Good morning, friends. It’s only Tuesday and the newsflow has once again picked up, with plenty of updates on the investment, debt, and renewables fronts.

The big story of the day is the UAE’s planned USD 40 bn in investments in Italy, cutting across sectors like energy, defense, and space. We also have news of a new dry ports facility linking Dubai and Abu Dhabi, Investcorp Capital planning an investment in Italian firm Epipoli, and much more. Let’s dive in.

🌦️WEATHER- We might see more showers today, along with some blowing dust and a decrease in temperatures, according to our favorite weather app and the National Center of Meteorology’s forecast (pdf). Dubai will see the mercury hit 25°C today, with an overnight low of 19°C, while temperatures will hit 21°C in Abu Dhabi, with an overnight low of 18°C.

UPDATES-

#1- Over half of the demand for Adnoc Gas’s massive USD 2.8 bn follow-on offering came from international investors, with non-GCC accounts securing the majority (75%) of the order book, IFR reports. Adnoc sold an additional 4% stake in Adnoc Gas last week in a secondary share sale that was 4.4x oversubscribed, raising USD 2.8 bn, and increasing the company’s free-float to 9%. The move sets the stage for Adnoc Gas’s inclusion in the MSCI and FTSE emerging market indices, offering global investors greater exposure to the company.

ADVISORS- The state-owned energy giant enlisted BofA Securities, Citi, EFG Hermes, First Abu Dhabi Bank, HSBC, and International Securities as coordinators and bookrunners to manage the sale.

#2- ADGM completes expansion to Al Reem Island: ADGM has finalized its jurisdictional expansion to Al Reem Island, increasing the combined area of Al Maryah and Al Reem Islands to 14.4 mn sqm and adding 500k sqm of new office space to meet growing business demand, it said in a statement. Since the expansion was first announced in April 2023, 600 new businesses have set up on Al Reem Island, while 500 existing companies have transitioned to ADGM’s jurisdiction, bringing the total number of entities under its umbrella to 1.1k.

IN CONTEXT- The ADGM added Al Reem Island to its jurisdiction in November 2023 as part of its expansion to accommodate the demand for office space in the financial hub. ADGM waived registration fees for Reem Island businesses until December as part of an incentive package aiming to facilitate their transition to the hub.

#3- Sharjah launched Aqari, a new digital platform that streamlines real estate rental services by reducing the required steps to three from seven, and eliminating the need for in-person visits, Khaleej Times reports. Previously, completing rental services involved five physical visits to various departments. In its pilot phase, over 90 companies have registered with Aqari, listing more than 4.7k properties.

REMEMBER- Plans for the platform’s launch were first revealed in October 2024 as a collaboration between Sharjah Digital Department and Adres Real Estate Services.

WATCH THIS SPACE-

#1- Alpha Data is likely to price its IPO at the top of its indicative range AED 1.50 per share, with strong demand expected to push the tech firm’s valuation up to AED 1.5 bn, Bloomberg reports, citing terms it has seen. The offering — which marks Abu Dhabi’s first IPO of the year — is expected to raise up to USD 600 mn, reflecting sustained investor appetite for tech players operating in AI. Alpha Data’s only two shareholders are selling down their position to a combined 60% stake in the company and pocketing net proceeds from the secondary sale of a 40% interest.

What’s next? The subscription period for retail and institutional investors is due to wrap up later today, with the company scheduled to announce its final IPO price tomorrow. Trading is expected to begin around Tuesday, 11 March. Alpha Data also appointed BHM Capital as the price stabilization manager, according to a DFM disclosure (pdf).

ADVISORS- EFG Hermes, Emirates NBD and Abu Dhabi Commercial Bank are acting as joint lead managers for the transaction, with Ashurst and Latham & Watkins providing legal counsel. Deloitte & Touche are serving as auditors.

#2- Sidara’s Wood Group acquisition back on the table? Abu Dhabi-based engineering conglomerate Sidara is once again in advanced talks to acquire UK energy services firm Wood Group, the Financial Times reports. Sidara, which withdrew from a prior takeover bid in August last year, reengaged with Wood Group after its stock price plummeted in recent weeks, according to sources close to the negotiations. While discussions continued as of Monday morning, the sources cautioned that an agreement might not materialize — though under UK takeover rules, Sidara has until 24 March to make a formal offer or walk away.

Market reax: Wood Group’s shares rose 31.1% on the news.

Wood’s shares have plunged 60% earlier this month, driven by governance failures, a USD 1.4 bn debt cliff due by October 2025, and the resignation of CFO Arvind Balan, who admitted to falsifying qualifications. Once valued at EUR 5 bn after its 2017 takeover of Amec Foster-Wheeler, Wood’s market cap now stands at EUR 258 mn — a fraction of the valuation EUR 1.6 bn it would have had if Sidara’s earlier offer came had come through last year.

The engineering conglomerate is now prioritizing swift acquisition to retain Wood’s senior talent amid employee unrest over bonus cuts. Sidara aims to acquire Wood intact, though the firm explored selling its EUR 1 bn consulting arm to reduce debt. Private equity firm Apollo, a 2023 suitor, is unlikely to counterbid, leaving Sidara as the frontrunner.

#3- Tabreed taps banks for green sukuk issuance: District cooling firm Tabreed has appointed banks to advise on a five-year Reg S USD-denominated benchmark green senior unsecured sukuk issuance, Zawya reports. The issuance — which would come under its USD 1.5 bn trust certificate program — is still subject to market conditions. Tabreed holds a Baa3 credit rating with a stable outlook from Moody’s and a BBB rating from Fitch with a stable outlook.

ADVISORS- Citi and Standard Chartered Bank will act as joint global coordinators, and also serve as joint lead managers and joint bookrunners along with Emirates NBD Capital, First Abu Dhabi Bank, and HSBC. Abu Dhabi Commercial Bank has been appointed as co-manager.

REMEMBER- Tabreed’s board will also seek shareholder approval on 25 March to issue up to USD 2 bn in an additional non-convertible issuance as it looks to refinance debt, including USD 1.2 in loans set to mature during this year.

#4- SharjahIslamic Bank’s (SIB) shareholders approved its USD 500 mn Reg S five-year sukuk offering as part of its USD 3 bn trust certificate issuance programme, according to a DFM disclosure (pdf). The disclosure said the issuance intends to “[strengthen] the Bank’s capital adequacy ration.” The board also recommended that AED 458.7 mn be distributed in dividends.

ICYMI- The issuance had initial price thoughts of T+1.25% and is set to be listed on Euronext Dublin and Nasdaq Dubai following a wakala structure. First Abu Dhabi Bank and Damac are also set to proceed with sukuk issuances soon.

ADVISORS- Our friends at Mashreq, along with Emirates NBD Capital, HSBC, Standard Chartered, Abu Dhabi Islamic Bank, Dubai Islamic Bank, ICD, and Warba Bank are joint lead managers and bookrunners.

#5- Tech firm Bird targets Dubai for global expansion: Dubai has been selected as a primary operational hub for Dutch cloud communications firm Bird as it shifts its focus away from Europe, citing restrictive regulations and a challenging talent landscape, Bird CEO Robert Vis said in a LinkedIn post. Vis said Europe’s restrictive regulatory environment, including the EU’s AI Act, will likely stifle innovation in an era dominated by rapid AI advancements in an interview with Reuters. The company — which competes with US-based Twilio in corporate communication solutions — will split its operations between Dubai, New York, and Singapore, though it will retain a small office in Lithuania and its tax base in the Netherlands.

#6- Credit ratings agency Moody’s is the latest to forecast a dip or stabilization in Dubai’s property market over the next 12 to 18 months, as developers face rising construction costs and potential delivery delays as construction work is outsourced, according to a ratings report for real estate developer Damac’s special purpose vehicle Alpha Star picked up by Zawya. There is a large pipeline of pre-sales set for completion over the next two to three years, which could also impact pricing trends, the ratings agency said, while giving the sukuk SPV a backed senior unsecured rating of Ba2. Damac earlier this week priced its USD 750 mn senior unsecured sukuk at T+268.9 bps, offering a 4.25% coupon.

ICYMI- A Deloitte report earlier this week projected that residential price and rent growth may slow by year-end as new supply enters the market. Knight Frank previously forecasted that Dubai’s residential prices will rise by 8% in 2025, down from a 20% surge in 2024, with others expecting an increase in supply over the next two to three years to contribute to market stabilization.

Developers are preparing to deliver 182k units in Dubai between 2025 and 2026, but construction capacity constraints could lead to delays, tightening supply and supporting short-term price increases, according to a previous S&P Global report. ValuStrat data indicated that only 58% of the projected supply was delivered last year, marking the lowest completion rate in six years with just 27k homes completed.

#7- Abu Dhabi’s government has issued tenders for stormwater drainage and flood mitigation projects, according to announcements (pdf) on the Abu Dhabi Government Procurement Gate. The government is seeking bids for the project amid an increase in the frequency of extreme weather events, in a bid to control flooding and increase climate resilience.

The tenders:

  • The first tender (pdf) is for the design and construction of a storm discharge network with a 7 March deadline.
  • The second tender (pdf) is calling for diversion of storm water outfalls and is due on 21 March.
  • The final tender (pdf) is for the lowering of the groundwater table to mitigate surface water flooding and is due on 14 March.

REMEMBER- It has been nearly a year since the UAE experienced the heaviest rainfall it has seen in 75 years last April, which experts say was made 40% more intense due to climate change. Dubai acted quickly to adapt its infrastructure to the threat, approving the USD 8.2 bn rainwater drainage Tasreef project to address flooding challenges. Meanwhile, the UAE said it had some AED 421 mn worth of water-saving projects underway, with specialized consultants appointed to develop innovative solutions to mitigate flood damage — including sustainable water facilities such as dams, water barriers, canals, and lakes.

PSAs-

#1- Residents can renew their visas online via The General Directorate of Residency and Foreigners Affairs’ (GDRFA) new AI-powered platform Salama, Khaleej Times reports. The first phase of the platform will process requests within minutes, and will focus on renewals and cancellations for residents, with the second phase expanding to visitors, tourists, and other services, Director of the Data Science and Artificial Intelligence Department Ghaleb Al Majid said. There are plans to expand the service to include companies as well.

#2- Private sector employees will work reduced hours during Ramadan, according to a statement by the Human Resources and Emiratisation Ministry. The ministry announced a two-hour reduction in daily working hours for the holy month, allowing companies to implement flexible or remote work arrangements within the revised schedule.

#3- Parkin rolls out a new mobile app in Dubai: Parkin has introduced a new mobile app that enables users to pay for public/developer parking, manage vehicles and wallets, and purchase subscriptions, Khaleej Times reports. It shows real-time parking availability, allows advance scheduling, and uses license plate recognition for AutoPay at Parkin lots and partnered malls. Users can also dispute fines, reserve spaces, extend tickets, check amenities like EV charging, and store permits in device wallets.

#4- Dubai to require Arabic lessons in private schools: Starting September 2025 — or April 2026 for some schools — all private schools and early childhood centers in Dubai will be required to teach Arabic to children aged 4-6, Gulf News reports. The mandate will expand gradually, with ages 3-4 added in phase two and children under three in phase three. A two-year review of phase one will shape the rollout.

HAPPENING TODAY-

#1-The CleanTech Innovators Exhibition’s second cycle kicks off today at the Sustainability and Innovation Center of Dubai Electricity and Water Authority (DEWA) and ends on Wednesday, as part of UAE Innovates 2025, which started at the beginning of the month. The event will showcase the latest technologies in green hydrogen, sustainability, digital transformation, AI, solar power, and energy storage.

#2- A Dubai government delegation begins its four-day visit to Shenzhen, China today, organized by the emirate’s executive office and Dubai Chambers, state news agency Wam reports. The group will meet public and private sector leaders and tour institutions specializing in technology, innovation, digital economy, urban planning, and sustainability.

The agenda includes meetings with officials from the Shenzhen Stock Exchange to boost financial cooperation; a meeting with Shenzhen Capital Group to strengthen SME ties; one with Tencent to explore digital transformation cooperation; and another with Huawei to discuss smart government solutions and BYD. It will also aim to attract Chinese multinationals and unicorns to Dubai.

#3- Connecting Hydrogen MENA kicked off today and will wrap up on Wednesday at Madinat Jumeirah Conference Center in Dubai. The event features more than 50 sessions and 200 speakers, set to discuss clean hydrogen and ammonia. It includes networking activities and a MENA hydrogen exhibition showcasing technologies.

#4- TheDubai Stem Cell Congress, organized by the First Stem Cell and Genomics Laboratory (FSG) with the support of the Dubai Health Authority, takes place today and tomorrow at the Ritz-Carlton, Dubai International Financial Center. The event brings together up to 500 delegates, including medical professionals, technologists, oncologists, and specialists, as well as 25 international speakers. This year’s theme is Bridging the Future, focusing on the latest advancements in stem cell research and regenerative medicine.

HAPPENING THIS WEEK-

Investopia 2025will kick off on Wednesday and will wrap up on Thursday at the St. Regis Saadiyat in Abu Dhabi. The event features over 100 speakers, including government officials, investors, entrepreneurs, economists, and major investment funds from 20 countries. It will host 2k participants and representatives from global financial and economic institutions.

THE BIG STORY ABROAD-

It’s shaping up to be a calm morning in international news, with most foreign press focused on the Trump administration’s shift away from traditional EU allies to warmer ties with Russia.

US, EU not on the same page: US President Trump’s meeting with France’s Emmanuel Macron saw the two leaders disagree on Ukraine despite maintaining a friendly veneer. Macron insisted Ukraine should be compensated by Russia as the aggressor, and corrected Trump’s statements that Europe “is loaning” the money to Ukraine and will get it back. Meanwhile, Trump said Washington is close to snapping up a share of Kyiv’s natural resources, with Ukrainian President Volodymyr Zelensky visiting in a few days to sign the agreement.

ALSO- Apple announced yesterday it will be investing USD 500 bn in the US over the next four years, in a bid to mitigate the impact of tariffs on its supply chains. Trump confirmed that postponed tariffs on Canada and Mexico “will go forward” when the delay expires next week.

MEANWHILE-

  • The EU agreed to partially lift sanctions on Syria’s energy sector, including oil exports and energy tech imports. (Bloomberg)
  • JP Morgan will allocate an additional USD 50 bn for direct lending. (Reuters)

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