Good morning, wonderful people, and happy FRIDAY. The news cycle shows no intentions of slowing down as we race towards the weekend, giving us a fresh batch of corporate earnings as well as a handful of real estate and banking stories to keep an eye on.

THE BIG STORY here at home: Aldar Properties is investing AED 407 mn in logistics and storage assets in Europe, as the company works to expand its portfolio in Europe.

^^ We have all the details in this morning’s news well, below.

WATCH THIS SPACE-

#1- Emirati consortium chosen for USD 22 bn development of Egyptian North Coast land plot: Egypt’s General Authority for Investment and Freezone (GAFI) has picked an Emirati consortium to take over the USD 22 bn development of a plot of land in the North Coast’s Ras El Hekma, GAFI head Hossam Heiba told CNBC Arabia. He explained that the authority had received a number of offers from several international consortiums. Heiba’s comments mark the first official confirmation of the project after a week-long tangle of rumors from Egyptian officials about the investment’s size and origin.

What we know so far: Heiba made clear that USD 22 bn is the total investment value of the project (and that the final figure could be higher and disbursed over several tranches), and that the UAE-based consortium would be responsible for lining up and mobilizing financing before developing and managing the project. Both domestic and international companies would likely have a chance to bid for pieces of the construction work, he suggests.

Critically: “We have finished negotiations and are now preparing to sign the contracts,” Heiba said. While no final agreement has yet been reached, the emirate of Abu Dhabi is reportedly taking part in the ongoing talks, Bloomberg reported, citing people familiar with the matter who also revealed that Egypt might retain a 20% minority stake in Ras El Hekma, including shares to be held by Egyptian developer Talaat Moustafa Group and other Egyptian state entities.

#2-Adani Group’s UAE-based subsidiary is eyeing a container terminal in Tanzania:UAE-based East Africa Gateway, a subsidiary of Indian port operator Adani Ports and Special Economic Zone, has reportedly agreed to acquire Tanzania International Container Terminal Services (Ticts), which operates a container terminal at Tanzania’s Dar es Salaam, Economic Times Infra reported, citing a public note from Tanzania’s Fair Competition Commission (FCC). The value of the agreement was undisclosed.

The FCC will reportedly review and investigate the potential acquisition to ensure that it would not harm competition in the sector, the newswire quotes the FCC as saying. Adani Ports and SEZ has already been running four container handling berths at Dar es Salaam port, under a five-year agreement with Ticts, the newswire writes.

Could AD Ports be involved? AD Ports inked an MoU with Adani Ports and SEZ back in 2022 to invest in logistics infrastructure in Tanzania — including in maritime services, port operations, rail infrastructure, digital services, and an industrial zone.

#3- Inflation in the GCC was slower than in other regions in 2023, except for Dubai, which saw its inflation rate accelerate to 3.3% in 2023 (pdf) from 2.9% in 2022, according to a Kamco report (pdf).

The tables might turn this year: The report points to the ongoing conflicts in Gaza and disruptions in Red Sea shipping lines as potential disruptions, with 81.6% of the region’s imports exposed to the disruptions.

#4-UAE could finance Turkey’s Bosphorus railway: The government is currently in talks with Turkey to grant the Turkish government a loan to finance the railway project across Istanbul’s Bosphorus Strait, Asharq Business reports, citing Anadolu Agency. The Turkish government expects to reach an agreement on the loan during Turkish President Recep Tayyip Erdoğan’s visit to the Emirates set for this month, Turkish Transport and Infrastructure Minister Abdulkadir Uraloğlu reportedly said.

This isn’t the first time we hear of the UAE taking part in the project: Abu Dhabi’s ADQ fund reportedly held talks with Turkey in October last year to discuss building the railway, which is planned to be a part of a trade corridor linking Europe to the MENA region and Asia, Bloomberg reported.

#5- Dragon oil to break ground on Turkmenistan oil fields in December: Dubai government-owned Dragon Oil plans to start drilling an exploration well in Block 19 in Turkmenistan next December, Wam reports. The state-owned oil company will begin the exploration to prepare for the development phase of its three offshore oil fields in accordance with an MoU signed last month with Turkmenistan’s national oil company, Turkmennebit.

The Energy Ministry has come out with more details on the Cabinet-approved federal energy management regulations for industrial facilities, which aim to reduce energy consumption and cut emissions in the industrial sector, as well as encourage investments in new technology, the ministry said on X.

Reducing energy demand + improving air quality: The regulations aim to reduce energy demand in the industrial sector by 33% by 2050, state news agency Wam cites Undersecretary for Energy and Petroleum Affairs at the Ministry Sharif Al Olama as saying. The regulations are also expected to improve air quality by reducing carbon emissions by 63 mn tons by 2050, resulting in financial savings of AED 14 bn, Olama said.

The Union for Human RIghts Association is now registered as a public interest association, headquartered in Abu Dhabi, Wam reports. The association, comprising 16 human rights experts, will advise on national reports submitted to international human rights organizations. The organization will also organize initiatives, training programs, and publications, and field human rights complaints and follow up on them with relevant authorities.

HAPPENING TODAY-

#1- Dubai’s PMI figures are out today at 8:15 am. You can find the PMI survey here when it’s out and read our coverage of it on Monday.

CORRECTION- We previously reported that Dubai’s PMI figures would be released yesterday.

#2- The International Crop-Science Conference & Exhibition 2024 (ICSCE), one of the world’s largest agriculture input events, starts today at the JW Marriott, Marquis Dubai.

#3- The Mubadala Abu Dhabi Tennis Open women’s tournament kicks off its finals weekend today at Zayed Sports City’s International Tennis Center. The final game will take place on 11 February.

#4- UAE Innovates 2024 is underway in Ajman and Umm Al Quwain today and runs until next Wednesday, 14 February, reports state news agency Wam. The event will move to Sharjah, Ras Al Khaimah, and Fujairah from Thursday, 15 February to Wednesday, 21 February. The event’s last stop will be Dubai, running from 22-29 February.

HAPPENING NEXT WEEK-

Over 300 prime ministers and international organization chiefs will descend on Dubai next Monday for the three-day World Government Summit. The summit will focus on the daily implications of AI and government priorities for the future, and will include 15 AI-centered conferences and over 23 ministerial meetings and executive sessions.

The Sustainable Aviation Futures MENA will kick off next Monday, 12 February through to Wednesday, 14 February at Kempinski Central Avenue. The event will see 80 speakers and upwards of 200 attendees discuss regulation, financing, and investments in sustainable aviation fuels in MENA.

Breakbulk Middle East 2024 is also happening next Monday and Tuesday, 12-13 February 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.

Dubai will also host the Future Warehouse & Logistics 2024 Conference from Monday, 12 February to Wednesday, 14 February. On the agenda: How to boost resilience and overcome challenges, with discussions on disruptions, sustainability, internet of things, automation, workplace management and other topics.

DATA POINT-

#1- Adnec contributed AED 7.37 bn to the GDP in 2023: The Abu Dhabi National Exhibitions Company has more than doubled its contributions to the UAE’s GDP in 2023 to AED 7.37 bn both directly and indirectly through its business segments, according to the Abu Dhabi Media Office.

The highlights:

  • Adnec’s three international venues, including the largest in the Middle East, Abu Dhabi National Exhibition Centre, saw a 122% y-o-y uptick in visitors to 1.78 mn and a 100% y-o-y uptick in events;
  • Its hotel segment saw bookings climb 270% y-o-y;
  • The company increases cruise trips by 39% y-o-y.

#2- Over AED 67 bn was direcinto the economy in 2023under the National In-Country Value (ICV) Program, marking a 26% y-o-y increase in spending on local products and services, state news agency Wam cites Industry Ministry Undersecretary Omar Al Suwaidi as saying. ICV-certified companies invested over AED 200 bn in 2023 in the local economy.

The program expanded in 2023, with 1k companies receiving the ICV certification over the year, bringing the total number of certified companies to 5.5k.

CIRCLE YOUR CALENDAR-

The Investopia Summit will take place from Wednesday, 28 February, to Thursday, 29 February, in Abu Dhabi. The two-day event will run under the theme “Emerging Economic Frontiers: Investing in Fast-Growing Sectors in the New Economy,” gathering investors, government officials, and entrepreneurs to explore investments in strategic markets.

Abu Dhabi is set to host the World Congress of the World Federation of the Deaf in 2027, marking the first time the event will take place in the Middle East and North Africa (MENA), Wam reports. Some 125 countries and over 2k hard of hearing participants from across the world are expected to participate in the event. The event promotes the inclusion of deaf individuals in societies and aims to increase awareness about their rights.

The inaugural edition of DRIFTx will take place in Abu Dhabi in April. The event is supported by the Abu Dhabi Investment Office and Bayanat, according to the Abu Dhabi Media Office. The showcase will offer an international platform for smart and sustainable urban mobility, featuring Banayat’s autonomous taxis by TXAI.

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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