{"id":96289,"date":"2024-09-30T00:00:00","date_gmt":"2024-09-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-uae-to-publish-new-ndcs-ahead-of-cop29-nigerian-flag-carrier-to-resume-flights-to-the-uae\/"},"modified":"2024-09-30T00:00:00","modified_gmt":"2024-09-30T00:00:00","slug":"this-morning-uae-to-publish-new-ndcs-ahead-of-cop29-nigerian-flag-carrier-to-resume-flights-to-the-uae","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/09\/30\/this-morning-uae-to-publish-new-ndcs-ahead-of-cop29-nigerian-flag-carrier-to-resume-flights-to-the-uae\/","title":{"rendered":"THIS MORNING: UAE to publish new NDCs ahead of Cop29 + Nigerian flag carrier to resume flights to the UAE"},"content":{"rendered":"

Good morning, friends. <\/strong>It\u2019s the final day of September, and we\u2019re already feeling the change of the seasons. <\/p>\n

?\ufe0fWEATHER- Some rain after a long drought? <\/strong>Temperatures are expected to dip slightly, with a chance of rain in Dubai, after some rainfall in Sharjah, Al Ain, Ras al Khaimah, and Umm Al Quwain yesterday afternoon. The mercury is expected to peak at 39\u00b0C, with a chance of rain early in the afternoon, before cooling to 30\u00b0C overnight. Over in Abu Dhabi, temperatures will reach 36\u00b0C before cooling to 31\u00b0C overnight. <\/p>\n

It\u2019s a calm newsday here at home<\/strong>, typical to the start of the week, but we have more for you on soaring rents in Dubai\u2019s office market, plus a lot of action on the diplomacy front as Dubai\u2019s Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum wraps his visit to Uzbekistan with several agreements.  <\/p>\n

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The UAE said there has been a \u201cheinous attack\u201d on the residence of its ambassador <\/strong>in Khartoum<\/strong>, which it said caused extensive damage to the building, state news agency Wam<\/a> reports. The Foreign Affairs Ministry accused the Sudanese army of the attack, without clarifying if Ambassador Hamad Mohammed AlJneibi was injured. <\/p>\n

WATCH THIS SPACE-<\/p>\n

<\/a> #1- The UAE plans to release its new national climate action plan for 2025-2035<\/strong> under the Paris Agreement before the Cop29 climate summit in November, Reuters<\/a> quotes Cop28 president Sultan Al Jaber as saying. The move would make the Emirates the first major emitter to release its plan ahead of the February 2025 deadline, as it looks to encourage other countries to update their nationally determined contributions (NDCs).<\/p>\n

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<\/a> #2- Homegrown renewables giant Masdar<\/strong> is \u201cvery keen on the Spanis<\/strong>h market\u201d<\/strong> as it looks to expand its presence there with current partners \u2014 like Endesa<\/a> and Iberdrola<\/a> \u2014 and new ones, after completing two major acquisitions in recent months, Masdar\u2019s M&A Director Faisal Tahir Bhatti told Reuters<\/a>. The company intends to be \u201cvery selective\u201d in its approach, Bhatti added.<\/p>\n

REMEMBER-<\/strong> Masdar is eyeing more acquisitions of both minority and controlling stakes in Europe's green energy sector, with the continent set to be a crucial part of its plan to reach its 100 GW target capacity by 2030, its CFO Mazin Khan said in July<\/a>.<\/p>\n

Remember #2-<\/strong> Masdar reached an agreement last week<\/a> to acquire Spanish renewable energy firm Saeta Yield from Canada-based investment firm Brookfield for USD 1.4 bn. The company also agreed in July<\/a> to acquire a minority stake of a little under 50% in 2.5 GW of solar energy plants owned by Spanish power firm Endesa\u2019s subsidiary EPGE Solar for EUR 817 mn. The company has reportedly been in talks<\/a> with Endesa to develop a new project to generate over 5 GW of solar energy. <\/p>\n

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<\/a> #3- Nigeria\u2019s flag carrier will be able to resume flights to the UAE<\/strong> in the wake of the reciprocal flight agreement signed between both countries on Friday, Nigerian Aviation Minister Festus Keyamo said on X.<\/a> This comes as Dubai-based carrier Emirates gears up to resume flights to Nigeria tomorrow.<\/p>\n

REMEMBER-<\/strong>The UAE lifted a ban<\/a> on Nigerian travelers in July, following a 21-month long hiatus due to difficulties repatriating funds from Nigeria. <\/p>\n

#<\/strong>4 The UAE is interested in investing in Bangladesh's Chattogram port<\/strong>, UAE Ambassador to Bangladesh Abdullah Ali Al Hamoudi was quoted as saying by the Business Standard<\/a>. This came during a meeting with Bangladeshi Textiles, Jute, and Shipping Adviser M Sakhawat Hossain, where the latter called on the UAE to streamline Bangladeshi sailors' access to transit visas.<\/p>\n

DATA POINTS-<\/p>\n

#1- The UAE accounted for 1.6% of the world\u2019s foreign direct investment (FDI) inflo<\/strong>ws <\/strong>for greenfield projects from 2023 to July 2024<\/strong>, Zawya<\/a> reports, citing data presented at the World FZO\u2019s Annual World Congress in Dubai. The Middle East captured some 60% of FDI projects in freezones during the period, with Dubai leading the way.<\/p>\n

#2- The Dubai Design District (d3) and Dubai Media City expect the global digital<\/strong> creative economy to reach AED 27 tn by 2030<\/strong>, according to a white paper study they conducted, which surveyed 400 design and media experts, the Dubai Media Office<\/a> said. The study explores the effects of emerging technologies on skills and services, including fashion design, architecture, visual arts, advertising, and events.<\/p>\n

#3- London-based pr<\/strong>oject management and advisory firm Currie & Brown expects<\/strong> construction costs in the UAE to increas<\/strong>e by 2-5% <\/strong>annually <\/strong>on the back of rising demand for new infrastructure, residential, commercial, and leisure developments, particularly in the hotel and leisure sectors, the firm said in a recent report<\/a>.<\/p>\n

#4- Dubai\u2019s residents are bullish on the property market<\/strong>, with 72% of over 1.6k respondents surveyed in Betterhomes\u2019 new Future Living report (pdf)<\/a> expecting property prices to rise next year. As for rentals, 55% of tenants in the emirate anticipate rent hikes from 5-10% at the next renewal. Meanwhile, 36% of Dubai homeowners plan to buy another property for investment within the next one to three years.<\/p>\n

Housing preferences in the emirate are tied directly to income levels<\/strong>, with mid to higher-income tenants opting for villas and townhouses, and lower to middle-incomers preferring apartments, the report highlights.<\/p>\n

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<\/a> #5- The UAE received a \u2018medium\u2019 risk rating in the London Stock Exchange Group's <\/strong>Country Risk Classification <\/strong>as it raised its score to 5.86, moving it up 13 places in the ranking, Wam<\/a> reports. The UAE also climbed on the Basel AML Index, the money laundering and terrorist financing risk assessment tool, with its Financial Action Task Force (FATF)<\/a> score rising to 4.96 from 5.77, driving the overall score to 5.43 from 5.74, Wam says.<\/p>\n

REMEMBER-<\/strong> The UAE was marked off<\/a> the Financial Action Task Force (FATF)\u2019s \u2018graylist\u2019 in February, following years of doubling down on anti-money laundering efforts. The government said at the time it would roll out a national anti-money laundering and counter-terrorism financing strategy for 2024-2027 in the coming months.<\/p>\n

HAPPENING THIS WEEK-<\/p>\n

#1- The Dubai World Trade Centre will host the Water, <\/strong>Energy and Environment Tech<\/a><\/strong>nology Exhibition 2024<\/a><\/strong> from 1-3 October,<\/strong> organized by Dubai Electricity and Water Authority. The event will focus on advancements in cybersecurity, digital transformation, and sustainability, showcasing the latest technologies and solutions to enhance digital and environmental security.<\/p>\n

#2- The Dubai World Trade Centre will host the <\/strong>World Green Economy Summit<\/a><\/strong> from <\/strong>2-3 October 2024<\/strong>, organized by the Dubai Supreme Council of Energy, Dubai Electricity and Water Authority, and the World Green Economy Organization. The event will focus on green finance and sustainable development, highlighting global efforts to increase climate resilience and bolster international cooperation.<\/p>\n

#3- <\/strong>The Sport Industry Forum<\/a><\/strong> kicks off <\/strong>on 2 October at NYU Ab<\/strong>u Dhabi, <\/strong>according to a press release (pdf)<\/a>. The two-day event will gather over 300 leaders from the global and regional sports sectors to discuss the future of sports in the UAE.<\/p>\n

PUBLIC SERVICE ANNOUNCEMENTS-<\/p>\n

The Federal Tax Authority extended the deadline for corporate tax paym<\/strong>ents for taxpayers with a tax period ending on or before 29 February<\/strong>, it said in a circular (pdf)<\/a>. Taxpayers now have until 31 December to complete obligations. <\/p>\n

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

It\u2019s another morning with escalations in the region dominating headlines:<\/strong> Israel attacked Yemen\u2019s Houthis yesterday, launching a wave of airstrikes<\/a> on Ras Issa and the port city of Hodeida that killed four<\/a> and wounded an additional 29 according to the Houthi-run health ministry. Commenting on Israel\u2019s ongoing attacks on its allies, Iranian President Masoud Pezeshkian said<\/a> that Israel should not be allowed to attack countries in the Iran-linked \u201caxis of resistance\u201d without consequence, saying that \u201ca decisive reaction is necessary\u201d and condemning Israel\u2019s targeting of what he called \u201ccivilian infrastructure\u201d in Hodeida. <\/p>\n

Meanwhile, Israel\u2019s brutal assault on Lebanon continued<\/strong>, with at least 105 people<\/a> killed in Israeli strikes over the course of the day, according to the Lebanese Health Ministry. Hezbollah supporters and allies continued to mourn the loss of the group\u2019s leader Hassan Nasrallah, who was killed<\/a>on Friday<\/a> in an Israeli airstrike on the Iran-backed militant group\u2019s underground headquarters in Beirut, while Israeli military officials vowed to \u201ckeep hitting Hezbollah hard.\u201d <\/p>\n

The strikes have led to what Lebanese Social Affairs Minister Hector Hajjar called a <\/strong>\u201chumanitarian catastrophe\u201d <\/strong>yesterday<\/a>, underlining the difficulty the Lebanese caretaker government is having addressing the needs<\/a> of the nearly 1 mn people<\/a> that have been displaced since the conflict\u2019s escalation.<\/p>\n

AND IN BUSINESS NEWS- <\/strong>Former Japanese Defense Minister Shigeru Ishiba\u2019s election<\/a> as head of the country\u2019s ruling Liberal Democratic Party has sent jitters through Japan\u2019s stock market, as insiders express concern about his support for heavier corporate and investment income taxation. <\/p>\n

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***<\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: Masdar is eyeing more expansions in 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