Sign in
Good morning, friends, and welcome to a very packed issue, our first of 2024 as we slide inexorably closer to our official launch in January. From M&A in both logistics and telecoms, hints of a new IPO, and fresh regulations for the BNPL space, there’s something for everyone on this fine winter morning.
But first:
PUBLIC SERVICE ANNOUNCEMENTS-
🌁 #1- Foggy day ahead: Some areas in the country may see fog or mist forming, with the possibility of light rainfall in northern emirates, according to the National Center of Meteorology.
#2-You’re going to be paying less at the pump this month: The Emirates General Petroleum Corporation has slashed retail fuel prices for the third consecutive time for January, it said in a post on X. The rundown:
- Super 98 is now AED 2.82 per liter, down 5%;
- Special 95 is now AED 2.71 per liter, also down 5%;
- E-Plus 91 is AED 2.64 per liter, down 5%;
- and diesel is adjusted to AED 3 per liter, down 6%.
REMEMBER- Fuel prices in the UAE mirror global oil markets. We liberalized fuel prices in 2015, and are now tracking monthly market movements when determining fuel prices for the month.
PSA #3- Companies with 20-49 employees now have to comply with Emiratisation rules:The Human Resources and Emiratisation Ministry has started implementing the 2024 Emiratization rules for over 12k companies with 20-49 employees, the ministry said in a statement. As of yesterday, businesses with over 50 employees must have UAE nationals make up 4% of their staff. Companies will be hit with an AED 96k (c. USD 26.14k) fine for each Emirati citizen they fall short of in their staffing starting from 1 January this year, with the fine rising to AED 108k in 2025. Payments will be collected at the end of the year, and can be paid in installments, according to the statement.
ICYMI – The government upped national Emiratisation targets by introducing the requirements for companies with 20-49 employees back in July. The targets aim to increase the number of Emiratis working in the private sector to 6% by the end of 2024 and to 10% by the end of 2026.
FOR THE RECORD-
We’re officially a Brics member: The alliance of emerging markets known as the Brics formally welcomed the UAE, Egypt, Saudi Arabia, Iran, and Ethiopia to the bloc on 1 January. The five nations are now full members after the group invited them to join during its annual conference in August last year.
If you spent your NYE at Ras Al Khaimah, you witnessed two Guinness World Records being set: Ras Al Khaimah’s eight-minute NYE firework display secured record titles for the world’s longest chain of floating fireworks (5.8 km) and the longest straight-line drone display (2 km). It featured over 1k straight-line flying drones and a blanket of aquatic fireworks across 4.5 km of water from Al Marjan Island to Al Hamra Village, according to a press release.
** You’re reading Zero Issue #22 of EnterpriseAM UAE.
** Think of a zero issue as a “beta.” This issue has not been published or distributed to a wide audience.
** Did you receive this as a forward? Email editorial@enterprisemea.com and let us know if you’d like to be added to our list of beta readers ahead of our launch.
** Have a comment, criticism, or story tip? Hit up patrick@enterprisemea.com.
DATA POINTS-
#1- Brokerages opened more than 57k new investor accounts in the Dubai Financial Market (DFM) in 2023, marking a 12.5% y-o-y increase, according to Wam. December saw the highest number of new accounts open, with more than 6k investor accounts created — up 184% y-o-y from last December — likely on the back of the Dubai Taxi IPO. The total number of transactions on the market crossed 3.83 mn, a 32.7% y-o-y increase from 2022’s 2.88 mn sales.
#2- Abu Dhabi’s non-oil economic growth rose to 7.7% y-o-y in 3Q 2023, according to preliminary data from Abu Dhabi’s statistics center SCAD, cited in an Abu Dhabi Media Office statement. Abu Dhabi’s real GDP grew at a 1% clip during the quarter, rising to AED 290.5 bn. Non-oil activities — which the emirate is pushing to contribute a larger percentage of the economy as it shifts away from oil reliance — accounted for 52.8% of the emirate’s economy.
The biggest contributors: Manufacturing contributed 17% to the non-oil GDP (AED 26.3 bn) during the quarter, while construction contributed 16.3% (AED 25 bn). Transport and storage and finance and ins. also saw double-digit y-o-y growth in terms of value.
THE BIG STORIES ABROAD
Suspected Israeli drone strike on senior Hamas leader in Beirut sparks fears the war in Gaza could spread: Six people including Hamas deputy leader Saleh Al-Arouri and two leaders of the group’s armed wing were killed yesterday in an alleged Israeli drone strike in the southern suburbs of Lebanon’s capital.
Hezbollah responded to the attack with a warning on Telegram that the “resistance has its finger on the trigger” and that the strike will not go without a response or punishment.” An IDF spokesman told reporters after the attack that the “IDF is in a very high state of readiness in all arenas.” (New York Times | Washington Post | Financial Times | Wall Street Journal | Reuters | BBC)
A Japan Airlines plane carrying hundreds of passengers burst into flames after colliding with a coast guard as it landed at Tokyo’s Haneda airport. All passengers onboard the plane were safely evacuated, but five crew members of the coast guard plane were killed. (CNN | Wall Street Journal | BBC | New York Times | Reuters | Guardian)
THE BIG BUSINESS STORY this morning: BYD overtakes Tesla as world’s top EV seller: Tesla lost its spot as the world’s top-selling electric vehicle manufacturer to the Chinese automaker BYD in 4Q 2023 for the first time, the Financial Times reported. BYD sold 526k battery-only cars during the quarter compared to Tesla’s 484k — both record sales for the companies.
CIRCLE YOUR CALENDAR-
Madinat Jumeirah’s Festive Market is still on until 7 January. The market brings a Christmas experience to Madinat Jumeirah Fort Island, complete with a large Christmas tree, sound and light shows, a gingerbread house, and shopping, dining, and live entertainment.
Abu Dhabi Investment Office (ADIO) will host DRIFTx for the first time in April 2024. The international event will focus on advancing smart and autonomous mobility across air, land, and sea, according to a press release from the Abu Dhabi Press Office.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.
