Dubai targets USD 500 mn Alec Engineering IPO in renewed privatization drive

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Mubadala acquires shares in US HR firm Deel -CNBC + Arcapita sets up shop in ADGM

Good morning, wonderful people, and happy hump day. We’re still drinking from a firehose of news here at EnterpriseAM UAE HQ, with the first whisperings of an IPO this year, fresh data on Abu Dhabi’s property sector in 2024, and more earnings.

WEATHER- Expect a mostly sunny day today and a humid night, the National Center of Meteorology (pdf) says. The mercury in Dubai will hit 23°C, with an overnight low of 14°C, while temperatures will hit 22°C in Abu Dhabi, with an overnight low of 15°C.

WATCH THIS SPACE-

#1- Has Mubadala bought into American HR firm Deel? Fintech-turned-HR firm Deel sold USD 300 mn in secondary shares to General Catalyst and an unnamed sovereign wealth fund, which CNBC identified as Mubadala. The two entities joined as new investors and facilitated an exit for early investors, boosting the company’s valuation to USD 12.6 bn, the business outlet cited sources familiar with the matter as saying.

The company is now edging closer to a public listing, with a potential IPO as early as next year, Deel CEO Alex Bouaziz told CNBC. Deel is focused on enhancing its financial audits, compliance procedures, and infrastructure ahead of the listing, while also battling a lawsuit over alleged illicit transactions, which the company has dismissed as baseless and part of a coordinated attack by a backer of rival firm Rippling.

#2- The UAE's Nuclear Regulation Federal Authority (FANR) plans to implement several projects and strengthen its regulatory framework to improve radiation safety, while expanding international cooperation by sharing the UAE’s nuclear expertise with emerging nuclear countries, FANR director-general Christer Viktorsson told a press briefing yesterday, state news agency Wam reports. The authority will also launch an artificial intelligence strategy in 2025, appointing a chief AI officer to facilitate partnerships in this area.

#3- The US could look to UAE for aluminium: US companies could look to the UAE and Bahrain for aluminium exports if Trump moves ahead with tariffs on Canada, Al Khaleej reports. Canada accounted for 56% of US aluminum imports in 2023, so shifting sourcing would mean higher costs due to logistics and exchange rates.

Big players like Alcoa and Rio Tinto are eyeing alternatives but are not rushing to make moves, with Alcoa’s President William Oplinger saying last month that the company could start importing more Middle Eastern metal. Trump postponed rolling out tariffs after striking last-minute agreements with Mexico and Canada on border issues—leaving companies hesitant to make any long-term shifts just yet, Reuters reports.

#4- Iraq’s Khor Mor gas field remains operational after drone strike: Operations at Dana Gas’ Khor Mor gas field in Iraq’s Kurdistan region continue as normal despite a drone strike that “targeted the vicinity” on Sunday, the company said in a statement (pdf). There were no injuries, and production facilities remained unaffected. Security measures have been implemented, and the company is coordinating with relevant authorities to monitor the situation.

#5- Arcapita receives ADGM license: Bahrain-based alternative asset management firm Arcapita Group Holdings received a license to operate and open an office in the ADGM, the company said in a statement. Stéphane Brown (LinkedIn), the firm’s group COO, has been appointed as the senior executive officer of the company’s new UAE-based unit, Arcapita Investment Management. The new office is set to bring Arcapita closer to its growing client base in the region, where the firm’s total transaction value reached USD 1.3 bn.

Arcapita has been investing big in the UAE, acquiring Neopay from Mashreq for USD 385 mn last month as part of a consortium with Turkish fintech Dgpays. It is also reportedly considering setting up a real estate investment trust for its regional assets.

PSA-

The Federal Tax Authority (FTA) is urging registrants to update their tax records within the designated grace period until the end of March to avoid administrative penalties, according to a press release.

HAPPENING TODAY-

#1- The Mubadala Abu Dhabi Open continues today with the round of 16 at Zayed Sports City, after several big games yesterday, including Ons Jabeur’s upset of Latvia’s Jelena Ostapenko and Russia’s Anastasia Pavlyuchenkova’s defeat of American Sofia Kenin. The big games to watch out for today:

Starting 11am: Belinda Bencic vs. Veronika Kudermetova; Yulia Putintseva vs. Markéta Vondroušová; and Elena Rybakina vs. Katie Volynets;
After 5pm: Sonobe Wakana vs. Ons Jabeur, and Linda Nosková vs. Paula Badosa

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

#2- Medlab Middle 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.

#3- AI Everything Global continues today at the Dubai Exhibition Center and will wrap up tomorrow. The event brings together policymakers, industry leaders, and tech pioneers to explore AI’s transformative role across many industries.

#4- The International Dental Conference and Arab Dental Exhibition will run today and tomorrow 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 latest plans are bringing our region back into the spotlight in the international press this morning, as the US president pushes once again for the “cleaning out” of Gaza, and ramps up the pressure on Iran.

Trump proposed yesterday in a press conference with Israel’s Prime Minister Benjamin Netanyahu that the US take over, develop and “own” the Gaza Strip to turn it into “the Riviera of the Middle East,” while calling for the forced displacement of “all” 2.2 mn Palestinians who call it home. “Countries of interest with human hearts” could fund permanent resettlement of Gazans in Egypt, Jordan and possibly other locations “where they can live a beautiful life,” Trump is quoted as saying. The 365 sq km enclave has seen its infrastructure nearly decimated since October 2023, due to continuous Israeli bombardment and demolitions.

Trump thinks he can persuade the region to take in the Gazans. “They say they’re not going to accept,” he said of Egypt, Jordan, and other Arab countries, standing next to Netanyahu. “I say they will.”

Hamas was quick to reject the proposals, saying that “our people in Gaza will not allow for these plans to come to pass.” Egypt and Jordan had already rejected Trump’s earlier pleas for them to take in refugees, with Jordan’s King Abdullah heading to Washington next week to meet with Trump. Saudi Arabia also reiterated its public stance linking normalization with Israel to the establishment of a Palestinian state, and rejecting settlement, annexation or displacement of Palestinians as “non-negotiable” with new or old US administrations. (Reuters | Bloomberg | CNN | FT | NY Times)

ALSO- Trump signed a presidential memorandum ahead of the conference reinstating a “maximum pressure” campaign on Iran to curb its nuclear ambitions. The memo also includes a campaign aimed at “driving Iran’s oil exports to zero,” threatening USD 53 bn of Iranian oil exports, per 2023 estimates. As usual, Trump signalled he was open to negotiating an agreement with Iran that saves everyone the trouble. (Reuters | NY Times | CNBC)

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CIRCLE YOUR CALENDAR-

The SWAAC ELSO Annual Conference 2025 will take place from 6-8 February at the Conrad Hotel Abu Dhabi, bringing over 1k global experts, doctors and lecturers in Extracorporeal Membrane Oxygenation (ECMO). The conference will feature discussions on ECMO research, clinical advancements, and future priorities in life-saving therapies.

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.

IDC Middle East CIO Summit 2025 will take place on 19-20 February at the Grand Hyatt, Dubai under the theme “architecting an AI-fueled business.” The event will bring together C-suite executives, industry leaders, and technology providers to explore AI’s impact on businesses. e& enterprise has been named the official host partner.

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.

The Global Justice, Love & Peace Summit will take place between 12-13 April at the Dubai Exhibition Center in Expo City. The event will bring together 2.8k peacekeepers, including 10 Nobel Laureates, heads of state, policymakers, and global influencers, to discuss justice, equality, and peace-building initiatives.

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

State-backed Alec Engineering targets USD 500 mn IPO in mid-2025

Dubai’s ICD readies USD 500 mn Alec Engineering IPO: Dubai's state-backed Investment Corporation of Dubai (ICD) is preparing to launch an IPO of construction giant Alec Engineering & Contracting that could raise up to USD 500 mn, Bloomberg reports, citing unnamed people familiar with the matter. The IPO — tentatively slated for mid-2025 — would mark Dubai's first major IPO of a state-backed company since Parkin last year.

Advisors: Alec tapped Emirates NBD Capital and JPMorgan Chase to work on the offering, with Moelis advising ICD. Additional banks may join the syndicate as plans solidify.

The details of the offering remain provisional, with specifics including the fundraising target and exact timeline still being finalized.

The move would give renewed impetus to Dubai's privatization program, under which it planned to list 10 state-owned companies. Alec would be the seventh state-owned company to get a public listing as part of the program, after IPOs for Parkin, as well as utilities firm (Dewa), Dubai Taxi, toll operator Salik, business district developer Tecom, and cooling services firm (Empower).

The UAE has a strong pipeline of IPOs for 2025:

ADQ is reportedly preparing a USD 1 bn IPO for Etihad Airways on the Abu Dhabi Securities Exchange (ADX) in 2025;
Alpha Data is reportedly planning a USD 200 mn listing on the ADX;
Dubizzle Group has tapped banks for a 2025 IPO on the Dubai Financial Market (DFM);
Hospitality group Five Holdings tapped advisors for a potential listing;
Amanat Holdings is planning to list its education and healthcare units;
and Shisha producer Advanced Inhalation Ritual is also rumored to potentially IPO.

Abu Dhabi residential prices jump 6.2% in 4Q 2024 despite decline in off-plan sales -ValuStrat

Abu Dhabi’s real estate market “maintained its positive momentum” in 2024 despite a 40.3% dip in off-plan sales, according to a ValuStrat report (pdf). Growth was supported by rising transaction volumes in the ready segment, increasing rents, and strong commercial occupancy.

Prices rose across the board, led by villas: Villa prices saw the strongest gains, rising 8.9% y-o-y and 2.3% q-o-q in 4Q 2024, while apartment prices increased 3.5% y-o-y and 1.5% q-o-q.

Off-plan sales took a hit: Off-plan sales dropped 60.8% y-o-y in 4Q 2024 — despite growing 17.6% q-o-q — “likely due to fewer project launches this year,” the report said. On the flip side, the average ticket size for off-plan properties surged 34.8% y-o-y to AED 3.6 mn, the report said. Meanwhile, ready home sales jumped 89.2% y-o-y, with 1.4k recorded in 4Q 2024. However, the average ticket size for ready properties declined 7.2% y-o-y and 8.8% q-o-q to AED 2 mn.

Abu Dhabi’s rentals continued their upward trajectory, with villa rents growing 6.6% and apartment rents rising 8.2% in 4Q. The residential occupancy rate stood at 86% for the year.

On the commercial side: Commercial real estate in the emirate also saw strong rental growth, with asking rent prices in primary business districts rising 25.9% y-o-y and 3.4% q-o-q in 4Q. Demand for quality office space pushed average occupancy rates to above 90%.

Hospitality and retail were also bright spots: The hospitality sector maintained a 79% occupancy rate in 2024, driving revenue per available room to rise 19% y-o-y. The retail sector also remained stable, with major shopping malls sustaining an 89% occupancy rate.

Looking ahead, ValuStrat expects Abu Dhabi’s residential market to maintain moderate growth in 2025, with stabilization in some communities. Apartment prices are projected to increase by 6%, while villas could see 4% price growth. Rental rates are also expected to rise further, recording “slight increments in both villa and apartment sub-markets during 2025.”

ICYMI- Dubai’s real estate market also continued to see price appreciation in 4Q 2024. Prices for villas and townhouses were up 31.6% y-o-y, compared to a growth of 23.6% for apartment prices. The prime segment also saw an annual price increase of 29.9% y-o-y. On the rental side, residential rents increased 9.8% y-o-y while office rents surged 20.8%.

qeen.ai raises USD 10 mn seed funding for AI-powered e-commerce solutions + Smpl Fund I invests in Qora71’s portfolio

Dubai-based AI startup qeen.ai raised USD 10 mn in seed funding, marking one of the largest seed rounds in the region, according to a press release (pdf).The round was led by Prosus Ventures, with participation from Wamda Capital, 10x Founders, and Dara Holdings. The fresh cash will go into qeen.ai ’s agentic AI platform, help scale its team, and bring more merchants into the fold.

REMEMBER- Last June, qeen.ai secured USD 2.2 mn in pre-seed funding led by Wamda Capital, with participation from 10x Founders, Aditum, Dara Holdings, Jabbar Group, Phaze Ventures, and Eureka 460. That round focused on improving the accessibility and user-friendliness of its no-code multilingual GenAI solutions for e-commerce businesses.

About queen.ai: Founded in 2023 in the UAE by Dina Alsamhan (LinkedIn), Ahmad Khwileh (LinkedIn), and Morteza Ibrahimi (LinkedIn), qeen.ai develops AI solutions designed to enhance online sales and customer lifetime value for e-commerce businesses. Its products focus on AI-powered copy and content generation, localization, and recommendation tools. The startup says its customers have achieved a 30% conversion rate on their platforms since adopting qeen.ai’s solutions.

OTHER STARTUP NEWS-

Smpl Fund I invests USD 250k in AI startups from Qora71’s portfolio: Abu Dhabi-based Smpl Holdings’ venture fund Smpl Fund I has made a USD 250k investment in multiple AI and tech startups from venture investor syndicate Qora71’s portfolio, according to a statement (pdf). The Abu Dhabi-based fund, which focuses on supporting early-stage AI and tech companies across Mena and beyond, provides both capital and strategic guidance to help drive growth.

REMEMBER- Launched in June, Smpl Fund I is a USD 10 mn venture fund by Smpl Holdings, aimed at offering seed capital and strategic support to AI and tech startups.

About Qora71: Qora71 is a venture investor syndicate and part of the Hub71 Angel Program, offering accredited investors flexible investments. Its portfolio includes over 50 AI and emerging tech firms, with recent investments in Basetwo AI, zypl.ai, Abwab.ai, autone, Biosapien, and Algooru.

Multiply Group and Borogue report 2024 earnings

BOROUGE-

Adnoc petrochemicals JV Borouge saw its net income climb 15% y-o-y to USD 331 mn in 4Q 2024, according to its earnings release (pdf). Revenues rose 8% y-o-y to USD 1.6 bn during the period, as overall sales volumes increased 8% y-o-y to 1.5 mn tonnes.

On an annual basis, the company’s net income increased 24% y-o-y in 2024 to USD 1.2 bn, driven by record production and sales volumes, which reached 5.3 mn tonnes, on the back of strong customer relationships and expansion into high-growth markets in Asia, the Middle East, and Africa, the statement said. Meanwhile, revenues rose 4% y-o-y during the year to USD 6 bn.

Looking ahead: The company expects average selling prices to improve in 1Q 2025 from 4Q 2024, maintaining management guidance at USD 200 per tonne for polyethylene and USD 140 per tonne for polypropylene, the release said. Borouge will continue focusing on expanding into circular and durable value-added product segments. Meanwhile, preparations for the Borouge 3 planned maintenance are on track, with a 320-kilotonne impact expected in 2Q 2025.

Dividends: The company plans to distribute USD 1.3 bn in dividends in 2025 — similar to the previous year — representing a 6.3% current dividend yield, according to the earnings.

WATCH THIS SPACE- Bourge to tap into the Chinese market: Borouge is currently working with Wanrong New Materials (Fujian), a subsidiary controlled by China’s Wanhua Chemical, on the potential establishment of a specialized polyolefins production complex in China with an annual capacity of 1.6 mn tonnes, CEO Hazeem Sultan Al Suwaidi told Wam (watch, runtime: 06:01). Al Suwaidi identified China as a “key growth market,” driven by rising manufacturing demand for high-quality materials, and named Asia, Africa, and the Middle East as other priority regions for expansion.

Borouge is also focusing on AI and digital integration to boost operational efficiency and productivity and reduce emissions, Al Suwaidi said. The company’s AI-driven initiatives generated over AED 2 bn in 2024.

MULTIPLY GROUP-

Abu Dhabi-based investment firm Multiply Group’s bottom line fell 65.8% y-o-y to AED 189 mn in 2024, according to its latest financials (pdf). Excluding fair value charges, the company’s net income came in at AED 1 bn, up 7.1%. The firm's revenues rose 56.2% y-o-y to AED 2 bn. Multiply’s Group CEO Samia Bouazza credited the top-line growth to “double-digit organic growth across all verticals,” fueled by acquisitions and operational efficiencies, according to the company’s earnings release (pdf ).

REMEMBER- Multiply group’s subsidiary Emirates Driving Company acquired a 51% stake in Excellence Premier Investment in July 2024. The company’s beauty unit, Omorfia Group also, fully acquired UAE-based beauty services provider Grooming Company Holding in June 2024. It also acquired 100% of digital advertising company BackLite Media for an undisclosed sum back in February 2024 .

Sultan Al Jaber is calling for a global energy reset

Sultan Al Jaber’s global energy ambitions made headlines: Industry and Advanced Technology Minister Sultan Al Jaber penned a piece for Semafor arguing for a reset in the global energy conversation. With energy demand projected to surge from 9k GW today to as much as 35k GW by 2050, Al Jaber calls for a pragmatic “and-and” approach that embraces lower-carbon gas, nuclear, hydrogen, and renewables instead of restricting energy options. “For too long, the world has been trapped in a false choice between energy access and sustainability,” he said, pushing for policies that deliver both abundance and decarbonization.

The UAE is already laying the groundwork for the shift, with Masdar’s renewables investments spanning over 70 countries and Abu Dhabi’s latest energy venture, XRG, partnering with Exxon, NextDecade, and Covestro on projects across hydrogen, liquified natural gas, and advanced materials. A first-of-its-kind UAE facility combining 5 GW of solar with 19 GWh of storage is also tackling one of renewables’ biggest challenges: intermittency. The world needs not only “more energy, we need more positive energy,” linking energy with progress, Jaber said.

ALSO- Is XRG taking over some of Adnoc’s US assets? Adnoc appears to have transferred its stakes in Exxon Mobil’s hydrogen project and NextDecade’s liquefied natural gas (LNG) Rio Grande LNG export facility, both Texas-based, to its low-carbon energy investment arm XRG, according to Al Jaber’s statements.

REMEMBER- Adnoc reached an agreement to acquire a 35% stake in Exxon Mobil’s low-carbon hydrogen project last September, with the project launch set for 2029. It later transferred its stake to its ammonia arm Fertiglobe. The oil giant also acquired an 11.7% stake in the first phase of sustainable LNG producer NextDecade's USD 18 bn Rio Grande LNG export facility back in May.

Logic Holding acquires majority stake in Nexel to expand GCC presence

M&A-

#1- Egypt’s Logic Holding nabs majority stake in Nexel: Cairo-born management consulting group Logic Holding acquired a majority stake in homegrown advisory firm Nexel Partners for an undisclosed sum, according to a press release (pdf). While the exact size of Logic’s stake in Nexel was not disclosed, the acquisition plays right into the company’s growth plans across key markets in the region. Nexel also has offices in Riyadh and Cairo.

Eyeing Saudi + GCC growth: “Logic will prioritize expanding its Saudi Arabian footprint, capitalizing on the Kingdom’s rapid digitalization, before scaling across the Gulf,” the release read.

#2- Canada-based healthcare tech outfit Treatment.com AI inked a binding letter of intent to fully take over UAE-based online mental health platform Alea Health through a cash-and-stock transaction, according to a press release. Treatment AI will pay USD 315k on three installments tied to the progress of the transaction, while issuing common shares valued at USD 100k, to the selling shareholders.

The rationale: Treatment’s acquisition of Alea Health marks its entry into the Middle East, and allows it to expand its mental health offerings and strengthen its expertise in AI-driven healthcare solutions, according to the statement. The company plans to integrate Alea’s platform into its Global Library of Medicine (GLM) AI healthcare engine, the statement added.

INVESTMENT-

Lunate launches end-of-service investment fund: Abu Dhabi-based alternative asset manager Lunate has launched the Ghaf Benefits scheme, which allows private sector employees to put their end-of-service gratuity into an investment fund to generate returns, it said in a press release. ADQ has signed an MoU with Lunate to explore adopting the scheme, which aims to attract more international talent to the Emirates, the press release said.

The program targets the country’s 85% expatriate population, as current pension schemes only apply to Emirati citizens and GCC nationals, The National quotes Lunate’s managing partner Seif Fikry as saying. Lunate, along with Daman Investments, received approval last year to launch the fund, after the UAE cabinet approved its Alternative End-of-Service Benefits Scheme to offer UAE-based employees end-of-service benefits and savings plans.

The options: Employers will transfer the gratuity package to the scheme, after which the employee can choose from six investment funds in which to invest, available in either conventional and Sharia-complaint options with different risk-return preferences. The low-risk fund is capital protected, while the medium risk option is invested in global fixed income and the higher risk option targets global equities and fixed income, Enterprise has learned. Both parties can add voluntary contributions on top of fixed ones.

MANUFACTURING-

#1- Mirak and Astoria are betting big on mushrooms in Abu Dhabi: Agricultural firms Mirak Group and Astoria will build an AED 180 mn mushroom production facility in Abu Dhabi, Al Khaleej reports. The project’s first phase aims to produce 39k tons of organic fertilizer and 9.9k tons of mushrooms annually, according to Mirak CEO Nejdeh Ghadimi. In its second phase, compost production will nearly double to 74k tons, while mushroom output will increase by 50% to 14.9k tons per year. The facility is expected to be fully operational by November 2026.

More details: The project covers 128 hectares in Nahl, Al Ain, with 24 hectares designated for mushroom cultivation and the remainder for other high-value crops, Mirak Chairman Najieb Khoory said. The Abu Dhabi Agriculture and Food Safety Authority is providing the land, while the Abu Dhabi Investment Office is facilitating the project. The facility will integrate AI and automation to enhance productivity and quality, operating year-round to meet local demand and export to markets across the Middle East, North Africa, and West Asia.

#2- Sharjah + Ireland to strengthen trade ties: The Sharjah Research, Technology, and Innovation Park (SRTIP) has signed an agreement with Enterprise Ireland, the Irish state’s economic development agency, to collaborate on advanced manufacturing, sustainability, and emerging technologies, according to a press release. The partnership aims to enhance market access for businesses in both countries while accelerating research and development initiatives. As part of this collaboration, SRTIP has also expressed interest in working with Irish Manufacturing Research, Ireland’s center for digitization and robotics.

ICYMI- Enterprise Ireland and Dubai Chambers signed an MoU to boost Irish investments in tech, manufacturing, ESG, and clean tech last year.

DISPUTE WATCH-

Shuaa Capital dodges AED 22 mn payout in exec lawsuit: The Dubai Labour Court of First Instance has ruled in favor of Shuaa Capital in a lawsuit filed by a former executive seeking AED 22 mn in severance pay, Shuaa said in a to the DFM disclosure (pdf).

Background: The lawsuit was first disclosed last August when Shuaa announced it would contest the claim, arguing it lacked merit. Shareholders later voted not to absolve the former executive of liability for FY 2023.

HOSPITALITY-

Dubai to build Therme Dubai, the world’s tallest wellbeing resort, with a AED 2 bn (USD 545 mn) investment, Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said on X. The resort is part of the emirate’s Quality of Life Strategy 2033 and is set to open in Zabeel Park in 2028.

Details: The resort, developed in partnership with Therme Group and designed by global architecture firm Diller Scofidio + Renfro, will feature the world’s largest indoor botanical garden and aims to welcome 1.7 visitors annually, according to a Dubai Media Office sta tement.

DEBT-

Sweid & Sweid secures AED 460 mn loan for Sweid One office tower: Dubai-based developer Sweid & Sweid secured an AED 460 mn amortizing term loan facility from Arab Bank to finance Sweid One, its upcoming Grade-A office tower in Jumeirah Lakes Towers (JLT), according to a statement. The 500k sqft commercial project, which the developer unveiled in 2023 in partnership with Dubai Multi Commodities Center, is set for completion in 2026. It will feature a 30k sqft fully-serviced business center, four levels of underground parking, and JLT’s first-ever food hall.

SPACE

UAE’s MBRSC + Thales Alenia Space to develop airlock module for NASA: The UAE’s Mohammed bin Rashid Space Centre (MBRSC) partnered with Italian-French firm Thales Alenia Space to develop an airlock module for NASA’s Lunar Gateway station set to launch in 2030, Crown Prince Hamdan bin Mohammed Al Maktoum said on X. The airlock will serve as the primary entry and exit point for astronauts and cargo.

ICYMI- In January 2024, MBRSC signed an agreement with NASA to support the Gateway project — the first space station to orbit the Moon. Under the partnership, MBRSC will provide the airlock module, engineering support, and an Emirati astronaut for a future Artemis lunar mission.

CRYPTO-

#1- Energy Ministry partners with crypto player for Web3 services: The Energy and Infrastructure Ministry partnered with cryptocurrency player Shiba Inu to advance its digital transformation efforts, Wam reports. The ministry will leverage Shiba Inu’s Web3 technologies to improve green infrastructure, public service efficiency, and governance projects. This comes as part of its commitment to integrate blockchain technologies in energy and infrastructure, the ministry said in a post on X.

Shiba Inu is a cryptocurrency ecosystem whose offerings include its key Ethereum-based token (SHIB) and various operating systems.

#2- Gewan Holding launches ZMG7: Abu Dhabi’s Gewan Holding has partnered with Zodia Markets and Hong Kong’s Metalpha to launch a digital assets joint venture called ZMG7, Zodia Markets said in a press release. The joint venture aims to combine Gewan Holding’s investment expertise, Zodia Markets’ digital asset brokerage, and Metalpha’s specialization in crypto derivatives and wealth management to offer financial solutions and institutional-grade infrastructure.

ICYMI- The joint venture comes after Zodia Markets secured permission from the Financial Services Regulatory Authority last December to operate as a virtual asset brokerage in ADGM.

REAL ESTATE-

Amis Development has launched a new AED 130 mn residential project, Woodland Terraces, in Meydan, Dubai, according to a press release.

TELECOMS-

e& Carrier & Wholesale expands into new markets with digital focus: The international wholesale arm of e&, Carrier & Wholesale Services (C&WS), is expanding into a number of “high-growth” regions with a focus on digital infrastructure and AI solutions, according to a press release.

The details: The company is establishing hubs in Miami and Johannesburg and reinforcing its presence in London and Singapore. The expansion supports international partners and is set to market opportunities in the Americas and Africa.

REMEMBER: C&WS expanded its UAE data centers and established a fifth Tier III SmartHub in Abu Dhabi to support digital adoption and provide low-latency, high-speed internet last year.

LOGISTICS-

Al Ain Mills to set up grain plant at Khalifa Port: Al Ain Mills inked a 50-year lease agreement with flour producer Al Ain Mills to establish a grain storage and processing facility at Khalifa Port’s South Quay, according to a press release. The 500k sqm facility — with a capacity of 300k metric tons — is slated to launch operations 2.5 years after the firm breaks ground on the project. No investment ticket or timeline have been disclosed.

Meet the millers: Al Ain Mills is a member of Al Hazaa Investment Group, and its Fujairah branch is slated to receive and send grain via Etihad Rail, according to its website.

** This section was amended to clarify that ADQ signed an MoU with Lunate only to explore adopting the Ghaf Benefits end-of-service scheme.

Uncertainty of Trump presidency pushes US Fed to rule out pre-emptive rate actions

To cut, or not to cut is becoming an increasingly difficult question to answer in Trump’s America. Although Trump has only been in the Oval Office for a meager 16 days, his plethora of executive orders, pledges of incoming tariffs, and threats to close economic allies have disrupted the forecasts of economists and policymakers alike. The US Federal Reserve is no different, with San Francisco Fed Head Mary Daly telling the New York Times that any pre-emptive interest rate moves are off the table until the “scope, magnitude and timing” of the new presidency’s actions and their effect on the economy are clearer.

The Fed is focused on seeing the wood from the trees, trying to gauge the combined effect of the new administration’s policies, instead of reacting to each and every move — or a late-night tweet — from the presidency. “If a policy change is going to spur growth, which ultimately pushes down inflation, at the same time that there’s something that picks it up a little bit, then you don’t know what the net effect is going to be until you have more details about the policy,” she explained.

“The easiest way for a policy mistake is to speculate,” she told the American paper of record. The paper only had to look back as far as the last couple of days to justify the Fed’s new approach, with a tariff showdown with Canada and Mexico, along with a looming tariff war with China, and even the EU presenting an impossible-to-predict few months ahead for the country.

For now, the Fed is sticking to its outlook from December, which projected interest rate cuts of half a percentage point in 2025, bringing the target range to 3.75-4%. But Daly emphasized that this could change, depending on how the US economy evolves. “I think we have to have a very open mind about whether fewer or more will be needed,” she said, indicating how inflation and policy shifts could complicate the central bank’s plans and projections.

The Fed has a different approach to Trump this time round, after being quick off the block to preemptively lower rates in three consecutive meetings in 2019 during Trump’s first foray into trade wars. However, the US is in a different place right now, with inflation above the Fed’s 2% target, making businesses and consumers more sensitive to price pressures.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning, the Hang Seng is in the red, down 1.6%, and so is the Shanghai, down 0.6%, while the Kospi is up 1.0% and the Nikkei is relatively unchanged.

ADX	9,585	+0.1% (YTD: +1.8%)
DFM	5,219	+0.7% (YTD: +1.2%)
Nasdaq Dubai UAE20	4,369	+0.4% (YTD: +4.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.0% o/n	4.4% 1 yr
Tadawul	12,434	+0.5% (YTD: +3.3%)
EGX30	29,668	-0.3% (YTD: -0.2%)
S&P 500	6,038	+0.7% (YTD: +2.7%)
FTSE 100	8,571	-0.2% (YTD: +4.9%)
Euro Stoxx 50	5,265	+0.9% (YTD: +7.5%)
Brent crude	USD 76.09	+0.2%
Natural gas (Nymex)	USD 3.22	-3.9%
Gold	USD 2,874	+0.6%
BTC	USD 96,280	-5.4% (YTD: +2.9%)

THE CLOSING BELL-

The DFM rose 0.7% yesterday on turnover of AED 650.6 mn. The index is up 1.2% YTD.

In the green: Talabat Holding (+3.5%), Salik (+3.5%) and Dubai Taxi (+2.6%).

In the red: National International Holding Company (-10.0%), Emirates Islamic Bank (-5.4%) and Orascom Construction (-4.2%).

Over on the ADX, the index closed up 0.1% on turnover of AED 1.1 bn. Meanwhile Nasdaq Dubai closed up 0.4%.

UAE President and Saudi Crown Prince talk bilateral relations

President Sheikh Mohamed bin Zayed Al Nahyan and Saudi Crown Prince Mohammed bin Salman Al Saud held a phone call to discuss bilateral relations and regional developments, Wam reports. The two stressed improving strategic cooperation between their nations, focusing on shared economic development goals. They discussed recent regional and international developments, particularly in the Middle East, and agreed to maintain close coordination on mutual interests.

ALSO- Iranian-Emirati naval forces meet: Iran’s Islamic Revolutionary Guard Corps (IRGC) dispatched four navy vessels to meet with UAE naval forces earlier this week for the first time since the countries resumed diplomatic relations, Iran International reports. Iran’s naval chief said that ensuring security in the Arabian Gulf without foreign interference is a priority. President Sheikh Mohamed bin Zayed Al Nayhan met with Iran’s Vice President Shina Ansari last month to discuss strengthening bilateral ties.

OTHER DIPLO NEWS-

UAE Investment Minister Mohamed Hassan Alsuwaidi met with Azerbaijan’s Economy Minister Mikayil Jabbarov to discuss trade, investments, energy, agriculture, finance, and ADQ and Azerbaijan Investment Holding’s Joint Investment Fund. (Statement)
UAE, Germany discuss financial ties: Dubai Deputy Ruler Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum met with Germany’s Federal Minister of Finance Jörg Kukies to discuss strengthening financial and business cooperation in trade, investment, renewable energy, technology, and education. (Statement)
UAE Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan met with Argentina's Foreign Affairs, International Trade and Worship Minister Gerardo Werthein. The ministers discussed bilateral relations and opportunities for cooperation in economic, trade, and investment sectors. (Wam)

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.

3-6 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.

(xxAD) 12-13 April (Saturday-Sunday): Global Justice, Love & Peace Summit, Dubai Exhibition Centre, Expo City Dubai.

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 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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