Good morning, wonderful people, and happy FRIDAY. It’s still all about US President Donald Trump’s tariffs both at home and globally, as markets and investors continue to mull how the new tariff system will reshape the global economy.

We have a run-down of what economists think will happen to the UAE on the back of the tariffs (spoiler alert: it’s a mix of good and bad news) below, as well as a recap of the global market response yesterday, which saw US stocks wipe out tns in market value.

Plus: As has been customary in every issue for the past few weeks, we have more M&A news, this time courtesy of Cvyn Holdings, which completed its acquisition of McLaren Automotive and consolidated its British automotive businesses into a new holding company. In energy news, Taqa will develop an open-cycle gas turbine in Abu Dhabi in a new partnership with Ewec.

☀️WEATHER- This week’s heat has yet to let up, with temperatures peaking at 38°C today in Dubai, before cooling to 27°C overnight. Over in Abu Dhabi, the mercury will reach 34°C, with an overnight low of 25°C.

WATCH THIS SPACE-

Several Middle Eastern listings are trading well below their IPO prices as unmet earnings forecasts and high valuations now weigh on share price, Bloomberg reports, name-checking LuLu Retail alongside Nice One in Saudi Arabia. Despite Lulu Retail clinching the title of second biggest IPO of 2024, attracting big investors like Singapore’s GIC, the stock is now trading at a third of its original share price of AED 2.04, after missing its earnings forecast in its first full quarter as a listed firm.

Background: Lulu Retail saw its net income from continuing operations fall 38.1% y-o-y to USD 64.7 mn, on the back of “slower revenue growth and higher interest charges resulting from increased working capital debt.”

“It is clear that the market has become more sensitive to valuations and will punish accordingly names that don’t deliver on their guidance,” head of frontier investments at Schroder Investment Management, Rami Sidani, said. Meanwhile, Paolo Casamassima, CEO of the Middle East Investor Relations Association, partly blamed the subdued market sentiment on insufficient communication and investor relations support.

OIL WATCH-

Oil fell more than 6% yesterday — trading below USD 70 briefly — after Opec+ producers unexpectedly announced plans to boost production by more than initially planned, adding to the volatility in oil markets already caused by US President Donald Trump’s tariffs. Eight of Opec+’s producers agreed to hike production by 411k barrels a day, triple the initially agreed amount as part of a gradual unwinding of supply cuts, according to a statement. The members cited “continuing healthy market fundamentals and the positive market outlook” as the reasoning behind its decision.

HAPPENING NEXT WEEK-

Conference season is back into full gear next week after the Ramadan and Eid lull:

#1- The Mohammed Bin Rashid Space Center is set to host Geo-Spatial Week from 6-11 April in Dubai with the International Society for Photogrammetry and Remote Sensing. The week-long event will welcome experts in photogrammetry, remote sensing, and spatial sciences.

#2- EFG Hermes’ One on One conference will take place from Monday, 7 April until Thursday, 10 April in Dubai. The conference is the largest gathering of its kind devoted to emerging and frontier equities and connects international institutional investors with senior execs in industries ranging from food and fintech, to banking and petrochemicals.

#3- The AIM Congress 2025 is set to take place from Monday, 7 April until Wednesday 9 April at the Abu Dhabi National Exhibition Center. The event will bring together senior executives, government officials, and global investors to foster investment collaboration to drive global economic development. Attendees can expect forums, panel discussions, workshops, and a startup competition, Wam reports.

#4- Middle East Energy will take place from Monday, 7 April to Wednesday, 9 April at the Dubai World Trade Center. The exhibition and conference brings together industry leaders, and energy professionals to discuss the energy transition, sustainability practices, innovations in power generation, renewable energy, and energy efficiency.

#5- The World Local Production Forum is running from Monday, 7 April to Wednesday, 9 April at the Abu Dhabi National Exhibition Center. The World Health Organization-backed event will bring together global leaders to discuss localized, sustainable, and diversified medicine production, and strategies to enhance access to quality assured health products.

#6- The Fujairah Bunkering and Fuel Oil Forum (FUJCON 2025) will take place from Monday, 7 April until Wednesday, 9 April at DoubleTree by Hilton Fujairah. Organized by S&P Global Commodity Insights, in collaboration with the Fujairah government, the Port of Fujairah, and the Fujairah Oil Industry Zone, the event will bring together energy leaders to discuss geopolitical and decarbonization impacts on shipping and bunkering, fuel quality, market trends, and technological advancements.

#7- AWS GenAI Loft Dubai 2025 will take place from Monday, 7 April to Friday, 11 April at Dubai International Financial Centre’s (DIFC) Innovation One building. The five-day event will see industry startups, business leaders, investors, developers, and AI enthusiasts attend workshops and lectures on generative AI technologies and their practical applications across industries.

#8- The World Crisis and Emergency Management Summit will take place in Abu Dhabi on Tuesday, 8 April and Wednesday, 9 April, state news agency Wam reports. Under the theme Together Towards Building Global Resilience, the event will bring together global leaders to discuss improving international cooperation in crisis management, emergency planning, and risk prediction. The event will also feature two exhibitions — Crisis Management Technologies and Generation Readiness — to showcase new sector-specific technological tools.

THE BIG STORY ABROAD-

The massive impact of US President Donald Trump’s tariffs on global markets is the biggest topic on global front pages today, along with analysis into his questionable calculation for the tariffs — which target the poorest countries based on trade deficits, while failing to account for other factors like affordability of goods — as well as contradictory statements regarding whether or not he’d be open to negotiation. He said — contradicting his White House aides — that he could be open if other countries offered something “phenomenal.”

We have everything on the global market response in Planet Finance, below.

Also getting some attention in the foreign press: Hungary’s withdrawal from the International Criminal Court in defiance of its arrest warrant for Israeli Prime Minister Benjamin Netanyahu, who flew to the country this week despite the arrest warrant. (Reuters)

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