Good morning, lovely people. We’re only five sleeps away from the new year, and we have a strong suspicion everyone is deep in “let’s circle back after the holidays” mode.

It was a quiet Christmas Day, but we have a few stories on the energy front, with Alcazar planning to set up a renewables project in Egypt next year, and Adnoc Drilling eyeing USD 750 mn worth of acquisitions in oilfield services tech firms.

It was also another good day for the DFM: Dubai’s index rose 0.6% to its highest level in over a decade during trading yesterday, before settling up 0.1% at market close. Investment platform Shuaa Capital largely contributed to the rally, surging 5.5% to its highest in three months, before settling up 1.4%, after finalizing an agreement with its senior creditor earlier this week to restructure AED 208 mn in outstanding facilities. Takaful Emarat also rallied 15%.

PLUS- Elon Musk’s xAI named state-backed investment firm MGX among the investors participating in its latest USD 6 bn series C round, according to a recent statement, which did not mention how much it invested. The latest round values the startup at USD 45 bn, with the company planning on using the funds to “further accelerate our advanced infrastructure, ship groundbreaking products that will be used by [bns] of people, and accelerate the research and development of future technologies.”

REMEMBER- MGX also invested in ChatGPT maker OpenAI’s latest USD 6.6 bn funding round as part of its mandate to accumulate over USD 100 bn in assets under management in a few years. It has also backed a major new AI infrastructure fund launched by BlackRock and Global Infrastructure Partner, joining as a general partner.

☁️WEATHER- Expect clouds and possibly rain today: Partly cloudy skies with a chance of rain are expected in eastern and northern areas today, with humid conditions overnight possibly leading to fog in inland regions. The mercury in Dubai will reach 26°C, with a low of 19°C, and will peak at 23°C in Abu Dhabi, before also dropping to 18°C, according to the National Center of Meteorology.

WATCH THIS SPACE-

#1- Dubai is planning to introduce real estate tokenization, converting real estate assets into digital tokens on a blockchain and facilitating fractional ownership, Mahmoud Al Burai, a senior adviser at the Dubai Land Department said in an interview with Arabian Gulf Business Insight at a conference last month. The tokenization project is currently in its regulatory sandbox phase, with plans to incorporate know-your-customer and anti-money laundering protocols in collaboration with the Virtual Assets Regulatory Authority, he said.

Private companies are already exploring this: Dubai-based developer Binghatti is actively exploring real estate tokenization, enabling investors to enter the market with as little as AED 500.

#2- All retail district cooling service providers must apply for a license through the Abu Dhabi Energy Department (DoE) Unified Platform by 31 January 2025, according to a new requirement from the DoE. The regulation covers entities involved in purchasing district cooling services and reselling them to end users, Wam reports.

DATA POINT-

The average hotel occupancy rate across the country climbed to 77.8% in 9M 2024, cementing its position as one of the highest globally, state news agency Wam reports. Hotel stays during the period reached around 75.5 mn nights, an 8% y-o-y increase. Revenue from hotel establishments also ticked up, hitting AED 33.5 bn, a 4% rise compared to the same period last year.

Remember- Tourism is set to contribute 12% to the UAE’s GDP this year, amounting to some AED 236 bn.

PSA-

#1- It’s now easier to get to Nad Al Sheba from Meydan: Dubai’s Roads and Transport Authority added a new entry and exit point from Meydan to the Nad Al Sheba area, reducing travel time by up to 60%, according to the Dubai Media Office.

#2- Own a superyacht? You’re now eligible for a golden visa: Abu Dhabi’s Department of Culture and Tourism has teamed up with the Abu Dhabi Investment Office (ADIO) and Yas Marina, a Miral subsidiary, to offer superyacht owners a chance to be nominated for a 10-year UAE golden visa, according to a statement. Yas Marina and ADIO will nominate private yacht owners with vessels measuring 40 meters and above for the visa under the initiative, as well as industry executives, including yacht company CEOs, shareholders, yacht service providers, and yacht ins. providers. Immediate family members of nominees are also eligible for the visa. You can find out more about the initiative here.

#3- Emirates flights to and from Baghdad and Beirut will be canceled until 15 January 2025, according to a statement from the carrier, which did not clarify the reason behind the cancellation.

THE BIG STORY ABROAD-

Two stories are dominating the front pages this morning:

#1- An Azerbaijani passenger jet crashed in Kazakhstan yesterday, killing 38 people and injuring 29 others. The flight was en route from Baku to Grozny in southern Russia when it flew miles off course, then eventually crashed on shore. While it remains unclear why the flight diverted course, Reuters explains that the flight diverted “from an area of Russia that Moscow has recently defended against Ukrainian drone attacks.” Initial investigations by Russian authorities suggest that the accident was the result of the plane colliding with birds. (Reuters | The Guardian | AP | BBC | CNN | New York Times)

#2- Over half a mn Ukrainians were left without heating, water, and electricity on Christmas day after Russia launched a missile attack targeting Ukraine’s energy infrastructure. The Ukrainian state-owned electricity transmission company restricted electricity in efforts to minimize damage to the country’s energy system. (Bloomberg | Financial Times | Reuters | New York Times | France 24)

***

You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.

EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq.

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM UAE.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA climate and logistics industries?

***

CIRCLE YOUR CALENDAR-

The Arab Plast International Trade Fair for Plastics, Recycling, Petrochemicals, Packaging and Rubber Industry will take place between 7-9 January at the Dubai International Convention and Exhibition Center. The event will showcase advancements in the plastics and recycling sectors, with a focus on sustainable practices, circular economy, recycling technologies, and sustainable materials. The event will include networking prospects for professionals, live demonstrations of technologies and machinery, and discussions on future developments.

The International Renewable Energy Agency (IRENA) Assembly will take place between 11-13 January in Abu Dhabi. The event will gather global leaders and decision-makers to discuss the renewable energy transition and address challenges to energy security and financing. Featured in the agenda: An International Renewable Energy Agency Youth Forum, which will see interactive sessions, open dialogues, and thematic workshops for youth to contribute to renewable energy deployment and sustainable development.

The 1 Bn Followers Summit will take place between 11-13 January at Jumerirah Emirates Towers at the DIFC in Dubai. The event will feature over 250 speakers, including top content creators and industry experts. It includes workshops and discussions on technology, content strategies, and the economic impact of content creation.

The Global Government Cloud Forum will take place on 21 January at the Museum of the Future in Dubai. The forum will gather international government officials, global speakers, and leaders in government cloud technology, and will address topics such as AI, IoT, quantum computing, and sustainable cloud solutions, among others.

Intersec 2025, an event for safety, security, and fire protection, will take place between 14-16 January at the Dubai World Trade Center. The event partnered with Dubai International Financial Center digital platform Ignyte to launch an Intersec Startup Arena at the event, offering startups a platform to showcase their solutions for the sectors.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

Leave a comment

Your email address will not be published. Required fields are marked *