{"id":88683,"date":"2024-02-05T00:00:00","date_gmt":"2024-02-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/its-pmi-day-could-land-routes-through-the-uae-and-ksa-solve-shipping-woes\/"},"modified":"2024-02-05T00:00:00","modified_gmt":"2024-02-05T00:00:00","slug":"its-pmi-day-could-land-routes-through-the-uae-and-ksa-solve-shipping-woes","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/02\/05\/its-pmi-day-could-land-routes-through-the-uae-and-ksa-solve-shipping-woes\/","title":{"rendered":"It\u2019s PMI day + Could land routes through the UAE and KSA solve shipping woes?"},"content":{"rendered":"

Good morning, wonderful people, and welcome to the start of a new workweek.<\/strong> We\u2019re expecting a pleasant, sunny day after we got some rainfall at the tail-end of last week.<\/p>\n

THE BIG STORY here at home is land routes through the UAE and Saudi Arabia emerging as potential alternatives to the Red Sea<\/strong>, allowing shippers to avoid the Bab El Mandeb strait in the southern Red Sea. <\/p>\n

HAPPENING TODAY-<\/p>\n

#1- S&P Global will publish the UAE\u2019s PMI figures for January today at 8:15am. <\/strong>Activity in the non-oil private sector expanded to its highest level in over four years in December on the back of robust domestic demand. You can find the PMI survey here<\/a> when it\u2019s out and read our coverage of it in tomorrow\u2019s issue. <\/p>\n

LATER THIS WEEK-<\/strong> Dubai\u2019s PMI figures will be out on Thursday, 8 February.<\/p>\n

#2- The <\/strong>Middle East Bunkering Convention<\/a><\/strong> begins this morning<\/strong>, continuingthrough to Wednesday at the Hilton Dubai Jumeirah. The event will bring together industry players to discuss issues in the global marine fuel sector, including supply chains, decarbonization, and new fuels.<\/p>\n

#3- The <\/strong>Mubadala Abu Dhabi Tennis Open<\/a><\/strong> tournament is underway at Zayed Sports City's <\/strong>International Tennis Center<\/strong>, running until next Sunday, 11 February. The tournament will feature big names including four-time Grand Slam champion Naomi Osaka, Elena Rybakina, Ons Jabeur, Maria Sakkari, and Barbora Krej\u010d\u00edkov\u00e1, The National<\/a> reports.<\/p>\n

#4- The Foreign Affairs Ministry will kick off the Ambassadors and Representatives of <\/strong>Missions Abroad Forum today<\/strong>, until this Thursday, the ministry said in a statement<\/a>. Over the span of 30 sessions, ministers, senior officials and government representatives will gather at the ministry to discuss regional issues, geostrategic developments, and plans to advance the government\u2019s strategy. <\/p>\n

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HAPPENING THIS WEEK<\/p>\n

Biggest dental conference happening this week at DWTC:<\/strong> TheArab Dental Exhibition Dubai is set to take place from tomorrow to Thursday at the Dubai World Trade Centre, bringing together an estimated 66k attendees and 5.3k global brands, state news agency Wam<\/a> says. The gathering is one of the largest healthcare conferences in the region. <\/p>\n

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FACT CHECK-<\/p>\n

<\/a> #1- Shuaa Capital is not delisting:<\/strong> Asset management firm Shuaa Capital<\/a> denied it is delisting and going private, saying in a DFM filing<\/a>(pdf)<\/a> that the rumors are \u201cunfounded.\u201d The firm is, however, working on a restructuring plan that will be announced to shareholders by 14 February along with the company\u2019s financial statements, according to the filing.<\/p>\n

Background:<\/strong> Shuaa, which has been listed on the DFM since 2022, disclosed in an October filing (pdf)<\/a> that it plans to go through a \u201ccapital optimization\u201d process to increase its profitability and shed debt. The plan involves raising some USD 150 mn via a rights issue, Bloomberg<\/a> reported at the time.<\/p>\n

#2- Emirati investors haven\u2019t bought Egypt\u2019s Ras El Hekma:<\/strong> Egyptian government and industry sources EnterpriseAM Egypt spoke with denied<\/a> vague media reports that the Egyptian government is nearing an agreement with Emirati investors over a USD 22 bn sale of a piece of land in Ras El Hekma on the country\u2019s north coast. <\/p>\n

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WATCH THIS SPACE- <\/p>\n

<\/a> #1- Abu Dhabi\u2019s private sector is getting a boost with a new Advocacy Hub<\/strong> courtesy of the Abu Dhabi Chamber of Commerce and Industry designed to connect businesses and government agencies, Wam<\/a> reports. The hub will function as a forum for the exchange of ideas and suggestions related to policy and legislation.<\/p>\n

#2-<\/strong>Dubai-based mobility firm <\/strong>NWTN<\/a><\/strong> pulls the brakes on talks for a <\/strong>stake in Nev:<\/strong> Chinese Evergrande\u2019s New Energy Vehicle (Nev) suspended negotiations on its USD 497.42 mn (AED 1.83 bn) share subscription agreement with NWTN, after its parent company China Evergrande was ordered to be liquidated after defaulting on offshore debt, reports Reuters<\/a>. The agreement would have seen NWTN claim 6.18 bn new shares in Nev, bringing its ownership stake to 27.5%, while Evergrande\u2019s stake would be reduced to 46.86%. Both NWTN and Nev are still considering whether the trade will proceed, with certain terms to be renegotiated if it does, Reuters adds.<\/p>\n

<\/a> #3- Coming up on the Federal National Council\u2019s agenda:<\/strong> Education, government employee efficiency, pharma industries, boosting fertility rates, and zakat funds are among nine topics the Federal National Council has agreed to discuss, Emarat Al Youm<\/a> reports. The issues have been referred to specialized parliamentary committees to prepare reports with their findings, observations, and recommendations, which will then be submitted to the council\u2019s leadership to schedule discussions with the government.<\/p>\n

#4- The region\u2019s most advanced satellite for space photography will be ready to launch in <\/strong>mid-2024<\/strong>, courtesy of Mohammed bin Rashid Space Center, reports Al Khaleej<\/a>. The 800 kg satellite, dubbed MBZ-Sat, is expected to more than double image capture accuracy with triple data transfer speed, when compared to its predecessor, KhalifaSat. The satellite has been in the works since October 2020<\/a>. Its operational duration in orbit is expected to last eight years at 613 km.<\/p>\n

What the satellite will do: <\/strong>MBZ-Sat will send feedback to the ground station in the Al Khawaneej area in Dubai, providing real-time data to manage and assess the impact of global crises and disasters. The satellite will additionally help find solutions to mitigate the damage of future crises, including floods and earthquakes.<\/p>\n

#5- It\u2019s another Year of Sustainability for the UAE<\/strong> afterPresident Mohamed bin Zayed Al Nahyan renewed the theme yesterday to mark National Environment Day. The theme was introduced last January<\/a> to drive community-driven initiatives and activities focused on thinking and acting more green.<\/p>\n

DATA POINTS-<\/p>\n

<\/a> #1- Over 11k real estate transactions were logged in Dubai in January<\/strong>, up 17% y-o-y from 8.7k in January 2023, Mubasher<\/a> reports, citing Property Finder data. The transactions were valued at AED 35 bn (a 27% y-o-y increase) and divided across 6k transactions of off-plan residential units (up 25% y-o-y) and 5k handovers of ready real estate properties (up 8% y-o-y). The value of off-plan purchases in January climbed 21% y-o-y to AED 15 bn from AED 12.2 bn. Ready estates, on the other hand, collectively pooled AED 21 bn in sales, up 31% y-o-y from AED 15.7 bn in January 2023.<\/p>\n

#2- Dewa registers 1.1 mn charging sessions in 2023: <\/strong>Demand for Dubai Electricity and Water Authority\u2019s (Dewa) EV Green Charger<\/a> initiative saw a 59% y-o-y increase in 2023, recording over 1.1 mn charging sessions in 2023, Wam<\/a> reports. <\/p>\n

#3- Opec Fund pours USD 1.7 bn into development funding in 2023: <\/strong>Vienna-based Opec Fund for International Development<\/a> pledged USD 1.7 bn (AED 6.24 bn) in development funding for 55 sustainability and development projects worldwide in 2023, according to a press release<\/a>. The fund \u2014 a financial institution made up of OPEC member countries \u2014 earmarked 60% of the investments to support renewable energy projects, including an energy security project in Bangladesh with a USD 60 mn investment and two wind plants in Uzbekistan for USD 40 mn. The fund also allocated some USD 273 mn for trade finance to \u201csupport the movement of critical commodities and goods in developing economies,\u201d the statement read.<\/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

Subscribe here<\/a> <\/div>\n<\/p><\/div>\n<\/p><\/div>\n

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MARKET WATCH- <\/p>\n

Brics\u2019 inclusion of UAE, Iran, and KSA anticipated to boos<\/strong>t downstream investments: <\/strong>The extension of the BRICS group to include the UAE, Iran, and possibly Saudi Arabia could foster alignment of economic objectives among members, particularly within the oil sector, potentially leading to increased investments in downstream activities, S&P Global<\/a> said.<\/p>\n

The UAE and Iran have already committed to joining BRICS<\/strong>, there are expectations that Saudi Arabia, the world's largest crude exporter, will also become a member, as indicated by the group's former president. Saudi Arabia, the UAE and Iran contribute to 17% of the global crude production. If Saudi Arabia joins BRICS, the group would collectively oversee 42% of global oil production and 35% of total oil consumption, according to the report.<\/p>\n

\n

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

There\u2019s no single big story abroad this morning<\/strong>, as is often the case on Mondays. <\/p>\n

In the business pages<\/strong>, you have your choice between a Financial Times report that claims Iran<\/a>used accounts at Lloyds and Santander to sidestep western sanctions<\/a> while the Wall Street Journal continues to go deep on Elon Musk with The money and drugs that tie Elon Musk to some Tesla directors<\/a>. (Missed the first part? Tap or click here.<\/a>)<\/p>\n

In foreign affairs: <\/strong>A range of global media organizations are trying to articulate a clear US foreign policy toward the Middle East as Secretary of State Antony Blinken heads back to this part of the world. The New York Times\u2019 Tom Friedman<\/a> is still pushing his notion of a \u201cBiden Doctrine,\u201d while the Wall Street Journal<\/a> writes that Washington is \u201cpairing military action with diplomacy\u201d in a bid to reshape our corner of the world. The pillars: \u201crolling back Iranian influence by resolving Gaza conflict, pushing Israel-Saudi normalization, and establishing a Palestinian state.\u201d<\/p>\n

The US struck Houthi positions in Yemen <\/strong>for a third day in a row<\/a> yesterday. A top US national security official said yesterday<\/a> that wider attacks against Iran-backed groups in the region would continue. US strikes have so far hit groups in Yemen, Iraq, and Syria. <\/p>\n

\n

CIRCLE YOUR CALENDAR-<\/p>\n

Investors and startups with sustainable solutions can now apply to Dubai Holding\u2019s<\/strong> Innovate for Tomorrow challenge<\/strong>, 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<\/a>. The selected idea will get access to Tecom Group\u2019s in5 business incubator, and will get the chance to implement the idea through a pilot program with Dubai Holding. Applications can be submitted here<\/a> until 31 March. <\/p>\n

The UAE Tour Women<\/a><\/strong> is happening from this Thursday until next Sunday starting in Dubai and ending in <\/strong>Abu Dhabi. <\/strong>The event will feature three sprint stages and a mountain climb up Jebel Hafeet, spanning 468 km from Dubai to Abu Dhabi. <\/p>\n

The <\/strong>Sustainable Aviation Futures MENA<\/a><\/strong> will kick off next Monday, 12 February<\/strong> 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.<\/p>\n

Dubai will host the <\/strong>World Government Summit<\/a><\/strong> from Monday, 12 February<\/strong>, 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<\/a> reports. President Sheikh Mohamed bin Zayed Al Nahyan invited Qatar Emir Sheikh Tamim bin Hamad Al Thani to attend the summit, according to a Foreign Ministry statement<\/a>. <\/p>\n

Dubai will also host the <\/strong>Future Warehouse & Logistics 2024 Conference<\/strong> from Monday, 12<\/strong> February <\/strong>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.<\/p>\n

Breakbulk Middle East 2024<\/a><\/strong> will take place from Monday, 12 February<\/strong>, 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. <\/p>\n

The <\/strong>Investopia Summit<\/a><\/strong> will take place from Wednesday, 28 February, to Thursday, <\/strong>29 February<\/strong>, in Abu Dhabi. The two-day event will run under the theme \u201cEmerging Economic Frontiers: Investing in Fast-Growing Sectors in the New Economy,\u201d gathering investors, government officials, and entrepreneurs to explore investments in strategic markets.<\/p>\n

Abu Dhabi is set to host the World Congress of the World Federation of the <\/strong>Deaf (WFD) in 2027<\/strong>, marking the first time the event will take place in the Middle East and North Africa (MENA), Wam<\/a> reports. Some 125 countries and over 2k heard 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 to increase awareness about their rights.<\/p>\n

Check out our full calendar at the bottom of the email<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"

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