{"id":99566,"date":"2025-01-13T00:00:00","date_gmt":"2025-01-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-uaev-plans-10k-ev-chargers-by-2030-142k-hnwis-to-emigrate-this-year\/"},"modified":"2025-01-13T00:00:00","modified_gmt":"2025-01-13T00:00:00","slug":"this-morning-uaev-plans-10k-ev-chargers-by-2030-142k-hnwis-to-emigrate-this-year","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/01\/13\/this-morning-uaev-plans-10k-ev-chargers-by-2030-142k-hnwis-to-emigrate-this-year\/","title":{"rendered":"THIS MORNING: UAEV plans 10k EV chargers by 2030 + 142k HNWIs to emigrate this year?"},"content":{"rendered":"

Good morning, lovely people. <\/strong>It\u2019s a calm start to the new workweek, with a handful of headlines worth your attention. The big stories of the day:<\/strong> Capital Intelligence affirmed the UAE\u2019s sovereign rating, with a stable outlook; Alpha Dhabi completed its acquisition of a majority stake in the National Corporation for Tourism and Hotels; and Sharjah approved a law proposing a new natural resource tax. Let\u2019s dive in.<\/p>\n

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\u2601\ufe0fWEATHER- We\u2019re in for a cloudy (and possibly rainy) start to the week:<\/strong> The National Center of Meteorology forecasts (pdf)<\/a> partly cloudy conditions, with a chance of light rainfall in northern and coastal areas. Temperatures today will hit 25\u00b0C in Dubai, with an overnight low of 20\u00b0C, and 22\u00b0C in Abu Dhabi, before cooling to an overnight low of 20\u00b0C.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- Shuaa Capital will vote on the issuance of AED 425.5 mn in convertible bonds and <\/strong>their <\/strong>conversion into shares<\/strong> during a general assembly meeting on 3 February, according to a DFM disclosure (pdf)<\/a>. <\/p>\n

REMEMBER-<\/strong> Shuaa\u2019s board of directors had approved<\/a> late last year the issuance the bonds, which comprise a first tranche that includes bonds valued at up to AED 150 mn, offered to institutional investors, and a follow-up issuance with a maximum value of AED 275.5 mn offered to existing bondholders. Both tranches will be convertible into shares at a rate of AED 0.32 per share. The issuance could see the company\u2019s capital increase by up to AED 425.5 mn. <\/p>\n

The bonds are part of Shuaa\u2019s broader restructuring efforts, following<\/strong> substantial losses <\/strong>in 2023. <\/strong>The company reached an agreement with bondholders in April<\/a> to extend the payment terms for some USD 150 mn worth of bonds, and fully settled<\/a> around AED 500 mn (USD 136 mn) in margin facilities with multiple UAE banks. Shuaa also finalized an agreement with its senior creditor in December to restructure AED 208 mn<\/a> in outstanding facilities.<\/p>\n

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<\/a> #2- UAE consumers to splurge more on dining out in 2025:<\/strong> A third of UAE consumers are planning to increase their spending on dining out in 2025, in contrast to the global average of just 19%, according to AlixPartners' Global Consumer Outlook report (pdf)<\/a>. Meanwhile, some 41% of Emirati customers aim to spend more on out-of-home entertainment.<\/p>\n

When it comes to extra cash, travel and holidays lead UAE consumers' spending priorities<\/strong>, with 26% saying they'd allocate more money to these experiences. About 20% would save the money, while 18% would use it for groceries.<\/p>\n

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<\/a> #3- Rotana to open 36 new hotels across four regions:<\/strong> Abu Dhabi-based hotel management firm Rotana is gearing up to launch 36 new hotels across 22 cities in the Middle East, Africa, Europe, and Turkey, according to a press release<\/a>. Nine of these will be in Saudi Arabia, where Rotana recently opened three new properties in 2024. The company is set to double its room count in the Kingdom to 6k over the next three years, with five more hotels planned for 2025.<\/p>\n

DATA POINTS- <\/p>\n

<\/a> #1- UAEV plans 10k EV chargers by <\/strong>2030<\/strong>:<\/strong> UAE\u2019s state-owned EV charging network UAEV plans to install 500 EV chargers by 2025 and to expand this to 10k chargers by 2030, and 30k by 2050, undersecretary of UAE\u2019s Energy and Infrastructure Ministry and Chairman of UAEV told CNBC Arabia (watch, runtime 4:57<\/a>). The UAE is the second highest in the Middle East for EV usage, with EVs accounting for 13% of total car sales in 2023. The UAE has already installed over 100 EV chargers in 2024, he added.<\/p>\n

#2- <\/strong>The <\/strong>UAE workforce grew 12% in 2024<\/strong>, with the youth workforce growing by 51.9%, and female representation rising to 21%, according to data<\/a> from the Human Resources and Emiratisation Ministry. The skilled workforce also grew 13%, especially in the information and communications sector. <\/p>\n

#3- The UAE\u2019s manufacturing sector received AED 5.5 bn in fresh fu<\/strong>nding from commercial banks in 9M 2024<\/strong>,<\/strong> driving total sector financing up by 6.2% y-o-y to exceed AED 94 bn, Wam<\/a> reports.<\/p>\n

<\/a> #4- The UAE was a leading destination for high-net-worth individuals (HNWIs) wit<\/strong>h <\/strong>assets of USD 1 mn or more in 2024<\/strong>, alongside the US and Italy, Arabian Business<\/a> reports, citing estimates from Henley & Partners. The country\u2019s golden visa programs, pro-crypto policies, and modern infrastructure made it a top choice. Globally, 134k m\u2019naires emigrated last year, with 142k more projected to move this year \u2014 marking the largest wealth migration in history.<\/p>\n

PSAs- <\/p>\n

#1- New VAT rules introduced for precious metals and gemstones traders in UAE: <\/strong>The Finance Ministry issued a cabinet decision implementing a reverse charge mechanism for value-added tax (VAT) on precious metals and gemstones among registered entities, Al Khaleej<\/a> reports. <\/p>\n

The expanded scope of the new mechanism now includes<\/strong> Gold, silver, palladium, platinum, natural and synthetic diamonds, pearls, rubies, sapphires, emeralds, and jewelry made from these materials when their value makes up more than that of other components.<\/p>\n

How it works:<\/strong> Under this mechanism, registered suppliers will not be responsible for charging VAT on covered goods sold to VAT-registered customers. Instead, customers will calculate and report VAT on their purchases in their tax returns.<\/p>\n

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#2- Gov\u2019t sets exceptions to work permit ban:<\/strong> Workers sponsored by family members or relatives or seeking a new permit from their current employer will be exempt from a rule that bans foreign workers who ended their employment unlawfully from obtaining a new work permit for one year, Gulf News<\/a> reports. The exemptions also cover holders of the Golden Visa, highly skilled professionals with specialized knowledge, and other professional categories defined by the ministry based on market demands.<\/p>\n

HAPPENING TODAY- <\/p>\n

#1- <\/strong>The 1 Bn Followers Summit<\/a><\/strong> kicked off on Saturday and runs through today<\/strong> at Jumeirah Emirates Towers at the DIFC in Dubai. The event gathers over 250 speakers, including top content creators and industry experts, like X Managing Director Antoine Caironi and Emaar Founder Mohamed Al Abbar, and features discussions on technology, content strategies, and the economic impact of content creation.<\/p>\n

#2- The <\/strong>Abu Dhabi Sustainability Week (ADSW)<\/a><\/strong> kicked off yesterday and runs through to 18 January <\/strong>at the Abu Dhabi National Exhibition Center. The event features 11 events gathering policymakers, industry leaders, and youth to discuss global sustainability solutions and foster collaborations.<\/p>\n

Among the biggest events of the week:<\/strong> The International Renewable Energy Agency (IRENA) Assembly<\/a>, which kicked off on Saturday and wraps this week in Abu Dhabi. The event gathers global leaders and decision-makers to discuss the renewable energy transition and address challenges to energy security and financing. Featured in the agenda: An International Renewable Energy Agency Youth Forum<\/a>, which will see interactive sessions, open dialogues, and thematic workshops for youth to contribute to renewable energy deployment and sustainable development.<\/p>\n

Other events include: <\/strong><\/p>\n