Good morning, ladies and gentlemen, and welcome to a rather M&A-heavy issue where the big story is two Ghitha Holding subsidiaries kicking off plans for cross-border acquisitions to expand their global footprint.

BUT FIRST, we have a run of stories on which you may wish to keep an eye over the coming days and weeks:

#1- The Abu Dhabi Investment Authority (ADIA) is in talks to snap up a minority stake in Chinese mall operator ZhuhaiWanda Commercial Management Group, Bloomberg reports, citing people it says are familiar with the matter. ADIA could acquire shares from existing holders as the unit restructures. Private equity firm Pag and other investors hold a 60% stake, while b’naire Wang Jianline holds 40%. The company operates nearly 500 malls for Dalian Wanda Group.

Zhuhai Wanda needs the lifeline: The company’s value has fallen to less than half of what it was three years ago, adds Bloomberg. The company had initially promised investors a repayment of some CNY 30 bn plus interest if it does not IPO by the end of 2023. Zhuhai Wanda is seeking a CNY 30 bn loan from regional banks to pay off investors wishing to sell their shares and pull out, and ADIA’s stake purchase reportedly hinges on the company securing the loan, according to the business news information service.

Background: Dalian Wanda is among several property developers in China hit by a liquidity crunch in the sector amid a drying up of funds and waning public confidence.

#2- DIFC ❤️ hedgies, installment #931: Dubai Financial Services Authority CEO Ian Johnston says the authority sees continued strong interest from global hedge funds looking to set up shop in DIFC. DFSA saw a 125% y-o-y uptick in registrations by hedge fund managers in 2023. The regulator is also “looking if there are aspects of [regulations on crypto] that we should relax a bit” as global standards for digital assets take shape. “Those global standards will come over the next few years and regulators around the world will coalesce around the standards,” Johnston noted.

A bridge to China: Johnston says DFSA is working more with Chinese regulators, particularly in Hong Kong, who are willing to share their experience with regulating crypto and digital assets. Look also for DFSA to co-host with the Hong Kong Monetary Authority conferences on climate finance in Hong Kong this year and Dubai in 2025. You can catch his full interview with state news agency Wam here (watch, runtime: 5:19).

SOUND SMART- Dubai (here and Abu Dhabi (here | here | here) have been working overtime to attract fund managers in general, and hedgies in particular, to set up shop in their jurisdictions.

#3- A number of high-profile UAE-based companies are among the reported bidders for a high-profile chain of Egyptian filling stations being offered for sale as part of Cairo’s privatization process. Investors have until the end of today to submit their bids for a stake in Egyptian fuel retailer Wataniya, Asharq Business quotes Egyptian Planning Minister Hala El Said as saying. Energy companies Adnoc, Enoc, Arabian Energy, and Petromin had all expressed interest in acquiring the military-owned filling station operator.

It’s been a long time coming: The Egyptian government and its sovereign fund have been working on the Wataniya sale for the past three years. Most recently, the Wataniya stake sale was pushed back to early this year. Egypt is looking to the sale of state assets to help it raise funds it needs to get out of a foreign currency crunch.

#4- UAE-Congo JV eyes 4x annual gold exports: Primera Gold, a joint venture between Abu Dhabi’s Primera Group and the Democratic Republic of Congo’s government, is looking to quadruple the exports of hand-dug gold from the Congo this year, aiming for monthly exports of one to two tons, with an annual target between 12 to 24 tons, Primera Gold CEO Joseph Kazibaziba told Bloomberg.

More on the JV: Primera Gold DRC SA shipped five tons of gold worth USD 300 mn in 2023, its first year of operations. The JV was formed in late 2022 to address the illicit artisanal gold trade in the Congo.

#5- New guidelines on flexible work schedules for federal government employees: The Federal Authority for Government Human Resources rolled out a new set of guidelines for workers on a broad spectrum of contracts (full-time, part-time, temporary, and flexible work), Wam reports. The guidelines outline how government employees can tap flexible work options including remote work within and outside the country, hybrid work, and compressed schedules.

DATA POINTS-

#1- Dubai’s non-oil foreign trade hit a historic AED 2 tn a year ahead of schedule, Sheikh Mohammed bin Rashid Al Maktoum said on X. The Dubai ruler and Dubai Council had set the AED 2 tn target for 2025 before the pandemic hit in 2020.

#2- The Dubai Knowledge Fund says the market value of its investment portfolio rose nearly 50% last year to north of AED 1 bn, state news agency Wam writes. The fund notes that it has made space available across Dubai to school operators that could benefit more than 18k students studying British, Indian, French and American curricula. Hit the Wam link for more if you’re an operator or investor in K-12 education.

#3- Memberships in the Sharjah Chamber of Commerce and Industry rose 10% y-o-y, reaching 72.2k, with more than 7k new members joining in 2023, Sharjah24.

#4- Almost 81% of UAE residents believe in making substantial lifestyle changes for the benefit of future generations, Zawya reports citing the What Matters 2024 report by Belgium-based consultancy Human8. Over 80% of surveyed UAE residents call for a shift from preventing to reversing environmental damage, with 88% agreeing on brands’ responsibility in environmental action.

Background: The report is produced from global insights across 10 markets and a survey of over 13k consumers in 17 markets.

HAPPENING TODAY-

#1- The Middle East Bunkering Convention concludes today at the Hilton Dubai Jumeirah. The event focuses on the global marine fuel sector, including supply chains, decarbonization, and new fuels.

#2- The Arab Dental Exhibition Dubai is underway at the Dubai World Trade Centre until tomorrow. The conference brings together an estimated 66k attendees and 5.3k global brands, state news agency Wam says. The gathering is one of the largest healthcare conferences in the region.

#3- The Foreign Affairs Ministry’s Ambassadors and Representatives of Missions Abroad Forum is on until tomorrow, the ministry said in a statement. Over the span of 30 sessions, ministers, senior officials and government representatives will gather at the Foreign Affairs Ministry to discuss regional issues, geostrategic developments, and plans to advance the government’s strategy.

#4- The Mubadala Abu Dhabi Tennis Openwomen’s tournament is underway at Zayed Sports City’s International Tennis Center. The first matches of the final 16 takes place today. Finals weekend runs 9-11 February.

#5- The Sharjah Investment Forum opens its doors at 8am today at the Al Jawaher Reception and Convention Center. The two-day event gathers 50 speakers, including ministers, government officials, and economists.

HAPPENING THIS WEEK-

#1- Dubai’s PMI figures are out tomorrow. We will be deep-diving into the finer details in our Friday edition.

#2- The UAE Tour Women is happening tomorrow, and running until next Sunday starting in Dubai and ending in Abu Dhabi. The event will feature three sprint stages and a mountain climb up Jebel Hafeet, spanning 468 km from Dubai to Abu Dhabi.

#3- The Sharjah Consultative Council will discuss restructuring the Police Science Academy in Sharjah this Thursday, Sharjah24 reports. The restructuring would be enforced under a proposed bill amending a 2014 law.

#4- International Crop-Science Conference & Exhibition 2024 (ICSCE) also starts on Thursday, at the JW Marriott, Marquis Dubai. The ICSCE is one of the largest agriculture input events in the world.

THE BIG STORY ABROAD-

It’s a particularly slow Wednesday for news globally, whether you’re looking at the business pages or the front pages.

On the front pages: Qatar says Hamas is “positive” on a proposal to release Israeli hostages in return for a long pause in the war and the release of Palestinians in Israeli jails. Negotiators from Egypt, the US, and Qatar are working overtime to get the agreement over the line.

In the business pages: US senators claim that top execs from McKinsey, BCG, and Teneo are not fully cooperating with their investigation into the potential merger of the PGA Tour with the Public Investment Fund’s LIV Golf, Bloomberg reports. “McKinsey and BCG told US lawmakers on Tuesday that their employees in Saudi Arabia could face jail if the firms handed over details of their work for the country’s sovereign wealth fund without approval from the kingdom,” the Financial Times adds.

WORTH READING on a slow news morning:

• How India’s education tech giant got schooled and lost USD 20 bn in value, wherein the Wall Street Journal writes that “global investors are getting a timely reminder of what can happen when they rush into what looks like the next big thing without doing their homework.”
• Banking has gone digital, but JPMorgan is building more and morebrick-and-mortar brancheseven as rivals shut down a growing number of physical locations every month. America’s largest bank is “doubling down” on the strategy as “every metric” tells it that the decision is paying off.

CIRCLE YOUR CALENDAR-

The Federal Tax Authority is running its corporate tax awareness campaign through the end of the year, Wam reports. The campaign will cover topics such as legislation, corporate tax compliance, and procedures, tailored for individual taxpayers, and will also provide workshops for SME stakeholders.

Investors and startups with sustainable solutions can now apply to Dubai Holding’s Innovate for Tomorrow challenge, which will provide the selected company with a rewards package and funding. Ideas can range from solutions for economic circularity, resource efficiency and supply chain sustainability to waste reduction and consumer education, according to the Dubai Media Office. The selected idea will get access to Tecom Group’s in5 business incubator, and will get the chance to implement the idea through a pilot program with Dubai Holding. Applications can be submitted here until 31 March.

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.

Dubai will host the World Government Summit from Monday, 12 February, to Wednesday, 14 February. The summit, focusing on the daily implications of AI, will include 15 AI-centered conferences, and an annual gathering for the Time 100 AI list. OpenAI CEO Sam Altman will be among the speakers headlining the event, Gulf News reports.

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.

Breakbulk Middle East 2024 will take place from Monday, 12 February, to Tuesday,13 January, 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.

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.