Good morning, wonderful people. It’s a reasonably brisk news day as we start our slide into the weekend, giving us a healthy dose of M&A, debt, and real estate news.

WTO MINISTERIAL-

The UAE yesterday launched the Trade, Sustainability and Artificial Intelligence initiative, which is designed to use artificial intelligence to increase global trade’s role in fighting climate change, state news agency Wam reported. Unveiled at the World Trade Organization’s Ministerial Conference in Abu Dhabi, the initiative aims to reduce shipping emissions as well as improve inventory management, freight movements, and supply chain traceability, and build climate resilient infrastructure. The initiative entails building a research network and an international coalition to propose regulations for using AI in trade.

Vision for trade landscape: The Economy Ministry launched a report entitled Trade 2050: A Private Sector Perspective (pdf), which presents insights from private sector players projecting how the industry will progress over the next 25 years, Wam reports. The report looks to contribute to enhancing the global trade industry and define the challenges undermining achieving a “fairer and fully future-proofed system.”

PUBLIC SERVICE ANNOUNCEMENTS-

#1- There’s a chance of heavy rain and hail today over the northern, eastern, and southern areas of the country, according to the National Centre of Meteorology.

#2-You can swap bus routes without extra charge in Abu Dhabi: Abu Dhabi’s Integrated Transport Center introduced a new fare system for suburban and city buses yesterday, allowing commuters to transfer between public transport services without extra boarding fees, it said on Facebook. The waiver of additional boarding fees applies to a maximum of two transfers, each within an hour of the last tap-out, reports state news agency Wam. Under the revised system, passengers are charged a single AED 2 fee for initial boarding, plus AED 0.05 for every km traveled.

The authority also expanded its bus network to include city and suburban areas in Abu Dhabi, Al Ain, and Al Dhafra, and introduced new fares for public transport passes.

#3-EV owners might soon have to pay for their public parking slots: Car parking space manager Parkin is looking to add green public parking spaces — which are complimentary for EVs for four-hour uses — to its portfolio of 197k public and private spaces, the company said in its IPO prospectus. The company, which plans to offer a 25% stake in an IPO on the DFM in March, is looking to monetize EV parking spaces with Dubai’s Roads and Transport Authority and Dubai Electricity & Water Authority, Parkin adds.

Fast fact: Nearly 26k EVs were registered in Dubai in 2023, Wam previously reported.

WATCH THIS SPACE-

#1-The economy is expected to grow 5% in 2024, Economy Minister Abdullah bin Touq Al Marri told Wam. Over 73% of the country’s economy is now non-oil, which Al Marri said “reflects the confidence of the private sector and investors around the world in the UAE’s investment environment.

#2-Dubai Holding to get Orient Express superyachts sailing? Dubai investment vehicle Dubai Holding is reportedly in advanced talks with French hospitality group Accor to help finance the development of the group’s EUR 800 mn luxury Orient Express-branded cruises, which are set to debut in 2026 and 2027, the Financial Times reports, citing people familiar with the matter. The transaction would give Dubai Holding a majority stake in Accor, allowing the group to transfer ownership of the superyachts to Dubai Holding. The final agreement could also include other assets under the Orient Express brand, according to the sources.

#3- FAB looks to triple its China revenues: First Abu Dhabi Bank (FAB) is targeting an annual revenue of AED 300 mn from its China business by 2026, setting priorities to “[facilitate] more vital corridor trade and investment between the two regions,” Wam cites FAB CEO Hana Al Rostamani as saying. The 2026 target is triple the bank’s current revenues from China.

Fast fact:FAB is the only Emirati bank with a licensed branch in mainland China.

#4- Space tech, AI, and US investments on the horizon for Mubadala: Abu Dhabi’s Mubadala is looking to scale up its investments in AI and space technology in 2024, Reuters reports, citing the sovereign fund’s managing director Khaldoon Mubarak. The sovereign fund is also planning to ramp up its investments in the US and “deepen strategic and forward-looking investment products in the UK, Europe, France,” Mubarak said.

Mubadala is set to expand its foothold in Asia by “participating in [its] long-term, dynamic markets,” Mubarak said, adding that the sovereign fund “increased [its] long-term allocations for Asia, including Japan, China, Korea and, of course, India,” as it shifts its investment towards “mega-trends and global demographics.”

#5- Expediting Middle East corridor amid Red Sea disruptions: India has taken initial steps with the UAE to develop the India-Middle East-Europe Economic Corridor (IMEC), India’s ambassador to the UAE Sunjay Sudhir told Bloomberg on the sidelines of the WTO ministerial in Abu Dhabi. Establishing an alternative reliable trade link to the Red Sea has gained fresh importance amid ongoing trade disruptions in the waterway, as a significant portion of India’s trade with Europe relies on the Red Sea, the ambassador said.

Refresher: The IMEC is a US-led project that will consist of an eastern corridor connecting India to the GCC, and a northern corridor linking GCC states with Europe. No details concerning the project’s value have so far been revealed.

DATA POINT-

The Ajman Consumer Sentiment Index (CSI) rose by 131 points in 2023, surpassing the global average of 100 points, Wam reports. The CSI is an index that shows the optimism of consumers about the economic outlook in a given country.

HAPPENING TODAY-

#1- The Fuel Price Committee will announce petrol and diesel prices for March todayafter convening to review global rates, Khaleej Times reports. The committee hiked retail petrol prices in February, pricing Super 98 at AED 2.88 per liter and Special 95 at AED 2.76 per liter.

#2-GovGames 2024 kicks off today and will run through Sunday 3 March. The event will feature physical challenges across various categories, with some 194 teams from around the world set to join.

#3-The International Innovation Forum 2024 wraps up today at the Dubai Customs head office as part of the ongoing UAE Innovates national event.

#4- The International Property Show also concludes today at the Dubai World Trade Center.The event garnered interest from 100 real estate developers from 45 countries, including the US, Spain, GCC countries, and Turkey.

#5- The Investopia Summit is on its final day in Abu Dhabi. The two-day event ran under the theme “Emerging Economic Frontiers: Investing in Fast-Growing Sectors in the New Economy,” gathering investors, government officials, and entrepreneurs to explore investments in strategic markets.

#6- The MENA Transport Congress and Exhibition 2024 is underwayat the Dubai World Trade Center and wraps up tomorrow.

#7- The Dubai International Boat Show is also underway at Dubai Harbor, running until next Sunday, 3 March. The event will showcase over 1k brands and over 200 boats from renowned shipyards like Azimut, Sunseeker Gulf, and Gulf Craft, and serves as a crucial sales and networking platform for both local manufacturers and global distributors.

#8-The Dubai Dutyfree Championship continues today with the men’s singles.Yesterday saw number four seed Karen Khachanov defeat Czech Jiri Lehecka 6-2, 6-4, while former Wimbledon champion Andy Murray lost to Ugo Herbert 2-6, 4-6.

Can’t get enough tennis? The World Tennis Association tour’s final is set for Saturday, 2 March. You can buy tickets for both the women’s WTA tournament and the men’s ATP here.

#9- The annual Meetings Arabia and Luxury Travel Congress concludes today at the Grand Hyatt Abu Dhabi and Residence Emirates Pearl. Co-hosted by the Abu Dhabi Convention & Exhibition Bureau, the networking event gathers over 30 global suppliers and luxury travel agencies.

THE BIG STORY ABROAD-

It might be a Leap Year, but we feel stuck in a Hot Tub Time Machine: Donald Trump owns the front pages of the global business press this morning with two stories:

  • Trump needs to deposit USD 454 mn with a court — or risk seeing his assets seized. A New York judge has refused to grant an injunction that would have prevented the New York attorney-general from enforcing a USD 454 judgment against the former president. He could be forced to sell off assets to drum up the cash.
  • The US Supreme Court will hear arguments in April as it looks to decide whether Trump can face criminal prosecution on charges he tried to overturn the 2020 election results.

Completing the trifecta of US politics: Republican Senate party leader Mitch McConnell will step downfrom his leadership role in November. The 81-year-old is the longest-serving Senate party leader in history.

HAPPENING THIS WEEK-

#1- Economy Minister Abdulla Bin Touq Al Marri will meet with the UK’s Business and Trade Secretary Kemi Badenoch to discuss a trade agreementon the margins of her visit to attend the WTO ministerial conference, along with UK Trade Policy Secretary Greg Hands, the Telegraph reports. Badenoch and Hands’ visit to the UAE — which comes as part of a wider Middle East tour — comes against the backdrop of the stalled GBP 600 mn takeover of the Telegraph by RedBird IMI, which is backed by Abu Dhabi’s International Media Investments.

CIRCLE YOUR CALENDAR-

Abu Dhabi’s Department of Culture and Tourism’s Souq Al Wahat will host an African parade on Saturday and Sunday, 2-3 March, reports the Abu Dhabi Media Office. Souq Al Wahat will open its doors again the following weekend (until Sunday, 10 March) with its final weekend dedicated to American culture, hot dogs, and country dancing.

The World Skate Tour will kick off its Middle Eastern leg on Sunday, 3 March, according to the Dubai Media Office. The Middle East’s debut pro skating event will return to Dubai Harbor next week, with over 500 skaters from 65 countries competing in back-to-back rounds until Sunday, 10 March, with finalists qualifying for the Summer Olympic Games. Tickets for the tour’s two-week stop in Dubai can be purchased through Virgin Radio, for more information and the full schedule, check out the Adara website.

An inaugural Cross-Border Digital Trade Forum will take place later this year in Dubai,according to the Dubai Media Office. The event is being organized by Worldefand is sponsored by digital commerce freezone Dubai CommerCity. The two also agreed to set up a digital commerce academy.

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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