Good morning, everyone. We interrupt your planning for a carefree new year’s eve with our daily dosage of business news. In today’s issue: the latest GDP figures, details of Ajman’s new budget, and Shuaa Capital’s final step of its restructuring plan. Let’s dive in

☁️ WEATHER- Mostly cloudy today: Expect cloudy skies across the country, Dubai will see the mercury hit 28°C today, with an overnight low of 18°C. Meanwhile, temperatures will hit 28°C in Abu Dhabi, with an overnight low of 17°C, the National Center of Meteorology said.

WATCH THIS SPACE-

#1- The Dubai Land Department plans to roll out a smart rental index in January 2025 to replace the current index, in a bid to boost transparency among landlords, tenants, and investors, according to a statement.

What’s different? The new index will utilize AI and big data analytics to deliver real-time insights into rental trends and valuations, Chairman of Luxury Property Jason Hayes told the National. “This will enable landlords, tenants and investors to make informed decisions based on the most up-to-date transactional activity as opposed to just portal listing data,” Hayes explained.

Remember- The Abu Dhabi Real Estate Center rolled out its official rental index in August providing indicative quarterly rental pricing and data on residential, commercial, and industrial properties in the emirate.

#2- Flydubai has suspended flights from Dubai to the southern Russian airports of Sochi and Mineralnie Vody due to technical reasons, with services to Sochi paused until January 2, and to Mineralnie Vody until January 3, Reuters reported. This comes shortly after an Azerbaijan Airlines flight from Baku to Grozny crashed in Kazakhstan’s Aktau, with regional sources stating that it was likely shot down by Russian air defense systems.

#3- Health and auto ins. premiums are expected to rise in Dubai starting next year, industry players told Khaleej Times. The hikes are fueled by the rising expenses of healthcare and vehicle repair in the UAE.

#4- Ray Dalio expects the UAE’s economy to record 5.5% growth on average over the next decade, the second highest growth rate among the top 35 economies, the US b’naire investor and founder of Bridgewater Associates said in The Great Powers Index report (pdf).

DATA POINTS-

#1-The UAE has become the largest investor in new business projects in Africa, committing USD 110 bn from 2019 to 2023, The Guardian reports, citing data from FT Locations. Of this, USD 72 bn is allocated to renewable energy, outpacing investments from the UK, France, and China.

In context: African leaders support the influx of Emirati capital amid unmet climate finance commitments from Western nations. At COP29, wealthy countries pledged USD 300 bn annually, falling short of the USD 1.3 tn requested by developing nations. Key UAE companies like DP World and Abu Dhabi Ports are involved, with investments earmarked for the logistics and mining sectors.

REMEMBER: The UAE was Africa’s fourth largest investor in August, with investments in the continent growing nearly fivefold over the past two decades.

#2- Public debt in GCC countries hit USD 628 bn in 2023, Wam reports, citing data from the GCC Statistical Center (GCC-Stat). Public spending reached a record USD 639 bn during the year, with 85% allocated to current spending and 15% to investment spending.

The GCC achieved a surplus of USD 2 bn in 2023, significantly down from a surplus of USD 134 bn in 2022. Meanwhile, public revenues reached USD 641 bn in 2023, with oil revenues accounting for 62% of total revenues, down y-o-y from USD 723 bn in 2022.

#3- The national in-country value (ICV) program has redirected over AED 73 bn to the national economy as of 3Q 2024, Under-Secretary of the Industry and Advanced Technology Ministry Omar Al Suwaidi told Wam.

ICYMI- The program drew investments of AED 205 from ICV-certified companies by mid-2024.

ALSO- The UAE’s industrial sector received AED 9.5 bn in funding this year from the Emirates Development Bank, among other financial institutions, Al Suwaidi said. This includes AED 1.1 bn for advanced technology and AED 1.8 bn in credit solutions from Etihad Credit Ins.

FROM THE RUMOR MILL- Brics plans to set up a logistics hub in the UAE to enhance global trade, according to unconfirmed reports.

PSAs-

#1- Dubai’s public sector will observe an official holiday on 1 January in celebration of the New Year, according to the Dubai Government Human Resources Department, Wam reports. Work at government departments will resume on 2 January.

#2- UAE residents will need to apply for an e-Visa to go to Thailand starting from 1 January 2025, Khaleej Times reports. Applicants must complete the application, upload the documents, and pay the fees to Thailand’s Foreign Affairs Ministry. In-person submissions of passports and original documents will no longer be required. The last day for in-person submissions in Abu Dhabi is 24 December, with collections available on 26 December.

THE BIG STORY ABROAD-

Two stories are dominating the headlines this morning:

#1- The deadliest plane crash since 2018: A Jeju Air flight from Bangkok crash-landed at South Korea’s Muan International Airport on Sunday, killing 179 of the 181 passengers who were onboard. The plane skidded off the runway, erupted in flames and collided with a wall before bursting into flames. Investigations are underway, with bird strikes and weather conditions cited as possible causes for the accident. (Reuters | BBC | The Guardian | CNN | AP | WSJ | New York Times)

#2- Jimmy Carter, the 39th US president and Nobel laureate, died at 100. Carter passed away at his home in Georgia on Sunday. Carter played a major role brokering the 1978 Camp David Accords, “His (Carter’s) significant role in achieving the peace agreement between Egypt and Israel will remain etched in the annals of history,” Egyptian President Abdel Fattah El Sisi said in a post on X where he extended his condolences to Carter’s family. Following the peace agreement, Carter earned acclaim for his humanitarian efforts, winning a Nobel Peace Prize in 2002. (Reuters | CNN | BBC | Financial Times | Washington Post | New York Times)

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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.

The Dubai International Project Management Forum will take place from 13-16 January at Madinat Jumeirah in Dubai. Over 50 local and international speakers from various sectors will discuss topics such as sustainable project management, cities of the future, AI and big data, the metaverse, and blockchain.

The EcoWaste Exhibition and Forumwill take place between 14-16 January at the Abu Dhabi National Exhibition Center. The forum, hosted by Masdar, is part of the World Future Energy Summit. It will feature panel discussions, presentations, and showcase new technologies in the waste management sector.

The International Rain Enhancement Forum (IREF) will take place between 28-30 January at Conrad Abu Dhabi in Etihad Towers. The forum will feature over 50 speakers, including experts, policymakers, and researchers who will discuss weather enhancement and water security.

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

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