Al Habtoor mulls IPO for hospitality unit + Adnoc, OMV eye acquisition of Nova Chemicals

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Fuel prices up in February + Inflation allowance program renewed for another year

Good morning, lovely people, and welcome to the start of a new month. We’re kicking off February with a busier-than-usual Monday issue, with another big potential IPO on the cards and plenty of investment news for you to dig your teeth into. Let’s dive in.

WEATHER- Expect a mostly sunny day today in both the capital and Dubai, with the mercury reaching 24°C in Dubai, with an overnight low of 19°C, and temperatures hitting a cooler 21°C in Abu Dhabi, with an overnight low of 16°C.

WATCH THIS SPACE-

The Community Empowerment Ministry has extended its Inflation Allowance Program for another year, allocating a budget of AED 3.5 bn for 2025, state news agency Wam quotes Community Empowerment Minister Shamma bint Suhail Al Mazrui as saying. The program — which was launched in 2022 — aims at mitigating the impact of global inflation on Emirati families, providing temporary support disbursed on a monthly basis, to help citizens cope with rising living costs, the news agency stated.

The ministry will also conduct a study to re-evaluate the program’s social and economic impact and its eligibility criteria by looking into different economic variables, household income, and expenditure levels, Al Mazrui said.

Remember: The Central Bank of the UAE (CBUAE) recently lowered its inflation forecast for 2024 to 1.8%, down from previous projections of 2.2% in September. The bank expects inflation to come in at 2% in 2025, which comes in line with the International Monetary Fund’s projection for this year.

PSAs-

#1- You’ll be paying more at the pump this month: The Fuel Price Committee raised February fuel prices from January’s rates, according to a statement on X. This comes after two months of petrol price stability following January’s freeze at December’s rates — the lowest recorded in 2024.

The breakdown per liter:

Super 98 is now AED 2.74, up from AED 2.61;
Special 95 is AED 2.63, up from AED 2.50;
E-Plus 91 costs AED 2.55, up from AED 2.43;
Diesel is now AED 2.82, up from AED 2.68 last month.

#2- A section of Sheikh Khalifa Bin Zayed Street – Al Ain will be closed until 1 March, Abu Dhabi Mobility said on X. Traffic will be rerouted to a temporary road for the duration of the closure.

#3- New rules for ins. brokerages go into effect: UAE ins. customers must pay insurers directly rather than using brokers starting 15 February, Khaleej Times reports citing new regulations from the Central Bank of the UAE. The new regulations also require ins. providers to pay broker commissions within 10 days of each transaction, and require brokers and overseas broker branches to maintain minimum capital in addition to a bank guarantee. Plus: brokers are now prohibited from entering into any financial arrangements with non-ins.-related entities.

DATA POINTS-

#1- Dubai International Chamber attracted 207 companies to the emirate in 2024, a 56% y-o-y growth in registrations compared to 2023, according to the Dubai Media Office. The companies include 51 multinationals and 156 SMEs. Meanwhile, the chamber supported the expansion of 114 local companies into new markets last year, a 48% y-o-y increase compared to 2023.

#2- UAQ Chamber’s exports surge in 2024: The Umm Al Qaiwain Chamber of Commerce and Industry reported a 399% increase in the value of its members’ exports and re-exports in 2024, reaching AED 15.1 bn, the chamber said in a statement. Main exports included food products, insulation materials, paper, and chemicals, with Saudi Arabia, the US, Qatar, Kuwait, and Iraq as the top destinations, state news agency Wam reports. The emirate issued 29.1k certificates of origin last year. Exports are expected to surpass AED 25 bn in 2025..

#3- Dubai public transport ridership hits 747.1 mn in 2024: Dubai’s public transport and shared mobility services saw some 747.1 mn riders in 2024, a 6.4% increase from the previous year, according to Roads & Transport Authority data. Dubai Metro led with 37% of total ridership, taxis accounted for 27%, and public buses for 25%. The total number of trips reached 153 mn, 115 mn of which were taxis. November saw the highest ridership, hitting 69.9 mn. Shared mobility services saw a 28% y-o-y growth, transporting some 56 mn riders.

HAPPENING TODAY-

#1- The UAE-Kuwait Week kicked off today and will wrap up tomorrow in Dubai, featuring investment conferences, panel discussions on economic development, and B2B meetings. Attendees will explore opportunities for collaboration in emerging industries, state news agency Wam reports.

#2- The Mubadala Abu Dhabi Open kicked off over the weekend with the qualifiers at Zayed Sports City, with the round of 32 now underway. What to watch out for today: Seventeen-year-old Wakana Sonobe is set to face China’s Yue Yuan at 1pm, while the UK’s Sonay Kartal is set to face Katie Volanets after defeating Japan’s Moyuka Uchijima. Plus: The US’ McCartney Kessler faces Ashlyn Krueger at 2:10pm, Caroline Garcia faces Lulu Sun at 5pm, and Polina Kudermetova faces Liudmila Samsonova at 6:10pm. You can still buy tickets for the tournament, which ends on 8 February, here.

THE BIG STORY ABROAD-

Trump’s sweeping tariffs are still dominating the international press this morning, with the US facing retaliation from targeted countries and backlash from the global business community.

Canada retorted with a first round of 25% tariffs on some USD 107 bn imports, including USD 20 bn worth of goods that will be impacted starting Tuesday. Canada plans to implement the duties on the remaining USD 86 bn worth of products — from passenger vehicles and steel to vegetables and dairy — in 21 days. Mexico also retaliated with 25% tariffs, without specifying which US goods will be targeted. Meanwhile, China plans to challenge the tariffs at the World Trade Organization, vowing to take unspecified “countermeasures.”

EU to enter the trade war soon? The EU also responded to Trump’s statements that the US’ largest trading partner is “absolutely” going to face tariffs “pretty soon,” saying that the bloc “would respond firmly to any trading partner that unfairly or arbitrarily imposes tariffs on EU goods.” (FT | The Guardian | Reuters | Bloomberg)

ALSO- More drama is unfolding over the Panama Canal: US Secretary of State Marco Rubio demanded that Panama must curb China’s influence over the global shipping route or “face immediate consequences” in a conversation with Panamanian President José Raúl Mulino yesterday. Trump, in earlier statements, called the canal fees “a complete rip-off” and called for making the canal American again. (Associated Press | FT | BBC)

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CIRCLE YOUR CALENDAR-

The International Conference on Reprographic Rights Management will take place between 19-20 February in Sharjah. The event will feature panel discussions on creative rights and their collective management, as well as the impact of artificial intelligence and technology on creative works.

World of Coffee Dubai 2025 will take place from 10-12 February at Dubai World Trade Center. The global coffee trade event will bring together over 300 exhibitors, coffee professionals, producers, and enthusiasts.

Meetings Arabia & Luxury Travel (MALT) Congress 2025 is scheduled for 19-20 February at the Abu Dhabi Convention and Exhibition Bureau, connecting buyers and suppliers to discuss the future of incentive travel, corporate events, and high-end hospitality.

Dubai International Boat Show 2025 will run from 19-23 February at Dubai Harbour, featuring luxury yachts, superyachts, and marine innovations. It will bring together global industry leaders and water sports enthusiasts.

Affiliate World Dubai 2025 will take place on 26-27 February at Dubai World Trade Center. It will gather experts in affiliate marketing, e-commerce, and digital advertising for two days of networking.

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

Al Habtoor Group mulls an IPO for its subsidiary Habtoor Hospitality

Al Habtoor weighs IPO of Habtoor Hospitality: Al Habtoor Group is mulling the possibility of taking hotel management arm Habtoor Hospitality public, b’naire Khalaf Al Habtoor said in a post on X.

Details are still scant: There’s no information about the stake size, listing venue or timeline of the potential offering, though we suspect the listing would take place on the DFM, given that it’s the typical venue for IPOs of real estate and hospitality companies with strong operations in Dubai.

But it’s not the first time the b’naire mentions an IPO: The group initially revealed plans to IPO in 2012, but later postponed it, citing a lack of investment prospects into which it can effectively funnel proceeds. The company’s IPO plans resurfaced in 2016 and 2021, with the aim of floating a 30-35% stake in 3Q 2022, before they were put on ice again. The company was debating whether to list the entire group or list each of its units separately at the time.

REMEMBER- It’s been a good year for tourism in the UAE. The World Travel & Tourism Council reports that the UAE received 29.2 mn international tourists in 2024 — a 15.5% increase from 2023, state news agency Wam reports. This figure is expected to grow to 45.5 mn in 2033, according to the report. This suggests that the industry has strong growth potential that can easily attract investors to this potential IPO.

Al Habtoor Hospitality’s offerings in Dubai include Hilton Dubai Al Habtoor City, Waldorf Astoria Palm Jumeirah, Metropolitan Hotel, and V Hotel by Hilton among others. The operator’s international offerings include Al Habtoor Palace and InterContinental in Budapest, Hilton London Wembley, Hotel Imperial in Vienna, and President Abraham Lincoln Springfield — a DoubleTree by Hilton, among others.

Shares of major real estate players have outperformed in the past 12 months: Competitor Emaar Properties was amongst the first companies to list on DFM, with its share price closing at AED 13.50 apiece on Friday’s close, up from AED 7.4 apiece on 31 January 2024. The company listed a 55% stake in 2000. Meanwhile, ADX-listed Aldar Properties’ share price closed at AED 7.65 apiece on Friday’s close, up from AED 5.1 apiece on 31 January 2024.

Adnoc, OMV want to acquire Mubadala’s Nova Chemicals

Adnoc and Austria-based OMV are looking to acquire Mubadala’s Nova Chemicals to merge it with their polyolefin businesses in a bid to establish a global polyolefin group, according to a joint statement. There’s still no publicly available information about the size of the potential stake Adnoc and OMV aim to secure in Nova Chemicals from Mubadala, nor about the financial terms, structure, timeline, or the advisors working on the transaction.

Background: Adnoc and OMV announced in July 2023 their plan to merge their plastic units — Borouge and Borealis — in a JV potentially worth over USD 30 bn, though the merger has seen delays due to changes in management, the elections in Austria last year, and some sticking points related to the technicalities of the merger. Adnoc confirmed on Saturday that negotiations with OMV about the potential merger were ongoing in a separate statement. It is worth noting that Adnoc owns 24.9% of OMV as of March 2024. Adnoc holds a 25% stake in Borealis, and a 54% stake in Borouge, while Borealis holds a 36% stake in Borouge.

IN CONTEXT- The potential merger would create an industry giant by combining Adnoc and Borouge’s strong presence in the Middle East and Asia with OMV’s and Nova Chemicals’ established operations in Europe and North America. This would create a more integrated global supply chain for the companies and enhance marketing and sales channels across key regions. The merger also comes as both Adnoc and OMV look to expand their chemicals businesses in a shift away from oil and gas.

Uh, Enterprise, what is polyolefin? Polyoelfin is one of the most widely used plastics in the world. It is a lightweight, durable, chemically resistant, and recyclable thermoplastic used in the production of everything from plastic bags, medical packaging and syringes, to roofing materials and geotextiles for road and soil stabilization. The most common types of polyolefins include polyethylene and polypropylene.

About Nova Chemicals: The Calgary-headquartered company specializes in the development and manufacturing of ethylene, polyethylene, and chemical co-products. Nova Chemicals operates primarily in Canada and the US, with facilities in Alberta, Ontario, Louisiana, and Texas, according to its website.

The story also got ink in Reuters and Bloomberg.

NMDC Energy to invest USD 500 mn in dedicated offshore wind vessel

NMDC to invest USD 500 mn in offshore wind expansion: National Marine Dredging Company’s (NMDC) engineering, procurement, and construction (EPC) arm NMDC Energy plans to invest USD 500 mn in a dedicated offshore wind vessel, CEO Ahmed Al Dhaheri told The National. The investment covers the acquisition of jack-up barges for tower, blade, and turbine installation and a cable-laying vessel for offshore wind projects.

The rationale: NMDC Energy is bullish on offshore wind as a major revenue stream, with Al Dhaheri saying it has “potential” and could have “a good share of our business and of our revenue moving forward.” The company’s revenue rose 82% to AED 14.4 bn in 2024, while net income grew 80% y-o-y to AED 1.4 bn.

Looking abroad: The firm is also exploring partnerships with international energy giants TotalEnergies, EDF, RWE, and Iberdrola.

REMEMBER- The EPC unit has been busy, revealing plans in November to scale up its operations in the UAE, Saudi Arabia, India, and Taiwan, and entering new markets in Europe, North and West Africa, and Southeast Asia. Last month, NMDC Energy inaugurated an AED 200 mn fabrication yard in Saudi Arabia’s Ras Al Khair Special Economic Zone and secured a US 1.1 bn contract for an offshore pipeline project in Taiwan. The company currently holds an AED 58 bn project backlog, Al Dhaheri said.

Challenges ahead: Rising costs, supply chain constraints, and shifting political support for wind energy — with US President Donald Trump recently pausing new US offshore wind leases — pose industry risks. Still, Al Dhaheri remains optimistic, noting that “a number of projects are already sanctioned and lined up for execution.”

Omniyat secures a USD 100 mn private loan from Nomura

Dubai-based developer Omniyat has secured a USD 100 mn loan from Japanese investment bank Nomura Holdings, Bloomberg reports, citing sources familiar with the matter. The funds will be used to support the development of one of its ultra-luxury projects in the emirate, the sources said.

Omniyat is expanding its investment portfolio after launching the Alba Hotel and Residences in September 2024, a beachfront development valued at AED 7 bn which will open in 2028. The developer also plans to invest AED 10 bn by 2028 in the Marasi Bay Marina, which it acquired in September 2023.

Nomura Holdings is doubling down on investments in the region, with plans to hire three to four relationship managers in Dubai as it seeks to expand its wealth management business in the emirate. On the global level, the Japanese investment bank earmarked about USD 1 bn to provide loans and complex forms of debt to private equity companies and financial institutions.

International investments continue pouring into the UAE, following Aldar Properties’ AED 9 bn sustainability-linked revolving credit facility, which attracted orders from 15 international and regional financial institutions in January. Meanwhile, Citigroup extended USD 500 mn in asset-backed securitization financing to Dubai-based fintech firm Quantix Technology Projects in December. IHC’s subsidiary Al Seer Marine also secured USD 80 mn in financing from China’s Bocom Financial Leasing in October.

OTHER DEBT NEWS-

Agility approves USD 400 mn loan to Reem Mall developer: ADX-listed logistics firm Agility Global is providing a USD 400 mn short-term loan facility through a subsidiary to Al Farwaniya Property Developments, the owner and developer of Abu Dhabi’s Reem Mall, it said in a disclosure. The loan comes as Al Farwaniya finalizes a new facility with third-party lenders. Agility, which fully guarantees Al Farwaniya’s existing facility, said this guarantee will be removed once the current loan is repaid.

Aldar issues USD 500 mn hybrid notes to Apollo

Apollo invests USD 500 mn in Aldar: State-owned Aldar Properties issued USD 500 mn in subordinated hybrid notes to US-based Apollo Global Management, marking one of the region’s largest corporate hybrid private placements, according to a press release (pdf).

The details: The hybrid notes carry a non-call period of 10.25 years and share characteristics with Aldar’s recent USD 1 bn public issuance, the company said. Moody’s expects to rate the notes Baa3 with 50% equity credit, one notch below Aldar’s Baa2 rating, with a stable outlook.

Apollo has been an investor in Aldar for a while: The notes replace a previous land joint venture (JV) that was part of Apollo’s initial USD 1.4 bn investment in Aldar in 2022. This investment also included a USD 400 mn acquisition in August 2022 for an 11.1% minority stake in Aldar Investment Properties.

Aldar has been busy: Last month, Aldar Properties issued USD 1 bn Reg S hybrid capital notes — the largest conventional hybrid issuance in the Middle East — and closed an AED 9 bn sustainability-linked revolving credit facility last month — the largest syndicated loan of its kind secured by a real estate firm in the region. Over the past two years, it also sold about USD 1 bn in green sukuk.

ADVISORS- Citi acted as Aldar’s structuring and rating advisor.

Looking back at a year of growth and resilience at Mashreq

As we push deeper by the hour into 2025, we look back on a year of growth, innovation, and resilience at Mashreq. We expanded our presence within the region with our launch of Mashreq Neo in Egypt earlier in the year — and laid the foundation stones for further expansion in our region and beyond. This week, we are in Muscat to announce the opening of Mashreq Oman. In Pakistan, Mashreq became the first bank to launch pilot operations as a Digital Retail Bank. And our footprint will grow by at least one other country later this year.

From Dubai and Abu Dhabi, to Cairo, London, New York, Hong Kong, and India, Mashreq helps ambitious businesses and individual clients capture opportunity and take charge of their financial futures. We do not do that just by being present, but through innovative products including our NEO CORP digital corporate banking proposition for corporate clients, which we rolled out in Qatar, Bahrain, and Kuwait, and are preparing to roll out across the globe. Last year, we upgraded and consolidated our app to create a unified platform for clients to access all the financial services and information they need. Our focus remains on digital transformation, operational resilience, and client-centricity. The record activations on NEO BIZ highlight our leadership in business banking.

Mashreq has always been more than just a bank. We’re a rapidly growing digital disruptor and a platform that prioritizes sustainability and innovation, which is why as we expanded our digital footprint globally this past year, we also expanded our sustainability initiative, Climb2Change. As part of this global initiative, our team we scaled and cleaned five of the highest peaks and one base camp in Nepal that underscored the resilience of the human spirit. We further expanded into Pakistan, where our team helped clean up nearly 1.727 tons of waste at mountain sites including K2, Broad Peak base camp, Concordia, Goro II; the expedition directly benefited 47 local businesses and over 100 community members. We recently celebrated one year of this global mission with the successful completion of our Egypt clean-up expedition at Wadi Degla Protectorate, a natural reserve near Cairo, where we removed 2.182 tonnes of general waste and 120 tonnes of construction waste. As the initiative continues to gain momentum and expand, we look to target iconic peaks and ecosystems in Tibet (China), and beyond.

We also built on our track record as a provider of sustainability-linked facilities in the region, including unique transactions we structured for born in-the-UAE education platform Gems Education and another for Qatar’s Landmark Retail, marking the first time a private sector company has signed a bilateral sustainability-linked loan in Qatar.

As we step into 2025, we remain as excited and committed as ever to deliver value to our shareholders and customers through impactful initiatives and digital transformation. The region we are in is seeing tremendous growth, and the UAE is at the forefront, with a booming non-oil economy and tourism sector, and an ever-growing population.

To adapt to this rapidly growing — and changing — landscape, a rethinking of the nature of traditional banking is essential. It is not enough to claim to be customer-centric; banks must truly become a one-stop shop for customers’ financing needs, and that means giving customers the agency to control and manage their finances in the most seamless ways possible. Open finance is coming, and the only way forward is to build towards an integrated ecosystem that puts the client front and center and prioritizes customer relationships.

Mashreq will be at the forefront of these changes, capturing the opportunities they bring us with innovation, agility, and resilience. We look forward to talking with all of you about how we can help you do the same in 2025.

Ghitha Holding sees AED 2.7 bn net income in 2024

Abu Dhabi-based food manufacturer Ghitha Holding reported AED 2.7 bn in net income last year, up from AED 43.2 mn in 2023, according to the company’s financials (pdf). The International Holding Company (IHC) subsidiary’s revenue rose by 8.9% y-o-y to AED 5 bn during the same period.

The company attributed this top-line performance to its “organic expansion, strategic acquisitions, and operational excellence,” according to its earnings release (pdf). The company’s net income increase was driven by cost efficiencies, strategic acquisitions, and synergies, resulting in a more efficient cost structure during the year, according to the statement.

Ghitha’s 2024 investment spree: Its subsidiary Zee Stores International acquired a 70% stake in Fujairah’s International Food Industries for AED 41 mn in October. In July, it acquired Saudi Sedco Holding’s Arabian Farms, including assets in the UAE and KSA, for AED 240 mn. Back in March, Ghitha upped its stake in Al Ain Farms by 12% for AED 61 mn and two of its subsidiaries laid the groundwork for cross-border acquisitions in February.

Microsoft names new EMEA President

Tech giant Microsoft appointed Samer Abu-Ltaif (LinkedIn) as president of Microsoft Europe, Middle East, and Africa (EMEA), according to a company statement. He succeeds Ralph Haupter (LinkedIn), who now leads Microsoft’s Small, Medium Enterprises and Channel partner organization.

Abu-Ltaif previously held the roles of president for Central and Eastern Europe, Middle East, and Africa, as well as regional director for the Gulf. He led Microsoft’s USD 1.5 bn investment in Abu Dhabi’s G42 in April. He also played a key role in launching Microsoft’s first African data center in South Africa, as well as UAE, Qatar, and Poland data centers, with new regions planned for Greece, Saudi Arabia, and Kenya.

Abu-Ltaif will manage operations across 120+ markets, with a focus on AI-driven innovation, customer empowerment, and sustainable economic growth.

New C-suite hires at KPC Trading: KPC Trading, the Dubai-based oil trading arm of Kuw ait Petroleum Corporation (KPC), appointed Abdullatif Almukhaizeem (LinkedIn) as CEO, Bloomberg reports. Almukhaizeem, who previously managed KPC’s London office, will lead the company as it prepares to launch in 2Q 2025. Robert Johnson (LinkedIn), with a background at BP and Klesch Group, was appointed CFO. The new unit is focused on boosting production and maintaining control over operations, from exploration to petrochemicals.

Arab Bank for Investment and Foreign Trade (Al Masraf) appointed Fuad Mohamed (LinkedIn) as the lender’s new CEO, according to a press release. Mohamed brings 25 years of experience in banking and finance, with stints in banking operations, fintech, and restructuring. He served as COO at Emirates Islamic Bank, COO and board member at Emirates NBD Egypt, and head of IT Application at Emirates NBD.

HSBC appointed Farah Farooq (LinkedIn) as head of communications for the Middle East, North Africa, and Turkey (MENAT) region, according to a press release. Farooq, who most recently headed the bank’s UAE communications department, will develop and implement its regional communications strategy from Dubai.

More attention on Dubai’s ultra-luxury property market

Dubai’s high-end property market is back in the international spotlight, with Bloomberg reporting on the emirate’s latest influx of ultra-luxury mansions and penthouses — some priced as high as USD 120 mn as developers race to outdo one another. “The upper end of the market is the most profitable,” Sankari Properties CEO Mark Phoenix told the newswire, pointing to the intense competition to attract global buyers.

The luxury sector is bucking the global slowdown, with prices surging 67% since 2021 on the back of demand from Europe, Asia, and the Americas. Some 6.7 mn m’naires are estimated to have moved into the UAE in 2024. A tightening supply of prime beachfront plots amid a three to four-year backlog is expected to continue supporting Dubai’s prime property market, despite some buyers starting to push back on price hikes, the newswire cites Dubai Sotheby’s International Realty executive partner Honey Deylami as saying.

AD Ports names MAG Group as lead developer for Marsa Zayed

HOSPITALITY-

AD Ports makes MAG Group lead developer of Marsa Zayed: AD Ports Group tapped Dubai-based conglomerate MAG Group Holding to develop the first phase of its Marsa Zayed real estate project, according to a company statement. The project consists of a beachfront resort and residential community in Aqaba, Jordan over 320 hectares.

The details: The first phase will consist of 1.2 km of Red Sea beachfront and feature a set of residential towers dubbed the Zayed Riviera, a marina with 12.6k residential and 117 retail units, a hotel with serviced apartments, and a marketplace with 50 retail shops.

REMEMBER- The Emirati port operator is also developing a cruise terminal over 1.2 mn sqm of land in Marsa Zayed.

DEFENSE-

First batch of French jets arrives in the UAE: The Defense Ministry received the first batch of Rafale fighter jets from France as part of an AED 63.6 bn agreement signed in 2021 between France and the UAE, The National reports. The UAE is buying 80 fighter jets from French aircraft manufacturer Daussault Aviation as part of the agreement. The defense partnership also includes a training program for military operations.

HEALTHCARE-

MSD opens new Dubai office: Pharma company MSD GCC inaugurated a new office at Dubai Science Park, according to a press release from Tecom Group, the developer of Dubai Science Park. The office will serve as a center for the company’s operations, supporting research, clinical trials, and partnerships across the UAE and the region.

#2- The Health and Prevention Ministry has launched a national licensing platform for health professionals, state news agency Wam reports. The platform streamlines licensing procedures, applies unified standards of accreditation, and standardizes professional practice licences that are valid across the UAE. We knew about the platform since Arab Health last week.

#3- M42 and RMS sign MoU to expand access to heart and lung transplants in Bahrain: State-owned health-tech firm M42 has inked an MoU with Bahrain’s Royal Medical Services to expand access to heart and lung transplant procedures for patients in Bahrain, according to a press release. The agreement will utilize services from Abu Dhabi’s Cleveland Clinic Transplant Center. The MoU also covers supporting medical education, fellowship programs, laboratory diagnostics services, research initiatives, and technology deployment across the region.

LOGISTICS-

Dubai Trade launches Trade+ platform: DP World subsidiary Dubai Trade has launched Trade+, a digital delivery order platform that aims to enhance the efficiency and expedite trade operations across Dubai’s supply chain and logistics sectors, Wam reported on Thursday. The platform aims to streamline the digital exchange of cargo release documents between shipping lines, freight forwarders, and consignees, in a bid to cut transaction times by 90%, process higher trade volumes, and facilitate cross-border trade.

India’s IPO market expected to raise USD 23 bn this year despite macroeconomic headwinds

India is set for a major IPO year, with local firms expected to raise some USD 23 bn in 2025 — up over USD 3 bn from last year’s USD 19.6 bn — despite an economic slowdown and currency pressure, the Financial Times reports, citing Indian brokerage and asset management group Motilal Oswal.

By the numbers: At least seven companies are eyeing offerings exceeding USD 1 bn each, including online brokerage firm Groww, PayPal-backed fintech firm Pine Labs, SoftBank-backed eyewear company Lenskart, and the Indian arm of LG. Smaller debuts are also expected to add to the tally, with 34 companies already approved to raise USD 4.8 bn this year and another 55 in the pipeline that could raise an additional USD 11.4 bn.

A possible debut for Mukesh Ambani’s telecom business could dwarf all comers this year: Reliance Jio, the telecom wing of Mukesh Ambani’s sprawling Reliance Industries conglomerate, could see the country’s largest IPO this year, though no timeline for the potential offering has been confirmed. Investment bankers speaking to the salmon-colored paper said that an offering could take place in 2H 2025.

This year’s high expectations follow a bumper crop in 2024: India topped global rankings for the number of IPOs last year, recording 336 offerings compared to the US’ 240, China’s 96, and Hong Kong’s 70.

Booming domestic investment is driving sentiment: The spate of IPOs comes as Indian corporations’ equity valuations have been driven up by burgeoning domestic investment, particularly as the number of Indians who have accounts that enable them to invest in mutual funds has quadrupled to 180 mn over the last four years. This has made India’s stock market the most expensive in the world, with listed companies’ share price-to-earnings ratio — a measure of how fast a stock’s price increases relative to its earnings potential — clocking in at an average of 20, signaling either an overvalued stock or strong investor confidence in a high growth rate.

Foreign investors, for their part, have balked at the relative expense of the market, withdrawing over USD 30 bn since October alone.

Macroeconomic headwinds are part of the puzzle: The Nifty 100 index of India’s top stocks has dropped 12% since September, with GDP growth slowing to 5.4% y-o-y in 3Q 2024 — its lowest in nearly three years. The INR is under increasing pressure from a strong USD, while consumer spending and credit availability have dropped amid high inflation and an expansion in borrowing from India’s already highly leveraged urban middle class.

The volatility is giving CEOs second thoughts about listing: Leading Indian founders are considering delaying listings in hopes that the market will perk up once again. “I’m already noticing in my one-on-one conversations that many [founders], if not all, are holding back the urgency in which they wanted to launch the IPO — they are happy to delay it by a month or two,” head of institutional equities at Ambit Capital Nitin Bhasin told the FT.

MARKETS THIS MORNING-

Asian markets are mostly in the red in early trading this morning — the Nikkei is down 2.5%, the Hang Seng is down 2.0%, and the Kospi is down 2.8%.

ADX	9,586	0.0% (YTD: +1.8%)
DFM	5,180	+0.5% (YTD: +0.4%)
Nasdaq Dubai UAE20	4347	0.0% (YTD: +4.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	4.4% 1 yr
Tadawul	12,410	-0.1% (YTD: +3.1%)
EGX30	29,918	-0.3% (YTD: +0.6%)
S&P 500	6041	-0.5% (YTD: +2.7%)
FTSE 100	8674	+0.3% (YTD: +6.1%)
Euro Stoxx 50	5287	+0.1% (YTD: +8.0%)
Brent crude	USD 75.67	-0.3%
Natural gas (Nymex)	USD 3.04	-0.1%
Gold	USD 2835.00	-0.4%
BTC	USD 97,071	-3.8% (YTD: +3.9%)

THE CLOSING BELL-

The DFM rose 0.5% on Friday on turnover of AED 635.2 mn. The index is up 0.4% YTD.

In the green: Mashreqbank (+10.4%), Dubai Islamic Ins. and Reins. (+9.0%) and Al Ramz Corporation Investment and Development (+6.9%).

In the red: Dubai Refreshment Company (-10.0%), Emirates Investment Bank (-10.0%) and Dubai Financial Market (-6.4%).

Over on the ADX, the index stayed flat on turnover of AED 1 bn. Nasdaq Dubai also stayed flat.

CORPORATE ACTIONS-

The National Bank of Umm Al Quwain (NBQ) upped its previously proposed 2024 dividend payout from 15% to 18% of paid-up capital, according to an ADX disclosure. The Central Bank of the UAE has given initial approval to NBQ’s 2024 earnings and revised dividend plan, and the bank will release its annual financial statements once final approvals are obtained.

The UAE’s bilateral discussions with the EU and Indonesia wrap up

UAE ministers wrapped up key international visits over the weekend:

#1- Energy and Infrastructure Minister Suhail bin Mohammed Al Mazrouei and his delegation completed a visit to Indonesia, where they discussed strengthening bilateral relations and encouraging investments in food security, energy, transportation, and logistics, state news agency Wam reports.

#2- Political Affairs Assistant Minister Lana Nusseibeh concluded her visit to the European Union (EU), engaging with officials to foster UAE-EU cooperation in trade, economics, finance, and law, Wam reports. The visit also covered regional issues in Syria, Sudan, and Palestine, with a focus on stability.

State Minister Shakhboot bin Nahyan Al Nahyan met Rwanda’s President Paul Kagame and Foreign Minister Olivier Nduhungirehe in Kigali, Wam reports. Discussions centered on bilateral relations, with highlights including an AED 92 mn loan from the Abu Dhabi Fund for Development to Rwanda’s government for enhancing water systems, and counterterrorism MoU.

CALENDAR

FEBRUARY

1-6 February (Saturday-Thursday): Dubai Fashion Week, Dubai Design District.

1-8 February (Saturday-Saturday): The Mubadala Abu Dhabi Open, Zayed Sports City’s International Tennis Centre.

2-3 February (Sunday-Monday): L’Etape Dubai cycling race, Dubai.

3-4 February (Monday-Tuesday): The UAE-Kuwait Week, Dubai.

3-6 February (Monday-Thursday): Medlab Middle East, Dubai World Trade Center.

4-6 February (Tuesday-Thursday): AEEDC Dubai 2025, Dubai World Trade Center, Dubai.

4-6 February (Tuesday-Thursday): AI Everything Global, The ST. Regis Saadiyat Island Resort, Abu Dhabi & Dubai Exhibition Center.

6 February (Thursday): Microsoft AI Tour 2025, Atlantis, the Palm, Dubai.

7 February-29 April (Friday-Tuesday): The Abu Dhabi Festival, Abu Dhabi.

8-20 February (Saturday-Thursday): Dubai Games 2025, Dubai.

10-11 February (Monday-Tuesday) MRO Middle East and Aircraft Interiors Middle East, Dubai World Trade Center.

10-11 February (Monday-Tuesday): BreakBulk Middle East, the Dubai World Trade Center.

10-12 February (Monday-Wednesday): Japan Kyoto Trade Exhibition, Dubai Word Trade Center.

10-12 February (Monday-Wednesday): World Of Coffee Dubai 2025, Dubai World Trade Centre.

14 February (Friday): The deadline for the consultation period for the Securities and Commodities Authority’s draft regulation on security tokens and commodity tokens.

16 February-1 March (Sunday-Saturday): Dubai Dutyfree Tennis Championships, Dubai Dutyfree Tennis Stadium in Al Garhoud.

16 February (Sunday): The International Defence Conference,The Emirates Palace, Abu Dhabi.

17-21 February (Monday-Friday): International Defence Exhibition (IDEX) in Abu Dhabi National Exhibition Center.

17-21 February (Monday-Friday): Naval Defence Exhibition (NAVDEX) in Abu Dhabi National Exhibition Center.

17-22 February (Monday-Saturday): Gulfood, Dubai World Trade Center.

19-20 February (Wednesday-Thuraday): The International Conference on Reprographic Rights, Sharjah.

19-20 February (Wednesday-Thuraday): Meetings Arabia & Luxury Travel (MALT) Congress, Abu Dhabi Convention & Exhibition Bureau.

19-21 February (Wednesday-Friday): International Dialogue of Civilizations & Tolerance Conference, Abu Dhabi Energy Centre.

19-23 February (Wednesday- Sunday): Dubai International Boat Show, Dubai Harbour.

24-25 February (Monday-Tuesday): World Passenger Experience Forum, Dubai.

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai.

26-27 February (Wednesday-Thursday): Affiliate World Dubai 2025, Dubai World Trade Center.

28-29 February (Friday-Saturday): Investopia 2024, the St. Regis, Abu Dhabi.

28 February-29 March (Friday-Saturday): Ramadan.

Signposted to happen sometime in 1Q 2025:

The first eight fronds of the Palm Jebel Ali will be site-ready, allowing for the commencement of villa infrastructure and civil works.

MARCH

18-19 March (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

31 March-2 April (Monday-Wednesday): Eid Al Fitr, national holiday.

APRIL

1 April (Tuesday): New ADGM employment regulations come into effect.

1 April (Tuesday): New personal status law comes into effect.

6-11 April (Sunday-Friday): Geo-Spatial Week, Dubai.

7-10 April (Monday-Thursday) : EFG Hermes One on One conference, Dubai.

7-9 April (Monday-Wednesday): AIM Investment Summit, Abu Dhabi National Exhibition Center

7-9 April (Monday-Wednesday): Middle East Energy, Dubai World Trade Center.

7-9 April (Monday-Wednesday): World Local Production Forum’s 3rd edition, Abu Dhabi National Exhibition Center.

14-16 April (Monday-Wednesday): Dubai Woodshow’s 21st Edition, Dubai World Trade Center

14-16 April (Monday-Wednesday): IPS congress, Dubai World Trade Center.

14-26 April (Monday-Saturday): Solana Economic Zone, Dubai.

15-17 April (Tuesday-Thursday): The Abu Dhabi Global Health Week, Adnec center, Abu Dhabi.

16-18 April (Wednesday-Friday): World Future Energy Summit,Abu Dhabi National Exhibition, Abu Dhabi.

21-25 April (Monday-Friday): The Dubai AI Week, Museum of the Future and Area 2071, Emirates Towers, Dubai.

22-24 April (Tuesday-Thursday): DOMOTEX Middle East, Dubai World Trade Center, Dubai.

25 April-11 May (Friday-Sunday): Dubai Esports and Games Festival, Dubai World Trade Center.

28 April-1 May (Monday-Thursday): The Arabian Travel Market, Dubai World Trade Center

28 April-2 May (Monday-Friday): The 64th Annual Conference of the International Federation of Ait Traffic Controllers’ Associations (IFATCA)

Signposted to happen sometime in April:

Abu Dhabi Autonomous Racing League, Yas Marina Circuit in Abu Dhabi

MAY

6-7 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

6-7 May (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

13-16 May (Tuesday-Friday): International Union for Health Promotion and Education Conference, Abu Dhabi.

13-15 May (Tuesday-Thursday): Cabsat Middle East and Satellite Middle East, Dubai World Trade Center.

15 May (Thursday-Sunday): The Economy Middle East Summit, ADGM, Abu Dhabi.

15-18 May (Thursday-Sunday): The GLA Global Logistics Conference, Grand Hyatt Dubai.

16-18 May (Friday-Sunday): GISEC, Dubai World Trade Center.

19-22 May (Monday-Thursday): Make it in the Emirates, Adnec, Abu Dhabi.

20-22 May (Tuesday-Thursday): Seamless Middle East 2025, Dubai World Trade Center.

23-25 May (Friday-Sunday): EuroLeague Final Four, Etihad Arena, Abu Dhabi.

26-28 May (Monday-Wednesday): Arab Media Summit, World Trade Center, Dubai.

30 May (Friday): Arafat Day.

31 May-2 June (Saturday-Monday): Eid Al Adha.

Signposted to happen sometime in May:

Asean and GCC summit, Malaysia.

JUNE

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

24-25 June (Tuesday-Wednesday): Middle East Rail, Dubai World Trade Center.

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

Closing of XRG’s acquisition of Covestro

JULY

29-30 July (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

SEPTEMBER

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

16-17 September (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

OCTOBER

3-16 October (Friday-Thursday): Dubai Home Festival.

9-15 October (Thursday-Wednesday): IUCN World Conservation Congress, Abu Dhabi.

17-19 October (Friday-Sunday): The International Real Estate and Investment Show, Abu Dhabi.

27-29 October (Monday-Wednesday): Asia Pacific Cities Summit, Dubai Exhibition Center.

28-29 October (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

NOVEMBER

18-19 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

DECEMBER

1-3 December (Monday-Wednesday): Eid Al Etihad (UAE National Day).

1-5 December (Monday-Friday): The World Congress of Neurosurgery, Dubai World Trade Center.

9-10 December (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.
Universal Postal Congress 2025, Dubai.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.
ICOM General Conference 2025, Dubai

Signposted to happen sometime in 2026:

The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE
9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE

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