THIS MORNING: UAE outpaces US, UK and more in latest World Happiness Index + Beware where you park during Taraweeh

Good morning, lovely people, and happy FRIDAY. We welcome the weekend with yet another packed issue — again, what Ramadan slowdown? — led by a boost from Moody’s, which affirmed the UAE and Abu Dhabi’s credit ratings, as well as Dubai inflation figures. Plus: We have a handful of M&A updates, with Mubadala reportedly planning a follow-on offering for du, and CVC Capital Partners looking to acquire Mubadala-owned asset manager Fortress.

So, when do we eat? Maghrib is at 6:34pm today in Dubai and 6:38pm in Abu Dhabi. You’ll have until fajr prayers at 5:04am in Dubai and 5:08am in Abu Dhabi tomorrow to finish your suhoor.

☀️WEATHER- It’s another hot day across the country, according to our favorite weather app and the National Center of Meteorology’s forecast (pdf). Dubai will see the mercury hit 31°C today, with an overnight low of 24°C, while temperatures will hit 33°C in Abu Dhabi, with an overnight low of 25°C.

PSAs-

#1- Dubai Police will impose AED 500 fines for illegal and improper parking near mosques during Taraweeh and Qiyam prayers in the last days of Ramadan, Khaleej Times reports. Motorists will also face AED 400 fines for blocking pedestrian movement.

#2- You can now use Tabby on RTA’s website and app, after Dubai’s Roads and TransportAuthority (RTA) rolled out its buy now pay later option across all its digital channels, it said in a press release. Previously only available through smart kiosks, the service now lets customers use Tabby to pay for 170 services including license renewals on its website, app, and nol Pay app as well.

DATA POINTS-

#1- Dubai climbed to 12th place in the Global Financial Centers Index, up from 16th in September 2024. It remains the top financial center in the MENA region, while Abu Dhabi ranks 38th. The index is published by London-based think tank Z/Yen Group.

#2-The UAE ranked 21st on the World Happiness Index 2025, up from 21st place in 2024 and outpacing countries including the UK, US, Germany, France, Singapore, and all Arab countries, according to the World Happiness Index 2025 report. The survey also asked people whether, in the past month, they had donated money (UAE’s ranking: 16th), volunteered (ranking: 19th), or helped a stranger (ranking: 67th).

The rest of the ranking? The US slumped to its lowest position ever in the annual World Happiness Report, dropping to 24th place, while Nordic nations continued to dominate the ranking, with Finland coming out on top.

WATCH THIS SPACE-

#1- Adani Group could close its potential acquisition of Emaar India as soon as next month at an enterprise value of USD 1.4 bn, Bloomberg reports, citing sources it says have knowledge of the matter. The potential transaction could see an unlisted Adani unit invest USD 400 mn in equity, the sources said.

We last heard of this in January when Indian local media reported that Emaar could be snapping up a 70-100% stake, valued at an estimated AED 1.7-2.1 bn, likely through Adani Realty, an unlisted entity within the Adani Group.

#2-PureHealth will consider settling AED 1.85 bn in banking facilities obtained from First Abu Dhabi Bank early during its board meeting on 21 March, according to an ADX disclosure (pdf). The company turned to the black in 4Q 2024 with a net income of AED 279 mn, while its annual net income reached AED 1.7 bn last year on the back of growth and acquisitions in the hospitals segment.

REMEMBER- PureHealth has been on an expansion spree: PureHealth is set to acquire a 60% stake in Hellenic Healthcare Group, with the sale valuing the company at USD 2.3 bn. The company also finalized its acquisitions of Circle Health Group and Sheikh Shakhbout Medical City early last year. It had also planned to acquire NMC Healthcare, but reportedly scrapped the plans due to differences over valuation.

Speaking of valuations… Egyptian Prime Minister Moustafa Madbouly confirmed the state has appointed an advisor to come up with a new valuation for state-owned Banque du Caire, which Emirates NBD is reportedly eyeing during his weekly presser yesterday (watch, runtime: 20:46). “The last valuation has become outdated,” Madbouly said, adding that work on the process has begun. The Emirati lender is currently doing due diligence on the bank.

He also confirmed that a strategic sale is not set in stone: “Based on [the new valuation], the state will decide on the size of the stake to offer, either to a strategic investor, or through a stake sale on the EGX,” he said.

REMEMBER- A banking source told EnterpriseAM earlier this month that Banque Misr is seeking USD 1-1.2 bn from the direct sale of a 45% stake in BdC, and is looking to list another chunk of the lender on the EGX in a separate offering, only to retain a non-controlling stake.

#3- UAE investors eye minority stake in Arizona mine: Emirati investors are among those in talks to buy up to 30% of Canadian mining firm Hudbay Minerals ’ flagship Copper World project in Arizona within six months, Bloomberg reports. Saudi Arabia’s Manara Minerals Investment Company and Japanese trading houses are also interested in an acquisition, CEO Peter Kukielski told Bloomberg last November.

The mine: The Copper World project mine had proven reserves of 385.1 mn as of 1 January 2024, according to Hudbay’s website, and it expects the 85k metric tons per year capacity project to up its annual copper production by over 50%, according to Bloomberg.

This comes amid increasing Emirati interest in mining and critical minerals, with ADQ and Orion launching a USD 1.2 bn critical mineral-focused JV, UAE-based Ambrosia Investments acquiring 50% of Allied’s Mali mine operations, and state-owned IRH eyeing a stake in Alphamin Resources.

#4- Lunate to invest in APAC’s private equity: Abu Dhabi alternative asset manager Lunate launched a new venture — Axight — to capitalize on private equity investments in the Asia-Pacific region (APAC), sources familiar with the matter told Bloomberg. Axight aims to raise third-party capital over time, serving as a part of Lunate’s efforts to boost its USD 105 bn assets under management, Bloomberg said, without disclosing the size of the fund. A source close to Lunate declined to comment on the news when we reached out.

Speaking of Lunate: The asset manager Lunate partnered with BNY and SS&C Technologies Holdings to support its end-of-service benefits scheme GhafBenefits, according to a statement. BNY will provide custody services for international securities, while SS&C will oversee the platform’s technology infrastructure and administrative services.

#5- Despite expected interest rate cuts in 2025, UAE mortgage rates are unlikely to see significant changes, industry experts told The National. Many banks have already factored in potential rate cuts and are offering competitive mortgage rates, with some lending below the Emirates Interbank Offered Rate (Eibor), Money Maestro’s director, Rajender Prasad said.

ICYMI- The Central Bank of the UAE (CBUAE) kept interest rates unchanged, aligning with the US Federal Reserve’s decision on Wednesday.

The industry’s outlook is promising: The mortgage market remains strong, fueled by residents shifting from renting to homeownership as mortgage rates remain lower than rental yields, said Mortgage Finder’s director, Mohamad Kaswani. Refinancing is also surging as homeowners look to secure better terms or unlock equity for upgrades. The market is expected to stay strong in 2025, driven by lower rates, new property handovers, and banks offering financing for off-plan properties, YouAE Mortgages’ founder Yash Trivedi said.

THE BIG STORY ABROAD-

The US and Turkey are dominating headlines this morning, with yet another executive order from US President Donald Trump grabbing headlines, and protests erupting in Turkey following the arrest of Turkish President Recep Tayyip Erdogan’s main political rival spurred an upheaval in the country.

#1- Thousands are protesting across Turkey after the arrest of Istanbul Mayor Ekrem Imamoglu on charges of terrorism and organized crime, just days ahead of an expected announcement of his presidential candidacy. The arrest has roiled Turkish markets and raised concerns over the already fragile state of the country’s economy. We have more on the fallout of the arrest on markets, and the Turkish central bank’s attempts to prop up the currency, in Planet Finance, below. (CNBC | Bloomberg | Reuters)

#2- Trump signed another one of his — many — executive orders, this time to dismantle the Federal Department of Education, following through on a commitment he made to conservatives during his election campaign. The move will leave education in the hands of the local states and boards. (Reuters | NBC | New York Times | AP)

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MARKET WATCH-

Over-exporting Opec+ nations to make further cuts: Opec+ nations who have exported more than agreed upon levels of oil will reduce oil output in the coming months to compensate for overproduction, the group said in a statement that was picked up by Reuters.

The output reductions will come primarily from Iraq, Kazakhstan, and Russia, however Algeria, Kuwait, Saudi Arabia, the UAE, and Oman are also part of the compensation plan. Cuts from the group, set to be between 189k and 435k barrels a day, are likely to overtake planned production hikes next month, Reuters said.

REMEMBER- Ealier this month the group agreed to go ahead with production hikes next month in April despite a dip in Chinese demand and increased US output threatening market prices. This included a planned hike to the UAE’s production quota.

ALSO- Russia overtook the UAE as India’s top naphtha supplier in 2024-25, a trend expected to continue into 2026 on the back of Moscow’s discounted cargoes, Reuters reports. Russian naphtha was priced at USD 14-15 per ton cheaper than Middle Eastern supply, prompting Indian refiners to favor the lower-cost option amid weaker-than-expected margins, an industry source said.