THIS MORNING: World Government Summit kicks off in Dubai today

Good morning, friends, and happy Monday. We’re kicking off a fresh week with a reasonably busy issue — and plenty more earnings.

HAPPENING TODAY-

It’s WFH day for the public sector: The government has called a work from home day for all public sector employees across the country, and ordered public schools to conduct classes remotely, amid expectations of heavy rain, thunderstorms, and high winds today, according to a statement.

Private sector asked to follow suit: The Human Resources Ministry also called on private sector companies across the country to adopt flexible work arrangements today, while Dubai’s Knowledge and Human Development Authority urged all educational institutions to operate remotely for the day.

All public parks across Sharjah have also been temporarily closed, according to a Sharjah Municipality statement.

LOOKING AHEAD: Expect a sunny day tomorrow with modest humidity, mostly clear skies, and a high of 26°C in Dubai and 25°C in Abu Dhabi.

Against that backdrop, we have:

#1- Over 300 prime ministers and international organization chiefs are in Dubai for the three-day World Government Summit. The summit will focus on the daily implications of AI and government priorities for the future, and will include AI-centered conferences, ministerial meetings, and executive sessions. The summit will seeArab finance ministers, energy ministers, and development ministers hold meetings to address six key themes ranging from AI to health and education, according to Wam.

On the agenda for Day One: Forums on the future of work and of mobility are underway today, with discussions about AI, the future of governments, and sustainable mobility. You can find the full agenda here.

#2- Breakbulk Middle East 2024 opens its doors today,and will run until tomorrow at the Dubai World Trade Center. The event is being hosted by the Energy and Infrastructure Ministry to address challenges for the project cargo and break bulk industry and identify prospects for growth in the UAE, KSA, and East Africa, according to a press release.

#3- The Sustainable Aviation Futures MENA Congressalso kicks off today at Kempinski Central Avenue, and will run until Wednesday, 14 February. The event offers a platform for businesses and organizations to showcase their solutions for the decarbonization of the aviation industry, as well as ways to scale sustainable fuel production.

#4- UAE Innovates 2024 is underway in Ajman and Umm Al Quwain today and runs until Wednesday, reports state news agency Wam. The event will move to Sharjah, Ras Al Khaimah, and Fujairah from Thursday, 15 February to Wednesday, 21 February. The event’s last stop will be Dubai, running from 22-29 February.

PUBLIC SERVICE ANNOUNCEMENTS-

#1-Abu Dhabi International Airport is now officially Zayed International Airport, Abu Dhabi Airports said on X. The airport first announced it would switch names in honor of former president Zayed bin Sultan Al Nahyan back in October.

#2-New weekend-exclusive bus route in Dubai: Dubai’s Road and Transport Authority (RTA) has inaugurated a weekend-only bus route, dubbed W20, to connect passengers from Stadium Metro Station to Al Mamzar Beach from Friday to Sunday, according to an RTA statement.

Still to come: Dubai’s RTA plans to expand some bus routes, and introduce reroutes for faster commute times across 13 bus routes.

Dubai’s next transport plan will depend on you: With the Dubai Statistics Center, RTA will roll out travel behavior surveys at the end of February, which it will use when updating its Dubai Strategic Transportation Plan to 2040, RTA said on LinkedIn. The surveys will collect data on consumers’ trip purposes, mode choices, and travel times.

#3-Volunteer groups in Sharjah can apply for official permitsunder the emirate’s Social Services Department, Sharjah 24 reports. Groups must have five founding members, individual volunteer permits for team members, and a professional practice license, to be approved for a permit.

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IN MEMORIAM- Four Emirati soldiers killed in Somalia: The bodies of four Emirati soldiers killed in an attack in Mogadishu in Somalia arrived in the UAE yesterday, state news agency Wam reported. A Bahraini soldier was also killed in the attack, which targeted a military base where Emirati and Bahraini troops were on a training mission. The news agency had initially reported that three soldiers were killed, with two others wounded.

Al Qaeda-linked Somali militant group Al Shabab claimed responsibility for the attack, the Associated Press reports. A funeral prayer attended by senior leaders and officers of the Defence Ministry of Defence, was held later yesterday.

The story earned coverage in the foreign press:Reuters | The Washington Post | Bloomberg | CNN

WATCH THIS SPACE-

#1- The UAE’s new corporate tax regime is “non-harmful,” the Organization for Economic Co-operation and Development said in a statement last week. The 9% business tax was introduced by the Finance Ministry in June 2023.

#2- Did G42 offload stakes in Chinese companies?IHC-backed tech and AI group G42 has sold its stakes in “all its investments in China,” in a bid to reassure US partners, the Financial Times reports, citing a statement from G42’s investment arm, 42XFund.

The divestments reportedly included a USD 100 mn stake in TikTok parent company ByteDance, two sources with knowledge of the matter are cited as telling the salmon-colored paper.

Background: G42’s divestments come after the group “categorically denied” having ties to the Chinese government in January, in response to a New York Times report and a letter from a US congressional committee accusing the tech group of working with the Chinese military. The company’s CEO Peng Xiao had vowed to phase out its stakes in Chinese hardware suppliers in statements to the FT last December.

#3- Dubai’s Port Police and Air Wing Center rescued eight fishermen after a cargo ship collided with their boat, which was heading to Dubai’s fish market at night, Dubai Police said in a statement. Three of the ship’s crew sustained injuries and were transported to Rashid Hospital.

The Cyber Security Council foiled multiple attempted cyberattacks that targeted “vital and strategic sectors” over the weekend,state news agency Wam reported, without providing further details.

THE BIG STORY ABROAD

It’s all war and technology in the global business press this morning.

War:

• Nobody believes Benjamin Netanyahu, who said Israel is “working out a detailed plan” to evacuate civilians from Rafah after Joe Biden warned him that Israeli forces shouldn’t move into the area without a “credible and executable” plan to safeguard non-combattants.
• Donald Trump is freaking out the Europeans with his suggestion that he’d be happy (if elected) to see Russia do “whatever the hell they want” to Nato allies that don’t meet minimum defense spending targets.

Tech:

• Tech giants have laid off at least 34k people since the start of the year as they get their heads around what AI means to their businesses and prepare for what’s next. And it’s not just Big Tech that’s trimming staff.
• OpenAI boss Sam Altman is still trying to raise as much as USD 7 tn (yes, tn, not bn) for a new AI chip and power production project, including from Arab investors.
• Apple’s Vision Pro is still having a moment, with tech pundits variously talking about how it is really for work, an eventual (not now) iPad replacement, and changing social norms about walking around wearing a face computer.

HAPPENING THIS WEEK

#1- Dubai will also host the three-day Future Warehouse & Logistics 2024 Conference starting tomorrow. On the agenda: How to boost resilience and overcome challenges, with discussions on disruptions, sustainability, internet of things, automation, workplace management and other topics.

#2- The FIFA Beach Soccer World Cup 2024will kick off this Thursday at Dubai International Stadium, before wrapping on Sunday, 25 February. The tournament will see 16 beach soccer teams, including the United Arab Emirates, battling it out for this year’s cup.

DATA POINT-

Emirati startups pooled the most investments in January, raising some USD 47 mn, Wamda reports. UAE-based traveltech startup Tumodo’s pre-seed round accounted for USD 35 mn, making it the largest funding round of the month.

MENA startups raised USD 86.5 mn across 33 funding rounds during the month, marking a 34% y-o-y decreasein comparison to January 2022. Fifteen startups from Saudi Arabia collectively raised USD 11 mn, while Egyptian startups secured USD 23 mn across seven funding rounds.

CIRCLE YOUR CALENDAR-

The Shams Creative Fest will take place from this Friday to next Sunday, 16-18 February at the Shams Business Center in Sharjah, Sharjah24 reports. The festival aims to support small and medium-sized projects and entrepreneurs and help them access local and regional markets. It will include arts and musical events, cultural and entertainment workshops, and competitions.

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.

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