Oversupply concerns not a concern as Dubai’s property delivery lags again in 2025

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WHAT WE’RE TRACKING TODAY

THIS MORNING: DRC to ship copper to UAE + Abu Dhabi-Dubai railway sees USD 8 bn in contracts

Good morning, everyone, and happy FRIDAY. There’s plenty of trade and logistics-related news this morning, with copper set to flow in from the Democratic Republic of Congo, dissonance in the US potentially threatening our chip imports, and AD Ports dropping anchor in Aqaba.

On the broader transport front: Dubai looks set to roll out autonomous taxis next month, and Etihad Rail awards USD 8 bn+ in contracts for the Abu Dhabi-Dubai railway.

We also have more data on Dubai’s property market, as well as more signs of traction for tokenization and proptech startups, and news of a potential expansion of Dubai’s first-time home buyer program.

And finally, we have confirmation that 2025 was the year of the data center, with the sub-segment boosting the comms sector’s FDI inflows to USD 320 bn.

Happening today

WEATHER- We’re in for a partly cloudy day, with a high of 26°C in Dubai and 27°C in Abu Dhabi, and a low of 16°C in Dubai and 15°C in the capital.

The International Arab Actuarial Conference is running until Friday 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.

Happening next week

The Forbes Middle East Top Advisors & Investors Summit is taking place on Tuesday, 10 February and Wednesday, 11 February at the Conrad Etihad Towers in Abu Dhabi, convening investors and advisors to examine global capital flows, wealth management, and financial innovation.

AIBC Eurasia is happening next Monday, 9 February until Wednesday, 11 February at Dubai Festival City, focusing on emerging sectors including blockchain, AI, fintech, loT, and big data. Ahead of its Rome summit in November, the two-day conference connects international crypto companies, policymakers, and investors, for exhibitions and keynote speeches.

The World Health Expo is taking place this Monday, 9 February until Thursday, 12 February at the Dubai Exhibition Center. The four-day event convenes industry leaders to showcase the latest healthcare advancements, including technology and research solutions to improve the global healthcare sector.

The AVCJ Private Equity Forum is happening on Tuesday, 10 February at the Four Seasons Hotel in Abu Dhabi. The investment summit will include discussion and networking sessions for international and regional fund managers as well as private equity players, focusing on core trends in the industry.

The Family Office Summit is happening on Wednesday, 11 February at Park Hyatt Dubai, convening principals, CIOs, and advisors to focus on governance, succession planning, alternative investments, and portfolio resilience.

Watch this space

TRADE — The Democratic Republic of Congo (DRC) is set to ship 50k tons of copper to the UAE and Saudi Arabia via a US-backed JV between state miner Gecamines and Swiss commodities group Mercuria, the US International Development Finance Corporation (DFC) said in a statement. This comes after Gecamines agreed to ship 100k tons to the US last month.

The US is looking to secure its foothold in the DRC’s China-dominated supply chain — and its allies are included. “Growing cooperation between the US and the DRC ensures valuable critical minerals are directed to the US and our allies, and strengthens the economic viability of our African partners,” DFC CEO Ben Black said in an emailed statement to Bloomberg. China heavily leads as the DRC’s major importer, bringing in USD 21.6 bn worth of goods — out of USD 29.6 bn exported in 2024 — followed by South Korea, India, Saudi Arabia, and Spain.

In context: The UAE and the US have recently been expanding their cooperation in the sector, after the UAE joined Pax Silica, a US-led framework designed to secure the supply chains underpinning artificial intelligence.

BACKGROUND- The DFC backed and expressed interest in taking up an equity share in the JV between Gecamines and Mercuria to market copper and cobalt back in December. It aims to expand into germanium and gallium — key minerals for semiconductors and solar panels.

AI — US Senator Elizabeth Warren has reportedly brought to the senate the topic of the US’ exports of some 500k in advanced chips to the UAE, calling for the condemnation and reversal of the planned shipment due to concerns over a conflict of interest between officials in the two countries, CNBC reports. This comes after word came out that Sheikh Tahnoon bin Zayed Al Nahyan allegedly acquired a 49% stake in US President Donald Trump’s crypto venture World Liberty Financial shortly after Trump’s inauguration. Trump has so far claimed he knew nothing about the transaction.

What’s next: The senator was planning to bring the issue to the table yesterday, but she would require zero objections from the rest of the senate to take it forward.

RAIL — Etihad Rail awarded over USD 8 bn in design-and-build contracts for the Abu Dhabi-Dubai high-speed railway, Meed reports. Construction will focus on the 150-km first phase stretching from Abu Dhabi’s Al Zahiyah to Dubai’s Al Jaddaf, with a target to be operational by 2030.

This project plans to create a new commuting and logistics spine for the UAE, with trains designed to run at 320 km/h — slashing the journey time between major hubs like Al Jaddaf and Al Zahiyah to just 30 minutes. The railway is expected to contribute AED 145 bn to GDP over 50 years.

What’s next? The four-phase project will scale up to include a 10-station inner-city network in Abu Dhabi in the second phase, before extending to Al Ain and Sharjah in the final phases.

Meet the players: National Projects Construction will head the Abu Dhabi side of the project, joined by Trojan Tunelling, Turkey’s Kalyon, and China State Construction Engineering — with US-based firm Jacobs leading design. The Dubai side went to a group led by India’s Larsen & Toubro, alongside China Harbour Engineering and local firm Wade Adams, with French firm Egis and Singapore-based Surbana Jurong as designers.

REAL ESTATE — Tourists might soon swap souvenirs for title deeds: Dubai Land Department (DLD) is studying whether to open its first-time home buyer program to non-residents and visitors, Majid Al Marri, CEO of real estate registration at DLD, told Emarat Al Youm.

REFRESHER- Launched in July 2025 with the Economy and Tourism Department, the program offers first-time buyers early access to off-plan projects, DLD fee waivers, and preferential mortgage rates. Currently, eligibility is restricted to UAE residents aged 18 and above who hold an Emirates ID and have never owned property in Dubai.

The track record: Since its launch, over 2k residents have bought homes through the scheme, generating nearly AED 3.3 bn in sales, DLD’s Mohamed Yahya previously told Dubai Eye (watch, runtime: 11:31). Most transactions averaged around AED 2 mn.

What to watch: The infrastructure to scale is already in place, with 40k people on the waitlist and eight developers joining the second phase, Al Marri said. The final hurdle is the verification mechanics for international buyers, which he expects to finalize later this year.

TRANSPORT — Dubai has launched operations of fully autonomous RT6 taxis developed by Baidu’s Apollo Go, marking the emirate’s first deployment of driverless vehicles on city roads, state news agency Wam reports. The vehicles are built for fleet-scale deployment and are scheduled for public rollout in March, Dubai Crown Prince Sheikh Hamdan bin Mohammed al Maktoum said, according to Khaleej Times.

REMEMBER- Autonomous driving has been all the rage, with Abu Dhabi having already rolled out licensed Level 4 robotaxis on Yas Island in December and preparing to expand across core districts, after WeRide received federal approval to operate its robotaxi services in October.

Data point

1.9k — that’s the number of new companies that registered with DIFC last year, up 28% y-o-y, Bloomberg reports, citing a statement. The increase, driven by international hedge funds and wealth managers — with the hub now home to over 500 wealth and asset management firms — brings DIFC’s total registration roster to 8.8k active firms. This helped hike up revenues 20% to AED 2.1 bn, with net income rising 28% y-o-y.

This year is expected to see a similar influx rate, DIFC Governor Essa Kazim told reporters.

The financial center is preparing for the new firms: Dubai recently approved an AED 100 bn expansion for DIFC, which will make space for another 42k companies and 125k workers when completed in 2040.

IN CONTEXT- The expansion is trying to address the rising space crunch, as occupancy rates hit 99.8%. However, the actual effect of the 17.7 mn sq ft expansion is still up for debate, as Knight Frank’s Adam Wynne told us most of the new space has already been pre-leased. On the upside, more space could help tamp down on further rental growth, Knight Frank’s Faisal Durrani said.

PSA

Abu Dhabi opens the door to self-supply solar, starting with farms + rest houses: Abu Dhabi Energy Department has rolled out a solar self-supply policy that lets customers generate and consume their own power during the day instead of fully relying on the grid.

The how: The policy operates through an opt-in framework — customers can either stick with grid electricity or install rooftop solar, solar water heaters, and batteries to cover evening demand. Those signing up will be able to legally self-consume PV power on-site, pair it with storage options, and reduce grid pressure at peak hours.

What to watch: The policy launches first for the agricultural sector and owners of rest houses and ranches. More policies are slated for rollout throughout this year, along with an energy efficiency guidance manual for households and companies, the department said.

The big story abroad

The broad selloff hitting AI stocks, crypto, and even safe havens like silver and gold, is capturing everyone’s attention this Friday morning. The S&P 500 fell 1.2% yesterday, marking its third straight decline, while the Nasdaq saw its deepest decline since last April. Meanwhile, crypto had its worst day in years, falling to its lowest point at USD 63.2k since the crash in 2022 and wiping all of the gains it had made since US President Donald Trump’s inauguration.

Even after markets closed, Amazon plunged 8% on news that it plans to invest USD 200 bn this year alone on data centers, chips, and other equipment.

Concerns that the rout is also extending to debt markets are also starting to mount, with the prices of loans issued by some software firms falling in recent weeks.

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Property delivery in Dubai still lags annual projections

Dubai saw only 59% of projected property delivery last year, consistent with historic delivery slippage and keeping concerns of oversupply at bay, according to ValuStrat’s latest Dubai Real Estate Review (pdf). Developers completed just 36k homes in 2025, while this year some 131k units are slated for delivery, though downward revisions of that forecast are likely given the shortfall last year, ValuStrat says.

This likely means more price growth in the near-term, though with a continuation of a more normalized, slower pace of growth, as is evidenced by growth in 4Q 2025.

Capital values rose 19.8% y-o-y in 4Q 2025, though aggregate gains are expected to ease toward 10% this year, reflecting normalization rather than weakening fundamentals.

Demand remains structurally strong: Dubai’s population rose to just under 4.5 mn in 2025, while the peak-hour population reaches roughly 6.1 mn once commuters are included. The population uptick continues to underpin demand across housing, offices, and logistics, even as headline growth cools.

REMEMBER- As we’ve covered, prices have climbed roughly 70% over the past five years, leaving less room for outsized gains. ValuStrat expects growth to become more uneven by segment, with rental increases set to flatline next year as affordability ceilings bite — even as villa prices continue to outperform due to persistent undersupply.

Prices cool, rents hit resistance

Villa values rose 25.1% y-o-y, more than double the pace of apartments at 14.2%, even as quarterly gains across both segments slowed to their weakest pace since mid-2023.

Prime homes did much of the heavy lifting, with around 500 transactions above USD 10 mn last year — including 143 in 4Q alone — pushing prime prices past AED 4.4k per sq ft, Knight Frank said in a parallel review (pdf).

Residential sales value rose 25% y-o-y to AED 544.2 bn in 2025, outpacing an 18% increase in volumes to 205.4k transactions, according to Knight Frank. The widening gap points to a market increasingly driven by capital appreciation and higher-value assets, rather than turnover alone.

Rents are now encountering resistance: Apartment and villa rents were broadly flat q-o-q in 4Q, signaling an affordability ceiling rather than fading demand. With average apartment rents near AED 96.7k and villas above AED 430k, investor focus is shifting away from yield expansion toward capital preservation — and toward formats where supply cannot respond quickly.

REMEMBER- Rents are also expected to flatline in 2026, ValuStrat said earlier.

Where the pressure has shifted: Offices and industrial

Office capital values jumped 25.3% y-o-y, led by prime districts — DIFC surged 35.5% — as occupier demand collided with a shortage of grade A space. Just 153.1k sqm of new space is expected to be delivered in 2026, tightening conditions further.

Industrial assets continue to compound quietly: Logistics capital values rose 14.3% annually, with Jafza South up nearly 25%, driven by tight modern warehouse supply and a pivot toward Dubai South and Al Maktoum International Airport. Demand from e-commerce, manufacturing, and logistics operators continues to outpace new stock.

By contrast, Abu Dhabi is still accelerating

As we previously reported, ValuStrat expects Abu Dhabi to post stronger gains in 2026, led by offices and apartments. Office rents are forecast to rise 20% y-o-y, with capital values up 10%, supported by 93% occupancy and minimal new supply. Apartments are penciled in for 16% price growth and 6% rent growth, as delivery delays once again cap completions.

Solid backlog and delivery drive net income growth for NMDC in 2025

NMDC Group wrapped up FY 2025 with a strong 4Q, posting net income after tax of AED 1.2 bn, up 35% y-o-y, while revenue rose 7% y-o-y to AED 8.3 bn, according to its earnings release (pdf) and management discussion and analysis report (pdf). Performance was driven by stronger margins and delivery across dredging and marine and energy, with the UAE contributing 81% of quarterly revenue. NMDC Energy had also posted a strong year, with net income up 14% y-o-y to AED 1.6 bn in 2025, as we’ve reported earlier this week.

FY performance: For the full year, NMDC reported net income after tax of AED 4.0 bn, up 29% y-o-y, alongside a 10% y-o-y rise in revenue to AED 28.8 bn. Growth was supported by steady project execution, with awarded projects reaching AED 19.5 bn and backlog standing at AED 57.9 bn at year-end.

Dividends: The board proposed a 20% increase in banknote dividends to AED 844.4 mn for 2025 (AED 1 per share), subject to shareholder approval at the upcoming general assembly.

Looking ahead: NMDC Group ended 2025 with a pipeline exceeding AED 109 bn, supported by new awards across the UAE, Taiwan, Oman, and the Philippines, and said it will prioritize geographic diversification and backlog conversion in 2026. As part of that push, the group has moved into Europe’s water and desalination sector through the acquisition of a majority stake in Spain’s Lantania Aguas.

AD Ports goes long in Jordan, more funding and support for Shorooq and proptech startups, and Maerki Baumann lands in ADGM

AD Ports locks in at Aqaba

AD Ports signed a 30-year concession agreement to operate and develop Jordan’s Aqaba Multipurpose Terminal through a new JV with the Aqaba Development Corporation, according to a statement. The port operator is set to hold a 70% stake and has earmarked AED 141 mn (USD 38 mn) for the project.

The move is a key step in reinforcing its Red Sea logistics infrastructure. Aqaba is located at a crossroads of three continents — potentially serving as a bridge between the firm’s operations in the UAE, Jordan, and Egypt. AD Ports is also set to roll out its digital port system at Aqaba.

DATA POINT- Aqaba handles some 80% of Jordan’s exports and 65% of its imports. The port retains an annual handling capacity of 11 mn tons — supported by nine berths — and handled over 3.5 mn tons of cargo and nearly 85k CEUs of RoRo imports last year.

Shorooq Partners secures backing from Qatari tech founder

Shorooq gets new Qatari investment partner: Founder of Qatari e-commerce service platform Snoonu Hamad Al Hajri (LinkedIn) will invest in two of Shorooq Partners’ flagship vehicles — a newly launched late-stage growth fund and a global AI fund, according to a press release and separate post on LinkedIn. The move expands Shorooq’s network of operator-investors.

REFRESHER- This is Shorooq’s second Qatari backing in as many weeks. It landed support from the Qatar Investment Authority for its USD 200 mn growth fund, which is designed to support pre-IPO scale-ups that show promising results but require financing for expansion. The other vehicle Al Hajri is now backing is the USD 100 mn AI fund — launched in September and backed by data analytics firm Presight — to finance AI ventures worldwide, targeting AI, machine learning, and data analytics startups.

Maerki Baumann targets tech and crypto surge in Abu Dhabi

Swiss bank Maerki Baumann expands to ADGM: Zurich-based private bank Maerki Baumann rolled out its first office abroad in Abu Dhabi’s ADGM, after it received regulatory approval from the Financial Services Regulatory Authority, according to a press release. Operating under the flagship name Archip, the new Middle East hub primarily targets Web3 and blockchain firms, providing them with corporate accounts, liquidity management, custody, and staking accounts. The office will be led by the bank’s former general counsel and head of legal & compliance Andreas Froehlicher (LinkedIn). The Swiss bank currently has no plans for further expansion in the UAE or the broader Middle East, Froehlicher told EnterpriseAM in an email.

IN CONTEXT- The launch has been in the works for a while. The Swiss bank has been working to secure regulatory approval since 2024 to capitalize on the market niche formed by local tech clients, according to a separate press release (pdf).

SmartCrowd greenlit by Vara for tokenized real estate platform

SmartCrowd secures approval for tokenized real estate platform: SmartCrowd, a Dubai-based subsidiary of Egyptian proptech Nawy, secured in-principal approval from the Virtual Assets Regulatory Authority (Vara) to launch its tokenized real estate platform via Nawy Shares, according to a press release. SmartCrowd is aiming to facilitate AED 500 mn worth of transactions this year, with AED 220 mn already under its belt. Its Nawy Shares platform opens up fractional real estate investment to international investors.

ICYMI- Nawy, which is Cairo-based and backed by e&, acquired a majority stake in SmartCrowd last year, after the Egyptian firm raised USD 52 mn earlier in the year for expansion efforts. At the end of 2025, SmartCrowd launched the first crowdfunded property in Abu Dhabi — an AED 1.2 mn studio on Yas Island.

Daleel lands funds to scale AI real estate platform for brokers + investors

Dubai-based proptech startup Daleel closed a USD 3 mn pre-seed funding round led by an angel investor in the real estate sector, according to a press release. The capital will be deployed to accelerate product development, launch mobile applications, and expand the platform’s coverage beyond Dubai to Abu Dhabi and other regional markets, with a focus on Saudi Arabia.

About Daleel: Founded by Ilan Cohen (LinkedIn) and Ely Weichsel (LinkedIn) in 2025, the firm is developing a platform that links verified government transaction data with current property listings. Its platform is open to investors and brokers, and offers insights on sale prices, construction updates, and mortgage transactions.

Data centers took the FDI crown last year

As expected, 2025 was the year of the data center, as a digital infrastructure push led the communications sector to topple renewables as the segment seeing the most greenfield FDI globally, according to FDI Intelligence. Total FDI inflows came in at USD 1.3 tn, the fifth-highest figure on record.

Data centers did the heavy lifting for the communications sector, bringing in a record USD 319.7 bn — jumping from USD 184 bn the year before — and accounting for nearly 50% of the 129 mega projects of the year.

AI’s pull didn’t stop there — its infrastructure lifted FDI levels across other sectors. Investments into semiconductors came in at a record USD 138 bn last year.

A dip for renewables: The renewables sector was the second-largest FDI recipient, despite inflows falling 26% y-o-y to USD 193 bn. Green hydrogen, clean tech, and wind all saw commitment dips while solar power remained a bright spot, bringing in USD 75 bn, albeit still less than the previous two years.

Elsewhere, real estate attracted a decade-high USD 102.8 bn, up from USD 96 bn the year before, projects in aluminum and steel buoyed the metals sector’s USD 62 bn allocation, LNG boosted fossil fuels’ contribution of USD 54 bn, and chemicals made a comeback with USD 33 bn. Automotive manufacturing and electronic components both saw their inflows drop.

Our take: Investors are retreating from speculative, long-horizon green hydrogen projects as regulatory hurdles and uncertain revenue models stalled development — and as the focus shifts toward the physical infrastructure underpinning the global AI race. Investors are now prioritizing immediate AI computing capacity assets over future energy technologies.

This might not last long, though. Soaring data center demand is set to increase electricity consumption, turning these facilities into major bottlenecks for aging grids. The next wave of FDI is expected to give special attention to renewable projects designed exclusively to power AI campuses, rather than general grids. This strategy could push countries with abundant, low-cost power, such as the UAE and Saudi Arabia, to use their energy surplus in drawing digital investments from grid-constrained Western markets.

MARKETS THIS MORNING-

Asian markets were not immune from the sell-off hitting global markets, with South Korea’s tech-heavy Kospi leading losses in Asia with a 5% decline, and others a sea of red. Over on Wall Street, futures point to another volatile trading day after Amazon’s shares fell in after-hours trading.

ADX	10,548	+0.1% (YTD: +5.6%)
DFM	6,675	+0.2% (YTD: +10.4%)
Nasdaq Dubai UAE20	5,449	+0.3% (YTD: +11.5%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.4% o/n	3.8% 1 yr
TASI	11,189	-1.3% (YTD: +6.7%)
EGX30	49,739	+0.2% (YTD: +18.9%)
S&P 500	6,798	-1.2% (YTD: -0.7%)
FTSE 100	10,309	-0.9% (YTD: +3.6%)
Euro Stoxx 50	5,926	-0.8% (YTD: +2.3%)
Brent crude	USD 67.55	-2.8%
Natural gas (Nymex)	USD 3.51	+0.0%
Gold	USD 4,732	-3.2%
BTC	USD 63,223	-13.4% (YTD: -28.8%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.73	-1.3% (YTD: +1.7%)
S&P MENA Bond & Sukuk	151.99	+0.3% (YTD: +0.1%)
VIX (Volatility Index)	21.77	+16.8% (YTD: +45.2%)

THE CLOSING BELL-

The DFM rose 0.2% yesterday on turnover of AED 944.9 mn. The index is up 10.4% YTD.

In the green: United Foods Company (+14.9%), Drake & Scull International (+6.7%), and Shuaa Capital (+3.4%).

In the red: Emirates Reem Investments Company (-2.7%), Dubai Islamic Ins. and Reins. Co. (-2.6%), and Commercial Bank of Dubai (-2.6%).

Over on the ADX, the index rose 0.1% on turnover of AED 1.5 bn. Meanwhile, Nasdaq Dubai was up 0.3%.

India-GCC trade agreement coming?

India and the GCC inked a terms of reference to formally launch negotiations for a trade agreement, Indian Commerce Minister Piyush Goyal said in a post on X, reviving talks that had stalled two decades ago.

By the numbers: Bilateral trade between India and the GCC rose to USD 178.7 bn in 2025, driven by energy imports. India runs sizable trade deficits with key partners such as the UAE, Saudi Arabia, and Qatar, raising the economic stakes of a broader regional agreement.

Why it matters: India has already secured economic pacts with the UAE and Oman. A bloc-wide agreement would mean that New Delhi could secure similarly attractive terms with the rest of the bloc, which could cut down the regulatory red tape that complicates logistics for Indian firms operating across the KSA-UAE-Oman axis.

The UAE-India CEPA, which came into force in 2022, has helped double merchandise trade to a record USD 100.06 bn in FY 2024-25 from USD 43.3 bn in FY 2020-21. Non-oil trade, the primary target of the agreement, surged 15% within the first two years, reaching USD 57.8 bn. The two also inked a raft of agreements last month, spanning defense, energy, and advanced tech.

Possible outcomes: India will likely seek out easier movement for its white-collar workforce, while the GCC may seek technical expertise in its domestic manufacturing push. Plus: Food processing, infrastructure, petrochemicals and information and communications technology are sectors that are expected to benefit from an India-GCC trade agreement, Goyal said.

IN OTHER TRADE NEWS

UK-GCC trade talks are nearing the finish line, with London signaling that a long-delayed trade agreement with the Gulf bloc could be announced shortly, Bloomberg reports.

An agreement is “imminent,” UK Business and Trade Secretary Peter Kyle said. Negotiations began back in 2022 under the previous government but stalled amid repeated delays. Earlier hopes of sealing the pact before year-end fell away, but Kyle said a conclusion is now close. However, he declined to give a timeline or give details on remaining sticking points.

Culture, lifestyle, and capital: Philip Khinda on the pulls bringing wealth managers and their advisors to the capital

Wealth managers and hedge funds the world over have come to what is now dubbed the capital of capital for a myriad of reasons, but according to Philip Khinda, a US-trained lawyer and business advisor who moved recently to Abu Dhabi, it’s more than just the wealth of potential that pulls people there.

Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. This week, we speak to Khinda (LinkedIn) on what brought him to the capital, what he thinks sets the region apart, and his experience as a lawyer and the talent gap in the UAE. Edited excerpts from our conversation:

EnterpriseAM UAE: Assume this is our first sit-down and we’ve never met before. How would you introduce yourself to me?

Philip Khinda: My name is Philip Khinda and I lead Khinda Advisory, which is a strategic, regulatory, governance, and cross-border advisory practice operating between ADGM in Abu Dhabi and Washington, DC. I’m an American lawyer by training, though with experience throughout the world dealing with the regulatory and law enforcement landscapes in Europe, the US, and now the GCC.

I practiced at a Wall Street law firm for many years. I was also at the Securities and Exchange Commission, in the enforcement division, and before that was with Morgan Stanley in New York, so I’m trained in both finance and law.

I help companies, boards, asset managers, funds, and other institutions execute on their most challenging business objectives and high-stakes challenges. The focus is to bring clarity and sound judgment based on years of experience, to help them through what we in the field call special situations, whether transactional, regulatory, or governance-driven.

EnterpriseAM UAE: You’ve spent most of your career in the US. Why move to Abu Dhabi now?

PK: I think what the region has that sets it apart is that, much like my mother’s home country, Switzerland, it has a commitment to excellence, but there also is a great sense of ambition. As I’ve said to many people (then Ray Dalio said it himself in Abu Dhabi Finance Week), the region really feels like Silicon Valley in the ’90s.

There’s a sense of ambition, commitment, and — this is the most important part: investment, and I’m talking about investment in the long-term success of the region, financial and cultural. You see this long-term thinking in so many ways, and I’ll just use Abu Dhabi as an example — but whether it’s the frequent cultural pop-ups or the museums on Saadiyat, there’s so many things that make the city a desirable place for not just its citizens but people looking to invest, live, and work here.

I also think my American experience helps address a talent gap that exists in certain complex, high-stakes situations. There is a level of expertise that one gets working on major regulatory and enforcement matters in the US, and I’ve been doing that for decades. This is a region that appreciates best-in-class talent across disciplines

E: What’s different about the regulatory landscape here that you haven’t seen elsewhere?

PK: The leadership and regulatory environment here is extraordinarily forward-looking, especially when compared to the rest of the world. Europe often prioritizes precaution and complexity in regulation, sometimes at the expense of speed and flexibility, while the US has really been trying to streamline but it still carries a significant amount of institutional bureaucracy.

In the UAE, there was a rare opportunity to design systems intentionally, drawing on the best practices from around the world. There is a commitment to innovation, growth and capital formation that is — I believe — second to none.

E:Are there still misconceptions about the GCC and the Middle East among global investors and in finance circles?

PK: The average person walking around in the EU or the US doesn’t take the time to distinguish between what’s the Middle East and what’s the GCC, which can lead to some missed chances. But for the people who do know — and I would say the best companies and financiers in the world absolutely do know — are very aware of the system here, which relies heavily on personal contact, and trust and reliability that’s built and proven over time.

E:How do you organize your time between what I assume is a lot of in-person meetings and travel, and the other nitty-gritty aspects of the job?

PK: You might say that every day is different, but in many ways it’s the same. I may be in a different city, or I may have different timing with respect to my meetings and different locations, or different demands in terms of the situation — maybe it’s a meeting with a client, a regulator, what have you — but what’s the same, I often say, is “high stakes, low drama,” and bringing to bear calm, steady judgment.

For me, success in the end is those problems that never arise or just quietly go away. I am a passionate believer in the good, quiet result. The ability or willingness, and then the sensibility and seasoning, to handle these types of problems early on before they graduate into something that is egregious, expensive, and public is very important.

The core of my practice involves working directly with clients, their affiliates, their regulators, and their business partners, so it’s direct communications with all of those people.

E: And how do your mornings start?

PK: I’m a big fan of coffee and dates. I have those almost every morning. Plus: my wife and I always like to make sure we get some exercise and we eat right. We love the sun.

Most days, I exercise in the morning when I think through many of the strategic and other things that need to happen that day, and that sets the tone for all that follows, which is usually a series of calls, discussions, and meetings that all propel whatever business objective or strategic advantage a particular client might be seeking.

One of the advantages of being in this region is you feel like you wake up before the rest of the world. There’s a variety of things that I consume every morning. EnterpriseAM is one. I also read the Wall Street Journal, some local news outlets, X, and the like.

E: Give us a piece of advice that has stuck with you over the years.

PK: Never underestimate the power of creativity and force of will.

Philip’s recommendations

What he’s reading: Doris Kearns Goodwin’s Leadership in Turbulent Times.

Favorite place to eat: I enjoy spending time around Qasr Al Hosn, particularly during the Al Hosn Festival. It’s one of the best examples of how tradition and modern life coexist here — from Arabic coffee to contemporary cafés, and the sense of history that anchors it all.

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.

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

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

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

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

10-11 February (Tuesday-Wednesday): Forbes Middle East Top Advisors & Investors Summit, Conrad Etihad Towers, 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.

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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