IHC, ADQ, Modon link up for infrastructure JV

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Dubai Investments to IPO one subsidiary a year + MoF adopts OECD guidance for minimum top-up tax

Good morning, friends. We have another busy issue for you as we inch closer to the weekend, with more healthcare news from Abu Dhabi Global Health Week, a new infrastructure venture bringing together IHC, ADQ, and Modon, and a AED 5 bn expansion of one of Dubai’s biggest malls.

WEATHER- Things are cooling down slightly, with afternoon highs in Dubai reaching 33°C today, with the mercury dropping to 25°C. Abu Dhabi will be slightly cooler, with afternoon temps peaking at 27°C. Like Dubai, nighttime temperatures will drop to 25°C with that familiar humid cling.

WATCH THIS SPACE-

#1- MoF adopts OECD guidance on domestic minimum top-up tax: The Finance Ministry adopted the Organization for Economic Co-operation and Development’s (OECD) guidance on Global Anti-Base Erosion Rules (GloBE) (Pillar Two) on the domestic minimum top-up tax (DMTT), state news agency Wam reports. This includes all the administrative guidance and relevant commentary issued by the OECD until January 2025, which covers rules on deferred tax liabilities, guidance on entities who have securitization special-purpose vehicles, and the allocation of cross-border taxes.

Background: The tax, which took effect this year, raises the minimum corporate tax rate from 9% to 15% for MNEs with global revenues of EUR 750 mn or more in at least two of the four preceding financial years. Relief measures for top-up taxpayers were introduced in February through a substance-based income exclusion, and a reduction of taxable excess net income based on payroll and the carrying value of tangible assets. A de minimis exclusion also allows certain qualifying entities to be fully exempt from the UAE DMTT, though the specific eligibility criteria were not disclosed.

REMEMBER- The UAE has been introducing other tax relief measures for investors, with the MoF ex empting Qualifying Investment Funds (QIFs) and Qualifying Limited Partnerships (QLPs) from paying corporate tax under certain conditions, aiming to boost investments. 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.

#2- Dana Gas approved the issuance of up to USD 500 mn in fixed tenor bonds or sukuk during its annual general assembly meeting, according to an ADX disclosure (pdf). The instruments will be non-convertible, and may be offered to eligible investors inside or outside the UAE at any time, either directly or via a special purpose vehicle.

REMEMBER- Dana gas issued USD 350 mn i n 3.5-year senior secured bonds, as part of the Pearl Petroleum consortium, which includes four other companies, priced at par with a 13% coupon back in November 2024.

#3- Dubai Investments (DI) plans to take four of its subsidiaries public at a rate of one every year, CEO Khalid bin Kalban told Khaleej Times. The company has already completed internal and external evaluations as part of the preparation process. While we still don’t know which of its subsidiaries it plans to take public, bin Kalban said that DI has approached several authorities, with some greenlighting the IPO plans and others advising a delay until valuations exceed USD 500 mn. The listings would take place on the Dubai Financial Market.

“This would take us a year or two to get to that,” Bin Kalban told Khaleej Times.

Preliminary financials for 1Q 2025 show strong momentum, with net income expected to be over 20% higher y-o-y compared to 1Q 2024. Bin Kalban said the company is off to a better-than-expected start and anticipates a strong finish to the year.

REMEMBER- Dubai Investments has already pitched its portfolio to financial advisers. Potential IPO candidates reportedly include Dubai Investments Park, Properties Investment, Al Mal Capital, Dubai Investment Real Estate, Emirates Building Systems, Globalpharma, and utility firm Emicool, among others.

#4- UAE tests biometric ID system to replace physical Emirates ID cards: The Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP) plans to roll out biometric IDs within the next year, and is already working with partners to incorporate biometric systems into their platforms, Gulf News reports, citing a response to an inquiry to the Federal National Council. The systems have already been tested by ICP.

#5- Dubai is piloting an electric bus on Route F13, a metro feeder line running through high-traffic stops like Burj Khalifa and Dubai Mall, Dubai’s Road and Transport Authority (RTA) said in a statement. The Volvo-made bus features the largest battery of any electric bus tested in Dubai to date. The trial will assess how it performs under real passenger loads and summer heat, and whether it fits into the city’s zero-emission transport targets for 2050.

OIL WATCH-

OPEC gets output compensation plans from 8 countries: Opec+ has received updated compensation plans from eight member states that exceeded their voluntary output limits under the Opec+ agreement, including the UAE, according to a statement. Other countries who have submitted compensation plans: Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman. The largest output reductions are coming from Iraq, Kazakhstan, and Russia.

REMEMBER- Opec+ countries had until 15 April to comply with production cuts and submit revised compensation plans, after countries who had exported more than agreed upon levels of oil were set to reduce their output in the coming months to compensate for overproduction. This comes as the group is pushing ahead with planned supply hikes, following repeated delays.

HAPPENING TODAY-

#1- It’s the final day of the Abu Dhabi Global Health Week at the Adnec Center in Abu Dhabi. The event is gathering global and regional stakeholders to promote collaboration and investment in healthcare solutions. Key topics include health longevity, health system resilience, healthtech and AI, and life sciences.

#2- The Solana Economic Zone is happening in Dubai. The two-week event will run until Saturday, 26 April and focus on blockchain innovation, providing a platform for founders, builders, and investors looking to set up crypto and blockchain businesses in Dubai.

#3- Al Shifaa Summit for Integrative Medicine is on its final day as part of Abu Dhabi Global Health Week. The event gathers policymakers, healthcare leaders, researchers, and practitioners for discussions, knowledge exchange booths, and exhibitions focusing on medical regulation, research, education, and patient access.

#4- The FastBull Finance Summit is on its second and final day at the Coca Cola Arena in Dubai. The event will cover global finance, the foreign exchange market, and blockchain financial technology, with economist Jim Rogers set to deliver a keynote speech.

#5- It’s the final day of the two-day Abu Dhabi Sustainable Business Leadership Forum at the Four Seasons Hotel in Abu Dhabi. This year’s edition, under the theme Collaboration for Impact: Harnessing Artificial Intelligence for Sustainable Business Practices, will bring together global leaders in sustainability, technology, and business for panel discussions and workshops on using AI in sustainable supply chains, waste reduction, and energy efficiency.

#8- A summit on the role of Designated Non-Financial Businesses and Professions (DNFBPs) in combating financial crimes is happening today in Dubai. Organised by the Economy Ministry and the Executive Office for Control and Non-Proliferation, the event will focus on raising awareness about customer due diligence, verification procedures, and the sector’s role in preventing terrorism financing and arms proliferation.

#9- The IATA World Cargo Symposium is on its final day today in Dubai. The event will host sessions, specialized streams, workshops, and summits related to technology, security, customs, cargo operations, and sustainability for over 1.4k industry leaders.

#10- Commvault’s Shift Roadshow event will take place today at Dubai’s Museum of The Future, gathering cyber-resilience leaders, IT experts, and C-suite executives to discuss how businesses can safeguard against the growing threat of AI-driven cyber attacks. Attendees can expect keynote sessions, expert panels and insights from industry giants like Microsoft, AWS, and IDC.

THE BIG STORY ABROAD-

US stocks had another tough day yesterday, with US Federal Reserve Chair Jerome Powell’s warnings about the impacts of tariffs on inflation prompting a broad-based sell-off that pushed the S&P 500 down more than 2%, and the Nasdaq down 3.1%. Powell hinted at higher inflation and slower growth on the back of the new tariffs in remarks for the Economic Club of Chicago, and signaled that the Fed will be in no rush to cut interest rates. (Reuters | Bloomberg | WSJ | FT)

The biggest losers from the sell-off so far? Tech stocks. We have more on this in Planet Finance, below.

Meanwhile, gold is soaring to record highs as investors pile into the safe haven, while another (usual) safe haven — the USD — is still losing value, with counterparts like the JPY and the CHF gaining ground as investors continue to shy away from US assets. (Reuters)

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CIRCLE YOUR CALENDAR-

The IMF and World Bank’s spring meetup will kick off in five days’ time against the backdrop of mounting trade tensions and tariff escalations. The six-day 2025 Spring Meetings of the IMF and World Bank Group will bring together policymakers, central bankers, economists, private sector leaders, and more to discuss what the year ahead holds.

We’re yet to hear who will be representing the UAE at the meetings. Last year saw a delegation led by State Minister for Financial Affairs Mohamed Hadi Al Hussaini attend the meetings.

You can check out the full schedule on the event’s official website.

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

ADQ, and IHC launch a platform to speed up large-scale infrastructure projects

ADQ, Modon, and IHC roll out a platform to fast-track infrastructure projects: Abu Dhabi sovereign wealth fund ADQ formed a joint venture with Modon Holding and International Holding Company to launch Gridora, a new infrastructure platform, according to an ADX disclosure (pdf). The platform will operate under Modon Holding and focus on infrastructure projects and investments, with the aim of speeding up the delivery of strategic infrastructure projects in the UAE and abroad.

What this means: The three entities will work together to expedite procurement and execution processes, and strike partnerships between the public and private sector, including specialist firms and capital providers. The platform will have a dual approach of project delivery and asset management, targeting both fee-based income and long-term investment returns.

What they said: “As a long-term investor, we see strong potential in harnessing infrastructure

investments to unlock new economic value, deepen private sector participation, and drive

infrastructure-led growth across markets,” CEO of IHC Syed Basar Shueb said. Meanwhile, Modon’s CEO Bill O’Regan said the new platform will help “open new revenue streams” for Modon.

The tie-up comes against the backdrop of a host of mega infrastructure projects planned across the region, including in Saudi Arabia and the UAE. Here at home, projects like the AED 20.5 Dubai Metro Blue Line and the Etihad Rail are underway, while Saudi Arabia is working on gigaprojects like Neom and Qiddiya — though many of its projects could potentially face delays due to financing constraints amid prospects of lower oil prices and a bigger Saudi fiscal deficit.

REMEMBER- ADQ and Modon are working together on the USD 35 bn Ras El Hekma megaproject in Egypt. The fund inked a USD 35 bn agreement with Egypt in February to develop the megaproject. Modon is responsible for developing the first 50 mn in the 170 mn sqm project.

ADQ is also heavily investing in infrastructure projects: The sovereign wealth fund also recently partnered with Australian infrastructure investment and development firm Plenary Group to launch Plenary Middle East, a development and investment platform focused on public and social infrastructure projects across high-growth markets in the Middle East and Central Asia. As part of this move, ADQ now holds a 49% stake in Plenary Group.

Majid Al Futtaim invests AED 5 bn in Mall of the Emirates upgrade

UAE conglomerate Majid Al Futtaim (MAF) will commit AED 5 bn to upgrade Mall of the Emirates in Dubai, according to a press release (pdf). The investment will go towards improving the mall’s infrastructure and expanding its offerings, with AED 1.1 bn already allocated for some improvements that are currently underway.

Expansion…: The upgrades include 20k sqm of new retail space that will house an additional 100 stores from the luxury, fashion, and lifestyle sectors. The Kempinski Hotel connected to the mall will see a new Seven Wellness Club, and a New Covent Garden cultural hub will open in 2025 and feature a 600-seat theater and rehearsal spaces. An outdoor food and beverage courtyard will open in early 2027, and by late 2026 the mall should see four new entertainment offerings.

…. and upgrades: The project will modernize the West End district and roll out infrastructure improvements. MAF is currently partnering with Parkin to install its barrierless parking systems and working with the Road and Transport Authority on improved road access and bridge upgrades, set to be completed by September.

It’s not the only mall to get an upgrade: Dubai Mall has also undergone an AED 1.5 bn expansion, courtesy of Emaar, that aimed to add 240 new luxury retail stores and a new F&B outlet.

MAF has a lot of investments planned: Majid Al Futtaim Properties is also increasing its investments in mixed-use developments in Egypt and Saudi Arabia this year and next year. The company is investing EGP 15 bn (AED 1.1 bn) in a new mixed-use project called Junction in Egypt, and is also preparing to break ground on an integrated SAR 17.5 bn urban development in Riyadh.

The story was picked up by Reuters.

New diagnostics and biotech investments in Abu Dhabi + additions to the newly launched HELM cluster

The second day of Abu Dhabi Global Health Week brought another slew of investments in new treatment and detection centers, advanced biotech, and R&D.

BIOTECH-

#1- IHLAD and Singleron launch precision medicine JV: The Institute for Healthier Living Abu Dhabi (IHLAD) and China-based single-cell sequencing technology services firm Singleron Biotechnologies have partnered to create AD-Omics, a joint venture aimed at introducing precision medicine to the Middle East, Singleron announced in a press release.

The focus: AD-Omics will focus on integrating single-cell multi-omics technologies to provide diagnosis and treatment solutions, especially for chronic diseases like diabetes, cardiovascular issues, and cancer. The venture will also use AI to analyze complex multi-omics data to provide a clearer picture of disease progression and set up regional centers of excellence to train healthcare professionals.

SOUND SMART- Single-cell multi-omics technologies allow researchers to analyze and take measurements of multiple layers of biological information and data at a single-cell level.

#2- Homegrown private healthcare group Burjeel Holdings has teamed up with US-based AI firm Paige to integrate its AI-powered cancer diagnostic tools across Burjeel’s healthcare network in the MENA region, according to a press release. The partnership will address the shortage of pathologists and improve access to reliable cancer diagnoses for underserved communities and emerging markets.

A closer look: Burjeel will adopt Paige’s AI offerings, including Paige Prostate Detect — the first FDA-approved AI algorithm for prostate cancer detection — and OmniScreen, which screens more than 1.6k biomarkers at once to give a detailed cancer diagnosis and tailored treatment options.

DIAGNOSTICS-

Abu Dhabi will also see the region’s first Alzheimer’s early detection center, a collaboration between M42’s National Reference Laboratory (NRL) and US-based Neurocode International, according to a press release. The Center for Advanced Neuro Biochemical Diagnostics will offer tests to patients starting from the age of 40 to improve early detection of Alzheimer’s and improve prognoses.

Following in AD-Omics footsteps, the center will also use precision medicine technologies for early detection of neurological disorders, as traditional diagnostic methods are often invasive and have low early detection rates. The laboratory team will be led by a full-time neurology professor working with off-site experts, who will publish their research in journals.

PLUS- Burjeel Cancer Institute (BCI) partnered with several foreign medical institutions to enhance oncology care, Gulf News reports. The breakdown:

It teamed up with the Children’s Hospital of Philadelphia to improve pediatric cancer care through advanced diagnostics and remote consultations;
BCI also collaborated with SJD Barcelona Children’s Hospital to strengthen childhood cancer care with continuous remote support;
BCI joined the European Institute of Oncology to advance clinical research, education, and training for healthcare professionals;
It also partnered with AbbVie Biopharmaceuticals to introduce a personalized medicine approach for cancers such as ovarian, lung, and colorectal, including introducing platinum-resistant ovarian cancer for the first time in the region.

RESEARCH & DEVELOPMENT-

#1- DoH, ADIO, and Masdar City join forces to create new research labs: Abu Dhabi’s Department of Health has teamed up with the Abu Dhabi Investment Office (ADIO) and Masdar City to set up advanced health and life sciences labs at Abu Dhabi’s new Health, Endurance, Longevity, and Medicine cluster, Wam reports. The labs will be located in Masdar City.

The breakdown: The partnership will focus on developing programs to attract researchers and startups to collaborate on research and knowledge exchange. It will also establish incubator and accelerator programs to support life science startups and form partnerships with pharma and biotech companies for industry-sponsored research and clinical trials.

The three entities will create a framework to assess the long-term economic and healthcare impact of these labs in the emirate. ADIO will help build global investment partnerships to support the research efforts.

REMEMBER- Abu Dhabi launched the new HELM cluster during ADGHW to attract more research and development, new drug manufacturing, and commercialization of biotechnology, as well as medtech and digital health solutions.

#2- The Department of Health also inked five MoUs with Russian institutions to boost medical research and innovation, Wam reports. The partnerships focus on gene therapy and prenatal testing with Moscow Institute of Physics and Technology, technology transfer with BIOCAD Biotechnology Company, academic collaboration with I.M. Sechenov First Moscow State Medical University, Emirati-Russian research ties and joint research projects with Skolkovo Institute, and CAR-T cell therapy research with Dmitry Rogachev National Research Center.

#3- DoH, ADIO, and Unilabs to create a new analytical lab in HELM: The Department of Health partnered with ADIO and Unilabs Pharma Solutions to develop an analytical laboratory in Abu Dhabi’s new HELM cluster, Wam reports. The facility aims to drive advancements in drug development, clinical trials, and screening.

M42 now holds a stake in UK-based biotech Juvenescence

M42 buys into UK’s Juvenescence: Mubadala-backed healthtech investment firm M42 nabbed an undisclosed stake in UK-based biotech company Juvenescence, according to a press release. The transaction valued the longevity drug developer at just north of USD 550 mn.

The move expands M42’s portfolio into AI-powered anti-aging therapeutics and falls under the firm’s AI life sciences platform which it recently set up to tap AI tools for drug discovery.

REMEMBER- The company recently rolled out a new operating structure with four specialized platforms aimed at supporting growth and acquisitions: global patient care, AI life sciences, integrated health solutions, and digital health solutions.

About Juvenescence: Founded in 2016, the drug development company has raised roughly USD 214 mn to date across six funding rounds. Notable investors include Foresite Capital, Fast forward Innovations, Grok Ventures, and IDO investment.

GCC banks are unlikely to be impacted by Trump tariffs — but they could face indirect ramifications, Fitch says

GCC banks likely to see minimal impact from Trump tariffs: Recently implemented US tariffs are likely to have a limited effect on GCC banks’ operating environments, as GCC exports to the US remain largely limited to hydrocarbon exports, which are exempt from tariffs, credit rating agency Fitch Ratings wrote in a research note on its website. While the GCC’s non-hydrocarbon exports face a 10% tariff (or 25% for aluminium and steel), they remain relatively limited — keeping the direct effects of the tariffs on GCC economies rather minimal.

Other indirect ramifications could take place, however: “Lower oil prices and weaker global demand” are cited as the primary risks for banks’ operating environments in the GCC, with the tariffs potentially spurring an additional drop in oil prices, which could weaken Fitch’s lending growth forecasts.

It’s all about oil prices “While the global tariff wave may stir trade tensions, GCC banks remain largely insulated, with oil prices continuing to serve as the principal barometer of sector performance,” National Bank of Kuwait Senior Economist Issa Hijazeen told EnterpriseAM UAE. “Fitch Ratings underscores that the primary risk to GCC banking remains oil market volatility and its impact on liquidity metrics, rather than direct exposure to international tariff shifts. Despite rising protectionism globally, the region’s robust fiscal buffers and sustained non-oil growth are expected to shield GCC banks from financial disruptions,” he said.

Brent crude futures hit USD 65.2 per barrel on Wednesday, as “hopes for renewed US-China trade talks offset bearish supply and demand signals,” according to Trading Economics. However, both Brent and the West Texas Intermediate (WTI) have lost about USD 10 per barrel since the start of the month, according to Reuters. JPMorgan now expects Brent crude to average USD 66 per barrel this year, down from its earlier estimate of USD 73, according to a note seen by Forbes.

The tariffs could also worsen credit conditions: Should corporates operating in sectors affected by the tariffs experience losses in their earnings and their cashflow stemming from higher operating costs and rising inflationary pressures, “pressure on corporates could dampen overall credit demand and ultimately lead to higher credit risk for banks and an increase in problem loans,” Fitch said. Companies could also experience higher debt costs due to potential uncertainty surrounding rate cuts.

Still, GCC banks are in a good position to weather the potential storm: Many banks in GCC countries have strengthened their capital buffers in the last few years, which was aided by “solid earnings on higher oil prices and interest rates, good liquidity, strong economic activity and favourable credit conditions.” This will allow banks to handle a potential deterioration in the overall operating environment, Fitch argues.

Dubai earnings jump 20.1% in 4Q as GCC growth slows

Dubai earnings climb in 4Q as Abu Dhabi slips: Dubai-listed companies have fared well compared to their Gulf peers in 4Q 2024, reporting a 20.1% y-o-y growth in net income to USD 6.7 bn, according to Kamco Invest’s GCC Corporate Earnings report (pdf). Meanwhile, ADX-listed firms brought in USD 9.4 bn during the quarter — down 21.6% y-o-y and marking one of the sharper declines across the region.

Dubai’s growth was driven by banking, real estate, and utilities, which together contributed over 86.4% of the quarter’s aggregate earnings. Banking sector income rose 12.2% y-o-y to USD 2.9 bn, with Emirates NBD reporting FY 2024 earnings of USD 6.3 bn (+6.9%), followed by our friends at Mashreq at USD 2.4 bn (+3.3%) and Dubai Islamic Bank at USD 2.2 bn (+16.7%).

Real estate earnings climbed 19.7% y-o-y in 4Q to USD 2.4 bn, with Emaar leading the charge. The developer closed the year with USD 3.7 bn in net income, up 16.2% y-o-y on the back of strong operational performance.

Abu Dhabi’s 4Q drop was largely due to a 34.2% y-o-y fall in energy sector earnings, despite Adnoc Drilling posting a 26.2% y-o-y bottom line increase and Adnoc Gas ending the year with USD 5.0 bn in net income. Food and beverage firms also saw weaker results. On the flip side, banking helped cushion the blow, with 4Q income rising 10.9% y-o-y to USD 2.4 bn, supported by First Abu Dhabi Bank’s FY 2024 earnings of USD 4.6 bn (+4%).

Full-year snapshot: Dubai closed FY 2024 with USD 25.4 bn in net income, up 16.0% y-o-y. In Abu Dhabi, net income for 2024 came in at USD 36.2 bn, down 7.1% y-o-y.

THE REGIONAL PICTURE-

Aggregate net income for GCC-listed companies hit USD 57.3 bn in 4Q 2024, up 2.0% y-o-y but down 5.0% q-o-q — marking a three-quarter low. The energy sector was the biggest drag, with earnings falling 16.6% y-o-y to USD 25.7 bn, while the utilities sector swung to a USD 1.3 bn net loss, driven by deeper losses at Saudi Electricity Co.

Oman led the region in 4Q earnings growth, up 83.4% y-o-y, followed by Bahrain (+43.2%) and Kuwait (+37.1%). Dubai’s 20.1% gain outpaced both Saudi Arabia and Qatar, which saw more modest increases.

For the full year, GCC-listed companies recorded USD 241.1 bn in net income, down 1.4% from 2023. The steepest declines came from the energy, utilities, and food and beverage sectors. Banking was the region’s strongest performer, with earnings for the year rising 10.3% to a record USD 60.1 bn. Telecoms followed, with a 171% y-o-y surge in 4Q earnings, driven by one-off gains at Saudi Telecom Co.

EFOA taps new chair + GovDigital and Sanadak get new heads

The Emirates Family Office Association has named Ahmed Al Banna as chairman of the board, according to a press release (pdf). Al Banna is currently the CEO of Dubarch Architectural Engineering Interior Design Consultancy, and previously held senior roles at the Dubai Chamber of Commerce, including as deputy director general and director of research and studies.

The Abu Dhabi Executive Council has issued a resolution appointing Wesam Lootah (Linkedin)as director general of GovDigital at the Department of Government Enablement, according to the Abu Dhabi Media Office. Currently serving as CEO of Corporate Support Services at Dubai Municipality, Lootah comes with around two decades of experience. He was also CEO of Smart Dubai following a tenure as Assistant Director General.

The Central Bank of the UAE (CBUAE) has named Faiza Al Awadhi (Linkedin) as the CEO and managing director of Sanadak, according to a press release (pdf). Awadhi serves as a current board member of Sanadak’s Ombudsman unit, and formerly led UAE financial sector initiatives as head of market conduct and financial consumer protection.

About Sanadak: The Central Bank launched Sanadak last year, an ombudsman unit responsible for dispute resolution. Consumers can file claims against ins. companies and banks through Sanadak’s website or app.

DWF Labs expands into the US and buys USD 25 mn worth of World Liberty Financial tokens

CRYPTO-

DWF Labs expands to US with New York office and USD 25 mn token purchase: Abu Dhabi-based crypto trading firm DWF Labs announced its expansion into the US with a new office in New York, according to a press release. DWF Labs will also serve as a liquidity provider for World Liberty’s USD1 stablecoin, a fiat-backed digital asset pegged to the USD.

The firm has also acquired USD 25 mn worth of tokens issued by World Liberty Financial, US President Donald Trump’s crypto venture, though the exact number of tokens was not disclosed. The tokens grant holders voting rights on the project’s governance decisions but cannot be traded, Reuters reports. DWF is hoping to “ participate in WLFI governance and focus on projects addressing real-world financial needs,” it said in the statement.

LOGISTICS-

#1- MBRAH aerospace supply chain zone’s first phase is complete: Dubai South’s aerospace platform Mohammed Bin Rashid Aerospace Hub (MBRAH) has launched the first phase of its Aerospace Supply Chain zone, according to a statement. The zone — spanning over 1.29 mn sq ft — features 11 facilities tailored to support engine shops, solution workshops, component and landing gear maintenance, as well as repair and overhaul (MROs).

It doesn’t end there: A further expansion to the zone is being developed with over 1.72 mn sq ft of new facilities currently underway, scheduled for completion in 2Q 2026. The expansion will include the region’s first vertical aerospace complex — dubbed the Suppliers Complex — which will feature 88 leasable units across three levels. Spots at the facility will be dedicated to maintenance service providers, carrier parts traders, and aerospace drone firms.

#2- WFS to head SkyCargo’s Frankfurt operations: Emirates SkyCargo has awarded SATS subsidiary Worldwide Flight Services (WFS) a five-year cargo handling contract for its operations at Frankfurt Airport, according to a statement. Emirates will offer a weekly cargo capacity of over 1.4k tonnes at Frankfurt Airport — positioning it as one of the airline’s busiest cargo hubs in Europe.

RENEWABLES-

Shanghai Electric tapped for Al Sadawi EPC: State-owned renewables giant Masdar has awarded the engineering, procurement, and construction (EPC) contract for its 2 GW Al Sadawi solar project — part of the fifth round of Saudi Arabia’s National Renewable Energy Program — to Shanghai Electric, Trade Arabia reports.

REMEMBER- Masdar, Korea Electric Power Corp, and China’s GD Power Development were reportedly forming a JV to establish the project at an investment cost of USD 1.1 bn. GD Power Development will reportedly have a 40% stake in the project but the entire ownership structure was not disclosed.

Background: State-owned Saudi Power Procurement Company signed a power purchase agreement for the project with Masdar, Korea Electric Power Corp, and GD Power late last year. The plant will reach full capacity by May 2026 before the official commercial operation date that is set for August 2027.

AVIATION-

Emirates bolsters its ties in Southeast Asia: Emirates SkyCargo inked an MoU with AirAsia’s exclusive cargo partner Teleport to advance trade and e-commerce flows from Southeast Asia to the wider world via Dubai, according to a statement. Under the agreement, the pair will boost cargo interline options and block space agreements. The partnership will expand Skycargo’s access to over 100 destinations in the Southeast Asian region within AirAsia’s roster.

The partnership will help boost Southeast Asia’s air cargo volumes from 11% to 20% by 2029. Southeast Asia exported nearly 2.5 mn tons of goods via air cargo in 2024 — with flows directed towards the Middle East, Africa, and Europe.

PORTS-

AD Ports has debuted its first ship-to-ship liquefied natural gas (LNG) bunkering operation at Khalifa Port through the transfer of LNG fuel from marine fuels provider Monjasa’s LNG bunker — Green Zeebrugge — to Italian shipping firm MSC’s container vessel — MSC Thais — which is berthed at Abu Dhabi Terminals, according to a statement. The pair is planning to expand LNG bunkering services across AD Ports’ local commercial ports, including cruise vessels at Zayed Port.

TELECOMS-

e& UAE has rolled out AI-powered autonomous drones for telecom tower inspections, according to a press release. Managed via the new Drones Operations Center in partnership with the UAE Cyber Security Council and GCAA, the drones use real-time analytics to detect structural issues, support emergency response, and reduce the need for manual checks.

REAL ESTATE-

Real estate developer LMD has launched Taiyo Residences, an AED 400 mn residential project in Dubai’s Wasl Gate, according to a press release. Slated for handover in 1Q 2028, the project will feature 379-units ranging from studios to three-bedroom apartments, as well as amenities like pools, gyms, wellness areas, and social zones. Other projects in LMD’s pipeline include a AED 750 mn residential project in Dubai Maritime City, which is expected to be ready in 2Q 2027.

AI-

Inception teams up with Kore.ai to offer AI solutions for businesses: G42-backed AI solutions firm Inception has partnered up with US based enterprise AI firm Kore.ai to develop AI-powered solutions for businesses in the UAE and the global south, according to a press release. The two will develop and roll out AI solutions together, and make use of their joint client networks. Inception will also integrate Kore.ai’s conversational AI and Agentic platform into the solutions to be offered to businesses, including firms within the wider G42 network.

_SubHed_! DEFENSE-

UAE, South Korea expand military ties: The UAE and South Korea signed new defense agreements during a four-day visit by UAE forces to Seoul, Arab News reports. The two sides will meet for bilateral meetings every six months and cooperate on the development of the KF-21 Boramae fighter jet. South Korea’s armed forces will also train UAE personnel on the KF-21 and the Cheongung II missile system, which Abu Dhabi purchased in 2022. South Korea maintains a military base in Al Ain, and the two sides said they are looking to expand their defense cooperation.

Western chipmakers face added costs, uncertainty amid tariffs

US President Donald Trump’s tariffs are coming at a steep cost for Western tech players, with policies intended to restrain China, instead, burdening Western players with bns in losses.

More restrictions: AI chimpmaker Nvidia is now required to obtain a license for exporting its high-performance H20 chip to China, The company said in a recent filing (pdf). The restriction — imposed due to concerns that the chips could be used in supercomputing applications — also includes AMD’s MI308 chip and its equivalents.

The restrictions also reportedly blindsided major Chinese cloud providers, who were expecting H20 chip deliveries by year-end. Nvidia could lose the USD 18 bn orders secured this year from China’s huge market, which generated USD 17 bn in revenues in the chipmaker’s FY that ended on 26 January.

Less money for chipmakers: The added restrictions and back-and-forth tariffs are estimated to charge Nvidia an additional USD 5.5 bn quarterly starting 2026, the company said. Nvidia’s shares fell some 7% yesterday on the news, bringing its YTD losses to over 24%, while AMD’s dropped 7%.

The impact extends beyond Nvidia and AMD: New export controls could also inflict over USD 1 bn a year in annual costs on US semiconductor equipment manufacturers, Reuters reported on Tuesday, citing two sources it said are in the know. Industry estimates peg annual revenue losses at USD 350 mn each for three of the largest US chip equipment firms — Applied Materials, Lam Research, and KLA — the newswire said.

Adding to older woes: To curb China’s chipmaking industry, the former US administration issued successive export controls on advanced semiconductor manufacturing equipment to China, which erased USD bns in revenues from US chipmakers. Despite the reciprocal tariff pause, the current administration started a probe into chipmakers’ imports, and is planning additional duties on the industry.

European players are feeling the heat as well: The Netherlands’ ASML fell short of market expectations by nearly EUR 1 bn in fresh orders, blaming growing uncertainty following the US tariff announcements.

Market reax: Shares of the Dutch tech multinational have lost 16% since January, with 6.2% alone in early trading on Wednesday. The “increased uncertainty in the macro environment” is likely to persist for some time, ASML’s CEO Christophe Fouquet told the Financial Times.

MARKETS THIS MORNING-

Asian markets are slightly inching up this morning. Hang Seng (Hong Kong) is up 1.2%, while Japan’s Nikkei is up 0.8% and Shanghai Composite is up 0.1%. Wall Street futures are also rising after yesterday’s tech selloff.

ADX	9261	-0.3% (YTD: -1.7%)
DFM	5053	-0.5% (YTD: -2.0%)
Nasdaq Dubai UAE20	4099.26	-0.8% (YTD: -1.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	4.1% 1 yr
TASI	11,634	+0.2% (YTD: -3.3%)
EGX30	31,031	-0.5% (YTD: +4.3%)
S&P 500	5276	-2.2% (YTD: -10.3%)
FTSE 100	8276	+0.3% (YTD: +1.3%)
Euro Stoxx 50	4967	-0.1% (YTD: +1.4%)
Brent crude	USD 62.88	+0.7%
Natural gas (Nymex)	USD 3.25	+0.1%
Gold	USD 3,346.40	+3.3%
BTC	USD 84,531.10	+0.4% (YTD: -9.5%)

THE CLOSING BELL-

The ADX fell 0.3% yesterday on turnover of AED 1 bn. The index is down 1.7% YTD.

In the green: Julphar (+10.9%), Ghitha (+9.0%) and Aram (+8%).

In the red: Sudatel (-6.9%), ADNH Catering (-3.2%), and Burjeel (-2.7%).

Over on the DFM, the index fell 0.5% on turnover of AED 503.3 mn. The index is down 2% YTD. Meanwhile, Nasdaq Dubai was down 0.8%.

CORPORATE ACTIONS-

e& has approved a cash dividend of AED 3.5 bn for 2H 2024, equivalent to 41.5 fils per share, according to an ADX disclosure (pdf). This brings total dividends for FY 2024 to 7 bn, or 83% of the nominal share value, after the firm distributed AED 3.5 bn for 1H 2024.

Amanat approved a AED 40 mn cash dividend for 2H 2024, according to a DFM disclosure (pdf). This brings total dividends for FY 2024 to AED 115 mn, equivalent to 4.6% of the company’s paid-up share capital.

Deyaar approved the distribution of AED 218.8 mn in cash dividends for 2024, equivalent to 5% of share capital, with payment set for 7 May, according to a DFM disclosure (pdf).

Dubai Investments will pay AED 765.4 mn in dividends for 2024, equivalent to 18% of its capital, according to a DFM disclosure (pdf). The payout was approved during the annual general assembly with payment scheduled for 14 May.

Agility to implement share buyback to incentivize employees: Agility Global approved a share option plan (SOP) that includes the potential buyback of up to 1.04 bn shares, according to an ADX disclosure (pdf). The program aims to offer certain employees the opportunity to acquire shares as an incentive. Shares may be acquired via market purchases, off-market transactions, or a combination of both, at prices ranging from AED 0.5 to AED 5 per share.

What’s next? The size and allocation of the SOP will be decided later by the company’s nominations and remuneration committee, following approval from the ADX. The plan may also include alternative settlement options such as cash payouts.

Adnoc Distribution approved the distribution of AED 1.3 bn in dividends for 2H 2024, according to an ADX disclosure (pdf). The total amount of paid dividends for 2024 rose to AED 2.6 bn, equivalent to 257.1% of the company’s share capital or 20.6 fils per share.

Dana Gas will distribute AED 384.8 mn in dividends for 2024, representing 5.5% of the company’s nominal capital, according to an ADX disclosure (pdf).

CALENDAR

APRIL

14-26 April (Monday-Saturday): Solana Economic Zone, Dubai.

15-17 April (Tuesday-Thursday): The Abu Dhabi Global Health Week, Adnec center, Abu Dhabi.

16-17 April (Wednesday-Thursday): The FastBull Finance Summit, Coca Cola Arena, Dubai.

16-17 April (Wednesday-Thursday): Abu Dhabi Sustainable Business Leadership Forum, the Four Seasons Hotel, Abu Dhabi.

17 April (Thursday): Commvault’s Shift Roadshow event, Dubai’s Museum of The Future.

21-23 April (Monday-Wednesday): The Electric Vehicle (EV) Innovation Summit, Adnec Center Abu Dhabi.

21-23 April (Monday-Wednesday): GOTECH 2025, Dubai World Trade Center.

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.

25 April (Friday): The Indian Business and Professionals Council’s (IBPC) Annual Conference, Dubai.

28 April-1 May (Monday-Thursday): The Arabian Travel Market, Dubai World Trade Center

28 April-2 May (Monday-Friday): The International Federation of Air Traffic Controllers’ Associations (IFATCA) conference, Adnec Center Abu Dhabi.

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

30 April – 1 May (Wednesday-Thursday): The Behavioural Exchange 2025 Conference (BX2025), the New York University Abu Dhabi

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.

12-13 May (Monday-Tuesday): Dubai FinTech Summit, Madinat Jumeirah, Dubai.

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.

13–14 May (Tuesday-Wednesday): Low Carbon Fuels MENA Summit, Sheraton Dubai Creek Hotel & Towers, 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.

28-31 May: The Emirates Agriculture Conference and Exhibition, Adnec Center Al Ain, Abu Dhabi.

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

30 September – 2 October (Tuesday-Thursday): The Water, Energy, Technology, and Environment Exhibition (WETEX), Dubai World Trade Centre.

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.

8-9 December (Monday-Tuesday): BTC Mena Conference, Adnec, Abu Dhabi.

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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