Get EnterpriseAM daily

Available in your choice of English or Arabic

aptions go under the image. This is great for SEO and should have attribution, alt text — important for those with disabilities who may be using screen readers.

Abu Dhabi to require carbon reporting for big emitters as of 2026

WHAT WE’RE TRACKING TODAY

THIS MORNING: Dubai to tighten oversight on foreign banks

Good morning, lovely people, and happy FRIDAY. The news cycle has slowed — nearly — to a halt as the year winds down, but we still have a trickle of news from the regulatory and legislative side, including carbon reporting rules for major emitters and a potential natural resource firm tax in Sharjah.

**My Morning Routine is on hiatus this week and next week, and will be back on Friday, 3 January.

🌁 WEATHER- Mostly sunny weekend ahead: Expect sunny and warm conditions in Dubai, which will see the mercury hit 28°C today, with an overnight low of 19°C. Meanwhile, temperatures will hit 23°C in Abu Dhabi, with an overnight low of 18°C, according to our favorite weather app. But beware of some fog in the early hours of the morning, the National Center of Meteorology said.

WATCH THIS SPACE-

#1- Dubai to tighten oversight on foreign banks: Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum approved new measures to penalize foreign banks breaching administrative guidelines, as well as mechanisms to flag non-compliant lenders, according to the Dubai Media Office. The resolution will take effect upon publication in the Official Gazette.


#2- Dubai Taxi plans to expand into “untapped markets” across the UAE and region over the next five years as part of its growth strategy, which will also see it expand other verticals like limousine services and delivery, the company said in a press release. It did not disclose where it could potentially expand.

#3- Made-in-UAE gold jewellery set to double: Dubai Jewellery Group plans to double its gold jewellery manufacturing capacity over the next three to five years, the group’s chairman and Jawhara Jewellery CEO, Tawhid Abdullah, told Khaleej Times. “We don’t want to be only traders, but also serious manufacturers,” said Abdullah, adding that the group is inviting manufacturers from other countries to establish facilities in the UAE, to push the country higher on the trading and manufacturing global stage.

It’s been a good year for gold: Gold prices hit multiple record highs this year before dropping last month after the election of Donald Trump as US president, and on the back of the prospect of a higher-for-longer interest rate environment. Despite the drop, consumer spending remained steady, said Shamlal Ahamed, the managing director for international operations at Malabar Gold and Diamonds, adding that the company saw 15-20% revenue growth compared to last year.

DATA POINTS-

#1- Dubai’s property market is becoming less and less affordable, with the number of property transactions priced below AED 1 mn falling to just 32.3% of total transactions in 2024, marking a 10-year low, according to Reidin’s latest report (pdf). This comes as the market trends in favor of luxury properties and more generous payment plans by developers — usually offered for newer, more expensive projects — as opposed to traditional monthly installments offered by lenders. The top communities by sales value during the year were dominated by luxury communities, including Dubai Hills Estate, Palm Jumeirah, and Downdown Dubai.

In terms of sales volumes, though, mid-market Jumeirah Village Circle remains the most popular destination for buyers, recording double the transactions of second-placed Business Bay and over three times those of Damac Hills 2.


#2- Dubai schools are seeing a sharp rise in demand, with major education providers reporting significant surges in admissions compared to last year, Khaleej Times reports. Taaleem has recorded a 40% increase in enrollments for the second academic term, according to Education Director Glen Radojkovich, while Fortes Education has seen a 30% jump in interest, Education Director Dr. Neil Hopkin said. Waiting lists are also growing as applications for next year continue to rise, with Taaleem noting a 22% hike.

REMEMBER- Taaleem is on an expansion roll: The education provider recently acquired Dubai-based LLFP Meydan in November, adding a French-curriculum school to its portfolio. Earlier that month, Taaleem acquired land and property assets in Emirates Hills from Amity Education Services to develop a new campus for its Dubai British School – Emirates Hills.

PSAs-

#1- The Abu Dhabi Securities Exchange, Dubai Financial Market, and Dubai Gold and Commodities Exchange will close on Wednesday, 1 January, according to the Securities and Commodities Authority. Trading is set to resume on Thursday, 2 January.

#2- Ain Dubai spins back into business after a near-two year hiatus: The world’s largest observation wheel has reopened after being closed for enhancement works since March 2022. Visitors can now book tickets on Ain Dubai’s website, with pricing ranging from AED 145 — AED 1.2k for VIP experiences. The wheel will operate from 12pm to 9pm Tuesday to Friday, and 11am to 9pm on weekends.

THE BIG STORY ABROAD-

Only a handful of stories are getting a lot of play in the foreign press this morning:

#1- The Azerbaijan Airlines flight that crashed in Kazakhstan yesterday was likely shot down by Russian air defense systems, regional sources with knowledge of the investigation said. Russian authorities had suggested the plane diverted from its original course due to heavy fog and later collided with a flock of birds. (Reuters | Financial Times | Bloomberg)

#2- Israel has intensified its airstrikes in Yemen, hitting Sanaa International Airport, ports, and power stations that Israeli officials say are linked to Iran-backed Houthi militia. The head of the World Health Organization, Tedros Adhanom Ghebreyesus, was at the airport at the time it was attacked, and said he was about to board a plane when it came under attack and left a crew member injured. (Reuters | Bloomberg | Semafor)

#3- Turkey cut interest rates for the first time in nearly a year, as the country continues to battle with sky-high inflation and a technical recession. The central bank’s Monetary Policy Committee lowered the one-week repo rate by 250 bps — more than markets expected — with the central bank noting a downward trajectory in inflation. (Bloomberg | Reuters | AP)

***

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.

Intersec 2025, an event for safety, security, and fire protection, will take place between 14-16 January at the Dubai World Trade Center. The event partnered with Dubai International Financial Center digital platform Ignyte to launch an Intersec Startup Arena at the event, offering startups a platform to showcase their solutions for the sectors.

The International Dialogue of Civilizations & Tolerance Conference will take place on 19-21 February at Abu Dhabi Energy Center. Held under the theme “Empowering Youth for a Tolerant Future,” the conference will feature over 100 speakers from various countries and sectors, including representatives from academia, diplomacy, religion, government, and culture.

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

Tags:

REGULATION WATCH

Abu Dhabi to require carbon reporting for big emitters as of 2026

Abu Dhabi to implement a carbon pricing scheme: Businesses operating in Abu Dhabi that emit large amounts of carbon will be required to monitor, report, and have their emissions verified by third parties annually, with initial reports required as of 2026, according to the Abu Dhabi Media Office. This is after the Abu Dhabi Environment Agency (EAD) launched an international standard carbon measurement, reporting, and verification (MRV) program to standardize greenhouse gas emissions reporting within Abu Dhabi’s industrial and energy sectors in the emirate.

The reporting program is the first step ahead of the establishment of a domestic carbon pricing scheme that aims to facilitate decarbonization in emission-intensive sectors. The UAE cabinet issued legislation earlier this year — set to come into force tomorrow — that requires firms with emissions equivalent to or more than 500k tons a year to track and report their emissions in a bid to begin regulating carbon credits, with plans to set up a National Register For Carbon Credits as the main regulator. Other emirates have yet to come out with their own monitoring systems.

The details: The program will produce data that adheres to international climate requirements, including those set by the United Nations Framework Convention on Climate Change and the Paris Agreement’s Enhanced Transparency Framework.

We knew this was coming: The emirate issued a decree requiring businesses licensed by the EAD to report their environmental data, including energy consumption and emissions, annually, in April, without clarifying at the time when this would take effect. Businesses will have to report on their energy, water use, and emissions in Abu Dhabi during 1Q of each year. They will also need to include information on operations, equipment, and emission control, as well as report accidents.

PLUS- Businesses operating in Abu Dhabi were also required to obtain an environmental license from the EAD and adhere to new limits for noise and air pollution in a separate decree issued in May.

The story got ink in Bloomberg.

Tags:

LEGISLATION WATCH

Sharjah proposes new law to tax natural resource companies

Sharjah to tax natural resource companies? The Sharjah Consultative Council’s Financial, Economic and Industrial Affairs Committee reviewed a draft law proposing taxation on companies involved in natural resource activities in the emirate, state news agency Wam reports. The law targets companies involved in both extractive activities — such as oil, gas, and coal — and non-extractive natural resources.

What we know: Discussions — which included the emirate’s central finance department — focused on ensuring compliance with tax base requirements, as outlined in agreements with Sharjah’s Oil Department, and addressed provisions for tax deductions, payments, and audit mechanisms for affected companies — especially ones specialized in natural and non-renewable resources such as water, oil, gas, coal, naturally occurring minerals.

What’s next? The committee will continue its deliberations before submitting the draft law’s final report to the Advisory Council for approval.

Tags:

KUDOS

10 UAE venture capitalists make Forbes’ Middle East’s top VCs list + Mashreq Al Islami’s retail brand receives accolade

The UAE dominated Forbes’ Middle East’s top venture capitalists ranking this year, with 10 UAE-based firms securing top positions, trailing only Saudi Arabia, which had 11 firms featured on the list, and followed by Egypt at 4.

Among the highest-ranked Emirati leaders: Mahmoud Adi (LinkedIn), founding partner of Shorooq Partners, claimed the 22nd spot; Faisal Al Hammadi (LinkedIn), managing partner of Further Ventures secured the 12th position; and Dany Farha (LinkedIn) of Beco Capital ranked ninth.

Heads of VC firms with dual headquarters in Saudi Arabia and the UAE also made the cut, including Access Bridge Ventures ’ Issa Aghabi (LinkedIn) and Rakan AlRashed (LinkedIn) at #16, and Nuwa Capital ’s Khaled Talhouni at #20.


Our friends at Mashreq’s Islamic banking arm, Mashreq Al Islami, was named the Best Islamic Retail Banking Brand in the UAE for 2024 by the Islamic Retail Banking Awards (IRBA), according to a Linkedin post.

Tags:

MOVES

Prime Minister taps a new director for the Federal Youth Authority

Prime Minister Sheikh Mohammed bin Rashid Al Maktoum appointed Khalid Mohammed Rashid Al Nuaimi (LinkedIn) as the director of the Federal Youth Authority, with the rank of undersecretary, Wam reports. Al Nuaimi graduated from the UAE Government Leadership Program and held several positions at the Higher Colleges of Technology, including director of communication and senior manager of marketing and partnerships.

Tags:

ALSO ON OUR RADAR

EGA funds Spectro Alloys acquisition with green loan

DEBT-

EGA secures green loan for Spectro Alloys acquisition: Mubadala-backed Emirates Global Aluminium (EGA) financed its acquisition of US based aluminium recycling firm Spectro Alloys through a green loan facility arranged by Citi, ING, and Standard Chartered, according to an EGA statement. The size of the loan — and the value of the acquisition — were not disclosed.

ICYMI– Back in August, EGA signed an equity purchase agreement to acquire an 80% stake in Spectro Alloys, which was wrapped up in September. This followed its full acquisition of German recycler Leichtmetall Aluminum Giesserei in May. The Minnesota-based Spectro Alloys produces 110k tonnes of aluminium ingots annually and marks a key milestone in EGA’s US expansion, one of its largest markets.

SUSTAINABILITY-

South Korean AI and Big Data-driven ESG solutions provider i-ESG launched a joint venture in Abu Dhabi, marking its entry into the Middle East, according to a press release. The company plans to initiate proof of concept projects with public and private sector entities in the region, the statement said, without disclosing who its regional partners are.

What does i-ESG do? The company offers digital ESG solutions that streamline ESG data collection and monitoring, and is validated in markets like the UAE, the US, and Japan.

HEALTHCARE-

Thumbay Group to establish private psychiatric hospital in Sharjah: UAE-based Thumbay Group signed an MoU with Sharjah Healthcare City to set up one of the region’s largest private psychiatric and rehabilitation hospital, according to a press release. The project will be completed in two phases, with 60 beds in the first phase and another 60 established in the second phase.

Tags:

PLANET FINANCE

India is on track to become second biggest IPO market in 2024

India has surpassed China as top market for company listings in Asia this year, after the value of listings in China fell some 86% this year from USD 48 bn last year, when it was the biggest market in the region, the Financial Times reports. Buoyant stock valuations of Indian equities fueled a surge in initial public offerings, with India’s National Stock Exchange surpassing both Dubai’s Nasdaq and the Hong Kong Stock Exchange in primary listings by value, according to Dealogic and KPMG, putting it on track to become the world’s second-largest equity fundraising market, trailing only after the US.

Behind the shift: India’s IPO boom has been driven by smaller transactions and spin-offs from multinational companies like Hyundai, as issuers rush to lock in valuations while market conditions remain favorable, the salmon-coloured paper said. “It’s been one of the busiest times in the history of Indian capital markets,” Kotak Investment Banking managing director V Jayasankar said, noting that the trend has been bolstered by significant household investments into local equity markets.

This shift reflects broader changes in Asian financial markets: Economic headwinds and tighter regulations designed “to achieve balance between primary and secondary market” have led to a slump in China’s IPO activity, stalling many companies’ plans to go public, BNP Paribas strategist Scarlett Liu said. On the other hand, Hong Kong has emerged as a bright spot, with equity raising surpassing USD 10 bn, led by high-profile transactions like Midea’s USD 4 bn secondary listing and supported by its appeal as an offshore financial hub for Chinese firms.

Is India a bubble waiting to burst? “Obviously the number of transactions has gone up but the average ticket size per transaction is down about 75-80% in the last two years,” said one Mumbai-based banker. “Now, what that tells me is [companies are thinking] ‘run for the hills, let’s try to cash in as quickly as we can, whatever we can while market conditions remain supportive.’” The country’s reporting weaker corporate earnings and slower GDP growth — with growth falling sharply to 5.4% in 3Q 2024 — which has raised concerns among foreign portfolio managers of a potentially frothy market, prompting them to pull some USD 11 bn from Indian equities in October and USD 2.5 bn in November.

Local bankers disagree, with many citing a healthy pipeline of IPOs and ample liquidity as signs that the market is still healthy with a lot of activity expected in the first half of 2025.

MARKETS THIS MORNING-

Asian markets are mixed after some markets returned from Boxing Day holiday, with Japan’s Nikkei and Topix both up, while South Korea’s Kospi, as well as the Hang Seng and CSI 300 all down. Meanwhile, Wall Street futures are trading near the flatline after a thin trading day for US indices.

ADX

9,377

-0.4% (YTD: -2.1%)

DFM

5,112

+0.6% (YTD: +25.9%)

Nasdaq Dubai UAE20

4,193

+0.2% (YTD: +9.1%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

4.2% o/n

4.4% 1 yr

TASI

11,859

-0.3% (YTD: -0.9%)

EGX30

29,958

-0.2% (YTD: +21.3%)

S&P 500

6,038

0.0% (YTD: +26.6%)

FTSE 100

8,137

+0.4% (YTD: +5.2%)

Euro Stoxx 50

4,858

+0.1% (YTD: +7.4%)

Brent crude

USD 73.26

-0.4%

Natural gas (Nymex)

USD 3.75

+1.0%

Gold

USD 2,653.4

0.0%

BTC

USD 95,750.9

-3.0% (YTD: +126%)

THE CLOSING BELL-

The DFM rose 0.6% yesterday on turnover of AED 284.3 mn. The index is up 25.9% YTD.

In the green: Emirates Islamic Bank (+11.1%), Watania International Holding (+6.2%) and Shuaa Capital (+5.4%).

In the red: National Cement Company (-9.9%), International Financial Advisors (-9.6%) and Agility The Public Warehousing Company (-6.1%).

Over on the ADX, the index closed down 0.4% on turnover of AED 654.1 mn. Meanwhile Nasdaq Dubai closed up 0.2%

Tags:

DECEMBER

13 December – 4 January (Friday-Saturday): Liwa International Festival, Al Dhafra, Abu Dhabi.

6 December-12 January: Dubai Shopping Festival.

Signposted to happen sometime in December:

JANUARY 2025

1 January (Wednesday): ADGM to slash licensing fees for retail and non-financial firms, and hike fees for finance firms.

1 January (Wednesday): Health ins. to become mandatory for employees across the UAE.

2 January (Thursday): New price controls on basic goods to go in effect.

7-9 January (Tuesday-Thursday): The Arab Plast International Trade Fair for Plastics, Recycling, Petrochemicals, Packaging and Rubber Industry, Dubai International Convention and Exhibition Center, Dubai.

9-13 January (Thursday-Monday): International Renewable Energy Agency Youth Forum, Abu Dhabi.

11-13 January (Saturday-Monday): International Renewable Energy Agency Assembly, Abu Dhabi.

11-13 January (Saturday-Monday): The 1 Bn Followers Summit, Dubai.

14-16 January (Tuesday-Thursday): World Energy Summit, Abu Dhabi.

14-16 January (Tuesday- Thursday): The Light + Intelligent Building Middle East exhibition, Dubai.

14-16 January (Tuesday- Thursday): Intersec, Dubai World Trade Center, Dubai.

14-16 January (Tuesday- Thursday): Intersec 2025, Dubai World Trade Center, Dubai.

19-24 January (Sunday-Friday): Coling 2025, Abu Dhabi.

20-22 January (Monday-Wednesday): FESPA Middle East, Dubai World Trade Centre, Dubai.

21 January (Tuesday): The Global Government Cloud Forum, the Museum of the Future, Dubai.

22-25 January (Wednesday-Saturday): The Sharjah Real Estate Exhibition (Acres), Expo Centre, Sharjah.

27-30 January (Monday-Thursday): Arab Health Exhibition, Dubai World Trade Centre, Dubai.

28-29 January (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

FEBRUARY 2025

1-6 February (Saturday-Thursday): Dubai Fashion Week, Dubai Design District.

1-8 February (Saturday-Saturday): The Mubadala Abu Dhabi Open, Zayed Sports City’s International Tennis Centre.

2-3 February (Sunday-Monday): L’Etape Dubai cycling race, Dubai.

3-6 February (Monday-Thursday): Medlab Middle East, Dubai World Trade Center.

10-12 February (Monday-Wednesday): Japan Kyoto Trade Exhibition, Dubai Word Trade Center.

16 February-1 March (Sunday-Saturday): Dubai Dutyfree Tennis Championships, Dubai Dutyfree Tennis Stadium in Al Garhoud.

17-21 February (Monday-Friday): International Defence Exhibition (IDEX) in Abu Dhabi National Exhibition Center.

17-21 February (Monday-Friday): Naval Defence Exhibition (NAVDEX) in Abu Dhabi National Exhibition Center.

19-21 February (Wednesday-Friday): International Dialogue of Civilizations & Tolerance Conference, Abu Dhabi Energy Centre.

24-25 February (Monday-Tuesday): World Passenger Experience Forum, Dubai.

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai.

28-29 February (Friday-Saturday): Investopia 2024, the St. Regis, Abu Dhabi.

28 February-29 March (Friday-Saturday): Ramadan.

Signposted to happen sometime in 1Q 2025:

MARCH 2025

18-19 March (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

31 March-2 April (Monday-Wednesday): Eid Al Fitr, national holiday.

APRIL 2025

6-11 April (Sunday-Friday): Geo-Spatial Week, Dubai.

7-10 April (Monday-Thursday) : EFG Hermes One on One conference, Dubai.

7-9 April (Monday-Wednesday): AIM Investment Summit, Abu Dhabi National Exhibition Center

14-16 April (Monday-Wednesday): Dubai Woodshow’s 21st Edition, Dubai World Trade Center

14-16 April (Monday-Wednesday): IPS congress, Dubai World Trade Center.

16-18 April (Wednesday-Friday): World Future Energy Summit, Abu Dhabi National Exhibition, Abu Dhabi.

21-25 April (Monday-Friday): The Dubai AI Week, Museum of the Future and Area 2071, Emirates Towers, Dubai.

25 April-11 May (Friday-Sunday): Dubai Esports and Games Festival, Dubai World Trade Center.

28 April-1 May (Monday-Thursday): The Arabian Travel Market, Dubai World Trade Center

Signposted to happen sometime in April:

MAY 2025

6-7 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

6-7 May (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

15 May (Thursday): The Economy Middle East Summit, ADGM, Abu Dhabi.

19-22 May (Monday-Thursday): Make it in the Emirates, Adnec, Abu Dhabi.

26-28 May (Monday-Wednesday): Arab Media Summit, World Trade Center, Dubai.

30 May (Friday): Arafat Day.

31 May-2 June (Saturday-Monday): Eid Al Adha.

JUNE 2025

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

JULY 2025

29-30 July (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

SEPTEMBER 2025

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

16-17 September (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

OCTOBER 2025

3-16 October (Friday-Thursday): Dubai Home Festival.

27-29 October (Monday-Wednesday): Asia Pacific Cities Summit, Dubai Exhibition Center.

28-29 October (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

NOVEMBER 2025

18-19 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

DECEMBER 2025

1-3 December (Monday-Wednesday): Eid Al Etihad (UAE National Day).

1-5 December (Monday-Friday): The World Congress of Neurosurgery, Dubai World Trade Center.

9-10 December (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

Signposted to happen sometime in 2025:

Signposted to happen sometime in the fall of 2025:

Signposted to happen sometime in 2026: