Good morning, lovely people. We hope everyone had a great Easter Sunday and took a breather during the weekend, because judging by the conference agenda this week, it’s going to be another busy few days.

It’s a relatively quiet news day on the domestic (and global) front, but the big story of the day is Adnoc’s LNG agreements with Chinese companies, and the launch of its new Beijing office. Speaking of new offices: Egypt’s Ora Developers launched its regional HQ in Dubai, with plans to triple its workforce by year’s end.

WEATHER- It’s a warmer day today, with afternoon highs in Dubai reaching 36°C before cooling to an overnight low of 24°C. Over in Abu Dhabi, afternoon temperatures will reach 29°C, while nighttime lows will hit 23°C.

WATCH THIS SPACE-

#1- More bidders eye Pal Cooling buyout: US-based PE firms KKR and I Squared Capital, along with the Middle East’s biggest alternative investor Investcorp, are said to be weighing bids for Multiply Group’s district cooling unit Pal Cooling Holding (PCH), Reuters reports citing sources it says are familiar with the matter. The sale, which was announced early last month, could fetch around USD 1 bn, with binding offers expected next month.

Not the only eyes on Pal: The move sees KKR and I Squared Capital join (a growing pool of suitors for the Abu Dhabi asset — including state utility firm Taqa, state cooling business Tabreed, and Dutch PE firm CVC, which is working with Tabreed, the sources said.

REMEMBER- KKR just recently revealed plans to grow its Middle East office and investments in the region, tapping ex-US army general and former CIA director David Paraeus as chair of its Middle East unit. The team, based out of Dubai, is eyeing investments after acquiring a stake in Gulf Data Hub earlier this year and Adnoc Oil Pipelines a while back.

#2- Sobha Realty + Omniyat weigh FCY debt sales: Dubai-based real estate player Sobha Realty and luxury developer Omniyat are looking to tap debt markets with USD-denominated sukuk, as they seek to lock in funding while investor appetite still holds, Bloomberg reports, citing people it says are familiar with the matter. Sobha is said to be sounding out investors in the UAE and London for the potential sukuk issuance to fund land acquisitions, while Omniyat is reportedly eyeing a debut Islamic bond as early as this quarter to support its pipeline of ultra-luxury developments.

#3- The UAE’s USD 10 bn re-export market to the US could face disruption from US tariffs, the United Nations Economic and Social Commission for Western Asia (ESCWA) said in a report (pdf) on the impacts of the levies on Arab countries’ economies. Regionally, up to USD 22 bn in non-oil exports from Arab countries are at risk from the levies.

The impact on the UAE’s exports is comparatively small compared to other Arab countries, with less than 5% of its total exports set to be impacted as oil and petroleum products are exempt from the tariffs. The levies could actually boost the UAE — and the GCC’s — competitiveness if they leverage their strength in transport and logistics, the ESCWA noted.

#4- Pal-V’s flying car could be built in Sharjah: Dutch company Pal-V is in talks to manufacture its flying vehicle — the Pal-V Liberty — in Sharjah, following a showcase at the Sharjah Research, Technology and Innovation Park (SRTIP), The National reports.

A flying car? The vehicle, a hybrid between a car and a gyroplane, has received a “no technical objection” certificate from the EU Aviation Safety Agency and is expected to come with a USD 800k price tag. With a flight range of 500 km, dual combustion engines, and road-to-air mobility, 50% of orders for the vehicle are coming from government and business clients, Pal-V’s CEO Robert Dingemanse told the news outlet.

PSA-

RTA opens key bridge linking Jumeirah Street to Al Mina Street: Dubai’s RTA inaugurated a 985-meter, two-lane bridge connecting Jumeirah Street to Al Mina Street towards Infinity Bridge, state news agency Wam reports. Part of Phase 4 of the Al Shindagha Corridor Improvement Project, the bridge can handle up to 3.2k vehicles per hour and is expected to cut travel time by 67%, from 12 minutes to 4. The broader phase includes five additional bridges, 4.8 km of road enhancements, and upgrades to key intersections. A separate 780-meter bridge linking Infinity Bridge to Al Wasl Street is also slated for completion in 2Q 2025.

SPORTS-

We have a new head coach: Romanian coach Cosmin Olaroiu — previously the head coach for UAE club Sharjah — has been tapped as the UAE’s new head coach, replacing former coach Paulo Bento, who was sacked last month, according to an announcement from the UAE Football Association on X. Olaroiu has been with Sharjah for three and a half seasons and led them to the final of the AFC Champions League Two last week. He also previously coached Al Ain, and Saudi Arabia’s Al Hilal. The first game with Olaroi in charge will be the World Cup qualifier at home against Uzbekistan on 5 June.

HAPPENING TODAY-

#1- The IMF and World Bank’s spring meetup is happening today 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.

A Finance Ministry and Central Bank of the UAE delegation will be at the meetings, led by State Minister for Financial Affairs Mohamed bin Hadi Al Hussaini.

On the delegation’s agenda: a ministerial meeting for the Middle East, North Africa, Afghanistan, and Pakistan with the Managing Director of the International Monetary Fund; a closed-door roundtable with the Middle East’s finance ministers; the G20 finance ministers and central bank governors meeting; the International Monetary and Financial Committee plenary session, and the BRICS Finance and Central Bank Deputies (FCBD) meeting.

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

#2- The Solana Economic Zone is happening in Dubai. The two-week event runs 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- The Electric Vehicle Innovation Summit is running from today until Wednesday, at the Abu Dhabi National Exhibition Center. The summit will bring together industry leaders, innovators, and key stakeholders to explore regional opportunities and challenges in electric vehicles technology.

#4- Dubai AI Week is happening throughout the week at the Museum of the Future, Area 2071, and the Emirates Towers in Dubai. The week-long event will feature talks, workshops, and showcases from global and local AI leaders, entrepreneurs, and policymakers.

#5- Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan is in Pakistan for the second day of his official visit, according to a statement from Pakistan’s Foreign Ministry. Meetings with Foreign Minister Ishaq Dar and Prime Minister Muhammad Shehbaz Sharif will focus on strengthening bilateral cooperation on trade, investment, energy, and regional security.

HAPPENING THIS WEEK-

#1- The Dubai AI Festival is taking place on Wednesday and Thursday as part of Dubai AI Week at Madinat Jumeirah in Dubai. The event will include exhibitions, panels, and networking sessions aimed at accelerating AI adoption across sectors.

#2- DOMOTEX Middle East is happening from Tuesday until Thursday at the Dubai World Trade Center. The international trade fair will spotlight the latest in carpets, flooring, and textile innovations, drawing regional designers, architects, and suppliers.

#3- TheInternational Conference on Education Quality (ICEQ) will also run from Tuesday until Thursday at the General Directorate of Identity and Foreigners Affairs Office in Dubai. The event will focus on integrating AI into education governance and institutional innovation across the region.

THE BIG STORY ABROAD-

It’s the quietest day in the global business press in weeks, with no new tariff announcements or executive orders from US President Donald Trump as the world seemed to take pause in time for Easter.

In political news, Ukraine and Russia have both accused each other of violating the 30-hour Easter ceasefire declared by Russian President Vladimir Putin. Despite Ukraine’s president Volodomyr Zelensky’s proposal to extend the ceasefire for 30 days, Putin said there will be no extension and accused Ukraine of breaking the ceasefire more than a thousand times, damaging infrastructure and resulting in civilian deaths. Meanwhile, Ukrainian forces reported 3k violations of the ceasefire.

Trump is still hopeful for a permanent ceasefire, and said the two sides could reach an agreement this week. (Reuters | FT | AP | BBC)

Also getting attention: The Israeli military admitted to “professional failures” in the killing of 15 unarmed emergency workers in Gaza last month, saying it will fire an officer for breaching orders, while changing key elements of the account from earlier versions. (Reuters | Guardian | FT)

PLUS- Iran and the US are set for another round of nuclear talks after the two sides seemed to make progress during their round of talks in Oman over the weekend, with the two sides agreeing to draw up a framework for an agreement. (Reuters | AP)

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