Slower growth for non-oil private sector continues

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WHAT WE’RE TRACKING TODAY

THIS MORNING: The UAE leads the world in entrepreneurship + RSF-linked companies aren’t licensed to operate in the Emirates

Good morning, friends, and welcome to the first full workweek after Ramadan and the Eid break. We hope you got enough time to rest during the break — judging by the endless conference schedule in the UAE this week, there won’t be much of that over the next few weeks.

There’s two big stories this morning: The continued slowdown in growth momentum for the non-oil sector in March, and the easing of corporate tax requirements for investors. Plus: The UAE is working with India on an energy hub in Sri Lanka; Morocco’s Aldiktal is investing in new hospitals in the UAE; and Dubai’s real estate sector continued to grow in 1Q 2025.

HAPPENING THIS WEEK-

#1- UP FIRST- It’s the first day of the EFG Hermes One on One here in Dubai. The One on One is the largest investor conference focused on emerging markets — and it’s difficult to imagine a more opportune time for companies and equity investors to chew the fat than now: Global markets are roiling in the wake of US President Donald Trump’s bid to reshape the post-Second World War economic order.

On stage this morning: Central Bank of Egypt Deputy Governor Ramy Aboulnaga will offer what’s being billed as an “inside view into Egypt’s economic reset” in a fireside chat. Next up will be a panel discussion in partnership with the Dubai Financial Market on the role of capital markets in bringing to life the UAE’s long-term vision. On stage will be DFM and Nasdaq Dubai CEO Hamed Ali and Dubai Economic Development Corporation CEO Hadi Badri. The DEDC is a unit of the Dubai Department of Economy and Tourism.

Fund and portfolio investors from around the world will join top company execs for the world’s biggest live poll of investor sentiment. The EFG Hermes Live Research Poll caps off the morning before participants break out for one-on-one meetings in which company execs meet face-to-face with investors.

BY THE NUMBERS- We expect this morning that fund managers representing more than 250 global institutions will meet this week with top execs from 220 companies spanning 12 countries.

Companies from our part of the world are the stars of the show. Among the top UAE firms attending:

ADNOC Group (and its listed units)
Aldar Properties
Alef Education
Alpha Dhabi
Amanat
e&
Emaar Properties
FAB
Fertiglobe
Lulu
Lunate
Parkin
Pure Health
RAK Bank
Taaleem
Talabat

** We’ll have full coverage tomorrow and throughout the rest of the week.

#2- Turkey-UAE consultations on Africa are taking place today in Abu Dhabi, Turkey’s state-run news agency Anadolu Agency reports. The talks will focus on the latest developments in Africa and explore potential avenues for economic cooperation and investments across the continent. The UAE’s Foreign Minister Shakhboot bin Nahyan Al Nahyan and Turkish Deputy Foreign Minister Burhanettin Duran will co-chair discussions.

Background: The regular consultations are part of a bilateral agreement made during Turkish President Recep Tayyip Erdogan’s 2022 visit to the UAE, with the first round taking place in October of 2023.

#3- The Geo-Spatial Week is underway in Dubai at the Mohammed bin Rashid Space Center, kicking off yesterday and running until 11 April. The week-long event will welcome experts in photogrammetry, remote sensing, and spatial sciences.

#4- The AIM Congress 2025 is kicking off today and running through to Wednesday at the Abu Dhabi National Exhibition Center. The event will bring together senior executives, government officials, and global investors to foster investment collaboration to drive global economic development. Attendees can expect forums, panel discussions, workshops, and a startup competition, Wam reports.

#5- Middle East Energy will also kick off today and run through to Wednesday at the Dubai World Trade Center. The exhibition and conference brings together industry leaders, and energy professionals to discuss the energy transition, sustainability practices, innovations in power generation, renewable energy, and energy efficiency.

#6- The World Local Production Forum begins today and runs until Wednesday at the Abu Dhabi National Exhibition Center. The World Health Organization-backed event will bring together global leaders to discuss localized, sustainable, and diversified medicine production, and strategies to enhance access to quality assured health products.

#7- The Fujairah Bunkering and Fuel Oil Forum (FUJCON 2025) is also taking place today through Wednesday at DoubleTree by Hilton Fujairah. Organized by S&P Global Commodity Insights, in collaboration with the Fujairah government, the Port of Fujairah, and the Fujairah Oil Industry Zone, the event will bring together energy leaders to discuss geopolitical and decarbonization impacts on shipping and bunkering, fuel quality, market trends, and technological advancements.

#8- AWS GenAI Loft Dubai 2025 kicks off today and runs through to Friday, 11 April at Dubai International Financial Centre’s (DIFC) Innovation One building. The five-day event will see industry startups, business leaders, investors, developers, and AI enthusiasts attend workshops and lectures on generative AI technologies and their practical applications across industries.

#9- The two-day World Crisis and Emergency Management Summit will kick off tomorrow in Abu Dhabi, state news agency Wam reports. Under the theme Together Towards Building Global Resilience, the event will bring together global leaders to discuss improving international cooperation in crisis management, emergency planning, and risk prediction. The event will also feature two exhibitions — Crisis Management Technologies and Generation Readiness — to showcase new sector-specific technological tools.

🌤️WEATHER- It’s going to be a partly cloudy — though still hot — day today, with the mercury hitting 37°C in Dubai, before cooling to 26°C overnight. In Abu Dhabi, temperatures will peak at 31°C, with an overnight low of 25°C.

HAPPENING NEXT WEEK-

Syrian President Ahmed Al Sharaa is set to make his first visit to the UAE next week, with plans to stop in Turkey as well, Reuters reports, citing a Foreign Ministry statement. Al Sharaa assumed presidency in January after the toppling of former president Bashar Al Assad, and the new administration has been working to mend ties with both Arab and Western leaders as it looks towards the lifting of Western sanctions. He already visited Saudi Arabia in February.

WATCH THIS SPACE-

#1- UAE says RSF-linked companies not licensed or operating in the country: The UAE has said an investigation concluded that seven companies sanctioned by the US for alleged ties to Sudan’s paramilitary Rapid Support Forces (RSF) do not hold active business licenses or operate in the Emirates, state news agency Wam reports.

Background: In January, the UAE’s Justice Ministry launched an investigation following the US Treasury’s designations, which linked the firms to RSF leader Mohamed Dagalo. The UAE says it is continuing to monitor for suspicious activity in line with national laws, The National reports.

The companies: The US sanctioned Capital Tap Holding, Capital Tap Management Consultancies, Capital Tap General Trading, Creative Python, Al Zumoroud and Al Yaqoot Gold & Jewellers, Al Jil Al Qadem General Trading, and Horizon Advanced Solutions General Trading, accusing them of having ties to the paramilitary group and supporting its war agenda.

#2- Iraq’s Khor Mor gas field expansion project could be completed as early as 1Q 2026, UAE-based Dana Gas and Crescent Petroleum said in a joint statement (pdf), as they make headway on construction and commissioning. The USD 1 bn project is slated to boost capacity at the gas field by 50%. The partners also approved Pearl Petroleum’s USD 160 mn project to develop the Chemchemal field — expanding production levels to produce up to 71 mn standard cubic ft (scfd) in 2026.

About Khor Mor: The gas field produced some 525 mn scfd of natural gas in early March, up some 75% since 2017. Khor Mor supplies fuel for some 75% of the Kurdistan Region of Iraq’s electricity generation, serving some 6 mn in the region.

#3- DLD and Vara to modernize real estate tokenization regulations: The Dubai Land Department (DLD) and Dubai Virtual Assets Regulatory Authority (VARA) signed an agreement to build a regulatory framework governing the use of virtual assets in real estate transactions, according to a statement.

The details: The agreement aims to improve the regulatory environment for virtual asset use in real estate transactions while protecting investor rights and expanding opportunities — particularly for small investors. It will also facilitate pilot projects to test and manage associated risks, aiming to boost the sector’s economic contribution.

REMEMBER- DLD earlier this month launched the pilot phase of its real estate tokenization project, becoming the first real estate registry in the Middle East to tokenize property title deeds. The project is expected to drive AED 60 bn in tokenized property transactions by 2033.

DATA POINTS-

#1- UAE gets top rank for entrepreneurship: The UAE has been ranked first globally in Global Entrepreneurship Monitor ’s (GEM) 2024-2025 report (pdf) for the fourth year in a row, according to an Economy Ministry statement.The report — which surveyed 56 economies this year — places the UAE at the top of the National Entrepreneurship Context Index (NECI).

Ambition is also strong: Some 75% of early-stage entrepreneurs in the UAE expect to create at least six jobs over the next five years and 83.2% plan to integrate technology into their business. New business owners also outnumber existing ones by four-to-one, however two in five adults surveyed expressed an intention to start a business.

Behind the ranking: The emirates have held the top spot since 2021 in GEM’s rankings in terms of a favorable entrepreneurial ecosystem. The report name-checked the Economy Ministry’s USD 8.7 bn Projects of the 50 initiative and regulatory reforms, like the Commercial Companies law, as helping boost foreign direct investment and foreign ownership of firms. The UAE also leads in “ease of starting a business,” with 76% of respondents seeing good business prospects for their sector.

#2- Abu Dhabi transport saw significant growth in 2024, with public bus journeys exceeding 90 mn rides and maritime transport carrying over 168k passengers, according to Abu Dhabi Media Office. More than 28 mn passengers passed through the emirate’s airports in 2024. The Municipalities and Transport Department invested AED 3.4 bn in key mobility and road network projects during the year.

THE BIG STORY ABROAD-

It’s still all about the global market turmoil in the foreign press, with virtually every outlet leading with expectations of markets extending their slump tomorrow as futures fall.

US President Donald Trump and his administration have indicated they plan to stay the course on tariffs despite global concerns over a possible economic recession and the response from markets, sending S&P 500 futures contracts down 2.9% and Nasdaq futures down 3.9%. The two indices have wiped tns in market value since the tariffs were announced last week. The flat 10% global tariff has since kicked in on Saturday, while the country-specific reciprocal tariffs are kicking in on Wednesday.

Commodities also extended their losses last night, with Brent crude falling 3.1% to USD 63.53 and West Texas Intermediate slipping 3.4% to USD 59.9, below breakeven price for shale producers. Copper also fell more than 5% to USD 4.14. Meanwhile, Asian markets faced a brutal sell-off at market open, with Japan’s Nikkei plunging 8%, triggering a circuit breaker. We dive into the impact of the tariffs on regional markets as well in this morning’s Planet Finance, below.

Trump dismissed the global response and said that “sometimes you have to take medicine to fix something,” while Treasury Secretary Scott Bessent has said over 50 countries have reached out to the US for negotiations, while signaling that any talks would take time. Trump also didn’t seem too concerned about inflation, saying he doesn’t expect the US to “lose a tn USD for the privilege of buying pencils from China.” (Bloomberg | FT | NYT | CNBC)

***

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***

MARKET WATCH-

Opec+ countries have until 15 April to comply with production cuts and submit revised compensation plans if they have not complied, according to a statement. The move comes as the group moves forward with production hikes this month at three times more than originally planned, with the UAE poised to see its production quota rise to 3.5 mn barrels per day in 2025, up from the current 2.9 mn, after the oil cartel agreed to raise its production quota last year.

REMEMBER- 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 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.

CIRCLE YOUR CALENDAR-

The Machines Can See Summit will take place on Wednesday, April 23 and Thursday, April 24 as part of Dubai AI Week at the Museum of the Future in Dubai. The summit will feature keynote speeches exploring AI in robotics, agentic systems, safe cities, ROI in AI, and ethics by industry leaders from organizations including Dubai Police, SAP, e&, Mubadala, Amazon, and Oxford University.

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

Non-oil business activity growth slows in March

Non-oil activity accelerates at slowest pace in seven months: The UAE’s non-oil activity saw a “mild slowdown” in growth in March, with business activity continuing to improve, but at the slowest pace recorded since September of last year, according to S&P Global UAE PMI (pdf). The headline figure reached 54.0 during the month, down from 55.0 in February.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

REMEMBER- The all-important 50.0 mark is the threshold separating contraction from growth. Anything above 50 denotes expansion, while anything below indicates contraction.

New order and output growth slowed, as did employment: The new orders subindex fell to 56.3 in March, down from 57.3 in February, with businesses seeing continued strong competition and subdued growth in new export orders, Reuters writes. “A third consecutive month-on-month softening of new order growth shows that some firms could be encountering challenges in meeting their sales targets,” S&P Global senior economist David Owen said. “Output growth eased to 59.6 in March while new orders growth slowed to its lowest pace in five months,” National Bank of Kuwait’s Issa Hijazeen told EnterpriseAM UAE. “Moreover, employment growth continued to slow, nearing the neutral benchmark at 50.2.”

Input purchases rose sharply despite the slowdown: Businesses’ purchasing activity jumped to its fastest pace since mid-2019, with firms showing “resilience” in working to clear backlogs of work, Hijazeen said — as evident from a concurrent dip in total inventories. Meanwhile, input prices rose at a moderate pace during the month, with some firms reporting a rise in material costs on the back of rising input demand, while others reported a drop in transportation costs, “reflecting firms’ efforts to preserve their profit margins,” Hijazeen said.

“Hiring remains a significant concern, with March’s employment increase marking the weakest growth in nearly three years. Given the elevated demand levels, this suggests that some firms could be struggling to locate suitable candidates,” Owen said.

Business sentiment remains positive: “Businesses’ sentiment remained optimistic over the next 12 months, buoyed by strong project pipelines and continued national development initiatives,” Hijazeen said.

MEANWHILE, IN DUBAI-

Business conditions in Dubai also improved at a slightly slower pace in March, with the Dubai PMI slipping to a five-month low of 53.2 in March, down from 54.3 in February. Firms are reporting the “weakest expansion since September 2021,” the report reads. The drop was “accompanied by a rare contraction in staffing levels despite ongoing growth in new business,” Hijazeen said.

While new orders continued to increase, they did so at a considerably slower rate than at the start of the year — prompting firms to curb employment levels for just the second time in nearly three years.

Input price inflation slowed to its lowest level in a year, while output prices increased at a faster pace than they did in February.

Finance Ministry eases corporate tax requirements for investors

FinMin introduces tax relief measures for investors: The Finance Ministry has introduced a number of new amendments (pdf) that exempt Qualifying Investment Funds (QIFs) and Qualifying Limited Partnerships (QLPs) from paying corporate tax under certain conditions, with the decision aiming to “attract more investments and promote the growth of the national economy,” state news agency Wam reported.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Remember: The 9% business tax was introduced by the Finance Ministry in June 2023.

For investment funds: Investors deriving income from QIFs will not be subject to corporate tax on the income they derive through the fund, provided that the real estate asset threshold of 10% and the diversity ownership conditions are met. Any breach of the threshold will result in only 80% of the real estate income derived through the fund being subject to corporate taxation, the statement reads.

The decision also offers QIFs a grace period that allows them to “remedy any breaches of the diversity of ownership requirements, provided such breaches do not exceed an aggregate of 90 days in a year or if they occur during the liquidation or termination of the fund.

Real estate investors will be given similar treatment: Investors who are part of a REIT will also only be subject to taxes on 80% of the real estate income derived through the REIT.

PLUS- Limited partnerships will be able to qualify for effective tax-transparent status, as long as they meet the necessary conditions.

Non-resident investors are not taxable other than in certain cases: The Finance Ministry issued a decision that clarifies that a “nexus” will be created — requiring investors to be subject to the corporate tax — for non-resident investors on the dividend distribution date if a fund breaching the real estate threshold distributes 80% or more of its income within nine months from its financial year-end, Wam reported separately. The nexus would apply from the date of ownership acquisition if the fund fails to distribute 80% of its income within that period. A violation of the diversity of ownership conditions during the tax period will also make them subject to the tax.

It’s all about creating an attractive investment environment: The decision “reflects the UAE government’s commitment to providing an attractive investment environment that is flexible and simplifies compliance requirements for investors, thereby maintaining the UAE’s status as a leading investment hub,” according to Wam.

The UAE ❤️ foreign investments: The Finance Ministry also issued amendments in November to ease administrative and tax compliance requirements for domestic businesses, foreign partnerships, and family foundations. These include considering foreign partnerships tax-transparent if they hold that status in their home country, allowing foreign firms to apply for tax-transparent status, and fewer requirements for reporting on partner composition. It also exempted some investment entities from the 15% domestic minimum top-up tax, while introducing a tax carve-out to offer relief through substance-based income exclusion, reducing taxable excess net income based on payroll and the carrying value of tangible assets.

UAE and India partner with Sri Lanka on energy hub to counter China’s influence

The UAE, India, and Sri Lanka signed an agreement to develop an energy hub in Sri Lanka’s strategic port city of Trincomalee during Indian Prime Minister Narendra Modi’s visit to Colombo, Reuters reports. India’s External Affairs Ministry also shared the news in a social media post. The agreement marks the first major trilateral energy partnership in the region.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

The details: The energy hub will be located in Trincomalee, a port city on Sri Lanka’s east coast. Plans include a multi-product pipeline and potential use of WWII-era oil storage tanks managed by Indian Oil Corp. It has not been revealed whether production will be exported or earmarked for domestic use.

What’s next? The UAE’s role in financing and feasibility studies will be determined through talks between businesses from the three nations. India’s Foreign Secretary Vikram Misri said the Emirates were “a strategic partner for India in the energy space,” making it an ideal partner on the project.

In context: The agreement intensifies the regional competition between China and India for influence in Sri Lanka, which saw India hand Sri Lanka USD 4 bn in financial aid following its 2022 crisis, and Beijing’s state-owned energy company Sinopec agree to build a USD 3.2 bn oil refinery in Hambantota, a port city in southern Sri Lanka.

ICYMI- The UAE signed an investment agreement with Sri Lanka last month to strengthen economic ties between the two countries, while recent Emirati-India cooperation includes logistics giant DP World launching a new rail service between depots and ports in India.

OTHER ENERGY NEWS-

Gulf energy giants to extend their Kenyan supply contract: State-owned Adnoc, Emirates National Petroleum, and Saudi Aramco will continue to supply gas, diesel, kerosene, and jet fuel to Kenya under a six-month credit plan, Kenya’s Energy and Petroleum Regulatory Authority director general Daniel Kipto told Bloomberg. Kenya renewed its 24-month contract to uptake fuel from the three firms — with the two-year extension set to take effect by the end of 2025. The new arrangement replaces the previous open-tendering system, which required nearly USD 500 mn to be paid monthly, five days after delivery.

That’s not all: A renegotiation of margin reductions has also helped slash freight and premium costs by 11% to USD 78 per metric ton for diesel, 7% to USD 84 for gasoline, and 13% to USD 97 for jet fuel. Kenya re-exports part of its oil import shipments to Burundi, the Democratic Republic of Congo, and South Sudan, Kipto added, noting that plans are in the works to add Rwanda to this list.

Dubai’s real estate market sees value of transactions rise 29% in 1Q 2025

Dubai’s real estate market saw a 29.2% y-o-y increase in value of transactions, worth AED 114.1 bn, in 1Q 2025, according to a press release citing data from Dubai-based real estate broker Springfield Properties ’ latest market insights report. The number of transactions climbed to 42.3k, up 23.1% y-o-y, showing investor confidence in Dubai’s regulatory framework, Springfield Properties CEO Farooq Syed said.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

The breakdown: Off-plan sales remained the key driver of growth, with 24.9k transactions completed in the quarter, up from 20k a year earlier. The ready market also gained momentum, with transaction values rising to AED 60.2 bn, compared to AED 43.9 bn in 1Q 2024, pointing to broad investor interest across both segments.

Rental prices continued to rise: Average rents increased by 14% y-o-y, reaching AED 81 per sqft, continuing 2024’s rental price uptick. Dubai South led the rental growth, with a 26.4% increase, followed by Al Furjan at 21.6%.

Looking ahead, property prices are expected to rise 5-10% in 2025, “driven by innovative developments and policies that continue to attract both regional and international investors seeking stable and lucrative returns,” Syed said.

REMEMBER- Dubai’s property market is on track to see a record 72.4k u nits delivered this year, a 171% increase from the previous year. The new property influx is expected to stabilize market prices, with Knight Frank predicting price increases to slow to 8%, down from double-digit growth in 2024, and Moody’s forecasting a dip or stabilization over the next 12-18 months due to rising construction costs and potential delays. A Deloitte report also expects new market supply to slow residential price and rent growth.

Morocco’s Akdital to invest USD 105 mn in UAE, KSA expansion

Moroccan private hospital operator Akdital plans to invest MAD 1 bn (c. USD 104.8 mn) to expand into the UAE and Saudi Arabia, as part of its 2025-2030 roadmap, the company said in its 2024 financial results (pdf). The plan includes opening two hospitals in the UAE — in Dubai and another unspecified emirate — and two in Riyadh and Jeddah. Operations are slated to begin in 2027.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

The rationale: Aktidal is targeting mid- to high-income markets with limited healthcare capacity, making the Gulf a strategic choice. Both the UAE and Saudi Arabia offer just two hospital beds per 1k people, Aktidal said. Both countries present windows for attractive pricing and strong revenues, with health ins. coverage rates exceeding 80%. The Dubai hospital will be located in the southern area, a strategic investment, trade, and tourism hub, the report said.

Financing and projections: The new facilities are expected to contribute 20% of Aktidal’s total revenue by 2030. The expansion will be financed through a mix of debt and capital from international partners, according to the company. Aktidal also plans to scale up its local operations from 33 facilities to 62 hospitals by 2027.

Aktidal? Founded in 2011, Aktidal is listed on the Casablanca Stock Exchange and has a market capitalization of MAD 17.2 bn (c. USD 1.8 bn). In 2024, it reported net income of MAD 348 mn (c. USD 36.5 mn), up 75.8% y-o-y, and revenues of MAD 3 bn (c. USD 314.3 mn) which increased by 54.9% y-o-y.

AD Ports selects Dar Al Handasah and Mar Construction to oversee construction at Angola’s Luanda Terminal

AD Ports taps two firms for Angola terminal upgrade project: AD Ports Group has selected US firm Mar Construction and Sidara’s engineering consultancy subsidiary Dar Al Handasah to revamp Noatum Ports’ Luanda Terminal in Angola, according to a statement. Mar Construction will be responsible for building the topside and marine infrastructure at the port terminal, while Dar Al Handasah will oversee project management and construction supervision. The modernization updates are scheduled to be completed in 1Q 2027.

Background: AD Ports secured a 20-year concession with Angola’s Luanda Port Authority to operate and upgrade the Luanda multipurpose port terminal last year. AD Ports is shelling out USD 251 mn to modernize the terminal and develop logistics operations between 2025 and 2026.

On the cards: The project aims to modernize the 192k sqm terminal with state-of-the-art technology and IT systems. The terminal will also be capable of accommodating Super Post-Panamax vessels of up to 14k TEUs. Once operational, the project is slated to boost the terminal’s container capacity from 25k TEUs to 350k TEUs, while RoRo volumes are expected to surpass over 40k vehicles.

About the Port of Luanda: The port handles over 76% of Angola’s container and general cargo volumes and serves as one of Central-West Africa’s key transhipment hubs by enabling land-locked countries — including the DRC and Zambia — to access maritime trade. Angola’s container volumes are projected to see a 3.3% yearly growth over the next 10 years.

7X Holding taps Tariq Alwahedi as its new Group CEO

Dubai-based logistics-focused investment conglomerate 7X Holding has appointed Tariq Alwahedi (Linkedin) as its new Group CEO, according to a press release. Alwahedi brings over 20 years of experience in logistics, last-mile delivery, agritech, and venture capital. He previously served as CEO of EMX, where he led regional expansion, transformation strategies, M&A deals, and foreign investment initiatives.

Masdar levels up to an A1 credit rating from Moody’s

DEBT-

Masdar secures A1 credit rating upgrade from Moody’s: Renewables giant Masdar has been upgraded to an A1 credit rating by Moody’s, with a stable outlook, according to a post on X. The upgrade, up from a previous A2 rating, comes on the back of strong backing from the Abu Dhabi Government and shareholders as the company pursues its 100 GW renewable energy capacity target by 2030.

INFRASTRUCTURE-

RTA invests AED 786 mn in Dubai Islands to Bur Dubai project: Dubai Roads and Transport Authority (RTA) awarded an AED 786 mn (c. USD 214 mn) contract for the road construction project linking Dubai Islands and Bur Dubai side, according to a statement, which did not clarify who will be handling the project.

What we know: The project includes a 1.4k meter bridge consisting of four lanes, which will be built over Dubai Creek and have a total carrying capacity of 16k vehicles per hour in both directions. The project falls under the RTA’s Shindagha Corridor Development Project — which looks to develop 15 intersections over a 13km stretch in Dubai. The initiative will serve several key development projects including, Deira Waterfront, Dubai Maritime City, and Port Rashid. The project is set to save an estimated AED 45 bn over 20 years, capping travel time to just 16 minutes, RTA chairman Mattar Al Tayer added.

BUSINESS-

Argella relocates headquarters to Dubai: London-based advisory and technology firm Argella has moved its headquarters from London to Dubai, establishing a new entity in the Meydan Freezone, the company said in a statement. The relocation comes amid the accelerating global focus on AI, data, and digital transformation, the statement said, adding that the choice of Meydan was due to the freezone’s “progressive, business-friendly framework” and its proximity to clientele from different regions.

CRYPTO-

WEEX expands to UAE: Cryptocurrency trading platform Weex has opened its headquarters in Dubai, according to a press release. The Dubai office has over 600 employees with plans to hire 50 more over the next two years to support local operations and expand the company’s services, Vice President Andrew Weiner said.

The next steps: The platform, which boasts some 6.2 mn users bringing in a daily trading volume of USD 5 bn as well as its own crypto token, is seeking a regulatory license from the Dubai’s Virtual Assets Regulatory Authority and aims to continue its expansion in the Middle East and North Africa, the statement read.

HEALTHCARE-

RPM and Falcon Aviation sign MoU to launch air ambulance service in UAE: UAE healthcare service provider Response Plus Medical Services LLC (RPM) has inked an MoU with UAE-based aviation support services company Falcon Aviation Services to introduce the UAE’s first air ambulance service, RPM said in a press release. The collaboration aims to provide transport for patients in need of critical care abroad and return them to the UAE after treatment.

AI-

Edge Group’s Beacon Red has signed an MoU with UAE-based data analytics company Presight AI to co-develop advanced security technologies, according to a statement (pdf). The partnership will use omni-analytics to explore AI-driven projects for smart cities, digital transformation, and advanced security systems, targeting strategic global markets, including Latin America.

MENA markets suffer sharp losses amid tariff, oil woes

It’s a bruising start to the week for MENA equities as global markets recoiled from the Trump administration’s decision to impose a blanket 10% tariff on all imported goods, effective last Saturday. Slumping oil prices and mounting fears of a prolonged trade war sparked a broad-based selloff.

Tadawul takes the biggest hit on Aramco plunge: The Tadawul All Share Index (TASI) plunged 6.8% on Sunday — its worst session since May 2020. Saudi Aramco led the sharp losses, erasing more than USD 90 bn of market cap mid-session. Meanwhile, the Nomu parallel market also fell 6.50%.

Over in Egypt, the EGX30 lost 3.34% yesterday following a strong rally in recent months, with Fawry, Qalaa Holdings, and Rameda leading the losses. The index is still up 3.02% YTD.

Meanwhile, the UAE saw Dubai’s DFM fall 1.51%, and Abu Dhabi’s ADX slip 0.76% on Friday. Investors will be watching for more downside during today’s open, as markets had closed Friday ahead of the official tariff rollout.

Elsewhere: Qatar’s QE Index dropped 4.23%, with almost every listed company closing in the red. Oman’s MSX30 fell 2.6%, while Jordan’s ASE dropped 2.1% amid its inclusion in the high-tariff group. Tunisia’s Tunindex edged down 0.13%, and Morocco’s MASI lost 0.15%.

IN CONTEXT- The base 10% tariff came into effect over the weekend, with steeper rates — up to 49% — on goods from 57 countries set to hit this Wednesday, 9 April. Much of the Arab world dodged the worst of the tariffs — including Saudi, the UAE, Egypt, Morocco, and others, who are only facing the 10% levy — others were less fortunate: Syria (41%), Iraq (39%), Libya (31%), Algeria (30%), Tunisia (28%), and Jordan (20%) are facing higher rates.

MARKETS THIS MORNING-

Asian markets are still taking a beating, with Hong Kong’s Hang Seng leading losses after falling nearly 9%. Mainland China’s CSI 300 fell 5.4%. Japan’s Nikkei is also down more than 6%, after falling earlier in the day by 8%, triggering a circuit breaker. Wall Street futures also indicate another sell-off when markets open later today.

ADX	9,187	-0.8% (YTD: -2.5%)
DFM	4,951	-1.5% (YTD: -4.0%)
Nasdaq Dubai UAE20	3,946	-2.4% (YTD: -5.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.3% 1 yr
TASI	11,077	-6.8% (YTD: -8.0%)
EGX30	30,640	+3.3% (YTD: +3.0%)
S&P 500	5,074	-6.0% (YTD: -13.7%)
FTSE 100	8,055	-5.0% (YTD: -1.4%)
Euro Stoxx 50	4,878	-4.6% (YTD: -0.4%)
Brent crude	USD 65.58	-6.5%
Natural gas (Nymex)	USD 3.84	-7.3%
Gold	USD 3,035.40	-2.8%
BTC	USD 78,047	-6.7% (YTD: -16.4%)

THE CLOSING BELL-

The ADX fell 0.8% last Friday on turnover of AED 1.1 bn. The index is down 2.5% YTD.

In the green: Rapco Investment (+6%), AL Khaleej Investment (+5.3%) and Gulf Cement Co. (+3.9%).

In the red: Umm Al Qaiwain General Investment Co.(-10%), Rak Co. for White Cement & Construction Materials (-7.7%) and Adnoc Drilling (-5.7%).

Over on the DFM, the index fell 1.5% on turnover of AED 632.9 mn. Meanwhile, Nasdaq Dubai was down 2.4%.

CALENDAR

APRIL

6-11 April (Sunday-Friday): Geo-Spatial Week, Dubai.

7-8 April (Monday-Tuesday): The International Booksellers Conference, Expo Center Sharjah.

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, Abu Dhabi National Exhibition Center.

7-9 April (Monday-Wednesday): The Fujairah International Bunkering and Fuel Oil Forum, DoubleTree by Hilton Fujairah.

7-11 April (Monday-Friday): AWS GenAI Loft Dubai 2025, Dubai International Financial Centre (DIFC) Innovation One.

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, Dusit Thani Hotel, Dubai.

15 April (Tuesday): G42 to acquire USD 335 mn worth of shares in Cerebras.

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.

22-24 April (Tuesday-Thursday): The International Conference on Education Quality,General Directorate of Identity and Foreigners Affairs Office, 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 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

5-6 May (Monday-Tuesday): The Governance of Emerging Technologies Summit (GETS 2025), St. Regis Saadiyat Island Resort, Abu Dhabi.

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.

20-21 May (Tuesday-Wednesday): The International Real Estate Investment Summit (IREIS 2025), Al Hamra International Exhibition and Conference Centre in Ras Al Khaimah.

20-22 May (Tuesday-Thursday): Seamless Middle East, 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.

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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