD 150 mn to water security projects
USD 2.7 bn to climate-health projects
USD 2.6 bn to biodiversity and nature protection
USD 2.6 bn to food systems transformation
USD 2.5 bn to renewable energy
USD 1.2 for methane emission reduction
USD 1.2 for relief, recovery and peace initiatives

And another USD 1.7 bn raised for biodiversity conservation from the UAE: The COP28 presidency said it has raised an initial USD 1.7 bn to fund biodiversity and conservation initiatives in forests and oceans, Khaleej Times reported, citing UN Climate Change High-Level Champion for COP28 Razan Khalifa Al Mubarak.

Global donors also pledged USD 777 mn to put an end to neglected tropical diseases: Global donors and philanthropists pledged over USD 777 mn to support efforts to eradicate neglected tropical diseases (NTDs) in Africa on COP28’s Health Day, according to a statement. The Reaching the Last Mile Forum (RLMF) — a multi-donor fund launched in 2017 to end NTDs — will also expand from USD 100 mn to USD 500 mn, the statement said. Among the donors is the Gates Foundation, which has pledged to contribute USD 100 mn to the fund.

UAE banking sector to mobilize AED 1 tn in climate finance by 2030: UAE banking groups have committed to mobilizing AED 1 tn in green funding by the end of the decade, Wam reports. The AED 1 tn (c. USD 270 bn) climate financing pledge channeled by the country’s National Banks Federation (NBF) aims to help meet the UAE’s 2050 net-zero target. The NBF is made up of 56 UAE-based lenders.

MEANWHILE- APICORP plans USD 1 bn decarbonization drive: APICORP has earmarked up to USD 1 bn to invest in decarbonization technologies under a five-year strategy it said in a statement during COP28 yesterday. “The institution [has a] deep commitment to playing an active role in supporting the MENA’s energy landscape transition towards a net-zero future,” the MENA-focused multilateral financial institution said.

And it has a new name: APICORP is rebranding as the Arab Energy Fund. It was previously known as the Arab Petroleum Investments Corporation. It has today a loan portfolio of some USD 4.5 bn, 18% of which is “dedicated to supporting environmentally friendly and socially responsible” projects, it said.

Abu Dhabi will host the Global Climate Finance Centre: Abu Dhabi will host a think tank tasked with developing financial frameworks for investing in the green energy sector. The independent research organization — named Global Climate Finance Centre — is co-founded by the World Bank, HSBC, and asset managers BlackRock and Ninety One. (Reuters)

UAE’s ENEC inks agreements with GE Hitachi and Bill Gates’ Terrapower + Masdar expands in Kazakhstan and Poland

Nuclear was the theme of the day at COP28 yesterday:The Emirates Nuclear Energy Corporation (ENEC) — co-developer of the 5.6 GW Barakah Nuclear Plant — inked agreements with several firms widening its foothold in the industry, and Masdar continued building its international portfolio.

NUCLEAR-

ENEC and Bill Gates’ TerraPower partner on nuclear development: ENEC signed an MoU with Bill Gates’ nuclear technologies company TerraPower to explore the use of the latter’s Natrium advanced atomic reactors in the UAE and abroad, Wam reports.

What’s so special about these reactors? Terra Power’s Natrium has a 345 MW electric (MWe) sodium nuclear reactor. The technology is combined with thermal molten salt energy storage that allows the reactor’s capacity to reach 500 MWe for more than five hours, the company explains. For the small reactors, the thermal storage system enables power consumers to take advantage of peaking power windows driven by fluctuations in renewables. TerraPower is working on a pilot project — set to be launched in 2030 — that will use Natrium to retire a coal plant in Wyoming.

For the UAE and beyond: Enec and TerraPower will first collaborate on technical design and study commercial viability of the reactor in the UAE and US, assessing the technology’s applications in nuclear, hydrogen, and green molecule production. Both sides will also partner on engineering, workforce, and supply chain development, with hopes of later expanding further into the Middle East, Africa and the Indian subcontinental regions, Wam notes. Enec would commercialize the Natrium tech regionally under licensing agreements with TerraPower under the US–UAE PACE program.

IN OTHER ENEC NEWS-

The company is also partnering with GE Hitachi: ENEC signed an MoU with GE Hitachi to explore investment in Small Modular Reactor technology to boost the use of nuclear energy in the UAE, Wam reports. In September, GE Hitachi provided ENEC with an enabling framework for developing small modular reactors based on its Nuclear Energy’s BWRX-300 SMR technology, as part of an agreement with Orlen Synthos Green Energy.

And has agreed to source some of its uranium from Kazakhstan: Kazakhstan’s National Atomic Company (NAC) Kazatomprom signed an agreement with ENEC to supply uranium fuel for the latter’s Barakah nuclear energy plant, Wam reports. This marks the first commercial uranium fuel supply contract for the UAE company. Kazakhstan is the world’s largest uranium producer, producing 40% of the world’s uranium supplies.

MASDAR’S SWEEP CONTINUES-

Masdar is making a hydropower debut in Kyrgyzstan: Masdar and France’s EDF signed an agreement with Kyrgyzstan’s Ministry of Energy to establish 3.6 GW of hydropower and renewable energy projects, according to a statement. The agreement marks Masdar’s debut in the hydropower sector and builds on Masdar’s previous agreement with Kyrgyzstan’s energy ministry to develop up to 1 GW of clean energy projects in the Central Asian country.

There’s also a European portfolio expansion happening: Masdar and Finnish renewable energy developer and fund manager Taaleri Energia acquired eight hybrid renewable energy projects totaling 1 GW from Polish renewable energy developer Domrel, according to a statement. The projects include both solar and onshore wind farms expected to come online between 2026 and 2030.

GREEN HYDROGEN-

Bee’ah debuts plans for waste-to-hydrogen plant: Waste management company Bee’ah has signed a joint development agreement with US- and UK-based waste-to-energy focused tech company Chinook Sciences and Japanese gas conglomerate Air Water to develop a waste-to-hydrogen plant in Sharjah, Wam reports. The plant will be the first of its kind in MENA, producing 18k kg per day. The proposed timeframe for the project was not disclosed.

A successful pilot: The agreement builds on a demonstration plant run by the companies, which successfully processed organic waste — including municipal solid waste, non-recyclable plastics, and wood waste — into green hydrogen. The green fuel produced will be used for hydrogen-powered fuel cells made by Toyota, the news outlet added. The fuel cells — called PEM fuel cells — are being developed primarily for a fleet of large trucks and buses.

Aster DM sells off 100% of its GCC business to Alpha GCC for USD 1 bn

https://ent.news/2023/12/239.jpg

Aster DM Healthcare to split between Dubai and India: Dubai-based Indian healthcare conglomerate Aster DM Healthcare will sell a 100% stake in its GCC business to holding company Alpha GCC, dubbed Aster GCC, for USD 1 bn, according to a company disclosure to the Indian stock exchange NSE.

More on the transaction: USD 903 mn is earmarked for the agreement’s closure, and there’s potential for an additional USD 98.8 mn contingent upon the GCC business’ financial performance by early 2024.

Who gets what from Aster GCC? A consortium of investors led by sovereign-owned private equity firm Fajr Capital will get a 65% stake in Aster. The founders of Aster, the Moopen family, will retain a 35% stake in the company, ensuring their ongoing management and operation of the GCC business.

The makeup of the consortium: The 65% stake will go to the Emirates Investment Authority, Kuwait-based investment company Al Dhow Holding Company, Saudi’s Hana Investment Company, and Kuwait’s Wafra International Investment Company, according to a recent press release.

Why does Aster want to break up? Aster wants to focus more on the Indian market having its independent growth trajectory with its own governance structure and capital allocation strategy; Indian investors will now be able to invest in an Indian-majority business, the press release reads. Aster was previously not able to seize on inorganic growth opportunities in India because of opposing capital investment requirements between the GCC and India, Reuters reports citing Aster’s Group CEO Alisha Moopen.

What they said: “70% of our business is from the GCC, and the 30% from India, it didn’t make a lot of sense for Indian investors because they have very limited understanding of the GCC business,” Alisha Moopen told Bloomberg in an interview (watch, runtime: 4:40). “The world is moving from globalization to hyper-localization,” Moopen said.

What happens after the separation? There will be separate management teams to steer operations in both GCC and Indian entities, each backed by dedicated investor support pushing for growth in their respective markets, the press release reads.

Aster’s expansion plans: Aster wants to expand more in the Saudi market + increase bed capacity in India, aiming to add over 1500 beds by FY27.

Advisors: Moelis & Company and Credit Suisse served as the selling agents. HSBC Bank Middle East Ltd., Allen & Overy LLP and PwC supported the Fajr consortium, while Cyril Amarchand Mangaldas represented Aster.

More on Aster DM Healthcare: Aster is a healthcare giant with over 15 hospitals, 118 clinics and 276 pharmacies in the UAE, Saudi Arabia, Oman, Bahrain, and Jordan. The company also has 19 hospitals, 13 clinics, 226 pharmacies and 251 patient experience centers across India.

UAE’s AMEA Power signs USD 600 mn agreement to build Ethiopia’s largest wind power generation plant

AMEA is developing a 300 MW, USD 600 mn wind farm in Ethiopia: Renewable energy company AMEA Power will build a 300 MW, 18k acre wind farm in Ethiopia after it signed a USD 600 mn agreement with the Ethiopian Finance Ministry yesterday. Dubbed the Aysha Project, the contract is expected to generate 2k jobs during the construction and operation phases.

AMEA will help solve Ethiopia’s electricity shortage: TheAysha project comes after an electricity shortage in Ethiopia that left some 60 mn people (around half the population) without access to the grid in 2020, reports Reuters. The shortage has led Ethiopia to embark on several large-scale energy and electricity projects, including the controversial Grand Ethiopian Renaissance Dam. AMEA was recruited for its expertise in specialized renewable energy projects in emerging markets in Africa, the Middle East, and Asia, the agreement says.

The largest wind farm in the Horn of Africa? Ethiopia has three active onshore wind power projects in the Oromia and Tigray regions of Ethiopia, with total capacities ranging between 51 MW and 153 MW. The new wind farm will be Ethiopia’s largest wind power generation plant, with its 300 MW capacity producing nearly 1.22 TW of electricity annually, according to the Ethiopian Finance Ministry.

Adnoc + Tabreed launch operations of region’s first geothermal cooling plant

Operations for the MENA region’s first geothermal cooling plant located in Abu Dhabi’s Masdar City has officially commenced, according to a press release by project co-developer Abu Dhabi National Oil Company (Adnoc). The G2COOL plant will produce chilled water needed by UAE’s National Central Cooling Company (Tabreed) for its district cooling activities. The project will be funded under Adnoc’s USD 15 bn allocation towards developing low-carbon power solutions as part of its net zero by 2045 goal.

The facility will contribute to reducing carbon emissions in the cooling of buildings in Masdar City, contributing to the diversification of the UAE’s energy sources in line with the UAE National Energy Strategy 2050. Cooling buildings constitutes approximately 70% of the UAE’s electricity usage. District cooling provides a more sustainable option, being roughly 50% more energy-efficient than conventional methods. This clean energy source covers 10% of the city’s cooling demands.

How it works: The plant uses two geothermal wells to extract naturally occurring hot water. The hot water goes into absorption cooling technology to produce the chilled water required for Tabreed’s district cooling in Masdar City.

REMEMBER- Adnoc and Masdar are teaming up on geothermal energy production: Back in March, Adnoc signed a five-year agreement with UAE renewables giant Masdar to explore potential investment and development in the geothermal power sector, with Adnoc serving as Masdar’s drilling technical expert. In February, Masdar acquired shares in the geothermal unit of Indonesia’s state-owned energy firm Pertamina, which plans to generate 600 MW of geothermal power by 2028.

IN OTHER ENERGY NEWS-

The world’s first commercial-scale waste-to-hydrogen plant will land in Sharjah: Bee’ah, Chinook Hydrogen, and Air Water Gas Solutions signed yesterday a joint development agreement (JDA) to develop a commercial-scale hydrogen-from-waste facility, reports WAM. The facility will capture and store CO2 from syngas, with an eye to achieve total landfill waste diversion in Sharjah and to decarbonize the transport and waste management sectors.

Who are the partners?

BEEAH is a sustainable pioneer known for increasing landfill waste diversion rates. The organization inaugurated the Sharjah Waste-to-Energy plant, which upped the Emirate’s landfill diversion from 76% to 90%, the highest in the Middle East.
Chinook Hydrogen is a UK-based manufacturer possessing patented RODECS pyrolysis technology, capable of processing various organic-based waste into super green hydrogen using active-hydropyrolysis.
Air Water Gas Solutions is a US-based Japanese conglomerate with advanced industrial gas technologies, including advanced hydrogen refinement technology.

Big dreams for net zero: The hydrogen-from-waste plant will start with an initial capacity of seven tonnes of hydrogen per day, with a goal to bump this volume to 20 tonnes per day in the future. The facility will aim to produce 1.4 mn tonnes of hydrogen annually by 2031, according to WAM.

ADIA to pour USD 100 mn into repo agreement with African institutions

ADIA to grant USD 100 mn repo to support sustainability investments in Africa: The Abu Dhabi Investment Authority (ADIA) is set to invest USD 100 mn into the African Liquidity and Sustainability Facility (LSF) and the African Export-Import Bank (Afreximbank) under a repurchase agreement (or repo facility), ADIA said in a statement. The temporary financing facility will be directed towards providing liquidity to the African sovereign debt market and encouraging green and sustainable investments in Africa.

The details: The repo agreement is being facilitated by BNY Mellon under its Triparty Facility system. ADIA has already closed half of the repo transaction, lending seven African nations bonds worth USD 50 mn, the authority said in the statement, issued during COP28.

But what is a repo agreement? Repo financing is a form of borrowing which involves the sale of a debt security to a lender with a promise to buy it back at a later date, with other securities acting as collateral. Repo typically involves overnight and short-term borrowing, but repurchase agreements can also have a longer remit. You can read more about repo here.

About LSF: Designed by the UN Economic Commission for Africa, the LSF was launched by Afreximbank at COP26 in Glasgow, 2021. The facility works with African governments and private investors to improve the sustainability and liquidity of the African sovereign debt market by promoting increased green financing instruments for African countries.

All COP28 is Twitter

Today from the UAE’s Twitterverse: It’s all about COP, with #COP28 getting over 146K hits, followed closely by الإمارات# “The Emirates,” which is also getting traction from foreign dignitaries and regional ones alike.

We’re also seeing some Yemen love, with باب المندب# (Bab El Mandeb — or literally “The Gate of Grief — the name of strait that connects the Red Sea to the Gulf of Aiden) getting traction following action between the US Navy and The Armed Forces of Yemen.

UAE in the News on 4 December 2023

COP28 continues to dominate the conversation, with the Gulf’s role in the Gaza war also getting some ink. (Foreign Affairs)

Also making headlines:

Rights groups are UAE and the rest of the MENA region should pull out from the Abraham Accords with Israel, to take a stand against the assault on Gaza. (TIME)
Morocco’s King Mohammed VI has arrived in the UAE, in his first visit to the country in six years. (The New Arab)

M42, Siemens partner on healthcare energy efficiency + Introducing the 40-ton Mercedes-Benz eActros 300 Tractor Head

ENERGY-

Abu Dhabi-based health tech company M42 partnered with Siemens to make UAE healthcare more energy efficient, according to a press release. The initial phase of the project includes finding energy-saving opportunities in M42’s health facilities through “energy efficient audits.” Both sides also discussed developing a roadmap to digitize M42’s infrastructure.

TRANSPORT-

Daimler unveils 40-ton truck:Vehicle manufacturer Daimler Commercial Vehicles MENA (DCV MENA) and its authorized general distributor Emirates Motor Company Commercial Vehicles (EMC CV) unveiled its first 40-ton truck, the Mercedes-Benz eActros 300 Tractor Head, at the Mercedes-Benz Training Centre in Dubai on Monday, according to a press release. Each truck is expected to save about 240 tons of CO2 emissions over a 10-year period.

The latest addition to the UAE’s growing fleet of green trucks: Hyundai Motor Company and Bee’ah Group recently signed an MoU to promote hydrogen mobility in the UAE, and Hyundai Motor will provide its XCIENT Fuel Cell electric truck to Bee’ah to use as the group is exploring hydrogen fuel vehicles to decarbonize its waste management fleet operations. Danish transport and logistics company DSV also recently said it will roll out a fully electric long-range truck fleet in the UAE.

The hype in the financial markets for lower interest rates is cooling (except in crypto)

Market hype over the Fed’s interest rate position is tempering: The melt up in the financial markets that accompanied statements made by the chair of the Federal Reserve last week stuttered in the week’s first day of trading yesterday, with stocks falling, US yields rising, and gold falling back from record highs. Risk assets soared last week on hopes that the US central bank would begin to cut interest rates sooner than expected.

Oil resumes slide on supply-cut scepticism: Oil traders yesterday continued to pour cold water on the fresh voluntary supply cuts announced by OPEC+ last week, with Brent and US crude futures both falling back during trading. Brent closed the session 1.7% lower while WTI lost 2.0% as traders expressed doubts that the measures would be enough to support prices.

ICYMI- Several members of the alliance of oil producing countries last week voluntarily agreed to remove c. 2.2 mn barrels per day from the global market in 1Q 2024, with Russia committing to an additional 500k bpd cut and Saudi Arabia rolling over its 1 mn bpd reduction into 2024.

ADX	9,539.1	-0.2% (YTD: -6.6%)
DFM	3,987.7	-0.1% (YTD: +19.5%)
Nasdaq Dubai UAE20	3806.9	-0.41% (YTD: -5.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.1% o/n	9.3% 1 yr
TASI	11,191.4	-27.6% (YTD: -6.8%)
EGX30	25,265	+2.8% (YTD: +73.1%)
S&P 500	4,570	-0.5% (YTD: +19.0%)
FTSE 100	7,513	-0.2% (YTD: +0.8%)
Euro Stoxx 50	4,415	-0.1% (YTD: +16.4%)
Brent crude	USD 78.03	-1.1%
Natural gas (Nymex)	USD 2.69	-4.3%
Gold	USD 2,042.20	-2.3%
BTC	USD 42,072	+5.6% (YTD: +153.2%)

THE CLOSING BELL-

The DFM fell 0.1% yesterday on turnover of AED 76.36 mn. The index is up 19.5% YTD.

In the green: International Financial Advisors (+14.0%), Al Firdous Holding (+2.1%) and Dubai Islamic Ins. and Reins. (+2.0%).

In the red: Orascom Construction (-6.7%), Takaful Emarat (-1.3%) and Mashreq Bank (-1.2%).

UAE, Vietnam talk trade ties

The UAE and Vietnam discuss boosting trade ties ahead of CEPA: UAE Foreign Trade Minister Thani bin Ahmed Al Zeyoudi and Vietnamese Prime Minister Pham Minh Chinh discussed boosting private-sector partnership to increase trade and investment flows in Dubai, Emirati news agency Wam reports. Several Emirati companies, including AD Ports, DP World, and Mubadala, were present at the meeting alongside high-level business and public sector officials from Vietnam.

REMEMBER- The two countries are finalizing terms of their comprehensive economic partnership agreement (CEPA), which seeks to expand economic cooperation between the two countries.

ICYMI: AD Ports and the Vietnamese Transport Ministry inked an MoU earlier this week to boost commercial expansion in various logistics-related sectors.

CALENDAR

DECEMBER

30 November-12 December: COP28, Expo City Dubai.

3-10 December (Monday-Sunday): Al Dhafra Book Festival, near Madinat Zayed.

4-7 December (Monday-Thursday): Big 5 Global, Dubai World Trade Centre.

4-7 December (Monday-Thursday): The Big 5 Heavy, Dubai World Trade Centre.

4-7 December (Monday-Thursday): Middle East Concrete, Dubai World Trade Centre.

4-7 December (Monday-Thursday): HAVAC R Expo, Dubai World Trade Centre.

4-7 December (Monday-Thursday): Windows Door & Facades event, Dubai World Trade Centre.

4-7 December (Monday-Thursday): Gulf Glass, Dubai World Trade Centre.

4-7 December (Monday-Thursday): Middle East Stone, Dubai World Trade Centre.

4-7 December (Monday-Thursday): FM EXPO, Dubai World Trade Centre.

4-7 December (Monday-Thursday): International Conference on Global Warming: The Critical Role of Oceans, Ras Al-Khaimah.

7 December (Thursday): Everything Architecture, Dubai World Trade Centre.

8-9 December (Friday-Saturday): Global EV Show 2023, TBA.

8 December-14 January: Dubai Shopping Festival, City wide.

8-10 December (Friday-Sunday): Dubai EarthSoul Festival, Dubai Media City Amphitheatre.

8-10 December (Friday-Sunday): Sole DXB 2023, Dubai Design District.

12-14 December (Tuesday-Thursday): Organic & Natural Expo Dubai 2023, Dubai World Trade Centre.

13-15 December (Wednesday-Friday): ArabPlast 2023, Dubai World Trade Centre.

15-16 December (Friday-Saturday): Super Angels Summit, Abu Dhabi National Exhibition Centre.

Signposted to happen sometime in December:

2024

JANUARY

1 January (Monday): New years day, national holiday.

9-11 January (Tuesday-Thursday): Dubai International Pharmaceuticals and Technologies Conference and Exhibition, Dubai World Trade Centre.

9-11 January (Tuesday-Thursday): Gulf Print and Pack, Dubai World Trade Centre.

21-23 January: World of Coffee Dubai, Dubai World Trade Centre.

29 January- 1 February: Arab Health, Dubai World Trade Centre.

FEBRUARY

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

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

7-8 February (Wednesday-Thursday): Sharjah Investment Forum, Al Jawaher Reception and Convention Centre.

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.

28-29 February (Wednesday-Thursday): Ras Al Khaimah Investment and Trade Summit, Rak Exhibition Centre.

28 February-1 March (Wednesday-Friday): MENA Transport Congress and Exhibition 2024, Dubai.

Signposted to happen sometime in February:

World Trade Organization Ministerial Conference, Abu Dhabi, UAE.

MARCH

5-6 March (Tuesday-Wednesday): MRO Middle East, Dubai Trade Centre.

5-7 March (Tuesday-Thursday): World Police Summit, Dubai World Trade Centre.

12 March (Tuesday): Start of Ramadan, public holiday.

APRIL

11 April (Thursday): End of Ramadan, public holiday.

12 April (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.

23-25 April (Tuesday-Thursday): Connecting Green Hydrogen MENA, Madinat Jumeirah Conference Centre.

MAY

8-9 May (Wednesday-Thursday): Innovative Finance Expo, Jumeirah Emirates Towers.

14-15 May (Tuesday-Wednesday): Seamless Middle East, Dubai World Trade Centre.

JUNE

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.

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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