Adia eyes AUD 3.75 bn in debt

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WHAT WE’RE TRACKING TODAY

THIS MORNING: BlueFive closes USD multi-bn fund + Dubai’s economy grew 4.7% in 9M 2025

Good morning, everyone. The theme du jour is predominantly investments — we have news of the Abu Dhabi Investment Authority raising capital to strengthen its Australian portfolio, VC firm Shorooq Partners raising funds from Qatar Investment Authority and other investors, and private equity firm BlueFive Capital closing a USD multi-bn fund. Plus: Private credit firm Ruya Partners plans to launch a USD 400 mn private credit fund to target GCC middle-market lending.

We’re also seeing the first signs of a potential IPO in 2026, with Emirates Global Aluminium tapping investors for a listing that could come this year. And on the energy front, Adnoc is taking a stake in Azerbaijan’s Southern Gas Corridor — a move that expands its footprint in the Caspian region and boosts its LNG portfolio.

Plus: More banks have come out with their 2025 earnings. This time it’s our friends at Mashreq and Sharjah Islamic Bank.

BUT FIRST— Looking back at January: Dubai’s DFM General Index posted a 6.4% gain in the first month of the year, ranking third across GCC markets after Saudi Arabia (up 8.5%) and Oman (up 7.9%), according to Kamco Invest’s latest GCC Monthly Markets Report (pdf).

The rally came as GCC equities logged their strongest monthly gain in nearly six years, with the MSCI GCC index rising 7.8% over the month. Abu Dhabi’s FTSE ADX Index also posted gains, up 2.9%, but lagging behind regional leaders.

UAE gains were driven by the usual economic linchpins. In Dubai, real estate rose 8.6%, financials climbed 5.6%, and the volume of traded shares was up 6.9% m-o-m. In Abu Dhabi, real estate advanced 8.8% and telecoms gained 7.1%, while utilities fell 14.8%, weighing on the overall index. Trading activity dipped 19.7% on a monthly basis.

Watch this space

DIPLOMACY — Japan visit on hold: President Mohamed bin Zayed Al Nahyan called off a planned state visit to Japan later this week as regional tensions linked to Iran intensify, Bloomberg reports, citing Japan’s public broadcaster NHK. Abu Dhabi has yet to comment.

IN CONTEXT- The pause comes amid a flurry of diplomacy aimed at averting a wider Iran-US confrontation, following renewed tensions over regional security and military activity linked to Iran. Gulf states are acting as intermediaries as Tehran says multiple channels are active and it hopes talks could yield results “in the coming days,” while Washington is signaling military readiness despite US President Donald Trump’s claim of hopefulness to reach an agreement — keeping markets on edge.

INVESTMENT — BlueFive closes USD multi-bn fund for US, Europe tech plays: BlueFive Capital closed a USD 3 bn technology and growth fund with plans to deploy the capital into US and European companies in AI, biotechnology, and advanced computing, according to a press release (pdf). The Onyx Fund I, registered with ADGM, is backed by sovereign-linked capital from across the GCC, and should start writing checks to US companies in the coming months.

This is the first major play by the Abu Dhabi-based PE firm in the US and Europe. It has so far been focused on expanding its footprint in Asia, with a recent appointment as general partner of an RMB 32 bn (USD 4.6 bn) China-focused fund-of-funds backed by CICC Capital and HBIS Group, following a USD 500 mn China private equity fund launched with CICC Capital. CEO Hazem Ben-Gacem said the firm also plans to raise a USD 1 bn Asia-focused fund, as BlueFive broadens exposure across China and Southeast Asia.

INVESTMENT — Ruya aims to dominate the GCC’s middle-market lending vacuum: Mubadala-backed private fund manager Ruya Partners plans to launch a USD 400 mn private credit fund focusing on middle-market lending in the GCC, Bloomberg quotes the firm’s partner Omar AlYawer as saying. The new vehicle will focus its operations on Saudi Arabia, as well as the UAE, with family offices, pension funds, and endowments expected to take part in the raise.

Why it matters: While the UAE and Saudi Arabia are emerging as hubs for private credit, the regional mid-market is facing a financing gap. Although mega projects and sovereign-backed firms can easily access bank loans, mid-sized companies often find traditional lending too slow or inflexible to support scaling, and it looks as if Ruya is looking to plug that gap.

What’s next? The fund’s first close is set to take place in the coming months, AlYawer said. Meanwhile, Ruya plans to widen the fund’s scope to include real estate and infrastructure credit within the next three years.

REMEMBER– Ruya capitalized on several regional prospects in the past months, including a USD 55 mn fund to finance a fiber production plant in Saudi, a USD 15 mn private credit investment in TruKKer, and USD 15.5 mn in UAE-based Epik Foods to back its Saudi expansion.

MACRO — The UAE could see the steepest slowdown in non-hydrocarbon growth across the GCC if US-Iran tensions continue, according to a BMI research article, which suggests that even a “status quo” scenario of heightened US-Iran tensions in 2026 could shave 0.3 percentage points off the UAE’s non-hydrocarbon growth. If tensions escalate into a short but intense military campaign without the closure of the Strait of Hormuz, the impact could deepen to a 0.4 percentage-point deviation, due to the UAE’s proximity to Iran and its heavy reliance on tourism and transport.

A prolonged conflict would have a more severe effect, cutting non-hydrocarbon growth by up to 0.7 percentage points — one of the largest declines in the GCC — as frequent airspace closures and flight suspensions would paralyze the aviation and tourism sectors. In a worst-case scenario where tensions persist beyond these stages, the deviation could reach 1.3 percentage points, the highest among Gulf economies.

The UAE’s “operator-first” economic model is uniquely sensitive to security risks. The UAE and Qatar are the most exposed to “tourism aversion” and “intermittent airline suspensions.” Even if oil continues to flow via the Habshan-Fujairah pipeline — bypassing the Strait of Hormuz — the “halo effect” of the UAE as a safe-haven logistics hub would be under immediate threat.

UPDATE — Trump denies links to UAE-US crypto agreement: US President Donald Trump has denied knowledge of his family’s negotiations with entities backed by UAE National Security Advisor Tahnoon bin Zayed Al Nahyan over the sale of a 49% stake in crypto company World Liberty Financial. Neither Trump nor US envoy Steve Witkoff had any knowledge of the sale, World Liberty Financial spokesman David Wachsman told Bloomberg.

ICYMI: It came to light earlier this week that Aryam Investment 1 — a Tahnoon-backed vehicle — quietly purchased a USD 500 mn stake in World Liberty Financial, a US-based crypto company linked to Trump, last year.

Data point

Dubai’s economy grew 4.7% in the first 9M of 2025, reaching AED 355 bn as the emirate’s post-pandemic momentum transitioned into a sustained, broad-based expansion, according to Dubai Media Office. On a quarterly basis, the emirate saw a 5.3% y-o-y acceleration during 3Q.

Healthcare and social work activities were the fastest-growing segment, surging 15.4%, while the heavy-hitting financial and ins. activities and construction sectors both expanded 8.5%. Real estate (6.7%) and information and communication (4.8%) sectors followed, while accommodation and food services grew 4.7%, buoyed by a 5% y-o-y increase in international visitors. Wholesale and retail trade picked up by 4.6%.

Quarterly growth drivers: Dubai’s quarterly expansion in 3Q 2025 was propelled by a significant surge in the financial and ins. sector, which outpaced the broader economy with 12.9% growth. This momentum was mirrored by the construction and health and social work sectors, as well as in the real estate sector.

PSAs

AE Coin goes federal: The UAE federal government has approved AE Coin — the UAE’s first CBUAE-licensed stablecoin — as a payment method across federal entities, making it the first AED-backed, regulated stablecoin authorized for government payments nationwide, according to a press release.

REMEMBER- AE Coin was already edging toward real-world use, with early adoption by Network International, 7X, Air Arabia, the Abu Dhabi Judicial Department, and Tawasul Taxis, as we’ve reported. Integration with USDU — the USD-denominated stablecoin launched by Abu Dhabi-based Universal Digital Intl, the UAE’s first licensed foreign payment token issuer, last week — is also in the cards, which would allow users to convert between the two.

Why this matters: Federal approval moves AE Coin from selective use cases into state-level payment rails, opening the door to its use in government fees, services, and settlements — and signaling a regulatory greenlight for stablecoin use inside the public sector.

ZOOM OUT- The stablecoin push is accelerating elsewhere too. IHC, ADQ, and First Abu Dhabi Bank are developing a regulated AED token, while Rakbank is building an AED-backed stablecoin — setting up a crowded next phase for tokenized money in the UAE.

Etihad Rail’s first passenger routes are out: Etihad Rail’s first passenger train routes will link Abu Dhabi’s Mohammed bin Zayed City with Dubai’s Jumeirah Golf Estates station and extend east to Fujairah’s Al Hilal City, with services to launch later this year, according to a post on X.

Journey times: Travel time between Abu Dhabi and Dubai will take around an hour, and about 90 minutes to Fujairah. Additional routes are expected to launch soon, connecting 11 cities across the Emirates.

Happening today

Our fellow photo nerds in the UAE have been looking forward to this year’s Xposure, on until tomorrow in Sharjah. This year’s 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.

The UAE-Kuwait Economic Forum kicked off yesterday and will run until Wednesday in Dubai, Sky News Arabia reports. The three-day event convenes policymakers and business executives to deepen bilateral economic, trade, and investment ties. The forum should also connect investors and business leaders for partnerships across key sectors including trade, industry, renewable energy, and logistics.

WEATHER- More of the same: Sunny, breezy weather continues to be on the menu on this fine Tuesday morning, with Dubai seeing a high of 26°C and Abu Dhabi seeing a high of 27°C. The former will see an overnight low of 16°C, while the capital will see a low of 14°C.

Happening this week

Trilateral Ukraine, Russia, US talks in Abu Dhabi: The next round of trilateral negotiations between Ukraine, Russia, and the US will be held tomorrow and after in Abu Dhabi, Ukrainian President Volodymyr Zelenskyy said in a post on X. He added that Ukraine is seeking “a real and dignified end to the war.”

ICYMI- The talks would follow the first round of meetings held in the UAE capital at the end of January. The ceasefire negotiations came amid ongoing fighting, and security assurances and territorial disputes remained sticking points. However, in recent days both countries have scaled back their attacks following a temporary truce to protect energy infrastructure, which expired yesterday, ABC News reports.

The World Governments Summit runs from today to Thursday, 5 February in Dubai under the theme Shaping Future Governments. Government leaders, international organizations, and private-sector executives will focus on governance reform, technology, and global policy challenges.

MENA’s MEVCA Investors Summit takes place tomorrow in Abu Dhabi, gathering the venture capital community as capital allocators and fund managers assess fundraising conditions, LP sentiment, and sector priorities shaping the region’s VC pipeline.

PropTech Connect Middle East is happening tomorrow and Thursday, 5 February in Dubai, bringing investors, developers, and property-tech firms together to discuss AI, data, blockchain, and digital tools reshaping real estate markets across the region.

The International Arab Actuarial Conference runs from tomorrow until Friday, 6 February in Dubai, bringing together actuaries, insurers, regulators, and banks from across MENA. Sessions will focus on AI, health ins., cyber risk, catastrophe modeling, and pension sustainability.

The big story abroad

Elon Musk is merging SpaceX with xAI, creating a USD 1.25 tn venture, people in the know told Bloomberg. The move sets the stage for Musk to carry out his plan of setting up data centers in the planet’s orbit — he claims that that space will be the cheapest place for AI computing in two to three years. Properties formerly owned by xAI — Grok chatbot and X.com — now fall under SpaceX’s umbrella.

The world’s richest man still intends to take SpaceX public this year, in an IPO that could see the company raise as much as USD 50 bn, a source told Bloomberg.

AND- Our usual dose of global trade updates: US President Donald Trump has agreed to trim punitive tariffs on India on the condition that New Delhi stops buying Russian oil, reducing the levies from 25% to 18%. India will slash its levies on Washington down to zero. After a phone call with Indian Prime Minister Narendra Modi, Trump said New Delhi has agreed to buy more oil from Venezuela as well as upwards of USD 500 bn in US energy and other products.

Software giant Oracle has raised USD 25 bn in a blockbuster bond offering, attracting an orderbook of USD 127 bn at its peak, the Financial Times reports, citing people it says are familiar with the transaction. The funding came through amid concerns that Oracle was striking up an unsustainable level of debt to back its AI spending.

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Emirates Global Aluminium taps investors ahead of IPO

Emirates Global Aluminium (EGA) reportedly started investor meetings ahead of a potential IPO on the ADX that could value the industrial giant at USD 10-15 bn, Bloomberg reports, citing people it says are in the know. The listing, which could land as early as this year, marks the culmination of a decade-long will-they-won’t-they saga for the Mubadala and ICD-owned firm.

A much needed raise? The company swung to an AED 890 mn net loss in 1H 2025 following the Guinean government’s expropriation of its bauxite subsidiary — a move that triggered a heavy AED 2.5 bn impairment.

Our take: If the USD 10-15 bn valuation holds, it signals that the market is willing to look past immediate bottom-line volatility in favor of EGA’s long-term strategic integration into the US-UAE industrial axis.

To bridge the gap, EGA is likely to pivot the narrative toward its Oklahoma story. By partnering with Century Aluminum to build the first new US smelter in 46 years, EGA is positioning itself as an essential partner in Western supply chain security. This USD 5-6 bn joint venture allows the company to move beyond its role as a regional exporter and become a domestic US producer, effectively hedging against the tariffs that usually squeeze non-US aluminum players. The success of the offering now rests on whether investors view the Guinea loss as a one-off accounting event or a permanent shift in the company’s risk profile.

ADVISORS- Citigroup, Goldman Sachs, Emirates NBD Capital, and First Abu Dhabi Bank are expected to run the process, with Rothschild & Co advising.

Adia taps the debt market in int’l portfolio push

UAE sovereigns continue to seek external capital, with Adia now looking to secure an AUD-denominated loan backed by Australian assets. The Abu Dhabi Investment Authority (Adia) is looking to raise AUD 3.75 bn (USD 2.6 bn), sources familiar with the matter told Bloomberg. The financing will be channeled to Adia to use as working capital.

Backing the loan: The debt would be backed by minority stakes in four Australian infrastructure assets held through its subsidiary, Tawreed Investments. The assets in question include the Port of Brisbane, in which it owns a minority stake from a 2010 USD 2.1 bn agreement, and Sydney’s WestConnex tunnel, in which Tawreed has a stake as part of a consortium.

The debt’s structure: The package includes an AUD 2.2 bn tranche maturing in five years, an AUD 1.3 bn tranche due in seven years, and a five-year AUD 25 mn working-capital facility. The facilities will carry interest margins of 180 bps for the five-year tranche and 200 bps for the seven-year tranche over Australia’s bank bill swap rate.

Why look outwards?

Adia could be avoiding selling stakes at a loss in a down market by funding capital needs without taking unattractive bids, a strategy it used with Transgrid in 2025. GCC SWFs are increasingly using debt to bridge the gap between long-term holding periods and urgent capital needs.

Emirati SWFs have been ramping up their exposure to outside funding: Mubadala Capital recently raised USD 554 mn for its first dedicated co-investment vehicle, while Mubadala Capital found a minority shareholder in US-based investment firm TWG Global, who bought a 5% stake in the firm for USD 2.5 bn.

XRG inks a sales and purchase agreement with Azerbaijan's SGC

Adnoc’s global investment arm XRG inked a sales and purchase agreement to acquire an equity stake in Southern Gas Corridor (SGC) from Azerbaijan’s Economy Ministry, subject to customary regulatory and antitrust approvals, state news agency Wam reports. The size and value of the stake weren’t disclosed.

SGC? SGC is a USD 40 bn project that is currently owned by Azerbaijan’s Economy Ministry and its state oil company, Socar. Established in 2014, it currently spans a 3.5k km natural gas pipeline and operates gas fields that reach from the central Asian country to Italy, with the capacity to transport up to 26 bcm of natural gas per year.

The transaction gives XRG exposure to a gas export system linking the Caspian region to Europe. The integrated Southern Gas Corridor value chain includes the South Caucasus Pipeline, the Trans Anatolian Pipeline, and the Trans Adriatic Pipeline, which transport natural gas from Azerbaijan through Georgia and Turkey to European markets.

The transaction expands the company’s footprint in the Caspian region and builds on its existing 30% stake in the Absheron gas field alongside Socar, and 38% sta ke in Turkmenistan’s offshore Block I concession.

We knew this was coming: XRG inked a non-binding preliminary agreement to purchase an undisclosed stake in SGC last November.

The bigger picture: Adnoc’s international arm has been making a wider push into LNG assets across Asia, the US, and Latin America, with recent moves including an 11.7% stake in the USD 18 bn Rio Grande LNG export facility in Texas. It is also eyeing an investment in an Argentinian LNG project.

Shorooq to invest USD 200 mn in closing the gap between scaling startups and public markets

Mubadala-backed alternative asset manager Shorooq launched a USD 200 mn fund backed by the Qatar Investment Authority to target the GCC’s late-stage and pre-IPO companies, Semafor reports. The firm is focusing on fintech infrastructure, software, and AI, backing companies that support regulated or mission-critical activities across the MENA region.

Who pitched in? Other than first-time backer QIA, the fund is also backed by other sovereign and institutional investors from the GCC and Asia. Shorooq is also set to open a Doha office as part of the investment, which brought its assets under management to over USD 1 bn.

The target? Shorooq is keen on fintech infrastructure, AI, software, and business, founding partner Mahmoud Ali said. It is targeting firms that already show promising results but need more financial backing ahead of expansion, as well as ones working in mission critical sectors across MENA.

Why it matters

While seed and Series A funding is widely available, the region lacks the structured capital needed to prepare scale-ups for public markets. In the past, this has forced companies to either sell stakes prematurely or delay growth. An institutional investor-backed fund looks likely to be able to turn early-stage firms into return-yielding IPO candidates.

REMEMBER- Shorooq Partners launched a USD 100 mn global fund alongside G42-backed data analytics firm Presight to back AI ventures worldwide. This vehicle aims to invest in 25-30 AI and deep tech startups, with about 40% of capital reserved for late-stage funding rounds to support scaling firms.

Mashreq, SIB post solid earnings in 2025

Mashreq wraps another strong year

Our friends at Mashreq capped 2025 with record operating income, which came in at AED 12.6 bn for the full year, up 3% y-o-y on an adjusted basis, according to its financials (pdf) and management discussion and analysis report (pdf). Net income after tax fell 23% y-o-y to AED 7.0 bn, on the back of a decline in net interest income following the Central Bank of the UAE’s interest rate cuts late last year.

This was partially offset by an increase in non-interest income, which rose 16% y-o-y, while investment income jumped 53%, reflecting stronger transaction volumes and trade flows across Mashreq’s corporate, retail, and international segments.

The balance sheet has also grown: Total assets grew 25% y-o-y to AED 335 bn. Customer loans increased 32%, while customer deposits rose 27% — extending the balance-sheet expansion seen earlier in the year as lending momentum accelerated across markets.

Looking ahead: Management pointed to continued international expansion along “key UAE- and GCC-linked corridors” and deeper use of digital and AI-driven platforms across lending and onboarding as key priorities heading into 2026.

Sharjah Islamic Bank’s net income jumps 25.7% in 2025

Sharjah Islamic Bank posted a 25.7% surge in net income, reaching AED 1.3 bn in 2025, according to its management and discussion analysis report (pdf). Total operating income rose 14% to AED 2.4 bn for the year, with inflows supported by a 7.6% increase in customer deposits to AED 55.7 bn, as well as a 19.6% uptick in Islamic financing to AED 45.6 bn. The bank’s total assets stood at AED 90.3 bn at the end of 2025.

Dividends: The bank paid out AED 458.7 mn in dividends for the year, as well as AED 148.1 mn in returns on Tier 1 sukuk, according to its financials (pdf).

Al Futtam taps head for automotive unit + PwC appoints UAE senior partner

New chief for Al Futtaim Automotive: Al Futtaim tapped Jorge Navea (LinkedIn) as the new president of its automotive division, effective immediately, according to a press release. In his new role, Navea will lead the division’s market expansion and portfolio investment.

Formerly the CEO of global mobility firm Astara, Navea brings over 30 years of international experience across vehicle distribution, manufacturing, and mobility services, with an extensive portfolio in digital transformation in the automotive businesses.

PwC Middle East appointed Khaled Bin Braik (LinkedIn) as UAE senior partner, effective from 1 April, according to a press release. Bin Braik, a PwC veteran with more than 15 years of consulting experience, has worked primarily across public sector strategy, capacity development, and organizational transformation. In his new role, he will lead PwC’s UAE practice and engage with clients, policymakers, and stakeholders.

Aldar expands land bank portfolio in Abu Dhabi + GFH acquires UAE-based equipment rental operator

Aldar adds AED 23 bn to its land bank

Abu Dhabi-based developer Aldar has expanded its land bank portfolio to the tune of AED 23 bn in gross development value across 23 mn sqm, according to an ADX disclosure (pdf). The new plots — spread on Saadiyat Island, and on and next to Yas Island — are earmarked for large-scale mixed-use communities, which include mansions, villas, and retail and lifestyle offerings. Launches will start from this year onward, and the overall builds will add 3k new homes.

Someone else is on board: Aldar said it’s carrying out the project as a joint venture with an established partner, but stopped short of specifying who exactly it was. Recently, the firm has partnered with Mubadala on the AED 60+ bn buildout of Al Maryah Island, raised USD 1 bn in a hybrid note issuance, and acquired AED 570 mn worth of logistics assets from AD Ports.

GFH wagers on Dubai’s boots-and-cranes leasing

Bahrain-based GFH Group bought a 60% stake in Byrne Equipment Rental, a Dubai-headquartered industrial services and equipment rental operator, as part of a broader USD 400 mn allocation into infrastructure-linked assets, according to a press release. The value of the stake wasn’t disclosed.

Why this asset: Byrne runs a fleet of roughly 16k units across the UAE, Saudi Arabia, Oman, and Bahrain, serving more than 1.1k corporate clients in oil and gas, construction, utilities, and events. The transaction gives GFH exposure to the GCC equipment rental market, which is predicted to see CAGR growth of 6.5% until 2034.

The greenback at a crossroads with four scenarios to watch, BMI

It’s been a volatile week for the greenback, underscoring how fragile investor sentiment remains. Fitch Solutions’ research unit BMI is charting four scenarios for the USD as multiple forces shape its course over the coming months.

IN CONTEXT- A sharp slide last week has kept investors on edge even after the Federal Reserve’s decision to hold interest rates steady, reviving concerns that the USD could be drifting toward a broader decline reminiscent of early 2025. A rebound followed on Friday on news that US President Donald Trump is nominating a new Fed governor, with the gains steadying through Monday.

The scenarios

#1- In a bearish “sell America” scenario, BMI says doubts over fiscal discipline, sticky inflation, and the perceived erosion of Fed independence could drive investors away from US assets, pushing the greenback index toward the mid‑to‑high 80s. This decline could become self‑reinforcing if investors grow more concerned and begin to hedge or cut exposure to US assets more aggressively, according to BMI.

#2- The opposite outcome remains possible: A resurgence of global risk aversion — triggered by geopolitical shocks or emerging‑market stress — could quickly restore the USD’s safe‑haven appeal, lifting the currency back toward the 100-105 range as capital flows into US Treasuries.

#3- A bring-on-the-risk scenario assumes a shift toward global risk appetite, where more global players are emboldened by the US’ economic growth and higher commodity prices boost capital inflows. In this environment, stronger global growth, coupled with more aggressive currency policies in China and Japan, could weaken the USD index by around 5% to the 90-95 range, even as US assets benefit from larger repatriated income.

#4- Index through the roof? Strong US growth, coupled with increased FDI inflows from trade agreements and narrowing trade deficits, could push the greenback index into the 100-110 range. This outcome would likely heighten volatility for emerging market currencies as capital is pulled back toward the US.

What’s next?

For now, investors are reassessing their next move. With the Fed signaling patience rather than urgency, attention is shifting from rate cuts to policy credibility and political pressure. Any renewed doubts over central bank independence could weigh further on the USD. An intervention by Japan in the currency market could also put downward pressure.

MARKETS THIS MORNING-

After a turbulent start to the week, markets are rebounding thanks to a jump in US factory activity and the initial shock after Trump unveiled his Fed chair nominee fading. Asia-Pacific markets are mostly in the green in early trading this morning, led by South Korea’s Kospi.

ADX	10,338	+0.6% (YTD: +3.5%)
DFM	6,573	+2.1% (YTD: +8.7%)
Nasdaq Dubai UAE20	5,287	+2.1% (YTD: +8.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.5% o/n	3.7% 1 yr
TASI	11,321	+1.4% (YTD: +7.9%)
EGX30	47,606	-0.1% (YTD: +13.8%)
S&P 500	6,976	+0.5% (YTD: +1.9%)
FTSE 100	10,342	+1.2% (YTD: +4.1%)
Euro Stoxx 50	6,008	+1.0% (YTD: +3.7%)
Brent crude	USD 66.30	-4.3%
Natural gas (Nymex)	USD 3.23	-0.3%
Gold	USD 4,774	+2.6%
BTC	USD 78,850	+2.5% (YTD: -10.1%)
Chimera JP Morgan UAE Bond UCITS ETF	USD 3.79	+2.0% (YTD: +1.1%)
S&P MENA Bond & Sukuk	151.48	-0.1% (YTD: -0.3%)
VIX (Volatility Index)	USD 16.34	-6.3% (YTD: +10.0%)

THE CLOSING BELL-

The ADX rose 0.6% yesterday on turnover of AED 1.1 bn. The index is up 3.5% YTD.

In the green: Ins. House (+15.0%), Apex Investment (+14.8%), and Orascom Construction (+4.2%).

In the red: Gulf Cement Co. (-3.6%), Hayah Ins. Company (-3.5%), and Al Khaleej Investment (-3.2%).

Over on the DFM, the index rose 2.1% on turnover of AED 900.4 mn. Meanwhile, Nasdaq Dubai was up 2.0%.

UAE signs trade and economic partnership agreement with Sierra Leone

UAE-Sierra Leone CEPA targets natural resources: The UAE and Sierra Leone signed a trade and economic partnership agreement (CEPA), state news agency Wam reports. Al Zeyoudi pointed to Sierra Leone’s mineral base and strategic location on the Atlantic coast, with the country being home to Freetown port — a key gateway to West Africa. The agreement looks to increase bilateral trade in minerals, including iron ore and bauxite, as well as agricultural products. Sierra Leone accounts for 14% of global rutile production and also exports diamonds and iron ore.

Why it matters: The UAE has been strengthening its critical minerals partnerships as of late, after joining the US’ Pax Silica, which looks to secure critical minerals supply chains and counter China’s dominance.

Beyond goods trade, the agreement will open the door for collaboration across sectors like logistics, construction, engineering, financial services, and telecommunications. Zeyoudi noted the two sides had inked an MoU to regulate contractual employment for Sierra Leonean workers.

IN OTHER DIPLOMACY NEWS — The UAE signed a comprehensive economic partnership agreement with the Democratic Republic of the Congo yesterday, aiming to slash tariffs, eliminate trade barriers, and open up private sector collaboration in mining, agriculture, and clean energy.

CALENDAR

FEBRUARY

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

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

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

3-4 June (Wednesday-Thursday): Annual MENA Investor Conference, Ritz-Carlton DIFC, Dubai.

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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