Real GDP growth hits 3.6% in 1H 2024

WHAT WE’RE TRACKING TODAY

THIS MORNING: Dubai Land Department to roll out a smart rental index in January + health and auto ins. premiums in the emirate to rise next year

Good morning, everyone. We interrupt your planning for a carefree new year’s eve with our daily dosage of business news. In today’s issue: the latest GDP figures, details of Ajman’s new budget, and Shuaa Capital’s final step of its restructuring plan. Let’s dive in

☁️ WEATHER- Mostly cloudy today: Expect cloudy skies across the country, Dubai will see the mercury hit 28°C today, with an overnight low of 18°C. Meanwhile, temperatures will hit 28°C in Abu Dhabi, with an overnight low of 17°C, the National Center of Meteorology said.

WATCH THIS SPACE-

#1- The Dubai Land Department plans to roll out a smart rental index in January 2025 to replace the current index, in a bid to boost transparency among landlords, tenants, and investors, according to a statement.

What’s different? The new index will utilize AI and big data analytics to deliver real-time insights into rental trends and valuations, Chairman of Luxury Property Jason Hayes told the National. “This will enable landlords, tenants and investors to make informed decisions based on the most up-to-date transactional activity as opposed to just portal listing data,” Hayes explained.

Remember- The Abu Dhabi Real Estate Center rolled out its official rental index in August providing indicative quarterly rental pricing and data on residential, commercial, and industrial properties in the emirate.

#2- Flydubai has suspended flights from Dubai to the southern Russian airports of Sochi and Mineralnie Vody due to technical reasons, with services to Sochi paused until January 2, and to Mineralnie Vody until January 3, Reuters reported. This comes shortly after an Azerbaijan Airlines flight from Baku to Grozny crashed in Kazakhstan’s Aktau, with regional sources stating that it was likely shot down by Russian air defense systems.

#3- Health and auto ins. premiums are expected to rise in Dubai starting next year, industry players told Khaleej Times. The hikes are fueled by the rising expenses of healthcare and vehicle repair in the UAE.

#4- Ray Dalio expects the UAE’s economy to record 5.5% growth on average over the next decade, the second highest growth rate among the top 35 economies, the US b’naire investor and founder of Bridgewater Associates said in The Great Powers Index report (pdf).

DATA POINTS-

#1-The UAE has become the largest investor in new business projects in Africa, committing USD 110 bn from 2019 to 2023, The Guardian reports, citing data from FT Locations. Of this, USD 72 bn is allocated to renewable energy, outpacing investments from the UK, France, and China.

In context: African leaders support the influx of Emirati capital amid unmet climate finance commitments from Western nations. At COP29, wealthy countries pledged USD 300 bn annually, falling short of the USD 1.3 tn requested by developing nations. Key UAE companies like DP World and Abu Dhabi Ports are involved, with investments earmarked for the logistics and mining sectors.

REMEMBER: The UAE was Africa’s fourth largest investor in August, with investments in the continent growing nearly fivefold over the past two decades.

#2- Public debt in GCC countries hit USD 628 bn in 2023, Wam reports, citing data from the GCC Statistical Center (GCC-Stat). Public spending reached a record USD 639 bn during the year, with 85% allocated to current spending and 15% to investment spending.

The GCC achieved a surplus of USD 2 bn in 2023, significantly down from a surplus of USD 134 bn in 2022. Meanwhile, public revenues reached USD 641 bn in 2023, with oil revenues accounting for 62% of total revenues, down y-o-y from USD 723 bn in 2022.

#3- The national in-country value (ICV) program has redirected over AED 73 bn to the national economy as of 3Q 2024, Under-Secretary of the Industry and Advanced Technology Ministry Omar Al Suwaidi told Wam.

ICYMI- The program drew investments of AED 205 from ICV-certified companies by mid-2024.

ALSO- The UAE’s industrial sector received AED 9.5 bn in funding this year from the Emirates Development Bank, among other financial institutions, Al Suwaidi said. This includes AED 1.1 bn for advanced technology and AED 1.8 bn in credit solutions from Etihad Credit Ins.

FROM THE RUMOR MILL- Brics plans to set up a logistics hub in the UAE to enhance global trade, according to unconfirmed reports.

PSAs-

#1- Dubai’s public sector will observe an official holiday on 1 January in celebration of the New Year, according to the Dubai Government Human Resources Department, Wam reports. Work at government departments will resume on 2 January.

#2- UAE residents will need to apply for an e-Visa to go to Thailand starting from 1 January 2025, Khaleej Times reports. Applicants must complete the application, upload the documents, and pay the fees to Thailand’s Foreign Affairs Ministry. In-person submissions of passports and original documents will no longer be required. The last day for in-person submissions in Abu Dhabi is 24 December, with collections available on 26 December.

THE BIG STORY ABROAD-

Two stories are dominating the headlines this morning:

#1- The deadliest plane crash since 2018: A Jeju Air flight from Bangkok crash-landed at South Korea’s Muan International Airport on Sunday, killing 179 of the 181 passengers who were onboard. The plane skidded off the runway, erupted in flames and collided with a wall before bursting into flames. Investigations are underway, with bird strikes and weather conditions cited as possible causes for the accident. (Reuters | BBC | The Guardian | CNN | AP | WSJ | New York Times)

#2- Jimmy Carter, the 39th US president and Nobel laureate, died at 100. Carter passed away at his home in Georgia on Sunday. Carter played a major role brokering the 1978 Camp David Accords, “His (Carter’s) significant role in achieving the peace agreement between Egypt and Israel will remain etched in the annals of history,” Egyptian President Abdel Fattah El Sisi said in a post on X where he extended his condolences to Carter’s family. Following the peace agreement, Carter earned acclaim for his humanitarian efforts, winning a Nobel Peace Prize in 2002. (Reuters | CNN | BBC | Financial Times | Washington Post | New York Times)

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CIRCLE YOUR CALENDAR-

The Arab Plast International Trade Fair for Plastics, Recycling, Petrochemicals, Packaging and Rubber Industry will take place between 7-9 January at the Dubai International Convention and Exhibition Center. The event will showcase advancements in the plastics and recycling sectors, with a focus on sustainable practices, circular economy, recycling technologies, and sustainable materials. The event will include networking prospects for professionals, live demonstrations of technologies and machinery, and discussions on future developments.

The International Renewable Energy Agency (IRENA) Assembly will take place between 11-13 January in Abu Dhabi. The event will gather global leaders and decision-makers to discuss the renewable energy transition and address challenges to energy security and financing. Featured in the agenda: An International Renewable Energy Agency Youth Forum, which will see interactive sessions, open dialogues, and thematic workshops for youth to contribute to renewable energy deployment and sustainable development.

The 1 Bn Followers Summit will take place between 11-13 January at Jumerirah Emirates Towers at the DIFC in Dubai. The event will feature over 250 speakers, including top content creators and industry experts. It includes workshops and discussions on technology, content strategies, and the economic impact of content creation.

The Global Government Cloud Forum will take place on 21 January at the Museum of the Future in Dubai. The forum will gather international government officials, global speakers, and leaders in government cloud technology, and will address topics such as AI, IoT, quantum computing, and sustainable cloud solutions, among others.

Intersec 2025, an event for safety, security, and fire protection, will take place between 14-16 January at the Dubai World Trade Center. The event partnered with Dubai International Financial Center digital platform Ignyte to launch an Intersec Startup Arena at the event, offering startups a platform to showcase their solutions for the sectors.

The International Dialogue of Civilizations & Tolerance Conference will take place on 19-21 February at Abu Dhabi Energy Center. Held under the theme “Empowering Youth for a Tolerant Future,” the conference will feature over 100 speakers from various countries and sectors, including representatives from academia, diplomacy, religion, government, and culture.

The Dubai International Project Management Forum will take place from 13-16 January at Madinat Jumeirah in Dubai. Over 50 local and international speakers from various sectors will discuss topics such as sustainable project management, cities of the future, AI and big data, the metaverse, and blockchain.

The EcoWaste Exhibition and Forumwill take place between 14-16 January at the Abu Dhabi National Exhibition Center. The forum, hosted by Masdar, is part of the World Future Energy Summit. It will feature panel discussions, presentations, and showcase new technologies in the waste management sector.

The International Rain Enhancement Forum (IREF) will take place between 28-30 January at Conrad Abu Dhabi in Etihad Towers. The forum will feature over 50 speakers, including experts, policymakers, and researchers who will discuss weather enhancement and water security.

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

Real GDP growth hits 3.6% in 1H 2024

UAE’s real GDP increased 3.6% y-o-y to AED 879.6 bn in 1H 2024, Economy Minister Abdullah Bin Touq Al Marri said, citing preliminary data from the Federal Competitiveness and Statistics Centre.

Top growing sectors: Transport and warehousing saw the highest growth during the period at 8.4%, followed by financial and ins. Services (7.6%), construction (7.3%), information and communication technology (5.3%).

Non-oil sector dominates: Non-oil GDP rose 4.4% y-o-y to AED 660 bn during the same period, amounting to a 75% share of total GDP, Al Marri said. Trade was the highest contributing sector to UAE’s non-oil economy, with a share of 16.5%. Manufacturing (15%), financial and ins. services (12.5%), construction (11.6%), and real estate (7.6%) were also among the top contributors.

Close to 2024 projections: Initial estimates for 1H 2024 are somewhat in line with the International Monetary Fund’s most recent projections, which sees UAE’s overall GDP growing by a 4% clip in 2024.

Tourism is on the rise: The restaurants and hotels sector also rose 5.1% y-o-y, on the back of a 7% y-o-y increase in hotel revenues to AED 24.6 bn. Hotel guests also increased 10.5% y-o-y to 15.3 mn in 1H.

Ajman approves AED 3.7 bn budget for 2025

Ajman gov’t approves AED 3.7 bn budget for 2025: Sheikh Humaid bin Rashid Al Nuaimi signed off on Ajman’s AED 3.7 bn budget for next year, Wam reports. The budget focuses on community development, public safety, infrastructure projects, economic development, investment attraction, sustainability initiatives, environmental protection, and digital transformation.

The breakdown: The new budget allocates 39% to supporting quality of life, 27% to public services and government innovation, and 20% to economic development. Meanwhile, security and safety account for 14% of the budget.

Key objectives include:

Upgrading digital systems, and establishing a sophisticated digital government;
Expanding road networks, parks, and green spaces;
Promoting green building and cultural activities;
Improving customer services and supporting economic growth initiatives.

The big picture: The Federal National Council approved the UAE’s largest national budget to date in November, totaling AED 71.5 bn for both revenues and expenditures for 2025, while also integrating the Union General budget with the budgets of independent federal entities.

Shuaa approves AED 425.5 mn convertible bond issuance

Investment platform Shuaa Capital’s board of directors approved the issuance of two tranches of mandatory convertible bonds (MCB), with a total maximum value of AED 425.5 mn, according to a statement (pdf). The bonds will be issued through private placement, subject to shareholder and regulatory approvals.

The details: The first tranche will include bonds valued at up to AED 150 mn, offered to all investors in Shuaa. A follow-up issuance with a maximum value of AED 275.5 mn will be offered to the “existing bondholders of the outstanding bonds issued by a Shuaa-related special purpose entity,” the disclosure reads. Both tranches will be convertible into shares at a rate of AED 0.32 per share.

We knew this was coming: The firm revealed plans earlier in May to issue a total of AED 642.5 mn of mandatory convertible bonds as part of its capital optimization plan, with the bond issuances pending regulatory approvals. The MCB issuances are to be the final step in the capital optimization plan, according to the statement.

IN CONTEXT- Shuaa has been undergoing major restructuring after substantial losses in 2023. Shuaa reached an agreement with bondholders in April to extend the payment terms for some USD 150 mn worth of bonds, and appointed a new management team with Wafik Ben Mansou as CEO as part of its capital optimization plan. The investment bank has fully settled around AED 500 mn (USD 136 mn) in margin facilities with multiple UAE banks. Shuaa also finalized an agreement with its senior creditor last week to restructure AED 208 mn in outstanding facilities.

ALSO- As part of Shuaa’s ongoing restructuring efforts, Ahmed Al Ahmadi (LinkedIn) will step down from his roles as Managing Director and Board Member, effective December 30.

Dubai property sales to hit AED 520 bn in 2024 -W Capital

Dubai’s property market has attracted a record AED 517 bn in sales year-to-date until 27 December, a 28.9% increase from 2023, according to a report by real estate brokerage firm W Capital, citing Dubai Land Department data. The market saw a record 178.9k sales during the period, a 38% y-o-y increase.

Including mortgages and grants, total transaction volume rose 32% y-o-y to 223.9k, with a combined value of AED 753.6 bn, up 35.8% y-o-y, according to the report. Real estate mortgages reached AED 185.8 bn across 35.7k transactions, while grants totaled AED 50.9 bn from 9.3k transactions.

4Q saw the most activity during the year, achieving the highest-ever quarterly sales of AED 142.7 bn across 48.6k transactions. Monthly sales throughout the year averaged between AED 35-61 bn, with October setting a record high at AED 61.5 bn.

LOOKING AHEAD- Dubai’s real estate market is expected to grow by 10-15% in 2025, with sales approaching the AED 600 bn mark and total transactions potentially exceeding AED 850 bn, according to W Capital.

UAE issues a law to regulate medical products and pharma operations

A comprehensive law for medical products and pharmacies: The UAE introduced a federal decree-law to regulate medical products, pharmacies, and pharma establishments, Wam reports. The law introduces a fast-track approval pathway for innovative medical products of “therapeutic importance,” setting rules for pricing and granting marketing authorizations.

The details: It also safeguards medical data, oversees the pharmacovigilance system in the UAE, and governs the establishment and management of national databases for medical products, pharma facilities, and biobanks. It covers all medical products, including drugs, medical devices, cosmetics, and controlled substances, and applies to entities in the UAE and its freezones.

All under the EDE: The Emirates Drug Establishment (EDE) will monitor and license all manufacturing facilities, medical warehouses, pharma consulting firms and labs, as well as marketing firms, according to the law. It will also supervise the advertising, import, export, and re-export of medical products.

A new committee for pricing medical products: The chair of the EDE’s board will be in charge of supervising a the newly established Pharmaceutical Policies Committee, to regulate the pricing, circulation, and monitoring of medical products, The National reports.

Entities have been granted a one-year grace period to comply with the new legislation, with the possibility of an extension through a cabinet decision. The law includes penalties for violations, ranging from fines to license suspensions or revocations for severe breaches. The financial fines range from AED 1k to AED 1 mn for establishments, and up to AED 500k for pharma practitioners.

UAE opens a new trade link to China through Northern Pakistan

LOGISTICS-

#1- UAE gets a new trade link to China via Pakistan: Pakistan’s National Logistics Corporation (NLC) has launched a multimodal logistics route, dubbed Transports Internationalaux Routiers (TIR), linking the UAE to China via northern Pakistan’s Khunjerab Pass, Arab News reported on Saturday. NLC will use trucks to transport goods, which will depart from Kashgar in China to Karachi in Pakistan. Goods will then be transported from Karachi Port to Jebel Ali Port via a shipping service operated by the UAE’s DP World, according to a statement. The move looks to streamline cross-border trade through the implementation of an international customs transit framework throughout the route. Pakistan’s Khunjerb Pass links Pakistan’s Gilgit-Baltistan region with China’s Xinjiang province.

#2- Omoda & Jaecoo opens in Jafza: Chinese vehicle manufacturer Omoda & Jaecoo launched its first regional parts distribution center in the UAE’s Jebel Ali Freezone (Jafza), marking a major step in its Middle East expansion, according to a statement. Spanning 12k sqm, it is the largest facility of its kind for Chinese automotive brands in the region, and is strategically located near Jebel Ali Port and Al Maktoum International Airport. The facility reduces the shipping cycle by 85%, down to nine days from 60. The investment ticket for the project has not been disclosed.

ENERGY-

Adnoc Distribution inked a five-year contract with Adnoc Gas Facilities to secure propane supplies through 2028, according to an ADX disclosure (pdf). The company also entered a five-year propane handling services agreement with Adnoc Gas Operations and Marketing, set to run until 31 August, 2029.

AVIATION-

Air Arabia adds new Russia flights: Sharjah-based budget airline Air Arabia launched two non-stop routes to the Russian cities of Moscow and Yekaterinburg, according to company statements (here and here). Flights will connect Ras Al Khaimah International Airport with Moscow Domodedovo three times weekly, and link Abu Dhabi’s Zayed International Airport to Yekaterinburg’s Koltsovo three times weekly as well.

GOVERNANCE-

Maritime businesses will now be able to track their progress on ESG goals using a new tool launched by Abu Dhabi Mobility and AD Ports Group’s Abu Dhabi Maritime, according to a statement from the former.

How it works: The MARSDNA tool, developed by Maqta Technologies Group, allows businesses to fill in a free questionnaire on the Abu Dhabi Maritime website that assesses their ESG progress, and generates a report with recommended measures to accelerate their progress.

TRANSPORT-

#1- Abu Dhabi Mobility will introduce yellow license plates for commercial motorcycles, replacing the current red plates, Wam reports. The change, aimed at distinguishing commercial motorcycles from private ones, will take effect at the start of next year.

#2- South Korean road safety solutions firm Dareesoft launched its AI-powered surveillance system ARA in the UAE, aiming to partner with local authorities and organizations to deploy the system across the nation, according to a press release. The system uses advanced AI to scan roads in real-time and identify hazards like potholes, cracks, and debris.

RETAIL-

Lulu Retail expanded its footprint in KSA with two new express stores, located in Makkah’s Jabal Omar and Riyadh’s Sahara Mall, bringing its total store count in the country to 59, according to a statement (pdf) from the retail giant. Moreover, Lulu has additional store openings planned in its 2025 pipeline.

REMEMBER- Lulu Retail’s IPO raised AED 6.3 bn last month. The company said earlier this year it plans to open 90 stores across the Gulf over the next five years, focusing on the UAE and Saudi Arabia.

REAL ESTATE-

Filipino Homes to set up shop in Dubai: Philippines-based real estate agency Filipino Homes obtained a trade license to establish an office in Dubai, according to a company statement posted on Facebook. The move targets Filipino expats in the UAE interested in investing in real estate back home. The license will also allow the agency to host property expos, hold investment meetings, and provide office space for developers in Dubai.

HOSPITALITY-

Rotana set to deliver Somalia’s first five-star hotel: Abu Dhabi-based hotel management firm Rotana partnered with Riverside Holding to build Somalia’s first five-star hotel, Mogadishu Rotana, according to a statement from Rotana. The 321-key hotel is slated for completion in 2026 and will be managed by Dubai-based Aleph Hospitality. The project’s investment ticket was not disclosed.

Businesses are bracing for Trump tariffs with frontloading and price hikes

Bracing for impact: US and European businesses are preparing for an anticipated US wave of tariffs by frontloading orders and considering price hikes, Bloomberg reports. These potential tariffs are creating more uncertainty for businesses, which had already pivoted some of their operations and supply chains to address tariffs and policies under US president-elect Donald Trump’s first presidency in 2018.

Several companies are frontloading orders and shifting their supply chain from countries expected to be targeted by tariffs, while others are seeking new suppliers or renegotiating terms with existing ones. Meanwhile, US container gateways are experiencing a surge in inbound shipments — a trend that is expected to continue until the spring of 2025, CEO of Long Beach’s port Mario Cordero said.

A costly strategy: The increasing pace of frontloading can lead to higher shipping costs and potentially create bottlenecks at US ports, said Citigroup Inc. senior global economist Robert Sockin. Meanwhile, potential port strikes in the US in the upcoming weeks add more chaos to the global trading system, fueling frontloading orders and stock build-up.

The looming tariffs are also pushing companies to consider price hikes to maintain their net income margins. However, price hikes will have to be limited for these companies to remain competitive.

IN CONTEXT- President-elect Donald Trump, set to take office on 20 January, has proposed a 60% tariff on Chinese goods, followed by an additional 10%, as well as a 10% tariff on imports from other countries. Separate tariffs targeting Canadian and Mexican goods have also been suggested, leaving businesses scrambling to adapt to the potential cost increases and supply chain disruptions.

Chinese businesses are also exploring alternatives: Several Chinese companies are expanding into other markets in Europe and Southeast Asia in preparation for US tariffs, Bloomberg reported earlier. Some firms are considering establishing production operations in the US, aiming to completely avoid tariffs, while others are planning to rely on Chinese customers, capitalizing on their large order capacity.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with Japan’s Nikkei down 0.7%, Australia’s ASX 200 down 0.6%, while Shanghai Composite is up 0.2% in early trading. Meanwhile, Dow, Nasdaq, and S&P futures were all slightly down in overnight trading.

ADX	9,328	-0.5% (YTD: -2.6%)
DFM	5,130	+0.4% (YTD: +26.4%)
Nasdaq Dubai UAE20	4,177	-0.4% (YTD: +8.7%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	4.5% 1 yr
TASI	11,893	+0.3% (YTD: -0.3%)
EGX30	29,594	-1.2% (YTD: +18.9%)
S&P 500	5,971	-1.1% (YTD: +25.2%)
FTSE 100	8,150	+0.2% (YTD: +5.4%)
Euro Stoxx 50	4,899	+0.8% (YTD: +8.4%)
Brent crude	USD 74.17	+1.2%
Natural gas (Nymex)	USD 3.38	+1.9%
Gold	USD 2,632	-0.8%
BTC	USD 93,415	-1.8% (YTD: +121.0%)

THE CLOSING BELL-

The ADX fell 0.5% on Friday on turnover of AED 826.4 mn. The index is down 2.6% YTD.

In the green: Oman & Emirates Investment Holding (+12.5%), Aram Group (+9.9%) and RAK Co. for White Cement & Construction Materials (+2.7%).

In the red: E7 Group (-2.7%), NMDC Energy (-2.1%) and Phoenix Group (-1.6%).

Over on the DFM, the index rose 0.4% on turnover of AED 334.5 mn. Meanwhile Nasdaq Dubai closed down 0.4%.

Calendar

DECEMBER

13 December – 4 January (Friday-Saturday): Liwa International Festival, Al Dhafra, Abu Dhabi.

6 December-12 January: Dubai Shopping Festival.

Signposted to happen sometime in December:

JANUARY 2025

1 January (Wednesday): ADGM to slash licensing fees for retail and non-financial firms, and hike fees for finance firms.

1 January (Wednesday): Health ins. to become mandatory for employees across the UAE.

2 January (Thursday): New price controls on basic goods to go in effect.

7-9 January (Tuesday-Thursday): The Arab Plast International Trade Fair for Plastics, Recycling, Petrochemicals, Packaging and Rubber Industry, Dubai International Convention and Exhibition Center, Dubai.

9-13 January (Thursday-Monday): International Renewable Energy Agency Youth Forum, Abu Dhabi.

11-13 January (Saturday-Monday): International Renewable Energy Agency Assembly, Abu Dhabi.

11-13 January (Saturday-Monday): The 1 Bn Followers Summit, Dubai.

13-16 January (Monday-Thursday): The Dubai International Project Management Forum, Madinat Jumeirah.

14-16 January (Tuesday-Thursday): World Energy Summit, Abu Dhabi.

14-16 January (Tuesday-Thursday): The EcoWaste Exhibition and Forum, Abu Dhabi National Exhibition Center, Abu Dhabi.

14-16 January (Tuesday- Thursday): The Light + Intelligent Building Middle East exhibition, Dubai.

14-16 January (Tuesday- Thursday): Intersec, Dubai World Trade Center, Dubai.

14-16 January (Tuesday- Thursday): Intersec 2025, Dubai World Trade Center, Dubai.

19-24 January (Sunday-Friday): Coling 2025, Abu Dhabi.

20-22 January (Monday-Wednesday): FESPA Middle East, Dubai World Trade Centre, Dubai.

21 January (Tuesday): The Global Government Cloud Forum, the Museum of the Future, Dubai.

22-25 January (Wednesday-Saturday): The Sharjah Real Estate Exhibition (Acres), Expo Centre, Sharjah.

27-30 January (Monday-Thursday): Arab Health Exhibition, Dubai World Trade Centre, Dubai.

28-29 January (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

FEBRUARY 2025

1-6 February (Saturday-Thursday): Dubai Fashion Week, Dubai Design District.

1-8 February (Saturday-Saturday): The Mubadala Abu Dhabi Open, Zayed Sports City’s International Tennis Centre.

2-3 February (Sunday-Monday): L’Etape Dubai cycling race, Dubai.

3-6 February (Monday-Thursday): Medlab Middle East, Dubai World Trade Center.

10-12 February (Monday-Wednesday): Japan Kyoto Trade Exhibition, Dubai Word Trade Center.

16 February-1 March (Sunday-Saturday): Dubai Dutyfree Tennis Championships, Dubai Dutyfree Tennis Stadium in Al Garhoud.

17-21 February (Monday-Friday): International Defence Exhibition (IDEX) in Abu Dhabi National Exhibition Center.

17-21 February (Monday-Friday): Naval Defence Exhibition (NAVDEX) in Abu Dhabi National Exhibition Center.

19-21 February (Wednesday-Friday): International Dialogue of Civilizations & Tolerance Conference, Abu Dhabi Energy Centre.

24-25 February (Monday-Tuesday): World Passenger Experience Forum, Dubai.

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai.

28-29 February (Friday-Saturday): Investopia 2024, the St. Regis, Abu Dhabi.

28 February-29 March (Friday-Saturday): Ramadan.

Signposted to happen sometime in 1Q 2025:

MARCH 2025

18-19 March (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

31 March-2 April (Monday-Wednesday): Eid Al Fitr, national holiday.

APRIL 2025

6-11 April (Sunday-Friday): Geo-Spatial Week, Dubai.

7-10 April (Monday-Thursday) : EFG Hermes One on One conference, Dubai.

7-9 April (Monday-Wednesday): AIM Investment Summit, Abu Dhabi National Exhibition Center

14-16 April (Monday-Wednesday): Dubai Woodshow’s 21st Edition, Dubai World Trade Center

14-16 April (Monday-Wednesday): IPS congress, Dubai World Trade Center.

16-18 April (Wednesday-Friday): World Future Energy Summit, Abu Dhabi National Exhibition, Abu Dhabi.

21-25 April (Monday-Friday): The Dubai AI Week, Museum of the Future and Area 2071, Emirates Towers, Dubai.

25 April-11 May (Friday-Sunday): Dubai Esports and Games Festival, Dubai World Trade Center.

28 April-1 May (Monday-Thursday): The Arabian Travel Market, Dubai World Trade Center

Signposted to happen sometime in April:

MAY 2025

6-7 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

6-7 May (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

15 May (Thursday): The Economy Middle East Summit, ADGM, Abu Dhabi.

19-22 May (Monday-Thursday): Make it in the Emirates, Adnec, Abu Dhabi.

26-28 May (Monday-Wednesday): Arab Media Summit, World Trade Center, Dubai.

30 May (Friday): Arafat Day.

31 May-2 June (Saturday-Monday): Eid Al Adha.

JUNE 2025

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

JULY 2025

29-30 July (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

SEPTEMBER 2025

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

16-17 September (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

OCTOBER 2025

3-16 October (Friday-Thursday): Dubai Home Festival.

27-29 October (Monday-Wednesday): Asia Pacific Cities Summit, Dubai Exhibition Center.

28-29 October (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

NOVEMBER 2025

18-19 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

DECEMBER 2025

1-3 December (Monday-Wednesday): Eid Al Etihad (UAE National Day).

1-5 December (Monday-Friday): The World Congress of Neurosurgery, Dubai World Trade Center.

9-10 December (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

Signposted to happen sometime in 2025:

Signposted to happen sometime in the fall of 2025:

Signposted to happen sometime in 2026:

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Real GDP growth hits 3.6% in 1H 2024

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THIS MORNING: Dubai Land Department to roll out a smart rental index in January + health and auto ins. premiums in the emirate to rise next year

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Real GDP growth hits 3.6% in 1H 2024

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Ajman approves AED 3.7 bn budget for 2025

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Shuaa approves AED 425.5 mn convertible bond issuance

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Dubai property sales to hit AED 520 bn in 2024 -W Capital

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UAE issues a law to regulate medical products and pharma operations

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UAE opens a new trade link to China through Northern Pakistan

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