Abu Dhabi raises USD 3 bn from first issuance of 2026

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Adnoc eyes Shell LNG project in Australia + More headway on Dubai’s sewage project

Good morning, friends, and happy FRIDAY. We’ve made it to the end of February, which admittedly flew by, and are now one third of the way into Ramadan. We close out the month — and week — with a packed issue, led by a USD 3 bn debt issuance from Abu Dhabi (its first this year).

The USD 3 bn bonds come just a few days after JPMorgan said it plans to remove the UAE from its emerging market bond indexes, given its cost of living and per capita income are now much more at par with developed markets. This means that in just a couple of months’ time, its debt will be priced similar to those markets as well.

Abu Dhabi is now capitalizing on the brief time it has left on the EM indices, securing competitive pricing before it starts getting benchmarked against more competitive developed markets.

Also on the debt front: Omniyat tapped debt markets once again with a USD 600 mn sukuk, and Commercial Bank of Dubai greenlit debt plans for the year ahead.

It’s also a busy day for M&A, with Dubai Aerospace Enterprise acquiring mega lessor Macquarie AirFinance in a USD 7 bn transaction, while Spain’s Exus Renewables acquired a majority stake in Masdar’s Portuguese wind portfolio. And in other energy news: Adnoc seems to still be circling Australia’s LNG assets after the failed Santos bid, with talks taking place for a stake in Shell’s LNG project in the country.

WEATHER- The mercury is peaking at 28°C in Dubai and 26°C in Abu Dhabi, while Dubai will see a low of 20°C and the capital will see a low of 18°C.

CORRECTION- In yesterday’s edition of EnterpriseAM, we mistakenly reported that Zoho is building more data centers in the UAE and Saudi Arabia. A spokesperson from the company has clarified that the company does not actively build data centers but rather runs, manages, and operates them and inks colocation agreements to offer the physical infrastructure needed. It has also not engaged Equinix for any new data centers, though the firm serves as their selected colocation provider.

Watch this space

ENERGY — Adnoc eyes Shell’s Australian LNG stake: Adnoc’s investment arm XRG is in preliminary talks with Shell to acquire a stake in the North West Shelf liquefied natural gas (LNG) project in Australia, Bloomberg reports, citing sources familiar with the matter. While discussions are in the early stages and Shell is currently speaking with other potential buyers, the agreement would involve a slice of Australia’s oldest and second-largest LNG export facility. Shell first floated the sale of a c.USD 3 bn stake in the plant back in September.

Adnoc is not the only regional heavyweight eyeing the asset. MidOcean Energy — which is backed by Saudi Aramco — is also in the running for the Shell stake, according to the business news information service. Through MidOcean, Saudi Aramco already holds indirect stakes in several Australian LNG projects, including Gorgon, Queensland Curtis, and Pluto.

Why it matters: Following its stake acquisition in the Rio Grande LNG project in the US last year, a move into Australia would give the UAE state energy giant a strategic foothold in the Asia Pacific market — the world’s primary destination for LNG. With Argentinian LNG also on the horizon, the move signals that Adnoc is expanding its presence in the global gas market, competing directly with global peers for long-term supply security. This also comes after Adnoc abandoned what would’ve been a record bid for Australian group Santos last year.

What’s next: Watch for the valuation and the size of the stake. The North West Shelf project is a complex joint venture with multiple partners — including Woodside Energy and BP — so any entry by Adnoc will require navigating a sophisticated web of existing shareholder agreements.

INFRASTRUCTURE — Dubai awards AED 2.5 bn in contracts for drainage infrastructure: Dubai Municipality awarded five new project contracts worth AED 2.5 bn as part of the second phase of its Tasreef rainwater drainage program, according to Dubai Media Office. The contracts were inked with international firms DeTech Contracting and China State Construction Engineering.

The details: Key infrastructure developments include building a tunnel connecting communities along Sheikh Mohammed bin Zayed Road and Al Yalayis Road to the primary drainage network, and a 27-km drainage network between Sheikh Zayed Road and Al Jamayel Street.

Background: Dubai has been looking to reinforce its water drainage infrastructure after severe storms and heavy rainfall caused intense road and property damage in April 2024. The emirate issued AED 1.4 bn in contracts for four major projects to mitigate flood threats. The USD 22 bn sewage tunnel project is set to comprise over 70 km of main tunnels and 140 km of supporting infrastructure.

AI — US signals approval of G42’s security steps for AI chips: US State Undersecretary for Economic Growth Jacob Helberg signaled the US’ satisfaction and support so far for state AI firm G42’s efforts to safeguard supplies of US AI chips and ensure proper use, AGBI reports, citing Helberg’s comments at a congressional hearing.

ICYMI- Earlier this week, G42 said it was building systems to track the “export, deployment, and stewardship” of next-generation US semiconductors in G42’s AI data centers, ensuring usage aligns with US export rules.

Helberg stressed G42’s past ties to China have been severed and said the UAE has taken verifiable steps to address prior concerns about access to sensitive US technology. He added that the initiative could scale across the rest of the US’ Pax Silica coalition, launched earlier this year as a framework to secure supply chains for artificial intelligence.

BACKGROUND- The update comes after the US gave the greenlight last October to export several USD bns worth of Nvidia chips to the UAE for use in US-linked AI infrastructure. That approval was expanded in November to include exporting 35k Nvidia Blackwell chips to G42 under the condition of certain security assurances.

PARKING — Parkin proposes tariff hike to close pricing gap: Dubai’s parking operator Parkin submitted a formal request to the Roads and Transport Authority to increase the average public parking tariff, including seasonal cards, Gulf News reports. The request seeks to align permit rates with the variable pricing system introduced in April.

Why are seasonal cards under review? The review looks to eliminate pricing arbitrage that emerged last year. Since seasonal card rates remained fixed, regular commuters flocked to permits to avoid higher daily fees. In 4Q 2025, the company’s seasonal card sales soared 140%, reaching 89k units.

AND- The parking operator is carving out more room to meet its 2026 revenue target, planning to add as many as 7.5k new parking slots over the course of the year, a 3.9% increase from its current public parking portfolio, according to a press release.

The big story abroad

The battle for Warner Bros Discovery has reached a dramatic end, with Netflix walkin g away from its bid for the Hollywood studio and streaming giant, paving the way for Paramount to acquire the firm. The reason? Netflix couldn’t match Paramount’s renewed hostile bid, which lured Warner Bros back to the negotiating table last week. “We've always been disciplined, and at the price required to match Paramount Skydance's latest offer, the deal is no longer financially attractive, so we are declining to match the Paramount Skydance bid," Netflix said in a statement.

REMEMBER- Paramount’s USD 31-a-share offer is backed by Larry Ellison, co-founder and chief technology officer of Oracle and father of Paramount CEO David Ellison. It was also backed by Gulf sovereign wealth funds, including Saudi Arabia's PIF, Qatar Investment Authority (QIA), and Abu Dhabi's L'imad Holding Co.

Also making headlines: Claude maker Anthropic has refused to offer up its technology to the US military after US defense secretary Pete Hegseth threatened to cut the firm from Pentagon supply chains or have its tech co-opted if it does not allow the defense department control over the technology.

Plus: More trouble in private credit land? A large credit fund managed by KKR plunged after reporting a surge in troubled loans and cut its dividend amid lower interest rates and losses. This follows a decline in private markets groups in recent weeks due to concerns around investor redemptions and rising credit losses, including at Blue Owl.

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Abu Dhabi raises USD 3 bn from first debt issuance of the year

Abu Dhabi has raised USD 3 bn from its debut dual-tranche bond of the year, Bloomberg reports, with a person familiar with the matter saying the issuance comprised five- and ten-year tranches. The five-year notes were priced at a yield of 0.2% above US Treasuries, while the ten-year tranche was priced at 0.25% above US Treasuries, both down about 30 basis points from initial price thoughts.

Demand was strong: The order book peaked at more than USD 12.7 bn, the business news information service reports. “The initial yield was not too tight and not too big of a spread, which should be positive for yield hunters,” economist Hamzeh Al Gaood tells EnterpriseAM.

The move comes only a few days after JPMorgan said it plans to remove the UAE from its emerging market bond index, and Al Gaood says the move is well-timed to capitalize on the index before its removal and before it is poised to compete with developed market spreads. The UAE’s removal will take place in four stages starting 31 March, with full exit slated for June.

The structure: The senior unsecured bonds will be issued under the emirate’s global medium-term note (GMTN) program, with a dual listing slated for the London Stock Exchange and ADX. The issuances are expected to be rated AA by S&P Global and Fitch Ratings.
Track record: Abu Dhabi last tapped international debt markets in September with its first dual-tranche issuance since April 2024 under the same GMTN program, raising another USD 3 bn.

ADVISORS- BNP Paribas, Emirates NBD Capital, First Abu Dhabi Bank, Goldman Sachs International, JPMorgan, and Standard Chartered Bank are joint global coordinators.
The fiscal backdrop: Abu Dhabi’s government debt stood at just 17.4% of GDP at the end of 2024 — well below the 48.8% peer median. Fitch Ratings expects this to tick up slightly to about 18.2% by the end of 2026, “despite budget surpluses as the government issues in local currency to support the domestic debt market due to high local bank liquidity.”

UAE, South Korea sign USD 35 bn defense pact, agree to “restructure” investments

Seoul and Abu Dhabi are dialing up their strategic partnership — this time with a USD 65 bn pipeline of joint projects, South Korean news agency Yonhap reports, citing South Korean Chief of Staff Kang Hoon-sik.

The two sides inked a USD 35 bn MoU on defense cooperation, which “marks a shift beyond a simple buyer-seller relationship and toward cooperation across the full defense industry cycle, from design and training to maintenance and repair,” Kang said. This would span anti-air systems, air force, and naval capabilities.

Beyond defense, previously pledged capital is also being repositioned. Mubadala’s previously climate and energy-focused USD 30 bn pledge is now earmarked for cooperation in other areas including nuclear energy, AI, advanced tech, and culture, with working groups tasked with turning pledges into contracts before the next summit. On nuclear, that means expanding collaboration beyond Barakah and into other countries supply, plant maintenance, AI-enabled operations, and joint overseas expansion.

BACKGROUND- This builds on the 2024 comprehensive economic partnership agreement signed between the two countries, and the 19 MoUs spanning energy, defense, tech, and climate — alongside the Mubadala commitment — which eliminated tariffs on over 90% of traded goods and hardwired cooperation across nuclear, LNG shipping, hydrogen, and defense. Since then, energy financing is tightening the bond further, most recently via a USD 2 bn green loan for Adnoc backed by South Korea’s export credit agency.

Why it matters: The UAE is widening its bench — reducing single-source reliance in defense and nuclear while positioning South Korea as a core industrial partner. And it cuts both ways: as US tech guardrails tighten, Abu Dhabi and Seoul are leaning into each other on AI and advanced manufacturing. South Korea has already signed onto the UAE’s 5 GW Stargate AI data campus, and a broader bilateral AI investment framework is in the works, UAE State Minister Saeed bin Mubarak Al Hajeri previously indicated.

DAE buys into the mega-lessor tier with USD 7 bn Macquarie takeover

DAE seals Macquarie takeover: Dubai Aerospace Enterprise (DAE) — which is owned by the Investment Corporation of Dubai — inked a definitive agreement to acquire 100% of Dublin-based aircraft leasing company Macquarie AirFinance (MAF) in an allcash transaction with an enterprise value of USD 7 bn, it said in a press release. The takeover is expected to close in 2H, pending regulatory approvals.

The state-backed aviation player edged out a handful of rivals in the process: The buyout — first flagged earlier this month — had reportedly also piqued the interest of Saudi Arabia’s AviLease and Qatar’s Lesha Bank, before DAE came out on top.

The move will see DAE’s combined fleet swell to over 1k aircraft, up from 678, leased to 191 airlines in 79 countries. Narrowbodies — currently in high demand due to 11-year backlogs at Airbus and Boeing — make up 70% of those assets.

Eyeing a credit upgrade: The company, which is rated BBB by Fitch, said it will fund the acquisition via a mix of debt and equity to preserve its investment-grade rating while supporting its push for a credit upgrade to lower future borrowing costs.

ADVISORS- Allen Overy Shearman Sterling and KPMG were financial advisors to DAE.

About Macquarie: Founded in 2006, MAF is owned by Macquarie Asset Management, PGGM Infrastructure Fund, and Australia’s Retirement Trust. Its portfolio comprises 191 Airbus aircraft (owned and on order) in addition to 134 Boeing jets, according to its website.

Our take

DAE managed to double its franchise in just 18 months through pure-play M&A. The MAF takeover follows its USD 2 bn acquisition of Nordic Aviation Capital in May, which alone added 252 assets to DAE’s fleet.

The allcash transaction is supported by a significant capital build-up. In 2025, DAE secured USD 3.9 bn in long-term debt, followed by a USD 600 mn bond in January that was 3.3x oversubscribed.

What could come next: Watch to see if this massive commitment to the leasing book accelerates the rumored sale of its Jordan-based MRO unit Joramco, as DAE sharpens its focus on high-margin asset management over labor-intensive engineering.

Omniyat prices its USD 600 mn five-year sukuk

Omniyat taps the debt market for the first time this year: Dubai-based developer Omniyat Holdings priced a USD 600 mn five-year senior unsecured sukuk at 7.25%, Zawya reports, joining a broader wave of developers hitting the debt capital markets early this year. The Reg S offering drew USD 1.8 bn in orders at launch before closing 2.5x oversubscribed, prompting pricing to tighten from 7.625% guidance. The notes will be listed on LSE and Nasdaq Dubai.

Signs of a maturing credit story: The latest issuance — under Omniyat’s USD 2 bn trust certificate issuance programme — priced 113 bps tighter than a debut green offering last year, signaling strong demand for Dubai real estate credit, even for high-yield (BB-) names.

The private luxury developer has now raised roughly USD 1.5 bn in less than a year — USD 1 bn of which came within just six months — starting with its maiden USD 500 mn green sukuk at 8.375% in May, followed by a USD 400 mn three-year note at 7.25% in September.

ADVISORS- Our friends at Mashreq are the joint global coordinators on the sukuk alongside Abu Dhabi Commercial Bank, Citi, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, JP Morgan, and Standard Chartered Bank. Meanwhile, Ajman Bank, Arab African International Bank, Arab Bank, Bank of Sharjah, Rakbank, and Sharjah Islamic Bank are serving as joint lead managers and joint bookrunners.

The bigger picture

The size of Omniyat’s project pipeline helps explain why the developer has been so active in capital debt markets. Earlier this month, its development arm Beyond unveiled the AED 25 bn Evermore mixed-use project on Marjan Beach in Ras Al Khaimah, following October’s launch of Lumena Alta, an AED 5 bn, 73-story luxury commercial tower in Dubai, signaling a move away from the boutique developer label as it pivots into high-capex territory.

The move comes amid a broader wave of developer issuance, with Binghatti Holding pricing a USD 500 mn five-year benchmark sukuk earlier this month, following Damac Properties ’ USD 600 mn raise in January, as more players move to lock in early funding.

In other debt news

Commercial Bank of Dubai (CBD) is moving to raise as much as USD 1 bn in debt-like instruments within a year, according to a bourse filing (pdf). The capital raise will be split into two non-convertible tranches — up to USD 750 mn in Additional Tier 1 perpetual securities and up to USD 250 mn in Tier 2 notes. The capital raise would allow them to reward shareholders without depleting the liquidity they need to hunt for market share.

ALSO- CBD re-authorized its USD 3 bn EUR medium-term note program, the filing read, signaling it wants to be a frequent flier in international debt markets. With the Fed expected to continue its easing cycle through 2026, CBD is positioning itself to lock in cheaper funding early.

Dividends: The DFM-listed lender also approved a massive 50% dividend payout totaling AED 1.75 bn.

ICYMI- CBD’s net income hit a record AED 1 bn in 4Q 2025 supported by net loans of AED 100 bn, bringing its total annual bottom line to AED 3.5 bn, up 15% y-o-y.

Exus buys into Masdar’s Portugal wind portfolio

Spain’s Exus Renewables is acquiring a majority stake in Masdar’s Portuguese wind platform, according to a press release. The energy group agreed to acquire 60% of a portfolio of nine wind farms in northern and central Portugal, while Masdar is keeping 40%.

The assets, located in Guarda and Castelo Branco, are already operational but will undergo upgrades. Capacity is being increased from 144 MW to 164 MW through one of Portugal’s first large-scale wind repowering programs, with completion targeted for 2027.

The wind farms are in the final repowering phase, which involves replacing older turbines with more efficient technology to increase output. The partners plan to add 110 MW of solar capacity through hybridization, turning the sites into multi-technology clean energy hubs. Once fully operational, the portfolio is expected to power more than 200k households.

Zooming out: Masdar is looking to reach its 100-GW global renewables capacity target by 2030 after hitting the 65-GW mark as of January.

Space42’s net income falls in 2025, while Flydubai posted double-digit growth

Space42’s sees strong backlog despite bottom-line dip in 2025

Space42 secures USD 6.5 bn in backlog amid bottom-line losses: Abu Dhabi-based AI-powered spacetech firm Space42 reported net income of USD 79 mn in 2025, a 40% decline y-o-y, according to its management and analysis report (pdf). The decline was primarily attributed to a one-off USD 129 mn impairment in its smart solutions segment. While consolidated revenues dipped 8% to USD 577 mn, the group’s space services division posted a record USD 452 mn in revenue, rising 6% y-o-y, driven by a 9% increase in government contracts. Growth was bolstered by the launch of the group’s Thuraya 4 Satellite, via a USD 700 mn, 15-year government contract.

Looking ahead: The group’s USD 5.1 bn contracts for its two new satellites, Al Yah 4 (launching in 2027) and Al Yah 5 (launching in 2028), are set to boost future results, helping Space42 to predict USD 300 mn in annual revenue from 4Q 2026 onwards.

Flydubai posts solid 2025 results

A good year for Flydubai: Low-cost carrier Flydubai saw a 14% y-o-y rise in its net income to AED 1.9 bn in FY 2025, while its total revenue rose 6% y-o-y to AED 13.6 bn during the same period, according to a press release.

On the operations front, Flydubai added 12 Boeing 737 aircraft to its fleet and expanded to nine new destinations. The firm’s overall network capacity also recorded a 6% boost, operating 126k flights and carrying 15.7 mn passengers. The airline also locked in its retrofit program, retrofitting eight next-generation Boeing 737-8 jets in 2025.

What’s next? The carrier expects to take delivery of 12 jets in 2026, expecting that “demand for travel remains healthy despite ongoing challenges,” CEO Ghaith Al Ghaith said.

REMEMBER- A capacity surge is coming soon. The airline made a massive 150 Airbus A321neo order late last year at the Dubai Airshow. Flydubai also placed an order with US manufacturer Boeing for 75 jets of the narrow-body 737 Max model in November.

Beyond the barrel

Abu Dhabi’s oil champion is getting the glossy New York Times treatment, with a spotlight on its strategic rebranding. Adnoc, under Sultan Ahmed Al Jaber, is cast less as a passive money machine and more as an assertive dealmaker intent on building a “globally competitive energy company.” Al Jaber “totally transformed the company and the way that the oil sector is managed,” said Ben Cahill of the University of Texas. Qamar Energy’s Robin Mills echoed the sentiment, saying “[t]hey are trying to do a lot all at once.”

The piece zooms in on Adnoc’s beyond-oil blitz: Through its XRG arm, launched in late 2024, it has bought into the Rio Grande LNG plant in the US and stitched together gas stakes from Azerbaijan and Egypt to Mozambique. It’s coupling this with a tie-up with Austria’s OMV to form a global chemicals player under Borouge Group International, doubling down on nuclear at home, and eyeing Venezuela’s oil market, all while pulling in USD bns from international institutional investors.

Still, oil pays the bills — underwriting roughly 62% of government revenue, with output up more than 10% in two years to 3.6 mn bbl / d, making the UAE Opec’s third-largest producer. The takeaway? Hydrocarbons remain the muscle, but the playbook is widening to pump harder at home, shop globally, and turn diversification into both hedge and hard power.

More digital infrastructure coming our way + DP World secures Brazil port contract

EHC to launch sovereign AI data centers across the Middle East

EHC taps Supermicro to deploy AI digital infrastructure across the region: Abu Dhabi-based EHC Investment partnered with US tech giant Supermicro to scale sovereign AI modular data centers across the Middle East, according to a LinkedIn post. The partnership aims to offer governments and firms access to AI infrastructure, backed by Supermicro’s high-density computing platforms and GPU systems.

ICYMI- EHC recently inked another international partnership, teaming up with Swiss tech firm Phoenix Technologies and AAA Commercial Enterprises earlier this month to build sovereign cloud and AI infrastructure in Abu Dhabi.

South Korea’s DanaCloud links up with AGI on regional data centers

AGI joins the national data center push: Abu Dhabi-based Arabian Gulf Investment Holdings (AGI) and South Korea-headquartered DanaCloud partnered to develop modular data center and cloud infrastructure projects across the region, according to an announcement on LinkedIn. The partnership is set to pursue projects with a combined potential investment of USD 50 mn.

How it will work: DanaCloud will design, construct, and operate advanced data center and cloud infrastructure projects through its DanaIX platform, while AGI will provide strategic support, including investment coordination, according to a press release.

REMEMBER- The UAE is on track for a major expansion in data center infrastructure over the coming years, with total capacity projected to surge 165% to roughly 950 MW by 2028, according to Emirates NBD. AGI is joining an ever-expanding lineup that includes Microsoft, which plans to invest more than USD 7.9 bn in local data centers, Du developing a 500k sqm 1GW AI park in Dubai, and the 5 GW UAE-US AI Campus in Abu Dhabi.

DP World secures five-year logistics contract in Brazil

DP World widens Brazil logistics footprint: DP World secured a five-year contract to manage a 5k sqm warehouse and production line supply operation for Suzano, a global pulp and paper producer, according to a press release. Located in Espirito Santo, the facility supports Suzano’s consumer tissue division with an inbound capacity of 152 tons per day, with operations ranging from inventory management to product distribution.

IN CONTEXT- The warehouse partnership comes as DP World’s terminal in Brazil’s Port of Santos handled a record 1.3 mn TEUs in 2025, with the company investing USD 306 mn to expand capacity to 1.7 mn TEUs by end-2026. The agreement builds upon DP World’s existing partnership with Suzano and is part of a broader plan to deepen its contract logistics footprint in Brazil, which totals 100k sqm of capacity.

Capital flows pivot to emerging markets

Big money is leaning into emerging markets: From equities and currencies to local bonds and credit, the world’s largest asset managers are dialing up exposure to emerging markets (EM), rotating away from the USD and developed-market debt as policy uncertainty clouds the US outlook, according to a Citigroup report picked up by Bloomberg.

The allocation shift is broad and deliberate: Asset managers overseeing more than USD 20 tn have been adding to long positions in equities across Asia, Latin America, and EMEA, while favoring emerging-market currencies over the greenback. In fixed income, EM debt ranks as their top duration call and carries the largest credit overweight. By contrast, US Treasuries, core European sovereigns, and US investment-grade bonds are widely underweight.

Why now? The rotation reflects efforts to reduce exposure to US assets and the greenback in a climate of policy uncertainty and an ever-widening fiscal deficit. Tech jitters tied to artificial intelligence volatility rattled Wall Street this week, with Nvidia’s latest sales forecast failing to stoke confidence in investors. Yet, hardware-heavy Asian markets have largely shrugged off the fears swarming the AI sector in development markets.

MSCI’s main EM equity index has climbed to fresh record highs, with gains of 15% so far this year. EM currencies have advanced for five straight sessions to new peaks. EMs are also offering higher yields: fixed income, local-currency EM sovereigns have returned 2.2% YTD, according to a Bloomberg gauge, while similar USD-denominated sovereign debt lags at 1.7%.

On the policy front, investors have pointed to improved policymaking across several EM economies, particularly on inflation control and debt management. However, even countries showing signs of fiscal strain are finding demand — Indonesia raised USD 4.5 bn this week in its largest global bond issuance in nearly 10 years.

Despite the rally, managers argue that positioning remains far from crowded. EM assets are still relatively cheap compared to developed peers, and global fund allocations to the sector remain light.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with South Korea’s Kospi leading losses with a 1.1% decline, and Japan’s Nikkei losing 0.6%. Bucking the trend is Hong Kong’s Hang Seng, which gained 0.7%. Over on Wall Street, futures slipped after a day in the red across all three indices, dragged by Nvidia’s losses.

ADX	10,595	-0.4% (YTD: +6.0%)
DFM	6,625	-0.8% (YTD: +9.6%)
Nasdaq Dubai UAE20	5,512	-1.1% (YTD: +12.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.4% o/n	3.7% 1 yr
TASI	10,709	-1.3% (YTD: +2.1%)
EGX30	49,213	+0.4% (YTD: +17.6%)
S&P 500	6,909	-0.5% (YTD: +0.9%)
FTSE 100	10,847	+0.4% (YTD: +9.2%)
Euro Stoxx 50	6,162	-0.2% (YTD: +6.4%)
Brent crude	USD 70.75	-0.1%
Natural gas (Nymex)	USD 2.82	-0.1%
Gold	USD 5,206	+0.2%
BTC	USD 67,505	-1.3% (YTD: -23.9%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.75	+1.1% (YTD: +2.2%)
S&P MENA Bond & Sukuk	153.6	-0.0% (YTD: +1.1%)
VIX (Volatility Index)	18.63	+3.9% (YTD: +24.6%)

THE CLOSING BELL-

The ADX fell 0.4% yesterday on turnover of AED 1.4 bn. The index is up 6.0% YTD.

In the green: Ins. House (+14.6%), Gulf Medical Projects Company (+3.7%), and Orascom Construction (+2.7%).

In the red: Al Buhaira National Ins. Company (-9.7%), Ras Alhaima National Ins. Co (-9.6%), and Commercial Bank International (-7.9%).

Over on the DFM, the index fell 0.8% on turnover of AED 752.5 mn. Meanwhile, Nasdaq Dubai was down 1.1%.

Maha Azmy on Hong Kong’s window into the UAE out of DIFC

Dubai and Hong Kong enjoy more similarities than initially meets the eye — they are both financial and logistics hubs as well as gateways to their respective regions, Invest Hong Kong’s deputy head of investment promotion in Dubai, Maha Azmy (LinkedIn), told EnterpriseAM UAE in a sit-down for our weekly My Morning Routine column this week. Azmy, an Egyptian woman living in Dubai, has spent two-and-a-half years working with Invest Hong Kong to attract FDI from the UAE into the Asian city.

We sat down with her for My Morning Routine, which each week asks successful members of the business community how they start their day, and throws in a couple of random business questions just for fun. This month, we’re throwing in a few more to find out how they adjust to Ramadan and what they look forward to in the holy month. Here are edited excerpts from our conversation:

EnterpriseAM UAE: You’re Egyptian… How did you end up working for the Hong Kong government out of Dubai?

Maha Azmy: I studied economics and I was in oil and gas after I graduated for a number of years. I was doing mergers and acquisitions for upstream oil and gas projects all over the world. I worked in Egypt for a few years and then I moved back to Dubai, where I worked remotely with the oil and gas company that I was working with, and I found that I want to have the structure and the routine of waking up and going to the office. I like having structure in my day and I like having a routine; anyone from my family who wants to get in touch with me, they’ll probably know where I’ll be and what I’m doing at any given time.

A friend of mine actually came across this opening, and I decided to give it a shot, despite having previously not been involved with Hong Kong. I had an initial interview, an exam, and a panel interview with five people, and I got the job. Being an Arabic speaker, I think, was an advantage. And now, I've been doing this for two-and-a-half years.

E: What is Invest Hong Kong’s role here in the UAE?

MA: Invest Hong Kong is the government department responsible for bringing in foreign direct investment into Hong Kong, so bringing in investments, creating jobs, and adding value to the city. I cover the entire GCC region, so my role is to support any FDI coming from the GCC into Hong Kong.

Hong Kong is in a very unique position. Some people refer to it as “one country, two systems” — it’s one country with China, but has a completely different system in terms of law. It applies common law. It has its own chief executive — similar to a president — and secretaries, like ministers.

What’s amazing about being at the Dubai office at Invest Hong Kong is that Dubai and Hong Kong are very, very similar. Dubai is a financial center, and Hong Kong is the number one international financial center in Asia. Dubai is a logistics hub, and Hong Kong is a massive logistics hub as well.

Even though I cover all sectors and Invest Hong Kong is sector-agnostic, because Hong Kong is a very small city, there are certain sectors that are of extreme importance, and some that are not necessarily of great interest or don’t really fit within the specs of the city… like oil and gas or manufacturing, for example.

So there are certain sectors that are more popular than others when it comes to attracting FDI from the region into Hong Kong. Financial services and logistics are big ones. And because of the increased interest from people, companies, and entities, from Hong Kong and Mainland China in the region here and vice versa, there’s been a huge increase in business and professional service companies like auditors and lawyers [serving this corridor] as well.

E: With all of the travel you have to do and with juggling time difference, how do you set up your mornings to ensure you stay on top of things?

MA:I like to get in my workout in the morning. It sets the mood for the rest of the day, and I feel like it's a cure for so many things, whether stress, anxiety, depression, or whatever it may be. If you're not struggling with any of these things, it’s just a nice boost of extra energy and good endorphins.

I have my coffee, shower, get ready for work, and I start my day. I usually also put on some news before I get there. When I'm done with work, then I have the rest of the evening to maybe see my family.

In Ramadan, I’m not one of those people who can work out while I’m fasting. I usually do an intense workout, but in Ramadan, I try to get in maybe an hour of Pilates or something that’s lower impact and doesn’t require me to drink lots of water. Hours at the office are shorter, so that gives me more time to spend with my family.

I usually have iftar and then try to get our steps in for the day, usually with my sister-in-law. It’s a nice change from the hectic routine outside of Ramadan where there’s a lot to do and a lot of places to go. It’s nice to wind down this month and focus on family and eating clean, home cooked food.

E: How do you wind down at the end of the day?

I usually wind down by watching true crime. Discovery ID is one of my favorite channels, and recently I’ve found plenty of good stuff on TikTok.

E: Looking ahead a few years, what are some things on your bucket list — both professional and personal — that you want to achieve?

MA: I really enjoy what I’m doing. I’m a people person and I love meeting all these different people from all walks of life, so I’d love to have bigger responsibilities here and expand both my personal and professional networks.

Because we are a part of the government and we're based here, a lot of Hong Kong and Mainland China companies, investors, and family offices who want to come and establish a presence here — and many have shown great interest in recent years — will come to us as a first point of contact because they trust us. Even though officially it’s not one of our responsibilities, I'm always very happy to connect people together. I really like that.

Maha’s recommendations

Favorite restaurants: I love Gaia and LPM, and outside of Ramadan, J1 is a great place to go for an earlier lunch. Sirene is one of my favorites.

Favorite books: I love psychological thrillers. The one that has stuck with me recently that I’ve read is Verity, and of course, The Silent Patient.

Favorite piece of advice: To have thick skin. That came from my parents, specifically whenever I had problems after graduating with a mean boss or something, because it was a transition going from having things come relatively easy back at home and then running into challenges or issues later in life. It’s easy to go “I don’t want to do this anymore.” But I’ve learned both professionally and personally that you definitely need to have thick skin.

CALENDAR

MARCH

19-20 March (Thursday-Friday): Eid Al Fitr, public holiday.

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.

31 March-2 April (Tuesday-Thursday): Investopia, Abu Dhabi.

APRIL

6-9 April (Monday-Thursday): Dubai AI Week, Dubai.

7-8 April (Tuesday-Wednesday): Dubai AI Festival, Dubai World Trade Center, Dubai.

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

7-9 April (Tuesday-Thursday): Middle East Energy, Dubai World Trade Center, Dubai.

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): International Property Show, Sheikh Zayed Rd, Dubai.

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

28-29 April (Tuesday-Wednesday): Innovation Summit Middle East & Africa, Abu Dhabi.

29 April (Wednesday): Digital Transformation Summit, Sofitel, Abu Dhabi.

MAY

4-8 May (Wednesday-Saturday): Make It in the Emirates, Adnec Center, Abu Dhabi.

8-24 May (Saturday-Sunday): Dubai Esports and Games Festival, Dubai.

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

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

12-14 May (Tuesday-Thursday): Airport Show, Dubai World Trade Center, Dubai.

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.

20-21 May (Wednesday-Thursday): Arab Competition Forum, Dubai.

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.

OCTOBER

4-10 October (Sunday-Saturday): World Space Week, Abu Dhabi.

NOVEMBER

10-12 November (Tuesday-Thursday): Dubai International Electric Vehicle Exhibition & Conference, Dubai World Trade Center.

DECEMBER

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

Signposted to happen in 2026:

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;

1-3 February (Monday-Wednesday): World Governments Summit.
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 2028:

Artificial Intelligence Summit.

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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