DIFC is getting (much) bigger + EGA puts pen to paper on US smelter

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WHAT WE’RE TRACKING TODAY

THIS MORNING: DIFC in for an AED 100 bn expansion + Eurasian Development Bank lines up more AED-denominated paper

Good morning, friends. Hump day is living up to its reputation as news dump day already, with plenty of big headlines coming out of the UAE this morning.

The big news for Dubai’s finance crowd: DIFC is getting yet another expansion. Dubai is pressing ahead with a major expansion of its financial hub, with the government approving a new AED 100 bn (USD 27 bn) development that will more than double the size of the Dubai International Financial Center (DIFC) over the next decade, according to a statement.

What’s planned: The DIFC Zabeel District will add 17.7 mn sq ft of space across six phases, including offices, residential, retail, and dedicated zones for fintech, AI, and innovation. The first phase is due to open by 2030, with the sixth and final phase slated for 2040 completion.

Why now: The expansion comes as the DIFC has seen occupancy rates as high as 99.8%, with officials pointing to future plans to add more space. Dubai is competing with other financial hubs like Riyadh to anchor itself as the region’s dominant financial center, wagering that scale, regulation, and lifestyle integration will keep global banks, asset managers, and tech firms choosing DIFC as their regional base. ADGM saw a similar move in 2023, when its jurisdiction was expanded to Al Reem Island.

We’ll have more on the news in tomorrow’s issue.

Meanwhile, Emirati firms continue their push abroad, with Emirates Global Aluminium putting pen to paper on a massive US smelter project in Oklahoma.

Plus: There’s a big investment theme this morning. Mubadala Capital just raised its debut fund, while Mubadala invested in Property Finder. Smaller startups are also getting a piece of the pie, with two AI-linked startups raising funds from regional VCs.

Watch this space

DEBT — AED paper gets another lift: The Eurasian Development Bank (EDB) is lining up an AED-denominated bond for listing on the ADX, adding another supranational name to the local-currency market, according to a DFM disclosure (pdf).

Why it matters: A listed AED note from a multilateral borrower broadens the menu beyond domestic credits and strengthens ADX’s pull for international issuers tapping regional liquidity.

Not a one-off: The plan builds on last year’s AED 200 mn local private placement — EDB’s local AED debut — tied to its push for local-currency trade financing after the UAE’s pact with the Eurasian Economic Union. EDB says it has since raised AED 385 mn in AED funding, with Central Asian demand picking up.

ADVISORS- BHM Capital is lead manager for the issuance.

M&A — Unikai board okays Al Wafir buyout bid: Dubai-listed Unikai Foods’ board formally recommended a voluntary conditional allcash offer from Kuwait-based Al Wafir Marketing Services for majority control, according to a bourse disclosure (pdf). Unikai’s shareholders will convene on 16 February to vote on the transaction, pending regulatory approval.

ICYMI- The board’s backing follows months of groundwork. In August 2025, Unikai lifted the cap on GCC ownership to 100% from 49%, opening the door to a regional investor. The company has been facing some balance-sheet pressure, with interest-bearing debt rising to AED 90.4 mn as of 9M 2025, more than 3x net income.

What’s on the table: The offer, which was tabled last week, should see Al Wafir acquire 50% plus one share and up to 51% of Unikai at AED 6.60 per share, representing a 7.84% premium to the stock’s last closing price of AED 6.12.

ADVISORS- Unikai tapped Al Mal Capital as an independent financial advisor and Abdulla Al Awadi & Associates as counsel. Meanwhile, FAB is acting as financial advisor and lead receiving bank, while Al Tamimi & Company is providing counsel to Al Wafir.

Data point

USD 470 bn — that’s the total value of assets under management in the UAE last year, state news agency Wam reports, citing a report by Capital Market Authority (CMA). Institutional market participation was on the up, with a 150% y-o-y surge in licensing activity recorded to reach 3.2k completed and approved licenses. Local capital pools were similarly busy, with the number of locally domiciled investment funds rising 322%, whilst overall funds under the CMA’s scope rose to 197, up from 119 in 2024.

IN CONTEXT- 2025 saw a host of international hedge funds arrive in the UAE, including Stronghold Capital, Pimco, Cambridge Associates, Davidson Kempner, and Arini. At the end of the year, another five senior portfolio managers from top hedge funds were reported to be launching UAE-based entities.

Happening today

Gulfood is underway, and runs until this Friday — but this time it’s taking place in two different venues: Dubai World Trade Center and Dubai Exhibition Center in Expo City. The massive F&B event will gather food distributors, producers, government officials, and investors and startups alike under, now, two roofs.

⛅WEATHER- We’re in for another breezy, pleasant day, with some clouds across most of the country. Dubai and Abu Dhabi will both see highs of 25°C, while Dubai will see an overnight low of 17°C and the capital will hit a low of 16°C.

Happening this week

Abu Dhabi is hosting the International Bar Association’s Annual Arbitration Day Conference on Wednesday and Thursday at the Rosewood Abu Dhabi. Law professionals and international industry players will meet for panel discussions on trends in the arbitration practice globally.

Plus: The World Customs Organization’s Technology Conference is on from Wednesday to Friday at the Adnec Center Abu Dhabi.

Our fellow photo nerds in the UAE will want to circle 29 January to 4 February on their calendars. This year’s Xposure, the global celebration of visual storytelling, features a who’s who of talented photographers — including our friend Romany Hafez, whose haunting analog work explores memory, presence, and sacred spaces. Romany will be giving a talk on Saturday, 31 January headlined Between Memory and Light. Don’t miss it if you love black-and-white photography as much as we do.

The big story abroad

Global trade is dominating headlines for the second morning running after the EU and India signed a trade agreement, paring down reciprocal tariffs on most goods. The move can be understood as a strategic buffer against volatile trade announcements by Washington. Markets will be watching closely Trump’s reaction to the news.

The EU is slashing or eliminating tariffs on 96.6% of goods bound for India, with its eyes doubling exports to India by 2032. Brussels will stagger these cuts over seven years, reaching zero tariffs on key commodities, like base metals, marine products, and textiles. In return, New Delhi is gradually cutting tariffs on EU-sourced cars, lowering them to 10% from as high as 110%, and fully axing duties on car parts in five to ten years. Other tariffs on machinery, pharma products, and chemicals are also getting mostly canceled.

Trump unfazed by USD slide: The greenback continued its slide on Tuesday, spurred on by comments made by US President Donald Trump, indicating a lack of concern about the currency’s decline —- “the USD is doing great,” he said in response to a question about the currency’s fall. The USD hit its lowest level in four years after a 1.3% dip yesterday, extending its 2026 losses to 2.6%.

AND IN MARKET NEWS- The S&P 500 closed at a fresh high yesterday, with investor optimism about the wave of upcoming Big Tech earnings fueling the rally. Meta, Microsoft, and Tesla will be out with their earnings today and Apple will follow suit tomorrow.

ALSO IT’S FED DAY- The US Federal Reserve will conclude its first policy meeting of 2026 today and markets are expecting a hold. Markets are also closely watching for Trump’s pick for Fed Chair Jay Powell’s replacement, with his nomination expected sometime this week.

WATCH THIS SPACE- Saudi Arabia yesterday said that it would not allow its airspace or territory to be used in an attack on Iran, Reuters reports. The news, delivered on a call between Crown Prince Mohammed bin Salman and Iran’s president, came a day after the UAE made a similar statement.

In context: Trump said last week that an “armada” was steaming toward Tehran.

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EGA, Century to build first new US aluminum smelter in 46 years

State-backed Emirates Global Aluminium (EGA) and the US’ Century Aluminium have agreed to develop a new primary aluminum smelter in the US state of Oklahoma, according to a press release. EGA had first announced plans to build the smelter — which is said to potentially cost USD 5-6 bn — last March as part of the UAE’s USD 1.4 tn investment pledge to the US during Sheikh Tahnoon bin Zayed Al Nahyan’s meeting with US President Donald Trump. The aluminum smelter was cited as a priority project under that framework.

The details: The ownership model will see EGA hold a 60% stake in the project, with the US aluminum producer holding the remaining 40% stake. The plant will be located at the Tulsa Port of Inola, close to the Mississippi River system, to facilitate bulk freight movements. Engineering works and negotiations for a long-term power supply with the Public Service Company of Oklahoma and the state government are underway.

The plant will be the first primary aluminum production facility in the US in 46 years, as well as the largest, and its 750k annual capacity will more than double the US’ current primary aluminum output. The country imports roughly 85% of its aluminum supplies and is looking to reduce import reliance.

It also comes as aluminum prices in the US have skyrocketed due to Trump’s tariff agenda hitting the import-heavy sector hard.

The timeline: Construction is expected to begin by the end of 2026, while production is slated by end-2030.

Why it matters

The project is among the first concrete signs of the investments the US pledged to make in the UAE, and also points to a sector that looks set to be critical to US-UAE ties moving forward: critical minerals. The agreement comes on the heels of the UAE joining Pax Silica earlier this month, a US-led initiative focused on securing supply chains spanning semiconductors, energy, and critical minerals. This came alongside an agreement between Abu Dhabi’s International Holding Company and the US International Development Finance Corporation to invest in critical minerals, logistics, mining, energy, and infrastructure.

The move comes as welcome news for EGA, which suffered a blow last year after having to halt its Guinea operations after a dispute with the government. It’s also reportedly looking to gain a foothold in the Ghanaian market to develop a bauxite deposit there.

What’s next?

The companies said the project could also support the development of a regional aluminum-focused industrial cluster in Oklahoma, as the US looks to boost downstream manufacturing.

Abu Dhabi is getting Robobuses soon

Abu Dhabi’s autonomous vehicle rollout is entering its next phase of development after robotaxis officially hit the road last year. Now, the city is preparing to roll out autonomous public transport buses, after Nasdaq-listed, China-headquartered WeRide inked an MoU with Abu Dhabi’s autonomous tech firm K2 to roll them out, according to a press release.

The companies are preparing to roll out a 20-rider bus, which will most likely be deployed in Yas Island, as well as shuttle buses that would operate between UAE University’s parking facilities and campus, a source with knowledge of the matter told EnterpriseAM UAE.

Trials have already been underway, with plans to roll out the first buses around May, the source said.

The buses would initially operate with safety drivers in the passenger seat, as mandated by the Integrated Transport Center, the source said, while a command center would be available with safety officers and screens for remote intervention if needed.

Later phases would see the buses rolled out in other areas of Abu Dhabi like Al Maryah Island and Reem Island, and eventually other emirates, they added.

What’s next?

Ras Al Khaimah also looks poised to get Robobuses soon, with WeRide agreeing in October to operate them, along with Robotaxis, on Al Marjan Island. Uber and WeRide are operating fully driverless taxi services on Yas Island.

Property Finder secures USD 170 mn in investments from Mubadala, Beco, and another sovereign wealth fund

Property Finder secures Emirati sovereign support: Dubai’s Property Finder secured a USD 170 investment led by Mubadala, along with another UAE sovereign wealth fund that wasn’t specified, according to a press release. The two sovereign wealth funds will each invest USD 75 mn, while Dubai-based venture firm Beco Capital will invest USD 20 mn from its newly launched USD 250 mn Growth Fund I. Beco was previously an investor in the platform until 2024, when it was bought out by US private equity firm Francisco Partners.

Why it matters: This growth round signals a homecoming for Property Finder, which is shifting its dependency on western private equity to UAE sovereign capital. The company had been rumored to be exploring either an IPO and broadening its cap table, though CEO Michael Lahyani denied plans to IPO and said that “you need a minimum size before you can IPO a business” in an interview with Bloomberg.

The platform secured over USD 775 mn in PE funding last year. California-based Ares Management, through its credit funds, handed Property Finder a USD 250 mn loan to support its expansion across the GCC. London’s Permira and US-based Blackstone Growth invested USD 525 mn into the platform.

ADVISORS- JPMorgan served as the sole placement agent for Property Finder in the transaction, while Moelis & Company acted as a financial advisor. Freshfields provided counsel to Property Finder, and Cooley represented Property Finder CEO Michael Lahyani.

Mubadala Capital pulls in USD 554 mn for co-investment vehicle, topping target despite tough fundraising

Mubadala Capital — the external asset-management arm of Abu Dhabi’s sovereign fund — has raised USD 554 mn for its first dedicated co-investment vehicle, comfortably beating its USD 400 mn target as investors line up for access to the group’s dealflow, co-heads Fatima Al Noaimi and Maxime Franzetti told Semafor.

More on the fund: The vehicle plans to do around eight transactions a year, investing alongside Mubadala Investment Company’s USD 360 bn balance sheet or with other global PE firms. The fund has already started deploying capital, with a focus on North America and Europe, Al Noaimi said without specifying the target sectors or asset classes — though recent capital deployments have focused on real estate, US-based AI firms, and infrastructure players in South America.

Who’s backing it: The fund drew LPs from Asia, Europe, the Middle East, and North America, underscoring broad appetite for co-investment exposure.

Their take: The raise was “one of the fastest” for the firm despite a tough fundraising backdrop. “Global investors recognize the quality and attractiveness of the co-investment dealflow we have access to,” Al Noaimi said.

More to come: Al Noaimi added that a second co-investment fund is already in the works for Mubadala Capital, which manages about USD 30 bn and was the first sovereign platform to take in third-party capital.

Mubadala is no stranger to the co-investment structure, having partnered with Goldman Sachs in a USD 1 bn, private credit-focused agreement and with France’s Bpifrance on an Africa-focused venture capital fund over the past couple of years.

AI growth marketing automation platform Yozo + cloud ins. platform Mantas raise funds

Two AI-linked startups have raised nearly equal-sized funding rounds: AI-enabled growth marketing platform Yozo.ai and cloud ins. platform Mantas, which has just exited stealth.

#1- Yozo raised USD 1.7 mn in a pre-seed funding round, which it will use to build a go-to-market execution team and to invest in different distribution channels for merchant acquisition, Founder Hossam Ali told EnterpriseAM UAE. The funding round was co-led by Abu Dhabi-based Access Bridge Ventures and Egypt’s Disruptech Ventures, with participation from Arzan VC, Oraseya Capital, Plus VC, Suhail Ventures, Glint Ventures, and M-Empire Angels, according to a press release (pdf).

What does it do? The startup was co-founded by five industry peers, including Hossam Ali (LinkedIn) and Abdallah Moheb El‑Din (LinkedIn) — the duo behind Egypt’s B2B e-commerce marketplace Fatura, which they both exited in a sale to EFG Hermes’ Tanmeyah — in 2025. It is developing an AI-native full-stack platform that automates the work of e-commerce growth and retention teams. The platform independently manages email, WhatsApp, and SMS marketing, from content to strategy execution and automated optimization. Zeiad Haridy (LinkedIn), Salma AlBarkouky (LinkedIn), Abdallah Moheb El-Din (LinkedIn) and Taha Salah (LinkedIn) round out the founding team.

What next? The company’s initial focus is on expanding to the US, where “e-commerce operators face some of the highest acquisition costs and operational complexity in the world,” Ali said.

#2– UAE-based cloud ins. platform Mantas secured USD 1.8 mn in a seed round, according to a press release. Investors include Dubai-headquartered Nuwa Capital, Abu Dhabi-based Plus VC, and Saudi Arabia’s Suhail Ventures and Oqal Angel Syndicate, among other angels. The capital will fund product development, modeling for its risk insights, and early product rollout across MENA and North America.

A closer look: Mantas is essentially an ins. platform focusing on cloud services outages and downtime from cloud infrastructure failures. It uses specific parameters to offer automatic payouts for verified outages, as well as instant risk analysis, and targets firms using cloud systems in everyday operations like fintechs, e-commerce players, airlines, and SaaS providers.

RakBank, CBI post 2025 bottom line gains

RakBank posts AED 529 mn bottom line

RakBank posted net income of AED 529 mn in 4Q 2025, up 36.9% y-o-y, according to an earnings release (pdf). Operating income for the quarter rose 9.8% y-o-y to AED 1.3 bn, supported by higher interest and non-interest income.

For the full year, net income climbed 25.7% y-o-y to AED 2.6 bn, driven by a 9.7% increase in operating income to AED 5.2 bn which was buoyed by a 28.9% rise in non-interest income to AED 1.5 bn. Total assets rose 18.9% y-o-y to AED 105 bn, crossing the AED 100 bn mark for the first time, and customer deposits rose 18.1% y-o-y to AED 70.5 bn.

Dividends: Following approval from the Central Bank of the UAE, the lender’s board recommended a dividend payout ratio of 48.6%, equivalent to 63 fils per share, subject to shareholder approval, according to a separate disclosure (pdf).

CBI reports 40% climb in pre-tax net income for 2025

Local lender Commercial Bank International’s (CBI) pre-tax net income jumped 39.7% y-o-y to AED 311.1 mn in 2025, marking its strongest annual performance, according to its earnings release (pdf) and financial statements (pdf). The surge was underpinned by a 12.5% y-o-y increase in net operating income to AED 791.3 mn, due to higher fee income and better asset monetization, as well as an 18.7% dip in expenses from interest and distribution to Islamic depositors. The bank logged AED 294.8 mn in post-tax net income.

On the balance sheet side, total assets were up 5% to reach AED 22 bn and customer deposits came in at AED 15.9 bn, up 3% y-o-y.

Emirates Stallions Group posts 48% surge in bottomline

ADX-listed Emirates Stallions Group (ESG) saw its net income climb 48% y-o-y to AED 342 mn in 2025, according to its earnings release (pdf). The company’s topline rose 39% y-o-y to AED 1.8 bn during the 12-month period, driven by strong results in the real estate development and services divisions, alongside steady demand for manpower solutions

Anghami announces board changes, names Meshal Ali chairman

Abu Dhabi-based streaming platform Anghami appointed Meshal Abdullah Ali as chairman of its board, according to a press release. Ali succeeds Adana Nasser Sabah Al Sabah (LinkedIn), who stepped down as a way to rebalance board responsibilities and remains chair of OSN, which acquired a majority stake in Anghami in 2024. Ali has served on Anghami’s board since 2024 and is currently interim CEO of OSN Group.

UAE-Saudi rift raises business concerns across the Gulf

Tensions between the UAE and Saudi over Yemen are bringing into sharp relief the longtime challenge facing many global financial firms here: If you want a share of the bns that sovereign funds are spending, you need to declare for “Team Abu Dhabi” or “Team Riyadh.”

It’s a “delicate balancing act,” Bloomberg writes, that now has some International firms preparing contingency plans following a Saudi ultimatum for UAE forces to withdraw from Yemen. The business information program writes that some UAE-based companies are claiming to have challenges securing Saudi business visas, while others are weighing whether to stockpile inventory or relocate headquarters to Riyadh to comply with the RHQ program.

The silver lining: Analysts remain cautiously optimistic as Saudi ministers have signaled a willingness to de-escalate — and Emirati institutions continue underwriting Saudi debt. The deeply integrated nature of Gulf trade suggests business will largely continue — absent a major escalation, Bloomberg suggests.

Edge’s ADSB secures AED 6.6 bn Kuwait contract and tie-up on autonomous logistics pilot + Dubai rolls out gold district

ADSB secures shareholder approval for Kuwait’s missile construction

ADSB approves AED 6.6 bn missile boats construction contract for Kuwait’s Defense Ministry: Abu Dhabi Ship Building (ADSB), the naval subsidiary of state defense firm Edge Group, received final shareholder approval for a USD 1.8 bn (AED 6.6 bn) contract for the construction of eight Falaj missile boats for Kuwait’s Defense Ministry, according to an ADX disclosure (pdf).

IN CONTEXT- The agreement is part of a wider contract inked by its parent company Edge Group in June, which was initially valued at AED 9 bn, with this latest development coming from ADSB specifically as a construction subcontractor. Edge will serve as the primary contractor, managing design, construction, trials, and integrated logistics support.

Streets of gold: Dubai’s new Gold District

Dubai centralizes gold and jewelry trade with Dubai Gold District: Dubai rolled out a new Gold District dedicated to the emirate’s gold and jewelry trading landscape, according to Dubai Media Office. The district brings together the entire value chain under one unified hub, consisting of 1k local and international retailers, wholesale traders, and investors, serving visitors across international markets. It’ll include a street fully constructed out of gold.

IN CONTEXT- The UAE is the second-largest gold trading hub globally, exporting around USD 53.4 bn worth of gold between 2024 and 2025. Switzerland, the UK, Turkey, Hong Kong, and India were cited as its dominant trading partners. Last October, the Central Bank of the UAE’s gold reserves topped AED 30 bn.

Autonomous fleets move onto the factory floor

Factories are going autonomous. UAE defense conglomerate Edge Group has partnered with Abu Dhabi research arm Technology Innovation Institute (TII), UAE-based autonomous fleet software firm SteerAI, and Emirati robotics manufacturer Micropolis to pilot an autonomous logistics platform designed to automate asset movement across industrial facilities, according to a statement.

How it works: Micropolis will supply unmanned ground vehicles, while SteerAI will handle fleet control and mission planning through its management system. TII will provide AI-driven monitoring and decision support. Edge will integrate the system end-to-end.

Goldman Sachs CEO sees resurgence in global capital markets in 2026

Goldman Sachs Chairman and CEO David Solomon shared a broadly optimistic outlook for the global economy in 2026, citing a “constructive” macro environment driven by AI infrastructure investment, regulatory shifts, and continued fiscal stimulus, he said on the Exchanges podcast (listen, runtime: 22:08). Despite lingering geopolitical “noise” and a fragile US labor market, Solomon anticipates a potentially record-breaking year for M&As and a strong IPO pipeline.

What to expect

M&A set to accelerate in 2026: This year’s M&A activity could surpass the strong levels seen in 2025, Solomon said, calling 2026 potentially “one of the best M&A years ever.” Drawing on Goldman Sachs’ transaction backlog and client engagement, he said corporate sentiment remains solid, with transaction flow likely to continue, barring major external surprises. The shift to a more permissive regulatory tone has also helped encourage dealmaking after years of rejections.

The outlook for IPOs is also improving, fueled by stronger private equity activity and portfolio valuations that are aligning more closely with the market, Solomon said. He noted that some large private companies that previously delayed listings are now reconsidering going public. While issuance is unlikely to reach the 2021 peak, he expects IPO activity to continue the steady recovery seen in 2025.

Behind the scenes

Policy support and AI investment underpin growth: The global macro environment remains supportive for markets and risk assets heading into 2026, particularly in the US, Solomon argues. He pointed to a combination of sustained fiscal stimulus, monetary easing following 100 basis points of rate cuts in 2025, a more business-friendly regulatory environment, and a major capital investment boom driven by AI infrastructure.

Risks on the horizon: Solomon cautioned that policy uncertainty from Washington and global geopolitical tensions remain the main risks, citing a “shotgun approach” that unsettles business leaders. He pointed to recent headlines on Greenland and European tariffs as potential triggers for market pullbacks. Still, the outlook remains positive barring a major exogenous shock (like a pandemic or a major cyber incident), highlighting technology-driven productivity gains as a key support for investors.

Zooming out

The gap is widening between the US, Europe, and China. The US benefits from a strong “innovation economy” and efficient capital markets, Solomon argued, with a USD 30 tn economy and 2% trend growth. Europe, by contrast, is a USD 20 tn economy of 450 mn people with sub-1% growth and slow progress on reforms, with only 11% of the Draghi plan for economic reform implemented. In China, equity markets rose 60-80% over the past year, but the underlying economy remains sluggish despite eased US tensions.

MARKETS THIS MORNING-

The mood hasn’t shifted all week long — the anticipation of a wave of Big Tech earnings and the Fed’s rate decision are giving investors reason to stay optimistic. Asia-Pacific markets are mostly in the green in early trading this morning, with the Kospi leading gains.

ADX	10,355	+0.9% (YTD: +3.6%)
DFM	6,466	+0.3% (YTD: +6.9%)
Nasdaq Dubai UAE20	5,234	+1.2% (YTD: +7.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.5% o/n	3.7% 1 yr
TASI	11,382	+1.0% (YTD: +8.5%)
EGX30	47,835	+0.7% (YTD: +14.4%)
S&P 500	6,979	+0.4% (YTD: +1.9%)
FTSE 100	10,208	+0.6% (YTD: +2.8%)
Euro Stoxx 50	5,995	+0.6% (YTD: +3.5%)
Brent crude	USD 67.57	+3.0%
Natural gas (Nymex)	USD 6.43	-7.6%
Gold	USD 5,207	+1.7%
BTC	USD 89,343	+1.4% (YTD: +2.0%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.80	+1.3% (YTD: +1.3%)
S&P MENA Bond & Sukuk	151.76	+0.1% (YTD: -0.1%)
VIX (Volatility Index)	16.35	+1.2% (YTD: +8.6%)

THE CLOSING BELL-

The ADX rose 0.89% yesterday on turnover of AED 1.27 bn. The index is up 3.6% YTD.

In the green: Sudatel Telecommunications Group (+14.9%), E7 Group PJSC Warrants

(+10.9%), and Rapco Investment (+5.3%).

In the red: Gulf Cement (-4.6%), Abu Dhabi Ship Building (-2.5%), and Response Plus Holding (-2.2%).

Over on the DFM, the index rose 0.3% on turnover of AED 811.5 mn. Meanwhile, Nasdaq Dubai was up 1.2%.

CALENDAR

JANUARY

26-30 January (Monday-Friday): Gulfood, Dubai Exhibition Center and Dubai World Trade Center.

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

28-30 January (Wednesday-Friday): World Customs Organization Technology Conference, Adnec Center, Abu Dhabi.

31 January-1 February (Saturday-Sunday): Sharjah Entrepreneurship Festival, Spark, Sharjah.

31 January-7 February (Saturday-Saturday): Mubadala Abu Dhabi Open, International Tennis Center, Zayed Sports City.

FEBRUARY

Signposted to happen sometime this month: Investopia, Lagos, Nigeria.

3-5 February (Tuesday-Thursday): The World Governments Summit, Dubai.

4 February (Wednesday): Ministerial dialogue for Pax Silica members, Washington, DC.

4 February (Wednesday): Investors Summit, ADGM, Abu Dhabi.

4-5 February (Wednesday-Thursday): PropTech Connect Middle East, Grand Hyatt Dubai.

4-5 February (Wednesday-Thursday): MRO Middle East, Dubai World Trade Center, Dubai.

4-6 February (Wednesday-Friday): Arab Actuarial Conference, Millennium Plaza Downtown Hotel, Dubai.

9-11 February (Monday-Wednesday): AIBC Eurasia, Dubai Festival City, Dubai.

10 February (Tuesday): AVCJ Private Equity Forum, Four Seasons Hotel, Abu Dhabi.

11 February (Wednesday): Family Office Summit, Park Hyatt Dubai, Dubai.

11-13 February (Wednesday-Friday): MedTech World Middle East, Dubai.

12-15 February (Thursday-Sunday): The Society for Incentive Travel Excellence Global Conference, Abu Dhabi.

9-12 February (Monday-Friday): World Health Expo (WHX), Dubai.

10-11 February (Tuesday-Wednesday): Top Advisors and Investors Summit, Abu Dhabi.

MARCH

31 March – 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.

26-28 March (Thursday-Saturday): Social Capital Conference, Dubai.

28-29 March (Saturday-Sunday): Emirates International Congress on AI & Visionary Leadership in Transforming Healthcare, Adnec Center Abu Dhabi.

30 March – 2 April (Monday-Thursday): IAAPA Middle East Exhibition and Conference, Adnec Center, Abu Dhabi.

APRIL

7-9 April (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.

13-15 April (Monday-Wednesday): AIM Congress, Dubai World Trade Center.

13-15 April (Monday-Wednesday): The International Glass Manufacturing Show, Dubai.

14-16 April: (Tuesday-Thursday): the International Property Show, Sheikh Zayed Rd, Dubai.

21-23 April (Tuesday-Thursday): UITP Public Transport Summit, Dubai.

MAY

11-15 May (Monday-Friday): Dubai Future Finance Week, Dubai.

11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center.

19-20 May (Tuesday-Wednesday): Capital Market Summit, Madinat Jumeirah, Dubai.

19-22 May (Tuesday-Friday): Abu Dhabi Water and Energy Week, Adnec Center, Abu Dhabi.

JUNE

15 June – 15 September (Monday-Thursday): Dubai Mallathon, Dubai.

JULY

31 July (Friday): Large businesses achieving annual revenues equal to or above AED 50 mn must appoint an accredited service provider for e-invoicing implementation.

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

NOVEMBER

9-10 November (Monday-Tuesday): Annual government meetings, Abu Dhabi.

DECEMBER

2-4 December (Wednesday-Friday): UN Water Conference, UAE.

Signposted to happen in 2026:

The UAE to host the Arab Competition Forum;
Investopia Global Talks, Tashkent.

Signposted to happen sometime in 2027:

1 January: Deadline for large businesses to implement e-invoicing;
1Q 2027: Completion of the first phase of Hassyan seawater desalination project;
31 March: Small businesses with annual revenues of less than AED 50 mn are obliged to contract with an accredited service provider for e-invoicing implementation;
31 March: Government entities are required to appoint an accredited service provider for e-invoicing implementation;
1 July: Deadline for small businesses to implement e-invoicing;
1 October: Deadline for governments to implement e-invoicing;
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 in 2029:

Sibos 2029 organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Dubai;
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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