Breaking down the USD 200 bn investment agreements with the US

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Masdar in talks with Enel for energy storage in Italy + Brookfield, Temasek, and BlackStone eye Dubai real estate amid soaring demand

Good morning, wonderful people. Today’s issue is still very US-focused, with a slew of new details on the USD 200 bn worth of agreements inked last week during US President Donald Trump’s stint in Abu Dhabi.

We have updates on the 5 GW data center campus in Abu Dhabi, Emirates Global Aluminum’s aluminum smelter facility in Oklahoma, and the USD 60 bn worth of energy agreements inked during the visit.

We also have a glimpse into one of many projects that come as part of the UAE’s planned USD 40 bn investments in Italy, courtesy of G42, which will be developing a supercomputer in Puglia. PLUS: Masdar issued USD 1 bn in green bonds.

^^ We have all the details you need to know on the stories above and more in the news well, below.

☀️WEATHER– Expect temperatures to rise moderately this week, according to the National Center of Meteorology’s forecast (pdf). Dubai is set to reach a high of 38°C, cooling to 29°C over night, according to our favorite weather app. Abu Dhabi will see highs of 33°C, with lows dipping to 28°C over night.

WATCH THIS SPACE-

#1- Masdar is in preliminary talks with Italy’s biggest utility firm Enel to jointly develop energy storage in Italy and other countries, Enel CEO Flavio Cattaneo told Reuters at a conference in Milan. The pair had already i nk ed an MoU earlier this year to explore potential renewable energy opportunities in Italy, Spain, and Germany, and other markets. Italy’s Terna is set to launch an energy storage capacity auction at the end of September.

REMEMBER- Masdar in March agreed to acquire a strategic minority stake of 49.99% in four of Enel’s Spanish subsidiary Endesa’s solar assets for EUR 184 mn. Masdar also finalized a 49.99% stake acquisition in EGPE Solar, an Endesa subsidiary with a 2 GW solar portfolio, last December.

#2- Environmental consultancy offices must now register with EAD: All firms offering environmental studies, research, or consulting in Abu Dhabi must now register with the Environment Agency of Abu Dhabi (EAD) or risk losing their license under a new regulation, according to an Abu Dhabi Media Office statement.

The rules: ECOs must apply for approval, disclose staff qualifications and changes in staff and structure, submit records of past projects, and maintain a licensed headquarters in the city. Unregistered ECOs will no longer be eligible for license renewals or amendments. EAD will conduct annual reviews, with powers to upgrade or downgrade firms based on performance.

#3- Syrian authorities are exploring printing new currency in the UAE and Germany instead of Russia for the first time in over a decade, Reuters reports, citing sources with knowledge of the matter, as Damascus moves to shed Bashar Al Assad’s image from its banknotes and revamp its battered economy. The country has been mulling the move since the EU eased its sanctions on Damascus. It has now also seen sanctions by the US lifted entirely.

The move signals closer ties between Syria and the Gulf and Western states, as well as a shift away from dependence on Assad-backing Russia, which had been printing Syrian currency since EU sanctions began. Syrian authorities are now reportedly in advanced talks with UAE-based printer Oumolat, while two German firms have also shown interest.

This follows recent news of UAE-Syrian collaboration after Trump lifted sanctions, with state-owned logistics giant DP World signing an initial USD 800 mn deal to develop and operate a multi-purpose terminal at Syria’s Tartous port.

#4- Big hitters eye Dubai real estate: Canadian multinational Brookfield Corporation and Singapore’s state-owned investment firm Temasek Holding are eyeing Dubai’s real estate sector, Bloomberg reports. Brookfield is considering developing a mixed-use community, after its success with ICD Brookfield Place, while Temasek-owned Mapletree aims to deploy USD 2 bn across the Gulf after setting up shop in Abu Dhabi last year. US alternative investment management firm Blackstone is also in preliminary talks on potential commercial real estate investments.

The draw: Firms are looking at the emirate’s soaring demand, low-tax regime, and rising foreign interest — with luxury residential values up 70% in four years. However, a limited supply of prime assets for sale, with Emirati families keen to hold onto assets, is pushing funds toward new developments, the business news outlet said.

#5- Adnoc vies for Egyptian LNG import contract: Abu Dhabi National Oil Company (Adnoc) is among several firms, including Saudi Aramco, Algeria’s Sonatrach, and QatarEnergy, who submitted a liquefied natural gas (LNG) export offer to state-owned Egyptian Natural Gas Holding Company (EGAS), an Egyptian government official told Asharq Business. Technical and financial proposals are currently under review by EGAS, the official added. The contracts — which will potentially last for a period of five years — are set to offer favorable pricing and flexible payment terms, the source added.

Egypt is likely to continue importing LNG until 2030, a government source in the petroleum sector told EnterpriseAM. The country aims to import 155-160 shipments of LNG in 2025 to shore up demand. Egypt needs around 6.2 bn cubic feet per day (bcf/d), but domestic production only contributes 4.4 bcf/d.

Terms and conditions apply: Egypt set a pricing and payment mechanism for securing LNG supply agreements for the summer months, which include a price cap, deferred payments, and overprice charges.

#6- RTA to add six new dedicated bus and taxi lanes this year: Dubai’s Roads and Transport Authority (RTA) will add 13 km of new dedicated lanes for public buses and taxis across six locations this year, bringing the total length of these priority lanes to 20 km, according to an RTA announcement. The new lanes are expected to cut bus travel time by up to 41%, improve on-time arrivals by 42%, and increase ridership by 10% in surrounding areas, RTA Director-General Mattar Al Tayer said.

HAPPENING TODAY-

#1- ArqaamCapital Annual MENA Investor Conference is happening today and tomorrow at the Four Seasons Hotel Abu Dhabi, bringing together over 500 senior executives, global investors, and policymakers. The two-day event will feature discussions on macroeconomic shifts, AI-driven industrial expansion, and the future of capital markets in the region.

We’ll be on the ground to bring you coverage of panel discussions and keynotes, and would love to meet up if you’ll be there. Hit reply to this email to let us know.

#2- The Make it in the Emirates Forum also kicks off today at the Adnec Center in Abu Dhabi. The three-day forum, which is organized by the Industry and Advanced Technology Ministry, brings together local and international decision-makers, government officials, private companies, investors, and financing institutions to support industrial growth and investment.

HAPPENING THIS WEEK-

#1- TheDubai Business Forum Germany is taking place tomorrow at the Hamburg Chamber of Commerce in Germany. The event aims to foster cooperation between German and Dubai firms, and will showcase investment prospects in Dubai across sectors including technology, finance, logistics, manufacturing, and sustainability.

#2- The International Real Estate Investment Summit (IREIS 2025) will take place on Tuesday, 20 May and Wednesday, 21 May at Al Hamra International Exhibition and Conference Center in Ras Al Khaimah. The conference will feature keynote addresses, panel discussions, and networking sessions on market trends, capital flows, and the impact of major real estate projects in the emirate and the wider region.

#3- SeamlessMiddle East will take place from Tuesday, 20 May until Thursday, 22 May at the Dubai World Trade Center. The event, targeting payment providers, merchants, and SMEs and focusing on the future of digital commerce, payments, and e-commerce, will feature discussions on fintech, digital transactions, and the evolution of the digital economy.

#4- Crypto ExpoDubai will be held on Wednesday, 21 May and Thursday, 22 May at the Dubai World Trade Center. The event will discuss topics including cryptocurrency regulations, blockchain advancements, digital assets, decentralized finance, and investment strategies.

THE BIG STORY ABROAD-

Israel launched an extensive ground operation in Gaza, following days of intense airstrikes across the territory that killed hundreds. The IDF will work on dividing the territory and forcibly moving Gazans in the coming weeks, while allowing “a basic amount of food” for the starving population to prevent a hunger crisis from developing.

Not many details have been announced on the ground offensive, framed as a way to pressure Hamas into agreeing to release captives. The attack comes after weeks of Israel shattering a fragile ceasefire in March and blocking all aid shipments, with continuous bombardment killing some 3.2k people in Gaza in the span of two months.

ALSO- Former US President Joe Biden has been diagnosed with an aggressive form of prostate cancer. The 82-year-old politician was the oldest-serving president in American history.

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OpenAI in talks to anchor US-UAE’s 5 GW data center in Abu Dhabi

More details are here about the planned 5 GW data center complex in Abu Dhabi, which was announced during US President Donald Trump’s visit to the UAE last week. The project — set to be the largest outside the US — was among several AI and technology agreements included in the USD 200 bn in US-UAE agreements signed during the trip.

REFRESHER- What we know: The campus will be developed by state AI firm G42 alongside unnamed US partners, will span 10 miles, and will include a science park for AI R&D. It is expected to host US AI firms and could receive part of the 500k Nvidia chips the US is allocating to the UAE annually under a parallel export agreement. The agreement includes “strong security guarantees” aimed at addressing US concerns over G42’s historic ties to China. The cluster is designed to meet regional computation demand while complying with US security standards.

The complex is part of the newly established US-UAE AI Acceleration Partnership, a bilateral framework aimed at deepening cooperation on critical technologies and ensuring safeguards around shared infrastructure, state news agency Wam reports. .

The first phase will include the development of a 1 GW AI data center, according to Wam.

OpenAI is expected to be a major tenant of the AI campus, though participation has not been finalized, Bloomberg reports, citing sources familiar with the matter. The project would fall under OpenAI’s Stargate initiative — a USD 500 bn global AI infrastructure venture with SoftBank and US-based IT firm Oracle, unveiled earlier this year.

REMEMBER- OpenAI wants to ramp up its regional push: The company has reportedly been eyeing data center expansion in the UAE as part of its broader Middle East strategy. Its key backer Microsoft is already building a hyperscale data center in the country via state firm du.

If confirmed, this would be OpenAI’s largest overseas deployment. Its first US-based Stargate campus is planned at 1.2 GW — less than a quarter of the UAE site’s capacity.

Others involved: Abu Dhabi AI investor MGX — an OpenAI backer and Stargate partner — is also considering a role in the project. Oracle is also reportedly involved in the development’s first phase. Oracle also announced in January it would quintuple its investments in Abu Dhabi, citing surging demand for AI and cloud services. It currently operates two cloud regions in Abu Dhabi and Dubai, and supports du’s sovereign cloud offering for UAE government clients, particularly in Dubai and the Northern Emirates.

ALSO- As part of the broader US-UAE agreement, a joint US-UAE working group will be set up within 30 days to oversee implementation of the partnership, monitor progress, and coordinate the responsible deployment of AI both regionally and globally.

EGA to start construction on USD 4 bn aluminum smelter in the US next year

We also have more details on Emirates Global Aluminium’s (EGA) USD 4bn aluminumplant, which was also announced during Trump’s Abu Dhabi visit. Emirates Global Aluminium, backed by Abu Dhabi’s Mubadala and the Investment Corporation of Dubai, will build the primary aluminum production plant in Oklahoma — the first such US facility since 1980, according to a press release.

The plant will produce 600k tonnes of aluminum annually, nearly doubling domestic output and reducing reliance on imports, which currently fulfill 85% of US industrial demand. The project will create up to 4k construction jobs and 1k permanent roles, and is also set to help spur the development of an aluminum-focused industrial hub.

Construction is slated to begin by late 2026 following feasibility studies, with production starting by 2030. The facility will be located at Tulsa Port of Inola, pending final agreements on power supply and state incentives. The site is close to the Mississippi River system, allowing for bulk freight to move easily from the facility. EGA secured an exclusive land option and is in advanced negotiations with Oklahoma authorities and Public Service Company of Oklahoma.

We already knew about this: An announcement was made in March on the sidelines of UAE National Security Advisor Tahnoon bin Zayed Al Nahyan’s Washington trip.

IN CONTEXT- The company has been looking to expand in the US to mitigate the impact of US levies by giving it no-tariff access to aluminum as US metal prices rise. It acquired 80% of Minnesota-based recycled aluminum producer Spectro Alloys.

Breakdown of the UAE and the US’ USD 60 bn energy investment package

Meanwhile, on the energy front — there’s more details on the USD 60 bn worth of energy agreements between US and UAE firms taking place during the visit. The agreements — which heavily featured Abu Dhabi National Oil Company (Adnoc) — will see US firms develop existing oil and gas fields as well as explore new ones, according to a statement released on Friday.

Here’s a rundown:

Expanding Upper Zakum oil field: US-based energy firm ExxonMobil and Japanese oil development firm Inpex Jodco aim to expand the capacity of the UAE’s Upper Zakum oil fields — northwest of the Abu Dhabi Islands. Adnoc, ExxonMobil, and Inpex are looking to upgrade the field’s infrastructure to feature AI-enabled remote operations, link the field to the UAE’s clean energy grid, and integrate artificial islands for drilling activities. The site currently has a production capacity of over 1 mn barrels a day ;
Boositing production at Shah Gas field: Adnoc inked a collaboration agreement with US-based energy producer Occidental to boost the local Shah Gas field’s capacity to hit 1.85 bn cubic feet per day (cfd) — up from 1.45 bn cfd — as well as streamline the integration of advanced technologies into the sector. The move looks to ramp up the production of gas for domestic industrial growth as well as LNG for export;
Exploring oil fields in Al Dhafra: US-based hydrocarbon exploration firm EOG Resources was granted a new oil exploration concession by Abu Dhabi’s Supreme Council for Financial and Economic Affairs (Scfea). Under the concession, EOG will explore the unconventional Onshore Block 3 — spanning some 3.6 sq km in Al Dhafra — and Andoc will oversee activities as well as retain the option to join a subsequent production concession.

The US also got some love from UAE firms: Adnoc’s global energy investment arm XRG signed an agreement with Occidental subsidiary 1PointFive to explore a potential investment in a direct air capture (DAC) project in Texas’ Kleberg County. The facility would cut nearly 500k tons of carbon dioxide a year through commercial-scale DAC technology. XRG is mulling over a capital commitment of up to one-third of the project’s cost.

The bigger picture: XRG aims to expand its US assets with a focus on bolstering gas, LNG, speciality chemicals, and energy infrastructure. The investment arm is eyeing bns of investments in the US’ energy sector, including through USD 9 bn worth of acquisitions of natural gas assets.

The UAE’s energy investments in the US are set to be valued at USD 440 bn by 2035 — and come as part of a bigger USD 1.4 tn investment pledge in the US.

G42 to help develop supercomputer in Italy

G42 heads to Italy: State AI firm G42 signed an agreement with Italian AI startup iGenius to build what the companies claim will be “the largest AI compute deployment in Europe,” according to a joint statement. The project to help develop supercomputer Colosseum will require some USD 1 bn in investments over five years, and will utilize Nvidia Blackwell GPUs, Reuters reports.

The details: The facility will likely be located in Puglia, Italy’s Industry Minister Adolfo Urso said. G42 will lead financing for the initial phase, with Core42 taking charge of the project as its operator. The supercomputer is set to go live this summer.

The agreement falls under a broader UAE-Italy cooperation framework announced in February, when the UAE pledged USD 40 bn in investment across Italian sectors, including AI. The two countries signed an MoU to expand cooperation in digital infrastructure and AI that same month, while Abu Dhabi-based Bold Technologies signed a USD 2.5 bn agreement with Italian AI firm Synapsia in March to deploy AI city management solutions in the UAE.

ICYMI- G42 is set to receive a share of Nvidia chips: The US and UAE reportedly finalized a framework for an AI chip export agreement last week, as Trump moves to roll-back Biden-era AI export restrictions. The agreement would allow the UAE to receive up to 500k of Nvidia’s most advanced chips annually, with around 20% earmarked for G42. The remaining chips would support US-firm-led data centers, including a potential OpenAI site in the region.

The story got ink from Reuters.

Masdar closes USD 1 bn green bond issuance

Masdar closes green bond sale: State-owned renewables giant Masdar raised USD 1 bn in its third benchmark green bond issuance, which was 6.6x oversubscribed by international and regional investors, it said in a press release. The latest issuance brings the firm’s total outstanding green bonds to USD 2.75 bn, and comes nearly two years after its maiden green bond offering, which saw it rake in some USD 750 mn. It closed a similar USD 1 bn issuance in July of last year.

About the bond: The dual-tranche offering consisted of five- and 10-year bonds worth USD 500 mn each with coupons of 4.875% for the five-year tranche, and 5.375% for the 10-year tranche. The issuance, which was rated AA- by Fitch and A1 by Moody’s, is set to be listed on the London Stock Exchange.

This is Masdar’s tightest spread on record: Pricing landed at 80 bps over US treasuries for the 5-year and 90 bps for the 10-year notes, marking Masdar’s lowest-ever borrowing cost relative to benchmark rates after strong investor demand allowed the company to tighten pricing by 35 bps from initial guidance of 115 bps and 125 bps.

Who bought in: Some 85% of the offering was allocated to international buyers, with the remaining 15% placed with regional investors.

Use of proceeds: Proceeds from the sale will be used to invest in new greenfield renewable energy projects, in line with Masdar’s updated green finance framework, which — as of last year — also includes green hydrogen and standalone battery storage.

What they said: “The funds raised will be critical in Masdar achieving its portfolio capacity targets and will enable us to support energy transformation across the globe, especially in emerging markets and developing economies, which are often in most urgent need of investment,” CEO Mohamed Jameel Al Ramahi said.

ADVISORS- Masdar mandated First Abu Dhabi Bank, Abu Dhabi Commercial Bank, JP Morgan, ING, Intesa Sanpaolo, Bank of China, DBS Bank, BNP Paribas and Crédit Agricole as joint lead managers and bookrunners.

RAK Ceramics bottom line falls + Shuaa Capital back in the black in 1Q 2025

RAK CERAMICS-

RAK Ceramics’ net income dipped 22.3% y-o-y to AED 48.9 mn in 1Q 2025, according to an earnings release (pdf). Revenues saw a 0.7% y-o-y decline during the quarter, reaching AED 776.5 mn. The downturn in revenues was attributed to weaker currencies in Europe, the US, India, and Bangladesh. When adjusted for 2024 currency exchange rates, revenues rose 0.7%.

The company also cited the UAE’s newly implemented domestic minimum top-up tax — which increased multinationals’ tax on net income to 15% — and an AED 8.4 mn hit from its acquired brand Kludi Group ’s transformation as main factors weighing on its bottom line.

Its UAE and Saudi markets saw revenues grow, driven by its real estate segment and better logistical and operational efficiency. Meanwhile, India saw moderate growth, and Europe and Bangladesh weighed on the overall performance.

SHUAA CAPITAL-

Dubai-based investment platform Shuaa Capital reversed its net losses in 1Q 2025, with a net income of AED 195 mn, according to its financials (pdf). The company had seen some AED 93.7 mn in losses in 1Q 2024. Its revenues dipped 14.9% y-o-y, reaching AED 25.7 mn. The company recently issued some AED 85 mn in new investor mandatory convertible bonds (MCBs) and AED 274.5 mn in MCBs to existing noteholders as part of a capital restructuring program that also saw it reach settlement agreements with some of its creditors.

The company reduced its accumulated losses to AED 932 mn in 1Q 2025, representing 25.5% of its capital, according to a separate analysis report (pdf). Losses stemmed mainly from fair value losses on its UK investments, impairments on its legacy real estate assets, associate valuation losses, and receivables write-offs linked to land revaluations in the UAE. A deferred tax liability following the introduction of corporate tax in the UAE also contributed to the drag.

Looking ahead: Shuaa is finalizing a five-year turnaround strategy, focused on launching new investment funds, reviving its business banking platform, and streamlining operations to improve profitability. It also recently activated a capital increase, raising its capital from AED 2.5 bn to AED 3.7 bn.

! Etihad’s acquisition of Boeing aircraft + the UAE’s investments in Africa get ink

EtihadAirways’ USD 14.5 bn plannedacquisition of 28 aircraft from US manufacturers Boeing and GE Aerospace caught the eye of the international press, with Bloomberg noting that some of the aviation agreements US President Donald Trump oversaw during his visit to the region — including with Saudi Arabia and Qatar — are slim on details, despite their hefty price tags.

While the airline did not specify how many of each model it would take, the business information service speculates that the agreement could be a restructuring or formalization of an earlier commitment rather than a new one. Aviation consultancy Ishka estimates the real value of the transaction to be closer to USD 5.4 bn, even if most orders lean toward the more expensive 777X.

ALSO– The UAE’s rapidly growing influence across Africa is getting ink in the New York Times. Emirati firms have announced some USD 110 bn in investments since 2019 — more than any other country. Backed by ruling families, these agreements span ports, mines, mineral resources, and renewables, with giants like DP World, AMEA Power, and International Holding Company playing key roles. The increase in Emirati investments comes as American and Chinese involvement wanes, and as the UAE looks to ink more economic partnership agreements and dominate trade routes and supply chains to deepen its access to AI, mining, and energy resources across the continent.

G42 and Oracle launch smart care platform with Cleveland Clinic

HEALTHCARE-

G42, Oracle, Cleveland Clinic partner on AI-driven healthcare platform: UAE’s G42, Oracle Health, and Cleveland Clinic have entered into a strategic partnership to build an AI-powered healthcare platform that will launch in the UAE and the US, they said in a joint statement. The platform will integrate G42’s sovereign AI infrastructure and clinical models, Oracle’s cloud and AI data capabilities, and Cleveland Clinic’s healthcare expertise to establish a care model for both markets that will help enable precision medicine, and link clinical care with research to speed up therapeutic discovery and patient trial enrollment.

BUSINESS-

Netherland’s Rebel Group sets up shop in DIFC: Dutch infrastructure consultancy Rebel Group has opened its first Middle Eastern office in the Dubai International Financial Center (DIFC), according to a post on Linkedin. The Dubai office will focus on public-private partnerships, project financing, and risk management for GCC governments and investors, Al Bayan reports. Smart cities, energy, and transport will be key sectors of focus.

INVESTMENT-

Ajman Bank partners with Azimut to expand wealth offerings: Ajman Bank has signed a distribution agreement with Azimut (DIFC), a subsidiary of Italian asset manager Azimut Group, to enhance its investment solutions for wealth management clients, according to a press release. The partnership will see clients gain access to a wider range of globally managed fixed income products.

China’s rare earth export delays are threatening global supply chains

China’s stranglehold on rare earths is putting global supply chains under pressure, as slow licensing approvals threaten deliveries of materials critical to everything from EVs to fighter jets, the Financial Times reports. Beijing imposed new export controls in early April on seven rare earth elements and the permanent magnets made from them, and has since been slow to issue licenses — raising alarm bells across European and US manufacturers.

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

The controls are widely seen as a direct response to US President Donald Trump’s April 2 tariff hike on Chinese goods. Exporters now need specific licenses from China’s Commerce Ministry to ship any of the seven targeted rare earths or related magnet products. Beijing’s move underscores its leverage over global mineral supply chains, as it dominates around 90% of global processing capacity for these materials.

Approvals have started — but far too slowly. Some export licenses have reportedly been granted to Europe in recent weeks, with Volkswagen also telling the salmon-colored paper that its parts suppliers secured “a limited number” of licenses and its rare earth supplies remain stable. However, manufacturers say approvals are not coming fast enough to meet demand, and the backlog of applications is growing by the day. “The window to avoid significant damage to production in Europe is rapidly closing,” said Federation of German Industries board member Wolfgang Niedermark.

But it seems like that approvals have so far yet to be given to US companies, but this may soon change with the agreed upon tariff war pause between the US and China, according to the paper.

American companies including Tesla, Ford, and Lockheed Martin flagged their concerns over the new regime in recent investor calls. Tesla’s CEO Elon Musk said during a recent briefing that China asked Tesla to guarantee its rare earth magnets for robot arms wouldn’t be used for military purposes. “That is an example of a challenge there. I’m confident we’ll overcome these issues,” he said.

Some are calling out the lack of preparedness by affected companies, including one unnamed European executive in China who told the paper that “what I’m witnessing on the ground is that there is really incompetence.” The executive explained that companies “underestimated what the impact would be and what you would need to prepare at the working level.”

Military-use bans — and confusion about how to confirm end use — are adding to the bottlenecks. One company running into difficulty is India’s Mahindra Group, with the company’s auto chief Rajesh Jejurikar saying that the process for obtaining end-use certifications — meant to confirm civilian use only — is still “not clear at the moment.”

Insiders are saying that this may be seen as a wake up call for the West to reduce its rare earth reliance on China, especially with the pause in US-China trade war escalations thought to be temporary at best. In the same way that stringent US tech export restrictions to China pushed the world’s factory to localize high-tech production and become an industry leader in only a matter of years, China leveraging its dominance in the rare earths supply chain could see new supply chains developed to serve Western markets.

MARKETS THIS MORNING-

Asian markets are in the red in early trading this morning. Japan’s Nikkei is looking at losses of 0.5%, Korea’s Kospi is down 0.9%, the Shanghai Composite and the Hang Seng are also in the red, down 0.1% and 0.6%, respectively.

ADX	9,654	+0.3% (YTD: +2.5%)
DFM	5,455	+1.1% (YTD: +5.7%)
Nasdaq Dubai UAE20	4,486	+1.2% (YTD: +7.7%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	4.2% 1 yr
TASI	11,439	-0.4% (YTD: -5.1%)
EGX30	31,714	-0.7% (YTD: +6.6%)
S&P 500	5,958	+0.7% (YTD: +1.3%)
FTSE 100	8,685	+0.6% (YTD: +6.3%)
Euro Stoxx 50	5,428	+0.3% (YTD: +11.0%)
Brent crude	USD 65.41	+1.4%
Natural gas (Nymex)	USD 3.33	-0.8%
Gold	USD 3,187	-1.2%
BTC	USD 104,159	+1.1% (YTD: +11.2%)
Chimera JP Morgan UAE Bond UCITS ETF	USD 3.60	+0.0% (YTD: +1%)
S&P MENA Bond & Sukuk	143.4	+0.3% (YTD: +2.4%)
VIX (Volatility Index)	17.24	-3.3% (YTD: -0.6%)

THE CLOSING BELL-

The ADX rose 0.3% on Friday on turnover of AED 1.4 bn. The index is up 2.5% YTD.

In the green: Al Khaleej Investment (+5.8%), Hayah Ins. Company (+3.5%) and Gulf Medical Projects Company (+3.4%).

In the red: Ras Al Khaimah National Ins. Co (-10.0%), Emirates Ins. Co (-8.8%) and Rak Co. for White Cement and Construction Materials (-4.3%).

Over on the DFM, the index rose 1.1% on turnover of AED 733.6 mn. Meanwhile, Nasdaq Dubai was up 1.2%.

CALENDAR

MAY

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

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.

21-23 May (Wednesday-Friday): Dubai participates at GITEX EUROPE x Ai Everything 2025, Messe Berlin, Germany

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.

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

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.

24-25 September (Wednesday-Thursday): Dubai World Congress for Self-Driving Transport, 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.

14-16 October (Wednesday-Friday): Global Future Councils, Dubai.

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
The first edition of Dubai Future Finance Week.

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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