Good morning, lovely people. The holidays are nearly upon us, but we’re not seeing much signs of a news slowdown just yet…

We have news of Lunate investing more funds in Jared Kushner’s private equity firm, Affinity Partners; AD Ports’ refinancing and upsizing a revolving credit facility; and Masdar completing its acquisition of Spain’s Saeta.

ALSO- We have a day off next week: The Federal Authority for Government Human Resources and the Human Resources and Emiratization Ministry have confirmed that next Wednesday, 1 January 2025 will be a public holiday for all federal government entities and the private sector.

☁️WEATHER- We’re in for a cloudy (and possibly rainy) start to the week: The National Center of Meteorology forecasts (pdf) partly cloudy conditions, with a chance of light rainfall in northern and coastal areas. Temperatures today will hit 25°C in Dubai, with an overnight low of 18°C, and 21°C in Abu Dhabi, before cooling to an overnight low of 20°C.

IN TOMORROW’S ISSUE- The IMF released a comprehensive report (pdf) on the economic outlook and policy challenges for GCC countries. The report dives into the region’s fiscal and monetary policies, energy strategies, and banking systems, and sheds light on economic diversification efforts and key reforms that could shape the region’s future. You can find an in-depth breakdown of what the IMF had to say about the region — and the UAE specifically — in tomorrow’s issue.

WATCH THIS SPACE-

#1- Advisors deem Malaysia Airports acquisition “not fair,” but “reasonable”: The Abu Dhabi Investment Authority and Global Infrastructure Partners’ USD 4.1 bn takeover bid for Malaysia Airports was deemed viable by the transaction’s financial adviser Hong Leong Investment Bank (HLIB), Reuters reports. “The offer is ‘not fair’ but ‘reasonable’,” HLIB said. While the offer undervalues the company, it provides shareholders with a chance to exit in the absence of competing bids, it added.

Not completely cleared: Some directors of Malaysia Airports recommended rejecting the bid, citing concerns over valuation and the company’s growth prospects.

Background: Adia submitted a formal conditional offer in May to take over the remaining shares of Malaysia Airports as part of a consortium with Malaysian sovereign wealth fund Khazanah Nasional Berhad, Malaysian pension fund Employees Provident Fund, and Global Infrastructure Partners. The consortium plans to upgrade infrastructure and boost connectivity and services, arguing that privatization would better support these goals.

#2- Sharjah greenlights 2025 budget: The Sharjah Consultative Council approved the draft budget for 2025 during its latest session, Wam reports. While the budget’s specific size was not disclosed, its priorities include modernizing financial management systems and promoting good governance, in line with the directives of Sharjah Ruler Sheikh Sultan bin Mohammed Al Qasimi.

REMEMBER- The Federal National Council approved the UAE’s largest ever national budget in November, bringing the total to AED 71.5 bn in both revenues and expenditures and linking the Union General budget and independent federal entities’ budgets for 2025.

#3- UAE investments in Belarus? Investment Minister and ADQ managing director Mohamed Hassan Alsuwaidi met with Belarusian President Aleksandr Lukashenko during his UAE visit, Wam reports. The dialogue focused on strengthening trade and economic collaboration, investment, as well as addressing humanitarian issues and other areas of mutual interest.

#4- Chinese private equity firm Hillhouse Investment Management is in discussions to set up an office at the ADGM, unnamed sources with knowledge of the matter told Bloomberg. Founded in 2005, the firm now has USD 73.3 bn worth of assets under management and operates East Asia, Southeast Asia, North America, and Europe.

REMEMBER- Nineteen new companies also revealed plans to set up shop in ADGM during Abu Dhabi Finance Week, including Chinese asset manager CPE.

DATA POINTS-

Indirect taxes contribute AED 10-11 bn annually to UAE’s coffers, a significant chunk of the country’s federal budget, which came in at AED 65 bn last year, Undersecretary of the Finance Ministery Younis Haji Al Khoori told Wam.

PSAs-

You’re going to pay less if you book a bus in Business Bay: Dubai’s Roads and Transport Authority (RTA) reduced fares for the Bus-On-Demand service in the Business Bay area to AED 2 from AED 5, it said in a statement. The service operates through an app that allows passengers to book small public buses within selected areas. Users can customize their route from starting point to destination and pay through the app.

The service will expand to cover 10 areas by the end of 1H 2025, supported by a fleet of 41 buses.

ALSO- The RTA opened a new 1km two-lane bridge on Hessa Street to improve traffic flow to Al Khail Road. The development aims to cut travel time to 3 minutes from 15 minutes, according to the Dubai Media Office.

The details: The Hessa Street development project is currently 54% complete and includes upgrades to four major intersections, which are expected to be operational by 4Q 2025. The total cost of the project is estimated at AED 689 mn.

THE BIG STORY ABROAD-

It appears that the Christmas news slowdown has come early this year, with things pretty quiet in the western press this morning — among the few headlines worth noting:

President-elect Donald Trump is once again making headlines this time for threatening to reassert US control over the Panama Canal, demanding Panama reduces the canal fees. During a speech late last night, Trump vowed he “would not let the canal fall in the wrong hands.”

Panamanian President Jose Raul Mulino rejected the comments, defending Panama’s sovereignty and the fairness of the rates. The canal has been under Panamanian control since 1999 after the US gave up control, with international law providing no basis for the US to reclaim its control over the canal. (Reuters | Wall Street Journal | AP | BBC)

AND- The suspect in the recent Magdenburg Christmas market attack has been identified as Taleb A., a 50-year-old psychiatrist from Saudi Arabia who was arrested at the scene of the crime, and is now facing multiple charges, including murder and attempted murder. Authorities have not yet determined the motive behind the attack. (Reuters | BBC | AP)

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