Good morning, wonderful people, and welcome to the start of a new week. The news cycle is still shaking off the weekend, giving us a relatively calm Monday.

THE BIG STORY OF THE DAY: Response Plus Medical, the ADX-listed pre-hospital medical services provider, acquired UK-based Prometheus Medical in an agreement that will create a global healthcare platform for energy and defense companies.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- Issuing death certificates can now be done over the phone in Abu Dhabi:The Abu Dhabi Department of Health (DoH) has kicked off the first phase of its Sanadkom initiative, simplifying the bereavement process for the families of deceased Emiratis, reports state news agency Wam. The initiative unites services from seven government entities, including DoH, the Abu Dhabi Judicial Department, and the Abu Dhabi Pension Fund.

The details: A representative from the government support team will assist bereaved family members by phone on a case-by-case basis for all necessary death-related transactions, including obtaining the death certificate, arranging for the burial of the deceased, and disbursing retirement pensions to beneficiaries.

In later stages: Sanadkom will be expanded to include all residents in Abu Dhabi, Wam reports, without citing a specific date.

#2- Dubai is getting two new toll gates: Salik will roll out two new toll gates on the Business Bay Crossing on Al Khail Road and Al Safa South on Sheikh Zayed Road (between Al Meydan Street and Umm Al Sheif Street) under a directive from Dubai Roads and Transport Authority (RTA), according to an RTA statement on Friday. The Salik gates will start operating in November, charging motorists a single AED 4 tariff for every one-hour window.

MARKET REAX- Salik — Dubai’s exclusive toll operator — saw its shares climb by nearly 5.2% on the DFM on Friday following the RTA’s decision, reports Wam.

#3-Children will now be able to talk to immigration officials and inquire about travel policies and procedures in Dubai via a dedicated General Directorate of Residency and Foreign Affairs (GDRFA) hotline, Gulf News reports.

WAR WATCH-

Talk of an “undeclared regional war” is driving the conversation on our part of the world in a growing number of global business news outlets. “Risk of a regional conflagration is growing daily,” Bloomberg reports, noting that the UAE’s ambassador to the UN, Lana Nusseibeh, said in an interview that “the risks are high, the war in Gaza is very clearly an open wound and it’s destabilizing the region.” The US, she said, needs to support an immediate ceasefire in Israel’s war in Gaza.

A case study for how not to tackle terrorism: “If the objective is not to increase extremism and terrorism in our region, this would be described as the case study for how not to do it,” Nusseibeh said.

Is China entering the fray? Beijing may step up its diplomacy in the region in a bid to de-escalate tensions. While officials are yet to signal formal diplomatic or military involvement, policymakers in China are becoming worried that disruption to Red Sea shipping could threaten their economy as it causes “huge losses for Chinese companies,” the Financial Times writes. The salmon-colored paper believes that Washington has asked Chinese diplomats to consider pressuring Iran to rein-in the Houthis.

Per the Wall Street Journal: “Violence from Lebanon to Iraq to the Red Sea all but amounts to an undeclared regional war, with Iran-backed militants fighting Israel and the US,” it writes in what it’s pitching as “ a guide to the Middle East’s growing conflicts.”

Tell us something we didn’t know: The oil market is “bracing for a weeks-long disruption” to shipping in the Red Sea, Bloomberg reports, saying data shows a growing number of tanker charters are being booked for routes that go around the Cape of Good Hope. Cruise lines are also giving the Red Sea a pass, Reuters notes.

Biden pushes for a Palestinian state as he breaks four-week silence with Netanyahu: US President Joe Biden has pushed for the two-state solution during a call with Israeli Prime Minister Benjamin Netanyahu — the first time they spoke in nearly a month. Biden insisted following the call that a two-state solution was possible during Netanyahu’s tenure, even as the Israeli PM had publicly rejected any notion of forming a Palestinian state the day before.

Things had been left on a sour note: The last phone call on 23 December between Biden and Netanyahu was described by a US official cited by Axios as one of the most “frustrating” conversations that Biden has had with the Israeli PM since the onset of war as the pair disagreed over Israel’s decision to withhold part of the tax revenue it collects for the Palestinian Authority.

The Biden-Bibi conversation got plenty of coverage in the international press:Associated Press | The Guardian | Axios | New York Times | France 24 | CNN

AND- Iran has accused Israel of carrying out a strike in Damascus on Saturday that targeted the residence of Iranian military advisors and killed at least five people. In turn, Iran’s parliament speaker Mohamed Bagher Qalibaf promised to take a “severe response.” (Bloomberg)

WATCH THIS SPACE-

#1-DFM-listed Dubai Investments plans to divest its stakes in four companies through private sales, with two transactions set to take place in four to six months, Dubai Investments CEO Khalid Bin Kalban told Bloomberg. The investment firm — which is owned by the Dubai government’s investment arm, Investment Corporation of Dubai — owns stakes in 30 companies spanning manufacturing, real estate and financial services, including Dubai’s King’s College Hospital, Al Mal Capital and the UK-based Monument Bank.

These divestments will make way for bigger investments, including:

  • Increasing its share in Monument Bank to 30% from around 20%, pending the greenlight from regulators;
  • Raising USD 100 mn for its shariah-compliant Real Estate Investment Trust (REIT) to fund acquisitions of a school and a hospital;
  • Spending some AED 1 bn on 500 homes in Dubai’s Mirdif district and a 40-story tower in Meydan.

#2- Ocean Marine UAE negotiates new agreement to settle outstanding debt:Ocean Marine UAE — which is 51% owned by Egyptian offshore marine and oil support services company Maridive — is in the final stages of negotiating the USD 40 mn sale of a marine unit, Maridive said in a disclosure (pdf). The proceeds from the transaction would be entirely allocated to settling the company’s USD 45.5 mn debt directly with its lenders. Neither Ocean Marine UAE nor Maridive and Oil Services will receive any net proceeds from the sale.

#3- The UAE began construction on the Gateway Lunar Space Station, a collaborative international project set to orbit the moon and host an Emirati astronaut, Gulf News reports. NASA, the European Space Agency, the Japan Aerospace Exploration Agency, and the Canadian Space Agency are involved in the project. The UAE will be responsible for developing the lunar space station’s airlock, which serves as the entry and exit point for astronauts.

#4- Zero-emission rail systems in Dubai? Dubai’s Road and Transport Authority inked two MoUs with zero-emission mass transport firms to install rail systems running on renewable energy at the 2024 Dubai International Project Management Forum on Thursday, according to a news release. The first, with UK-based sustainable mobility company Urban Mass, will see the two sides explore installing a double track driverless, electric rail system, dubbed Floc Duo Rail. The second MoU was signed with US startup RailBus to study the possibility of developing a solar-powered rail bus system.

#5- Hong Kong’s New World Development and Abu Dhabi’s sovereign wealth fund ADIA are in talks to refinance a USD 1.2 bn syndicated loan taken in 2015 to fund the acquisition of three luxury hotels in Hong Kong, Bloomberg reports, citing people familiar with the matter. The facility is likely to mirror the size of the 2015 loan which was refinanced by both parties in 2018 to fund the acquisitions of Renaissance Harbour View Hotel, Hyatt Regency Hong Kong, and Grand Hyatt Hong Kong, the sources said.

Background: ADIA bought a 50% stake in the three Hong Kong hotels in 2015 from New World Development, via a joint venture it formed with two New World subsidiaries for further acquisitions of Hong Kong hotels.

#6- OpenAI CEO Sam Altman is said to be in talks with UAE investors, including Sheikh Tahnoon bin Zayed Al Nahyan, to launch a chip venture addressing OpenAI’s semiconductor needs and decreasing reliance on semiconductor chip giant Nvidia, reports the Financial Times. Discussions also include a potential partnership with Taiwanese chipmaker TSMC for chip fabrication. While funding details are unclear, competing with Nvidia could require USD bns of investments. Neither Altman nor Sheikh Tahnoon have commented on the reports.

DATA POINTS-

[wwtt6] #1- Dubai’s GDP rose 3.3% y-o-y in 9M 2023, with accommodation and food services, and transportation and storage services seeing the largest y-o-y growth rates, Wam reports. Accommodation and food services grew 11.1% to AED 11.1 bn (accounting for 3.4% of the emirate’s GDP), while transport and storage services grew 10.9% to AED 49.2 bn (13.1% of Dubai’s GDP). Other key figures:

  • The information and communications sector grew 4.4% to AED 15 bn;
  • The real estate market grew 4% to AED 26.8 bn;
  • The finance and ins. sector grew 2.7% to AED 37.3 bn;
  • The education sector in expanded 2.6% to AED 58 bn;
  • Manufacturing expanded 2.2% y-o-y to AED 27.4 bn.

#2- Abu Dhabi Customs and recycling company Shredex recycled some 6.6k counterfeit items in 2H 2023, according to an Abu Dhabi Media Office statement. The items pooled a value of AED 10 mn and included women’s bags, shoes, wristwatches, clothing, smartwatches, chargers, and pens.

#3-Dubai Municipality planted 185k trees in 2023, increasing the emirate’s green area by234 hectares over the year, up 37.6% y-o-y, reports Wam. Approximately 500 trees were planted daily as part of its afforestation initiative to increase green spaces in residential areas, urban areas, main and secondary roads, and bridge intersections.

HAPPENING TODAY-

The Japan Kyoto Trade Exhibitionkicks off today, drawing approximately 20kvisitors and 100 leading Japanese exhibitors to the Dubai World Trade Centre for B2B business matching and a dedicated B2C marketing day, reports Wam. The exhibition, which will run until Wednesday, is being hosted by the Dubai Department of Economy and Tourism, the local government of Kyoto, as well as the government of Japan, in an effort to promote trade and commerce between the UAE and Japan. Japanese exhibitors include technology, automotive, and food and beverage vendors.

The IAAPA Middle East Trade Summit starts today and runs until Wednesday on Yas Island in Abu Dhabi. The event will feature a trade connections area with 41 companies as well as sessions, events and tours.

MORNING MUST READ-

The Davos roundup:Reuters and CNBC are out with their Davos roundups for this year’s World Economic Forum. The key takeaways? Red Sea disruption will increase inflationary pressures; investors remain cautious towards China amid its economic slowdown; more firms are looking to monetize from AI; and demand for oil won’t peak any time soon, according to Aramco.

AND- Saudi Arabia will host a World Economic Forum meeting on 28 and 29 April this year, marking the forum’s first meeting outside of Davos since covid-19, Reuters reports. The Kingdom’s foreign minister said that the meeting is set to center around global collaboration, growth, and energy.

FROM THE UAE AT DAVOS- The UAE launched a tech tool for international trade in Davos: A Global TradeTech Sandbox platform helping international trade keep up-to-date with the latest technological advancements was established on the sidelines of the World Economic Forum (WEF) in a partnership between the Economy Ministry, the Abu Dhabi Department of Economic Development, and the WEF, reports state news agency Wam. The platform streamlines interactions among exporters, logistics companies, ports, regulators, and customs officials under forward-looking regulatory policies.

BIG STORY ABROAD-

DeSantis throws in the towel, backs up Trump: Florida Governor Ron DeSantis ended his presidential bid Sunday, saying “it’s clear a majority of Republican primary voters want to give Donald Trump another chance.” DeSantis had emerged as Trump’s top challenger, but struggled to keep up in the primary elections as voters showed continued loyalty to the former president.

That just leaves Haley: With DeSantis out of the running, the race for the Republican Party nomination has essentially been whittled down to Trump against former South Carolina Governor Nikki Haley. However, Trump continues to hold an 11 percentage point lead over Haley in the New Hampshire primary, according to the most recent CNN poll (pdf).

The news is getting lots of coverage in international press:Washington Post | The Guardian | FT | Politico | Associated Press | NYT | Bloomberg | Reuters

CIRCLE YOUR CALENDAR-

Abu Dhabi will host Transport Middle East from tomorrow through to Thursday, 25 January at the InterContinental. The event will see more than 30 speakers come together to tackle the current challenges in global transportation and logistics.

Emirati real estate developers will showcase potential investment opportunities at the inaugural UAE Property Forum in Sao Paulo, hosted by the Emirati embassy in Brazil and the Consulate General in Sao Paulo. The exhibition runs from 29-30 January at the Tivoli Mofarrej São Paulo Hotel, Brazil, according to a press release.

Young entrepreneurs can pitch their early education startup ideas at the Abu Dhabi Youth Challenge: Techstars Startup Weekend, running for three days from Friday, 2 February, to Sunday, 4 February at Cloud Spaces ADGM in Abu Dhabi. Participants get 54 hours to develop startup ideas under the mentorship of founders and investors, form teams with which they can develop a demo or prototype, and then present their ideas to a panel of judges. The top three teams will get AED 30k.

The Middle East Bunkering Convention will take place from Monday, 5 February through to Wednesday, 7 February at the Hilton Dubai Jumeirah. The event will bring together industry experts to tap into issues affecting the global marine fuel sector, including supply chains, decarbonization, and new fuels.

The UAE Tour Women will take place from 8-11 February starting in Dubai and ending in Abu Dhabi. The event will feature three sprint stages and a mountain climb up Jebel Hafeet, spanning 468 km from Dubai to Abu Dhabi. Riders will compete for the competition’s Red, Green, White and Black jerseys.

The Sustainable Aviation Futures MENA will kick off on Monday, 12 February through to Wednesday, 14 February at Kempinski Central Avenue. The event will see 80 expert speakers and upwards of 200 high level attendants and will handle topics pertaining to regulation, financing, and investments in Sustainable Aviation Fuels (SAF) in MENA.

The UAE will host the Future Warehouse & Logistics 2024 Conference from Monday, 12 February to Wednesday, 14 February in Dubai. The event will handle means for supply chain leaders to boost resilience and overcome challenges, with discussions on disruptions, sustainability, Internet of Things (IoT), automation, workplace management and other topics.

The Ras Al Khaimah Half Marathon is returning on Saturday, 24 February, on Al Marjan Island. The World Athletics Gold Label event will welcome athletes, running enthusiasts and amateurs alike. Click here to register.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

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