RedBird IMI sells Telegraph to RedBird Capital, ending two-year saga

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Unincorporated partnerships can now be subject to corporate tax + Banks start adopting new AED symbol

Good morning, lovely people, and welcome to the final week of May. This month seems to have flown by, and we’re already looking forward to the regularly programmed summer news slowdown — though we’re not as excited for summer weather…

SPEAKING OF- This has been the hottest May on record, with temperatures breaching 51.6°C for two days in a row over the weekend. The previous hottest day on record during May saw temperatures reach 50.2°C.

Dubai will see highs of 42°C today, cooling to 32°C overnight, according to our favorite weather app. Abu Dhabi is set to peak at 36°C with an overnight low of 31°C.

Expect a slight break from the heat along the coast, with light to moderate winds picking up through the afternoon and possibly kicking up some dust, according to the National Center of Meteorology (pdf).

THE BIG STORY OF THE DAY is RedBird IMI’s sale of the Telegraph — following a two-year saga — to US private equity firm RedBird Capital, with IMI set to retain a minority stake that meets new foreign ownership limits under upcoming UK legislation. Plus: Private equity firm Aliph Capital closed its debut USD 200 mn fund, and Abu Dhabi fintech Gainz secures a seven-digit funding round.

FOR YOUR NEXT WEEKEND- Fancy a Michelin star or two (or three?) for your next dinner out? Dubai’s Michelin Guide 2025 saw two restaurants receive the highest accolade of earning three Michelin stars, becoming the first in Dubai to do so: Newcomer FZN by Swedish chef Björn Frantzén, and Tresind Studio, which is the first Indian restaurant to receive three stars. Meanwhile, two new restaurants received one Michelin star: Jamavar in the Opera district and Thai restaurant Manāo, led by Dubai-born chef Abhiraj Khatwani. Fourteen restaurants in Dubai now hold a Michelin star.

REGULATION UPDATE- DFSA confirms wind-down capital cut for Category 3 firms: The Dubai Financial Services Authority (DFSA) has confirmed it will lower the wind-down capital buffer for firms holding client assets from 35% to 25%, effective 1 July 2025, according to an emailed response to Enterprise from a DFSA spokesperson. The change — implemented by adjusting the capital calculation from 18/52 to 13/52 of annual audited expenditure — is part of the DFSA’s broader overhaul of its prudential framework.

ICYMI- The DFSA finalized changes to its Category 3 prudential rules last week, following an initial consultation in October 2024. Amendments include eliminating the expenditure-based capital minimum for firms that don’t hold client assets, revising base capital thresholds to reflect licensed activities, and expanding the list of eligible liquid assets to include sovereign bonds in GBP and EUR, alongside USD and AED.

A new activity-based capital requirement — which links capital obligations to AUM, client holdings, and trading volume — will come into force on 1 July 2026. The DFSA spokesperson said firms may see a temporary dip in capital requirements during the transition period.

WATCH THIS SPACE-

#1- Unincorporated partnerships can now be subject to corporate tax: The Finance Ministry issued a decision that grants unincorporated partnerships the option to be treated as taxable persons under the corporate tax law, state news agency Wam reports. The decision will allow unincorporated partnerships to apply to become taxable as an entity, rather than have partners of the unincorporated partnership be subject to individual taxes on their respective shares of the income.

This also allows these partnerships access to specific exemptions and reliefs under corporate tax law, Wam writes, adding that the decision also sets out the rules for “determining the taxable income of the unincorporated partnership.”

#2- Dubai sets out new process for public sector audits and appeals: Finance Minister Sheikh Maktoum bin Mohammed has issued a decision outlining how the Financial Audit Authority’s (FAA) Central Violations Committee and Grievances Committee handle disciplinary violations and appeals at government-linked entities, including for breaches by CEOs and senior officials, according to a Dubai Media Office statement.

What we know: While the specific disciplinary procedures were not clarified, the decision implements penalties, prohibits double punishments, and allows employees to submit written responses in their defense. It also specifies who can serve on the FAA’s Central Violations and Grievances Committee.

Appeals process: Employees will have 15 days to appeal disciplinary actions through the FAA’s Grievances Committee. Rulings are final and binding on both parties.

#3- IRH taps EPointZero for mining decarbonization: EPointZero, the decarbonization arm of 2PointZero, has signed an MoU with International Resources Holding (IRH) to fully decarbonize IRH’s mining operations globally, according to a press release. The partnership will begin with IRH’s Mopani Copper Mines in Zambia, creating a task force to identify, assess, and implement decarbonization strategies at the mines. The process will start with a comprehensive carbon baseline assessment covering mining, smelting, logistics, and auxiliary services.

#4- Abu Dhabi taps OECD to advance healthcare regulation: Abu Dhabi’s Department of Health (DoH) has signed a new agreement with the Organization for Economic Co-operation and Development (OECD) to strengthen its healthcare regulatory framework, according to a statement. In the second phase of their ongoing partnership, the OECD will assess DoH reforms implemented since 2019, provide technical support to reduce compliance costs, and help build a public consultation framework.

What to watch: An OECD team is expected to visit Abu Dhabi soon to evaluate implementation on the ground as the partnership looks to embed global best practices, and boost transparency and sustainability.

DATA POINTS-

Islamic banking assets in the UAE rose to AED 1.1 tn in 2024, growing at a compound annual rate of 11% since 2021, Khaleej Times reports, citing Moody’s Ratings. The sector now accounts for 24% of the country’s total banking assets. Sukuk issuances reached USD 12.7 bn (c. AED 46.6 bn), with USD 4 bn issued by UAE-based banks.

REMEMBER- The UAE has big Islamic finance ambitions: Earlier this month, the cabinet approved a six-year strategy targeting AED 2.6 tn in Islamic banking assets by 2031, over AED 660 bn in locally listed sukuk, and AED 395 bn in international sukuk listed in the UAE. The islamic finance push is expected to significantly deepen the global sukuk market and “cement the UAE's position as the third-largest contributor to the Islamic finance market,” after Malaysia and Saudi Arabia, Moody’s said. Fitch Ratings also noted that the strategy is likely to support short-to-medium term growth, driven by “significant bottom-up and top-down demand and regulatory initiative.”

PSAs-

#1- Spot something new on your banking app? It’s the new AED symbol: UAE banks have begun rolling out the country’s new AED symbol across mobile apps and ATMs, marking the first step in its phased adoption, Emarat Al Youm reports. The new symbol — featuring two horizontal lines signifying stability, encircled, and accented with the UAE flag’s colors — was unveiled in March ahead of the Digital AED’s expected retail sector launch in 4Q 2025.

Where else you’ll see it: The Central Bank says the symbol will eventually appear alongside numerical values on banknotes and coins, point-of-sale terminals, invoices, accounting software, and digital interfaces — though no official switchover timeline has been announced.

#2- Crescent moon expected Tuesday, Eid Al Adha likely on Friday, 6 June: The International Astronomical Centre says the crescent moon marking the start of Dhu Al Hijjah will be visible on Tuesday, 27 May, state news agency Wam reports. Astronomical calculations suggest Wednesday, 28 May will be the first day of the Islamic month, making Eid Al Adha likely to fall on Friday, 6 June.

HAPPENING TODAY-

#1- Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum will travel to Oman today with a high-level delegation, with plans to meet with Sultan and Prime Minister Sultan Haitham bin Tariq Al Said and other senior Omani officials to explore ways to boost cooperation.

#2- The Arab Media Summit is running from today until Wednesday at the World Trade Center in Dubai. Sessions will discuss public media, strategies for collaboration with the private sector, public communication, and digital platforms. The inaugural Film and Gaming Forum will take place as part of the summit, in a bid to spotlight the region’s creative economy, with a focus on digital storytelling, gamification, and women-led content. The forum will explore shifts in tech integration, new media formats, and talent development.

#3- Forbes Middle East’s Building the Future Summit will be held today and tomorrow at Berklee Abu Dhabi. The event brings together regional and global real estate developers, investors, architects, and urban planners for discussions on smart cities, sustainable infrastructure, and future-ready housing.

#4-The GCC-ASEAN Summit and the ASEAN-GCC-China Summit are taking place today and tomorrow in Kuala Lumpur, Wam reports. Ras Al Khaimah Ruler Sheikh Saud bin Saqr Al Qasimi is leading the UAE delegation to the meetings, which look to deepen cooperation across economic, political, and development sectors between the GCC, ASEAN, and China.

#5- The SAMENA Council Leaders' Summit is happening today in Madinat Jumeirah in Dubai. Policymakers, investors, regulators, and industry execs will meet for discussions and roundtables on the digital economy, tech, and telecoms across South Asia, the Middle East, and North Africa regions.

#6- The Dubai Chamber of Commerce is set to begin a trade mission to the Philippines and Thailand today that will last until Friday, Wam reports. The delegation will include representatives of companies operating in sectors like food and beverages, automotive, and electronics, who will participate in meetings and sessions with their counterparts in Thailand and the Philippines to explore collaboration prospects.

HAPPENING THIS WEEK-

#1- The Emirates Agriculture Conference andExhibition2025 is taking place from Wednesday until Saturday at the Dubai World Trade Center, bringing together policymakers, researchers, and industry leaders to explore the future of sustainable farming in the UAE. The event will tackle themes including climate-smart agriculture, water scarcity, food security, and agritech innovation. There will also be a market selling locally-made produce and exhibitions for agricultural technology.

#2- The World Utilities Congress starts tomorrow and will be running until Thursday at the Adnec Center in Abu Dhabi. The conference will gather global decision-makers, utilities executives, and technology leaders to explore how innovation is shaping the future of energy and water sectors. This year’s edition will spotlight tech-driven solutions for improving energy and water security, and advancing decarbonization.

#3- The INDEX, Workspace, and The Hotel Show exhibitions will be on from Tuesday until Thursday at the Dubai World Trade Center. Workspace will bring together over 33k visitors and more than 920 exhibitors, will showcase new technologies and interior designs for office spaces and commercial real estate. Index and The Hotel Show showcase innovations in interior design, architecture, and hospitality, and connect buyers with exhibitors.

THE BIG STORY ABROAD-

Russia rained drones and missiles on Ukrainian cities overnight, in a massive air campaign that is deemed the largest air attack of the three-year war. At least 12 people were killed and 60 were wounded.

US President Trump told reporters he would “absolutely” consider additional sanctionson Russia, a move he declined to take weeks ago after EU leaders called on him to pressure President Putin into accepting a preliminary 30-day ceasefire.

SPEAKING OF THE EU- Trump said yesterdayhe’ll delay the 50% tariff on the EU until 9 July to give room for negotiations, after receiving a call from European Commission President Ursula von der Leyen requesting an extension from 1 June. The President said earlier he will opt to impose the high tariffs because “discussions with [the EU] are going nowhere.”

OVER IN GAZA- Israel’s military said it aims to capture 75% of the strip in two months, confining the population into the remaining area. The plan is part of an expanded Israeli offensive that saw a near-complete blockade on food and medicine entering the enclave, with UN chief António Guterres saying Israel has only authorized "a teaspoon of aid” to enter Gaza, “when a flood of assistance is required.”

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Abu Dhabi’s RedBird IMI to sell the UK’s Telegraph to American PE Redbird Capital

An end to the Telegraph saga? Abu Dhabi-backed RedBird IMI — a JV between International Media Investments (IMI) and US private equity firm Redbird Capital Partners — is selling its stake in Telegraph Media Group (TMG) to RedBird Capital, according to a press release. This resolves a two-year ownership deadlock triggered by the previous administration’s decision to block RedBird IMI’s takeover on concerns of foreign entity ownership of local press. There’s no publicly available information on the banks that advised on the transaction.

RedBird Capital to become majority shareholder: The agreement would see RedBird Capital, which owns 25% of the JV, take majority control of the UK publication in a GBP 500 mn buyout, alongside a consortium of British media investors.

IN CONTEXT- RedBird IMI — which took over the Telegraph from Barclays less than two years ago through a GBP 600 mn convertible loan — faced regulatory pressure to unwind its position under previous rules that capped foreign state ownership to 5%. The firm already exited Telegraph’s sister company the Spectator, which was sold to bn’aire Paul Marshal in a GBP 100 mn transaction late last year.

Not quite out the door: IMI is still expected to retain a minority holding in the Telegraph, subject to upcoming UK legislation, the release read. The new rules, which are still in the works, should allow foreign sovereign investors to hold up to a 15% stake in British media outlets.

RedBird Capital’s play: The US PE firm plans to invest significantly in digital transformation, subscription growth, and the development of new content verticals, with a particular focus on expanding in the US market, the press release said. Its strategy centers on leveraging advanced analytics and AI to ramp up the publication’s digital experience. It’s also in talks with British media investors to join as minority shareholders, the statement said.

The story also got ink from Bloomberg, Reuters, Financial Times, BBC and the NYT.

IN OTHER M&A NEWS-

IFA Hotels sells 50% of UAE unit: Dubai-listed International Financial Advisors’ subsidiary IFA Hotels and Resorts entered into a share and purchase agreement (SPA) to sell 50% of its UAE subsidiary to an undisclosed buyer, based on a valuation of AED 110 mn, according to a filing (pdf) to the DFM. The buyer already paid an AED 35 mn advance.

IHC eyes over USD 200 bn in assets, plans investments in US, India, and more

Abu Dhabi’s International Holding Company (IHC) is currently reviewing 50 M&A options across multiple sectors and geographies as part of a wider push to double its assets to USD 218 bn (AED 800 bn) and hit AED 200 bn in annual revenues by 2030, CEO Syed Basar Shueb told The National.

The company is looking to ramp up its investments in the US by another USD 40-50 bn over the next ten years, with plans to bring its total investments in the US to USD 120 bn, Shueb said.

In India, the company plans to pour in up to USD 110 bn, with another USD 50 bn earmarked for countries in the Commonwealth and Far East regions. The focus across all these markets will be on high-impact sectors like data centres, renewable energy, nuclear power, and major infrastructure projects. The company is already in “advanced” talks to develop small modular nuclear reactors in partnership with other companies in the US, Shueb said.

The UAE currently accounts for the lion’s share of IHC’s assets — around 60% as of the end of 1Q 2025 — but Shueb expects its foreign assets to become more dominant in its portfolio, holding a 60-70% share.

The firm is also eyeing an IPO for its investment arm 2PointZero, with shares set to hit the ADX in early 2H 2025, Shueb said. The company was set up last year with an eye for a listing, and is expected to have an AED 100 bn asset base with a portfolio stacked with regional heavyweights including Lunate, International Resources Holding (IRH), and Egypt’s Beltone through Chimera Investments.

Aliph Capital closes its debut fund at USD 200 mn, plans two acquisitions this year

GCC-based private equity fund manager Aliph Capital closed its debut fund Aliph Fund I at USD 200 mn, Semafor quotes Aliph’s Founder and CEO, Huda Al Lawati, as saying. The fund came in 20% below its target, she said. The Abu Dhabi-based firm secured commitments from sovereign wealth fund ADQ, the Saudi Public Fund’s Jada, and Saudi Venture Capital (SVC).

What’s next? Aliph is set to close two transactions this year, with plans to invest USD 15-40 mn per transaction in GCC-based companies across infrastructure services, healthcare, education, and consumer sectors.

Want to diver deeper into the beginnings of the fund? You can read our My Morning Routine interview with Al Lawati from last year, where she discussed the origin stories of Aliph Capital, the fund’s strategy, and the evolution of the private equity industry in the region.

REMEMBER- Aliph Capital last year acquired a 25% stake in Sanipex Group, a lifestyle product supplier, after it had acquired The Pet Shop.

Gainz closes seven-figure pre-seed to unlock SME financing

SME-focused Gainz raises 7 figures: Abu Dhabi-based fintech startup Gainz has raised a seven-figure USD pre-seed funding round led by Antler MENAP, Lithium Holdings, and Eleventh Invest, alongside regional high-net-worth investors, according to a press release. The funding came through a mix of equity and debt, and comes as Gainz plans to scale its presence across the GCC.

About Gainz: Founded in 2024 by Egyptian entrepreneurs Shehab Mokhtar (LinkedIn) and Sherif Abdelaty (LinkedIn), Gainz aims to boost financing for SMEs by offering Shariah-compliant, AI-powered working capital solutions through a crowdfunding model that lets retail investors participate with as little as USD 500. It joined venture capital firm Antler’s cohort in 2024.

ADNOC Drilling COO MacDonald steps down

Christopher MacDonald (LinkedIn) has stepped down from his role as COO of Adnoc Drilling, effective from 23 May, according to a company disclosure (pdf). The statement did not specify a reason for the exit but thanked MacDonald for his contributions, who had held the position for just shy of two years, according to LinkedIn. No successor has been named yet.

Bloomberg spotlights MBZUAI’s role in UAE’s AI ambitions

Bloomberg is spotlighting the Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) as a cornerstone of the UAE’s bid to become a global AI hub. In a feature on the university and its president, Eric Xing, the business news information service outlines MBZUAI’s goal of becoming the “Stanford of the Gulf” — training local talent, incubating startups, and supporting R&D for state-linked firms like G42 and Edge, with the goal of reducing the UAE’s reliance on foreign AI companies and expertise.

MBZUAI says 70% of its graduates remain in the UAE, aided by full scholarships and golden visa support amid increasingly stringent entry requirements for the US and UK. This helps bolster the university’s agenda to become “a feeder for Emirati companies.” Students come predominantly from China, Egypt, India, and Kazakhstan, with one fifth being Emirati. The school is also expanding its academic offerings with new programs in decision science and digital public health, alongside a growing AI toolkit that includes the PAN world simulator, an updated K2 large language model, and its flagship Arabic model, Jais.

The piece also highlights MBZUAI’s global push through its newly launched Institute of Foundation Models in Silicon Valley, and links the university’s rise to the US-UAE AI Acceleration Partnership, which allows the UAE to import 500k advanced chips annually through 2027.

DLD taps Ctrl Alt for real estate tokenization project

REAL ESTATE-

#1- Dubai launches real estate tokenization project: The Dubai Land Department (DLD) tapped tokenization infrastructure platform Ctrl Alt as its partner for the first government-led real estate tokenization project in partnership with the Virtual Assets Regulatory Authority (VARA), according to a press release. Ctrl Alt will manage the minting of property title deed tokens and sync them with DLD’s registry using the XRP Ledger. The initiative allows fractional ownership of property using blockchain, with investments starting from AED 2k via the Prypco Mint platform.

ICYMI- Dubai launched the pilot phase of its Real Estate Tokenization Project last week. The initiative aims to drive AED 60 bn in tokenized property transactions by 2033. This comes as more UAE developers, including Damac, MAG, and Binghatti, explore tokenization to broaden property access and attract new investor segments.

#2- First residential and commercial freehold units launch on Sheikh Zayed Road: Ahmed Mostafa Ahli Investment Group has launched the AA Tower, the first fully freehold mixed-use development on Dubai’s Sheikh Zayed Road, according to a press release. The 60-story tower includes 369 residential units, 26 offices, and 5 retail stores, and offers views of Burj Khalifa and Downtown Dubai.

Background: The move follows a government decision allowing freehold ownership on Sheikh Zayed Road, opening the area to all nationalities.

#3- Egypt’s Palm Hills Developments to launch first international project in Abu Dhabi: Palm Hills Developments will develop a 1.9 mn sqm land plot in Abu Dhabi with Wave Seven, in front of Saadiyat Island, according to a press release (pdf). Palm Hills’ subsidiary PHD North Jubail Property Development Company will carry out development work. The investment cost and timeline of the project was not disclosed, though it will be the firm’s first project outside Egypt.

MANUFACTURING-

#1- NMDC LTS and Chaoda plan UAE energy valve facility: NMDC Group’s logistics arm NMDC LTS signed a MoU with Chinese valve manufacturer Chaoda to establish a joint venture (JV) for valve assembly and distribution in the UAE, according to a press release (pdf). The JV will assess setting up a facility to assemble, fabricate, and distribute valves for use in the energy sector. Chaoda specializes in valves specifically for oil and gas, petrochemicals, and power generation industries.

#2- LHS plans Abu Dhabi manufacturing facility: Sustainable infrastructure solutions provider Leading Hospitality Service plans to establish a new manufacturing facility in Abu Dhabi for energy saving coating technology, Al Khaleej quotes group general manager Atul Kapil as saying.

#3-Noventiq to upgrade 20 UAE factories with 4IR tech: The Industry and Advanced Technology Ministry (MoIAT) signed an MoU with global digital transformation firm Noventiq to digitize 20 national factories, turning them into smart facilities powered by Industry 4.0 technologies (4IR), according to a statement from Noventiq. Noventiq will contribute services valued at AED 3 mn to support the upgrades, while Amazon Web Services (AWS) will also join the initiative to offer factory assessments, industrial upskilling in English and Arabic, AWS-based cloud solutions, tech sandboxes and adoption programs.

INDUSTRIALS-

Modon, Emaar, Silal, and Calidus join national ICV Program: The Industry and Advanced Technology Ministry signed MoUs with Modon Holding, Ema ar Properties, Silal Food & Technology, and aerospace and land defense systems firm Calidus Group, to join the UAE’s in-country value (ICV) program, state news agency Wam reports. The agreements aim to localize procurement, strengthen self-sufficiency, and expand the country’s industries ecosystem. The four companies will gain access to the program’s key enablers.

The ICV program? The ICV program supports the country’s industrial strategy by redirecting procurement budgets from major companies and government entities into the domestic economy. By the end of 2024, the program had driven AED 347 bn in local expenditure, according to the state news agency.

DIGITIZATION-

Fujairah Port taps Endava for digital transformation push: Fujairah Port signed a five-year agreement with UK-based software development firm Endava to digitize port operations and roll out a new Port Community System branded MarHub, according to a press release. The platform will be cloud-native, hosted on UAE-based Microsoft Azure servers to ensure full data residency, and boost automation processes such as resource scaling.

Timeline: The initiative will be deployed in six phases, starting with vessel call management, gate pass security, dry and liquid bulk operations, and real-time analytics. Phase one is expected to go live in 4Q 2025. Fujairah Port’s annual throughput comes in at 120 mn metric tons.

BANKING-

areeba, Codebase partner on Banking-as-a-Service push: Payment infrastructure firm areeba has partnered with UAE-based digital banking platform Codebase Technologies to launch turnkey Banking-as-a-Service (BaaS) solutions across the region, according to a press release.areeba’s payments infrastructure and Codebase’s cloud-native Digibanc platform will help banks and fintechs roll out digital banking propositions and card issuing services..

STARTUPS-

#1- Abu Dhabi and Tokyo partner to expand SME market access: The Abu Dhabi Investment Office (Adio) and Tokyo’s Industrial and Labor Affairs Bureau signed an agreement to assist small and medium-sized enterprises (SMEs) based in the UAE and Japan in expanding internationally, Al Bayan reports. The partnership will focus on sharing export strategies, improving trade ties, and leveraging Abu Dhabi’s global networks and Tokyo’s industrial expertise to help SMEs expand.

#2- Sharjah’s Sheraa and China’s Horizon Vista sign MoU to support UAE-China startups: The Sharjah Entrepreneurship Center (Sheraa) inked a MoU with China’s Horizon Vista to assist startups expanding between the UAE and China, Al Bayan reports. Sheraa will provide Chinese startups selected by Horizon Vista access to its Sharjah Startup Studio (S3), mentorship, workspace, and market integration programs. Horizon Vista will guide UAE startups entering China with business networks and regulatory advisory support.

Abu Dhabi Investment Office ALSO ON OUR RADAR banking Central Bank of the UAE China CRYPTO digitization Dubai Land Department Egypt Emaar Fujairah Industry and Advanced Technology Ministry infrastructure investment MANUFACTURING Modon NMDC Energy Real estate Sharjah SMEs startups UAE-China relations Virtual Assets Regulatory Authority

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PLANET FINANCE

Trump’s push for made-in-America iPhone could double prices for consumers

US President Donald Trump is once again piling the pressure on Apple for it to manufacture the iPhone stateside, calling on Apple CEO Tim Cook to make America’s most widely bought phone in the “United States, not India, or anyplace else” in a Friday post on Truth Social. Imported iPhones will face a tariff “of at least 25%,” he warned.

But a 25% tariff on imported iPhones could double prices, pushing the price on store shelves to USD 2k and upwards, according to TechInsights’ Wyne Lam, who was cited by the New York Times. “In the short term, it’s not economically feasible,” Lam argued, with upfront costs to develop domestic production capacity and considerably higher labor costs presenting almost insurmountable obstacles while keeping Apple’s flagship product at a commercially effective price point.

There are also numerous other reasons why around 80% of iPhones are still made in China, including the country’s massive and flexible workforce with immense experience assembling miniature components, tooling engineer expertise, and an integrated supply chain close to input suppliers. Rebuilding this labor force in the US and developing an efficient and cost-effective ecosystem would take not just years, but bns of USD — which the Trump administration has so far been reluctant to put its money behind.

Apple execs also firmly have their sights set on the future — and that future may not include the iPhone. With the tech giant increasingly focused on artificial intelligence and believing that the future of consumer tech devices will be designed around it, the company’s best-selling device may be replaced by another yet-to-be-created piece of technology. “I would be surprised if there’s an iPhone 29,” Lam said, meaning that the bns of needed investment to onshore iPhone production may never be recouped.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning. Japan’s Nikkei is up 0.6%, Korea’s Kospi is looking at gains of 1.0%, and the Shanghai Composite is up 0.3%. Meanwhile, the Hang Seng is down 0.2%.

ADX	9,665	+0.0% (YTD: +2.6%)
DFM	5,464	+0.2% (YTD: +5.9%)
Nasdaq Dubai UAE20	4,505	+0.1% (YTD: +8.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.2% 1 yr
TASI	11,000	-1.7% (YTD: -8.7%)
EGX30	32,024	+0.2% (YTD: +7.7%)
S&P 500	5,803	-0.7% (YTD: -1.3%)
FTSE 100	8,718	-0.2% (YTD: +6.7%)
Euro Stoxx 50	5,326	-1.8% (YTD: +8.9%)
Brent crude	USD 65.31	+0.8%
Natural gas (Nymex)	USD 3.35	+0.4%
Gold	USD 3,373	-0.7%
BTC	USD 108,404	+0.4% (YTD: +15.8%)
Chimera JP Morgan UAE Bond UCITS ETF	USD 3.56	-1.1% (YTD: -0.2%)
S&P MENA Bond & Sukuk	142.8	+0.2% (YTD: +2.1%)
VIX (Volatility Index)	22.29	+9.9% (YTD: +28.5%)

THE CLOSING BELL-

The DFM rose 0.2% on Friday on turnover of AED 465.1 mn. The index is up 5.9% YTD.

In the green: National Cement (+5.9%), Dubai Refreshment (+5.8%) and Agility The Public Warehousing Company (+5.7%).

In the red: National General Ins. (-9.6%), National International Holding (-3.8%) and Al Mazaya Holding (-2.0%).

Over on the ADX, the index remained flat on turnover of AED 1.3 bn. Meanwhile, Nasdaq Dubai was up 0.1%.

Ajman and Chongqing forge agreements on trade, tourism, industry growth

Ajman signed a series of agreements with Chinese officials from Chongqing municipality to deepen cooperation across tourism, trade, investment, and industrial development, state news agency Wam reports. The agreements were signed during a high-level delegation visit to the UAE. A breakdown of the agreements:

A tourism MoU was signed between the Ajman Department of Tourism Development and Chongqing’s Municipal Commission of Culture and Tourism to promote mutual tourism flows, marketing, and cultural exchange;
The Ajman Chamber of Commerce and China Council for the Promotion of International Trade (CCPIT) signed a cooperation agreement to facilitate business matchmaking and support trade missions;
The Ajman Department of Economic Development and Chongqing officials signed two MoUs to promote joint economic development and bilateral investments;
An agreemen t between Ajman Free Zones and China’s Liangjiang New Area will support industrial cooperation, technology exchange, and mutual investment attraction.

CALENDAR

MAY

26 May (Monday): The SAMENA Council Leaders' Summit, Madinat Jumeirah, Dubai.

26-27 May (Monday-Tuesday): Building the Future Summit, Berklee, Abu Dhabi.

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

26-28 May (Monday-Wednesday): Film and Gaming Forum, World Trade Center, Dubai.

26-30 May (Monday-Friday): Dubai Chamber of Commerce is set to go on a trade mission to the Philippines and Thailand.

27-29 May (Tuesday-Thursday): INDEX, Workspace, and The Hotel Show, Dubai World Trade Center.

27-29 (Tuesday- Thursday): The World Utilities Congress, Adnec, Abu Dhabi.

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

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

1-6 September (Monday-Saturday): Dubai Fashion Week, Dubai Design District.

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

12-17 November (Wednesday-Monday): RoboCup Asia-Pacific, Khalifa University, Abu Dhabi.

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.
28-29 January (Wednesday-Thursday): IBA Arbitration Day Conference, Abu Dhabi.
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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