Dubai to introduce AED 1 bn in financial stimulus for private sector

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Emirates is securing war-risk cover + Al Ain offers tax rebate for hospitality upgrades

Good morning, lovely people. More government support is on its way as the prolonged war threatens more parts of the economy, with Dubai planning to offer AED 1 bn in financial stimulus, mostly for the tourism and arts sectors.

Hotels have been operating at well below capacity and slashing prices, as a normally peak season for tourism takes a hit due to airspace disruptions and the ongoing war. We dive into what the stimulus package offers the sector in this morning’s Big Story Today, below.

We also look at the impact of attacks over the weekend on Emirates Global Aluminium and Bahrain’s Alba on prices so far amid an expected prolonged disruption to key aluminum suppliers.

Plus: We take a deep dive into the state of private capital in the MENA region as the war slows down agreement timelines and diligence processes — and exposes which companies are the most vulnerable.

From the Dept. of Good News

Several Universities in the UAE began a phased return to campus yesterday, mainly for hands-on programs like meds and dentistry, Gulf News reports. Gulf Medical University and MBZ University have resumed in-person classes, while others like American University of Sharjah, American University of Ras Al Khaimah, and Heriot-Watt Dubai, are keeping learning online until early April. The American University in Dubai remains fully online, with no return-to-campus date announced. Abu Dhabi’s New York University is closing down its campus, following Tehran’s warning that US universities in the Gulf remain “legitimate targets.”

Meanwhile, the Education Ministry has extended online learning for nurseries and schools until Friday, 17 April across the country. “The situation will be reviewed on a weekly basis,” the ministry said.

And in the world of aviation, Emirates is actually well insulated against war risk with what insurers say is very cheap ins. cover. Dubai’s flag carrier has secured war-risk cover for about USD 100k a week for its entire fleet flying to and from Dubai — in contrast with non-Gulf airlines, which have been quoted USD 70k-150k per flight into the region, the Financial Times reports, citing insurers in the know. The policy essentially covers Emirates for the first USD 2 bn of losses on its fleet, insurers said.

Why it matters: Non-Gulf carriers are being priced on a flight-by-flight basis, with each rotation into the region carrying its own war-risk premium. Emirates — by contrast — operates under a large, fleet-wide ins. structure, allowing insurers to assess risks across its network rather than on a per-flight basis — giving it a more stable and significantly lower cost base.

Gulf carriers on different terms: Airlines based in the Gulf are generally getting more flexible rates than foreign rivals with aircraft based elsewhere, aided by operating hundreds of daily flights through regional airspace and by closer coordination with airports and local authorities.

Other carriers are back in the air too, but Etihad is operating from Abu Dhabi, Air Arabia from Sharjah, and Qatar Airways is running a limited service from Doha — but Emirates remains the largest by a wide margin, with more flights in the system than Etihad and Qatar combined.

And from the Dept. of Not-so-Good News

Iranian forces struck a fully loaded Kuwaiti oil tanker while anchored at Dubai Port, resulting in a fire aboard the vessel, Bloomberg reports, citing a statement from the Kuwait Petroleum Corporation. The strike may have triggered an oil spill in the area, the Kuwaiti oil giant said. No injuries were reported, and Dubai authorities have managed to extinguish the resulting fire.

AND- An Iranian drone targeted Thuraya Telecommunications’ administrative building late last night. No injuries were reported, and the Sharjah Media Bureau didn’t disclose the extent of the damage.

CYBERSECURITY — Cyberattacks targeting the UAE have surged up to 700k incidents per day since the start of the regional conflict, Gulf News quotes UAE Cyber Security Council Chairman Mohammed Al Kuwaiti as saying.

Threats have included destructive malware and phishing campaigns, and they come alongside attacks on data center infrastructure. Hostile actors — including Iran-link groups — have used campaigns to disrupt operations, steal data, and probe vulnerabilities. Unit 42 also flagged an uptick in UAE-linked phishing and fraud campaigns exploiting trusted brands and conflict-themed lures. Despite the volume, Al Kuwaiti says most attacks are being detected and contained in real time.

Cyber warfare is a thing now: Earlier in the conflict, in parallel to attacks on data centers, Halcyon Ransomware Research Center observed what it said were Iranian actors setting up a cyber offensive targeting the Middle East, Turkey, and Africa. It also said it expected Iran to use tools like ransomware, destructionware, and destructive malware against US networks during the conflict.

The UAE was already a pretty popular target for cyberattacks: In 2025, the UAE accounted for 12% of cyberattacks in the region, making it one of the most targeted markets, with the average cost of a breach hitting around USD 2.9 mn per incident, according to CPX. That exposure is widening — over 223k assets in the country remain potentially vulnerable, Wam previously reported, citing the joint UAE Cyber Security Council-CPX report.

⛈️ WEATHER- Stormy weather is back. A thunderstorm is expected this afternoon, along with hail and blowing winds. Look for highs of 26-27°C and a low of 20°C in Dubai and Abu Dhabi, according to our favorite weather app.

Watch this space

HOSPITALITY — Al Ain’s hotel stock getting state-backed upgrade: Abu Dhabi’s Department of Culture and Tourism has rolled out a refurbishment scheme that offers hotels in Al Ain a capital expenditure rebate of up to 12%, according to Abu Dhabi Media Office. An extra 5% premium is up for grabs for upgrades that push properties up the value chain, like branded hotels, higher star ratings, or heritage renovations, and the rebates are only paid out after works are completed.

Data point: Al Ain brought in 473k guests in 2025, with revenue per available room up 17% to AED 204 and occupancy reaching 66%, up 9% from a year earlier.

DEBT — The Finance Ministry is weighing the introduction of digital bonds and green debt instruments to deepen the local capital market and fund sustainability projects within the federal budget, according to the UAE federal budget yearbook (pdf).

The name of the game? Diversification: The ministry plans to stretch the UAE’s yield curve by introducing longer-term maturities, specifically targeting seven- and 10-year tranches. It’s also looking to diversify investors and focus on Asian markets, the ministry said.

What’s next? “Future plans also include optimizing the mix of sizes and maturities in upcoming auctions to strategically balance secondary market liquidity with long-term investor requirements and open up to direct issuance of domestic local currency sovereign bonds to retail investors in smaller denominations,” the report read.

Data point

36% — that’s the jump ADGM saw in assets under management last year, according to the Abu Dhabi Media Office. The financial center saw licences climb past 12k and workforce numbers increase 51% y-o-y to 44.3k — all pointing to sustained inflows of capital and institutions anchoring in Abu Dhabi.

They haven’t stopped coming, even against the current backdrop of regional tensions. US-based public and private credit-focused investment firm Muzinich & Co. has now set up in the center, formalizing its regional push as it looks to tap growing demand for fixed income and private credit strategies, according to a press release (pdf).

Context matters: Private credit is facing turbulence in global markets, after wealthy investors sought to withdraw over USD 10 bn from some of the biggest semi-liquid credit funds in 1Q. Funds run by the likes of Blackstone, Morgan Stanley, and BlackRock, among others, signed off on only 70% of redemption requests. Retail private credit assets are expected to shrink by USD 45-70 bn over the next two years, which will mean a big hit to fee income for funds.

However, the private credit market in the GCC and Egypt is still nascent but growing rapidly. A PwC 2025 report estimated that, as of last year, the sector could grow at a 15-30% CAGR over the following five years, projecting it could reach between USD 11-20 bn.

The big story abroad

It’s another morning with the regional war dominating global headlines: US President Donald Trump told aides he is “willing to end the US military campaign against Iran even if the Strait of Hormuz remains largely closed,” the Wall Street Journal reports. Trying to open up Hormuz would extend the war beyond his timeline, according to officials cited by the Wall Street Journal. This came shortly after he reiterated his threat to destroy Iran’s energy infrastructure if it does not open the strait.

Markets were quick to react to the news, with Asian markets trading higher after opening in the red, oil dipping slightly, and Wall Street likely opening up with futures in the green.

And while it’s shaping up to be a good day for equities, the damage has been done. What could’ve been a red-letter year for US equities has been overtaken by recession fears and soaring energy prices, as Wall Street wraps up its worst quarter in four years. Closer to home, emerging-market stocks also suffered — losing their 2026 gains with the US-Iran war poised to raise inflation and stall growth.

Dive deeper: Wall Street Journal and Bloomberg have more.

A new food giant could soon enter the scene: UK-based consumer packaged goods giant Unilever is inching closer to merging its food business with US spice manufacturer McCormick, unnamed sources told the Wall Street Journal. The resulting entity would be valued at around USD 60 bn. Expect an official announcement as soon as later today.

Also receiving ink this morning: Israel’s parliament passed a law that makes execution the default sentence for Palestinians convicted of lethal terrorism. Human rights advocates have condemned the move, arguing that it contradicts the state’s longstanding freeze on capital punishment.

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Circle your calendar

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

Financial stimulus is here

Dubai gave the green light to a AED 1 bn package to ease financial pressure on the private sector, state news agency Wam reports. The measures will last between three and six months, and come into effect on 1 April.

A central component of the package? A three-month deferral of various government fees, along with an extension of customs data grace periods from 30 to 90 days.

Hotels will also get a deferral for 100% of sales fees and AED tourism payments.

This comes as tourism takes a hit, with hotel occupancy plunging to 16% as of 17 March, plummeting from peak-season averages of 90%. High-end restaurants and clubs are also seeing similar drops in demand, with some sending staff to sister outlets abroad.

Some hotels have also been slashing prices, cutting staff hours, and offering some incentives for guests to spend, while rumors of layoffs across the sector have started to spread.

ALSO- In another sector-specific move, art imports will be exempt from customs duties and will also be able to secure virtual tracking.

Residency permit issuance and renewal processes will also be “streamlined” as the government looks to keep attracting and retaining talent to the emirate, state news agency Wam said, without clarifying any specific measures.

The move is the latest step taken by authorities to mitigate the fallout from the regional war on the UAE’s economy, after the Central Bank of the UAE already stepped in with a package to support local lenders.

Aluminum market reels

Aluminum prices were up nearly 5% yesterday following Iranian strikes on Emirates Global Aluminium’s (EGA) Taweelah facility and Aluminium Bahrain (Alba) complex over the weekend, which took out output from “two of the biggest regional players.”

The effect on the market has been instant. Switzerland-based energy and commodity trading player Mercuria Energy led the charge of firms trying to frontload supplies, taking close to 100k tons of aluminium from London Metal Exchange (LME) warehouses, sources familiar with the matter told Bloomberg.

Prices will rise further: Analysts see a worst-case scenario leading to prices as high as USD 4k per ton in extreme cases, investment firm Alpha Binwani Capital founder Ashwin Binwani told EnterpriseAM UAE.

Cue the historical precedent: The Russian invasion of Ukraine resulted in the highest prices on record, of USD 4.1k per ton in March 2022.

Who’s affected? Downstream users in the auto, aerospace, construction, and packaging industries are also likely to feel the squeeze, with no near-term alternative on the horizon currently, he said. The UAE in 2024 was the fifth largest exporter of unwrought aluminum, according to OEC.

EGA, of course, should have reserves in place. Unconfirmed estimates peg those at around 200-400k tons of supply buffers, Binwani told us. However, with 1.6 mn tons of production taken out since the Taweelah facility was damaged, the disruption is likely to be prolonged.

“In metals, disruption always travels faster than repair,” and a “prolonged outage could reshape trade flows and reposition supply chains for years,” as well as drive up risk premiums in Kezad, Binwani said.

LME supplies were already under pressure amid increased requests for aluminum sourced from markets other than key aluminum exporter Russia, which some buyers are skirting due to sanctions.

The strikes aren’t the only thing keeping inventory low: The disruption at the Strait of Hormuz limited access to essential input materials for smelters, leaving inventory stockpiles low and ill-prepared to act as a buffer against another hit to production, Bloomberg reports elsewhere. If the standstill continues, the market could be looking at prices beyond 2022’s USD 4.1k per ton high.

Scaling space plans

A new slate of cabinet-approved strategies doubles down on space, healthcare, and food systems, with a clear focus on tapping into growing sectors that are key parts of the Emirates’ economic diversification and resilience drive, according to a Dubai Media Office statement.

Space is getting a fresh set of KPIs: The National Space Strategy 2031 targets a doubling of space economy revenues and infrastructure investments, as well as the number of export markets, as the UAE pushes to cement its place among the world’s top 10 space economies. Currently, the UAE’s space sector is valued at AED 44 bn, the statement read.

REMEMBER- As we’ve covered, the UAE has been steadily localizing its space stack — from launching its first locally powered sounding rocket through TII to building sovereign infrastructure like the Eshara ground segment and a national Earth-observation hub. The broader push already includes plans to double the number of space companies and exports within five years, backed by more than AED 44 bn in sector investment.

Healthcare is being rebuilt around integration: A new integrative med. strategy is underway, which is made up of 16 initiatives aimed at improving ins. coverage, updating regulations, and investing in ongoing training and talent development. This reflects a broader push to integrate more resilience into the system, including recent moves to overhaul pharma distribution, reduce supply bottlenecks, and consolidate pharma oversight under the Emirates Drug Establishment.

Food policy is getting sharper teeth: The National Healthy Nutrition Strategy 2031 will introduce stricter regulation — from banning partially hydrogenated oils to tightening junk food marketing and rolling out national monitoring systems — with clear targets to bring down obesity and diabetes rates. The groundwork is already in place, with the UAE having shifted to a sugar-based excise at the start of 2026, tying taxes directly to sugar content to push reformulation.

SIB taps market with AED 2.6 bn discounted rights issue

ADX-listed Sharjah Islamic Bank (SIB) is heading back to shareholders for fresh capital, with a planned AED 2.59 bn rights issue that will lift its issued share capital by 33.3% to just over AED 4.3 bn, according to a bourse filing (pdf). Proceeds will be used to strengthen capital buffers and support its asset growth as regulatory requirements evolve. Sharjah’s government — SIB’s anchor shareholder — committed to fully subscribe to its entitlement, anchoring the offering.

IN CONTEXT- The move comes as SIB — alongside Abu Dhabi Islamic Bank and Dubai Islamic Bank — was flagged by Bloomberg Intelligence as having a tighter capital cushion than top-tier peers amid rising regional risks.

The Central Bank of the UAE has already temporarily relieved banks from their buffers, with its recently rolled out resilience package allowing lenders to tap into some of their mandatory reserves and access new term facilities, which has boosted investor confidence in the banking sector.

Terms of the trade: The lender will issue roughly 1.08 bn new shares at AED 2.40 apiece, a 37% reduction to its mid-February trading value. Existing shareholders will receive one right for every three shares held, with the subscription window running from 27 April through 8 May.

New investors have two entry points — buy SIB shares before 17 April to qualify for rights automatically or purchase tradable rights on the ADX between 20 April and 1 May, which can then be exercised during the 27 April-8 May subscription window.

ADVISORS- Emirates NBD Capital is quarterbacking the transaction as lead manager and bookrunner, while Emirates NBD Bank is the lead receiving bank alongside Sharjah Islamic Bank, among others, and KPMG LG is acting as auditor.

Oliver Wyman taps partner to lead UAE branch

Oliver Wyman taps partner Mona Hammami as president: Management consulting firm Oliver Wyman tapped Mona Hammami (LinkedIn) as the new president of its UAE branch, according to a press release. In her new role, Hammami will deepen the firm’s regional presence and boost relationships with clients and stakeholders, the statement said.

Hammami, an existing partner at Oliver Wyman, brings extensive experience from the public and private sectors, particularly in economic reform and public health. Most recently, she served as a partner at McKinsey & Company, and her previous roles include as senior director at the Crown Prince Court of Abu Dhabi’s strategic affairs office and as an economist at the IMF.

A new logistics JV, a gaming supplier eyes the UAE, more district cooling contracts, and more M&A and investments

Rosatom and DP World have a new JV in the works

Rosatom partners with DP World on a new JV: Dubai-based ports operator DP World will own a 49% stake in a new logistics JV it is launching with Russia’s state nuclear firm Rosatom, which will hold the majority interest, Reuters reports. The partnership opens a channel into Russian-linked container flows and Northern Sea routes, a lane Rosatom is trying to scale into a commercial corridor.

The structure: Rosatom will fold in its 92.4% stake in transport group Fesco, while DP World will bring liquidity (an amount which will depend on Fesco’s valuation).

This isn’t a first date: DP World and Rosatom have been building toward this since 2021, signing Arctic route agreements and setting up a similar 51/49 joint venture — International Container Logistics — back in 2023.

ePointZero plans USD 2.3 bn acquisition of US energy firm

2PointZero subsidiary eyes taking over US energy firm: ePointZero Holding, the decarbonization arm of 2PointZero, is set to acquire a 100% stake in US-based energy firm Traverse Midstream Partners for USD 2.3 bn, according to an ADX disclosure (pdf). The transaction, pending regulatory approval, expands the IHC-backed investment company’s international footprint, after it increased its stake in Egyptian fintech Maseera Holding to 100% last December.

About the company: Founded in 2014, the private energy company holds a portfolio of nonoperated midstream assets with a minority stake in the Rover Pipeline and Ohio River System natural gas projects.

Lining up for licenses

Asia Pioneer Entertainment, a Macau-based electronic gaming equipment supplier, is seeking distributor approvals in Abu Dhabi and Singapore as part of its push into newly regulated markets, the company said in its financial earnings (pdf).

The UAE has become the first in the GCC to roll out a national framework for a casino ecosystem, anchored by Wynn’s USD 3.9 bn Ras Al Khaimah resort and overseen by the federal GCGRA, which has already issued a national lottery license to a commercial operator and early vendor approvals.

Who’s already in? Approved international vendors include Switzerland’s Sportradar, the UK’s TCSJohnHuxley, Australia’s Aristocrat, and Estonia’s Yolo Group.

Empower signs cooling systems agreement with Meraas

Empower to provide Meraas’ cooling systems: District cooling firm Empower secured an agreement with real estate developer Meraas, a subsidiary of Dubai Holding, to supply over 17.5k refrigeration tons (RT) to the developer’s City Walk Phase 3 and Verve building, according to a DFM disclosure (pdf).

IN CONTEXT- The agreement brings Empower’s total contracted capacity to 2.0 mn RT, after its total connected capacity hit 1.7 mn across nearly 1.7k buildings at the end of 2025. As for Meraas, it tapped Naresco last year for an AED 450 mn contract for construction works on the last phase of Dubai’s City Walk project, which is slated for 3Q 2027 handover.

Capital heads to the meat counter

Growth investor Emirates Growth Fund (EGF) is putting AED 45 mn into CarniStore — a UAE-based premium protein business that spans sourcing, production, and digital retail — for a minority stake, marking its first move into the sector, according to a press release. The size of the stake has not been disclosed.

Where the funds will go: The capital is set to fund scaling and product expansion, as EGF looks to build “national champions” in food, backing mid-sized, homegrown brands to bulk up, professionalize, and expand beyond the UAE.

Zooming out: It plugs into a wider policy shift toward localizing supply chains — as we previously covered, the UAE is targeting a 25% share of locally sourced food in hospitality, chipping away at heavy import dependence.

Still writing checks

The conflict in the Gulf hasn’t yet killed investment momentum for private equity and venture capital in the Middle East and North Africa. However, if the conflict drags on much longer, it could reshape how and where the region’s PE and VC-backed companies find their way to market — and slow the pace at which earlier-stage companies are raising capital.

The trend on exits was already clear before the drones and F-35s started flying: Portfolio companies backed by private capital — the private equity and venture capital firms that invest in businesses with a view to eventually selling or listing them — were turning more and more frequently to local exchanges for exits rather than making what had been the traditional one-way flight to London or New York.

The numbers speak for themselves: Public-market exit values for PE and VC-backed companies globally hit USD 38.2 bn in 2025, up 21% y-o-y, according to a new report (pdf) by the Global Private Capital Association (GPCA). In the Middle East (excluding North Africa), those exits jumped 179% to USD 626 mn.

Here’s where things stand one month into the conflict:

#1- Investors are still writing checks. There’s no evidence (yet) of significant investor pullback from capital calls — the periodic capital transfers that PE and VC investors commit to sending when a fund they’ve backed needs the money. That suggests portfolio companies that have already raised capital aren’t in immediate danger of being starved of the funding they were promised. It also says something about sentiment — limited partners backing PE and VC firms aren’t tapping the brakes.

#2- Dealmaking by PE and VC firms is slowing. The conflict has brought a “pause or a slower pace in new investments,” GPCA Research Director Jeff Schlapinski tells EnterpriseAM. The war could change where investors write tickets, though: “Everyone will be closely looking at logistics, shipping developments, and energy markets as we progress through the year, but there is no evidence to suggest a pullback so far,” he added.

International investors will likely be the most cautious, regional startup information service Magnitt said in a recent report. Transaction timelines will also lengthen, as will exits, Shorooq founding partner Shane Shin tells us.

#3- Valuations will be under pressure. “The market is becoming more price-sensitive but also increasingly structured,” Shin said, while highlighting that this trend started even before the war. “Investors are asking for clearer milestones, better terms, and in some cases staging capital

more carefully,” he explained. Still, he argues that the “strongest businesses” are not necessarily seeing major valuation compression; rather, in uncertain markets, “capital tends to concentrate around category leaders with strong traction, solid governance, and clear revenue visibility, while others may struggle to sustain prior expectations.”

The most vulnerable companies are those that are capital-intensive, highly dependent on external financing, or have long payback cycles and heavier infrastructure dependencies, he added. Later-stage startups will also be exposed, given the already existing dearth in follow-on investments and late-stage capital, he noted.

#4- The strongest companies are still plotting local listings. Saudi quick-delivery unicorn Ninja is testing IPO waters despite the war, gauging investor appetite for a Tadawul main market listing in late 2026 or early 2027. Ninja is looking at Tadawul, not the NYSE, to open the exit gate for investors: The Saudi exchange has held up better than most regional bourses since the conflict started, with strong oil prices propping up energy heavyweights.

SOUND SMART- Morocco, not Tadawul or DFM, is the breakout story: The Casablanca Stock Exchange (CSE) has emerged as the biggest exit success for private capital in the MENA-Africa space. CSE is now the second-largest exchange in Africa with an aggregate market capitalization exceeding USD 106 bn, and in 2025, it hosted some of the region’s most successful PE-backed IPOs. Fintech outfit CashPlus was 65x oversubscribed, while Morocco’s largest private healthcare provider Akdital reached a EUR 2 bn valuation after listing.

“The CSE is entering a very promising phase supported by a strong and increasingly sophisticated ecosystem — including an active regulator, a growing institutional investor base, research coverage, and the increasing participation of private equity firms,” Albert Alsina, founder of Mediterrania Capital Partners, said in the GPCA report.

Why go local?

The economics are shifting. Western exchanges like the NYSE require massive enterprise value to justify a listing, Schlapinski tells us. The compliance burden alone can be punishing — a lesson the region learned the hard way with Swvl, the Egypt-born mobility startup that listed on Nasdaq via a SPAC at a USD 1.5 bn valuation in 2022 and promptly lost 99% of its value. Four years on, Swvl is still fighting delisting warnings. The Cairo-to-Dubai-to-New York path didn’t deliver.

And listing closer to home attracts a type of investor that already understands what it means to be an emerging-markets player. “The advantage of local listings like Casablanca is that investors there are more likely to understand the business story,” Schlapinski explains. Local investors know the market, the regulatory environment, and the competitive landscape in a way that generalist funds in New York simply don’t. EM specialists, simply put, don’t spook as easily.

Companies in Saudi and the UAE look likely to remain the prime targets for private capital this year. “When we look at the GCC and MENA specifically, the vast majority of targets for private capital are in Saudi Arabia and the UAE. We do see some investments in Oman, but it’s a relatively smaller scale of activity,” Schlapinski said.

What to watch

Markets around the world are focusing more and more on ‘local’ capital. “We see an increased focus on local capital investing at home and an increased focus on local resilience and independent means of production everywhere in the world,” Schlapinski says.

Markets with strong domestic investor bases, like India, are better positioned to maintain transaction momentum even as international capital turns cautious. “A lot of the strong public market activity in India is driven by local investors, not so much international capital, so it should remain relatively strong. In the near term, a cautious approach will prevail until energy markets stabilize again,” he notes.

The implication for MENA: The exchanges and markets that have built deep local investor pools — like Tadawul and Casablanca — are the ones most likely to see PE and VC-backed listings resume first when the war fog clears. The UAE could follow suit, but it will require significant liquidity injections (openly or not) by sovereign funds, we think.

BACKGROUND- The Global Private Capital Association, founded in 2004, is a nonprofit membership organization representing private investors managing portfolios of over USD 2 tn worldwide, with a focus on emerging markets.

ADX	9,526	-0.7% (YTD: -4.7%)
DFM	5,443	-1.2% (YTD: -10.0%)
Nasdaq Dubai UAE20	4,450	-1.8% (YTD: -9.0%)
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S&P MENA Bond & Sukuk	148.74	-0.4% (YTD: -2.1%)
VIX (Volatility Index)	30.61	-1.4% (YTD: +102.9%)

THE CLOSING BELL-

The DFM fell 1.2% yesterday on turnover of AED 884.7 mn. The index is down 10.0% YTD.

In the green: National Cement Company (+13.5%), Drake & Scull International (+4.0%), and Al Firdous Holding (+1.9%).

In the red: BHM Capital Financial Services (-4.9%), United Foods Company (-4.9%), and Dubai Refreshment Company (-4.8%).

Over on the ADX, the index fell 0.7% on turnover of AED 786.9 mn. Meanwhile, Nasdaq Dubai was down 1.8%.

CALENDAR

MARCH

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

APRIL

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

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

21 April (Tuesday): FAO Regional Conference for the Near East (NERC38), Al Ain.

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

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

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

12-14 May (Tuesday-Thursday): Abu Dhabi Infrastructure Summit, ICC Hall, Adnec Center, Abu Dhabi.

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): MENA Investor Conference, Ritz-Carlton DIFC, Dubai.

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

22-24 June (Monday-Wednesday): The International Glass Manufacturing Show, 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.

AUGUST

17-20 August (Monday-Thursday): Arabian Travel Market, Dubai World Trade Center, Dubai.

SEPTEMBER

1-3 September (Tuesday-Thursday: Middle East Energy, Dubai World Trade Center, Dubai.

7-9 September (Monday-Wednesday): AIM Congress, Dubai World Trade Center.

7-9 September (Monday-Wednesday): International Property Show, Dubai World Trade Center, Dubai.

12-13 September (Saturday-Sunday): Emirates International Congress on AI & Visionary Leadership in Transforming Healthcare, Adnec Center Abu Dhabi.

OCTOBER

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

12-14 October (Monday-Wednesday: Airport Show, Dubai World Trade Center, Dubai.

20-22 October (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

NOVEMBER

4 November (Wednesday): Digital Transformation Summit, Sofitel, Abu Dhabi.

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

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;
Investopia, Abu Dhabi.

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;
21-22 April (Wednesday-Thursday): Token2049, Dubai;
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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