World Governments Summit wraps with an AI-heavy final day

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WHAT WE’RE TRACKING TODAY

THIS MORNING: World Governments Summit wraps + UAE Innovates 2024 heads to Sharjah

Good morning, friends. We have another very packed issue for you today, thanks to the last day of the World Governments Summit and yet more earnings.

But first: A technical issue caused the links in yesterday morning’s edition of EnterpriseAM UAE to malfunction. We’ve since fixed the problem, which means you can check out the issue (and click the links) on the web edition. We apologize for the inconvenience.

THE BIG STORY here at home is everything that went down on the last day of the World Governments Summit, which was very AI-heavy. The biggest outcome of the day was the launch of the USD 300 mn Falcon Foundation, a nonprofit fund dedicated to promoting the development of open-source AI models and facilitating AI research.

SOUNDBITE OF THE DAY- “We see black swans happening once every three months,” as opposed to once every decade, Economy Minister Abdullah bin Touq Al Marri told CNBC (watch, runtime 1:44) on the sidelines of the summit. Al Marri pointed to recent trade disruptions in the Red Sea as the most recent black swan, noting that further escalation of global conflicts make it difficult for companies to meet supply demands, which leads to more inflation and consequently, higher interest rates.

PUBLIC SERVICE ANNOUNCEMENT-

Property agents have two days left to wipe sold or rented properties from digital brokerage platforms, the Dubai Land Department said on LinkedIn. Agents must email proof of removal to this email address.

HAPPENING TODAY-

#1- UAE Innovates 2024 heads to Sharjah today, with stops in Ras Al Khaimah, and Fujairah before its finalstop in Dubai next Thursday, reports state news agency Wam.

#2- It’s the final day of the Future Warehouse & Logistics 2024 Conference. On the agenda: How to boost resilience and overcome challenges, with discussions on disruptions, sustainability, internet of things, automation, workplace management, and other topics.

#3- The Ajman Department of Tourism Development UK roadshow concludes today,aftershowcasing the emirate’s cultural offerings to reel in British tourists and investors in the tourism sector, according to a press release.

#4- The FIFA Beach Soccer World Cup 2024will kick off today at Dubai International Stadium, before wrapping on Sunday, 25 February. The tournament will see 16 beach soccer teams, including the United Arab Emirates, battling it out for this year’s cup.

WATCH THIS SPACE-

#1- The UAE is working with international and regional organizations to use StarLink’s satellite broadband services at its field hospital in Gaza, after StarLink got a license to operate in Israel and parts of Gaza, according to a Foreign Affairs Ministry statement. The initiative will allow the hospital to connect to the internet when connection is severed inside Gaza.

The caveat: Israel will individually approve specific clients that can use Starlink’s services, in order to “confirm it to be an authorized entity with no concern of risk or possibility of endangering national security,” Israeli Communications Minister Shlomo Karhi said.

#2- The GCC could add USD 2.5 tn to its GDP over the next decade if countries improve productivity levels, Strategy& said in a report (pdf) launched on the sidelines of the World Government Summit. This would take GDP growth from the current 3.8% to 5.4%, the report added.

So what needs to be done? The report identifies six pillars of productivity: Labor capital, natural capital (which relates to the natural living environment), social capital, institutions, physical capital (relating to reliable infrastructure), and innovation and intangible capital. If every country in the GCC improves its weakest pillar, the region can reach its potential USD 2.5 tn target, the report argues.

Outside of the region, if every country were to address its weakest productivity pillar, the global economy could see an additional USD 50 tn added over the next decade, with real GDP growth accelerating to 3.5%, up from 2.6%, the report said.

#3- Is Masdar eyeing Iberdrola’s US assets? UAE state-owned renewables developer Masdar is reportedly exploring an acquisition of Iberdrola’s onshore renewable energy assets in the US, Bloomberg reports, citing people with knowledge of the matter. Last year, Masdar acquired a 49% stake in Iberdrola’s EUR 1.6 bn Baltic Eagle offshore wind farm off the coast of Germany. Masdar also signed a strategic partnership agreement with the Spanish utility firm last December to co-invest up to EUR 15 bn in exploring development projects in the offshore wind and green hydrogen in key markets including Germany, the UK, and the US.

#4-Chinese e-commerce giant Alibaba is looking to partner with Emirati and Saudi firms as China-GCC ties continue to warm, company President Michael Evans said at the World Governments Summit, according to Bloomberg. Local partnerships can help Alibaba keep up with the region’s developments, Evans said. GCC countries have been bolstering ties with China in recent years as they pursue investments to diversify their non-oil economies — a move that has been seeing pushback from Washington.

REMEMBER- G42 recently offloaded all its stakes in Chinese companies, including a USD 100 mn stake in TikTok parent company ByteDance, in a bid to “reassure” US partners. The move came after a New York Times report and a letter from a US congressional committee accused the tech group of working with the Chinese military.

DATA POINT-

Smart infrastructure investments have saved Dubai AED 290 bn thanks to decreased traffic congestion and reduced travel times and fuel consumption, said Director-General of Dubai’s Road and Transport Authority (RTA) Mattar Al Tayer at the World Government Summit, according to an RTA statement.

RTA expects its self-driving transport strategy — launched in 2016 — to save some AED 22 bn by 2030, once it achieves its target of making 25% of all trips in the emirate autonomous by the end of the decade, Al Tayer said in a separate RTA statement.

ICYMI: The authority recently inked an agreement with electric aircraft developer Joby Aviation to launch air taxi services in the UAE by early 2026.

THE BIG STORY ABROAD-

It’s all politics, all the time in the pages of the foreign press. Let’s start in Washington, where Politico and the New York Times report that Moscow may have made significant progress on the development of an anti-satellite nuclear weapon. The weapon has not yet been deployed, the Times writes.

MEANWHILE- The Wall Street Journal and Bloomberg are leading with Israel pulling out of Gaza peace talks. The Financial Times and the New York Times are looking at European defense policy in the wake of Republican presidential challenger Donald Trump’s remarks about not defending Nato allies that fail to hit their defense spending targets.

Turkish President Recep Tayyip Erdogan’s visit to Cairo in more than a decade is also getting attention as Cairo and Ankara look to turn a new page. EnterpriseAM Egypt has more coverage this morning.

Oh, and Vladimir Putin would prefer that Joe Biden be elected president of the United States, calling the sitting president “more experienced and predictable.”

Abu Dhabi launches USD 300 mn Falcon Foundation

AI was all the rage on the last day of WGS: Between the government inking several agreements and forging partnerships on AI adoption and advancement, as well as the launch the USD 300 mn AI fund, the last day of the World Governments Summit, which was held under the theme “Shaping Future Government,” was very AI-heavy.

RESEARCH AND DEVELOPMENT-

Gov’t earmarks USD 300 mn to foster AI development: State-backed research center Technology Innovation Institute, the research arm of Advanced Technology Research Council (ATRC), announced the launch of the Falcon Foundation, a USD 300 mn nonprofit fund dedicated to promoting the development of open-source AI models and facilitating AI research, Wam reports. The fund’s main goal will be to decentralize AI to ensure adaptive models that can be applied across various sectors, “steering the trajectory of AI development towards greater transparency and accessibility,” ATRC secretary general Faisal Al Bannai said.

UNDP + UAE team up to advance digitalization: The government signed a partnership agreement with the United Nations Development Programme (UNDP) to cooperate on knowledge exchange, digitalization and AI solutions, UNDP administrator Achim Steiner said. The partnership includes the development of a framework to leverage AI technologies, toward achieving the 2030 SDGs, Wam reports.

G2G PARTNERSHIPS-

Brazil’s tech infrastructure is getting an upgrade with Falcon: ATRC inked an MoU with São Paulo’s Secretariat of Management and Digital Government to integrate its AI-powered Falcon Large Language Models (LLMs) in Brazilian government services, reports Wam. Falcon LLM is an open-source AI model with 40 bn parameters, trained on 1 tn tokens to help advance applications, according to the TII’s website.

SOUND SMART- Tokens are how we quantify the AI’s ability to read, learn, and understand from text. The more tokens, the wider the AI’s knowledge base. Parameters are how we measure the AI’s capability to solve complex problems. The ability to translate, generate and paraphrase text are all considered to be parameters.

Serbia is also going to use Falcon: Serbia’s Information and Telecommunications Ministry also signed on to adopt ATRC’s open-source model Falcon to advance AI integration in Serbia, Wam reports. The agreement will also see Serbia encourage local organizations to join the fund to “contribute to the success of open-source Falcon models.”

The AI office signed MoUs with Austria, Mongolia and Colombia to accelerate the adoption of AI across various industries, advance the development of AI-powered digital services, and ramp up private investments in AI, Wam reports. Under the agreements, the governments of the signatory countries will explore the prospects of introducing policies and establishing an international governmental committee to regulate AI technology.

INDUSTRIALS + ENERGY-

Emirates Global Aluminium also got in on the AI action: The AI office signed an MoU with Emirates Global Aluminium (EGA) to promote the adoption of AI tech in the industrial sector, according to a press release. The agreement will see EGA collaborate with the AI office to “develop research partnerships for artificial intelligence, including for use in developing new aluminum alloys, and cooperate [on upskilling] EGA staff on artificial intelligence.”

The Energy Ministry debuted the Big Data Ecosystem and Digital Twin Platform at the World Governments Summit, Wam reports. The initiatives aim to use big data and AI for better decision-making and sustainable development in energy and infrastructure. The Digital Twin Platform creates accurate digital models of assets to improve infrastructure performance, decision-making, and resilience. It showcases live data on 3D models, aiding in areas like infrastructure protection, traffic management, climate change mitigation, and predictive maintenance.

In other tech news:

ATRC’s arms AI71 and VentureOne will partner with Abu Dhabi Department of Health to use AI71’s AI-powered platform to improve diagnostic accuracy and draw up personalized treatment plans. (Wam)

ALSO FROM THE SIDELINES OF THE SUMMIT-

Abu Dhabi Chamber subsidiarySheikh Khalifa Excellence Award signed a partnership agreement with Sheikh Khalifa Government Excellence Programto collaborate on setting unified standards for the assessment and evaluation of the private and public sectors to enhance the private sector’s “workers’ performance and work systems, leading to optimal financial and operational outcomes,” Wam reports.

AND-President Sheikh Mohamed bin Zayed Al Nahyan met with more leaders on the sidelines of the World Government Summit:

Turkey: The president discussed with Turkish president Recep Tayyip Erdogan boosting economic cooperation and the situation in Gaza, reiterating the need to cease hostilities and prevent a wider war in the region. (Wam)
Kyrgyzstan: Cooperation and bilateral ties were the focus of a discussion with Kyrgyz President Sadyr Zhaparov. (Dubai Media Office)
Cuba: Al Nahyan also discussed bilateral relations with Cuban Prime Minister Manuel Marrero Cruz, signing an agreement to promote cooperation and knowledge exchange. (Dubai Media Office)

Adnoc, BP to form joint venture for developing gas assets in Egypt

Adnoc and BP team up on new gas JV in Egypt: State-owned Abu Dhabi National Oil Company (Adnoc) and UK energy giant BP have agreed to form a joint venture that will target the development of natural gas assets in Egypt, according to an Adnoc statement. BP will bring the stakes it owns in three development concessions to the JV, as well as exploration concessions, while Adnoc will provide funds to support the venture’s expansion.

The concessions: The JV will see BP add its wholly-owned North Damietta concession, as well as its 50% share in North El Burg, and 10% share in Shorouk — which contains the Zohr field. BP will also add exploration concessions in North El Tabya, Bellatrix-Seti East and North El Fayrouz.

Fast fact: Zohr, the Mediterranean’s largest-ever gas find, accounts for some 38% of Egypt’s gas output. The discovery of the field in 2018 allowed the country to pull the plug on gas imports and turned it into a net natural gas exporter.

Ownership: BP will own 51% of the JV — which is expected to be formed during the second half of this year — while Adnoc will own the remainder.

Advisors: Egypt’s Matouk Bassiouny & Hennawy acted as Adnoc’s local counsel and Gibson Dunn & Crutcher acted as its international counsel, according to a statement (pdf). Norton Rose Fulbright was BP’s international legal representative and Al Kamel Law Firm served as its local counsel.

Timeline: The JV should be set up during 2H 2024, according to the statement.

The story got ink in Bloomberg and Reuters.

Dubai’s business outlook is positive for 1Q 2024, according to Dubai Chambers

Some 63% of CEOs and business managers in Dubai anticipate improvements in the emirate’s business climate in 1Q 2024, with Dubai Chambers’ Business Climate Index for the quarter reaching 168 points, up from 144 points last year, according to a Dubai Chambers statement. The survey is based on responses from 507 Dubai-based CEOs and managers.

Demand + sales outlook is high: Sixty percent of participants expect sales will grow q-o-q, while 29% predict sales to remain stable, according to the survey. Some 57% are planning to diversify their products and services, while 47% aim to boost production capacity.

Plenty will be seeking capital: Some 42% businesses are seeking additional capital during the quarter, the survey said, adding that 44% are planning to increase digital advertising budgets.

Cost management is also underway: Forty three percent of respondents plan to review or change their suppliers, and 41% aim to renegotiate rent or relocate to more cost-effective spaces, according to the survey.

REMEMBER- Rentals for office spaces are expected to climb 10-15% y-o-y in 2024 as new market entrants continue to pour into the emirate amid a booming property market, while established entities expand operations. Prices rose 21% y-o-y in 2023, with the sharpest increases witnessed in Downtown Dubai (45%) and Business Bay (36%), while sales prices rose 23% y-o-y.

A lot of businesses are looking to expand, with41% of respondents saying expansion is on the cards in 1Q 2024, the survey said. The GCC, India, UK, US, Egypt, and South Africa were the most common targets for expansion, it found. Of the 59% who said they do not plan to expand their operations geographically during the quarter, 25% are concentrating on local market growth.

EDF and Korea Western Power set to build UAE’s 1.5 GW Al Ajban solar project

Ewec taps EDF + Kowepco for Al Ajban project: The Emirates Water and Electricity Company (Ewec) has selected a consortium of France’s EDF and Korea Western Power (Kowepco) to develop the 1.5 GW Al Ajban solar IPP project for an estimated investment ticket of USD 748 mn, Asharq Business reports, citing a Kowepco statement. The plant will be located 70 km east of Abu Dhabi.

What we know: Construction on the plant will start in June and is set for completion in 2026. The consortium estimates the plant will generate around USD 2.24 bn in revenues. Ewec will be the sole offtaker for the project for 30 years.

About the project: Al Ajban — Ewec’s third solar power project — is expected to generate enough electricity to power c. 160k homes across the country, according to the statement. It is set to raise Ewec’s total solar power capacity to c. 4 GW and slash Abu Dhabi’s carbon dioxide emissions by up to 2.4 mn tons annually. The company had originally planned to award the project by 4Q last year.

Ewec has more in the works: The company invited developers to submit expressions of interest to establish its 1.5 GW Khazna solar farm last September and launched a tender process for a battery energy storage system project to complete the development, financing, construction, operation, maintenance, and ownership of the greenfield facility with a power capacity of 400 MW.

Earnings watch: Taqa, Fertiglobe, Agthia, e&, E7, Al Ansari Financial Services, Shuaa Capital,

Abu Dhabi National Energy Company’s (Taqa) net income rose 107% y-o-y to AED 16.7 bn in 2023, driven largely by a AED 10.8 bn one-off gain from a 5% stake in Adnoc Gas, which it got (pdf) in recognition of Taqa and Adnoc Gas’ partnerships, according to the company’s earnings release (pdf). Excluding the one-off gain, net income fell 13% y-o-y to AED 7 bn due to lower returns from its oil and gas business. Revenues remained relatively flat at AED 51.7 bn, up 3% from the previous year.

Looking ahead: Taqa plans to shell out a total of AED 75 bn by 2030 as part of its expansion program. The expenditure will be directed to UAE-based transmission and distribution networks and Taqa’s generation business, with 55% of investments going to renewable energy company Masdar.

Dividends: The board proposed full-year dividend payouts of AED 4.4 bn for 2023.

SHUAA CAPITAL-

Shuaa Capital saw its net losses deepen 541% y-o-y to AED 866 mn in 2023, mainly attributed to noncash impairments associated with legacy assets and goodwill, according to its earnings release (pdf). The firm reported a 34% increase in full-year revenues to AED 165 mn, fueled by expansion in core sectors, notably in asset management.

WATCH THIS SPACE- The investment bank plans to hold a general assembly to approve a share capital reduction, which will be followed by a capital increase before the end of June, in a bid to deleverage and strengthen its balance sheet, the earnings release said. The capital increase could raise some USD 150 mn via a rights issue, Bloomberg reported previously.

Background:Shuaa, which has been listed on the DFM since 2022, disclosed in an October filing (pdf) that it plans to go through a “capital optimization” process to increase its profitability and shed debt. One of Shuaa’s largest shareholders sold a 25% stake and stepped down as managing director last year.

Adnoc L&S-

Adnoc L&S income increases 138% y-o-y in 2023: Adnoc Logistics and Services’ earnings more than doubled in 2023 to USD 620 mn, up 138% y-o-y, the company said in its earnings release (pdf). The company’s revenues climbed 41% y-o-y to USD 2.7 bn. The company attributed the growth mainly to the robust performance of its logistics segment, which saw growth in demand for its jack-up barges, and other offshore support fleet, as well as increased logistics volumes, according to the company’s financial analysis report (pdf).

The quarter’s results: Adnoc’s logistics arm saw its net income increase 89% y-o-y to USD 165 mn in 4Q 2023, while its revenues climbed 26% y-o-y to USD 828 mn.

Dividends: The company is recommending the distribution of USD 130 mn (AED 954 mn) in dividends for its 2H 2023 earnings, equivalent to 6.45 fils per share.

TABREED-

Tabreed reported a 32% y-o-y drop in net income after minority interest to AED 426 mn in 2023, according to its financial statement (pdf). The company’s bottom line was affected by a “one-off, noncash accounting impact” from recognizing AED 359 mn in deferred tax liabilities on the back of the UAE’s new corporate tax, according to the earnings release (pdf). The company’s revenues for the year grew 9% y-o-y to AED 2.4 bn.

AL ANSARI FINANCIAL SERVICES-

Al Ansari Financial Services’ net income fell 15.7% y-o-y to AED 495.2 mn in 2023, due to a temporary decline in its remittance business and increased expenses, according to an earrings release (pdf). The company’s operating income dipped by 1.9% y-o-y to AED 269 mn.

Breakdown: The company recorded an 8% y-o-y dent in remittance operating income due tochallenges faced in key remittance markets like India, Egypt, and Pakistan. However diversification efforts resulted in a 9% y-o-y boost in non-remittance operating income, offsetting the downturn. Transactions across all services expanded by 8.5% y-o-y.

Dividends: The company will distribute a minimum dividend of AED 600 mn for 2023. Half of this amount was paid out in November 2023, with the remaining AED 300 mn set to be distributed in April 2024, pending approval from shareholders.

E7-

E7 reported a net loss of 51.1 mn in 2023,compared to a net income of AED 67.9 mn in 2022, according to the company’s earnings release (pdf). Net income was impacted by accounting treatment due to E7’s listing on ADX as a de-spac entity — the first in the region — with one-off noncash listing expenses of AED 191.4 mn. Excluding the effects of the merger with ADC Acquisition Corporation, E7 achieved a 110% y-o-y increase in its bottom line, E7 CEO Ali Alnuaimi said.

ICYMI: E7 Group completed its de-SPAC process last month and is now listed on the ADX under the ticker symbol E7, following a merger with ADC Acquisition Corporation.

Revenues saw a 10% y-o-y uptick to AED 631.9 mn, prompted by an increase in new clients, notably in the security solutions, commercial printing, and sustainable packaging units.

FERTIGLOBE-

Fertiglobe’s bottom line dipped in 2023: UAE-headquartered urea and ammonia exporter and MENA’s largest producer of nitrogen fertilizers Fertiglobe reported a 72% yo-y decline in adjusted net income after minorities to USD 363 mn, according to an earnings release (pdf). Revenues dipped 52% y-o-y to USD 2.4 bn.

For 4Q 2023: The company saw a 48% y-o-y drop in its adjusted net income to USD 102.5 mn in 4Q 2023, while revenues fell 39% y-o-y to USD 645.9 mn in 4Q 2023. On a quarterly basis, the company saw its net income jump 149% q-o-q, while revenues increased 23% q-o-q.

Dividends: The company announced plans to pay USD 200 mn in dividends for 2H 2023.

AGTHIA-

ADQ-owned F&B firm Agthia Group’s net income rose 9.9% y-o-y to AED 299.6 mn in 2023, according to its earnings release (pdf). The company booked AED 4.6 bn in revenues, up 12% y-o-y. The growth was driven for most part by 38% y-o-y growth in revenues from its snacking portfolio, Agthia’s top-performing segment, the company said.

E&-

e& reports 3% y-o-y bottom line growth: Telecoms company e& saw its net income increase 3% y-o-y to AED 10.3 bn amid rising demand for digital services, according to its preliminary results (pdf). The company’s revenues inched up 2.5% y-o-y to AED 53.8 bn, slightly impacted by exchange rate volatility. Without accounting for the volatility, revenues increased 8.3% y-o-y.

PHOENIX GROUP-

Phoenix Group reported a 47% y-o-y increase in net income to AED 811 mn in 2023, on the back of revenue growth in the company’s hosting and self-mining services, in addition to “strong performance from [the company’s] investments in digital assets and associate investee companies,” according to Phoenix’s ADX filing (pdf).However, the recently-listed bitcoin mining company saw its revenues slump 61% y-o-y to hit AED 2.7 bn.

Remember- Phoenix debuted on ADX last December, with shares soaring 35% on the first day of trading. The company owns over 23 businesses and nine mining facilities in the US, Canada, CIS, and the UAE, with a USD 2 bn crypto mining farm in the UAE, one of the largest in the Middle East.

OTHER EARNINGS-

UAE-based shipping company Gulf Navigation (Gulfnav) saw its bottom line grow 410% y-o-y to AED 23.8 mn in 2023,according to its preliminary earnings (pdf). Gulfnav’s topline fell 21% y-o-y to AED 108 mn on the back of increased maintenance and dry docking of vessels in its fleet, the disclosure noted.

Alliance Ins.’ net income fell 14.4% y-o-y to AED 53.9 mn in 2023, according to the company’s preliminary results (pdf). The ins. Firm reported slightly improved revenues during the period, with AED 305.3 mn in revenues compared to AED 290.6 mn in 2022.

Abu Dhabi National Takaful Company reported net income attributable to shareholders of AED 103 mn in 2023,up 48.7% from the previous year, according to the company’s preliminary results (pdf). Ins. revenues increased 50.8% y-o-y during the period to AED 675.2 mn.

Ins. House deepened its net losses by 50% y-o-y to AED 41.6 mn in 2023, on theback of “cut-throat competition” in the motor ins. segment, leading to low premiums, according to the company’s preliminary results (pdf). The company’s revenues remained relatively flat y-o-y at AED 251.6 mn.

Fujairah Cement Industries widened its net losses by 26.4% y-o-y to AED 181.8 mn in 2023, according to the company’s preliminary results (pdf). The company’s revenues fell 11.3% y-o-y to AED 332.2 mn during the year.

Hily Holding’s net income fell 94.5% y-o-y to AED 4.2 mn in 2023, according to the company’s preliminary results (pdf). The company’s revenues fell 51.8% y-o-y to AED 70.5 mn.

Real estate financier Amlak Finance recorded a bottom line of AED 259.3 mn in 2023, down 45.5% from the previous year, according to the company’s preliminary results (pdf). The company’s revenues increased 5.5% y-o-y to AED 225.6 mn.

Ajman Bank posted a net loss of AED 390 mn in 2023, down from a net income of AED 162 mn in the previous year, according to the company’s financial release (pdf). The bank attributes the loss to a “one-off provision” booked in 4Q 2023 to improve asset quality. Net operating income increased 31% during the period to AED 857 mn.

Ins. company Takaful Emarat recorded a net loss of AED 64.8 mn in 2023 afterachieving a net income of AED 2.4 mn in the previous year, according to the company’s preliminary results (pdf). The company attributes the loss to “higher medical claims expenses than expected,” low-return investments, and debt payments. Revenues saw a 12.6% y-o-y uptick to AED 399.1 mn.

Al Ain Ahlia Ins.’s net income fell 41.7% y-o-y to AED 34.6 mn in 2023, according to the company’s preliminary results (pdf). Ins. revenues climbed 29.1% during the period to AED 1.43 bn.

UAE-based brokerage and investment firm Al Ramz reported a net income of AED 39.7 mn, up 22% y-o-y, according to an earrings release (pdf). Total revenues rose some 15% y-o-y to AED 118.5 mn. Total assets rose 25% y-o-y to AED 1.2 bn, fueled by increased demand in the securities margin market.

Naeem Holding for Investment reported a net loss of USD 81.2k, compared to USD 2.4 mn in net income in 2022, according to its preliminary financials (pdf). Revenues fell 54% y-o-y to USD 9.6 mn on the back of a decline in revenues from its real estate investments, due to most of the assets still being under construction, the disclosure said.

United Foods Company’s net income rose 75% y-o-y to AED 30.7 mn in 2023, according to the company’s financial statements (pdf). On the flip side, the firm saw its revenues fall 12% y-o-y to AED 565.3 mn on the back of global edible oil prices falling in 2023.

e&’s Hatem Dowidar joins Vodafone’s board + Abu Dhabi Heritage Authority appoints new chairman

e& CEO joins Vodafone’s board: e& Group CEO Hatem Dowidar (LinkedIn) is joiningVodafone Group as a non-executive director as of 19 February, after Vodafone received regulatory approvals, it said in a press release. Dowidar will also become a member of the group’s nominations and governance committee under the agreement.

Background: The board membership comes as part of a strategic agreement inked between the two telcos last year that sees them collaborate on several segments of their business, including procurement and technology. e& holds a 14.6% stake in Vodafone.

Dowidar is no stranger to Vodafone: Prior to his appointment, Dowidar had served as CEO at Vodafone Egypt and Malta, and CEO of Vodafone’s partnership arm Partner Markets.

AD HERITAGE AUTHORITY GETS A NEW CHAIR-

Abu Dhabi Heritage Authority gets a new chair: Abu Dhabi Crown Prince Khaled binMohamed bin Zayed Al Nahyan has appointed Faris Khalaf Al Mazrouei as chairman of the newly established Abu Dhabi Heritage Authority, according to an Abu Dhabi Media Office statement. Al Mazrouei is the major general of Abu Dhabi Police.

Background:The Abu Dhabi Heritage Authority was established in January in place of the Emirates Heritage Club and Abu Dhabi’s cultural programs and Heritage Festivals Committee, helping support and develop traditional cultural initiatives.

DHL GLOBAL FORWARDING-

DHL Global Forwarding UAE has a new country manager: DHL’s specialized freight arm DHL Global Forwarding has appointed Samer Kaissi (Linkedin) as the new country manager of DHL Global Forwarding UAE effective immediately, according to a press release.

He will also serve as CEO of Gulf DHL Global Forwarding.

Prior to the new appointment, Kaissi was CEO of Danzas for Dubai and Northern Emirates for over a decade. DHL recently completed its acquisition of Danzas AEI Emirates, handing it full control of the company.

World government summit updates on X

The World Government Summit is doing the rounds on UAE X, with the hashtag #القمة_العالمية_للحكومات (World Government Summit), following the updates of the final day on @WorldGovSummit.

AD Ports plans to explore port and logistics infrastructure developments in India

LOGISTICS-

AD Ports eyes port developments in India: UAE-based port operator AD Ports Group inked two MoUs with Indian port operator Gujarat Maritime Board and transport and infrastructure company Rites to boost port and transport infrastructure in India, according to a press release. No investment ticket or timelines for the agreements were disclosed in the statement. The breakdown:

#1- The company will look into the possibility ofconstructing new ports and expanding and upgrading infrastructure of existing ones in India, as well as establishing a “port city” in Gujarat, under the MoU with Gujarat Maritime Board, the statement said. The agreement will also see the two sides explore proposals for direct and indirect investments, joint ventures, and green port initiatives, as well as cooperate on maritime training.

#2-The MoU with Rites will see the pair explore investments in ports, logistics parks, economic and freezones, rail, and other logistics infrastructure, while highlighting sustainability and advanced technologies. The two sides will also study partnerships to develop the planned India-Middle East-Europe Economic Corridor (IMEC), unveiled at a recent G20 summit.

REMEMBER- India and the UAE inked a protocol on Tuesday to establish a multimodal trade corridor in a step that adds momentum to the IMEC project. The two countries also inked an investment pact, following news of the government planning to invest USD 50 bn in India this year.

TELECOMS-

e& will land Bahraini telecoms group Batelco’s 1.4k km Al Khaleej subsea data cable in the UAE, according to a company statement. The Al Khaleej cable, which is set to improve data exchange and communication between Bahrain and neighboring Gulf countries, including Oman and Qatar, is scheduled to come online in 2Q 2026.

STARTUPS-

Hub71 teams up with Stride Ventures to support Abu Dhabi startups: Abu Dhabi-based tech accelerator Hub71 inked a partnership agreement with Indian venture debt fund Stride Ventures to provide Abu Dhabi-based startups with funding and mentorship, according to a press release.

EDUCATION-

The University of Sharjah signed an agreement with the Education Ministry to boost cooperation and attract more high-performing students to the university, Sharjah24 reports.

BANKING-

Dubai Islamic Bank has launched a new credit card — Shams Visa — in partnership with Visa, according to a press release. New cardholders receive a range of benefits, including 20% cashback on online purchases with certain merchants.

US recession worries recede

Analysts, fund managers no longer expect a US recession this year: Only a quarter of analysts and forecasters think the US is, already in, or will fall into a recession in 2024, according to an National Association for Business Economics survey (pdf). The survey found that 22% of those surveyed see a recession happening in 2025, while 36% see this happening in 2026 or later.

But inflation forecasts aren’t as rosy: Two thirds believe it is likely or very likely that the US will end the year with inflation still above 2.5% — 20% above the Fed’s target for the year.

Analysts are losing sleep over China’s economy, Israel’s war on Gaza, and the US elections: A commanding 97% of those surveyed thought there was a moderate to high probability that instability in the Middle East could adversely impact the economy by disrupting global supply chains and pushing Brent crude above USD 90 a barrel. Similarly concerning to analysts and forecasters was instability around the US elections, which 85% saw having a moderate to high probability of having a negative effect on the economy. China’s stagnant economy also had 90% of respondents worrying about its effect on the US economy.

ADX	9,395	+0.5% (YTD: -1.9%)
DFM	4,223	+0.1% (YTD: +4.0%)
Nasdaq Dubai UAE20	3,795	+1.4% (YTD: -1.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	5.1% o/n	5.1% 1 yr
TASI	12,438	+0.3% (YTD: +3.9%)
EGX30	28,874	+1.0% (YTD: +16.0%)
S&P 500	4,974	+0.4% (YTD: +4.1%)
FTSE 100	7,568	+0.8% (YTD: -2.1%)
Euro Stoxx 50	4,709	+0.4% (YTD: +4.2%)
Brent crude	USD 81.60	-1.4%
Natural gas (Nymex)	USD 1.61	-4.7%
Gold	USD 2,004	-0.1%
BTC	USD 51,737	+4.6% (YTD: +22.1%)

THE CLOSING BELL-

The ADX rose 0.5% yesterday on turnover of AED 1 bn. The index is down 1.9% YTD.

In the green: Emirates Stallions Group (+14.8%), RAPCO Investment (+9.8%) and Abu Dhabi National Hotels (+5.5%).

In the red: Fujairah Cement Industries (-8.1%), Eshraq Investments (-7.5%) and Julphar Gulf Pharmaceutical Industries (-6.8%).

Over on the DFM, the index rose 0.1% on turnover of AED 478.7 mn, while in Nasdaq Dubai, the index rose 1.4%.

Asian markets are comfortably in the green in early trading this morning as they start clawing back yesterday’s losses. Europe is looking to open in the green, while US stock futures were essentially flat at dispatch time this morning as Wall Street to build on yesterday’s modest rebound.

CORPORATE ACTIONS-

#1-The National Bank of Umm Al Qaiwain received central bank approval to distribute AED 300 mn in dividends for 2023, equivalent to 15% of the share capital, according to the bank’s financial statements (pdf).

#2- Union Properties issues final notice following ex-chairman’s payment default: Union Properties will proceed with asset sales after former chairman Khalifa Al Hammadi failed to meet the terms of a settlement agreement, according to a DFM disclosure. The agreement, initiated in October, obligated Al Hammadi and others to repay AED 620 mn to Union Properties, the terms of which were not met, Gulf News reports.

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.

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

12-15 February (Monday-Thursday): Future Warehouse & Logistics, Dubai, UAE.

13-15 February (Tuesday-Thursday): The UNESCO World Conference on Culture and Arts Education, Abu Dhabi National Exhibition Centre.

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.

16-18 February (Friday-Sunday): The Shams Creative Fest, Shams Business Center.

17 February (Saturday): UAE President Cup for Purebred Arabian Horses, Abu Dhabi Equestrian Club.

18 February (Sunday): Abu Dhabi Run and Ride, Abu Dhabi Corniche.

19 February (Monday): Let Web3 Happen in Dubai, Bybit HQ, Dubai.

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.

7 March (Thursday): Beyond Global Trade, Edition Hotel, Dubai.

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.

24 April-1 May (Wednesday-Wednesday): Abu Dhabi Mobility Week.

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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