Good morning, friends. We have another relatively brisk issue today, with a mixed bag of updates spanning capital markets, energy, and transport.

The biggest stories leading the news well this morning:

  • The Family Office of Sheikh Ali bin Rashed Al Maktoum inaugurated its first office outside of the UAE in Hong Kong — another indication of the UAE’s growing bullishness on Asia;
  • Adnoc secured another LNG supply agreement for its Ruwais project;
  • Abu Dhabi is planning a 25km road to link Abu Dhabi island with the mainland.

So, when do we eat? Maghrib is at 6:33pm in Dubai, and 6:36pm in Abu Dhabi. Fajr prayers are at 5:06am in Dubai and 5:10am in Abu Dhabi.

PUBLIC SERVICE ANNOUNCEMENT-

Emirati passports will now have a longer shelf life: The validity of Emirati passports for individuals aged 21 or above was extended to 10 years, from five years previously, at a cabinet meeting yesterday, reports state news agency Wam. Cabinet also expanded passport benefits to include further facilities and digital services for citizens.

HAPPENING THIS WEEK-

#1-S&P Global’s CERAWeek resumes in Houston, Texas, until Friday. Adnoc CEO, Industry and Advanced Technology Minister, and UAE Special Envoy for Climate Change Sultan Ahmed Al Jaber will be on stage along with the chiefs of ExxonMobil and BP. Al Jaber is joined by a who’s who of senior US and international policymakers, global energy and services executives, leaders of national oil companies.

This year’s big themes: The outlook for energy markets, policy and geopolitics, net-zero supply chains, the green transition in power markets, paying for the transition to greener energy, and climate and sustainability. Check out the full agenda here and the live stream here.

From day one: Aramco CEO Amin Nasser thinks the world needs to “abandon the fantasy of phasing out oil and gas,” according to statements picked up by Reuters. “We should abandon the fantasy of phasing out oil and gas, and instead invest in them adequately, reflecting realistic demand assumptions, as long as essential,” he said, adding that investments in alternative energy have yet to take the place of hydrocarbons at scale.

“All this strengthens the view that peak oil and gas is unlikely for some time to come, let alone 2030,” he said, forecasting instead that developing economies will boost demand well into 2045. Nasser sees demand hitting a new record of 104 mn bpd this year.

#2- The Souq Al Freej Ramadan market is open in Sharjah National Park until 4 April, as part of the latest Sharjah Ramadan Festival, reports Wam. The heritage-centered market spotlights local fashion and accessories and Emirati-inspired products from international brands daily from 7:30pm to 1am.

ALSO THIS WEEK- The US Federal Reserve’s Federal Open Markets Committee kicks off a two-day meeting today. Market watchers will be parsing every word when the Fed’s updated economic projections are made public tomorrow after the meeting.

WATCH THIS SPACE-

Agthia still looking to make Egypt an export hub: ADQ-owned F&B company Agthia plans to set up an export facility in Egypt to serve markets in the Gulf and North Africa, Mubarak Al Mansoori, head of the company’s snack sector and government relations, told the Middle East News Agency. No details were given on the project’s value, location, or timeline. Last year, Agthia announced its plans to make Egypt an export hub for its products.

The plan is part of a wider expansion strategy for Agthia to grow its foothold in large consumer markets such as Egypt and Saudi Arabia, according to Mansoori.

ALSO- Agthia is poised to kickstart operations at its new Nabil protein manufacturing facility in Jeddah within the next three months, Mansoori said, adding that the factory was expanded with an investment of nearly AED 84 mn. Agthia had announced the expansion in May 2022, saying that it will pour AED 90 mn into the construction of the factory “in response to strong demand from local customers.”

DATA POINTS-

#1- Subscriptions to telecom services in the UAE were up 5.5% y-o-y to 26.1 mn in 9M 2023, Al Bayan reports, citing data from the Telecommunications and Digital Government Regulatory Authority. Mobile phone subscriptions comprised 78% of total subscriptions during the period at 20.4 mn (up 6.5% y-o-y), with mobile prepaid subscriptions reaching 15.9 mn (up 5.9% y-o-y) and mobile postpaid subscriptions reaching 4.6 mn (up 8.7% y-o-y) in 9M 2023. Internet subscriptions covered 14% of total subscriptions at 3.7 mn in 9M 2023, while landline subscriptions made up 7% at 1.9 mn (up 1.2% y-o-y).

Mobile phone subscriptions saw a penetration rate of some 220 lines per 100 people in 9M 2023, while internet subscriptions recorded a penetration rate of 40 subscriptions per 100 people, and landline subscriptions charted a penetration rate of 20.8 lines per 100 people.

#2- UAE crypto investors reeled in c.USD 204 mn in capital gains in 2023, amid a strong global market recovery, blockchain data firm Chainalysis said in a press release. BTC was the preferred choice for UAE investors, contributing to 70% of their gains, followed by Ethereum at 24%, and XRP — the Ripple network’s native token — at 3%.

The UAE ranked second in the GCC for the highest absolute gains made by crypto investors, with Saudi Arabia leading with gains of USD 351 mn. No other GCC countries made it to Chainalysis’ top 50 countries globally. Chainalysis calculated that in 2023, investors in the global crypto market collectively earned USD 37.6 bn, compared to USD 127.1 bn in losses recorded in 2022.

#3- Dubai International Chamber attracted 34 new multinationals in 2023, an increase of 580% y-o-y, according to the Dubai Media Office. Asian and Australian multinationals comprised half of that figure, while Latin American and European companies and Middle Eastern and Eurasian companies accounted for 23.5% of new multinationals, and African companies made up 3%.

Multinationals offering financial services accounted for 18% of newly attracted companies during the year, followed by those in trade and logistics (15%), IT (12%), and retail, fashion, travel, and tourism (9%) sectors. Companies operating in manufacturing, mobility, and real estate sectors came in last.

Background: The chamber inaugurated 16 new international representative offices in 2023, as part of an initiative to launch 50 offices by 2030, bringing the total number of international offices to 31.

THE BIG STORY ABROAD-

Benjamin Netanyahu is sending a team to Washington after Joe Biden on Monday said that an assault on Rafah “would be a mistake.” The Israeli delegation will arrive in DC “with alternative plans for the next stage of its offensive against Hamas in Gaza.”

The story leads global front pages this morning, along with a global food monitor’s stark warning that mass death due to starvation is now imminent in Gaza “without an immediate ceasefire and surge of food to areas cut off by fighting. See: Financial Times | Reuters.

AND- Donal Trump can’t get a bond to cover the USD 454 mn civil-fraud judgment against him, the Wall Street Journal reports.

Also worth knowing about this morning: The FT wonders whether UBS can “become Europe’s Morgan Stanley”, another key exec is “joining an exodus of top female talent” from Goldman Sachs.

MEANWHILE- Tensions are again boiling between Algeria and Morocco, which cut off diplomatic relations back in 2021. Bloomberg has a good backgrounder if you want to get up to speed.

FINALLY- An internet outage affecting West Africa could take up to five weeks to resolve as crews scramble to repair a damaged undersea cable, Semafor reports. Among those impacted: Nigeria, Ghana, Senegal and Côte d’Ivoire, where websites and online banking portals are down.

CIRCLE YOUR CALENDAR-

Abu Dhabi’s industrialists career expo set for April: The Industry and Advanced Technology Ministry and Adnoc are teaming up to host the second edition of the Industrialists’ Career Exhibition set to take place between April 22 and 23 at the Abu Dhabi Energy Centre, Wam reports.

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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