UMEX & SimTEX 2024 end in Abu Dhabi today

Good morning, ladies and gentlemen. We’re closing in on the weekend and the last full week of January — and we’re a little unsure of where the time goes.

THE BIG STORY here at home is Fitch Ratings’ expectation that the UAE’s debt capital markets will hit USD 300 bn by 2025, growing some 11% y-o-y. The ratings agency sees room for growth as diversification of funding increasingly becomes the name of the game.

^^ We have this story and others in this morning’s news well, below.

HAPPENING TODAY-

The UMEX & SimTEX 2024 conference wraps today in Abu Dhabi. Defense and security acquisitions authority Tawazun Council inked five agreements at the event, including Edge’s AED 874 mn acquisition of International Golden Group, an AED 10 mn agreement for anti-drone guns with Abu Dhabi-based supplier Resource Industries, and an AED 16 mn agreement with Yahsat subsidiary Star Satellite Communications Company for communication bonds totaling, state news agency Wam reports.

Tawazun also inked two international agreements, pledging simulator support services to Canadian Aviation Electronics’ for AED 49 mn and procuring Chinese company CETC International Co’s anti-drone systems for AED 23 mn.

The Defense Ministry also inked an agreement with Milrem Robotics — in which Edge Group holds a majority stake — for the supply of 20 tracked robotic combat vehicles (RCVs) and 40 THeMIS unmanned ground vehicles (UGVs), reports Zawya. The agreement stands as the world’s largest combat robotics program. Milrem Robotics will spearhead trials to integrate these systems.

PUBLIC SERVICE ANNOUNCEMENTS-

#1-PSA- Dubai and Abu Dhabi roads are expected to be clouded by heavy fog until Saturday, the National Centre of Meteorology (NCM) cautionedin an X post yesterday. The Abu Dhabi Police also issued a warning, calling for folks on the road to cut back their speeds to a maximum of 80 km/h. Rainfall is expected on Saturday, with temperature drops to 13°C by the coast and 7°C inland, The National reports, citing the NCM’s bulletin.

#2- Emiratis traveling to the UK can apply for entry using the newly introduced electronic travel authorization (ETA) starting 1 February, the UAE Embassy in London said. The ETA will allow Emiratis to travel an unlimited number of times within the span of two years for GBP 10. You can apply here.

REMEMBER- An ETA only allows you to travel to the destination, but you will still need to obtain approval for entry into the UK through an eGate or a border force officer, Khaleej Times notes.

WATCH THIS SPACE-

#1-Could we soon get a mega seven-emirate highway? A proposal for a federal highway connecting all seven emirates is under study by Energy and Infrastructure Minister Suhail bin Mohammed Al Mazrouei as part of a new set of measures to be rolled out in 2H 2024 to ease traffic between Dubai and the northern emirates, reports Khaleej Times. Local government representatives are currently assessing the necessity of the proposal — compared to upgrading existing highways — to reroute traffic.

#2-Homebuyers can now get the golden visa without a down payment: The UAE has removed the requirement of a AED 1 mn minimum down payment for homebuyers who took out mortgages or paid in installments in order for them to obtain a golden visa through real estate investment, The National cites sources as saying. Initially, buyers who took out mortgages or paid in installments had to submit an AED 1 mn down payment or half of the property’s value to qualify for the visa.

Investors will now automatically qualify for the visa if the property they buy is valued at AED 2 mn or more, regardless of whether they are “off-plan, completed, mortgaged or not mortgaged” purchases, Maroun Abou Harb, an associate at law firm BSA Ahmad bin Hezeem & Associates, said.

The change has yet to be announced: Dubai Land Department’s Cube website has not been updated to acknowledge this change. One source from Dubai property broker Allsop & Allsopp said that they were made aware of the change when visiting the Dubai Land Department, according to The National.

#3- Abu Dhabi Islamic Bank (ADIB) plans to expand its footprint in Saudi Arabia and maintain investments in Egypt despite “challenges,” CFO Mohamed Abdel Bary told Reuters. The Saudi market is an attractive destination, with potential across various industries within the bank’s risk appetite, Abdel Bary said, without providing further details on its expansion plans. Meanwhile, the bank also plans to boost corporate lending in 2024, with a focus on the commercial and real estate sectors, he told the newswire.

#4-100 Emirati women will receive complimentary training in a data labeling program by the National Programme for Coders, regional talent marketplace Ureed.com, and Meem Foundation, reports Wam. The program will target stay-at-home mothers over a 24-week timeline.

HAPPENING THIS WEEK-

Dubai Multi-Commodities Centre (DMCC) kicked off the first leg of its global trade roadshow, Made For Trade Live, in London yesterday in a bid to attract FDI from the UK, according to a statement.

Next up: DMCC is heading to Switzerland today for the second leg of the roadshow.

DATA POINTS-

#1-Dubai Customs processed a record 30.4 mn customs transactions in 2023, up 17.5% y-o-y, reports Wam. The authority averaged 84k customs daily transactions. The record is thanks in part to a recently inaugurated self-audit service, boosting efficiency by 39% y-o-y. The authority also managed to seize some 3.7k goods,and resolved 333 dispute cases last year. Customs also recycled over 15 mn counterfeit goods (pooled at a value of AED 73.4 mn), Wam said.

#2-The Sharjah Charity International (SCI) provided AED 13.2 mn in tuition coverage for 1,894 students through its Student Support initiative, Wam reports. The SCI also allocated AED 6.9 mn to support students studying abroad.

#3- Abu Dhabi Real Estate Centre (ADREC) lowered service and community charges by 6% y-o-y for jointly owned real estate in Abu Dhabi, resulting in AED 39.7 mn in reductions, the Abu Dhabi Media Office reports.

#4- The Dubai Financial Services Authority (DFSA) licensed and registered 117 companies in 2023, marking a 25% y-o-y increase, according to a press release. The registration of hedge fund managers saw a 125% y-o-y increase, it said.

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.