Good morning, wonderful people. It’s nearly the end of the week, but a news slowdown is nowhere in sight. The big stories today include: more debt issuances from Emirates NBD and Sharjah Islamic Bank; US chipmaking giant Qualcomm establishing presence in Abu Dhabi; and Dubai tapping a Deloitte-led consortium for the seventh phase of Mohammed bin Rashid Solar Park.

Plus: We have news of a recent divestment of an asset in Shanghai from the Abu Dhabi Investment Authority, an upsized loan for BGN from local lenders, and bns of AED worth of new contracts inked at Idex and Navdex. Let’s dive in.

⛅WEATHER- Expect a partly cloudy day today along with possibility of light rainfall in some areas, the National Center of Meteorology forecasts (pdf). Temperatures today will hit 28°C in Dubai with an overnight low of 20°C, and 23°C in Abu Dhabi before cooling to an overnight low of 20°C.

CORRECTION- We incorrectly reported yesterday that Mubadala’s aerospace maintenance arm Sanad Group and Pratt and Whitney are working on an aircraft engine maintenance, repair, and overhaul (MRO) services facility to provide MRO services for Sanad. The facility will in fact service engines for the Airbus A320neo and A220 aircraft, as well as for the Embraer E-Jet E2 aircraft family upon completion in 2028, according to a press release. Tawazun Council will also invest in the project.

WATCH THIS SPACE-

#1- Tabreed eyes USD 2 bn NCD issuance: District cooling firm Tabreed’s board will seek shareholder approval on 25 March to issue up to USD 2 bn in additional non-convertible debt instruments, according to a disclosure (pdf). The issuance may take place in one or more tranches, either directly or through a special purpose vehicle. The firm had earlier confirmed that news of its plans to refinance debt are “accurate” and that it is “evaluating various refinancing options,” according to a separate disclosure (pdf) submitted to the DFM on Tuesday.

We knew this was coming: Tabreed CFO Adel Salem Al Wahedi had said the company plans to issue USD 1.2 bn in green bonds or sukuk to refinance debt this year, including USD 500 mn bonds maturing in October 2025 and a USD 700 mn loan due in March 2025. It also completed a tender offer last April to repurchase USD 500 mn outstanding trust certificates due this year. The company has repurchased USD 240 mn in outstanding sukuk so far and currently has a BBB credit rating with a stable outlook from Fitch, Zawya reports.

#2- Arab states push alternative Gaza plan with potential USD 20 bn in funding: Arab leaders are meeting in Riyadh today to finalize a regional post-war plan for Gaza, which could include up to USD 20 bn in reconstruction funding, Reuters reports, citing two Egyptian security sources. Egyptian President Abdel Fattah El Sisi is set to discuss the proposal, which aims to counter US President Donald Trump’s plan to place Gaza under US control and relocate Palestinians to Jordan and Egypt — a move widely rejected by regional leaders — with officials from Saudi Arabia, Jordan, the UAE, and Qatar, according to sources in the know.

Both Gulf and Arab countries would contribute to the fund, which some Arab officials believe could appeal to Trump, given that it could benefit US and Israeli companies.

Yesterday, UAE President Mohamed bin Zayed Al Nahyan reaffirmed the UAE’s rejection of any forced displacement of Palestinians and stressed the need for a Gaza reconstruction-linked path to a two-state solution during a meeting with US Secretary of State Marco Rubio in Abu Dhabi, Wam reports. Rubio was on a wider Middle East tour that saw him land in Saudi Arabia and Israel earlier.

The plan will be reviewed ahead of the Arab Summit in Cairo on 4 March. It reportedly calls for the establishment of a Palestinian governing body for Gaza — excluding Hamas — and international oversight of reconstruction efforts.

#3- The Dubai InternationalFinancial Center (DIFC) is preparing to grant licenses to 40 global hedge funds, its Chairman Eisa Kazim told Al Khaleej. The 75 funds operating in the DIFC at the end of last year reflected global interest in the center, Kazim said. The center recorded a 37% jump in revenues y-o-y to AED 1.8 bn in 2024, driven by private wealth and hedge funds.

#4- Adnoc to invest up to USD 550 mn into its Emirati rigs: Adnoc Drilling will allocate between USD 350 mn and USD 550 mn, of the USD 1 bn it earmarked for investments this year, to add rigs and oil field service equipment in the UAE as it works towards its goal of reaching 151 rigs by 2028, the company’s chief financial officer Youssef Salem told Arab News (watch, runtime: 1:56) on the sidelines of the Capital Markets Forum in Riyadh.

REMEMBER- Adnoc is aiming to raise USD 1 bn as it looks to refinance debt and fund expansion, with USD 750 mn of this going towards acquisitions through its JV Enersol. Salem added that 2024 saw it bring in USD 4 bn in revenues, and expected the onshore segment to reach USD 2 bn in revenues next year, with offshore expected to bring in USD 1.4 bn and oil field services accounting for USD 1.2 bn in 2025.

#5- EWEC opens 1Q 2025 CECs auction: Emirates Water and Electricity Company (EWEC) has opened registrations for its 1Q 2025 Clean Energy Certificates (CECs) auction, according to a press release issued on Wednesday. CECs enable companies to reduce Scope 2 emissions. The auction is scheduled to close on 14 March.

ICYMI- The CECs include wind energy CECs after Ewec debuted the certificates in 3Q 2024. They were also included in the company’s 4Q 2024 registration.

DATA POINTS-

#1- Real estate transactions in Ras Al Khaimah increased 118% year-on-year to exceed AED 15 bn in 2024, driven by strong sales, mortgage activity, and growing investor interest, Economy Middle East reports, citing a recent data from Ras Al Khaimah’s Municipality. The emirate recorded nearly 3k sales transactions worth over AED 6 bn, 1.2k mortgage transactions exceeding AED 4 bn, and 845 assignment transactions surpassing AED 3 bn, Wam reports. The boom is fueled by prime waterfront developments, expanding infrastructure, and high-end projects like Wynn Al Marjan Island.

#2- Dubai’s Jebel Ali Port handled a record 15.5 mn TEUs in 2024, marking a 7.4% y-o-y increase and accounting for nearly 18% of DP World’s total global container throughput of 88.3 mn TEUs during the same period, according to a statements here and here (pdf).The port saw breakbulk cargo handled rise up 23% y-o-y to 5.4 mn metric tonnes, reaching its second-highest level of performance in almost a decade. Imports accounted for 80% of total shipments handled at Jebel Ali port, driven by the region’s expanding investments in infrastructure and renewable energy.

Behind the numbers: The firm attributes steady local and regional demand – particularly from Asia and the Indian Subcontinent – for driving up container throughput last year, regardless of geopolitical challenges, including disruptions to shipping in the Red Sea.

PSA-

It could now cost you up to AED 4k to litter in Abu Dhabi: Abu Dhabi’s Department of Municipalities and Transport has revised the emirate’s littering penalties based on the type of violation and its frequency, according to a statement. Here’s the breakdown:

  • Disposing cigarette butts or food waste outside designated containers will see fines of AED 500 for the first violation, AED 1k for the second, and AED 2k for the third and repeated breaches;
  • Leaving general waste — like trash bags —in non-designated areas will cost you AED 1k for the first violation, AED 2k for the second, and AED 4k for the third and repeated violations.

HAPPENING TODAY-

#1- Ajman’s Department of Tourism Development is on a promotional tour across the UK to establish strategic partnerships and attract more British visitors to the emirate, state news agency Wam reports. Running until tomorrow, the tour will cover Edinburgh, Newcastle, Reading, and London.

The UK is among Ajman’s top 10 tourism markets, with a 9% increase in visitors in 2024 and a 36% rise in average stay duration.

#2- The Abu Dhabi Department of Economic Development (ADDED) is leading a 140-member delegation to China, aiming to deepen investment and trade ties, state news agency Wam reports. The delegation, headed by ADDED Chairman Ahmed Jasim Al Zaabi, will visit Beijing, Shanghai, Shenzhen, and Hong Kong, meeting top Chinese officials and business leaders.

On the agenda: As part of the visit, an Abu Dhabi Investment Forum is taking place in Beijing and Shanghai, offering Chinese investors direct engagement with Abu Dhabi’s economic leaders. Key Abu Dhabi entities like ADGM, Abu Dhabi Investment Office, Adnoc, Mubadala, and Kezad are participating, highlighting potential investments across sectors including technology, finance, and energy.

#3- Gulfood is back: The world’s largest annual food and beverage event, Gulfood, is on its fourth day today and runs until tomorrow at the Dubai World Center. The event brings together over 5k exhibitors with some 1 mn food to source, with this year’s event focusing on sustainability and food security.

#4- The International Defence Exhibition (Idex) and Naval Defence and Maritime Security Exhibition (Navdex) are on their fourth day at the Abu Dhabi Exhibition Center, and wrap tomorrow. The events will see policymakers, contractors and OEMs descend on the capital, with the events including roundtable discussions and a Navdex startup zone. Manufacturers like Calidus are set to ink supply and manufacturing agreements at the event, Wam reports.

#5- The International Conference on Reprographic Rights Management will wrap today in Sharjah. The event will feature panel discussions on creative rights and their collective management, as well as the impact of artificial intelligence and technology on creative works.

#6- Meetings Arabia & Luxury Travel (MALT) Congress 2025 is on its final day today at the Abu Dhabi Convention and Exhibition Bureau, connecting buyers and suppliers to discuss the future of incentive travel, corporate events, and high-end hospitality.

#7- IDC Middle East CIO Summit 2025 will wrap today at the Grand Hyatt, Dubai, under the theme “architecting an AI-fueled business.” The event will bring together C-suite executives, industry leaders, and technology providers to explore AI’s impact on businesses. e& enterprise has been named the official host partner.

#8- Step Dubai 2025 is set to wrap today at Dubai Internet City. The event will bring together over 8k attendees, 200 speakers, and a USD 9 bn funding presence to spotlight key advancements in investment, AI, real estate, and fintech.

#9- Dubai International Boat Show 2025 is on its second day today and will conclude on 23 February at Dubai Harbour, featuring luxury yachts, superyachts, and marine innovations. It will bring together global industry leaders and water sports enthusiasts.

THE BIG STORY ABROAD-

Trump and Zelensky’s war of words is dominating the front pages this morning, as analysts fear it signals a dramatic shift in US foreign policy on Russia and a pivot away from the EU.

Move it or lose it: US President Donald Trump again slammed his Ukrainian counterpart Volodymyr Zelensky yesterday for misusing USD 350 bn aid from the US, saying he “better move fast” on reaching an agreement with Russia, or the “dictator” — as Trump called him — might not have a nation to lead. Zelensky had remarked earlier in the day that the US president “is living in this disinformation space” created by the Kremlin. (Associated Press | Washington Post | Reuters | FT)

Trump’s executive orders are not slowing down: The president said on Tuesday he will impose tariffs on autos “in the neighborhood of 25%” on 2 April, as well as similar tariffs on semiconductors and pharma imports with no clear timeline. The White House announced more executive orders will be signed in a few hours. (Reuters | Washington Post)

IN TECH NEWS- Microsoft is out with “Majorana 1,” its first quantum chip. The multinational giant claims it had to create a new state of matter called the “topological state” to develop the chip, whose components were manufactured in the US. (CNBC | NY Times)

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