Good morning, wonderful people. It’s nearly the end of this short workweek, and business is slowly getting back on track as conferences kick into gear and companies dot their I’s and cross their T’s before the end of the year.

We have a mixed bag of news here at home, with another projection for economic growth, courtesy of ICAEW; Damac’s plans to invest USD 3 bn in data centers in Southeast Asia, and measures in Abu Dhabi to streamline business setup procedures. Plus: We have more indications that property prices are set for more increases next year.

WEATHER- Dubai will see the mercury peak at 28°C before cooling to an overnight low of 20°C. In Abu Dhabi, temperatures peak at 25°C, before cooling to 23°C overnight.

WATCH THIS SPACE-

#1- LSE-listed online trading platform Plus500 launched the Dubai Index CFD to track the performance of key sectors in the emirate’s economy — including real estate and finance — according to a press release. Plus500 plans to further expand its presence in the UAE next year, focusing on localized tools and community initiatives, according to the statement.

REMEMBER- Plus500 has been ramping up its UAE footprint for a while: The company began operating in the Dubai International Financial Center earlier in January through its subsidiary, Plus500AE. Plus500 has since introduced the Abu Dhabi 15 Index and local stocks CFDs.

#2- Aldar eyes NCDs: Aldar Properties requested board approval to issue up to USD 1.5 bn in non-convertible debentures (NCDs), it said in a disclosure to the ADX (pdf). The issuance will be tied to Aldar’s existing debt and may either be perpetual or have a fixed maturity between five to 60 years.

Uh, Enterprise, what are NCDs? An NCD is a long-term debt instrument — similar to bonds and sukuk — that cannot be converted into shares or equities. NCDs are also not backed by collateral from the issuing company; instead, they depend on the latter’s creditworthiness.

#3- Maritime player GulfNav is in the final stages of acquiring oil storage outfit Brooge Petroleum and Gas Investment Company from Brooge Energy, with plans to close the acquisition by 1Q 2025, Wam reports. GulfNav had previously provided the Securities and Commodities Authority with the required documents for the transaction as of October.

Background: The acquisition has been in the works for more than a year, with an initial proposal submitted in October 2023, and board approval coming in September. The transaction, if it goes ahead, will be a share swap, with GulfNav’s board having approved an AED 448.5 mn capital increase — equivalent to the value of the shares that will be issued to Brooge.

#4- Investors interested in the development of premier events arenas in Abu Dhabi or highway rest areas in Al Dhafra have until 20 January to submit their bids, after the Abu Dhabi Investment Office (Adio) and the Department of Municipalities and Transport put up the projects yesterday on the Adio Investment Map, according to press releases (here and here).

The details: The projects include the design, construction, maintenance, and operation of two premier events arenas — one in Madinat Al Riyadh and the other in Madinat Zayed — and two highway rest areas in Ghayathi and Um Laylah.

DATA POINTS-

#1- Gross bank assets rose 0.7% m-o-m to AED 4.4 tn at the end of August, according to the Central Bank of the UAE’s (CBUAE) latest monetary and banking developments report (pdf). Gross credit grew 0.5% m-o-m to AED 2.1 tn, driven by a 0.5% increase in domestic credit and a 0.8% rise in foreign credit.

The increase in domestic credit was fueled by increased lending mostly to the private sector, which saw a 0.8% m-o-m increase. This growth offset the reductions of 0.3% in credit to the public sector and 3.0% to non-banking financial institutions, while credit to the government remained stable.

Total bank deposits rose 0.2% m-o-m to AED 2.7 tn at the end of August, propelled by a 0.8% increase in resident deposits against a 6.4% m-o-m decrease in non-resident deposits, according to the report. Increases in resident deposits were driven by increases in deposits to non-banking financial institutions (4.2%), government (2.6%), and private sector (1.2%). Meanwhile, government-related entities’ deposits saw a downtick of 5.9% m-o-m.

#2- Dubai International Airport surpasses Hartsfield-Jackson Atlanta International Airport to become the world’s busiest airport in terms of total seat capacity for both international and domestic flights. In December, Dubai International Airport recorded approximately 5.3 mn scheduled seats, according to a report from OAG, a global aviation data provider. This marks a 5% increase compared to November 2024. DXB also leads in international seat capacity.

PSAs-

Dubai regulator flags unlicensed crypto firms: Dubai’s Virtual Assets Regulatory Authority (Vara) has issued warnings against seven cryptocurrency firms for falsely claiming to be licensed in the emirate, Cryptopolitan reports. The entities, including Koto Crypto, Finchain Payment Service Provider, Crypto Force, and Finchain Technologies, were accused of conducting unregulated virtual asset activities. Vara also flagged Stabit, linked to Genesis Digital Assets, for offering unlicensed trading services. Coin Cashy and BTC Bay were flagged for having non-operational websites. Separately, crypto exchange XT — which was also flagged — suspended withdrawals after a suspected USD 1.7 mn hack.

HAPPENING TODAY-

#1- The WORLDEF Dubai 2024 forum is on its second and final day at Dubai CommerCity. The event will gather over 5k representatives from leading organizations in digital commerce.

#2- The Future Sustainability Forum 2024 is on its second and final day at Madinat Jumeirah in Dubai. The event brings together global experts to discuss the transition to a low-carbon and climate-resilient future, with a focus on sustainable practices in the UAE’s financial sector.

#3- The two-day Milken Institute Middle East and Africa Summit kicks off today at St. Regis Saadiyat Island in Abu Dhabi. The summit gathers key business and philanthropic leaders, health and finance experts, and policymakers to discuss solutions aimed at addressing various global issues, including climate change, public health crises, and energy insecurities.

#4- The Global Manufacturing and Industrialization Summit kicks off today at the Adnec Center in Abu Dhabi. The summit brings together global manufacturing and technology delegates, including government leaders, industry executives, and academic experts.

#5- The Abu Dhabi Business Week is on its second day at the Adnec Center in Abu Dhabi. The event, which wraps up tomorrow, features discussions aimed at supporting business development.

THE BIG STORY ABROAD-

Government collapse and warnings of economic peril are once again leading the digital front pages this morning, with French lawmakers on both ends of the political spectrum uniting to oust Prime Minister Michel Barnier in a no confidence vote that left the three-month old administration as the shortest-lived in the history of France’s Fifth Republic.

The fallout from the budget battle has plunged France into uncertainty, with President Emmanuel Macron now under pressure to appoint a new premier while facing calls for his own resignation. France’s political turmoil hit just weeks after Germany’s Scholz coalition crumbled, throwing the EU’s top two economies into uncertainty and keeping financial markets on edge. (Wall Street Journal | Bloomberg | Financial Times | Reuters | Associated Press | New York Times | Guardian)

The fatal shooting of UnitedHealthcare CEO Brian Thompson also ranks high on the press’ radar, as New York police label the incident a “targeted premeditated attack.” The killing, which occurred ahead of an investor event in Midtown Manhattan, has sent shockwaves through healthcare and business sectors. A manhunt is currently underway for the suspect. (Wall Street Journal | Bloomberg | Financial Times | Reuters | Associated Press | New York Times | Guardian)

Also featuring prominently in the business papers is Trump’s decision to tap crypto advocate Paul Atkins to lead the US Securities and Exchange Commission, signaling a softer regulatory environment for financial markets. Atkins is expected to ease restrictions on digital assets, departing from outgoing chair Gary Gensler’s tougher approach towards Wall Street and crypto companies. (Wall Street Journal | Financial Times | Associated Press | New York Times)

IN BUSINESS NEWS- BTC topped USD 100k for the first time ever, a milestone anticipated ever since Trump’s election prompted a rally for the cryptocurrency. (CNBC)

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CIRCLE YOUR CALENDAR-

Abu Dhabi Finance Week kicks off on 9 December and lasts through 12 December. The event will feature a patchwork of forums exploring capital markets, investments, Islamic finance, sustainability, and more, with more than 600 speakers and 20k guests set to attend. Speakers include Trade Minister Thani bin Ahmed Al Zeyoud, founder and CIO of Bridgewater Associates Ray Dalio, UBS CEO Sergio Ermotti, and Jihad Azour, director for Middle East and Central Asia Department of International Monetary Fund (IMF). You can find the full agenda for the week here.

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 International Mangrove Conservation and Restoration Conference is set for December 10-12 at Bab Al Qasr Hotel, Abu Dhabi. Specialists from 82 countries will converge to discuss the latest in mangrove restoration science. Expect plenary sessions, panel discussions, workshops, and even field trips packed into the three-day event.

Automechanika Dubai will run from 10-12 December at the Dubai World Trade Center. The event will cover nine key product areas: parts and components, electronics and connectivity, accessories and customization, tyres and batteries, car wash and care, oils and lubricants, diagnostics and repair, body and paint, and management and digital solutions. Automechanika Academy will offer industry insights and market updates.

The Forbes Middle East Under 30 Summit will take place on 10-11 December at Umm Al Emarat Park in Abu Dhabi. The event gathers young Arab leaders and entrepreneurs to highlight their achievements and innovations. Discussions will focus on the accomplishments of individuals recognized in the Forbes Middle East 30 Under 30 list.

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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