Good morning, friends, and welcome to the final full workweek of Ramadan, which has kicked off with an unsurprisingly slow newsday.If you haven’t heard…

The public sector is only one week away from the Eid public holiday: Federal government employees will be off for one week starting next Monday, 8 April to celebrate Eid Al Fitr, and until Monday, 15 April, according to a UAE government statement. The Human Resources and Emiratisation Ministry has yet to publish a statement on the holiday for the private sector.

So, when do we eat? Maghrib prayers are at 6:39pm in Dubai and 6:41pm in Abu Dhabi, and you have until 4:55am to hydrate and caffeinate ahead of Fajr in Abu Dhabi, and until 4:52am in Dubai.

There’s no single big story here at home, but among those vying for your attention: The Central Bank of the UAE revised downwards its growth forecast for the economy to 4.2% in 2024 | Mubadala and ADIA invested in China’s Dalian Wanda’s mall unit | Dubai is set to open 31 new hotels this year.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- You’re going to pay more at the gas pump this month: Fuel prices climbed for the third month in a row to a six month high for April, the Emirates General Petroleum Company (Emarat) said in a post on X. Diesel prices will be lower for the month.

The breakdown: Super 98 is now AED 3.15 per liter; Special 95 is now AED 3.03, and E-Plus 91 now costs AED 2.96. Diesel is now AED 3.09 per liter, down from AED 3.16 last month.

#2- Al Reem Island businesses will be able to transfer to the Abu Dhabi Global Market (ADGM) more easily thanks to an MoU between the Human Resources and Emiratisation Ministry and ADGM to streamline work permit and license transfers, reports Wam. The ADGM also recently waived registration fees for Reem Island businesses until November of this year as part of an incentive package aiming to facilitate their transition to the hub after Al Reem Island became part of its jurisdiction in November 2023.

WATCH THIS SPACE-

#1- Chemicals producer Borouge has its eyes on expansion in the Asia-Pacific region, with the company’s pursuit of an “accelerated growth opportunity” at the feasibility stage, the company’s chairman, Sultan Al Jaber, said in its annual report (pdf).Details of the potential transactions remain undisclosed, but Borouge CEO Hazeem Al Suwaidi recently said it’s eyeing growth and acquisitions in China and India.

#2- UAE mulls nuclear investments in Europe: The UAE has reportedly held talks with the UK, among other European countries, to explore potential investments in the continent’s nuclear power infrastructure, Reuters reports, citing sources in the know. Among what’s on the table is ADQ-backed Emirates Nuclear Energy Company (Enec) buying minority stakes in European nuclear assets, with the goal of “becoming an international nuclear energy company holding minority stakes in nuclear power infrastructure of other nations, without managing or operating them,” the sources told Reuters.

REMEMBER- The UK government reportedly approached Abu Dhabi investors about funding the development of the Sizewell C nuclear facility in Suffolk, the Times reported last year.

#3- Gov’t inching closer to introducing golden licenses? The UAE’s Economic Integration Committee recently discussed the introduction of golden licenses for businesses at competitive prices during its second meeting of the year, according to a statement. The licenses aim to attract more companies to the UAE over the next decade at competitive rates and contribute to government revenues.

REMEMBER– The committee first discussed the proposal to introduce 10-year golden licenses and five-year silver licenses for businesses at a meeting last week.

WAR WATCH-

UAE-sponsored aid convoy departs Cyprus for Gaza: A shipment carrying 332 tons of food for Gaza departed from Cyprus’ Larnaca port and is set to reach the enclave early next week, Reuters writes. This marks the second shipment this month facilitated through the new aid maritime corridor.

The UAE and Egypt also completed another round of their Birds of Goodness aid dispatch, airdropping 82 tonnes of food and relief aid in the Gaza Strip, Wam reports. Yesterday’s dispatch brings the total number of airdrop missions to 20, and the total amount of aid dropped into Gaza to 989 tonnes since the start of the operations.

DATA POINTS-

#1- Corporate USD-denominated sukuk issuances in the GCC hit a record high of USD 8.7 bn in 1Q 2024, Asharq Business reports, citing data from Moody’s. Outstanding debt maturing in 2024 to amount to USD 5 bn, which the firm expects will likely be refinanced through new sukuk issuances. Moody’s anticipates favorable market and macroeconomic conditions, in addition to decelerating inflation, to encourage new market entrants to issue the USD Islamic bonds in the coming months after postponing their debt issuances due to high interest rates.

#2- Dubai-based Jebel Ali Freezone (Jafza) added 881 new companies in 2023, up 13% y-o-y and averaging more than 73 new companies monthly, reports Emarat Alyoum. Jafza also saw warehouse occupancy at 93% and land occupancy at 91% throughout the year.

#4- Some 3.5k government tenders worth a combined AED 44 bn were awarded to companies with In-Country Value (ICV) certificates in 2023, up from just 707 in 2022, according to Abu Dhabi Media Office statement.

Um, Enterprise, what’s an ICV certificate? These certificates are issued as part of the UAE’s in-country value program, which rewards companies that prioritize localizing supply chains and attracting foreign investments. The certificate hands them an advantage in tenders and contracts.

THE BIG STORY ABROAD-

It’s an achingly slow morning for news around the world — not surprising given today is a holiday in much of the western world (Easter Monday) and that our part of the world is sliding into the final days of Ramadan.

UP FIRST- Is there still a chance the US might convince Israel to back off an invasion of Rafah? Conditions in the enclave continue to worsen as the US and Israel prepare for what Axios says in an exclusive will be “a virtual meeting on Monday to discuss the Biden administration’s alternative proposals to an Israeli military invasion of Rafah.”

There’s no word on what the “alternative” might be for Gaza, where famine is imminent.

AND- Turkish President Recep Tayyip Erdoğan is on course for his biggest electoral setback in nearly two decades as voters in municipal elections reject his AKP. Opposition mayors look set to cruise to victory in the nation’s five largest cities: Istanbul, Ankara, Izmir, Bursa and Antalya. The story is everywhere from the Reuters to the Financial Times and the Wall Street Journal.

Looking ahead: Kuwaiti voters go to the polls on Thursday to elect a new parliament.

SIGN OF THE TIMES- Enter the AI hypebeast: AI is having something of a crypto moment, the head of Google’s AI research division tells the Financial Times. The bns of USD pouring into generative AI startups “brings with it a whole attendant bunch of hype and maybe some grifting and some other things that you see in other hyped-up areas, crypto or whatever. … In a way, AI’s not hyped enough but in some senses it’s too hyped. We’re talking about all sorts of things that are just not real.” Read: Huge AI funding leads to hype and ‘grifting’, warns DeepMind’s Demis Hassabis.

FINALLY- Tesla’s latest challenger? It’s made by smartphone maker Xiaomi:

China’s Xiaomi has succeeded where Apple failed, becoming the first smartphone giant to make an EV. The SU7, introduced over the weekend, is a challenger to Tesla that takes a lot of its styling cues from Porsche — and that starts at USD 4k less than Tesla’s Model 3 with longer, 700-km range for the standard model. Check out the launch announcement here.

It looks like the SU7 will be a hit in China’s hypercompetitive EV market: Customers lined up for test drives until 3am on launch day, Car News China reports, and the 2024 production run sold out in just 24 hours — some 120k units were ordered in the first day and a half it was on sale, one report suggests. Xiaomi is also said to be readying a mid-to-large size electric SUV for introduction later this ear.

Want to go deeper? Telescope, the best English-language channel on China’s crazy-wonderful car market, has a solid first look. His take? Very positive, but he’d love it if Xiaomi were to stop imitating Porsche and develop its automotive design language (watch, runtime; 11:12).

CIRCLE YOUR CALENDAR-

The government-organized AI summit Machines Can See is scheduled to take place on Wednesday, 17 April at the Museum of the Future in Dubai. The one-day event will discuss the use of AI to transform urban systems and services, outlook on AI investments, and explore the risks of AI.

Dubai Esports and Games Festival (DEF 2024) kicks off on 19 April and runs through 5 May, with several events around the emirate. The event features GameExpo, offering gaming experiences, tournaments, meet-ups with gaming celebrities, and educational events for students.

Gulf Information Security Expo and Conference will take place between 23 and 25 April at the Dubai World Trade Centre. The event will gather hundreds of cybersecurity firms, government officials, and cyber experts from 130 countries. You can book your ticket here.

Token2049 is taking place from 18-19 April at Madinat Jumeirah in Dubai. The event is set to bring together over 10k attendees from more than 5k companies, featuring over 200 speakers and more than 150 exhibitors. Flare Network’s co-founder and CEO of Flare Labs, Hugo Philio is set to speak at the event on 18 April, according to a statement posted on X.

Carpet and flooring industry event Domotex Middle East 2024 is scheduled on 23-25 April at the Dubai World Trade Centre. The event brings together industry leaders like Merinos, Oriental Weavers, Solomon Carpets, and Al Abdullatif, as well as brands like Azim Silk.

The Abu Dhabi International Book Fair is set to take place from 29 April to 5 May at the Abu Dhabi National Exhibition Centre (Adnec), with Egypt as the guest of honor and Egyptian novelist Naguib Mahfouz as the focus personality.

The Arabian Travel Market is taking place from 6-9 May at DWTC Dubai under the theme Transforming Travel Through Entrepreneurship. The event will focus on issues relating to entrepreneurial strategies designed to accelerate innovation, increase revenues, and improve sustainability.

Adnec Group opened registration for the International Exhibition for National Security & Resilience 2024, scheduled from 21-23 May at Adnec Centre Abu Dhabi, Wam reports. The event focuses on national security, cybersecurity, and civil protection.

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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