Good morning, friends. We have another meaty issue for you this morning, thanks in no small part to a slew of earnings.

THE BIG STORY here at home this morning is the Abu Dhabi Investment Authority getting in-principle regulatory clearance for its plans to set up a USD 4-5 bn fund in India’s Gift City through which the sovereign wealth fund will invest in the country.

^^ We have chapter and verse in the news well, below.

WATCH THIS SPACE-

#1- Lunate + Blue Owl Capital set up USD 3 bn fund: Private markets-focused firm Lunate and New York-based alternative investment asset management company Blue Owl are launching a USD 3 bn fund to acquire minority stakes in mid-size asset managers, Bloomberg reports, citing an emailed statement. Blue Owl is drumming up USD 2.5 bn in funding for the venture, while Lunate is contributing USD 500 mn, the newswire reports, citing a source with knowledge of the matter.

#2- Indian LNG buyers are in talks with UAE suppliers to secure crude supplies at reduced prices, after Indian oil and gas company Petronet LNG inked an agreement with Qatar to purchase 7.5 mn tons of LNG annually at a 12.2% link to Brent oil, reports Bloomberg, citing traders. Talks with Emirati suppliers are over a similar type of long-term, discounted agreement.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- You can now get birth and death certificates attested online: Those applying for a birth or death certificate online can now also request the Foreign Affairs Ministry’s attestation through the same website, after the ministry integrated its attestation service onto the Health and Prevention Ministry and Emirates Health Services digital platforms, reports Wam.

#2- Expect more traffic in Dubai between today and Saturday: Traffic will be temporarily suspended on several Dubai roads for 10-15 minute intervals for the UAE Tour Women cycling event, which kicked off its Dubai leg yesterday and will run until Saturday, the Road and Transport Authority said on X. Cyclists will ride from Dubai Miracle Garden all the way to Dubai Harbour between 1:30 pm and 4:30 pm today, the authority said in a separate post. You can find the cyclists’ exact route — along with timings — here.

Up next: Closures will hit Al Dhafra region on Friday, Al Ain on Saturday, and Saadiyat Island and Yas Marina on Sunday.

HAPPENING TODAY-

#1- Dubai’s PMI figures are out today at 8:15 am. You can find the PMI survey here when it’s out and read our coverage of it in tomorrow’s issue.

#2- The International Crop-Science Conference & Exhibition 2024 (ICSCE), one of the world’s largest agriculture input events, starts today at the JW Marriott, Marquis Dubai.

#3- The Arab Dental Exhibition Dubai concludes today at the Dubai World Trade Center.The gathering is one of the largest healthcare conferences in the region, according to Wam.

#4- The Foreign Affairs Ministry’s Ambassadors and Representatives of Missions Abroad Forum also wraps today.The event saw ministers, senior officials and government representatives gather at the Foreign Affairs Ministry, discussing regional issues, geostrategic developments, and plans to advance the government’s strategy, said the ministry in a statement.

#5- The Mubadala Abu Dhabi Tennis Open women’s tournament is underway at Zayed Sports City’s International Tennis Center. The first matches of the final 16 takes place today. Finals weekend runs 9-11 February.

#6- The Sharjah Investment Forum concludes today at the Al Jawaher Reception and Convention Center. The event gathered 50 speakers, including ministers, government officials, and economists.

#7- UAE Innovates 2024 kicks off in Ajman and Umm Al Quwain today and runs until next Wednesday, 14 February, after wrapping its Abu Dhabi leg yesterday, reports state news agency Wam. The event will move to Sharjah, Ras Al Khaimah, and Fujairah from Thursday-Wednesday, 15-21 February. The event’s last stop will be Dubai, running from Thursday, 22 February, to Thursday, 29 February.

MARKET WATCH-

#1- OPEC+ is likely to maintain its oil supply cutbacks into 2Q 2024 when it next meets as the group looks to preserve prices and curb the risk of oversupply in the market, Bloomberg says.

#2- Fujairah oil stocks climb as Kuwait imports arrive: Oil stockpiles at the Port of Fujairah increased 5.9% last week, after receiving the first fuel oil imports from Kuwait in 2024, according to S&P Global data. The total oil inventory has risen 8.2% since the beginning of the year, with stockpiles registering at 18.8 mn barrels on 5 February, up from a five-week low.

DATA POINTS-

Some 17 mn tourists visited Dubai in 2023, up 19.4% y-o-y, Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashed Al Maktoum said on X. The emirate’s hotel occupancy rates climbed to 77.4% last year, one of the highest in the world, and up from 72.8% in 2022, according to Al Maktoum.

THE BIG STORY ABROAD-

As has been the case most of this week, there’s no single big story abroad that has captured the imaginations of the business or mainstream press. Among the stories you need to know about this morning — or might simply find interesting:

Republican Nikki Haley lost to “none of these candidates” in what the New York Times calls an “irrelevant” Nevada primary, but she’s still staying in the race in a bid to “broaden voters’ imagination of what’s possible, both for her prospects in the 2024 Republican presidential primary, and for the nation.”

The S&P hit a record highas strong earnings continued and tech stocks rallied. Among those reporting earnings: Uber posted an operating profit for the first time on a full-year basis (you can check out its earnings here).

AND- Cairo is playing host today to a fresh round of ceasefire talks, but Israeli PM Benjamin Netanyahu tried to pour cold water on the conversation, dismissing Hamas’ goal of a long ceasefire as “delusional.” US Secretary of State Antony Blinken is still pushing Israel to play ball.

MORNING DISTRACTIONS-

  • Finance meme lord Litquidity is a 32-year-old former banker named Hank Medina who did time at Jeffries and Deutsche Bank. Media sat down for his first-ever interview courtesy the Financial Times. Don’t know him? Check out his IG.
  • Aussie businesses that call or email employees after hours could face penalties under proposed legislation that would give staff the right to “refuse to monitor, read or respond to contact, or attempted contact, from an employer outside of the employee’s working hours unless the refusal is unreasonable.” (Bloomberg)

CIRCLE YOUR CALENDAR-

The Federal Tax Authority is running its corporate tax awareness campaign through the end of the year, Wam reports. The campaign will cover topics such as legislation, corporate tax compliance, and procedures, tailored for individual taxpayers, and will also provide workshops for SME stakeholders.

The Sustainable Aviation Futures MENA will kick off next Monday, 12 February through to Wednesday, 14 February at Kempinski Central Avenue. The event will see 80 speakers and upwards of 200 attendees discuss regulation, financing, and investments in sustainable aviation fuels in MENA.

Breakbulk Middle East 2024 will take place from Monday, 12 February, to Tuesday,13 January, in Dubai. The event is being hosted by the Ministry of Energy and Infrastructure to address industry challenges and identify prospects for growth in the UAE, KSA, and East Africa.

Dubai will host the World Government Summit from Monday, 12 February, to Wednesday, 14 February. The summit, focusing on the daily implications of AI, will include 15 AI-centered conferences, and an annual gathering for the Time 100 AI list. OpenAI CEO Sam Altman will be among the speakers headlining the event, Gulf News reports.

Dubai will also host the Future Warehouse & Logistics 2024 Conference from Monday, 12 February to Wednesday, 14 February. On the agenda: How to boost resilience and overcome challenges, with discussions on disruptions, sustainability, internet of things, automation, workplace management and other topics.

The Investopia Summit will take place from Wednesday, 28 February, to Thursday, 29 February, in Abu Dhabi. The two-day event will run under the theme “Emerging Economic Frontiers: Investing in Fast-Growing Sectors in the New Economy,” gathering investors, government officials, and entrepreneurs to explore investments in strategic markets.

Abu Dhabi is set to host the World Congress of the World Federation of the Deaf in 2027, marking the first time the event will take place in the Middle East and North Africa (MENA), Wam reports. Some 125 countries and over 2k hard of hearing participants from across the world are expected to participate in the event. The event promotes the inclusion of deaf individuals in societies and aims to increase awareness about their rights.

The inaugural edition of DRIFTx will take place in Abu Dhabi in April. The event is supported by the Abu Dhabi Investment Office and Bayanat, according to the Abu Dhabi Media Office. The showcase will offer an international platform for smart and sustainable urban mobility, featuring Banayat’s autonomous taxis by TXAI.

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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