Good morning, lovely people, and welcome to the start of a new workweek with a host of new conferences in Dubai. We expect another busy week of news as the Dubai Capital Market Summit kicks off tomorrow, alongside the Airport Show today and several other events across the country.

We’ll be at the DCM summit and would love to meet up if you’re attending — hit reply to this email if you’ll be there.

The dominant theme in the issue today is more investments in the US, courtesy of G42 and Hotpack, and more logistics expansions abroad, with AD Ports landing a new concession in Egypt.

BUT FIRST- We’ve switched up our Planet Finance market table to add three major indices to help you stay on top of the shifting fixed income landscape: the Chimera JPMorgan UAE Bond UCITS ETF, the S&P MENA Bond & Sukuk Index, and VIX.

☀️ WEATHER- It’s another scorcher across the UAE today. Dubai will see daytime highs of 42°C, while overnight lows will dip to 30°C. Abu Dhabi remains slightly cooler, with daytime temperatures peaking at 37°C and nighttime lows around 29°C.

WATCH THIS SPACE-

#1- Abu Dhabi-based AI firm G42 plans to invest USD tens of bns in the US as part of its push to expand in artificial intelligence, the Financial Times reports. The company established a legal entity to support its expansion strategy, G42 sources told the paper. Several of its subsidiaries — including those focused on AI applications, cloud computing, and data centers — are expected to unveil US business plans in the coming months.

G42 USA was incorporated in Delaware in January. Meanwhile, its cloud-focused subsidiary, Core42, has already begun setting up operations and preparing to offer services domestically.

REMEMBER- G42 has been doubling down on the US since Microsoft invested USD 1.5 bn for a minority stake in the firm last year, including through cutting off ties with Chinese tech providers like Huawei in light of US scrutiny, and investing USD 335 mn in US-based chipmaker Cerebras Systems. The AI firm began receiving AI chips from US chipmaker Nvidia after gaining US export approval, signaling deepening tech ties between Abu Dhabi and Washington.

#2- AI classes are coming to UAE schools next year: Starting next academic year, artificial intelligence will be taught across all stages of government education in the UAE — from kindergarten to grade 12 — Prime Minister Sheikh Mohammed bin Rashid Al Maktoum announced in a post on X. The subject will cover technical foundations, ethics, data, algorithms, and real-world risks. “Our responsibility is to equip our children for a time unlike ours, with conditions different from ours, and with new skills and capabilities that ensure the continued momentum of development and progress in our nation for decades to come,” the Dubai ruler said.

This is the latest in a series of recent efforts from the UAE to become an AI hub. The country is working to embed AI across the public sector, with last month seeing the Cabinet approve an AI-powered legislative drafting system, while January saw Abu Dhabi launch an AED 13 bn digital strategy to become the world’s first AI-native government by 2027. The emirate signed a multi-year sovereign cloud agreement with Microsoft and Core42 in March to support the rollout.

#3- Ras Al Khaimah’s residential stock is set to double by 2030, with upwards of 11k units set to be completed, according to a report (pdf) and press release from real estate consultancy Savills. The emirate saw AED 11 bn in property sales last year, with projects like the USD 3.9 bn Wynn Al Marjan Island gaming resort, set to open in 2027, driving growth and demand for offerings. Tourist numbers rose 5.1% to 1.3 mn visitors in 2024, further fueling the demand for real estate.

Off-plan sales dominated 2024 transactions, with key developments like Al Marjan Island, Mina Al Arab, and Al Hamra communities seeing an uptick in prices and valuations since 2022.

The Wynn Al Marjan resort is part of a wider gaming push that could see revenues hit AED 20 bn a year, Savills said, considering it reaches 1.6% of GDP. Morgan Stanley has pegged the figure at USD 3-5 bn.

#4- Trump and Dar Global’s Dubai project to come with 10-year golden visa perk: The Trump Organization and Emirati developer Dar Global’s 80-floor hotel and residential tower project in Dubai is set to offer buyers a 10-year golden visa upon a 20% down payment, Al Bayan reports.

ICYMI- The 80-floor tower, set for completion in 2031 and costing USD 1 bn in investments, will be the Trump Organization’s first hotel and tower project in the Middle East.

#5- Home ins. premiums in the UAE are up 10–15% following last year's record-breaking floods, The National reports, citing industry experts. The surge in premiums is attributed to the heightened risk assessments by insurers in the aftermath of the unprecedented rainfall last April.

Ins. premiums in the UAE have been on the rise, with motor ins. rates spiking 15–20% y-o-y earlier this year. Last May, experts warned of double-digit hikes across all vehicle types, driven by reinsurer pressure and mounting flood claims, which weighed on insurer stock prices.

PSAs-

#1- You could face fines of up to AED 4k for distributing unauthorized flyers or posters in Abu Dhabi, according to a warning issued by Abu Dhabi’s Department of Municipalities and Transport in a Facebook post. Violators face fines of AED 1k for the first offense, rising up to AED 2k for the second and AED 4k for subsequent violations.

#2- UAE nationals will be allowed to travel to Lebanon starting from Wednesday, 7 May, according to a Foreign Affairs Ministry statement, following the lifting of a travel ban that coincided with President Joseph Aoun’s visit to Abu Dhabi last week. Travelers must register with Foreign Affairs Ministry’s Twajudi service before departure.

HAPPENING TODAY-

The DubaiEsports and Games Festival is running until Sunday, 11 May at Dubai World Trade Center (DWTC). The festival features GameExpo, with interactive gaming zones and esports tournaments, alongside industry discussions on AI and Web3. The event includes networking sessions, workshops, and initiatives to support gaming talent development.

HAPPENING TOMORROW-

#1- The Capital Market Summit will take place tomorrow and Wednesday, 7 May at Madinat Jumeriah in Dubai. The summit will address IPO growth, global economic forecasts, and digital assets’ role in financial markets. Speakers include UAE ministers and DFM Chairman Helal Saeed Al Marri, and sessions will analyze stock exchange dynamics, virtual assets, and growth capital strategies.

#2-The Airport Show, taking place alongside the Global Airport Leaders Forum, will start tomorrow and run until Thursday, 8 May at Dubai World Trade Center (DWTC). The events will bring together airport and aviation industry professionals to discuss the latest trends in airport infrastructure, emerging technologies, and solutions to industry challenges.

#3- SeatradeMaritime Logistics Middle East is also starting tomorrow and will run until Thursday, 8 May at DWTC. The event will bring together professionals in shipping, logistics, and supply chain management to discuss and debate industry challenges and the latest innovations.

#4- GulfInformation Security Expo & Conference (GISEC Global) is taking place between Tuesday, 6 May and Thursday, 8 May at DWTC. Cybersecurity experts will meet to discuss industry challenges including new cyber threats, security technologies, and solutions for protecting businesses against cyberattacks. Over 750 cybersecurity brands will exhibit their solutions.

THE BIG STORY ABROAD-

It’s a quiet day in the global press, with no one story dominating the headlines.

A missile fired by Yemen’s Houthis landed near Israel’s main international airport, causing injuries and disrupting flights after defense systems failed to interrupt the attack. The group has ramped up its missile attacks recently in response to a blockade on Gaza that saw no food, fuel or medicine enter the enclave for more than 60 days.

PM Netanyahu vowed an extensive response to the Houthi attack, coinciding with wider plans by the military to call up thousands of reservists and “go deeper” into Gaza. Meanwhile, US President Trump said that Iran will be held responsible for any further attacks by the militant group.

ALSO WORTH READING THIS MORNING-

  • The New York Times explores how Warren Buffett changed the way investors think in light of his surprise resignation from his post as CEO of Berkshire Hathaway.
  • The Financial Times reports Chinese exporters are shipping their goods via third countries to avoid US tariffs.
  • Semafor unpacks the “Trump effect” bolstering incumbent parties in elections all over the world, from Canada to Australia to Singapore.

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OIL WATCH-

Opec+ will accelerate oil production increments for the second month in a row, adding 411k barrels per day in June, according to a statement. That’s three months worth of supply increments that will be delivered all at once next month. The oil group once again cited healthy market fundamentals as the driver behind the decision.

The rationale: The recent moves mark a strategic shift toward regaining market share after years of cutting production, former Opec employee and Rystad Energy A/S geopolitical analyst Jorge León told the Financial Times. “Last month’s decision was a wake-up call. Today’s decision is a definitive message,” Leon said.

The move is also seen as a bid to discipline overproducing members like Kazakhstan and Iraq by sending crude prices tumbling, Bloomberg reported, citing unnamed Opec+ delegates. Eight countries recently gave updated plans compensation plans including the UAE, Saudi Arabia, Russia, and Kazakhstan, after failing to comply with output cuts.

Ripple effects: The price drop threatens to pressure Opec+ economies, including Saudi Arabia, which needs prices above USD 90 to balance its budget, according to IMF estimates.

Market reax: Brent crude fell some 4% to USD 59.11 a barrel following the meeting, while West Texas Intermediate was near USD 56.

CIRCLE YOUR CALENDAR-

The Dubai FinTech Summit will be held on Monday, 12 May and Tuesday, 13 May at Madinat Jumeriah in Dubai. The event will address financial sector trends, regulatory compliance, blockchain tech, AI-driven services, and digital banking, while analyzing investment flows, global economic shifts, and cross-border regulations.

Cabsat will take place between Tuesday, 13 May and Thursday, 15 May at the Dubai World Trade Center. The event will exhibit the latest trends and technologies in the media, entertainment, and communications sectors in the MEASA region. IntegrateMiddle East will be running alongside the event, showcasing advancements in audio-visual technology and media for the broadcasting, communications, and entertainment industries.

SATExpo, happening between Tuesday, 13 May and Thursday, 15 May at the Dubai World Trade Center, is the UAE’s platform for showcasing satellite and space technology. The event offers networking sessions for businesses, governments, and investors in the MEASA region.

SeamlessMiddle East will take place from Tuesday, 20 May until Thursday, 22 May at the Dubai World Trade Center. The event, focusing on the future of digital commerce, payments, and e-commerce, will feature discussions on fintech digital transactions and the evolution of the digital economy.

CryptoExpoDubai will be held on Wednesday, 21 May and Thursday, 22 May at the Dubai World Trade Center. The event will feature a series of talks, panel discussions, and exhibitions on key topics including cryptocurrency regulations, blockchain advancements, digital assets, decentralized finance, and investment strategies.

The Arab Media Summit will take place from Monday, 26 May until Wednesday, 28 May at Dubai World Trade Center. Organized by the Dubai Press Club, the three-day summit will feature the Arab Youth Media Forum and the Arab Media Forum to discuss industry prospects and challenges.

The Interior Design Expo (Index) and The Hotel Show will start on Tuesday, 27 May and wrap up on Thursday, 29 May at the Dubai World Trade Center. The events will showcase innovations in interior design, architecture, and hospitality, and connect buyers with exhibitors.

The inaugural Abu Dhabi Infrastructure Summit will be held on Tuesday, 17 June and Wednesday, 18 June at the Abu Dhabi Energy Center. The summit will bring together decision-makers, investors, developers, contractors, and experts from around the world to explore potential partnerships, discuss latest developments and innovations. The event will focus on developing resilient cities and enhancing quality of life.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

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