Good morning, lovely people. We have a brisk issue for you this morning, with big news of a new 15% tax on multinationals, several M&A updates, and a lot of news on the renewables front.

Expect more updates from Abu Dhabi Finance Week as the week goes on. We’ll be attending Asset Abu Dhabi today, and several other forums throughout the week, and would love to say hi — hit “reply” to this email and let us know if you’ll be on the ground.

WEATHER- Expect a more cloudy day in Dubai today, with a high of 28°C and a low of 20°C overnight. In Abu Dhabi, it’s more of the same, with a high of 25°C, and an overnight low of 20°C.

WATCH THIS SPACE-

Abu Dhabi plans to develop AED 450 bn worth of infrastructure projects over the next five to 10 years in collaboration with the private sector, Khaleej Times quotes Department of Municipalities and Transport Chairman, Mohamed Al Shorafa, as saying at Abu Dhabi Finance Week. These projects include road networks, transportation, hospitals, and schools, and come against the backdrop of government projections for Abu Dhabi’s GDP and population to double by 2040, Al Shorfa said.

UPDATE-

Mair Group saw its shares close 154.3% higher on the first day of trading on the Abu Dhabi Securities Exchange (ADX) yesterday, according to market data. The company’s stock settled at AED 2.95, up from a reference price of AED 1.16, which boosted the company’s market capitalization to AED 6.6 bn from AED 2.6 bn. The company is the second to follow through with a direct listing on the ADX, after Agility Global in May.

Remember- The company, which specializes in food retail and commercial real estate, was recently consolidated, with Adcoop and Makani moving under its wing in September.

DATA POINTS-

#1- The UAE landed in the fifth spot among countries with similar GDP levels on the Quality Infrastructure for Sustainable Development Index, climbing up six places since the UN Industrial Development Organisation’s index’s inception in 2022, the UN body’s latest report (pdf) showed. The UAE was grouped with countries whose GDP levels ranged from USD 100 bn to USD 1 tn.

#2- Dubai’s green hydrogen output reaches 90 tonnes: Dubai’s Electricity and Water Authority has generated 90 tonnes of green hydrogen from its facility in the Mohammed bin Rashid Al Maktoum Solar Park since its launch in May 2021, the authority said in a statement. Most of the output was used to produce more than 1 GWh of green energy, reducing about 450 tonnes of carbon emissions.

HAPPENING TODAY-

#1- Finance professionals from the world over are in Abu Dhabi for Abu Dhabi Finance Week, which kicked off yesterday and lasts through to Thursday. The event features 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 Zeyoudi, 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.

#2- Talabat’s shares will start trading on the DFM today under the ticker symbol TALABAT. The company raised AED 7.5 bn in its IPO, pricing shares at AED 1.60 each, and marking the biggest IPO of the year in the region and the biggest tech IPO globally this year. The company sold a 20% stake, totaling 4.7 bn shares, and experienced a “double-digit oversubscription level.”

#3- The International Desalination and Water Reuse World Congress kicked off on Sunday and runs through to 12 December at the Adnec Center in Abu Dhabi. The event features discussions on innovations in water desalination and reuse technologies, decarbonization efforts, integrated water resources management, and best practices for rationalizing water consumption.

#4- The International Mangrove Conservation and Restoration Conference kicks off today and runs through to Thursday at Bab Al Qasr Hotel, Abu Dhabi. Specialists from 82 countries will discuss the latest in mangrove restoration science. Expect plenary sessions, panel discussions, workshops, and even field trips packed into the three-day event.

#5- Automechanika Dubai kicks off today and runs through to Thursday 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.

#6- The two-day Forbes Middle East Under 30 Summit kicks off today 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.

#7- The MEBAA Show 2024 kicks off today at the Dubai World Central, Dubai Airshow Site. The business aviation event, which runs through Thursday, will feature more than 145 exhibitors from around the globe, with over 65 first-time participants.

#8- Bitcoin Mena kicked off yesterday and will wrap up today at the Adnec Center in Abu Dhabi. The two-day event focuses on opportunities, challenges, and innovations in the Bitcoin ecosystem. The event features speakers including Eric Trump, Changpeng Zhao, Marwan Alzarouni, and others.

THE BIG STORY ABROAD-

The digital front pages of the global press — business papers included — are once again led by our part of the world, with on-the-ground developments in Syria after the fall of Basher Al Assad’s regime taking centre stage.

Causing concern in regional capitals and at the UN is news that Israel launched over one hundred airstrikes on “military targets” in the country and further encroached into Syrian territory in the Golan Heights in actions that it claims are “limited and protected measures.” The UN condemned the moves as violations of the 1974 Disengagement Agreement between the two countries. (Reuters | Financial Times | Guardian)

The opening of Syria’s notorious Sednaya Prison is also featured heavily in the int’l press, with haunting scenes of people looking for loved ones in the complex notorious for torture and the disappearance of thousands. (Wall Street Journal | Bloomberg | Guardian)

In stark contrast, scenes of opulence and excess have emerged from the abandoned mansions of Assad, with videos showing civilians sifting through racks of designer clothes and luxury goods left behind by the family and exploring garages filled with supercars. (Guardian)

WHILE IN THE STATES- The manhunt for the killer of UnitedHealthcare executive Brian Thompson has led to the arrest of 26-year-old Pennsylvania, who was found with a “ghost gun,” fake ID, and a handwritten manifesto critical of corporate America. (Wall Street Journal | Financial Times | Bloomberg | Reuters | Associated Press | New York Times | Guardian)

IN TRADE WAR NEWS- Beijing HAS launched an antitrust probe into chipmaker giant Nvidia over alleged violations tied to its USD 7 bn Mellanox Technologies acquisition. The move comes days after Washington tightened export controls on advanced semiconductors to China. (Wall Street Journal)

AND IN BUSINESS NEWS- ByteDance and TikTok are racing against the clock to prevent a US ban as they seek an emergency Supreme Court review to delay a law requiring Tiktok’s divestment by 19 January. The companies warn the ban could disrupt services for over 170 mn American users and cripple businesses reliant on the platform. (Reuters)

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CIRCLE YOUR CALENDAR-

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.

The Middle East Investor Relations Association Conference will take place on 11-12 December at the Conrad Abu Dhabi Etihad Towers Hotel. The event — considered the largest gathering for investor relations professionals in the Middle East — features activities for networking and dialogue among participants from local firms, international corporations, investors, research analysts, and regulatory bodies.

Aims will take place on 16-20 December at the Adnec Center in Abu Dhabi. The conference focuses on pure and applied analysis, differential equations, and dynamical systems, covering a wide range of applications in fields such as biology, chemistry, physics, finance, and industrial mathematics.

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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