Good morning, friends, and happy FRIDAY. We’ve finally made it to the end of the first workweek of Ramadan (which felt more like a year) — and are very much looking forward to the sweet relief of the weekend.

We have a busy issue with which to cap off the week, led by Ras al Khaimah closing its USD 1 bn sukuk issuance after receiving USD 4.4 bn in orders. On the M&A front, Talabat closed its acquisition of Instashop, and Dubai World Trade Center is merging its B2B events business with Informa’s Dubai-based B2B unit.

ALSO- Ever wondered what an ex-pro basketball player and special forces officer would do a few years down the line? Start a fintech in Dubai, apparently. Idriss Al Rifai, CEO and co-founder of Dubai-based fintech Flow48, dives into his unconventional background and his trials and tribulations with entrepreneurship in this week’s My Morning Routine, below.

☀️WEATHER- Brace yourselves for the hottest day of the year yet, with Dubai seeing highs of 34°C during the day, before cooling to 24°C overnight, according to our favorite weather app and the National Center of Meteorology’s forecast (pdf. Temperatures will hit highs of 29°C in Abu Dhabi during the day, and a low of 22°C at night.

So, when do we eat? Maghrib is at 6:27pm today in Dubai and 6:31pm in Abu Dhabi. You’ll have until fajr prayers at 5:18am in Dubai and 5:22am in Abu Dhabi tomorrow to finish your sohour.

WATCH THIS SPACE-

UAE-based private equity firm Gulf Capital is looking to sell its fertility clinic business, Art Fertility, Bloomberg reports, citing sources familiar with the matter. Several buyers are interested in the sale, which Moelis & Co are advising Gulf Capital on, the sources said. EnterpriseAM UAE did not hear back in time from a Gulf Capital representative to comment on the sale of the business, which has clinics in Abu Dhabi, Al Ain, and Dubai, as well as in India.

ICYMI- We interviewed Gulf Capital’s CEO Karim El Solh last year, who spoke at the time about expanding the company’s healthcare ventures through Art Fertility further into the Indian market. Gulf Capital acquired the firm from fertility group IVI RMA in 2020, after which it invested USD 30 mn to expand it to India.

#2- German m’naires eye UAE as a relocation destination amid economic and political shifts: The UAE is emerging as a key relocation destination for German high-net-worth individuals (HNWIs), with 11% of German m’naires considering a move to the country in the next 12 months, Khaleej Times reports, citing a recent study by investor migration consultancy Arton Capital.

Why are m’naires leaving? The survey, conducted between 24 February and 3 March 3, 2025, polled 1k German m’naires with a net worth of at least EUR 1 mn. It found that economic stagnation, high taxes, and the rise of far-right politics are prompting HNWIs to seek alternative residency options. Armand Arton, CEO of Arton Capital, also pointed to geopolitical instability, safety, and rising energy costs as key drivers of the trend, adding that many German HNWIs invest in UAE real estate for personal use or investment.

Why the UAE? The country’s zero income tax, security, and strong real estate market make it an attractive destination for wealthy investors. The UAE ranked seventh among the top destinations for German m’naires , following Canada, Australia, the US, New Zealand, Spain, and the Netherlands.

REMEMBER– The UAE was among the top destinations for HNWIs with assets of USD 1 mn or more in 2024, alongside the US and Italy, according to Henley & Partners estimates. The country’s golden visa programs, pro-crypto policies, and modern infrastructure made it a preferred choice. Globally, 134k m’naires emigrated last year, with 142k more projected to relocate in 2025 — which would mark the largest wealth migration in history.

KUDOS-

The Central Bank of the UAE (CBUAE) has become the first central bank in the Arab world to adopt the FX Global Code, state news agency Wam reports. The FX Global Code sets ethical and professional standards for market participants to improve transparency and stability in the foreign exchange market. The CBUAE is advising licensed financial institutions in the UAE to align with the Code and issue statements pledging commitment.

PSA-

Abu Dhabi Islamic Bank is waiving fees on deferments of personal finance installments during Ramadan, Emarat Al Youm reports.

HAPPENING TODAY-

#1- The Forbes 30/50 Summit is on its third day and runs until Saturday 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.

#2- Ajman Entrepreneurship Week is on its third day and runs until Sunday in Al Jurf Park and Mushairif Market, bringing together entrepreneurs, investors, and innovators. Organized by the Ajman Department of Economic Development, the event includes the Dakkakin Initiative to support SMEs.

THE BIG STORY ABROAD-

US President Donald Trump backtracked on his plan to implement a 25% tariff on goods from Canada and Mexico, saying that goods under the trade agreement signed between the three countries would be exempt from the levy. This marks the second u-turn on his aggressive trade policy this week, after he granted a 30-day exemption for vehicles that comply with the United States Mexico Canada Agreement (USMCA) yesterday. (Reuters | FT | WSJ)

US stocks — which have had a volatile week on the back of whipsawing policy — failed to recover from their early losses despite the reprieve, with the S&P 500 down 1.8% and the Nasdaq confirming it is in correction territory.

ON GAZA- The Trump administration said that Egypt’s USD 53 bn reconstruction plan “does not fulfill the requirements, the nature of what President Trump was asking for,” State Department spokeswoman Tammy Bruce said yesterday, adding that Hamas must not be a “factor in Gaza” in order for there to be a way forward.

IN BUSINESS NEWS- US pharma giant Walgreens will be taken private by private equity firm Sycamore Partners in a USD 10 bn transaction, after nearly a century of public trading, as the company loses market share to cheaper rivals like Amazon and Walmart. (Reuters | CNBC | WSJ)

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MARKET WATCH-

Adnoc executes first trades with Platts pricing process for Dubai crude: Abu Dhabi National Oil Company (Adnoc) has completed its first trades using S&P Global Platts’ pricing process for Middle East benchmark Dubai crude, Reuters reports, citing traders. Adnoc purchased two partials — each 25k barrels — from BP and Trafigura at USD 70.25 per barrel as part of the 42 partials traded during the Platts Market on Close process.

This is a rare move for a Middle Eastern oil producer, who rarely participate in trades that influence regional crude pricing. The Middle East continues to be a leading crude supplier, exporting 17 mn barrels per day in 2024, which accounted for 42% of global crude shipments, according to data from Kpler.

S&P Global Platts determines crude oil benchmark prices through its Market on Close process, which reflects real-time trading activity, according to an S&P Platts report (pdf). The Dubai crude benchmark, widely used for Middle East oil pricing, is based on these trades and influences global crude contracts and pricing formulas.

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