ADQ now owns majority of Aramex + Alpha Data rises on debut

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Adnoc’s XRG plans “significant” investment in natural gas assets in the US + eight IPOs this year?

Good morning, wonderful people, and happy hump day. It’s still busy in our neck of the woods, with no Ramadan slowdown in sight.

We have two big M&A and IPO updates today — Alpha Data debuted on the ADX yesterday, with its share price up 6.7%, while ADQ secured a majority stake in Aramex after submitting a voluntary tender offer last month. We also have yet another debt issuance from Aldar Properties, a USD 500 mn green sukuk that has already secured over USD 2 bn in orders. Plus: More signs of a possible price correction in Dubai’s property market. Let’s dive in.

☁️WEATHER- It’s going to be slightly cooler today, with temperatures peaking at 26°C in Dubai during the day, before cooling to 20°C overnight, with generally cloudy conditions and a possibility of light rainfall. Over in Abu Dhabi, showers are expected early in the day, with the mercury peaking at 24°C before cooling to an overnight low of 20°C.

So, when do we eat? Maghrib is at 6:30pm today in Dubai and 6:34 pm in Abu Dhabi. You’ll have until fajr prayers at 5:13am in Dubai and 5:17 am in Abu Dhabi tomorrow to finish your sohour.

WATCH THIS SPACE-

#1- Adnoc’s new USD 80 bn international investment arm XRG will make a “very large and significant investment” in the US, Adnoc CEO Sultan Al Jaber said at CERA week in Houston in statements picked up by Reuters. Al Jaber cited potential investments in the gas supply chain, including exploration and development and distribution, the newswire said. “It’s time to make energy great again,” he said at the gathering, vouching for pragmatic energy policy amid rising demand for energy.

REMEMBER- The state-run oil giant is reportedly looking to snap up natural gas producing fields in the US, Bloomberg reported earlier this week. The potential acquisitions will aim to support its existing US assets and enhance its access to fuel and feedstock for its chemical plants and liquefied natural gas (LNG) export facilities in the US.

#2- The Emirates could see as many as eight companies going public this year raising up to USD 10 bn in IPO proceeds, with tech and AI-related listings set to feature prominently, Emirates NBD Capital CEO Hitesh Asarpota told the National. Strong foreign interest, combined with ample liquidity, ongoing economic momentum and a region-wide privatization push, will continue to fuel domestic capital markets, he said.

REMEMBER-Three announced IPOs are expected to take place this year, EY and Kamco Invest said, with the latter also noting three other rumored IPOs for the year.

What’s in the 2025 IPO pipeline: The revival of Abu Dhabi AI firm AIQ’s IPO plans adds to a hefty pipeline, along with long-awaited listings from Etihad Airways, IHC’s 2PointZero, property developers Alec Construction and Arabian Construction, with Dubizzle Group, and hospitality group Five Holdings having already tapped banks for the move. Meanwhile, Abu Dhabi Investment Group (ADIG) is eyeing listings for its financial unit and energy subsidiary and Amanat Holdings is looking to float its education and healthcare units. Shisha producer Advanced Inhalation Rituals is also rumored to potentially IPO.

#3- Dubai is getting a new sports and entertainment freezone cluster inside the Dubai World Trade Center (DWTC) freezone — set to be the first of its kind in the world, according to a Dubai Media Office statement. The International Sports and Entertainment Zone (ISEZA) will attract global sports organizations, leagues, and franchises, as well as rights holders, talent agencies, and media professionals spanning sports management, event marketing, talent representation, media broadcasting, e-sports, and AI-driven sports tech. It will also offer corporate and legal support, including facilitating licensing, in collaboration with entities such as the UAE Ministry of Sports, Dubai Sports Council, and the UAE National Olympic Committee.

#4- Musk company to provide drones for Abu Dhabi light shows: Abu Dhabi-based tech firm Analog and Abu Dhabi’s Department of Culture and Tourism signed an agreement with Nova Sky Stories — a US company specializing in using drones for entertainment and owned by Elon Musk’s brother, Kimbal Musk — for it to provide the emirate with 10k drones to use for its light shows, according to the Abu Dhabi Media Office.

There Musk be something in the air: Just last month Elon Musk’s father, Errol Musk, said he planned to build a Musk Tower in the UAE to focus on innovation in science, space-time travel, and gravity, and was in talks with Abu-Dhabi-based Al Khalili Group for the plans. Elon Musk also inked an agreement with Dubai’s Roads and Transport Authority through his construction firm The Boring Company to explore the development of a Dubai Loop, an underground high-speed transport system aimed at easing congestion in the city’s most populated areas.

DATA POINTS-

#1- Low-emission energy sources made up 35% of the UAE’s energy mix last year: UAE’s power generation reached some 164 terawatt-hours (TWh) in 2024, 24% of which came from nuclear energy and 9% from solar, according to the International Energy Agency’s annual electricity report (pdf). The country cut power sector emissions by almost 10% as it saw a 2.8% jump in electricity demand. Emissions are also expected to keep declining by an average of 1.5% per year.

No signs of slowing down: Solar power generation – which rose by 28% y-o-y in 2024 – is expected to keep growing by around 15% annually between 2025 and 2027, reaching 13% of the energy mix in 2027. Dubai’s renewables generation will reach 4.7 GW by 2026 once the sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park is fully operational. The seventh phase will then bring the park’s total capacity to 6.2 GW.

A regional trend: The Middle East’s electricity demand grew by 3.2% in 2024 from 2.8% in 2023 due to increased air conditioning use due to record hot summer temperatures. Demand is set to continue to grow at an average of 3% between 2025 and 2027 on the back of economic growth and higher cooling demand. The region also increased its gas-fired power generation by 2.9% and is set to continue growing at an average 5.3% annually. Renewables are also on the rise also with an expected 14% increase over the outlook period, including 20% growth of nuclear energy and solar PV generation increasing to almost 70% by 2027.

#2- Abu Dhabi hospitality hits record-high rates in February thanks to IDEX 2025: Abu Dhabi’s hospitality sector saw record high performance in February 2025, driven by the International Defence Exhibition and Conference (IDEX), Al Khaleej reports, citing preliminary data from real estate analytics firm CoStar.

Hotels in the capital recorded their highest average daily rate (ADR) since 2009 at AED 873.51, while the highest revenue per available room was AED 1.6k during the month. Occupancy rates remained strong, averaging around 86.8%, with daily occupancy consistently above 80%.

THE BIG STORY ABROAD-

It’s another morning with Trump tariffs dominating the front pages: US President Donald Trump backed down from plans to hike US tariffs on Canadian steel and aluminum to 50%, just hours after he first announced the plans. The reversal followed Canada’s decision to halt a planned 25% surcharge on electricity exports to the US — one of Trump’s key justifications for the tariff escalation. (FT | Reuters | CNBC | AP)

ALSO FROM THE TRUMP ADMINISTRATION- The US decided to resume military aid to Ukraine after Kyiv agreed to accept a US-backed 30-day ceasefire — the proposal is yet to be presented to the Russian side. (Reuters | AP)

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CIRCLE YOUR CALENDAR-

TheFujairahInternational Bunkering and Fuel Oil Forum (FUJCON 2025) will take place from 7-9 April at DoubleTree by Hilton Fujairah. Organized by S&P Global Commodity Insights, in collaboration with the Government of Fujairah, the Port of Fujairah, and the Fujairah Oil Industry Zone, the event will bring together energy leaders to discuss geopolitical and decarbonization impacts on shipping and bunkering, fuel quality, market trends, and technological advancements.

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

ADQ is now a majority shareholder in Aramex

ADQ clinches majority interest in Dubai-listed Aramex: Abu Dhabi sovereign wealth fund ADQ locked in an additional 35.31% stake in Aramex, bringing the fund’s total indirect ownership in the DFM-listed logistics giant to 58%, according to two separate statements (here and here, pdf). The transaction, which is pending completion, was made through ADQ’s wholly-owned subsidiary Q Logistics Holding.

What’s next? While the offer period wrapped up earlier this week, ADQ is still accepting shares from shareholders who did not tender their shares at AED 3.00 apiece until Monday, 24 March, with the final tally of tendered offers due to be announced on Friday, 28 March.

REFRESHER- Last month, Q Logistics Holdings launched a voluntary tender offer to buy up all of Aramex’s shares — excluding the 22.69% stake already held by ADQ shipping unit AD Ports — at AED 3 apiece, valuing the freight services firm at AED 4.4 bn. The offer price of the transaction represents an attractive valuation, reflecting a strong multiple of 9x enterprise value to EBITDA for the twelve months ending September 2024, and a multiple of 29x price-to-earnings ratio for the same period.

Restructuring ahead: Aramex will be folded into ADQ’s transport and logistics cluster, joining assets like AD Ports, Abu Dhabi Airports, Etihad Airways, and Etihad Rail, according to the fund’s Deputy Group CEO Mansour AlMulla. The sovereign fund said it wants to transform Aramex into a globally competitive company in the freight services industry, but this is expected to be “complex, capital intensive and to take time,” according to the official bid document (pdf).

ADVISORS- Rothschild is acting as financial adviser for Q Logistics, while EFG Hermes UAE, International Securities and Emirates NBD capital serve as co-lead managers on the transaction. Clifford Chance was hired to provide counsel on the potential acquisition. Aramex tapped HSBC as its financial advisor for the potential takeover.

OTHER M&A NEWS-

An Abu Dhabi Investment Authority-led consortium divested an additional 6.3% stake in skincare giant Galderma Group during a wave of block sales in Europe, marking the latest in a series of selldowns since the Swiss firm went public on the SIX Swiss Exchange last year, Bloomberg reports, citing terms it has seen. While the current size of ADIA’s stake in Galderma remains unclear, the sale brought the selling shareholders’ combined holding in the company to less than 50%, the business news service wrote.

What we know: The group — which includes Swedish private equity company EQT and Singapore’s Auba Investment — offloaded some 15 mn shares on the open market at CHF 89 apiece, marking 7.8% discount to Monday’s close, according to Bloomberg. The sale saw them rake in a total of CHF 1.3 bn (USD 1.5 bn) in proceeds.

REMEMBER- The consortium first sold off a 10% stake in Galderma in August 2024 for an undisclosed sum, after floating a portion of their holding in Switzerland's biggest IPO since 2017. The consortium also sold off a USD 1.2 bn stake in September. ADIA, EQT and Singapore’s GIC initially acquired Galderma, formerly Nestlé Skin Health, for CHF 10.2 bn from Nestlé back in 2019.

ADVISORS- Bank of America, BNP Paribas, Goldman Sachs, Morgan Stanley, and UBS quarterbacked the offering, which was several times oversubscribed.

Alpha Data’s share price rallied on its first day of trading

First IPO of the year does well on debut: Alpha Data’s share price rose 6.67% on its ADX debut yesterday, closing at AED 1.60 apiece, up from the final offer price of AED 1.50, according to market data. The IT services firm floated a 40% stake in what was both the UAE and Abu Dhabi’s first IPO of the year, cashing-in on heightened investor appetite for tech players operating in AI.

REFRESHER- The IPO, which raised AED 600 mn, was a secondary offering, with the shareholders selling down their positions to a combined 60% stake in the company.

The positive first-day performance comes following several lackluster debuts last year, despite IPOs being consistently oversubscribed, with pricing at the high end of the range due to high demand. On the ADX, ADNH Catering and Alef Education — which both saw a muted start on the ADX — are both down from their debut price, with ADNH Catering’s shares down 6.2% as of market close, and Alef Education’s shares down 21.4%.

AI listings on the rise: Alpha Data’s IPO may have spurred Adnoc and Presight AI Holding to revive plans for a listing of their artificial intelligence JV — AIQ. The two firms are said to be in early discussions with banks about a potential IPO on the ADX as soon as this year, though details on the size and timeline remain under wraps.

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.

Also in the 2025 IPO pipeline: The revival of Abu Dhabi AI firm AIQ’s IPO plans adds to a hefty pipeline, along with long-awaited listings from Etihad Airways, IHC’s 2PointZero, property developers Alec Construction and Arabian Construction, with Dubizzle Group, and hospitality group Five Holdings having already tapped banks for the move. Meanwhile, Abu Dhabi Investment Group (ADIG) is eyeing listings for its financial unit and energy subsidiary and Amanat Holdings is looking to float its education and healthcare units. Shisha producer Advanced Inhalation Rituals is also rumored to potentially IPO.

Aldar launches USD 500 mn green sukuk, with over USD 2 bn in orders

Abu Dhabi’s Aldar Investment Properties — a unit of Aldar Properties — is marketing a USD 500 mn, 10-year senior green sukuk, with order books already surpassing USD 2 bn, excluding joint lead manager interest, Zawya reports. The Reg S, no-grow issuance was initially priced at 140 basis points over US Treasuries.

Where’s the money going? Proceeds will fund eligible projects under Aldar’s green finance framework.

REMEMBER- Last month, Aldar Properties issued USD 1 bn Reg S hybrid capital notes — the largest conventional hybrid issuance in the Middle East — and closed an AED 9 bn sustainability-linked revolving credit facility — the largest syndicated loan of its kind secured by a real estate firm in the region.

The fundraising spree supports Aldar’s big expansion plans. The Abu Dhabi developer set aside AED 1 bn last year to expand its logistics operations in Abu Dhabi and Dubai, and AED 5 bn for commercial, retail, and hospitality assets set to open between 2025 and 2027. In July, it also committed AED 1.8 bn to scale its commercial presence in key Dubai business districts.

The property developer is no stranger to sustainability-linked debt: Over the past two years it also sold about USD 1 bn in green sukuk.

What’s next? The company is also eyeing non-convertible debentures (NCDs). In December, Aldar requested board approval to issue up to USD 1.5 bn in NCDs, which could be perpetual or have fixed maturities between five and 60 years.

ADVISORS- Aldar Investment Properties Sukuk will act as trustee while Aldar Investment Properties will be obligor. JP Morgan and Standard Chartered are joint global coordinators and lead managers, with our friends at Mashreq and HSBC, along with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Ajman Bank, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, KFH Capital, and Sharjah Islamic Bank also serving as joint lead managers and bookrunners.

More signs of a looming price correction in the property market?

Dubai property price growth slows in February: Dubai’s residential property prices recorded their slowest growth in 20 months in February 2025 as an increase in new supply helped ease demand pressures, according to the ValuStrat Price Index (VPI) February report (pdf). Villa prices increased by 2% m-o-m, down from a peak of 2.7%, while apartment values rose by 1.2%, a decrease from a previous high of 2%. The index was still up 26.5% y-o-y.

Villa prices continued to outpace apartments, surging 30.8% y-o-y, with Jumeirah Islands (+42.3%), Palm Jumeirah (+41.8%), and Emirates Hills (+31.2%) leading the way.

Meanwhile, apartment prices increased by 1.2% m-o-m in February, slowing from the 1.4% rise recorded in January. On an annual basis, prices grew by 22.2%. Among the areas with the highest yearly capital appreciation were The Greens (+28.9%), Palm Jumeirah (+26.3%), and Dubailand Residence Complex (+25.7%). Despite these gains, apartment valuations remain, on average, 9% below their previous market peak but have surged 65% from post-pandemic lows.

The demand for off-plan properties remained strong, with Oqood registrations jumping 22.2% month-on-month and 59.5% year-on-year, making up 70.8% of total transactions in February. Meanwhile, the secondary market also saw steady growth, with ready home sales increasing 12.8% monthly and 9.8% annually.

Where buyers are spending:

Emaar led sales with 17.5% of the market, followed by Damac (12.7%) and Sobha (4.8%).
Off-plan demand was highest in Jumeirah Village Circle, The Valley, and Damac Island City, while Dubai Silicon Oasis set a record for the highest number of off-plan deals in a single month.
For ready homes, Emirates Hills reached a new peak in transactions, while Jumeirah Village Circle, Business Bay, and Dubai Marina saw the highest activity.

ICYMI- Dubai’s real estate prices dipped 0.57% in January, according to Property Monitor data, marking the first decline since summer 2022. Despite a record 14.4k transactions, average prices fell below AED 1.5k per sq ft, hinting at potential market stabilization. Moody’s, Deloitte, and Knight Frank have all forecasted slower or stable price growth over the next 12 to18 months, with rising construction costs, potential delivery delays, and a wave of new supply weighing on the market.

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By analyzing your program in real time, Harmony ensures that the right people have access to the right data at the right moment, eliminating delays caused by siloed information.

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Italian firm clinches USD 2.5 bn urban management contract for Abu Dhabi

Italian AI firm to bring AI urban solutions to Abu Dhabi: Abu Dhabi-based security firm Bold Technologies signed a USD 2.5 bn contract with Italian AI firm Synapsia which will see the Italian company provide Abu Dhabi with AI city management solutions, Synapsia CEO Daniele Marinelli told Reuters. The two companies are looking to set up a new firm, My Aion Inc, that could come to the ADX through an IPO sometime between 2027 and 2029.

The details: The USD 2.5 bn total will be paid in five installments over 18 months as the project progresses, and Abu Dhabi can expect to see Synapsia’s AI technologies used in issues including transport, parking, and emergency response to disasters. The companies said they aim to “[optimize] infrastructure, transportation, and energy use in real-time.”

AI is one of the sectors targeted by UAE-Italian bilateral efforts, with an MoU to expand cooperation in the field last month as part of a wider USD 40 bn investment from the UAE into Italy.

Taqa agrees AED 2 bn water treatment, pipeline project in Uzbekistan

Taqa to develop USD 545 mn water infrastructure project in Uzbekistan: Taqa Water Solutions inked an MoU with Uzbekistan’s New Tashkent City Directorate to develop a 65 km raw water pipeline and a water treatment plant, according to an Abu Dhabi Media Office statement. The USD 545 mn (AED 2 bn) project, slated for completion by 2035, aims to provide clean water to 2 mn people in New Tashkent City.

The details: The company will develop and manage the infrastructure under a 25-year build-own-operate-transfer model, after which ownership will be handed over to Uzbekistan. Taqa now has exclusive rights to assess the project's feasibility and submit a technical and financial proposal.

Details: The project will source water from the Charvak Mountain Reservoir, transporting 550k cubic meters daily via a 65 km pipeline while generating 20 MW of hydroelectric power. This marks Taqa’s second major water infrastructure initiative in Uzbekistan, with another USD 1 bn wastewater treatment plant in the works alongside Marubeni Corporation and Suez.

DIFC Courts gets bigger remit + dispute mediation center

New DIFC courts law: Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum issued a new law for the Dubai International Financial Centre (DIFC) courts, expanding its jurisdiction and introducing new mediation options, according to the Dubai Media Office. It will go into effect after its publication in the Official Gazette.

More cases will fall under the courts’ remit: All civil, commercial, and labor claims involving DIFC bodies, institutions, and employees will now fall under the DIFC jurisdiction — whether the cases are filed by or against those entities. Previously, only claims and disputes arising from or within the DIFC were under the DIFC Courts’ jurisdiction. Also under its jurisdiction: cases related to trust deeds, non-Muslim wills, and arbitration awards under DIFC arbitration law.

New dispute resolution pathways will also be introduced through a mediation center falling under the DIFC president’s remit, where mediators registered with the DIFC will help resolve disputes.

Yalla Group reports 18.7 increase y-o-y in net income in 2024

UAE-headquartered social media and gaming company Yalla Group’s net income rose 9.7% y-o-y to USD 32.5 mn in 4Q 2024, as revenues climbed 12.2% to USD 90.8 mn, according to an earnings release. Revenues hit a record high for the second quarter in a row, after seeing 14.4% y-o-y growth in monthly active users and a 3.2% y-o-y increase in paying users to 12.3 mn in 4Q.

For the full year, net income increased 18.7% y-o-y to USD 134.2 mn, while revenues were up 6.5% y-o-y to USD 339.7 mn in 2024.

Arabian Construction secures AED 2 bn contract for Design Quarter development from Meraas

REAL ESTATE-

#1- Meraas awards AED 2 bn contract for Dubai Design District project: Dubai Holding Real Estate subsidiary Meraas awarded a AED 2 bn contract to Arabian Construction Company (ACC) for the Design Quarter at d3, the first residential community in Dubai Design District, according to a Dubai Media Office statement. The project, featuring one low-rise building and two skyscrapers connected by a landscaped podium, is set for completion by mid-2027.

#2- The Mohammed Bin Rashid Housing Establishment (MBRHE) has partnered with Dubai-based real estate developer Binghatti to develop and invest in sustainable housing in Dubai, according to the Dubai Media Office. Under the MoU, Binghatti Developers will offer MBRHE beneficiaries affordable housing units, and will explore the use of AI and advanced construction technologies to improve efficiency and sustainability in housing development.

#3- Majid Al Futtaim Group plans to develop a residential and hotel project in East Cairo in partnership with Egyptian developer Midar, Ashraq Business reports, citing unnamed sources. The project will cover 1k acres within Midar’s 5.8k-acre Mada City, launched in April 2024. The agreement is expected to be signed in 3Q 2025. Representatives from Majid Al Futtaim Group declined to comment when approached by EnterpriseAM UAE.

CUSTOMS-

Abu Dhabi Customs gets more authority in latest restructuring: President Sheikh bin Zayed Al Nahyan has restructured the General Administration of Abu Dhabi Customs — designating it as an independent legal entity under the Economic Development Department and implementing new legislation to outline the organization’s updated role and responsibilities, according to a statement.

The details: In addition to overseeing and authorizing the movement of goods into and outside of the emirate, its new responsibilities also include proposing customs-related policies and strategic plans.

DEBT-

Moody’s upgrades RAK Bank’s outlook to positive: Credit rating agency Moody’s affirmed National Bank of Ras Al Khaimah ’s (RAKBank) long-term deposit rating as Baa1, and upgraded its outlook from stable to positive for its long-term deposit and senior unsecured debt ratings, according to a statement seen by Enterprise. Its short-term deposit ratings stand at Prime 2, and its baseline credit assessment (BCA) and adjusted BCA at Baa3.

Behind the upgrade: The outlook upgrade is down to RAKBank’s improved profitability and net interest margins, asset quality, segment diversification and growth in the bank’s wholesale franchise, and the likelihood of the bank receiving support from the government — which owns a 53% stake in RAKBank.

TRANSPORT-

#1- More details about Regent's USD 250 mn seaglider project: Electric seaglider developer Regent is set to generate over 1k high-tech jobs in Abu Dhabi over the next decade through its UAE manufacturing hub for electric flying ferries, Billy Thalheimer, Regent's co-founder and chief executive, told the National. The Rhode Island-based company expects to hire for roles in engineering, advanced manufacturing, and maintenance as production scales.

In context: Regent and Abu Dhabi’s Strategic Development Fund agreed to form a JV last month to build the facility, backed by a minimum investment of USD 250 mn over 10 years, shared equally between both parties. The seagliders are set to begin operations in 2027.

ALSO- Abu Dhabi’s Department of Municipalities and Transportation agreed to deploy seagliders in its fleet. Abu Dhabi Maritime will assess their feasibility for local waterways and logistics giant Aramex is exploring their potential for cargo transport.

MARITIME-

Vopak’s Fujairah terminal supplies its first bio-bunker fuel: Dutch independent energy storage operator Vopak’s joint-venture oil storage terminal in Fujairah — Vopak Horizon Fujairah — carried out its first bio-bunkering supply operations in the UAE, according to a statement. Vopak transported B24 bunker fuel — containing 24% fatty acid methyl ester with low sulphur fuel oil — from its oil storage terminal to the vessel. The companies involved in the operation were not disclosed.

About Vopak Horizon Fujairah: The terminal is a JV with the Government of Fujairah, Kuwait’s Independent Petroleum Group, Royal Vopak and the UAE’s Horizon Terminals, according to its website. Vopak currently operates 32 terminals within its international network ISCC certified to store environmental products like sustainable aviation fuel, biofuels, and feedstocks, the statement adds.

SPACE-

Space42 + Viasat team up to advance 5G satellite connectivity: Abu Dhabi-based Space42 and US satellite firm Viasat inked an MoU to explore direct-to-device (D2D) satellite communications for smartphones, IoT applications, and next-generation mobile satellite services (MSS), according to a joint statement.

In the initial phase, both companies will conduct technical and commercial studies on 5G D2D satellite communication solutions. These studies will explore narrowband Internet of Things (NB-IoT) and MSS, while aiming to develop an open, interoperable, 5G-compatible infrastructure.

Big banks rush into stablecoins

Major banks and fintech firms are entering the stablecoin space, aiming to carve out a share of the growing cross-border payments market, long dominated by crypto firms like Tether and Circle, the Financial Times reports. Institutions including Bank of America, Standard Chartered, PayPal, Revolut, and Stripe are moving into the sector as regulatory frameworks take shape and transaction volumes rise.

The market is heating up fast: Stablecoin transactions hit USD 710 bn last month, up from USD 521 bn a year prior. The number of unique stablecoin wallets also grew 50% to 35 mn, according to Visa data. Companies are also finding practical use cases — SpaceX, for example, uses stablecoins to move Starlink revenues from Argentina and Nigeria, while AI firm ScaleAI pays international contractors in digital tokens.

More developments are underway: Stripe dropped USD 1.1 bn to acquire stablecoin startup Bridge, and PayPal is planning to expand its PYUSD rollout this year. Meanwhile, the EU has implemented compliance regulations for stablecoins, while the UK is gearing up for its own regulations, and US politicians are discussing stablecoin-related bills. Bank of America CEO Brian Moynihan acknowledged the shifting landscape, saying, “If they make that legal, we will go into that business.”

Regulations are taking shape here at home too: The Financial Services Regulatory Authority issued a regulatory framework for the issuance of stablecoins in the ADGM last year, after which the Central Bank of the UAE granted final approval for the launch of AE Coin, making it the country’s first AED-pegged stablecoin.

EMs could become leaders in this space: The real momentum for stablecoins is in emerging markets, where currency risk and weak banking infrastructure make them a preferred option for commodities, agriculture, and shipping. In Western markets, however, their role is “not as obvious,” Index Ventures’s Martin Mignot said.

Stablecoins still carry risks: Analysts warn that stablecoins function as digital IOUs rather than true cash, meaning users are exposed to the financial health of the issuing company. “Essentially what the brand of the stablecoin tells you is that this is who the issuer is,” fintech consultant Simon Taylor said. “Therefore, because the issuer is that organisation, your credit risk is X or Y. That’s not something you do with the USD.”

MARKETS THIS MORNING-

Asian markets broke away from the losing streak on Wall Street, with most markets up in trading as of dispatch. South Korea’s Kospi and Japan’s Topix were both up, while the Nikkei was flat in early trade. On Wall Street, futures are pointing to a stronger open after another volatile day in trading as the Trump administration’s whispering trade policy continued to breed uncertainty among investors.

ADX	9,376	-0.2% (YTD: -0.5%)
DFM	5,212	-0.3% (YTD: -0.7%)
Nasdaq Dubai UAE20	4,203	-0.4% (YTD: -0.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.1% 1 yr
TASI	11,718	-0.2% (YTD: -2.7%)
EGX30	30,935	-0.7% (YTD: +4.0%)
S&P 500	5,572	-0.8% (YTD: -5.3%)
FTSE 100	8,496	-1.2% (YTD: +4.0%)
Euro Stoxx 50	5,310	-1.4% (YTD: +8.5%)
Brent crude	USD 69.56	+0.4%
Natural gas (Nymex)	USD 4.35	-2.4%
Gold	USD 2,923	+0.1%
BTC	USD 83,167	-4.6% (YTD: -11.1%)

THE CLOSING BELL-

The DFM fell 0.3% yesterday on turnover of AED 1.3 bn. The index is down 0.7% YTD.

In the green: Agility The Public Warehousing Company (+5.1%), ENBD Reit (+4.9%) and National General Ins. (+4.0%).

In the red: National International Holding Company (-9.8%), Dubai Refreshment Company (-9.8%) and Al Ramz Corporation Investment and Development (-6.2%).

Over on the ADX, the index fell -0.2% on turnover of AED 1.7 bn. Nasdaq Dubai was down -0.4%, and -0.9% YTD.

CORPORATE ACTIONS-

Tecom Group's shareholders approved a dividend of AED 400 mn (8 fils per share) for the second half of 2024, according to a bourse disclosure (pdf). This brings the total dividend for 2024 to AED 800 mn, consistent with the company’s dividend policy in effect through mid-2025.

First Abu Dhabi Bank’s (FAB) board approved issuing up to USD 10 bn in non-coverable debt instruments — either bonds, sukuk, or other securities — as well as an additional tier 1 bond or sukuk issuance of up to USD 3 bn to use for capital purposes, and a tier 2 or sukuk issuance of up to USD 3 bn, according to a disclosure (pdf) to the ADX. It also approved distributing AED 8.3 bn from its earnings for 2024.

REMEMBER- FAB has already been busy this year. The lender issued USD 750 mn in senior unsecured notes as part of its USD 20 bn EUR medium-term note program, and a USD 600 mn five-year sukuk issuance.

More cooperation with France + Somalia?

UAE, France eye deeper ties: Foreign Affairs Minister Abdullah bin Zayed Al Nahyan also met with Jean-Noël Barrot, France’s Europe and Foreign Affairs Minister, and Economy, Finance, and Industry Minister Éric Lombard, to discuss ways to enhance cooperation in economic, trade, investment, climate action, and advanced technology sectors, as well as industry, state news agency Wam reports (here and here).

ALSO- Sheikh Al Nahyan discussed enhancing cultural ties with French Culture Minister Rachida Dati during the UAE top diplomat's working visit to Paris on Monday, state news agency Wam reports. The ministers also witnessed the signing of an MoU between the UAE National Orchestra and Orchestre de Paris – Philharmonie.

ICYMI- The UAE and France recently inked a framework agreement to jointly invest USD 30-50 bn in a 1 GW data center and AI infrastructure, and they have a plan for a strategic AI partnership. The agreement was signed during the UAE president’s visit to Paris last month.

UAE, Somalia discuss stronger ties, regional stability in Abu Dhabi meeting: UAE President Sheikh Mohamed bin Zayed Al Nahyan met with Somali President Hassan Sheikh Mohamud in Abu Dhabi to discuss strengthening bilateral cooperation and enhancing regional stability, with Sheikh Mohamed reaffirmed the UAE's continued support for Somalia's development efforts, Wam reports.

CALENDAR

MARCH

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

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.

7-9 April (Monday-Wednesday): The Fujairah International Bunkering and Fuel Oil Forum, DoubleTree by Hilton Fujairah.

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, 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.

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

16-17 April (Wednesday-Thursday): The FastBull Finance Summit, Coca Cola Arena, 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.

6-8 May (Tuesday-Thursday): Airport Show, Dubai World Trade Centre.

13-16 May (Tuesday-Friday): International Union for Health Promotion and Education Conference, Abu Dhabi.

13-14 May (Tuesday-Wednesday): The Annual HR Tech MENA, Dubai.

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.

12-14 September (Friday-Sunday): The International Real Estate and Investment Show, Abu Dhabi.

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 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.

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.
12-15 February (Thursday-Sunday): The Society for Incentive Travel Excellence Global Conference, Abu Dhabi.
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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