THIS MORNING: Wynn might delay the opening of its RAK resort + DP World rolls out war ins. coverage

Good morning, friends, and happy FRIDAY. We end the week on a mostly positive note, with the major theme of the day being: Foreign investors still love the UAE.

From megaproject financing to First Abu Dhabi’s latest sukuk and another real estate investment from Brookfield, there’s plenty of love going around from foreign investors, despite geopolitical uncertainty.

But that doesn’t mean there’s no delays or obstacles: Ras Al Khaimah’s massive USD 5.1 bn Wynn Al Marjan Resort might delay its opening due to delays in construction on the back of the war. And plenty of firms have been impacted by the war, judging by their 1Q earnings — though many, including banks, remained resilient.

We break down all the new investments, and major companies’ earnings — from IHC to Emirates — in this morning’s news well, below.

Sign of the times

The UAE is setting up a committee to keep track of “Iranian acts of aggression, international crimes, and the damages resulting from them,” Wam reports. The committee will enlist specialists to help with documenting and verifying instances of international crimes, with the end goal of “support[ing] accountability procedures.”

The damage so far: Since the start of the war at the end of February, Iran has targeted the UAE more than any other Gulf country, with over 2k drones and hundreds of missiles, with injuries, fatalities, and infrastructure damage at industrial facilities happening from falling debris after air defense systems intercepted Iranian strikes. That includes the DIFC, state-owned telecom infrastructure, EGA’s Al Taweelah facility, and one of the world’s largest oil refineries in Ruwais, among others.

The move comes after just last week, Iran broke the ceasefire after a period of (relative) calm, with a fire breaking out at the Fujairah Oil Industry Zone after the UAE intercepted Iranian cruise missiles.

WEATHER- Temperatures are cooling down slightly this weekend, with highs ranging between 37-38°C in Dubai and Abu Dhabi, and lows of 28-29°C overnight.

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Good news and bad news for Ras Al Khaimah?

Ras Al Khaimah is lining up plans for a China-UAE industrial park under an agreement between Ras Al Khaimah Economic Zone and Mighty Industrial Park, according to a press release. They plan to develop a fully-integrated industrial park focusing on metals recycling and dismantling, as well as precious metals refining and downstream manufacturing operations.

IN CONTEXT- UAE-China cooperation has been picking up pace. A recent visit to Beijing by Abu Dhabi Crown Prince Khaled bin Mohamed bin Zayed Al Nahyan saw 24 agreements signed covering finance, hydrogen, energy storage, and EVs, alongside plans for joint investment platforms and cross-border funds.

On the downside… The war could delay one of the emirate’s major megaprojects. Wynn Resorts is reportedly considering postponing the opening of its USD 5.1 bn Ras Al Khaimah casino resort, Bloomberg reports, citing a person familiar with the matter. The project had been targeting a spring 2027 launch and is viewed as a cornerstone of Ras Al Khaimah and the UAE’s wider tourism and entertainment push.

Why the delay? Development work briefly paused following the outbreak of fighting and partial UAE airspace closures — though construction was said to have quickly resumed in March.

It’s likely a wider tourism story: MGM Resorts CEO Bill Hornbuckle said visitor activity in the region was “down to like 15%, give or take.” The fallout was also felt locally, with hotel occupancy falling from 90% averages to 16% in March, prompting several hotels to temporarily shut their doors to cut costs and focus on renovations. Authorities have since moved quickly with support measures, with Ajman rolling out tourism fee deferrals, flexible payment plans, and fine exemptions for sector players, while a federal tourism support package is also in the works.

On the more optimistic side: Rival MGM Resorts’ Dubai mega-project — which will bring the MGM and Bellagio brands to the Middle East for the first time — remains on track for a 3Q 2027 debut despite softer regional tourism flows. Hornbuckle said on an earnings call that the company remains “very excited” about its long-term UAE expansion plans and expects activity to eventually recover.

Watch this space

ENERGY — Japan + UAE to talk energy support: The UAE and Japan agreed to talks on increasing UAE crude supplies as well as refilling joint crude stockpiles held in Japan, Reuters reports, citing Japan’s Economy, Trade and Industry Ministry.

Japanese officials did not confirm volumes, however Japanese media organization Nikkei previously reported Tokyo could procure an additional 20 mn barrels from the UAE. It may be getting some crude very soon, after an Adnoc tanker seemed to have made its way through the Strait of Hormuz after resurfacing (loaded) near northern Indonesia on its way to Japan.

IN CONTEXT- Earlier on in the conflict, the UAE and Japan held talks focusing on energy ties. The Emirates affirmed its commitment to ensuring an oil supply for the import-dependent east Asian country. The UAE also recently shirked off restriction oil production quotas when it exited Opec, a decision which is set to lead to markedly higher export volumes once movement starts up again through Hormuz. Elsewhere in the region, the UAE has also been discussing energy security with the likes of South Korea, with barrels sent to the country via a storage agreement with Korea National Oil Corp.

M&A WATCH — A private UAE-based investor is buying parts of Italian lender UniCredit’s Russian business, according to a statement. European and Italian authorities had ordered the sale over national security fears, Bloomberg and Reuters report.

What we know: The agreement is non-binding, but would split the business in two, with UniCredit holding onto its payment arm which handles cross-border transactions for select non-sanctioned clients. The transaction is expected to close in the first half of 2027, pending approvals in Russia and Europe.

BACKGROUND- UAE investors have become more visibly interested in Russian-linked assets since sanctions reshaped ownership flows. In February, IHC was reported to be part of a consortium competing for the global assets of Russian oil firm Lukoil, while earlier in the year, the UAE had expressed interest in investing in nuclear energy projects by Russia’s state-owned Rosatum.

LOGISTICS — Logistics giant DP World is rolling out ins. coverage for cargo traveling through regional trade routes, with the firm saying in a statement that coverage will be available across multi-modal options and unlike other policies which leave gaps for storage and inland transport operations, will cover the whole supply chain operation.

The fine print: The policy covers damage and physical losses caused by war-linked events, and coverage limits of USD 400 mn for shipping and USD 1 mn for inland operations.

This is the UAE taking matters into its own hands to help encourage global logistics firms to continue to operate in the region. Standard commercial ins. policies often have war exclusion clauses that mean coverage can be canceled with just seven days' notice. DP World is providing a safety net that allows trade to continue even when geopolitical tensions rise.

M&A WATCH — Arada enters the healthcare space: Sharjah-based developer Arada is turning its attention to the healthcare sector, taking a controlling 80%+ stake in Abu Dhabi-based healthcare provider Reem Hospital, according to a statement. The stake was bought off Abu Dhabi-based Investcorp Capital, its affiliates, and other stakeholders.

The developer is now planning to double Reem Hospital’s capacity and build three new Reem Hospitals across Dubai, Abu Dhabi, and Sharjah, along with a network of clinics. Arada is committing AED 2 bn for Reem’s expansion efforts.

The big story abroad

The exchange of fire between the US and Iran is dominating front pages, as everyone monitors what this means for an already fragile ceasefire and ongoing negotiations. Iran accused the US of targeting two ships in the strait of Hormuz and attacking civilian areas, while the US said it targeted sites responsible for attacking three US warships.

US President Donald Trump said the ceasefire is still in place and brushed off the strike as a “love tap.” The skirmish came only a few hours after Pakistan said it the countries were close to an agreement that could potentially be reached this weekend, and follows another blip in the ceasefire that saw Iran strike the Fujairah Oil Industry Zone earlier this week.

Also getting plenty of ink: An outbreak of hantavirus on a cruise ship has triggered a rapid search of infected individuals who left the ship, which saw three people die after contracting the virus. The World Health Organization looked to calm nerves quickly by saying the threat of the virus spreading is much lower than covid-19.

And in business news: Wall Street bankers are poised to get even larger bonuses this year, according to Johnson Associates report which estimates a bump of 20% or more depending on the role of the bankers in transactions.

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