Good morning, wonderful people, and happy hump day. It’s one of those rare quiet days in the UAE, and we’re savoring it with an (also rare) tight issue. The biggest stories to keep an eye on: Singapore’s First APAC fund is investing AED 5 bn in Dubai real estate firm AMIS Development; our friends at Mashreq inked a new trade facility agreement with BII; and we have two new laws on Sharjah’s digital landscape and the UAE’s penal and corrective institutions.

The Dubai Financial Market index broke past the 4.8k-point level for the first time since October 2014, closing up 1.2%, Al Khaleej reports. Gains were primarily driven by improved performances in the real estate, financial, industrial, and utility sectors, led by Emaar (up 2.9%), Deyaar (up 5.7%), and Dubai Islamic Bank (0.9%). This marks the second time this month that the DFM hits a decade high.

WEATHER- We’re in for a cloudy (and possibly rainy) end to the week: The National Center of Meteorology forecasts (pdf) partly cloudy conditions in northern and coastal areas and islands, with a chance of light rainfall and blowing dust until Saturday. Temperatures today will hit 31°C in Dubai, with an overnight low of 25°C, and 29°C in Abu Dhabi, before cooling to an overnight low of 24°C.

There’s a money story in the Gulf. Take one look at the news, and you’ll see headlines about Saudi Arabia’s rapidly changing economy, Qatar’s investment in mass infrastructure, and the UAE’s transformation into a global tech hub. The geopolitical tectonic plates are shifting.

To stay up to date on the business happening in the Gulf that is impacting the world around you, check out our friends at Semafor Gulf. Each issue uncovers the economic forces shaping the region — and the world. Subscribe here at no cost.

WATCH THIS SPACE-

#1- The UAE mulls pollution-charging system: The UAE is considering rolling out a pollution-charging mechanism to incentivize companies to reduce greenhouse gas emissions, Bloomberg cites Eva Torreblanca, a director at the Abu Dhabi’s Environment Agency’s policy and planning division, as saying. The Climate Change Ministry is currently reviewing proposals from the agency, including…

  • A cap-and-trade system similar to the European Union’s Emissions Trading System;
  • A carbon tax for companies emitting over 25k tons of CO2 annually;
  • An auction-based mechanism inspired by Germany’s system for heating and transporting fuels.

The caveat? Officials outside the agency are worried that these measures could deter companies from establishing operations in the UAE, the business news information service reports, citing people it says are in the know.

Meanwhile, the Environment Agency is working on a system to measure and certify emissions, expected to be operational by January 2025, to address pitfalls in cap-and-trade systems, Torreblanca said.

#2- Shorooq Partners to provide AED 30 mn for content startups: Abu Dhabi-based VC Shorooq Partners partnered with 1 Bn Followers Summit, the world’s largest content-focused event, to provide AED 50 mn in funding for the 1 Bn Pitches competition, state news agency Wam reports. Shorooq will contribute AED 30 mn through direct investments and in-kind services — such as cloud credits — while the 1 Bn Followers Summit will provide AED 20 mn.

The competition will see ten finalists compete for first and second place, with the final outcome announced during the summit in Dubai from 11-13 January. Participants will be evaluated on feasibility, pitch quality, market potential, creativity, scalability, social/economic impact, and leadership capabilities.

Three UAE startups made the shortlist:

  • Atlaseek, a travel platform connecting creators and destinations;
  • PenSell, an AI-driven platform for content collaboration;
  • Division, a platform connecting brands with gamers for immersive advertising.

PSAs-

#1- Manufacturers and local agents will be required to display Nutri-Mark labels on food packaging starting 1 June 2025, as part of a joint initiative by the Abu Dhabi Quality and Conformity Council (ADQCC) and the Abu Dhabi Public Health Center, Khaleej Times reports. The Nutri-Mark nutrition grading system, launched to combat rising obesity rates in the UAE, assigns a grade from A (most healthy) to E (least healthy) based on a product’s nutritional value, Wam reports.

The first phase of the project will apply to five food categories: baked goods, oils, dairy, children’s food, and beverages, with plans to expand Nutri-Mark to additional food items — including non-packaged foods — in the future.

The penalties: Products lacking the Nutri-Mark label or carrying inaccurate grades will be removed from shelves, with retailers facing fines.

And there’s more: ADQCC is set to collaborate with manufacturers to reformulate products with lower sugar, salt, or fat content to achieve better Nutri-Mark grades.

#2- UAE driving licenses will soon be recognized in Texas, allowing drivers to exchange their UAE licenses for a Texas license without the need for tests. The agreement came under an MoU signed between the UAE Interior Ministry and the Texas Department of Public Safety, Khaleej Times reports.

#3- The financial markets in the UAE will be closed on 2-3 December in light of the UAE National Day, the Securities and Commodities Authority said. Trading will resume on 4 December.

DATA POINTS-

#1- Ras Al Khaimah is now the world’s best city in terms of expat essentials, according to InterNations’ Expat Essentials Index for 2024, which placed the Emirati city at the top of the 53-city list, with Dubai and Abu Dhabi filling the second and third spots. The index gauges four essential factors for expat life, namely, admin (securing a visa and handling bureaucracy), language, digital life, and housing. As for the overall Expat City Ranking, Ras Al Khaimah came in sixth place, while Abu Dhabi and Dubai had the ninth and tenth spots, respectively.

How the three cities performed in other indices:

  • Abu Dhabi landed in the seventh spot for quality of life, Dubai ranked 8th, and Ras Al Khaimah 28th;
  • Ras Al Khaimah secured the second spot for working abroad, Dubai was 9th, and Abu Dhabi was 12th;
  • Ras Al Khaimah secured the fifth place in terms of ease of settling in, while Dubai landed the 11th spot and Abu Dhabi 14th;
  • Ras Al Khaimah landed the eighth spot for personal finance, with Abu Dhabi ranking 24th, and Dubai 36th.

#2- The Dubai Financial Services Authority (DFSA) took eight enforcement actions and issued 24 alerts YTD, targeting unauthorized financial activities, investor deception, anti-money laundering non-compliance, and obstruction of DFSA investigations, Wam reports. The authority issued fines exceeding a total of USD 2.5 mn — with USD 1.3 mn imposed on individuals and USD 1.2 mn on firms — and prohibited three individuals from operating in the Dubai International Financial Center (DIFC).

HAPPENING TODAY-

#1- Open Source AI Summit is on its second and final day at The St. Regis Saadiyat Island Resort in Abu Dhabi. The event will feature discussions on prospects for open-source artificial intelligence, as well as challenges, ethical considerations, governance, and international cooperation.

#2- The Global Food Security Summit is on its second and final day as part of Global Food Week at the Adnec center in Abu Dhabi. The event will focus on biosecurity and agriculture in arid environments, as well as innovative and sustainable agricultural practices, including the application of artificial intelligence. The Global Food Week will also include the Abu Dhabi International Food Exhibition and coffee and palm festivals.

#3- The Global Women’s Forum is on its second and final day at Madinat Jumeriah in Dubai. The forum will feature over 60 sessions with participation from 100 leaders and influencers globally.

#4- Livable Cities X is on its second day, before wrapping tomorrow at the Dubai World Trade Center. The event will feature discussions with key players driving efforts to enhance sustainability, resilience, and livability in urban environments. Participants will engage with experts to discuss innovative solutions for urban challenges.

#5- Future FM Exhibition kicked off yesterday and will wrap on Thursday, 28 November at the Dubai World Trade Center. The event will gather facility management experts and will discuss digital solutions within the industry to boost efficiency and sustainability.

#6- GeoWorld Summit kicked off yesterday and wraps tomorrow at the Dubai World Trade Center. The forum will focus on exploring the latest trends in geospatial technologies and providing solutions based on data analysis and visualization to business leaders and governments.

#7- The Global Media Congress 2024 kicked off yesterday and wraps tomorrow at Abu Dhabi’s Adnec Center. The event will bring together leaders and notable figures in the media industry to discuss the latest trends and technologies in the sector.

#8- The Big 5 Global Exhibition kicked off yesterday and wraps on Friday, 29 November at the Dubai World Trade Center. The exhibition will feature key players and experts in the construction industry to discuss recent innovations and showcase available investment prospects.

#9- The RAK Energy Summit 2024 kicks off today and runs until tomorrow at the Al Hamra International Exhibition and Convention Center. The summit will bring together renewable energy experts and decision-makers to discuss energy transition and decarbonization efforts in the GCC region. It will also explore topics such as AI, future energy transport, and energy storage.

#10- The Mining Show wraps up today at the Festival Arena in Dubai. The show gathers governments, businesses, and investors to discuss advancements in the mining sector. The event focuses on the rising demand for key minerals, including lithium, copper, and cobalt, essential for EVs and renewable energy technologies.

THE BIG STORY ABROAD-

Israel and Hezbollah agreed to a ceasefire agreement that is set to take hold this morning, after the Israeli cabinet voted in favor of a pact brokered by the US and France. The agreement will see Israel “gradually withdraw its remaining forces” from its border with Lebanon over the next 60 days, while “the Lebanese Army and the State Security Forces will deploy and take control of their own territory [in the south] once again,” US President Joe Biden said yesterday.

Ceasefire coming for Palestine soon? Washington is planning to “make another push with Turkey, Egypt, Qatar, Israel, and others” to reach a similar ceasefire agreement in Palestine, Biden said. An agreement would see Israel halting its assault on Gaza while removing Hamas from its position as de facto rulers of the enclave, and securing the release of remaining Israeli hostages.

Biden is looking to also push through with a set of agreements with Saudi Arabia, including a defense pact and other forms of economic cooperation, which would also see Riyadh recognize and create diplomatic ties with Israel. The agreements have stalled since earlier this year as Saudi has made its recognition of Israel contingent on having a “clear and credible” pathway for Palestinian statehood. The story is topping front pages in the international press this morning: Reuters | Bloomberg | New York Times | CNBC | Wall Street Journal | Financial Times

OIL WATCH-

Opec+ countries are in discussions to potentially delay its plan to phase out oil supply cuts in January due to threat of oversupply, after delaying it initially from October, Bloomberg reports, citing delegates who asked to remain anonymous. Opec+ is due to meet online on 1 December, with traders widely expecting another delay to 2Q 2025, according to traders surveyed by Bloomberg.

REMEMBER- The UAE has already been granted a higher production quota of 3.5 mn barrels per day in 2025, up from the current 2.9 mn.

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CIRCLE YOUR CALENDAR-

The International Desalination and Water Reuse World Congress will take place between 8-12 December at the Adnec Center in Abu Dhabi. The event will feature discussions on innovations in water desalination and reuse technologies, decarbonization efforts, integrated water resources management, and best practices for rationalizing water consumption.

The WORLDEF Dubai 2024 forum will take place on 4-5 December at Dubai CommerCity. The event will gather over 5k representatives from leading organizations in digital commerce.

The European Arab Medical Congress will take place on 11-12 December at the headquarters of Zayed Higher Organisation for People of Determination in Abu Dhabi. Hosted by the Emirates Scholar Center for Research and Studies, the event will host 50 speakers and feature 40 scientific sessions covering the latest innovations in medicine and medical technology.

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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