Moody’s is upbeat on the UAE and Abu Dhabi’s resilience + affirms their credit ratings

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: UAE outpaces US, UK and more in latest World Happiness Index + Beware where you park during Taraweeh

Good morning, lovely people, and happy FRIDAY. We welcome the weekend with yet another packed issue — again, what Ramadan slowdown? — led by a boost from Moody’s, which affirmed the UAE and Abu Dhabi’s credit ratings, as well as Dubai inflation figures. Plus: We have a handful of M&A updates, with Mubadala reportedly planning a follow-on offering for du, and CVC Capital Partners looking to acquire Mubadala-owned asset manager Fortress.

So, when do we eat? Maghrib is at 6:34pm today in Dubai and 6:38pm in Abu Dhabi. You’ll have until fajr prayers at 5:04am in Dubai and 5:08am in Abu Dhabi tomorrow to finish your suhoor.

☀️WEATHER- It’s another hot day across the country, according to our favorite weather app and the National Center of Meteorology’s forecast (pdf). Dubai will see the mercury hit 31°C today, with an overnight low of 24°C, while temperatures will hit 33°C in Abu Dhabi, with an overnight low of 25°C.

PSAs-

#1- Dubai Police will impose AED 500 fines for illegal and improper parking near mosques during Taraweeh and Qiyam prayers in the last days of Ramadan, Khaleej Times reports. Motorists will also face AED 400 fines for blocking pedestrian movement.

#2- You can now use Tabby on RTA’s website and app, after Dubai’s Roads and Transport Authority (RTA) rolled out its buy now pay later option across all its digital channels, it said in a press release. Previously only available through smart kiosks, the service now lets customers use Tabby to pay for 170 services including license renewals on its website, app, and nol Pay app as well.

DATA POINTS-

#1- Dubai climbed to 12th place in the Global Financial Centers Index, up from 16th in September 2024. It remains the top financial center in the MENA region, while Abu Dhabi ranks 38th. The index is published by London-based think tank Z/Yen Group.

#2-The UAE ranked 21st on the World Happiness Index 2025, up from 21st place in 2024 and outpacing countries including the UK, US, Germany, France, Singapore, and all Arab countries, according to the World Happiness Index 2025 report. The survey also asked people whether, in the past month, they had donated money (UAE’s ranking: 16th), volunteered (ranking: 19th), or helped a stranger (ranking: 67th).

The rest of the ranking? The US slumped to its lowest position ever in the annual World Happiness Report, dropping to 24th place, while Nordic nations continued to dominate the ranking, with Finland coming out on top.

WATCH THIS SPACE-

#1- Adani Group could close its potential acquisition of Emaar India as soon as next month at an enterprise value of USD 1.4 bn, Bloomberg reports, citing sources it says have knowledge of the matter. The potential transaction could see an unlisted Adani unit invest USD 400 mn in equity, the sources said.

We last heard of this in January when Indian local media reported that Emaar could be snapping up a 70-100% stake, valued at an estimated AED 1.7-2.1 bn, likely through Adani Realty, an unlisted entity within the Adani Group.

#2-PureHealth will consider settling AED 1.85 bn in banking facilities obtained from First Abu Dhabi Bank early during its board meeting on 21 March, according to an ADX disclosure (pdf). The company turned to the black in 4Q 2024 with a net income of AED 279 mn, while its annual net income reached AED 1.7 bn last year on the back of growth and acquisitions in the hospitals segment.

REMEMBER- PureHealth has been on an expansion spree: PureHealth is set to acquire a 60% stake in Hellenic Healthcare Group, with the sale valuing the company at USD 2.3 bn. The company also finalized its acquisitions of Circle Health Group and Sheikh Shakhbout Medical City early last year. It had also planned to acquire NMC Healthcare, but reportedly scrapped the plans due to differences over valuation.

Speaking of valuations… Egyptian Prime Minister Moustafa Madbouly confirmed the state has appointed an advisor to come up with a new valuation for state-owned Banque du Caire, which Emirates NBD is reportedly eyeing during his weekly presser yesterday (watch, runtime: 20:46). “The last valuation has become outdated,” Madbouly said, adding that work on the process has begun. The Emirati lender is currently doing due diligence on the bank.

He also confirmed that a strategic sale is not set in stone: “Based on [the new valuation], the state will decide on the size of the stake to offer, either to a strategic investor, or through a stake sale on the EGX,” he said.

REMEMBER- A banking source told EnterpriseAM earlier this month that Banque Misr is seeking USD 1-1.2 bn from the direct sale of a 45% stake in BdC, and is looking to list another chunk of the lender on the EGX in a separate offering, only to retain a non-controlling stake.

#3- UAE investors eye minority stake in Arizona mine: Emirati investors are among those in talks to buy up to 30% of Canadian mining firm Hudbay Minerals ’ flagship Copper World project in Arizona within six months, Bloomberg reports. Saudi Arabia’s Manara Minerals Investment Company and Japanese trading houses are also interested in an acquisition, CEO Peter Kukielski told Bloomberg last November.

The mine: The Copper World project mine had proven reserves of 385.1 mn as of 1 January 2024, according to Hudbay’s website, and it expects the 85k metric tons per year capacity project to up its annual copper production by over 50%, according to Bloomberg.

This comes amid increasing Emirati interest in mining and critical minerals, with ADQ and Orion launching a USD 1.2 bn critical mineral-focused JV, UAE-based Ambrosia Investments acquiring 50% of Allied’s Mali mine operations, and state-owned IRH eyeing a stake in Alphamin Resources.

#4- Lunate to invest in APAC’s private equity: Abu Dhabi alternative asset manager Lunate launched a new venture — Axight — to capitalize on private equity investments in the Asia-Pacific region (APAC), sources familiar with the matter told Bloomberg. Axight aims to raise third-party capital over time, serving as a part of Lunate’s efforts to boost its USD 105 bn assets under management, Bloomberg said, without disclosing the size of the fund. A source close to Lunate declined to comment on the news when we reached out.

Speaking of Lunate: The asset manager Lunate partnered with BNY and SS&C Technologies Holdings to support its end-of-service benefits scheme Ghaf Benefits, according to a statement. BNY will provide custody services for international securities, while SS&C will oversee the platform’s technology infrastructure and administrative services.

#5- Despite expected interest rate cuts in 2025, UAE mortgage rates are unlikely to see significant changes, industry experts told The National. Many banks have already factored in potential rate cuts and are offering competitive mortgage rates, with some lending below the Emirates Interbank Offered Rate (Eibor), Money Maestro’s director, Rajender Prasad said.

ICYMI- The Central Bank of the UAE (CBUAE) kept interest rates unchanged, aligning with the US Federal Reserve’s decision on Wednesday.

The industry’s outlook is promising: The mortgage market remains strong, fueled by residents shifting from renting to homeownership as mortgage rates remain lower than rental yields, said Mortgage Finder’s director, Mohamad Kaswani. Refinancing is also surging as homeowners look to secure better terms or unlock equity for upgrades. The market is expected to stay strong in 2025, driven by lower rates, new property handovers, and banks offering financing for off-plan properties, YouAE Mortgages’ founder Yash Trivedi said.

THE BIG STORY ABROAD-

The US and Turkey are dominating headlines this morning, with yet another executive order from US President Donald Trump grabbing headlines, and protests erupting in Turkey following the arrest of Turkish President Recep Tayyip Erdogan’s main political rival spurred an upheaval in the country.

#1- Thousands are protesting across Turkey after the arrest of Istanbul Mayor Ekrem Imamoglu on charges of terrorism and organized crime, just days ahead of an expected announcement of his presidential candidacy. The arrest has roiled Turkish markets and raised concerns over the already fragile state of the country’s economy. We have more on the fallout of the arrest on markets, and the Turkish central bank’s attempts to prop up the currency, in Planet Finance, below. (CNBC | Bloomberg | Reuters)

#2- Trump signed another one of his — many — executive orders, this time to dismantle the Federal Department of Education, following through on a commitment he made to conservatives during his election campaign. The move will leave education in the hands of the local states and boards. (Reuters | NBC | New York Times | AP)

***

You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.

EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq. Tap or click here to get your own copy of EnterpriseAM UAE.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA climate and logistics industries?

***

MARKET WATCH-

Over-exporting Opec+ nations to make further cuts: Opec+ nations who have exported more than agreed upon levels of oil will reduce oil output in the coming months to compensate for overproduction, the group said in a statement that was picked up by Reuters.

The output reductions will come primarily from Iraq, Kazakhstan, and Russia, however Algeria, Kuwait, Saudi Arabia, the UAE, and Oman are also part of the compensation plan. Cuts from the group, set to be between 189k and 435k barrels a day, are likely to overtake planned production hikes next month, Reuters said.

REMEMBER- Ealier this month the group agreed to go ahead with production hikes next month in April despite a dip in Chinese demand and increased US output threatening market prices. This included a planned hike to the UAE’s production quota.

ALSO- Russia overtook the UAE as India’s top naphtha supplier in 2024-25, a trend expected to continue into 2026 on the back of Moscow’s discounted cargoes, Reuters reports. Russian naphtha was priced at USD 14-15 per ton cheaper than Middle Eastern supply, prompting Indian refiners to favor the lower-cost option amid weaker-than-expected margins, an industry source said.

Moody’s affirms UAE and Abu Dhabi’s gov’t credit ratings

Credit ratings agency Moody’s affirmed the UAE government’s Aa2 rating for long-term local and foreign currency issuances with a stable outlook, it said in a statement seen by EnterpriseAM UAE. Ratings for foreign currency senior unsecured debt stayed at Aa2, while the medium-term note program kept its (P)Aa2 rating as well.

The rationale: The government’s adherence to a balanced budget policy and limited spending due to fiscal decentralization keep its debt burden low, the agency said. Potential risks like the energy transition, regional geopolitical tension, and a drop in oil prices are offset to a certain extent by economic diversification efforts to promote non-hydrocarbon sectors, encourage FDI inflows, and establish itself as a transport, logistics, and financial services hub.

The rating emphasized Abu Dhabi’s role in bolstering the UAE federal government’s overall outlook thanks to its strong balance sheet, however it noted that 80% of the emirate’s total fiscal revenue comes from oil and gas.

Speaking of Abu Dhabi, Moody’s also affirmed its government’s Aa2 rating for long-term local and foreign currency issuances with a stable outlook. Likewise, its foreign currency senior unsecured debt ratings stayed at Aa2 and its short-term local and foreign currency issuer ratings at P-1.

The emirate’s large financial assets and low debt were behind the decision, and Moody’s said low fiscal breakeven oil prices, prudent spending, and large financial assets would help the emirate weather any economic shocks like fluctuating oil prices affecting its hydrocarbon-reliant economy. As a strong competitor in the oil market, the emirate is likely to still generate income from the sector despite the green transition.

Dubai inflation held steady at 3.15% in February

Dubai’s annual inflation stood at 3.15% y-o-y during February, remaining unchanged from January, according to figures from the Dubai Statistics Center (pdf).

Segments seeing growth: Housing, water, electricity, gas and other fuels — the largest component of the basket of goods and services — saw a 7.36% increase, growing at a faster rate than in January, which saw a 7.19% rise. This also puts it ahead of a 12-month high of 7.21% from last December.

Several baskets saw price rises ebb: Price growth in recreation, sport and culture slowed to 3.93%, down from 6.62% the previous month. Restaurants and accommodation services also saw a slowdown. The food and beverages, clothing and footwear, and transport baskets saw their negative growth rates deepen last month, compared to in January.

On a monthly basis, the consumer price index saw a 0.54% uptick in February, according to Dubai Statistics Center data (pdf), following a 0.01% fall in inflation figures the month before.

The outlook going forward: The Central Bank of the UAE has pencilled in an inflation rate of 2.0% for 2025 with the “non-tradable components of the consumer basket expected to be the main drivers.” Elsewhere, Emirates NBD predicted an average 2.1% inflation rate for the wider GCC region, and the IMF revised down its December prediction of 2.1% inflation to 2% for the UAE.

FinMin rolls out standardized accreditation framework for its e-invocing system

Gov’t achieves breakthrough in e-invocing system: The Finance Ministry has issued a new mi nisterial decision (pdf) that establishes a “unified, secure, and standardized framework for accreditation and compliance” in its e-invoicing system, state news agency Wam reports. The new accreditation system aims to ensure that all e-invoices and credit notes are issued in structured electronic formats that “enable automatic and electronic processing.”

Refresher: The Finance Ministry has been gearing up to launch an e-invoicing system in 2026 after amending tax and VAT regulations. The new system aims to streamline invoicing processes for businesses and government entities, enabling immediate exchanges and tax reporting to the Federal Tax Authority (FTA). Businesses will be required to issue invoices and credit notes electronically and maintain digital records as part of a phased rollout, which is set to launch its first phase in 2Q 2026.

Accreditation will be granted for a renewable two-year period, with any failure to comply or fulfill renewal conditions possibly resulting in the revocation of accreditation and a two-year ban on reapplying.

The accreditation system also outlines obligations for service provider compliance, tax registration commitments, information security requirements and self-declaration requirements.

What’s next? The ministry is set to issue legislation updates in 2Q 2025, ahead of the launch of the first phase of the system in 2Q 2026, according to the Finance Ministry website.

Mubadala weighs a follow-on equity offering of its holding in telecom giant du on the DFM

Mubadala could offload part of its stake in telecom operator du: Abu Dhabi sovereign wealth fund Mubadala Investment is reportedly looking to float at least a portion of its USD 1 bn stake in Dubai-listed Emirates Integrated Telecommunications Company (du) on the DFM, Bloomberg reports, citing people it says are familiar with the matter.

Refresher: The fund offloaded a 10% stake in du to Emirates Investment Authority (EIA) back in 2019 for USD 630 mn, retaining 10% ownership through its subsidiary Mamoura Diversified Global Holding. EIA is currently du’s largest shareholder.

What we know: The fund reportedly enlisted Emirates NBD, First Abu Dhabi Bank and Goldman Sachs to advise on the potential transaction, though the size and timing of the sale remain under wraps.

Du’s share price has been on the rise: The telecom operator’s share price rose 0.25% to AED 8.12 apiece on yesterday’s close, up nearly 40% from June 2019 when Mubadala sold down its position to EIA.

Strong financials + record high dividends: Du’s net income was up 49.10% y-o-y to AED 2.5 bn last year, while its revenues were up 7.30% to AED 14.6 bn. The firm also recently 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, its highest-ever dividend distribution, according to the business news service.

Mubadala-backed Aman to raise USD 2 bn to drive UAE and global projects

Mubadala-backed hospitality group Aman aims to raise USD 2 bn in investments to fuel its expansion in the UAE and globally, CEO Vladislav Doronin told Bloomberg. The company is in advanced discussions with its bankers about the structure of the fund. It plans to obtain the amount from institutional investors and high-net-worth individuals, particularly from the Middle East.

The timeline: Investor discussions will begin once the fund is finalized, with a potential closure by early 2026.

Where will the money go? The funds will support the development of 23 hotels and the expansion of Aman Residences, its luxury real estate arm. Aman plans to open more properties across the Middle East and Africa and expand Janu, its new hotel brand catering to younger travelers.

The Swiss-based group has many ongoing projects in Dubai, including Janu Dubai, a 150-key skyscraper situated in Dubai International Financial Center that is set to open by 2027. The hospitality giant is also working on the Aman Dubai project in Jumeirah 2, which will include Aman-branded residences, a 2.9k sqm spa, restaurants, and an Aman club. Additionally, it is currently developing two 39-key residential towers, with the first one sold and the second to follow in the next few months, and is planning a private members’ club in Dubai.

Background: The group secured a USD 360 mn investment from Mubadala Capital and private equity fund Alpha Wave Ventures back in 2023. Alpha is co-managed by Alpha Wave Global and Chimera Capital, a division of Abu Dhabi’s Royal Group.

About Aman: Founded in 1988, the Swiss hospitality group manages a portfolio of 35 hotels and resorts in 20 destinations across the world. It owns several trademarks including the hotel brand Janu and the Aman Essentials retail collection.

OTHER MUBADALA-RELATED NEWS-

CVC Capital eyes Mubadala’s asset manager Fortress as part of its push into private credit: European private equity firm CVC Capital Partners reportedly held negotiations with Mubadala to acquire the sovereign wealth fund’s US-born asset manager Fortress Investment Group, before talks stalled over valuation, Bloomberg reports, citing unnamed sources it says have knowledge of the matter. Mubadala acquired a 68% stake in the company last year, while Fortress Management retained a 32% ownership.

The sticking point: The Euronext listed PE firm reportedly offered that Mubadala retains a minority stake in the Fortress, but valuation seems to be the culprit behind the hold up, according to one of the sources. Fortress — which has USD 48 bn in assets under management — was valued at USD 2 bn when Mubadala acquired it.

REMEMBER- Private credit has been Mubadala’s top-performing asset class for three straight years, and it currently boasts a few private credit partnerships across the US, Europe, and Asia.

Dubai-based travel and events firm Ambitions Enterprise is taking a 5% stake to Nasdaq

Travel and events management firm Ambitions Enterprise Management (AEM) filed for an IPO on Nasdaq as the firm looks to shore up liquidity to fund its overseas growth plans, according to a preliminary prospectus. The move is pending final approval from the exchange.

About the company: AEM operates through its subsidiaries, Hunter Dubai and Multiple Dubai, across the UAE, Jordan, Qatar, Bahrain, Kuwait, Saudi Arabia, and Oman. The company specializes in corporate events and one-stop tourism offering fully integrated travel packages. It is registered in the Cayman Islands.

What’s up for grabs: The Dubai-headquartered tour operator plans to issue and float 1.5 mn new shares priced between USD 4-5 apiece — good for a 5.08% stake post-IPO. At the top of the range, the firm would lock in USD 7.5 mn in IPO proceeds, implying a market cap of up to USD 147.50 mn at listing, according to our calculations.

Use of proceeds: The company would use the proceeds to fund its expansion into Europe and Australia by acquiring local travel companies and establishing new subsidiaries. The funds will also support its development of what the company calls a “digital tourism robot” and cover the firm’s corporate expenses.

Post-IPO structure + lockup: The offering ensures that the company’s CEO and majority shareholder Zhengang Tang retains a controlling stake and majority voting power post-IPO. He will see his ownership diluted to a 69.75% stake down from 71.11%, which will remain on lockup for a period of six months from the first day of trading.

Hedging against potential share price fluctuations: The IPO includes a green shoe option (aka over-allotment option), granting underwriters a 45-day window to buy up to 225k additional shares at the same price.

A snapshot of its financials: The company’s net income stood at USD 113k in 1H 2024, up 62.8% y-o-y, and its revenue came in at 8.51 mn in the first half of last year, up 37.6% y-o-y. AEM has no formal dividend policy, and its board has full discretion over future payouts, subject to restrictions under Cayman Islands Law. The firm will opt instead to reinvest earnings into expansion and debt repayment.

ADVISORS- AC Sunshine Securities and Univest Securities are underwriters on the transaction.

Ambitions is not the only UAE firm eyeing the Nasdaq as of late: Dubai-based robotics startup Micropolis Holding made its debut on the New York Stock Exchange (NYSE) last week raising some USD 15.5 mn in IPO proceeds by floating a 12.9% stake. ADX-listed crypto miner Phoenix is also mulling a potential dual listing internationally, including potentially on Nasdaq, this year.

Debt collection startup ClearGrid raised USD 10 mn across two funding rounds

Dubai-based debt collection startup ClearGrid, which just emerged out of stealth mode, raised USD 10 mn across two funding rounds: a pre-seed round co-led by Raed Ventures and Beco Capital, and a seed round co-led by Nuwa Capital and Raed Ventures, according to a press release. The funding will support the company’s expansion into Saudi Arabia and further development of its AI-powered platform, enhancing early risk detection, debt counseling, and credit orchestration.

About ClearGrid: Founded by Khalid Bin Bader Al Saud (LinkedIn), ex-co-founder of Munch:on Mohammad Al Zaben (LinkedIn), and Mohammad Al Khalili (LinkedIn), ClearGrid offers an AI-powered debt recovery platform that personalizes collection strategies based on borrower data.

Since its 2024 launch, ClearGrid has managed hundreds of mns in debt portfolios, secured over 10 major enterprise clients, and achieved profitability in the UAE within a year. The company claims that its clients have reported a 38% average increase in collection rates, with resolutions achieved twice as fast compared to traditional methods.

Other backers who participated in the funding include Aramco's Waed Ventures, KBW Ventures, Sharaka, 9yards Capital, Protagonist, BYLD, Eirad Holdings, Endeavor Catalyst, and Wamda Capital, alongside notable angel investors.

UAE leads Forbes Middle East’s top asset managers, fintech firms, and valuable banks lists

Emiratis and UAE-based firms made their stamp on a host of new Forbes Middle East rankings out over the past week. Here’s the rundown.

Six UAE-based executives made it to Forbes Middle East’s Top 40 AssetManagers regional list. The complete list included executives who managed assets exceeding USD 439 bn last year, including local and international equity and debt funds, discretionary portfolios, real estate investments, REITS, and private equity.

Here are the UAE leaders who made the cut:

CEO of Mashreq Capital Philip Philippides (LinkedIn);
CEO of Rasmala Investment Holdings Zak Hydari (LinkedIn);
Senior Executive Officer of ADCB Asset Management Gavin Rankin (LinkedIn);
Managing Director of Waha Capital Mohamed Hussain Al Nowais (LinkedIn);
Senior Executive Officer of ASB Capital Hichem Djouhri (LinkedIn);
Senior Executive Officer of Emirates NBD Asset Management Michail Samawi (LinkedIn).

The UAE emerged as the most represented country in Forbes Middle East'sFintech 50 list for 2025, with 13 companies securing spots among the region’s leading fintech firms. New Emirati entrants included Ziina, making its debut at #37. The highest-ranking UAE-based companies were Wio Bank (#4) and e& money (#9).

Seven Emirati banks secured spots in Forbes Middle East’s 30 Most ValuableBanks 2025 list, with a combined market value of USD 153.4 bn — second only to Saudi Arabia, which led with 10 entries totaling USD 269 bn.

The UAE’s largest bank, First Abu Dhabi Bank, ranked third with a market value of USD 43.7 bn. Other UAE banks on the list include Emirates NBD (#6), Abu Dhabi Commercial Bank (#8), Abu Dhabi Islamic Bank (#12), Dubai Islamic Bank (#13), our friends at Mashreq at #17, and Commercial Bank of Dubai (#20).

ALSO WORTH NOTING-

Ras Al Khaimah Economic Zone (Rakez) was presented with the fastest-growing economic zone in the UAE award at the Annual Asian Arab Awards 2025. (Statement)
Tarjama’s Arabic large language model Pronoia outclassed DeepSeek and GPT-4o in Arabic-related tasks such as translation, rephrasing, and summarization. It also outperformed the other engines in terms of efficiency, processing speed, and low latency. (Statement)

Bristol Myers Squibb appoints Osama Braiwish as general manager

Bristol Myers Squibb names Osama Braiwish general manager: American biotech firm Bristol Myers Squibb has appointed Osama Braiwish (LinkedIn) as general manager for the UAE, Saudi Arabia, Kuwait, Qatar, Oman, Bahrain, and Jordan, according to a press release (pdf). Braiwish boasts over 25 years of experience in the pharma and diagnostics industry. He previously served as general manager of Roche Diagnostics Saudi Arabia. Prior to that, he served as CPO head and country president at Novartis Saudi Arabia.

Singapore-based creator management firm Gushcloud plans biggest office in Abu Dhabi + Green hydrogen-powered buses coming to Dubai?

TECH-

Gushcloud to establish regional HQ in Abu Dhabi: The Abu Dhabi Investment Office partnered with Singapore-based AI-powered creator management firm Gushcloud International to set up its EMEA and India regional headquarters in Abu Dhabi, according to an Abu Dhabi Media Office statement. The company, which operates across 13 markets, will relocate senior leadership to the emirate, which is expected to become its largest international office.

The partnership will focus on IP development, training programs, and collaborations with local institutions to strengthen digital media expertise. Gushcloud will also launch a Creator Venture Program to fund and support digital content creators. The move is expected to generate over 100 jobs in technology, finance, sales, and legal sectors.

BANKING-

Emirates NBD Pay integrates Visa’s Cybersource: Emirates NBD Pay partnered with Visa to integrate Cybersource, a payment acceptance and risk management platform, into its digital payment services, according to a statement. The move aims to strengthen fraud prevention and compliance for businesses across multiple sectors in the UAE, including retail, hospitality, healthcare, and travel.

What merchants are getting: The platform offers AI-driven security tools designed to safeguard transactions and improve payment efficiency. Its tools also provide advanced risk assessment, while tokenization ensures secure transactions, and Account Funding Transactions facilitate seamless wallet top-ups.

ENERGY-

Enoc Group + RTA explore green hydrogen-powered transport: Emirates National Oil Company (Enoc) and the Dubai Roads and Transport Authority (RTA) have signed an MoU to explore the implementation of green hydrogen-powered mobility solutions in Dubai, according to a press release. Under the partnership, Enoc will supply green hydrogen fuel to power RTA’s hydrogen city buses, and will also provide technical support and refueling data to help assess the feasibility of the initiative.

REMEMBER- Enoc opened its first green hydrogen fuel station in Expo City Dubai in 2023 with Dewa and Toyota, which was the only station in the region offering green hydrogen at the time. It also recently partnered with the Dubai Electricity and Water Authority (Dewa) to source green hydrogen from Dewa’s Mohammed Bin Rashid Al Maktoum Solar Park.

AVIATION-

Ethiopia, Abu Dhabi expand air travel: Etihad Airways entered into a strategic joint venture (JV) with Ethiopian Airlines that aims to boost their connectivity across their respective networks in the Middle East, Africa, and Asia, according to a statement. Under the partnership, Ethiopian Airlines will commence new services from Addis Ababa Bole International Airport (ADD) to Zayed International Airport (AUH) effective 15 July, while Etihad Airways will launch daily flights from AUH to ADD starting 1 October. The airlines have also entered into a codeshare arrangement to further expand their network and aim to discuss further ways to develop cooperation in areas including cargo, training and frequent flyer programs, Etihad CEO Antonoaldo Neves said.

LOGISTICS-

DP World locks in a developer for Congo’s first deep-sea port: DP World has selected Portuguese construction firm Mota-Engil to head the development of the Democratic Republic of Congo’s (DRC) Banana Port, according to a statement. The port — located in Kongo Central — will be DRC’s first and only maritime gateway for containerized cargo that aims to reduce transport costs, facilitate trade, and support local industries. The project is scheduled to be built in two phases — the first phase will include a 600m quay, 30 hectares of storage area, and a handling capacity of 450k TEUs annually, while the second phase is set to expand the quay wall by over 2km.

Who else is involved? The British government’s development finance arm British International Investment (BII) invested some USD 35 mn for the first phase of DP World’s deep-sea container port back in August 2024. The development of the firm will also include several local firms and enterprises.

Background: DP World inked a collaboration agreement with the Congolese government in December 2021 to develop the Banana Port, which is set to boost the second-largest African country’s access to international markets and global supply chains. The port — for which construction kicked off in 2022 — is expected to cut the cost of trade in Congo by 12% and create up to 85k jobs.

NON-BANKING FINANCIAL SERVICES-

Telr secures UAE central bank license to expand digital payments: Payment gateway Telr has received a Retail Payment Services (RPS) License from the Central Bank of the UAE (CBUAE), enabling it to expand merchant acquiring and payment aggregation services in the country, according to a statement.

About Telr: Telr provides customized payment solutions that allow secure transactions and real-time monitoring for businesses and consumers. The company focuses on streamlining e-commerce payments, ensuring seamless, efficient, and secure digital transactions.

ICYMI- Last year, Telr secured preliminary approval for the retail payment services and card schemes license from the CBUAE, paving the way for full approval.

INVESTMENT-

Abu Dhabi-headquartered venture capital firm Delta Wealth Partners will launch an AI-focused fund, the Delta Future Fund, in 2Q 2025, Al Khaleej reports. The fund will target startups working in advanced AI, deep tech, automation, robotics, fintech, and computing.

DEBT-

Fitch upgrades UAB’s Viability Rating: Credit ratings agency Fitch Ratings has upgraded ADX-listed United Arab Bank (UAB)’s Viability Rating (VR) to BB-, up from B+ previously, citing “UAB's improved asset quality and profitability metrics,” Fitch Ratings said on its website. The upgrade comes as the agency sees UAB’s asset quality and profitability being sustainable in the medium term, on the back of the bank’s “loan book clean-up process, and tightening of underwriting standards,” coupled with the UAE’s favorable operating conditions.

Fitch also affirmed UAB’s Long-Term Issuer Default Rating (IDR) at BBB+, with a stable outlook.

DEFENSE-

Edge’s Powertech secures first order for P145i engine from Adasi: Edge Group’s Powertech secured its first order for the P145i combustion engine from military UAV system manufacturer Adasi, Edge said in a press release. Under the agreement, Powertech will supply Adasi with its advanced six-cylinder fuel-injection engine, designed for unmanned aerial vehicles and light aircraft.

What’s in store for Turkey’s economy and investment flows as political unrest takes a toll?

The future of the Turkish economy is back on the financial press’ front pages following the political upheaval spurred on by Turkish authorities’ arrest of Istanbul Mayor — and Turkish President Recep Tayyip Erdogan’s most prominent rival — earlier on Wednesday. While the Turkish government is scrambling to contain the damage, the events have brought the question of Turkish economic stability back in the spotlight after a brief period of relative stability, Bloomberg reports.

ICYMI- Turkish markets fell by the most in the world on Wednesday after the arrest, with the TRY also seeing a sharp sell-off falling nearly 12% to hit a new all-time low of 42 against the greenback, Reuters reports.

Markets have since stabilized: The main stocks index rose 1.1% yesterday, paring some of its losses from earlier, though the banking index dropped 4.6%. The TRY also gained some ground, stabilizing at 38 per USD, still down 0.3%.

A lot of it comes down to the central bank’s swift response to the turmoil: The central bank reportedly sold nearly USD 10 bn in foreign currency reserves in an attempt to prevent a deeper currency crisis — the largest single-day intervention on record, Reuters reports. Analysts say the central bank did not directly intervene in the exchange rate but used public banks to conduct transactions at an unprecedented scale. Authorities also moved to control public reaction, blocking some communication platforms, throttling internet access, and banning protests across Istanbul, Bloomberg added.

Foreign investors, who had begun returning to Turkey following recent economic reforms, are rattled. The arrest is a “reminder that President Erdogan intends to tighten his grip on power even more,” said senior FX analyst Piotr Matys. Investors fear growing government intervention and capital flight could derail Finance Minister Mehmet Simsek’s efforts to restore economic stability by unwinding years of unorthodox economic policies — also known as Erdonomics.

Analysts are broadly optimistic: Despite Wednesday’s turmoil, Goldman Sachs economist Clemens Grafe suggested that foreign selling is “likely to be limited,” given that the turmoil is political rather than directly tied to economic policy. However, rebuilding investor confidence will take time, he said. Others, including an analyst at Control Risks, expect inflation to rise on the back of shaky confidence in the TRY and in the economy, which could prompt new rate hikes as the central bank continues to prioritize tamping down on inflation, CNBC reports.

The biggest question is whether domestic investors will rush into USD, further pressuring the TRY. “Panic selling from both foreigners and locals appears to have cooled off,” said MUFG Bank Turkey Treasury Head Onur Ilgen, adding that the potential currency switch is “the most important issue to be tackled by policymakers.”

MARKETS THIS MORNING-

Asian markets are mixed in trading this morning, mirroring uncertainty and volatility across global markets, including on Wall Street. Japan’s Nikkei was up 0.5% after positive inflation figures showed the headline figure easing in February from the previous month, while Hong Kong’s Hang Seng slipped 0.6%. China’s CSI 300 was up 0.2%.

Over on Wall Street, futures point to a weak open after stocks struggled to continue the rally brought on by the Fed’s decision to hold rates steady on Wednesday.

ADX	9,368	-0.7% (YTD: -0.5%)
DFM	5,131	+0.3% (YTD: -0.6%)
Nasdaq Dubai UAE20	4,192	-1.0% (YTD: +0.7%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.4% 1 yr
TASI	11,760	+0.4% (YTD: -2.4%)
EGX30	31,678	+1.1% (YTD: +6.5%)
S&P 500	5,663	-0.22% (YTD: -4.1%)
FTSE 100	8,702	-0.1% (YTD: +6.5%)
Euro Stoxx 50	5,451	-1.0% (YTD: +11.5%)
Brent crude	USD 72.0	+1.7%
Natural gas (Nymex)	USD 3.92	-1.3%
Gold	USD 3,052	+0.3%
BTC	USD 84,382	-1.7% (YTD: -10.7%)

THE CLOSING BELL-

The DFM rose 0.3% yesterday on turnover of AED 456.7 mn. The index is down 0.6% YTD.

In the green: Al Firdous Holdings (+2.4%), Talabat Holding (+2.1%), and ENBD REIT (+1.9%)..

In the red: Emirates Investment Bank (-9.8%), Dubai Islamic Ins. and Reins. Co. (-3.7%) and National Cement Company (-3.0%).

Over on the ADX, the index fell 0.7% on turnover of AED 940 mn. Nasdaq Dubai was down 0.1%, and up 0.7% YTD.

CORPORATE ACTIONS-

Budget retailer Union Coop will distribute AED 282 mn in dividends for 2024, according to a DFM disclosure (pdf). The company will distribute AED 244.4 mn as a 14% return on its paid-up capital, while the remaining AED 37.6 mn will be provided as a 5% return on shareholders' purchases.

Fujairah Building Industries’ shareholders approved a 30% dividend payout for FY 2024 equivalent to AED 40.8 mn, according to an ADX disclosure (pdf).

Union Properties’s general assembly will discuss reducing its capital to AED 2.9 bn, down from AED 4.3 bn, according to a disclosure (pdf) to the DFM. The AED 1.4 bn reduction, or 33.4% of its total issued capital, is equivalent to the firm’s accumulated losses as of the end of 2024, it said.

Al Ansari Financial Services will distribute dividends of AED 315 mn, representing 420% of the firm’s paid-up share capital, it said in a disclosure (pdf) to the DFM.

UAE mediates another exchange of war captives between Russia and Ukraine + kickstarts talks for an economic partnership with Tunisia

The UAE facilitated the exchange of 350 war captives—175 Ukrainians and 175 Russians—between Russia and Ukraine, according to a Foreign Affairs Ministry statement. This marks the UAE’s 13th successful mediation, bringing the total number of captives exchanged through its efforts to 3.2k.

The UAE and Tunisia began negotiations for a comprehensive economic partnership agreement, state news agency Wam reports. The agreement aims to boost trade and investment by reducing tariffs, improving market access, and creating new investment opportunities across multiple sectors.

ALSO- President Sheikh Mohamed bin Zayed Al Nahyan and Kuwaiti Emir Sheikh Mishal Al Sabah discussed ways to strengthen bilateral cooperation during a phone call, Wam reports.

CALENDAR

MARCH

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

30 March-1 April (Sunday-Tuesday): 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.

8-9 April (Tuesday-Wednesday): World Crisis and Emergency Management Summit, Abu Dhabi.

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)

29 April (Monday): Deadline to send comments and feedback on the FSRA proposal.

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.

Sections

About

Privacy & Support

Get EnterpriseAM daily