{"id":99425,"date":"2025-01-08T00:00:00","date_gmt":"2025-01-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-uae-agrees-to-roll-over-pakistan-loan-another-time-dar-global-eyes-us-greece-expansion\/"},"modified":"2025-01-08T00:00:00","modified_gmt":"2025-01-08T00:00:00","slug":"this-morning-uae-agrees-to-roll-over-pakistan-loan-another-time-dar-global-eyes-us-greece-expansion","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/01\/08\/this-morning-uae-agrees-to-roll-over-pakistan-loan-another-time-dar-global-eyes-us-greece-expansion\/","title":{"rendered":"THIS MORNING: UAE agrees to roll over Pakistan loan another time + Dar Global eyes US, Greece expansion"},"content":{"rendered":"

Good morning, friends. <\/strong>There\u2019s a big Trump theme in today\u2019s issue, with the big story of the day being Damac Properties\u2019 planned USD 20 bn investment in data centers in the US, hot on the heels of Trump\u2019s election. Plus: Dar Global \u2014 a key partner for the Trump Organization in the region \u2014 is eyeing expansions in the US. <\/p>\n

Outside of Trump Land, we have several M&A and investment news<\/strong> from DAE, the Abu Dhabi Investment Authority, and Alchemative Group. Let\u2019s dive in. <\/p>\n

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\u2601\ufe0fWEATHER- Expect to see cloudy skies today, with a chance of rainfall<\/strong>, particularly over the islands and some coastal and Northern areas, according to the National Center of Meteorology\u2019s forecast (pdf)<\/a>. The mercury will reach 25\u00b0C today in Dubai <\/strong>before dropping to an overnight low of 19\u00b0C. Meanwhile, in Abu Dhabi<\/strong>, temperatures will peak at 22\u00b0C, with a low of 20\u00b0C.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- The UAE agreed to roll over a USD 2 bn repayment that was due by Pakistan this<\/strong> month<\/strong>, Reuters<\/a> quotes Pakistani Prime Minister Muhammad Shehbaz Sharif as saying at a press conference. The UAE government originally deposited the funds in 2019 under a USD 3 bn financial assistance package and rolled it over in January 2023<\/a> and January 2024<\/a>.<\/p>\n

Background: <\/strong>Pakistan had been seeking to drum up external financing to meet the requirements of its ongoing USD 7 bn loan program with the IMF, and previously lined up financing commitments from the UAE, China, and Saudi Arabia as part of the program in September<\/a>. <\/p>\n

More investments in Pakistan coming?<\/strong> The PM also said he asked UAE President Sheikh Mohamed bin Zayed Al Nahyan for \u201ca few bn USD\u201d in investments in key projects during his visit to the UAE<\/a> earlier this week. <\/p>\n

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<\/a> #2- Dar Global eyes US, Greece expansion:<\/strong> Dubai-based developer Dar Global, the international arm of Saudi Dar Al Arkan, plans to expand operations in the US and Greece, Reuters<\/a> reports. The developer plans to invest in major US cities, seeking partnerships with developers on luxury residential properties. The focus will be on both US residents and international buyers, although specific project details remain undisclosed.<\/p>\n

REMEMBER- <\/strong>The decision follows recent joint projects with the Trump Organization<\/a>, including Trump Towers in Jeddah and Dubai<\/a>, as well as a hotel project in Oman. Eric Trump, Trump Organization\u2019s executive vice president, also told Reuters<\/a> last month that additional projects are in the pipeline for the region, including a tower in Riyadh and further developments in Abu Dhabi.<\/p>\n

DATA POINT- <\/p>\n

Lunate had a good 2024: <\/strong>Abu Dhabi-based alternative asset manager Lunate\u2019s total assets under management for its ADX and DFM-listed ETFs grew 13% y-o-y in 2024 to AED 831 mn, according to a LinkedIn post<\/a>. The company reported AED 2 bn in trading liquidity across its ETFs, with its portfolio expanding to 17 ETFs listed on the Abu Dhabi and Dubai bourses, compared to 12 a year earlier.<\/p>\n

PSAs- <\/p>\n

#1- Syria resumes flights to the UAE: <\/strong>Syria\u2019s Damascus International Airport resumed international flights yesterday for the first time since the fall of Bashar Al Assad\u2019s regime on 8 December with a flight to Sharjah, Syrian state news agency Sana<\/a> reports. Qatar Airways also resumed flights to Damascus following a 13-year hiatus, while flights to Dubai were also set to resume as of yesterday, AFP<\/a> reports.<\/p>\n

#2- Air Arabia adds Ethiopia flights: <\/strong>Air Arabia is launching non-stop flights to Ethiopia\u2019s capital starting 30 January, the Sharjah-based budget airline stated<\/a>. The new route will connect Sharjah International Airport with Addis Ababa Bole International Airport, running three weekly flights in both directions on Tuesdays, Thursdays, and Saturdays.<\/p>\n

#3- Sharjah updates fees for impounded vehicle releases: <\/strong>The Sharjah Executive Council revised fees on releasing impounded vehicles in the emirate, applying to vehicles held due to serious safety-related offenses, according to a statement<\/a>. No further details were disclosed on the value of the fees.<\/p>\n

HAPPENING TODAY- <\/p>\n

#1- The <\/strong>Arab Plast International Trade Fair for Plastics, Recycling, Petrochemicals,<\/a><\/strong>Packaging and Rubber Industry<\/a><\/strong> kicked off yesterday and runs through tomorrow <\/strong> at the Dubai International Convention and Exhibition Center. The event will showcase advancements in the plastics and recycling sectors, with a focus on sustainable practices, circular economy, recycling technologies, and sustainable materials. <\/p>\n

#2- <\/strong>Dubai International Pharma & Technologies Conference and Exhibition<\/a><\/strong>(DUPHAT) kicked off yesterday<\/strong> at the Dubai World Trade Center. DUPHAT, which wraps up on Thursday, will feature scientific sessions, workshops, and scientific poster presentations from university students. Additionally, it will feature Vita Show Dubai, showcasing innovations in nutritional supplements.<\/p>\n

HAPPENING TOMORROW- <\/p>\n

The Sharjah C<\/strong>onsultative Council will discuss a draft law on corporate tax for <\/strong>the <\/strong>emirate\u2019s natural resources<\/strong> in its upcoming session tomorrow, Sharjah 24<\/a> reports.<\/p>\n

REMEMBER- <\/strong>The council\u2019s Financial, Economic and Industrial Affairs Committee had reviewed a draft law proposing taxation<\/a> on companies involved in natural resource activities in the emirate late last month. The law targets companies involved in both extractive activities \u2014 such as oil, gas, and coal \u2014 and non-extractive natural resources. The committee was set to submit the draft law\u2019s final report to the Advisory Council for approval.<\/p>\n

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

It\u2019s a busy morning in the foreign press<\/strong>, with a wide-ranging press conference from US president-elect Donald Trump, along with updates on the latest round of Israel-Hamas ceasefire talks, and news from Meta, Nvidia, and Anthropic getting plenty of ink. <\/p>\n

#1- More threats of tariffs and annexation from Trump: <\/strong>Trump said he could use economic \u2014 and possibly military \u2014 action to acquire Greenland and take control of the Panama Canal, threatening to tariff Denmark \u201cat a very high level\u201d if it refuses, and separate tariffs on Mexico and Canada, which it also said it could annex through \u201ceconomic force.\u201d Canadian Prime Minister Justin Trudeau took to X<\/a> later to say \u201cThere isn\u2019t a snowball\u2019s chance in hell that Canada would become part of the United States,\u201d in response to Trump\u2019s comments. <\/p>\n

Trump also revealed a USD 20 bn investment planned by Emirati developer Damac Properties in US data centers<\/strong>, saying Damac\u2019s founder Hussain Sajwani was inspired by Trump\u2019s election to make the commitment. Sajwani said he\u2019d been waiting four years to ramp up investments in the US. We have more on the story in the news well, below. <\/strong><\/p>\n

The press conference got a lot of ink:<\/strong> FT<\/a> | Reuters<\/a> | NPR<\/a> | AP<\/a> | CNN<\/a> <\/p>\n

#2- Also from Trump Land, his new Middle East envoy Steve Witkoff said he is \u201chopeful\u201d for some good news from the Israel-Hamas ceasefire talks <\/strong>taking place in Doha before Trump\u2019s inauguration on 20 January, Reuters<\/a> quotes him as saying. Trump again threatened that \u201call hell will break out in the Middle East\" if Hamas does not release the hostages by the time he takes office during his presser. <\/p>\n

PLUS- Several stories on the tech and AI front are making the rounds: <\/strong><\/p>\n