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.

Leave a comment

Your email address will not be published.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