THIS MORNING: Emaar goes solo on Syria’s Yafour project + ADGM closes out 1Q with 13.4k active licenses

Good morning, friends. We have a brisk issue for you this morning, though we expect the news cycle to pick up pace soon with the start of the International Exhibition for National Security and Resilience today, accompanied by the first-ever Abu Dhabi Global Sustainable Security summit — both coming at a critical time for security and resilience in the region.

Expect plenty of agreements on the cybersecurity and data security front, along with discussions about security and crisis management.

Our Big Story Today looks at the costs of raw materials used for construction, many of which have surged by up to 14% over the past couple of weeks, and by more than 50-70% when compared to 4Q 2025. That comes as supply remains restricted due to ongoing supply chain disruptions and as demand stays sky-high amid the ongoing real estate and infrastructure boom.

Plus: M&A are still very much on track, with AD Ports making its latest European play and BlueFive Capital poised to acquire stakes in two regional firms, one in ins. and the other in the mobility sector.

PSAs

Private-sector firms in the UAE are losing their salary-payment grace period: Starting 1 June, employers will need to pay salaries by the first day of each month under new rules from the Human Resources and Emiratisation Ministry (MoHRE), with any payment after that considered delayed, The National reports. The move scraps a previous 15-day grace period.

Penalties escalate quickly: Firms that fail to pay by the fifth day of the month may be barred from issuing new work permits, while repeat offenders may be downgraded to MoHRE’s “third category” — a lower-compliance classification that carries higher labor and permit fees. Delays extending beyond the 21st day could also trigger travel bans, asset seizure procedures, and referrals to prosecutors.

There’s still some flexibility: Employers will be considered compliant if at least 85% of wages are paid on time, provided any deductions are legally permitted.

Bolt comes to Abu Dhabi: Dubai Taxi (DTC) and ride-hailing platform Bolt are taking their partnership to Abu Dhabi, according to a press release. The rollout starts with limousine bookings, with taxi services set to follow in the coming weeks.

BACKGROUND- Bolt was already available in Dubai, and the new rollout is the latest move in DTC’s expansion drive, after the player recently moved into Abu Dhabi through an AED 1.5 bn takeover of rival operator National Taxi.

WEATHER- It’s a little warmer in Abu Dhabi today, with a high of 37°C, while Dubai will continue to see pleasant, breezy weather with a high of 35°C. The mercury will reach a low of 29°C in both emirates.

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Watch this space

REAL ESTATE — Emaar Properties is exiting its joint venture structure on The Eighth Gate project in Yafour, near Damascus, and will continue operating in Syria on its own, state news agency Wam reports. The JV was launched in 2005 to work on Syria’s first master-planned community, which spans roughly 300k sqm, with an estimated USD 500 mn plan. Emirates founder Mohamed Alabbar said the exit from the JV structure reflects a reset in how Emaar is handling its presence in the country.

REMEMBER- Just last week, Alabbar said he plans to invest up to USD 18 bn in large-scale real estate, tourism, and infrastructure projects across Syria. That includes projects in Damascus and along the coastline.

Data point

13.4k — that’s where ADGM’s active licenses stand now, with 961 new licenses in 1Q 2026 alone, according to a press release. Despite the regional war, March still saw a 5.2% y-o-y uptick in active licenses. So far, that momentum looks like it’s been carried over to 2Q, with Capital Group, Barings, and Hillhouse Investment among the players joining so far this quarter.

Assets under management jumped 57% y-o-y as global and regional asset managers continued to join the center. The financial services base also expanded, with asset and fund managers rising to 179, funds under management reaching 263, and financial services entities increasing to 365. 1Q saw a 45% rise in financial services permissions approvals.

The big story abroad

US President Donald Trump has decided to “put off” a scheduled strike against Iran, following requests from the leaders of the UAE, Saudi Arabia, and Qatar. Trump said the strike was scheduled for today and that a “full, large scale assault” on the Islamic Republic will go ahead if a resolution is not reached.

A quid pro quo with Adani? The Trump administration dropped a criminal fraud case against Indian b'naire Gautam Adani. The move followed statements from Adani’s lawyer indicating that the pending cases were blocking his planned USD 10 bn investment in the US.

One last thing from Washington: The Securities and Exchange Commission is reportedly readying a plan for trading tokenized stocks as early as this week. The new framework is expected to allow tokens that track share prices without the backing or consent of underlying public companies.

Meanwhile, in the world of AI: Elon Musk lost his lawsuit against OpenAI after a US jury unanimously ruled that the startup was not liable to Musk for allegedly abandoning its humanitarian goal. The development further paves the way to OpenAI’s highly anticipated IPO, which could value the firm at USD 1 tn.

A new player will soon enter the AI space: Google and Blackstone plan to form an AI cloud company with USD 5 bn in capital, scheduled to bring 500 MW of capacity online by next year. Blackstone — the majority owner — will front the equity while Google will provide its specialized chips. This will place the duo in competition with companies like CoreWeave — which uses Nvidia-made chips — as the demand for AI computing power continues to rise.

Citigroup + BlackRock arm to fund firms in Europe (and MENA?): A new alliance between Citigroup and BlackRock’s private credit division will deploy up to USD 15 bn in loans to European corporations and leveraged buyout groups. They expect the partnership — where Citi sources agreements for BlackRock funds to finance — to eventually expand into the Middle East.

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