Good morning, lovely people. With no single big story dominating the news today, we have a mixed bag of updates for you on the state of the labor market in 1Q 2025 as the country eyes more tech-focused roles to line up with its AI ambitions; more signs of bullishness on the UAE with another oversubscribed sukuk issuance from a UAE bank; as well as a few M&A updates and good news for Eagle Hills’ plans in Montenegro. Let’s dive in.

WEATHER- Things are cooling down briefly before they heat up again over the weekend: Dubai will see the mercury hit 35°C today, before cooling off a bit with an overnight low of 25°C. Over in Abu Dhabi, the mercury is peaking at 30°C, with an overnight low of 24°C.

WATCH THIS SPACE-

#1- UAE eyes USD 6 bn India grid link to export surplus clean power: The UAE is pushing ahead with plans to export electricity to India via a subsea high-voltage direct current (HVDC) cable that could cost up to USD 6 bn, the Energy Ministry’s director of electricity and trade Adnan Al Hosani told AGBI. The link, which is now undergoing a feasibility study, is part of a broader strategy to monetize the Emirates’ growing spare generation capacity — currently around 50% — driven by major solar and nuclear investments.

Background: The two countries have been in talks to connect their grids since 2023, according to media reports.

The UAE’s clean energy output is expected to nearly double by 2030, Al Hosani said, backed by large-scale projects like the 5.6 GW Barakah nuclear plant and the Noor Abu Dhabi solar project. The country has emerged as a regional leader in renewables, with 6.3 GW of installed capacity, as well as 3.5 GW in under-construction projects and the region’s largest energy storage portfolio.

#2- Dubai’s Roads and Transport Authority’s new artificial intelligence strategy aims to reduce travel time between 20-30% by 2030 through smart traffic solutions and optimized mobility systems, according to a Dubai Media Office statement. The strategy will include 81 strategic projects to be implemented over the next five years, with a focus on six key pillars: people’s happiness, innovative mobility, intelligent traffic management, cognitive licensing, future-proofing the organization, and asset excellence.

Key goals include increasing productivity by 25-40% with AI-driven tools, reducing costs by 10-20% through AI-powered platforms, and boosting partner compliance by 30-50%. The RTA is also exploring 45 big data and AI use cases, such as “optimizing water and electricity consumption in the Dubai Metro and enhancing the public bus network using advanced AI technologies,” Gulf News quotes RTA Director General Mattar Al Tayer as saying.

#3- Dubai-based Union Properties targets debt-free status by year-end: Union Properties slashed its debt by more than AED 150 mn in 1Q 2025 as part of a broader plan to fully repay its liabilities by the end of the year, CEO Amer Khansaheb told CNBC Arabia (watch, runtime: 2:40).

Union Properties had already reduced its legacy debt to AED 575 mn by the end of 2024, down from AED 1.5 bn in 2022, by divesting AED 1.3 bn in assets and securing new bank loans to support income-generating projects. Its shareholders also recently approved a capital reduction and the use of legal reserves to write off its losses.

A comeback: The developer secured AED 150 mn in facilities to support investments and is negotiating further financing with banks to fund its real estate pipeline, Khansaheb said in a separate interview (watch, runtime: 3:34). Drilling has already begun at the Takaya project, with construction contracts currently under negotiation. He added that rising construction costs in Dubai present a challenge, but the company is working to maintain profitability.

REMEMBER– Union Properties has spent years navigating the fallout from Dubai’s 2009 property market correction. Last year, the developer finalized AED 1.2 bn in settlement agreements with Emirates NBD and Dubailand.

#4- Ajman to get EV charging hub, Dubai to follow: The UAE’s state-owned EV charging network UAEV will launch the country’s largest EV recharging station to date in Ajman by the end of 2025, the National reports, citing comments made by CEO Hicham Ezzahid. The flagship hub will be capable of servicing 20 EVs simultaneously and a second hub will open in Dubai in 2026, Ezzahid said.

Background:The move comes within UAEV’s broader goal to install 1k public charging stations across all seven emirates by 2030. It recently signed an MoU with AWR to support EV charging infrastructure.

#5- Indian conglomerate Adani’s airport unit is in discussions with First Abu Dhabi Bank, among other international lenders, to secure a USD 750 mn offshore loan, Bloomberg reports, citing sources familiar with the matter. The unit aims to finalize the debt raise by May, with the tenor likely to be less than five years. Adani is also in talks with other international lenders, including Barclays and Standard Chartered. The funds will support capital expenditure and the refinancing of upcoming debt maturities.

REMEMBER- Earlier this month, Adani Group raised USD 750 mn through an offshore private placement bond, backed by several investors including BlackRock. The proceeds are being used to advance the expansion strategy of its Dubai-based unit, Renew Exim, which recently acquired an additional 20.8% stake in Indian engineering and construction firm ITD Cementation, raising its total ownership to 67.5%.

#6- Dragon Oil agreed to merge its concession agreements in the Gulf of Suez under a unified framework with the Egyptian General Petroleum Corporation, Al Bayan reports. The move will help it ramp up production, maximize resource utilization, and unlock untapped potential across the integrated zones, it said.

ICYMI- The company is currently in discussions with the governments of Egypt, Iraq, and Turkmenistan to begin operating new oil fields within four years. The company previously committed to investing USD 500 mn in Egypt in 2025 for operational and capital expenditures and is eyeing further investments in the country.

DATA POINTS-

#1- The UAE’s population of m’naires has surged 98% over the past 10 years, making it the second-fastest growing wealth market worldwide, according to a press release citing Knight Frank’s Private Capital Report. At the end of last year, the country counted 130.5k m’naires — including 325 centi-mn’aires and 28 bn’aires — up 110% since 2014 and making it the fourteenth-largest wealth market globally.

Dubai is a wealth magnet: Fueled by the country’s fiscal benefits, lifestyle offerings, and stable governance, the UAE attracted high-net-worth individuals from India, the Middle East, Russia, and Europe.

“Real estate remains at the heart of wealth strategies for UHNWIs, both as a store of value and as a means of wealth preservation,” Knight Frank partner Faisal Durrani said. Dubai’s property market is outpacing New York and London’s, with 435 homes priced above USD 10 mn sold in 2024 and 111 more in 1Q 2025 alone.

#2- Dubai, Abu Dhabi lead MENA smart cities again: Dubai jumped eight spots to rank fourth in the 2025 IMD Smart City Index (pdf), while Abu Dhabi climbed five places to 5th. The cities were the only two in the MENA region to appear on the top twenty in the index, which ranked 146 cities by how effectively they use technology to improve quality of life.

REMEMBER: Dubai and Abu Dhabi were the only MENA cities to make the top 20 in the 2024 IMD Smart City Index. Abu Dhabi has consistently placed in the index’s top tier since 2019, alongside cities like Zurich, Singapore, and Seoul.

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Take our 4.5-day workweek survey: We’re taking the pulse on the level of adoption of the 4.5-day workweek, and on how employees and employers alike feel about it — especially now that Dubai has piloted an even shorter 4-day workweek for public sector workers in the summer, and is exploring more flexible working regulations. Take a few minutes to fill out our short survey. We’ll be back with the results in a few weeks’ time.

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PSAs-

#1- Contactless AI immigration services will now be available in DXB: Dubai’s General Directorate of Residency and Foreigners Affairs (GDRFA) introduced AI-powered contactless immigration for First and Business Class passengers in Terminal 3 lounges at Dubai International Airport, Gulf News reports. The service uses facial recognition and pre-registered data to process groups of 10 passengers in 14 seconds, eliminating the need to check documents.

The system is currently available to departing travelers only, but officials confirmed plans to expand it to arriving passengers, requiring a one-time data registration.

#2- Solo entrepreneurs can obtain a business license and core legal documents within an hour through Meydan FreeZone’s Fawri platform, according to a press release. The digital service covers over 1.8k approved activities in the trading, e-commerce, consulting, education, and fintech sectors, and up to three activity groups can be combined under one license.

How it works: Fawri provides a business license, certificate of formation, share register, memorandum and articles of association, and lease agreement for an AED 15k fee. The eligibility checks are automated, and the service offers 100% foreign ownership, no paid-up capital requirements, full repatriation of profits, and flexibility to lease office space in Dubai subject to approval from the Department of Economy and Tourism.

HAPPENING TODAY-

#1- It’s day four of the IMF and World Bank’s spring meetup, taking place as the global economy grapples with mounting trade tensions and tariff escalations. The six-day 2025 Spring Meetings of the IMF and World Bank Group will bring together policymakers, central bankers, economists, private sector leaders, and others to discuss what the year ahead holds. On the agenda today: IMF’s Middle East and Central Asia Department Director Jihad Azour will give a closed press briefing.

#2- The Solana Economic Zone is happening in Dubai. The two-week event runs until Saturday, 26 April and focuses on blockchain innovation, providing a platform for founders, builders, and investors looking to set up crypto and blockchain businesses in Dubai.

#3- Dubai AI Week is happening throughout the week at the Museum of the Future, Area 2071, and the Emirates Towers in Dubai. The week-long event will feature talks, workshops, and showcases from global and local AI leaders, entrepreneurs, and policymakers.

#4-DOMOTEX Middle East is on its last day at the Dubai World Trade Center. The international trade fair will spotlight the latest in carpets, flooring, and textile innovations, drawing regional designers, architects, and suppliers.

#5- It’s the final day of the International Conference on Education Quality (ICEQ) at the General Directorate of Identity and Foreigners Affairs Office in Dubai. The event will focus on integrating AI into education governance and institutional innovation across the region.

#6- The Dubai AI Festival is on its second and final day today as part of Dubai AI Week at Madinat Jumeirah in Dubai. The event will include exhibitions, panels, and networking sessions aimed at accelerating AI adoption across sectors.

THE BIG STORY ABROAD-

A further de-escalation in US President Donald Trump’s tariff war is taking up a lot of ink in the global business press, as are increased tensions between the US and Ukraine and India and Pakistan.

Trump is considering slashing China’s tariffs by more than half, the Wall Street Journal reported in an exclusive, and has decided to spare car parts from tariffs applied on China and on steel and aluminum, in a “de-stacking” of tariffs, the Financial Times reports.

Wall Street stocks continued to cheer the news, ending the day higher despite losing some of its earlier gains after US Treasury Secretary Scott Bessent said a de-escalation from the current “embargo” between US and China would need to be mutual. The USD also gained 0.9% against a basket of its major trading partners, but is still hovering near multi-year lows. (Financial Times | Reuters)

Trump is not in a de-escalatory mood with Ukraine, however — he took to his social media platform Truth to say that Ukrainian President Volodymyr Zelenskiy is harming peace negotiations by saying he will not recognize Crimea as a Russian territory, saying it’s “not even a point of discussion.” (FT | Reuters)

Over in India, an attack on Kashmir that killed 26 tourists — which has been blamed on a Pakistan-linked terror group — has resulted in India downgrading its ties with Pakistan in a fresh flare-up of tensions between the countries. (Reuters | Semafor | NYT | WaPo)

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