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THIS MORNING: Operations are back on at Dana Gas’ Khor Mor + CMA issues virtual assets framework

Dubai’s healthcare freezone is the latest to see support measures
by enterpriseam adminUAE Edition
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Good morning, friends. The good news is: the ceasefire is continuing to hold, though ongoing drone attacks on Bahrain are sparking concerns that some proxies in the war are not giving up.

On the Strait of Hormuz front, the US military said it will begin blocking all maritime traffic entering and leaving Iranian ports as of yesterday, as US forces also began setting conditions for mine clearance in Hormuz over the weekend. US warships are reportedly already moving through the waterway as part of their operation and the military says it’s working to secure safe passage for commercial shipping.

We’re still seeing two contradictory narratives across business news, depending on where you’re sitting: business remains as usual where investments and Gulf sovereign wealth funds are involved, according to newly published GlobalSWF data, while other sectors are reeling from the ongoing disruptions to shipping and tourism. Today, we look at the luxury sector. Let’s dive in.

WEATHER- It’s another pleasant, mostly cloudy day. Look for a high of 30°C and a low of 22-23°C in Dubai and Abu Dhabi, according to our favorite weather app.

From the Dept. of the Resumption of Operations

DISRUPTION WATCH — Sharjah’s Dana Gas has resumed operations at Iraq’s Khor Mor field after weeks of intermittent output, according to a statement (pdf). The firm said it “carried out prudent operational procedures” in coordination with local authorities while prioritizing staff safety and asset protection. As we previously reported, Dana Gas suspended production at Iraq’s Khor Mor field at the start of March due to security concerns from the regional conflict.

Elsewhere, disruption lingers: As we covered last week, Iran has continued targeting industrial and infrastructure sites, with Borouge forced to suspend operations after debris triggered fires at its Al Ruwais plant. Strikes and falling debris also hit the Habshan gas facilities and Khor Fakkan Port as well as tech-linked buildings.

Watch this space

CRYPTO — CMA moves to set out rules for virtual assets: The Capital Market Authority has rolled out a new virtual assets framework that brings more crypto players under its purview, Wam reports. The move is a bid to bring trading, custody, advisory, and platform operations under a single “integrated regulatory regime” through a consolidated rulebook.

The framework expands regulated activities from three to eight, now covering dealing (as principal and agent), custody and arranging custody, investment advice, portfolio management, arranging transactions, and operating trading platforms.

Previously, regulated activities focused on the provision and operation of platforms for virtual assets as well as brokerage and custody services.

Also under the hood are dedicated modules spanning conduct, AML, and prudential requirements, alongside a trading systems framework covering both virtual asset platforms and tokenized securities, which aim to keep “pace with [...] the convergence of traditional and digital models.”

The move follows Dubai’s push to formalize the space: As we previously reported, Vara rolled out a framework governing exchange-traded derivatives linked to virtual assets, opening the door for licensed firms to offer more complex products and signalling a shift toward a more structured, end-to-end regulatory regime.

HEALTHCARE — Support measures land in Dubai’s healthcare freezone: The Dubai Healthcare City Authority is stepping in with a cashflow buffer for firms in the zone, rolling out support measures aimed at keeping operators steady as disruption ripples through key sectors, according to a Dubai Media Office statement.

The package zeroes in on costs: Under the new measures, reinstatement and late renewal fees are waived for licences renewed between 1 April and 30 June, with the option to pay renewal costs in installments through the end of September. In addition, firms can also defer or restructure leasing payments and have related penalties waived.

REMEMBER- Relief is stacking up: This is the latest in a widening wave of support across Dubai’s ecosystem, including:

Data point

17% — this is the y-o-y increase in net income reported by ADX-listed companies in 2025, with total earnings climbing to over USD 54.5 bn (c. AED 200 bn), according to ADX data cited in a press release (pdf). Dividend payouts remained strong at close to AED 74 bn.

How 4Q stacked up: The final quarter saw a sharper climb, with net earnings hitting AED 47.9 bn in 4Q 2025, up 35.8% y-o-y, according to Kamco Invest’s latest Abu Dhabi Corporate Earnings report (pdf).

Happening today

European Council President António Costa kicked off a Gulf tour today, with planned stops in the UAE, Saudi Arabia, and Qatar through tomorrow, according to an official statement. Scheduled meetings include with President Mohamed bin Zayed in Abu Dhabi, Saudi Crown Prince Mohammed bin Salman in Jeddah, and Qatar’s Emir Sheikh Tamim in Doha.

It’s all about taming the Iran conflict: “Our priority and focus are on working with our Gulf partners to safeguard regional stability and protect our civilians and interests,” Costa said. Brussels will coordinate with the regional leaders on de-escalation, primarily via “negotiation and diplomacy.”

The big story abroad

Goldman Sachs has made headlines today after its financial results for 1Q beat expectations. The US investment bank’s bottomline rose 19% y-o-y to USD 5.6 bn — driven by strong dealmaking and record-setting equities revenues. That said, the firm's fixed income revenue dropped 10% to USD 4 bn, missing StreetAccount’s estimates set by a substantial USD 910 mn. The company attributed the slump to significantly lower returns in interest rate products, mortgages, and credit.

Also on Wall Street: Asset management giant BlackRock has upgraded its forecast for US equities, citing the limited broader impact of the conflict in Iran as key drivers for a positive market outlook. The firm raised its outlook from a notch to overweight from neutral, arguing that there is "tangible evidence of actions” that will lead to a resumption of traffic through the Strait of Hormuz. BlackRock singled out earnings in the tech sector as especially likely to shield stateside equities from fallout of the regional war.

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Market watch

Opec+’s crude output averaged 35.06 mn bbl / d in March — down 7.7 mn bbl / d m-o-m, or nearly 20% — with Iraq and Saudi Arabia seeing the largest declines as flows remain constrained, according to the group’s latest monthly oil report (pdf).

Q2 demand trimmed, but 2026 growth outlook holds steady: The group cut its forecast for global oil demand in the second quarter by 500k bbl / d to an average of 105.07 mn bbl / d. The group left its 2026 demand growth forecast unchanged at 1.38 mn bbl /d.

That leaves the market reading two signals at once — demand expectations are easing on paper while actual supply tightness is being driven by logistics and geopolitics rather than deliberate cuts.

REMEMBER- Opec+ decided earlier this month to boost oil output by 206k bbl / d for May, with Saudi alone contributing 62k bbl / d. The hike may only take effect on paper, as key nations remain unable to raise production amid the US-Iran conflict.

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