THIS MORNING: It’s the last day of the World Governments Summit

Good morning, ladies and gentlemen, and welcome to a very packed Wednesday issue.It’s peak earnings season, but it’s also Valentine’s Day.

If you’re still thinking about date night options, might we suggest taking a skim through the latest list of MENA’s 50 Best Restaurants? Four of the five top-ranked restaurants in the list are in Dubai (which hosts 19 of the 50 best restaurants in the region), while Abu Dhabi is also home to three of the ranked restaurants.

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THE BIG STORY here at home is the UAE signing several agreements with India at the World Governments Summit yesterday as Indian Prime Minister Narendra Modi is in town. The two countries signed an agreement to push forward with plans of setting up a trade corridor, as well as several other agreements. We have the full rundown in this morning’s news well, below.

It’s the third and last day of the World Governments Summit. Yesterday brought a packed AI-focused agenda, including panel discussions hosting Nobel Prize Laureate Serge Haroche and Microsoft’s Greg Wilson, among others, as well as a speech from OpenAI CEO Sam Altman (watch, runtime: 38:53). Yesterday’s speakers also included Turkish President Recep Tayyip Erdoğan (watch, runtime: 0:59), as well as President of Zimbabwe Emmerson Mnangagwa.

HIGHLIGHT REEL- Altman thinks the UAE could become the world’s AI “regulatory sandbox,” as the country has an ideal environment to create unified policies that can help address the challenges of getting “all the regulatory ideas right in a vacuum,” he told Minister of State for AI Omar Al Olama, Bloomberg reports.

AND- The Mohammed Bin Rashid School of Government (MBRSG) launched the latest Global Economic Diversification Index (pdf) at the summit. The latest EDI, which includes digital trade-specific indicators for the first time, evaluates and ranks 112 countries across 25 quantitative indicators, including economic activities, international trade patterns, and government revenue composition. The US, China, and Germany took the top three spots in the ranking, while the UAE came in at #70 with a score of 95.7.

What to expect on Day Three: Today’s agenda focuses on government services, reimagining development and future economies, public development and Arab public administration, industry and advanced technology, generative AI, geotechnology and policy, and government acceleration and transportation forum. You can find the full agenda here.

HAPPENING TODAY-

#1- UAE Innovates 2024 wraps its Ajman and Umm Al Quwain leg today, and will head to Sharjah, Ras Al Khaimah, and Fujairah tomorrow. The event’s last stop will be Dubai, running from 22-29 February, reports state news agency Wam..

#2- It’s the third and penultimate day of the Future Warehouse & Logistics 2024 Conference.On the agenda: How to boost resilience and overcome challenges, with discussions on disruptions, sustainability, internet of things, automation, workplace management, and other topics.

#3- The Ajman Department of Tourism Development UK roadshow continues,showcasing the emirate’s cultural offerings to reel in British tourists and investors in the tourism sector, according to a press release. The campaign stops in Glasgow, Birmingham, and London before wrapping tomorrow.

HAPPENING THIS WEEK

The FIFA Beach Soccer World Cup 2024will kick off tomorrow at Dubai International Stadium, before wrapping on Sunday, 25 February. The tournament will see 16 beach soccer teams, including the United Arab Emirates, battling it out for this year’s cup.

PUBLIC SERVICE ANNOUNCEMENT-

You can now request service for rain-damaged vehicles online: Car owners whose vehicles were damaged due to extreme weather conditions or natural disasters can now apply for a service certificate online, without having to bring their cars in for inspection, according to a statement. Owners must pay an AED 95 fee and attach a photo of their damaged cars before receiving the electronic certificate 1-2 business days later.

DATA POINT-

#1- Dubai’s healthcare ins. portal processed 143.3 mn transactions worth over AED 21.68 bn in 2023, according to a Dubai Health Authority statement. The portal processed 44.1 mn ins. claims over the course of the year, up from 3.67 mn claims the year prior. Some 4.5 mn people in Dubai are covered by healthcare ins., with access to over 12.2k plans from 71 ins. companies, according to the report.

#2-Only 3% of businesses in the Middle East are on track to reach their sustainability goals, despite 70% of businesses claiming to integrate sustainability in their business models, Bain & Company found in a survey conducted at the World Government Summit, according to state news agency Wam. “The gap between ambition and action occurs despite universal agreement on the case for change,” Bain Senior Partner Samer Bohsali said, adding that 90% of executives find the need for more sustainable operations.

#3- The Central Bank of the UAE’s (CBUAE) latest AED-denominated T-Sukuk auction was 6.9x oversubscribed, pooling AED 7.6 bn in bids, the Finance Ministry said. The three- and five-year tranches saw strong demand, with the T-Sukuk sold at 5 bps over US treasuries.

Background: The CBUAE launches regular AED-denominated Shariah-compliant sukuk auctions in a bid to strengthen the local currency’s yield curve in capital markets. You can find more on the program here.

WATCH THIS SPACE-

#1- The government is mulling the launch of treasury bonds for retail investors to “encourage the culture of saving and investment,” Finance Ministry Undersecretary Younis Haji Al Khoori told Sky News Arabia on the sidelines of the World Governments Summit. Plans to issue the retail t-bonds are currently being studied in coordination with the ADX and the DFM, with no date set for specific issuances.

#2- Barakah plant to go online next month: The fourth and final reactor of theBarakah nuclear power plant will begin operations in March 2024, the UAE’s Permanent Representative to the International Atomic Energy Agency Hamad Al Kaabi told Wam yesterday. Final trials are currently underway, Federal Authority for Nuclear Regulation Director General Christer Viktorsson said.

ICYMI- Barakah was completed in Decemberafter the Emirates Nuclear Energy Corporation’s operating and maintenance subsidiary, Nawah Energy Company, concluded loading fuel assemblies into the fourth reactor, bringing Barakah, the UAE’s first nuclear power plant, to the brink of operational capacity.

#3- What Al Zeyoudi wants to see at this month’s WTO meeting in Abu Dhabi: Foreign Trade Minister Thani bin Ahmed Al Zeyoudi is optimistic about the World Trade Organization’s (WTO) upcoming ministerial meeting, from 26-29 February in Abu Dhabi, he told The Financial Times. Although the rising tensions in the Red Sea due to Houthi attacks on cargo ships in Bab El Mandeb are an ongoing concern for global trade, it is unlikely to “overshadow” the meeting, with Al Zeyoudi describing it as another business challenge “we have to be more and more resilient [against].” He suggested the WTO use the conference as a chance to rebuild trust in its system and advance policy.

THE BIG STORY ABROAD-

It’s crickets out there this morning, friends. Two US-centric stories dominate the business and mainstream press alike on both sides of the Atlantic:

• Nato: Joe Biden is blasting Donald Trump for “un-American” suggestions that it would be just fine if Putin were to invade Nato allies that don’t pay their dues. A Trump national security advisor is doubling down on the idea: Don’t hit your defense spending target and Nato won’t ride to the rescue if you’re invaded, he said. The exclusive is leading the front page of Reuters.
• US politics: The House of Representatives has impeached a cabinet member for the first time since 1876 in what pundits are calling a partisan vote. Don’t expect the Senate to follow suit.

AND- Saudi, Emirati and Qatari sovereign funds may be in talks to join the African Development Bank after Turkey became the first non-continental equity holder in the institution in December, Semafor reports.

FINALLY- It’s election day in Indonesia, where some 100 mn people are expected to cast ballots. Former defense minister Prabowo Subianto looks set to become the next president of Southeast Asia’s largest economy.