Good morning, friends. The next time we land in your inbox will likely be the first day of the holy month, so we wish you a very happy Ramadan and a smooth first workweek if you’re fasting.

In the spirit of Ramadan, President Mohamed bin Zayed Al Nahyan has pardoned 735 prisoners, reports state news agency Wam. The president also promised to personally cover any of the prisoners’ outstanding fines and penalties.

There’s no single big story here at homethis morning: We have a mixed bag of debt and investment news, updates on foreign bank taxation in Dubai, a new ombudsman unit to handle ins. complaints, and plenty of other tidbits worth noting.

PUBLIC SERVICE ANNOUNCEMENT-

#1- Brace for more unstable weather this weekend: We’re in for a weekend of extreme weather conditions with expected thunderstorms, hailstorms, lighting and heavy precipitation starting this evening and lasting until noon on Sunday, according to the National Emergency Crisis and Disaster Management Authority. The authority advised people to stay indoors and refrain from driving.

#2- The Ins. Authority introduced a new ins. tariff system for motor vehicles to impose a cap on motor vehicle ins., lowering premiums by AED 100-150, Khaleej Times reports, citing a source from an ins. firm. Its benefits include a replacement car during any repair period for the not-at-fault party in the case of a car accident,

WATCH THIS SPACE-

#1- ADQ taps advisors for Etihad IPO: ADQ has chosen Citigroup, HSBC, First Abu Dhabi Bank as advisers for its prospective Etihad IPO, Bloomberg reports, citing people familiar with the matter. Alongside these potential appointments, Rothschild & Co. has been appointed as ADQ’s independent financial advisor.

REMEMBER- ADQ is considering listing Etihad on the public market “as soon as this year,” with the specific timing and size of the offering still undecided. The business information service said ADQ is eyeing going after both a traditional IPO and direct listing.

ALSO-The airline plans to hire 2k pilots, cabin crew, and mechanics this year, ahead of its move to expand its fleet by 15 planes in 2025, Khaleej Times reports. The ADQ-owned carrier reported a fivefold increase in net income to AED 525 mn in 2023 as it looks to prepare for a potential IPO.

#2- Dubai Taxi is planning to expand operations and acquire businesses in the “near future,” Dubai Taxi CEO Mansoor Rahma Alfalasi said in an interview with Asharq Business at the EFG Hermes conference in Dubai. Ongoing studies for potential mergers are underway, with specific details yet to be disclosed, though Alfalasi says the company hopes to finalize the acquisitions by year-end. Dubai Taxi also plans to make all its vehicles hybrid in 2024, Alfalasi said.

#3-Ewec invites bidders for a 400 MW battery storage project: Emirates Water and ElectricityCompany (Ewec) is inviting developers to submit an expression of interest for the development of a 400 MW battery energy storage project, according to a press release. Ewec aims to reduce carbon intensity from power generation by approximately 42% by 2030 and to increase its total solar power generation capacity to 7.5 GW by 2030. The deadline for submitting EOIs is 22 March.

DATA POINT-

Dubai-based startups saw the most investments in the MENA regionin February, with 22 startups raking in over USD 65 mn throughout the month, according to Wamda. This accounts for over 70% of the region’s total funds, which saw USD 88.7 mn in 37 transactions. More than half of the figure — USD 35 mn — went to Dubai-based blockchain startup Flare Network.

Despite that, the figure marks an 88% y-o-y decline in comparison to investments during February 2022.

HAPPENING TODAY-

#1- Forbes’ annual 30/50 summit wraps up today in Abu Dhabi. Meg Ryan and Shania Twain are among those headlining the event, which spotlights the Forbes 30 Under 30 and 50 Over 50 lists, coinciding with International Women’s Day, Forbes previously reported.

#2- The Future Women Leaders Forum 2024 will take place today, in celebration of 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.

#3- The World Triathlon Championship Series 2024 Opening Race also gets underway today, runninguntil 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.

#4- The UAE Powerboat Class 3 Championship continues today on Abu Dhabi Corniche, according to the Abu Dhabi Media Office. The three-day event welcomes local and international speedboat racing professionals before wrapping on Saturday.

THE BIG STORY ABROAD is US President Joe Biden’s state of the union address, which kicked off shortly before we hit dispatch on this morning’s issue.Israel’s war on Gaza is expected to feature prominently in the address, with news outlets reporting that Biden will announce a “temporary” port project on Gaza’s shores to help funnel humanitarian aid by sea. The address comes a few days after Biden and former US President Donald Trump look to have locked up their parties’ nominations on Super Tuesday. (Reuters | CNBC | NBC | Associated Press)

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.

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