THIS MORNING: Have you booked your staycation yet?

Good morning, lovely people. We’re only a few sleeps away from the end of Ramadan and a much, much needed Eid break. Just a couple of final pushes.

Ramadan (and likely the upcoming break) are, of course, marred by the war and its disruptions. But some are already booking staycations — good timing for hotels and short-term rental operators to offset what is likely a huge drop in foreign tourist demand — and others have booked flights back home as airlines continue to bring more flights online. So, some things remain the same as ever.

While this past weekend was quiet on the public-safety-alert front, we weren’t spared news of strikes across different parts of the country, from the port of Fujairah to DIFC. We get into all that took place over the weekend in our Big Story Today, below.

And the biggest development overnight: A drone-related incident near Dubai International Airport resulted in a now-contained fire, prompting a temporary flight suspension.

Disruptions hit the oil and gas sector, financial services, and even events, with JPMorgan being the latest to reschedule an event — its MENA Global Opportunities Conference — which had been due to take place on 30-31 March, with no new given date, Bloomberg reports. Partners Group also moved its client annual general meeting in Abu Dhabi to Switzerland, near Zurich, on 13 and 14 April, while the annual Token2049 conference — which was scheduled for this April — was postponed until April 2027, according to a statement.

Our telecoms network developments could also be taking a hit, after Tech giant Meta reportedly halted construction on the Arabian Gulf segment of its massive 2Africa subsea cable network, as the ongoing war freezes marine operations in the region.

On a positive note: S&P Global affirmed its credit rating for Ras Al Khaimah in another vote of confidence for the country after it did the same for Abu Dhabi last week.

And business still seems unfazed — the Abu Dhabi Investment Authority is continuing its investment streak, with a commitment to Dignari Capital Partners’ APAC Developed Markets Private Credit Strategy. Plus: A handful of startups have announced their funding rounds, and we speak to the co-founder of one of them to understand how his AI finance management platform works.

WEATHER- A heatwave is upon us: Look for a high of 36°C today in Dubai and 37°C in Abu Dhabi, with overnight lows ranging between 23-25°C.

Supply chain watch

COMMODITIES — Gold is finding its way back into Dubai, just not at full speed: Partial flight resumptions out of Dubai have allowed some bullion shipments to restart this week after two weeks of airspace disruption clipped one of the emirate’s quieter but highly valuable trade lanes, Reuters reports, citing sources it says are familiar with the matter.

IN CONTEXT- We flagged earlier that war-linked flight disruption had started to dent Dubai’s role as a gold hub, with Ghana — which sends nearly 80% of its artisanal output to the UAE for refining — already weighing fallback export routes.

But the corridor is still limping: Flight traffic was running at just 37% of normal volume as of Thursday, according to flight-tracking data cited by the newswire, keeping ins. and transport costs elevated for a trade built around speed and security.

COMMODITIES — Dubai is also checking in directly with fruit and vegetable traders: Dubai Chamber of Commerce met with the Fruit and Vegetable Traders Business Group to address persistent pressure on food imports caused by the regional conflict, according to Dubai Media Office. The discussion focused on the availability of essential goods, diversifying sourcing options, and ensuring supplies keep moving smoothly.

ICYMI- The private sector is already running its workaround script, with NRTC increasing imports by 50% across land, sea, and air routes and Lulu Group International chartering frequent cargo flights into both the UAE and Kuwait. Meanwhile, east-coast ports, rail freight, and bonded trucking are quietly absorbing the rerouted load.

Policy is moving too: Alongside shaving customs friction on rerouted imports, policymakers have started steering more local produce into hospitality supply chains through a new 25% procurement target.

ENERGY — Gulf producers watch USD bns slip through Hormuz: The near-shutdown of the Strait of Hormuz has already erased an estimated USD 15 bn in energy revenues for Gulf exporters, according to Kpler data picked up by the Financial Times.

The breakdown: The chokepoint typically moves some USD 1.2 bn worth of crude, refined products, and LNG every day (based on last year’s prices and volumes), and currently, at least USD 10.7 bn worth of cargoes are still stranded inside, awaiting safe passage. Losses are piling up unevenly, however, with Saudi Arabia alone missing out on some USD 4.5 bn in revenues since the start of the war.

Why it matters: While a portion of the shock is offset by price gains, as well as alternative routes — like the Adcop pipeline between Fujairah and Habshan in the UAE’s case — the disruption has still exposed the fiscal dependence of Gulf economies on uninterrupted export flows.

OIL — Asia looks to the US to diversify oil sources beyond the Middle East: The Hormuz chokepoint is pushing Asian countries to seek US energy suppliers as alternatives to reduce Middle East dependence, Bloomberg reports. US companies have secured USD 50 bn worth of agreements in the past 48 hours, US Environmental Protection Agency Administrator Lee Zeldin told the business information service.

It would currently take around eight days to ship from the US, compared to 28 days from the Middle East via the now-restricted Strait of Hormuz. This is pushing Indo-Pacific countries to gravitate toward US energy exports, prioritizing logistical reliability over potential volatile tariff policies, Zeldin said.

PSA

Abu Dhabi is moving towards a multi-operator ecosystem for its autonomous taxi fleet: Autonomous taxis are now commercially available in Abu Dhabi’s Yas Island, with Abu Dhabi’s K2 subsidiary Autogo joining as a local operator alongside China’s Baidu subsidiary Apollo Go, according to a statement.

What’s next: Users can currently book rides at no charge via the AutoGo app. Once this pivots to a fully paid model, it is set to provide the first real data on consumer appetite and the unit economics of AVs in the UAE.

Data point

AED 1.1 bn — that’s the value of the UAE’s first T-bond issuance since the onset of regional tensions, which saw strong appetite from primary dealers and was 4.4x oversubscribed, according to a Finance Ministry statement.

The March auction, part of the 2026 issuance program, drew AED 4.85 bn in bids across two tranches. The first is a September 2027 bond yielding 3.73%, and the second is a January 2031 bond at 3.85%. Pricing remained tight despite market uncertainty, with spreads reaching as low as 16 bps over comparable US Treasuries. “The strong demand reflects investors’ continued confidence in the UAE's robust financial sector and resilient national economy, in the face of market uncertainty,” the statement reads.

The big story abroad

The regional war is still getting ink from all international dailies — no surprise there — as Washington raises the stakes. US President Donald Trump has warned Nato that it faces a “very bad” future if the coalition does not help the US in reopening the Strait of Hormuz, he told the Financial Times. Trump also signaled that he may delay his sit-down with China’s President Xi Jinping — scheduled for later this month — in efforts to pressure Beijing to act.

And in the world of e-commerce: Chinese e-commerce giant JD.com has launched its online marketplace — Joybuy — in European markets, as it prepares to face off with its major rival Amazon. China’s largest direct online retailer has stepped foot into the UK, Germany, France, the Netherlands, and Luxembourg, diversifying its offerings away from its home market, where retailers face fierce competition vis-a-vis fast delivery times.

AND- This year’s Oscars are wrapping up as we hit send this morning. Among those who secured awards during the ceremony: Jessie Buckley won best actress for her performance in Hamnet and Sinners’ Michael B Jordan was awarded best actor. One Battle After Another took home the award for best picture.

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