{"id":99899,"date":"2025-01-22T00:00:00","date_gmt":"2025-01-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/uae-economy-minister-denies-plans-for-income-tax-dubai-retailer-bfl-considers-ipo-to-fund-growth\/"},"modified":"2025-01-22T00:00:00","modified_gmt":"2025-01-22T00:00:00","slug":"uae-economy-minister-denies-plans-for-income-tax-dubai-retailer-bfl-considers-ipo-to-fund-growth","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/01\/22\/uae-economy-minister-denies-plans-for-income-tax-dubai-retailer-bfl-considers-ipo-to-fund-growth\/","title":{"rendered":"UAE economy minister denies plans for income tax + Dubai retailer BFL considers IPO to fund growth"},"content":{"rendered":"

Good morning, lovely people, and happy hump day. <\/strong>We\u2019ve got a packed issue this morning with some key updates. The UAE's GDP is projected to grow 5% in 2025, with insights from Emirates NBD. Abu Dhabi has also unveiled a AED 13 bn AI-driven government strategy. On the energy front, Adnoc Gas has secured a USD 10 bn agreement to supply natgas to Ewec. Plus: Adnoc, e&, and Emirates were ranked among the world\u2019s 500 most valuable brands.<\/p>\n

WEATHER- Expect partly cloudy and dusty conditions across the country<\/strong>, along with a slight and gradual drop in temperatures, according to the National Center of Meteorology (pdf)<\/a>. Gusts of wind could also potentially cause dust that could affect visibility over some eastern and internal areas. The mercury in Dubai will hit 25\u00b0C, with an overnight low of 17\u00b0C, while temperatures will hit 23\u00b0C in Abu Dhabi, with an overnight low of 17\u00b0C.<\/p>\n

DISPATCH FROM DAVOS-<\/p>\n

<\/a> Economy Minister Abdulla Bin Touq Al Marri quashed rumors about the UAE introducing <\/strong>income taxes<\/strong>, saying at the World Economic Forum in Davos, \u201cIt\u2019s not on the table. It\u2019s not in the rooms of discussions. It\u2019s not coming anytime soon,\u201d Trade Arabia<\/a> reports.<\/p>\n

The minister had plenty to say on the EU: <\/strong>Al Marri criticized the bloc for maintaining the UAE on its blacklist for combating illicit money flows, even after the country was removed from the Financial Action Task Force\u2019s gray list<\/a> \u201cin record time\u201d last year. He states that the UAE is making ongoing diplomatic efforts to address the matter. <\/p>\n

Al Marri also expressed concerns over an EU directive that penalizes imports from<\/strong> countries without trade unions.<\/strong> \u201cYou can\u2019t dictate what other countries do with their labor systems. What works in the UAE works,\u201d he stated. The directive could create challenges for oil and natural gas industries, as the UAE looks to expand its liquefied natural gas exports to Europe, he added. The story also got ink in Bloomberg<\/a>. <\/p>\n

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WATCH THIS SPACE- <\/p>\n

<\/a> #1- Adnoc subsidiary Fertiglobe is exploring a more than USD 1 bn investment in blue <\/strong>ammonia<\/strong>, contingent on commitments from Asian buyers, CEO Ahmed El Hoshy tells Bloomberg<\/a>. The company developed a proposal to upgrade the Ta\u2019ziz low carbon ammonia project<\/a> expected to kick off in 2027. Before work begins, the company plans to secure Asian buyers with a tag price of EUR 1k per tonne, with El Hoshy saying that Fertiglobe could pull the trigger on its investment plans if it\u2019s able to lock in supply contracts with Japan and South Korea under a subsidized import scheme for climate-friendly fuels. <\/p>\n

On a global low-carbon roll: <\/strong>Fertiglobe inked a EUR 397 mn contract with Hintco last August<\/a> to supply Europe with green ammonia. Fertiglobe participated in the development of Egypt\u2019s Ain Sokhna 100 MW green hydrogen<\/a> and 1 mn tons\/year green ammonia<\/a> plants. The company also partnered with Engie<\/a> to look into a \u201cglobally cost-competitive\u201d 200 MW green hydrogen facility in the UAE to back the production of green ammonia. <\/p>\n

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#2- Adnoc L&S has transferred its tankers to Navig8 after <\/strong>acquiring<\/a><\/strong> 80% of the firm for<\/strong> USD 1.04 bn<\/strong>, and has notified its customers that Navig8 will handle its chartering operations, Reuters<\/a> reports, citing a state by the company. \u201cWe are committed to minimising impact on people, however as we streamline operations there will be a small reduction in our workforce,\u201d the firm said. <\/p>\n

ICYMI: <\/strong>Adnoc L&S finalized the acquisition earlier this month, with a contractual agreement to acquire the remaining 20% in mid-2027 for between USD 335 mn and USD 450 mn. The first full financial year following the acquisition is expected to see a minimum 20% boost to Adnoc L&S\u2019 earnings per share in 2025. <\/p>\n

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<\/a> #3- <\/strong>Dubai-born fashion retailer <\/strong>Brands For Less (BFL)<\/a><\/strong> is mulling an IPO as part of its <\/strong>broader <\/strong>expansion strategy<\/strong>, CEO Toufic Kreidieh (LinkedIn<\/a>) told CNBC Arabia (watch, runtime: 1:01<\/a>). Kreidieh did not disclose the potential size, value, or timeline of listing, nor did he clarify which market the company could debut on. BFL operates over 100 stores, primarily in the UAE and Saudi Arabia, as well as an e-commerce business, as of November 2024.<\/p>\n

Stores in Singapore + Malaysia: <\/strong>The company has recently expanded into Southeast Asia<\/a>, opening its first store in Singapore, with three additional branches in Malaysia set to launch early next month, Kreidieh said. <\/p>\n

REMEMBER- BFL is partially owned by US budget retailer TJX<\/strong>, which operates TJ Maxx and Marshalls. The group acquired a non-controlling, minority 35% stake in BFL<\/a> for USD 344 mn back in November 2024. <\/p>\n

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<\/a> #4- Budapest to block <\/strong>Eagle Hills<\/strong>\u2019 \u201cmini-Dubai\u201d project? <\/strong>Budapest plans to use its preemptive right to purchase a prime land plot sold earlier this week<\/a> to Abu Dhabi-based developer Eagle Hills<\/a>, the city\u2019s Mayor Gergely Karacsony told Bloomberg<\/a>. Karacsony argues the land is worth much more than the HUF 51 bn (USD 128 mn) sale price and is urging the government to prioritize affordable housing instead of luxury real estate projects.<\/p>\n

REFRESHER-<\/strong> Eagle Hills signed an agreement earlier this week<\/a> with the UAE and Hungary to develop Grand Budapest, a EUR 12 bn sustainable, smart district in Budapest, dubbed mini-Dubai for its resemblance to Dubai's flashy neighborhoods. The mixed-use project, which aims to boost Hungary's GDP by 2%, will feature green buildings, renewable energy, and smart waste solutions. Eagle Hills secured the 85-hectare plot for HUF 51 bn (USD 128 mn), with the first installment due by the end of January.<\/p>\n

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#5- <\/strong>Dubai\u2019s<\/strong> Road and Transport Authority (RTA) is <\/strong>committing<\/strong> to improving the social,<\/strong> environmental, and economic sustainability of Dubai\u2019s public transport<\/strong> under a five-year sustainability framework, it said in a press release<\/a>.<\/p>\n

The details:<\/strong> The targets of this initiative include reaching zero workplace injuries by 2028, reducing road fatalities, and becoming a global leader in customer experience by 2028. The initiative will also support RTA\u2019s goal of reaching net-zero emission public transportation in Dubai by 2050.<\/p>\n

DATA POINTS- <\/p>\n

#1- The UAE s<\/strong>cored 72% on the Edelman Trust Barometer\u2019s Trust Index<\/strong>, which measures the average percentage of trust in government, business, media, and NGOs, according to the US-based communications firm\u2019s annual report (pdf<\/a>). While the 2025 score puts the country two percentage points below the 2024 index, it remains within the 60-100% ballpark indicating trust, as opposed to neutrality (50-59%) and distrust (1-49%). The UAE surpassed nations like Canada, the Netherlands, Sweden, and Italy, all of which landed in the neutral category.<\/p>\n

<\/a> #2- UAE-based issuers\u2019 total sukuk issuance volume hit USD 14.4 bn in 2024<\/strong>, S&P Global Ratings Managing Director and Global Head of Islamic Finance Mohamed Damak told Wam<\/a>. The rating agency projects that the volume sukuk issuance in the UAE will remain steady at USD 14-15 bn in 2025, \u201cunderpinned by banks and corporate issuances.\u201d<\/p>\n

#3- Dubai\u2019s taxi sector recorded 16% y-o-y growth in e-hail trips in 2024<\/strong>, with Hala<\/a> \u2019s market share during peak hours increasing eight percentage points to 50% in 2024, reflecting a growing preference for e-hail services over street-hailing, according to a Dubai Media Office statement<\/a>. The switch to e-hail has taken 7,600 regular vehicles off the roads daily, slashed average wasted driving by 3 km per trip, and saved 5 minutes per ride. It also cut 20k tonnes of CO2 emissions in 2024.<\/p>\n

HAPPENING TODAY- <\/p>\n

#1- <\/strong>World Economic Forum 2025<\/a><\/strong> is on its third day and will wrap up on Friday in Davos, <\/strong>Switzerland, <\/strong>under the theme \u201cCollaboration for the Intelligent Age.\u201d The forum will gather 3k high-profile figures from over 130 countries, with 350 government leaders, including US President Donald Trump \u2014 joining via video \u2014 European Commission President Ursula von der Leyen, and Chinese Vice Premier Ding Xuexiang. The participants will discuss global challenges, including geopolitical shocks, economic growth, and advancing an inclusive energy transition.<\/p>\n

#2- The <\/strong>International Conference on Pharma and Medicine<\/a><\/strong> runs through tomorrow <\/strong>at the Sharjah Research, Technology, and Innovation Park. The event offers a platform for potential collaboration in the pharma manufacturing and healthcare sectors.<\/p>\n

#3- The <\/strong>Paper & Tissue Exhibition<\/a><\/strong> is wrapping up its final day at Adnec Abu Dhabi<\/strong>, following its kickoff yesterday under the theme \u201cA Decade of Success and Innovation.\u201d The two-day event brought together over 300 companies and more than 16k visitors from 120+ countries, showcasing the latest technological advancements and sustainable practices in the industry, with key topics including recycling, waste reduction, and improving resource efficiency.<\/p>\n

#4- The <\/strong>Sharjah Real Estate Exhibition (Acres)<\/a><\/strong> kicks off today and runs through Saturday <\/strong>at the Expo Center in Sharjah. The event features networking and business prospects in the property sector, face-to-face discussions with developers and industry experts, and exploration of the latest trends in real estate.<\/p>\n

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

It\u2019s another morning of the global business press being led primarily by newly-minted US <\/strong>President Donald Trump and his first hours in office<\/strong>, specifically a massive AI infrastructure investment plan \u2014 and, of course, the latest round of tariff threats for Chinese imports. <\/p>\n

OpenAI, Softbank, and Oracle are planning a USD 100 bn investment in AI infrastructure <\/strong>in the US<\/strong>, which the three companies will execute under a new joint venture named Stargate. The JV \u2014 which Trump hailed as a \u201cdeclaration of confidence in America\u201d \u2014 could ramp up its investments to as much as USD 500 bn over the next four years, with SoftBank handling the financial responsibilities of the venture and OpenAI taking over operations. Stargate will be responsible for building out \u201cphysical and virtual infrastructure to power the next generation of advancements in AI and this will include the construction of colossal data centers,\u201d Trump said. (Financial Times<\/a> | Bloomberg<\/a> | CNBC<\/a>) <\/p>\n

MEANWHILE- Trump is still considering slapping a 10% tariff on Chinese imports<\/strong>, saying he and his team could look to impose the new duty as early as 1 February. The tariff would be imposed due to China allegedly exporting fentanyl \u2014 a synthetic illicit drug that has caused scores of overdose-related deaths in the US \u2014 to Canada and Mexico. Trump also vowed to impose tariffs on the EU to address its skewed trade balance with the US. (Reuters<\/a> | Bloomberg<\/a> | CNBC<\/a>) <\/p>\n

AND- The flurry of decisions from the White House has led firms across the spectrum of <\/strong>industries to set up \u201cwar rooms\u201d<\/strong> as executives scramble to digest their impact on their businesses and clientele, the Wall Street Journal<\/a> says.<\/p>\n

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CIRCLE YOUR CALENDAR- <\/p>\n

Nvidia RTX AI GameCraft<\/a><\/strong> will take place <\/strong>tomorrow <\/strong>at Emirates Towers Boulevard in <\/strong>Dubai.<\/strong> Hosted by the Dubai Future Foundation in collaboration with Nvidia GeForce Middle East, the event will gather game developers, students, and industry professionals to create innovative games using Nvidia\u2019s RTX AI technology. Some 15 developers will make it to the finals to compete for the top three spots.<\/p>\n

BreakBulk Middle East<\/a><\/strong> will take place between 10-11 February <\/strong>at the Dubai World Trade Center. The event will gather over 7.5k professionals from the manufacturing, EPCs, project ownership, and transport sectors, providing ample networking prospects and driving potential customer leads.<\/p>\n

The <\/strong>World Local Production Forum<\/a><\/strong> will take place between 7-9 April<\/strong> at the Abu Dhabi National Exhibition Center. The World Health Organization event will bring together global leaders to discuss sustainable local production and strategies to enhance access to quality health products.<\/p>\n

The <\/strong>International Real Estate and Investment Show<\/a><\/strong> will take place between 17-19 October in Abu Dhabi.<\/strong> The event, organized by Dome Exhibitions, will bring together developers, brokers, and investors to discuss innovation and sustainability trends in the real estate sector, as well as investment prospects.<\/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: Adnoc L&S transferred its tankers to Navig8 after acquiring 80% of the firm<\/p>\n","protected":false},"author":1,"featured_media":99900,"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":[57,7,5,1390,339,6],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-99899","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-adnoc","tag-enterpriseam-uae","tag-roads-and-transport-authority","tag-sharjah","tag-sustainability","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"5b065290-6c63-4725-a6ff-b607afd985d9","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2025\/1\/1526.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: UAE economy minister denies plans for income tax + Dubai retailer BFL considers IPO to fund growth","related_issue":[99897],"teaser":"PLUS: Adnoc L&S transferred its tankers to Navig8 after acquiring 80% of the firm","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/1\/.87f5b681-fe70-45b4-ac27-8ba245186c22.mp3"},"yoast_head":"\nUAE economy minister denies plans for income tax + Dubai retailer BFL considers IPO to fund growth - 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