Good morning, friends. It’s another relatively brisk newsday as the newsweek — and the tens of conferences that have come with it — winds to a close.
THE BIG STORY here at home is fresh figures from the Central Bank of the UAE and the Federal Competitiveness and Statistics Center, pointing to slower inflation and a healthier banking system in 2023. We also have positive news from a food manufacturer on plans to set up a USD 500 mn biotech production site in the UAE, more hints of a potential Etihad Airways IPO after a record year for earnings, and a Mubadala investment in an African startup-focused fund.
ALSO- It’s the final day of the EFG Hermes’ One on One Conference, the largest gathering of its kind devoted to emerging and frontier equities. Some 670 investors from 250 global institutions are meeting face-to-face with senior execs from more than 215 companies in industries. Presenting companies are from industries ranging from food and fintech to banking and petrochemicals. Companies from 29 countries are attending.
We covered the opening session from day one of the conference, which featured an interview with our friend Mahmoud Mohieldin, the UN Special Envoy on Financing the 2030 Agenda for Sustainable Development and an executive director at the International Monetary Fund yesterday, and the results of the only live poll we know of for frontier and emerging markets earlier this week. We will have more coverage from the gathering in the days ahead.
** If you’re in Dubai and want to have coffee or pitch us on an interview, hit us up on 1×1@enterprisemea.com.
PUBLIC SERVICE ANNOUNCEMENTS-
#1-You can now get work permits and residencies much faster in Dubai: TheUAE government has launched a “Work Bundle” platform to expedite residency and work permit procedures for employees in private sector companies, in Dubai, with plans to roll it out to other emirates in the future, state news agency Wam reports. The new initiative aims to streamline customer experience by consolidating five platforms into one and reducing required documentation and visits to administrative buildings, helping to cut transaction time from thirty working days to five. You can access the Work Bundle on the Invest in Dubai website,
#2-Unauthorized entities and individuals raising funds during Ramadan could be slapped with fines of up to AED 500k, Gulf News reports, citing statements from the Community Development Ministry at a media briefing. “Thirty four entities including charitable organizations and government institutions have been approved by the Ministry to receive and collect donations during the month of Ramadan,” Director of Non-Benefit Public Associations Department Mohammed Naqi said.
#3- The Economy Ministry is cracking down on price gouging during Ramadan with a task force set up to monitor nine essential items,according to a press release. The items are cooking oil, eggs, dairy, rice, sugar, poultry, legumes, bread, and wheat, and the force will be mandated to ensure that retailers are adhering to previously announced price reductions at cooperatives, which will reach up to 50%.
#4-School will be < 5 hours in Ramadan: The Knowledge and Human Development Authority has mandated that school timings in Dubai during Ramadan should not extend beyond five hours of instruction, Khaleej Times reports. Schools will have to end at 12pm on Fridays.
WATCH THIS SPACE-
#1-Dubai-based contractor Drake & Scull International will resume trading on DFM: The Dubai Financial Market greenlit the relisting of construction company Drake and Scull after the firm conducted a AED 300 mn capital increase, according to a statement. The reinstatement and the capital increase are expected upon shareholders’ approval at a general assembly meeting on 27 March.
ICYMI- Drake & Scull has been planning to raise the company’s total share capital to AED 3.5 bn by increasing its share capital by up to AED 600 mn through issuing 2.4 bn new shares at a discounted price of AED 0.75 each. The DFM approved its restructuring plan — which will write off 90% of its debt — back in November 2023, which it was required to implement within a year from approval.
Background: The construction company was suspended from trading in November 2018 on the back of excessive financial losses and reporting violations.
#2- Talks between the Abu Dhabi Investment Authority and Hong Kong telecom provider PCCW’s fiber business are losing pace, with China Merchants Group reportedly stepping in as a rival bidder, informed sources told Bloomberg, without providing further details.
Background:ADIA has been contemplating a substantial USD 1 bn minority stake in PCCW’s fiber business since mid-November 2023, Bloomberg reported previously. The business has attracted interest from Chinese investors and Middle Eastern sovereign wealth funds.
#3- Montfort Group in talks to sell Fujairah refinery to Sinopec’s fuel arm:Geneva-based trading house Montfort Group is currently in discussion to potentially offload a portion or the entirety of its Fujairah-based refining facility to the fuel oil arm of China’s Sinopec, five industry sources told Reuters. Montfort acquired the refining facility from Germany’s Uniper Energy last year in a USD 80 mn transaction.
Sinopec set up an office in Dubai last year for marine fuel trading, the newswire adds, noting that it currently does not have a bunker license in Fujairah.
#4- US-based asset management company State Street plans to reopen its Dubai office, four years after closing it in favor of a space in Abu Dhabi, as it looks to consolidate its asset management services, Bloomberg reports, citing a statement from the company. The company will continue to focus on investment servicing in their office at the Abu Dhabi Global Market.
State Street sees high growth potential in the region: “Over the past three years, we have seen very strong activity levels across client categories in Saudi Arabia, Abu Dhabi, Dubai, Oman and the rest of the GCC, which has reinforced our decision to grow our team and invest in the region,” State Street Global Advisors’ head of Middle East and Africa Emmanuel Laurina said.
#5- MPs want to make it easier for people to tie the knot: The Federal National Council issued eight parliamentary recommendations aimed at regulating standards and programs for marriage grants, Emarat Al Youm reports. These recommendations include revising legislation to expand assistance beyond financial aid, abolishing income and salary cap requirements, and activating a unified coordination council to oversee the national family policy. They also suggested creating marriage training programs, a unified digital platform for marriage services, and a family social observatory to monitor social issues.
HAPPENING TODAY-
#1-The Dubai International Financial Centre will host the Global Women Symposium today. The event will address cross-cutting issues related to women’s empowerment, diversity and equality in the financial sector.
#2- The World Police Summit concludes today at the Dubai World Trade Center. The eventwelcomed global law enforcement and security industry professionals to explore solutions to mitigate crime.
#3- Forbes’ annual 30/50 summit is on penultimate day in Abu Dhabi. Meg Ryan and Shania Twain will be among those headlining the event spotlighting the Forbes 30 Under 30 and 50 Over 50 lists, coinciding with International Women’s Day, Forbes previously reported.
#4- The Dubai Entertainment Amusement & Leisure Exhibition is on its second day at the Dubai World Trade Center. The three-day trade show will welcome global exhibitors in entertainment and amusement, before wrapping tomorrow.
#5- The UAE Powerboat Class 3 Championship kicks off today on Abu Dhabi Corniche, according to the Abu Dhabi Media Office. The three-day event will welcome local and international speedboat racing professionals before wrapping on Saturday, 9 March.
HAPPENING THIS WEEK-
#1- The Future Women Leaders Forum 2024 will take place this Friday, 8 March on International Women’s Day, at Fairmont Dubai, reports Gulf News. Organized by Gulf News and women’s empowerment organization Being She, the forum brings together women leaders to amplify regional and international initiatives for gender equality.
#2- The World Triathlon Championship Series 2024 Opening Race gets underway from Friday 8 March until Saturday, at Yas Marina Circuit on Yas Island. The event will feature athletic events for all ages, including events for people of determination. Check out the full schedule here.
DATA POINT-
The Abu Dhabi Global Market (ADGM) saw its assets under management climb 35% y-o-y in 2023,according to the Abu Dhabi Media Office. Some 1.8k operational entities registered under its wing during the period, marking a 32% increase y-o-y, with another 125 firms in the pipeline. ADGM also granted 88 financial institutions and two exchanges regulatory approvals in 2023.
Background: Global financial institutions, including JP Morgan and BNP Paribas, expanded their services and product offerings in the center over the past year as the emirate positions itself as a finance hub.
THE BIG STORY ABROAD-
Republican challenger Nikki Hailey dropped out of the race for the White House, after Trump and Biden sailed to resounding victories on Super Tuesday. “The time has now come to suspend my campaign,” the former UN ambassador told her supporters, paving the way for a Biden-Trump rematch on 5 November. (Washington Post | New York Times | Financial Times)
WHILE IN OUR REGION OF THE WORLD-Cairo ceasefire talks still in deadlock: Day four of negotiations between Hamas and Egypt-Qatari mediators in Cairo failed to land an agreement on a six-week ceasefire in Gaza yesterday, as pressure mounts on all sides to secure an end to fighting before the start of Ramadan. (New York Times | Reuters)
AND- At least three dead after Houthi missile strikes cargo ship off the coast of Yemen, US Centcom said in a statement on X.
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CIRCLE YOUR CALENDAR-
The EcoWASTE Exhibition and Forum is set to take place between 16 to 18April at the Abu Dhabi National Exhibition Centre as one of the six specialized verticals within the program of the World Future Energy Summit, according to a press release. The event is organized by RX Middle East in partnership with Tadweer Group to showcase the latest technologies in the field of waste management.
Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.