Good morning, wonderful people. There’s a faint whiff of doom and gloom in the air as the business elite, grand wizards of high finance, and political class gather in Davos for the “real” first day of the World Economic Forum. And as longtime readers know, there’s little that media folks like more than a bit of angst.

The news cycle and the annual hand-wringing associated with the WEF provide equal measures of each:

DOOM + GLOOM #1- 70% of CEOs around the world see generative AI changing their strategies this year in one way or another — and 45% of them think their businesses will die within a decade unless they make significant changes, according to PricewaterhouseCoopers’ annual global CEO survey (website | PDF). Three of every four respondents think AI will meaningfully change their business in the coming 36 months — and most think that AI will see businesses shedding around 5% of their workforces this year.

(The PwC survey is front-page news in both the Financial Times and Reuters as we head into dispatch time this morning.)

DOOM + GLOOM #2- Your employees don’t think you’re doing a good job at managing change. That’s the take-home lesson from Edelman’s annual trust barometer (website | pdf), which found that “authority” is on the decline alongside public trust in business and government. Americans were the most likely to distrust business and government to manage innovation (56%), and resistance to change is particularly high in right-wing folks in the US, Germany, Australia, and Canada.

DOOM + GLOOM #3- The Bloomberg Economics and Bloomberg News team would like to keep you awake at night with worries as they present their annual Pessimist’s Guide to Global Economic Risks. Conflict in the wider Middle East is at the top of the list, and the US elections (and interest rate policy, oil, et cetera) are not far behind.

DOOM + GLOOM #4- QatarEnergy has stopped sending LNG tankers through the Red Sea as Houthi attacks continue. The company is the world’s second-largest exporter.

DAVOS WATCH-

On the ground in Switzerland, day two is shaping up to be very Mideast-heavy. World leaders, global banking and finance chiefs, top economists, Gulf bn’aires, and Wall Street giants have all descended upon Switzerland for the first full day of meetings for the World Economic Forum (WEF) 2024. Upcoming speeches by Ukrainian President Volodymyr Zelensky and EU Commission President Ursula von der Leyen are grabbing the attention of the global press, but there’s plenty to keep an eye on from regional heavyweights, including AI Minister Omar Al Olama, who will speak at a session on generative AI at 11:15am UAE time.

The UAE is in Davos in force: Over 100 Emirati personalities, 80% of whom are from major national companies and the private sector, are expected in Switzerland this week.

Not in Davos? Turkey. Turkish officials will be skipping the gathering on orders from President Recep Erdogan to protest Forum organizers’ position on Israel’s war on Gaza, Bloomberg reports.

** You can watch select live sessions here and check out the full program here.

HAPPENING TODAY-

The Sharjah Real Estate Exhibition kicks off today at the Expo Centre Sharjah and will run until this Saturday, 20 January, Wam reports. The exhibition will bring together over 93 local and international real estate developers and companies to exhibit their projects, offer preferential pricing and payment plans, and strike agreements.

The MENA region’s largest expo for lighting and building tech, Light + Intelligent Building Middle East, also kicks off today atthe Dubai World Trade Center, and will run until Thursday, according to a press release. The event features 400+ global exhibitors and 1k+ brands.

iFX EXPO Dubai 2024 starts today: The three-day fintech and online trading expo iFX EXPO Dubai 2024 starts this morning at the Dubai World Trade Centre. Check out the full agenda here.

The Dubai International Project Management Forum (DIPMF) is on its second day at the Madinat Arena in Madinat Jumeirah. DIPMF 2024 will focus on sustainability, modern methods of project management, and future trends and technology. The event runs until Thursday, 18 January.

PUBLIC SERVICE ANNOUNCEMENT-

Workers who have lost their jobs can now claim compensation through the job loss scheme online. The only criteria required is to be subscribed to the scheme for at least one year, and to file your claim within 30 days of job termination.

HAPPENING THIS WEEK-

#1- Australian Foreign Minister Penny Wong will be in town as part of a wider regional tour that will also see her visiting Jordan, Israel, and Palestine to discuss the ongoing war in Gaza, according to a statement from the Australian Foreign Ministry.

Wong’s visit also marks the start of negotiations for a trade agreement between the UAE and Australia, the statement said. The two countries agreed last December to launch the negotiations, aimed at boosting bilateral trade ties and bolstering Australian imports to the UAE.

#2- Abu Dhabi-based defense conglomerate Edge Group is hosting a delegation of state officials from the Sao Paulo government for a three-day visit, during which they will be discussing potential investments and partnerships, according to a press release.

DATA POINTS-

#1- The UAE secured over USD 78 bn in construction contracts in 2023, accounting for nearly half of construction contracts in the GCC during the year, according to MEED ’s regional projects tracker. The UAE came in second in the GCC behind Saudi Arabia, which secured some USD 92 bn in contracts. Total contracts awarded in the GCC rose 88% y-o-y to USD 205 bn.

#2- Dewa recorded 12.5 mn transactions in 2023: Dubai Electricity and Water Authority’s (Dewa) reported a 25% increase in transactions to 12.5 mn in 2023, up from 10 mn recorded in 2022, Wam reports. Some 2.1 mn transactions were carried out on Dewa’s website and over 3.2 mn were through its smart app, while the remaining 6.8 mn transactions were through other digital platforms.

#3-Dewa also commissioned 1,414 11 KV electrical substations last year, Wam reported separately. This brings the total number of operational 11 KV and 6.6 KV substations to over 44k by the end of 2023.

#4-Record breaking year for budget airline Wizz Air:Wizz Air Abu Dhabi doubled its number of flights in 2023 to a record 15k flights, carrying a total of 3 mn passengers in 2023, according to a statement. This included transiting over 1.5 mn point-to-point passengers to Abu Dhabi. The airline expanded its fleet with four A321 aircrafts, increasing its seat capacity by 135% to 3.7 mn seats.

#5- A total of 134 UAE citizens have been hired for specialized, technical, and administrative work for the Federal Tax Authority in 2023, state news agency Wam reports. The figure exceeds the FTA’s initial target of recruiting 123 Emiratis, announced at the beginning of 2023 to improve Emiratisation rates across all of its sectors.

WATCH THIS SPACE-

#1- ADJD sets up automatic system for completed payments on judicial rulings:Enforcement decisions on judicial rulings will automatically be canceled once the relevant financial payments have been completed through official channels thanks to a new system the Abu Dhabi Judicial Department has set up, according to state news agency Wam. The system will monitor payment statuses on enforcement decisions, and is set to be the first implemented by a judicial authority in the region.

#2-Abu Dhabi could award the contract for an underpass and two bridges in Khaleej Al Arabi Street by early April, Zawya reports, citing a source it said has knowledge of the project. Abu Dhabi’s Transport department launched the tender for the contract on 11 January, and bids are due by 12 February, according to the source. Construction on the USD 50 mn project is set to be completed by 1Q 2026, according to the unnamed source.

THE BIG STORY ABROAD-

THE BIG STORY ABROAD is the start of the Iowa caucuses, where Republicans in the state have decided they’d like to see Donald Trump again seek the presidency under their banner.Caucus-goers are braving bone-chilling cold to meet.

Former US President Donald Trump has taken the caucuses, as expected. Both the Associated Press and CNN are projecting Trump will carry the state, meaning the fight is now down to whether former diplomat Nikki Haley or Florida Governor Ron Desantis will place second.

When will we know more? It depends, but near-final results should be in just after you open this email.

Where are the Democrats? They won’t be caucusing tonight after the party stripped Iowa of the right to run a caucus after counting issues in 2020. New Hampshire is running an unsanctioned primary next week and the first “formal” Democratic primary is South Carolina on 2 February.

Where can I get results? Check out live blogs from the New York Times and Wall Street Journal or the live results counter from Politico.

MUST READ: Who’s moving on from Iowa and who’s dead in the water? A viewer’s guide to reading the returns in Politico.

OH, AND… The Emmys are running as we speak, four months late thanks to the Hollywood writers’ and actors’ strikes. Liveblog here.

ON THE BUSINESS FRONT- No single story dominates as everyone looks to either Davos or Iowa. But near the top of the list: Instability in our corner of the world, as the world’s second-biggest LNG exporter skips the Suez Canal, the Houthis struck a US-flagged merchant vessel, and Iran’s Revolutionary Guards attacked what they said are Israeli “espionage centers” in Iraq.

CIRCLE YOUR CALENDAR-

The Abu Dhabi Extreme Championship 2 (ADXC 2) is taking place this Friday at the Mubadala Arena. You can get your tickets for the martial arts tournament here.

World of Coffee Dubai kicks off next Sunday, 21 January at the Dubai World Trade Center, bringing together stakeholders in the UAE’s coffee industry, including producers, retailers and traders. The event — which includes lectures and workshops, as well as a barista championship — runs until Tuesday, 23 January.

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

WE WANT TO HEAR FROM YOU

Do you want to send us a press release, pitch us a story, or send in comments, criticism, or suggestions? Email us on uae@enterprise.news and we’ll be in touch directly. Feel free to pass this email on to your comms professionals or agency and ask them to reach out to us or put us on their distribution list.

AND- We’re open to interview pitches, so do get in touch.

ALSO- We’re happy to let you know that the EnterpriseAM UAE website is now up and running with 27 back issues online. We’re building out functionality over the coming day or two and it should be fully up and running before the end of the week.

Having trouble getting the website to open or clicking through to a page? Hit CMD-shift-R in your browser on a Mac or Ctrl-F5 on a PC. Do that a couple of times and you should be good to go.

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CORRECTION- A technical glitch in yesterday’s EnterpriseAM UAE saw us publish the wrong image atop a story about FAB selling an AED 700 mn sukuk. The gremlin has been quashed and the right image substituted. We regret the error.

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