{"id":88487,"date":"2024-01-30T00:00:00","date_gmt":"2024-01-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/imf-releases-its-world-economic-outlook-today-sharjah-has-a-new-identity\/"},"modified":"2024-01-30T00:00:00","modified_gmt":"2024-01-30T00:00:00","slug":"imf-releases-its-world-economic-outlook-today-sharjah-has-a-new-identity","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/01\/30\/imf-releases-its-world-economic-outlook-today-sharjah-has-a-new-identity\/","title":{"rendered":"IMF releases its World Economic Outlook today + Sharjah has a new identity"},"content":{"rendered":"

Good morning, nice people<\/strong>, and welcome to an unexpectedly busy Tuesday. We have a packed issue for you this morning, so let\u2019s jump right in. <\/p>\n

THE BIG STORY here at home is fresh projections that real estate prices in Dubai will <\/strong>continue rising<\/strong> this year, albeit at a slower pace than last year\u2019s growth. Real estate advisory firm Cushman & Wakefield anticipates slower growth in new build prices on the back of limited availability of post-handover payment plans in the off-plan market, among other things.<\/p>\n

^^ We have chapter and verse in this morning\u2019s news well, below.<\/p>\n

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<\/a> CBUAE turns 50:<\/strong> Vice President Sheikh Mansour bin Zayed Al Nahyan marked the Central Bank of the UAE\u2019s (CBUAE) fiftieth anniversary by initiating the first cross-border transaction using the CBUAE\u2019s digital currency, the Digital Dirham<\/a>, state news agency Wam<\/a> reports. The transfer saw AED 50 mn sent to China through mBridge, a system that makes it easier to transfer central bank digital currencies and that records transactions using blockchain technology. Sheikh Mansour also launched Open Finance<\/a>, a system that allows consumers to link and exchange data throughout the entire financial ecosystem. <\/p>\n

PUBLIC SERVICE ANNOUNCEMENTS-<\/p>\n

<\/a> #1- Sharjah unveiled its new identity yesterday<\/strong>, Sharjah24<\/a> reports. The new visual identity comes as part of a bid to encourage residency, tourism, and investment, while reflecting Sharjah's history and cultural heritage. The revamp was greenlit by the Sharjah Executive Council last week<\/a>.<\/p>\n

#2- Parents with kids in Abu Dhabi government schools can track students\u2019 buses: <\/strong>Abu<\/a>Dhabi Integrated Transport Center<\/a> (ITC)\u2019s Salama Parent App<\/a> will expand to include government schools, the ITC said on LinkedIn<\/a>. The app allows parents, teachers, and transport supervisors to keep track of students traveling on school buses. <\/p>\n

<\/a> #3- Abu Dhabi Global Market (<\/strong>ADGM<\/a><\/strong>) now has an information center in Shams Boutik <\/strong>Mall<\/strong>, Al Reem Island, to provide information about ADGM licensing, fees, documentation and registration steps with interested businesses and individuals, according to a statement<\/a>. <\/p>\n

ICYMI- ADGM <\/strong>expanded<\/a><\/strong> to the jurisdiction of Al Reem Island<\/strong> under a cabinet decree in November 2023. <\/p>\n

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HAPPENING TODAY- <\/p>\n

<\/a> #1- It\u2019s World Economic Outlook day: <\/strong>The IMF will be out<\/a> with its January 2024 World Economic Outlook update today.<\/p>\n

#2- The <\/strong>Arab Health Exhibition 2024<\/a><\/strong>, one of the region\u2019s two largest healthcare <\/strong>conferences,<\/strong> kicked off yesterday<\/strong> and runs until this Thursday in Dubai at the World Trade Center. Over 3k companies are attending. <\/p>\n

#3- Emirati real estate developers are in Sao Paulo, Brazil, for the UAE Property Forum<\/strong>, hosted by the embassy in Brazil and the consulate general in Sao Paulo. The exhibition started on Monday and wraps today, according to a press release<\/a>.<\/p>\n

#4- It\u2019s interest rate week across the pond: <\/strong>The Federal Reserve kicks off a two-day policy meeting today. Economists expect the Fed to leave rates unchanged and wait until the summer before loosening up, according to a Reuters poll<\/a>. The majority of economists polled see the Fed leaving rates at their current 22-year high at 5.25-5.5% when it meets to ensure that \u201crecent progress in inflation is sustainable.\u201d<\/p>\n

REMEMBER- <\/strong>The Central Bank of the UAE \u2014 along with most central banks in the GCC \u2014 usually follows the Fed\u2019s policy rate moves as part of the peg of the AED to the USD. <\/p>\n

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HAPPENING THIS WEEK-<\/p>\n

Abu Dhabi Arbitration Center goes live on Thursday:<\/strong> The Abu Dhabi International Arbitration Centre (arbitrateAD) will launch on Thursday, Wam<\/a> reports. The center's team includes Arnold & Porter Global Chair of International Arbitration Practice Maria Chedid (bio<\/a>), who will serve as the first woman president of an arbitral court in the region.<\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

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MARKET WATCH-<\/p>\n

OPEC+ oil cuts aren\u2019t impacting crude markets yet:<\/strong> Steady oil exports by OPEC+ members in January suggest that voluntary output cuts are taking time to kick in, Bloomberg<\/a> reported, citing data from Vienna-based market intelligence firm Kpler. <\/p>\n

The UAE was MENA\u2019s <\/strong>fourth<\/strong>-largest LNG exporter in 2023:<\/strong> The Emirates exported nearly 5 mn tons of liquefied natural gas (LNG) in 2023, making it the fourth-biggest LNG exporter in the MENA region despite volumes dipping 6.6% y-o-y, according to the Organization of Arab Petroleum Exporting Countries\u2019 (OAPEC) annual report<\/a>. Most of the LNG went to buyers in Asia, including India, South Korea, Japan and China. <\/p>\n

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THE BIG STORY ABROAD- <\/p>\n

It\u2019s a quiet morning abroad<\/strong>, with no single story capturing the collective imagination of the global business press. <\/p>\n

Every major outlet is watching how Washington will respond to a drone attack on a US <\/strong>base in Jordan that killed three. <\/strong>The consensus is that the White House is looking for something that\u2019s tough enough to send a message, but not so tough as to ratchet tensions even higher. Officials in Washington have been careful to stress they don\u2019t want war with Iran. <\/p>\n

The UAE \u201cstrongly condemned\u201d the <\/strong>attack<\/a><\/strong> in a Foreign Ministry statement<\/a> yesterday. <\/p>\n

Tehran is trying to <\/strong>put distance<\/a><\/strong> between itself and the attack<\/strong>, which reports say was carried out by one of the many armed groups it backs. <\/p>\n

Want to go deeper? <\/strong>Politico<\/a> | Financial Times<\/a> | New York Times<\/a> | Reuters<\/a> <\/p>\n

Three business stories worth knowing about this morning: <\/strong><\/p>\n