E-invoicing is coming soon — here’s what that means for businesses

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WHAT WE’RE TRACKING TODAY

THIS MORNING: UAE-Korea partnership to come into effect in May + Salama hikes capital in two-act survival play

Good morning, friends. News of the extended ceasefire seems to have done little to comfort investors, with the DFM and ADX both losing ground yesterday. Dubai’s index was down 1.1%, while Abu Dhabi’s ADX lost 0.8%.

Why? The ongoing drama around the Strait of Hormuz is keeping investors jittery, especially since the outlook for the next round of US-Iran talks seems murky, with Iran not yet confirming its plans to attend. Iran fired on three ships in the Strait again yesterday, making the situation even more alarming.

The ongoing disruptions are keeping us all guessing how this will impact the Gulf’s economies, with every week that the Hormuz blockade continues causing worse knock-on effects.

One of those is the disruption to export routes for the Gulf, which could disrupt FX inflows — hence reports of a currency swap with the US. But the UAE has denied the need for “financial backing.” “Any suggestion that the UAE requires external financial backing misreads the facts,” the UAE’s ambassador to the US Youssef Otaiba said on X, in response to media claiming the US is considering a financial backstop to help the UAE following comments from US President Donald Trump.

“The UAE is one of the world’s most financially resilient economies, underpinned by more than USD 2 tn in sovereign investment assets,” Otaiba said, adding that “we very much appreciate President Trump’s recognition of the UAE as one of America’s most important economic [and] trade partners.”

Crucially, the currency swap that was said to be on the table wouldn’t exactly mean the UAE needs a bailout. Ryan Lemand, founder and CEO of wealth manager NeoVision, explained it in a recent LinkedIn post: “No one is giving anyone money. It's a currency loan, secured by a currency deposit, with no credit risk on either side. The Fed has standing swap lines with the European Central Bank, Bank of Japan, Bank of England, Saudi National Bank, and Bank of Canada, and opened temporary ones in 2008 and 2020. None of those counterparties were receiving ‘aid’.”

Plus: US officials didn’t really say the UAE needs any help — but that it would be there in the very unlikely case it does. “If ‌the ⁠UAE had a problem — I find it hard to believe — but if they had a problem, we would be there for them,” Trump was quoted as saying. Otaiba also noted that the Central Bank of the UAE currently has more than USD 300 bn in foreign currency reserves.

For now, the issue the UAE is facing is more of a disrupted inflow of FX due to trade disruptions — but this is more of a “liquidity mismatch” and a timing-related issue than a solvency-related one, Lemand wrote.

Despite the disruptions of the war, there’s a lot that’s still business as usual. Dubai just announced plans for an AED 34 bn Metro line — yes, other than the Blue Line — connecting its historic center to the suburbs, and e-invoicing is set to begin its phased rollout in a couple of months. We look at what the shift to e-invoicing means for SMEs and business, as well as M&A transactions and due diligence, and much more in this morning’s news well, below.

Plus: We speak with the CEO of a Mubadala-backed, Abu Dhabi-based AI startup that has now ventured into Asia.

WEATHER- It’s looking a lot less like a heatwave and a lot more like… summer is here. We’re in for a high of 37°C in Abu Dhabi today, along with a low of 25°C, while Dubai will see a high of 34°C and a low of 26°C.

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What’s with the “+” in MENA+? We think one of the most powerful stories in the region is the *export* of ideas and capital not just to neighboring regions (Asia, the Stans) but to international financial centers. MENA countries are jockeying for position in the new global economy now taking shape, and we're going to shape that conversation.

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TRADE — The comprehensive economic partnership agreement between the UAE and South Korea comes into force from 1 May, opening the door to easier trade flows and fewer barriers across key sectors, according to a Dubai Customs’ customs notice (pdf). Customs authorities are already moving to implement the agreement.

What changes? Starting 1 May, most customs duties will be scrapped and restrictions across sectors including energy, resources, and advanced industries will be eased.

REMEMBER- The agreement had been in the works for some time, with officials previously expecting it to come into force by the end of 2025 following final stages of negotiation. Both sides had also signed a series of cooperation agreements covering nuclear energy, oil and gas, investment, finance, and artificial intelligence.

CAPITAL MARKETS — Salama completes two-act survival play: DFM-listed Islamic Arab Ins. Company (Salama) is moving to hike its capital by 69.8% to AED 820 mn following a mandatory conversion of its AED 350 mn sukuk into equity, it said in a bourse filing (pdf). The conversion — effective Friday, 24 April — lifts the ownership stakes of Salama shareholders Eshraq Investments and Humana Holding, the original sukuk holders who funded its February lifeline. Their new holdings will be locked up for a year.

Back from the brink: The move is part of a two-step reset we’ve been tracking since late last year, which first saw Salama wipe out its accumulated losses and reduce its capital base to meet tighter regulatory thresholds. The ins. firm then raised a mandatory convertible sukuk to bridge liquidity and buy time, and is now completing the cycle by converting that debt into equity to restore its capital position.

PSA

No more WhatsApp convos with your RMs: The Central Bank of the UAE (CBUAE) has ordered all banks and licensed financial institutions to immediately stop using instant messaging platforms such as Whatsapp for delivering services or collecting customer information, according to a notice seen by Khaleej Times.

What the ban includes: Banks can no longer use messaging apps to request or share customer data, confirm or initiate transactions such as transfers, payments, loans, or account changes, or send authentication details like passwords, PINs, or one-time passwords. Exchanging documents containing personal or financial information is also barred.

Institutions must confirm compliance and outline corrective steps by 30 April, Khaleej Times says. Non-compliance could trigger supervisory action or financial penalties.

AND- Ajman tightens screws on price gouging: The Ajman Department of Economic Development has ordered suppliers, wholesalers, retailers, and other businesses in the emirate to notify the Economy and Tourism Ministry in advance — with documented economic justifications — before raising prices on basic commodities, state news agency Wam reports. The rule covers 29 strategic goods tied to consumers’ daily needs.

The move comes as authorities tighten oversight of food inflation and supply disruption risks: The ministry recently launched an Essential Goods Prices Platform to track staple prices across major retailers. Abu Dhabi also moved against alleged price gouging after reports of unjustified hikes as wartime supply chains came under pressure.

Diplomacy

Syria’s President Ahmed Al Sharaa met with President Sheikh Mohamed bin Zayed Al Nahyan yesterday after he landed in the UAE as part of a wider Gulf tour that included Saudi Arabia and Qatar. The two leaders discussed regional security, and Al Sharaa affirmed Syria’s support for the UAE following Iran’s attacks this year. It remains unclear whether he is still in town.

ICYMI- This is Al Sharaa’s third visit to the UAE, following a visit last July and another visit in April. Previous talks focused on economic cooperation and getting more UAE firms to invest in post-Assad Syria. State-owned logistics giant DP World was among the first to do so, with a USD 800 mn agreement to develop and operate Syria’s Tartous port.

Happening today

Mawarid Fintech and Innovation Summit kicks off at Grand Hyatt Dubai, bringing together more than 1k leaders and experts from across the financial technology sector. The event will focus on digital payments, AI-driven platforms, blockchain applications, and the expansion of open finance frameworks.

The big story abroad

US forces have attacked at least three Iranian-flagged tankers in Asian waters, signaling that Washington’s naval blockade is active despite its ongoing ceasefire with Tehran. Partly laden with crude, the vessels were rerouted from their locations off the coasts of India, Sri Lanka, and Malaysia.

Meanwhile, in the Strait of Hormuz, traffic halted after Tehran attacked three ships, escorting two of them into Iranian waters. The attacks do not constitute violations of the truce, since the vessels were not flying US or Israeli flags, White House Press Secretary Karoline Leavitt said.

Oil jumped in early trading amid maritime turmoil, with Brent crude rising above the USD 100 per barrel mark, reaching USD 101.91 per barrel — up 3.5% from Tuesday’s closing price.

With Hormuz still mired in conflict, Panama Canal transit charges have hit record highs as Asian buyers scramble for oil and gas amid the regional conflict. Daily auction bids have surged fivefold.

AND IN BUSINESS NEWS- Tesla’s 1Q results offered a mixed bag, with income topping analysts’ forecasts, despite revenues falling short of expectations.

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E-invoicing is coming. Here’s what that means for businesses and due diligence on transactions

E-invoicing is about to take the guesswork out of transactions, and for anyone buying, selling, or valuing a business, that changes where risk hides and how quickly it shows up. The UAE is rolling out mandatory e-invoicing in phases, with voluntary adoption starting July 2026, followed by a hard mandate from January 2027 for businesses with annual revenues exceeding AED 50 mn. The requirement will encompass smaller firms in subsequent stages.

How it’s going to work: All B2B and B2G invoices must pass through accredited service providers (ASPs) and be reported to the Federal Tax Authority in near real time — shifting the system from document-based reporting to structured, machine-readable data flows. Around 26 ASPs have already been approved — including SAP and Suntec Business Solutions — and allowed the exchange of e-invoices via the EmaraTax platform, provided businesses already have an ASP selected.

On one hand, the shift to near real-time reporting reduces VAT fraud and tax evasion by allowing tax authorities to validate transactions instantly and reducing reliance on periodic manual audits.

But it also has an impact on business costs, due diligence, and M&A. Businesses can see up to a 66% reduction in invoice processing costs due to the reduction of manual data entry and errors and the acceleration of payment cycles, the Finance Ministry said. It also gives SMEs quicker (and better) access to financing, since verified digital invoices can strengthen credit assessments.

And for dealmakers, automated invoices translate into earlier visibility on risks previously emerging late — or not at all. “Some of the potential risks and challenges would be flagged much earlier during the [transaction’s] lifecycle because you have data which is structural and readily available,” Pierre Arman, managing director at Alvarez & Marsal, tells EnterpriseAM. “Every single transaction becomes auditable,” he added.

Instead of relying on sampled invoices and delayed financials, buyers will be looking at complete, timestamped datasets that reflect actual transaction flows as they happen.

“Now you have full transparency,” Ali Anwar, managing director and Middle East practice leader of global transaction advisory at Alvarez & Marsal, tells EnterpriseAM, noting that the risk of fake, duplicate, or fraudulent invoices becomes “very, very low.”

This deeper view of transactional history also strengthens valuation confidence, especially for metrics like earnouts and deferred consideration. Timestamped invoices make patterns such as end-of-period revenue spikes easier to detect.

Near real-time visibility also provides clearer visibility post-acquisition. “[Buyers] should be able to get very quick monthly reports or even weekly or daily reports and get an understanding of how the business is performing,” Anwar said.

The transition will make the difference between strongly governed firms and weakly governed ones much more stark

Across the board, e-invoicing reframes invoicing from a back-office function to a core governance tool, where AI and analytics can be used as a source of operational insight, Zoho’s Vice President of Global Product Strategy, Development, and Alliance Prashant Ganti tells EnterpriseAM. Companies ready for this transition can demonstrate operational control and reduce transaction friction.

“It gives them a good [window] to clean up their data […] and make sure there are no surprises that the buyer will find later,” Anwar said. For buyers, it reduces mispricing risk driven by incomplete or unreliable information while making diligence more forensic.

SMEs might underestimate the operational implications. “80-82% of UAE businesses are micro or small enterprises, and they may face challenges if still on Excel or legacy solutions when mandatory adoption begins,” Ganti added.

“Many SMEs still feel this is a tax or IT project […] They underestimate the complexity because they’re not thinking about process change and data quality,” SunTec Business Solutions’ senior vice president and regional EMEA and global ecosystem head Sudheer Padiyar tells EnterpriseAM. Weak systems, poor master data, or inadequate controls can lead to rework, delays, and increased audit exposure, he said.

So what needs to be done? Beyond technical setup, companies must consider process redesign, staff training, and proper governance, Padiyar said.

The global backdrop

Globally, UAE companies are joining a wave of jurisdictions moving toward e-invoicing. Deloitte notes that 2026 sees voluntary uptake shift to compulsory adoption across Europe, the Middle East, and Africa, with countries like Poland, Belgium, France, the UAE, Germany, Ireland, and eventually the UK mandating structured digital invoicing.

Dubai’s metro is getting even bigger

Another metro line: Dubai is getting yet another massive metro line, an AED 34 bn underground line running 42km from Dubai’s historic center all the way to Jumeirah Golf Estates, according to the Dubai Media Office. The metro line, expected to launch in September 2029, will have 18 stations and is expected to carry around 465k passengers daily.

Transit as a real estate engine: The line will cover 15 strategic areas and plug into more than 55 development projects. The late date launch gives room for construction alongside new districts to avoid the bottlenecks that come with compressed timelines.

Dubai is looking at long-term population growth and boosting connectivity, not just solving today’s congestion. Dubai’s 2040 Urban Master Plan assumes the population will grow to around 5.6 mn, and aims to make the city a “20-minute city,” meaning keeping 80% of essential services within a 20-minute radius of any given part of Dubai. Other projects to help make this happen include “ Dubai Loop ” — an underground system developed by Elon Musk’s construction firm The Boring Company, which will span 17 km and have 11 stations, set to mirror the one in Las Vegas, which is operated by Tesla vehicles.

REMEMBER- Dubai Metro is already getting an AED 20.5 bn extension known as the Blue Line, also due to come online in 2029. Slightly shorter at 30-km, the line will run though 14 stations, connecting Dubai International Airport to major urban hubs such as Mirdif, Al Warqa, International City, Dubai Silicon Oasis, Academic City, and Dubai Creek Harbour. It will be able to carry 200k passengers daily by 2030, with the number projected to rise to 320k by 2040.

Mubadala-backed Abu Dhabi AI startup heads to Asia

Abu Dhabi-based AppliedAI is taking its enterprise AI model to Asia: UAE–based AI firm AppliedAI is expanding into Singapore, Malaysia, and Hong Kong this month, along with launching its latest platform Opus 2.0, according to a press release (pdf). The firm counts state AI firm G42, Abu Dhabi sovereign wealth fund Mubadala, and telecom giant e& among its backers.

The push is aimed at highly regulated sectors — such as banking, ins., and healthcare — where AI adoption often stalls after the pilot phase.

Why these markets? These markets stand out for their regulatory depth and sector concentration, founder and CEO Arya H. Bolurfrushan tells EnterpriseAM UAE. The operating model is intentionally hands-on, he said, adding that “AI adoption will be extremely localized […] You want folks to be in the office with you, helping you go through this, because it is your core process.”

Opus? Opus is built around a controlled approach to AI agents in enterprise workflows. The core idea is to move away from open-ended systems and instead structure processes into defined steps that can be tracked and reproduced. The platform charges based on completed work rather than software access.

The core pitch is control. Regulated sectors need a different design approach, Bolurfrushan said. “It’s not a black box where you say what you want to do and then have no idea what happens,” he said. “There’s a governed module that has full audit trails and traces who did what,” he added.

The backdrop: The expansion reflects a broader trend of UAE AI firms expanding into Asia and exporting their tech there. Earlier this year, Data analytics firm Presight, for example, lined up contracts and engagements in Indonesia, Kazakhstan, and Malaysia, while G42 signed a framework agreement in Ho Chi Minh City with a consortium to develop hyperscale data centers in Vietnam.

Mashreq gets in on healthcare financing

Mashreq is getting into digital healthcare financing for the first time through a partnership with online healthcare platform Toothpick, a spokesperson from Mashreq told EnterpriseAM. The embedded financing solution — Neo Credit Loans — will allow customers across Toothpick’s network of aesthetic and dental clinics to access up to AED 150k in financing for treatments and procedures.

How’s it done? Clinics make the financing request from their side through Toothpick’s platform, and Mashreq authenticates the customer and shares a link to complete the application, after which it disburses the funds directly to the clinic.

The partnership with Toothpick is one of many for Mashreq as of late. The lender has partnerships in place with different ecosystem players across its countries of operation — from telecom firms like Etisalat by e& in Egypt, to Toothpick and Thunes, a partnership that allows Mashreq to speed up and make international transfers more affordable. And there’s more to come across different sectors in the coming months, we’re told.

We spoke with Ghazal Al Sakaal, Mashreq’s global head of ecosystems and platform banking at Mashreq, who’s responsible for the bank’s digital strategic partnerships, to dive deeper into what drives their partnership strategy, what goes into their choice of partners, and why they choose to partner up at all.

“As a bank we're doing very well, but we constantly challenge ourselves to stay relevant as customer expectations evolve,” Al Sakaal said. “‘Digital strategic partnerships allow us to meet customers at the point where financial needs arise, embedding services seamlessly into the journeys they are already on,” she noted, adding that the point is also not having to reinvent the wheel but to collaborate.

“The main questions are: How can we enable partners in our ecosystem rather than compete with them? And how can they enable us?” she said. “It’s a [victory], for us and for our partners. We’re extending our own reach into new types of segments, and we’re extending our partners’ reach in a meaningful way,” she added.

The bank is inking partnerships across the world — from Egypt and the UAE to other countries — and across a variety of sectors. The common denominator? They need to be digital first and foremost, Al Sakaal said. “We need to have a similar DNA, and we look for partners where we can genuinely add value to their customer base,” she added. “It’s not about how strong or big the firm is.”

Digital partnerships also help the bank extend its reach into markets with huge underbanked and unbanked populations, with the goal of driving financial inclusion. Working with the second largest telco in Egypt, Etisalat, for example, helped it extend its services across huge swathes of the population who might not hear of, or have access to, Mashreq otherwise.

“Only 20-30% of Egypt is banked, so extending branches all over Egypt is not convenient,” Al Sakaal said. “People are already very happy with their telcos and have gotten used to their apps, so why not embed our services into those apps, allow them to open an account, access financing, and do what they need to do all through their existing Etisalat app,” she added.

That model was replicated across several markets where Mashreq operates. In markets where the bank does not offer retail services, strategic partnerships allow it to extend those services through partner banks and institutions. This applies in India, for example, where the lender also offers digital non-resident accounts through a partner bank, Al Sakaal said.

UAB gains, CBD stable, du on solid footing

Banks kept the momentum going in 1Q despite regional turmoil. United Arab Bank (UAB) posted net income of AED 75 mn in 1Q 2026, as stronger income growth and loan expansion helped offset a tougher comparison on impairments, according to its earnings release (pdf). Total operating income rose 16% y-o-y to AED 193 mn, driven by a 34% increase in net interest income.

The balance sheet was doing its part: Total assets grew 15% y-o-y to AED 26.9 bn, with loans and Islamic financing up 21% to AED 15.1 bn and investments rising 22% to AED 8.3 bn. Customer deposits increased 11% to AED 16.7 bn, pointing to steady funding alongside credit growth.

Meanwhile, Commercial Bank of Dubai’s (CBD) net income after tax edged up 0.2% y-o-y to AED 830 mn, according to its management discussion and analysis report (pdf). Operating income increased 6.2% to AED 1.5 bn, supported by growth in loans, low-cost CASA balances, and fees.

Credit costs did most of the dampening: Higher income was largely offset by a jump in impairment charges. Net impairment losses surged 68% y-o-y to AED 152 mn as the bank applied macroeconomic overlays linked to heightened regional uncertainty.

Even so, the balance sheet stayed solid: Net loans and advances topped AED 102 bn, up 5.3% y-o-y, while customer deposits rose 10% to AED 109.6 bn. Total assets increased 11.9% to AED 157.9 bn.

du also opened 2026 on solid footing

The telco’s net income rose 15.5% y-o-y to AED 834 mn in 1Q 2026, on revenue of AED 4.1 bn, up 6.9% y-o-y, according to its earnings release (pdf). The operator said that strong momentum in January and February helped offset a weaker March, when regional disruption weighed on activity. Mobile subscribers grew 6.1% y-o-y to 9.7 mn, while fixed base subscribers increased 6.3% to 745k.

How the war filtered through earnings: March brought weaker tourist inflows and inbound roaming, pressure on new subscriber additions, and softer discretionary spending by consumers and businesses. du also flagged a shift toward fixed connectivity as remote working and learning picked up. The telecom operator kept full-year guidance unchanged for now.

Global cybersecurity firms beef up their UAE teams

Two cybersecurity firms tapped regional heads for their UAE offices as rising cyber threats and AI-driven attacks keep demand for regional security talent elevated.

Up first: California-based, AI-powered SentinelOne appointed former Microsoft UAE executive Girard Moussa (LinkedIn) as area vice president for sales across the Middle East, Turkey, and Africa (META), where he will oversee regional sales strategy across enterprise and public-sector markets, ITP.net reports. Moussa previously held senior roles at Google Cloud, SAP, Cisco, and Splunk.

Meanwhile, UK-based Sophos named Dubai-based Hussain Salman (LinkedIn) as enterprise services director for the Gulf region to lead delivery across the UAE, Bahrain, Kuwait, Oman, and Qatar, according to a press release. Salman previously held roles at Dell Technologies and Secureworks.

The logic is all about the threat backdrop: SentinelOne said organizations can no longer rely on traditional security models as AI increases threat sophistication, while Sophos said the Middle East has entered a “new strategic era” for cybersecurity requiring more proactive, intelligence-led defences.

They’re not wrong: The hires land as cyberattacks targeting the UAE have climbed to as many as 700k incidents a day since the regional conflict began, according to UAE Cyber Security Council Chairman Mohammed Al Kuwaiti, amid a wave of phishing, malware, and infrastructure-focused attacks.

DMCC adds office supply, Stake builds an exit door, Masdar to set up JV in Montenegro, Bain heads to Abu Dhabi

DMCC adds another office wager to Dubai’s pipeline

Dubai is set to welcome more than 560k sq ft of new Grade A office space after Dubai Multi Commodities Center (DMCC) launched two commercial towers in Uptown Dubai, according to a Dubai Media Office statement. The added supply lands in a market long defined by scarce top-tier space and will push Uptown Dubai’s total commercial footprint beyond 1 mn sq ft.

The details: The 21-storey and 15-storey towers, called One Uptown Place and Two Uptown Place, are expected to open for leasing in 2H 2026, with completion targeted for 1Q 2028. Office sizes will range from 2.1k sq ft to 17.6k sq ft.

The backdrop: Dubai’s office squeeze is beginning to ease, selectively. As we’ve recently reported, rental growth has cooled, and roughly 2 mn sq ft of new supply is pencilled in for this year, though delivery timelines in the office market have a habit of slipping. Even so, the battle for blue-chip tenants is only intensifying — DIFC is pursuing its own AED 100 bn growth push, with plans to add 17.7 mn sq ft of space between 2030 and 2040.

Fractional real estate just got an exit door

Dubai-based real estate investment platform Stake is looking to make buying and selling on its platform easier through a partnership with Swiss private equity and VC firm ACE & Company, according to a statement.

The plan: The two will develop a secondary transfer platform, giving investors an easier way to sell fractional ownership stakes in properties listed on Stake’s platform to other investors before the underlying asset is sold. The facility will initially cover properties structured through special purpose vehicles in the Dubai International Financial Center.

Masdar expands Montenegro footprint

Masdar sets the stage for large-scale renewables investments in Montenegro: Abu Dhabi-based renewables major Masdar and Montenegro’s state utility EPCG agreed to set up a 50/50 joint venture, which will develop large-scale renewable projects in the Balkan nation, state news agency Wam reports. The JV will focus on solar PV, wind, hydropower, pumped hydro energy storage, standalone battery energy storage systems, and hybrid solutions.

Where is the energy going? The projects set up under the JV will “support Montenegro’s domestic energy needs while also enabling the export of renewable electricity to the Western Balkans and Southern Europe, including leveraging an existing sub-sea interconnection with Italy,” according to the statement.

Masdar is no stranger to the Montenegrin market — it owns a 49% stake in the country’s largest wind farm.

Bain & Company is expanding its Abu Dhabi presence

Management consulting firm Bain & Company is opening up a new office in Abu Dhabi, expanding its UAE presence after operating from Dubai since 2008, according to a press release. The new office comes amid “increasing client demand across Abu Dhabi’s public and private sectors,” the company said.

Why this matters: The world’s biggest business consulting firms — also known as the Big Three — play a huge role in executing the visions of Gulf countries and state-related entities. This move brings Bain closer to tns of USD in sovereign assets held by sovereign wealth funds like Abu Dhabi Investment Authority and Mubadala, along with other government entities.

Warsh asserts Fed independence, vows reform

Warsh to Senate: No rate-cut promises, and the Fed needs an overhaul: Kevin Warsh made clear at his Senate Banking Committee confirmation hearing on Tuesday that lower rates are anything but a sure thing under his watch, pushing back hard on the idea that he’s been pre-wired to deliver what the White House wants.

No pressure? Trump “never asked me to predetermine, commit, fix, decide on any interest rate decision in any of our discussions, nor would I ever agree to do so,” the Fed chair nominee told the panel during a two-and-a-half-hour grilling (watch, runtime: 2:40:00). The line came just days after Trump told reporters he would be “disappointed” if his pick didn’t deliver cuts.

Elected officials voicing views on rates doesn’t, in itself, undermine Fed autonomy, Warsh argued. He drew a clear line, though, between monetary policy and everything else: on bank regulation, supervision, and the Fed’s non-monetary functions, he believes the president should have greater sway.

Regime change: Warsh argued that the Fed needs significant reform after committing policy mistakes during the post-Covid inflation surge, telling senators that once inflation takes hold, it becomes harder and more expensive to reverse — and that the errors of 2021-2022 are still weighing on US households today.

Cleaner inflation data is the top priority: Warsh floated a “new inflation framework” and said one of his first projects would be a joint public-private data effort to better capture underlying inflation trends. His preferred gauge? Trimmed-mean measures that strip out extreme price moves.

Rapid AI adoption could pull inflation lower — but proceed with caution: Warsh agreed that productivity gains from fast AI adoption could eventually bring down inflation and lift output, but stopped short of endorsing the Trump administration’s view that this justifies near-term rate cuts. The labor market effects and their timing remain uncertain and should be at the center of the Fed’s analysis, he said.

What’s next?

A committee vote isn’t coming soon — despite broad support. Warsh appears to have the backing of most committee members. Senator Thom Tillis has vowed to block the nomination for as long as the DOJ investigation into Powell remains open. With Tillis retiring at year-end, he has little incentive to back down — meaning the next move likely rests with Trump and the Justice Department, not the Senate.

MARKETS THIS MORNING-

Asia-Pacific markets are mixed in early trading this morning as surging oil prices and strong corporate earnings pull investors in different directions. Japan’s Nikkei and the Hang Seng are both down, South Korea’s Kospi is up 0.8%, and the Shanghai Composite is flat. Wall Street appears set for a more volatile trading day, with futures in the red.

ADX	9,786	-0.8% (YTD: -2.1%)
DFM	5,816	-1.1% (YTD: -3.8%)
Nasdaq Dubai UAE20	4,659	-1.9% (YTD: -4.7%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.5% o/n	4.1% 1 yr
TASI	11,245	-0.9% (YTD: +7.2%)
EGX30	51,962	0.0% (YTD: +24.2%)
S&P 500	7,138	+1.1% (YTD: +4.3%)
FTSE 100	10,476	-0.2% (YTD: +5.5%)
Euro Stoxx 50	5,906	-0.4% (YTD: +2.0%)
Brent crude	USD 102.52	+0.6%
Natural gas (Nymex)	USD 2.73	+0.2%
Gold	USD 4,761	+0.2%
BTC	USD 78,248	+2.5% (YTD: -10.7%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.59	-2.2% (YTD: -4.3%)
S&P MENA Bond & Sukuk	152.07	+0.1% (YTD: +0.1%)
VIX (Volatility Index)	18.92	-3.0% (YTD: +26.6%)

THE CLOSING BELL-

The ADX fell 0.8% yesterday on turnover of AED 977 mn. The index is down 2.1% YTD.

In the green: Umm Al Qaiwain General Investment Co. (+5.8%), Al Buhaira National Ins. Company (+5.0%), and Agility Global (+2.8%).

In the red: Aram Group (-4.8%), Two Point Zero Group (-4.7%), and Ins. House (-4.6%).

Over on the DFM, the index fell 1.1% on turnover of AED 832.8 mn. Meanwhile, Nasdaq Dubai was down 3.8%.

CALENDAR

APRIL

23 April (Thursday): Mawarid Fintech and Innovation Summit, Grand Hyatt Dubai, Dubai.

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

MAY

4-7 May (Wednesday-Friday): 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.

15-17 May (Friday-Sunday): Art Dubai, Madinat Jumeirah, 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.

3-4 June (Wednesday-Thursday): MENA Desalination Forum, Conrad Abu Dhabi Etihad Towers, Abu Dhabi.

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;
Annual Meetings of the World Bank Group and the International Monetary Fund, Abu Dhabi;
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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