Good morning, lovely people. We have a busy issue for you this morning, led by Adnoc’s bumper debut USD 1.5 bn sukuk, which was over 2x oversubscribed — and an update on Omnityat’s debut sukuk. Plus: There’s major news for crypto, as ADQ, IHC, and First Abu Dhabi Bank team up on an AED-pegged stablecoin.

The crypto theme continues with more details on MGX’s investment plans, which include pouring some USD 8-10 bn a year in investments, with a focus on the US. Let’s dive in.

WEATHER- Time to say goodbye to the outdoors for good? Dubai's mercury hits 42°C during the day with overnight lows of 30°C. In Abu Dhabi, afternoon temperatures will reach 37°C and will cool down overnight to 28°C.

WATCH THIS SPACE-

#1- Dubai-based Khazna Data Centers is planning an expansion drive in Saudi Arabia, aiming to capture at least 25% of the kingdom’s growing data center market, CEO Hassan Alnaqbi told Bloomberg. Khazna controls about 71% of the UAE’s existing data center capacity, and, in addition to European expansion plans, its 12 data centers under construction include sites in Turkey and Kenya.

What we know: The firm has picked two sites for expansion where local Saudi firms don’t have the capacity required by the increasing number of US hyperscalers — large cloud service and data center providers — that are looking to the Gulf’s cheap energy and real estate for expansion.

IN CONTEXT- Backed by an implied USD 5.5 bn valuation following a stake sale to private equity firm Silver Lake and AI fund MGX, Khazna is positioning itself as a sector heavyweight just as Saudi Arabia mandates local data storage for personal and financial data in a bid to bring international companies’ data facilities to the kingdom.

#2- Sharjah Investment and Development Authority (Shurooq) is expanding its tourism and hospitality portfolio with two new projects, set to boost its portfolio to a value of AED 850 mn, CEO Ahmed Al Qaseer told CNBC Arabia (watch, runtime: 2:44).

The details: Among the upcoming launches is the Nomad Hotel, a 25-cabin development in the Kalba mountains that is set to be finished within two months. Shurooq is also partnering with global operator Lux to open two hotels, Lux Khorfakkan with a 40-room capacity and another 35-room hotel inside Sharjah Safari, both set to open in 1H 2026. Shurooq is also currently developing the Mleiha National Park.

DATA POINTS-

#1- Ras Al Khaimah Economic Zone (Rakez) recorded 3.7k new business registrations in 1Q 2025, marking a 23% y-o-y increase, state news agency Wam reports. Service-oriented businesses, accounting for 38% of total registrations, commercial activities at 26%, and general trading at 13% were the sectors driving the growth. Foreign investors to the economic zone came primarily from India, Pakistan, the UK, Egypt, and France.

#2- Ras Al Khaimah Department of Economic Development (RAKDED) issued 644 new licenses in 1Q 2025, marking a 15.6% y-o-y increase, according to Director of the Commercial Affairs Department Amina Qahtan Al Shehhi, Wam reports.

The breakdown of new licenses included professional licenses at 24.4%, industrial licenses at 15.4%, and commercial licenses at 8.9%. The total capital of new licenses reached AED 286.8 mn in 1Q 2025, a 27.8% y-o-y increase. Notably, industrial licence capital surged 7.7x, reaching AED 25.5 mn.

PSA-

RTA rolls out new Dubai-Sharjah bus service: Dubai’s Road Transport Authority (RTA) has launched a new intercity bus service — dubbed Route E308 — that will link Dubai’s Stadium Bus Station to Sharjah’s Al Jubail Bus Station, according to a statement. The service — which will go live on 2 May — has a set one-way journey fare of AED 12.

HAPPENING TODAY-

#1- The Arabian Travel Market is running until Thursday, at the Dubai World Trade Center. The event convenes all travel sectors and verticals, addressing industry challenges for tourism businesses and offering networking sessions. The conference’s program focuses on hospitality, investment, sustainability, marketing, and technology.

#2- The International Federation of Air Traffic Controllers' Associations (IFATCA) conference is happening this week at the Adnec Center in Abu Dhabi. The conference brings together air traffic control professionals to discuss the air traffic management sector, focusing on capacity building, emerging technologies, and solutions to challenges faced by the industry.

HAPPENING THIS WEEK-

#1- The Fujairah International Conference of Adventures Tourism is running from Wednesday until Friday at the Fujairah Adventures Centre. The event will spotlight investment, sustainability, and innovation in adventure tourism. The agenda includes panel discussions, MoU signings, site tours, and the launch of the region’s first standardized framework for adventure tourism.

#2- The Behavioral Exchange 2025 Conference (BX2025) will be on Wednesday, 30 April and Thursday, 1 May at New York University Abu Dhabi. The event will gather global experts, policymakers, and researchers to discuss behavioral insights and their application in tackling complex societal challenges.

THE BIG STORY ABROAD-

It’s a busy day in the foreign press this morning as Canadian voters look on track to allow Mark Carney’s Liberals to form a new government, a mysterious power outage hits Spain and Portugal, and US President Donald Trump moves to alleviate some of the pressure of tariffs on automakers.

Former central bank governor and incumbent prime minister Mark Carney is projected to form a new government after one of the most consequential elections in Canadian history, as the country faces uncertainty from Trump’s tariffs and threats of annexation. The question: Will it be a minority or majority government? Either way, it would be the Liberals’ fourth consecutive term in office, a political turnaround that was unthinkable just a few months ago when former Prime Minister Justin Trudeau led the party. (Bloomberg | Reuters | BBC | AP)

In the latest tariff-related news, Trump has eased some of the levies on auto parts for domestically manufactured cars, and prevented duties on foreign-made cars from stacking on top of other tariffs like those on steel and aluminum. (WSJ)

Across the pond, Spain declared a state of emergency after a power outage across the Iberian peninsula left tens of mns without power for hours. Half of the country has seen power restored, with Spanish Prime Minister Pedro Sánchez saying he aims to restore power across the country today. There is no clear cause for the outage, though Portugal has blamed it on extreme temperature variations. (FT | Guardian | Reuters)

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