Good morning, friends. An otherwise relatively slow news day was interrupted by a handful of updates late at night, including the conclusion of talks between Adnoc and OMV on the merger of their petrochemicals units, paving the way for the establishment of a USD 60 bn petrochemicals giant.

Plus: Abu Dhabi published 2024 non-oil foreign trade figures, and we have updates on the Northern Emirates’ real estate markets last year. Also: Ras Al Khaimah is eyeing a Sukuk issuance. Let’s dive in.

☀️WEATHER- Say goodbye to our run of chilly days for a while: We’re in for a warmer day today that will hit a high of 31°C in Dubai as temperatures rise through to the end of the week, according to our favorite weather app and the National Center of Meteorology’s forecast (pdf). Dubai will see an overnight low of 21°C, while Abu Dhabi is expected to see highs of 23°C and an overnight low of 20°C.

WATCH THIS SPACE-

#1- Wood Group taps Rothschild for debt refinancing amid Sidara takeover talks: Scottish engineering company Wood Group tapped Rothschild & Co for talks to refinance its debt amid reports that Dubai-based Sidara is once again in talks to acquire the firm, the Financial Times reports, citing people in the know.

REMEMBER- Sidara, which withdrew from a prior takeover bid in August last year, reengaged with Wood Group after its stock price plummeted in recent weeks, with its valuation falling below GBP 200 mn, down from over GBP 5 bn. 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.

REMEMBER-Dubai-based engineering firm Sidara was considering a takeover last summer, submitting four acquisition bids. Wood Group rejected a GBP 1.47 bn bid in May, saying it “fundamentally undervalued” the company, before engaging with a GDP 1.59 bn offer in June. Sidara then pulled out of takeover plans in August, citing geopolitical risks and market volatility for the turnaround.

#2- Parkin + Dewa to introduce new EV green charger stations in Dubai next month: Public parking operator Parkin and the Dubai Electricity and Water Authority (Dewa) will introduce new electric vehicle (EV) green charger stations in the emirate in April, Parkin CEO Mohamed Al Ali told Al Khaleej. Users will be able to pay for charging and parking fees through the Parkin app and digital wallet.

REMEMBER- The two entities signed an agreement to expand the number of charger stations in the emirate back in May 2024. The initiative targets prime locations managed by Parkin and seeks to ramp up EV use in Dubai.

#3- Ta’ziz – a joint venture between Adnoc and Abu Dhabi sovereign wealth fund ADQ — will wrap up the first phase of its projects within five years, CEO Mashal Al Kindi said whilst speaking to Gulf News. Ongoing projects for the firm include a 1.8 mn tons per year green methanol plant in Abu Dhabi’s Al Ruwais Industrial Complex, a 1 mn tons per year large-scale ammonia factory in the UAE, and a PVC facility with a capacity of 1.9 mn tons a year.

DATA POINTS-

#1- Dubai is set to be among the biggest markets for hotel openings outside the US in 2025, with over 5.3k new rooms slated for the year, according to data from CoStar. Some 50.7k rooms are projected to open across the region, with additions in Makkah (4.7k), Doha (3.9k), Riyadh (3.5k), and Jeddah (3.2k) maintaining development activity despite a 6.7% drop in rooms under construction.

#2- Over 15k Chinese companies are operating in the UAE, Economy Minister Abdullah bin Touq Al Marri said at Investopia in comments picked up by Wam. Hundreds of Chinese companies invested over USD 6 bn in the UAE over the years, he said.

ICYMI- Only last month the Abu Dhabi and Shanghai governments agreed to up business and trade cooperation, and last December saw the opening of a new trade link through to China via Pakistan.

HAPPENING TODAY-

Egypt will host an emergency Arab League summit today to develop a unified Arab stance against the displacement of Gazans and present a reconstruction plan for the enclave. The summit, initially scheduled for 27 February, was postponed to allow for further high-level discussions. It comes amid increasing Israeli pressure, including cutting off aid to Gaza, in an effort to push Hamas into extending the first phase of the ceasefire agreement.

What to expect: Egypt will present its reconstruction plan during the summit, with Egyptian Foreign Minister Badr Abdelatty confirming that securing international support — particularly from European donors — will be a priority, he said during a presser (watch, runtime: 42:05) earlier this week. The plan reportedly includes setting up temporary housing for Palestinians in safe zones, while Hamas would be replaced by an interim Governance Assistance Mission, led by Arab, Muslim, and Western states, to oversee Gaza’s initial reconstruction and humanitarian aid for an unspecified period, according to a draft proposal obtained by Reuters. Security would reportedly fall under an International Stabilisation Force, primarily composed of Arab states, which would take over from Hamas with plans to eventually establish a local police force.

Gulf nations remain divided on Hamas’ role in Gaza’s reconstruction, with the UAE firmly opposing any scenario in which Hamas remains in Gaza and advocating for a reformed Palestinian Authority as the sole governing body, the Wall Street Journal reports. Saudi Arabia and Qatar, however, back Egypt’s proposal, which calls for Hamas to disarm while continuing to play a political role alongside other Palestinian factions. Hamas, so far, has resisted demands to surrender its weapons, with key leaders rejecting an Egyptian proposal to place its arsenal under international supervision until a Palestinian state is established.

HAPPENING THIS WEEK-

The Forbes 30/50 Summit kicks off tomorrow and runs until 8 March in Abu Dhabi. Coinciding with International Women’s Day, the event brings together influential leaders from entertainment, sports, business, and activism, including Reddit cofounder Alexis Ohanian, Iraqi para table tennis player Najlah Imad, Syrian swimmer Yusra Mardini, and Saudi race car driver Reema Juffali.

MARKET WATCH-

Opec+ stays the course on planned supply hikes next month: Opec+ agreed to stick to plans to revive supply in April following repeated delays, according to a statement yesterday. The group cited “healthy market fundamentals” and a “positive outlook,” but kept the door open for future changes in policy, saying the increase may be paused or reversed depending on market conditions. “This flexibility will allow the group to continue to support oil market stability,” the statement said.

The UAE is getting its production hike: The UAE is set to see a higher production quota of 3.5 mn barrels per day in 2025, up from the current 2.9 mn, after the oil cartel agreed to raise its production quota last year.

Opec+’s crude production is already on the rise, reaching 27.4 mn barrels a day (bbl / d) in February, an increase of 240k bpd, its highest since December 2023, Bloomberg reports. The UAE raised its output by 70k bpd — which Bloomberg claims is 400k bbl / d over an agreed limit — as shipments to Japan and China rose. Iraq and Venezuela also drove the uptick in production.

THE BIG STORY ABROAD-

Leaving no room for talks, Trump officially slapped 25% tariffs on Canada and Mexico starting today. The levies — initially postponed after negotiations with Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau — are now officially moving forward as part of Trump’s push to pressure both countries on border security and fentanyl trafficking. Trump is also using the move to pressure Canada and Mexico to shift their manufacturing to the US, saying they’re “going to have a tariff” unless they “build their car plants, frankly, and other things in the United States, in which case they have no tariffs.” Canadian Foreign Minister Melanie Joly warned that Ottawa is “ready” to hit back with retaliatory measures.

That’s not all —Trump also signed off on doubling tariffs on Chinese imports to 20%. The White House justified the move by accusing Beijing of failing to curb illicit fentanyl shipments to the US. The directive goes into force today.

Needless to say, markets recoiled —The S&P 500 slid around 1.8%, marking its worst day since December and wiping out its year to date gains. The Dow Jones Industrial Average tumbled 1.5% and the Nasdaq fell 2.6%, as fears over US economic fallout materialized. Tech stocks also slid, with Nvidia tumbling over 8%. We have more in Planet Finance, below. (Financial Times | AP | BBC | Bloomberg | CNBC | Reuters)

ALSO- Trump paused all military aid to Ukraine as part of his efforts to push Ukrainian President Volodymyr Zelenskyy to take part in peace talks with Russia. Trump’s decision comes days after a heated discussion between him and Zelenskyy. (Bloomberg | AP)

IN OTHER BUSINESS NEWS- A Citigroup staffer nearly sent USD 6 bn to a customer’s account after dropping the account number into the USD field by mistake — a typo with serious extra zeros. The error, caught the next business day, was reported to regulators. (Bloomberg)

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CIRCLE YOUR CALENDAR-

The Global Islamic FinTech Forum will take place on 15 April 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.

The inaugural Public Art Abu Dhabi Biennial runs through 30 April, showcasing over 70 artists from the UAE and around the world with site-specific installations across Abu Dhabi and Al Ain, according to an Abu Dhabi Media Office statement. The second phase, launched yesterday, adds new works by Anga Art Collective, Ayesha Hadhir, Lúcia Koch, and more, along with a public program of talks, workshops, film screenings, and performances. Visitors can explore the exhibition’s eight routes by foot or car.

The Annual HR Tech MENA Summit is set to take place on 13-14 May in Dubai, bringing together HR and tech professionals from across the region to discuss trends in HR technology, according to a press release. This year’s theme at the invite-only summit is the digital handshake: blending tech and touch.

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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