Good morning, friends. It’s a reasonably calm Friday as far as the domestic news cycle goes, meaning we’re sending you off into the weekend with a tight issue this morning.

WTO MINISTERIAL-

The potential freetrade agreement between the UK and the GCC could “grow trade by around 16%,” UK Trade Policy Secretary Greg Hands told Sky News Arabia on the sidelines of the World Trade Organization’s ministerial conference in Abu Dhabi yesterday (watch, runtime 10:42). Progress on the agreement is “extremely strong,” Hands said, stressing the importance of the pact for both the GCC and the UK as important trade partners. The freetrade agreement has been under discussion since June 2022, with the last round of negotiations in Riyadh last November.

UAE contributed AED 1 mn to facilitate LDC participation: The government committed AED 1 mn to the least-developed countries (LDCs) Trust Fund to cover the travel expenses and accommodation of LDCs’ delegations to ensure their participation in the WTO ministerial conference (MC13), Wam reports.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- We’re paying more at the pump this month: The Fuel Pricing Committee decided to raise retail fuel prices for March after three consecutive months of price cuts, the Emirates General Petroleum Company said in a post on X yesterday. The rundown:

  • Super 98 is now AED 3.03 per liter, up 5.2%;
  • Special 95 is now AED 2.92 per liter, up 7.2%;
  • E-Plus 91 is now AED 2.85 per liter, up 5.9%; and
  • Diesel is now AED 3.16 per liter, up 5.7%.

REMEMBER- Fuel prices in the UAE mirror global oil markets. We liberalized fuel prices in 2015, and are now tracking monthly market movements when determining fuel prices for the month.

#2- Public school registrations for the 2024-2025 academic year will open from this coming Monday, 4 March and will remain open until Friday, 15 March, welcoming newcomers, transfers from private schools, and students from outside the country according to an Emirates Schools Establishment announcement cited by Al Khaleej.

INVESTMENT UPDATE-

ADQ begins paying for development rights in Egypt’s Ras El Hekma: Abu Dhabi wealth fund ADQ deposited with the Central Bank of Egypt the first USD 5 bn tranche of its USD 35 bn investment in Egypt’s Ras El Hekma, Egyptian Prime Minister Moustafa Madbouly said in a statement yesterday. ADQ is set to transfer another USD 5 bn later today, Madbouly confirmed.

REMEMBER- ADQ is paying USD 24 bn for the development rights to Ras El Hekma and will convert some USD 11 bn worth of UAE deposits at the Central Bank of Egypt into money that it will “invest … in real estate and other prime projects,” the fund said in its press release.

DATA POINT-

#1- Passenger traffic at Dubai International Airport (DXB) is expected to surpass 90 mn by the end of 2024, Dubai Airports CEO Paul Griffiths told CNBC yesterday (watch, runtime: 2:32). DXB passenger traffic hit 87 mn in 2023, up 31.7% y-o-y and marking a recovery to pre-pandemic levels, according to figures released last month.

#2- The Middle East’s luxury yacht market is projected to grow by over 50% by 2028, Shamal Holding’s Commercial Operations VP Sudhin Siva told CNN Business Arabic, noting that the maritime industry contributes some AED 129 bn to the Emirates’ GDP. The industry’s contribution to the economy grew 18% y-o-y in 2022, Energy and Infrastructure Minister Suhail Al Mazrouei said in October.

HAPPENING TODAY-

#1-GovGames 2024 is underwayand will run through this Sunday, 3 March. The event features physical challenges across various categories, with some 194 teams from around the world set to join.

#2- The MENA Transport Congress and Exhibition 2024 concludes today at the Dubai World Trade Center.

#3- The Dubai International Boat Show is also underway at Dubai Harbor, running until Sunday, 3 March. The event will showcase over 1k brands and over 200 boats from renowned shipyards like Azimut, Sunseeker Gulf, and Gulf Craft, and serves as a crucial sales and networking platform for both local manufacturers and global distributors.

#4- It’s semi-finals day for the men’s singles at the Dubai Dutyfree Championship. Daniil Medvedev is facing off against Ugo Humbert at 5pm today, after Medvedev beat Alejandro Davidovich Fokina in the quarter-finals yesterday. Meanwhile, Andrey Rublev — who edged out Sebastian Korda yesterday — and Alexander Bublik play at 3pm today.

#5- The Abu Dhabi Family Office Summit will take place today in Saadiyat Rotana. The summit includes interactive panels geared at helping family businesses attract investment and set up offices in the UAE.

#7- Art Dubai opens its doors today and will run until Sunday, 3 March. The international art fair will be showcasing over 120 contemporary presentations from 60 cities at Dubai’s Madinat Jumeirah.

HAPPENING NEXT WEEK-

#1- The UAE will host the MRO Middle East next Tuesday and Wednesday, 5-6 March in Dubai. The two-day event will bring together key decision-makers from airlines, MROs, OEMs, lessors, and suppliers spanning all aspects of aviation supply chain.

#2- The World Police Summit will begin next Tuesday, 5 March and run until Thursday, 7 March, at the Dubai World Trade Center. The event will welcome over 20k global law enforcement and security industry professionals to explore solutions to mitigate crime.

#3- Forbes will return to Abu Dhabi next Tuesday, 5 March, for its annual 30/50 Summit, scheduled to run until Friday, 8 March. Meg Ryan, Suze Orman, and Sheila Johnson will headline the event spotlighting the Forbes Under 30 and 50 Over 50 lists, coinciding with International Women’s Day, Forbes previously reported.

#4- The Dubai Entertainment Amusement & Leisure Exhibition opens its doors next Tuesday, 5 March, in Dubai.The three-day trade show will welcome global exhibitors in entertainment and amusement, before wrapping on Thursday, 7 March.

HAPPENING THIS WEEK-

#1-Abu Dhabi’s Department of Culture and Tourism’s Souq Al Wahat will host an African parade on Saturday and Sunday, 2-3 March, reports the Abu Dhabi Media Office. Souq Al Wahat will open its doors again the following weekend (until Sunday, 10 March) with its final weekend dedicated to American culture, hot dogs, and country dancing.

#2- The World Skate Tour will kick off its Middle Eastern leg on Sunday, 3 March, according to the Dubai Media Office. The Middle East’s debut pro skating event will return to Dubai Harbor next week, with over 500 skaters from 65 countries competing in back-to-back rounds until Sunday, 10 March, with finalists qualifying for the Summer Olympic Games. Tickets for the tour’s two-week stop in Dubai can be purchased through Virgin Radio, for more information and the full schedule, check out the Adara website.

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