{"id":90940,"date":"2024-04-16T00:00:00","date_gmt":"2024-04-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/world-future-energy-summit-kicks-off-today\/"},"modified":"2024-04-16T00:00:00","modified_gmt":"2024-04-16T00:00:00","slug":"world-future-energy-summit-kicks-off-today","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/04\/16\/world-future-energy-summit-kicks-off-today\/","title":{"rendered":"World Future Energy Summit kicks off today"},"content":{"rendered":"

Good morning, friends. <\/strong>The news flow has relatively slowed down from what has been an intensely M&A-heavy few weeks, leaving some breathing room for macro data and projections on the UAE and the broader region.<\/span><\/p>\n

In today\u2019s issue: <\/strong>We have figures on consumer spending<\/strong> in 2023, courtesy of Majid al Futtaim; projections from the Economy Ministry, the World Bank, and Oxford Economics for the UAE\u2019s GDP growth<\/strong> this year; and trade data<\/strong> from the World Trade Organization. <\/p>\n

PUBLIC SERVICE ANNOUNCEMENTS- <\/p>\n

#1-<\/strong>Registration for support services for students with special educational <\/strong>needs for the 2024\/2025 academic year has opened until 28 June <\/strong>through the Community Development Ministry\u2019s website<\/a>, according to a ministry statement<\/a>.<\/p>\n

<\/a> #2- Public sector employees + students can stay home for the storm:<\/strong> Dubai Crown Prince Hamdan bin Mohammed Al Maktoum has mandated remote work for Dubai government employees and private school staff due to the ongoing storm in the emirate and other parts of the country, with exceptions for essential on-site roles, Wam<\/a> reports. Students across the UAE will also take their classes remotely until Wednesday due to the weather conditions, the Government Media Office said on X<\/a>.<\/p>\n

The Human Resources and <\/strong>Emiratization<\/strong> Ministry has <\/strong>also advised<\/a><\/strong> private sector <\/strong>companies to take the essential measures to safeguard workers\u2019 safety<\/strong> at outdoor work sites. <\/p>\n

Traveling through DXB? Expect some delays today and tomorrow<\/strong> and allow for extra time to get through check-in at the airport, Emirates Airlines said in a post on X<\/a>.<\/p>\n

HAPPENING TODAY-<\/p>\n

<\/a> #1-<\/strong>The World Future Energy Summit kicks off <\/strong>today in Abu Dhabi and runs through to Thursday, 18 April<\/strong>. The summit will address solutions for development in the transformation of future energy systems, and feature discussions on recycling, waste-to-energy, and air-to-water trends and progressions. <\/p>\n

The event will include a Green Hydrogen Summit to ramp up the development of the global green hydrogen economy<\/strong> and support the transition towards net-zero emissions, where former UK Prime Minister Boris Johnson will deliver a keynote address, Wam<\/a> writes. <\/p>\n

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#2- The <\/strong>Middle East Energy Exhibition<\/a><\/strong> begins today in Dubai<\/strong> and runs until this Thursday, Albayan<\/a> reports. The event, organized by the Energy and Infrastructure Ministry, features over 1.5k exhibitors focused on energy security and sustainability solutions. <\/p>\n

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#3-<\/strong> The 2024 spring meetings of the World Bank and the International Monetary Fund <\/strong>(IMF) continue today <\/strong>and run until Saturday, 20 April, in Washington, DC. <\/p>\n

Minister of State for Financial Affairs Mohamed bin Hadi Al Hussaini is leading the <\/strong>UAE\u2019s delegation at the meetings<\/strong>, according to a ministry statement<\/a>. The delegation also includes other officials from the Finance Ministry and the Central Bank of the UAE, Al Arabiya<\/a> reports<\/p>\n

HAPPENING THIS WEEK- <\/p>\n

#1- The government-organized AI summit Machines Can See is scheduled to take place tomorrow <\/strong>at the Museum of the Future in Dubai. The one-day event will discuss the use of AI to transform urban systems and services, outlook on AI investments, and explore the risks of AI.<\/p>\n

#2- Token2049 is taking place this Thursday and Friday at Madinat Jumeirah in Dubai.<\/strong> The event is set to bring together over 10k attendees from more than 5k companies, featuring over 200 speakers and more than 150 exhibitors. Flare Network\u2019s co-founder and CEO of Flare Labs, Hugo Philio is set to speak at the event on 18 April, according to a statement posted on X.<\/p>\n

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WATCH THIS SPACE-<\/p>\n

#1- State oil companies in the GCC are projected to reduce spending until 2026 to a <\/strong>still sizable USD 110-115 bn<\/strong>, which is expected to impact profitability and rig demand, according to an S&P Global Ratings report<\/a>. <\/p>\n

REMEMBER- <\/strong>Saudi Arabia\u2019s Aramco recently halted its capacity expansion plan, prompting concerns about spending among GCC oil and gas producers. However, the UAE and Qatar will continue to boost crude oil production capacity to 5 mn bpd, with Adnoc planning to achieve this target by 2027, compared to its current capacity of 4 mn bpd as of February 2024.<\/p>\n

<\/a> #2- <\/strong>Dubai-based hotel operator Five <\/strong>Holdings<\/strong> Chairman Kabir Mulchandani is \u201cconcerned\u201d about the impact of regional tensions on the company and the wider industry<\/strong>, although the company has grown over the past several months despite Israeli tourists being a significant client base, Chairman Kabir Mulchandani tells Reuters<\/a> reports. Some 8% of Five\u2019s business \u201ccomes from Israel,\u201d Mulchandani said, noting that the Israeli client market has become \u201cpractically zero\u201d since Israel\u2019s attack on Gaza began in October. <\/p>\n

The company \u2014 which has its eyes on an IPO next year \u2014 is keeping an eye on regional developments<\/strong> to determine the full scale of its impact on its business, the chairman said.<\/p>\n

DATA POINTS-<\/p>\n

#1- The UAE telecom market size is projected to reach USD 9.37 bn in 2024<\/strong> and an estimated USD 10.93 bn in 2029, with a projected compound annual growth rate of 3.15% during the period, according to a report<\/a> by Mordor Intelligence. <\/p>\n

#2- The Zayed Humanitarian Legacy initiative has pledged AED 20 bn over the next 10 <\/strong>years<\/strong> to support global humanitarian and development efforts in aid delivery, inequality, and sustainable development, according to an Abu Dhabi Media Office statement<\/a>. <\/p>\n

#3- The value of assets managed on exchange traded funds in the UAE hit AED <\/strong>771 mn in February 2024<\/strong>, up from AED 737.9 mn in 2023 and AED 61.5 mn in 2020, Sherif Salem, partner and head of public markets at Lunate, told Al Etihad<\/a>. Trading volumes in ETFs rose to AED 5.2 bn in 2023, up from AED 2 bn in 2021, he added. <\/p>\n

<\/a> #4<\/strong>- Dubai International Airport jumped to second place globally in passenger <\/strong>numbers in 2023<\/strong>, rising from the fifth spot from the year prior, marking a 31.7% y-o-y increase to 87 mn passengers, according to the latest Airports Council International report<\/a>.<\/p>\n

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#5- Thermal power made up 77.7% of the UAE\u2019s total power generation mix by the <\/strong>end of 2023<\/strong>, according to London-based data and analytics firm GlobalData<\/a>. Gas-based thermal power comprised 80.2% of the power mix in 2023. <\/p>\n

Total thermal power capacity is expected to reach 46.1 GW by 2035<\/strong>, up from 41.2 GW in 2023. Coupled with the country\u2019s substantial gas and oil reserves, the UAE is anticipated to continue relying on thermal power for its energy mix over the next 10 years, the firm said.<\/p>\n

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

Israel\u2019s senior military officer signaled yesterday that \u201cmissiles into the territory of the <\/strong>State of Israel will be met with a response.\u201d <\/strong>Herzi Halevi was speaking in a carefully choreographed set piece, standing in front of an F-35 fighter jet on one of the air bases Iran had targeted in the Sunday missile and drone attack. <\/p>\n

WHERE WE STAND NOW: Officials in the Arab world and the West are still working <\/strong>overtime to try to tamp things down<\/strong>, with the United States, the European Union, Germany, France and the UK all urging Israel to hold back. (FT<\/a> | WSJ<\/a> | NYT<\/a> | Politico<\/a>)<\/p>\n

The tone abroad: <\/strong>A dangerous turning point in the Middle East<\/a> (FT)<\/p>\n

Regional markets were mixed as traders took things in stride: <\/strong>The ADX was up slightly, as was the Tadawul, while the DFM was largely flat. <\/p>\n

US markets reacted much as <\/strong>Mohamed El Erian suggested<\/a><\/strong> they would<\/strong>, with major benchmarks sagging at the closing bell. Traders of European equities took things with a bit more equanimity as major benchmarks closed up or little changed yesterday. Oil and gold were up a little bit in overnight trading. <\/p>\n

The EnterpriseAM Hyperbole Award\u2122: <\/strong>\u201cWe\u2019re now in the prelude to World War III precisely when humanity should rebuild its economy towards the rapid goal of decarbonization.\u201d CNBC<\/a> used the \u201cprelude to World War III\u201d bit in its front-page coverage of sentiment.<\/p>\n

Other headlines worth knowing about:<\/strong><\/p>\n