THIS MORNING: World Government Summit day two + Another WFH day for Dubai

Good morning, friends. We hope you’re all staying safe and warm in this uncharacteristically chilly weather. We’re hearing of a lot of cases of what sounds like the flu (but might be something more serious, like the new variant of covid-19), so watch out and wear your masks, folks.

THE BIG STORY here at home is the World Government Summit and everything related to it, including the launch of a USD 200 mn fund for global tech advancement, key forecasts from the IMF and other global leaders, and several minister-level meetings to advance cooperation. We have the rundown on everything that happened in this morning’s news well, Planet Finance, and Diplomacy sections.

Expect the summit to continue driving the conversation today and tomorrow, as over 300 prime ministers and international organization chiefs are in Dubai for the three-day event.

The summit, which is on its second day today, 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 Two: Forums covering topics such as Arab public administration, government services, geotechnology and policy, industry and advanced technology, SDGs in action, and AI. You can find the full agenda here.

India’s Prime Minister Narendra Modi is expected to ink new investment agreements and MoUs with the UAE during his visit to the UAE this week, which will see him inaugurate the country’s first Hindu temple in Abu Dhabi, Bloomberg reports. Modi will also address a gathering of over 40k people from India at a stadium in Abu Dhabi today.

The story earned coverage in the foreign press: AP | CNBC | Fox News

Background: The countries have been boosting political ties over the past few years,with the government planning to invest up to USD 50 bn in the country, which is its second largest trading partner.

Heavy vehicles and workers’ buses are banned from driving on Sheikh Zayed Bridge, Sheikh Khalifa Bridge, Amsefah Bridge, and Al Muktaar Bridge in Abu Dhabi today in light of Modi’s visit, Abu Dhabi Police said on Facebook. Public hygiene and logistics support vehicles are exempt from the ban.

PUBLIC SERVICE ANNOUNCEMENTS-

#1- It’s another WFH day for Dubai workers: The Dubai government has called for another remote working day as rainy, unstable weather continues this morning, according to the Dubai Media Office.

…and another remote learning day for students across the country: Public schools will all adopt distance learning today, the Emirates School Establishment said.

Expect things to clear up by noon: The National Center of Meteorology urged folks to steer clear of beaches and valleys and to drive cautiously amid heavy rain set to last until noon today. Abu Dhabi Police returned speed limits back to their normal rates yesterday following alerts from officials earlier in the day, while Sharjah Police closed down the ring road in Kalba City and several roads in Khor Fakkan and Kalba due to flooding.

#2- In other road closure news: Sharjah’s Road and Transport Authority blocked off the Corniche Road to Maryam Island yesterday for construction work, set to last until 13 August.

#3- It’s Zakat season:Sharjah City for Humanitarian Services launched its annual Zakat campaign, with a target to raise AED 12 mn in Zakat to cover tuition fees for 537 students with disabilities, according to a statement. Donations can be made via a bank transfer or by calling 0562160222 to arrange for collection.

#4- Remittance fees out of the UAE are rising: Exchange houses in the UAE now have regulatory approval to hike remittance fees out of the country by 15%, the Foreign Exchange and Remittance Group said, according to Khaleej Times. The hike will apply to transactions from physical branches, while those through mobile apps will either remain unchanged or could be reduced to maintain digital competitiveness.

HAPPENING TODAY-

#1- Breakbulk Middle East 2024 wraps up today at the Dubai World Trade Center. The event ishosted 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.

#2- The Sustainable Aviation Futures MENA Congress concludes today at Kempinski Central Avenue. 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.

#3- UAE Innovates 2024 is underway in Ajman and Umm Al Quwain until tomorrow, 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.

#4- The three-day Future Warehouse & Logistics 2024 Conference opens its doors today. On the agenda: How to boost resilience and overcome challenges, with discussions on disruptions, sustainability, internet of things, automation, workplace management, and other topics.

#5- The Ajman Department of Tourism Development is kicking off day two of its UK roadshow,showcasing the emirate’s cultural offerings to reel in British tourists and investors in the tourism sector, according to a press release. The campaign will stop in Glasgow, Birmingham, and London before wrapping on Thursday, 15 February.

HAPPENING THIS WEEK

#1- 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.

WATCH THIS SPACE-

#1- G42 plans to expand its presence and investments in western markets, “from Israel to Germany, to the UK and US,” G42 CEO Peng Xiao told Bloomberg, saying that the company has been pursuing a “commercial strategy since 2022 to fully align with our US partners and not to engage with Chinese companies.”

ICYMI- Xiao’s comments come on the heels of news that G42 reportedly offloaded all its stakes in Chinese companies, including a USD 100 mn stake in TikTok parent company ByteDance. The divestment means G42 no longer has a physical presence in China, Xiao told Bloomberg. The move comes after the company denied 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.

#2-Bahrain’s Investcorp plans to take one of its portfolio companies public in the Gulf this year, co-CEO Hazem Ben-Gacem said, according to Reuters. “We will definitely take advantage of the very strong public market demand, and we have a roster of businesses that are ripe for a public listing, and we hope that we can do that in 2024,” said Ben-Gacem. Investcorp took its Abu Dhabi-based unit Investcorp public on the ADX last year.

#3- OPEC could be welcoming more members: OPEC is in ongoing discussions with several countries that have expressed interest in joining the OPEC+ group, after Brazil recently joined, OPEC Secretary-General Haitham Al Ghais said, according to Wam. Al Ghais did not name the countries, saying they would be announced once the discussions are finalized.

MORNING MUST READ-

What new trends will define the next few decades? The Dubai Future Foundation is out with a report (pdf) on the 10 “megatrends” it expects to drive growth over the next decade or more. The report provides a deep-dive into what those trends are, how they’re set to impact business and major industries, and how far along they are at the moment. The trends — all of which are worth a deeper read, should you have a few minutes on your hands:

• Material science, including upcycling and advancements in nanotechnology;
• Multimodal generative artificial intelligence;
• Biotechnology, gene editing and cybersecurity;
• Decentralized finance and the evolution of 6G networks;
• Geothermal energy;
• Sustainable trade and development;
• More fluid cross-border transactions;
• Automation and robotics;
• Transforming the workplace; and
• Smart cities.

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.

MIT-backed family business course coming to DIFC in June:Dubai International Financial Centre (DIFC) ’s Family Wealth Centre and Massachusetts-based university MIT Sloan Executive Education will hold a three-day family business-focused higher education training program in Dubai between 24 and 26 June, according to a DIFC statement. Participants will obtain an MIT Sloan School of Management Certificate of Completion after completing the program. You can register for the course here.

Dubai International Marine Sports Club (DIMC) will host the Dubai race for 60 ft sail ships on Saturday, 17 February, as the second round of the Dubai Championship 2023-2024 commences, reports Aletihad. The race comes months before DIMC’s Al Gaffal 60 ft traditional dhow sailing race, starting from Sir Bu Nair Island to the shores of Dubai in April.

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