Good morning, lovely people. It’s a relatively busy start to a new week, with a big milestone for Abu Dhabi sovereign wealth fund ADQ’s megaproject in Egypt, amendments to VAT regulations, and not one, but two trade and economic partnership agreements inked. But first…

⛈️WEATHER- We’re in for a cloudy and rainy week: The National Center of Meteorology forecasts cloudy weather in eastern and northern areas, with a chance of light to moderate rainfall, and potentially heavy downpours — paired with lightning, thunder, and blowing dust — until Wednesday, the National Center of Meteorology said. Temperatures today will hit 39°C in Dubai, with an overnight low of 31°C, and 36°C in Abu Dhabi, before cooling to an overnight low of 29°C.

WATCH THIS SPACE-

#1- The UAE hands out its first gaming license: The General Commercial Gaming Regulatory Authority awarded the UAE’s first commercial gaming operator’s license to hotel and casino operator Wynn Resorts, Reuters and Bloomberg reported over the weekend, citing a statement from Wynn. Wynn plans to present its upcoming USD 3.9 bn project on the Marjan Islands in Ras Al Khaimah — in which it has funneled USD 514 mn so far — to investors tomorrow. The project is set to be the first integrated gaming resort in the MENA region and is slated for handover in 2027.

REMEMBER- The UAE issued a regulatory framework for the gaming sector in July as the country makes a push in the sector. While the country still has yet to clarify regulations around gambling, gaming establishments are already underway, with Las Vegas entertainment giant MGM Resorts also applying for a license to run casino operations in Abu Dhabi. Casinos in the UAE are expected to generate USD 3-5 bn in gaming revenue annually, depending on whether locals are allowed to gamble, Morgan Stanley has recently said.

#2- Dubai will offer golden visas to “exceptionally performing” educators in the private education sector, state news agency Wam reports. The visas will be awarded to teachers who strongly influenced student academic development and garnered positive feedback, Wam said. The step comes under Dubai’s new Education 33 strategy, which aims to attract more capable educators and international universities to the emirate.

#3- The Commercial Bank of Dubai (CBD) issued a USD 500 mn five-year bond last Thursday, it said in a disclosure to the DFM (pdf), without providing details on the pricing of or demand for the issuance. The bond will be settled on Thursday, 10 October, and carries a coupon rate of 4.864%, Zawya reports. The CBD issued the bond following an investor meeting last week.

ADVISORS- Citibank, Commerzbank, Emirates NBD Capital, First Abu Dhabi Bank, JPMorgan Chase, and Standard Chartered have been appointed as bookrunners.

#4- Abu Dhabi sovereign wealth fund Mubadala is in talks to buy a stake in US payments firm HPS, Semafor reports, citing sources it says are familiar with the matter. Mubadala is already an investor in Blue Owl, which owns a stake in HPS. No additional details on the potential size or value of the stake were disclosed.

In context- Mudabala has made a series of investments in the US this year, including buying a majority stake in asset manager Fortress Management and investing in the second venture capital fund of the private equity firm Blue Opal.

#5- RedBird IMI closer to turning the page on the Telegraph: Abu Dhabi-backed RedBird IMI is advancing talks with the New York Sun’s owner Dovid Efune for the sale of the Telegraph, with a GBP 550 mn agreement expected to be reached early next week, the Financial Times reports, citing three people it says are familiar with the talks. Backed by several US investors and funds, Efune has reportedly submitted a higher offer than other bidders.

REMEMBER- RedBird IMI, a JV between Deputy Prime Minister Sheikh Mansour bin Zayed Al Nahyan’s International Media Investments and RedBird Capital Partners, was looking to sell the papers to recoup the GBP 600 mn invested last year to acquire the assets, before the takeover bid fell through due to opposition from the UK government. It has already sold sister magazine the Spectator to founding partner of Marshall Wace Paul Marshall, who was also interested in the Telegraph, as was Former Tory Chancellor Nadhim Zahawi and National World.

ADVISORS- Robey Warshaw and Raine Group are acting as RedBird IMI’s advisors on the transaction.

#6- Gov’t confirms “targeted” attack on ambassador’s residence in Sudan, calls on UN to assess evidence: Assistant Minister for Security and Military Affairs Salem Al Jaberi confirmed the presence of irrefutable evidence that the Sudanese army attacked the UAE Ambassador’s residence in Khartoum, causing significant damage, according to a statement from the Foreign Affairs Ministry. The army denied claims of a deliberate attack last week and shifted the blame onto the rival Rapid Support Forces. Al Jaberi called on United Nations experts to review the evidence and assess the damage.

#7- The cabinet approved a new agriculture initiative and a National Agriculture Center to see it through in its latest cabinet meeting, state news agency Wam reports. The center will provide technical support to agricultural projects, and will work on organizing exhibitions, events, and volunteer campaigns to boost the sector.

The center will focus for the next five years on:

  • Raising the number of productive farms in the country by 20%;
  • Boosting the number of organic farms by 25%;
  • Increasing adoption of climate-smart solutions across 30% of farms;
  • Reducing agricultural waste by 50%;
  • Increasing the use of local agricultural products in restaurants and hotels by25%;
  • and increasing the number of workers in the sector by 15%.

ALSO FROM THE MEETING- The UAE ratified its trade and economic partnership agreement with Mauritius, and approved the restructuring of the Higher Committee for Consumer Protection.

PUBLIC SERVICE ANNOUNCEMENTS-

Emirates is barring passengers from carrying pagers and walkie-talkies on its flights, the UAE’s flag carrier stated in a travel update. The decision follows Israel’s recent deadly attacks on Hezbollah members in Lebanon in which many of their pagers exploded abruptly.

The airline has also resumed flights to Amman as of yesterday, but is extending its suspension of flights to Iraq and Iran to today, and to Beirut until 15 October, it said in the update, without clarifying when flights to Iraq and Iran will resume.

DATA POINTS-

#1- Dubai’s Roads and Transport Authority raked in AED 3.71 bn in revenues In 2023 from digital transactions, marking a 16.8% y-o-y increase, according to a statement. The authority recorded a total of 821 mn digital transactions last year, up 1% y-o-y, with transactions through RTA’s smart apps accounting for 15.3 mn, up 29% from 2022.

#2- Trade between GCC countries hit USD 2.2 tn in 2023, up from USD 1.5 tn in 2022, Saleh bin Hamad Al Sharqi, secretary general of the Federation of Chambers of the GCC, told CNBC Arabia (watch, runtime: 5:49). GCC intra-trade is poised for further growth in 2024 through partnerships and trade pacts, Al Sharqi added.

#3- Dubai Financial Market’s (DFM) equity index was among the top performers in the GCC in September, gaining 4.1%, according to Kuwait Financial Centre (Markaz). The DFM’s performance was driven by strong performance from listed firms,  such as real estate developer Emaar, which rose 3.3%, and Aldar Properties, which saw its share price increase 2.5%, buoyed by “the positive sentiment” following GCC central banks’ interest rate cuts, Markaz said.

#4- Etihad Water and Electricity (EtihadWE) has invested over AED 5 bn in renewing water networks and developing the desalination plant of Umm Al Qaiwain, the company’s CEO Youssef Ahmed Al Ali told CNBC Arabia.

HAPPENING TODAY-

#1- Abu Dhabi Crown Prince Sheikh Khalid bin Mohamed bin Zayed Al Nahyan is in Oslo for an official visit to Norway alongside a high-level delegation of UAE officials, according to a statement. Al Nahyan will meet with Norwegian Crown Prince Haakon Magnus and Prime Minister Jonas Gahr Støre to explore boosting bilateral relations and expanding cooperation across key sectors.

#2- Dubai International Chamber kicked off a trade mission to Serbia and Turkey yesterday that runs until 11 October, aiming to help UAE businesses identify and capitalize on potential investments in Serbia and Turkey. The program includes bilateral business meetings designed to foster cooperation, expansion, and the establishment of new trade and investment agreements between companies from the two countries.

#3- AgraME will take place today and tomorrow at the Dubai World Trade Center. The event will bring together professionals from the Middle Eastern agricultural ecosystem to explore the latest trends in crop farming, horticulture, animal farming, aquaculture, and agri-tech.

#4- The Grand Hyatt Dubai will host The World Air Taxi Congress from today to Thursday, showcasing the latest in aerial technologies, including eVTOLs, next-generation STOLs, eCTOLs, delivery and cargo drones, and the role of autonomy and AI in aviation.

#5- Dubai Chambers’ Centre for Responsible Business will host the annual Dubai Chambers Sustainability Week 2024 from today until Friday. The activities of the week will focus on the intersection of technology and sustainability.

#6- The Forex Expo kicks off today and tomorrow at the Dubai World Trade Center, where attendees will engage with brokers, investors, and financial institutions to explore the latest trends in foreign exchange markets.

HAPPENING THIS WEEK-

#1- JW Marriott Hotel Marina will host the Global Trade and Supply Chain Summit on 8-9 October. The event aims to address the evolving landscape of international trade and supply chains, focusing on overcoming challenges and leveraging solutions offered by new technologies.

#2- Adnec Abu Dhabi will host the Global Rail Transport Infrastructure Exhibition and Conference on 8-10 October. The event gathers leaders and specialists from the rail and transport industries from the region and beyond to discuss smart mobility, greentech, and automation.

#3- Al Jawaher Reception and Convention Centre will host The Regional Data and Community Development Forum on 9-10 October. Organized by the Department of Statistics and Community Development, the forum aims to bring together global experts and decision-makers to discuss the role of data in promoting sustainable social development.

** EDITOR’S NOTE- This story was amended on 13 October, 2024 to remove incorrect information.

THE BIG STORY ABROAD-

It’s exactly one year since Hamas’ attacks on Israel triggered a deadly and ongoing campaign in Gaza that has since seen thousands of Palestinians killed — with the estimate for the exact number of deaths contested by multiple sources as many remain missing or under rubble. The UN estimates over 42 mn tons of rubble, which could take more than a decade to clear, Reuters reports.

Israel’s military marked the eve of the anniversary of the start of the war with an aerial and ground offensive in Gaza, said to be the largest in months, killing 26 people in Deir al Balah through two attacks on a school and mosque that are now shelters for the displaced, Reuters reports separately. It also struck Jabaliya in northern Gaza, dropping leaflets to tell residents they’re attacking the area. In Lebanon, Israel bombarded Beirut overnight, while Hezbollah struck a military base near Haifa in Israel, the Guardian reports.

IN THE BUSINESS PRESS- It’s relatively quiet, typical for the start of a new week, but only for a little while as earnings season kicks into gear with 3Q figures set to trickle in as of 11 October. Speculations and forecasts are already making headlines, with Reuters taking note of an expected weakening recovery in Samsung’s earnings and of UBS’ forecast of an average 4.7% growth in S&P 500 earnings this quarter.

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CIRCLE YOUR CALENDAR-

The American University of Sharjah will host the Sharjah International Conference on AI & Linguistics on 17-18 October, to discuss and promote the integration of AI in linguistics to preserve linguistic diversity, foster innovation in language learning, and enhance multilingual communication platforms.

Dubai Harbour will host the DMCCxAGCC: Global AI Challenge – Sustainability Edition on 13-16 October, the largest AI startup competition aiming to identify innovative AI solutions that contribute to sustainability in the GCC region.

Dubai World Trade Centre and Dubai Harbour will host Gitex Global on 14-18 October. The event will showcase the latest innovations in technology, including AI cybersecurity, cloud computing, and digital transformation.

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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