Good morning, friends, and happy Valentine’s Day. Our gift this year from the business world? A flood of earnings from the likes of Talabat, Emaar, Dubai Taxi, and much, much more. Plus: We have news of our first IPO of the year, courtesy of Alpha Data; as well as a new tax on Sharjah’s natural resource firms; a new Vegas-like “loop” in Dubai; and eased business setup regulations in Abu Dhabi. Let’s dive in.

WEATHER- Expect another warm yet cloudy day, with a chance of rain, the National Center of Meteorology forecasts (pdf). Temperatures in Dubai hit 29°C during the day, with an overnight low of 20°C, while Abu Dhabi is expected to see highs of 24°C and an overnight low of 19°C.

WATCH THIS SPACE-

#1- Adnoc Gas signed a 14-year liquefied natural gas (LNG) supply agreement with Indian Oil Corporation, valued between USD 7-9 bn, the company said in a statement. As part of the agreement, Adnoc Gas will supply up to 1.2 mn tonnes per annum (mtpa) of LNG from its Das Island liquefaction facility, with deliveries set to begin in 2026. This agreement formalizes a previously signed Heads of Agreement into a binding sales and purchase agreement.

ICYMI: Earlier this week, Bloomberg reported that this is one of two major LNG purchase agreements Adnoc is signing to secure long-term buyers for its exports. The other agreement, with Bharat Petroleum, covers 2.5 mn tons over five years starting in April, with an option to extend. This follows forecasts that the UAE stands to benefit from India’s rising LNG demand, as the world’s fourth-largest LNG buyer plans to more than double its imports to 64 bn cubic meters annually by 2030.

#2- Emirates Global Aluminium (EGA) is eyeing more US acquisitions, following its acquisition of 80% of Minnesota’s Spectro Alloys in August 2024, Bloomberg reports. The acquisition is already bearing fruit for the firm by providing it with zero-tariff supply as US metal prices rise, CEO Abdulnasser Bin Kalban said.

The company had already been evaluating two additional US agreements before the US’ introduction of 25% tariffs on aluminum and steel imports, and is now also eyeing potential European investments. EGA’s US-produced aluminum avoids tariffs, but UAE exports to the US remain subject to levies.

What’s next? A 170k-ton annual capacity recycled aluminum smelter in Dubai will launch in December, ahead of schedule. The company plans to increase sustainable production by investing in recycling plants and powering facilities with renewable energy.

PLUS: FACT CHECK- No EGA power plant in Indonesia: Industrials giant Emirates GlobalAluminium (EGA) denied claims that it is building a 5 GW nuclear power plant in West Java, calling the Indonesian government’s statement “inaccurate,” Reuters reports. However, EGA has expressed interest in other sectors in Indonesia.

#3- The UAE is inching ever closer to the introduction of autonomous transport:

  • Chinese technology company Baidu is in talks with UAE authorities to launch its driverless ride-hailing service Apollo Go in the country, The Wall Street Journal reports, citing sources familiar with the matter. Testing in Dubai is expected to begin as early as 1H 2025.
  • Also, the UAE has started mapping air corridors and developing regulations for piloted and autonomous flying taxis and cargo drones, a process that will take 20 months to complete, state news agency Wam reports.

#4- US investment manager GQG Partners plans to expand its investment portfolio in the UAE and Saudi Arabia, founder Rajiv Jain told Zawya. The company invested about USD 3 bn in the UAE so far, including USD 500 mn in investment platform Alpha Dhabi and other investments in Aldar and the International Holding Company. Jain highlighted the UAE’s strong liquidity, improving capital market, stable currency, and commitment to attracting capital as key factors driving their investment interest.

REMEMBER- GQG received a license last year to set up GQG Partners in the ADGM, marking its first office outside the US. GQG has also expressed interest in Abu Dhabi-based assets, expecting the emirate’s market to grow in value.

#5- EWEC invites bids for Al Sila wind plant: Emirates Water & Electricity Company (EWEC) has issued a Request for Proposals (RFP) for the 140 MW Al Sila Wind independent power project to 16 pre-qualified companies and consortiums, according to a press release. The project, located near the existing wind farm in Al Sila, will be developed under a public-private partnership model, with the successful bidder owning up to 40% of the facility, while the Abu Dhabi government retains the rest. The project scope includes the development, financing, construction, operation, maintenance, and ownership of the wind farm, with the selected developer entering a long-term power purchase agreement with EWEC. Proposals are due by 2Q 2025.

This has been in the works: The RFP follows an Expression of Interest call last October, during which interested firms submitted statements of qualifications. Once operational, the project is expected to generate up to 140 MW of renewable energy, displace 190k tonnes of CO2, and boost Abu Dhabi’s total wind capacity to nearly 240 MW.

#6- Timor-Leste looks to Emirati investment: Timor-Leste anticipates increased investment from the UAE once key legislative procedures, such as double taxation and investment agreements, are finalized, Deputy Prime Minister Francisco Kalbuadi Lay told Wam on the sidelines of the World Government Summit. The oil-and-gas-dependent nation is looking to expand its economic ties following its accession to the World Trade Organization last year. Last year, Adnoc was reviewing bids to acquire Australian oil and gas firm Santos, which has LNG projects in Timor-Leste and other countries.

DATA POINTS-

#1-The UAE ranked among the top 10 countries for AI companies per capita, coming in at ninth place, Al Khaleej reports, citing data from Deep Knowledge Group and International Finance Forum ’s Global AI Competitiveness Index, which evaluated 55k AI firms globally. The UAE, which is home to 49.5 companies per 1 mn of the population, was the only regional country to make the top 10. Singapore topped the leaderboard with 162.8 per mn. The UAE had ranked 19th in the previous year’s rankings (pdf).

#2-UAE leads GCC diversified economies list: The UAE had the most diversified economy out of the GCC countries for the 2020-2023 period , according to the Global Economic Diversification Index 2025 (pdf). The Emirates scored highly in the trade and output sub-indexes, while digitalization through fintech growth also boosted its score. The report identified factors like investment in data centres and the new corporate tax as indicators for increased diversification. Globally, Germany, China, and the US led the rankings.

PSA-

The holy month of Ramadan is expected to begin on 1 March, Khaleej Times reports, citing the UAE’s International Astronomical Centre. Confirmation through the sighting of the crescent is expected on 28 February.

HAPPENING THIS WEEK-

#1- US State Secretary Marco Rubio is set to make a stop in the UAE as part of a wider Middle East tour starting tomorrow, according to a statement. Rubio will also make stops in Israel and Saudi Arabia, with the focus of the tour being advancing the second phase of the Gaza ceasefire discussing Iran and Hamas’ US hostages.

#2– Dubai Rising: Building Tomorrow’s Global Business Capital will take place today at the Museum of the Future. The event — which is a collaboration between the Dubai Media Office and Georgetown University’s McDonough School of Business — features discussions on Dubai’s vision for global commerce and economic growth with officials, policymakers, business leaders, media, and scholars from the US and UAE.

THE BIG STORY ABROAD-

It’s all about geopolitics in the foreign press this morning, as the Gaza ceasefire seems back on track, a Russia-Ukraine rapprochement closer in reach, and US President Donald Trump unveils plans for reciprocal tariffs in his latest tariff salvo in the brewing trade war.

#1- Reciprocal tariffs? In Trump’s latest executive order, he unveiled plans to customize import tariffs according to a host of factors, including its trading partners’ subsidies, exchange rates, and taxes. This is in addition to new charges on cars, semiconductors, and pharma — with more details set to be announced after 1 April. (Bloomberg | Reuters | FT | CNBC)

#2- Trump also said he and Russian President Vladimir Putin are now in talks over an end to Russia’s war in Ukraine, teasing a possible end to the war in several posts on his social media platform Truth Social. Trump also said he will meet Putin in Saudi Arabia for the first round of talks.

The UAE could also play host to a potential peace summit that could see the attendance of both Putin and Ukrainian President Volodymyr Zelenskiy, with the country eager to play a big role in mediating between the two countries, sources reportedly told Reuters. A source close to Trump also said the UAE is a top candidate for a meeting between Putin and Trump.

#3- Hamas said it plans to release Israeli hostages on Saturday as previously planned, backtracking from threats earlier this week that threatened to put the six-week ceasefire in Gaza in jeopardy. Hamas had cited truce violations, including Israeli military preventing humanitarian aid from reaching Gaza, as reasons for a potential delay, but later re-committed to the release of hostages after talks with mediators in Qatar and Egypt. (Bloomberg | AP | Guardian)

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