Largest 10 banks earned AED 82.8 bn in net income in 2024

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Arada could look to IPO in three years + Real estate prices dipped for the first time since 2022 in January

Good morning, lovely people, and happy FRIDAY. It’s our last issue before the start of the final month of the quarter — and of Ramadan, so Ramadan Kareem to all who observe. We hope you have a blessed weekend with your families.

There is no single big story abroad this morning as the news winds down ahead of the weekend, though we have fresh figures on the banking sector in 2024 from Alvarez & Marsal, as well as more LNG sales and purchase agreements from Adnoc. Plus: Space42 posts its first earnings since the merger between Bayanat and Yahsat, and UAE-based venture builder Distrupt.com commits USD 100 mn to AI ventures.

⛅WEATHER- It’s a slightly cooler day today in Dubai with only partially sunny conditions, and temperatures peaking at 24°C, before dropping to an overnight low of 19°C. It’s more of the same in Abu Dhabi, where the mercury peaks at 20°C before dropping to 18°C overnight.

WATCH THIS SPACE-

#1- Adnoc and Taqa eye investments in Cyprus’ energy sector? Adnoc is considering investments in Cyprus’ Exclusive Economic Zone (EEZ), Energy Minister George Papanastasiou said at Investopia, Reuters reports. While Adnoc currently favors existing assets, Papanastasiou did not rule out the possibility of a new exploration licensing round, reiterating comments he made last November. Papanastasiou also reaffirmed Taqa’s interest in investing in the EUR 1.9 bn Great Sea Interconnector (GSI), an electricity transmission project linking Europe to Cyprus — and later to Israel — set for completion by 2030.

Background: Adnoc and Cypriot energy officials met last summer to explore investments in the island’s emerging natural gas sector, particularly within the EEZ. The UAE and Cyprus discussed stronger trade, investment, and energy ties at a diplomatic meeting in September.

#2- Sharjah-born property developer Arada is eyeing a potential IPO in three years’ time, Founder and CEO Ahmed Alkhoshaibi told The National, without disclosing the potential size or venue of the transaction. He noted that the company’s decision to follow through on its IPO plans will depend largely on market conditions as well as its own financial performance over the coming years. Arada’s net income after tax grew nearly three-fold y-o-y in 1H 2024 to AED 125.8 mn, according to its latest results (pdf).

IN CONTEXT- Arada is looking to capitalize on increased demand for Emirati real estate assets, after its USD 1.52 bn Masaar 2 project sold out within just three hours of opening. “Indians remained the biggest percentage as an individual nationality and the rest is divided between westerners, Eastern Europeans and Arabs, GCC and UAE nationals,” the CEO said.

Also in the pipeline: The real estate developer wants to scale beyond its core Sharjah and Dubai markets, with plans to expand into Ras Al Khaimah, Abu Dhabi, and Saudi Arabia, Alkhoshaibi said. It also recently launched an office in Australia, with plans to develop AED 6 bn in Sydney.

#3- Have real estate prices finally hit a breaking point? Dubai’s real estate prices fell for the first time since summer 2022, dipping 0.57% in January, signaling a potential shift toward stabilization, Trade Arabia reports, citing Property Monitor data. Average prices dropped to below AED 1.5k per sq ft during the month, despite January marking a record 14.4k transactions.

REMEMBER- Earlier this week, Moody’s forecasted a dip or stabilization in Dubai’s property market over the next 12 to 18 months, as developers face rising construction costs and potential delivery delays, alongside a large pipeline of pre-sales set for completion over the next two to three years. A Deloitte report similarly projected that residential price and rent growth may slow by year-end as new supply enters the market, while Knight Frank previously forecasted that Dubai’s residential prices will rise by 8% in 2025, down from a 20% surge in 2024, with an increase in supply over the next two to three years to contribute to market stabilization.

New supply entered the market as off-plan activity remained strong in January, with 53 new launches from 37 developers adding 12.4k units. Still, sales volumes declined 4.6% from December 2024, with off-plan transactions falling 17.7% m-o-m, making up 52% of total sales with 7.6k transactions. Mortgage activity increased 6.8% m-o-m, with 4.1k loans secured, while title deed sales rose 15.7%, accounting for 47.6% of all transactions.

#4- Dubai’s Virtual Assets Regulatory Authority (VARA) plans to introduce new regulations in 1Q 2025, CEO Matthew White told The Standard. Issuers and service providers may be required to disclose the identities of major crypto holders, known as “whales,” to enhance consumer protection and improve transparency. Since many crypto holders use pseudonyms, this measure could help authorities track illicit activities like money laundering. Issuers may also be mandated to define redemption mechanisms, disclose the composition of their reserves, and undergo audits to ensure investors are fully informed of potential risks.

#5- More debt issuances from local banks? Our friends at Mashreq and Ajman Bank are the latest to approve new debt programs, after Emirates NBD and its Islamic finance unit Emirates Islamic did the same earlier this week.

Mashreq greenlit major debt issuance plans, including an update to its USD 5 bn EUR Medium Term Note Program and USD 2.5 bn sukuk program, while allocating USD 4 bn in new debt instruments under its programs and USD 3 bn in standalone debt and/or shariah-compliant instruments, including USD 1.5 bn for regulatory capital purposes. It also secured approval to restructure outstanding debt;
Ajman Bank has secured shareholder approval to launch a USD 1.5 bn sukuk issuance program within a year, enabling the issuance of shariah-compliant bonds with tenors ranging from five to 60 years to international investors in and outside of the UAE, according to a DFM disclosure (pdf). The sukuk will be non-convertible and rank equally with or below senior debt.

#6- Jaywan cards to come to Google Pay, Apple Pay, and India: Al Etihad Payments, the payments arm of the Central Bank of the UAE, is working to make the domestic card system Jaywan available on Apple Pay and Google Pay, according to a press release (pdf). The next phase of the scheme will also expand Jaywan outside of the UAE to India and other countries by the middle of this year.

REMEMBER- Jaywan cards are set to replace some 10 mn debit cards currently in use over the next few years and are being rolled out in stages, with Network International, Ajman Bank, Mbank, Mashreq’s Neopay, and Emirates NBD among those already accepting them.

#7- MBRSC to launch UAE’s first SAR satellite in March: The Mohammed Bin Rashid Space Center (MBRSC) will launch its first Synthetic Aperture Radar (SAR) satellite, Etihad-SAT, in early March aboard a SpaceX Falcon 9 rocket from Vandenberg Air Force Base, California, Wam reports. Developed in partnership with Korea’s Satrec Initiative, the satellite will strengthen the UAE’s Earth observation capabilities.

Key features: Etihad-SAT will provide high-resolution imaging in all weather conditions, supporting critical sectors across the UAE while enhancing remote sensing and AI-driven data analysis. The satellite, part of the UAE’s expanding satellite fleet, It will operate in three imaging modes — spot, scan, and strip — offering detailed wide-area observations.

DATA POINTS-

#1- The ADGM recorded a 32% y-o-y rise in registered companies to nearly 2.4k in 2024, according to a statement. Assets under management (AUM) also soared 245% year-on-year, with 166 funds now operating within ADGM.

Many global firms joined the fold last year, with BlackRock, General Atlantic, and Morgan Stanley among those joining the financial hub, which recently expanded its jurisdiction to Al Reem Island to meet growing demand.

#2- DFSA reports 31% surge in authorized firms: The Dubai Financial Services Authority (DFSA) authorized 135 new firms in 2024, a 31% y-o-y increase, pushing its total regulated entities past 900, state news agency Wam reports. The DFSA also approved 946 individuals and registered 17 corporate service providers, including law firms and compliance consultancies.

#3- GCC leads Dubai Chamber members’ record AED 309.6 bn exports in 2024:

GCC markets accounted for 52% (AED 161 bn) of Dubai Chamber of Commerce members’ exports and re-exports in 2024, according to a statement. Total exports and re-exports surged 9.2% y-o-y to AED 309.6 bn — crossing for the first time the AED 300 bn mark since the chamber’s inception.

Non-GCC Middle Eastern countries came in second with 24.8% (AED 76.8 bn) in exports, while Africa and Asia-Pacific contributed 10% (AED 30.9 bn) and 9.6% (AED 29.7 bn).

PSA-

FTA clarifies conditions for tax deadline extensions: The Federal Tax Authority (FTA) has confirmed that taxpayers may request deadline extensions for reviewing and reconsidering tax assessments, but only under specific circumstances, with the new rules taking effect in March, according to a circular (pdf). These include serious illness or accident, the death of the signatory, legal representative, or a close family member, unexpected business disruptions beyond the taxpayer’s control, destruction of records due to a disaster, system failures or IT transitions, an FTA request for unavailable documents, or force majeure events.

Not exempt: Lack of knowledge, third-party negligence, request complexity, or business management conflicts are not reasons for extensions.

HAPPENING TODAY-

The Education First Forum will take place today 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.

THE BIG STORY ABROAD-

It’s a busy morning in the foreign press as US President Donald Trump holds a press conference with UK Prime Minister Keir Starmer, where he said the two countries are working on a trade agreement that would allow the UK to escape US tariffs. On the flip side: The goal of the press conference — securing a peace agreement for Ukraine — was not met, with the two officials failing to secure security assurances. (FT | Guardian | AP | Reuters)

Meanwhile, Mexico extradited dozens of prisoners to the US, including a high-profile drug trafficker, following Trump’s threats to impose a 25% tariff on the country. (FT | Guardian | AP | Reuters)

AND- US tech stocks led a brutal sell-off yesterday that saw the tech-heavy Nasdaq fall 2.8%, with Nvidia falling more than 8% and wiping out USD 273 bn in value, moving it out of the USD 3 tn club. The S&P 500 also dipped 1.6%. (FT | CNBC)

AND ON THE AI FRONT- OpenAI launched its largest artificial intelligence model yet with what it claims are fewer so-called “hallucinations.” GPT-4.5 achieves a hallucination rate of 37%, compared with 62% on its predecessor GPT-4o, the tech firm said in a blog post yesterday.

CLOSER TO HOME- An Israeli delegation left for Egypt for talks on continuing the ceasefire in Gaza, two days before the first phase of the agreement is set to expire. (Guardian | AP)

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MARKET WATCH-

Could Opec+ freeze oil output hikes scheduled for April? With foggy visibility in global supply caused by new US sanctions on Venezuela, Iran, and Russia, Opec+ is on the fence about whether to hike oil outputs in April as planned, or to keep them at their current level, Reuters reports, citing eight anonymous Opec+ sources. This comes in spite of pressure from US President Donald Trump to boost production and lower prices to USD 60-70 per barrel.

Another decision to postpone the 120k bbl / d production increase would mark the fourth time that the group has decided to put off rolling back production caps which first came into effect in 2022, the business news information service said.

The group’s final decision is expected to be confirmed by the end of the first week of March, with sources telling Reuters that members have so far not reached a consensus.

REMEMBER- Opec+ began withholding 5.85 mn bbl / d, or 5.7% of global supply, via a series of cuts beginning in 2022 with the aim of supporting markets. The latest extension of output cuts through 1Q 2025 delayed production increases until April. The UAE was also allowed an increase of its production by 300k bbl / d from April 2025 instead of the beginning of the year as previously agreed.

CIRCLE YOUR CALENDAR-

The Global Islamic FinTech Forum will take place on 15 April 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.

UAE’s largest 10 banks earned AED 82.8 bn in net income in 2024

The combined net income of the UAE’s 10 largest listed banks rose 8% y-o-y to AED 82.9 bn in 2024, according to Alvarez & Marsal’s UAE Banking Pulse FY 2024 report (pdf). Growth was supported by a 6.7% increase in net interest income to AED 97.6 bn — its slowest pace in three years — alongside a 22% rise in net fees and commission income and lower impairment charges.

However, profitability metrics weakened, with return on equity declining by 87 bps to 18.9% and return on assets falling by 6 bps to 2.1%, as banks navigated rising funding costs, rate cuts, and a new corporate tax regime. The introduction of the corporate tax led to a 190.1% y-o-y jump in tax costs, impacting net earnings.

REMEMBER- The Central Bank of the UAE also chose to cut rates last december in line with the US Federal Reserve’s interest rate policies due to the AED being pegged to the USD, lowering the overnight deposit rate by 25 bps to 4.4%.

Total loans and advances (L&A) grew by 12.6% y-o-y, outpacing deposit growth of 10.7% y-o-y, pushing the loan-to-deposit ratio up by 130 bps to 76.2%. Retail lending led the charge, surging 19.9% y-o-y, while corporate and wholesale lending, which still accounts for 55.5% of loan books, grew at a slower 6.3% y-o-y.

Among individual banks, Abu Dhabi Islamic Bank (Adib) posted the highest L&A growth at 24% y-o-y, while Emirates NBD reported a strong 12.7% y-o-y increase and Abu Dhabi Commercial Bank (ADCB) saw L&A grow 16.1% y-o-y. Dubai Islamic Bank (DIB) lagged behind, with L&A growth slowing to 6.5% y-o-y.

On the deposit side, time deposits surged 11.1% y-o-y, while current and savings accounts deposits grew by 8% y-o-y, making up 49.9% of total deposits. Adib led deposit growth at 16.3% y-o-y, followed by ADCB at 16% y-o-y, while First Abu Dhabi Bank (FAB) saw a slowdown to just 3% y-o-y due to a decline in government deposits.

Despite strong lending activity, net interest margins declined by 12 bps y-o-y to 2.7%, as higher funding costs offset yield gains. The cost of funds jumped 130 bps y-o-y to 4.6%, while the yield on credit rose by 91 bps y-o-y to 12.2%.

On the flip side, UAE banks saw a sharp 26.8% y-o-y decline in impairment charges, helping support net income growth. Cost of risk fell to a five-year low of 0.5%, down 25 bps y-o-y, as most banks reduced their exposure to riskier sectors like real estate and construction.

A&M remains optimistic: “Despite expected monetary policy tightening, strong government support and healthy capital position should help banks continue its earnings growth momentum into FY25,” A&M said. UAE banks have also responded well to competition from fintech and neobanks through digital initiatives, the report added.

REMEMBER- Earlier this week, Moody’s 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. 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 remains a key stabilizing factor for the sector, S&P Global said.

Who are the 10 largest banks in terms of assets? FAB leads the table with AED 1.2 tn in assets, followed by Emirates NBD at AED 996.6 bn and ADCB at AED 652.8 bn. DIB held AED 344.7 bn in assets, while our friends at Mashreq stood at AED 267.5 bn and Adib at AED 225.9 bn. Commercial Bank of Dubai recorded AED 140.2 bn, with RAK Bank at AED 88.3 bn, Sharjah Islamic Bank at AED 79.2 bn, and National Bank of Fujairah rounding out the list at AED 60.9 bn.

Adnoc finalizes Ruwais LNG agreement with Japan’s Osaka

Adnoc signs SPA agreement with Japan’s Osaka for Ruwais LNG: Adnoc signed a 15-year sales and purchase agreement (SPA) with Japanese gas provider Osaka Gas to supply it with LNG from its Ruwais LNG project, it said in a press release.

The details: The agreement will see Adnoc supply Osaka with up to 0.8 mn metric tonnes of liquified natural gas (LNG) per year from Adnoc’s Ruwais LNG project, in Abu Dhabi’s Al Ruwais Industrial City. The project is currently under development and slated to be commercially operational in 2028. LNG shipments will go to Osaka Gas’ and its Singapore-based subsidiary Osaka Gas Energy Supply and Trading’s (OGEST) ports.

We knew this was coming: The two companies signed a long-term heads of agreement last summer to supply Osaka Gas and OGEST with LNG from the project, which has a 9.6 mn metric tonnes per annum (mtpa) capacity through its two 4.8 mtpa LNG liquefaction trains.

The tally so far: Adnoc has secured commitments for 8 mn of Ruwais’ 9.6 mn mtpa capacity, the statement said, including for buyers in China, Germany, Malaysia, and other countries across Asia and Europe. The facility will go live in 2028.

REMEMBER- Adnoc Gas is set to acquire a 60% stake in the project from its parent firm Adnoc in 2H 2028 for an estimated USD 5 bn.

The gas unit has also been converting its initial LNG agreements into sales and purchase agreements: Adnoc also struck an agreement earlier this month with Indian Oil, valued at USD 7-9 bn, to provide them with 1.2 mn tonnes a year of LNG, and with Gail last November for 0.52 mn metric tonnes of LNG a year. Both agreements will see Adnoc Gas supply LNG through its Das Island facility.

Disrupt.com commits USD 100 mn to AI-first tech ventures

UAE-based venture builder Disrupt.com pledged USD 100 mn to build and invest in AI-first technology startups worldwide, according to a press release. The funding targets pre-seed to Series A startups in AI, cybersecurity, Web 3.0, automotive technology, and retail innovation.

What’s a venture builder? Venture builders help build startups from scratch and position themselves as going beyond the provision of finance. Their role usually lies in staffing a startup, testing its product, and preparing it before launching it into the market. Venture builders usually focus on a small handful of early-stage startups, rather than building large portfolios. Disrupt.com provides engineering, market strategy, and operational support to help early-stage companies scale.

Background: The move follows the founders’ landmark USD 350 mn exit from cloud hosting platform Cloudways to US-listed DigitalOcean in 2022—the largest tech acquisition in Pakistan’s history.

Driving the investment: Despite Mena VC funding dropping 29% to USD 2 bn in 2024, Disrupt.com sees potential in doubling down on AI-driven innovation. “With Web 3.0 in its infancy and AI storming into our lives, the opportunity to problem solve and create businesses that will fit the needs of how people live and work is up for the taking,” founding partner Aaqib Gadit said.

The firm has already deployed USD 40 mn across 11 companies, including ZigChain, a Web 3.0 platform with over 500k users; Agentnoon, an AI-powered organizational transformation tool; Ahya, a climate action scaling platform; PureSquare, a cybersecurity startup; and Squatwolf, a UAE-based fitness apparel brand.

About Disrupt.com: Founded by Aaqib Gadit (LinkedIn), Uzair Gadit (LinkedIn), and Umair Gadit (LinkedIn), Disrupt.com operates with a three-pronged venture-building model: launching startups, co-building ventures with founders, and investing in early-stage companies and VC funds. Its team includes over 650 professionals.

More M&As to be subject to merger control as of 1 April

Gov’t tightens merger control rules, effective in five weeks: The Cabinet rolled out new merger control rules (pdf) in a move bound to bring more transactions under the Economy Ministry’s review scope. The update — which will come into effect on Tuesday, 1 April — builds on the 2023 Competition Law overhaul, reinforcing a regulatory shift towards stronger antitrust while cracking down on mergers that risk straining competition in the domestic market.

Casting a wider net: Mergers must now be notifiable to the Economy Ministry under two circumstances: if the company exceeds AED 300 mn in annual sales or hits a 40% market share. Under the old system, market share was the only trigger for review.

The new rules also stretch the notification period to 90 days pre-close, up from 30, with the most notable shift being that regulatory silence now means rejection rather than automatic approval.

Space42 reports net income of USD 166 mn in 2024

AI-powered space technology firm Space42 reported a net income of USD 166 mn in 2024, a 4.6% decline from USD 174 mn in 2023, largely due to the introduction of UAE corporate tax, according to its earnings release (pdf). Net income rose 5% y-o-y before taxes. Revenue stood at USD 629 mn, down 19% due to timing shifts in a key Bayanat Smart Solutions program and a service anomaly with Thuraya-3.

REFRESHER- Formed through the October 2024 merger of Bayanat and Al Yah Satellite Communications (Yahsat), Space42 integrates satellite communications, geospatial analytics, and AI. Bayanat holds a 54% stake, while Yahsat owns the remainder. Major shareholders include G42, Mubadala, and International Holding Company.

Space42 has been busy: Since the merger, the company has launched two satellites — Foresight-1 and Thuraya 4 — kicked off the second phase of its Foresight satellite constellation, and formed a joint venture with Edge’s space unit Fada to develop the UAE’s first sovereign Earth Observation ecosystem. It also secured an AED 18.7 bn contract with the UAE government to extend its services by 17 years, including AED 3.7 bn in advance payments for the construction of Al Yah 4 and Al Yah 5, set to launch in 2027 and 2028.

Looking ahead: The company is backed by a robust contracted revenue backlog exceeding USD 7 bn — equivalent to 11x its full-year revenue — anchored by its agreement with the UAE government. “We are well positioned to develop the next generation of non-terrestrial networks,” Managing Director Karim Michel Sabbagh said.

The company plans to focus on five key pillars — programmatic growth, implementing its Foresight system, investing in talent, expanding globally in SatCom and Earth Observation, and optimizing operations and capital allocation to maximize shareholder value, the release reads.

Emirati institutions dominate the Stevie Awards in Ras Al Khaimah

The UAE dominated the Middle East and North Africa Stevie Awards 2025 — which took place in Ras Al Khaimah at the Waldorf Astoria — with 66 public and private institutions receiving 157 awards, Al Bayan reports. Saudi Arabia came in second with a total of 86 awards.

The details: Public institutions including the General Civil Aviation Authority and the Roads and Transport Authority received Gold Stevie awards, while the Abu Dhabi Fund for Development received a Silver Stevie. Private institutions that received accolades include First Abu Dhabi Bank, Damac Properties, and Adnoc Logistics and Services.

Forbes Middle East’s 10 MENA Women Making Their Mark in Marketing list features six UAE entrants. Our friend Muna Al Ghurair, group head of marketing and corporate communications at Mashreq, features in the ranking.

Other Emirati women among the top 10:

Mashael Saleh Alshehri, executive VP of marketing and branding at Binghatti;
Suzanne Abou Eid, senior director of marketing and communication at Bloom Holding;
Nouf Mohamed Al Boushelaibi, chief marketing officer and executive director of strategic marketing and communications at the Department of Culture and Tourism in Abu Dhabi;
Marwa Kaabour, group head of marketing and corporate communication at Al Masaood;
and Lamia Hariz, group head of corporate communications, marketing, and investor relations at Abu Dhabi Islamic Bank.

Four UAE universities ranked among the top 500 in the QS WorldUniversityRankings 2025. United Arab Emirates University rose 29 places to 261st place, Khalifa University climbed 28 spots to 202nd, American University of Sharjah advanced 32 places to 332nd, and University of Sharjah moved up 31 spots to 434th.

PLUS- Mashreq Al Islami wins digital transformation award: Our friends at Mashreq’s Islamic banking arm, Mashreq Al Islami, received the Best Islamic Bank Digital Transformation – Middle East 2024 award at the Global Banking Finance Awards, according to the company statement.

First Abu Dhabi Bank taps Omar Hafeez as head of its international franchise

First Abu Dhabi Bank (FAB) plans to appoint Omar Hafeez (LinkedIn), Citi’s head of North Africa, Levant, and Central Asia, as head of its international franchise, Bloombe rg reports, citing anonymous sources. Hafeez has held various leadership roles at Citi, working in countries including Pakistan, Nigeria, and Japan. His experience spans multiple aspects of corporate banking and regional management.

This is the latest in a series of hires: First Abu Dhabi Bank (FAB) was also reportedly in discussions this week to hire Former Citigroup Vice Chairman and Managing Director Linos Lekkas (LinkedIn).

Hubpay and Aquanow roll out UAE's first crypto payment facility

CRYPTO-

#1- Hubpay, Aquanow launch UAE’s first regulated crypto payment facility: Hubpay, a UAE-based cross-border payment platform, has partnered with Aquanow, a global digital asset infrastructure provider, to introduce the UAE’s first fully regulated crypto payment facility for businesses and SMEs, according to a statement. The partnership will allow businesses in real estate, manufacturing, and general trading to accept cryptocurrency securely alongside traditional fiat transactions.

#2- Bybit gets IPA for UAE platform: Dubai-based cryptocurrency exchange Bybit has obtained in-principle approval from the Securities and Commodities Authority to establish a virtual asset platform in the UAE, it said in a statement (pdf). The exchange is in the final stages of obtaining a full operational license, allowing it to offer digital asset services to both retail and institutional clients.

ICYMI- This milestone comes shortly after Bybit, the world’s second-largest crypto exchange by trading volume, was hit by the industry’s biggest hack, with over USD 1.5 bn in tokens stolen. CEO Ben Zhou reassured users that the company’s USD 20 bn in assets could cover the loss.

MANUFACTURING-

Steelmaking giant Emsteel launched a AED 625 mn asset enhancement program to upgrade production capabilities to meet rising market demand, according to a company statement. The first phase, scheduled for commissioning by 4Q 2025, will upgrade rolling mills to produce high-strength rebars and heavy-section steel for major infrastructure and energy projects. The second, set for completion in 1H 2027, includes a 500 KTPA wire rod outlet and billet caster upgrades, supporting the production of high-value steel products.

SUSTAINABILITY-

Beeah + Greenthesis to build recycling facility: Waste management firms Beeah and Italy’s Greenthesis have signed a cooperation agreement to build the Middle East’s first polyethylene (PE) film recycling facility within Beeah’s waste management complex in Sharjah’s Al Sajaa area, according to a press release. The pair will work through their joint venture, B&A Waste Management, which has already established several waste management projects in the UAE. The agreement was one of 40 struck during the UAE-Italy Business Forum earlier this week.

About the plant: The facility will convert PE film — a hard-to-recycle plastic used for packaging and labels — into a sustainable alternative to plywood for municipal and commercial use in green infrastructure. The wood can be reused several times before it is processed once again into new boards. It will have the capacity to process over 7k tons of plastic waste per year.

Beeah has big plans: The company unveiled its plans for the Middle East’s first commercial-scale waste-to-hydrogen plant to be set up in Sharjah’s Al Sajaa area alongside the UK-based Chinook Hydrogen and Japan’s Air Water last month. The plant will produce green hydrogen from municipal solid waste with an initial capacity of 2.6k tons annually.

BANKING-

Standard Chartered opens service for HNWIs: Standard Chartered has opened a Priority Private center in the UAE, offering high-net-worth-individuals (HNWIs) and offshore clients tailored investment opportunities, multi-market lending facilities, and wealth solutions, the firm said in a statement. The center will make use of the bank’s network of clients in wealth hubs including the UAE, Singapore, Hong Kong, the UK, and India.

Behind the development: “The UAE’s strategic location as a global financial hub makes it the ideal choice for this initiative,” head of Wealth and Retail Banking UAE at Standard Chartered Rajesh Kannan said. The bank said it aims to increase its UAE private banking team by 20% last December, as it looks to double its wealth management investments over the next five years.

INVESTMENT-

#1- O Gold, Monetary Metals partner on fractional gold leasing in UAE: O Gold, the UAE’s fractional gold and silver ownership app, has partnered with Monetary Metals to introduce a gold leasing program, allowing investors to lease as little as 0.1g of gold and earn up to 16% annual returns, according to a press release. The collaboration removes the traditional 10-ounce leasing minimum, and allows investors to receive monthly gold payouts of up to 5% annually, with the flexibility to withdraw anytime without penalties. Investments are fully insured and trackable via RFID and inventory systems.

#2- Abu Dhabi and Italy ink cross-border investment partnership to boost business expansion: The Abu Dhabi Investment Office (Adio) and Italy’s Cassa Depositi e Prestiti (CDP), a national promotional institution, signed a pact to support Italian and UAE businesses expanding into each other’s markets, according to a press release.

Under the partnership, Adio will connect Italian firms — including CDP-backed companies — with Abu Dhabi investment opportunities, while UAE businesses gain streamlined access to Italy’s market. The two entities will organize trade delegations, seminars, and knowledge-sharing programs to foster commercial ties.

In context: The UAE revealed plans earlier this week during President Sheikh Mohamed bin Zayed Al Nahyan’s visit to Rome to invest USD 40 bn across strategic sectors in Italy. The two nations agreed to pursue a comprehensive partnership, formalizing over 40 agreements spanning data centers, AI, space tech, defense, cybersecurity, energy, health, and critical minerals.

REAL ESTATE-

Global Partners, Mirage to develop USD 1.4 bn mixed-use project in Dubai Healthcare City: Dubai’s Global Partners Limited, along with Mirage Development and Entertainment will jointly develop a USD 1.4 bn, 172k sqm mixed-use project in the second phase of Dubai Healthcare City, according to a press release. The Jaddaf-based development will include luxury residences and commercial units, with construction starting in 1Q 2026 with a completion date set for 1Q 2029.

STARTUPS-

Future100 initiative inks six partnerships: The Future100 initiative — a government initiative identifying and supporting the 100 most impactful startups in the UAE — signed six agreements with Mohamed bin Zayed University of AI, Oraseya Capital, DIFC Innovation Hub, EY UAE, MEVP, and in5 Incubator to accelerate startup growth in sustainable and tech-driven sectors, Wam reports.

BUSINESS-

DMCC inks Beijing pacts to boost trade and digital collaboration: DMCC signed agreements with Beijing Innovation Service Hub and Beijing Chaoyang Council for International Trade during its 2025 Made For Trade Live roadshow in China, according to a statement. The agreements will see both parties co-host seminars, roadshows, and networking events to link UAE and Beijing-based businesses, with a focus on digital trade and blockchain solutions.

Bybit hack fuels BTC sell-off amid broader market jitters

BTC fell 25% from all-time high, as last week’s USD 1.5 bn Bybit cyberattack and broader macroeconomic concerns rattled crypto investors. The sell-off saw BTC drop to USD 82.22k at 6:13am UAE time this morning, down from its record high of USD 109.24k on 20 January, the day of Donald Trump’s inauguration, Bloomberg reports.

The FBI has linked the Bybit theft to North Korea, warning that stolen assets — converted into BTC and other digital tokens — are being laundered across multiple blockchains, The Guardian reports. While Bybit has assured users that client funds remain backed 1:1, the attack — now considered the largest crypto heist in history — has intensified market fears over security risks in digital assets.

BTC’s decline isn’t just about Bybit: ETF outflows, a tech stock slump, and renewed US tariffs are adding pressure. Investors had expected pro-crypto policies under the Trump administration, but enthusiasm has waned amid stagnation and rising inflation concerns, Forbes reports.

The crypto market remains under pressure, with smaller tokens like Dogecoin, Solana, and Cardano falling over 20% last week, Reuters reports on Tuesday. Analysts warn that risk-off sentiment in global markets could lead to further volatility in digital assets.

ADX	9,613	-0.3% (YTD: +2.1%)
DFM	5,361	+0.2% (YTD: +3.9%)
Nasdaq Dubai UAE20	4,428	-0.3% (YTD: +6.3%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	4.4% 1 yr
TASI	12,112	-1.0% (YTD: +0.6%)
EGX30	30,610	-0.1% (YTD: +2.9%)
S&P 500	5,862	-1.6% (YTD: -0.3%)
FTSE 100	8,756	+0.3% (YTD: +7.1%)
Euro Stoxx 50	5,473	-1.0% (YTD: 11.8%)
Brent crude	USD 74.04	+2.1%
Natural gas (Nymex)	USD 3.94	+0.2%
Gold	USD 2,886	-0.4%
BTC	USD 84,132	-0.1% (YTD: -10.9%)

THE CLOSING BELL-

The ADX fell 0.3% yesterday on turnover of AED 1.2 bn. The index is up 2.1% YTD.

In the green: Gulf Cement (+8.2%), Rak Co. for White Cement & Construction Materials (+4.5%) and Al Khaleej Investment (+4.5%).

In the red: Space42 (-5.4%), Julphar (-3.5%) and Burjeel Holdings (-2.6%).

Over on the DFM, the index rose 0.2% on turnover of AED 613.8 mn. Meanwhile Nasdaq Dubai closed down 0.3%.

CORPORATE ACTIONS-

Mashreq approves AED 4.2 bn dividends, expands debt issuance plans: Our friends at Mashreq have approved a dividend of AED 21.10 per share, representing 211% of paid-up capital and amounting to AED 4.2 bn, for FY 2024, according to a DFM disclosure (pdf).

Parkin proposed a dividend payout of AED 0.093 per share, totaling AED 280.9 mn, for the second half of 2024. The proposal is pending shareholder approval at its upcoming annual general assembly meeting, the company said in a DFM disclosure (pdf).

Abu Dhabi National Ins. Company (Adnic) shareholders approved a dividend payout of AED 0.45 per share, totaling AED 256.5 mn, for FY 2024, according to an ADX disclosure (pdf).

UAE eyes deeper economic, energy ties with Greece, Mongolia

UAE + Greece talk enhancing ties: President Sheikh Mohamed bin Zayed Al Nahyan and Greek Prime Minister Kyriakos Mitsotakis met to discuss advancing the comprehensive strategic partnership between their countries, state news agency Wam reports. The two leaders discussed increasing economic cooperation and boosting ties in advanced technology, AI, renewable energy, and food security, while underscoring shared priorities in peaceful conflict resolution and global stability.

UAE, Mongolia discuss economic and energy cooperation: State Minister Ahmed bin Ali Al Sayegh met with Mongolia’s Deputy Prime Minister Dorjkhand Togmid in Abu Dhabi to discuss boosting energy, economic, and tourism ties, state news agency Wam reports.

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.

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.

1 April (Tuesday): Cabinet to roll out new tightened merger control rules,

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 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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