Modon acquires London’s Arena Events + Invictus snaps up Mozambique’s Merec Industries

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Meta rolls out Meta AI in the Mena region + Opec+ maintains oil supply cut policy

Good morning, lovely people. We have another busy issue for you this morning, with plenty of M&A updates and more data on the UAE’s construction and real estate sectors in 2024. Let’s dive in.

WEATHER- Expect sunshine today across the country, the National Center of Meteorology (pdf) says. Dubai will see the mercury hit 23°C today, with an overnight low of 14°C, while temperatures will hit 22°C in Abu Dhabi, with an overnight low of 15°C.

You can now use Meta’s AI assistant, Meta AI, in the UAE and the wider MENA region, after the company rolled out the tool in the region in Arabic, Gulf News reports. You can access the tool through your Facebook or Instagram account, and you can also use it in group chats by tagging Meta in the chat. The tool was created with the open-source language model LIama 3.2 to generate text and create and animate images directly across Meta applications, including Facebook, Instagram, WhatsApp, and Messenger.

WATCH THIS SPACE-

#1- Permira to open Dubai office in 2025: UK-based private equity firm Permira will open an office at Dubai International Financial Center this year, the company said in a statement. The move aims to strengthen Permira’s presence in the Middle East and to work “closely with existing local and regional investors and [develop] new strategic partnerships,” the statement said. The PE firm tapped Nader Salman (LinkedIn) as managing director and head of Middle East in its Capital Formation team.

Permira manages USD 81.8 bn in private equity and private credit, according to Bloomberg. The new office is awaiting approval from the Dubai Financial Services Authority, according to the statement.

#2- UAE eyed for Trump-Putin summit: The UAE and Saudi Arabia are being considered as potential venues for a summit between US President Donald Trump and Russian President Vladimir Putin later this year, Reuters reports, citing Russian sources familiar with the discussions. Senior Russian officials have visited both Gulf nations in recent weeks. Trump has previously indicated that he is willing to sit down with Putin to seek an end to the ongoing war in Ukraine.

Neutrality is a key factor: “Almost the entire West is involved on the side of Ukraine. Therefore, all the traditional venues where such things used to take place, like Helsinki, Geneva, and Vienna, are not suitable,” Russian analyst Fyodor Lukyanov previously told Russian news agency TASS. However, some in Moscow remain cautious due to the UAE’s and Saudi Arabia’s close military and security ties with Washington, the sources added.

REMEMBER- The UAE has played a key mediating role in the Russia-Ukraine war. The country mediated the first prisoner exchange between Russia and Ukraine in 2025 in January, with each side swapping 25 prisoners. To date, more than 2.4k prisoners have been exchanged through UAE-brokered deals.

#3- British beverage company Diageo is eyeing a local alcohol production facility — potentially including distilleries or breweries — as part of its 5-year expansion plan in the Mena region, Khaleej times reports. Diageo is already producing under license in other parts of Mena and expects local production in the UAE is “not [a question of] if but when,” according to the company’s managing director, Antoinette Drumm.

REMEMBER- We might be getting another local brewery in Dubai: In November 2024, Sirocco — a joint venture between Heineken and Dubai Maritime Mercantile International — revealed plans to establish the Gulf’s first large-scale commercial brewery in Dubai, set to launch by late 2027.

PSAs-

#1- Parking tariffs in Al Sufouh 2’s Zone F have increased nearly two-fold, impacting motorists in Barsha Heights, Dubai Media City, Dubai Internet City, and Knowledge Village, Gulf News reports. The new rates are:

AED 2 for 30 minutes
AED 4 for 1 hour
AED 4 extra for each additional hour, topping out at AED 32 for 24 hours.

#2- You can now pay electricity and water bills, telecom fees, and Salik and parking charges with monthly installments through Tabby, after the Dubai government integrated the buy now, pay later (BNPL) platform into payment gateway DubaiPay, Gulf News reports.

DATA POINT-

Dubai South welcomed 415 new companies in 2024, bringing the total number of companies operating in the aviation and logistics development district to 4k with a retention rate of 94% for existing companies, according to a Dubai Media Office statement.

HAPPENING TODAY-

#1- The UAE-Kuwait Week will wrap up today 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’s round of 32 continues today at Zayed Sports City. The big games to watch out for today:

Starting 11am: Renata Zarazúa vs. Magda Linette; Belinda Bencic vs. Rebecca Šramková; and Leylah Fernandez vs. Moyuka Uchijima;
After 5pm: Ons Jabeur vs. Jelena Ostapenko, and Markéta Vondroušová vs. Emma Raducanu

You can still buy tickets for the tournament, which ends on 8 February, here.

#3- MedlabMiddle East is in full swing until 6 February at Dubai World Trade Center. The event is a platform for attendees to explore the latest innovations in medical lab technologies, diagnostics, and research. It features the participation of laboratory manufacturers, healthcare experts, procurement professionals, suppliers, and distributors from across the region.

#4- AIEverythingGlobal kicks off today at the St. Regis Saadiyat Island Resort, Abu Dhabi, and will continue on 5 and 6 February at the Dubai Exhibition Center. The event brings together policymakers, industry leaders, and tech pioneers to explore AI’s transformative role across many industries.

#5- The International Dental Conference and Arab Dental Exhibitionkicks off today and will wrap up on Thursday at the Dubai World Trade Center. The event hosts visitors, brands, companies, speakers, lectures, seminars, scientific discussions, and country pavilions showcasing dental innovations.

THE BIG STORY ABROAD-

Trump’s flurry of executive orders is still the primary focus of international news headlines this morning, from delaying tariffs to creating a new US sovereign fund, to latest updates on the campaign targeting US foreign aid.

Crisis averted (for now): North American leaders managed to reach last-minute agreements with Trump, postponing tariffs on Canada and Mexico for 30 days, pending negotiations. Canadian Prime Minister Justin Trudeau said his country will deploy technology and manpower to curb the flow of immigration and fentanyl across the border, while Mexico’s Sheinbaum is deploying 10k National Guard troops to “stop drug trafficking from Mexico.” Meanwhile, the US committed to curbing the flow of high-powered weaponry to Mexico.

China is still in the fray, however, as 10% tariffs are still set to take effect within a few hours. Trump is to speak with China’s Xi Jinping this week to reach an agreement, otherwise “tariffs are going to go substantially higher,” Trump said yesterday. (NYTimes | FT | Reuters | The Guardian)

Trump also signed an executive order yesterday to establish a sovereign wealth fund, with US Treasury Secretary Scott Bessent saying we could see the US fund created within a year. The proposed fund could strike partnerships with “very wealthy people” and help finance the purchase of TikTok from China’s ByteDance, with an eventual target to rival investments deployed by big players like Saudi Arabia. (Bloomberg | BBC | Associated Press)

MEANWHILE- The embattled US Agency for International Development (USAID) seems to be rapidly approaching a reckoning. The agency’s website has gone down, with some of its top officials put on leave. Secretary of State Marco Rubio appointed himself acting director of the agency, and confirmed earlier reports that USAID will be absorbed by the State Department.

The attack on USAID is part of a wider campaign on federal government in the US helmed by Trump’s efficiency tsar Elon Musk, who referred to the agency as a “criminal organization” and a “radical-left political psy op.” (CNN | FT | NY Times)

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MARKET WATCH-

Opec+ sticks to its guns: Opec+ decided to maintain its policy of capping oil supply in 1Q before starting to ramp up output in April, according to an Opec statement issued following the conclusion of yesterday’s Joint Ministerial Monitoring Committee (JMMC) meeting. The meeting also handled members’ compliance as well as compensation plans for past overproduction.

The group is so far not heeding Trump’s calls to increase output and lower prices toUSD 60-70 per barrel, Bloomberg reports. “I don’t expect OPEC+ to heed Trump’s demands, or requests — whichever way you want to see it,” Vanda Insights founder Vandana Hari told the business information service.

Background: Opec+ initially planned to begin phasing out production cuts in October, but later pushed the plans back as oil prices fell. Production increases are now slated to begin in April 2025 and to be gradually implemented until the end of 2026.

Modon buys into London’s Arena Events

Modon agrees to acquire London’s Arena Events from IHC + KSA’s Tasheel: ADQ-backed developer Modon Holding has entered into a definitive agreement with Abu-Dhabi based conglomerate IHC and Saudi Arabia’s Tasheel Holding Group to acquire London’s Arena Events Group, according to a press release (pdf). The transaction — for which the value is still undisclosed — is expected to close by the end of next month.

Who owns what: Theta Bidco, the parent company and sole owner of Arena Events, is currently 70% owned by IHC and 30% owned by Tasheel. Upon fruition, Modon Holding will own 100% of the large-scale events management company. Also worth noting: IHC Group, one of the sellers, is also a majority shareholder in the buyer Modon Holding.

The rationale: “The acquisition…represents its [Modon] first significant entry into North America, which is the largest revenue generating region for Arena, housing almost half of its +1k global workforce,” the statement reads.

The Abu Dhabi-based real estate developer has been making a global push recently, with the acquisition of Spanish real estate company La Zagaleta and inking an agreement in October to become the master developer on the USD 35 bn Ras El Hekma megaproject in Egypt. Its subsidiary, Adnec’s Excel London, also recently acquired London’s BDCG Holdings, which owns the Business Design Center venue in north London. The developer also acquired a 50% stake in London’s skyscraper project 2 Finsbury Avenue under a newly-formed 50-50 JV with Broadgate REIT last week.

About Arena Events: Founded in 2007, the event solutions provider operates across over 10 countries including the US, UK, and Saudi Arabia. Its ventures included delivering large-scale solutions for the 2024 Paris Olympics, Formula 1 races (in Abu Dhabi, Jeddah, Las Vegas, Miami and Austin), Wimbledon and the T20 World Cup in New York. Arena is also a key partner of major golf tour operators PGA of America and LIV Golf, which is backed by the Saudi sovereign wealth fund PIF.

ADX-listed Invictus acquires Mozambique’s Merec Industries

Invictus snaps up Mozambican milling giant Merec: ADX-listed agro-food outfit Invictus Investment — a unit of Ghitha — has acquired Mozambique’s largest milling company Merec Industries ’ parent company Stratton Africa Holding, according to a press release (pdf). The size and terms of the agreement were not disclosed, but the company bought the shares from Amethis Fund II and Merec Financial.

The rationale: “The acquisition is expected to add significant scale and synergies between the two companies, increasing our consolidated revenues by over AED 1 bn (USD 272 mn) annually. It will also accelerate other investments and the expansion of our trading activities, fuelling substantial EBITDA growth, which is projected to more than double in 2025,” said Amir Daoud Abdellatif, CEO of Invictus. It also comes as the company looks to boost downstream and midstream segments, particularly in high-potential African markets, the statement added.

Tapping into the right markets: Mozambique is shaping up to be a prime market for wheat-based products, with a projected CAGR of 6% in wheat demand from 2022 to 2027, fueled by urbanization, population growth, rising incomes, and shifting consumer habits. Meanwhile, the pasta market has even stronger potential, with a forecasted 9.5% CAGR, as evolving dietary preferences drive a surge in consumption.

Not Invictus’ first rodeo in Africa: Invictus nabbed a 60% stake in Moroccan agriculture trader Graderco last year, as it looks to ramp up its acquisitions and JVs in North and East Africa, including Morocco, Algeria, Kenya, Tanzania, and Mozambique.

About Merec: The Mozambique-born company owns and operates milling facilities in Beira, Maputo, and Nacala with a total production capacity of 800k metric tons (mt) of wheat and corn flour annually, alongside processing facilities for 180k mt of pasta, biscuits, and animal feed per year. Its grain storage infrastructure includes silos with a capacity of 145k mt. Merec also owns a grain terminal at the port of Maputo.

Market reax: Ghitha’s shares were up 0.5% yesterday to settle at AED 24.8.

OTHER M&A NEWS-

Amass submits offer to subscribe to Osool ESB capital increase shares: Abu Dhabi-based Amass Investments has submitted a binding offer to subscribe EGP 100 mn (AED 7.3 mn) to the capital increase shares that will be issued by EGX-listed brokerage Osool ESB Securities Brokerage in a private placement, according to two separate filings to the exchange here (pdf) and here (pdf). The companies have yet to disclose the size of the planned capital increase, but the fair value price will be determined by an independent financial advisor.

Who owns what: It is worth noting that Osool Holding holds a 74.2% stake (pdf) in the listed company, while another substantial shareholder has an 8.6% stake. Only c. 25% of the company is on free-float.

A deposit in good faith: The Emirati firm has transferred the full amount they are willing to invest to Osool’s bank account, which will remain in escrow until Osool makes a decision to accept or reject the offer. Osool will hold a general meeting on Thursday to evaluate the offer.

Market reax: Osool EBS’ shares rose 20% to EGP 0.92 a share by the end of trading yesterday.

Emirates earmarks USD 90 bn for fleet expansion by 2032

Emirates plans to invest USD 80-90 bn to expand its fleet with 315 new aircraft by 2032, comprising 240 Boeing 777X/787s, 65 Airbus A350s, and 10 cargo planes, Chief Commercial Officer Adnan Kazim told EnterpriseAM at the opening ceremony of Emirates World’s store in Egypt. The airline has already received three Airbus A350s, with five more expected in the next three months, Kazim said.

Remember: Back in October, Emirates ordered five additional Boeing 777 freighters, set for delivery in 2025-2026, bringing its total freighter orderbook to 21.

Boeing delays have forced the need for fleet upgrades: Emirates is facing significant delivery delays from Boeing, with Emirates’ President Tim Clark saying he does not expect the 777X aircraft to enter commercial operations before 2026, pushing the airline to extend the service life of its current fleet. The carrier also allocated over USD 3 bn to upgrade 200 aircraft over the next three years, including the introduction of premium economy cabins, with 40 aircraft already refurbished, Kazim told us.

The carrier is growing its network: Emirates currently serves 148 destinations — including 140 passenger and eight cargo — and aims to exceed 170 by 2030, Kazim said. The airline has 162 agreements with other carriers, including 33 codeshares and more than 115 interline agreements, giving it access to 1.7k destinations. In Africa, Emirates operates 161 weekly flights to 20 destinations through partnerships with five codeshare and 18 interline partners, he added.

It had a strong year amid Red Sea disruptions: The carrier’s cargo business benefited from shipping disruptions in the Red Sea, which redirected high-value goods like electronics, pharma goods, and fresh produce to air freight, Kazim said. On the passenger side, high winter demand pushed its seat load factor above 90% in 3Q 2024, while the entire six-month period ending in September saw it land at around 80%, he added. Key growth routes included UK, India, Saudi Arabia, and Egypt.

It is also investing over USD 200 mn in sustainable aviation fuel (SAF), while actively testing SAF-powered flights from Singapore, Amsterdam, and London. The airline is committed to achieving net-zero emissions by 2050, though Kazim emphasized the limited availability and high cost of SAF, calling for government support to scale production.

Samsung to build first methanol plant in UAE

Ta’ziz — a joint venture between Adnoc and ADQ — awarded Samsung E&A a USD 1.7 bn engineering, procurement, and construction (EPC) contract to build the UAE’s first green methanol plant in Al Ruwais Industrial Complex in Abu Dhabi, according to a press release. The contract’s duration is 44 months. The facility — to be built in the Ta’ziz Industrial Chemicals Zone in Al Ruwais — will have an annual production capacity of 1.8 mn tons.

What we know about the project: Ta’ziz signed a shareholder agreement with Switzerland-headquartered Proman for the project in 2023. Most of the chemicals manufactured in the plant will be produced in the UAE for the first time and are presumably chemicals for which methanol is feedstock. Some AED 18 bn (over USD 5 bn) will be invested in the first phase of development.

Ta’ziz + Adnoc are going all in on methanol and ammonia: Ta’ziz awarded logistics company Advario and the UAE’s NMDC Group EPC AED 2 bn contracts in November to develop critical chemicals infrastructure in Al Ruwais, which would serve as an export hub for Adnoc’s chemical productions and service the company’s ammonia and methanol facilities in the complex. The contracts are part of a chemicals infrastructure push to support Adnoc’s ambitions to become one of the top five chemicals producers in the world.

Also in the pipeline: T’aziz also signed a shareholder agreement in January 2023 with Fertiglobe, Korea’s GS Energy Corporation, and Japan’s Mitsui & Co for a low-carbon ammonia factory in the UAE with an annual capacity of around 1 mn tons.

Dubai sets new record for USD 10 mn+ home sales in 2024

Dubai’s luxury property sales set new records in 2024, with 435 homes sold for over USD 10 mn, surpassing 2023’s total of 434, according to a press release by Knight Frank. Demand for USD 25 mn+ homes also remained strong, with 4Q 2024 recording 15 transactions, one short of the all-time quarterly high set in 3Q 2023. This surge was driven by strong international demand and Dubai’s rising population, which surpassed 3.8 mn, a 4.6% y-o-y increase.

Luxury home sales peaked in 4Q, with 153 transactions recorded — the highest-ever quarterly figure — accounting for over 35% of the year’s total sales. Dubai’s prime residential market saw average prices rise 6% y-o-y to over AED 6.6k per sqft. Palm Jumeirah homes led the surge, with prices reaching AED 7.3k per sqft, marking a 15% y-o-y increase.

Supply constraints remained a challenge: Luxury property listings dropped 40% y-o-y in 2024, with fewer than 2.5k homes available, down from 4.1k in 2023. While 3Q saw a slight recovery, 4Q listings still declined 14% y-o-y to 805 homes.

Villas remained the cornerstone of the luxury segment, comprising 68.5% of all USD 10 mn+ sales in 2024, up from 52% in both 2022 and 2023. Villa values jumped 20.2% during the year, nearly doubling from 1Q 2020 levels, and signaling persistent supply shortages. Overall, house prices climbed 19.1% y-o-y.

Off-plan luxury sales also dominated, making up 52% of USD 10 mn+ transactions. The top three developers — Omniyat, Nakheel, and Emaar Properties — accounted for 46% of these transactions. Emaar’s The Oasis – Lavita was the year’s most sought-after development, with 29 out of 43 villas sold for over USD 10 mn since launching in 3Q 2024.

By district: Palm Jumeirah topped Dubai’s ultra-luxury market, recording 127 transactions worth nearly USD 2.3 bn, accounting for 29% of all USD 10 mn+ sales and over 32.5% of the market’s total value. Palm Jebel Ali followed with 36 high-end sales in 2024.

In terms of transaction value, Emirates Hills ranked second with USD 514.5 mn in transactions (7.3% of the market), followed by Jumeirah Bay Island (6.7%), District One (6.6%), and Dubai Hills Estate (6.2%).

REMEMBER- Dubai’s broader property market also had a standout year in 2024, recording AED 423.4 bn in residential sales across 168k transactions, up 42.4% y-o-y, according to a previous Springfield Properties report. Off-plan units led the market, accounting for 68% of total sales, while properties priced between AED 1 mn and AED 2 mn saw a 71% surge in demand. Average apartment prices rose 65% since 2020, with villa and townhouse prices more than doubling.

Looking ahead: While price growth is expected to be moderate in 2025, Dubai’s relative affordability compared to other global luxury hubs is expected to keep demand steady in the high-end real estate market, Knight Frank said. Continued wealth migration and supply squeezes are also likely to sustain price appreciation.

REMEMBER- Knight Frank previously forecasted that Dubai’s residential prices will rise by 8% in 2025, down from a 20% surge in 2024, with others forecasting an increase in supply over the next two to three years to contribute to market stabilization.

UAE awarded construction contracts worth USD 121 bn in 2024 -BNC

The value of awarded construction contracts in the UAE rose 14% y-o-y in 2024, reaching USD 121 bn, Al Etihad reports, citing a BNC Network report. This accounted for 44.5% of the total value of contracts awarded in the GCC, which amounted to USD 271.4 bn. Contracts in the UAE were spread across five key sectors: industrial facilities, oil and gas, transportation, real estate, and utilities.

The breakdown: Real estate led the way with USD 66 bn, representing 54% of the total value. The oil and gas sector followed with USD 33.3 bn, accounting for 27.6% of the total. Utilities reached USD 9.2 bn, making up 7.7% of the total, while the transportation sector amounted to USD 9 bn, contributing 7.4%. Industrial contracts totaled USD 3.6 bn, representing 3% of the total.

On the regional front: Looking at the broader GCC, construction contracts were distributed across the following sectors: USD 104.3 bn for real estate, USD 87 bn for oil and gas, USD 49.3 bn for utilities, USD 21.3 bn for transportation, and USD 9.5 bn for industrial projects.

How do the estimates compare? Kamco Invest pegged the total value of UAE contracts during 2024 at USD 84.1 bn, with construction accounting for 47.5% of the total (USD 40 bn). Meanwhile, Emirates NBD’s estimates show that the UAE awarded some USD 83 bn in new project contracts in 2024 including construction.

The outlook for 2025 remains positive, with the construction boom in the UAE expected to continue. Any potential slowdown is anticipated to be mild, CEO of BNC Network Avin Gidwani told Al Etihad. This forecast aligns with projections from Emirates NBD, which estimates a pipeline of USD 659 bn in construction projects. Meanwhile, Mordor Intelligence predicts a 5% compound annual growth rate (CAGR) for the UAE’s infrastructure sector from 2025 to 2030, driven by projects in transportation, renewable energy, and real estate.

UAE cabinet greenlights new federal logistics council, cybersecurity strategy, and more

UAE Cabinet approves logistics, cybersecurity, and infrastructure initiatives: The UAE cabinet approved key policies during a meeting on Monday, according to a Dubai Media Office statement. Here is a rundown of the decisions:

#1- New logistics council: The cabinet approved the establishment of the Emirates Council for Logistics Integration, which will unify federal and local logistics entities such as ports, customs, roads, rail, to grow the sector’s value from AED 129 bn in 2023 to AED 200 bn by 2031. It aims to streamline trade policies and eliminate redundancies across emirates. The council will be chaired by Energy Minister Suhail Al Mazrouei.

#2- National cybersecurity strategy: A national cybersecurity strategy was also greenlit, with five main pillars: a framework for governance, protection of the digital environment, secure and fast innovation, capability-building, and local as well as international partnerships.

Also approved at the meeting:

Talent Attraction Strategy 2031, targeting key sectors like tech, financial services, logistics, healthcare, and renewables;
National Geospatial Data Policy, aimed at standardizing spatial data management for federal decision-making;
A slew of international agreements, including tax treaties with Qatar and Kuwait and investment pacts with Australia and Jordan;
Bi-directional charging guidelines, including a regulatory framework for grid stability and clean energy transition;
Industrial Property Grievance Committee and a reconstituted Sports Coordination Council.

Wealth-tracking startup Myne raises USD 2 mn in pre-seed funding

Fintech startup Myne raised USD 2 mn in pre-seed funding led by Sce ne Holding, with participation from Raz Holding, Plus VC, Annex Investments, and strategic angel investors, according to a statement (pdf). The funds will be used to scale operations, enhance technology infrastructure, and support Myne’s regional expansion, starting with the UAE, Saudi Arabia, and the wider GCC market.

About Myne: Founded in 2024 by Karim Chouman (Linkedin), Myne is a wealth and asset tracking platform designed to help individuals and businesses consolidate and manage their financial assets across multiple sources, including banks, stocks, crypto wallets, and exchanges, according to the statement. The platform offers real-time market updates, budgeting tools, and estate planning services, aiming to simplify financial management and empower users to track and protect their wealth.

More support for proptech + crypto payments for real estate?

REAL ESTATE-

#1- Diez, DLD to boost digital integration in real estate: The Dubai Integrated Economic Zones Authority (Diez) and Dubai Land Department (DLD) partnered to accelerate research, development, and technological innovation in real estate, focusing on property technology (proptech), Wam reports. The initiative aims to support the Dubai Research, Development, and Innovation Grant Initiative launched in September, which identifies proptech, smart mobility, traffic management, and smart grids as priority sectors under the Cognitive Cities framework.

The details: The two entities will collaborate on programs to promote AI and real estate technology adoption among startups, facilitate investor access, and support venture capital funding for early-stage startups. DIEZ will provide business licensing, visa support, office spaces, administrative and legal assistance, and startup funding through its investment arm Oraseya Capital, while DLD will lead training, mentorship, and market access initiatives.

#2- Keyper collaborates with Dubai First + FAB on rent payment program: Tenants can now pay rent through proptech company Keyper ’s property management platform using First Abu Dhabi Bank (FAB) or Dubai First Mastercard credit cards, according to a press release. The collaboration, which facilitates access to Keyper’s Rent Now, Pay Later (RNPL) program, aims to promote financial flexibility and align rent payments with tenants’ monthly income cycles.

REFRESHER- The Dubai Land Department tapped Keyper in October to use its property management platform to allow tenants to pay their rent via debit and credit cards, with options to pay in installments of up to 12 months.

#3- Klickl and Imkan partner on crypto payments for real estate: ADGM-based Web3 banking services provider Klickl partnered with Abu Dhabi-based property developer Imkan to facilitate real estate purchases with cryptocurrency, Trade Arabia reports. Klickl’s payment processing system will allow Imkan’s local and international customers to invest via both fiat conversion payments and cryptocurrencies including Bitcoin, Ethereum, and stablecoins.

INFRASTRUCTURE-

Brazilian electric motor manufacturer Weg will provide integrated drive solutions to support Adnoc’s USD 2.4 bn oil and gas project, which aims to decarbonize its onshore operations, Trade Arabia reports. The project will replace a high-salinity deep aquifer system with a renewable-powered seawater treatment facility, cutting energy consumption by up to 30% during water injection procedures.

The facility, powered entirely by renewable energy, will process 110 mn imperial gallons per day of nano-filtered seawater via a 75 km transportation network and 230 km of distribution pipelines. Weg expects to deliver the drive packages by September 2025.

It wouldn’t be the first for Adnoc + Weg: In December, Weg secured an agreement to supply Adnoc with technical equipment for its USD 3 bn oil pipeline connecting Jebel Dhanna to Fujairah.

ENERGY-

US + UAE to boost energy collaboration: The Energy and Infrastructure Ministry signed an MoU with the US Energy Department to enhance energy sector collaboration and economic ties, it said in a statement on X. The two sides aim to enhance cooperation in carbon capture, utilization, and storage (CCUS), reducing methane emissions, nuclear energy, energy efficiency, smart grids, planning for energy end-use, and advanced energy modelling.

INS.-

ECI joins Dubai’s KYC Blockchain platform: The UAE’s federal export credit company Etihad Credit Insurance (ECI) became the first ins. entity to join the KYC Blockchain platform, according to a press release.

KYC Blockchain? The platform — led by the Dubai Department of Economy and Tourism — enables secure and streamlined customer verification for financial institutions, allowing data sharing between institutions, according to the statement. The platform already includes major financial institutions such as Emirates NBD Bank, Abu Dhabi Commercial Bank, and First Abu Dhabi Bank.

DISPUTE WATCH-

Emirati-owned Raven Russia said that all 16 warehouses of Russia’s largest warehouse owner have been turned over to the Russian state, Reuters reports, citing a company statement. The company cited a court decision it labeled as unlawful and groundless in a statement, adding that the closed-to-journalists proceedings were marked by procedural violations. An appeal was set for 11 March.

What happened? Raven Russia, majority-owned by UAE company Lorenia Holdings, said the warehouses were identified as transport terminals operating under natural monopoly conditions and subject to transfer to Rosimushchestvo, Russia’s federal property management agency. Since an April 2023 decree, Russia has placed several foreign-owned assets under Rosimushchestvo’s management and forced asset sales to selected buyers.

MANUFACTURING-

MIG + NIP opens precast concrete factory in Dubai: Private investment firm MIG Holding inaugurated one of the largest precast concrete factories in the Middle East at Dubai’s National Industries Park (NIP), covering 2.2 mn sq ft, state news agency Wam reports. The facility includes a 750k sq ft production area and an 800k sq ft storage yard, with an annual production capacity exceeding 700k cubic m.

Markets react to the impending Trump tariffs

Trump’s tariff plans send shockwaves across financial markets: Markets around the world started the week in the red in anticipation of the US implementing higher tariffs on its largest trading partners and threatening the EU may be next. Japan’s Nikkei fell 2.7% during yesterday’s trading, the FTSE 100 was down 1.0%, Kospi fell 2.5%, while the S&P 500 closed down 0.8%.

A better performance than initially expected: The tariffs on Mexican, Canadian, and Chinese imports were set to take effect at midnight before US President Donald Trump paused the 25% tariff on Mexican and Canadian imports for a one-month period. The move had markets performing better than initially expected.

Investors are hopeful that the tariffs will never see the light: “Call us deluded, but we still think that permanent tariffs on the US‘s allies (Canada, Mexico) will not be a thing … That’s because concessions are an ‘easier’ way to deal with Trump’s ‘problems’ (from a cost-benefit and game-theoretic perspective), and Trump likes to make deals,” Macquarie’s Thierry Wizman said.

Markets aside, the tariffs will have a broader economic impact, possibly hurting “the economies of the US and its neighbors while putting upward pressure on inflation,” CNBC writes. “Our economists expect that fully implemented tariffs would have meaningful consequences. A recession in Mexico becomes the base case,” one Morgan Stanley strategist said, pointing to increased inflation and lower economic growth.

Is the EU next in line for the Trump tariff? Trump told reports that levies on goods coming from the EU could be introduced “ very soon.”

All of the international pages had coverage of the new: BBC | AP | CNBC | Reuters | FT

MARKETS THIS MORNING-

After a rocky start to the week, Asian markets are in the green in early trading this morning — the Nikkei is up 1.5%, the Hang Seng is up 2.8%, and Kospi is looking at gains of 1.8%.

ADX	9,576	-0.1% (YTD: +1.7%)
DFM	5,183	+0.1% (YTD: +0.5%)
Nasdaq Dubai UAE20	4,352	+0.1% (YTD: +4.5%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.3% o/n	4.4% 1 yr
TASI	12,377	-0.3% (YTD: +2.8%)
EGX30	29,755	-0.6% (YTD: -0.1%)
S&P 500	5,995	-0.8% (YTD: +1.9%)
FTSE 100	8,584	-1.0% (YTD: +5.0%)
Euro Stoxx 50	5,218	-1.3% (YTD: +6.6%)
Brent crude	USD 75.41	-0.3%
Natural gas (Nymex)	USD 3.35	+10.1%
Gold	USD 2,857	+0.8%
BTC	USD 101,932	+5.1% (YTD: +9.0%)

THE CLOSING BELL-

The ADX fell 0.1% yesterday on turnover of AED 1 bn. The index is up 1.7% YTD.

In the green: National Bank of Fujairah (+11.9%), Commercial Bank International (+7.3%) and Abu Dhabi National Ins. Company (+4.3%).

In the red: Apex Investment (-9.9%), Abu Dhabi National Hotels (-5.8%) and Bildco (-5.6%).

Over on the DFM, the index rose 0.1% on turnover of AED 657.2 mn. Nasdaq Dubai also closed up 0.1%.

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.

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.

6-8 February (Thursday-Saturday): SWAAC ELSO Annual Conference 2025, Conrad Hotel Abu Dhabi.

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.

14-16 February (Friday-Sunday): The UAE Muay Thai Championship, Space 42 Arena, Abu Dhabi.

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.

19-20 February (Wednesday-Thuraday): The 18th annual IDC Middle East CIO Summit, the Grand Hyatt Dubai.

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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