UAE pledges USD 1.4 tn in investments in the US

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WHAT WE’RE TRACKING TODAY

THIS MORNING: US envoy says Gulf could be bigger than Europe + Masdar eyes TotalEnergies’ Portuguese renewables assets

Good morning, wonderful people. We kick off the final full workweek of Ramadan before the much-needed Eid break with a packed issue led by news of a bumper USD 1.4 tn planned investment in the US over the next decade.

ALSO WORTH YOUR ATTENTION- Emirates Islamic Bank’s closed its USD 750 mn, 2.1x oversubscribed sukuk issuance; the Dubai Financial Services Authority could introduce sweeping new regulations for fund managers by early next year; and we have a lot of analysis into how Gulf sovereign wealth funds and M&A activity is set to look like in the next few years.

So, when do we eat? Maghrib is at 6:35pm today in Dubai and 6:39pm in Abu Dhabi. You’ll have until fajr prayers at 5:00am in Dubai and 5:04am in Abu Dhabi tomorrow to finish your suhoor.

⛅WEATHER- Temperatures are cooling down today with a chance of light rainfall and blowing dust across the country, according to our favorite weather app and the National Center of Meteorology’s forecast (pdf). Dubai will see the mercury hit 29°C, with an overnight low of 22°C, while temperatures will hit 24°C in Abu Dhabi, with an overnight low of 20°C.

MUST-WATCH-

US envoy Steve Witkoff says the Gulf is one of the most “undervalued opportunities” globally: The Gulf took center stage in a headline-grabbing interview (watch, runtime: 01:32:58) by American presenter and podcast host Tucker Carlson with US envoy Steve Witkoff. Witkoff described the region as “one of the most undervalued opportunities” globally, suggesting it could surpass Europe in the US investment outlook. He highlighted that US-Gulf peace treaties are not only security guarantees, but also tools to attract global capital by making countries more “financeable.”

The Gulf has also emerged as a new hub for great power diplomacy, with Witkoff confirming that US-Russia-Ukraine talks are being held in Saudi Arabia. He also hinted at a broader regional reset in the Middle East, suggesting that Arab-Israeli normalization could extend to Lebanon and Syria.

The interview got ink on CNN and the BBC.

PSAs-

#1- Parkin introduces peak-hour fees effective 4 April: Dubai parking operator Parkin will implement a variable tariff pricing system approved by Dubai’s Roads and Transport Authority (RTA) on 4 April, according to a press release (pdf). Under the new system, peak-hour rates will apply for six hours daily (8-10am and 4-8pm), excluding Sundays and public holidays. Off-peak fees (10am to 4pm and 8-10pm) remain unchanged.

Details: The new structure covers 14 daily chargeable hours, with higher fees during peak traffic times.

IN CONTEXT- Parkin recently introduced event-zone pricing at AED 25 per hour during major events last month, following its January 2025 announcement on plans for variable tariffs, including event-zone pricing.

#2- The Abu Dhabi Municipalities and Transport Department will introduce a new accessibility rating system to improve accessibility for residents and visitors, including seniors, pregnant women, children, and individuals with disabilities, according to the Abu Dhabi Media Office. Following a one-year pilot, the Sahel Rating System system will initially apply to new developments, with plans to extend it to existing buildings and public spaces.

The details: Developments will be assessed in three categories—Sahel Community Rating, Sahel Public Realm Rating, and Sahel Building Rating—each graded across four levels: accessible, adaptable, inclusive, and exemplar. Compliance will be monitored throughout design, construction, and operation, with audits ensuring adherence. To maintain accessibility standards, built assets will undergo reviews every five years for recertification.

#3- RAK Municipality overhauls residential buildings’ completion certificate process: The Ras Al Khaimah Municipality has made its completion certificate process for residential buildings easier by allowing contractors and developers to apply for the certificate without submitting air conditioning and water installation initially, state news agency Wam reports. The municipality has also streamlined inspection procedures and strengthened coordination with utility providers to accelerate electricity and water service connections. The overhaul seeks to slash processing times, reduce costs, and expedite project approvals.

#4- New bridge alert: Dubai’s Roads and Transport Authority (RTA) inaugurated a 1.2 km bridge to improve traffic flow from Infinity Bridge through Al Mina Street to the intersection of Sheikh Rashid Road and Sheikh Khalifa bin Zayed Street, according to a post on X. The bridge features three lanes and a capacity of 4.8k vehicles per hour.

The bridge is part of the fourth phase of the Al Shindagha Corridor Improvement Project, which spans 4.8 km along Sheikh Rashid Road. This phase includes five bridges totaling 3.1 km, capable of handling 19.4k vehicles per hour, alongside 4.8 km of road enhancements, improved intersections on Jumeirah Street, Al Mina Street, and Sheikh Sabah Al Ahmad Al Jaber Al-Sabah Street, as well as two pedestrian bridges on Sheikh Rashid Road and Al Mina Street.

Background: Dubai’s RTA awarded a contract last year for the construction of the Al Khaleej Street Tunnel Project, a key element of the Al Shindagha Corridor Improvement Project. As part of the same project, the RTA opened a three-lane bridge linking Sheikh Rashid Road to Infinity Bridge.

WATCH THIS SPACE-

#1- Masdar eyes TotalEnergies’ Portuguese renewable assets: Abu Dhabi renewable energy giant Masdar is reportedly looking to acquire an undisclosed stake in the Portuguese renewable assets of TotalEnergies, Reuters reports, citing three sources it says have knowledge of the matter. The potential transaction would take place through Masdar’s subsidiary Saeta Yield, once source said. TotalEnergies has c. 600 MW of installed renewable capacity in Portugal, mostly in the form of wind power, the newswire said.

This would be the latest in a long line of European renewable acquisitions, as the renewables giant looks to hit its target of 100 GW of renewables by 2030. Masdar is also said to be eyeing the acquisition of a minority stake in Spanish utility firm Endesa’s solar portfolio. It finalized a 49.99% stake acquisition in EGPE Solar, an Endesa subsidiary with a 2 GW capacity, last December. Last year also saw it bolster its European portfolio by acquiring 1.6 GW worth of renewables through the acquisition of Spanish renewables firm Saeta Yield, in addition to a 70% stake in Greece’s Terna Energy, and a 49% stake in the UK’s 3 GW Dogger Bank. Across the pond, it also bought 50% of Terra-Gen Power Holdings, a US renewable energy producer.

#2- Abu Dhabi sovereign wealth fund Mubadala inches closer to acquiring four units of its majority-owned, Istanbul-based delivery platform Getir after it lined up approval from the Turkish Competition Authority, Asharq Business reports, citing a statement by the regulator.

IN CONTEXT- Mubadala secured shareholder approval in January to separate Getir’s profitable local grocery delivery operations from the company’s noncore businesses — a move the fund says is necessary to stabilize the company, whose valuation fell to USD 2.5 bn in 2023 from USD 11.8 bn in 2022 amid cashburn and exits from key markets. The wealth fund applied for sole ownership of Getir’s grocery and food delivery businesses with Turkish antitrust authorities in September, after acquiring a controlling stake in the company back in June, leading a USD 250 mn funding round tied to the company’s restructuring.

#3- Deadline for Sidara’s takeover of Wood Group looks set to be extended: UAE-based engineering conglomerate Sidara and UK energy services firm Wood Group are expected to extend the deadline for acquisition talks, the Financial Times reports, citing people familiar with the matter.

Sidara had until today to make a formal offer, but it is still waiting for a Wood Group’s governance report and a complete financial audit. Last Friday, Wood Group’s stock was down 13% at GBP 3.84 per share. Sidara’s offer last year valued it at GBP 2.3 per share, the outlet reports, adding that the companies are now negotiating a lower price due to the recent decline in its share price.

Background: The UAE-based group restarted acquisition talks in February after successive attempts fell through (here and here), and scrapping plans in August. This follows a 60% dip in its shares last month after governance failures and the resignation of CFO Arvind Balan, who admitted to falsifying qualifications.

#4- Sheikh Tahnoon, G42 executive meet Zuckerberg: Deputy Ruler of Abu Dhabi Sheikh Tahnoon bin Zayed and G42 executive Peng Xiao and Meta founder Mark Zuckerberg during his visit to the US, The National reports, citing a social media post.

ICYMI- The discussions follow Sheikh Tahnoun’s meeting with US President Trump last week, during which they explored economic ties and investments in AI, technology, infrastructure, and healthcare. Sheikh Tahnoon also engaged with senior executives from Microsoft, Amazon, Palantir, Oracle, BlackRock, Nvidia, and xAI last week.

#5- Dubai Courts is set to see 42 new projects and initiatives designed to optimize judicial processes and improve customer experience and dispute resolution, as part of the 2025-2029 strategic plan approved by Dubai Deputy Ruler Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum, according to the Dubai Media Office, which references a post on X. The plan also focuses on upskilling the courts’ institutional capabilities in terms of talent and governance. Finally, AI and advanced tech will be used increasingly to optimize data use and judicial efficiency. The plan will be implemented through three strategic impact indicators and 27 strategic performance indicators.

DATA POINT-

Tax revenues from 80 DFM and ADX-listed companies came in at AED 31.5 bn for FY 2024, Al Khaleej reports, citing data it compiled. The bulk of this — AED 22 bn — came from just eight companies. The UAE began imposing a 9% levy on earnings over AED 375k in June 2023.

The highest contributors: Adnoc Gas led with AED 6.5 bn in tax dues, followed by Emirates NBD (AED 4.1 bn) and First Abu Dhabi Bank (AED 2.8 bn). Other major contributors included Borouge (AED 1.8 bn), Etisalat (AED 1.7 bn), and Abu Dhabi National Energy Company (Taqa) (AED 1.6 bn). Emaar (AED 1.4 bn) and Abu Dhabi Commercial Bank (ADCB) (AED 1.1 bn) rounded out the list.

THE BIG STORY ABROAD-

Israel ramps up airstrike, killing tens: Israeli airstrikes killed two senior Hamas leaders in Gaza between Saturday and Sunday, in what appears to be a renewed escalation of the war. Hamas said political bureau member Ismail Barhoum was killed in an Israeli strike on the surgery department of Nasser Hospital in Khan Younis on Sunday, which also killed a handful of civilians. A separate strike on Saturday reportedly killed Salah Al Bardaweel, another top political figure in the group. Israeli Defense Minister Israel Katz confirmed the strike targeted Barhoum, describing him as a key figure in the group. At least 45 people were killed in the strikes on Rafah and Khan Younis on Sunday alone.

Tel Al Sultan under siege: Israeli troops have surrounded the Tel Al Sultan neighborhood in western Rafah, issuing evacuation warnings and claiming the operation aims to “dismantle terror infrastructure sites.” (Reuters | AP)

AND- Ukrainian and US delegations held talks in Saudi Arabia yesterday as part of a fresh diplomatic effort to end the war in Ukraine, with US special envoy Steve Witkoff expressing optimism about progress toward a ceasefire. (Reuters | BBC | FT | New York Times)

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UAE to invest USD 1.4 tn in US over 10 years

The UAE will invest USD 1.4 tn in the US through a 10-year investment framework, following discussions between US President Trump and a UAE delegation, led by Deputy Abu Dhabi Ruler and National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan, the White House said on X. The framework will significantly expand the UAE’s investments in key US sectors, including AI infrastructure, semiconductors, energy, and manufacturing. It will also facilitate multiple partnerships between American and Emirati companies to capitalize on opportunities in these sectors.

The statement cited a mix of old and new partnership agreements between US and UAE companies, without clarifying further details about how investments will reach USD 1.4 tn.

So, what’s new? Emirates Global Aluminum will develop the US’ first new aluminum smelter in 35 years, nearly doubling the US’s domestic aluminum production. The company has been planning to establish a primary aluminum smelter in the US for the past few years, Reuters reports, citing a company statement. It is also eyeing several US acquisitions following its acquisition of 80% of Minnesota’s Spectro Alloys in August 2024.

Bypassing tariffs: EGA’s acquisition of Spectro Alloys and future US-based takeovers will provide the firm with tariff-free access to aluminum as US metal prices rise, CEO Abdulnasser Bin Kalban said earlier. The US imposed a 25% tariff on aluminum and steel imports earlier in March.

Other key partnerships under the framework:

Abu Dhabi sovereign wealth fund ADQ partnered with US investment firm Energy Capital Partners to invest USD 25 bn in powering data centers.
ADQ and Orion Resource formed a JV to invest USD 1.2 bn in metals and mining over the next four years.
Elon Musk’s xAI and Nvidia joined BlackRock, Microsoft, and MGX in the USD 100 bn AI Infrastructure Partnership to invest in data centers and energy projects.
Elon Musk’s xAI and chipmaker Nvidia joined BlackRock, Microsoft, and MGX’s USD 30 bn AI Infrastructure Partnership.

AI investments remain a top priority: The UAE has been impacted by US export restrictions on AI chips and GPUs, which also apply to 120 other countries. Al Nahyan had reportedly been planning to lobby for easier access to advanced chips, including those from Nvidia, during his Washington visit. However, it remains unclear whether the new investment agreement will grant the UAE access to the technology.

Adnoc’s also playing a big role: Adnoc is looking to snap up US natural gas-producing fields to secure fuel for its chemical plants and LNG export facilities. Its investment arm, XRG, will invest in the NextDecade LNG export facility in Texas after acquiring an 11.7% stake in the project’s first phase. XRG also plans to expand its presence in the US gas supply chain, alongside investments in chemicals, energy infrastructure, and low-carbon solutions.

Other UAE entities are ramping up their US presence:

Dubai-based Damac Properties committed USD 20 bn to US data centers and launched its first real estate project in the country.
An Abu Dhabi investment Authority (Adia) unit and private equity firm Advent International invested USD 3 bn in Texas-based investment firm Fisher Investments.
Adia has also invested USD 500 mn in US power infrastructure firm Alpha Generation.

The story also got ink on CNBC and Bloomberg.

DFSA moves to slash base capital requirements for fund managers

The Dubai Financial Services Authority (DFSA) is proposing regulatory changes that would lower capital requirements and ease hiring restrictions for asset managers in the Dubai International Financial Center, Bloomberg reports, citing a DFSA spokesperson. The proposals, currently under consultation with firms, aim to align Dubai’s regulatory framework more closely with UK and EU standards and could be finalized as early as next year.

Background: The DFSA first proposed these reforms in October 2024 through a consultation paper (pdf), with feedback accepted until 10 January 2025.

The most significant changes affect Category 3 firms — entities licensed to manage assets — which would see minimum base capital requirements drop from USD 230k to USD 140k, building on a 2023 adjustment that had temporarily lowered the threshold from USD 500k. Smaller, locally domiciled firms would also benefit, with capital requirements reduced from USD 70k to USD 40k.

…. Plus, activity-based reductions? The regulator is also considering introducing an activity-based capital model, which would scale requirements based on a firm’s assets under management, client fund holdings, and trading volume — a shift away from fixed thresholds.

DFSA also plans to drop its requirement to pre-approve certain senior hires, including compliance and finance officers and other senior managers. Under the new rules, firms would take full responsibility for vetting and appointing key personnel.

Liquidity rules are under review as well. Firms that do not hold client assets may be exempt from maintaining wind-down capital. For firms that do, the required buffer could be lowered to 25% of fixed annual overheads, from the current 35%.

REMEMBER- This regulatory shift builds on previous DFSA initiatives to lower entry barriers. Last June, the regulator amended its crypto token regime, loosening restrictions on unrecognized tokens, cutting investment fees, and tightening anti-money laundering requirements. DFSA is also working to boost financial stability amid financial risks, issuing new risk management amendments in December that tightened rules under its Prudential — Investment, Ins. Intermediation, and Banking Module.

EIB closes USD 750 mn sukuk issuance

EIB closes first FCY sukuk sale of the year: Emirates Islamic Bank (EIB) raised USD 750 mn through a Regulation s-compliant sukuk, which was 2.1x oversubscribed, it said in a press release. The issuance falls under the lender’s USD 4 bn certificate issuance program, and marks its first on the international debt market this year. The sukuk will be listed on Nasdaq Dubai and Euronext.

The details: EIB priced the five-year senior unsecured notes at an annual coupon of 5.059%, a 95 bps premium over 5-year US Treasuries — a tightening of 30 basis points from initial price thoughts on the back of strong investor demand.

Who bought in: The sukuk drew interest from over 100 accounts, with 80% allocated to regional investors and the remaining 20% to international buyers. The order book included a notable number of first-time participants, according to the release.

Not its first USD-dominated sukuk: EIB hit the global borrowing market in May of last year, with a five-year USD sustainability-linked sukuk, raising USD 750 mn as part of its USD 2.5 bn certificate program.

ADVISORS- Our friends at Mashreq and HSBC were joint lead managers and joint bookrunners on the transaction, along with Dubai Islamic Bank, Emirates NBD Capital, Sharjah Islamic Bank, and Standard Chartered.

Gulf SWFs to stay ahead amid rising global and regional competition -Deloitte

Gulf SWFs to remain dominant despite rising competition: Gulf sovereign wealth funds are set to remain “the focus of growth and activity” in SWF investments globally despite looming competition, due to the “sheer size of assets being deployed and a greater risk appetite both geographically and strategically,” Deloitte said in its latest report (pdf. The report name-checked the Abu Dhabi Investment Authority (Adia), Mubadala, and ADQ as key among the Gulf’s largest players, alongside Saudi Arabia’s Public Investment Fund (PIF) and the Qatar Investment Authority.

REMEMBER- Gulf SWFs held 40% of the world’s SWF assets in 2024, contributing to a global total of USD 12 tn, which is projected to grow to USD 18 tn by 2030, a Global SWF report said late last year. These funds deployed USD 82 bn in 2023, with an additional USD 55 bn invested in 9M 2024 — indicating sustained momentum despite global economic uncertainties. The rise of new SWFs, such as Dubai’s newly launched Dubai Investment Fund (DIF), Oman’s Future Fund Oman, and Kuwait’s Ciyada Fund, signals a further expansion of state-backed investment vehicles across the region.

Upcoming headwinds: New sovereign funds are emerging globally, intensifying the race for investment opportunities, co-investments, and top-tier talent. At the same time, a more protectionist stance in Africa and Asia is making direct acquisitions more difficult, shifting focus toward co-investments and long-term partnerships.

Pressure to deliver stronger returns is also increasing, driven by oil price volatility and widening budget deficits. In response, Gulf SWFs are tightening governance, divesting underperforming assets, and demanding better reporting from portfolio companies to maintain efficiency and profitability.

A provocative approach to stay ahead: To remain competitive, Gulf SWFs are also streamlining operations and consolidating assets, with PIF merging state-backed firms in telecom, entertainment, and aviation. Meanwhile, Abu Dhabi is using ADGM to attract global investors, offering seed capital to fund managers in exchange for a local presence — a strategy which has paid off, with ADGM’s AUM surging 226% y-o-y in June, 2.5k new jobs created, and 141 funds now registered.

Talent acquisition also remains a priority, with over 9k people now employed across Gulf SWFs. Adia added over 100 specialists and hired a former Blackstone executive, while PIF is aggressively expanding its Hong Kong and Singapore teams to strengthen its Asia strategy.

HSBC launches first-of-its-kind cash management solution

For all of our treasurers out there: HSBC is the first bank in the Middle East to offer daily automated cash concentration — including weekends and holidays — giving corporate clients a leg-up in managing liquidity in real time as they look to manage their working capital more efficiently.

Why should you care? Use it right and it’s a chance to curb your company’s borrowing costs and manage cash a lot more efficiently.

24/7 treasury is the new norm: As the region embraces real-time payments and e-commerce, the old Sunday-to-Thursday (or Monday-to-Friday) treasury model is becoming obsolete. This move will help HSBC’s corporate clients treat liquidity as a ‘round-the-clock asset — and could allow companies to reduce borrowing costs, says our friend Todd Wilcox, deputy chairman and CEO at HSBC Bank Egypt.

Fast fact: Our region is the fastest-growing real-time payments network globally, according to World Economic Forum data, with the market expected to hit USD 2.6 bn by 2027 — up from USD 675 mn in 2022.

How it works: The solution consolidates positive and negative balances across all of a company’s HSBC bank accounts into a single account, allowing treasurers to “optimize liquidity and reduce borrowing costs” as they manage digital payments and real-time treasury operations, the bank said in a statement (pdf).

Egypt and the UAE are HSBC’s first global markets to get the solution, which will roll out to other territories in the future.

Sukoon Takaful posts AED 18.9 mn net income in 2024 + DNIR sees 13.6% net income growth

SUKUN TAKAFUL-

Sukoon Takaful recorded AED 8.8 mn in retained earnings in 4Q 2024, contributing to a full-year retained earnings of AED 19 mn, according to a regulatory filing (pdf) . This helped cut accumulated losses to AED 32.8 mn by year-end, down 36.2% y-o-y from AED 51.4 mn as of 31 December 2023. The company recovered from earlier losses driven by underperformance in motor and medical ins. before 2H 2023. Sukoon Takaful also reported AED 172.4 mn in gross written contributions during the year, according to an earnings release (pdf).

DUBAI NATIONAL INS. AND REINS.-

Dubai National Ins. and Reins. posted a 13.6% y-o-y increase in its net income to AED 53.5 mn in 2024, according to the company’s financial statement (pdf). The ins. providers’ revenues rose 4.6% y-o-y to AED 469.1 mn.

Saif Saeed Ghobash appointed chairman of Crown Prince's Office in Abu Dhabi + Agthia taps new CEO

Khaled bin Zayed Al Nahyan appoints Saif Ghobash as chairman of the Crown Prince’s office: Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan appointed Saif Saeed Ghobash, secretary-general of the Abu Dhabi Executive Council, as chairman of the Crown Prince’s Office at the Crown Prince’s Court, according to the Abu Dhabi Media Office. Ghobash will retain his existing positions and responsibilities.

Al Ameri appointed CEO of Agthia Group: Agthia Group appointed Salmeen Al Ameri (LinkedIn) as its new managing director and CEO, effective 2 June 2025, according to a statement (pdf). Al Ameri, who has been vice chairman since 2020, previously led agribusiness firm Al Dahra. Outgoing CEO Alan Smith (LinkedIn), who has been at the helm since 2020, remains with the firm as an advisor. The leadership transition comes as Agthia continues its regional expansion, strengthening its portfolio with acquisitions in protein, snacks, and bottled water.

President Sheikh Mohamed bin Zayed Al Nahyan issued a decree appointing Maryam Al Mheiri (LinkedIn) as chairperson of the Abu Dhabi Media Office, according to an Abu Dhabi Media Office statement. Previously, Al Mheiri served as COO and CEO of twofour54, a media and entertainment production company based in Abu Dhabi.

M42 genome program + ultra-luxury watch buying spree in the spotlight

It’s a busy day for the UAE in the press, with foreign outlets spotlighting luxury buying sprees in Dubai and Abu Dhabi’s investments in genome sequencing.

The Financial Times spotlighted state-backed firm M42’s expansive genome sequencing project and its future expansion plans. The company has sequenced some 802k genomes, including from 702k Emiratis, making it one of the most extensive genetic population data sets globally, as it looks to leverage genetic databases to combat inherited diseases and other health risks.

The program poses plenty of investment windows, but risks remain: M42 holds exclusive access to Abu Dhabi’s patient records system and is actively courting global pharmaceutical and biotech firms to invest in its data. It recently partnered with Uzbekistan’s Health Ministry to help establish the country’s Genome Program. While M42 claims to have strict data protection protocols, critics warn of potential privacy risks.

ALSO- The uptick in demand for ultra-luxury watches in Dubai got ink from Bloom berg, which noted that supply often outstrips demand for watchmaker MB&F ’s business there, which retails pieces at up to USD 240k each. This rise in regional demand from Mena-based buyers willing to pay a premium comes amid a slump in global demand, especially from China which saw a 26% downturn in Swiss watch imports.

Local partnerships: Watchmakers also started partnering with popular local firms to tap into regional clientele. Examples include Swiss watch manufacturer Franck Muller and Dubai property developer London Gate’s partnership to build the world’s tallest residential clock tower.

New AED 375 mn Dubai hotel + e& teams up with Motorola Mobility on B2B enterprise mobility solutions

HOSPITALITY-

Tumbi Hotels + Hilton to open an AED 375 mn hotel in Dubai: Tumbi Hotels teamed up with Tapestry Collection by Hilton to open Tumbi West Palm Beach Hotel, according to a press release. Located on Palm West Beach, the AED 375 mn property features 171 rooms and suites.

LOGISTICS-

DP World launches a new rail service in India: DP World has partnered up with Indian conglomerate Reliance Industries to launch a new rail solution in India to support local inland transportation of petrochemical goods, according to a statement. The project aims to connect DP World’s inland container depot in Ahmedabad and Mundra Port with Reliance Industries’ Gujarat Jamnagar plant. The Ahmedabad-Jamnagar-Mundra route — spanning some 700 km — has been converted into rail in a bid to cut down on the environmental and operational costs of long-distance road freight transportation. The new rail service can handle up to 1.2k tonnes of cargo and up to 45 containers per single trip.

TELECOMS-

e& UAE partners with Motorola Mobility: e& UAE, the telecom arm of global technology group e&, partnered with American consumer electronics manufacturer Motorola Mobility to provide advanced enterprise mobility solutions for businesses across the UAE, according to a press release. The partnership aims to offer a range of B2B enterprise mobility solutions spanning data security and mobile device management to businesses of all sizes in the UAE.

SOUND SMART- Enterprise mobility solutions enable secure access to corporate data and workflows across mobile and smart devices.

DEBT-

Al Farwaniya Project Development secures USD 105 mn credit facility: Al Farwaniya Project Development Company, the developer of Reem Mall, secured a multiyear credit facility worth USD 105 mn, Agility Public Warehousing Company said in a statement (pdf). The facility, guaranteed by Agility Global, will be used to repay a previous short-term loan from one of Agility Global’s subsidiaries.

TELECOMS-

Emtelle to deploy broadband networks in Indonesia: Dubai-based fiber optic solutions provider Emtelle partnered with Indonesia’s PT Fajar Mitra Krida Abadi to deploy high-speed broadband networks across Indonesia, according to a Dubai Chamber International, statement.

LEGISLATION-

The SharjahConsultative Council (SCC) approved two draft laws to reorganize police and security forces in Sharjah and update regulations for human resource capabilities for its military personnel, Sharjah 24 reports. The SCC is set to next meet on 10 April to discuss a draft law regulating the emirate’s judicial authority.

More than half of regional CEOs are eyeing M&A transactions over the next three years -PwC

Regional M&A activity set to pick up over the next three years -PwC survey: Corporate divestitures, regional expansion and portfolio expansion are among the key trends expected to support regional M&A activity, which is expected to pick up after a sluggish 2024, PwC said in its latest report (pdf), citing LSEG Refinitiv data. While the region saw a 4% y-o-y decline in volume of M&A activity in 2024, which is still narrower than the 17% global decline, a PwC annual CEO survey showed that more than half of regional business leaders plan to engage in M&A transactions in the next three years.

ICYMI- EY recently said that the MENA region saw 701 M&A transactions last year, worth USD 92.3 bn, with the bulk of activity being in the GCC.

The decline came amid a dip in cross-border transactions: Cross-border outbound transactions declined 32% y-o-y to 191 transactions in 2024, with the culprits being high valuations, stricter regulations, and unfavorable market conditions. “Despite these challenges, regional champions, such as the UAE’s Mubadala and Saudi Arabia’s PIF continued their global expansion, acquiring assets across Europe, Asia, and North America.” Inbound transactions also continued their multi-year decline, falling 7% y-o-y to 182 transactions last year.

This might not last too long: “The push to develop energy infrastructure, leisure, and tourism assets is expected to create new opportunities for inbound investment,” the report said.

In other good news: appetite is strong for big-ticket transactions. Last year saw five transactions worth over USD 1 bn across the region, up from just one in 2023, with the largest reaching USD 3.6 bn. “The region saw a notable rise in large-ticket [transactions], reflecting the bold ambitions of investors to accelerate regional diversification, bringing in new capabilities and strategic expertise to strengthen key industries,” said Romil Radia, deals market leader at PwC Middle East.

Foreign PE interest also strengthened, highlighted by Main Street Capital’s USD 40 mn investment in UAE’s Gulf Manufacturing to support its acquisition of Maass Global Group, and TA Associates’ acquisition of a majority stake in Dubai’s AlephYa Education. Private equity transactions accounted for 44% of total transaction volume. Still, corporates continued to dominate activity in 2024, representing 56% of total volume, with corporates favoring intra-regional transactions.

Sovereign wealth funds topped investor charts during the year, with Mubadala investing USD 29.2 bn across 52 transactions in AI, telecom infrastructure, logistics, and data centers, among others, the report said, adding that other notable active SWFs include Saudi Arabia’s PIF and the Qatar Investment Authority (QIA).

Industrial transactions dominated activity, accounting for 110 transactions — the highest number across all sectors, the report said, highlighting Adnoc’s USD 3.6 bn acquisition of OCI’s 50% + 1 share stake in Fertiglobe. This was followed by consumer markets and financial services tied for second spot, with 103 transactions each.

Artificial intelligence + green energy are leading trends: Some of the most notable transactions in AI-driven solutions include Presight AI Holding’s acquisition of an 11% stake in Athletic Intelligence Quotient (AIQ) from Adnoc for USD 350 mn.. Another key trend driving investments in the regional M&A industry is green energy, highlighted by Masdar’s acquisition of a majority stake in Terna Energy for USD 2.7 bn, the report said.

MARKETS THIS MORNING-

Asian markets are broadly in the green, with Japan’s Nikkei up 0.14%, South Korea’s Ksopi up 0.13%, and Hong Kong’s Hang Seng index up 0.1%. Meanwhile, China’s CSI 300 is flat. Over on Wall Street, futures are higher, indicating a possibly good week for US indices, after closing last week in the green and recovering from four weeks of losses.

ADX	9,368	+0.0% (YTD: -0.5%)
DFM	5,100	+0.6% (YTD: -1.2%)
Nasdaq Dubai UAE20	4,198	+0.2% (YTD: +0.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.2% 1 yr
TASI	11,695	-0.6% (YTD: -3.0%)
EGX30	31,934	+0.8% (YTD: +7.4%)
S&P 500	5,668	+1.0% (YTD: -4.0%)
FTSE 100	8,647	-0.6% (YTD: +5.8%)
Euro Stoxx 50	5,424	-0.5% (YTD: +10.1%)
Brent crude	USD 72.16	+0.2%
Natural gas (Nymex)	USD 3.98	+0.1%
Gold	USD 3,021.40	-0.7%
BTC	USD 85,270	+1.6% (YTD: -8.9%)

THE CLOSING BELL-

The ADX remained flat on Friday on turnover of AED 1.6 bn. The index is down 0.5% YTD.

In the green: Americana Restaurants International (+4.4%), Abu Dhabi Commercial Bank (+2.6%) and NMDC Group (+2.1%).

In the red: Hayah Ins. (-5.8%), Multiply Group (-5.5%) and Abu Dhabi National Hotels (-4.7%).

Over on the DFM, the index fell 1.2% on turnover of 933.4 mn. Nasdaq Dubai was up 0.2%, and up 0.8% YTD.

CORPORATE ACTIONS-

Dewa shareholders approve AED 3.1 bn dividend for 2H 2024: The Dubai Electricity and Water Authority (Dewa) approved a total dividend payment of AED 3.1 bn, equivalent to 6.2 fils per share for 2H 2024, bringing total dividends for the year to AED 6.2 bn, according to a DFM disclosure (pdf).

BHM Capital proposes 15.32% bonus share issuance: BHM Capital proposed distributing 15.3% of its paid-up capital as bonus shares to shareholders, according to a bourse disclosure (pdf). The proposal involves issuing 26.6 mn new shares, aiming to enhance liquidity and increase shareholder equity without affecting the company’s cash reserves.

Fujairah Building Industries approved a 30% cash dividend for shareholders for 2024, totaling AED 40.7 mn, according to an ADX disclosure (pdf).

RAK Ins. approved a special resolution to release funds from its voluntary reserve to offset accumulated losses, according to a bourse disclosure (pdf ). Additionally, shareholders opted not to distribute dividends for the period.

PureHealth’s board has approved the early settlement of AED 1.9 bn in banking facilities obtained from First Abu Dhabi Bank, according to an ADX disclosure (pdf). The firm said that it was considering the move last week.

UAE, Egypt talk cooperation + Chinese nuclear delegation meets with FANR

President Mohamed bin Zayed meets with Egypt’s Sisi: President Mohamed bin Zayed Al Nahyan met with President Abdel Fattah Al Sisi of Egypt in Cairo, state news agency Wam reports. On the agenda: strengthening ties and boosting collaboration across key sectors. The leaders zeroed in on economic growth, investment, and development.

The Federal Authority for Nuclear Regulation (FANR) hosted a Chinese delegation to discuss cooperation in nuclear regulation led by Dong Baotong, Vice Minister of China’s Ministry of Ecology and Environment and Administrator of the National Nuclear Safety Administration (NNSA) in Abu Dhabi, Wam reports. The discussions with Abdulla Nasser Al Suwaidi, Chairman of the Federal Authority for Nuclear Regulation, focused on nuclear safety, security, non-proliferation, and regulatory frameworks, as well as collaboration in research, capacity building, and knowledge exchange. The visit follows a 2024 three-year action plan and a 2018 MoU between the two countries.

OTHER DIPLOMACY NEWS-

Foreign Affairs Minister Abdullah Bin Zayed Al Nahyan met with Liberia’s Foreign Minister Sara Beysolow Nyanti in Abu Dhabi to discuss boosting cooperation between the two nations. (Wam )
State Minister Noura Al Kaabi met with General Indian Council for Cultural Relations director K. Nandini Singla to discuss business collaborations and supporting creative startups, as well as improving cultural ties, including by establishing an India House in the UAE to be a cultural hub. (Wam

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.

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