{"id":89813,"date":"2024-03-08T00:00:00","date_gmt":"2024-03-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/brace-for-a-stormy-weekend-ahead\/"},"modified":"2024-03-08T00:00:00","modified_gmt":"2024-03-08T00:00:00","slug":"brace-for-a-stormy-weekend-ahead","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/03\/08\/brace-for-a-stormy-weekend-ahead\/","title":{"rendered":"Brace for a stormy weekend ahead"},"content":{"rendered":"

Good morning, friends. <\/strong>The next time we land in your inbox will likely be the first day of the holy month, so we wish you a very happy Ramadan and a smooth first workweek if you\u2019re fasting. <\/p>\n

In the spirit of Ramadan, President Mohamed bin Zayed Al Nahyan has pardoned 735 prisoners<\/strong>, reports state news agency Wam<\/a>. The president also promised to personally cover any of the prisoners\u2019 outstanding fines and penalties.<\/p>\n

There\u2019s no single big story here at home<\/strong>this morning: <\/strong>We have a mixed bag of debt and investment news, updates on foreign bank taxation in Dubai, a new ombudsman unit to handle ins. complaints, and plenty of other tidbits worth noting.<\/p>\n

PUBLIC SERVICE ANNOUNCEMENT- <\/p>\n

<\/a> #1- Brace for more unstable weather this weekend:<\/strong> We\u2019re in for a weekend of extreme weather conditions with expected thunderstorms, hailstorms, lighting and heavy precipitation starting this evening and lasting until noon on Sunday, according to the National Emergency Crisis and Disaster Management Authority<\/a>. The authority advised<\/a> people to stay indoors and refrain from driving.<\/p>\n

#2- The Ins. Authority introduced a new ins. tariff system for motor vehicles to impose a <\/strong>cap on motor vehicle ins.<\/strong>, lowering premiums by AED 100-150, Khaleej Times<\/a> reports, citing a source from an ins. firm. Its benefits include a replacement car during any repair period for the not-at-fault party in the case of a car accident, <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- ADQ taps advisors for Etihad IPO:<\/strong> ADQ has chosen Citigroup, HSBC, First Abu Dhabi Bank as advisers for its prospective Etihad IPO, Bloomberg<\/a> reports, citing people familiar with the matter. Alongside these potential appointments, Rothschild & Co. has been appointed as ADQ\u2019s independent financial advisor.<\/p>\n

REMEMBER- <\/strong>ADQ is considering listing Etihad<\/a> on the public market \u201cas soon as this year,\u201d with the specific timing and size of the offering still undecided. The business information service said ADQ is eyeing going after both a traditional IPO and direct listing.<\/p>\n

ALSO-<\/strong>The airline plans to hire 2k pilots, cabin crew, and mechanics this year<\/strong>, ahead of its move to expand its fleet by 15 planes in 2025, Khaleej Times<\/a> reports. The ADQ-owned carrier reported a fivefold increase<\/a> in net income to AED 525 mn in 2023 as it looks to prepare for a potential IPO. <\/p>\n

#2-<\/strong> Dubai Taxi is planning to expand operations and acquire businesses in the \u201cnear future<\/strong>,\u201d Dubai Taxi CEO Mansoor Rahma Alfalasi said in an interview with Asharq Business<\/a> at the EFG Hermes conference in Dubai. Ongoing studies for potential mergers are underway, with specific details yet to be disclosed, though Alfalasi says the company hopes to finalize the acquisitions by year-end. Dubai Taxi also plans to make all its vehicles hybrid in 2024, Alfalasi said. <\/p>\n

<\/a> #3-<\/strong>Ewec invites bidders for a 400 MW battery storage project: <\/strong>Emirates Water and ElectricityCompany (Ewec<\/a>) is inviting developers to submit an expression of interest for the development of a 400 MW battery energy storage project, according to a press release<\/a>. Ewec aims to reduce carbon intensity from power generation by approximately 42% by 2030 and to increase its total solar power generation capacity to 7.5 GW by 2030. The deadline for submitting EOIs is 22 March.<\/p>\n

\n

DATA POINT- <\/p>\n

Dubai-based startups saw the most investments in the MENA region<\/strong>in February<\/strong>, with 22 startups raking in over USD 65 mn throughout the month, according to Wamda<\/a>. This accounts for over 70% of the region\u2019s total funds, which saw USD 88.7 mn in 37 transactions. More than half of the figure \u2014 USD 35 mn \u2014 went to Dubai-based blockchain startup Flare Network<\/a>. <\/p>\n

Despite that, the figure marks an 88% y-o-y decline<\/strong> in comparison to investments during February 2022.<\/p>\n

HAPPENING TODAY- <\/p>\n

#1- Forbes\u2019 annual <\/strong>30\/50 summit<\/a><\/strong> wraps up today <\/strong>in Abu Dhabi. Meg Ryan and Shania Twain are among those headlining the event, which spotlights the Forbes 30 Under 30 and 50 Over 50 lists, coinciding with International Women\u2019s Day, Forbes<\/a> previously reported.<\/p>\n

#2- The Future Women Leaders Forum 2024 will take place today, in celebration of <\/strong>International Women\u2019s Day<\/strong>, at Fairmont Dubai, reports Gulf News<\/a>. Organized by Gulf News and women\u2019s empowerment organization Being She<\/a>, the forum brings together women leaders to amplify regional and international initiatives for gender equality.<\/p>\n

#3- The <\/strong>World Triathlon Championship Series 2024 Opening Race<\/a><\/strong> also gets underway<\/strong> today<\/strong>, runninguntil Saturday at Yas Marina Circuit on Yas Island. The event will feature athletic events for all ages, including events for people of determination. Check out the full schedule here<\/a>. <\/p>\n

#4- The UAE Powerboat Class 3 Championship continues today <\/strong>on Abu Dhabi Corniche, according to the Abu Dhabi Media Office<\/a>. The three-day event welcomes local and international speedboat racing professionals before wrapping on Saturday.<\/p>\n

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Get Enterprise<\/b> daily <\/h4>\n<\/p><\/div>\n

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

THE BIG STORY ABROAD is US President Joe Biden\u2019s state of the union address, which <\/strong>kicked off shortly before we hit dispatch on this morning\u2019s issue<\/strong>.Israel\u2019s war on Gaza is expected to feature prominently in the address, with news outlets reporting that Biden will announce a \u201ctemporary\u201d port project on Gaza\u2019s shores to help funnel humanitarian aid by sea. The address comes a few days after Biden and former US President Donald Trump look to have locked up<\/a> their parties\u2019 nominations on Super Tuesday. (Reuters<\/a> | CNBC<\/a> | NBC<\/a> | Associated Press<\/a>)<\/p>\n

\n

CIRCLE YOUR CALENDAR- <\/p>\n

The <\/strong>EcoWASTE Exhibition and Forum<\/a><\/strong> is set to take place between 16 to 18<\/strong>April <\/strong>at the Abu Dhabi National Exhibition Centre as one of the six specialized verticals within the program of the World Future Energy Summit<\/a>, according to a press release<\/a>. The event is organized by RX Middle East in partnership with Tadweer Group<\/a> to showcase the latest technologies in the field of waste management.<\/p>\n

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

Plus: Dubai Taxi eyes acquisitions in 2024, and ADQ prepares for an Etihad Airways IPO<\/p>\n","protected":false},"author":1,"featured_media":89814,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1543],"tags":[72,1457,7,929,1009,132,149,1353,303,6],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-89813","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-adq","tag-dubai-taxi","tag-enterpriseam-uae","tag-etihad-airways","tag-ewec","tag-insurance","tag-ipo-watch","tag-startup","tag-war-watch","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"738e84cd-a5af-47de-8b38-69b6d74ad04e","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/3\/696.jpg","photo_position":"below","homepage_title":"","full_issue_title":"THIS MORNING: Biden\u2019s state of union address set to announce a temporary Gaza port project + brace for a stormy weekend ahead","related_issue":[89811],"teaser":"Plus: Dubai Taxi eyes acquisitions in 2024, and ADQ prepares for an Etihad Airways IPO","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.216c08b2-db2a-4953-ac17-0da617dc79bf.mp3"},"yoast_head":"\nBrace for a stormy weekend ahead - 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