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Good morning, wonderful people, and welcome to the first official issue of EnterpriseAM UAE, your essential daily report on business, finance, the economy, and regulation in one of the world’s most exciting economies.
Enterprise is read by hundreds of thousands of senior people around the world — by business leaders, investors, regulators, public officials, and diplomats who need the inside track on news that will move markets, drive investment decisions, and set the corporate agenda in the UAE. They all share three characteristics: They are ambitious, they are curious about the world around them, and they want to make a difference.
We’re honored to be launching in partnership with our friends at Mashreq, a UAE-born multinational champion that for more than five decades has helped individual and corporate clients alike take charge of their financial futures. One of the UAE’s best-performing banks, Mashreq’s growing footprint spans the Middle East and North Africa with a strong presence in the financial capitals of the world, including in Europe, Asia, Africa, and the United States.
Mashreq combines the entrepreneurial spirit of Dubai with enduring trade banking relationships across the region. It’s that same spirit and view of an interconnected region that saw us bring Enterprise to life back in 2014. We owe a deep debt of gratitude to Mashreq Group CEO Ahmed Abdelaal and his team for making this possible. We are honored to count them among our friends.
EnterpriseAM UAE is a daily subscription-only report delivered at 7am UAE / 6am KSA / 7am Egypt. For nearly 10 years, we’ve been trusted by C-suite executives, directors, fund and portfolio managers, entrepreneurs, senior managers, non-execs, investment relations officers, researchers, analysts, and diplomats around the world
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THE BIG STORY ABROAD-
THE US ELECTION IS OFFICIALLY UPON US- Candidates for the Republican presidential nomination are urging supporters to turn out for the party’s first nominating contest today despite bone-chilling cold as an Arctic front moves across the United States, with some 110 mn people under wind-chill warnings this morning.
The Iowa caucuses are the first party-level contests that will determine the two candidates who face off in the fall election.
The real race is to see who is going to come in second: Former President Donald Trump looks set to come out on top in the caucuses, with a key poll on Saturday night giving him the support of 48% of all caucus-goers. Former diplomat Nikki Haley is second with 20%, edging out Florida Governor Ron Desantis with 16%.
The news is everywhere in the global business press (FT | WSJ | Reuters | Bloomberg). Follow Politico, Axios and the New York Times’ liveblog for daylong coverage if that’s your thing.
Sound smart: Pundits think that while Trump will take Iowa, Haley is showing momentum and could put in a strong showing in New Hampshire, where the Republican primary takes place on 23 January. It’s an open question, though, whether any Republican challenger has what it takes to beat Trump.
ALSO- Ikea, Volvo, and Tesla are among the European manufacturers forecasting shortages of goods amid the ongoing disruption of shipping through the Red Sea.
AND- Six pro-Palestinian activists have been arrested in the UK after plotting to disrupt trading at the London Stock Exchange, the Financial Times reports.
HAPPENING TODAY-
It’s day one of Davos:The World Economic Forum (WEF) kicks off today and runs until 19 January in Switzerland under the theme “rebuilding trust.”
The UAE is heading to Davos in force: Over 100 Emirati personalities, 80% of whom are from major national companies and the private sector, will participate in the forum. They will join international heavyweights from politics, business and civil society.
This year’s theme is “rebuilding trust.” The official launch is today, but the heavier sessions will get properly underway starting tomorrow through Friday.
You can check out the forum’s official teaser agenda here.
MEANWHILE- Investors have until Wednesday to subscribe to Lunate’s India ETF, the GCC’s first exchange-traded fund (ETF) tracking Indian stocks. Buyers can place orders through the ADX eIPO portal or via authorized participants, Lunate Capital said in a statement. The asset manager kicked off the subscription period on Friday and is set to debut the ETF on the ADX on 26 January.
About the ETF: Lunate’s Chimera S&P India Shariah ETF will track the performance of Shariah-compliant equities listed on the Bombay Stock Exchange. The fund comes after Indian stocks rallied in 2023 on the back of stronger than expected economic growth, solid company earnings, domestic mutual fund inflows and lackluster growth in China.
MORNING MUST READ-
Execs in the UAE and Saudi Arabia are concerned about how they and their companies will both keep up with rapid technological change, but 80% of them are optimistic about how their companies will fare this year and 85% have confidence in the economies in which they do business, according to the 2024 AlixPartners’ Disruption Index.
The regional carve-out from the 11-country survey includes 50 UAE and 50 Saudi execs, according to the report (pdf | website). The report surveyed 3k execs, half of them members of the C-suite and half of them working at companies worth USD 1 bn or more, in 10 industries ranging from automotive and energy to financial services, healthcare, technology, and telecoms.
Some 90% of regional execs surveyed say they thrive on disruption, well ahead of the 75% who said the same globally, according to Arabian Business, which spoke with AlixPartners’ Middle East chief, Gabriel Chahine.
CEOs in the region and around the world are most concerned about the pace of tech change as generative AI becomes a factor in more businesses. While most respondents say their boards and shareholders are responsive to the need to change business models:
- 85% fear change is making staff skills obsolete;
- 80% say staff are not open to change;
- 59% globally say they’re worried they’re “personally falling behind the knowledge and skills curve”;
- and 63% worry their companies will struggle to keep up with the pace of technological change.
PUBLIC SERVICE ANNOUNCEMENTS-
#1- You have until Thursday, 18 January to nominate someone for the Sharjah Entrepreneurship Festival’s 2024 Seffy Awards, which recognize impactful startup founders and mentors, state news agency Wam reports. Tap or click here to submit you nomination. Results will be out on 3 and 4 February.
#2- Temperatures will drop to 12ºC overnight in Ras Al Khaimah and Al Ain this week, accompanied by mist and fog, reports the National. You can keep your shades on this morning, however, thanks to a sunny forecast and warm temperatures, peaking at 27ºC.
#3- Avoid Sheikh Rashid Bin Saeed Street in Abu Dhabi, which is partially closed until 15 January, reports Khaleej Times.
#4-Single-use plastic bags are now banned in Ajman’s shopping malls and retail outlets, the Ajman Municipality said on X.
#5- Sheikh Zayed Road neighborhood is now Burj Khalifa: The Dubai Land Department revealed the new names for 28 areas in the city yesterday, including changing the Sheikh Zayed Road neighborhood to Burj Khalifa and Jebel Ali Village to Jebel Ali First. You can check out the full list of the name changes here.
WATCH THIS SPACE-
#1- We’re 100 days away from the Emirates Drug Establishment taking on further form. The board of the newly-established regulator met last week to sign off on a 100-day plan to complete the build-out of the new federal agency, which will be responsible for regulating all pharma products in the country, Wam reports.
#2- Ajman to get a new freezone: Ajman Ruler Sheikh Humaid bin Rashid Al Nuaimi issued two decrees yesterday to establish a new freezone in the emirate, dubbed the Ajman Centre for New Projects, state news agency Wam reports.
#3- A new AED 150 mn content creator fund will support content creators as well as the establishment of a permanent HQ for influencers. Vice President Mohammed bin Rashid Al Maktoum announced the fund.
CIRCLE YOUR CALENDAR-
The Dubai International Project Management Forum (DIPMF) starts today (Monday, 15 January) at the Madinat Arena in Madinat Jumeirah. DIPMF 2024 will focus on sustainability, modern methods of project management, and future trends and technology. The event runs until Thursday, 18 January.
iFX EXPO Dubai 2024 is also on this week: The three-day fintech and online trading expo iFX EXPO Dubai 2024 starts tomorrow, Tuesday, 16 January at the Dubai World Trade Centre. Check out the full agenda here.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.
