World Bank cuts UAE’s 2025 growth forecast to 4.0%

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Mubadala to restructure Getir + UAE, Russia move closer to double taxation avoidance agreement

Good morning, friends. We’ve got a brisk issue to kick off the week. Here are a few highlights for you:

The World Bank has slightly downgraded its growth forecast for the UAE in 2025, while KKR is looking at a stake in Dubai’s Gulf Data Hub. Plus, new environmental regulations are coming to Abu Dhabi. Catch up on these stories and more below.

☀️ We’re in for a sunny start to the week: The National Center of Meteorology forecasts (pdf) crisp conditions across the country today, with fair to partly cloudy skies and light-blowing winds. Temperatures in Dubai are expected to hit 23°C during the day, with an overnight low of 19°C, while Abu Dhabi is expected to see temperatures hitting 20°C, and an overnight low of 19°C.

WATCH THIS SPACE-

#1- Abu Dhabi sovereign wealth fund Mubadala is set to restructure Turkish startup Getir, after it received the green light from the company’s shareholders at an extraordinary general meeting (EGM) on Sunday, Bloomberg reports, citing a statement from Mubadala. The wealth fund applied for sole ownership of Getir’s grocery and food delivery businesses with Turkish antitrust authorities in September, after acquiring a controlling stake in the company back in June, leading a USD 250 mn funding round tied to the company’s restructuring.

Under Mubadala’s restructuring plan, Getir's profitable local grocery delivery operations would be separated from the company’s noncore businesses. The Abu Dhabi fund says the move is necessary to stabilize the company, whose valuation fell to USD 2.5 bn in 2023 from USD 11.8 bn in 2022 amid cashburn and exits from key markets, including the UK, Germany, the Netherlands, and the US.

REFRESHER- Last week, Getir founder Nazim Salur initiated legal action to challenge Mubadala’s move to seek full control of Getir, which he described as an “illegal coup” aimed at reducing the founders’ stake to zero, urging Mubadala to uphold the June agreement to split Getir into two entities. Though the company’s other co-founders, Serkan Borancili and Tuncay Tutek, have not commented publicly, a source with direct knowledge of the planned lawsuit told Reuters that the founders claimed Mubadala “intentionally delayed” transferring units to them and reneged on the agreement at the end of last year.

Salur is not backing down: In an X post, the company’s founder labeled the EGM as “unlawful,” pointing out that only two out of nine board members participated in the resolution to call the meeting. Sulur plans to challenge the decision in courts in the Netherlands, Turkey, and England, with a hearing on the matter scheduled for 24 January at the Enterprise Chamber of the Amsterdam Court of Appeal.

#2- Redbird might fly away from IMI with The Telegraph acquisition : US fund manager RedBird Capital might attempt to acquire a stake in The Telegraph separate from its partnership with the Abu Dhabi-owned media investment company IMI, the Financial Times reports, citing sources it says are familiar with the matter. Meanwhile, the UK is considering doubling its proposed higher cap of foreign state ownership of the country’s news outlets to 10% to encourage investments, other sources told the newswire.

Bidders are already lined up: Leon Black, Apollo Global Management’s co-founder, is reportedly in discussions to become an anchor investor in a EUR 550 mn bid to acquire the newspaper from the UAE’s RedBird IMI, led by New York Sun owner Dovid Efune. Moreover, Efune is in talks with Ben Black, Leon Black's son, who will be channeling the investment if it goes through. Meanwhile, Todd Boehly, co-owner of Chelsea Football Club, is also considering backing Efune or possibly launching a competing offer.

REMEMBER- Abu Dhabi-backed RedBird IMI formally withdrew its bid to acquire The Telegraph and Spectator earlier in May, following months of opposition from the UK government.

#3- Beirut-born retailer Azadea Group is reportedly looking to go public, Bloomberg reports citing people it says are familiar with the matter. Dubai Holding — owned by the Emirate’s ruler — owns 25% in the Makhzoumi family-owned retailer. The Middle-East’s operator of Zara and Virgin Megastores has reportedly invited banks to pitch for roles on the potential IPO. There’s no publicly available information about the potential stake size, or listing venue.

Background: Dubai Holding acquired a minority stake in Azadea Group back in 2018 in a transaction that valued the retailer at USD 1 bn. The state-owned investment vehicle had weighed the sale of its stake in Azadea in September 2023 which saw Dubai Holding tap JPMorgan and Rothschild as advisors.

#4- Gulf investors, including the UAE and Saudi Arabia, are expected to play a pivotal role in Zambia’s push to increase its copper output to some 1 mn tons this year, up from the estimated 720k tons it produced in 2024, Jito Kayumba, special assistant for finance and investment to Zambia’s president, was quoted as saying by Bloomberg. “The UAE is aggressively pursuing new investments,” he added. This comes as Zambia aims to quadruple its copper output by the early 2030s.

UAE firms are already making strides in Zambia: Abu Dhabi-based International Resources Holding — which acquired a 51% stake in the Zambian Mopani Copper Mines company in March — has already raised production at its Zambian mining site by 32% and is targeting 150k tons in output this year, Kayumba said.

#5- Kenya could triple its meat and horticultural exports to the UAE on the back of the recently-signed economic partnership agreement, Kenyan Principal Secretary for Trade Alfred K’Ombudo told Bloomberg (watch, runtime 8:00). “Because we’ve agreed to sanitary and phytosanitary procedures, this should be able to more than triple, because we also see the UAE as a transshipment hub for these products to the rest of the Gulf,” he said.

ALSO- This partnership will support oil trade between the two nations by streamlining export procedures and creating a framework for investment and dispute resolution, K’Ombudo said.

REMEMBER- The UAE-Kenya economic partnership agreement aims to deepen trade and investment ties, strengthen supply chains, and improve market access across the Middle East and Africa. The agreement focuses on certain sectors including agriculture, retail, healthcare, financial services, technology, and tourism sectors, as well as accelerating investment in ICT, banking, tourism, infrastructure, and renewable energy.

This isn't their first cooperation as the Abu Dhabi sovereign wealth fund ADQ and Kenya’s National Treasury and Economic Planning Ministry inked a USD 500 mn investment framework back in April 2024. Both parties also finalized a trade and economic agreement in February to cooperate on investments and developing several industrial sectors. In addition, Kenya is currently in discussions with the UAE to help the country extend its Standard Gauge Railway to connect it with Uganda and South Sudan.

Meanwhile, the African country’s discussions with Abu Dhabi regarding its USD 1.5 bn loan are still ongoing, K’Ombudo said. The African country is expected to receive USD 700 mn at the start of 2025, with the remaining funds to be distributed later.

#6- UAE + Russia move closer to signing double taxation avoidance agreement: The UAE’s Finance Ministry wrapped up the final negotiations round with Russia for a dual taxation avoidance agreement on income and capital, with the two sides signing a draft agreement, Wam reports. The agreement aims to protect taxpayers’ rights, prevent double taxation, and promote investment and trade.

ICYMI- A mutual taxation agreement between the UAE and Bahrain received unanimous approval from the Bahraini Shura Council last week, with the aim of protecting individuals and companies from double taxation. The Finance Ministry also signed agreements with Bahrain, Egypt, and Kuwait at the World Government Summit last year to eliminate dual taxation in a bid to crack down on tax evasion.

#7- Abu Dhabi Customs greenlit the establishment of a new customs center, Al Faya Dry Port Customs Center, according to the Abu Dhabi Media Office. The Customer Service Office of Abu Dhabi Customs will oversee the new center, which will offer 24-hour service throughout the week.

ICYMI- Abu Dhabi Customs introduced the Integrated Customs Operations System earlier this month, a tech solution that uses artificial intelligence and predictive analytics to streamline customs and trade processes.

#8- Private property owners in Sheikh Zayed Road and Al Jaddaf areas can now convert their ownership status to freehold, the Dubai Land Department said according to Wam. A total of 457 plots are eligible under the initiative, including 128 plots in Sheikh Zayed Road and 329 in Al Jaddaf.

Eligible owners can file applications to the Dubai Land Department for land assessment and valuation. Eligibility can be confirmed via the Dubai REST smart app (available on the App Store and Google Play).

DATA POINTS-

#1- Wizz Air Abu Dhabi saw 20% y-o-y growth in seat capacity and passenger numbers in 2024, offering over 4.4 mn seats and flying over 3.5 mn passengers, according to the Abu Dhabi Media Office. The budget airline also optimized its network by increasing capacity by 40% on popular routes, bringing over 1.2 mn international visitors to Abu Dhabi.

#2- The UAE topped the Arab world as the most attractive destination for auto sales’ investment and business in 2024, the Kuwait-based Arab Investment and Export Credit Guarantee Corporation (Dhaman) said in a report, Wam reports.

The details: The UAE accounted for 38% of the region’s auto parts imports last year. In addition, the country is among five Arab nations that captured 145 out of 184 foreign projects carried out in the industry, along with Saudi Arabia, Morocco, Algeria, and Egypt.

PSAs-

#1- Salik announces the road toll pricing schedule for the month of Ramadan in a disclosure to the DFM (pdf).

Here’s the breakdown:

Peak hours (weekdays, 9am-5pm): AED 6;
Off-peak hours (weekdays, 7am-9am, 5pm–2am): AED 4;
No toll fees between 2-7am daily, and all day Sunday except during public holidays or major events.

For Salik’s road toll pricing schedule which will go live at the end of January, click here.

#2- Public employees will be able to access Emirates NBD’s banking services without the need for salary certificates under a new partnership between the bank and the Federal Authority for Government Human Resources, Wam reports. The initiative will expand to add more national banks, benefiting over 45k federal employees working in more than 50 government entities.

HAPPENING TODAY-

#1- World Economic Forum 2025 kicks off today in Davos, Switzerland under the theme “Collaboration for the Intelligent Age,” Wam reports. The forum will gather 3k high-profile figures from over 130 countries, with 350 government leaders, including US President Donald Trump — joining via video — European Commission President Ursula von der Leyen, and Chinese Vice Premier Ding Xuexiang. The participants will discuss global challenges, including geopolitical shocks, economic growth, and advancing an inclusive energy transition.

#2- The closed meeting of the World Bank Group’s Cloud Computing Working Group kicked off yesterday and will wrap up on Tuesday at the Museum of the Future in Dubai, on the sidelines of the Global Government Cloud Forum which will take place on 21 January, Wam reports.

THE BIG STORY ABROAD-

It's a busy day around the world as international media outlets focus on day 1 of the Gaza ceasefire and Donald Trump’s inauguration this evening — two events that observers believe are not coincidental. The first day of Gaza ceasefire saw the exchange of three Israelis held by Hamas for 90 Palestinians in Israeli prisons. This came amid joyous celebrations by Gazans and a remarkable reappearance of Qassam Brigades militants on the ground. (Reuters | Bloomberg | Financial Times | New York Times)

Trump’s immediate impact was also felt on TikTok, which returned to life in the United States hours after it was shut down. The Chinese app had stopped operating in the US early yesterday in compliance with a US Supreme Court ruling, before Trump announced that he would issue an executive order on Monday giving TikTok a “period of time” to reach an agreement with the new administration that would address US concerns about national security. The app restored the service in the US a few hours later and thanked the incoming president by name, adding that it will work with Trump “on a long-term solution that keeps TikTok in the United States.” TikTok CEO Shou Chew will reportedly attend Trump’s inauguration, which is scheduled to begin at 8:30pm UAE time today. (Bloomberg | BBC | CBS)

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CIRCLE YOUR CALENDAR-

The Global Government Cloud Forum will take place tomorrow in the Museum of the Future in Dubai. The forum will see participation from government representatives, private sector organizations, think tanks, and international organizations, including the World Bank’s Cloud Computing Working Group. It includes keynotes, panel discussions, and workshops to facilitate collaboration and knowledge exchange pertaining to cloud-enabled public administration.

The International Conference on Pharma and Medicine will take place between 21-23 January at the Sharjah Research, Technology, and Innovation Park. The event offers a platform for potential collaboration in the pharma manufacturing and healthcare sectors.

The Sharjah Real Estate Exhibition (Acres) will take place between 22-25 January at the Expo Center in Sharjah. The event features networking and business prospects in the property sector, face-to-face discussions with developers and industry experts, and exploration of the latest trends in real estate.

Nvidia RTX AI GameCraft will take place on 23 January at Emirates Towers Boulevard in Dubai. Hosted by the Dubai Future Foundation in collaboration with Nvidia GeForce Middle East, the event will gather game developers, students, and industry professionals to create innovative games using Nvidia’s RTX AI technology. Some 15 developers will make it to the finals to compete for the top three spots.

BreakBulk Middle East will take place between 10-11 February at the Dubai World Trade Center. The event will gather over 7.5k professionals from the manufacturing, EPCs, project ownership, and transport sectors, providing ample networking prospects and driving potential customer leads.

The World Local Production Forum will take place between 7-9 April at the Abu Dhabi National Exhibition Center. The World Health Organization event will bring together global leaders to discuss sustainable local production and strategies to enhance access to quality health products.

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

World Bank slightly cuts UAE’s growth forecast for 2025

The World Bank has revised downwards its forecast for economic growth in the UAE in 2025, saying in its Global Economic Prospects report (pdf) that it now sees the economy growing at a 4.0% clip in 2025 — slightly down from its previous forecast of 4.1% growth for the year.

However, the bank has penciled in a higher estimate of 4.1% GDP growth in 2026, up from a previous estimate of 4.0% growth for next year.

The World Bank’s estimate for this year is less optimistic than others: The Arab Monetary Fund said in its Arab Economic Outlook back in July that it sees the UAE’s GDP accelerating to 6.2% in 2025, buoyed by growth in tourism, real estate, and trade, as well as an increase in capital spending. The Central Bank of the UAE (CBUAE) also penciled in growth of 4.5% in 2025, down from an earlier projection of 6% back in September. It also projected growth to accelerate to 5.5% in 2026 due to the base effects of hydrocarbon GDP.

The GCC’s growth prospects have also been slashed: The World Bank slashed its growth forecast for Gulf Cooperation Council (GCC) to 3.3% in 2025, down by 1.4 percentage points from its previous forecasts in June, due to “the extension of the voluntary production cuts by OPEC+,” the report reads. The bank sees growth picking up again in 2026, predicting growth of 4.6% in 2026.

Remember: Opec plans to unwind oil production cuts as of 2Q 2025, with the UAE also given a higher quota to increase production by 300k bbl/d gradually from April 2025.

On a regional basis: The World Bank expects growth in the MENA region to reach 3.4% in 2025 and 4.1% in 2026 up from 1.8% last year — the 2025 forecast is down 0.8 percentage points from previous forecasts, the lender attributed the downward revision to OPEC+ members extending voluntary oil production cuts. Meanwhile, the International Monetary Fund (IMF) sees the Middle East and Central Asia growing at a 3.6% clip in 2025 and 3.9% in 2026, both down 0.3 percentage points from the forecasts made last October, the IMF said in its World Economic Outlook report (pdf).

IN OTHER ECONOMY UPDATES-

Standard Chartered sees the GCC to be a “bright spot” for global growth in 2025, expecting GCC countries’ “resilient non-oil sector growth and strategic investments” to lead to a positive performance despite the projected slowdown in global growth to 3.1% from 3.2%, the bank said in a press release (pdf). By focusing on economic diversification and leveraging opportunities in non-oil sectors, the region continues to chart a path of sustainable growth,” Standard Chartered’s Ayesha Abbas said.

Meanwhile, credit rating agency Moody’s sees the UAE’s non-oil economy growing by over 5% this year, with the agency saying that most countries in the region will experience stronger growth bolstered by a recovery in oil production and investment in major projects, according to a Moody’s report seen by Al Etihad. The UAE’s growth will be driven by infrastructure projects and economic diversification initiatives, the report said.

Global PE firm KKR eyes stake in Dubai’s Gulf Data Hub

Global investment firm KKR & Co. is eyeing an undisclosed stake in Dubai-based data center operator Gulf Data Hub (GDH), marking its first data center investment in the Middle East, according to a joint statement. The transaction is pending regulatory approval. While the size of KKR’s potential investment wasn’t disclosed, both plan to commit a combined USD 5 bn to support GDH’s regional and international growth plans.

IN CONTEXT- GCC countries’ abundant low-cost energy, vast capital reserves, and aggressive AI-driven ambitions have fueled a competitive race between the UAE and Saudi Arabia to expand data center infrastructure. As a result, financial hubs like Abu Dhabi and Riyadh are attracting increasing interest from global funds and private equity firms.

What they said: “Today's digital assets form the backbone of our data-driven society. With the world set to generate 1.5 times more digital data than just two years ago, the demand for data center capacity is skyrocketing,” according Waldemar Szlezak, global head of Digital Infrastructure at KKR. “[Our investment in GDH] reinforces KKR’s continued commitment to the Middle East, following our landmark investment in Adnoc Oil Pipelines as well our work with Etihad alongside Altavair AirFinance,” said Tara Davies, co-head of KKR EMEA and co-head of European Infrastructure.

About GDH: Founded in 2012, GDH is one of the Middle East’s largest independent carrier and vendor neutral data center platforms. It currently operates a total of seven data centers across the UAE and Saudi Arabia, with additional facilities planned in Kuwait, Qatar, Bahrain, and Oman, according to the release.

KKR has maintained a strong presence in the Middle East for over 15 years, with offices in Dubai and Riyadh, and a track record of strategic investments in infrastructure and aviation, including partnerships with Adnoc and Etihad Airways. KKR has emerged as a leading investor, managing USD 77 bn in assets (AUM) and committing over USD 29 bn to digital infrastructure and USD 15 bn to energy. Its expansive data center portfolio comprises more than 100 facilities worldwide, with investments in renewable energy projects exceeding 50 GW.

Abu Dhabi issues new regulations for environmental violations

EAD issues new rules for handling environmental violations: The Environment Agency – Abu Dhabi (EAD) introduced a regulation outlining reconciliation and appeal procedures for environmental administrative violations and fines, according to Abu Dhabi Media Office. Under the rules, violators can reconcile by paying 75% of the imposed fine, provided it is not a repeat offense within one calendar year or one deemed to have significant environmental impact.

Appeals must be submitted within 60 days of notification, supported by relevant evidence, and any rejected appeal obligates the violator to pay the full fine. Violators are also required to correct the environmental damage or risk EAD mitigating the impact at their expense.

NEW PROPOSAL FOR ROBO-ADVISORY REGULATIONS-

The UAE Securities and Commodities Authority has proposed new rules for robo-advisory services, open for feedback until 14 February 2025, according to a statement. The regulations aim to enable automated investment management using advanced algorithms to analyze market data and adjust portfolios in real-time.

Key requirements include external IT audits, stress-testing algorithms, and transparency on fees, risks, and algorithm limitations. Platforms must also provide client education, data encryption, and safeguards for trading during market volatility.

UAE to develop sustainable hydrogen production legislation

The UAE is working with international partners on legislation to support hydrogen production sustainability, Energy Minister Suhail bin Mohammed Al Mazrouei told Wam. The policies, created with The International Partnership for Hydrogen and Fuel Cells in the Economy (IPHE), will be adopted by IPHE member nations.

The minister highlighted the UAE's leadership in the Hydrogen Council through ADNOC and Masdar and the country’s goal to produce 1.4 mn metric tonnes of low-carbon hydrogen annually by 2031. He stressed the need for comprehensive regulations across production, transport, and export to position the UAE as a global hydrogen energy leader. Al Mazrouei noted hydrogen production costs have dropped 40–50%, to USD 5-6 per kg from USD 10, improving sustainability and efficiency.

Hydrogen projects ramp up: In Sharjah, Beeah unveiled plans for the region's first commercial-scale waste-to-hydrogen plant. Abu Dhabi is in talks with India’s Avaada Group for a green hydrogen and ammonia plant, while Compagnie Maritime Monegasque Zero Emission aims to develop a large-scale green hydrogen production plant in the UAE.

REMEMBER- Masdar and Emsteel’s green hydrogen-powered steel pilot went fully operational in October 2024. Meanwhile, Adnoc Gas, Baker Hughes, and Levidian installed Loop technology at the Habshan Gas Processing Plant to convert methane into graphene and hydrogen.

Sharjah Islamic Bank reports AED 1.1 bn net income for 2024

Sharjah Islamic Bank posted a record net income before tax of AED 1.1 bn in 2024, marking a 24.5% y-o-y increase, Wam reports. Total operating income rose 10.4% y-o-y to AED 2.2 bn during the same period. The board proposed a 15% cash dividend, pending shareholder approval.

Sharjah plans AED 107.4 mn projects to revamp water infrastructure in Kalba city

INFRASTRUCTURE-

Sharjah is investing AED 107.4 mn into Kalba’s water infrastructure: The Sharjah Electricity, Water, and Gas Authority plans to revamp water transmission and distribution networks in Kalba city with projects estimated at a total of AED 107.4 mn, Wam reports. The initiative includes a AED 5 mn extension to the city’s new industrial area water network — scheduled to be executed during this month — with a AED 3.7 mn second phase.

More details: Additional projects involve extending the main water line connecting the industrial area to Al Buhaira at AED 5 mn, as well as a new water line to Wadi Al Helo and a pumping station for AED 43.8 mn, also expected to be completed this month. A further AED 50 mn extension to Jabal Aldeem, including lifting stations, is slated for completion in December.

SUSTAINABILITY-

State-owned Aldar Properties rolled out a new incentive program to reward suppliers for sustainable practices, Wam reports. The program evaluates eligible suppliers through a rating system based on sustainability factors, such as recycling rates and carbon emissions intensity. It offers financial incentives, training, recognition, and expedited payments, in addition to extra benefits for contractors participating in the Real Estate Climate Pledge.

TECH-

Zededa launches regional HQ in Abu Dhabi: US-based edge computing solutions firm Zededa opened its Middle East headquarters in Abu Dhabi, according to a company statement. The new office, which includes sales, engineering, and customer support teams, will focus on expanding the company’s client base in the Middle East. The launch comes as Zededa received new investments from Alpha Wave Incubation and Aramco Ventures’ VC fund Prosperity7.

TRANSPORT-

Dubai's Road and Transport Authority (RTA) awarded a contract valued at AED 1.5 bn for the Al Fay Street Development Project, according to a statement from the authority. The project will extend from the intersection with Sheikh Mohammed bin Zayed Road, through Sheikh Zayed bin Hamdan Al Nahyan Street, and continue to Emirates Road. The scope of the project includes the construction of five key intersections, with 13.5k meters of bridges and 12.9k meters of new roads.

Upon completion, Al Fay Street is expected to accommodate 64.4k vehicles per hour and serve an estimated population and visitor base of 600k individuals in nearby residential and developmental areas.

Mega M&As are set for a strong comeback this year, sparking shareholder concerns

Mega-M&As to make a strong comeback in 2025: Big ticket mergers and acquisitions are expected to pick up in 2025 on the back of lower interest rates, bullish equity markets, and relaxed antitrust regulations, Reuters reports.

By the numbers: M&A transactions worth USD 10 bn or more accounted for a fifth of total activity over the past five years, exceeding USD 656 bn in 2024. This is a modest increase compared to 2023, but still a considerable decline from over USD 1 tn recorded in 2019.

Monetary policy enables funding big M&As: The US Fed lowered interest rates by a full percentage point since September 2024. Central banks in the EU and around the world are also following suit, making debt-funding of M&A transactions easier due to lower borrowing costs.

Antitrust regulations seem to be relaxing, too: Andrew Ferguson, Trump’s pick for the Federal Commission Trade, called for ending the “war on mergers.” Meanwhile, the EU’s competition chief Teresa Ribera told the Financial Times last September that the bloc’s rules will “evolve” to help European companies scale up and face global competition.

BUT- Poor performance is a concern for shareholders: Analysis of 60 big ticket M&As since 2020 found that three-quarters of buyers underperformed their sector benchmarks in terms of annualized shareholder returns by 7 percentage points on average. Notable failures include the 2021 merger of Discovery and Warner Media, which saw annualized return drop 30% since the last day before the merger.

Buyers in financial services and healthcare fared particularly badly, underperforming their sector benchmarks by 9 and 10 percentage points on average. Pfizer’s USD 43 bn Seagen acquisition and Royal Bank of Canada’s USD 10 bn purchase of HSBC Canada were among the flops, according to Reuters’ analysis.

MARKETS THIS MORNING-

Asian markets are up this morning ahead of Trump’s inauguration, as investors anticipate the new administration’s policies. Hang Seng (Hong Kong) rose 1.8%, while Japan’s Nikkei rose 1.2%, and Shanghai Composite rose 0.5%. Meanwhile, Wall Street futures are inching lower following a strong week for the S&P 500.

ADX	9499	-0.1% (YTD: +0.9%)
DFM	5212	-0.5% (YTD: +1.0%)
Nasdaq Dubai UAE20	4275	-0.2% (YTD: +2.7%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	4.4% 1 yr
TASI	12,332	+0.6% (YTD: +2.5%)
EGX30	29,729	+0.4% (YTD: -0.04%)
S&P 500	5997	+1.0% (YTD: +2.0%)
FTSE 100	8505	+1.4% (YTD: +4.1%)
Euro Stoxx 50	5148	+0.8% (YTD: +5.2%)
Brent crude	USD 80.79	-0.6%
Natural gas (Nymex)	USD 3.95	-7.3%
Gold	USD 2748.70	-0.2%
BTC	USD 104,241.70	+0.3% (YTD: +10.5%)

THE CLOSING BELL-

The DFM fell 0.5% last Friday on turnover of AED 445.5 mn. The index is up 1.0% YTD.

In the green: AL Salam Sudan (+14.9%), Ekttitab Holding Company (+6.6%) and Al Firdous Holdings (+5.2%).

In the red: Salik Company (-2.9%), Takaful Emarat (-2.6%) and Dubai Financial Market (-2.5%).

Over on the ADX, the index fell 0.1%. Meanwhile, Nasdaq Dubai fell 0.2%.

UAE President talks cooperation with Egypt’s El Sisi

President Sheikh Mohamed bin Zayed Al Nahyan met with Egyptian President Abdel Fattah El Sisi during his visit to the UAE on Thursday, Wam reports. The two leaders discussed ways to deepen the relationship between the two nations in areas such as the economy, investment and development.

The meeting also addressed regional and international issues, where the leaders exchanged views on the recent developments, especially in the MENA region. They welcomed the Gaza ceasefire, and stressed the need for the two-state solution. They also expressed optimism over the recent election of Joseph Aoun as the Lebanese President, and emphasized on their commitment to Syrian unity.

UAE reaffirms support for Syria: Sheikh Mohamed also received a phone call from the leader of the new Syrian administration, Ahmed Al Sharaa, to discuss strengthening relations between the two countries on Saturday, Wam reports.

The President also met with the Prime Minister of the Kurdistan Region of Iraq Masrour Barzani in Abu Dhabi on Sunday, where the two discussed bilateral relations, Wam reports. The two leaders explored methods to increase cooperation across various sectors to benefit both nations and support their shared development goals.

Abdullah bin Zayed and Blinken share end-of-tenure phone call: UAE Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan and US State Secretary Antony Blinken discussed relations between the US and UAE over a phone call on Saturday, Wam reports. The Foreign Minister expressed his appreciation for Blinken’s efforts to advance the two nations' partnership over the course of his stint in the role, which comes to an end with president-elect Trump’s inauguration today.

CALENDAR

JANUARY

19-24 January (Sunday-Friday): Coling2025, Abu Dhabi.

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

20-22 January (Monday-Wednesday): The Fiber Connect Council Conference and Exhibition, Dubai World Trade Center, Dubai.

21 January (Tuesday): The Global Government Cloud Forum, the Museum of the Future, Dubai.

21-23 January (Tuesday-Thursday): The International Conference on Pharmacy and Medicine, The Sharjah Research, Technology, and Innovation Park, Sharjah.

23 January (Thursday): The Nvidia RTX GameCraft, Emirates Towers Boulevard, Dubai.

22-25 January (Wednesday-Saturday): The Sharjah Real Estate Exhibition (Acres), Expo Centre, Sharjah.

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

28-29 January (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

FEBRUARY

1-6 February (Saturday-Thursday): Dubai Fashion Week, Dubai Design District.

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

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

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

7 February-29 April (Friday-Tuesday): The Abu Dhabi Festival, Abu Dhabi.

10-11 February (Monday-Tuesday) MRO Middle East and Aircraft Interiors Middle East, Dubai World Trade Center.

10-11 February (Monday-Tuesday): BreakBulk Middle East, the Dubai World Trade Center.

10-12 February (Monday-Wednesday): Japan Kyoto Trade Exhibition, Dubai Word Trade Center.

14 February (Friday): The deadline for the consultation period for the Securities and Commodities Authority's draft regulation on security tokens and commodity tokens.

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

16 February (Sunday): The International Defence Conference,The Emirates Palace, Abu Dhabi.

17-21 February (Monday-Friday): International Defence Exhibition (IDEX) in Abu Dhabi National Exhibition Center.

17-21 February (Monday-Friday): Naval Defence Exhibition (NAVDEX) in Abu Dhabi National Exhibition Center.

17-22 February (Monday-Saturday): Gulfood, Dubai World Trade Center.

19-21 February (Wednesday-Friday): International Dialogue of Civilizations & Tolerance Conference, Abu Dhabi Energy Centre.

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

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

28-29 February (Friday-Saturday): Investopia 2024, the St. Regis, Abu Dhabi.

28 February-29 March (Friday-Saturday): Ramadan.

Signposted to happen sometime in 1Q 2025:

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

MARCH

18-19 March (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

31 March-2 April (Monday-Wednesday): Eid Al Fitr, national holiday.

APRIL

1 April (Tuesday): New ADGM employment regulations come into effect.

1 April (Tuesday): New personal status law comes into effect.

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

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

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

7-9 April (Monday-Wednesday): Middle East Energy, Dubai World Trade Center.

7-9 April (Monday-Wednesday): World Local Production Forum's 3rd edition, Abu Dhabi National Exhibition Center.

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

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

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

21-25 April (Monday-Friday): The Dubai AI Week, Museum of the Future and Area 2071, Emirates Towers, Dubai.

25 April-11 May (Friday-Sunday): Dubai Esports and Games Festival, Dubai World Trade Center.

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

Signposted to happen sometime in April:

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

MAY

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

6-7 May (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

13-16 May (Tuesday-Friday): International Union for Health Promotion and Education Conference, Abu Dhabi.

13-15 May (Tuesday-Thursday): Cabsat Middle East and Satellite Middle East, Dubai World Trade Center.

15 May (Thursday): The Economy Middle East Summit, ADGM, Abu Dhabi.

16-18 May (Friday-Sunday): GISEC, Dubai World Trade Center.

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

20-22 May (Tuesday-Thursday): Seamless Middle East 2025, Dubai World Trade Center.

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

30 May (Friday): Arafat Day.

31 May-2 June (Saturday-Monday): Eid Al Adha.

Signposted to happen sometime in May:

Asean and GCC summit, Malaysia.

JUNE

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

24-25 June (Tuesday-Wednesday): Middle East Rail, Dubai World Trade Center.

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

JULY

29-30 July (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

SEPTEMBER

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

16-17 September (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

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

OCTOBER

3-16 October (Friday-Thursday): Dubai Home Festival.

9-15 October (Thursday-Wednesday): IUCN World Conservation Congress, Abu Dhabi.

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

28-29 October (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

NOVEMBER

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

DECEMBER

1-3 December (Monday-Wednesday): Eid Al Etihad (UAE National Day).

1-5 December (Monday-Friday): The World Congress of Neurosurgery, Dubai World Trade Center.

9-10 December (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.
Universal Postal Congress 2025, Dubai.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.
ICOM General Conference 2025, Dubai

Signposted to happen sometime in 2026:

The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE
9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE

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