IPO pipeline gets a boost with 2PointZero, ADIG listings lined up this year

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Abu Dhabi Crown Prince is in Pakistan for investment talks + Non-oil sector to contribute 80% of GDP over the next 6-7 years

Good morning, wonderful people. We’re only a couple of sleeps away from the start of Ramadan, and the news cycle is finally starting to wind down ahead of the holy month.

THE BIG STORY here at home: A couple of additions to our already strong IPO pipeline, courtesy of International Holding Company’s 2PointZero and Abu Dhabi Investment Group. Plus: Alpha Data priced its IPO top of the range, and Moody’s lowered its outlook on the banking sector to stable. We also look at January’s inflation figures, showing inflation was on the rise at the start of the year.

⛅WEATHER- It’s another cloudy day here at home with a chance of light rainfall, according to our favorite weather app and the National Center of Meteorology’s forecast (pdf). Temperatures today will hit 24°C in Dubai with an overnight low of 19°C, and 20°C in Abu Dhabi before cooling to an overnight low of 18°C.

HAPPENING TODAY-

#1- Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan will visit Pakistan for the first time today along with a delegation of ministers and business leaders, to boost investments in the country and ink several agreements and MoUs, according to a statement by Pakistan’s foreign office.

#2- The Dubai government delegation concludes its four-day visit to Shenzhen, China today, organized by the emirate’s executive office and Dubai Chambers, state news agency Wam reports. The group will meet public and private sector leaders and tour institutions specializing in technology, innovation, digital economy, urban planning, and sustainability.

The agenda includes meetings with officials from the Shenzhen Stock Exchange to boost financial cooperation; a meeting with Shenzhen Capital Group to strengthen SME ties; one with Tencent to explore digital transformation cooperation; and another with Huawei to discuss smart government solutions and BYD. It also aims to attract Chinese multinationals and unicorns to Dubai.

#3- Investopia 2025will wrap up today at the St. Regis Saadiyat in Abu Dhabi. The event features over 100 speakers, including government officials, investors, entrepreneurs, economists, and major investment funds from 20 countries. It hosts 2k participants and representatives from global financial and economic institutions.

HAPPENING TOMORROW-

The Education First Forum will take place on 28 February at the Adnec Center in Abu Dhabi. The event brings together policymakers, educators, students, and parents to align education strategies with UAE Centennial 2071 goals, focusing on youth development and global competitiveness.

WATCH THIS SPACE-

#1- The UAE is aiming for the non-oil sector to contribute 80% of GDP in the next six to seven years, Economy Minister Abdulla bin Touq Al Marri told Bloomberg (watch, runtime: 5:33) on the sidelines of Investopia. This would mark a 5% increase as currently the sector makes up 75% of GDP, Al Marri said.

Non-oil sector growth is expected to rise this year: Emirates NBD recently pencilled in non-oil sector growth of 5% for the UAE this year, with Moody’s forecasting the same figure at least. Fitch also had a positive outlook for the sector thanks to a plethora of comprehensive economic partnership agreements, which helped the UAE hit AED 3 tn in non-oil foreign trade last year. Non-oil activity dipped slightly in January, however, after a nine-month high, but still remained above the 50.0 growth threshold at 55.0.

Three new priority economies: Al Marri said food and food processing, the circular economy, and the space and aerospace sectors are the economies to be developed next as part of the country’s economic diversification drive — after last year’s focus on AI and data centers. Continued economic agility and stability will keep attracting investors and HNWIs to the emirates, Al Marri added.

#2- The UAE is ramping up efforts to attract investments in financial services, pharma, technology, and manufacturing, Investment Minister Mohamed Hassan Alsuwaidi said at the Investopia conference in Abu Dhabi, The National reports. “We are still far behind where we would like to be in financial services,” Alsuwaidi said, adding that there’s “definitely significant room to grow there, whether it's in the asset management business, whether it's in the ins. business, whether it's even in banking and whether it's technology or FinTech or so on.” The country is also revising corporate laws to make it easier for businesses to set up shop here.

REMEMBER- The UAE aims to triple foreign direct investment (FDI) to AED 2.2 tn by 2031 under its national investment strategy, focusing on key sectors like advanced manufacturing and renewable energy.

How we’re faring so far: FDI is expected to have risen by 17.1% y-o-y to AED 130 bn in 2024. The UAE attracted around USD 30.7 bn (AED 112.6 bn) in FDI inflows for greenfield projects in 2023, representing 45.4% of total foreign direct investment inflows in the region. The country also ranked first globally in attracting FDI relative to its GDP in 2023.

#3- UAE seen being one EY’s fastest growing markets worldwide over the next decade: EY expects the UAE to be one of the fastest growing markets worldwide for the firm over the next five to 10 years, which will be driven by “significant opportunities for collaboration with both the public and private sectors,” EY’s Managing Partner in the UAE Anthony O'Sullivan told state news agency Wam. The firm considers the UAE and the Mena region at large as strategic priorities due to the “attractive investment environment and supportive economic growth policies,” O’Sullivan was quoted as saying.

The UAE’s economy is expected to grow heavily in the short-term: “The UAE economy will be the fastest among the GCC economies” in 2025, BMI’s MENA Senior Country Risk Analyst Mariette Hanna said last month, with the firm seeing the UAE’s GDP growth reaching 5.1% this year.

#4- Errol Musk, father of b’naire Elon Musk, has revealed plans for Musk Tower potentially in the UAE or somewhere in the wider region, describing it as an innovation center focused on breakthroughs in science, space-time travel, and gravity, during an interview with Al Arabiya English (watch, runtime: 44:40). Musk is in talks with Abu Dhabi-based Al Khaili Group for the development of the tower.

A key part of the plan involves the Musk It meme coin, a digital asset allowing holders to stake tokens in exchange for shares in Musk Tower, AGBI reports.

#5- Abu Dhabi will introduce an update to the emirate’s urban plan in the upcoming weeks, Mohamed Ali Al Shorafa, chairman of the Abu Dhabi Municipalities and Transport Department, told Bloomberg (watch, runtime: 09:25). The emirate is also planning to roll out 3k–3.5k electric vehicle charging points at petrol stations and public spaces.

#6- DIFC pitches new data protection amendments: The Dubai International Financial Center (DIFC) is proposing changes to its laws on data protection, security, insolvency, and employment, with a focus on expanding data rights and and aligning regulations with international standards, according to a statement (pdf). The amendments are open to public consultation until 26 March 2025.

The details: The amendments clarify the law’s scope to ensure DIFC data subjects remain protected regardless of where their data is processed, aligning with global frameworks like the General Data Protection Regulation (GDPR). The proposed amendments will strengthen data-sharing regulations and ensure that data processed by government authorities is adequately protected, with proper redress mechanisms in place. Additionally, a Private Right of Action will be introduced, allowing individuals to seek compensation through DIFC courts for data breaches.

ALSO- Other amendments include updates to security and insolvency laws to align financial collateral arrangements with international standards and clarify security rights over movable and immovable assets. Employment law changes will ensure employer contributions for GCC nationals are directed to state pension funds where applicable, rather than DIFC’s qualifying schemes.

DATA POINTS-

#1- Some 1.5k Egyptian companies have relocated their headquarters to Abu Dhabi, Egyptian b’naire Naguib Sawiris said at a conference in Abu Dhabi, Reuters reports. He also called for merging the UAE’s three stock exchanges to boost market liquidity and attract foreign listings.

#2- The AED 1.1 bn Islamic treasury sukuk issued by the Central Bank of the UAE (CBUAE) in February was 6.5x oversubscribed, state news agency Wam reports. The auction attracted AED 7.1 bn in bids, witnessing strong demand from the eight primary dealers for the tranches maturing in August 2028 and September 2029. The issuance is part of the Islamic T-sukuk program for 1Q 2025.

The details: The tranche maturing in August 2028 achieved a yield to maturity of 4.18%, while the September 2029 tranche reached 4.21%. These yields represent a spread of one basis point above US treasuries with similar maturities at the time of the auction.

REMEMBER- The CBUAE's AED 1.1 bn T-sukuk auctioned in January 2025 was 6.3x oversubscribed, attracting AED 6.9 bn in bids. The tranche maturing in May 2027 achieved a yield to maturity of 4.3%, while the September 2029 tranche reached 4.4%. The central bank’s AED 1.1 bn t-Sukuk auctioned in November 2024 was 4.9x oversubscribed, attracting AED 5.4 bn in bids.

#3- Fintech contributed 8.7% to the UAE’s GDP in 2024, with plans to raise its share to 12% by 2031, Economy Minister Abdullah bin Touq Al Marri said at Investopia 2025, state news agency Wam reports.

PSAs-

#1- Dubai government employees will work flexible hours during Ramadan after the Executive Council of Dubai and the Dubai Government Human Resources Department (DGHR) approved a new flexible working system for the holy month, according to a Dubai Media Office statement. Employees are required to work a minimum of 5.5 hours from Monday to Thursday and three hours on Fridays. Additionally, they can work remotely for up to two days per week with prior managerial approval.

#2- Dubai’s Roads and Transport Authority adjusted operating hours for services during Ramadan, according to a statement.

Dubai Metro:

Monday-Thursday and Saturday: 5 am-12 am.
Friday: 5 am-1 am.
Sunday: 8 am-12 am.

Dubai Tram:

Monday-Saturday: 6 am-1 am.
Sunday: 9 am–1 am.

Paid parking:

Monday-Saturday: 8 am-6 am and 8 pm–12 am.
Multi-level parking: 24/7.

Also: The public bus schedule will be available via S’hail App, while timings for marine transport can be found here.

#3- Public schools will shift to distance learning every Friday during Ramadan, except for students with approved Friday exams, state news agency Wam reports.

THE BIG STORY ABROAD-

Nvidia posts strong 2024 earnings: US chipmaking giant Nvidia saw revenues rise 79% y-o-y to USD 38.3 bn in 4Q 2024, leading full-year earnings to more than double to reach USD 130.5 bn, exceeding analyst expectations. CEO Jensen Huang dismissed concerns of Chinese AI startup DeepSeek’s claims affecting the company’s performance, touting “amazing” demand for high-end chips.

CLOSER TO HOME- Hamas and Israel exchanged four dead Israelis for 642 Palestinian prisoners early this morning, days before the first phase of the fragile Gaza ceasefire is set to end. Meanwhile, US Special Envoy to the Middle East Steve Witkoff said a “summit” of regional real estate developers and planners will be held soon to discuss Trump’s forcible displacement plan.

“I think when people see some of the ideas that come from this, they’re going to be amazed,” Witkoff said, without providing further details.

ALSO- We might start looking elsewhere for Trump coverage: The White House denied reporters from Reuters, the Associated Press, and other news outlets from covering the US President’s first cabinet meeting held yesterday. The new policy, announced Tuesday, will see the Trump administration pick and choose who is allowed to cover events in “smaller spaces,” including the Oval Office.

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CIRCLE YOUR CALENDAR-

The Global Islamic FinTech Forum will take place on 15 April 2025 at the Dusit Thani Hotel in Dubai, bringing together experts, investors, and regulators to discuss developments in Shariah-compliant financial technology. Topics will include digital payments, peer-to-peer lending, takaful, and blockchain-based financial services.

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

2PointZero to hit ADX this year? + Abu Dhabi Investment Group plans to list two of its units

The UAE’s IPO pipeline for the year is looking stronger, with Abu Dhabi conglomerate International Holding Company gearing up for the listing of its investment arm 2PointZero this year, and Abu Dhabi Investment Group planning two lists for its units.

#1- 2PointZero could list on the ADX this year: Abu Dhabi conglomerate International Holding Company’s investment arm 2PointZero is gearing up for an IPO on the ADX as early as this year, Reuters quotes CEO Mariam Almehiri as saying. The company was set up last year and is expected to have an AED 100 bn asset base with a portfolio stacked with regional heavyweights including Lunate,International Resources Holding (IR H), and Egypt’s Beltone through Chimera Investments.

We knew this was coming: IHC CEO Syed Basar Shueb revealed plans to list 2PointZero on the Abu Dhabi bourse this year, though no details on the size or value of the stake sale were disclosed. The firm’s initial decision to move the assets under a new holding came in anticipation of a listing debut, Shueb said at the time, adding that a listing would raise “significant capital injection” that would help fuel the company’s growth.

More to come? IHC is also planning to debut two more holdings — International Technology Holding (ITH), a consolidated holding firm for all of its technology units, and Sirius International Holding — on the ADX, with the company prioritizing internal business growth over pursuing new sectors, Shueb told Bloomberg. ITH was said to potentially hit the bourse last year, while Sirius was planned for a listing in 2025. .

#2- AbuDhabi Investment Group (ADIG) is setting the stage for two IPOs this year, eyeing listings for its financial unit and energy subsidiary, CEO Zayed Bin Aweidha told Zawya. The plan is in motion, but the target markets remain undecided, he said, with possible venues ranging from local bourses ADX or DFM to regional and global exchanges, including Europe and the US. Beyond the two units, additional listings may also be on the table, depending on ADIG’s negotiations with its partners, Bin Aweidha added, without disclosing further details on the timing or the stakeholders involved.

The possible contenders: Founded in 1958, ADIG operates as a holding company with a diverse portfolio, according to its website, its subsidiaries include: urban planning company Focus Architect, ins. provider Al-Ain Ahlia, local lender Commercial Bank International (CBI), and Abu Dhabi Development Corporation (ADDCO).

Also in the pipeline: The group is actively exploring M&As across the real estate, energy, transportation and infrastructure sectors, the CEO said. At the same time, ADIG is eyeing a move into hedge funds, with plans to launch several large funds.

REMEMBER- Other companies eyeing IPOS this year include:

Etihad Airways, which could kick off its IPO as soon as this week ;
Dubizzle Group, which tapped banks for a 2025 IPO on the Dubai Financial Market (DFM);
Hospitality group Five Holdings, which also tapped advisors for a potential listing;
Amanat Holdings, which is planning to list its education and healthcare units;
and Shisha producer Advanced Inhalation Ritual, which is also rumored to potentially IPO.

Moody’s lowers outlook on UAE banking profitability, while penciling in 5% growth for the non-oil sector

Moody’s has adjusted its outlook on the UAE’s banking sector from positive to stable, citing expected declines in profitability as interest rates fall and corporate taxes rise, according to its latest report. Despite these challenges, the agency highlighted improvements in loan quality, supported by enhanced credit risk regulations from the Central Bank of the UAE.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Moody’s sees the UAE’s non-oil GDP growth slowing to 5% in 2025 from 5.4% in 2024. However, strong business confidence and government-backed infrastructure projects are expected to sustain lending activity. The agency’s projection aligns with Emirates NBD’s forecast of 5% growth and Fitch Solutions’ BMI’s projection of 5.1%, but remains above the 4% growth forecasted by the IMF and World Bank, and slightly lower than First Abu Dhabi Bank’s 5.6% estimate.

The agency also anticipates a decline in problem loans, falling to around 3-4% of total lending, driven by regulatory improvements and reduced borrowing costs. UAE banks continue to maintain strong capital buffers and stable provisioning coverage, the report said. Capital buffers are also expected to remain solid over the next 12 to 18 months as banks balance earning retention and asset expansion, the report said.

Last month, S&P Global also predicted a slight decline in UAE banks’ net incomes, following two years of high earnings buoyed by rising interest rates. Lending activity — growing at an average rate of 4.8% since 2019 — remains a key stabilizing factor for the sector, S&P Global said.

ON THE GCC FRONT- Moody’s also revised Saudi Arabia’s banking outlook to “stable,” warning that tight financing conditions are emerging as credit demand outpaces deposit growth, with Saudi banks increasingly relying on government deposits, market financing, and higher-cost term deposits to support growth.

Meanwhile, Oman’s banking outlook was upgraded to “positive,” supported by improving loan quality and 3% projected non-oil GDP growth in 2025-2026. Moody’s kept its outlook for Kuwait, Bahrain, and Qatar at “stable,” with no major changes expected.

Alpha Data prices IPO top of the range

The first company to hit the ADX this year, Alpha Data, priced its IPO at the top of its indicative price range at 1.50 per share, according to a statement (pdf). This falls in line with market expectations as investor appetite for tech players operating in AI continues to gain momentum. Shares are set to begin trading on the bourse on 11 March.

The final price will see the Abu Dhabi-based IT services provider raise AED 600 mn in IPO proceeds, inflating its market cap to AED 1.5 bn at listing.

REMEMBER- Alpha Data’s only two shareholders are selling down their position to a combined 60% stake in the company and pocketing net proceeds from the sale of a 40% stake.

ADVISORS- EFG Hermes, Emirates NBD and Abu Dhabi Commercial Bank are acting as joint lead managers for the transaction, with Ashurst and Latham & Watkins providing legal counsel. Deloitte & Touche are serving as auditors.

REMEMBER- ADQ-backed carrier Etihad Airways is also likely to pull the trigger on its highly anticipated USD 1 bn IPO on the ADX this week, marking the first GCC airline to hit the market in nearly two decades.

Dubai inflation inches up 3.15% in January

Dubai’s annual inflation rose to 3.15% in January, up from 2.89% in December, according to figures (pdf) from the Dubai Statistics Center. The higher inflation reading was mainly driven by increased inflation in the price of housing, water, electricity, gas and other fuels.

The breakdown: Prices of housing, water, electricity, gas, and other fuels — the largest component of the basket of goods and services — increased at a pace of 7.19%, just shy of the 12-month high of 7.23% in December. However, food and beverage prices declined 0.08%, annual transportation inflation fell 2.38%, information and communication went down 2.09%, and clothing and footwear inched down 1.04% during the month. Meanwhile, personal care and social protection inflation rose at a slower rate of 1.42%, down from its 2024 peak of 3.25% in November and the subsequent drop to 1.94% recorded in December.

REMEMBER- Fuel prices fell in December by nearly 5% and were kept unchanged in January, except for a marginal increase in diesel, following a 3% price increase in November.

Month-on-month, Dubai’s inflation fell by just 0.01% in January, down from an increase of 0.45% in December, according to the statistics center’s monthly inflation report (pdf).

Overall inflation is expected to remain unchanged across the GCC: Emirates NBD sees inflationary pressures remaining constant in 2025, predicting an average 2.1% inflation rate for the second consecutive year across the bloc. For Dubai and Saudi Arabia specifically, the year could see a considerable increase in housing prices, not unlike last year when they were averaging almost 7% in Dubai and 9% in the Kingdom between January and November of 2024.

The UAE’s overall inflation figure is set to remain contained: The International Monetary Fund recently revised down the UAE’s inflation forecast for the year, expecting it to remain contained at 2% — down from its December forecast of 2.1% inflation. This comes “despite higher housing and utilities-related costs.” The CBUAE shared the Fund’s prediction of 2% inflation in 2025, driven by non-tradeable components of the consumer basket, while partially offset by moderating energy prices.

Standard Chartered reports USD 395 mn net income before tax in 2024 from its UAE operations

Standard Chartered's UAE market operations saw a 18.4% y-o-y decline in net income before tax to USD 71 mn in 4Q 2024, according to its financials (pdf). The lender’s operating income rose by 3.9% y-o-y to USD 189 mn.

On an annual basis, the lender’s net income before tax in the UAE fell 6.2% y-o-y to USD 395 mn in 2024. Its operating income climbed by 5.3% y-o-y to USD 836 mn last year. Meanwhile, the bank’s total assets in the UAE increased by 39% y-o-y to USD 28.3 bn by the end of 2024.

The future of payments: a seamless, secure, and instant world

At its core, banking has always been about two things: keeping money safe and moving it from point A to point B. Payments—whether through cash, cards, or digital solutions—have evolved significantly, and we are now at a critical juncture where speed, security, and seamlessness are driving the next wave of transformation. When we launched our “Pay by Face” trial at Mashreq, it was a critical milestone on our journey toward a payment ecosystem that is faster, smarter, and far more secure. It also provides a springboard to discuss what I like to call the “Three Eras of Payments.”

In the earliest phase of our payment evolution, the shift away from plastic cards to digital wallets like Apple Pay, Google Pay, and Samsung Pay was revolutionary. This era was characterized by the adoption of contactless transactions, a move that transformed everyday spending into a seamless, almost invisible process. The convenience of a tap or a scan replaced the need for physical cash or plastic, laying the foundation for a digital-first mindset in consumer behavior.

Our current era is defined by immediacy and innovation. Real-time payments have become the norm—transferring funds instantly, whether it’s a person-to-person transfer or a payment at a point-of-sale. Yet, what truly excites me is the integration of emerging form factors. The “Pay by Face” trial is emblematic of this transformation. By using facial recognition as a payment method, we are not just adding another authentication method; we are rethinking the entire payment experience.

This trial demonstrates that the future of payments is about more than speed. As customers increasingly demand frictionless, instant, and secure transactions, biometrics and real-time processing are converging to meet these expectations. The seamless, almost magic- like experience of “Pay by Face” is a concrete example of how we can harness technology to simplify financial transactions without compromising security.

Looking ahead, the third era promises to disrupt our very concept of what a payment is. Imagine a world where you no longer need a phone or a card—a world where payment transactions occur at an atomic level, triggered by secure, multi-factor biometric identification. In this future, your identity could be verified through a combination of your face, fingerprint, or even other unique biological markers, making physical devices obsolete.

Kartik Taneja

Head of Payments & ConsumerLending at Mashreq

Mashreq to launch Mashreq Neo Corp in Egypt

BANKING-

Our friends at Mashreq will launch their new digital corporate banking platform, Neo Corp, in Egypt, after obtaining the necessary regulatory approvals, according to a press release (pdf). The platform offers 24/7 online access to comprehensive money management and trade finance services.

About the platform: The one-click interface offers a comprehensive range of cash management and trade services — including account services, payments, collections, guarantee management, import and export trade services, post-dated cheque discounting, and supplier financing.

A wide reach: The lender launched Mashreq Neo Corp in Qatar, Kuwait, and Bahrain last year, with plans to roll out the digital banking platform across other Gulf countries. But Egypt will be the first country to go live with the full suite of Mashreq Neo Corp products and services and the only country outside the UAE to “enjoy the broadest set of products and services equivalent to that offered in the UAE.”

REAL ESTATE-

#1- DGP launched sale on AED 900 mn Marriott development: Dubai General Properties (DGP) launched sales for its Marriott Residences Sheikh Zayed Road project in Dubai, a development valued at AED 900 mn, according to a press release. Prices for the 110 off-plan residential apartments start at AED 2.6 mn. The project, which is expected to be completed in 4Q 2025, is a collaboration between DGP and developers Driven Properties and Refine Development. Refine has AED 16.3 bn of developments planned for 2025.

The rationale: The development aims to cater to increased demand for high-end residential properties on the back of an uptick in international investment, the press release said. Real estate transactions in Dubai totaled AED 761 bn in 2024, accounting for 54% of GCC transactions in the sector.

#2- India-based real estate developer Sugee Group is expanding in the UAE, targeting the development of over 10k residential and commercial units, it said in a press release. The group secured lands for residential developments in Ras Al Khaimah. A project in Al Marjan — set to be unveiled in the next 60 days — will be followed by developments in Rak Central and Dubai. The firm committed to developing over 15 mn sq ft in projects over the next three years.

About Sugee Group: Sugee already has an office in Dubai and has a global gross development portfolio of USD 10.1 bn, mainly concentrated in Mumbai and Lisbon.

#3- DHG Properties expands Dubai portfolio: DHG Properties, the Dubai-based arm of Swiss developer DHG Holding, is launching an AED 260 mn residential project on Dubai Islands, marking its third residential project in Dubai and second major investment this year, Khaleej Times reports. The 11-story development will include 100 premium apartments, covering 14.5k sqm of built-up area.

ICYMI- DHG lined up an AED 300 mn residential development in Meydan Bukadra last month, after launching its debut project in Dubai — the AED 200 mn Helvetia Residences in Jumeirah Village Circle — last year. With this latest expansion, the company’s total Dubai portfolio value now stands at nearly AED 1.3 bn.

TECH-

Presight launches unified data and AI platform: Data analytics company Presight has launched Presight Synergy, an enterprise-grade platform for data management, AI analytics, and business intelligence, Presight said in a press release (pdf). The platform aims to provide solutions for issues like fragmented AI tools, siloed data systems, and high integration costs. Presight Synergy could reduce development and production by 50%, lower software coding needs by 30%, and decrease professional service fees and manpower requirements by 50%.

TRADE-

Adio partners with Shanghai: The Abu Dhabi Investment Office (Adio) inked an agreement with the Shanghai Municipal Commission of Commerce during the Abu Dhabi Investment Forum in Shanghai to boost trade and investment in finance, technology, education, healthcare, and tourism, according to the Abu Dhabi Media Office.

ICYMI- The Abu Dhabi government signed a cooperation agreement with Shanghai’s Municipal People’s Government during a visit by an economic delegation to China earlier this week.

INS.-

Ins. providers Liva Group and Relm Ins. have partnered to deliver ins. solutions tailored for technology companies in emerging sectors, including AI, digital assets, and biotech, according to a press release. The partnership aims to address the unique risks faced by businesses in these industries. The partnership will initially operate in the UAE and Bahrain, with plans to extend its solutions to Oman, Saudi Arabia, and other MENA markets.

MANUFACTURING-

Abu Dhabi’s SDF and Regent ink an agreement to produce electric seagliders:

Abu Dhabi’s Strategic Development Fund (SDF) agreed to form a JV with US-based Neom-backed electric seaglider manufacturer Regent to manufacture electric seagliders in the UAE, pending approvals, according to a statement. The JV will supply seagliders to the Middle East, Africa, and other regions, with aftermarket maintenance services.

The two go back a long way: SDF, part of Edge Group, first invested in Regent in 2023, and increased its stake last year, with plans for additional funding post-approval. Regent aims to establish a UAE plant alongside its 255k-sq-ft Rhode Island facility.

Regent ❤️ Abu Dhabi: Adio partnered with Regent last year to produce electric seagliders in Masdar City's Smart and Autonomous Vehicles Industry cluster.

MENA’s private equity market is in for a year of cautious optimism

The outlook for private equity (PE) dealmaking in the MENA region in 2025 is cautiously optimistic, with expectations that reduced regulatory pressures and a supportive investment climate will create favorable conditions for dealmaking in high-growth sectors, according to Magnitt’s MENA PE report (pdf).

PE firms are likely to focus more on exits as investors prioritize liquidity and returns, taking advantage of improved financing options. Although global economic risks persist, the shifting market landscape presents opportunities for investors to adjust their portfolios and seize value during this transition.

2024 IN REVIEW-

PE investments took a hit in 2024, with Magnitt attributing the decline to tightening credit conditions, valuation mismatches, and global macroeconomic uncertainty. The region saw just 68 PE transactions in 2024, down from 90 in 2023 and 97 in 2022, marking the lowest total in three years. Transaction value also dropped sharply to USD 4.9 bn from USD 8.1 bn in 2023, reflecting fewer large-cap transactions. This slowdown was compounded by a lack of LBOs, a key driver of PE growth between 2020 and 2021, as higher interest rates increased debt financing costs.

Saudi Arabia and the UAE were the region's leading PE markets, with mega-transaction (over USD 1 bn) comprising just 47% of total transaction value, down from 77% in 2023, signaling a shift away from high-value acquisitions. Saudi Arabia accounted for 58% of MENA’s total PE transaction value last year, while the UAE contributed 30%, and Egypt 12%. Saudi Arabia has outpaced the UAE in transaction value for the last two years.

Growth investments dominated last year, with 71% of PE activity focused on acquiring minority stakes in growth companies, up from 54% the previous year. This shift reflects changing market dynamics and evolving investor preferences. In contrast, buyouts fell to 29% of PE transactions, down from 46% in 2023, and there were no leveraged buyouts in 2024 or 2023.

Despite these challenges, sectoral trends remained resilient, with healthcare (19%), finance (16%), and food and beverage (13%) sectors accounting for the majority of MENA’s PE activity, with healthcare reclaiming the top spot after losing it for two years.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning, the Shanghai Composite is down 0.3%, the Hang Seng is down 0.2%, and the Kospi is looking at losses of 0.9%. Meanwhile, Japan’s Nikkei is flat.

ADX	9,643	+0.3% (YTD: +2.4%)
DFM	5,352	+0.2% (YTD: +3.8%)
Nasdaq Dubai UAE20	4,439	+0.5% (YTD: +6.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.4% 1 yr
TASI	12,233	-0.6% (YTD: +1.6%)
EGX30	30,632	-0.1% (YTD: +3.0%)
S&P 500	5,956	0.0% (YTD: +1.3%)
FTSE 100	8,731	+0.7% (YTD: +6.8%)
Euro Stoxx 50	5,528	+1.5% (YTD: +12.9%)
Brent crude	USD 72.53	-0.7%
Natural gas (Nymex)	USD 3.91	-6.4%
Gold	USD 2,932	+0.1%
BTC	USD 84,228	-4.4% (YTD: -9.9%)

THE CLOSING BELL-

The DFM rose 0.2% yesterday on turnover of AED 556 mn. The index is up 3.8% YTD.

In the green: Dubai Ins. (+14.2%), National International Holding Company (+12.9%) and Al Salam Bank (+4.8%).

In the red: Union Coop (-2.8%), Salik Company (-2.6%) and Emaar Development (-2.3%).

Over on the ADX, the index rose 0.3% on turnover of AED 1.2 bn. Meanwhile, Nasdaq Dubai closed up 0.5%.

UAE and Egypt target tech, healthcare in new economic partnership talks

The UAE and Egypt are launching talks for a comprehensive economic partnership agreement, after agreeing to expand trade and investment during a Joint Economic Committee session in the UAE, according to an Egyptian Investment Ministry statement picked up by Arab Finance. Cooperation will span energy, agriculture, logistics, healthcare, and technology.

UAE and South Africa discuss infrastructure cooperation: Infrastructure and Transport Undersecretary Hassan Al Mansoori met with South Africa’s Public Works Minister Dean Macpherson to explore partnerships in sustainable infrastructure and transport, state news agency Wam reports.

The talks focused on sharing expertise in smart cities, AI-driven solutions, and green building technologies, with Al Mansoori highlighting UAE projects like smart roads and the Ministry’s use of AI to advance sustainable development. The two sides agreed to strengthen collaboration on strategic projects, with Macpherson expressing interest in leveraging UAE innovations to meet future infrastructure needs.

CALENDAR

FEBRUARY

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

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

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

26-27 February (Wednesday-Thursday): Investopia 2025, the St. Regis, Abu Dhabi.

MARCH

1 March (Saturday): Start of Ramadan.

5 March (Wednesday): Final share allocation for Alpha Data’s IPO.

8 March (Saturday): Future Women Leaders Forum 2025, Taj Exotica, The Palm, Dubai

11 March (Tuesday): Alpha Data shares begin trading.

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.

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.

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.

11-13 April (Friday-Sunday): I-Film Festival, Yas Creative Hub, Abu Dhabi.

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.

April 15 (Tuesday): The 2nd Global Islamic FinTech Forum 2025, the Dusit Thani Hotel, Dubai.

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 Air 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

6-7 July (Sunday-Monday): BRICS Summit, Rio de Janeiro.

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): Future Hospitality Summit, Madinat Jumeirah, Dubai.

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

15-17 November (Saturday-Monday): Myplant & Garden Middle East Green Expo, Dubai Exhibition Centre, Expo City.

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

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:

3-5 February (Tuesday-Thursday): The World Governments Summit.
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

Signposted to happen sometime in 2027:

Abu Dhabi’s solar and battery energy facility, combining 5.2 GW of solar capacity and 19 GWh of battery storage, is set for commissioning.

Signposted to happen sometime between 2027 and 2029:

The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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