Good morning, wonderful people. We’re only a couple of sleeps away from the start of Ramadan, and the news cycle is finally starting to wind down ahead of the holy month.

THE BIG STORY here at home: A couple of additions to our already strong IPO pipeline, courtesy of International Holding Company’s 2PointZero and Abu Dhabi Investment Group. Plus: Alpha Data priced its IPO top of the range, and Moody’s lowered its outlook on the banking sector to stable. We also look at January’s inflation figures, showing inflation was on the rise at the start of the year.

⛅WEATHER- It’s another cloudy day here at home with a chance of light rainfall, according to our favorite weather app and the National Center of Meteorology’s forecast (pdf). Temperatures today will hit 24°C in Dubai with an overnight low of 19°C, and 20°C in Abu Dhabi before cooling to an overnight low of 18°C.

HAPPENING TODAY-

#1- Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan will visit Pakistan for the first time today along with a delegation of ministers and business leaders, to boost investments in the country and ink several agreements and MoUs, according to a statement by Pakistan’s foreign office.

#2- The Dubai government delegation concludes 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 also aims to attract Chinese multinationals and unicorns to Dubai.

#3- Investopia 2025will wrap up today 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 hosts 2k participants and representatives from global financial and economic institutions.

HAPPENING TOMORROW-

The Education First Forum will take place on 28 February at the Adnec Center in Abu Dhabi. The event brings together policymakers, educators, students, and parents to align education strategies with UAE Centennial 2071 goals, focusing on youth development and global competitiveness.

WATCH THIS SPACE-

#1- The UAE is aiming for the non-oil sector to contribute 80% of GDP in the next six to seven years, Economy Minister Abdulla bin Touq Al Marri told Bloomberg (watch, runtime: 5:33) on the sidelines of Investopia. This would mark a 5% increase as currently the sector makes up 75% of GDP, Al Marri said.

Non-oil sector growth is expected to rise this year: Emirates NBD recently pencilled in non-oil sector growth of 5% for the UAE this year, with Moody’s forecasting the same figure at least. Fitch also had a positive outlook for the sector thanks to a plethora of comprehensive economic partnership agreements, which helped the UAE hit AED 3 tn in non-oil foreign trade last year. Non-oil activity dipped slightly in January, however, after a nine-month high, but still remained above the 50.0 growth threshold at 55.0.

Three new priority economies: Al Marri said food and food processing, the circular economy, and the space and aerospace sectors are the economies to be developed next as part of the country’s economic diversification drive — after last year’s focus on AI and data centers. Continued economic agility and stability will keep attracting investors and HNWIs to the emirates, Al Marri added.

#2- The UAE is ramping up efforts to attract investments in financial services, pharma, technology, and manufacturing, Investment Minister Mohamed Hassan Alsuwaidi said at the Investopia conference in Abu Dhabi, The National reports. “We are still far behind where we would like to be in financial services,” Alsuwaidi said, adding that there’s “definitely significant room to grow there, whether it's in the asset management business, whether it's in the ins. business, whether it's even in banking and whether it's technology or FinTech or so on.” The country is also revising corporate laws to make it easier for businesses to set up shop here.

REMEMBER- The UAE aims to triple foreign direct investment (FDI) to AED 2.2 tn by 2031 under its national investment strategy, focusing on key sectors like advanced manufacturing and renewable energy.

How we’re faring so far: FDI is expected to have risen by 17.1% y-o-y to AED 130 bn in 2024. The UAE attracted around USD 30.7 bn (AED 112.6 bn) in FDI inflows for greenfield projects in 2023, representing 45.4% of total foreign direct investment inflows in the region. The country also ranked first globally in attracting FDI relative to its GDP in 2023.

#3- UAE seen being one EY’s fastest growing markets worldwide over the next decade: EY expects the UAE to be one of the fastest growing markets worldwide for the firm over the next five to 10 years, which will be driven by “significant opportunities for collaboration with both the public and private sectors,” EY’s Managing Partner in the UAE Anthony O'Sullivan told state news agency Wam. The firm considers the UAE and the Mena region at large as strategic priorities due to the “attractive investment environment and supportive economic growth policies,” O’Sullivan was quoted as saying.

The UAE’s economy is expected to grow heavily in the short-term: “The UAE economy will be the fastest among the GCC economies” in 2025, BMI’s MENA Senior Country Risk Analyst Mariette Hanna said last month, with the firm seeing the UAE’s GDP growth reaching 5.1% this year.

#4- Errol Musk, father of b’naire Elon Musk, has revealed plans for Musk Tower potentially in the UAE or somewhere in the wider region, describing it as an innovation center focused on breakthroughs in science, space-time travel, and gravity, during an interview with Al Arabiya English (watch, runtime: 44:40). Musk is in talks with Abu Dhabi-based Al Khaili Group for the development of the tower.

A key part of the plan involves the Musk It meme coin, a digital asset allowing holders to stake tokens in exchange for shares in Musk Tower, AGBI reports.

#5- Abu Dhabi will introduce an update to the emirate’s urban plan in the upcoming weeks, Mohamed Ali Al Shorafa, chairman of the Abu Dhabi Municipalities and Transport Department, told Bloomberg (watch, runtime: 09:25). The emirate is also planning to roll out 3k–3.5k electric vehicle charging points at petrol stations and public spaces.

#6- DIFC pitches new data protection amendments: The Dubai International Financial Center (DIFC) is proposing changes to its laws on data protection, security, insolvency, and employment, with a focus on expanding data rights and and aligning regulations with international standards, according to a statement (pdf). The amendments are open to public consultation until 26 March 2025.

The details: The amendments clarify the law’s scope to ensure DIFC data subjects remain protected regardless of where their data is processed, aligning with global frameworks like the General Data Protection Regulation (GDPR). The proposed amendments will strengthen data-sharing regulations and ensure that data processed by government authorities is adequately protected, with proper redress mechanisms in place. Additionally, a Private Right of Action will be introduced, allowing individuals to seek compensation through DIFC courts for data breaches.

ALSO- Other amendments include updates to security and insolvency laws to align financial collateral arrangements with international standards and clarify security rights over movable and immovable assets. Employment law changes will ensure employer contributions for GCC nationals are directed to state pension funds where applicable, rather than DIFC’s qualifying schemes.

DATA POINTS-

#1- Some 1.5k Egyptian companies have relocated their headquarters to Abu Dhabi, Egyptian b’naire Naguib Sawiris said at a conference in Abu Dhabi, Reuters reports. He also called for merging the UAE’s three stock exchanges to boost market liquidity and attract foreign listings.

#2- The AED 1.1 bn Islamic treasury sukuk issued by the Central Bank of the UAE (CBUAE) in February was 6.5x oversubscribed, state news agency Wam reports. The auction attracted AED 7.1 bn in bids, witnessing strong demand from the eight primary dealers for the tranches maturing in August 2028 and September 2029. The issuance is part of the Islamic T-sukuk program for 1Q 2025.

The details: The tranche maturing in August 2028 achieved a yield to maturity of 4.18%, while the September 2029 tranche reached 4.21%. These yields represent a spread of one basis point above US treasuries with similar maturities at the time of the auction.

REMEMBER- The CBUAE's AED 1.1 bn T-sukuk auctioned in January 2025 was 6.3x oversubscribed, attracting AED 6.9 bn in bids. The tranche maturing in May 2027 achieved a yield to maturity of 4.3%, while the September 2029 tranche reached 4.4%. The central bank’s AED 1.1 bn t-Sukuk auctioned in November 2024 was 4.9x oversubscribed, attracting AED 5.4 bn in bids.

#3- Fintech contributed 8.7% to the UAE’s GDP in 2024, with plans to raise its share to 12% by 2031, Economy Minister Abdullah bin Touq Al Marri said at Investopia 2025, state news agency Wam reports.

PSAs-

#1- Dubai government employees will work flexible hours during Ramadan after the Executive Council of Dubai and the Dubai Government Human Resources Department (DGHR) approved a new flexible working system for the holy month, according to a Dubai Media Office statement. Employees are required to work a minimum of 5.5 hours from Monday to Thursday and three hours on Fridays. Additionally, they can work remotely for up to two days per week with prior managerial approval.

#2- Dubai’s Roads and Transport Authority adjusted operating hours for services during Ramadan, according to a statement.

Dubai Metro:

  • Monday-Thursday and Saturday: 5 am-12 am.
  • Friday: 5 am-1 am.
  • Sunday: 8 am-12 am.

Dubai Tram:

  • Monday-Saturday: 6 am-1 am.
  • Sunday: 9 am–1 am.

Paid parking:

  • Monday-Saturday: 8 am-6 am and 8 pm–12 am.
  • Multi-level parking: 24/7.

Also: The public bus schedule will be available via S’hail App, while timings for marine transport can be found here.

#3- Public schools will shift to distance learning every Friday during Ramadan, except for students with approved Friday exams, state news agency Wam reports.

THE BIG STORY ABROAD-

Nvidia posts strong 2024 earnings: US chipmaking giant Nvidia saw revenues rise 79% y-o-y to USD 38.3 bn in 4Q 2024, leading full-year earnings to more than double to reach USD 130.5 bn, exceeding analyst expectations. CEO Jensen Huang dismissed concerns of Chinese AI startup DeepSeek’s claims affecting the company’s performance, touting “amazing” demand for high-end chips.

CLOSER TO HOME- Hamas and Israel exchanged four dead Israelis for 642 Palestinian prisoners early this morning, days before the first phase of the fragile Gaza ceasefire is set to end. Meanwhile, US Special Envoy to the Middle East Steve Witkoff said a “summit” of regional real estate developers and planners will be held soon to discuss Trump’s forcible displacement plan.

“I think when people see some of the ideas that come from this, they’re going to be amazed,” Witkoff said, without providing further details.

ALSO- We might start looking elsewhere for Trump coverage: The White House denied reporters from Reuters, the Associated Press, and other news outlets from covering the US President’s first cabinet meeting held yesterday. The new policy, announced Tuesday, will see the Trump administration pick and choose who is allowed to cover events in “smaller spaces,” including the Oval Office.

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CIRCLE YOUR CALENDAR-

The Global Islamic FinTech Forum will take place on 15 April 2025 at the Dusit Thani Hotel in Dubai, bringing together experts, investors, and regulators to discuss developments in Shariah-compliant financial technology. Topics will include digital payments, peer-to-peer lending, takaful, and blockchain-based financial services.

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

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