Dubai freezone-domiciled businesses allowed to expand into mainland

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Fed kicks off interest rate meeting + Borouge proposes 2.5% share buyback

Good morning, lovely people. We have another busy issue for you this morning, with plenty of investment news, a new listing on the ADX in the cards, and a new regulation making it easier for businesses to expand in Dubai.

The big story of the day is a new resolution allowing businesses in Dubai’s freezones to expand to the mainland more easily with one-year renewable licenses — expanding a practice that is currently in place in several freezones across the emirate. Also worth your attention: Emaar plans to invest AED 65 bn over the next five years, Hong Kong-based ESG tech firm Diginex is planning an ADX listing as a dual listing alongside Nasdaq, and Emirates Islamic tapped banks for a sukuk issuance.

🌞WEATHER- We’re in for a sunny day that gets humid by night, according to our favorite weather app and the National Center of Meteorology’s forecast (pdf). Dubai will see the mercury hit 29°C today, with an overnight low of 19°C, while temperatures will hit 24°C in Abu Dhabi, with an overnight low of 19°C.

So, when do we eat? Maghrib is at 6:32pm today in Dubai and 6:36 pm in Abu Dhabi. You’ll have until fajr prayers at 5:07am in Dubai and 5:11am in Abu Dhabi tomorrow to finish your suhoor.

PSA-

Public sector workers to get three days off for Eid al Fitr: The Federal Authority for Government Human Resources (FAHR) confirmed that public sector workers will be getting the first three days of Shawwal — the 10th month in the Islamic calendar succeeding Ramadan — as a holiday for Eid Al Fitr, it said in a post on X. Work will resume on 4 Shawwal, which could land on Wednesday, 2 April, or Thursday, 3 April, depending on the moon sighting at the end of Ramadan.

HAPPENING TODAY-

#1- The US Federal Reserve kicks off its Open Market Committee meeting today. The Fed will likely make its interest rate decision tomorrow, followed by Gulf countries — which mirror the Fed’s moves on the back of the peg to the USD. Fed funds futures are currently pricing in a 99% probability that the Fed will hold rates steady, CNBC reports, citing CME’s FedWatch tool.

#2- The Augmented Humans International Conference is on its third day and is running until Thursday at Mohamed bin Zayed University of Artificial Intelligence in Abu Dhabi. The event brings together over 100 experts to explore advancements in brain-machine interfaces, wearable technology, exoskeletons, and augmented reality across healthcare, sports, and security. The event features speakers from MIT Media Lab, the University of Tokyo, and the German Research Center for AI.

WATCH THIS SPACE-

#1- Emirates NBD has reportedly enlisted Matouk Bassiouny to act as its legal counsel on its potential acquisition of Banque du Caire, Al Shorouk reports, citing unnamed sources it says have knowledge of the matter. The Emirati lender also appointed an undisclosed financial advisor, according to the sources. We reported last week that Emirates NBD has kicked off due diligence for the acquisition of a 45% stake on offer for USD 1.2 bn. Al Shorouk had earlier reported that CI Capital is the financial advisor on the sale.

#2- Standard Chartered subsidiary sees the UAE’s economy growing by up to 6% this year: The UAE’s economy could grow between 5-6% in 2025, with a significant portion of this growth coming from the non-oil sector — particularly from small and medium-sized enterprises (SMEs), Standard Chartered subsidiary SC Ventures’ Lead for the Middle East Mohamed Fairooz told Al Etihad. SMEs, which already contribute up to 63.5% of the UAE’s non-oil GDP, are expected to see even more growth over the next three years, driven by government policies, financing, and the global digital transformation, which will significantly accelerate overall growth rates, Fairooz said.

How this prediction compares to others: S&P Global sees the UAE’s real GDP growing by 5.1% in 2025, a prediction that is in line with that of Fitch Solutions’ research unit BMI, which recently revised its forecast for the UAE’s economy this year to 5.1%, slightly down from 5.2% predicted in October. Meanwhile, the International Monetary Fund and the World Bank revised their forecasts for the UAE’s economy this year to 4.0%, while the Central Bank of the UAE (CBUAE) penciled in a higher growth estimate of 4.5% in 2025 in December.

#3- Borouge proposes 2.5% share buyback: Borouge is seeking shareholder approval for a share buyback of up to 2.5% of its issued share capital, according to an ADX disclosure (pdf). The buyback would be conducted through open-market transactions, with execution subject to market conditions and other factors. Shareholders will vote on the proposal at the company’s annual general meeting on 7 April 2025.

ALSO- Borouge proposed a final 7.94 fils per share dividend payout, bringing the total 2024 payout to USD 1.3 bn, equivalent to 15.9 fils per share. The dividend represents a 6.8% yield — one of the highest on the ADX.

REMEMBER- Adnoc and Austria’s OMV earlier this month agreed terms of an agreement to merge their polyolefins businesses in a UAE-based joint venture, creating a USD 60 bn global polyolefins player set to be the world’s fourth largest. The merged entity will be jointly owned by Adnoc and OMV, with each owning a c.47% stake. The remainder of the shares will be freefloat, after the company lists on the ADX.

Borouge’s shares were up 4.3% to AED 2.45 on the news, after falling to a low of AED 2.30 on 11 March from its peak of AED 2.66 on 4 March, following news of the merger.

#4- Pundits pitch the UAE as an investment safe haven amid global trade uncertainty: Global investment management firm Ninety One is increasing its exposure to UAE stocks, viewing them as a safer option that is less exposed to Trump's tariffs, Bloomberg reports. The firm’s EM team has been ramping up exposure to UAE equities since November last year, including shares of property giant Emaar and First Abu Dhabi Bank, as well as the recently listed Talabat.

The rationale: “UAE is doing the opposite to what the US is doing, signing agreements with trading partners and opening its borders to immigration,” said Varun Laijawalla, co-portfolio manager for EM equities at Ninety One. He highlighted the UAE's strong, government-backed economy, pegged-currency, and openness to immigration as key attractions.

The numbers speak for themselves: The Ninety One Emerging Markets Equity Fund delivered a 13% return over the past year, outperforming 95% of peers with performance data compiled by Bloomberg. The firm is 3% overweight the UAE compared with the benchmark MSCI Emerging Markets index, Laijawalla said, making it “one of our larger overweight exposures.” UAE stocks have the fifth largest weighting in the MSCI benchmark index outside Asia, the business information service added.

#6- Dubai’s property market is on track for a record year for handovers in 2025, with developers expected to deliver approximately 72.4k units, a 171% increase from the previous year, Khaleej Times reports, citing undisclosed reports. The surge comes as developers race to meet soaring demand, with around 1.2k projects currently under construction and 325k residential units in development.

REMEMBER- The influx of new properties is expected to stabilize market prices. Knight Frank previously projected an 8% price increase, down from double-digit growth in 2024, while Moody’s forecasted a dip or stabilization over the next 12–18 months due to rising construction costs and potential delays. A Deloitte report similarly suggested that residential price and rent growth may slow by year-end as new supply enters the market.

But it’s not a shoo-in: Developers are preparing to deliver 182k units in Dubai between 2025 and 2026, but construction capacity constraints could lead to delays, tightening supply and supporting short-term price increases, according to a previous S&P Global report. ValuStrat data has indicated that only 58% of projected supply was delivered last year, marking the lowest completion rate in six years with just 27k homes completed, while Knight Frank noted that historical trends indicate a 30% delay in actual completions.

#7- Dewa reissues tender for AED 85 mn pumping station project: The Dubai Electricity and Water Authority (Dewa) reissued a tender for the construction of the Ghafat Idah Reservoir Complex Pumping Station (PS6) and the Endurance Road Pumping Station (PS21) Phase 1 Stream A project, Zawya reports. The scope includes the stations’ construction electro-mechanical works, and the development of supervisory control and data acquisition systems. Bids are due by 11am on Thursday 15 May 2025.

In context: The project was initially tendered in August 2024, attracting eight bids, with the lowest at AED 85 mn. The reissue aims to finalize the contract for the 30 MIGD capacity stations.

DATA POINT-

National Bonds’ sukuk investors ramped up investments by 22% y-o-y to AED 15.8 bn in 2024, state news agency Wam reports. The growth was driven by a 51% rise in regular savers and the adoption of digital solutions, which led to a 41% y-o-y surge in digital savings. The company distributed about AED 588 mn in returns to sukuk holders last year, with some categories receiving returns of up to 4.75%. The average return amounted to 4.02%.

What’s next? The company plans to launch its new Maktabi Tower project within six months, CEO Mohamed Al Ali told CNBC Arabia (watch, runtime: 6:09). It also aims to develop real estate projects worth USD 1.5 bn over the next five years, and is eyeing potential investments in the education, health, and the oil and gas sectors.

THE BIG STORY ABROAD-

Israel breaks ceasefire agreement: Israel launched several strikes across Gaza earlier this morning, breaking the fragile ceasefire agreement. The attacks killed at least 44 and marked the “most violent air attacks” since mid January when the ceasefire came into effect. The Israeli army and the Shin Bet said in a joint statement that they kicked off attacks on what they claimed to be Hamas targets.

Hamas and Israel won’t see eye to eye: Hamas on Monday accused Israel of violating the agreement — brokered by Egypt,Qatar, and the US — and failing to hold its end in the first phase. Israeli Prime Minister Benjamin Netanyahu’s office said that resuming the war came after “Hamas refused time and again to release our hostages and rejected all the proposals it has been given by US envoy Steve Witkoff and by the Qatari and Egyptian mediators.” (Bloomberg | Reuters | Axios | AP)

AND- Trump threatens Iran over Houthi attacks: US President Donald Trump warned that any further Houthi attacks will be seen as an Iranian assault, vowing to hold Iran responsible. “Every shot fired by the Houthis will be looked upon, from this point forward, as being a shot fired from the weapons and leadership of Iran,” Trump said in a post on his social media platform Truth, vowing that Iran will “suffer the consequences, and those consequences will be dire.” (Bloomberg | Reuters | AP)

ALSO MAKING HEADLINES- Trump to discuss Ukraine ceasefire with Putin today: Trump is set to speak with his Russian counterpart Vladimir Putin about a potential ceasefire in Ukraine. “What's happening in Ukraine is not good, but we're going to see if we can work a peace agreement, a ceasefire and peace, and I think we'll be able to do it,” Trump told reporters yesterday. The talks come after Ukraine accepted a 30-day, US-backed ceasefire proposal last week. (Reuters | New York Times | BBC | The Guardian | Washington Post | AP)

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MARKET WATCH-

American multinational investment bank Goldman Sachs lowered its Brent crude forecast for December 2025 to USD 71 per barrel, down USD 5 from its previous estimate, citing slower US growth on the back of tariffs and increased Opec+ production, Bloomberg reports. Meanwhile, West Texas Intermediate (WTI) is expected to reach USD 67 per barrel. Analysts expect Brent to trade between USD 65 and USD 80 per barrel, averaging USD 68, in 2026. The bank also cut its global oil demand growth forecast by 18% to 900k barrels per day, reflecting concerns over a weaker US economy and a looser oil market balance.

SOUND SMART-Lower oil prices may impact fiscal revenues for GCC oil-exporting economies, such as the UAE, which relies on higher energy prices to support economic diversification initiatives.

CIRCLE YOUR CALENDAR-

The second edition of Dubai AI Festival will take place on Wednesday, 23 April and Thursday 24 April at the Dubai International Financial Center as part of the inaugural Dubai AI Week. Organized by Dubai AI Campus, the festival aims to position Dubai as a leader in the global digital economy, with a focus on responsible AI deployment, transparency, and the future of work, offering key insights into AI’s impact and ethical challenges. The event will feature AI innovations, a start-up showcase, the FutureTech World Cup, and the Global FutureTech Innovation Program to highlight emerging talent.

Dubai Chambers will host the Dubai Business Forum in Hamburg, Germany on Tuesday, 20 May, as part of its efforts to attract foreign investment, according to the Dubai Media Office. The event — hosted in partnership with the Hamburg Chamber of Commerce — will showcase potential investments in Dubai across sectors like technology, finance, logistics, manufacturing, and sustainability. It will also foster cooperation between German and Dubai firms.

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

Businesses in freezones can now more easily expand into mainland Dubai

Dubai Crown Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum issued a resolution to allow businesses domiciled in freezones to expand operations anywhere in Dubai, making it easier for them to scale operations across the emirate, according to a Dubai Media Office statement. The new resolution does not apply to DIFC-registered financial institutions, and will be effective from its publication in the official gazette.

Establishments with a freezone license will be able to operate outside the freezone after obtaining the necessary permits from the Dubai Department of Economy and Tourism (DET) and from the authorities in the planned location. The DET will offer businesses a one-year renewable license for establishing a branch in Dubai outside of the freezone, or more branches alongside their headquarters in the freezone. Firms will have to have separate financial records for their operations inside and outside the freezone.

Companies will also be able to operate outside of Dubai, provided they secure the relevant licenses and conform to regulatory requirements of other emirates. DET is set to issue a list of permitted activities that firms can engage with depending on their location, and they must comply with both federal and local laws.

The rationale: The resolution is set to enable businesses to expand more easily into mainland Dubai, and comes within the D33 Agenda to promote a business-friendly regulatory environment in the emirate.

The development “unlocks new opportunities for business growth, investment, and innovation,” PWC Middle East analyst Mahmood Abdulla said in a post on LinkedIn, adding that the new regulation can help boost investment and economic growth, and strengthen Dubai’s position as a global business center.

SOUND SMART- Several freezones in Dubai, including Dubai Design District (D3), Dubai Airport Free Zone (DAFZA), and DIFC, already have dual licensing regimes in place through agreements with the Department of Economic Development. The new rule expands these regimes across 26 freezones in the emirate, and allows for a more streamlined licensing process.

Emaar Properties to invest AED 65 bn over the next five years

Emaar Properties plans to invest AED 65 bn in its operations and assets over the next five years, with the annual capital spending ranging between AED 7-11 bn in 2025-26 without land acquisitions, according to an S&P Global report. The company also aims to spend over AED 30 bn on expanding its land bank. It also intends to inject capital into its residential rental portfolio to boost the share of more stable revenue.

Which projects will lead the spending? The real estate developer is expected to spend over AED 14 bn toward its Creek Tower and Creek Mall developments. Emaar is also increasing its investment in the Dubai Mall’s expansion project, initially announced at AED 1.5 bn, as part of its strategy to capitalize on strong retail demand and nearly 99% occupancy rates at the end of 2024. It is also planning to open 18 more hotels in the UAE and other international locations, with three-quarters to be added under management agreement over the next five years, S&P Global said.

On the other hand, the developer is expected to tamp down on investments in international real estate development, which will see “modest growth” over the next two years.

REMEMBER- Emaar partnered with Midar Investment to set up the AED 7.3 bn New Mivida residential project in Egypt’s New Cairo, with an initial investment of USD 80 mn. It is also building four hotels and a new project with Saudi’s Public Investment Fund (PIF) in Saudi Arabia and might be taking part in Indonesia’s USD 33 bn capital city project. In Dubai, it is also planning to launch two AED 96 bn luxury developments and a new residential community.

DCF expansion might be limited by current plans: Emaar plans to distribute 100% of its share capital as dividends for 2024 and the following years, with payouts totaling AED 8.8 bn for last year. Dividend distributions are projected to rise to AED 10-12 bn in 2025-26. Combined with its annual capital investments, this will limit discretionary cash flow expansion despite expectations of higher EBITDA.

ICYMI- Emaar Properties saw its net income before tax rise 25% y-o-y to AED 18.9 bn in 2024, its highest-ever net income. The company also recorded its highest-ever revenue with a 33% y-o-y increase to AED 35.5 bn, and its highest sales at AED 70 bn, up 72% y-o-y.

The company received an upgraded rating of BBB+ from S&P Global, which cited its significant growth in Dubai and the steady performance of its malls, hospitality, and entertainment businesses.

Hong Kong-based ESG tech firm Diginex plans ADX, Nasdaq dual listing + receives USD 250 mn boost from a member of the Abu Dhabi royal family

ESG impact technology firm Diginex is eyeing the ADX for a dual listing after listing on Nasdaq in February, with plans to expand in the UAE and the wider GCC region, according to a press release. This would make it the first tech firm to list on the ADX, and the first firm to dually list on the ADX and Nasdaq.

Why the ADX? The company cited the region’s commitment to sustainable finance — with some USD 135 bn in publicly committed funds — as one of the main reasons for choosing a regional listing. The tie-up between the ADX and Nasdaq to upgrade the Abu Dhabi exchange’s infrastructure also facilitated the dual listing, the company said in the statement.

The company is getting a USD 250 mn boost from Sheikh Mohammed Bin Sultan Al Nahyan: The company also entered into a strategic partnership with Sheikh Mohammed Bin Sultan Bin Hamdan Al Nahyan following the signing of two MoUs, which will see Al Nahyan’s special-purpose vehicle Nomas Global Investments inject USD 250 mn in new capital in Diginex to fund acquisitions of firms focusing on AI, sustainability, and supply chains, and its regional and global expansion efforts.

What’s next? The company plans to complete capital-raising activities and the necessary regulatory procedures for the ADX listing within the next two quarters, the statement said.

RRJ Capital-led consortium invests USD 600 mn in Dubai-based private jet operator Vista

Dubai-based private aviation group Vista Global is set to see a USD 600 mn investment after a consortium led by Asian private equity firm RRJ Capital signed an agreement on equity investment in the firm, according to a press release that was picked up by Bloomberg.

Where the funds will go: The partnership will optimize Vista’s capital structure, bolster cashflow generation, and reduce its debt obligations, and comes as the aviation group looks to diversify its investor base to strengthen its financial position.

Andalusian Private Capital also invested through the equity agreement, which is expected to reach a close by the end of the month. Vista’s existing investors include Rhône Group.

ICYMI- Vista Global made it onto CB Insights’ unicorn list last year, earning a USD 2.5 bn valuation, making it the highest valued Emirati startup on the rankings.

ADVISORS- Jefferies was the financial advisor for Vista whilst UBS was RRJ’s financial advisor.

EIB taps banks for a fresh sukuk issuance

EIB inches closer to a fresh sukuk issuance: Emirates Islamic Bank (EIB) tapped a group of banks to arrange a USD-denominated, Regulation S, five-year fixed-rate sukuk under its USD 4 bn certificate issuance program, Zawya reported. The sukuk, which will be senior unsecured, is set to be listed on Nasdaq Dubai and Euronext.

What’s next? The banks will be responsible for managing and overseeing the sukuk issuance. Their duties include marketing the sukuk to investors, determining its pricing, underwriting the issuance to ensure it is fully placed, and distributing it to both institutional and retail investors.

ADVISORS- The enlisted banks serving as joint lead managers and joint bookrunners include our friends at Mashreq and HSBC, as well as Dubai Islamic Bank, Emirates NBD Capital, Sharjah Islamic Bank, and Standard Chartered.

PlaysOut raises USD 7 mn in seed funding round

UAE-based gaming startup PlaysOut secured USD 7 mn in a seed funding round led by OKX Ventures, with participation from the Saudi Prince Khalid bin Alwaleed bin Talal Al Saud’s KBW Ventures and Asia-based Pacific Century Group as well, Wamda reports.

The next steps: The USD 7 mn raised is set to help PlaysOut expand its mini-game ecosystem, establish strategic partnerships, and explore markets like the US, Asia, and the Mena region. It is also set to release its embedded software development kit (SDK) in May. The participation from KBW Ventures and Pacific Century Group will help PlaysOut scale its operations and attract more developers.

About PlaysOut: Valued at USD 70 mn by investors during the round, PlaysOut helps developers release mini games on platforms including Telegram, Discord, and YouTube, using blockchain technology and infrastructure.

ALSO FROM PLANET STARTUP-

UAE-based Oro Labs raised USD 1.5 mn in a pre-seed funding round, it said in a p ress release. The funding round was led by 468 Capital, with participation from Fasset, and from angel investors from Solana projects.

Oro Labs is a tokenized gold platform which lets users trade gold-backed assets across financial markets. It signed an MoU with the ADGM last month on its commitment “to expanding tokenized gold adoption across the UAE and beyond.”

Looking ahead: The startup is looking to boost its product offering and become more integrated in both decentralized and traditional finance. It is also looking to introduce new financial applications for gold trading and is set to partner with its strategic investor Fasset to expand tokenized gold adoption in the UAE, Malaysia, Bahrain, Indonesia, and Turkey.

MGX’s record crypto investment is getting ink in the foreign press

The expansion of the UAE’s crypto sector is making waves internationally, with Bloomberg interviewing BitOasis CEO Ola Doudin (watch, runtime: 6:19) on the factors driving this growth. MGX’s historic USD 2 bn stablecoin investment in Binance—the largest ever into a cryptocurrency company—is expected to enhance scalability, risk management, and innovation across the industry, Doudin said.

What’s fueling the growth? Doudin attributes the sector’s success to the UAE’s crypto-friendly regulatory frameworks and strong capital investment. As the industry scales and companies implement tighter security measures, regulatory oversight is expected to reduce risks and boost investor confidence, Doudin said.

ALSO- The foreign press is picking up news of Telegram CEO and founder Pavel Durov’s return to Dubai, which he announced in a message on Telegram. The Russian-born executive had been under investigation in France concerning criminal activities on Telegram. While the investigation is ongoing, Durov expressed appreciation for the legal process allowing his return. His return comes amid increasing scrutiny over the platform’s policies on handling illicit activity. (NYT | Reuters | Guardian)

Tabreed secures AED 1.5 bn district cooling contract for Palm Jebel Ali

INFRASTRUCTURE-

Tabreed to bring district cooling to Palm Jebel Ali: UAE district cooling company Tabreed has signed a concession agreement with Dubai Holding Investments for an AED 1.5 bn project to provide 250k refrigeration tons (RT) of district cooling capacity to Palm Jebel Ali in Dubai, according to a press release (pdf). Tabreed will hold 51% in the joint venture while Dubai Holding will get 49%. Construction is set to begin in 2Q 2025, with the first cooling services expected by 2027.

REAL ESTATE-

#1- Global Partners taps DCC for Eden House The Park: Dubai’s Global Partners appointed Dubai Contracting Company (DCC) as the main contractor for Eden House The Park, its latest luxury residential development under Global Partners Property Fund I (GPPFI), according to a press release. The project is located along the Dubai Water Canal. Construction is 60% complete, with handover slated for 2027.

About GPPFI: Global Partners closed its first property fund in 2023 after raising AED 779 mn from investors across North America, Europe, and the UAE. The firm is now gearing up for its second fund, which will back a USD 1.4 bn mixed-use community in Dubai Healthcare City Phase 2 in collaboration with Mirage Development and Entertainment.

#2- Abu Dhabi launches program to expand affordable real estate: Abu Dhabi’s Department of Municipalities and Transport (DMT) inked MoUs with Sdeira Group — formerly Kezad Communities — and Central Holding Group (CHG) to develop new residential and commercial assets, as part of a new Value Housing Program to enhance affordability and quality in the emirate, state news agency Wam reports.

#3- Source of Fate sells out Sunshine Bay: Dubai-based developer Source of Fate sold out Sunshine Bay, its AED 500 mn luxury waterfront development on Ras Al Khaimah’s Al Marjan Island, according to a press release. The project drew investors from 37 nationalities, driven by its proximity to the upcoming USD 4 bn Wynn megaresort as well as “its award-winning design and competitive payment plan,” General Manager Majid Jack Hsiung said. Construction began in October, with handover set for early 2027, aligning with Wynn’s anticipated opening.

REMEMBER- Source of Fate is gearing up to launch over AED 10 bn in new developments, with five new projects — two in Dubai and three on Al Marjan Island — slated for unveiling in 1H 2025.

#4- Sol properties unveils AED 1 bn mixed-use project in Jumeirah Village Triangle: Bhatia Group's real estate development arm Sol Properties launched Sol Levante, an AED 1 bn mixed-use development in Jumeirah Village Triangle, according to a press release. The project will feature 612 residential units—including studios, one- and two-bedroom apartments—alongside 100k sq. ft. of office space and 50k sq. ft. of retail area.

REMEMBER- Sol properties has been developing AED 12 bn worth of luxury projects since September 2024, including the Fairmont Residences Solara Tower in Downtown Dubai and a Palm Jumeirah West Crescent project, together valued at AED 8.2 bn.

M&A-

ADX-listed private equity firm Investcorp Capital acquired a diversified portfolio from its parent company, Investcorp Group, for USD 200 mn payable before year-end, it said in a statement (pdf). The portfolio is comprised of assets in growth sectors such as technology and business services, mainly concentrated in North America and Europe. The transaction is expected to “result in profitable distributions in the near-medium term to the benefit of our shareholders,” Investcorp Capital said.

ADVISORS- The alternative investment company enlisted KPMG, Morgan Lewis & Bockius on the transaction.

MEDIA-

First film financing firm registers in Abu Dhabi: Sherborne Media, a private group offering financing support for film and media projects, registered in Abu Dhabi with the Creative Media Authority (CMA), according to the Abu Dhabi Media Office. The group will offer financial support and advisory options to productions creating media in the emirate.

The details: The development will see Sherborne Media “attract and liaise with production companies [...] to communicate and [monetize] Abu Dhabi’s offering,” co-CEO of Sherborne Media Alastair Burlingham said. This comes as the UAE looks to expand its film production industry, recently offering increased rebates for projects.

INVESTMENT-

DFSA opens calls for tokenization sandbox participation: The Dubai Financial Services Authority (DFSA) invited firms specializing in tokenized investment products to take part in its tokenization regulatory sandbox, it said in a press release. Companies can register their interest via the DFSA website until 24 April, and will undergo an assessment process before selection.

The program: Companies will be able to test tokenized financial solutions in the controlled environment and access regulatory pathways to help support product development. The sandbox targets firms working with tokenized items including equities, bonds, sukuk, and collective investment fund units, existing DFSA-authorized firms wanting to expand into tokenization, and companies with strong understanding of the regulatory environment.

AVIATION-

Sanad eyes up new markets: Mubadala’s aerospace maintenance arm Sanad Group is looking to expand its aircraft engine maintenance services to African, Indian and East Asian markets, CEO Mansour Janahi told Al Etihad. The firm aims to target markets with “fruitful trade relations” as it seeks to form new global partnerships, acquisitions, and establish new facilities, Janahi added. Sanad is forecasted to boost revenues by 5% y-o-y to 10% y-o-y by the end of year, while the number of completed engine maintenance operations is forecast to rise 35% y-o-y to 218.

The current lay of the land: Sanad Group reported a 40% y-o-y revenue increase to AED 4.9 bn in 2024. The group has been expanding global ties, inking partnership agreements with Air Mauritius, Asiana Air and Lion Air last year.

CRYPTO-

ATS Travel has become the first first large-scale Middle Eastern travel firm to accept cryptocurrency payments, according to a press release (pdf). The Dubai-based travel management company partnered with Malta-based regulated crypto payment provider Payhound to accept BTC, ETH, and other cryptocurrencies for services like luxury travel, airline tickets, and event bookings.

Brewing trade war to weigh on global growth, OECD says

The Organisation for Economic Cooperation and Development forecasts slashed its global economic growth forecast on the back of persisting inflationary pressures and the potential upheaval in trade policies brought on by US President Donald Trump’s trade war, according to the Organisation for Economic Cooperation and Development (OECD)’s latest economic forecast (pdf). The Paris-based organization revised down its prediction for global growth in 2025 by 0.2 percentage points to 3.1% in 2025 — down from 3.2% in 2024 — before slowing further to 3.0% in 2026.

There’s a number of factors at play: Weakening business and consumer sentiments in some countries, coupled with rising uncertainty over economic policy indicators, have collectively contributed to the lowered growth prospects for the year. Meanwhile, “higher trade barriers in several G20 economies and increased geopolitical and policy uncertainty” are also weighing on investment and household spending.

The effects of slowed growth could appear soon: OECD sees global growth weakening in 1Q 2025, with consumer confidence having dipped early during the year, remaining “below long-run average levels despite strong growth in real incomes in many economies,” the report reads.

The big picture: GDP growth in the US is seen coming in at 2.2% in 2025 — down from a previous forecast of 2.4% growth this year — before slowing further to 1.6% in 2026. Growth in the euro area is projected to be 1.0% in 2025, down from a previous forecast of 1.3% growth, before rising to 1.2% in 2026. Meanwhile, China’s economy is expected to grow 4.8% this year, up 0.1 percentage points from the previous forecast, before slowing to 4.4% in 2026.

Closer to home, the OECD expects the Kingdom’s GDP to grow by 3.8% this year, up 0.2 percentage points from its previous prediction in December. Economic growth is expected to slow slightly in 2026 to 3.6%.

Inflation is also seen growing at a higher rate than previously expected, with annual headline inflation in G20 economies projected at 3.8% in 2025 and 3.2% in 2026.

And higher inflation means…: Persistent inflation could “prompt more restrictive monetary policy and could give rise to disruptive repricing in financial markets.”

MARKETS THIS MORNING-

Asian markets are on the rise, tracking gains on Wall Street yesterday after US retail sales data helped ease investor concerns over a potential recession. Japan’s Nikkei and Topix are up 1.6%, while South Korea’s Kospi is up 0.6% and China’s CSI 300 gained 0.25%. Hong Kong’s Hang Seng is also up 1.9%.

Meanwhile, Wall Street futures point to another good day for US indices, with the Dow Jones up marginally and Nasdaq and S&P 500 seeing no change from yesterday.

ADX	9,451	+0.3% (YTD: 0.3%)
DFM	5,171	+0.6% (YTD: +0.2%)
Nasdaq Dubai UAE20	4,274	+1.0% (YTD: +2.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.3% o/n	4.4% 1 yr
TASI	11,883	+0.3% (YTD: -1.3%)
EGX30	31,459	+0.4% (YTD: +5.8%)
S&P 500	5,675	+0.6% (YTD: -3.5%)
FTSE 100	8,680	+0.6% (YTD: +6.2%)
Euro Stoxx 50	5,446	+0.8% (YTD: +11.2%)
Brent crude	USD 71.07	+0.7%
Natural gas (Nymex)	USD 4.00	-0.4%
Gold	USD 3,009	+0.1%
BTC	USD 83,982	+1.7% (YTD: -10.2%)

THE CLOSING BELL-

The DFM rose 0.6% yesterday on turnover of AED 413.2 mn. The index is up 0.2% YTD.

In the green: Depa (+10.8%), Emirates Investment Bank (+5.3%) and Takaful Emarat (+3.1%).

In the red: Ithmaar Holding (-3.7%), Ekttitab Holding Company (-2.4%) and ENBD Reit (-1.9%).

Over on the ADX, the index rose 0.3% on turnover of AED 1.1 bn. Nasdaq Dubai was up 0.1%, and up 2.6% YTD.

CORPORATE ACTIONS-

Methaq Takaful to raise capital to AED 537.6 mn via rights issue: Methaq Takaful Ins. is launching a capital increase that will raise its issued share capital to AED 537.6 mn, up from AED 150 mn, according to an ADX disclosure (pdf). The company will issue 387.6 mn new shares at AED 0.129 per share, reflecting a reduction from the nominal value of AED 1.00.

REFRESHER- The rights issue was approved by shareholders in November. It aims to rebalance Methaq Takaful’s financial structure and stability while improving liquidity for long-term growth.

The subscription period will run from 24 to 28 March 2025, with allocations and refunds scheduled for 8 April 2025. Existing shareholders from 14 March 2025 will have priority and can also apply for additional shares, which will be allocated if unsubscribed shares remain available.

ADVISORS- Abu Dhabi Commercial Bank has been appointed as the sole receiving bank, lead manager, and bookrunner.

Air Arabia’s board approved a dividend equivalent to 25% of capital (25 fils per share), according to a statement (pdf).

Du approved a AED 0.34 per share dividend for 2H 2024, bringing total dividends to AED 0.54 per share for the year, representing 54% of the nominal share value, according to a statement (pdf).

Adnoc Drilling’s general assembly has approved distributing USD 394 mn in dividends for 2H 2024, according to a disclosure (pdf) to the ADX. This brings the total dividend distribution for 2024 to USD 788 mn.

Spinney’s has ratified its board of directors’ recommendation to distribute AED 100.8 mn in dividends for 2H 2024, representing 280% of the company’s paid-up share capital, it said in a disclosure (pdf) to the DFM. It distributed AED 102.6 mn in dividends for 1H 2024.

IHC completes first buyback tranche and starts second: International Holding Company (IHC) completed the first tranche of its AED 5 bn buyback program, worth AED 1.8 bn, and is starting the second AED 1.5 bn buyback tranche today, it said in a disclosure (pdf) to the ADX. The repurchasing program will take a year and see IHC cancel the shares after repurchasing them as it looks to “enhance shareholder value through increased earnings per share.”

Dubai Financial Market’s board of directors will consider and approve distributing 3.2% of the firm’s share capital in dividends for 2024, according to a disclosure (pdf).

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.

16-20 March (Sunday-thursday): The Augmented Humans International Conference 2025, Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), Abu Dhabi.

24-28 March (Monday-Friday): Subscription period for Methaq Takaful’s rights issue on the ADX.

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.

8 April (Tuesday): Allocations and refunds for Methaq Takaful’s rights issue on the ADX.

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.

23-24 April (Wednesday-Thursday): Dubai AI Festival, Dubai International Financial Center.

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 May (Thursday): Dewa tender for pumping stations bids deadline.

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 May (Tuesday): Dubai Business Forum, Hamburg, Germany.

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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