THIS MORNING: Dubai Investments Park is still pushing ahead with IPO plans + Bildco looks to Oman for logistics project

Good morning, lovely people. We’ve finally made it to what’s effectively the end of the month — yes, Monday will be a working day for many, but most of the people we know are bridging as schools and the public sector take the week off.

That includes us…

**A QUICK PROGRAMMING NOTE: EnterpriseAM UAE will be taking a publication holiday and will be back in your inboxes at the regular time on Monday, 1 June.

We head into the long Eid break none the wiser on the exact status of US-Iran talks, though there are some “good signs” that an agreement is closer than before, US Secretary of State Marco Rubio told the Financial Times. Iran has also said the latest US proposal “has narrowed the gaps to some extent” though sticking points remain.

The sticking points remain the same: Tehran wants to keep its enriched uranium, and is reportedly in talks with Oman about setting up a permanent toll system to formalize its control of the Strait of Hormuz. US President Donald Trump rejected the idea, saying “we want it open, we want it free, we don’t want tolls.” Iran’s president said his country wouldn’t back down in the talks.

The UAE’s stance is the same as the US’. UAE officials have also said Hormuz cannot be under the control of any single country.

Adnoc CEO Sultan Al Jaber also just gave a bleak outlook for oil flows through the Strait, saying he doesn’t expect them to return to pre-war levels anytime before 1H 2027, Reuters reports.

Al Jaber said it would take at least four months just to return to 80% of pre-conflict flows, warning that allowing one country to hold “the world’s most important waterway hostage” sets a “dangerous precedent.”

As the situation remains murky, IPO plans are being deferred and more stimulus is heading for Dubai firms — from education to tourism and transport. And UAE firms are continuing to double down on their plans abroad: Core42 has now secured USD 550 mn from HSBC to accelerate AI deployment in Europe and the US, while Mubadala’s Brazilian energy subsidiary will start working on a biofuels refinery after securing USD 1.5 bn in financing.

And in our Big Story Today, we look at the UAE’s stablecoins push — which, incidentally, might also help the UAE firms making bigger pushes abroad, with experts telling us stablecoins can offer a crucial liquidity bridge, particularly for firms operating and investing in fragile economies or developing markets.

DFM, ADX host investor days with EFG Hermes

The DFM and ADX both held investor days in partnership with EFG Hermes to help “strengthen investor confidence” amid “heightened regional uncertainty,” EFG Hermes said in press releases here (pdf) and here (pdf). The events brought together regional and international institutional investors and listed companies to discuss how companies are focusing on sustainable growth, capital allocation, and risk management and navigating current headwinds.

The signal out of both investor days? That companies listed on the DFM and ADX are showing continued stability, resilience, and in some cases, liquidity and institutional depth, as they navigate those headwinds. EFG Hermes said it expects those types of gatherings to “contribute meaningfully to supporting market liquidity and reinforcing the long-term structural appeal of [DFM- and ADX-] listed securities, subject to the evolution of regional security conditions and broader macroeconomic developments.”

The investor gatherings come as both stock exchanges, like many others across the region and in emerging markets, have seen some risk-off sentiment — especially earlier in the conflict — weigh on performance since the war began. The DFM is down 6.4% YTD, while the ADX is down 3.6%.

Still, IPO discussions aren’t being scrapped altogether — just delayed, as can be seen in this morning’s What We’re Tracking Today, with Dubai Investments saying it will still pursue its IPO of a stake in Dubai Investments Park sometime this year.

WEATHER- Look for a high of 39°C in both Dubai and Abu Dhabi today, before the mercury cools to 28°C, according to our favorite weather app.

Watch this space

IPO WATCH — There’s still some hope for at least one IPO this year: Dubai Investments said it remains committed to pursuing an IPO of a 24% stake in Dubai Investments Park (DIP) before the end of 2026, subject to regulatory approvals and ongoing discussions, according to a DFM disclosure (pdf). The group said it is still assessing the “optimal timeline” while continuing talks with regulators, banks, and investors.

In context: Last month, Dubai Investments had flagged a potential October listing window after earlier targeting February, as regional market volatility and softer sentiment around real estate equitiescomplicated IPO timing. Even then, management said DIP’s valuation held around AED 10.8-11 bn, with the 2.3k-hectare mixed-use development operating at roughly 90% occupancy.

Others are holding off for even longer: We recently reported that Dubai Holding is pausing preparations for its listing plans, while Emirates Global Aluminium has pushed its much-anticipated IPO back until at least next year.

FINANCE — Cantor is moving from market entry to full operations in Abu Dhabi: US investment bank Cantor secured final approval from ADGM’s Financial Services Regulatory Authority to conduct regulated financial activities, giving the firm a licensed base to expand its Middle East investment banking platform in the capital, according to a statement. The approval follows its in-principle authorization and Abu Dhabi office launch late last year, and comes after ADGM welcomed 961 new licenses in 1Q.

REFRESHER- Cantor’s Abu Dhabi office will anchor its regional investment banking and capital-markets push across equities, M&A, and advisory. The buildout is being led by our friend Ali Khalpey (LinkedIn), head of Middle East investment banking and capital markets.

INFRASTRUCTURE — More export hedges: Abu Dhabi National Company for Building Materials (Bildco) is studying a logistics project in Oman centered around an integrated hub at the Port of Salalah, alongside a collection and operations center in Sohar, according to a statement (pdf). The move would add storage, re-export, shipping, and logistics capacity aimed at strengthening UAE building-material trade flows to India, China, and East Africa through alternative corridors.

Part of a wider rerouting push: UAE firms are deepening export redundancy beyond the Strait of Hormuz, with Adnoc accelerating plans for its West-East pipeline and Borouge and AD Ports exploring an east-coast petrochemicals hub around Fujairah.

M&A WATCH — Gulf money in US media is hitting another political speed bump: Six Democratic senators have raised concerns over foreign ownership stakes — including those of sovereign wealth funds from Abu Dhabi, Saudi Arabia, and Qatar — in the proposed USD 111 bn Paramount-Warner Bros. Discovery merger, Reuters reports, citing a letter sent to Federal Communications Commission (FCC) Chair Brendan Carr.

REMEMBER- The transaction is backed by roughly USD 24 bn from Abu Dhabi’s L’imad and other GCC sovereign wealth funds.

The concern? Editorial influence. The lawmakers warned foreign governments could “exert unprecedented influence” over a media group controlling major US assets including CBS and CNN. Another US FCC official previously flagged the potential acquisition as a potential national security concern after the company sought approval to bypass US limits on foreign ownership of broadcasting assets.

We’ve seen this movie before: Abu Dhabi-backed RedBird IMI’s Telegraph bid in the UK ultimately collapsed under similar pressure after Britain tightened rules blocking foreign state-backed ownership of national newspapers, forcing the JV into a sale to Germany’s Axel Springer.

What’s next: The FCC has already opened public comment on Paramount’s request, while the Committee on Foreign Investment in the US is expected to review the foreign investment angle — potentially adding another regulatory hurdle to the merger.

Another sign global institutions ♥️the region: UBS is moving two senior bankers to the region, including its Europe, Middle East and Africa head, Christl Novakovic, Bloomberg reports, citing a memo it has seen, without specifying where he will be located. The bank’s head of wealth management in the Middle East, Niels Zilkens, will also be relocating to Doha. The move will also see the wealth management unit reorganized to comprise of five coverage sectors as of 1 June, a separate memo reportedly said.

“The Middle East is central to our growth ambitions, offering significant long-term opportunities for both our business and our clients,” the bank’s global co-head of wealth management, Iqbal Khan, and the region’s president, Beatriz Martin Jimenez said in the memo. Bloomberg says the move also comes after the bank lost several senior wealth management bankers in the region in recent months amid heightened competition.

The big story abroad

The business press is squarely focused on AI this morning. SpaceX’s IPO prospectus is still getting attention, while OpenAI reportedly could be following suit with its own confidential prospectus as soon.

Trading frenzy ahead? The prospect of both of those hitting the Nasdaq this year as it also introduces “fast entry” rules that could see them join the Nasdaq 100 in just 15 days means there could be an AI “trading frenzy” that could see up to USD 95 bn in US tech stocks sold by passive investors to make way for the new stocks, the Financial Times reports.

Meanwhile, also in AI land, foreign private equity firms are buying out of China’s data center sector amid regulatory pressures, with Princeton Digital Group looking to sell USD 1 bn in assets.

***

You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.

EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq and Hassan Allam Properties.

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM UAE.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA logistics industry?

***

Circle your calendar

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.