Good morning, friends. The news flow has slowed down from the tsunami of news from earlier this week, but we still have a meaty issue for you to dig into.

Important reads this morning: Masdar inked final investment agreements for a 1 GW wind farm in Kazakhstan; Astra Tech’s founder has exited the firm, with G42 snapping up his stake; and Landmark Group is earmarking USD 1 bn for expansion.

But first, a few signs your morning commute may get a little worse before it gets better…

WATCH THIS SPACE-

#1- The National Center of Meteorology expects a 20-30% increase in the UAE’s rainfall “in the future,” The National reports, citing the center’s Meteorology Director Mohammad Al Ebri. The increase in average temperatures due to global warming will lead to more light storms, rainfall, and floods, Al Ebri said during a discussion.

An expert committee issued several recommendations to mitigate the impact of climate change. The recommendations included having a unified emergency line for questions from the general public, upgrading the first response system, and educating the public on safety procedures during extreme weather events.

REMEMBER- Several emirates are already implementing their own solutions, including Dubai’s plan to spend AED 30 bn to upgrade its drainage network and Sharjah’s AED 400 mn Middle Line Project to drain rainwater and groundwater.

Remote work could be an easy fix for our traffic problems: Rolling out flexible working hours and remote work could reduce morning peak commute times in Dubai by 30%, according to a study based on a joint survey by the Dubai Roads and Transport Authority and Dubai Government Human Resources, Wam reports.

Two-hour start window and allowing employees in both public and private sectors to work remotely four to five workdays can decrease traffic on Sheikh Zayed Road by 9.8%; and on Al Khail Road by 8.4%, the survey found.

Dubai companies are eyeing more remote work: Some 32% of private companies currently implement remote work policies, with an additional 58% ready to expand, according to the survey. Similarly, 31% of companies offer flexible hours, with 66% considering expansion.

Another easy fix? Flying taxis. Dubai began construction on its first aerial taxi vertiport, expected to commence operations in 2026, Crown Prince of Dubai Hamdan bin Mohammed Al Maktoum said in an X post. The new facility is located near Dubai International Airport and will span 31k sqm, hosting 170k passengers annually. Other stations will be developed in Downtown, Dubai Marina, and Palm Jumeirah.


#2- The UK is close to inking a trade agreement with the Gulf Cooperation Council (GCC) — including the UAE, Saudi Arabia, Qatar, Kuwait, Oman, and Bahrain — “as early as this year,” Bloomberg reports, citing UK and Gulf officials familiar with the matter. The agreement would mark the first for British PM Keir Starmer’s government.

The UK may also consider individual trade agreements with specific GCC countries following the GCC-wide agreement, focusing on specific trade areas, the sources said.

This is long-awaited: The UK and GCC have held seven rounds of trade talks since 2022, with UK Business and Trade Secretary Jonathan Reynolds visiting Dubai this month to push negotiations forward. UK-GCC trade currently stands at USD 73 bn annually, and the trade agreement is expected to boost this by 16%.


#3- The Financial Services Regulatory Authority of ADGM proposed miscellaneous amendments to its regulations in a new consultation paper (pdf). The amendments are related to financial service market regulations, anti-money laundry guidelines, fee rules, and the conduct of the business rulebook. The organization is currently accepting comments until 10 December and they will be reviewed to consider any potential modifications.

#4- Dubai Taxi applied for 250 new license plates from the Roads and Transport Authority which are expected to generate annual revenues close to AED 100 mn, CEO Mansoor Alfalasi told CNBC Arabia (watch, runtime: 9:12). He also said that the company is committed to distributing 85% of its net income in 2024.

#5- Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum announced new police projects worth AED 2 bn in a post on X. Here’s a rundown:

  • A new Dubai Police Academy building in Al Ruwaya, with a capacity to accommodate 2.5k students;
  • A specialized training center in Hatta;
  • A new criminal data analysis center and forensic medicine building;
  • A new facility dedicated to institutional security and emergency services.

DATA POINTS-

#1- The UAE’s crude oil production averaged 2.955 mn barrels per day (bbl / d) in October, a slight decrease of 2k bbl / d from September, according to secondary data published in Opec’s Monthly Oil Market report (pdf). 3Q production roughly averaged a similar 2.958 mn bpd, 24k bbl / d up q-o-q.


#2- The UAE came in second place in terms of GCC carbon emissions per capita at 25.8, following Qatar’s 37.6 and significantly exceeding the global average of 4.6, according to a GSMA Intelligence report (pdf). The following spots were occupied by Bahrain at 25.7, Kuwait at 25.6, and Saudi Arabia at 18.2.

#3- Dubai saw 13.3 mn tourists in 9M 2024, a 7% y-o-y increase, Al Khaleej reports, citing data from the Dubai Department of Economy and Tourism. Western Europeans made up the majority of visiting tourists, accounting for 19%, or 2.6 mn tourists, followed by South Asia (17%) and GCC (15%).

The hospitality sector saw a solid performance in 9M: Hotel room price rates rose 3% y-o-y during the period to reach an average of AED 487 per night, with booking revenues going up 4% to an average of AED 372 per room. Meanwhile, hotel occupancy rates in Dubai reached 76% during 9M, up 3% y-o-y.

The emirate expanded its hotel inventory by the end of 9M to some 152k keys across 826 establishments, up y-o-y from 148.8k keys across 815 establishments.

PSAs-

WEATHER- We have another hot and sunny day in Dubai with a peak of 33°C, and an overnight low of 26°C. Over in Abu Dhabi, the mercury is set to hit 29°C before cooling to 28°C in the evening.

#1- The Ras Al Khaimah Transport Authority launched an online platform for booking public transport, dubbed Sayr, Wam reports. The platform covers all internal and intercity bus routes in Ras Al Khaimah and will expand to include vehicle rental services. The app allows you to track public bus routes, book taxis online, and pay online. Future updates will add a loyalty points program and a live chat service for user support.

#2- The General Pension and Social Security Authority (GPSSA) exempted UAE employers from late contribution fines due for October and November, according to a statement. The exemption period extension runs until 15 December, with the GPSSA requesting employers to ensure that employee data and salary details are updated.

#3- Real estate developers can now request and obtain a Real Estate Activity Registration Certificate through the UAE Digital Wallet, after Ajman’s Department of Land and Real Estate Regulation joined the platform, Wam reports. The department is the first entity in the emirate to adopt this system, which offers government documents via a unified national platform.

HAPPENING TODAY-

#1- The UAE is participating in COP29, which kicked off on 11 November in Baku, Azerbaijan, and runs until 22 November, Wam reports. The event aims to limit global warming to 1.5°C and boost climate finance. As the host of last year’s COP, the UAE will present a national pavilion and over 60 side sessions on topics such as climate finance, decarbonization, renewables, and AI-powered food and water solutions.

#2- Dubai Arbitration Week is underway at the Waldorf Astoria in the Dubai International Financial Center and wraps on 15 November. The event features a series of panel discussions, workshops, and presentations focused on the latest developments and challenges in international commercial arbitration.

#3- The International Federation for Equestrian Sports (FEI) General Assembly is on its third and final day at the Conrad Hotel, Etihad Towers, gathering heads from 137 national equestrian sports federations, Wam reports. The assembly, running through to tomorrow, coincides with the start of FEI regional group meetings at Emirates Palace, Abu Dhabi.

#4- The inaugural Audit, Anti-Fraud and IT Congress is on its final day in Dubai. The event brings together over 1k global professionals in internal auditing, anti-fraud, cybersecurity, and IT to discuss the latest trends in the sectors. Pre-congress workshops and internal discussions are underway, with the main congress set to begin tomorrow, state news agency Wam reports.

#5- The ICOM 2024 International Symposium kicked off yesterday at the Etihad Museum. The symposium will feature three themes — Intangible Heritage, Youth Power, and New Technologies — and will explore how museums can adapt to global changes and facilitate dialogue on enhancing their role in evolving cultural landscapes.

#6- The Sharjah Chamber of Commerce and Industry’s trade mission to Kenya and Uganda kicked off on 11 November, aiming to boost UAE-East Africa trade ties in oil, gas, infrastructure, logistics, food, and automotive sectors. The Sharjah Exports Development Centre is representing the chamber.

The agenda: Starting in Kenya with an investment forum and business meetings, the mission moves to Uganda tomorrow for another forum on Uganda’s infrastructure and oil growth, plus meetings and local site visits. The mission concludes on Thursday.

#7- The Paperworld Middle East and Gifts & Lifestyle Middle East exhibitions are underway at Dubai World Trade Center and will wrap up tomorrow. The events will gather more than 12k visitors from over 100 countries, including distributors, retailers, wholesalers, and franchisees in the paper and stationery industry.

THE BIG STORY ABROAD-

It’s another morning of the international press keeping track of the cabinet positions US president-elect Donald Trump is filling in before his term begins in January. The rundown:

AND- Elon Musk and Roivant Sciences founder Vivek Ramaswamy are leading what Trump is calling the Department of Government Efficiency. Musk’s appointment comes after the Tesla CEO endorsed Trump’s presidency bid and ran a lottery pool for voters to encourage turnout. (Reuters | Bloomberg | Wall Street Journal | CNBC)

KEEPING TABS- Politico is keeping a running tab on the positions filled so far in Trump’s cabinet, while the Financial Times notes that the incoming president looked to loyalists to fill key positions, including Hegseth and Ratcliffe.

CLOSER TO HOME- The CEO of Saudi Arabia’s Neom megaproject, Nadhmi Al Nasr, left his role after six years in the position. Al Nasr — whose departure is being described as “abrupt” — is being replaced temporarily by the Public Investment Fund’s head of local real estate, Aiman Al Mudaifer. The leadership change will “ensure operational continuity, agility and efficiency to match the overall vision and objectives of the project,” the Neom board said in a statement. The story is also getting ink from Bloomberg and the Wall Street Journal.

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