Good morning, friends. We’re within arm’s reach of a four-day weekend for Eid Al Adha, but it appears the news cycle caught a second wind before the break, giving us one last busy morning. Abu Dhabi is out with its 1Q 2025 trade figures, Edge landed a AED 9 bn supply contract for Kuwait’s Defense Ministry, and ADGM’s latest data shows a jump in AUM and new licenses.

ALSO- It’s PMI day: S&P Global’s purchasing managers’ index for the UAE is set to be released shortly after we hit “send” on this morning’s issue. We’ll have the full rundown in Monday morning’s edition of EnterpriseAM UAE.

** A QUICK PROGRAMMING NOTE BEFORE WE DIVE IN- EnterpriseAM UAE is off tomorrow and after for the Eid Al Adha holiday, and will be back in your inboxes at the usual time on Monday.

WATCH THIS SPACE-

#1- G42 joins Neuralink’s USD 650 mn funding round: Elon Musk’s Neuralink raised USD 650 mn in a series E round with Abu Dhabi AI giant G42 among its key backers, alongside ARK Invest, Founders Fund, Sequoia, and others, according to a statement. The funding will support expanded patient access and further development of its brain-computer interface technology.

REMEMBER- The UAE is set to host Neuralink’s first international human trials under the UAE-PRIME program, in partnership with Cleveland Clinic Abu Dhabi and the Department of Health. The trials will implant Neuralink’s chip in quadriplegic patients, aiming to restore motor and communication functions by enabling brain-controlled interaction with digital devices.

#2- Huda Beauty is once again fully-founder owned: Founder and Co-CEO of Huda Beauty Huda Kattan bought back TSG Consumer Partners ’ minority stake in the company for an undisclosed sum, reclaiming full control of the globally renowned beauty brand, according to a press release. We reported in February that HUDA Beauty plans to spin off its fragrance arm, giving Kattan runway to buy back the US PE firm’s stake, which was acquired in 2017.

#3- Former Lebanese Prime Minister Saad Hariri is launching an Abu Dhabi-based investment firm, Bloomberg reports, citing sources familiar with the matter. Genesis SPV will invest across global tech while prioritizing AI ventures and Hariri is listed as its sole shareholder.

BACKGROUND- Hariri has maintained close ties to the UAE’s National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan since his move to Abu Dhabi in 2022, as the emirate looks to become a global leader in AI.

#4- Rising ins. premiums are changing how UAE consumers spend: Soaring ins. costs are prompting UAE residents to reassess their spending habits and prioritize long-term financial stability, Gulf Business reports, citing a new NielsenIQ (NIQ) survey. Over half of consumers surveyed reported recent increases in ins. premiums, with more than 80% expecting further hikes, particularly in auto ins. The shift has fueled stronger interest in cost-saving features, such as no-claims discounts, loyalty rewards, and reduced-coverage policies, according to the report.

REMEMBER-Ins. premiums in the UAE have surged in recent months, with motor ins. rates up 15-20% y-o-y and home ins. premiums rising 10-15% in the wake of last year’s record floods. Industry experts have pointed to reinsurer pressure and elevated climate-related claims as key drivers, warning of continued double-digit hikes across most categories.

Consumers want predictability: The NIQ survey found that 76% of UAE consumers are interested in multi-year fixed-rate auto ins. policies to protect against future price shocks. Another 70% said they are willing to pay a premium for products that offer durability and longevity, underscoring a shift toward more strategic, stability-driven spending.

DATA POINTS-

The Dubai Future District Fund (DFDF) supported 190 startups with USD 1.7 bn in capital commitments across 2024, according to a DIFC statement. Support came in the form of direct investments as well as fund initiatives. Among DFDF’s key focus areas for 2025 are expanding capital deployment and channeling funds to build economic resilience.

PSAs-

#1- Planning to get around during Eid Al Adha? Here’s what you need to know, according to the Dubai’s Roads and Transport Authority (RTA).

  • Dubai Metro + Tram: The metro’s red and green lines will operate from 5am to 1am daily between today until Saturday, while the tram will run from 6am to 1am on the same dates.
  • Public buses: Bus Route E100 from Al Ghubaiba will be suspended from today until Sunday, but you can use the E101 from Ibn Battuta or E102 from Al Jafiliya to Zayed Intl. Airport as alternatives. The S’hail app has updated holiday schedules.
  • Marine transport: Service timings are available here.

Parking’s on pause: Public charges will be suspended from Thursday until Sunday, except at multi-level terminals.

#2- RTA to revamp Wasl Road: The RTA launched a project to expand Al Wasl Road from its intersection with Umm Suqeim Street over a strait spanning 15km with two three-lane carriageways, according to a statement. The project features plans to develop six intersections and implement five tunnels spanning 3.85 km. The revamp project is slated to cut journey time by half and boost capacity to 12k vehicles per hour in both directions.

The project is part of a larger Dubai street makeover project, with the RTA planning onupgrading the section of Umm Suqeim Street between Jumeirah Street and Al Khail Road, as well as upgrading key intersections along Al Qudra Road.

#3- The annual midday break for outdoor workers is coming into effect from 15 June through to 15 September, with workers taking a break from 12:30 pm until 3pm, state news agency Wam reports. Employers found in violation of the rule face fines of AED 5k per worker, and up to AED 50k for multiple violations. Companies are required to provide shaded areas, cooling equipment, and water to workers during the midday break. Exceptions exist for essential sectors such as water, electricity, traffic management, and road work.

#4- Dubai publishes unified financial services guidebook: The Dubai Department of Economy and Tourism released the Dubai Financial Services Unified Guidebook, developed in collaboration with the DFSA, DIFC, VARA, Nasdaq Dubai, Dubai Financial Market, and Al Tamimi & Co, according to a press release. The guidebook consolidates information on regulatory frameworks, licensing, and jurisdictional boundaries for financial services firms considering operations in the emirate.

THE BIG STORY ABROAD-

No one story is dominating the world’s digital front pages this morning, but one personality is — and I think you know who. On day 135 of Trump’s second term, his administration is once again turning up the heat on trade partners, sending out letters this week to trade partners,demanding that they submit their best tariff offers by today — or risk the return of sweeping duties next month with the end of the 90-day trade war pause. So far, only a limited agreement with the UK has been reached, while talks with the EU, India, Vietnam, and other nations drag on. (Bloomberg | Reuters)

Also headlining many of the world's press outlets is Elon Musk’s chaotic split with this former boss at the White House. Despite Musk’s claims to be standing back from politics, it seems he can’t quite resist the limelight, taking to X to issue a fiery tirade torching Trump’s signature tax-and-spend bill as a “disgusting abomination” and a “pork-filled” disaster. “It will massively increase the already gigantic budget deficit to USD 2.5 tn,” Trump’s former bn’aire backer said, adding that it will lead to “crushingly unsustainable debt.” (Associated Press | Guardian | Financial Times)

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