Happy hump day, friends. We have a busy issue to get you through the midweek slog, with quite the range of business stories to keep things interesting.

THE BIG STORY: More signs are pointing to a year of strong economic growth in the UAE and the wider GCC, this time in the form of a Reuters poll of economists that forecasts a major rebound in growth in 2024 underpinned by non-oil activity.

^^ You can read the full story in this morning’s news well, below.

WATCH THIS SPACE-

#1- Abu Dhabi wealth fund Mubadala plans to more than double its assets in Asia to 25% fromthe 12% currently under the fund’s management, head of Mubadala’s life sciences and healthcare division Camilla Macapili Languille told Bloomberg. The wealth fund is looking at emerging markets in which it is “underweight,” such as China, India, Japan, and South Korea.

Bigger tickets? Mubadala’s healthcare investment division usually invests between USD 200-500 mn in Asia, but the fund has the flexibility to increase ticket sizes, Languille said. The fund’s checks to the US and Europe can go up to USD 1 bn.

#2-Real estate to continue spurring economic growth in 2024: Driven by “robustdemand and favorable investment climate in the country,” the real estate sector will continue to drive economic growth in 2024, Arabian Business reports, citing global real estate consultancy firm JLL ’s year in review report.

The residential sector saw robust growth, with Dubai’s residential real estate jumping 51% y-o-y in value and 43% y-o-y in volume and Abu Dhabi’s soaring 102% y-o-y in value and 77% y-o-y in volume, according to JLL.

The hospitality sector also did well: Some 5k keys were added to Dubai’s hotels, while 200 keys were added to Abu Dhabi’s, JLL said. Occupancy rates reached 77% in Dubai and 72% in Abu Dhabi in November.

And office + retail space is expected to continue to boom: A surge in demand for office space led to the delivery of some 92k sqm of office space in Dubai, with the total gross leasable area reaching 9.2 mn sqm, the report said. Some 44k sqm of new office space is expected to be added this year, the report ads. In Abu Dhabi, 112k sqm of new office space will be added.

#3-AFZ eyes 10k business registrations in 2024: The Ajman Freezone (AFZ) wants to double the number of company registrations to 10k in 2024, AFZ Director General Ismail Al Naqi told Gulf News (watch, runtime: 1:30). AFZ rolled out the “one-click license” service last week in a bid to ease and expedite business registrations. The authority is also set to launch designated packages to support entrepreneurs.

ALSO- More freezones? The freezone is also eyeing the establishment of new freezones in the coming year, Al Naqi reportedly said.

#4-A new district cooling standard — partly launched by the UAE — will guide countries with emerging district cooling infrastructure by 2025, according to a Dubai media office statement. The Emirates Central Cooling Systems Corporation (Empower) and the American Society of Heating, Refrigerating, and Air-Conditioning Engineers (Ashrae) inked an MoU yesterday to collaboratively develop global standards for the design, operation, and maintenance of district cooling systems, in addition to instructions for system improvement and thermal stage integration.

Background: Empower and Ashrae first discussed partnering to standardize and refine the district cooling guide on the sidelines of COP28 in December. Empower attended the Ashrae annual conference, which wraps up today in Chicago, to finalize the agreement.

#5- Intellectual property + entrepreneurship get a boost: The Economy Ministry is setting up an Intangible Assets and Finance Committee to offer SMEs and startups with customized financial assistance and avenues for funding, Economy Middle East reports. The ministry is also launching the Patent Incubator, which aims to build a supportive ecosystem for skilled individuals that encourages innovation and “facilitates the development and protection of patents.”

#6- Sharjah to launch new national visual identity: Sharjah Deputy Ruler and Sharjah Executive Council (SEC) chairman Sheikh Sultan bin Mohammed Al Qasimi greenlit the new visual identity for Sharjah during SEC’s meeting yesterday, Sharjah24 reports. The new identity, set to be revealed next Sunday, is said to reflect the Emirate’s history and cultural heritage.

HAPPENING THIS WEEK-

The UAE Analog Programme will kick off its second analog study this Friday, the Mohammed bin Rashid Space Centre said. The study is part of Nasa’s Human Exploration Research Analog (Hera), simulating space-like conditions on Earth to prepare astronauts for longer missions outside the big blue marble.

The details: Emirati analog crew members will be posted at Johnson Space Center’s Hera habitat in Houston, Texas for six months, Wam. The program will be divided into four phases, subjecting crew members to a range of scenarios, including communication delays with ground control and a possible simulated visit to Mars.

Research is also being done here at home, with theUAE University, Mohammed bin Rashid University of Medicine and Health Sciences, and the American University of Sharjah deep in the books to gather insight for the study.

REMEMBER- The UAE has big space ambitions: The UAE Analog Programme is being funded by the ICT Fund of the Telecommunications and Digital Government Regulatory Authority to support research for UAE-based space missions like the Mars 2117 program. The program’s first analog study concluded in 2022, testing the effects of isolation on the human psyche and physique.

DATA POINT-

The UAE Food Bank helped over 18.6 mn individuals globally and averted 6k tonsof surplus food from landfills in 2023, as it works towards its 2027 goal to reduce food waste environmental pollution by 30%, reports Wam. Last year saw the charity establish 32 partnerships with public and private institutions, receiving a collective AED 14.7 mn from over 800 donors.

THE BIG STORIES ABROAD-

Trump 2, Haley 0: Days after former US President Donald Trump’s victory in Iowa, the former presidentis now projected to beat last-opponent-standing Nikki Haley in the New Hampshire primary as early results start trickling in. Haley has vowed to fight on, telling supporters that “New Hampshire is the first in the nation. It is not the last.” (NYT | CNBC | CNN | The Guardian | Associated Press | Reuters |FT |WSJ)

ALSO- The Turkish parliament has voted in favor of Sweden becoming a NATO member state, after stalling for 20 months. With Turkey out of the way, Hungary is the only NATO member that is still against Sweden becoming a fellow member. (Washington Post | BBC | Associated Press | FT | WSJ | NYT | AFP | Reuters | Politico | Bloomberg)

AND- Christopher Nolan’s Oppenheimer nabbed 13 Oscar nominations for best picture, director, acting and craft categories, dominating the 2024 Oscar nominations. Nolan has never won an Oscar before despite his rich blockbuster portfolio, but critics think this might be the one. Associated Press | FT | Reuters | The Guardian | NYT | CNBC | Bloomberg)

CIRCLE YOUR CALENDAR-

Emirati real estate developers will be in Sao Paulo, Brazil, for the UAE Property Forum, hosted by the Emirati embassy in Brazil and the Consulate General in Sao Paulo. The exhibition is happening next Monday and Tuesday, 29-30 January at the Tivoli Mofarrej São Paulo Hotel, Brazil, according to a press release.

The Arab Health Exhibition 2024 will kick off next Monday, 29 January and runs through Thursday, 1 February in Dubai. Over 3k companies will be in attendance, including European healthcare and diagnostic software provider Dedalus. The exhibit aims to showcase the latest tech-powered solutions to challenges in the healthcare sector.

Dubai will host the Family Office Roundtable (FORT) Global on Friday, 2 February at the Museum of the Future, according to a press release. The invite-only event will center discussions on the international finance and investment communities, influential family offices, government members and dignitaries, with nearly 10k guests, hailing from over 35 countries.

The Mubadala Abu Dhabi Tennis Open will take place from Saturday, 3 February to Sunday, 11 February at Zayed Sports City’s International Tennis Centre. The tournament will see participation from four-time Grand Slam champion Naomi Osaka, plus Elena Rybakina, Ons Jabeur, Maria Sakkari, and Barbora Krejčíková, reports The National.

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.

Dubai will host the World Government Summit from Monday, 12 February, to Wednesday, 14 February. The summit, with a central theme on the daily implications of AI, will include 15 AI-centered conferences and an annual gathering for the Time 100 AI list. OpenAI CEO Sam Altman will be among the speakers headlining the event, Gulf News reports. Over 4k participants from 150 countries are expected to be in attendance.

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.

Breakbulk Middle East 2024 will take place from Monday, 12 February, to Tuesday,13 January, in Dubai. The event is being hosted by the Ministry of Energy and Infrastructure to address industry challenges and identify prospects for growth in the UAE, KSA, and East Africa.

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. You can register here.

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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