Climate

Good morning, friends, and happy FRIDAY. We have a brisk issue for you this morning, with big stories including FDI inflows coming in at USD 46 bn last year, and Sharjah’s Beeah tapping the emirate’s real estate market with a new AED 5 bn development. Plus: Taaleem continues its expansion drive with a new acquisition. WEATHER- It’s another scorcher today. Dubai will see afternoon highs of 41°C but will feel like 55 °C, while overnight lows will dip to 31°C. Abu Dhabi remains slightly cooler, with afternoon temperatures peaking at 34°C and nighttime lows of 31°C.WATCH THIS SPACE- #1- Americana in early talks to buy Five Guys operator Cravia: ADX and Tadawul-listed F&B giant Americana Restaurants is reportedly in early talks with Dubai private equity firm Fajr Capital to acquire Cravia, the Middle East operator of Five Guys, Cinnabon, and Zaatar w Zeit, Bloomberg reports, citing people it says are familiar with the matter. Cravia, which is based in Dubai, runs 78 outlets and employs more than 2k staff across the region. No timeline for the potential buyout has been confirmed. For reference: The move would expand cash-strapped Americana’s already deep roster of global franchises — which includes KFC, Pizza Hut, and Krispy Kreme — and mark its first major M&A play since a wave of brand boycotts, job cuts, and restructuring cost its stock some 60% in value over the last two years. Americana is backed by Saudi’s Public Investment Fund. #2- Oryx Global consortium withdraws from Irish mining acquisition: A consortium made up of Abu Dhabi-based energy-focused private equity firm Oryx Global Partners and Michael Carvill, the founder and former managing director of Kenmare Resources, has withdrawn its takeover offer for Ireland-based mining firm Kenmare Resources, according to two statements (here and here). A failure to align on the company's valuation after completing the due diligence process was cited as the reason behind the withdrawal, which can be reversed in the next six months.Background: The consortium made an initial proposal in March to acquire 100% of Kenmare Resources for GPB 5.3 per ordinary share. Kenmare’s board rejected the initial offer on the basis that it undervalued the firm. Kenmare Resources is dual-listed on the London Stock Exchange and Euronext Dubai, and is the world’s fourth largest producer of titanium feedstocks, responsible for 8% of global supply. It also owns the Moma titanium minerals mine in Mozambique. #3- GulfNav readies convertible bond issuance to fund Brooge acquisition: DFM-listed Gulf Navigation (GulfNav) is kicking off the subscription period for its mandatory convertible bond issuance this month as it pushes ahead with its AED 3.2 bn acquisition of Nasdaq-listed Brooge Energy’s oil storage businesses, according to a shareholders’ circular (pdf) filed to the Dubai bourse. The details: Some 454.5 mn convertible bonds will be offered exclusively to GulfNav’s minority shareholders at AED 1.10 apiece from Monday, 30 June to Tuesday, 15 July. Majority shareholders will only have two days (14 and 15 July) to subscribe to the rump offering. Final allocations will take place on Tuesday, 22 July, with the debt due to convert into equity at a 1:1 ratio on or before Wednesday, 29 October, with a one-year lockup period.Priming the cap table for a Brooge majority: The move hikes GulfNav’s capital base in preparation for the dilution that will come when Brooge is folded in. The transaction is part of a broader cash-and-shares swap that will eventually give Brooge shareholders a 63% stake in GulfNav. Net proceeds from the sale (92%) will go toward financing the cash-portion of the transaction, with the remainder earmarked for general corporate purposes.ADVISORS- Gulf Navigation appointed Trussbridge Advisory (DIFC) as its exclusive financial advisor, and Pinsent Masons as its lead counsel. Ibrahim & Partners Law Firm provided legal advice on the transaction structuring and related regulatory aspects. #4- Ras Al Khaimah (RAK) International Airport is building a new 30k sqm passenger terminal, scheduled for completion in 2028, RAK Civil Aviation Department Chairman Salem Al Qasimi told Khaleej Times. The move comes as part of bigger expansion plans that aim to allow the airport to serve 3 mn passengers in the coming years, as demand rises for travel to the emirate amid the development of new resorts and hotels, Al Qasimi said. The airport recorded a 28% y-o-y hike in arrivals to 661k passengers in 2024. This isn’t the first we’ve heard of the terminal: RAK International Airport was said to be finalizing plans for a new passenger terminal in collaboration with a consulting firm earlier in March. An international tender was also launched for the construction of a private aviation terminal. The private terminal will include dedicated hangards and aircraft parking bays, Al Qasimi said. The terminal will operate separately from the main terminal building, he added. ALSO- An undisclosed air cargo company is also setting up shop at the airport, carrying out over 100 shipment flights in livestock and pharma goods, while an aircraft Maintenance, Repair, and Overhaul (MRO) facility is also being set up at the airport, Al Qasimi noted, without providing further details.#5- DFSA opens consultation on climate transition planning principles: The Dubai Financial Services Authority (DFSA) and other members of the UAE Sustainable Finance Working Group have launched a public consultation on draft principles for climate transition planning, according to a statement. The framework is meant to help financial institutions develop forward-looking climate strategies. Feedback is open until 16 July 2025.The draft covers eight areas, including setting transition objectives, integrating them into risk management and governance strategy, establishing metrics and targets, reporting, customer engagement, and regular plan reviews. The principles are designed to apply proportionately across financial institutions, especially those already managing climate risks or developing transition plans.Sahel – what was once Egypt's summer escape has become an economic hub, social ecosystem, and regional travel hotspot. And we’re going to help you decode its rapid evolution with EnterpriseAM Destination Sahel.In this special four-part summer series we’re taking the insights you’ve come to expect of us seaside. Think everything from Ras El Hekma's impact and investment opportunities to exclusive interviews with key players. And it wouldn’t be Sahel season without a sprinkling of what’s shaking up socially. Subscribe to our Egypt edition to get the scoop delivered to your inbox, Tuesday 24, June.See you, Sahel-side.DATA POINT- Google estimates it contributed 1% of UAE’s GDP in 2024, or AED 21.8 bn, through its tools, including Search, Ads, Play, YouTube, and Maps, according to Google’s Economic Impact Report.On the AI front, 78% of Emirati adults use artificial intelligence tools, the report said, citing research from Public First. Roughly a third use them “regularly,” double the rate in the US, and 91% of firms in the Emirates use AI tools in their operations. Generative AI could add AED 298 bn to the economy, the report said. HAPPENING NEXT WEEK- #1- EVCharge Live Middle East arrives at the Dubai World Trade Center on Tuesday and Wednesday, spotlighting EV charging infrastructure. Event highlights include a conference with over 150 speakers, an EV and charging exhibition, and networking meetings.#2- Solar & Storage Live is also happening on Tuesday and Wednesday at the Dubai World Trade Center. The solar energy and battery storage exhibition will see over 10k attendees meet for talks and exhibitions on technology focused on the green transition.#3- Mobility Live Middle East returns to Dubai on Tuesday and Wednesday at the Dubai World Trade Center, spotlighting future transport. The trade event will bring together regional mobility leaders for keynotes, panel sessions, and an expo featuring autonomous tech, smart cities, and public transport.#4- Middle East Rail will run in parallel on Tuesday and Wednesday at Dubai World Trade Center, bringing together transport ministries, rail operators, and tech firms for discussions and exhibitions on high-speed networks, digitalisation, and transit infrastructure. THE BIG STORY ABROAD- As the escalation of violence between Israel and Iran crosses the one-week mark, the repercussions of the conflict and speculation over the US’ potential involvement are still dominating global headlines. #1- US President Donald Trump said he will decide whether the US will strike Iran “within two weeks,” as he waits to see how potential negotiations with Iran could go, despite US military assets already making their way to the region. #2- Iran struck an Israeli hospital yesterday, as Israel fired missiles on military sites and an inactive nuclear reactor in Arak. The Israeli military also said it had struck a site in Bushehr on the Gulf coast, where Iran's only nuclear power station is located, but later admitted the announcement was an error. (Reuters | Bloomberg | Wall Street journal | AP) Get Enterprise daily The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox. Subscribe here ***You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq. Tap or click here to get your own copy of EnterpriseAM UAE.Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA climate and logistics industries?***OIL WATCH- Geopolitical risks are creeping back into the LNG equation — and the UAE’s rising LNG export ambitions may not be immune, Bloomberg reports. The escalating conflict between Israel and Iran could threaten LNG flows through the Strait of Hormuz, and prompt buyers in Asia, the fastest growing market for LNG imports, to consider sourcing supplies from elsewhere.By the numbers: Roughly a third of all LNG exports to Asia go through the Strait. REMEMBER- State-owned energy giant Adnoc is boosting its LNG capabilities both at home and abroad, with a plan to establish a top-five integrated global gas and LNG business, setting a target of 20-25 mn tons per annum (mtpa) in capacity by 2035, having already secured an enterprise value of over USD 80 bn in its first six months. Adnoc has already secured tens of long-term LNG supply contracts with Asian buyers for its production out of Al Ruwais and other LNG facilities.

UAE-backed climate fund Alterra committed EUR 50 mn to Italian renewables platform Absolute Energy via the Alterra Acceleration Fund, according to a press release. Absolute Energy specializes in small to medium-scale solar projects in Italy, which has a national target of upping its solar capacity to 46 GW by 2030.The details: The co-investment — made alongside US-based infrastructure firm I Squared Capital — will support the development of an initial 1.4 GW worth of solar and battery storage capacity across Italy, as well as Absolute Energy’s broader development pipeline of over 6 GW. The move is predicted to avoid 380k metric tons of CO2 emissions annually in its initial phase.This marks the third co-investment for Alterra, which deployed USD 100 mn into Indian renewables firm Evren in April — Alterra’s first Global South Investment — alongside Brookfield and other co-investors. The fund, unveiled during COP28 and set to mobilize USD 250 bn in green investments by 2030, also deployed USD 100 mn to back French renewables developer Neoen, Alterra CEO Majid Al Suwaidi told Reuters.REFRESHER- The acceleration fund was struggling to deploy capital, amid what CEO Majid Al Suwaidi described last year as a lack of viable projects in the energy transition space. Alterra committed USD 6.5 bn to seven investment strategies managed by BlackRock, Brookfield Asset Management, and TPG, though the actual funds deployed are significantly less.

CRYPTO- Bybit secures MiCAR license, sets up EU headquarters in Vienna: Dubai-based crypto exchange Bybit received a markets in crypto-assets regulation (MiCAR) license from Austria’s Financial Market Authority, according to a press release. The license means it can legally operate as a crypto-asset services provider across the 29 European Economic Area countries. M&A WATCH-EgyFert shareholders sell to Nas in partial response to MTO: Shareholders in EgyFert agreed to sell 1.8 mn shares to UAE-based Nas Investment Holding, following a mandatory tender offer to acquire up to 57.5% of the company at EGP 102 per share, according to an EGX bulletin (pdf). The shares tendered represent 33% of the stake Nas was targeting, bringing its total holding in EgyFert to 51.4%, according to our calculations. Nas had sweetened the offer last week, raising its offer from EGP 95 per share. There’s no publicly available information about the minimum acceptance level.ADVISORS- Nas enlisted Al Ahly Pharos as broker on the transaction, while MHR & Co and White & Case are legal advisors.REAL ESTATE- #1- Sky AD is getting a piece of Egypt’s Ras El Hekma: Emirati real estate developer Sky Abu Dhabi (Sky AD) has acquired a 450-feddan plot in Egypt’s ADQ-backed Ras El Hekma project, where it will develop a fully integrated residential and tourism project, the company said in a statement (pdf). The developer is targeting EGP 240 bn (c. USD 4.8 bn) in sales from the project, which comes as the company plans to double investments in Egypt.REFRESHER- Last July, the real estate developer said that it was in talks with the Madbouly government over a 200-600 acres plot of land in the North Coast. #2- Amlak sells Dubai plots to Emaar for AED 2.9 bn: Amlak Finance’s board approved the sale of its lands in Dubai’s Ras Al Khor to Emaar Developments, according to a DFM disclosure (pdf). This follows a general assembly resolution in March approving the sale and authorizing the board to conclude it. The sale transaction is valued at AED 2.9 bn and expected to close by 31 July 2025.The moves comes as part of a wider repayment agreement as the firm looks to shore up greater financial flexibility and meet a commitment to settle its outstanding debts of AED 1.4 bn by October 2026. As of last December it had reduced its liabilities by AED 800 mn and also floated the idea of exiting the real estate financing sector to strengthen its balance sheet.#3- Egypt’s Madinet Masr expands to UAE: Egyptian real estate developer Madinet Masr is setting up a subsidiary in Dubai — called Cities of the World — to manage all its projects outside of Egypt, according to a press release (pdf). The move is “a key part of Madinet Masr’s strategic expansion plan, which aims to strengthen the company’s regional and international presence and unlock new [prospects] across a range of real estate development sectors,” according to the statement. The UAE-based company will serve as the company’s international holding company, which will have under its wings dedicated entities to each target market, a company representative told EnterpriseAM.We had an idea this was coming: CEO Abdallah Sallam mentioned in March that the developer was in talks with potential partners in the UAE and Saudi Arabia for its planned GCC expansion. The developer’s Senior Vice President of Product Development Mohamed Lashien (LinkedIn) will serve as managing director of the newly-established subsidiary following its official launch. AVIATION- DAE to lease 2 aircraft to Royal Air Maroc: Dubai Aerospace Enterprise (DAE) signed an agreement with Morocco's state-owned airline, Royal Air Maroc, to lease two Boeing 737-8 MAX aircraft, Asharq Business reports. DAE delivered the first aircraft on Friday, with the second to follow soon. This marks Royal Air Maroc's first aircraft lease agreement with a Gulf lessor, however the transaction value wasn’t disclosed.This comes as part of a wider fleet shuffle from DAE, having offloaded 75 air carriers to Azzora and another undisclosed party last week, as well as acquiring 17 aircraft in March and selling 7 in January.MANUFACTURING- #1- EGA to almost double solar aluminum supply to Hyundai Mobis: Emirates Global Aluminium inked an expanded supply agreement with auto parts maker Hyundai Mobis to increase deliveries of its CelestiAL aluminium from the 8k tonnes provided this year to up to 15k annually by 2026, the company said in a press release. CelestialAL is aluminum produced using solar power.And more: Both sides also plan to explore a post-2026 framework covering value-added products like billets, primary foundry alloys, and recycled aluminum. They will also co-develop new alloys tailored to automotive use.#2- Dubai-headquartered Gold Metal DMCC opened a specialized facility at Dubai Investment Park 2, establishing the UAE’s first integrated operation for refining, recovering, and recycling precious metals, Al Bayan reports. The center’s main services include refining, secure storage, precious metals trading, and certified laboratory analysis. The facility uses Italian-manufactured equipment and houses internationally certified laboratories. DISPUTES- Shuaa files AED 260 mn claim against former executives: Dubai-based investment platform Shuaa Capital initiated legal action against members of its former management team, seeking AED 260 mn in damages over alleged misconduct that the firm says contributed to its financial losses, according to a disclosure (pdf).The lawsuit follows disclosures in August 2024 and last February, where Shuaa flagged its intent to pursue legal proceedings to recover losses and protect shareholder interest after it dodged an AED 22 mn payout in a lawsuit filed by one of the same former executives. Shuaa said it will inform the market and shareholders of any material updates.ENERGY- The Abu Dhabi Department of Energy (DoE) has launched phase two of its Demand Response Pilot Project, in partnership with Energy Pool and consultant Guidehouse, state news agency Wam reports. The project allows major industrial and commercial users to manage electricity demand during peak hours using advanced digital tools and improve grid flexibility.What’s new in phase two? A year-long pilot phase will see 30 industry and commercial players pool 250 MW of flexible demand capacity and assess their load-shedding capabilities using smart monitoring tools. The move builds on a successful pilot in 2024, where 12 major industrial and commercial players reduced peak demand by an average of 106 MW across 10 events — with a maximum cut of 210 MW, demonstrating the viability of demand-side flexibility as a scalable energy resource in Abu Dhabi. STARTUPS- Sheraa + Continuous Ventures partner for startup funding: Sharjah Entrepreneurship Center (Sheraa) signed an MoU with US-based venture capital firm Continuous Ventures Capital to expand funding access for Emirati early-stage startups, according to a LinkedIn post. The agreement, focusing on pre-seed and seed stage firms, was signed on the sidelines of an investor conference attended by backers with a total capital pool of USD 671 mn, including Global Ventures, Oraseya Capital, Wamda Capital, Beco Capital, and Shorooq Partners, Sharjah24 reports.BUSINESS- Dubai Chamber opens Thailand office: Dubai International Chamber has opened an office in Bangkok, its 36th internationally, according to a Dubai Media Office statement. The office will work to attract Thai businesses to Dubai while assisting Dubai-based companies entering the Thai market. By the sector: The chamber cited rental services, renewables, freight and medical tourism as promising Thai sectors for Emirati companies, while Emirati exports of fertilizer, metals, and livestock feed sectors could have potential in the Thai market.TRADE-The UAE-Serbia comprehensive economic partnership agreement (CEPA) has entered into force, adding to the 27 existing agreements, Wam reports. The pact eliminates or reduces customs duties on over 96% of tariff lines, and is expected to contribute USD 351 mn to UAE GDP by 2031. Priority sectors for collaboration include renewable energy, agriculture, logistics, and technology.

STARTUPS- UICCA + MOEC partner to support climate startups: The UAE Independent Climate Change Accelerators (UICCA) and the Economy Ministry signed an agreement to support climate-focused startups through the Circular Economy Cycle of the UICCA Launchpad Program, according to a statement. The details: The program, launching in May 2025, will provide mentorship and resources for startups tackling waste management and circular economy challenges. The ministry will also help connect startups with investors and enhance regulations for green technologies. If you have a startup — whether local or international — working in either of those areas, you can apply to the program here.MEDIA-The Creative Media Authority (CMA) signed a three-year partnership with Emirati-owned Roots Production Studios to support creative media in Abu Dhabi, according to the Abu Dhabi Media Office. Under the agreement, Roots will produce at least three projects annually in Abu Dhabi, utilizing cast and crew from CMA’s network of 800 businesses and over 1k freelancers.The details: Roots will also train four Emirati creatives per year and conduct three workshops annually for CMA’s network, while CMA will provide Roots with office space and a studio on Yas Island, which will also offer post-production services to the broader creative community.Background: Abu Dhabi has been making a push into the filmmaking industry, with more than 150 international productions filmed there since an incentive program was launched in 2013. The Abu Dhabi Film Commission recently raised its rebates on TV and film productions to 35%, up from 30%, as of 1 January 2025. The emirate is also building production facilities — dubbed twofour54 Studios — which it plans to open this time next year, and is investing in big industry players like VFX and animation studio DNEG and All3Media to boost its footprint in the industry. RENEWABLES-Amea breaks ground on Ivory Coast solar project: Dubai-based renewables firm Amea Power broke ground on the 50 MW Bondoukou solar project in Ivory Coast on Thursday, according to a press release. The USD 60 mn plant — which is being financed by the Dutch Entrepreneurial Development Bank (FMO) and German KFW subsidiary DEG — will produce 85 GWh of clean energy per year to power 358k households and offset over 52k tons of carbon emissions. The project is being built by Ivory Coast-listed project company Amea Goutougo and will be Amea’s first operational asset in the country, with another 50 MW solar project planned.BUSINESS-The Dubai Chamber of Commerce has launched the Indonesian Business Council to enhance trade and investment relations and promote business collaboration between Dubai and Indonesia, state news agency Wam reports. This is the 59th business council under the chamber’s umbrella.Non-oil bilateral trade between Dubai and Indonesia exceeded AED 10 bn in 9M 2024, highlighting strong commercial ties. The number of Indonesian businesses registered with the Dubai Chamber grew 60% y-o-y in 2024 to 160.The council held its first annual meeting at Dubai Chambers' headquarters, where members explored avenues for collaboration, market insights, and bilateral business events. The initiative builds on the Dubai International Chamber’s 2023 expansion into Jakarta, which facilitated 200 business meetings during a 2024 trade mission and hosted a Doing Business with Indonesia forum that drew 472 participants.TELECCOMS-#1- e& UAE deployed Ciena’s WaveLogic 6 Extreme (WL6e) on its optical network, marking a first for the Middle East and Africa, Ciena announced in a statement. The upgrade doubles data transmission capacity per wavelength to 1.6 Tb/s, enhancing 400G client infrastructure connectivity to support 10 Gb home services, business traffic, and AI-driven data center hubs.Why it matters: The deployment optimizes 5G performance, strengthens enterprise and wholesale connectivity, and ensures scalable, energy-efficient network expansion for AI applications. Powered by 3nm silicon technology, WL6e boosts efficiency and reduces congestion—all without expanding infrastructure.#2- TIM Group eyes Abu Dhabi for regional HQ under ADIO partnership: The Abu Dhabi Investment Office (ADIO) signed a strategic partnership with TIM Group (Telecom Italia) to explore the establishment of a regional headquarters in Abu Dhabi, according to an Abu Dhabi Media Office statement. The agreement was inked during the Italy-UAE Business Forum in Rome. As part of its potential expansion, TIM plans to establish a Centre of Excellence focused on IoT and AI innovation, driving advancements in smart cities, smart homes, and edge computing as a service. The Abu Dhabi headquarters would oversee operations across the Middle East, North Africa, and India.Under the partnership, TIM Group will also assess opportunities to introduce cyber and quantum communication solutions in the emirate, support the expansion of 5G and 6G networks, and deploy broadband technologies across Abu Dhabi.AVIATION-India’s Akasa Air boosts flights to UAE: India’s budget airline Akasa Air launched daily flights linking Abu Dhabi with Indian cities Bengaluru and Ahmedabad, according to a statement. The new connection is established under a codeshare agreement with Etihad Airways. The budget carrier started operating direct flights between Abu Dhabi and Mumbai back in July 2024, according to a separate statement. REAL ESTATE-GJ Properties to invest AED 4 bn by end of 2026: Ajman-based developer GJ Properties will invest AED 4 bn in projects between 2025-2026, it said in a press release. This year will see the firm launch 4.5k units through ten different projects. CEO Ali Jaber said its upcoming projects in Dubai and Ajman come as the UAE continues to enjoy a strong real estate market, with Ajman’s strategic location and more affordable property prices giving it strong investment potential.

Good morning, wonderful people, and happy hump day. It’s one of those rare quiet days in the UAE, and we’re savoring it with an (also rare) tight issue. The biggest stories to keep an eye on: Singapore’s First APAC fund is investing AED 5 bn in Dubai real estate firm AMIS Development; our friends at Mashreq inked a new trade facility agreement with BII; and we have two new laws on Sharjah’s digital landscape and the UAE’s penal and corrective institutions. The Dubai Financial Market index broke past the 4.8k-point level for the first time since October 2014, closing up 1.2%, Al Khaleej reports. Gains were primarily driven by improved performances in the real estate, financial, industrial, and utility sectors, led by Emaar (up 2.9%), Deyaar (up 5.7%), and Dubai Islamic Bank (0.9%). This marks the second time this month that the DFM hits a decade high. WEATHER- We’re in for a cloudy (and possibly rainy) end to the week: The National Center of Meteorology forecasts (pdf) partly cloudy conditions in northern and coastal areas and islands, with a chance of light rainfall and blowing dust until Saturday. Temperatures today will hit 31°C in Dubai, with an overnight low of 25°C, and 29°C in Abu Dhabi, before cooling to an overnight low of 24°C.There’s a money story in the Gulf. Take one look at the news, and you’ll see headlines about Saudi Arabia’s rapidly changing economy, Qatar’s investment in mass infrastructure, and the UAE’s transformation into a global tech hub. The geopolitical tectonic plates are shifting. To stay up to date on the business happening in the Gulf that is impacting the world around you, check out our friends at Semafor Gulf. Each issue uncovers the economic forces shaping the region — and the world. Subscribe here at no cost.WATCH THIS SPACE- #1- The UAE mulls pollution-charging system: The UAE is considering rolling out a pollution-charging mechanism to incentivize companies to reduce greenhouse gas emissions, Bloomberg cites Eva Torreblanca, a director at the Abu Dhabi’s Environment Agency’s policy and planning division, as saying. The Climate Change Ministry is currently reviewing proposals from the agency, including… A cap-and-trade system similar to the European Union’s Emissions Trading System;A carbon tax for companies emitting over 25k tons of CO2 annually;An auction-based mechanism inspired by Germany’s system for heating and transporting fuels.The caveat? Officials outside the agency are worried that these measures could deter companies from establishing operations in the UAE, the business news information service reports, citing people it says are in the know. Meanwhile, the Environment Agency is working on a system to measure and certify emissions, expected to be operational by January 2025, to address pitfalls in cap-and-trade systems, Torreblanca said. #2- Shorooq Partners to provide AED 30 mn for content startups: Abu Dhabi-based VC Shorooq Partners partnered with 1 Bn Followers Summit, the world’s largest content-focused event, to provide AED 50 mn in funding for the 1 Bn Pitches competition, state news agency Wam reports. Shorooq will contribute AED 30 mn through direct investments and in-kind services — such as cloud credits — while the 1 Bn Followers Summit will provide AED 20 mn.The competition will see ten finalists compete for first and second place, with the final outcome announced during the summit in Dubai from 11-13 January. Participants will be evaluated on feasibility, pitch quality, market potential, creativity, scalability, social/economic impact, and leadership capabilities.Three UAE startups made the shortlist:Atlaseek, a travel platform connecting creators and destinations;PenSell, an AI-driven platform for content collaboration;Division, a platform connecting brands with gamers for immersive advertising.PSAs- #1- Manufacturers and local agents will be required to display Nutri-Mark labels on food packaging starting 1 June 2025, as part of a joint initiative by the Abu Dhabi Quality and Conformity Council (ADQCC) and the Abu Dhabi Public Health Center, Khaleej Times reports. The Nutri-Mark nutrition grading system, launched to combat rising obesity rates in the UAE, assigns a grade from A (most healthy) to E (least healthy) based on a product’s nutritional value, Wam reports.The first phase of the project will apply to five food categories: baked goods, oils, dairy, children's food, and beverages, with plans to expand Nutri-Mark to additional food items — including non-packaged foods — in the future.The penalties: Products lacking the Nutri-Mark label or carrying inaccurate grades will be removed from shelves, with retailers facing fines.And there’s more: ADQCC is set to collaborate with manufacturers to reformulate products with lower sugar, salt, or fat content to achieve better Nutri-Mark grades.#2- UAE driving licenses will soon be recognized in Texas, allowing drivers to exchange their UAE licenses for a Texas license without the need for tests. The agreement came under an MoU signed between the UAE Interior Ministry and the Texas Department of Public Safety, Khaleej Times reports.#3- The financial markets in the UAE will be closed on 2-3 December in light of the UAE National Day, the Securities and Commodities Authority said. Trading will resume on 4 December. DATA POINTS- #1- Ras Al Khaimah is now the world’s best city in terms of expat essentials, according to InterNations’ Expat Essentials Index for 2024, which placed the Emirati city at the top of the 53-city list, with Dubai and Abu Dhabi filling the second and third spots. The index gauges four essential factors for expat life, namely, admin (securing a visa and handling bureaucracy), language, digital life, and housing. As for the overall Expat City Ranking, Ras Al Khaimah came in sixth place, while Abu Dhabi and Dubai had the ninth and tenth spots, respectively.How the three cities performed in other indices:Abu Dhabi landed in the seventh spot for quality of life, Dubai ranked 8th, and Ras Al Khaimah 28th;Ras Al Khaimah secured the second spot for working abroad, Dubai was 9th, and Abu Dhabi was 12th;Ras Al Khaimah secured the fifth place in terms of ease of settling in, while Dubai landed the 11th spot and Abu Dhabi 14th;Ras Al Khaimah landed the eighth spot for personal finance, with Abu Dhabi ranking 24th, and Dubai 36th.#2- The Dubai Financial Services Authority (DFSA) took eight enforcement actions and issued 24 alerts YTD, targeting unauthorized financial activities, investor deception, anti-money laundering non-compliance, and obstruction of DFSA investigations, Wam reports. The authority issued fines exceeding a total of USD 2.5 mn — with USD 1.3 mn imposed on individuals and USD 1.2 mn on firms — and prohibited three individuals from operating in the Dubai International Financial Center (DIFC). HAPPENING TODAY- #1- Open Source AI Summit is on its second and final day at The St. Regis Saadiyat Island Resort in Abu Dhabi. The event will feature discussions on prospects for open-source artificial intelligence, as well as challenges, ethical considerations, governance, and international cooperation.#2- The Global Food Security Summit is on its second and final day as part of Global Food Week at the Adnec center in Abu Dhabi. The event will focus on biosecurity and agriculture in arid environments, as well as innovative and sustainable agricultural practices, including the application of artificial intelligence. The Global Food Week will also include the Abu Dhabi International Food Exhibition and coffee and palm festivals. #3- The Global Women's Forum is on its second and final day at Madinat Jumeriah in Dubai. The forum will feature over 60 sessions with participation from 100 leaders and influencers globally. #4- Livable Cities X is on its second day, before wrapping tomorrow at the Dubai World Trade Center. The event will feature discussions with key players driving efforts to enhance sustainability, resilience, and livability in urban environments. Participants will engage with experts to discuss innovative solutions for urban challenges.#5- Future FM Exhibition kicked off yesterday and will wrap on Thursday, 28 November at the Dubai World Trade Center. The event will gather facility management experts and will discuss digital solutions within the industry to boost efficiency and sustainability.#6- GeoWorld Summit kicked off yesterday and wraps tomorrow at the Dubai World Trade Center. The forum will focus on exploring the latest trends in geospatial technologies and providing solutions based on data analysis and visualization to business leaders and governments.#7- The Global Media Congress 2024 kicked off yesterday and wraps tomorrow at Abu Dhabi’s Adnec Center. The event will bring together leaders and notable figures in the media industry to discuss the latest trends and technologies in the sector.#8- The Big 5 Global Exhibition kicked off yesterday and wraps on Friday, 29 November at the Dubai World Trade Center. The exhibition will feature key players and experts in the construction industry to discuss recent innovations and showcase available investment prospects.#9- The RAK Energy Summit 2024 kicks off today and runs until tomorrow at the Al Hamra International Exhibition and Convention Center. The summit will bring together renewable energy experts and decision-makers to discuss energy transition and decarbonization efforts in the GCC region. It will also explore topics such as AI, future energy transport, and energy storage.#10- The Mining Show wraps up today at the Festival Arena in Dubai. The show gathers governments, businesses, and investors to discuss advancements in the mining sector. The event focuses on the rising demand for key minerals, including lithium, copper, and cobalt, essential for EVs and renewable energy technologies. THE BIG STORY ABROAD- Israel and Hezbollah agreed to a ceasefire agreement that is set to take hold this morning, after the Israeli cabinet voted in favor of a pact brokered by the US and France. The agreement will see Israel “gradually withdraw its remaining forces” from its border with Lebanon over the next 60 days, while “the Lebanese Army and the State Security Forces will deploy and take control of their own territory [in the south] once again,” US President Joe Biden said yesterday. Ceasefire coming for Palestine soon? Washington is planning to “make another push with Turkey, Egypt, Qatar, Israel, and others” to reach a similar ceasefire agreement in Palestine, Biden said. An agreement would see Israel halting its assault on Gaza while removing Hamas from its position as de facto rulers of the enclave, and securing the release of remaining Israeli hostages. Biden is looking to also push through with a set of agreements with Saudi Arabia, including a defense pact and other forms of economic cooperation, which would also see Riyadh recognize and create diplomatic ties with Israel. The agreements have stalled since earlier this year as Saudi has made its recognition of Israel contingent on having a “clear and credible” pathway for Palestinian statehood. The story is topping front pages in the international press this morning: Reuters | Bloomberg | New York Times | CNBC | Wall Street Journal | Financial Times OIL WATCH- Opec+ countries are in discussions to potentially delay its plan to phase out oil supply cuts in January due to threat of oversupply, after delaying it initially from October, Bloomberg reports, citing delegates who asked to remain anonymous. Opec+ is due to meet online on 1 December, with traders widely expecting another delay to 2Q 2025, according to traders surveyed by Bloomberg. REMEMBER- The UAE has already been granted a higher production quota of 3.5 mn barrels per day in 2025, up from the current 2.9 mn. Get Enterprise daily The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox. Subscribe here ***You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq. Tap or click here to get your own copy of EnterpriseAM UAE.Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA climate and logistics industries?*** CIRCLE YOUR CALENDAR- The International Desalination and Water Reuse World Congress will take place between 8-12 December at the Adnec Center in Abu Dhabi. The event will feature discussions on innovations in water desalination and reuse technologies, decarbonization efforts, integrated water resources management, and best practices for rationalizing water consumption.The WORLDEF Dubai 2024 forum will take place on 4-5 December at Dubai CommerCity. The event will gather over 5k representatives from leading organizations in digital commerce. The European Arab Medical Congress will take place on 11-12 December at the headquarters of Zayed Higher Organisation for People of Determination in Abu Dhabi. Hosted by the Emirates Scholar Center for Research and Studies, the event will host 50 speakers and feature 40 scientific sessions covering the latest innovations in medicine and medical technology.Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

Good morning, friends. We have a tight issue for you this morning, with fresh federal GDP figures out for 2Q 2024, an upgrade for Ras Al Khaimah’s credit rating from S&P Global, and a new law regulating the arts sector. WEATHER- Expect a mostly sunny and warm day in Dubai and Abu Dhabi, with temperatures in the former hitting 32°C during the day, and an overnight low of 24°C. Abu Dhabi will be slightly cooler, with mercury hitting 28°C during the day and falling to an overnight low of 24°C.WATCH THIS SPACE- #1 Abu Dhabi National Oil Company (Adnoc) is considering selling 3-5% of Adnoc Gas, Bloomberg reports, citing sources it says are familiar with the matter. The potential transaction could be announced in the coming days, the sources added. The size and timing of the transaction have yet to be agreed on. The stake could be worth some USD 3.5 bn based on the gas unit’s share price at Fridays’ close. REMEMBER- Adnoc sold a 5.5% stake in its drilling unit in a secondary sale for USD 935 mn to institutional investors in May. #2- Boston Celtics’ major shareholder Wyc Grousbeck pitched selling a stake in the NBA champion to sovereign wealth fund Mubadala Investment when the two met during the team's pre-season games in Abu Dhabi in October, Bloomberg reports, citing people it says are in the know. While Mubadala executives are reportedly interested in NBA ownership, they — and other Gulf sovereign funds — are looking at investments in teams that offer hands-on management roles rather than passive stakes, the business information service notes.The Celtics, valued at USD 5.1 bn, face challenges in attracting buyers due to financial losses last season and the lack of an arena, which is crucial for revenue streams. The NBA is actively pursuing partnerships in the UAE and Qatar, including discussions about hosting exhibition games and establishing a regional office to boost fan engagement. It is also hoping to extend its partnership on fan engagement with sovereign wealth fund ADQ, which expires this year, one source said.The UAE has seen a surge in sponsorship agreements, including Emirates airline sponsoring the NBA Cup and promotional patches for Abu Dhabi on New York Knicks jerseys.#3- Abu Dhabi will be the first city in the MENA region to implement the Paris Agreement on Climate Change’s Enhanced Transparency Framework (ETF) on a subnational level, following the national launch by the Climate Change and Environment Ministry last year, according to the Abu Dhabi Media Office. This will involve a digital platform to improve data collection and regulatory enforcement pertaining to climate change policy in Abu Dhabi that will feed into the national ETF system.What is the ETF? The ETF provides guidelines to countries in the Paris Agreement on reporting and tracking progress towards achieving the agreement goals. The ETF system in Abu Dhabi will be responsible for monitoring emissions across key sectors, including manufacturing, agriculture, energy, land-use change, and waste management.#4- Masdar and Albania’s state-owned energy company Kesh plan to develop 3 GW worth of clean energy projects, starting with a 100 MW solar plant set to launch soon, state news agency Wam reports. Masdar had inked a joint venture term sheet with Kesh to develop GW-scale renewable energy projects, focusing on solar, wind, and hybrid technologies with potential battery storage earlier this month during COP29 in Baku. DATA POINTS- #1- Abu Dhabi is expected to have slashed 26 mn tons of carbon emissions between the launch of its Climate Change Strategy 2023–2027 in July 2023 and the end of the current year, Abu Dhabi’s Energy and the Environment Agency Department said in its latest report, according to Wam. The progress puts the emirate on track to achieve the strategy’s goal of slashing emissions by 22% by 2027 from 2016 levels.The strategy monitors progress across 77 projects, of which 26% have been completed, including major initiatives like the Al Dhafra Solar Power Project. #2- The UAE claimed the fifth spot in the Global AI Vibrancy Ranking for 2023 (pdf) published by the Institute for Human-Centered AI at Stanford University. The Emirates was among the top three nations globally to invest in AI via both IPOs and minority stakes, according to the report. The country also scored highly on the net migration of AI talent and boasts a diverse AI workforce gender-wise, the report noted. The US claimed the top spot, followed by China, the UK, and India. What they said: “The UAE’s strong position in the vibrancy ranking highlights the Middle East’s growing influence in the global AI landscape and is reflective of the UAE government’s deliberate efforts to position the country as a significant global AI player,” the report read.Remember- Abu Dhabi's Technology Innovation Institute (TII) launched the Falcon Foundation, a nonprofit entity dedicated to advancing open-source Generative AI models for specific industries, with an AED 1 bn funding commitment earlier this year. The TII launched the open-source Falcon 40B large language model in May.PSAs- #1- A four-day weekend incoming: The UAE Cabinet approved a national holiday for the public and private sectors in observance of the UAE National Day on Monday, 2 December, and Tuesday, 3 December, according to X posts (here and here).#2- The Interior Ministry will lift drone restrictions for companies and government entities starting today, with plans to expand the mandate to include other users, including amateur operators, in subsequent phases, state news agency Wam reports. Operators must check requirements on the UAE Drones app or website. HAPPENING TODAY- The Sharjah International Tourism and Travel Forum will kick off today at the Expo Center in Sharjah. The forum gathers industry leaders and innovators for panel discussions and workshops on advancements in the tourism sector, and will include discussions around digitization, data-driven decision-making, health protocols, and sustainable practices. HAPPENING THIS WEEK- #1- Open Source AI Summit will take place tomorrow and after at The St. Regis Saadiyat Island Resort in Abu Dhabi. The event will feature discussions on prospects for open-source artificial intelligence, as well as challenges, ethical considerations, governance, and international cooperation.#2- The Gulf Capital Market Summit will take place tomorrow at the Address Sky View in Dubai. The event will focus on debt and equity markets. Participants will include investors, issuers, market practitioners, and officials who will address key issues that will influence the future of the markets.#3- The Global Food Security Summit will take place tomorrow and after at the Adnec center in Abu Dhabi. The event will focus on biosecurity and agriculture in arid environments, as well as innovative and sustainable agricultural practices, including the application of artificial intelligence.#4- The Global Women's Forum will take place tomorrow and afterat Madinat Jumeriah in Dubai. The forum will feature over 60 sessions with participation from 100 leaders and influencers globally. #5- Livable Cities X will take place between 26-28 November at the Dubai World Trade Center. The event will feature discussions with key players driving efforts to enhance sustainability, resilience, and livability in urban environments. Participants will engage with experts to discuss innovative solutions for urban challenges.#6- Future FM Exhibition will take place between 26-28 November at the Dubai World Trade Center. The event will gather facility management experts and will discuss digital solutions within the industry to boost efficiency and sustainability.#7- GeoWorld Summit will take place between 26-28 November at the Dubai World Trade Center. The forum will focus on exploring the latest trends in geospatial technologies and providing solutions based on data analysis and visualization to business leaders and governments.#8- The Global Media Congress 2024 will take place between 26-28 November at Abu Dhabi’s Adnec Center. The event will bring together leaders and notable figures in the media industry to discuss the latest trends and technologies in the sector.#9- The Big 5 Global Exhibition will take place between 26-29 November at the Dubai World Trade Center. The exhibition will feature key players and experts in the construction industry to discuss recent innovations and showcase available investment prospects.#10- The RAK Energy Summit 2024 will take place on 27-28 November at the Al Hamra International Exhibition and Convention Center. The summit will bring together renewable energy experts and decision-makers to discuss energy transition and decarbonization efforts in the GCC region. It will also explore topics such as AI, future energy transport, and energy storage. THE BIG STORY ABROAD- It’s another deeply mixed morning in the international business press, giving us a range of stories and headlines to wade through. Among the stories leading the front pages this morning:Huawei to launch phone with own software in sign of China-US splintering (Financial Times)Riyadh’s new dealmakers show women rising in USD 1 tn economy (Bloomberg)Hezbollah fires about 250 projectiles into Israel after deadly strike in Beirut (New York Times | Reuters)Israel and Lebanon on cusp of ceasefire deal, officials say (Axios)How tech bros bought “America’s most pro-crypto Congress ever” (CNBC)MEANWHILE FROM COPLAND- COP29 wrapped over the weekend with an agreement on a USD 300 bn per year global climate finance target following two weeks of high-stress negotiations. The agreement — which will earmark the funding to help developing nations cope with climate change — triples a previous climate finance target, although the USD 100 bn goal was met two years late. Developing nations, however, are criticizing the new target as insufficient. Reuters | Bloomberg Get Enterprise daily The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox. Subscribe here ***You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq. Tap or click here to get your own copy of EnterpriseAM UAE.Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA climate and logistics industries?***

Good morning, lovely people. It’s the quietest day of news here at home that we’ve had in weeks — if not months — but we have an important update on DIFC law and the Central Bank of the UAE’s latest T-sukuk auction for you to dig your teeth into. PLUS- We have an interesting My Morning Routine read for you this morning with Wisewell and Incubayt’s Sami Khoreibi, where he dives into how he balances work as an entrepreneur and investor, and his ambitions to drive sustainability in the region through various avenues both in his past work and through his current roles. WEATHER- Temperature will hit 32°C in Dubai before cooling to 24°C overnight. In Abu Dhabi, the mercury peaks at 28°C, with an overnight low of 26°C. WATCH THIS SPACE- #1- GCC funds to deepen US investments post-Trump’s election? With Elon Musk set to lead the US president-elect Donald Trump’s new Department of Government Efficiency, the UAE and GCC countries see an opportunity to deepen investments in the US, Bloomberg reports, citing unnamed sources. Musk's presence in Trump’s inner circle is expected to bolster Gulf investors' confidence, particularly in critical sectors like tech and AI, which faced restrictions under Joe Biden’s administration.Gulf sovereign wealth funds have long supported Musk. Sheikh Tahnoon bin Zayed invested in Musk’s SpaceX. Saudi Arabia’s PIF invested in his AI company xAI (MGX was also rumored to be eyeing an investment in the startup), and Qatar’s fund backed his Twitter acquisition and other ventures. The potential investments could add to the UAE’s existing USD 1 tn investments in the US, with both countries already having pledged to expand their collaboration in tech and AI, according to an unnamed UAE official. Trump could soon visit the UAE, Eric Trump, the president-elect’s son, previously said prior to the elections. Eric is also slated to speak at the Bitcoin MENA event in Abu Dhabi this December. #2- As COP29 talks on climate finance face a stalemate, UAE-backed Alterra fund is also struggling to deploy capital amid what CEO Majid Al Suwaidi identified as a lack of viable projects in the energy transition space in a Bloomberg interview. Alterra has so far committed USD 6.5 bn to seven strategies managed by BlackRock, Brookfield Asset Management, and TPG, though actual funds spent are significantly less, its CEO said, without disclosing a specific figure. Background: The UAE-backed USD 30 bn vehicle was unveiled last year at COP28 to mobilize USD 250 bn globally by 2030 to finance the climate transition. It recently announced plans to direct an additional USD 200 bn to climate investments over the next six years, and said that it will increase its focus on co-investments and direct investments, capping returns in its Transformation unit to attract external investors. #3- Sharjah rental rates rise 30-50% amid surging demand: Sharjah's rental market is experiencing 30-50% increases this year, driven by economic growth, rising rents in other emirates like Dubai, and an influx of residents from countries such as Sudan, Russia, and Ukraine, real estate experts told The National. REMEMBER- In September, Sharjah's ruler, Sheikh Sultan bin Mohammed Al Qasimi, approved a new rental law aimed at capping rent increases for the first three years of a lease, tightening eviction rules, and expediting leasing contract ratifications. #4- DP World mulls investments in Cambodia: DP World CEO Sultan Ahmed Bin Sulayem expressed interest in investing in Cambodia’s transportation, logistics, and industrial park development during a call with Cambodian Prime Minister Hun Manet yesterday, Cambodian newswire Khmer Times reports. #5- Kuwait Petroleum Corp. (KPC) will establish a fuel-trading unit in Dubai in 1H 2025, CEO Sheikh Nawaf Al-Sabah told Bloomberg. The initiative is part of KPC’s KWD 20 bn investment plan aimed at boosting oil production capacity and enhancing operations across its value chain, from exploration to petrochemicals.#6- GulfNav’s Brooge takeover still in the works: Maritime player GulfNav confirmed that its acquisition of oil storage outfit Brooge Petroleum and Gas Investment Company from Brooge Energy is “still in progress,” as the Securities and Commodities Authority is still reviewing the transaction, the company said in a disclosure (pdf). The company also said the drop in its share price to the minimum threshold temporarily during trading yesterday could not be attributed to any information or news that would justify the drop. BACKGROUND- GulfNav received board approval in September for the AED 448.5 mn share swap transaction, which involves a capital increase equivalent to the shares issued to Brooge. The proposal, initially submitted to the SCA in October 2023, was updated earlier this year.PSA- Three categories of individuals violating UAE entry and residency regulations are excluded from the grace period extended to 31 December under the visa overstay amnesty program, Gulf News reports, citing the Federal Authority for Identity, Citizenship, Customs, and Port Security. These categories include employees abandoning their jobs after 1 September, which is the start date of the amnesty program, individuals with deportation orders from the UAE or other GCC countries, and those who entered the UAE illegally.Eligible overstayers are encouraged to apply for exit permits to leave the UAE without fines if they cannot secure work by year-end, according to Col Abdullah Atiq, deputy assistant director of investigation affairs at the General Directorate of Residency and Foreigners Affairs in Dubai, The National reports.ICYMI- The visa overstay amnesty program, initially launched in September, was extended from 31 October to 31 December. It allows individuals to address visa violations without fines or bans preventing re-entry. HAPPENING TODAY- #1- Ras Al Khaimah Ruler Sheikh Saud bin Saqr Al Qasimi is wrapping a four-day visit to Guangdong Province, China,, Wam reports. During the visit, the RAK Ruler will sign a cooperation agreement with Guangdong, focusing on the digital economy, scientific and technological innovation, advanced manufacturing, smart cities, and culture and tourism. Al Qasimi will also hold business meetings. #2- Xpanse 2024 is on its second and final day at the Adnec Center in Abu Dhabi, Wam reports. The event will focus on artificial intelligence, machine learning, genomics, quantum computing, neuromorphic computing, and 6G connectivity. Some 3k decision-makers, technology innovators, Nobel laureates, industry executives, CEOs, government officials, and scientists are expected to attend. HAPPENING THIS WEEK- The ADLM Middle East Conference and Exposition will be held on 23-24 November at the Conrad Abu Dhabi Etihad Towers. The event will showcase diagnostic products and clinical solutions, with topics covering mobile health, molecular diagnostics, and next-generation sequencing. Attendees include laboratory directors, government officials, and industry representatives from across the Middle East and Africa. THE BIG STORY ABROAD- The stalemate in Baku is still getting attention as COP29 climate talks enter their final day with no progress on a climate finance agreement for developing countries — or an agreement for a transition away from fossil fuels — in sight. The climate conference is widely expected to overrun. Still hanging in the balance: Draft documents failed to include mention of fossil fuels (an issue Western countries have blamed squarely on oil-producing countries in the region, led by Saudi Arabia) or a specific figure to update the USD 100 bn owed to developing countries to help the climate transition, which was agreed a decade ago, the Financial Times reports. Developing countries have been looking to bump the figure up to USD 1 tn, but people the FT says are familiar with the discussions say it could land at USD 200-300 bn. Outside of Baku, the International Criminal Court’s arrest warrant for Israeli Prime Minister Benjamin Netanyahu is the single story getting the most attention. US President Joe Biden rejected the warrants and called them “outrageous,” saying the ICC does not have jurisdiction of the matter and that “there is no equivalence — none — between Israel and Hamas.” Hamas leader Mohammed Deif was also issued a warrant. (Al Arabiya | Reuters | The Guardian | AP | Bloomberg) Also getting attention: US president-elect Donald Trump named a new attorney-general — former Florida attorney-general Pam Bondi — after his initial choice, Matt Gaetz, backed out. (FT | Reuters | WSJ | AP) PLUS- BTC hit another fresh high yesterday, approaching USD 100k for the first time but reaching a peak of USD 99.1k, as the cryptocurrency continues to benefit from a post-election rally. (Reuters | CNBC) Get Enterprise daily The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox. Subscribe here ***You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq. Tap or click here to get your own copy of EnterpriseAM UAE.Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .DID YOU KNOW that we also cover Egypt,Saudi Arabia, and the MENA climate and logistics industries?***

The UAE has been active at COP29, with Masdar inking agreements for several renewables projects in Asia, and new initiatives for energy efficiency. Masdar is moving quickly on its 1 GW wind farm in Kazakhstan, securing a power purchase agreement for the project just a few days after signing the investment agreement, according to a press release. Masdar signed the agreement with the Financial Settlement Centre for Renewable Energy Sources Support on Saturday, About the plant: Once completed, the plant is expected to produce enough power for 300k homes and offset two mn tons of emissions per annum. The new facility — located in the Jambyl region in south Kazakhstan — will feature a 600 MWh battery energy storage system. Construction is set to commence in 1Q 2026.ALSO- The company secured USD 600 mn in financing for 760 MW of solar projects in Azerbaijan: UAE renewables giant Masdar and Socar Green — the renewables subsidiary of Azerbaijan's state-owned oil company Socar — have secured over USD 600 mn in financing for two solar projects in Azerbaijan, according to a press release. The plants are expected to be among the largest in the country, eliminating 725k tons of CO2 emissions per year and tripling the country’s solar energy capacity.Who is contributing? The European Bank for Reconstruction and Development (EBRD), the Asian Development Bank (ADB), and the Asian Infrastructure Investment Bank (AIIB) are all committing funds to the projects. The exact breakdown of the contributions is not clear, but we know ADB is contributing a financing package totaling USD 160 mn, the bank said in a statement.REMEMBER- Masdar and Azerbaijan's Socar already broke ground on the Bilasuvar and Neftchala solar parks at Baku Energy Week in June 2024. Construction is due to be completed by 1Q 2027. The two companies inked, along with Saudi Arabia’s Acwa Power, also signed an MoU last week to develop 3.5 GW of offshore wind projects in Azerbaijan’s Caspian Sea. OTHER COP29 NEWS- #1- UAE launches Global Energy Efficiency Alliance: The UAE has unveiled the Global Energy Efficiency Alliance at COP29, aiming to double global energy efficiency rates by 2030, Wam reported on Friday. This initiative builds on the UAE Consensus from COP28 and seeks to encourage investments in energy efficiency projects, develop supportive policies and technologies, and promote capacity building. A particular focus will be placed on aiding African nations with financing and technological solutions to enhance their energy efficiency capabilities, Sharif Al Olama, the energy undersecretary at UAE’s Ministry of Energy and Infrastructure, told Wam. (** Tap or click the headline above to read this story with all of the links to our background and outside sources.)#2- WGEO + Palau partner on climate action: The World Green Economy Organisation (WGEO), spearheaded by the UAE and the Government of Palau, signed an MoU to advance green economy initiatives and climate action, Wam reports. The partnership focuses on fostering low-carbon solutions and ocean conservation, crucial for Palau as a Small Island Developing State (SIDS). #3- WGEO backs 11 African cities in carbon neutrality efforts: WGEO pledged its support to 11 African cities under the Carbon Neutral Cities Initiative, in collaboration with United Cities and Local Governments of Africa, Wam reports. The initiative focuses on reducing carbon footprints and developing sustainable infrastructure in Chefchaouen, Nouakchott, Cotonou, Ndiop, Brazzaville, Bangangté, Bangui, Blantyre, Quelimane, Homa Bay, and Jinja.#4- The UAE is developing the world’s first ChatGPT tool for the agricultural community, dubbed CHAG, Mariam Almheiri, head of the International Affairs Office at the UAE Presidential Court, said during COP29, Wam reported. The platform aims to help farmers make informed decisions pertaining to their agricultural cycle and adapt to various environmental conditions.

The renewables theme continues to dominate the news cycle as COP29 runs through to next week in Baku, with Abu Dhabi renewables giant Masdar inking its third agreement this week for a wind project in Asia, and Alcazar Energy inking an MoU for a wind farm in Egypt. #1- Masdar to develop 3.5 GW wind projects in Azerbaijan: Masdar, Azerbaijan's Socar, and Saudi Arabia’s Acwa Power signed an MoU to develop 3.5 GW of offshore wind projects in Azerbaijan’s Caspian Sea, according to a statement. The project will establish Azerbaijan’s first offshore wind farms, supporting the country's renewable energy, green hydrogen, and water desalination goals on its path to net-zero emissions by 2050.Masdar and Socar go way back: Masdar and Socar broke ground on 1 GW of solar and wind projects earlier in June, as part of a broader agreement to install 10 GW of clean energy projects — including onshore and offshore wind farms, solar farms and green hydrogen — in the Central Asian country. ICYMI- Masdar inked agreements to develop 1 GW wind farms in Uzbekistan and Kazakhstan this week during COP29. #2- Alcazar to develop 2 GW wind project in Egypt: Dubai’s Alcazar Energy Partners inked an MoU with the Egyptian Electricity Transmission Company and Egypt’s New and Renewable Energy Authority to develop a 2 GW onshore wind power project in Egypt, according to a statement. The details: Once operational, the wind project will generate enough electricity to power over 1.3 mn households, preventing up to 4.7 mn tons of CO2 emissions annually. It is expected to create some 12.5k construction jobs and nearly 1.2k full-time operation jobs.Alcazar is no stranger to Egypt: Alcazar set up the largest independent renewable energy project portfolio in the MENA region at the time in 2018, including five solar and two onshore wind projects across Jordan and Egypt with a total generation capacity of 411 MW, according to its website.And it has been busy this year: The company invested USD 500 mn to build a 400 MW wind farm in North Macedonia earlier in June. Alcazar also secured a USD 490 mn final close on its renewable energy fund, Alcazar Energy Partners II, in May, expected to assist emerging markets in offsetting over 3 mn tonnes of greenhouse gas emissions annually.

UAE inks USD 30 mn climate partnership with Ghana: The UAE signed a USD 30 mn biodiversity and climate agreement with Ghana to invest in biodiversity, climate solutions, and nature-based community development in the African nation, according to a press release. The details: Emirati Climate Change Minister Amna bint Abdullah Al Shamsi, and Ghana’s lands and natural resources minister, Samuel Abujinabo, inked a letter of intent outlining six key areas of investment. The focus will include biodiversity corridors, reforestation, and agroecology. The two nations will discuss the projects further at Cop29 next year and Cop20 in 2025.What they said: “Any effort to solve deforestation is both human and capital intensive. Even though Ghana is receiving carbon payments, there exist critical implementation gaps that need to be filled with other financial instruments to generate more emission reductions,” Abujinabo said. “This is what our partnership with the UAE represents,” he added.

Good morning, friends. It’s the final day of September, and we’re already feeling the change of the seasons. 🌧️WEATHER- Some rain after a long drought? 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°C, with a chance of rain early in the afternoon, before cooling to 30°C overnight. Over in Abu Dhabi, temperatures will reach 36°C before cooling to 31°C overnight. It’s a calm newsday here at home, typical to the start of the week, but we have more for you on soaring rents in Dubai’s office market, plus a lot of action on the diplomacy front as Dubai’s Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum wraps his visit to Uzbekistan with several agreements.  The UAE said there has been a “heinous attack” on the residence of its ambassador in Khartoum, which it said caused extensive damage to the building, state news agency Wam reports. The Foreign Affairs Ministry accused the Sudanese army of the attack, without clarifying if Ambassador Hamad Mohammed AlJneibi was injured. WATCH THIS SPACE- #1- The UAE plans to release its new national climate action plan for 2025-2035 under the Paris Agreement before the Cop29 climate summit in November, Reuters 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). #2- Homegrown renewables giant Masdar is “very keen on the Spanish market” as it looks to expand its presence there with current partners — like Endesa and Iberdrola — and new ones, after completing two major acquisitions in recent months, Masdar’s M&A Director Faisal Tahir Bhatti told Reuters. The company intends to be “very selective” in its approach, Bhatti added.REMEMBER- 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.Remember #2- Masdar reached an agreement last week 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 to acquire a minority stake of a little under 50% in 2.5 GW of solar energy plants owned by Spanish power firm Endesa’s subsidiary EPGE Solar for EUR 817 mn. The company has reportedly been in talks with Endesa to develop a new project to generate over 5 GW of solar energy. #3- Nigeria’s flag carrier will be able to resume flights to the UAE in the wake of the reciprocal flight agreement signed between both countries on Friday, Nigerian Aviation Minister Festus Keyamo said on X. This comes as Dubai-based carrier Emirates gears up to resume flights to Nigeria tomorrow.REMEMBER-The UAE lifted a ban on Nigerian travelers in July, following a 21-month long hiatus due to difficulties repatriating funds from Nigeria. #4 The UAE is interested in investing in Bangladesh's Chattogram port, UAE Ambassador to Bangladesh Abdullah Ali Al Hamoudi was quoted as saying by the Business Standard. 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.DATA POINTS-#1- The UAE accounted for 1.6% of the world’s foreign direct investment (FDI) inflows for greenfield projects from 2023 to July 2024, Zawya reports, citing data presented at the World FZO’s Annual World Congress in Dubai. The Middle East captured some 60% of FDI projects in freezones during the period, with Dubai leading the way.#2- The Dubai Design District (d3) and Dubai Media City expect the global digital creative economy to reach AED 27 tn by 2030, according to a white paper study they conducted, which surveyed 400 design and media experts, the Dubai Media Office said. The study explores the effects of emerging technologies on skills and services, including fashion design, architecture, visual arts, advertising, and events.#3- London-based project management and advisory firm Currie & Brown expects construction costs in the UAE to increase by 2-5% annually 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.#4- Dubai’s residents are bullish on the property market, with 72% of over 1.6k respondents surveyed in Betterhomes’ new Future Living report (pdf) 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.Housing preferences in the emirate are tied directly to income levels, with mid to higher-income tenants opting for villas and townhouses, and lower to middle-incomers preferring apartments, the report highlights. #5- The UAE received a ‘medium’ risk rating in the London Stock Exchange Group's Country Risk Classification as it raised its score to 5.86, moving it up 13 places in the ranking, Wam 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) score rising to 4.96 from 5.77, driving the overall score to 5.43 from 5.74, Wam says.REMEMBER- The UAE was marked off the Financial Action Task Force (FATF)’s ‘graylist’ 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. HAPPENING THIS WEEK-#1- The Dubai World Trade Centre will host the Water, Energy and Environment Technology Exhibition 2024 from 1-3 October, 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.#2- The Dubai World Trade Centre will host the World Green Economy Summit from 2-3 October 2024, 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.#3- The Sport Industry Forum kicks off on 2 October at NYU Abu Dhabi, according to a press release (pdf). 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. PUBLIC SERVICE ANNOUNCEMENTS-The Federal Tax Authority extended the deadline for corporate tax payments for taxpayers with a tax period ending on or before 29 February, it said in a circular (pdf). Taxpayers now have until 31 December to complete obligations. THE BIG STORY ABROAD-It’s another morning with escalations in the region dominating headlines: Israel attacked Yemen’s Houthis yesterday, launching a wave of airstrikes on Ras Issa and the port city of Hodeida that killed four and wounded an additional 29 according to the Houthi-run health ministry. Commenting on Israel’s ongoing attacks on its allies, Iranian President Masoud Pezeshkian said that Israel should not be allowed to attack countries in the Iran-linked “axis of resistance” without consequence, saying that “a decisive reaction is necessary” and condemning Israel’s targeting of what he called “civilian infrastructure” in Hodeida. Meanwhile, Israel’s brutal assault on Lebanon continued, with at least 105 people 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’s leader Hassan Nasrallah, who was killed on Friday in an Israeli airstrike on the Iran-backed militant group’s underground headquarters in Beirut, while Israeli military officials vowed to “keep hitting Hezbollah hard.” The strikes have led to what Lebanese Social Affairs Minister Hector Hajjar called a “humanitarian catastrophe” yesterday, underlining the difficulty the Lebanese caretaker government is having addressing the needs of the nearly 1 mn people that have been displaced since the conflict’s escalation.AND IN BUSINESS NEWS- Former Japanese Defense Minister Shigeru Ishiba’s election as head of the country’s ruling Liberal Democratic Party has sent jitters through Japan’s stock market, as insiders express concern about his support for heavier corporate and investment income taxation. 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Brookfield closes initial funding round for CTF: Canada’s Brookfield Asset Management has initially closed a USD 2.4 bn funding round for the UAE-backed Catalytic Transition Fund (CTF) to boost climate finance in emerging markets, according to a press release (pdf). The Catalytic Transition Fund (CTF) is anchored by a USD 1 bn commitment from Alterra fund set up by the UAE during COP28.Where is the money coming from? The new investment partners are Caisse de dépôt et placement du Québec (CDPQ), GIC, Prudential, and Temasek, among others.What’s next? CTF expects to share its initial investments later in 2024, the statement notes. Additional capital from ongoing fundraising efforts and a traditional close is expected by early 2025, Brookfield says.An ambitious goal: Back in June, Brookfield said it aims to raise USD 5 bn as part of its first close which was expected by the end of 2024 at the time. Brookfield will contribute at least 10% of the capital. What they said: “Globally, around USD 6.5 tn will be needed yearly for the energy transition over the next 15 years. It’s a staggering figure, and various partnerships and investments are necessary to accelerate the path forward,” CDPQ Global Vice-President and Head Marc-André Blanchard said in the statement.About Alterra: The UAE-backed USD 30 bn vehicle was launched last year at COP28 to mobilize USD 250 bn globally by 2030 to finance the new climate economy and accelerate the climate transition, the statement notes. Alterra’s initial commitment — along with BlackRock, Brookfield, and TPG — was USD 6.5 bn to climate-dedicated funds. Alterra recently said it will direct an extra USD 200 bn to investments over the next six years, after saying it aims to mobilize USD 250 bn in green investments by 2030.OTHER ALTERRA-RELATED NEWS-Private equity firm TPG raised an initial USD 1.25 bn for its private investment vehicle for climate action, the Global South Initiative, with commitments from Alterra, according to a separate statement (pdf), which did not disclose Alterra’s exact contribution. Investors from Asia and North America also contributed to the funding, the statement said. Alterra made the contribution through its USD 5 bn fund. Background: TPG and Alterra launched GSI at COP28 in Dubai, targeting USD 2.5 bn in total capital.

Wall Street’s climate blind spot: Some of Wall Street’s biggest banks might be miscalculating a crucial risk metric — how they’ll navigate a world shaped by rising temperatures and extreme weather, Bloomberg reports. A new study from Climate X, a risk data provider, suggests that while banks, such as Goldman Sachs, Morgan Stanley, and JPMorgan Chase, are beginning to track climate-related risks, they are not making the necessary shifts to address future disruptions caused by extreme weather and rising global temperatures. Deja vu? Kamil Kluza, chief product officer at Climate X, drew a parallel to the 2008 financial crisis, when banks overlooked liquidity risks. He believes a similar gap exists today with climate risk.How banks fared: Standard Chartered and Banco Santander emerged as the top performers in financing climate adaptation, scoring around 11-12 points out of 17, while US banks Goldman Sachs, Morgan Stanley, and JPMorgan Chase rank among the lowest for investments that support climate adaptation.Adaptation efforts fall short…: Climate X found that while 80% of banks are collecting climate-related data, less than half are actively engaging with clients to adjust their financing for climate-vulnerable businesses. … creating a funding gap: The private sector’s contribution to climate adaptation finance is still alarmingly low. From 2019 to 2022, it accounted for just 3% of the total funding, with most of the burden falling on governments and philanthropies. The current allocation of funds represents only a “fraction of what’s needed," according to World Bank Senior Managing Director Axel van Trotsenburg, who criticized that much of it is being used to "rectify mistakes that should not have been made.”ALSO WORTH KNOWING- Microsoft boosts dividend, launches USD 60 bn buyback program: Microsoft raised its quarterly dividend 10% to 83 cents per share and introduced a new USD 60 bn stock-buyback plan, matching a similar program from three years ago. Shares rose up to 2.4% following the announcement. (Bloomberg)Forty commercial banks have joined in on the new G7-dominated digital currency platform Agora, considered a rival for the multi-central bank digital currency platform being developed by the UAE, China, Hong Kong, Thailand, and Saudi Arabia, mbridge. (Reuters) MARKETS THIS MORNING- Once again, Asian markets are mixed as traders continue to brace themselves for a decisive day for global markets, with the Fed expected to make its first rate cut in five years. While South Korea and Hong Kong markets remain closed for national holidays, Japan’s Nikkei rose 1.22%, and Topix was up 0.9%. Meanwhile, Wall Street futures are flat heading into the big day, with the Nasdaq and Dow Jones only marginally up. ADX9,428+0.4% (YTD: -1.6%)DFM4,3950.0% (YTD: +8.3%)Nasdaq Dubai UAE203,825+0.6% (YTD: -0.4%)USD : AED CBUAEBuy 3.67Sell 3.67EIBOR5.2% o/n4.1% 1 yrTadawul11,886+0.2% (YTD: -0.7%)EGX3030,159-0.3% (YTD: +21.2%)S&P 5005,635+0.03% (YTD: +18.1%)FTSE 1008,310+0.4% (YTD: +7.5%)Euro Stoxx 504,861+0.7% (YTD: +7.5%)Brent crudeUSD 73.70+1.3%Natural gas (Nymex)USD 2.31-0.8%GoldUSD 2,592.40-0.6%BTCUSD 60,380.70+4.2% (YTD: +42.3%)THE CLOSING BELL-The DFM stayed flat yesterday on turnover of AED 265.5 mn. The index is up 8.3% YTD.In the green: Dubai National Ins. & Reins. (+10%), Spinneys (+6.1%) and Al Salam Bank (+2.4%).In the red: Drake & Scull International (-2.3%), Union Properties (-1.7%) and Agility (-1.7%). Over on the ADX, the index rose 0.4% on turnover of AED 1.3 bn. Meanwhile Nasdaq Dubai closed up 0.6%.

INVESTMENT- Shorooq Partners leads landmark AI startup funding round: Abu Dhabi-based venture capital firm Shorooq Partners Shorooq Partners led a USD 20 mn series A funding round for Saudi deep-tech AI company Intelmatix, marking the region’s largest series A round for an AI startup, according to a press release. The round saw participation from Saudi Venture Capital Company, Saudi Technology Ventures (STV), Olayan Financing Company, Sultan Holdings, Zain Ventures, and Rua Growth Fund. About Intelmatix: Founded by MIT scientists, Intelmatix seeks to bridge the region’s AI gap through its flagship product, the Enterprise Decision Intelligence Platform, which is designed to provide comprehensive AI solutions for organizations without requiring extensive AI expertise.The story got ink in Bloomberg.ENERGY-#1- Adnoc ramped up production at its offshore Satah Al Razboot oil field by 25%, reaching 140k barrels a day, the state-owned oil giant said in a statement. The state-run oil company credited the digitalization of its operations at the field, including the use of remote monitoring and AI, for the increase in production. The Satah Al Razboot field is located 120km northwest of Abu Dhabi.This move brings Adnoc closer to its goal of producing 5 mn bpd by 2027, which Bloomberg reported earlier that the oil giant might achieve by the end of 2025 or early 2026, ahead of the original 2027 goal. The AI tech was developed by AIQ, Adnoc’s AI joint venture with G42. AIQ’s DrillRep and OptiDrill solutions enhance drilling efficiency at the field by processing data from rigs and wells to optimize drilling operations. #2- Ghafa Sustainability + Atsuya ink energy and water agreement: Abu Dhabi-based Ghafa Sustainability and Energy Solutions and Indian sustainability startup Atsuya Technologies signed an MoU to cooperate on sustainable energy solutions in the UAE, according to a statement. The pair will work together on implementing AI and IoT solutions to improve energy efficiency and sustainability. The agreement was signed on the sidelines of the Investopia Global talks in India's Chennai.#3- Dubai wraps up pilot phase for a virtual power plant: The Dubai Electricity and Water Authority has wrapped up its pilot project for a virtual power plant (VPP), the first in the region, a statement from the Dubai Media Office showed. The project — which aims to improve the stability of power distribution and accelerate sustainable energy goals — has integrated multiple energy sources, including solar inverters, battery energy storage systems, and EV chargers.Uh, Enterprise, what’s VPP? A VPP is a network that ties up small-scale, distributed energy sources — such as rooftop solar panels and EV chargers — to supply the power grid, offering more flexibility and resilience in power distribution.#4- UAE launches nuclear safety system at nuclear facilities: The Federal Authority for Nuclear Regulation has launched the Intelligent Operational Nuclear Safety (IONS) system in partnership with the Mohammed Bin Rashid Space Centre to enhance safety and resilience against climate change at the Barakah Nuclear Power Plant, Wam reported. IONS uses AI to monitor climate indicators — sea levels, air quality, earthquakes, and others — to estimate and predict their severity and impact on nuclear facilities.HEALTHCARE-#1- Cleveland Clinic Abu Dhabi has become the UAE’s largest center for AI-assisted colonoscopy, running six AI-powered units, which have screened over 2k patients in the year to date, according to a statement from the Abu Dhabi Media Office. The use of AI technology allows a real-time analysis of data during colonoscopies, which leads to a more accurate screening and faster results, the statement read.#2- Emirates Health Services launched its virtual healthcare platform, Digital Care Center, providing video consultations for patients across multiple medical specialties, Wam reports. The center features a unified digital record connected to all the organization’s affiliated clinics and primary care facilities to ensure efficiency and continuity in providing medical care for citizens. SUSTAINABILITY-#1- GCFC + Irena partner to scale up global climate finance: Abu Dhabi’s Global Climate Finance Centre (GCFC) struck up a strategic partnership with the International Renewable Energy Agency (Irena) in a bid to advance climate finance and renewable energy initiatives, according to a press release. The collaboration will focus on capacity building and supporting climate initiatives by co-hosting events to aid climate firms in finding investors. The two institutions will also jointly conduct research on de-risking mechanisms and green industrialization.#2- Arms group to supply UAE with PH2’s hydrogen fuel cell trucks: Australian hydrogen fuel cell vehicle company Pure Hydrogen (PH2) signed an MoU with family-owned conglomerate Arms Group to become the distributor for its hydrogen fuel cell and battery electric garbage and box trucks in the UAE and surrounding countries, according to a press release (pdf). The partnership will see PH2 start the sale of its hydrogen fuel cell trucks — named Taurus Prime Mover — and battery electric EVs starting from 2025 after Arms Group completed due diligence on the vehicles and the signing of definitive agreements.TRADE-UAE + Pakistan business bodies talk cooperation: The heads of the Federation of Chambers of Commerce and Industry (FCCI) and the Pakistan Business Professional Council (PBPC) met in Abu Dhabi to discuss strengthening cooperation between the Emirati and Pakistani private sectors, Wam reports. The meeting between FCCI secretary general Humaid Mohamed bin Salem and PBPC president Syed Qaiser Anis focused on stimulating bilateral trade and investment growth.BANKING-Adib Securities unveils Islamic US market trading platform: Abu Dhabi Islamic Bank’s (Adib) brokerage Adib Securities now allows investors to trade in securities on the New York Stock Exchange and Nasdaq with Sharia-compliant investment options through its upgraded trading platform Adibs Global, according to a press release. CONSTRUCTION-Dubai tests smart inspection vehicles for railroad right-of-way safety: Dubai's Roads and Transport Authority has started testing new smart vehicles designed to monitor railroad right-of-way infrastructure for violations, according to a statement from the Dubai Media Office. The vehicles will be deployed at the Dubai Metro and Tram networks.

REAL ESTATE- Dubai-based real estate developer Arabian Hills inaugurated an AED 22 bn residential project in collaboration with Core International Holdings Group's real estate division Ara Real Estate Development, Wam reports. The project, dubbed Arabian Hills Estate, spans 244 mn sqft along Dubai-Al Ain Road, and comprises 14 phases. It will offer residential plots ranging between 12-132k sqft and schools, medical services, and entertainment facilities, with Ara tasked with managing and supervising all development activities. MANUFACTURING- Sobha Group’s aluminum facade subsidiary Sobha Modular Industries inaugurated its new manufacturing facility in Ras Al Khaimah’s Al Hamra, according to a press release. The new facility aims to double the company’s production capacity and is set to create 3k jobs in the region. INVESTMENT- E7 will shell out AED 182 bn to boost security solutions: Commercial printing and security solutions provider E7 Group plans to invest AED 182 mn in its security solutions business segment E7 Security, it said in an ADX disclosure (pdf). The investment will be geared toward increasing the segment’s passport manufacturing capacity fivefold and establishing its presence in the digital tax stamps segment by 2026, in a bid to ramp up revenue generation and support governments worldwide in curbing illicit trade of excisable goods. EVs- Al Futtaim Electric Transport signs MoU with Uber for battery charging infrastructure: Al Futtaim Electric Transport partnered with Uber to provide drivers with a wide range of electric and hybrid vehicles, Al Khaleej reports. Under the agreement, Al Futtaim Electric Transport company will also provide support to develop the infrastructure for EV battery charging. It will also offer Uber access to its Charge2Moov platform for car charging stations. LOGISTICS- #1- AAC kicks off construction on a new distribution center at Dubai Industrial City: AW Rostamani Group subsidiary Arabian Automobiles Company has broken ground on a 350k sqft parts storage and distribution center at Dubai Industrial City, with the facility slated for completion in 2025, according to a press release. The smart warehouse facility is set to serve as a regional hub.#2- Swiss transport and logistics firm Kuehne + Nagel broke ground at its new e-commerce fulfillment and distribution center in Dubai South’s e-commerce zone EZDubai, according to a press release. The project looks to function as a regional hub for e-commerce trade and is slated to be fully operational by 2Q 2025. An investment ticket for the initiative was not disclosed. FINANCE- Abu Dhabi, Bermuda to boost digital asset support: Abu Dhabi Global Market’s Financial Services Regulatory Authority and the Bermuda Monetary Authority inked an MoU to support and supervise digital assets entities across both jurisdictions, focusing on regulatory and supervisory cooperation, investigative assistance, and capacity enhancement initiatives, it said in a statement. The agreement will also see the jurisdictions cooperate in publications and media content, supervisory colleges, working groups, and training. CLIMATE- The Abu Dhabi-based Anwar Gargash Diplomatic Academy launched an initiative to facilitate climate financing for fragile and conflict-affected countries, in partnership with the international governmental organization G7+ group and the UK Foreign Office's Development Institute, Wam reports. REGULATION- Sharjah Ruler Sheikh Sultan bin Muhammad Al Qasimi issued a decree approving the organizational structure of the Sharjah Finance Department (SFD), Wam reports. The Executive Council will be tasked with implementing the decree, including issuing decisions approving job descriptions of SFD organizational units, and creating, merging, or canceling organizational units within the SFD’s general structure.

More climate pledges + groundbreaking ceremony at Baku Energy Week: COP28 President Sultan Al Jaber’s attendance at the Baku Energy Week, which kicked off on Tuesday and wraps tomorrow, saw him lay foundation stones for solar plants in Azerbaijan and announce additional climate pledges through UAE climate fund Alterra.#1- Alterra pledges additional USD 200 bn for climate investments: The UAE’s climate fund, Alterra, said it will direct an extra USD 200 bn to investments over the next six years, Wam quotes COP28 President Sultan Al Jaber as saying. The venture previously aimed to mobilize USD 250 bn in green investments by 2030. Alterra was launched last year to increase climate funding for the Global South: The UAE launched the USD 30 bn “catalytic climate vehicle” in December 2023 to improve access to climate funding for the Global South. Alterra’s initial commitment — along with BlackRock, Brookfield, and TPG — was USD 6.5 bn to climate-dedicated funds. Work has been ongoing to mobilize investments: Global Climate Finance Centre (GCFC) and Alterra joined forces in April to increase climate investments in emerging and developing economies. The investments will focus on furthering low carbon, sustainable, and climate resilient projects.#2- Masdar breaks ground on Azerbaijan projects: Renewables giant Masdar has inked power purchase, transmission connection, land lease, and investment agreements with the government of Azerbaijan to advance developing 1 GW of solar and wind projects in the country, according to a statement. Masdar and Azerbaijan’s state-owned Socar officially launched the projects during a groundbreaking ceremony yesterday. About the projects: The projects will comprise a 445 MW Bilasuvar Solar PV Project and a 315 MW Neftchala Solar PV Project, set to become operational by the end of 2026 or early 2027, Masdar's head of development and investment for the CIS region Maryam Al Mazrouei told Reuters. They also include the 240 MW Absheron-Garadagh onshore wind farm, set to start operations by the end of 2027. This has been in the works: Masdar and Azerbaijan inked agreements for 1 GW of solar and onshore wind projects in the country last October. This forms part of a broader agreement to install 10 GW of clean energy projects — including onshore and offshore wind farms, solar farms and green hydrogen — in the Central Asian country.Masdar has other projects in Azerbaijan: Masdar launched the operations of its Garadagh Solar Park in Azerbaijan — the largest in the region and the first independent solar project to receive foreign investment. Masdar and Saudi’s Acwa Power also signed an MoU with Socar for 500 MW of renewable energy projects in the country, and agreed to develop renewables projects with a combined capacity of 4 GW with Socar. The UAE is deepening ties with Azerbaijan: Earlier this week, Adnoc awarded Socar a minority stake in its Sarb and Umm Lulu concession. The UAE and Azerbaijan also signed multiple agreements for cooperation in sustainable development across the renewable energy and environmental sectors ahead of COP29 last January. In December, Abu Dhabi’s sovereign wealth fund ADQ established a USD 1 bn joint investment fund with Azerbaijan Investment Holding, targeting agriculture, technology, pharma, and energy infrastructure. ALSO- Al Jaber calls for faster AI integration: Al Jaber called for a global effort to harness the potential of AI, energy transition, and the growing economies of the Global South to expedite sustainable development, Wam reports. He urged the energy and tech industries to collaborate on using AI to meet rising global energy needs sustainably, reducing carbon emissions.

Abdullah bin Zayed meets Prime Minister of Singapore: Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan and his delegation visited Prime Minister of Singapore Lawrence Wong to congratulate him on assuming office, Wam reports. The two discussed strengthening bilateral relations between the countries and prospects for boosting economic, trade, investment, climate, education, tourism, and energy cooperation.

Voluntary carbon markets aren’t going to solve the climate crisis by themselves, US Treasury Secretary Janet Yellen argued yesterday. Voluntary carbon markets “have the potential to support significant decarbonization,” but that’s only if we make sure that the carbon credits on offer in the market “meet high-quality atmospheric integrity standards.”(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)ICYMI: The Biden administration along with the departments of treasury, energy, and agriculture released their Voluntary Carbon Markets Joint Policy Statement and Principles (pdf) yesterday.Not all carbon credits do what they say on the tin: Yellen called for greater “supply integrity,” pushing for carbon credits offered up on the market to “represent real emissions reduction and removals” and for there to be regulations in place to “avoid negative environmental and social impact.” In this relatively unregulated market, “we’ve seen too many examples where credits fail to meet this criteria,” Yellen added.Yellen also called out corporate buyers: “Corporate buyers should prioritize reducing their own emissions, particularly through transition planning, adopting net-zero targets, and transparently reporting on progress,” Yellen argued in her pitch for “demand integrity,” rejecting the notion that companies can just rely on offsetting their emissions through carbon credits to fill their responsibilities to the climate.The market also needs to be more transparent: In her third pillar for sorting out the voluntary carbon market in the US, Yellen called for market integrity, adding that the voluntary carbon market is “a fragmented market, with high search costs and low transparency.”ALSO- Traders in the United States, Canada, and Mexico are under extra stress this morning after they moved back to T+1 stock trading after enjoying for the past century a more leisurely settlement schedule. Look for a bit of short-term stress this week as folks adapt to the shift, which is meant to reduce risk in the financial system, Bloomberg writes. Sound smart: T+1 trading means settlement comes one business day after the trade — the buyer gets the stocks the next day, and the seller the money at the same time. The previous standard in the US for most equity transactions was T+2. In our part of the world: Most Egyptian stocks are on a T+2 schedule, but some brokerages can trade select equities T+0, with settlement happening the same day trades are executed. Saudi’s Tadawul is T+2, as is the Dubai Financial Market.MARKETS THIS MORNING- Asian shares are in the red this morning even after the IMF upgraded its China growth forecast to 5%, with the Shanghai Composite being the only major benchmark in the green this morning. US and European equities futures are down slightly after yesterday’s fresh Nasdaq record. ADX8,742-1.0% (YTD: -8.7%)DFM3,987-1.0% (YTD: -1.8%)Nasdaq Dubai UAE203,327-1.7% (YTD: -13.4%)USD : AED CBUAEBuy 3.67Sell 3.67EIBOR5.2% o/n5.4% 1 yrTadawul11,660-1.5% (YTD: -2.6%)EGX30 27,195-0.3% (YTD: +9.2%)S&P 5005,3060.0% (YTD: +11.2%)FTSE 1008,254-0.8% (YTD: +6.7%)Euro Stoxx 50 5,030-0.6% (YTD: +11.3%)Brent crudeUSD 84.22+1.4%Natural gas (Nymex) USD 2.67+3.1%GoldUSD 2,382+0.1%BTCUSD 68,285-2.0% (YTD: +61.6%)THE CLOSING BELL-The ADX fell 1.0% yesterday on turnover of AED 1.2 bn. The index is down 8.7% YTD.In the green: Sudatel (+8.3%), Palms Sports (+7.5%) and Gulf Cement (+4.8%).In the red: Al Khaleej Investment (-10.0%), Hily Holding (-9.8%) and Abu Dhabi National Takaful (-8.5%). Over on the DFM, the index also fell 1.0% on turnover of AED 311.2 mn. Meanwhile, Nasdaq Dubai closed down 1.7%.

REAL ESTATE- Nakheel awards Palm Jebel Ali infrastructure contracts to DBB, Khansaheb: Dubai state-owned real estate firm Nakheel awarded two construction contracts to DBB Contracting and Khansaheb Civil Engineering for the development of Palm Jebel Ali’s infrastructure, according to a statement from Dubai Media Office. DBB Contracting was awarded a contract for the construction of a 6km public access road leading directly to the luxury real estate development from the Sheikh Zayed Road and a road serving the central portion of the palm, while Khansaheb will be in charge of the roadway and lighting enhancements for Al Hesah Street at Dubai Waterfront, the main road connecting to Palm Jebel Ali. LOGISTICS-Dubai-basedDP World and the Saudi Ports Authority (Mawani) have brokenground on a SAR 900 mn (USD 250 mn) logistics park at Jeddah Islamic Port, according to a Dubai Media Office (DMO) statement. The new storage and distribution hub, which is set to boost trade volumes in Saudi Arabia and the region, and will become Saudi’s largest logistics park, is set to open in 2Q 2025. The project will be developed in two phases, according to the statement. Jeddah Logistics Park is being developed under a 30-year concession worth SAR 500 mn (USD 133.33 mn) granted to DP World by Mawani in 2022, according to an earlier release. Mawani and DP World are partnering on another 30-year concession for DP World at the South Container Terminal. These two projects represent a total investment of almost SAR 4 bn (USD 1 bn), according to the statement.SUSTAINABILITY-#1- AD Ports launches Maritime Sustainability Research Center: AD Ports Group has launched its not-for-profit Maritime Sustainability Research Center in Abu Dhabi, to be operated and managed by Abu Dhabi Maritime Academy and located on its grounds, according to a statement from Friday. The center will be dedicated to research, seeking funding, supporting graduate study programs, and sharing knowledge amongst stakeholders in the fields of the marine environment and sustainability, artificial intelligence and robotics, maritime cyber security, big data, and maritime policies and laws.#2- Ruler of Sharjah Sheikh Sultan bin Muhammad Al Qasimi approved the UAE's first Aquaculture Farm in Khorfakkan in partnership with the University of Khorfakkan, Wam writes.BANKING-#1- Moody's has affirmed Emirates NBD's long-term deposit and unsecured ratings at A2, and upgraded its outlook to positive, Al Bayan writes. The credit rating agency affirmed the lender’s baseline credit assessment at baa3, with short-term deposit ratings remaining at P-1. Sukuk programs were also affirmed, and senior unsecured foreign currency at (P)A2.#2- DMCC firms can now open Al Maryah bank accounts more easily: Al Maryah Community Bank and Dubai’s Multi Commodities Centre (DMCC) partnered to make it easier for businesses in the DMCC to open accounts through the bank’s integrated digital platform, Mbank, Wam reports. DMCC firms can now open accounts digitally in six steps within 48 hours, with no minimum balance or monthly fees. The platform provides a variety of banking solutions, such as current and savings accounts, online and mobile banking, WPS, overdrafts, loans, and trade finance.LEGISLATION-The Dubai International Financial Centre Courts signed a cooperation agreement with Hong Kong’s Law Society during a Hong Kong delegation visit to Dubai, Wam reports. The agreement marks the “first agreement of its kind between The Law Society of Hong Kong and a Middle East courts system," according to The Law Society of Hong Kong President C. M. Chan. HEALTHCARE-The Healthy Cities programme in Sharjah could expand to include Khorfakkan, Kalba, and Al Dhaid, following a recent meeting of the Executive Committee for Expanding the Scope of Healthy Cities, Gulf News reports. The Healthy Cities program assesses city governments' efforts to improve public health, considering factors like disease prevalence, socioeconomics, lifestyle, environment, and healthcare utilization.MEDIA-#1- UAE and GCC to ramp up media cooperation: The National Media Office and UAE Media Council Chairman Sheikh Abdulla bin Mohammed bin Butti Al Hamed met with Gulf Cooperation Council (GCC) Information Ministers on Friday to discuss advancing cooperation between media institutions, focusing on sustainable coordination, Wam reports. #2- National Media Office chairman Abdulla bin Butti Al Hamed discussed with Chinese National Radio and Television Administration minister Zhu Yonglei boosting media cooperation between the two countries, Wam reports. The two officials also explored the prospects of establishing a media partnership.TRANSPORT-RTA App gets an upgrade: Dubai’s Roads and Transport Authority (RTA) released a new version of its RTA app, featuring a personalized dashboard with quick actions for essential services such as license renewals and purchasing parking tickets, according to a statement. The upgraded version also allows customers to make Salik online payments, voucher top-ups, and NOL top-ups directly within the app.EDUCATION-Abu Dhabi inaugurates new ACS campus: Tolerance and Coexistence Minister Sheikh Nahyan bin Mubarak Al Nahyan inaugurated the American Community School of Abu Dhabi in Saadiyat Island’s new campus, according to the Abu Dhabi Media Office.

Alcazar Energy Partners secured a USD 490 mn final close on its renewable energy fund, Alcazar Energy Partners II, the company said in a press release. The fund’s clean energy investments will assist emerging markets in offsetting over 3 mn tonnes of greenhouse gas emissions annually.Who pitched in? The renewables fund received backing from eight additional leading investors, including the US International Development Finance Corporation, Alcazar said. Other development financial institution investors include the European Bank for Reconstruction and Development, the Asian Infrastructure Investment Bank and Allianz, Reuters reports.About the fund: To date, the fund has acquired two wind farms in the Western Balkans with a total capacity of 456 MW. This includes a 118 MW wind farm in Montenegro purchased in September, as part of the fund’s plan to develop 1.6 GW of clean energy across various markets. What was said: “...With this fund, we are well positioned to continue investing in essential renewable energy projects that advance the energy transition in places that are historically underserved by the traditional investment community,” Alcazar’s managing partner Daniel Calderon said. Background: Alcazar reached the first close for the fund in 2022, securing USD 336.6 mn to invest in developing a portfolio of 2 GW worth of renewable energy projects across emerging markets. Alcazar Energy Partners I — the first fund by Alcazar — was launched in 2014 and raised a total of USD 240 mn to invest in equity for solar and wind energy projects with up to USD 700 mn poured into solar and wind farms in Egypt and Jordan. The first fund’s portfolio was acquired in 2021 by Chinese energy firm China Three Gorges Corporation.

Leading the conversation on the UAE in the foreign press: Reports that climate change was a major culprit behind last week’s historic storms. Analysis from the World Weather Attribution research initiative indicated that climate change made the storm up to 40% more intense. Researchers have also suggested that the flooding, “which came from two separate and near simultaneous storm systems, would not have happened without El Nino.” (You can read more about El Nino on Enterprise Climate, here.) The {Associated Press} and {Bloomberg} took note of the story. ALSO- Bloomberg saysMicrosoft’s investment in G42 makes it a key player in the US-China tech race.

LOGISTICS-Construction starts on Dubai’s first build-to-lease logistics facility: Dubai South and Abu Dhabi-based real estate developer Al Dar Properties have broken ground on the first build-to-lease logistics facility in Dubai, according to a statement. The facility, covering 24k sqm, is set to be completed by the end of 2024. The pair entered into a JV agreement in February to develop the Dubai South logistics facility, which is situated near Al Maktoum International Airport and neighbors global giants like Amazon, Noon, and DHL. NON-BANKING FINANCIAL SERVICES-Payment gateway solutions provider Telr obtained preliminary approval for the retail payment services and card schemes license from the Central Bank of the United Arab Emirates, according to a press release. Telr aims to support businesses and consumers with customized payment solutions. The company is focused on secure payment options and real-time monitoring to simplify e-commerce processes and ensure smooth transactions for its clients. BANKING-Indians in the UAE can now make easier UPI-enabled payments: Our friends at Mashreq will integrate applications that use India’s instant payment system, United Payment Interface, into its NeoPay platform, making it easier for Indian tourists in the UAE to make payments in the country, according to a press release. This comes as part of a partnership with NPCI International Payments, which will allow Indians in the UAE to use the PhonePe app to make payments.INVESTMENT-Mubadala to help finance Endeavor’s delisting: US equity firm and majority shareholder Silver lake will take talent and entertainment agency Endeavor Group Holdings private for USD 13 bn, Reuters reports. The financing will come from a combination of new and reinvested equity from Silver Lake, supplemented by capital from investors such as Mubadala and DFO Management.TRADE-Sharjah, India to boost trade: Sharjah Chamber of Commerce and Industry’s Indian Business and Professional Council held a business meeting yesterday to ramp up economic cooperation and trade between Sharjah and India, reports Wam. The meeting aimed to explore investment windows for Sharjah-based Indian companies in the energy, maritime industries, tourism, real estate, and contracting sectors, and facilitate sustainable partnerships.Fast fact: Some 17.5k Indian companies operate in Sharjah. The Sharjah Chamber inaugurated the Indian Business and Professional Council back in February 2023 to foster communication between these and investors.CLIMATE-USD 1.2 mn pledged for climate security in Afghanistan: The UAE inked a USD 1.2 mn partnership with the United Nations Climate Security Mechanism (CSM), which agrees to provide an annual contribution of USD 600k to the advisor’s position at the UN Assistance Mission in Afghanistan (UNAMA) for two years, according to a statement by the Foreign Affairs Ministry. The UNAMA assesses and manages climate-related security risks in Afghanistan, one of the top 10 climate-vulnerable countries. The UAE is the first donor from the Global South to contribute to the CSM.

Good morning, friends, and happy FRIDAY. We have a pretty busy issue to close out a busy week of news, and the dominant theme of the day? IPOs.We have news of a strong DFM debut from Dubai’s Parkin, LuLu Group pursuing plans for a potential USD 2 bn IPO on the ADX, and IHC subsidiary 2PointZero looking to tap the Abu Dhabi bourse. BUT FIRST- MORNING MUST READ- Our first interview for our weekly My Morning Routine column at the bottom of the newsletter, where we look at how a successful member of the community starts their day — while throwing in a couple of random business questions just for fun. For our special Ramadan edition, we also check in on how they adjust to Ramadan and what they look forward to in the holy month. So, when do we eat? Maghrib is at 6:34pm in Dubai, and 6:37pm in Abu Dhabi. Fajr prayers are at 5:02am in Dubai and 5:07am in Abu Dhabi. PUBLIC SERVICE ANNOUNCEMENT-Abu Dhabi Islamic Bank (ADIB) customers have an extra month to pay off their personal finance installments without fees or extra charges after the bank offered a grace period during Ramadan, the bank said in a statement. Customers can push their payments via ADIB’s mobile app.WATCH THIS SPACE- #1- Dubai has approved AED 40 bn worth of public-private partnership projects (PPPs) for the next three years as part of its PPP strategy in its first Dubai Executive Council meeting since it was reestablished, according to the Dubai Media Office. The PPPs cover “ten fundamental economic sectors,” the statement says, without disclosing further details. A framework to track PPP success: Dubai’s Finance Department has built a program to track and oversee the management of PPPs, executive director of the planning and general budget sector at the department, Arif Abdulrahman Ahli, said.#2- Dubai will establish a new Environment and Climate Change Authority, with the goal of “[promoting] sustainable practices across sectors, [preserving] biodiversity, and [expanding] natural reserves and green spaces,” under new directives from Dubai Ruler Sheikh Mohamed bin Rashid Al Maktoum, reports Wam. The authority will be tasked to help develop policies to mitigate climate change and boost food security, Wam said. Ahmed Mohammed bin Thani was appointed to head the authority as director-general. #3- Abu Dhabi-backed RedBird IMI’s takeover bid of the Telegraph is set to fall through after the UK published amendments to its legislation that effectively block foreign state ownership of media platforms in the country, the Financial Times reports. This follows UK Culture Secretary Lucy Frazer’s decision to refer the acquisition to an in-depth, months-long probe. A sale could soon be on the cards: British newspaper publisher National World has “renewed” plans to acquire the magazine after the RedBird IMI bid fell through, Bloomberg reports. RedBird IMI has reportedly been considering a sale of the magazine, or a dilution of its stake.Officials are concerned this could strain wider UK-UAE ties and hamper further UAE investments in the country, Bloomberg said, citing several government sources. Former advisor to Prime Minister Boris Johnson and his special envoy to the GCC, Edward Udny-Lister said the UK government should have sent the UAE signals earlier on their feelings about the acquisition rather than “[letting] it get to this stage.” REMEMBER- Abu Dhabi sovereign wealth fund Mubadala is mulling an investment in Heathrow airport, and the UK government has approached Abu Dhabi investors about funding the development of the Sizewell C nuclear facility in Suffolk, the Times reported earlier.#4- Al Mal Capital’s real estate investment trust (REIT) has extended the subscription period for its tradable rights issue to next Friday, 29 March, according to a DFM disclosure (pdf). The trust expects to allocate the rights issue on 5 April, with trading of the new units expected to kick off on the Dubai bourse on 19 April.Background: Al Mal Capital’s REIT said last month it would increase its capital by up to AED 440 mn through a tradable rights issue. If fully subscribed, the rights issue would see the fund raise its total capital to just north of AED 790 mn from AED 350 mn today. #5- China’s largest internet firm, Tencent, is planning to increase investments in the UAE and Saudi Arabia, with a focus on offering cloud storage to gaming and entertainment companies and offering computing power for AI applications, Senior Executive Vice President Dowson Tong told Bloomberg in Riyadh. Offerings could also include building an Arabic large language model. Investments are still at a “nascent stage,” he said, though he expects them to pick up quickly this year, noting that the company sees “a lot of potential” in this market. The recently announced biofuels policy targets a 20% increase in biodiesel consumption by 2050, focusing on sectors like infrastructure, mobility, and manufacturing, Wam reported yesterday. This will lead to a 75% decrease in the carbon footprint of diesel cars, if drivers opt fully for biodiesel. #6- The UAE could become one of Africa’s biggest FDI sources over the next five years, with investments focused on renewable energy, logistics, and agriculture, Bloomberg reports. The country made USD 44.5 bn in investment pledges across Africa last year, with key investments in Sudan, Ethiopia, Zambia, and other countries, with a focus on infrastructure development and resource extraction. The growth of UAE’s FDI presence in Africa had jumped two years ago, last year it was still comfortably in the double-digits, but the next two-to-three years we’ll see a return to growth in the thirties and above,” Standard Bank Group CEO Rassem Zok tells the business information service. #7- The ADX and DFM benchmark indices could grow 15% in 2024 amid the “very supportive environment” and favorable global economic conditions, Al Ramz Corporation Research head Amer Halawi told Bloomberg (watch, runtime: 3:15). The upward projection is supported by the “phenomenal” 34% y-o-y increase in UAE firms’ 2023 aggregate income, Halawi said, expecting the energy, financials, and infrastructure sectors to continue being the top performers in 2024. Get Enterprise daily The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox. Subscribe here DATA POINT- Dubai was the world’s largest market for luxury real estate in 4Q 2023, surpassing London, New York, and Singapore, with luxury property sales worth a total USD 1.81 bn, according to a recent report (pdf) by real estate consulting agency Knight Frank. The emirate saw 108 luxury properties valued at over USD 10 mn traded during 4Q alone (up 13.7% y-o-y), and made 384 luxury sales out of nearly 1.8k luxury sales globally throughout the whole of 2023. Luxury property sales in Dubai reached USD 6.7 bn in FY2023, according to the report.The UAE ranked first in the region and 17th worldwide in the Human Development Insights ranking of the UNDP Human Development Index 2023/24 (pdf). The annual report provides a data-driven assessment of human development around the world.THE BIG STORY ABROAD- Progress on Gaza ceasefire talks is leading the conversation in the foreign press, with the US calling for a vote today on a tougher UN resolution for “an immediate and sustained cease-fire” for a six-week period to allow humanitarian aid and protect civilians. The resolution marks the US’ toughest stance on Israel so far in the war, and comes following talks between Egypt, US and Qatar. (Reuters | France24 | The Guardian)In the business press, an antitrust suit handed to Apple for its monopoly over the phone market by imposing limitations to trump its competitors is getting plenty of ink. (Reuters | CNBC | WSJ) CIRCLE YOUR CALENDAR-Bayanat AI and Yahsat are holding their general assembly meetings simultaneously on 25 April to vote on merging and forming Space42, an AI-powered space technology firm, according to a press release. Both companies' boards unanimously recommended the merger to shareholders of the two entities last December.RAK Energy Summit will take place from Wednesday, 27 November to Thursday, 28 November at Al Hamra International Exhibition and Conference Centre in Ras Al Khaimah, Wam reports. Sponsored by Etihad Water and Electricity, the two-day event will run under the theme “Create and Contribute to the Sustainable Energy Goals of the Future,” featuring panel discussions and networking sessions on accelerating sustainable energy deployment to advance the energy transition and meet net-zero targets. Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

UAE + France partner on climate efforts: The UAE and France have signed an MoU to launch the UAE-French Bilateral Platform for Climate Investment to boost investments in clean energy, especially in decarbonizing hard-to-abate industries, according to a statement. The platform will include the UAE's Masdar and Adnoc and France's TotalEnergies, Bpifrance, and CMA CGM. Masdar and Total also signed an MoU to develop renewable energy projects in developing markets in Africa and Central Asia.Building on UAE-France ties: Masdar and TotalEnergies partnered to demonstrate the potential for converting methanol to sustainable aviation fuel (SAF) during COP28. Masdar also partnered with CMA CGM to provide long-term supply of green alternative fuels, with a focus on e-methanol, last month.Economy Minister Abdullah bin Touq Al Marrisees GCC tourism growing in 2024, amid pledged to collaborate to activate the GCC’s unified visa, Al Marri said at the eighth GCC tourism ministers' meeting in Qatar, state news agency Wam reports. REMEMBER- GCC member states were working on polishing a Shengen-style unified tourist visa that would allow tourists to enter the six member states using a single unified visa starting as early as 2024.OTHER DIPLOMACY NEWS- UAE, Egypt to deepen economic cooperation: Economy Minister Abdullah bin Touq Al Marri met with Egyptian Planning and Economic Development Minister Hala El Said to discuss cooperation in technology, SMEs, agriculture, and industry sectors. (Wam) The UAE’s Climate Change and Environment Ministry inked an agreement with the Lithuanian agriculture ministry to develop their agriculture sectors by boosting agricultural investment, facilitating food exchange, and advancing sustainable food systems. (Statement)MbZ discusses boosting ties with Congo: President Mohamed bin Zayed Al Nahyan and President Felix Tshisekedi of the Democratic Republic of the Congo discussed boosting economic and investment ties, as well as economic diversification, trade, and renewable energy in Abu Dhabi. (Wam)

MANUFACTURING- UAE, Germany to advance industrial cooperation: The Industry and Advanced Technology Ministry inked a declaration of intent with the German state of Baden-Württemberg to look into ramping up investments in sustainable industrial development and accelerating industrialization and decarbonization projects, Wam reports. The partnership will also see them cooperate on AI, smart manufacturing, smart health, and aerospace, as well as capacity building.A focus on green hydrogen: One of the partnership’s goals is to establish a “common market for green hydrogen,” as the UAE has the capabilities to produce green hydrogen from its solar plants while several companies from Baden-Württemberg work in the production of climate-neutral hydrogen, according to Baden-Württemberg’s environment and energy minister Thekla Walker.ENERGY-Abu Dhabi National Oil Company (Adnoc) will source urea-based products from Fertiglobe subsidiaryRuwais Fertilizer Industries (Fertil), after the two inked a three-year supply agreement based on market prices on Friday, according to an ADX disclosure (pdf). The low-carbon products will allow Adnoc to offer its customers a new diesel exhaust fluid which can be used by heavy-duty vehicles to reduce emissions from diesel.ICYMI: In December, Adnoc agreed with OCI Global to purchase its entire stake in Fertiglobe for USD 3.62 bn. The transaction, which will bring Adnoc’s share in Fertiglobe to a majority holding of 86.2% from a previous 36.2%, is set to close this year.REAL ESTATE-New AED 300 mn residential building in Sharjah: Sharjah-based construction conglomerate Tiger Group is launching a AED 300 mn Faradis Tower residential project in Al Mamzar, Sharjah, Albayan reports. The 47-storey residential tower is expected to be completed within three years, with unit delivery slated to begin in 2026.Tiger Group has big plans for 2024: The group expects to launch six real estate projects during 2024 across the Emirates, with a focus on four major ventures in Dubai, a project in Ajman, and one each in Sharjah and Abu Dhabi, CEO Amer Walid Al Zoubi told Forbes in January. LOGISTICS-Alexandria International opens new distribution center: Sharjah-based flooring and office furniture trading company Alexandria International has inaugurated a 74k sqft logistics distribution center in the emirate, reports Sharjah 24. Alexandria International previously held 40k sqft of stores and offices in Sharjah, according to the company’s website.ENTERTAINMENT-New streaming platform in GCC: Tech platform Yango launched entertainment superapp Yango Play in the UAE, Saudi Arabia and other GCC countries, according to a press release. Yango Play offers Arabic and international content, personalized music, and interactive games, as well as a bilingual AI assistant named “Yasmina” who answers questions and provides a chat function. CLIMATE-Abu Dhabi + Unesco advocate for environmental education: Abu Dhabi rolled out the Abu Dhabi Roadmap, a recommendation plan drafted in cooperation with Unesco aimed at improving global environment and sustainable development education, Wam reports. The plan “identifies several key actions that tackle climate change, waste management, and biodiversity loss, and can be implemented by countries across the globe,” Abu Dhabi’s Environment Agency head Ahmed Baharoon said yesterday at the World Environmental Education Congress.AVIATION-Sharjah Airport has added two daily flights to Islamabad, Pakistan,reports state news agency Wam. The flights will take to the air via Fly Jinnah, a Pakistani carrier jointly operated by Pakistan’s Lakson Group and the UAE’s Air Arabia Group.