CBUAE holds interest rates steady in first decision of the year

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WHAT WE’RE TRACKING TODAY

THIS MORNING: CBUAE holds rates steady + Al Habtoor exits Lebanon !_StoryHedWeb_! THIS MORNING: CBUAE holds rates steady + Al Habtoor exits Lebanon

Good morning, friends. Today’s big story is the Central Bank of the UAE’s first interest rate decision of the year, following — as usual — in the footsteps of the US Federal Reserve.

The CBUAE chose to hold interest rates steady, keeping the base rate applicable to the Overnight Deposit Facility at 3.65%, according to a statement (pdf). The interest rate applicable to borrowing short-term liquidity was also kept steady at 50 basis points above the base rate.

The other major theme of today’s issue is real estate, as we unpack DIFC’s AED 100 bn expansion and how it will impact the market over the next few years. The consensus among experts: Prices might not be affected much in the near-term, but pressures could ease in surrounding areas like Business Bay.

Meanwhile, in Abu Dhabi, the property market is growing faster than ever, with both the office and residential segments set for double-digit growth.

Watch this space

BUSINESS — Al Habtoor officially exits Lebanon: UAE-based Al Habtoor Group formally announced the closure of its operations in Lebanon, citing continued instability, hostile campaigns, and ongoing disputes with the Lebanese government, according to a statement on Facebook. The decision affects all hotels and operations in the country and includes staff layoffs. The group cited a government failure to provide the necessary stability and safeguards for its operations.

The group said it will continue to pursue action under international legislative frameworks — a move it signaled to earlier this week, when a statement said Al Habtoor plans to sue Lebanese authorities over USD 1.7 bn in losses tied to blocked access to deposited funds and the absence of formal capital control laws. A previously planned large investment was contingent on forming a “strong and independent” government, conditions the group said were unmet, and it also scrapped or shelved other projects last year.

BUSINESS — Visa split its Middle East operations into two distinct clusters to comply with Saudi Arabia’s regional HQ rules, Semafor reports. The new Riyadh-based office will now govern Saudi, Bahrain, and Oman, while Dubai remains a hub for the UAE, Kuwait, and Qatar, both falling under Central and Eastern Europe, Middle East, and Africa.

The rise of the dual hub? The RHQ policy was designed to shift regional headquarters away from Dubai and towards the Kingdom. Yet, some companies appear to be adopting a dual-hub approach — maintaining operations in both locations rather than relocating — taking on higher overheads, as functions are duplicated across two headquarters instead of being consolidated, in exchange for maintaining a presence in both markets.

Background: Visa opened its regional headquarters in Riyadh’s King Abdullah Financial District in 2024 and last month appointed Ali Bailoun as group country manager to lead the region. The company is among more than 700 multinationals that have relocated to comply with Saudi Arabia’s regional headquarters programme, which requires firms to establish a local HQ to be eligible for government contracts.

ALSO- Goldman Sachs has formed a senior executive team to strengthen its Middle East presence, targeting sovereign wealth funds and asset management to deepen ties with regional investors and governments, Asharq Business reports, citing people familiar with the matter. The team comprises Anthony Gutman, co-CEO of Goldman Sachs International; Zaid Khaldi, CEO for MENA; Mark Nachman, global head of asset and wealth management; and Jared Cohen, head of global affairs.

ENERGY — Adnoc and Taqa will jointly develop and supply grid connection, steam production, process cooling, and water and wastewater systems for the Ta’ziz Industrial Chemicals zone under a 27-year utilities purchase agreement covering both plant construction and utility offtake, according to a press release. Ta’ziz — an Adnoc-ADQ JV — will set up and own a service management company as the sole offtaker for utilities across the zone’s chemicals and transition-fuels projects.

Background: The Ta’ziz industrial ecosystem is a chemicals complex and transition fuels site in Al Ruwais Industrial City. It is expected to contribute some AED 183 bn to the economy, with 4.7 mtpa of targeted capacity across chemicals and transition-fuel products such as methanol, low-carbon ammonia, polyvinyl chloride, ethylene dichloride, vinyl chloride monomer, and caustic soda.

INVESTMENT — RAK looks east for capital: Ras Al Khaimah is stepping up efforts to attract investors from China and Hong Kong, and they’re showing a particular interest in its growth across real estate, renewables, and digital infrastructure, Marjan CEO Abdulla Al Abdouli told Reuters.

Why now: RAK is scaling fast, targeting 3.5 mn tourists a year by 2030, up from about 1.3 mn in 2024. The pipeline is anchored by Wynn Resorts’ USD 3.9 bn Marjan integrated resort, due to open in 1Q 2027.

What’s on the table: Demand is strongest in hotels, residential, and mixed-use projects, with family offices also in focus, he said. Asian investors are eyeing adjacent sectors including healthcare, education, entertainment, and cultural assets — areas where family offices typically deploy longer-term capital, Al Abdouli added.

In execution already: RAK Properties plans to open a sales and marketing office in China, CEO Sameh Muhtadi said. On the ground, Chinese contractors including China State Construction Engineering and China Railway are already involved in Al Marjan Island developments.

Financial cooperation is also deepening: The UAE’s Capital Market Authority has signed a cooperation MoU with Hong Kong’s Securities and Futures Commission covering digital assets and cross-border supervision, state news agency Wam reports. The move adds to an earlier mutual funds recognition framework.

CRYPTO — ADGM is looking to formally define how crypto mining can operate in and from the freezone, publishing a draft framework that brings the activity under the Registration Authority’s commercial licensing remit, according to a consultation paper (pdf) that is open for feedback until 20 March. Enforcement powers would range from remediation directions and inspections to license suspension or revocation.

Besides requiring crypto miners to get commercial licenses from the Registration Authority, specifying mechanisms for proof-of-work, proof-of-stake, and other future technologies, and establishing operational and security standards, it will also recognize lawfully-mined digital assets as property under ADGM law. They will therefore be subject to the usual ADGM property laws including on taxation, rights, and commercial transactions.

The guidelines also include:

Setting governance and transparency expectations, including disclosure of corporate structure, ultimate beneficial owners, proof of operating within licensed scope, and, on request, the blockchain wallets and smart contracts controlled by the entity;
Adopting risk-based supervision, with higher scrutiny for large-scale operations or miners providing services to third parties (this includes obligations like record-keeping, regular reporting, and internal risk reviews);

Increased oversight for international activity, requiring ADGM-registered headquarters to disclose overseas mining sites and activity details, conduct jurisdictional risk assessments, apply ADGM governance standards across their external sites, and report material overseas compliance breaches.

AVIATION — More talent for Emirates: Dubai’s flagship carrier is planning to hire around 20k employees over the next five years as it continues to expand its aircraft portfolio and destinations, Deputy President and Chief Operations Officer Adel Al Redha told Khaleej Times. The airline is set on recruiting cabin crew, pilots, engineers, technicians, and airport staff — adding to the 124k personnel it employed at the end of FY 2024-25.

Happening today

President Mohamed bin Zayed Al Nahyan begins a visit to Russia today, where he is scheduled to meet Russian President Vladimir Putin, Wam reports. The two are expected to discuss strengthening trade, investment, and energy cooperation. Russia and the UAE previously inked a trade in services and investment agreement last summer. The talks will also address regional and international issues, and come as Abu Dhabi is set to host a second session of trilateral talks between Russia, Ukraine, and the US.

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.

Abu Dhabi is hosting the International Bar Association’s Annual Arbitration Day Conference today and tomorrow 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 today to Friday at the Adnec Center Abu Dhabi.

Fellow photo nerds: this year’s Xposure, the global celebration of visual storytelling, is underway until 4 February. This year’s edition 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.

⛅WEATHER- Our lucky streak of good weather continues, with temperatures peaking at 26°C today in Dubai and 27°C in Abu Dhabi today. Dubai will see an overnight low of 17°C, while Abu Dhabi will see a low of 16°C.

The big story abroad

Trump is doubling down on threats to strike Iran, saying on Tuesday that another “armada” is heading toward the country and hoping that Tehran will “make a deal” with Washington before an attack begins. The threats sent Brent and US crude up roughly 1% to a four-month high, with oil prices also propped up by a weakening USD.

Big Tech earnings also dominated the news, with Meta, Microsoft, and Tesla all beating net income and revenue expectations. Meta reported a stronger forecast for first-quarter revenue, pushing its shares up 10% in extended trading, while Microsoft fell over 6% on disappointing cloud growth. Meanwhile, Tesla’s plans to spend USD 20 bn this year to build AI capabilities sent the stock up some 1% despite the company logging its first annual decline in revenue last year.

ALSO- The UK is seeking a reset with China amid tensions with the US, with Prime Minister Keir Starmer to be joined by execs from top banks and manufacturers when he lands in China today.

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DIFC’s AED 100 bn expansion could ease pressure on prices elsewhere, experts say

Dubai approved on Tuesday night an AED 100 bn expansion of DIFC — a development experts say could not only plug a supply gap but also ease pricing pressures in surrounding areas that have seen significant spillover due to a lack of Grade A supply in the financial hub.

The expansion, which should accommodate some 42k companies and 125k workers, comes against the backdrop of unrelenting demand that has seen occupancy rates hit 99.8% and prompted another expansion, set to wrap in 1Q this year, which should boost office space by 600k sq ft.

The AED 100 bn buildout is welcome news given that this year’s expansion, while still significant, is not expected to sufficiently meet pent-up demand, particularly since most of it has already been pre-leased, though it will help “at the margin,” Adam Wynne, partner and head of commercial agency at Knight Frank MENA, told EnterpriseAM UAE. This means the supply shortfall is expected to persist in the near term, he added.

The move came only a few days after another AED 11 bn expansion was announced for Dubai Silicon Oasis, signaling a major strategy to expand commercial space offerings and help accommodate an expected influx of new companies and expats alike. This is even as more companies eye alternatives in the region like Riyadh and Abu Dhabi, which are themselves expanding to accommodate rising demand.

The expansions come as a direct response to market demand, Cavendish Maxwell Research Manager Ali Siddiqui said, noting that other financial hubs like Riyadh’s KAFD and Abu Dhabi’s ADGM each offer their own distinct propositions, so the strategy to expand is “less about reacting to competitors and more about reinforcing Dubai’s long-term position in the region.”

The planned supply expansion could help tamp down on further strong rental growth, said Faisal Durrani, Knight Frank’s head of research for MENA. But demand won’t go anywhere: Dubai’s population is set to grow to 5.8 mn by 2040, and the emirate’s strategy aims to put it among the top five financial and trading hubs globally within the next 15 years, Durrani noted.

SMART POLICY- The emirate is bringing in supply slowly, not all at once. The phased delivery of new supply, with the first phase of expansion not handed over before 2030, and the fact that a huge chunk of new supply is likely going to be absorbed through pre-leasing arrangements, will keep impact on prices minimal, Siddiqui said. This will also help limit any significant yield compression. “The market has demonstrated resilience in absorbing new supply over the past few years, and the gradual rollout provides time for demand to keep pace with additional inventory,” he added.

Areas like Business Bay, which have been popular alternatives for companies looking to operate in the center of Dubai in close proximity to DIFC, could see prices cool down as new DIFC stock comes in and those who were eyeing DIFC for its regulatory framework and ecosystem access move to the hub, Siddiqui said.

PLUS- Business hubs like Business Bay have developed their own appeal with competitive pricing, modern buildings, and strong connectivity, so demand should be sustained even as DIFC capacity expands, he added.

Options remain limited in the near term: As companies looking to expand in or into Dubai await new supply, their only options until then are pre-lets, early commitments on upcoming schemes, or looking at best-in-class alternatives nearby, Wynne said.

Abu Dhabi’s property market will see double-digit growth this year

2026 looks set to be a big year for offices and apartments in Abu Dhabi, as sustained demand and tight-as-ever supply are likely to push prices and values higher for the two markets, according to ValuStrat’s Abu Dhabi Market Outlook 2026 (pdf).

The office market is likely to see the biggest gain, with 20% y-o-y rental growth penciled in, while capital gains look set for a 10% y-o-y uptick. Driving the rise? A robust 93% average occupancy as firms expand and new players flock to join the scene. Just 45.2k sq ft of new stock is expected in 2026, pushing rents and prices higher still, with the grade A market staying the tightest. The new units will bring the emirate’s total stock to just shy of 4 mn sq ft.

Over on the residential side, it’s apartments’ time to shine, with the segment set to outpace villas in terms of capital appreciation, projected to rise 16%, up from 13% last year, as well as rents, set for a 6% uptick.

Thesupply pipeline? Not as bright: Some 16.6k units are in the pipeline this year, however ValuStrat sees only 6.5k actually being ready by year-end based on past delivery standards. Apartments account for 64% of pipeline units, with the remaining 36% coming from villas and townhouses.

For the industrial sector, grade A assets remain the most popular, with rent and price upticks set to continue as demand remains from manufacturing, logistics, and e-commerce players for strategically located industrial zones.

Finally, four to five new luxury hotel openings will boost the hospitality sector, with the UAE poised for steady tourism numbers from both local and international visitors. A total of 309 new keys are expected this year, with average occupancy penciled in at 82% and average daily rates at AED 551. Domestic tourists are expected to sustain occupancy for the mid-range segment.

Our take

This comes as prices in Dubai, which have been up around 70% over the past five years, finally begin to cool, with expectations of growth in the single digits, after a much faster pace of growth in recent years. Abu Dhabi in the meantime is seeing faster growth as Dubai’s market enters a phase of maturity, and the capital offers pockets of growth, especially in areas with tight supply like Yas Island and Saadiyat.

Emirates NBD moves to capture a slice of India’s capital markets

Emirates NBD Capital can soon get a slice of India’s booming equity market, after becoming the first Middle Eastern investment bank to secure a category I merchant banking license from India’s securities regulator, it said in a press release. The license allows the bank to act as a bookrunner for IPOs and manage equity and debt placements on the ground in Mumbai.

The move puts Emirates NBD in a great spot to position itself as a primary conduit for MENA liquidity into Indian issuances, and to get a piece of a market that has been booming — with some USD 20 bn raised via IPOs alone in 2025, and more of that to come in 2026.

What’s next? Expect ENBD to pitch its investor network of MENA-based SWFs and UHNWIs to Indian issuers looking to diversify their orderbooks.

It also comes as the lender steadily scales up its India exposure: Earlier this month, India’s competition watchdog cleared the bank’s proposed USD 3 bn acquisition of a majority stake in RBL Bank. The move would see Emirates NBD take control of the solvent Indian private lender — a first in the country’s tightly regulated banking sector.

Inside the Capital Market Authority’s expanded remit and what it means for markets

The UAE’s capital markets watchdog started 2026 with sharper tools and a shorter fuse. If you missed our earlier coverage, federal decree laws introduced at the start of the month expanded the Capital Market Authority’s (CMA) remit, reinforcing its independence and giving it early-intervention powers to step in well before risks turn systemic.

Refresher: The reset raises the bar on governance, disclosure, and compliance. The CMA can now require recovery plans, impose additional capital or liquidity requirements, order management changes, or intervene directly as a resolution authority, with enforcement backed by fines of up to 10x net gains or losses avoided.

We sat down with Abeer Jarrar, partner at Baker McKenzie, to unpack how this regulatory reset is likely to play out in practice — and what investors, issuers, and intermediaries should be watching as the framework moves from statute book to supervision.

ENTERPRISEAM UAE: How actively do you expect the CMA’s early-intervention powers to be used in practice?

ABEER JARRAR: In the near term, selectively rather than aggressively. The initial focus is likely to be on supervisory engagement, data gathering, and remediation, particularly as the regulator builds institutional muscle under its expanded mandate.

Think of it as a behavioral shift: Firms with weak capital positions, governance gaps, or heightened systemic relevance should expect earlier regulatory engagement than under the previous regime.

ENTERPRISEAM UAE: Which industries, issuers, or transaction types are likely to face higher juridical or compliance costs as a result?

AJ: The impact will be felt most acutely by financial intermediaries (brokers, dealers, asset managers) given the expanded licensing perimeter, prudential oversight, and reporting expectations, and issuers accessing public or cross-border capital, where disclosure, market-abuse controls, and ongoing compliance requirements are materially higher.

In terms of transaction types: Complex or structured transactions, including IPOs, secondary offerings, and products with international investor participation, will require more detailed regulatory analysis and documentation.

Where the cost lands: For most, the cost increase will be front-loaded, driven by framework redesign and documentation updates — rather than permanent step-change in ongoing costs.

ENTERPRISEAM UAE: Where do you see the greatest uncertainty for international investors navigating the revised CMA framework?

AJ: The main uncertainty is how the framework will be applied in practice. For international investors, the UAE’s reforms are broadly positive and align with global standards. However, in the short term, they will require closer local regulatory engagement and more conservative structuring assumptions until practice becomes clearer.

Firms aren’t waiting: Larger issuers and financial institutions are already undertaking gap analyses and targeted updates, particularly around governance, risk oversight structures, and market-conduct and disclosure controls, driven by a recognition that the regulatory bar has been raised and future scrutiny will be higher.

Sukuk accounted for 50% of all USD debt raised in the UAE last year

Sukuk is now the dominant force in the UAE’s debt market: For the first time on record, Islamic issuance accounted for 50% of all USD debt raised in the UAE last year, according to a Fitch Ratings report seen by EnterpriseAM, marking a structural shift in how the country raises capital.

The trend: USD sukuk volumes surged 130% in 2025, while conventional bond issuance declined 36%. The UAE is now the world’s second-largest issuer of USD sukuk, and Nasdaq Dubai hosts nearly a third (31%) of the global market. This surge helped push the UAE’s total outstanding debt to USD 325 bn (up 9.3%). Fitch sees the market crossing the USD 350 bn mark next year.

Credit quality is rock solid: Despite the volume growth, standards haven’t slipped. Over 85% of rated sukuk remain investment-grade, and there were zero defaults in 2025.

The AED debt lag continues: While AED debt grew 13% to nearly USD 78 bn, the market is still skewed. Sovereign issuance dominates, while banks and corporates rarely tap the market — meaning a true local corporate bond market remains theoretical.

The green split: ESG debt is growing (with outstanding ESG debt up 18.6% to USD 29 bn), but the composition is changing. Conventional ESG bonds fell by nearly 60%, while ESG sukuk jumped 50%, further cementing the Islamic takeover of the market.

The bigger picture

Debt capital markets grew to over USD 325 bn last year, and are expected to grow to USD 350 bn this year, according to Fitch. Lower oil prices (USD 63 / bbl during 2026-27) and Fed rate cuts are expected to keep issuance windows open through 2026, though geopolitical risk remains the primary spoiler.

What to watch

One player eyeing sukuk markets soon: ADX-listed Burjeel Holdings, whose board of directors approved the establishment of a multi-tranche USD 1.5 bn sukuk program, it said in a bourse filing (pdf).

FAB, Ajman Bank, NBF see net income rise in 2025

First Abu Dhabi Bank posts AED 21.1 bn in net income

First Abu Dhabi Bank’s net income grew 24% y-o-y to AED 21.1 bn in 2025, as operating income climbed 16% y-o-y to AED 36.7 bn, driven by higher volumes and an increase in non-interest income, the lender said in a management discussions and analysis report (pdf). Net interest income increased by 4% y-o-y to AED 20.3 bn, while non-interest income surged 36% y-o-y to AED 16.4 bn, according to its financials (pdf).

The breakdown: Revenues from the personal, business, wealth, and privileged client banking group rose 10% y-o-y to AED 12.7 bn on the back of higher client activity. A 16% top line growth from its investment banking and markets segment to AED 11.8 bn was attributed to a 29% rise in lending. Its assets under management reached AED 1.4 tn, with AED 985 bn of the total coming from domestic deposits.

The board recommended an AED 8.8 bn payout for the year, equal to 80 fils per share and 43% of net income attributable to shareholders. The dividend decision marks its highest payout yet.

Ajman Bank earnings lift on fees, financing momentum

Ajman Bank reported a 25% y-o-y increase in net income after tax to AED 500 mn in 2025, according to its earnings release (pdf). Total revenue rose 10% y-o-y to AED 1.7 bn over the period on the back of a more diversified income stream.

Behind the numbers: Net revenue climbed 22% to AED 899 mn, supported by a 37% jump in non-funded income to AED 262 mn, which accounted for 29% of total revenue. The bank cited stronger financing activity, improved operating leverage, disciplined cost control, and continued digital transformation as key drivers.

NBF books record AED 1.2 bn net income

National Bank of Fujairah (NBF) reported a 41.8% y-o-y increase in net income after tax to AED 1.2 bn in FY 2025, marking its third consecutive year of record earnings, according to its financials (pdf) and earnings release. Operating income rose 9.3% y-o-y to AED 2.7 bn over the period.

Behind the numbers:The bank pointed to disciplined balance-sheet growth and lower impairment provisions, alongside stronger fee and treasury income. Net fees, commissions, and other income rose 18.8% y-o-y, while foreign exchange and derivatives income climbed 19.5%, helping support earnings despite a more volatile operating environment.

Dividends: The board proposed an allcash dividend equal to 42.8% of net income after tax.

State Street opens operational center in Al Ain, another Pal Cooling investment, Dubai Ins. rolls out crypto platform, and more activity on the UAE-India corridor

State Street to open new operational hub in Al Ain

Boston-based financial services and investment manager State Street is launching an operating center in Al Ain to cater to its growing roster of regional clients and offer training programs, according to a press release. The firm is teaming up with Abu Dhabi Investment Office on the move, set to form part of the emirate’s fintech, ins., and digital and alternative assets cluster. The center is expected to create 300 jobs over the coming four years, and comes as the firm is also looking to upgrade its ADGM license.

One move after another: State Street recently said it is rolling out a digital-asset platform to offer products for stablecoins, tokenized deposit services, ETFs, and moneymarkets — expanding its offerings as it looks to meet rising demand for digital assets on the back of the UAE’s favorable regulatory environment. The platform will work with institutional clients and money managers, in a pivot from offering back-office services to a more active role in the asset class.

The rationale: The UAE’s “almost unparalleled” investment in non-fossil fuel segments, combined with regulatory clarity on digital assets and blockchain, makes it an ideal destination for the firm to scale its digital platform, the company’s CEO Ronald O’Hanley told CNBC (watch, runtime: 6:02). The firm’s expansion is mirroring investor interest, with the move “reflect[ing] where the money wants to go,” he added.

Arab Energy Fund, Sofaz invest in Pal Cooling

The Arab Energy Fund and Azerbaijan’s sovereign wealth fund Sofaz are putting fresh capital behind Pal Cooling through a CVC-managed co-investment vehicle, they said in a joint statement without disclosing the terms of the transaction. The vehicle is investing alongside PE firm CVC DIF’s DIF VII fund, which acquired a 50% stake in Pal Cooling last year through a JV with Tabreed valuing the business at AED 3.8 bn.

Background: Pal Cooling operates eight long-dated district cooling concessions, with an average remaining life of 25 years and a customer base of more than 45k — making it a textbook infrastructure asset at a time when global and regional capital is clustering around energy-efficient contracted utilities.

Dubai ins. launches new digital wallet for crypto assets

Dubai Ins. rolls out bank-grade digital wallet for crypto: Dubai Ins. is rolling out the UAE ins. sector’s first digital wallet for crypto assets, allowing companies to collect premiums and settle claims using digital currencies, according to a DFM disclosure (pdf). The firm is partnering up with Emirates NBD-backed digital assets platform Zodia Custody on the move.

Adnic expands into India with Gift City branch

Abu Dhabi National Ins. Company (Adnic) is set to open a branch in India’s International Financial Services Centre (IFSC) in Gift City, Gujarat, as part of its international expansion plan, according to a press release. Adnic has already secured approval from the Central Bank of the UAE for the move, and is expecting to secure regulatory clearance on India’s side before the branch launches in late 2026. The opening will add to its existing offices in Saudi Arabia and the UK, as well as the Emirates.

India’s Adani drops another anchor in Dubai

Indian port operator Adani Ports and Special Economic Zone has set up a new Dubai subsidiary, incorporating AOP Marine and Logistics Services in the emirate, InvestyWise News reports. The move extends Adani’s maritime footprint in the Gulf, building on its 2024 acquisition of an 80% stake in Dubai-based offshore marine services firm Astro Offshore.

Under the hood: AOP Marine is a step-down subsidiary via Sunrise Worldwide Enterprise Limited — 80% owned by Adani Harbour International DMCC — with authorized share capital of AED 50k (50 shares at AED 1k). The entity has yet to commence operations, but its scope covers shipping agency services, ship management, customs brokerage, and logistics, pointing to an end-to-end marine and cargo platform anchored in Dubai.

Fed says no rate cut this time around

The Federal Reserve held interest rates steady at its meeting yesterday, putting on hold a monetary easing cycle that saw three consecutive rate cuts late last year. The key rate remains unchanged at 3.5-3.75%.

“Available indicators suggest that economic activity has been expanding at a solid pace. Job gains have remained low, and the unemployment rate has shown some signs of stabilization,” the Fed said in a statement.

The AI effect: When asked about the divergence between strong GDP growth and a soft labor market during the press conference, Fed Chair Jerome Powell said it may be down to increased productivity, and that AI may have played a role. He cautioned that reading the labor market is difficult because of the unusual situation where both the demand and the supply of labor have fallen, due to lower immigration and slower job growth.

Powell is facing a barrage of attacks from the Trump administration. The war between the White House and the Fed turned into a legal showdown this month as Powell publicly attacked a DOJ probe into HQ renovations his office ordered, calling it a “pretext” for President Trump to force interest rate cuts.

Trump has been adamant in demanding rate cuts to stimulate the economy, while the Fed remained reluctant to accelerate the easing pace amid fears of stoking inflation, which “remains somewhat elevated,” the Fed’s statement said. Yesterday’s decision to hold the rates unchanged saw two dissents, both from Trump appointees.

The tussle saw Powell make rare political statements during the press conference. He advised the Fed chair set to replace him to stay out of elected politics and engage with Congress members on both sides of the aisle. Powell’s tenure is set to end later this year, unless Trump follows through with his wild threats and fires the independent institution’s head.

Powell also confirmed he will attend the hearing for the legal case against Fed Governor Lisa Cook, calling it “the most important legal case in the Fed’s 113-year history.” The Supreme Court will decide whether Trump can fire a Fed governor, with the ruling set to have wide implications on the Fed’s independence.

What’s next? Markets are pricing in two rate cuts this year starting in July, which means the two remaining meetings in Powell’s term are expected to stay the course.

MARKETS THIS MORNING-

Asia’s stock markets are trading mixed this morning. Shanghai Composite is staying marginally in the green, while Japan’s Nikkei and Hong Kong’s Hang Seng are slightly inching down. Meanwhile, Wall Street futures are in the red following a sharp rise in spot gold prices over the USD 5.5k mark.

ADX	10,394	+0.4% (YTD: +4%)
DFM	6,514	+0.8% (YTD: +7.7%)
Nasdaq Dubai UAE20	5,286	+1% (YTD: +8.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.6% o/n	3.6% 1 yr
TASI	11,458	+0.7% (YTD: +9.2%)
EGX30	47,786	-0.1% (YTD: +14.24%)
S&P 500	6,979	+0.4% (YTD: +1.9%)
FTSE 100	10,154	-0.5% (YTD: +2.4%)
Euro Stoxx 50	5,933	-1.0% (YTD: +2.5%)
Brent crude	USD 68.91	+0.8%
Natural gas (Nymex)	USD 3.76	+0.8%
Gold	USD 5,552.00	+4.0%
BTC	USD 88,085.71	-1.2% (YTD: +0.3%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.75	-1.3% (YTD: 0.0%)
S&P MENA Bond & Sukuk	151.61	-0.1% (YTD: +8.0%)
VIX (Volatility Index)	USD 16.35	0.0% (YTD: +9.4%)

THE CLOSING BELL-

The DFM rose 0.8% yesterday on turnover of AED 992.9 mn. The index is up 7.7% YTD.

In the green: Amcreit (+14.9%), Sukoon Takaful (+11.2%), and Dubai Residential REIT (+3.1%).

In the red: Dubai Islamic Ins. and Reins. (-5.3%), Alec Holdings (-2.5%), and Al Firdous Holdings (-2.2%).

Over on the ADX, the index rose 0.4% YTD on turnover of AED 1.7 bn. Meanwhile, Nasdaq Dubai was up 1%.

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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