Good morning, friends. It’s only the second workday of the year but the news cycle has already picked up pace after the holiday lull.

Leading our news well this morning is Global SWF’s annual report, which shows Mubadala has maintained its position as the biggest sovereign spender (excluding PIF’s massive EA Sports transaction) in 2025. Meanwhile, the Abu Dhabi Investment Authority is starting the year strong with an investment in a Chinese USD 770 mn continuation vehicle.

Plus: Emirates NBD and Aldar Properties are the first to sound out investors for debt issuances this year. And First Abu Dhabi Bank is underwriting a USD 1.1 bn facility for a Nigerian coastal road project.

WEATHER- Expect another warm day in Dubai and Abu Dhabi, with a high of 25°C and a low of 16°C in the former, and a high of 26°C and a low of 16°C in the latter, along with foggy conditions in the early morning.

WATCH THIS SPACE-

REGULATION — The UAE is finally taking steps towards creating a fully operational federal pharma regulator, after the Health and Prevention Ministry transferred key regulatory and licensing capacities to the Emirates Drug Establishment (EDE), according to a statement. From pricing drugs to registering medical products and issuing certificates of export, the EDE is now responsible for around 44 services that were previously part of the ministry’s remit.

Some services have only been “partially” transferred, meaning they will be jointly managed by both the ministry and the EDE. Why? Because they relate more to the retail, patient-facing side of operations, rather than the industrial and manufacturing processes of pharma and medical device manufacturers. Things like licensing of pharma facilities, advertising, and the approval of emergency drugs will still be co-managed with the ministry, while others like narcotics and high-sensitivity controlled substances will remain under the ministry’s remit.

Background: The move comes after the UAE issued a federal decree in 2024 giving the EDE authority to monitor and license all pharma manufacturing facilities, medical warehouses, pharma consulting firms and labs, and marketing firms, as well as to supervise the advertising, import, export, and re-export of medical products.

PRIVATE EQUITY — Dubai-based private equity firm Gulf Islamic Investments (GII) is looking to triple its assets to USD 10 bn by 2030, Bloomberg quotes co-founder Mohammed Alhassan as saying — a clear sign that homegrown PE players are looking to capture as much opportunity as possible as global giants like Brookfield and KKR muscle their way into the region. “Our aim is to become the Blackstone of the Middle East,” Alhassan said.

M&As + an IPO in the pipeline: The firm is exploring ways to raise up to USD 400 mn in the near term through a combination of a capital raise and shariah-compliant debt sales. GII, which has deployed north of USD 1 bn over the last four years, is also weighing acquisitions, including a potential tie-up with a regional, shariah-compliant mortgage provider, and is keeping the door open to an IPO before the end of the decade.

What’s already in motion: GII is eyeing a USD 180 mn minority investment in Dubai-based industrial packaging group Hotpack and plans to raise a USD 250 mn Saudi-focused private debt fund, with 2-3 transactions expected to be announced in 1Q, according to Alhassan.

FINANCE — Hedge fund Melqart to set up shop in Dubai: London-based Melqart Asset Management is applying for an operating license in Dubai International Finance Center (DIFC), aiming to capitalize on Dubai’s expanding hedge fund landscape, Bloomberg reports, citing people familiar with the matter. The asset manager expects to roll out an office in 2Q this year, deploying both investment and non-investment staff on site, the business news information service reports. The firm currently manages about USD 1.4 bn and logged 45.1% in returns for one of its funds last year.

They’re not alone: At least five senior portfolio managers from top hedge funds are in the process of rolling out UAE-based entities, mainly driven by favorable tax climates, regulatory frameworks, and access to sovereign and family office investors. DIFC’s 102 registered hedge funds put it among the top five hedge fund hubs worldwide.

AVIATION — Emirates SkyCargo eyes boosting capacity in 2026 with 10 new freighters: Emirates’ cargo arm Emirates SkyCargo said it will add 10 Boeing 777 freighters to its fleet this year, pushing its total active freighter fleet to 21 aircraft by December, Gulf News quotes Badr Abbas, divisional senior vice president at Emirates SkyCargo, as saying.

The cargo carrier has been focused on expanding its fleet, both through aircraft acquisitions and conversions of existing Emirates passenger aircraft, the first of which is set to begin operations as a full freighter in 2026, in order to plug the gap left by delays in deliveries from Boeing.

Data point

#3 — that’s Dubai’s global ranking on Multipolitan’s Startup Friendly Cities Index 2026(pdf), placing it behind only San Francisco and Zürich — and ahead of Singapore, New York, and London — with a composite score of 0.5645.

What’s behind it: The index points to a founder-first setup, combining fast company foundation, streamlined regulation, and strong global connectivity, alongside a relatively light corporate tax load and strong average broadband speeds of 412 Mbps.

The big story abroad

The chatter about the kidnapping of Venezuelan President Nicolás Maduro has shifted to the US’ energy agenda and what it stands to gain from the move and from dictating policy in the country. US President Donald Trump clearly thinks there’s plenty to gain — saying there’s a “tremendous amount of wealth” up for grabs for American oil firms in Venezuela. He also said in an interview with NBC that the US could start offering subsidies to energy firms in a bid to encourage them to rebuild Venezuela’s oil industry, which has seen production fall to less than 1 mn barrels a day, down from 3.7 mn in 1970 on the back of mismanagement, corruption and sanctions.

Shares in the US’ top refiners have also surged since the capture of Maduro on expectations that US Gulf Coast refiners could snap up hefty volumes of Venezuelan crude now that Trump is looking to ease sanctions and revive production.

^^ The must-read on the topic: What is Trump’s plan for Venezuelan oil?

This all comes as Maduro made his first court appearance, pleading not guilty to charges of narco-terrorism, cocaine importation conspiracy and possession of machine guns and destructive devices.

Meanwhile, Nvidia CEO Jensen Huang said the company’s new generation of chips, Rubin, are now in full production. The chips can deliver up to five times the AI computing strength of its predecessor, Blackwell. Huang also touted other software the firm is working on, including networking switches that can link several machines as one, and self-driving car software. (Reuters)

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CIRCLE YOUR CALENDAR-

PropTechConnect Middle East will run from Wednesday, 4 February until Thursday, 5 February at the Grand Hyatt Dubai. Hosted by Dubai Land Department, the two-day summit will focus on the intersection between tech and the property market, from artificial intelligence and data analytics to blockchain.

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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