Good morning, wonderful people. It’s grown very quiet on the news front, as would be expected from a typical August morning.

We have news of DP World’s port in Congo getting a boost of support from the British government’s finance arm, British International Investment, as well as several good news on the startup front, including a raft of new startups launching in the UAE and a rebound in venture capital investments in the UAE in 2Q 2024. We have more in the news well, below.

We’re in for a cloudy week: The National Center of Meteorology forecasts this week’s weather to be partly cloudy in southern and eastern areas, with a chance of light rainfall and blowing dust until Wednesday. Temperatures today will hit 41°C in Dubai, with an overnight low of 34°C, and 38°C in Abu Dhabi, before cooling to an overnight low of 35°C.

WATCH THIS SPACE-

#1- India has reportedly requested a review meeting with the UAE to discuss key provisions of their trade pact, namely, issues related to rules of origin and concessional rates, Indian Commerce Secretary Sunil Barthwal was quoted as saying by news outlets (here and here). The meeting will aim to review their agreements on value add policies and custom duties, Barthwal said.

In context: The review request came on the heels of a sharp rise in Indian imports of gold and silver from the UAE under the agreement. The Global Trade Research Initiative (Gtri) has voiced concerns about India incurring huge revenue losses on the back of its commitment to apply zero tariffs on unlimited quantities of silver imports from the UAE within the coming eight years, it said in a report (pdf) published earlier this year. The agreement will also see them reduce duties on gold to zero in three years provided the imports contain at least 2% aluminum, according to the outlets.

What Gtri said: “The current import of gold and silver from UAE is unsustainable as UAE does not mine gold or silver or add sufficient value add on imports. The trade will shift to any country which gets bigger tariff concessions from India,” the report read.

REMEMBER- India terminated its duty-free imports of silver and platinum from the UAE last month, following a reduction in import duties on gold and silver from 15% to 6%, lower than the 8% tax under the economic agreement with the UAE.

By the numbers: The UAE accounts for nearly half of India’s silver imports, as importers made use of the lower 8% tax, with shipments surging from 133 tonnes to almost 2k tonnes over the first five months of 2024.

#2- Mubadala-backed Spanish oil company Cespa agreed to sell its liquefied gas unit Gasib to a subsidiary of Chile’s Empresas Copec for EUR 275 mn, according to statements (here and here) from the companies. The transaction is part of Cepsa’s 2030 green strategy, which will see the company shift towards sustainable energy by investing around EUR 8 bn in green hydrogen and biofuel for heavy transportation and industries such as trucking, shipping, and airlines.

Background: The company also recently offloaded its upstream operations in Peru, as well as assets in Colombia and Abu Dhabi, according to Reuters.

#3- Abu Dhabi taps airport operator for advanced air transport infrastructure: Abu Dhabi Airports expanded its partnership with Parisian airport operator Aéroports de Paris Group to develop ground infrastructure for advanced air transport applications in Abu Dhabi, according to a statement. The two parties previously inked an agreement at the Abu Dhabi Air Expo 2022, aimed at developing and implementing joint development plans in the aviation sector.

#4- Australia’s Aspen eyes investing in Abu Dhabi’s rural areas: Australian healthcare provider Aspen Medical plans to allocate more investments in Abu Dhabi’s rural areas to expand the coverage of its services with the help of the emirate’s health department, Al Bayan reported. Aspen has already built six clinics in remote locations, with plans to launch 13 more.

HAPPENING TODAY-

#1- The World ESG Summit is kicking off today and running until tomorrow at Dusit Thani in Dubai. The two-day business conference will gather public and private sector players from key sectors like energy, utilities finance, and manufacturing to explore ESG integration across all industries.

#2- The Dubai Chambers will host the Dubai Business Forum in Beijing, China between tomorrow and Thursday. The event will gather over 50 Dubai-based companies and 350 Chinese firms to explore potential investments in sectors like green tech, AI, healthcare, and renewable energy, president and CEO of Dubai Chambers Mohammad Ali Rashed Lootah told the National.

#3- Rex Fuels will host the Global Bitumen, Petrochemicals & Petroproducts Conference at the JW Marriott Marquis Hotel in Dubai tomorrow and Thursday. The conference will bring together bitumen and petroleum producers, suppliers, and traders, to network and discuss trends and challenges in the industry.

HAPPENING THIS WEEK-

#1- Sudan’s government said it will send a delegation to Cairo yesterday for talks with US and Egyptian officials, after refusing to attend talks held in Switzerland, Sudan’s Transitional Sovereign Council said. The Sudanese delegation agreed to attend the talks aimed at ending the 16-month war after the Egyptian government and the US envoy to Sudan, Tom Perriello, affirmed that the purpose of the meeting will be to discuss implementing the Jeddah agreement, which obliges the RSF to withdraw from civilian areas in Khartoum.

Meanwhile, talks in Switzerland are set to continue until at least the end of the week, Bloomberg reports.

Background: The UAE was set to attend the talks last week as an observer alongside Egypt, the UN, and the African Union, with Saudi Arabia and Switzerland acting as hosts.

DATA POINTS-

#1- Dubai World Trade Centre Authority’s freezone tenants increased 21% y-o-y to over 2.7k during 1H 2024, Wam reports. The freezone also saw the number of registered companies increase 19% y-o-y to 2.8k in 1H 2024. The freezone expanded its jurisdiction to include the newly developed One Za’abeel during the period.

#2- DP World and Abu Dhabi Ports invested over AED 6.09 bn in global trade infrastructure in 1H 2024, ِ Al Khaleej reports. Abu Dhabi Ports has invested AED 2.45 bn, while DP World’s spending reached AED 3.64 bn, across ports, logistics, and maritime operations.

DP World plans to invest nearly AED 7.4 bn in 2024, with most investments going towards its operations in the UAE, along with planned investments at multiple international locations including the UK, India, Senegal, and Canada.

#3- The number of medical tourists in Dubai rose to 691k in 2023, on the back of health system improvements, advanced technology, and competitive pricing, according to the Dubai Media Office. Medical tourists spent a collective AED 1.03 bn on healthcare services in the emirate during the year, marking a 3% y-o-y increase, with dentistry being the most sought-after speciality, demanded by 29% of health tourists, followed by dermatology (27%) and gynecology (13%).

By region: Some 33% of the tourists came from Asia, while 28% traveled from Arab and GCC countries, and 23% came from Europe and CIS countries.

#4- The UAE got one new locally incorporated bank, a GCC wholesale bank, and 15% more ATMs y-o-y — bringing the total to nearly 4.7k — in 1Q 2024, Wam reports, citing data from the Central Bank. No new electronic banking service units, cash offices, were added during the period.

As of 1Q 2024, the Central Bank has licensed 11 wholesale banks, 72 representative offices, 17 finance companies, and 77 money changers.

THE BIG STORY ABROAD-

The Democratic National Convention is front and center across the front pages of the international press this morning, as US President Joe Biden passes the torch to his vice president and Democratic presidential candidate Kamala Harris.

Among those making appearances at the DNC in Chicago: Biden took to the stage to hand off the convention to Harris and her running mate Tim Walz, while a host of other Senate and Congress members, and other political figures also had time on stage. Former presidential candidate Hillary Clinton is also in today’s lineup, while each night of the convention is scheduled to feature a celebrity host. Harris herself also made a surprise on-stage appearance, despite not originally being scheduled to speak today.

Harris is starting to give shape to her vision as president, starting with plans to raise the corporate tax rate to 28%, partially rolling back a Trump-era decision to slash the tax rate to 21% from 35%. The tax hike would, if implemented, raise USD hundreds of bns that will be necessary to help finance the presidential hopeful’s plans in office. (Reuters | Bloomberg | Financial Times | CNBC | Politico | Wall Street Journal | Washington Post | New York Times)

MEANWHILE- Israeli Prime Minister Benjamin Netanyahu has accepted a “bridge proposal” for a ceasefire in Israel’s war on Gaza, US Secretary of State Antony Blinken told reporters yesterday, according to a readout of his remarks. Blinken urged Hamas to accept the proposal, citing “fierce urgency” to reach an agreement between the two sides to prevent further bloodshed and destruction. (Reuters | New York Times | Financial Times | Bloomberg)

Blinken is heading to Cairo next, where he is expected to land today to discuss next steps on the ceasefire talks between Israel and Hamas. Blinken will fly from Israel as part of a four-day trip that marks his ninth visit to the region since Israel’s war on Gaza began.

REMEMBER-Senior government officials from Egypt, Qatar, and the US are set to reconvene in Cairo before the end of the week in a bid to finalize an agreement based on the proposal presented in Doha last week.

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CIRCLE YOUR CALENDAR-

The World Schools Festival will take place in Abu Dhabi from 14-21 December. Hosted by Abu Dhabi’s Department of Culture and Tourism and the Abu Dhabi Cricket and Sports Hub, the week-long event will feature rugby, cricket, hockey, and netball, bringing together over 1k athletes from around the world.

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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