Good morning, lovely people, and welcome to the start of a new month. This past April has probably been the most eventful on record for global markets and news, so here’s hoping for a bit more stability and calm in May.

We have a handful of big stories today — including a rush to debt markets from ADQ, DP World, and Omniyat, as market conditions begin to improve, and a landmark transaction which sees PE firm TWG take a 5% stake in Mubadala Capital in return for an anchor investment. Plus: Abu Dhabi asset manager Lunate bought into wealth management firm Azura, which will now move its HQ to the emirate.

WEATHER- Dubai’s midday heat will reach 40°C, with nighttime lows offering modest relief at 28°C. Abu Dhabi will see slightly milder conditions, peaking with afternoon highs at 34°C before settling at 28°C overnight.

WATCH THIS SPACE-

#1- Trump’s son is optimistic about the UAE’s prospects in the wake of US tariffs: The UAE’s “service-oriented, capital-intensive economy” leaves it less exposed to tariff ramifications, the US president’s son Eric Trump said in an interview with Reuters on Tuesday. “Dubai, like the entire world, thrives on a healthy, safe world, and that’s what President Trump wants,” he said, adding that the entire Gulf region is dependent on a “strong America.” Trump is in the UAE for the launch of Trump Tower and to speak at crypto conference Token2049 in Dubai.

REMEMBER- US President Donald Trump is set to visit the UAE, Saudi Arabia, and Qatar this month to discuss further Gulf investment commitments. The UAE has pledged USD 1.4 tn in investments in the US in March to be rolled out over the next decade, in a move to expand the UAE’s investments in key US sectors, including AI infrastructure, semiconductors, energy, and manufacturing.

#2- Israel is looking to deepen trade ties with the UAE, particularly Dubai, as part of a broader strategy to grow exports from USD 150 bn to USD 1 tn over the next 15 years, its Economy and Industry Minister Nir Barkat told Bloomberg during a visit to the emirate. To support the push to revive its economy following its 18-month long war on Gaza, Israel has deployed sector-specific cluster managers across industries such as climate, health, defense, and technology to help companies tap into regional markets.

The rationale: Barkat described Dubai as a key trade and innovation hub central to Israel’s long-term economic plans. He said around 600 Israeli companies have “very successfully” launched in the UAE since the 2020 Abraham Accords, with many now selling goods and services across the Gulf, including in Saudi Arabia, despite the absence of formal ties.

#3- There’s two new potential IPOs in the cards for the UAE: PIF-backed California firm CloudKitchens is reportedly eyeing an IPO in Saudi and/or the UAE for its Middle East unit, while Dubai-based grocery ecommerce platform Kibsons International plans to IPO in the next few years.

  • Ghost kitchen startup CloudKitchens — cofounded by Uber’s former CEO Travis Kalanick — tapped Goldman Sachs to work on its potential debut, Bloomberg reports, citing people it says are familiar with the matter;
  • Meanwhile, Kibsons is eyeing an IPO after achieving higher operational stability and growth, CEO Halima Jumani told CNBC (watch, runtime: 8:19), citing a positive outlook thanks to a growing ecommerce industry and its large market share in the fresh produce segment.

#4- ADGM proposes new cyber risk rules: The ADGM’s Financial Services Regulatory Authority (FSRA) has issued a consultation paper (pdf) proposing new cyber risk management rules for regulated firms. The proposed framework would require firms to establish and maintain a cyber risk management framework integrated into their overall risk systems, with mandatory governance controls, incident response plans, and ongoing monitoring. The FSRA is accepting public comments on the proposal until Wednesday 11 June.

The details: The proposed rules introduce a requirement to report cyber incidents within 24 hours — including weekends and public holidays — and would apply to both authorized persons and recognized bodies. Amendments would be made across several rulebooks to standardize cyber risk obligations. Firms would have six months to comply once the rules take effect.

DATA POINT-

Dubai International Airport (DBX) welcomed 23.4 mn passengers in 1Q 2025, up 1.5% y-o-y, according to the Dubai Media Office. January alone set a record with 8.5 mn passengers — DXB’s highest-ever monthly traffic — and the airport recorded 111k flight movements in 1Q, a 1.9% rise from last year. Dubai International Airport is projected to handle 96-97 mn travelers in 2025.

India remained DXB’s top destination market with 3 mn passengers, followed by Saudi Arabia and the UK. More passengers are now staying in the emirate rather than passing through, and the “global centricity of Dubai” is set to keep flows into Dubai steady, even if circulation recalibrates amid global trade disruptions, Dubai Airports CEO Paul Griffiths told CNBC (watch: runtime: 6:14).

Meanwhile, Sharjah airport handled over 4.5 mn travellers in 1Q 2025, an 8% y-o-y increase, AlEtihad reports. The airport also recorded more than 27k aircraft movements, 52k tons of cargo, and 3k tons of combined air-sea freight operations.

US tariffs have added volatility to international tourism, but the Middle East has largely maintained its visitor numbers, Griffiths told Reuters. He attributed the region’s resilience to the steady return of Chinese tourists post-pandemic. While overall passenger volumes remain stable, demand patterns—particularly from the US—are shifting.

PSAs-

#1- Average fuel prices will see a slight uptick this month: The Fuel Price Committee increased May gas prices from April’s rates, but diesel prices will see a slight decline, according to an X post.

The new breakdown per liter:

  • Super 98 is now AED 2.58, up from AED 2.57;
  • Special 95 is AED 2.47, up from AED 2.46;
  • E-Plus 91 is AED 2.39, up from AED 2.38;
  • Diesel is AED 2.52, down from AED 2.63 last month.

#2-ADGM warns of fake Telegram investment scam: ADGM’s Financial Services Regulatory Authority (FSRA) has warned the public about a fraudulent Telegram channel impersonating the ADGM and promoting fake investment schemes, it said in a statement. The channel falsely offers sure returns on investment packages ranging from AED 1k to 15k, with payouts of up to AED 700k.

ADGM clarified it does not operate a Telegram channel and never directly offers such investment packages. Individuals are urged to verify communications and check the FSRA public register before engaging with any firm claiming ADGM affiliation.

HAPPENING TODAY-

#1- It’s the final day of the Arabian Travel Market at the Dubai World Trade Center. The event convenes all travel sectors and verticals, addressing industry challenges for tourism businesses and offering networking sessions. The conference’s program focuses on hospitality, investment, sustainability, marketing, and technology.

#2- It’s the second and final day of crypto conference Token2049 in Dubai. The crypto event, taking place in Madinat Jumeirah, is headlined by industry figures like Binance CEO Richard Teng, OKX’s founder and CEO Star Xu, and Donald Trump’s son, Eric Trump.

#3- The International Federation of Air Traffic Controllers’ Associations (IFATCA) conference is happening this week at the Adnec Center in Abu Dhabi. The conference brings together air traffic control professionals to discuss the air traffic management sector, focusing on capacity building, emerging technologies, and solutions to challenges faced by the industry.

#4- The Fujairah International Conference of Adventures Tourism is on until Friday at the Fujairah Adventures Centre. The event will spotlight investment, sustainability, and innovation in adventure tourism. The agenda includes panel discussions, MoU signings, site tours, and the launch of the region’s first standardized framework for adventure tourism.

#5- The Behavioral Exchange 2025 Conference (BX2025) is wrapping up today at New York University Abu Dhabi. The event will gather global experts, policymakers, and researchers to discuss behavioral insights and their application in tackling complex societal challenges.

#6- The Financial Media Forum will take place today in Dubai, Wam reports. Media professionals, financial experts, and government officials will convene to discuss the latest developments in the financial sector, the role of media in public financial awareness, and the future role of financial media and literacy in shaping economic growth.

#7- It’s the final day of the Ajman Real Estate Investment Exhibition, which runs until tomorrow. The exhibition brings together real estate developers, investors, and industry experts to showcase the emirate’s evolving property market.

THE BIG STORY ABROAD-

The US is grabbing most headlines in the global business press. The biggest story of the day: The US’ economy contracted by an annual 0.3% for the first time in three years last quarter, as President Donald Trump’s trade war spurred a rush to imports. (Financial Times | Bloomberg | Reuters | Wall Street Journal | Politico | AP)

Wall Street surprisingly shrugged off the news, with the S&P 500 recovering from earlier losses of 2% as investors bought the dip, anticipating intervention from the US Federal Reserve to bolster the economy. The Nasdaq slid 0.1%. (Bloomberg | FT | CNBC)

Stocks are expected to extend their gains into tomorrow with futures rising on the back of a strong set of earnings from Microsoft — which beat analyst estimates on good Azure cloud performance and gave positive guidance for the rest of the year — and Meta, which also beat estimates as it pledged to double down on capital spending in AI infrastructure, shrugging off the impact of tariffs. (CNBC | Reuters)

PLUS- The US and Ukraine inked an economic partnership that will give the US access to the Eastern European country’s natural resources, following weeks of negotiations that stalled amid tensions over a US-Russia ceasefire agreement the US is trying to broker. (Bloomberg | Reuters | FT | NYT)

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