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Dubai Plans To Attract 50 MNCS By 2025

LOCAL NEWS

Abu Dhabi Ports, which collected AED 4 billion, was launched on the Abu Dhabi Stock Exchange, with a 17 percent increase in share price on the first day of trading. Prior to the IPO, it was revealed that IHC had purchased a 7.4 percent share in the Group.

The non-oil PMI in Dubai fell to 52.6 in January from 55.3 in December, with slower expansion in wholesale and retail, as well as travel and tourism, although construction output increased. In January, supply chain issues and rising purchase prices persisted.

The UAE’s Central Bank has given Wio, a new digital banking platform, in-principle approval: ADQ and investment holding company Alpha Dhabi own a combined 65 percent of the bank, while Etisalat (25 percent) and First Abu Dhabi Bank are the other shareholders (10 percent ). The beta version, aimed at SMEs, is expected to be launched soon.

As a part of Dubai’s International Chamber’s 3-year strategy, Dubai plans to attract 50 multinational corporations (MNCs) within three years.  The Chamber also aims to assist 100 Dubai-based companies with international expansion.

Shuaa Capital, listed in  Dubai, has filed with the US Securities and Exchange Commission to list a USD 100-200 million SPAC on the Nasdaq. It is currently awaiting the necessary regulatory permissions.

In 2021, DP World reported a 9.4% growth in container volumes, carrying 77.9 million containers. Inflation and supply chain difficulties due to COVID-19 moderated the growth rates in Q4.

Abu Dhabi based Emirate Global Aluminum proposes to build the UAE’s first and largest aluminium recycling factory, with a total output capacity of 150,000 tons per year.

In 2021, the number of business licenses issued in the emirate of Ras Al Khaimah increased by 36% year on year to 1749. These licenses in the commercial sector accounted for 53% of the total (921, up 30 percent ).

Given the drop in the number of COVID-19 cases, the UAE will abolish COVID-19-related restrictions, and venues will be able to operate at full capacity by mid-February.

Mena News

Bahrain has announced a new permanent residency visa to attract and retain “investors, entrepreneurs, exceptionally skilled individuals” and people who have lived in the nation for five years, earning at least BHD 2000 per month. These certain individuals are eligible for the visa, which can be renewed indefinitely.

The CEO of Bahrain’s GFH Financial Group disclosed that the company expects to submit an application for listing in the Saudi market this year.

According to the head of Abu Dhabi Ports, the UAE has set aside USD 10 billion to invest in Egypt (primarily in ports).

According to Reuters, Iran’s crude oil exports have surpassed 1 million barrels per day for the first time in almost three years, with most shipments going to China. Last Tuesday, indirect talks on renewing the nuclear deal resumed.

Iraq’s Electricity Minister addressed with Qatar’s Energy Minister the possibility of Qatar exporting gas to Iraq in order to alleviate the country’s power shortages, as well as logistics difficulties related to gas delivery to Iraq’s ports.

Since its opening on October 1, 2021, Qatar’s Expo pavilion has welcomed over 800,000 visitors.

According to the most recent PwC Global CEO poll, 82 percent of regional company leaders expect global growth to improve this year, with Egypt and Saudi Arabia recognized as the two top revenue growth markets (37 percent and 27 percent respectively). Furthermore, more than half of CEOs in the Middle East intend to invest in digital transformation in the double digits.

The government disclosed that 4% of Saudi Aramco shares worth USD 80 billion were transferred to the PIF. Saudi Aramco said the deal was a private one between the government and a state fund, and that it would have no impact on the number of issued shares, the company’s operations, or its governance framework.

According to Time magazine, Saudi Arabia plans to increase oil production capacity to 13.5 million barrels per day by 2027.

According to a senior official at the Digital Government Authority, annual spending on digital transformation in Saudi Arabia is likely to reach SAR 12 billion (USD 3.19 billion). Cloud computing, new developing technologies, and open-source government software are all areas where investments are being made.

Saudi Arabia has granted a license to a Hong Kong-based firm Orient Overseas Container Line to operate in Saudi ports.

GLOBAL NEWS

Markets in the United States fell after high inflation data boosted pressure on the Federal Reserve to raise rates more aggressively (the president of the St. Louis Fed called for a full percentage point increase in interest rates over the next three meetings). Despite the negative impact on tech stocks, the Stoxx 600 index rose slightly, achieving its best performance since late December. The MSCI Emerging Markets Index and the MSCI World Index both ended the day marginally down. The rise in Middle East equity markets was aided by higher oil prices; ADX surged 3%, boosted by the listing of AD Ports, while both DFM and ADX profited from news of the UAE’s imminent relaxation of COVID-19-related capacity limits. Following the European Central Bank President’s dovish statement that hiking rates would be counterproductive, the euro fell to its lowest level in a week hurting the economy. Oil prices are up at 7-year highs thanks to fears of a Russian invasion and concerns over crude oil supplies; gold price is up 3% from last week.

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