Good morning, wonderful people, and happy hump day to you all. Two more days and we can slide into the weekend and enjoy what looks set to be another beautiful winter weekend.

We have a packed issue for you this morning, so let’s jump straight in:

PUBLIC SERVICE ANNOUNCEMENT-

#1- Spring break starts on Monday, 25 March for private school students in Dubai, The holiday will coincide with the Eid Al Fitr break, lasting a total of three weeks, with kids due back at their desks on Monday, 15 April. Check out the Knowledge and Human Development Authority’s academic calendar for the current year for the rundown.

#2- Building materials companies get warning on price hikes, price fixing: The federal Ministry of Economy is warning suppliers of building materials that it will act against “any coordinated practices by companies to increase prices” and reminding buyers to bow the whistle if they feel sellers are engaged in price gauging.

The issue: Prices of building materials crept up starting last September when officials announced a ban on trucks capable of hauling 65 tons or more. The ban was due to take effect on 1 February, but policymakers pushed back implementation as the the Energy and Infrastructure Ministry said it would re-examine the measure.

WATCH THIS SPACE-

DXB plans to introduce its smart corridor check-in process before 3Q 2024, Dubai Airports COO Majed Al Joker told state news agency Wam. The process aims to expedite check-ins, allowing passengers to move directly from check-in to boarding without “unnecessary stops,” Al Joker said.

DXB is set to receive ongoing investments ranging from AED 6 bn to AED 10 bn for facility upgrades, transit area developments, and new technology, Al Joker said, without providing a timeline or other details on the capex plan.

REMEMBER-Passenger traffic at Dubai International Airport (DXB) rose 31.7% y-o-y to 87 mn passengers in 2023, marking a recovery to pre-pandemic levels.

Traffic is set to grow to 88.8 mnpassengers in 2024, before reaching a record 93 mn passengers in 2025 and 97 mn in 2026.

WHISPERS-

#1- Mubadala to become third GCC shareholder in London’s Heathrow? Abu Dhabi’s Mubadala is in talks to purchase a stake in London’s Heathrow airport after Paris-based buyout firm Ardian approached the wealth fund to join an in-process transaction, Bloomberg reports, citing people who are familiar with the matter. If it goes ahead, Mubadala would join Saudi Arabia’s Public Investment Fund and the Qatar Investment Authority as the third GCC wealth fund to hold a stake in the airport.

What’s up for grabs? Spain-based infrastructure firm Ferrovial agreed in November to sell its 25% stake in Heathrow in November, with PIF taking a 10% stake and Ardian taking 15%, each though a separate vehicle.

The issue: Shareholders holding a combined 35% stake in the airport have invoked tag-along rights, effectively requiring they be bought out or the full sale doesn’t go through. PIF has for more than a month now been said not to be interested in more than a 10% stake, but Ardian might consider taking a larger position, Bloomberg reports. Ardian needs to find additional partners to snap up the additional 35% stake or risk the transaction going bust.

#2- Mubadala is also mulling investing in McDonald’s China, along with Qatar Investment Authority and China Investment Corp, Bloomberg reports, with a minority stake apparently up for grabs.

Who’s selling? A consortium under Chinese conglomerate Citic, which holds 52% of McDonald’s China through its private equity arm Trustar Capital, has been reportedly weighing its options to divest from the business, including transferring its majority stake to a new investment vehicle, Bloomberg writes. McDonald’s Corporation now owns the remaining 48% after buying Carlyle Group’s 28% minority stake in November.

Mubadala is on course to grow its foothold in Asia and “has a strong pipeline of potential investments,” a Mubadala spokesperson told Bloomberg when asked about the potential transaction.

DATA POINTS-

Food and beverage companies in the UAE racked up USD 16.4 bn worth of retail sales in 2023, according to Euromonitor data made public by the Dubai media office. A breakdown of the numbers:

  • E-commerce platforms sold F&B worth USD 1.1 bn, a number expected to rise 9.5% by 2027;
  • Packaged food hit USD 6.6 bn in 2023, and sales are expected to rise to a value of USD 8.3 bn by 2028;
  • Fresh food retail sales are projected to climb at a 4.7% CAGR to USD 12.4 bn in 2028, up from USD 9.8 bn in 2023;
  • Beverage retail sales are expected to rise from USD 1.6 bn to USD 2 bn by 2028.

Dubai Electricity & Water Authority (Dewa) approved more than 8k applications for no objection certificates (NOCs) last year, marking a 39% y-o-y increase, reports state news agency Wam. The increaseis attributed to increased demand for electricity and water from new developments in Dubai.

HAPPENING TODAY-

#1- Star women’s tennis players are here the Dubai Dutyfreee Championships: World No.1 Iga Swiatekis among those on court for the WTA event, which kicked off on Sunday, Khaleej Times reports. The World Tennis Association tour will run until Saturday, 2 March. You can buy tickets for both the women’s WTA tournament and the men’s ATP here.

Swiatek and Coco Gauff have made it to the third round, while Aryna Sabalenka made a shock exit yesterday, losing 6-7 (5-7) 6-3 6-0 to Donna Veki

#2- The world’s largest F&B event, Gulfood 2024, continues at Dubai World Trade Centre: The event brings together suppliers, distributors, and chefs, to discuss the future of F&B. The event opened its doors on Sunday and concludes this Friday.

#3- The Step Conference kicks off today at Dubai Internet City. The high-profile two-day event will host 400 startups and hundreds of global tech investors for tracks including fintech, wellness, earth, and AI.

#4- UAE Innovates 2024 resumes in Sharjah, Fujairah and Ras Al Khaimah, before its final stop in Dubai this Thursday, reports state news agency Wam.

#5-The International Dialogue of Civilizations and Tolerance Conference concludes today at the Abu Dhabi National Exhibition Centre.

#6- The Ajman Real Estate Investment Exhibition kicks off its second day today,reports El Balad. Organized by Ajman’s Land and Real Estate Regulation department, the three-day showcase includes presentations and dialogue on Ajman’s property sector, to promote investment in real estate projects.

HAPPENING THIS WEEK-

#1- CBUAE to hold AED 18.5 bn m-bill auction: The Central Bank of the UAE (CBUAE) will take to auction four m-bill issuances worth up to AED 18.5 bn tomorrow, according to a statement (pdf). Three of the m-bills are tap issuances.

Decoding central bank speak: M-bills are short-term securities issued in AED by the CBUAE at no interest. The bonds typically have maturity dates of one to 12 months and are not retrievable through any other listing. A tap issuance allows the CBUAE to more finely control money supply by allowing it the flexibility to continue selling bills past the initial auction date.

#2- The International Freight Forwarders Conference 2024 gets underway tomorrow and wraps next Sunday, 24 February. The logistics event brings global freight forwarders to the Hyatt Hotel in Dubai.

#3- Taste of Dubai opens its doors this Friday. The four-day food festival will bring together 16 of the emirates’ best restaurants at Dubai Marina’s Skydive Dubai.

CIRCLE YOUR CALENDAR

Mobility startups can pitch ideas for sustainable transportation solutions at Dubai’s Roads and Transport Authority’s Startups Challenge, held concurrently with UAE Innovates, starting February 26. You can register for the challenge by sending a nomination request here.

The World Trade Organization’s Ministerial Conference is scheduled from Monday, 26 February, to Thursday, 29 February, in Abu Dhabi. Trade ministers are meeting “at a difficult conjuncture” this year, with factors like regional and eastern European geopolitical tensions and upcoming election threatening to hamper negotiations for global trade agreements, Reuters cites WTO Director-General Ngozi Okonjo-Iweala as telling reporters in Geneva.

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.

The MENA Transport Congress and Exhibition 2024 is set to take place from 28 February to 1 March at the Dubai World Trade Centre. Look for 2k attendees and 65 speakers, including industry leaders, researchers, and government officials to be in attendance.

Dubai WoodShow is scheduled to start Tuesday, 5 March, at the Dubai World Trade Centre. The two day event will welcome more than 680 international exhibitors, showcasing the latest trends and technologies in the global wood and woodworking machinery sector, according to a press release.

Beyond Global Trade opens its doors on Thursday, March 7 at the Edition Hotel in Dubai, according to a LinkedIn statement. The event — held in collaboration between the Economy Ministry, LexisNexis and law firm Al Tamimi — will see speakers from the UAE government, the United Nations Commission on International Trade Law, and Emirati businesses discuss trade and tech, including digital trade, e-commerce, data protection, and consumer rights.

Dubai to host the Airport show in May: The largest annual exhibition dedicated to the region’s airports industry, the Airport Show, is set to take place in Dubai from 14 to 16 May, 2024, at the Dubai World Trade Centre, according to the event website. The event will showcase around 150 exhibitors from over 20 countries, attracting an expected 7.5k visitors from over 30 countries.

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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