Good morning, lovely people. It’s the quietest day of news here at home that we’ve had in weeks — if not months — but we have an important update on DIFC law and the Central Bank of the UAE’s latest T-sukuk auction for you to dig your teeth into.

PLUS- We have an interesting My Morning Routine read for you this morning with Wisewell and Incubayt’s Sami Khoreibi, where he dives into how he balances work as an entrepreneur and investor, and his ambitions to drive sustainability in the region through various avenues both in his past work and through his current roles.

WEATHER- Temperature will hit 32°C in Dubai before cooling to 24°C overnight. In Abu Dhabi, the mercury peaks at 28°C, with an overnight low of 26°C.

WATCH THIS SPACE-

#1- GCC funds to deepen US investments post-Trump’s election? With Elon Musk set to lead the US president-elect Donald Trump’s new Department of Government Efficiency, the UAE and GCC countries see an opportunity to deepen investments in the US, Bloomberg reports, citing unnamed sources. Musk’s presence in Trump’s inner circle is expected to bolster Gulf investors’ confidence, particularly in critical sectors like tech and AI, which faced restrictions under Joe Biden’s administration.

Gulf sovereign wealth funds have long supported Musk. Sheikh Tahnoon bin Zayed invested in Musk’s SpaceX. Saudi Arabia’s PIF invested in his AI company xAI (MGX was also rumored to be eyeing an investment in the startup), and Qatar’s fund backed his Twitter acquisition and other ventures.

The potential investments could add to the UAE’s existing USD 1 tn investments in the US, with both countries already having pledged to expand their collaboration in tech and AI, according to an unnamed UAE official.

Trump could soon visit the UAE, Eric Trump, the president-elect’s son, previously said prior to the elections. Eric is also slated to speak at the Bitcoin MENA event in Abu Dhabi this December.

#2- As COP29 talks on climate finance face a stalemate, UAE-backed Alterra fund is also struggling to deploy capital amid what CEO Majid Al Suwaidi identified as a lack of viable projects in the energy transition space in a Bloomberg interview. Alterra has so far committed USD 6.5 bn to seven strategies managed by BlackRock, Brookfield Asset Management, and TPG, though actual funds spent are significantly less, its CEO said, without disclosing a specific figure.

Background: The UAE-backed USD 30 bn vehicle was unveiled last year at COP28 to mobilize USD 250 bn globally by 2030 to finance the climate transition. It recently announced plans to direct an additional USD 200 bn to climate investments over the next six years, and said that it will increase its focus on co-investments and direct investments, capping returns in its Transformation unit to attract external investors.

#3- Sharjah rental rates rise 30-50% amid surging demand: Sharjah’s rental market is experiencing 30-50% increases this year, driven by economic growth, rising rents in other emirates like Dubai, and an influx of residents from countries such as Sudan, Russia, and Ukraine, real estate experts told The National.

REMEMBER- In September, Sharjah’s ruler, Sheikh Sultan bin Mohammed Al Qasimi, approved a new rental law aimed at capping rent increases for the first three years of a lease, tightening eviction rules, and expediting leasing contract ratifications.

#4- DP World mulls investments in Cambodia: DP World CEO Sultan Ahmed Bin Sulayem expressed interest in investing in Cambodia’s transportation, logistics, and industrial park development during a call with Cambodian Prime Minister Hun Manet yesterday, Cambodian newswire Khmer Times reports.

#5- Kuwait Petroleum Corp. (KPC) will establish a fuel-trading unit in Dubai in 1H 2025, CEO Sheikh Nawaf Al-Sabah told Bloomberg. The initiative is part of KPC’s KWD 20 bn investment plan aimed at boosting oil production capacity and enhancing operations across its value chain, from exploration to petrochemicals.

#6- GulfNav’s Brooge takeover still in the works: Maritime player GulfNav confirmed that its acquisition of oil storage outfit Brooge Petroleum and Gas Investment Company from Brooge Energy is “still in progress,” as the Securities and Commodities Authority is still reviewing the transaction, the company said in a disclosure (pdf). The company also said the drop in its share price to the minimum threshold temporarily during trading yesterday could not be attributed to any information or news that would justify the drop.

BACKGROUND- GulfNav received board approval in September for the AED 448.5 mn share swap transaction, which involves a capital increase equivalent to the shares issued to Brooge. The proposal, initially submitted to the SCA in October 2023, was updated earlier this year.

PSA-

Three categories of individuals violating UAE entry and residency regulations are excluded from the grace period extended to 31 December under the visa overstay amnesty program, Gulf News reports, citing the Federal Authority for Identity, Citizenship, Customs, and Port Security. These categories include employees abandoning their jobs after 1 September, which is the start date of the amnesty program, individuals with deportation orders from the UAE or other GCC countries, and those who entered the UAE illegally.

Eligible overstayers are encouraged to apply for exit permits to leave the UAE without fines if they cannot secure work by year-end, according to Col Abdullah Atiq, deputy assistant director of investigation affairs at the General Directorate of Residency and Foreigners Affairs in Dubai, The National reports.

ICYMI- The visa overstay amnesty program, initially launched in September, was extended from 31 October to 31 December. It allows individuals to address visa violations without fines or bans preventing re-entry.

HAPPENING TODAY-

#1- Ras Al Khaimah Ruler Sheikh Saud bin Saqr Al Qasimi is wrapping a four-day visit to Guangdong Province, China,, Wam reports. During the visit, the RAK Ruler will sign a cooperation agreement with Guangdong, focusing on the digital economy, scientific and technological innovation, advanced manufacturing, smart cities, and culture and tourism. Al Qasimi will also hold business meetings.

#2- Xpanse 2024 is on its second and final day at the Adnec Center in Abu Dhabi, Wam reports. The event will focus on artificial intelligence, machine learning, genomics, quantum computing, neuromorphic computing, and 6G connectivity. Some 3k decision-makers, technology innovators, Nobel laureates, industry executives, CEOs, government officials, and scientists are expected to attend.

HAPPENING THIS WEEK-

The ADLM Middle East Conference and Exposition will be held on 23-24 November at the Conrad Abu Dhabi Etihad Towers. The event will showcase diagnostic products and clinical solutions, with topics covering mobile health, molecular diagnostics, and next-generation sequencing. Attendees include laboratory directors, government officials, and industry representatives from across the Middle East and Africa.

THE BIG STORY ABROAD-

The stalemate in Baku is still getting attention as COP29 climate talks enter their final day with no progress on a climate finance agreement for developing countries — or an agreement for a transition away from fossil fuels — in sight. The climate conference is widely expected to overrun.

Still hanging in the balance: Draft documents failed to include mention of fossil fuels (an issue Western countries have blamed squarely on oil-producing countries in the region, led by Saudi Arabia) or a specific figure to update the USD 100 bn owed to developing countries to help the climate transition, which was agreed a decade ago, the Financial Times reports. Developing countries have been looking to bump the figure up to USD 1 tn, but people the FT says are familiar with the discussions say it could land at USD 200-300 bn.

Outside of Baku, the International Criminal Court’s arrest warrant for Israeli Prime Minister Benjamin Netanyahu is the single story getting the most attention. US President Joe Biden rejected the warrants and called them “outrageous,” saying the ICC does not have jurisdiction of the matter and that “there is no equivalence — none — between Israel and Hamas.” Hamas leader Mohammed Deif was also issued a warrant. (Al Arabiya | Reuters | The Guardian | AP | Bloomberg)

Also getting attention: US president-elect Donald Trump named a new attorney-general — former Florida attorney-general Pam Bondi — after his initial choice, Matt Gaetz, backed out. (FT | Reuters | WSJ | AP)

PLUS- BTC hit another fresh high yesterday, approaching USD 100k for the first time but reaching a peak of USD 99.1k, as the cryptocurrency continues to benefit from a post-election rally. (Reuters | CNBC)

***

You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.

EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq. Tap or click here to get your own copy of EnterpriseAM UAE.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .

DID YOU KNOW that we also cover Egypt,Saudi Arabia, and the MENA climate and logistics industries?

***

Leave a comment

Your email address will not be published. Required fields are marked *