THIS MORNING: Pakistan follows through on clearing UAE dues + US stops short of UAE currency swap for now

Good morning, friends. The war is clouding the outlook for several sectors, including Ras Al Khaimah’s property market — which was on course for a major boom just a couple of months ago. We have more on that in this morning’s Big Story Today, below.

We also speak with Swvl’s CFO on the mobility startup’s Gulf expansion and its latest delisting notice from Nasdaq, as it publishes its 2025 earnings.

Plus: European venture capital firm Speedinvest has its sights set on MEA, and Al Ramz is pitching primary market access for the next IPO cycle.

WEATHER- It’s another warm day, though less sunny than usual, with a high of 35°C in both Dubai and Abu Dhabi and lows ranging between 26-27°C, according to our favorite weather app.

Watch this space

DEBT WATCH — Pakistan follows through on clearing UAE dues: Pakistan has returned USD 2 bn to the UAE and says it will repay the remaining USD 1.5 bn of a USD 3.5 bn UAE-linked deposit by 23 April, The Times of India and The Express Tribune report, citing unnamed officials.

Refresher: Pakistan said earlier this month it would return USD 3.5 bn in matured UAE loan deposits. The UAE had previously rolled over a USD 2 bn deposit until 17 April after multiple extensions. Separate support has also included a USD 450 mn loan dating back to 1996, and a further USD 1 bn deposit in 2023 to help Pakistan meet IMF-related funding needs.

Why now? The repayments come as Islamabad awaits a fresh USD 1.2 bn IMF disbursement under its bailout program, which would help cushion reserves.

How it’s being managed: More Gulf capital. Last week, Saudi Arabia extended a new USD 3 bn loan to help Pakistan meet an equivalent repayment to the UAE, while also rolling over its existing USD 5 bn deposit for a longer term.

Washington has signaled it would help the UAE but stopped short of agreeing to a currency swap for now, Bloomberg cites White House National Economic Council Director Kevin Hassett as saying.

A swap “probably won’t be necessary yet,” Hassett said, adding that “[t]he UAE has been an incredibly valuable ally,” and the US Treasury would “make every effort to help them out, should that be necessary.”

ICYMI- Earlier this week, the US and the UAE were reportedly in talks over a financial backstop if the regional war continues. While no formal requests were made at the time, the Central Bank of the UAE governor floated the idea of a currency-swap line to boost UAE foreign reserves, which could take a hit if the conflict drags on.

Data point

AED 1 bn — that was the value of monthly financing approvals made by Emirates Development Bank (EDB), a new high for the state lender as it expands funding for the UAE’s industrial agenda, according to a statement. The approvals were concentrated across EDB’s five priority sectors: manufacturing, food security, renewable energy, healthcare, and advanced technology.

The record funding comes against the backdrop of strain on industrial sectors and SMEs in the UAE since the war led to supply disruptions and price increases. Earlier this month, EDB said it was injecting an average AED 20 mn a day into the economy, while a separate partnership with ADEX is set to unlock AED 1 bn in export financing for UAE manufacturers.

The big story abroad

US-Iran talks are reportedly on track for later this week in Islamabad. Tehran will reportedly dispatch a negotiating team today, though it remains unclear who will lead it. US President Donald Trump said the two-week ceasefire will expire on Wednesday evening Washington time and that an extension is unlikely.

Meet Apple’s new CEO: After much speculation about who would lead the iPhone maker after CEO Tim Cook steps down, Apple’s board of directors has named John Ternus, the current senior vice president of hardware engineering, to lead the tech giant starting in September. Cook will become executive chairman of the board.

In other tech news: Amazon and Anthropic will spend over USD 100 bn on AI infrastructure over the next 10 years, as per a new agreement to secure up to 5 GW of new capacity to train and run Claude — the hottest AI application at the moment.

AND- Warsh faces the Senate. The Senate confirmation hearing for Fed Chair nominee Kevin Warsh is scheduled for today, marking the first major test for the Trump nominee. We will be closely watching what he says about reshaping monetary policy amid a shifting global economy. Warsh is expected to navigate a narrow path between the White House’s push for lower rates and Wall Street’s fears regarding Federal Reserve independence.

What to expect: Warsh is expected to tell senators that the Fed’s independence is not “particularly threatened when elected officials… state their views on interest rates,” according to remarks seen by the Financial Times. He will also emphasize the importance of the Fed’s independence in setting rates to keep inflation in check.

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