THIS MORNING: Australian trade minister to visit UAE this weekend

Good morning, wonderful people, and happy Friday. We’re rounding out the penultimate week of February with another relatively busy news day.

THE BIG STORY here at home is Mubadala upping its stakes in two different companies in the western hemisphere. The Abu Dhabi sovereign wealth fund bought out an ins. player in the US, and upped its stake in a Brazilian food retailer.

^^ The full story is in this morning’s news well, below.

PUBLIC SERVICE ANNOUNCEMENT-

We could see heavy rain on Sunday and Monday in some areas of the country thanks to an upper air depression, according to the National Centre of Meteorology’s forecast. The center expects to see clouds and strong winds over the two days.

WATCH THIS SPACE-

#1- Adnoc Drilling is investing USD 750-950 mn on rig procurement to cover deployment needs in neighboring countries by the end of the year, Bloomberg quotes CFO Youssef Salem as saying at a media briefing. The company aims to procure an additional 15 rigs this year, Salem said.

Oman, KSA and Kuwait could be first: Adnoc Drilling has met the qualifications to compete for rig supply contracts in Oman and is currently in the process of obtaining approvals to participate in tenders in Saudi Arabia and Kuwait, according to Salem. Oil and gas operators in the GCC are the most attractive due to lower production costs and reduced emissions from pumping compared to other regions.

Background: Adnoc Drilling had intended to expand following its 2021 IPO, but prioritized domestic growth and deployment in Abu Dhabi, Salem said.

#2- Adnoc to submit newly revised Covestro bid: Abu Dhabi National Oil Company (Adnoc) is reportedly seeking to submit a bid higher than EUR 11.3 bn (AED 44.9 bn) to acquire German polymer materials manufacturer Covestro, Bloomberg reports, citing people who are familiar with the matter. While talks are still underway, Adnoc has reportedly appointed a consulting firm to help it garner information to “improve its bid to slightly more than EUR 60 per share,” according to Bloomberg’s sources, who revealed that there are no clear estimates as to the value of the increased bid.

Refresher- Adnoc offered Covestro EUR 60 per share, valuing the company at c.EUR 11.3 bn in December. The state-owned company had put forward the then-revised offer after its initial informal bids for the German firm were seen as “too low.”

#3- Dubai’s economy is set to grow at a 5% clip in 2024, Dubai Chambers Chairman Abdul Aziz Abdulla Al Ghurair told Wam. Al Ghurair expects the emirate’s “robust infrastructure, an appealing business environment, and an expected decrease in interest rates starting in the middle of the year,” to propel growth.

HAPPENING TODAY-

#1- The Dubai Dutyfree Championship continues today with the semi-final rounds. In the quarterfinals, world No. 1 Iga Swiatek defeated Qinwen Zheng 6-3 6-2, while Sorena Cristea was able to defeat Wimbledon champion Marketa Vondrusouva in a comeback that saw her go from a set and 5-1 defeat to a 2-6 7-6 (7-1) 6-2 victory. Swiatek will face Anna Kalinskaya at 5pm today, while Cristea and Jasmine Paolini will hit the court at 3pm.

Can’t get enough tennis? The World Tennis Association tour’s final is set for Saturday, 2 March. You can buy tickets for both the women’s WTA tournament and the men’s ATP here.

#2- The world’s largest F&B event, Gulfood 2024, wraps at Dubai World Trade Centre today. The event brings together suppliers, distributors, and chefs, to discuss the future of F&B.

#3- Four-day food festival Taste of Dubai opens its doors today, gathering 16 restaurants at Dubai Marina’s Skydive Dubai.

#4- UAE Innovates 2024 is in Dubaifor its final leg, reports state news agency Wam. The event has traveled across the emirates since the start of the month, with events ranging from competitions and hackathons to exhibitions taking place.

#5- The International Freight Forwarders Conference 2024 is on its second day today, wrapping up next Sunday, 24 February. The logistics event brings global freight forwarders to the Hyatt Hotel in Dubai.

The International Conference on Antimicrobial Resistancekicks off todayand wraps up tomorrow. The Health Ministry’s event brings together healthcare professionals to discuss microbiology, infectious diseases, and infection control strategies.

HAPPENING THIS WEEK-

Australia’s trade minister is coming to town: Australian Trade Minister Don Farrell is set to discuss the details of a potential trade agreement with the UAE this weekend as part of his visit to attend the annual World Trade Organization Ministerial Conference in Abu Dhabi, Bloomberg reports. The agreement between the two states is expected to be inked by the end of 2024, Farrell revealed, saying that the discussions over the agreement are “likely to be easier than the fraught negotiations with the EU.”

Refresher: The two countries agreed last December to launch negotiations for a trade agreement aimed at boosting bilateral trade ties and bolstering Australian imports to the UAE.

HAPPENING NEXT WEEK

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 TradeTech Forum will kick off next Tuesday, 27 Februaryat the Abu Dhabi National Exhibition Center, as part of the ministerial conference. The one-day event will see government officials and tech and trade experts discuss the latest developments in the field of trade technologies.

Trends Research and Advisory and the International Institute for Cultural Diplomacy will host a conference on Monday, February 26 focusing on advancing cooperation between the UAE and Central Asia,reports Wam. The conference features roundtable discussions and working sessions involving ambassadors from the relevant countries.

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 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 Xposure International Photography Festival will run from Wednesday, 28 February, to Tuesday, 5 March, at the Sharjah Expo Centre. The festival, organized by the Sharjah Government Media Bureau features a “Conservation Summit” on its second day, featuring environmental activist and Amazonian tribe leader, Junior Hekurari, reports Sharjah 24.

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.

The UAE-Kazakhstan Business Council’s first meeting will take place on 28 February at Expo City Dubai, Wam reports. Kazakh Trade Minister Shakkaliyev Arman will participate, along with over 200 private companies across various sectors from both countries. The event aims to promote cooperation between UAE and Kazakh businesses.

MARKET WATCH-

Dubai has set the official selling price (OSP) for Dubai crude oil for May at parity with Oman crude futures, Mubasher reports, citing Reuters. The price differential will be applied to all future settlements up to front-month March to set the OSP for Dubai crude to be loaded in May, according to Reuters.

CIRCLE YOUR CALENDAR

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 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.

UAE energy companies will head to Paris on Tuesday, 14 May, for the Invest in African Energy 2024 Forum, according to a press release. The two-day event will see regional oil and gas giants, including Saudi and Qatari companies, explore African energy projects, with the aim of fostering new partnerships and investments in Africa’s energy value chain.

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