IHC, BlackRock and Lunate make ins. play. PLUS: What’s at stake during Trump’s Gulf trip

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WHAT WE’RE TRACKING TODAY

THIS MORNING: EU regulators to decide on Adnoc’s Covestro bid today

Good morning, lovely people, and welcome to the start of what’s set to be a huge week for investment and trade news. US President Donald Trump kickstarts his visit to the region tomorrow in Saudi Arabia, before heading to the UAE and Qatar later in the week, with some USD 1 tn in potential trade and investment pledges on the table.

We have the rundown of what’s at stake during the visit for the Gulf countries — from fast-tracked foreign investments to eased AI exports, defense and security cooperation, and trade agreements.

The big story we have today is IHC, Lunate, and BlackRock’s tie-up for a reins. firm focused on the Middle East and Asia. Plus: The UAE saw FDI projects rise 2.3% y-o-y last year, and Nasdaq-listed crypto exchange Coinbase agreed to acquire Dubai-based crypto options exchange Deribit.

🌤️ WEATHER- Expect fair weather and partly cloudy skies today, with a chance of rainfall forming by the afternoon over the eastern mountains, according to the National Center of Meteorology (pdf). The mercury will hit 40°C in Dubai, before cooling to 30°C overnight. In Abu Dhabi, temperatures will peak at 33°C, with an overnight low of 28°C.

HAPPENING TODAY-

#1- EU antitrust regulators are expected to decide today on Adnoc’s proposed EUR 14.7 bn acquisition of German chemicals firm Covestro. Reuters previously reported that the transaction is likely to receive unconditional approval, given the lack of competitive overlap between the two companies. If approved, it would mark the largest European company acquisition by a Middle Eastern buyer in 16 years and see Adnoc’s low-carbon unit XRG become Covestro’s majority shareholder.

#2- The Dubai FinTech Summit is happening today and tomorrow at Madinat Jumeriah in Dubai. The two-day event will explore financial sector trends, regulatory compliance, blockchain tech, AI-driven services, and digital banking, while analyzing investment flows, global economic shifts, and cross-border regulations.

HAPPENING THIS WEEK-

Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed is in Kazakhstan for an official visit that began yesterday, according to an Abu Dhabi Media Office statement. He will meet with President Kassym-Jomart Tokayev and senior officials to advance strategic ties and explore partnerships across various sectors.

WATCH THIS SPACE-

#1- Seven Dubai government entities have agreed to integrate in-country value (ICV) program criteria into their procurement strategies to boost spending in locally manufactured products, according to Dubai Media Office. The entities in question: Dubai Municipality, Dubai Health, Dubai Police, Roads and Transport Authority (RTA), Dubai Customs, Dubai Electricity and Water Authority (DEWA), and Dubai Airports.

The details: Delivered through the Tasharok procurement platform, the program covers 42 product categories and offers preferential rates to government entities who purchase from local suppliers, Emirati-owned businesses, and firms employing local talent.

REMEMBER- The UAE already has a national ICV program, geared towards national companies, with some AED 48 bn spent by the end of the first half of 2024.

#2- Barclays is overweight on five Adnoc firms: Barclays has initiated coverage on five Adnoc-affiliated listed companies — Adnoc Distribution, Drilling, Gas, Logistics and Services, and Fertiglobe — with a positive “overweight” rating for each, state news agency Wam reports. The bank called investment in Adnoc's ecosystem a “strategic imperative” and set price targets averaging 35% above current trading levels.

The rationale: Barclays cited the companies’ diversified exposure, strong returns outlook, and alignment with Adnoc’s pillars of production growth, decarbonization, and global expansion. The report also highlighted the firms’ high yields, stable cashflows, and readiness to scale with AI and technology adoption.

#3- The opening of Disneyland Abu Dhabi on Yas Island is expected to trigger a 15-25% surge in hotel rates, short-term rentals, and property values in Abu Dhabi, cluster general manager at Al Bandar Rotana and Arjaan Ayman Ashor told Khaleej Times.

The retail and entertainment sectors are also set to benefit, and the effect could spread across the northern emirates as well, GM of Bahi Ajman Palace and Coral Beach Resort Sharjah Iftikhar Hamdani said, emphasizing that family tourists tend to prefer multi-day, premium stays.

Yas Island is expected to see sharp jumps in house leasing prices and Airbnb demand, Abu Dhabi Branch Director at Betterhomes Nada Jaouhar said. An uptick in demand for the Al Reem, Al Raha Beach, and Al Shamkha areas is also expected, as Disneyland will “catalyze long-term capital appreciation,” co-founder of Merlin Real Estate Rohit Bachani said.

REMEMBER- Abu Dhabi’s property market recorded AED 25.3 bn in real estate transactions in 1Q 2025, up 34.5% y-o-y. Yas Island was second only to Saadiyat Island in terms of transaction numbers for the period.

#4- Hungary objects to proposed EU sanction on Lukoil’s Dubai-based unit: Hungary has raised objections to a proposed EU sanctions package that includes Litasco Middle East DMCC, the Dubai-based trading arm of Russian oil giant Lukoil, Bloomberg reports, citing sources familiar with the matter. The pushback by Hungary, which cited energy security concerns, comes as the EU weighs sanctions on Litasco for allegedly supporting Moscow’s shadow fleet operations. This is part of a wider sanctions plan to put pressure on Russia’s energy sector that requires unanimous backing from EU member states to pass later this month.

Why it matters: Last year, Lukoil was the second-largest seller of Russian supplies.

AND- UK joins in on sanctions: Separately, the UK imposed asset freezes on five directors of Coral Energy Group — now rebranded as 2Rivers Group — over its alleged ties to the Russian state, Reuters reports. Britain said the company, formerly headquartered in Dubai, operated in a sector of strategic importance to Russia and supported the country’s energy exports.

PSAs-

#1- UAE carriers are progressively restoring flight operations to Pakistan following the reopening of Pakistani airspace yesterday after a temporary closure due to heightened tensions with India. All airlines advised passengers to check their flight status and notifications.

Emirates has resumed its scheduled services to Pakistani cities, including Karachi, Lahore, Islamabad, Sialkot, and Peshawar, the airline said in a travel update. Air Arabia has also fully resumed its operations to and from Pakistan, according to their travel update, while Flydubai announced the commencement of daily flights to Peshawar starting May 15, 2025, expanding its network within Pakistan, it said in an announcement.

Etihad Airways has reinstated most of its flights between Abu Dhabi and Pakistan. However evening return journeys from Karachi and Islamabad, remain canceled as of today, according to a travel alert.

#2- UAE waives residency fines for Sudanese nationals through year-end: The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) will exempt Sudanese nationals from fines on expired residency and entry permits starting Monday, 19 May, state news agency Wam reports. The waiver, valid until the end of the year, allows those affected to regularize their status via ICP’s digital platforms.

#3- Event organizers in Abu Dhabi will continue to be exempt from the 10% tourism fee on ticket sales until 31 December, according to a circular from the Department of Culture and Tourism – Abu Dhabi (pdf). The move comes in a bid to strengthen the investment environment in the emirate, as it pushes to boost tourism, with a focus on leisure and entertainment through mega events like concerts and sports events like the Abu Dhabi Grand Prix.

#4- The fifth and final bridge of the Sheikh Rashid-Mina Road interchange project is now open, completing the upgrade of Al Shindagha Corridor in Bur Dubai, according to a Dubai Roads and Transport Authority statement.

Fast recap: The full corridor, spanning 13 km and serving 1 mn residents, cut travel time to 12 minutes, down from 80 minutes previously. It includes 15 intersections, 18 km of bridges and tunnels, and a traffic capacity boost from 6.4k to 24k vehicles per hour.

THE BIG STORY ABROAD-

Cooldown is the key word today in the global press, with some of the biggest armed (and trade) conflicts inching closer towards a resolution.

India and Pakistan agreed to an immediate ceasefire over the weekend that quickly turned out to be fragile, as both sides accused each other of violations and reportedly went back to exchanging fire, with multiple explosions heard around Indian-controlled Kashmir. The US-led talks had been hoped to de-escalate the serious confrontation between the nuclear-armed neighbors.

The White House is saying the two-day talks in Switzerland yielded a trade agreement with China, with additional details to be announced today. Chinese officials are saying the two sides reached an “important consensus” in Geneva, and are set to hold an economic dialogue forum.

Ukrainian President Volodymyr Zelenskyy said he’s hoping to meet Vladimir Putin personally in Turkey on Thursday, following a televised statement by the Russian President that saw him call for the first direct talks between the two countries since early 2022 in Istanbul. The statement came after EU officials have joined Ukraine in pressuring for a 30-day ceasefire.

CLOSER TO HOME- Hamas announced yesterday it will release the last living US national held in Gaza, Edan Alexander, as part of efforts to secure a ceasefire, with sources expecting the release within 48 hours. Trump hailed the step on Truth Social as a necessary step to “end this brutal conflict.”

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OIL WATCH-

China refiners look to Adnoc’s Murban: Two independent Chinese refineries have purchased 1 mn barrels of Abu Dhabi’s Murban crude each — at a premium of USD 5 a barrel to August ICE futures, defying habitual reliance on cheap crude shipments from Russia and Iran, people familiar with the matter told Bloomberg. The spot buys of Adnoc’s flagship oil — made by China’s Fuhai Group and Shaanxi Yanchang Petroleum — are scheduled for delivery in June. Analysts reportedly attributed the move to the Middle East’s ample supply of crude — resulting in competitive prices — while others pointed to the rising cost of fuel oil alternatives.

India has also been snapping up Murban crude: Indian and Chinese oil refiners were reportedly resorting to Murban earlier this year, when the market was concerned over possible restrictions on Russian and Iranian crude tightening global supply. Indian state refiners bought up to 6 mn barrels, while China’s Sinopec subsidiary Unipec also snapped up barrels.

What to expect from Trump’s Gulf visit this week

US President Donald Trump will land in the Gulf tomorrow in a bid to drum up investment and expand trade with our part of the world. Agreements in investment, oil, defense, AI infrastructure, and nuclear power, are all in the cards when Trump starts his tour in Saudi Arabia on Tuesday before heading on to the UAE and Qatar.

The swing through the region is set to see “a huge number of investment and trade [agreements] happening,” Arab News’ Faisal Abbas told CNBC, stressing that injections of capital should be a two-way street. A potential lifting of the 10% tariff on aluminum and steel could also be on the agenda, CNBC reported elsewhere. Gulf officials are actively looking to tie fresh investment and big purchases of US goods to preferential tariff treatment for exports from our region.

Sound familiar? The visit is basically a re-run of Trump’s first official international trip as president in 2017 Expect to hear talk of a USD 1 tn visit. White House officials appear to have quietly seeded to US media the idea that Trump will extract trade and investment pledges worth a combined USD 1 tn.

Expect tech and AI to be in sharp relief this week, with Elon Musk, Mark Zuckerberg, and OpenAI CEO Sam Altman among those expected to attend an investment summit in Riyadh on Tuesday, the New York Post reports. Representatives from BlackRock, Alphabet, and IBM will also be there.

Gulf leaders want to see regulatory approval for investments in the US put on the fast track. The US is reportedly planning to develop a fast-track process for screening FDI, with the UAE, Saudi Arabia, and Qatar in discussions to be included in the initiative.

ICYMI- Both Saudi Arabia and the UAE have pledged to invest heavily in the US to the tune of USD 600 bn for Saudi, and USD 1.4 tn for the UAE. The plan for the visit is to seal those investment agreements, with Trump saying a “tremendous amount of jobs will be created in those two or three days,” according to Reuters.

The itinerary:

Trump is expected in Riyadh tomorrow (Tuesday, 13 May), where he’ll meet with Crown Prince and Prime Minister Mohamed bin Salman;
The Riyadh investment summit will take place on Tuesday, before Trump heads to Qatar;
On Wednesday, he lands in the UAE to wrap up the trip. Secretary of State Marco Rubio will then fly on to Turkey for a NATO meeting.

REMEMBER- The Trump administration is reportedly planning to ease the Biden administration’s restrictions on exports of advanced AI chips, introduced in January and set to take effect on May 15. The tiered system — which divided countries into three tiers that were allowed to receive unlimited, capped, or no exports — will reportedly be cancelled, and likely replaced with new, “simpler” rules aiming at handing the US more control over chips abroad.

IN CONTEXT: Did Washington just reach a trade agreement with China? Senior White House officials released a statement shared on X overnight headlined “US announces China trade deal in Geneva,” but stopped short of offering details, saying they would be released later today. The swing through the Gulf has largely been positioned in Washington as part of the White House’s drive to diversify trade ties away from China as Trump’s trade war brews.

Don’t expect Saudi to recognize Israel on Trump’s swing through the region. The US administration hopes to negotiate an expansion of the so-called Abraham Accords that Trump brokered in his first term, but pundits see no chance of that happening unless Israel winds down its war on Gaza. Bloomberg, CNBC, CNN, and Reuters have more. Riyadh has previously tied the issue to Tel Aviv giving Palestine a clear path to statehood.

Is Trump going to meet Palestinian Authority President Mahmoud Abbas? That’s the contention in at least one Israeli media outlet, which cites an unnamed Israeli source as saying bin Salman is brokering a sit-down between Trump and Abbas. The same report contends Trump could meet with Syrian leader Ahmed Al-Sharaa and Lebanon’s Joseph Aoun. Sources in the Palestinian Authority — cited by Haaretz — denied the report, saying that Abbas is in Russia and there are no plans he will head to Riyadh.

Riyadh is keen to make progress on a long-in-the-works defense and security cooperation pact that it has been working on since the Biden administration. The previous administration directly linked the pact to Riyadh’s recognition of Israel, wanted Saudi to be clear that it would limit the use of Chinese AI technology, and was seeking a promise that KSA would continue to demand USD payment for oil and not start accepting China’s RMB. Riyadh, in turn, wants US help building out a domestic nuclear power industry seen as critical to its energy diversification drive.

The UAE and the US have become closer allies over the past few years. The UAE is investing big in US tech and energy over the next decade following UAE National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan’s visit to the US earlier this year. State AI investor MGX has already invested USD 2 bn into Binance using a Trump-linked stablecoin, and joining the AI Infrastructure Partnership, a platform it co-founded alongside Blackrock and Microsoft, which now also includes Nvidia and Elon Musk’s xAI. Meanwhile, Adnoc’s new investment arm XRG is pledging bns of investments in the US’ energy sector, including through USD 9 bn worth of acquisitions of natural gas assets.

It’s a two-way street: On the flip side, Microsoft is investing USD 1.5 bn in G42, while US private equity giants are linking up with sovereign wealth funds here at home for co-investment in private credit, with Mubadala for one investing over USD 5 bn in partnerships with Apollo, Ares, Goldman Sachs, and Blackstone.

What’s a Trump visit without a little bit of controversy? Western media is making plenty of hay about:

Trump’s plan to name the Gulf of Arabia the … Gulf of Arabia on US maps, where it’s presently referred to as the “Persian Gulf.” (Hardly a controversial notion in our part of the world).
Qatar is gifting The Donald a Boeing 747 that’s worth about USD 400 mn new. Trump will have the jet retrofitted to be used as Air Force One — and plans to take it into retirement with him for his personal use.

IHC, BlackRock, Lunate partner on USD 1 bn reins. platform

Abu Dhabi’s International Holding Company (IHC) is launching a new AI-driven reins. platform in partnership with BlackRock and alternative asset manager Lunate, according to a statement. The company, which has not yet been named, will be headquartered in ADGM and will operate across international markets, with a strategic focus on the Middle East and Asia. It aims to boost regional ins. capacity and improve capital deployment, the statement said.

What it does: The platform will offer tailored underwriting solutions in property and casualty, life, and specialty ins., and use AI to improve the quality and speed of risk assessments.

The financials: It will pursue a buy-and-build strategy targeting initial liabilities USD 10 bn in initial liabilities. The venture will be backed by more than USD 1 bn in equity commitments, and will be followed by additional hybrid and debt financing as well as a minority investment commitment from BlackRock

Leadership: Former Aviva and AIA Group CEO Mark Wilson (LinkedIn) will lead the company as CEO, with UAE Industry Minister and Adnoc Group CEO Sultan Al Jaber serving as chair. The ownership split has not been disclosed.

Who’s doing what? BlackRock will contribute ins. asset management, advisory services, and its Aladdin technology stack. Lunate will offer its multi-asset investment expertise to support the venture.

REMEMBER- BlackRock has been ramping up its presence in the UAE since obtaining a commercial license in Abu Dhabi last November, with a focus on private markets and AI infrastructure. It partnered with Abu Dhabi’s MGX on a planned USD 30 bn global AI infrastructure fund alongside Microsoft, Nvidia, and xAI. It has also launched five funds with Aditum Investment Management for UAE investors and teamed up with Emirates NBD to offer private market access through a platform tied to its USD 450 bn alternatives business.

The story got ink from Bloomberg.

IN OTHER IHC NEWS-

IHC subsidiary Emirates Stallions Group (ESG) has opened a new Saudi branch for Decovision, its interior design and fit-out contracting and engineering arm, according to an ADX disclosure (pdf). The move supports ESG’s strategy to increase its presence in high-growth markets and cater to rising demand amid Saudi Arabia’s ongoing infrastructure and commercial development push.

FDI projects rose 2.3% y-o-y last year -fDi Markets

The UAE recorded a 2.3% y-o-y increase in foreign direct investment (FDI) projects in 2024, reaching 1.3k, and leading the Middle East and Africa region, Al Khaleej reports, citing fDi Markets’ 2025 FDI report. Investment inflows were concentrated in real estate, business services, and renewable energy.

The UAE also ranked among the world’s top ten capital-exporting countries. It was the fourth-largest foreign investor in Europe (USD 7.2 bn) and the fifth-largest in North America (USD 14.3 bn).

Globally, over 17k FDI projects were announced in 2024 with total capital expenditure declining 6.1% y-o-y to USD 1.3 tn. The US remained the top investment destination, followed by India.

REMEMBER- The UAE came in ninth place globally in terms of confidence in its FDI front. The country aims to boost the total stock of foreign investments to AED 2.2 tn by 2031, and annual FDI flows to AED 240 bn, as part of its national investment strategy. Dubai topped the global list for greenfield FDI project destinations in 2024, drawing in AED 52.3 bn in capital, and maintained its lead in greenfield FDI in cultural and creative industries for the third consecutive year.

Coinbase to fully acquire Dubai-based Deribit for USD 2.9 bn

Nasdaq-listed crypto exchange Coinbase agreed to acquire Dubai-based crypto options exchange Deribit in a transaction valued at USD 2.9 bn in a move to expand its derivative business, according to a joint statement. The agreement is expected to close by year end, pending regulatory approvals. There’s no publicly available information about the banks that advised on the transaction.

The details: Deribit selling shareholders will receive USD 700 mn in cash and 11 mn shares of Coinbase Class A common stock, subject to customary purchase price adjustments, the statement reads. Derbit’s founders will step down from their roles and exit the company following the closing of the transaction, according to a separate statement.

Crypto options boom? The acquisition will allow Coinbase to offer traders a bigger suite of trading products, including spot, futures, perpetual futures, and options, ahead of what it says could be an expansion similar to the equity options boom of the 1990s.

The acquisition is also expected to ramp up profitability for Coinbase and bring more diversity and stability to its trading revenues, according to the statement. Unlike spot trading, options trading tends to be less cyclical, as traders use options to manage risk in both rising and falling markets, the statement reads.

About Deribit: The company relocated to the UAE in April 2024, and has around USD 30 bn of outstanding trading contracts, making it the world's largest crypto options trading exchange, the statement said. Deribit also handled over USD 1 tn in trading volume last year.

Market reax: The share price of Coinbase declined 3.5% to USD 199.32 apiece on Thursday’s close.

Elevate buys Dubai’s Hartland International School property for USD 100 mn

Elevate acquires USD 100 mn HIS real estate: Education-focused real estate platform Elevate has acquired the property of Hartland International School (HIS) in Dubai from NBK Capital Partners Real Estate Fund in a transaction valuing the property at USD 100 mn, according to a press release. Elevate is backed by Asia-focused Rava Partners, and the transaction marks Rava’s entrance into the Gulf market.

The asset: HIS is a UK-curriculum K-12 school located on nine acres of freehold land in Mohammed Bin Rashid City, operated under a long-term lease by Meraki Education, which also manages schools in Dubai and Singapore. Over 2k students are currently enrolled there.

The acquisition adds to Elevate’s growing portfolio of education-focused assets, which includes over 30 across India, serving more than 90k students and valued at around USD 1 bn. The platform was launched in 2023 by Rava Partners — the real assets arm of Hillhouse Investment — and its Indian operating partner, Alta Capital.

ADVISORS- Standard Chartered Bank acted as the sole lender. NBK Capital Partners Real Estate Fund was advised by Janus Henderson Emerging Markets Private Investments.

Abu Dhabi rolls out new rules for environmental emergency preparedness

Abu Dhabi tightens environmental emergency response rules: The Abu Dhabi Environment Agency (EAD) has issued a new regulation requiring all facilities and projects in the emirate that are licensed by the EAD to strengthen their preparedness and response to potential environmental emergencies, according to an Abu Dhabi Media Office statement. The regulation targets entities whose operations could result in marine, terrestrial, or air pollution that may trigger such emergencies.

What’s required: Under the new rules, businesses must prepare and maintain EAD-approved emergency response plans, ensure qualified personnel are available on site, and implement preventive measures to reduce the risk of incidents.

EAD’s role: EAD will classify facilities based on environmental risk, develop standards for the new regulation, and review and approve the submitted response plans. It will also conduct regular drills and awareness workshops to test and improve readiness across sectors.

The move is the latest in a series of measures aimed at strengthening Abu Dhabi’s environmental governance. Other recent initiatives include:

Mandatory annual environmental reporting by licensed businesses, covering energy and water use, emissions, equipment, and incidents, starting in 1Q of each year;
A forthcoming carbon pricing mechanism requiring large emitters to submit third-party verified emissions data beginning in 2026;
New licensing requirements tied to updated noise and air pollution limits;
Stricter administrative penalties for environmental violations introduced in February, following new rules for reconciliation and appeals processes.

AD Ports, Dubai Investments, Parkin and more report 1Q 2025 earnings

AD PORTS-

Abu Dhabi-based port operator AD Ports Group saw its net income increase 16% y-o-y to AED 463.5 mn in 1Q 2025, according to an earnings release (pdf). The company’s revenues climbed 18% y-o-y to AED 4.6 bn during the same period, which it attributed to strong performance across three divisions: maritime and shipping (its largest single contributor), port clusters, as well as its economic and freezones segment.

Anything but still waters ahead: AD Ports believes it is well positioned amid the uncertainty currently abounding in the container shipping industry, following the US’ blanket tariffs announced in early April — and subsequent pause — as well as geopolitical tensions, the company noted. AD Ports expects that geopolitical conflict in the Red Sea will continue into 2026, making the return of global shipping to the waterway doubtful.

DUBAI INVESTMENTS-

Dubai Investments posted a net income of AED 167.2 mn for 1Q 2025, marking a 48.8% y-o-y increase, according to its financials (pdf). The revenues for the quarter reached AED 822.9 mn, up 3.9% y-o-y.

Driving the growth: Growth was largely driven by higher rental income and strong occupancy rates, the company said in a separate earnings release (pdf).

PARKIN-

Dubai’s public parking operator Parkin saw its net income rise 31.6%, reaching AED 136.6 mn in 1Q 2025, according to its financials (pdf). The company’s revenue increased to AED 273.3 mn, up 27% y-o-y, led by higher public and developer parking income, a 41% increase in seasonal card sales, and a 56% surge in enforcement proceeds, according to its earnings release (pdf).

The company added 11.7k new parking spaces, a 6% increase that brings the total parking capacity to 209k spaces.

EMPOWER-

Empower posts marginal 1Q growth: District cooling provider Empower reported a 12.5% y-o-y drop in net income to AED 144.8 mn in 1Q 2025, according to its financial statements (pdf). Revenues for the quarter edged up 0.4% y-o-y to AED 540 mn.

Behind the numbers: Empower inked 46 new contracts during 1Q 2025 to supply over 43k refrigeration tons (RT), bringing its total contracted capacity to 1.81 mn RT, and its connected capacity exceeded 1.58 mn RT after adding more than 15k RT during the quarter.

ABU DHABI NATIONAL HOTELS-

AbuDhabi National Hotels’ (ADNH) bottom line narrowed 84.7% y-o-y for 1Q 2025 to AED 156.4 mn, according to its financials (pdf). The sharp y-o-y decline comes on the back of a one-off AED 916 mn equity interest gain in 1Q 2024. On a normalized basis, net income rose 49% y-o-y. The company’s revenues for the quarter saw a 93.8% y-o-y increase to AED 881.5 mn.

The company’s performance this quarter was driven by robust operational performance, and growth in its hotel operations, the company said in a separate management, discussion, and analysis report (pdf). The acquisition of Compass International’s catering stake in the UAE, and its full acquisition of Food Nation Catering Services drove the uptick in revenues.

SHARJAH CEMENT AND INDUSTRIAL DEVELOPMENT-

SharjahCement and Industrial Development reported a net income of AED 15.5 mn for 1Q 2025, a 83.5% y-o-y increase, according to its financials (pdf). Revenue for the quarter rose to AED 177.99 mn, up 6.2% y-o-y. Top line growth was driven by higher sales volumes, while a reduction in raw material and energy costs bolstered its bottom line, according to a separate management report (pdf).

Abu Dhabi Crown Prince Court taps new advisors

New appointments at the Abu Dhabi Crown Prince Court: New appointments for senior roles at the Crown Prince Court include Maryam AlMheiri’s (LinkedIn) appointment as advisor of strategic relations and Ghanem Sultan Ahmed Alsuwaidi as advisor of security affairs, state news agency Wam reports. AlMheiri will continue her role as CEO at twofour52 Studios.

New directors-general named: Khaled Ahmed Raqeet Alsuwaidi has been named director-general of executive affairs at the court, Hamad Salem Rashed Balhbala is now director of protocol, and Ahmed Mahmoud Mohamed Fikri (LinkedIn) will lead strategic affairs. All three will hold the rank of department undersecretary.

Khalaf Sultan Rashed Al Dhaheri was tapped as chairman of the Abu Dhabi National Hotels’ board of directors, and Ahmed Mohamed Sultan Suroor Al Dhaheri as vice chairman and managing director, according to a company notice (pdf).

DFM to divest non-core assets + AqlanX secures USD 10 mn investment

M&A-

#1- DFM divests non-core assets to boost profitability: Dubai Financial Market (DFM) has signed a binding agreement to divest part of its non-core investment portfolio as part of its capital optimization strategy, the company said in a statement (pdf). While details are scant, more are set to follow, and the financial impact of the offloading will appear in its 2Q 2025 earnings.

The rationale: The move supports DFM’s goal of maintaining a diversified revenue stream, after investments and other income accounted for 53.9% of its AED 186.5 mn revenue in 1Q 2025. The stock exchange also saw a 41.1% y-o-y jump in net income before tax to AED 134.9 mn for the quarter, fueled by record trading volumes and high foreign investor participation.

#2- AmanatHoldings has entered a put option agreement to sell a land plot in Dubai’s Al Merkadh area via its fully owned subsidiary AHH Alpha, according to a press release (pdf). The closing of the transaction, which involves current tenant North London Collegiate School Middle East, is subject to the final signing of a sales and purchase agreement.

AI-

AqlanX secures USD 10 mn from Lakeba to scale Arabic-first enterprise AI: UAE-based AI firm AqlanX has raised USD 10 mn from Australia’s Lakeba Group via its venture DoxAI, state news agency Wam reports. The funding will help AqlanX scale DoxAI’s automation tools across the Middle East and develop Arabic-first, enterprise-grade AI solutions.

What’s next? AqlanX, Lakeba, and DoxAI also signed an MoU with the University of Wollongong in Dubai to launch an AI Center of Excellence focused on building local AI talent and research capacity.

REMEMBER: In February, AI firm DoxAI joined the Economy Ministry’s NextGen FDI initiative, announcing plans to establish its regional HQ in Dubai’s Rolex Tower.

BUSINESS-

Emirati and Japanese entities signed MoUs to collaborate on smart mobility and sustainability at the Abu Dhabi-Japan Economic Council (ADJEC), according to the Abu Dhabi Media Office. The focus was on increasing cooperation in non-oil sectors in line with the UAE’s push for economic diversification.

The agreements: Emirates Driving Company and Japan’s Zenmov will collaborate to deploy smart mobility IT systems, while Abu Dhabi’s National Food Loss and Waste Initiative (Ne’ma) signed an MoU with the Japan International Cooperation Center to reduce food waste in line with UAE’s food security goals.

ICYMI- The agreements come on the heels of a five-day visit by an ADDED-led delegation to Japan that aimed to boost trade and investment ties in sectors like AI, clean energy, and next-gen tech. A broader economic partnership agreement is expected later this year.

HEALTHCARE-

Burjeel launches integrated oncology center in Sharjah: Burjeel Holdings opened the Burjeel Cancer Institute (BCI) at Burjeel Specialty Hospital in Sharjah, giving the emirate its first fully surgical and medical oncology facility, state news agency Wam reports. BCI plans to open its first international facility in Oman this month.

REAL ESTATE-

Hilton unveils AED 500 mn branded residences in Jumeirah Garden City: Hilton and WestF5 have launched DoubleTree by Hilton Residences, Dubai’s Jumeirah Garden City, Arabian Business reports. The AED 500 mn branded residential project offering 128 fully furnished units will see prices start from AED 1.62 mn for one-bedroom apartments, and handover is expected in June 2027.

What are investors doing to hedge against fresh shocks?

After a bumpy April, markets are looking steadier, though derivatives strategists aren’t convinced the calm will hold, Bloomberg writes. Many believe the broader trend of low volatility will continue, thanks to consistent option-selling by income-generating ETFs — though brief intraday shocks like the one triggered by April’s tariff announcement are expected to remain part of the landscape.

Hedging in a two-speed market: With markets in this split state — largely stable but still prone to sudden jolts — investors are weighing two very different hedging approaches. Some are sticking with short-term trades that make money from sharp intraday swings, while others are shifting to longer-dated contracts in anticipation of a more drawn-out downturn. “While we can’t entirely rule out a sudden equity market shock, we expect a more gradual repricing driven by weaker forward guidance — in essence, a low-volatility bear market,” Antoine Bracq, head of advisory at Lighthouse Canton, told Bloomberg.

Traders are adjusting to the “Trump put”: Adding to the complexity is the growing view that future tariff-related headlines may carry less punch, given that US President Donald Trump has shown a tendency to soften his tone quickly when markets react negatively — particularly when the bond market starts flashing warning signs. Bracq says shorting futures might be the most effective hedge in theory, but timing such trades is tricky. “Because of this, we see a more practical approach in exploiting the current levels of implied volatility.”

Some hedge funds are turning to less traditional tools, like volatility knock-out (VKO) puts. These over-the-counter instruments provide protection against downward moves but expire worthless if realized volatility crosses a certain threshold. VKOs are around 40-50% cheaper than standard puts, but they offer little to no protection in the event of a panic-driven selloff.

MARKETS THIS MORNING-

Asian markets are all in the green in early trading this morning, following the news of a trade deal between the US and China. Japan’s Nikkei is up 0.2%, the Shanghai Composite is looking at gains of 0.8%, the Hang Seng is up 1.5%, and the Kospi is up 0.6%.

ADX	9,626	-0.1% (YTD: +2.2%)
DFM	5,313	+0.0% (YTD: +3.0%)
Nasdaq Dubai UAE20	4,425	-0.2% (YTD: +6.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	4.1% 1 yr
TASI	11,347	-0.2% (YTD: -5.9%)
EGX30	31,428	-1.1% (YTD: +5.7%)
S&P 500	5,660	-0.1% (YTD: -3.8%)
FTSE 100	8,555	+0.3% (YTD: +4.7%)
Euro Stoxx 50	5,310	+0.4% (YTD: +8.6%)
Brent crude	USD 63.91	+1.7%
Natural gas (Nymex)	USD 3.80	+5.7%
Gold	USD 3,344	+1.2%
BTC	USD 104,154	+0.4% (YTD: +11.5%)
Chimera JP Morgan UAE Bond UCITS ETF	USD 3.60	+0.0% (YTD: +1%)
S&P MENA Bond & Sukuk	143.41	-0.1% (YTD: +2.5%)
VIX (Volatility Index)	21.90	-2.6% (YTD: +26.2%)

THE CLOSING BELL-

The DFM remained flat on Friday on turnover of AED 426.4 mn. The index is up 3.0% YTD.

In the green: Dubai Refreshment Company (+13.5%), National International Holding Company (+5.6%) and ENBD REIT (+4.8%).

In the red: International Financial Advisors (-7.5%), National Cement Company (-6.7%) and Union Properties (-4.0%).

Over on the ADX, the index fell 0.1% on turnover of AED 1.3 bn. Meanwhile, Nasdaq Dubai was down 0.2%

CORPORATE ACTIONS-

UAE-based fertilizer and ammonia producer Fertiglobe will distribute a USD 125 mn cash dividend for 2H 2024 — equivalent to 5.5 fils per share — after shareholders approved the board’s recommendation at the company’s recent annual general assembly meeting (pdf). This brings its total dividend for FY 2024 to AED 1 bn.

Share buyback: Shareholders authorized Fertiglobe to buy back up to 2.5% of its issued shares provided the purchase price falls within ADX price trading limits.

ADX-listed Agility Global has approved a AED 239.6 mn dividend payout to shareholders for 2024, according to an ADX disclosure (pdf). The distribution amounts to AED 0.023 per share.

CALENDAR

MAY

12 May (Monday): EU regulators to make a decision on Adnoc’s Covestro takeover.

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): Global Ports Forum, 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.

13-15 May (Tuesday-Thursday): Integrate Middle East, Dubai World Trade Center.

13-16 May (Tuesday-Thursday): The IUHPE World Conference on Health Promotion, Adnec Center.

13-20 May (Tuesday-Tuesday): Dubai Holding REIT subscription period.

13-15 May (Tuesday-Thursday): SATExpo Middle East 2025, 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 May (Thursday): The India-UAE Partners in Progress Conclave 2025, Taj Exotica, Palm Jumeirah, Dubai.

15-18 May (Thursday-Sunday): The GLA Global Logistics Conference, Grand Hyatt Dubai.

19-20 May (Monday-Tuesday): Arqaam Capital MENA Investor Conference 2025, Four Seasons Hotel Abu Dhabi.

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.

21 May (Wednesday): The AWS Summit, the Dubai World Trade Center.

21 May (Wednesday): Dubai Holding REIT final offer price and allocation of units announcement.

21-22 May (Wednesday-Tuesday): The CryptoExpo Dubai, the Dubai World Trade Center.

23-25 May (Friday-Sunday): EuroLeague Final Four, Etihad Arena, Abu Dhabi.

23 April (Wednesday): The HIMSS Executive Summit 2025, Jumeirah Emirates Towers.

26-28 May (Monday-Wednesday): Arab Media Summit, World Trade Center, Dubai.

28 May (Wednesday): The Dubai Residential REIT will ring the bell.

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.

17-18 June (Tuesday-Wednesday): Abu Dhabi Infrastructure Summit, Abu Dhabi Energy Centre.

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.

8-19 September (Monday-Wednesday): WHX-Tech Expo, Dubai World Trade Centre.

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

1-2 October (Thursday-Friday):World Green Economy Summit (WGES), Dubai World Trade Centre.

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:

9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE
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

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

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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