Good morning, friends, and happy FRIDAY. We close out the week with a brisk issue, led by good news for the crypto sector as the Central Bank of the UAE approves the country’s first USD-backed stablecoin for digital asset settlement.

The move comes as the stablecoin landscape deepens, with stablecoin payments creeping further into the mainstream and not one, but several AED-backed stablecoins now in circulation.

Now that a foreign payment token has entered the chat, expect more mainstream activity as it becomes easier to flip between AED for local payments and USD for global asset settlement all within the UAE’s regulated banking perimeter.

Other big news to keep an eye on this morning: First Abu Dhabi Bank is tapping debt markets again, this time in Taiwan, and ADQ’s CEO has stepped down from the sovereign wealth fund to head up asset manager Lunate.

Happening today

Gulfood is on its final day. This year, it’s taking place in two different venues: Dubai World Trade Center and Dubai Exhibition Center in Expo City. The massive F&B event gathers food distributors, producers, government officials, and investors and startups alike under, now, two roofs.

Plus: The World Customs Organization’s Technology Conference is also wrapping up today at the Adnec Center Abu Dhabi.

Our fellow photo nerds in the UAE have been looking forward to this year’s Xposure, on until 4 February. This year’s global celebration of visual storytelling features a who’s who of talented photographers — including our friend Romany Hafez, whose haunting analog work explores memory, presence, and sacred spaces. Romany will be giving a talk tomorrow, 31 January headlined Between Memory and Light. Don’t miss it if you love black-and-white photography as much as we do.

WEATHER- Another warm, sunny day is ahead of us, with highs of 25°C in Dubai and 24°C in Abu Dhabi, and an overnight low of 16°C in both emirates.

Happening next week

Mena’s MEVCA Investors Summit 2026 takes place on 4 February in Abu Dhabi, gathering the venture capital community as capital allocators and fund managers assess fundraising conditions, LP sentiment, and sector priorities shaping the region’s VC pipeline.

The World Governments Summit 2026 runs 3-5 February in Dubai under the theme Shaping Future Governments. Government leaders, international organizations, and private-sector executives will focus on governance reform, technology, and global policy challenges.

Dubai hosts PropTech Connect Middle East 2026 on 4-5 February, bringing investors, developers, and property-tech firms together to discuss AI, data, blockchain, and digital tools reshaping real estate markets across the region.

The International Arab Actuarial Conference also runs 4-6 February in Dubai, bringing together actuaries, insurers, regulators, and banks from across Mena. Sessions will focus on AI, health insurance, cyber risk, catastrophe modelling, and pension sustainability.

Watch this space

DIPLOMACY — UAE President Mohamed bin Zayed Al Nahyan and Russian President Vladimir Putin met in Moscow to talk trade, investment, tech, space, and energy, though no new MoUs or agreements were inked, Wam reports.

Geopolitical issues were also on the table: Putin said he wants to discuss current tensions in Iran with the president, highlighting the urgency of the situation following recent US threats to execute military action, Reuters reports. His comments came a day after Trump threatened an attack on Iran if the country refuses to negotiate an agreement on nuclear weapons. Kremlin spokesman Dmitry Peskov had earlier urged restraint from both the US and Iran, warning that any further retaliation will destabilize the region’s security system.

REMEMBER- Abu Dhabi will host the next round of Russia-Ukraine peace negotiations this Sunday 1 February, following an initial round held this week after which issues like security assurances and territorial disputes emerged as sticking points.

Also from the visit: The UAE expressed interest in investing in nuclear energy projects by Russia’s state-owned nuclear energy entity Rosatom, Russian news agency Interfax quotes Rosatom CEO Alexey Likhachev as saying. Turkey was specified as a possible target country, and Rosatom is also active in Iraq and Egypt, Asharq Business reported.

Rosatom has sent the UAE proposals for “large and small NPPs, land-based and floating options,” Likachev said, adding that the proposals are being studied.

Rosatom is already active in other Emirati sectors, including transport. The company is partnering with port operator DP World on a project for an international logistics operator to boost integration between BRICS nations, and bolster supply chains and trade.

Adnoc’s global trading arm secured a lease for fuel oil storage units in Singapore, the latest sign that it’s looking to boost trade volumes to Asia, Reuters reports, citing market sources. Two sources say the firm is leasing 160k cubic meters of capacity at the Jurong Port Universal Terminal, the largest onshore terminal for storage of the residue fuel in the city state.

ALSO- Adnoc looks to be out of the race for Lukoil’s assets — as is IHC: US private equity firm Carlyle Group is said to have come to an initial agreement to buy most of Russian oil firm Lukoil’s foreign assets, according to a statement. Its assets span Europe, the Middle East, Africa, Central Asia, and Mexico, including a controlling stake in Iraq’s West Qurna 2 oilfield.

Background: The US imposed sanctions on Lukoil and Rosneft last October and gave Lukoil until 17 January to sell its international assets, valued at around USD 22 bn. IHC had been in talks to potentially acquire some of Lukoil’s assets, as was Adnoc, which had been eyeing in particular its natural gas operations in Uzbekistan.

Data point

653 — the number of new companies that set up shop at Dubai South in 2025, lifting the total number of operational businesses to more than 4.2k, Wam reports. The zone also recorded a 90% retention rate and a 65% increase in new business licences.

What’s driving it: Activity picked up across real estate, logistics, and aviation. New logistics and aviation facilities came online, while global operators including DHL, UPS, and Avia Solutions Group have signed agreements to expand in the area. On the residential front, Dubai South delivered 800 residential units in 2025, with another 1.3k units scheduled for handover in 2026.

The big story abroad

All eyes are on markets this morning as a tech rout deepens on Wall Street, sending Microsoft’s shares plunging by the most since 2020, with some USD 360 bn in market value wiped out. This came amid further concerns of Microsoft’s AI spending and its exposure to OpenAI. The tech-heavy Nasdaq Composite fell as much as 2.6% on Thursday morning, before paring losses to settle 0.7% lower, while the S&P 500 was down 0.1%.

Apple’s record USD 144 bn in revenues and strong growth forecast did not help markets recover, especially after the tech giant warned that component prices are rising and could potentially hit margins, with futures down at the open.

Another day of volatility could be in the cards: US President Donald Trump is set to announce his pick for the US Federal Reserve today, Bloomberg reports. The now-four person shortlist could see one of several people appointed as chair to succeed Jerome Powell: BlackRock’s Rick Rieder; former Fed Governor Kevin Warsh; Fed Governor Christopher Waller; and White House economic adviser Kevin Hassett, who was previously seen as a potential favorite for the job but who Trump later said he’d like to keep in his current post.

^^ Reuters has more. The newswire notes that the common denominator with the four candidates is an agreement that interest rates need to be lower than where they are now.

Also from OpenAI: The startup could be getting a USD 50 bn investment from Amazon, according to sources, and is separately said to be eyeing a public listing in 4Q of this year, Wall Street Journal reports.

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