Good morning, wonderful people, and a very Merry Christmas (eve) to everyone celebrating. If you’re anything like us, you’re already in holiday mode — but the news cycle has yet to fully die down.

It’s end-of-year report season — which means we have not one, but two reports for you to dig your teeth into this morning. The IMF has upgraded some of its forecasts for the UAE and the GCC for next year, while the Central Bank of the UAE published its quarterly forecast, dialing back some of its expectations next year due to the extension of oil supply cuts.

⛅WEATHER- Expect more windy conditions today: Partly cloudy conditions are expected to persist across the country through Thursday, accompanied by blowing winds and dust and a chance of rainfall, Wam reports, citing the National Center of Meteorology (pdf). Dubai will see the mercury hit 26°C, with an overnight low of 20°C, while temperatures will hit 22°C in Abu Dhabi, with an overnight low of 20°C.

There’s a money story in the Gulf. Take one look at the news, and you’ll see headlines about Saudi Arabia’s rapidly changing economy, Qatar’s investment in mass infrastructure, and the UAE’s transformation into a global tech hub. The geopolitical tectonic plates are shifting.

To stay up to date on the business happening in the Gulf that is impacting the world around you, check out our friends at Semafor Gulf. Each issue uncovers the economic forces shaping the region — and the world. Subscribe without charge.

WATCH THIS SPACE-

#1- Schon Properties’ mixed-use development Dubai Lagoon was officially marked ‘under cancellation’, after being listed as ‘cancelled’ earlier this month, Khaleej Times reports. This means that the development’s 53 buildings and over 4.1k units may no longer be viable for completion.

Background: Launched in 2005, Dubai Lagoon’s first phase of construction was initially set for completion by September 2007, with handover scheduled for 2008. However, financial difficulties, stakeholder disputes, and delays compounded by the 2008 financial crisis halted construction for over a decade, with many buildings remaining incomplete to date. Schon handed the Lagoon’s Lily Zone project to Xanadu Real Estate Development in 2017 following the Dubai Land Department’s interference, but promises of completion went unmet.

Some hundreds of buyers who invested in the property between 2005 and 2008 are still awaiting clarity on refunds, with legal uncertainties over the project’s status continuing to complicate the refund process and potential project transfers, the news outlet reports. The situation is worse for secondary buyers and those transferred from other stalled projects, who face additional challenges due to missing SPAs and Oqood registrations.

#2- Amea Power is looking at venturing into desalination and green hydrogen projects in Morocco, lining up plans to invest at least USD 100 mn in a desalination project through Spain’s Cox, a water and energy solutions firm in which the Emirati company acquired a stake during its recent IPO, AMEA Chairman Hussain Al Nowais told Asharq Business (watch, runtime: 2:30). The company is also in the early stages of exploring a green hydrogen production project with a potential capacity of up to 1 GW in southern Morocco.

The move expands the company’s current portfolio in Morocco, which includes four renewable energy projects with a total capacity of more than 200 MW.

#3- Economy Minister Abdulla Bin Touq Al Marri called on Japan to expedite negotiations on trade and economic agreement talks that were initiated in September in an interview with Nikkei Asia. He emphasized that the UAE can serve as a strategic hub for Japan, facilitating access to investments in the Middle East and Africa.

#4- Dubai Court upholds decision in Hosana-RSM dispute: The Dubai Court of Appeals rejected an appeal from India’s Honasa Consumer General Trading — which owns Indian hair and skincare brand Mamaearth — to suspend attachment proceedings on its assets in the UAE, and a separate appeal from RSM General Trading cancel Honasa’s trading license, according to a disclosure (pdf) on India’s National Stock Exchange.

Background: RSM filed a lawsuit against Honasa in Dubai earlier this year alleging unlawful termination of its distributorship agreement. In June 2024, the Dubai Appeal Court approved RSM’s request to attach Honoasa’s UAE assets but rejected its plea to terminate Honasa’s trading license. It also upheld the same decision in October 2024.

What’s next? Honasa said that the suspension has “no material financial impact” on the company, as it holds no assets in the UAE. Still, the Indian company has appealed the Dubai Court’s original judgment to the Cassation Court, meaning execution proceedings in the UAE will remain on hold until the Cassation Court delivers its ruling.

#5- Dubai is getting a crisis management center: Prime Minister Sheikh Mohammed bin Rashid Al Maktoum launched a Dubai Resilience Center to support crisis management in the emirate, according to the Dubai Media Office. The center aims to strengthen Dubai’s disaster management capabilities, coordinate joint efforts to address emergencies, and develop and implement preventive and recovery measures.

What’s the mandate? Its tasks include developing crisis resilience plans, policies, and frameworks and measuring and reporting progress on approved plans. The center will also manage a central operations platform, collect and analyze data to support studies, and propose awareness initiatives.

DATA POINTS-

Some 67% of UAE companies hosted their core business processes on the cloud this year, while another 22% plan to do so within 15 months, Trade Arabia cites a YouGov survey commissioned by SAP as saying. Meanwhile, AI adoption was pervasive among companies, with 42% using it for marketing and communications, 40% for customer service, and 38% for sales and finance.

PSAs-

Companies who had their licenses issued in December must apply for corporate tax by Tuesday, 31 December through EmaraTax, state news agency Wam cites the Federal Tax Authority (FTA) as saying. Failure to register on time may result in administrative penalties.

SPEAKING OF CORPORATE TAX- The Finance Ministry issued amendments to its corporate tax legislation exempting anyone who is subject to foreign tax credit from the requirement to calculate taxable income, Wam reported separately. The amendments also exempt businesses that benefit from qualifying group or business restructuring relief from double taxation, and clarify adjustments to tax losses incurred by shareholders from within or outside a taxable firm. The new amendments take effect for tax periods beginning on or after 1 January 2025.

THE BIG STORY ABROAD-

We’re well into the Christmas news slowdown with little capturing the attention of the foreign pages this morning.

IN THE US- Ex-congressman is facing sexual misconduct allegations: Former Florida Congressman Matt Gaetz reportedly spent tens of thousands on activities including sex and drugs, according to a report prepared by the House Ethics Committee. The committee also found evidence Gaetz violated Florida’s statutory rape laws. Gaetz, who resigned last month after being tapped as attorney general by president-elect Donald Trump, denied the allegations but admitted to having “partied and womanized” earlier in life. (Reuters | Financial Times | BBC | Washington Post | CNN | AP)

CLOSER TO HOME- Saudi Arabia halts BRICS membership? The Kremlin has reportedly announced that Saudi Arabia has frozen its full membership in the BRICS group, Asharq Business reports citing Russian news agency Interfax. The Kingdom was invited to join the alliance over a year ago but has yet to formalise its membership.

***

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.

Were you forwarded this email? 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?

***

CIRCLE YOUR CALENDAR-

The Arab Plast International Trade Fair for Plastics, Recycling, Petrochemicals, Packaging and Rubber Industry will take place between 7-9 January at the Dubai International Convention and Exhibition Center. The event will showcase advancements in the plastics and recycling sectors, with a focus on sustainable practices, circular economy, recycling technologies, and sustainable materials. The event will include networking prospects for professionals, live demonstrations of technologies and machinery, and discussions on future developments.

The International Renewable Energy Agency (IRENA) Assembly will take place between 11-13 January in Abu Dhabi. The event will gather global leaders and decision-makers to discuss the renewable energy transition and address challenges to energy security and financing. Featured in the agenda: An International Renewable Energy Agency Youth Forum, which will see interactive sessions, open dialogues, and thematic workshops for youth to contribute to renewable energy deployment and sustainable development.

The 1 Bn Followers Summit will take place between 11-13 January at Jumerirah Emirates Towers at the DIFC in Dubai. The event will feature over 250 speakers, including top content creators and industry experts. It includes workshops and discussions on technology, content strategies, and the economic impact of content creation.

The Global Government Cloud Forum will take place on 21 January at the Museum of the Future in Dubai. The forum will gather international government officials, global speakers, and leaders in government cloud technology, and will address topics such as AI, IoT, quantum computing, and sustainable cloud solutions, among others.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

Leave a comment

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