Another oversubscribed debt issuance from Aldar

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WHAT WE’RE TRACKING TODAY

THIS MORNING: What will Russians in the UAE do if the war ends? + UAE official to seek more access to US advanced tech next week

Good morning, friends, and happy FRIDAY. We’re nearly at the halfway point of Ramadan, and there’s still no news slowdown in sight.

THE BIG STORY OF THE DAY is Aldar’s third debt issuance of the year, in the form of a USD 500 mn green sukuk, which was 7.2x oversubscribed. We also have an M&A in the works, with TC MENA submitting a mandatory tender offer for a controlling stake in Gulf Cement, as well as news of a new USD 100 mn drama-focused fund in ADGM.

Plus: Limited supply pushed property prices up in Abu Dhabi last year, with secondary transactions seeing record activity.

So, when do we eat? Maghrib is at 6:31 pm today in Dubai and 6:35 pm in Abu Dhabi. You’ll have until fajr prayers at 5:12 am in Dubai and 5:16 am in Abu Dhabi tomorrow to finish your sohour.

☀️WEATHER- We’re in for some great weather today, with temperatures cooling in Dubai to a high of 25°C, before dropping to 19°C overnight, according to our favorite weather app. In Abu Dhabi, temperatures will peak at 23°C and reach a low of 19°C.

WATCH THIS SPACE-

#1- Could we see an exodus of Russians if a Ukraine ceasefire goes through? According to S&P Global, it won’t be that straightforward. A ceasefire is not expected to lead to an immediate reversal of increased Russian labor and financial inflows into the UAE, as continued political and economic uncertainty is expected to persist beyond a potential ceasefire agreement, S&P Global said.

ICYMI- The US proposed a ceasefire plan to Russia that Russian Vladimir Putin has accepted in principle, after Ukraine said it would support a ceasefire plan. US Secretary of State Marco Rubio hopes an agreement could be reached within days, Reuters said this week. We have more on this in Big Story Abroad, below.

One foot in, one foot out? The lack of stability will encourage “individuals and businesses to maintain at least some presence and funds in the UAE,” the report reads. Even if sanctions begin to ease, individuals and businesses are expected to maintain their presence to “benefit from the UAE’s flexible and supportive economic environment, as well as its business-friendly regulations and low tax regime,” according to S&P Global.

The banking sector is also expected to be unaffected, with UAE banks having “more than enough liquidity” to handle potential outflows from Russian citizens and companies. Despite potential real estate divestments from Russian migrants, the effects of this on the UAE’s residential real estate sector are expected to be limited “given continuous strong demand and population growth.” Meanwhile, high yields and capital gains along with asset security could provide additional reasons for Russians to continue investing in the UAE.

#2- UAE official to seek more access to US advanced tech in Washington visit: National Security Advisor and G42 Chair Sheikh Tahnoon Bin Zayad Al Nahyan is planning to advocate for easier access to advanced chips, including from Nvidia, at a meeting with Trump cabinet officials as soon as next week, Bloomberg reports, citing anonymous sources familiar with the matter. The meeting will also discuss UAE investments in the US, and will likely see him sit down with Commerce Secretary Howard Lutnick, Treasury Secretary Scott Bessent, and National Security Advisor Mike Waltz.

REMEMBER- The US in January introduced export restrictions on AI chips and GPUs affecting 120 countries, including the UAE, as part of its effort to maintain AI leadership. The regulations divided the world into three tiers, restricting access to rivals like China and Russia, and permitting it to close allies, with the UAE sitting in the middle tier. The regulations, which have yet to be implemented, are currently being reviewed by the Trump administration.

The US and the UAE are close AI partners: This comes amid increasing Emirati investment into the US’ data center sector, which includes a USD 20 bn investment from Damac Properties and a portion of the USD 100 bn for a JV that includes Abu Dhabi AI fund MGX. State AI firm G42 also secured a USD 1.5 bn investment from Microsoft in April 2024, for which it requires large-scale AI component deliveries, including Nvidia chips and GPUs. Exports had begun late last year after the US gave its stamp of approval, and after the two reached an agreement to prevent access to the facility by personnel from countries with US arms embargoes, or who are on the Bureau of Industry and Security (BIS) Entity List, including China, and to lock the facility down with US defense tech.

#3- UAE aviation authority rolls out new drone regulations: The UAE General Civil Aviation Authority (GCAA) introduced new regulations defining standards for drone service providers, Khaleej Times reports. The regulations, titled CAR Part U-space, cover operational standards, contracts, training, safety, and auditing to ensure the safe integration of drone operations with commercial aviation.

ICYMI- Earlier this year, the UAE lifted restrictions on recreational drone use for individuals, except in Dubai, where drone operations are regulated by the Dubai Civil Aviation Authority.

#4- Aluminium exports saw a spike in early March ahead of new 25% US tariff: UAE exports of aluminum to the US saw an uptick in March as buyers looked to secure supply before US President Donald Trump’s 25% tariff plan took place, Reuters reports citing data from the US Department of Commerce. Some 68.6k metric tons have arrived so far this month, compared to 16.1k metric tonnes for the whole month this time last year.

In context: The UAE is the US’ second-largest supplier of aluminum after Canada, with analysts saying US importers are likely to prefer alternative suppliers of aluminum due to ongoing trade tensions with Canada and the threat of increasing tariffs. “On average, the business costs of UAE producers are lower than for Canadian ones, according to CRU estimates, while Emirates Global Aluminium is the lowest-cost producer globally,” Yulia Buchneva, director at Fitch Ratings said, adding that the UAE would still be able to profitably export to the US even with a tariff.

#5- The Net Zero Banking Alliance (NZBA) is considering revising its climate commitments by shifting from the Paris Agreement’s 1.5°C target to a “well below 2°C” goal, the Financial Times and Reuters report, citing the coalition’s chair and other sources. The move follows the departure of 14 major US banks, including JPMorgan Chase and Bank of America, reducing NZBA’s membership to 134 banks.

A vote on the proposal is expected later this month, following pressure from European banks threatening to leave unless rules were softened, the Financial Times reports. If approved, the NZBA would shift from enforcing strict emissions targets to supporting banks in carbon accounting and transition planning. The revisions reflect evolving scientific, regulatory, and policy landscapes that affect how banks facilitate net-zero transitions, FAB’s Chief Sustainability Officer Shargiil Bashir told Reuters.

Where the UAE stands: Despite the shake-up, UAE signatories First Abu Dhabi Bank (FAB) and Abu Dhabi Commercial Bank (ADCB) are still part of the coalition, with ADCB joining in November 2023 and FAB signing in October 2021. FAB published its first climate targets in April 2023, while ADCB is set to release its targets by May 2025, according to the NBZA website.

#6- Abu Dhabi-based Alpha Data aims to triple Saudi sales to 10% by next year as it expands beyond the UAE, CEO Fayez Al Abini told Asharq Business. The digital and IT services provider opened offices in Saudi Arabia and Qatar in 2022 but is adopting a cautious approach toward its expansion, focusing on projects that can “[ensure] payment commitments” and “avoid delays in signing and implementation,” Al Abini said.

ICYMI- Alpha Data debuted on the ADX earlier this week with a 40% stake sale that raised AED 600 mn (USD 163 mn).

PSA-

The Federal Tax Authority (FTA) is reminding taxpayers to update their tax records ahead of the expiration of a grace period until 31 March 2025, according to a statement. The grace period, which began on 1 January 2024, allows businesses to report changes such as company name, address, trade license details, business activities, and legal entity type, without incurring fees associated with delays. Normally, registrants must update their records within 20 business days using the approved FTA procedure, according to a press release.

The FTA clarified that any penalties imposed between 1 January 2024 and the grace period announcement will be automatically reversed requiring no action from registrants.

THE BIG STORY ABROAD-

Two stories are dominating headlines this morning:

#1- Russian President Vladimir Putin agreed to talks with the US over a potential ceasefire agreement in Ukraine, but stopped short of accepting the proposal for an immediate 30-day ceasefire. Putin said any ceasefire agreement will need to “eliminate the cause of this crisis” and lead to long-term peace, setting out a series of tough conditions that would need to be met ahead of a ceasefire. US President Donald Trump’s Middle East envoy Steve Witkoff is currently in Moscow ahead of expected talks with the Russian leader. (Reuters | Bloomberg | FT | AP | Guardian)

#2- More threats of tariffs — this time of a 200% tariff on wine and alcoholic beverages from France and other countries in the EU — sent the S&P 500 firmly into correction territory, falling more than 10% from its peak in February, while the tech-heavy Nasdaq — already in correction territory — also lost some 1.9%. The sell-off comes despite relief earlier this week coming from positive signs for the US economy and inflation trends. (Reuters | CNBC | Bloomberg | NYT)

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MARKET WATCH-

Opec+ oil output jumped in February to 41.01 mn bbl / d, rising 363k bbl / day from the previous month, according to Opec’s monthly oil market report (pdf). The increase was driven primarily by higher output from Kazakhstan, which added 198k bbl / d to its monthly production — “at least 300k bbl / d above its Opec+ ceiling,” Bloomberg notes.

Oil prices fell 3.2% m-o-m to an average of USD 76.8 per barrel, while the group’s predictions for global oil demand remained unchanged at 1.45 mn bpd for this year, and at 1.43 mn bpd for 2026. The need for transportation fuels is set to keep demand buoyed as both international and domestic air traffic returns to pre-pandemic levels, and the biggest uptick in demand is expected to come from non-OECD countries.

REMEMBER- The group recently agreed to push ahead with production hikes next month citing a “positive outlook,” and despite concerns over weak market prices on the back of weakened Chinese demand and increased US output. Opec+ kept the door open, however, for future changes in policy, saying that the increase may be paused or reversed depending on market conditions.

Aldar’s USD 500 mn green sukuk was 7.2x oversubscribed

Aldar completes USD 500 mn green sukuk issuance — its third debt issuance this year: Abu Dhabi’s Aldar Investment Properties, a unit of Aldar Properties, successfully issued a 10-year USD 500 mn green sukuk at a 5.25% coupon rate, according to an ADX disclosure (pdf). The Reg S, no-grow issuance marks the third under Aldar’s USD 2 bn Trust Certificate Issuance Program.

The details: The issuance, initially priced at Treasuries +140bps, saw final pricing tightened at 10-year Treasuries +110bps, benefiting from strong investor demand. The orderbook topped USD 3.6 bn, making it 7.2x oversubscribed. Proceeds will refinance sustainability-accredited real estate within Aldar’s Green Finance Framework and support the early redemption of a sukuk maturing in September 2025, as well as repayment of outstanding bank debt, according to the statement.

Who bought in? Regional investors took the majority of allocations (61%), while international investors accounted for 39%.

Part of Aldar’s broader financing strategy: Aldar raised AED 16.3 bn in new liquidity across its capital structure since the start of the year. 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. Moody’s reaffirmed in January Aldar’s investment-grade ratings, with AIP rated Baa1 and Aldar rated Baa2, both with stable outlooks.

ADVISORS- JP Morgan and Standard Chartered acted as joint global coordinators, joint lead managers, and bookrunners alongside our friends at Mashreq, HSBC, and First Abu Dhabi Bank, as well as Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Ajman Bank, Bank ABC, Dubai Islamic Bank, Emirates NBD Capital, KFH Capital, and Sharjah Islamic Bank.

OTHER DEBT NEWS-

Al Ansari Financial Services has amended the terms of a proposed shareholder loan, increasing the facility from AED 500 mn to AED 950 mn, according to a DFM disclosure (pdf). The loan, provided by parent company Al Ansari Holding, will be used for acquisitions, working capital, and capital expenditures on arm’s length terms. Shareholders will vote on the revised transaction at the annual general assembly meeting on 20 March.

TC Mena eyes 100% of Gulf Cement

TC Mena eyes a full takeover of Gulf Cement: TC Mena Holdings, a subsidiary of Italy’s Buzzi Unicem and the largest shareholder in Gulf Cement, launched a mandatory tender offer to acquire the remaining 62.4% stake in ADX-listed GCC, according to the official bid document (pdf). TC is seeking to secure a controlling stake at a minimum of 50% plus one share. TC will tap its own reserves to finance the acquisition.

The details: The bidder wants to buy the additional stake for a cash-consideration of AED 143.5 mn at AED 0.56 apiece — a slim premium to its closing share price of AED 0.55 on Wednesday. The offer values the company at AED 229.9 mn, according to our calculations.

Market reax: Gulf Cement’s shares were up 1.8% to AED 0.56 yesterday. The company’s share price has been on a downward trend since 2005.

The rationale: The transaction would allow TC to gain full control over one the UAE’s largest cement producers and exporters. The Ras Al Khaimah-based company claims to be the largest cement producer in the UAE with an annual production capacity of 2.5 mn tons of cement and 1.3 mn tons of clinker — set to rise to 3.8 mn tons upon completion of its new plants. The cement producer also has a key export hub in Ras Al Khaimah near raw material sources and ports, and supplies to both local and international markets. The company netted some AED 41.5 mn in losses last year.

SOUND SMART- This potential transaction checks all the boxes to qualify for what’s called a “distressed asset acquisition,” with the buyer taking advantage of the company’s weak financial position and cheap share price with the goal of turning it around to become profitable and create higher value for shareholders. TC is “pursuing this acquisition to enhance GCC’s operational efficiency, reinforce its market position, and drive long-term value creation for all stakeholders,” it said in the offer document.

What’s next? Shareholders have until Friday, 11 April to accept the offer, which is also pending regulatory approvals from the Securities and Commodities Authority (SCA) and the ADX. Should the transaction go through, Gulf Cement would continue to operate independently and retain its trade name post-acquisition, with no major changes in the cards.

ADVISORS- Emirates NBD is quarterbacking the transaction as financial advisor, lead manager and receiving agent with Ibrahim N Partners providing legal counsel.

Abu Dhabi rents surge 20% in 2024 as supply struggles to keep up

Abu Dhabi saw sales prices and rentals shoot up in 2024 as new supply failed to keep up with soaring demand, according to Cushman & Wakefield’s latest report (pdf). Sales prices rose 11% y-o-y during the year, while rental prices surged 20%, with only 3k new residential units delivered across Abu Dhabi’s investment zones, marking a 46% shortfall from initial forecasts.

Not just an investment destination: The secondary market saw record activity, with transactions rising an unprecedented 54% as buyers favored ready-to-move-in properties over off-plan investments. Off-plan sales, while still significant, declined 29% y-o-y, largely due to fewer new project launches.

Aldar Properties dominated the market, accounting for 48% of off-plan transactions and 45% of secondary market transactions. Other key players included Radiant Real Estate, making up 13% of off-plan sales, followed by Bloom District Properties (8%). In the secondary market, Tamouh Investments led with 14%, followed by Manazel (9%).

The rental market experienced record growth, fueled by employment expansion and corporate relocations. Apartment rents climbed 22% y-o-y. Saadiyat Island led the market, with apartment rents surging 31% y-o-y, followed by Reem Island (24%) and Al Raha Beach (21%).

In the villa segment, rents rose 9% y-o-y. Mid-market and suburban communities saw the highest rental increases, with Al Reef rents rising 12% y-o-y, Al Raha Gardens up 10%, and Khalifa City climbing 8%, the report said, indicating a growing shift toward more affordable living as prime areas became increasingly expensive.

REMEMBER #1- A previous ValuStrat report attributed higher rents in 4Q 2024 to helping sustain Abu Dhabi’s real estate momentum, despite a 60.8% y-o-y drop in off-plan sales. Villa rents increased 6.6% and apartment rents climbed 8.2%. Meanwhile, villa and apartment prices rose 8.9% and 3.5% y-o-y, while the average ticket size for off-plan sales surged 34.8% y-o-y to AED 3.6 mn.

Major new deliveries are expected this year, with 8.5k residential units set for completion, particularly in Yas Island, Reem Island, Saadiyat Island, and Al Maryah Island. New off-plan developments on Hudayriyat Island and Masdar City are also expected to drive further unit deliveries between 2025 and 2027.

New rental index to stabilize the market? Abu Dhabi rolled out a rental index last year — with quarterly updates planned — setting a benchmark for pricing and lease negotiations. The index helps tenants compare rents while enabling landlords to adjust rates based on trends, which is expected to boost market transparency and balance, the report said.

REMEMBER #2- ValuStrat expects rental rates to rise slightly in 2025 across both villa and apartment segments. Apartment prices are projected to increase by 6%, while villa prices are expected to climb 4%, further signaling moderate growth in the market.

THE OFFICE MARKET-

Abu Dhabi’s office market saw record occupancy in 2024, with city-wide levels at 89% and Grade A offices at 95%. Prime business hubs are at full capacity, with ADGM Square fully booked, shifting demand to Reem Island — now part of ADGM’s jurisdiction. Limited Grade A supply has also led to pre-leasing of Masdar City Square and SAAS Business Tower.

Banking and finance dominated office demand, making up 24% of inquiries. Oil and gas followed at 19%, while business services accounted for 11% and tech 10%. Medium-sized offices (200-600 sqm) led leasing activity (53%), while limited availability of larger spaces prompted firms to renew leases rather than relocate.

Demand pushed office rents up 11% y-o-y. The rental surge spanned all office grades, with prime office rents rising 2% y-o-y to approximately AED 2.8k per sqm, Grade A increasing 3% to AED 1.9k per sqm, Grade B rising 5%, and Grade C rising 7%.

Demand will continue to trump supply: Despite 104k sqm of new office space expected in 2025, supply constraints will persist, boosting demand for flexible office spaces, the report said. Businesses may also have to look at secondary market options until 2026/2027, with most upcoming supply pre-leased.

A look into the size of the UAE’s “real” economy compared to Arab peers

How the size of the UAE’s economy compares to others in the region: The UAE was among the top performing economies across the MENA region in the period between 2017-2023, according to the UN’s International Comparison Program (ICP) latest report (pdf) comparing the real sizes of Arab economies between the aforementioned period.

But first, a quick look at the report’s methodology: The report looks into the results of Arab country’s economic performances over the span of 2017-2023 using a purchasing power parities (PPP) method, which converts different currencies to a common currency as a means of equalizing their purchasing power by “eliminating differences in price levels between economies.” In effect, a PPP-based analysis shows “the relative price of a given basket of goods and services in each of the economies being compared,” providing insights over the real purchasing power of currencies.

The report also uses actual individual consumption (AIC) to gauge material well-being across Arab economies — which measures all individual consumption, including consumption expenditure by governments, non-profit institutions, and individuals.

How we fared: The UAE was the third largest Arab economy in the region in 2021, accounting for 9.0% of regional output in PPP terms despite being home to only 2.0% of the region’s total population. We came in third place after Egypt and Saudi Arabia on a regional level, with the three countries accounting for 60% of the total regional output.

The UAE had the highest level of material well-being in the region during the period, followed by Kuwait and then Qatar. On a global scale, the UAE came in 24th place with an average per capita AIC of USD 32k in PPP terms. The UAE’s PPP-based AIC per capita reached 248% of the global average.

But it was also among the most expensive: The UAE came in second only to Kuwait in terms of the most expensive Arab countries at the total economy level in 2023. However, the UAE was also the second wealthiest nation in the region — a common correlation, according to the report, which said that “the wealthier a country, the more expensive it tends to be.” In 2021, Qatar and the UAE were the most expensive countries in the region, with the UAE exceeding the world average by 21.0%.

The UAE was also among the biggest spenders on investment regionally: The UAE came second only to Saudi Arabia in terms of expenditure on investment in 2021, accounting for 11.8% of total investment expenditure in the region in PPP terms.

Mega Matrix, 9Yards launch USD 100 mn short drama fund in Abu Dhabi

New USD 100 mn ADGM-based drama fund: UAE-based 9YardsCommunication subsidiary 9Yards Cinema Production and FlexTV operator Mega Matrix agreed to set up a joint venture (JV) to establish a USD 100 mn investment fund dedicated to short drama productions in Abu Dhabi, according to a press release. The fund, based in ADGM, will support global acquisitions and investments focusing on short-form content and AI-driven productions.

What they said: The partnership “mitigates risks in cross-border collaborations, ensures standardized production processes, and streamlines global distribution,” Mega Matrix CEO Yucheng Hu said.

About the companies: Meta Matrix operates short-video streaming platform FlexTV, producing and distributing short dramas, including English and Thai dramas. 9Yards Cinema Production is headquartered in Abu Dhabi, with a strategic and creative hub in London, UK, opened in January this year, and an extensive partner network for talent, spanning North America and Europe to Asia, according to a separate press release.

Spending on international signings at local football clubs more than doubled in 2024

The UAE was the third biggest spender in the Arab world on international player signings in 2024, spending some USD 62.7 mn, according to a report (pdf) by Asharq Business. Saudi Arabia was the biggest spender, with USD 465 mn in signings, and Qatar came in second with USD 118 mn. Spending was up a whopping 107.6% y-o-y from 2023.

Shabab Al Ahli Dubai and Al Jazira ranked among the top-spending Arab football clubs in Asia on international transfers in 2024.

The income generated by Emirati football clubs from selling international players declined by 94.4% y-o-y to USD 388k in 2024. The total income generated by the UAE’s football clubs from 2020 to 2024 amounted to USD 12.1 mn, placing the country in the fifth position among top-income-generating leagues in the Arab world.

The regional picture: Arab clubs’ spending on international transfers fell 45.3% y-o-y to USD 667.7 mn in 2024, following a 12.5x growth clip to USD 1.2 bn in the previous year. Meanwhile, revenues from selling international players were up 40.5% y-o-y at USD 71.2 mn.

DP World sees revenue jump, net income dip in 2024

Dubai-based port operator DP World’s net income dropped 2% y-o-y to USD 1.5 bn in 2024, on the back of higher financing costs, according to its financial statements (pdf) released on Thursday. Revenues climbed 9.7% y-o-y during the same period to USD 20 bn, on the back of new concessions and acquisitions as well as stronger performance from ports and terminals.

A breakdown: The company’s ports and terminals contributed the most to its topline — recording a 21% y-o-y boost in revenues to USD 7.7 bn. Overall capacity for the segment surpassed 100 mn TEUs — with nearly USD 2.2 bn poured in capital expenditure. Revenues from logistics parks and zones rose nearly 3.5% y-o-y over the same period to USD 8.2 bn, boosted by DP World expanding its freight network to more than 200 locations. Revenue from the marine services division climbed 4.3% y-o-y over the same period to around USD 4.1 bn.

Yearly highlights: In July 2024, the port operator formed DP World Evyap —a JV with Turkey’s Evyap Group—for the management of two major ports in Turkey’s Marmara region. The logistics division added two verticals under its purview in 2024, namely Chemicals as well as Retail via DP World’s acquisition of Hong Kong-based logistics firm Cargo Services Far East in September. The division now covers eight verticals.

The voyage ahead: DP World intends to continue expanding its portfolio via targeted acquisitions as well as scouting out new markets, with a capital expenditure budget of USD 2.5 bn spread across the UAE, Saudi Arabia, the UK, India, and Senegal. It holds a positive medium-term outlook anchored by the sector’s stable fundamentals.

Adtic invests USD 120 mn in hotel in Egypt’s Giza pyramids area

INVESTMENT-

Adtic invests USD 120 mn in hotel in Egypt’s Giza pyramids area: The Abu Dhabi Tourism Investment Company (ADTIC), which is majority-owned by the Abu Dhabi Fund for Development, has so far invested USD 120 mn to build a new 300-room hotel in the pyramids area in Egypt, CEO Yahya Qutb said in an interview with CNBC Arabia (watch, runtime: 2:18).

ICYMI- Last summer, Adtic said it wanted to invest more in Egypt, with EGP 5 bn previously being earmarked to replace the now-demolished Mercure hotel in the Giza Pyramids area. Adtic is also open to strategic partnerships as it looks to increase its Egyptian presence and is assessing all options for further development, Qutb told CNBC Arabia. The Egypt-focused company is 84% owned by the Abu Dhabi Fund for Development.

CRYPTO-

#1- Ripple becomes first DFSA-licensed blockchain payments firm in DIFC: Crypto solutions firm Ripple has received approval from the Dubai Financial Services Authority (DFSA) to provide regulated crypto payments and services in the Dubai International Financial Center (DIFC), the company said in a press release (pdf). This move makes Ripple the first blockchain-enabled payments provider licensed by the regulator. It had received in-principle approval to boost operations in the UAE in October.

#2- Crypto.com partnered with UAE-based AI and tech firm Tawasal, becoming its exclusive crypto partner, according to a press release. Initially, Tawasal will refer Crypto.com’s platform to its regional partners, strengthening its presence in the Middle East. In the next phase, Crypto.com’s services will be integrated into Tawasal’s Superapp, enabling nearly 4 mn users to trade crypto.

REGULATION-

Dubai expands affordable housing + introduces education and legal reforms: Dubai Crown Prince Hamdan bin Mohammed approved key initiatives to expand affordable housing, strengthen Arabic and Islamic studies in private schools, and enable Emiratis to practice independent legal consultancy, state news agency Wam reports. The highlights include:

Dubai designated 1.4 mn square meters for over 17k affordable housing units across six sites in Al Mueisim 1, Al Twar 1, Al Qusais Industrial 5, and Al Leyan 1;
A new policy aimed at enhancing Arabic and Islamic studies in private schools through curriculum updates, increased Emirati teacher recruitment, and stronger parent-teacher collaboration;
New reforms allowing Emiratis to offer non-litigation legal services in real estate and personal status law without a physical office. Eligibility requires two years of legal experience, assessments, and training.

REAL ESTATE-

Merex plans ultra-luxury redevelopment: Merex Investment, a joint venture between Brookfield Asset Management and Dubai Holding, is set to redevelop the seafront La Mer North, building an ultra-luxury residential project, featuring 225 homes, Bloomberg reports. The project is expected to break ground before the end of 2025, and be completed by 2027, CEO Shahram Shamsaee told Bloomberg.

DEBT-

#1- Moody’s grants Binghatti Ba3 rating for the first time: Dubai-based real estate developer Binghatti Holding received a Ba3 Family Business Corporate Family Rating (CFR) for the first time and Ba3-PD Probability of Default Rating from Moody’s Investors Service with a stable outlook, according to a press release. Moody’s cited the company’s low leverage, robust interest coverage, and liquidity levels as key drivers.

ICYMI- Binghatti Holding saw its net income rise 151.7% to AED 1.8 bn in 2024, while its revenues rose 197.6% y-o-y AED 6.4 bn.

#2- Ras Al Khaimah lists USD 1 bn sukuk on Nasdaq Dubai: The Government of Ras Al Khaimah, through its Investment and Development Office, listed USD 1 bn unsecured sovereign sukuk on Nasdaq Dubai, according to a disclosure.

ICYMI- RAK raised USD 1 bn via a 10-year sukuk at a 5.038% profit rate under its USD 2 bn Trust Certificate Issuance program last week. Strong investor demand (USD 4.4 bn orderbook) led to final pricing at Treasuries +80 bps, with ratings of A (S&P) and A+ (Fitch).

#3- Credit ratings agency Fitch followed Moody’s lead in affirming the National Bank of Ras Al Khaimah’s (RAK Bank) default rating at BBB+ with a stable outlook, while upgrading its viability rating to bb+, up from its previous bbb- rating, according to a disclosure (pdf). Moody’s had also affirmed its long-term deposit rating as Baa1, and upgraded its outlook from stable to positive for its long-term deposit and senior unsecured debt ratings earlier this week.

LOGISTICS-

Etihad Cargo to upgrade Abu Dhabi’s logistics platform: Etihad Airway’s cargo arm Etihad Cargo partnered up with Abu Dhabi Investment Office (ADIO) and AD Port’s Maqta Technologies to upgrade Abu Dhabi’s logistics platform Advanced Trade and Logistics Platform (ATLP), according to a statement. The move looks to integrate new export rate determination and booking features into ATLP in a bid to heighten transparency and accuracy for logistics providers in the emirate.

SUSTAINABILITY-

Expo City + UICCA partner on sustainability: Expo City Dubai and UAE Independent Climate Change Accelerators (UICCA) signed an agreement on find, test, and scale tech for sustainable urban development, according to a press release. UICCA will identify candidates from its network to use Expo City’s Urban Lab to test the integration of their technologies into city infrastructure using 200k live data points. The pair will also provide mentorship and support during the testing phase.

ICYMI- UICCA signed a similar agreement with the Economy Ministry earlier this month to support climate startups through its Circular Economy Cycle of the UICCA Launchpad Program. The program, launching in May 2025, will provide mentorship and resources for startups tackling waste management and circular economy challenges.

ENERGY-

NMDC Energy secures AED 9.7 bn project: NMDC’s ADX-listed EPC unit NMDC Energ y secured a AED 9.7 bn engineering, procurement, and construction contract for a local project, it said in a disclosure (pdf) to the ADX. The project will start on 31 March 2025, and is set to be completed within 57 months.

REMEMBER- Only last October NMDC secured an AED 5.05 bn contract from Modon Holding for a project in Abu Dhabi, and as of the end of August 2024 it had a backlog of AED 54 bn worth of projects.

Russian assets back in demand amid hopes for a ceasefire

Middle Eastern investors eye Russian assets amid hopes of an end to the Russia-Ukraine war: Middle Eastern investors are driving a surge in demand for Russian assets, particularly USD-denominated bonds issued by energy giant Gazprom, as hopes for an end to Russian sanctions return amid ceasefire talks, Bloomberg reports. However, transactions remain challenging due to limited supply, with bondholders either unwilling to sell or demanding high prices, unnamed sources told the newswire. This demand has pushed down yields on Russian bonds, signaling renewed investor confidence.

What’s fueling the interest? US President Trump has expressed intentions to broker an agreement to end the Russia-Ukraine war, raising speculation about a potential easing of sanctions. Investors see this as an opportunity to buy discounted Russian assets in anticipation of a market rebound.

Investors are also exploring opportunities related to the RUB through non-deliverable forwards—derivatives that provide indirect access to Russian markets without violating sanctions. Major investment banks, including Goldman Sachs and JPMorgan Chase, are reportedly facilitating such transactions.

Risks and challenges are dire: Despite the optimism, Russian assets carry significant financial, legal, and reputational risks. If sanctions are not lifted—or are later reimposed—investors could face serious losses. Trump has sent mixed signals, warning of possible new banking sanctions on Russia while also preparing for negotiations. Even if sanctions ease, Russia’s economy has increasingly shifted toward a war-driven model, raising concerns that foreign investments could indirectly support its military efforts, one expert noted.

The Kremlin isn’t rushing to welcome back Western businesses: Russia imposed tough conditions on foreign firms that existed after the war began, often forcing them to sell assets at high losses or to Kremlin-approved buyers. As a result, any return of Western investors may come with stringent terms, including demands for technology transfers and local production requirements.

MARKETS THIS MORNING-

Asian markets are in the green this morning, once again breaking away from the sell-off on Wall Street. Japan’s benchmark Nikkei index was up 0.2%, as was South Korea’s Kospi. China’s CSI 300 also reversed losses from yesterday to trade up 0.97%, while Hong Kong’s Hang Seng started the day 1.1% higher.

Some relief on Wall Street? Futures are pointing to a rebound after the S&P 500 suffered losses yesterday that dragged it into correction territory. Investors will be keeping a close eye on data on consumer sentiment out today, as well as the Fed’s interest rate decision next week.

ADX	9,411	-0.1% (YTD: -0.1%)
DFM	5,185	+0.5% (YTD: +0.5%)
Nasdaq Dubai UAE20	4,251	+0.6% (YTD: +2.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.4% 1 yr
TASI	11,726	+0.2% (YTD: -2.6%)
EGX30	31,291	+0.8% (YTD: +5.2%)
S&P 500	5,522	-1.4% (YTD: -6.1%)
FTSE 100	8,543	+0.0% (YTD: +4.5%)
Euro Stoxx 50	5,328.4	-0.6 (YTD: +8.8%)
Brent crude	USD 70.03	+0.2%
Natural gas (Nymex)	USD 4.01	-2.6%
Gold	USD 2,999.2	-0.1%
BTC	USD 80,887	-3.5% (YTD: -14.4%)

THE CLOSING BELL-

The DFM rose 0.5% yesterday on turnover of AED 431.2 mn. The index is down 0.5% YTD.

In the green: Dubai Refreshment Company (+14.7%), BHM Capital Financial Services (+6.7%) and Chimera S&P UAE Shariah ETF (+2.9%).

In the red: Depa Limited (-10.0%), International Financial Advisors (-5.5%) and Emirates REIT (-3.5%).

Over on the ADX, the index fell 0.1 % on turnover of AED 1.7 bn. Nasdaq Dubai was up 0.6%, and 2.0% YTD.

CORPORATE ACTIONS-

#1- Shuaa’s board approved the final amounts of its MCB issuances: Shuaa Capital’s board gave the final green light to issue AED 85 mn in new investor mandatory convertible bonds (MCBs) and AED 274.5 mn in MCBs to existing noteholders, according to DFM disclosures pdf (here and here).

The breakdown: The company authorized the issuance of AED 50 mn in new investor MCBs to Eshraq Investments, AED 25 mn to Albaher Real Estate Development, and AED 10 mn to United Motors and Heavy Equipment Company. The company will also issue AED 78.3 mn in existing noteholder MCBs to GFH Financial Group. Existing noteholder MCBs are subject to pro-rata scaling at a pro-ration factor of 99%.

ICYMI- The firm’s management previously approved initial issuance amounts of AED 267.1 mn in mandatory convertible bonds (MCBs) to existing noteholders as part of the exchange offer for Shuaa’s USD 150 mn notes due 31 March 2025. It also approved the issuance of AED 85-150 mn in new investor MCBs earlier this week. The final results are pending approval from the Securities and Commodities Authority (SCA).

#2- Dubai Refreshment approved a dividend of AED 90 mn for 2024, according to a DFM disclosure (pdf).

#3- MBME Group’s shareholders approved the issuance of AED 5.5 mn in bonus shares, according to an ADX disclosure (pdf). This represents 275 mn shares, or 10% of the company’s share capital in 2024. The issuance is subject to approval from the Economy Ministry to amend the company’s articles of association regarding share capital.

Dubai Islamic Bank’s (DIB) board approved distributing AED 3.3 bn in dividends at 45 fils per share, and equivalent to 45% of its paid-up capital, for 2024, it said in a disclosure (pdf) to the DFM. It also authorized the board to issue senior debt instruments of up to USD 12.5 bn, a tier 2 non-convertible sukuk issuance of up to USD 1 bn, and an additional non-convertible tier 1 issuance of up to USD 1 bn.

Medical services firm Response Plus Holding’s board approved distributing AED 20 mn in dividends, amounting to 10% of its share capital, and AED 0.1 per share, it said in a disclosure (pdf).

UAE signs MoUs with Denmark and Sweden + The UAE mediates between the US, Iran

UAE + Denmark to cooperate on sustainable agriculture: Foreign Minister Abdullah bin Zayed Al Nahyan signed a MoU with Denmark’s Foreign Affairs Minister Lars Løkke Rasmussen to cooperate on sustainable agriculture and food, state news agency Wam reports. The ministers also discussed expanding bilateral cooperation in health, renewable energy, artificial intelligence, and other key sectors.

Trump urges nuclear talks with Iran via UAE diplomat: UAE Presidential Diplomatic Advisor Anwar Gargash delivered a letter from US President Donald Trump to Iranian Foreign Minister Abbas Araghchi on Wednesday, urging Tehran to enter negotiations around its nuclear program, Iran’s Foreign Ministry confirmed, following earlier denials of receiving such a letter, Reuters and AP report. Trump also warned of possible military consequences if an agreement isn’t reached. Gargash personally delivered the letter during an unannounced visit to Tehran.

Khamenei’s response: Iran’s Supreme Leader Ali Khamenei dismissed the letter as an attempt to “deceive global public opinion.” On Tuesday, Iranian President Masoud Pezeshkian criticized Trump’s threats of military action, saying Tehran would not be forced into negotiations, Iran International reports.

Background: Trump’s outreach comes as Iran enriches uranium to 60%, near weapons-grade levels and as Iran and European powers like France, the UK, and Germany gear up for a fifth round of nuclear talks. Trump had withdrawn the US from the nuclear pact in 2018 and reinstated sanctions on Iran, and Iran has since been ramping up nuclear production, which it repeatedly said is developed for peaceful purposes.

ALSO WORTH NOTING-

Foreign Minister Abdullah bin Zayed Al Nahyan signed an MoU with Sweden’s Foreign Affairs Ministry for political consultations. The two sides discussed ways to strengthen bilateral cooperation across the economy, trade, education, and culture. (Wam)
The UAE’s Federation of Chambers of Commerce and Industry also signed an MoU with the Swedish Trade and Investment Council to enhance bilateral investment and business cooperation. (Wam)
Foreign Minister Abdullah bin Zayed Al Nahyan also met with King Frederik of Denmark in the Danish capital Copenhagen to discuss bilateral relations and ways to enhance cooperation. (Wam)

My Morning Routine: Dr. Kambiz Shekdar, founder of Secondcell Bio

Kambiz Shekdar, founder of Secondcell Bio: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Kambiz Shekdar (LinkedIn), biotech inventor and founder of Chromocell Corporation — now Channel Therapeutics — and Secondcell Bio. Edited excerpts from our conversation:

I’m Dr. Kambiz Shekdar. I got my PhD in a Nobel and King Faisal Prize winning lab at the Rockefeller University. During this time, I took on some of the most challenging projects, and invented my first biotechnology [through] my company Chromocell Corporation.

We took on very challenging projects that were almost out of reach — drug discovery has an average failure rate of 98% — but we were able to succeed. We discovered and developed a leading non-addictive pain drug candidate that the FDA fast-tracked, and we IPOed on the New York Stock Exchange. Now, I am exploring exporting this drug discovery technology to the UAE to help start a new and world-leading biotech economy in the Middle East. I also founded SecondCell Bio, a research and drug discovery facility.

To show how broadly applicable technology is, in the field of food biology, we partnered with Coca Cola, Kraft Foods, and Nestle, where we used drug discovery methods to discover new natural flavors, including the first known natural salt taste enhancer — like stevia but for salt.

I grew up in Tehran, Karachi, London, Hong Kong, and then New Jersey, but for most of my life I’ve been a New Yorker. About three years ago, a friend of a friend recommended that I visit the UAE which was looking to [kickstart] its biotech sector. I was at a point where we’d invested USD 125 mn into Chromocell’s technology — it was ready and I wanted to scale it up. I took a trip and I was so impressed by what the country had done by building the cities from the ground up and overtaking global competition, and I heard that they’d decided to invest in biotech and expand their knowledge-based sector.

I felt that this is a country which could leapfrog the global industry if it really invested in a few demonstrated technologies and scales them up. There is no legacy technology — older companies have dinosaur technologies that are hard to uproot, but the UAE, with no entrenched technologies, can cherrypick developed technologies and really scale them up. So as a company creator and builder, the UAE really captured my imagination and for three years I’ve been focusing on getting a national level biotech JV partnership here.

In terms of my routine, I am in a transitional period right now but ideally, I would get up and rush to the lab. In the US, I built a 24/7 team so I normally touch base with the shift that is working overnight and with my management team, which would be about three people. As the day moves on I would focus on expansion and business development. I’d love the chance to also to look at Saudi, Qatar, Kuwait — places that aren’t established in biotech but they’d want to invest in.

My work-life balance is very blended. For me, work is life. I think for science, like any creative space, like if you’re a musician or an artist, there is no hard boundary. I want my team members to have that boundary and to enjoy their life, but personally I enjoy science and I enjoy pulling a partnership together.

Here, my life is different than in New York, where I meet friends and have a lot of dinner parties. It is much more streamlined and orderly. Life is simpler and you can focus more on work, and it’s almost like a zero-distraction environment.

I don’t have a TV, and the only kind of movies I like are bad, scary movies because it stops me from thinking — kind of like if you were on a rollercoaster. If it is a good film with a wonderful story, my mind goes right back to work, and so if it is a B-level, terrible, scary movie then that is the kind of movie I’d watch. As a kid, I used to love Doctor Who when I was living in England.

When I am not working I’m scrolling on social media, or on Google News and Apple News. I usually read the news later in the day or during the evening when I am resting.

I live in an old part of Abu Dhabi without many expats. When you leave the apartment there are lots of little shops, and two minutes from my apartment there is this shisha area with hundreds of tables. I was never a shisha person but there is something communal about just going there and hanging out. I usually go there in the evenings and have a shisha and have some Moroccan tea.

Hope is a constant in my life — I am always thinking of what opportunities I can still find and I am still hopeful. I know this sector has so much potential.

I [always] go for projects that are very difficult, and my professor used to tell me to choose projects that were an achievable climb. Sometimes I wonder why I can’t settle for a project that is more achievable, rather than try to build a massive biotech project in a region where it doesn’t exist yet, but then that could also be boring. It’s daunting, but so far I have only ever picked things that [had seemed] impossible, and we succeeded, so I am still hopeful, even though it can be frustrating at times too.

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.

27-29 May (Tuesday-Thursday): INDEX, Workspace, and The Hotel Show, Dubai World Trade Center.

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.

8-10 December (Monday-Wednesday): BRIDGE media summit, Abu Dhabi.

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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