GulfNav’s shareholders greenlight acquisition of Brooge Energy assets

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Adnoc eyes Mubadala’s energy assets in potential USD 10 bn transaction + Sheikh Tahnoon Bin Zayad Al Nahyanis in the US

Good morning, lovely people. We have a brisk issue for you this morning, though not without a handful of big stories.

The big story of the day is GulfNav’s shareholders giving the greenlight to its acquisition of Brooge Energy’s energy assets, after months of delays. Plus: Dubai-based startup Micropolis Holding’s lackluster debut on the NYSE.

So, when do we eat? Maghrib is at 6:32pm today in Dubai and 6:36pm in Abu Dhabi. You’ll have until fajr prayers at 5:08am in Dubai and 5:12am in Abu Dhabi tomorrow to finish your suhoor.

🌧️WEATHER- We could be in for some light rainfall today, along with a mostly cloudy day, according to our favorite weather app and the National Center of Meteorology’s forecast (pdf). Temperatures today will hit 29°C in Dubai with an overnight low of 19°C, and 24°C in Abu Dhabi before cooling to an overnight low of 20°C.

HAPPENING TODAY-

National Security Advisor and G42 Chair Sheikh Tahnoon Bin Zayad Al Nahyan is heading to the US to meet senior White House officials to discuss advancing bilateral and economic ties, according to the Abu Dhabi Media Office.

ICYMI- We reported last week that Sheikh Tahnoon Bin Zayad Al Nahyan would visit the US to advocate for lifting restrictions on exports of AI chips and GPUs, making it easier for the UAE to access advanced chips. The meeting will 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.

UPDATE-

UAE launches first SAR satellite: The Mohammed Bin Rashid Space Center (MBRSC) launched Etihad-SAT, the UAE’s first synthetic aperture radar (SAR) satellite, aboard a Falcon 9 rocket from California’s Vandenberg Space Force Base, state news agency Wam reports. Dubai’s ground station received the first signal an hour and 22 minutes later.

Why it matters: Etihad-SAT — developed in partnership with South Korea’s Satrec Initiative — boosts MBRSC’s capabilities by providing high-resolution radar imaging in all weather conditions, day or night. The satellite features three imaging modes that allow for precise monitoring for oil spill detection, disaster management, maritime navigation, smart agriculture, and environmental tracking. Its data will be processed using AI to improve accuracy and efficiency.

WATCH THIS SPACE-

#1- Adnoc eyes Mubadala’s energy assets in potential USD 10 bn transaction: Abu Dhabi National Oil Company (Adnoc) is reportedly in talks with sovereign wealth fund Mubadala to acquire its energy assets in a transaction that could be worth some USD 10 bn, Bloomberg reports, citing unnamed sources it says have knowledge of the matter. Talks — which began late last year — had stalled were paused for several months due to disagreements over the assets’ valuation. They are expected to resume after the end of Ramadan, the sources added.

Mubadala’s assets: Mubadala owns assets in the energy sector in Thailand, Indonesia, Malaysia, and Oman, in addition to being the main shareholder in Dolphin Energy, which transports gas from Qatar to the UAE.

This wouldn’t be the first time: Mubadala transferred a quarter of its stake in renewables giant Masdar to Adnoc ahead of Cop28, boosting the oil giants’ renewables portfolio.

#2- The Investment Ministry joined the World Association of Investment Promotion Agencies, Wam reports. The organization facilitates knowledge sharing, skill development, and policy advocacy to enhance global foreign direct investment (FDI). The membership will help the UAE strike new international partnerships and boost mutual investments with other countries, Investment Minister Mohamed Hassan Al Suwaidi said.

REMEMBER- The move comes as the UAE’s new national investment strategy looks to boost annual FDI flows to AED 240 bn, up from AED 112 bn in 2023, and increase the total stock of foreign investments to AED 2.2 tn by 2031. Dubai’s greenfield FDI projects attracted AED 52.3 bn in capital in 2024, while the value of UAE greenfield FDI projects fell 33% y-o-y to USD 14.5 bn (AED 53.2 bn) in 2024.

PSAs-

#1- The Dubai Electricity and Water Authority (DEWA) now requires independent electric vehicle (EV) charging operators to obtain a license for public charging infrastructure under a new regulatory framework (pdf), the authority said in a statement. Operators are required to apply for one of two licenses — either a no-cost public charging license or a paid public charging license — before 31 March.

What’s next? DEWA will issue AC charger licenses via an upcoming online portal. DC chargers over 50 kW or those in public areas need special approval.

No-cost charging services will continue to be permitted during the transitional period, but collecting fees without a valid DEWA license is prohibited.

#2- Al Rami street on Al Reem Island will be closed from 15 March until 30 April, Abu Dhabi’s Integrated Transport Center said in a post on X without specifying the reason for the closure.

#3- Abu Dhabi property owners using fencing that distorts public appearance will now face fines, according to new regulations from the Department of Municipalities and Transport. Fines start from AED 3k for the first violation, AED 5k for the second, and AED 10k for any further violations.

DATA POINTS-

#1- UAE's cinema and gaming sectors see strong revenues in 2024: The UAE’s cinema industry generated AED 800 mn in revenue in 2024, with 1.26k films screened and 15 mn tickets sold, according to a UAE Media Council statement. The video game sector saw revenues exceed AED 1.5 bn.

#2- Dubai’s endowment assets grew 9% y-o-y to AED 11.1 bn in 2024, state news agency Wam reports, citing comments by Dubai Crown Prince Hamdan bin Mohammed bin Rashid Al Maktoum during a meeting with the Endowments and Minors’ Trust Foundation in Dubai (Awqaf Dubai). The total number of endowments rose to more than 1k, with 578 donors contributing.

Who manages Dubai endowments? Awqaf Dubai manages AED 3.7 bn worth of endowments, while AED 7.4 bn is overseen by third parties.

#3- The Dubai Chamber of Commerce registered 70.5k new companies in 2024, state news agency Wam reports.

Sector breakdown:

Trading and services: 29k new companies joined the chamber;
Construction: 7.4k new firms registered, marking a 33% y-o-y increase;
Real estate, renting, and business services: 23.2k new members joined,marking an 8.4% y-o-y increase;
Transport, storage, and communication: 5.9k new firms joined, up 8.3%;
Financial intermediation: 1.8k new companies joined, up 8.3%

THE BIG STORY ABROAD-

It’s a quiet Monday morning in the global press, with the US dominating the few headlines worth noting.

The US vows to continue “unrelenting” attacks on Yemen’s Houthis until they stop attacking vessels crossing the Red Sea, Pentagon chief Pete Hegseth said yesterday. “I want to be very clear, this campaign is about freedom of navigation and restoring deterrence,” he said, adding that the US will stop its attacks when the Houthis say they will stop shooting vessels in the Red Sea. Houthi leader Abdul Malik Al Houthi vowed to “continue the escalation” and keep targeting US vessels in the Red Sea as long as they “continue their aggression.” (Bloomberg | AFP | Reuters)

AND- The Trump administration has deported over 200 alleged Venezuelan gang members to El Salvador, defying a federal judge’s order to halt the deportations. The White House dismissed the ruling, arguing the order had “no lawful basis.” (New York Times | AP | Reuters | FT)

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GulfNav’s shareholders approve AED 3.3 bn acquisition of Brooge Energy assets

DFM-listed Gulf Navigation Holding’s shareholders approved the firm’s AED 3.3 bn acquisition of three of Nasdaq-listed Brooge Energy subsidiaries, after reviewing two separate valuation reports last week, according to a press release. GulfNav’s board greenlit the acquisition of Brooge Petroleum and Gas Investment Company — as well as Brooge Petroleum and Gas Investment Company Phase III and BPGIC Phase 3 — from Brooge Energy last September.

This is a cash-and-equity transaction: The transaction will result in a 220% capital hike, GulfNav CEO Ahmed Kilani said. The transaction includes a AED 460 mn payment, along with the issuance of 358.84 mn shares to Brooge at AED 1.25 apiece, and AED 2.3 bn in MCBs at the same price with a one-year lock-up post conversion. That is in addition to AED 500 mn in MCBs to existing shareholders at AED 1.1 per share.

The rationale: “The acquisition is expected to generate significant operational synergies, including cost savings from integrated logistics and increased storage capacity. Financially, the [transaction] is projected to enhance GulfNav’s revenue streams and improve EBITDA margins over the next few years.” Kilani added. The company plans to continue to expand its logistics and storage capabilities, as well as explore alternative fuel storage, it said in the statement.

REMEMBER- Brooge Energy incurred net losses of USD 3.5 mn in 1H 2024, down from a net income of USD 37.4 mn the previous year. Meanwhile, GulfNav posted an 11.2% y-o-y decline in net income to AED 24.7 mn in 1H 2024.

What’s next? The acquisition is expected to be completed in 2Q 2025, subject to regulatory approvals.

Market reax: GulfNav’s share price closed up 2.9% at AED 5.40 on Friday. Meanwhile, Brooge Energy’s stock closed down 4.5% to trade at USD 1.3 per share on Nasdaq.

Dubai-based startup MicroPolis Holding debuted on the NYSE

Micropolis is now trading on NYSE: Dubai-based robotics manufacturer Micropolis Holding debuted a 12.92% stake — good for 3.9 mn shares — on the New York Stock Exchange last week at USD 4.0 apiece, giving it a market cap of USD 135.5 mn at listing, according to a statement. The final transaction raised some USD 15.5 mn, coming in at the lower end of the company’s initial expectations, which had aimed for a listing of 8.2 mn shares, priced between USD 4-5 per share.

The company is currently trading lower: MicroPolis’ shares fell 10.91% at the close of trading on Friday, reaching USD 3.78 per share, and USD 3.45 in after-hours trading. On its first day of trading, it was down 5% to AED 3.8 apiece.The underwriter might choose to exercise the over-allotment option — aka green shoe option — that would allow it to debut 581.25k additional shares for a period of 45 days following the closing of the offering to stabilize the stock price and avoid significant price fluctuations.

What’s next? The company plans to use USD 2.6 mn of its proceeds to cover the offering’s expenses, with the rest being earmarked as capex and allocated towards R&D activities and expanding the team, according to the prospectus. Substantial shareholders can’t execute transactions on their holdings for a period of 180 days from the effectiveness of the registration statement.

Downside risks: New investors will face an immediate dilution to USD 0.22 apiece down from USD 4.0 apiece, reflecting the difference between the IPO price and the adjusted book value, the prospectus reads. Any significant declines to the share price could see investors holding shares worth less than what they paid for them. NYSE-listed companies must maintain a minimum share price of USD 1 per share to avoid the risk of delisting.

No dividends for now: The company intends to retain all available funds and future net income to support business development, growth, and debt repayment, it said in the disclosure. Micropolis has not yet achieved revenues, as most of its current projects are collaborative in nature.

The company logged a net loss of USD 3.15 mn in 1H 2024, and USD 8.91 in revenues. Substantial earnings are not expected until the company begins commercial production, which is expected to be by 2Q 2025, the prospectus had said.

Investors are buying into the future prospects of the industry: Investors are normally interested in this type of offering despite the initial dilution and the no-dividend policy when the issuer is raising capital to fund growth, expand operations, and improve its financial position — especially when it’s a future-focused industry like robotics. The expectation is that these investments will lead to future value appreciation, potentially offsetting the short-term dilution as the business scales and its market value increases.

ADVISORS- NetWork 1 Financial Securities acted as the sole bookrunner and underwriter on the IPO. Loeb & Loeb acted as US securities counsel to the company, and Hunter Taubman Fischer & Li acted as US securities counsel to Network 1 Financial Securities.

About the company: Founded in 2014 by Fareed Aljawhar (LinkedIn), Micropolis is a robotics manufacturer specializing in the production of autonomous mobile robots (AMRs) that use wheeled electric vehicle platforms and are equipped with autonomous driving technology.

Eshraq and Shuaa clash over convertible bond subscription claims

A dispute has emerged between Eshraq Investments and Shuaa Capital regarding the accuracy of Shuaa’s disclosure on its mandatory convertible bond (MCB) issuance, according to filings from both companies. Eshraq denies subscribing to AED 50 mn worth of new investor MCBs, while Shuaa maintains that Eshraq made a legally binding and irrevocable commitment.

IN CONTEXT- Shuaa’s board approved issuing AED 85 mn in new investor MCBs and AED 274.5 mn in MCBs to existing noteholders. The new investor issuance included AED 50 mn designated for Eshraq, which, according to Shuaa, had already committed to the subscription.

Eshraq disputes Shuaa’s claim: In an ADX disclosure (pdf), Eshraq rejected a Shuaa statement (pdf) from last week, asserting that it had only recently received a copy of the proposed subscription agreement, which remains under review. The company denied proposing, approving, or signing any final subscription agreement.

Shuaa stands by its disclosure: In response, Shuaa Capital reaffirmed its position, stating in a new DFM filing (pdf) that Eshraq had subscribed to AED 50 mn worth of MCBs via private placement in February. Shuaa maintains that Eshraq’s commitment was formalized through a legally binding undertaking letter, which it disclosed to the market on the same day

Bank of Sharjah, Response Plus, and Dubai Investments post 2024 earnings

BANK OF SHARJAH-

Bank of Sharjah back in the black: Bank of Sharjah posted a record net income of AED 385 mn in 2024, a rebound from the AED 275 mn net loss recorded the previous year, according to the lender’s earnings release (pdf). The turnaround was driven by strong revenue growth, effective cost control, and prudent risk management, the statement said. Operating income surged 168.3% y-o-y to AED 727 mn during the period, driven by a 91.5% increase in net interest income to AED 429 mn.

Looking ahead: “With a clear strategic vision, the bank is well-positioned to sustain strong performance into 2025 and beyond,” CEO Mohamed Khadiri said.

RESPONSE PLUS HOLDING-

Emergency medical services provider Response Plus Holding’s (RPM) net income rose 8% y-o-y to AED 53.5 mn in 2024, with revenue rising 32% to AED 456.5 mn, driven by strategic acquisitions and expansion into new markets, according to its earnings release (pdf). Growth was fueled by a strong pipeline of energy and infrastructure projects across the UAE, Jordan, Saudi Arabia, the UK, and Norway, with Saudi operations posting a 115% y-o-y revenue increase.

RPM had a busy year: The company acquired UK-based Prometheus Medical in April, boosting its expertise in medical risk mitigation and specialized healthcare solutions for the defense and energy sectors. The company also deepened its commitment to tech-driven healthcare, rolling out AI-powered occupational health solutions and FDA-approved wearable devices for real-time patient monitoring. RPM also launched a Medical Air Evacuation vertical, signing agreements with leading air ambulance operators covering Europe, Asia Pacific, and Africa.

Looking ahead: “RPM has a strong expansion and diversification strategy in place,” CEO Rohil Raghavan said. The company has earmarked new revenue streams, including ventures into wind energy, particularly in Norway, as it continues to scale operations globally.

REMEMBER- Last November, RPM Chairman Omran Al Khoori unveiled a three-year expansion strategy focused on acquisitions and scaling pre-hospital emergency services, including emergency consultations, training, and telehealth. The plan prioritizes growth in the energy sector and expansion into the UK and Scandinavia.

DUBAI INVESTMENTS-

Dubai Investments saw its net income rise 12.6% y-o-y to AED 1.2 bn in 2024, according to its financials (pdf). The company’s revenues rose 13.5% y-o-y to AED 4.7 bn. The top-line performance was attributed to property sales exceeding AED 1 bn in 2024 due to robust demand for real estate projects, higher rental income, and the acquisition of additional assets in Al Mal Capital REIT, according to its earnings (pdf).

Dividends: The financial firm’s board proposed a dividend of AED 765.4 mn for 2024, representing 18% of the year’s paid capital, according to a DFM disclosure (pdf).

DFSA taps new MD for enforcement + Ibrahim Nassir is now undersecretary of the government enablement department

The Dubai Financial Services Authority appointed Alan Linning (LinkedIn) as Managing Director of Enforcement, effective 28 July 2025, according to a press release. Linning most recently served as a partner in litigation and dispute resolution at Mayer Brown JSM in Hong Kong, a role he has held since August 2017. Prior to this, he spent eight years at Sidley Austin in Hong Kong as partner head of disputes and regulatory group.

Abu Dhabi Crown Prince Khaled bin Mohamed bin Zayed Al Nahyan has appointed Ibrahim Nassir as Undersecretary of the Department of Government Enablement, according to the Abu Dhabi Media Office.

Sultan Al Jaber pushes for “energy realism” at CERAWeek

Adnoc CEO Sultan Al Jaber’s championing of “energy realism” at CERAWeek is still grabbing international headlines, with the Financial Times profiling Jaber while he was in the US. Jaber is advocating for a pragmatic energy policy that balances fossil fuels with renewables, with energy security and affordability remaining priorities, as he called for a shift away from ideological climate debates.

“It is time to make energy great again,” Al Jaber declared at the summit, arguing that oil and gas companies must be part of the climate solution. Reflecting on his COP28 presidency, he said the summit needed a “course correction” to bring the industry into the conversation.

The UAE has long pursued this dual-track strategy: Ahead of COP28, Mubadala transferred nearly a quarter of Masdar — among the world’s largest clean energy players — to Adnoc, giving the oil giant greater exposure to renewables as it ramps up oil production.

Adia invests in biotech startup + Ignite Energy Access to set up HQ in Abu Dhabi

INVESTMENT-

Adia invests in AI-focused biotechnology: A subsidiary of the Abu Dhabi Investment Authority (Adia) participated in the USD 200 mn funding round for American biotechnology startup Lila Sciences, a newly launched subsidiary of American life sciences VC firm Flagship Pioneering, according to a press release. The identity of ADIA’s subsidiary and the specific investment amount were not disclosed.

Where is the money going? Massachusetts-based Lila Sciences will use the funds to enhance its AI platform, expand its autonomous labs, and scale its existing infrastructure.

Who else pitched in? The list of participants includes Flagship Pioneering, General Catalyst, March Capital, ARK Venture Fund, Altitude Life Science Ventures, Blue Horizon Advisors, State of Michigan Retirement System, and Modi Ventures.

ENERGY-

#1- Pan-African renewables firm Ignite Energy Access will set up its global headquarters in Abu Dhabi under an agreement with the Abu Dhabi Investment Office (ADIO), according to a press release. Under the agreement, ADIO will help the company scale up its operations as part of its goal to connect 100 mn people across Africa to clean energy by 2030 through solar home systems, solar-powered irrigation, hybrid solar inverters, and more. The new HQ is expected to create over 200 high-skilled jobs and bring Ignite Energy’s technology to the UAE.

ADIO 💚renewables: In December, ADIO signed a slew of agreements, including one with Bahamian climate-tech firm Partanna to open a regional HQ and carbon-negative cement factory, and others with Daikin, Takyeef Factory, Geollyto, JST, and LumenAE to develop energy-efficient cooling and lighting systems.

#2- SEWA launches AED 500 mn substation to boost energy capacity: The Sharjah Electricity and Water Authority (SEWA) inaugurated an AED 500 mn 220 kV substation in Umm Fannin’s airport area, the largest in its network, Wam reports. Developed with Siemens Energy and General Projects Company, the facility includes four 400 MVA and four 75 MVA transformers, delivering a total capacity of 1.2 GW across Sharjah.

TRANSPORT-

Dubai RTA completes 40% of nol system upgrade: Dubai’s Roads and Transport Authority (RTA) completed 40% of its AED 550 mn project to upgrade the nol ticketing system, transitioning from a card-based system to an account-based model, according to a statement. The upgrade is set to be complete by 3Q 2026.

What it means for you: The three-phase upgrade will first create digital accounts for nol users, linking them to existing cards. The second phase will introduce a new generation of nol cards with enhanced compatibility for bank cards. The final phase will enable alternative payment methods for public transport, including QR codes, digital wallets, bank cards, and biometric authentication.

Beyond transport: The upgraded nol system will allow users to manage multiple cards, automate top-ups and track spending. It will also extend nol card usage to retail purchases across the UAE and support payments for e-scooters and shared mobility services.

CRYPTO-

Crypto.com secures limited VARA license to offer derivatives in the UAE: Crypto.com was granted a limited license by Dubai’s Virtual Assets Regulatory Authority (VARA), expanding its current VASP license to include derivatives trading in the UAE, the company announced in a press release.

What it means for Crypto.com: The license allows Crypto.com to offer futures, perpetual swaps, and CFDs initially to eligible institutions worldwide, with qualified investors to follow. All Crypto.com retail users will gain access to USD deposits and withdrawals through British multinational bank Standard Chartered.

ICYMI- Crypto.com partnered with UAE-based AI and tech firm Tawasal last week, becoming its exclusive crypto partner. 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.

AI-

AIQ and SLB partner to deploy AI solutions for energy automation: Abu Dhabi-based AI firm AIQ and global tech company SLB formed a joint venture to integrate AI into energy operations using SLB’s Edge AI Agora platform, Al Khaleej reports. The collaboration will leverage SLB’s Edge AI Agora platform to enhance efficiency, reduce costs, and improve safety while supporting emissions reduction efforts.

The details: Through this partnership, AIQ and SLB will develop a framework that integrates AIQ’s RoboWell technology for automated well control with SLB’s advanced edge AI tools, streamlining AI adoption in exploration, production, and distribution.

AVIATION-

#1- DAE adds 17 aircrafts to its fleet for USD 1 bn: Dubai-based aircraft leasing company Dubai Aerospace Enterprise (DAE) has acquired 17 aircraft for USD 1 bn after inking agreements with multiple undisclosed counterparties, according to a statement. The aircraft are currently leased to 11 airlines across 10 countries. The new uptakes are forecasted to cut down DAE’s weighted average passenger fleet age to 6.9 years and boost its fleet lease term remaining to 6.6 years. The new uptakes are all next-generation aircrafts in a bid to integrate modern, fuel-efficient and high tech aircraft models into DAE’s fleet.

#2- Etihad rolls out new service to Indonesia: Abu Dhabi-based Etihad Airways has launched bookings for flight services between Abu Dhabi and Indonesia’s Medan, Wam reported on Friday. The carrier will operate three weekly flight services between Zayed International Airport and Indonesia’s Kualanamu International Airport, effective from 2 October. The move is part of Etihad’s broader expansion to ten new destinations — slated to start from July.

SUSTAINABILITY-

CMA CGM Iron lands at Khalifa Port: Abu Dhabi’s khalif Port received its first dual-fuel methanol container vessel — CMA CGM Iron – at shipping giant CMA CGM’s CMA Terminals, according to a statement released on Friday. The vessel — built by Korea’s Hyundai Samho Heavy Industries — boasts a 13k TEU capacity and can be powered by both conventional and alternative fuels, including bio-methanol and e-methanol. The ship is one of 12 new dual-fuel methanol vessels to be integrated into CMA CGM’s fleet this year and 2026.

US tariffs will have a “limited” impact on MENA economies, though headwinds may follow, economists say

BMI sees US tariffs having a limited effect on the MENA region: Fitch Solutions’ research unit BMI sees MENA countries (and GCC countries in particular) being safe from direct tariffs from the Trump administration due to “economic and strategic considerations,” it said in its MENA Monthly Outlook Report (pdf). While exports from the region will not be significantly affected, there could be an impact on oil prices and inflation, with more debt-ridden emerging markets set to feel the brunt of the impacts.

UAE aluminium exports unlikely to be impacted: A 25% tariff on US aluminium imports is set to take place on 22 March — and, with the UAE among the top 10 aluminium exporters to the US, the tariff rate on the UAE could be raised by six percentage points. However, BMI expects the impact of higher aluminum tariffs on MENA economies being limited, expecting global demand to remain strong — which would, in turn, offset weaker US demand, facilitate export redirection to other markets, and incentivize the US to reach an agreement with aluminium exporters in the region. BMI expects a compromised 10-15% tariff to be more likely.

Tariffs on the UAE and Saudi Arabia would be “counterproductive”: The report argues that the two countries’ investments in the US — specifically in AI — along with close relations with US President Donald Trump would make tariffs on both countries “counterproductive,” especially as Trump looks to “expand the Abraham Accords and reduce China's influence in the Middle East,” the report reads.

The impact on the oil market: “The macro outlook for MENA (Middle East and North Africa) is set to be weighed down by global tariff uncertainty indirectly through oil prices, to the extent that tariff and macro uncertainties continue to be a drag to Brent oil prices,” Standard Chartered MENA Economist Carla Slim told CNBC. While tariffs could drive up the price of oil in the short term, providing a boost to oil-exporting economies, a resulting slowdown in global trade could offset tangible benefits, especially for countries like the UAE that are looking to establish themselves as logistics hubs.

Interest rates to stay higher for longer: A move from the US Federal Reserve to keep monetary policy tight for the remainder of the year would represent a “dilemma” for policymakers in the GCC, “especially as the inflationary environment is benign” — but it would also create “head-winds for the non-oil economy” in Gulf countries, according to the report. Tighter monetary policies could trigger a downturn in private sector investment and growth for economies like Saudi Arabia and the UAE, S&P Global said earlier.

Countries with high foreign debt, like Egypt, Jordan, and Lebanon, are at particular economic risk, CNBC said, as the cost of servicing this external debt could rise on the back of a higher valued greenback.

MARKETS THIS MORNING-

Asian markets are mostly on the rise, though China’s CSI 300 is flat after China announced it would boost people’s income in a bid to revive consumption. Japan’s Nikkei and South Korea’s Kospi are both up by more than 1%.

Wall Street futures signal another disappointing open, after a brutal week that saw sell-offs wipe bns of USD in value of US stocks, and sent the S&P 500 into correction territory.

ADX	9,419	+0.1% (YTD: 0.0%)
DFM	5,141	-0.9% (YTD: -0.4%)
Nasdaq Dubai UAE20	4,232	-0.4% (YTD: +1.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.3% o/n	4.5% 1 yr
TASI	11,854	+1.1% (YTD: -1.5%)
EGX30	31,338	+0.2% (YTD: +5.4%)
S&P 500	5,639	+2.1% (YTD: -4.1%)
FTSE 100	8,632	+1.1% (YTD: +5.6%)
Euro Stoxx 50	5,404	+1.4% (YTD: +10.4%)
Brent crude	USD 70.58	+1.0%
Natural gas (Nymex)	USD 4.10	-0.2%
Gold	USD 3,001.1	+0.3%
BTC	USD 82,102	-2.7% (YTD: -12.2%)

THE CLOSING BELL-

The ADX rose 0.1% on Friday on turnover of AED 870.5 mn. The ADX is flat YTD.

In the green: Space42 (+6.4%), Eshraq Investments (+5.6%), and Burjeel (+3.5%).

In the red: Investcorp Capital (-4.9%), Gulf Medical Projects (-4.7%) and NMDC Energy (-3.9%).

Over on the DFM, the index fell 0.9% on turnover of AED 375.4 mn. Nasdaq Dubai was down 0.4%, and up 1.6% YTD.

CORPORATE ACTIONS-

Taqa shareholders approve AED 4.7 bn in 2024 dividends: Abu Dhabi National Energy Company (Taqa) approved a final dividend of 2.1 fils per share for 4Q 2024, including a 1.4 fils per share base dividend and a 0.70 fils per share variable dividend, according to an ADX disclosure (pdf). This brings total dividends for FY 2024 to AED 4.7 bn. Shareholders also approved the previously declared interim dividends announced in May, August, and November 2024.

RAK Properties will reinvest its net earnings instead of paying dividends to accelerate growth amid record revenue, Wam reports. The company aims to accelerate project development, enhance asset value, and capitalize on Ras Al Khaimah’s growing real estate sector.

REMEMBER- RAK Properties’ net income rose by 32% to AED 280.9 mn in 2024. Revenue rose 40% y-o-y to AED 1.4 bn.

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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