Etihad Airways to debut on ADX this month? + New tax relief measures for multinationals

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WHAT WE’RE TRACKING TODAY

THIS MORNING: MGX to invest in French AI + Anthropic?

Good morning, lovely people. We’re already off to a strong start this week with a ton of news from over the weekend, including reports that Etihad Airways could hit the ADX this month. Plus: Wynn Resorts secured the UAE’s largest facility for the UAE’s hospitality sector for its Al Marjan resort, and the Finance Ministry introduced new tax relief measures.

WEATHER- We’re in for a partly cloudy start to the week: The National Center of Meteorology forecasts (pdf) fair to partly cloudy skies and light to moderate winds. Temperatures in Dubai are expected to hit 23°C during the day, with an overnight low of 14°C, while Abu Dhabi is expected to see temperatures hitting 21°C, and an overnight low of 17°C.

WATCH THIS SPACE-

#1- Abu Dhabi’s AI fund MGX will provide initial investments for the planned USD 30-50bn data center and AI campus in France, with additional funding coming from a consortium of French and Emirati firms, Bloomberg reports, citing a joint statement. The first tranche of investment will be announced during Macron’s flagship investment event later this year, the statement said.

REMEMBER- We reported late last week of the UAE’s plans to invest some USD 30-50 bn alongside France in French and Emirati AI, with the two countries planning to develop an AI partnership. The announcement comes ahead of an AI summit set to begin in France today.

IN OTHER FRANCE-RELATED NEWS- Cerebras powers Mistral’s AI assistant, claimed to be the world’s fastest: Abu Dhabi-backed Cerebras is providing the computing power behind France’s open-source AI maker Mistral in a new partnership that, according to Mistral, has set a speed record in AI response times, Reuters reports. Mistral claims its latest app, Le Chat, can generate replies at 1k words per second, making it the fastest AI assistant—surpassing OpenAI and DeepSeek. The AI chipmaker made answer speed a key priority as competition intensifies, with rivals closing in on OpenAI’s models, CEO Andrew Feldman told Reuters.

AND IN OTHER MGX NEWS- MGX eyes investment in Anthropic’s AI funding round: State-backed tech-focused investor MGX is in talks to join US-based Anthropic’s oversubscribed funding round, which is now expected to exceed USD 2 bn, pushing the AI startup’s valuation past USD 60 bn, Bloomberg reports, citing people familiar with the matter. Other potential backers include Menlo Ventures, Bessemer Venture Partners, General Catalyst, and Lightspeed Venture Partners, which is reportedly in talks to lead the round with a USD 1 bn investment. The minimum investment ticket for the round is USD 100 mn, sources said.

REMEMBER- MGX has a mandate to accumulate over USD 100 bn in assets under management in a few years, investing in ChatGPT maker OpenAI’s USD 6.6 bn funding round last year and in Elon Musk’s rival AI startup xAI. It has also backed a major new AI infrastructure fund launched by BlackRock and Global Infrastructure Partner, joining as a general partner, and Stargate, a joint venture with OpenAI, SoftBank, and Oracle.

#2- ADQ eyes investments in Vietnam: Abu Dhabi sovereign wealth fund ADQ signed an MoU with Vietnamese state-owned sovereign wealth fund State Capital Investment Corporation (SCIC) to explore co-investment opportunities in Vietnam across the oil and gas, renewable energy, and agriculture sectors, according to a statement. SCIC Chairman Nguyen Chi Thanh emphasized that sector-specific business forums would help strengthen bilateral investment cooperation

ICYMI- The UAE and Vietnam signed a comprehensive economic partnership agreement (CEPA) last year, which was followed by news of USD 3.5 bn worth of Emirati investments in Vietnamese data centers, and logistical and maritime infrastructure.

#3- Sharjah-based conglomerate Mulk International will complete its USD 500 mn high-tech park Zim Cyber City in Zimbabwe by 2029, Shaji Ul Mulk told The National. The first phase of the Mount Hampden-based project — which will focus on blockchain and digital assets — is already underway.

The details: The project will span across 5 mn sqft, featuring government, residential, and commercial buildings. The new developments include a parliament building, ministry buildings, 250 townhouses, more than 80 villas, apartment blocks, offices, a retail arcade, and a 15-storey commercial tower.

#4- Dubai Investment is set to invest some USD 500 mn in Dubai Investments Park Angola over the next 12 to 15 years, chairman of Dubai Investments Khalid bin Kalban told The National. The economic zone will include industrial, commercial, residential, and recreational spaces, serving the manufacturing, logistics, technology, retail, and tourism sectors. The company partnered with China Harbour Engineering Company to commence its infrastructure works in March 2024.

More in the pipeline: Dubai Investments is currently planning to develop other real estate projects in the African country, bin Kalban said. These projects include residential and commercial towers and malls in Luanda, in partnership with the Angolan sovereign wealth fund, with the local government providing the projects’ land spaces. It also plans to launch an agricultural project in Angola and set up a pharma firm there in the future.

The company plans to create a holding company with the local fund to develop special-purpose vehicles for the upcoming projects, with the income generated from each plot funding the next one, bin Kalban said.

#5- Archer Aviation eyes Abu Dhabi for eVTOL taxis launch in 2025: US-based Archer Aviation is “ready to launch” its midnight electric air taxis in Abu Dhabi this year between Zayed International Airport and central Abu Dhabi, cutting travel time from 30 minutes to just six or seven minutes and marking a potential first for the UAE’s capital in the urban air mobility sector, Founder and CEO of Archer Adam Goldstein told The National on the sidelines of World Economic Forum in Davos. The midnight eVTOL, which has four passenger seats plus a pilot, is designed for short, urban trips.

The plan: The company intends to integrate its operations with existing helicopter flight paths and air traffic control systems rather than creating an entirely new system. Archer plans to scale up gradually, starting with a limited number of aircraft in early phases. The company is still awaiting regulatory approval, but it has already formed partnerships with some UAE entities including Etihad and Mubadala.

REFRESHER- Archer Aviation inked an agreement with Abu Dhabi-headquartered aviation services provider Falcon Aviation to develop a vertiport network across Dubai and Abu Dhabi.

#6- The UAE and Japan are expected to finalize negotiations on an economic partnership agreement to be inked this year, Foreign Trade Minister Thani bin Ahmed Al Zeyoudi told state news agency Wam. Negotiations began in September 2024 alongside talks over a wider GCC agreement. Japan’s trade volume with the GCC is expected to reach USD 46 bn by 2033, while the UAE is Japan’s leading trade partner in the Arab world, accounting for about 37% of the Asian country’s exports to Arab countries.

DATA POINTS-

#1- Dubai tourism hits 18.7 mn visitors in 2024: Dubai welcomed 18.7 mn international tourists in 2024, up 9% from 2023, according to an X post by Dubai Crown Prince Sheikh Hamdan bin Mohamed bin Rashid. Hotel occupancy reached 78%, a slight increase from 77.4% the previous year.

Hospitality sector growth: Dubai’s hotel inventory grew 2% annually to 154k rooms across 832 properties. Occupied room nights rose to 43 mn in 2024, up from 41.7 mn in 2023. Average revenue per available room increased 2% to AED 421 and average daily rate edged up to AED 538, Wam reports.

#2- Meanwhile, passenger traffic across the UAE rose 10% y-o-y, with some 147.8 mn passengers passing through in 2024, Wam reports, citing the General Civil Aviation Authority. Air cargo grew 17.8% y-o-y to 4.4 mn tons, while air traffic movements reached a record volume of 1 mn flights during the year. The number of registered air operators grew to 36.

HAPPENING TODAY-

#1-The International Civil Aviation Organization (ICAO) GlobalImplementation SupportSymposium kicks off today in Abu Dhabi and will be ongoing till the 12th at the Abu Dhabi National Exhibition Center.. It will bring together 1.5k participants, including aviation ministers, industry leaders, and experts from ICAO’s 193 member states, to discuss sustainability and AI in civil aviation. The symposium will include the Global Sustainable Aviation Marketplace exhibition, dedicated to advancing the production of alternative and low-carbon aviation fuels.

#2- World of Coffee Dubai 2025 kicks off today and runs through 12 February at Dubai World Trade Center. The global coffee trade event will bring together over 300 exhibitors, coffee professionals, producers, and enthusiasts.

HAPPENING THIS WEEK-

The World Governments Summit 2025 will be running from 11-13 February in Dubai. Country leaders, international organization heads and business players will meet to discuss six key themes: effective governance and accountability, financing the future and the global economy, climate crisis mitigation and resilient cities, human-centric futures and capacity building, global health transformations, and emerging frontiers and the future.

CORRECTION- We mistakenly wrote in Friday’s issue that Oman had only one IPO last year. Oman’s state energy company OQ actually floated two of its units on the Muscat Stock Exchange — OQ Exploration & Production (OQEP) and Oman Base Industries (OQBI), which raised USD 489 mn through a 49% stake sale. Its shares are down 7% since debuting at 111 baizas.

THE BIG STORY ABROAD-

Trump’s trade war is back in the spotlight this morning, as China’s retaliatory tariffs on US imports take effect, while Trump hints at more measures on the way.

Getting even: The US President told reporters that he plans to announce additional 25% tariffs on all steel and aluminum imports. More tariffs are set to be announced later this week and take effect almost immediately, with Trump vowing to match any reciprocal tariffs levied by trade partners. The escalation comes hours after China’s retaliatory tariffs — targeting USD 14 bn of US imports — took effect. (Reuters | Bloomberg | New York Times | FT)

CLOSER TO HOME- An Israeli delegation is in Qatar to continue Gaza ceasefire discussions — the two sides will touch on the nitty gritty of the second phase of the ceasefire agreement. This comes as Israel withdraws its troops from the Netzarim corridor. (BBC | Reuters)

OVER IN BUSINESS WORLD- French President Emmanuel Macron said EUR 109 bn worth of investments are set to be announced during the Paris AI summit, which kicks off today and will see participation from Abu Dhabi’s MGX and Canada’s Brookfield among other big names in the tech world. (FT | Reuters)

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Etihad Airways could hit the ADX before the end of February -CEO

ADQ’s Etihad Airways could float a 20% stake on the ADX as early as this month, Group CEO Antonoaldo Neves told The Sunday Times, according to Asharq Business. Etihad reportedly kicked off its IPO roadshow last week. The offering could see the company raise up to US 1 bn, implying an overall valuation of USD 5 bn.

Background: While the offering was initially planned for last year, Reuters reported in September that the idea to present investors with 2024 financial results, along with geopolitical instability, weighed on the timing.

IPO + direct listing? While Neves mentioned that this is aimed at raising capital, sources told Bloomberg earlier that the airline is also considering a direct listing. “I can say that Etihad is ready. Any airline in the world that has the aspiration to grow and be influential — they need to tap into different sources of capital,” Nevedes said.

SOUND SMART- A direct listing allows all shareholders to execute transactions on their shares, ultimately providing more liquidity to shareholders.

A first in almost two decades: If Etihad manages to ring the bell this month, it would beat Saudi Arabia’s budget airline Flynas to become the region’s first airline listing since Kuwait’s Jazeera Airways’ IPO in 2008. Flynas is expected to receive final approval from the Capital Market Authority soon to take a 30% stake public, the company’s CEO Prince Al Waleed Bin Talal said last month.

ADVISORS- ADQ reportedly tapped Abu Dhabi Commercial Bank, Bank of America, BNP Paribas, and Morgan Stanley as joint bookrunners for the IPO, with HSBC Holdings, First Abu Dhabi Bank (FAB) and Citigroup said to be acting as financial advisors.

The UAE has a strong pipeline of IPOs for 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.

UAE banks lead USD 2.4 bn financing for Wynn Al Marjan Island

Wynn Resorts secures USD 2.4 bn loan for Wynn Al Marjan Island: Wynn Resorts obtained a USD 2.4 bn construction loan from a global syndicate of regional and international lenders to finance Wynn Al Marjan Island, the first integrated resort in the UAE, set to open in 2027, according to press release. The loan marks the largest hospitality financing transaction in the UAE’s history, according to the statement.

Details: The seven-year loan, structured as a delayed draw facility, provided to Wynn Al Marjan Island—a subsidiary of the 40%-owned joint venture—is denominated in both AED and USD.

Who’s in? Abu Dhabi Commercial Bank (ADCB) and Deutsche Bank acted as joint coordinators, while First Abu Dhabi Bank (FAB), Emirates NBD Capital, and The National Bank of Ras Al Khaimah served as initial mandated lead arrangers, bookrunners, and underwriters. Sumitomo Mitsui Banking Corporation (SMBC DIFC Branch, Dubai) joined as lead arranger, with FAB also acting as agent and security agent for lenders.

Remember: As of 2Q 2024, Wynn Resorts had invested USD 514.4 mn in its USD 3.9 bn gaming resort on Marjan Island, including USD 356.5 mn in land acquisitions and project development. The 155-acre site represents nearly a quarter of the island, with 70 acres earmarked for future expansion. CEO Craig Billings previously indicated that debt financing was expected to be finalized by year-end 2024.

New tax relief package exempts investment firms, smaller multinationals from top-up tax

New top-up tax relief package: The Finance Ministry issued a cabinet decision providing further details on the domestic minimum top-up tax (DMTT) for large multinational enterprises (MNEs), Wam reports. The tax, which took effect this year, raises the minimum corporate tax rate from 9% to 15% for MNEs with global revenues of EUR 750 mn or more in at least two of the four preceding financial years.

New relief measures + exclusions introduced: A tax carve-out has been introduced, offering relief through a substance-based income exclusion, reducing taxable excess net income based on payroll and the carrying value of tangible assets. Additionally, a de minimis exclusion allows certain qualifying entities to be fully exempt from the UAE DMTT, though the specific eligibility criteria were not disclosed. Alvarez and Marsal says the criteria includes revenues being less than EUR 10 mn or an income of less than EUR 1 mn or a loss.

Investment entities are also excluded, and transitional measures ensure no DMTT applies during the initial phase of a multinational’s international activity, provided it is not controlled by a parent entity subject to a qualified income inclusion rule in another jurisdiction.

REMEMBER- The Finance Ministry was mulling tax credits: A separate proposal pending legislative approvals suggested tax credits as a percentage of eligible salary costs for high-value employment activities, including C-suite executives and senior personnel performing core business functions that enhance the UAE’s global competitiveness. The ministry was also considering a new research and development tax incentive, potentially offering 30-50% refundable tax credits, depending on the company’s revenue and UAE-based workforce.

The UAE ❤️ foreign investments : The Finance Ministry also issued amendments in November to ease administrative and tax compliance requirements for domestic businesses, foreign partnerships, and family foundations. These include considering foreign partnerships tax-transparent if they hold that status in their home country, allowing foreign firms to apply for tax-transparent status, and fewer requirements for reporting on partner composition.

Dubai’s GDP grew 3.1% y-o-y in 9M 2024

Dubai’s GDP grew 3.1% y-o-y to AED 339.4 bn in 9M 2024, Wam reports. Abu Dhabi’s GDP had grown 3.9% during the same period last year. The state news agency did not clarify Dubai’s 3Q figures.

By the sector:

The wholesale and retail trade sector expanded by 2.9% y-o-y to AED 83.1 bn last year, contributing 24.5% of the emirate’s GDP;
Transportation and storage sector grew 5.3% y-o-y to AED 42.1 bn;
Financial and ins. activities grew by 4.5% y-o-y to reach AED 39.4 bn;
The manufacturing sector grew by 2.3% y-o-y to AED 28.3 bn;
The real estate sector expanded by 3.6% y-o-y to AED 27.3 bn;
The ICT sector grew 4.1% y-o-y to AED 15.9 bn,
The accommodation and food services sector expanded by 3.7% y-o-y to AED 11.5 bn,
and the construction sector recorded a 2.2% y-o-y increase.

All other sectors grew at an average rate of 1.2% during the 9M period.

NMC Healthcare sells stake in Fakih to Blue Ocean Health

Blue Ocean eyes full control of Fakih IVF: Private healthcare operator NMC Healthcare sealed a binding agreement to sell its 65% stake in Fakih IVF to the company’s only other shareholder, Dubai-based Blue Ocean Health, for an undisclosed sum, it said in a press release. The acquisition is expected to wrap up within the next two months, and will see Blue Ocean take full ownership of the company.

The rationale: “This strategic sale enables us to focus on expanding our comprehensive secondary and tertiary services and clinical facilities, including significant investments in Dubai and the Northern Emirates,” said NMC Healthcare CEO David Hadley.

NMC plans to launch four new medical facilities this year, including a new pediatric medical center in the Marina area of Dubai, along with a medical center in Palm Jumeirah, slated for opening this summer.

Dana Gas’ net income hits AED 553 mn in 2024

Sharjah’s Dana Gas and Abu Dhabi Ship Building reported their 2024 earnings, with Dana Gas seeing its bottom lines fall on a one-off impairment, and ADSB seeing its bottom line nearly double during the year.

DANA GAS-

Sharjah’s Dana Gas’ net income increased 15% y-o-y to AED 143 mn in 4Q 2024, driven by lower financing costs and additional revenue, according to the company’s earnings release (pdf). Revenue rose 64% y-o-y to AED 583 mn, boosted by a new consolidated concession agreement in Egypt.

Dana Gas secured a new consolidation agreement with Egypt’s Petroleum Ministry, receiving USD 20 mn from the Egyptian government in December. The funds will be reinvested in its Egypt operations and the first phase of its development program. The agreement also grants Dana Gas 297 sq km of new exploration acreage and improved fiscal terms.

REFRESHER- Dana Gas plans on investing USD 100 mn to expand its operations in Egypt, including the drilling of 11 new wells which will add 80 bn cbf of gas reserves to the country. This investment plan was however subject to the Egyptian government releasing USD 24 mn from an outstanding USD 59 mn receivables balance.

On an annual basis, the company saw its net income fall 5.6% y-o-y to AED 553 mn in 2024, according to the firm’s financials (pdf). The decline was attributed to an AED 121 mn impairment in Egypt related to costs from old concessions. Without this impairment, net income would have risen by 15% y-o-y to AED 674 mn. Revenue for the year grew 5.2% y-o-y to AED 1.6 bn, bolstered by improved fiscal terms from the new Egyptian concession agreement.

ADSB-

Abu Dhabi Ship Building (ADSB) reported a 92% y-o-y increase in net income to AED 77.3 mn in 2024, according to its earnings release (pdf). Revenues rose 19% y-o-y to AED 1.5 bn, driven by progress on key contracts, including the Falaj3 contract for four offshore patrol vessels for the UAE Navy and progress on the BR71 MKII corvettes, ADSB-designed patrol boats, and logistical support for the Angolan Navy. The company also delivered two Adnoc tugboats and advanced its Small Boat, MRO, and Mission Systems segments.

Emirates is no longer banking on Boeing’s 777X timeline amid fresh delays

Emirates hit by more Boeing delays: The Dubai carrier now expects Boeing’s long-overdue 777X deliveries to be delayed until at least 2Q 2027, with the possibility of further setbacks into 2028, Bloomberg reports, citing people familiar with Emirates’ financial and operational planning. The Dubai-based carrier, which has 205 units on order and has centered its future fleet strategy around the 777X, is no longer relying on Boeing’s target debut date as ongoing production setbacks and an extended certification process continue to push timelines further out.

The delays have pushed Emirates to extend the service life of its current fleet, spending USD 4 bn on retrofits to keep ageing A380s and 777s in service.

ALSO- The UAE’s push into metals trading made headlines, with the Financial Times highlighting Abu Dhabi, Oman, and Saudi Arabia’s efforts to launch new metal trading companies as part of a broader strategy to diversify beyond oil and secure critical minerals for the energy transition. Abu Dhabi sovereign wealth fund ADQ formed a 50-50 JV with US-based Orion Resource Partners just last month to invest USD 1.2 bn in metals and mining over the next four years. “The Gulf is becoming much more dynamic and strategic in how it invests in mining,” said Philip Clegg, managing partner of the JV.

International Holding Company’s mining investment arm, International Resources Holding (IRH), has been a key player. The company has already built a 60-person trading unit to handle energy and metals and is actively trading third-party commodities across base metals, energy products, and iron ore. IRH is also in talks with international traders, including Mercuria, to further expand its trading portfolio after acquiring a 51% stake in Zambia’s Mopani copper mine for USD 1.1 bn last year.

Hafeet Rail inks contracts for freight wagons, logistics facilities, and transport of raw minerals

LOGISTICS-

Hafeet Rail inks a slew of agreements: Hafeet Rail inked several contracts for railway maintenance facilities, uptake of freight wagons and the cross-border transportation of raw materials, in part of the UAE-Oman rail project, Wam reported on Friday. The USD 2.5 bn joint project will connect the UAE with Oman’s Port of Sohar. The agreements include:

#1- Establishing new rail facilities: Hafeet Rail inked a strategic design and construction contract with Indian construction firm Larson & Toubro (L&T) and state-owned heavy and civil engineering firm Power China to build state-of-the-art railway logistics facilities Al Buraimi and Sohar.

#2- Expanding wagon rail fleet: The firm awarded a strategic contract to state-owned China Railway Rolling Stock Corporation (CRRC) for the design, engineering and supply of high-performance freight wagons.

#3- Transporting raw minerals: UAE-based building materials manufacturer Emirates Steel Arkan (Emsteel) formed a 15-year primary partnership agreement with Hafeet Rail for the transportation of raw limestone and red shale, Wam reported separately. Under the agreement, the pair will transport up to 4.2 mn tonnes of raw materials from Oman to the UAE annually. Emsteel will operate the Emsteel rail transfer facility in the UAE’s Al Ain, which will be equipped with railcar unloading stations, conveyor systems, and stockpile management systems.

EDUCATION-

Alef expands its presence in Indonesia: UAE-based edtech company Alef Education signed MoUs with Indonesia’s Foreign Ministry to strengthen its footprint in the country, according to a press release (pdf). The agreements will allow Alef to scale its AI-powered learning solutions across Indonesian schools. Alef Education has been operating in Indonesia since 2021, with over 750k students already using its AI-driven platforms for maths, Arabic, and English learning.

CAPITAL MARKETS-

BHM Capital approved as market maker on Muscat Stock Exchange: Dubai-based financial services firm BHM Capital received approval from the Financial Services Authority to operate as a Market Maker on the Muscat Stock Exchange (MSX), according to a disclosure (pdf) to Dubai Financial Market.

BUSINESS-

Dubai Chambers and the US Chamber of Commerce inked an agreement to strengthen trade relations and enhance business ties, Wam reports. The agreement aims to boost bilateral trade and economic cooperation between the US and the emirate.

The details: The partnership will see both chambers assist members in setting up and investing in the US and Dubai. Both entities will cooperate in trade fairs, investment missions, conferences, and exhibitions, along with the exchange of information and reports.

STARTUPS-

Korean startups to use Expo City Dubai facilities: Expo City Dubai partnered with the K orea International Trade Association (KITA) and the Korea IT Cooperation Center (KICC) to promote entrepreneurship and startups, according to a press release. Through the partnership, Korean startups can access Expo City’s economic free zone and its technology sandbox environment, the Urban Lab, where they can trial their operations and access feedback through the Lab’s data analytics.

ICYMI- The UAE-Korea SMEs and Startup Committee met last December to discuss how to up partnerships supporting entrepreneurship, startups, and innovation. Last October, KICC opened a regional office in the UAE, KICC UAE, to assist Korean tech companies looking to expand into the UAE.

AI-

G42 and Microsoft roll out the first Responsible AI Foundation: State AI firm G42 and Microsoft launched a Responsible AI Foundation, the first center of its kind in the Middle East, according to a press release. The initiative partners with Mohamed bin Zayed University of Artificial Intelligence to advance ethical AI standards in the region. Inception, a G42 subsidiary, will oversee the program’s leadership.

The details: The Responsible AI Foundation will focus on research to develop AI safety tools, bias mitigation techniques, and transparency standards through partnerships with global institutions. It will also work on implementation and governance to create ethical deployment frameworks that include risk assessment models, external ethics boards, and region-specific guidelines addressing cultural diversity.

ALSO- Microsoft expanded its AI For Good Lab to Abu Dhabi through its partnership with G42.

Early traders cash in on Trump coin while other investors take heavy losses

Early buyers of US President Donald Trump’s memecoin cashed in big, but most investors got burned. A handful of well-timed traders made hundreds of mns of USD from the launch of Trump coin — the cryptocurrency first issued by the Trump family in January — while more than 810k wallets suffered steep losses, The New York Times reports citing crypto forensics companies Chainalysis and Nansen.

The numbers tell the story: The token, announced just three days before Trump’s inauguration, saw its value go to USD 75 from USD 0.18, before crashing back down to around USD 17 this week, leaving retail investors holding the bag. One early trader made a USD 109 mn profit in just two days, while 31 major players walked away with a collective USD 669 mn, the companies’ analysis found. Meanwhile, total investor losses now exceed USD 2 bn, with many still holding onto devalued tokens in hopes of a rebound.

That’s just how memecoins work: The pump-and-dump pattern is a well-worn playbook in the memecoin industry, where early movers — often highly sophisticated traders — buy low, push up prices, and cash out quickly, leaving latecomers to absorb the losses. The pattern has regulators watching closely, with New York’s Department of Financial Services already flagging memecoins as highly speculative and easily manipulated.

But this hasn’t stopped Trump and his team from doubling down on crypto. Trump made waves on the campaign trail with the launch of World Liberty Financial, which offered certain wealthy investors access to a cryptocurrency called $WLFI. In addition, the parent company of Trump’s social media company launched TruthFi last month, a financial services arm focused on BTC, among other cryptocurrencies.

The Trump family and its partners aren’t walking away empty-handed either, with nearly USD 100 mn in trading fees flowing into their pockets from transactions on the memecoin, though most of that money hasn’t been withdrawn yet. The timing is also raising eyebrows — Trump is moving to loosen crypto regulations, and critics say that could make it harder to hold him and his team accountable.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning, with Japan’s Nikkei down 0.2%, the Kospi flat, and the Shanghai Composite and Hang Seng both in the green, up 0.6% and 1.9%, respectively.

ADX	9,586	+0.2% (YTD: +1.8%)
DFM	5,238	-0.1% (YTD: +1.6%)
Nasdaq Dubai UAE20	4,376	+0.5% (YTD: +5.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.0% o/n	4.4% 1 yr
TASI	12,469	+0.3% (YTD: +3.6%)
EGX30	30,014	0.0% (YTD: +0.9%)
S&P 500	6,026	-1.0% (YTD: +2.5%)
FTSE 100	8,701	-0.3% (YTD: +6.5%)
Euro Stoxx 50	5,325	-0.6% (YTD: +8.8%)
Brent crude	USD 74.66	+0.5%
Natural gas (Nymex)	USD 3.31	-2.9%
Gold	USD 2,888	+0.4%
BTC	USD 95,028	-1.6% (YTD: +1.5%)

THE CLOSING BELL-

The ADX rose 0.2% on Friday on turnover of AED 958.2 mn. The index is up 1.8% YTD.

In the green: Bildco (+4.0%), Americana Restaurants (+3.7%) and Hayah Ins. (+3.1%).

In the red: Commercial Bank International (-3.8%), Fujairah Cement Industries (-2.9%) and Alpha Dhabi Holding (-1.5%).

Over on the DFM, the index fell 0.1% on turnover of AED 372.4 mn. Meanwhile Nasdaq Dubai closed up 0.5%.

UAE to develop economic ties with South Sudan, Philippines

UAE and South Sudan explore economic and investment ties: President Sheikh Mohamed Bin Zayed Al Nahyan met with South Sudanese President Salva Kiir Mayardit in Abu Dhabi on Saturday to discuss strengthening bilateral cooperation, particularly in economy, investment, agriculture, renewable energy, and infrastructure, Wam reports. The two leaders also exchanged views on regional and international issues of mutual interest.

UAE and the Philippines also agree to expand economic ties: UAE Investment Minister Mohamed Hassan Alsuwaidi met with Philippine President Bongbong Marcos in Manila to discuss potential investments across key sectors, including infrastructure, renewable energy, industrial mining, telecommunications, and healthcare, The Philippines News Agency reports.

REMEMBER- Bilateral economic cooperation between the two countries has gained momentum following President Marcos’ visit to UAE last November. In January 2025, Masdar signed agreements with the Philippines’ Department of Energy and Board of Investments to develop up to 1 GW of solar, wind, and battery energy storage systems by 2030.

MORE DIPLOMACY NEWS-

Sheikh Mohamed bin Zayed Al Nahyan met with Guinea-Bissau President Umaro Sissoco Embaló, where the two discussed development, economy, trade, and investment. (Wam)
Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan met his Greek counterpart Georgios Gerapetritis to discuss strengthening bilateral economic cooperation in investment, trade and energy. Previous bilateral cooperation includes Emirati investments in Greek data centers, banking, and green infrastructure. (Wam)
UAE condemns Israeli PM’s remarks on Palestinian state: The UAE strongly condemned recent statements by Israeli Prime Minister Benjamin Netanyahu regarding the establishment of a Palestinian state in Saudi Arabia, calling them reprehensible, provocative, and a violation of international law. (Statement)

CALENDAR

FEBRUARY

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

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

8-9 February (Saturday-Sunday): 2025 Khaled bin Mohamed bin Zayed Jiu-Jitsu ChampionshipRound 2, Dubai.

10 February (Monday): The Arab Meeting for Young Leaders, World Government Summit, 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.

10-12 February (Monday-Wednesday): Japan Kyoto Trade Exhibition 2025, Dubai World Trade Centre.

10-12 February (Monday-Wednesday): 4th ICAO Global Implementation Support Symposium, Abu Dhabi National Exhibition Centre.

10-13 February (Monday-Thursday): The Dubai Sugar Conference, InterContinental, Dubai Festival City.

11-13 February (Tuesday-Thursday): World Government Summit 2025, Dubai.

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 February (Friday): The Dubai Rising: Building Tomorrow’s Global Business Capital, Museum of the Future, Dubai.

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): TheIDC 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.

27-29 October (Monday-Wednesday): Future Hospitality Summit, Madinat Jumeirah, Dubai.

17-21 November (Monday-Friday): Dubai Airshow 2025, Al Maktoum International Airport, Dubai.

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.

29 March (Saturday): New traffic regulations and minimum driving age to take effect.

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.

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.

7-9 October (Tuesday-Thursday): The 8th International Symposium on the System of Radiological Protection, the Ritz-Carlton Abu Dhabi, Grand Canal.

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:

11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center.
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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