Alabbar eyes Syria, Phoenix eyes France, and Presight plans to scale its defense solutions

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Masdar secures 2 GW from China’s JinkoSolar + Mubadala backs quantum computing firm

Good morning, friends. It’s looking a lot like the new normal, for now at least — maybe in the run-up to Eid? — is news dump day, everyday. Today’s issue is another meaty one, with big moves from Emirati companies including Phoenix Group, which is shifting from a pure BTC miner to a data center developer with a new contract in France, and Presight, which is scaling its defense technology amid a wider national focus on domestic security and resilience.

Plus: Our Big Story Today focuses on another big-ticket investment, this time in Syria, with Emaar and Eagle Hills head Mohamed Alabbar confirming he’s eyeing up to USD 18 bn in investments in the country.

ALSO- We have a lot of cross-border cooperation with none other than Saudi Arabia. Abu Dhabi Commercial Bank is lending Saudi-based trucking platform Trukker USD 300 mn, while fresh produce importer NRTC Holding Group and Saudi agribusiness Dava Agricultural inked an agreement on sourcing and supply chains.

AND- President Mohamed bin Zayed Al Nahyan spoke to Saudi Crown Prince Mohammed bin Salman over the phone about regional tensions and stabilization efforts, state news agency Wam reports. The two also discussed “fraternal relations” and “aspects of cooperation and coordination between the two countries.”

BACKGROUND- The call comes after a period when Emirati-Saudi relations were in the spotlight, following tensions over the two countries’ backing of different groups in the conflict in Yemen and concerns that the UAE’s exit from Opec exposes a rift between the two countries, despite UAE officials’ denial.

The president also spoke with US President Donald Trump, in a call that focused on ways to boost bilateral cooperation and regional developments, Wam reports elsewhere. UAE-US collaboration has been on a roll recently, particularly on AI and tech, with the two also reportedly discussing a currency swap line to boost liquidity for the UAE.

And while we’re on the topic of diplomacy: The government denied a statement from Israel’s Prime Minister Benjamin Netanyahu’s office claiming the Israeli leader “secretly visited” the Emirates sometime after the regional war broke out. Abu Dhabi also denies receiving any Israeli military delegation.

Another thing UAE officials want you to know?

There’s no fear of capital flight here. Chairman of the UAE bank federation Abdul Aziz Al Ghurair struck a note of confidence in the Emirates’ status as a hub for capital, saying that he doesn’t expect the war to affect banks or corporate earnings, in comments at a press conference picked up by Reuters. Al Ghurair said he expects “2Q [2026] will be better than 2Q 2025.”

ICYMI- Earlier in the conflict, analysts told us that foreign investors’ confidence would likely take a hit in the short to medium term, with the duration and scope of the war determining the magnitude of outflows. Foreign investors had pulled USD 120 bn out of the Emirates during the early days of the conflict. However, capital markets have been in a phase of relative recovery in recent weeks.

WEATHER- Abu Dhabi will see a high of 40°C today, before it cools down to 28°C overnight, while Dubai will see the mercury reach 38°C before cooling to 29°C.

Watch this space

ENERGY — Chinese solar manufacturer JinkoSolar will supply Masdar with 2 GW of its high-efficiency Tiger Neo solar modules for Abu Dhabi’s first round-the-clock renewable energy project, according to a statement. Masdar broke ground on the project last October.

Masdar and Ewec are setting up the USD 6 bn solar and battery energy facility, combining 5.2 GW of solar capacity and 19 GWh of battery storage to provide 1 GW of uninterrupted clean power. The facility is set to be one of the largest of its kind once operational in 2027.

AI — The UAE and South Korea are looking to deepen AI cooperation. The Investment Ministry led a delegation to South Korea this week to discuss expanding partnerships tied to AI, data centers, semiconductors, and wider AI infrastructure, state news agency Wam reports. The discussions came during the Korea-UAE AI Infrastructure and Semiconductor Investment Cooperation Forum, which was launched under a joint working group set up during the UAE visit to South Korea last year.

Who was involved? The Emirati delegation included heavyweights from both the AI and investment sectors, with the likes of Abu Dhabi AI investor MGX, Mubadala, G42’s sovereign cloud and generative AI subsidiary Core42, and Adia attending the talks.

ICYMI- Earlier this year, the UAE and Korea inked a USD 35 bn MoU on defense cooperation, in a tie-up spanning the entire defense industry cycle.

INVESTMENT — Mubadala Capital joined a USD 200 mn funding round for Vancouver-based quantum computing firm Photonic Inc., according to a press release. The round, led by the UK’s Planet First Partners and joined by the likes of Development Bank of Canada, Export Development Canada, and existing investor Microsoft, values the company at USD 2 bn and brings its total capital raised to over USD 350 mn. The size of Mubadala's investment was not disclosed.

What does Photonic do? Unlike most quantum players trying to build one large, isolated machine, the firm builds smaller units that can be linked together and scaled up as needed, according to its website. The units can connect over standard fiber-optic cables — the same kind that carries the world’s internet traffic — instead of requiring entirely new infrastructure.

Why this matters: Photonic’s architecture is designed to work over existing global telecom fiber infrastructure, which the UAE is actively expanding through projects like the 2Africa subsea cable. Watch for whether this technology starts finding its way into the UAE’s own digital infrastructure as it looks to bolster its position as a global AI and data hub.

IN CONTEXT- As we’ve previously noted, regional tensions are pushing SWFs like Mubadala to prioritize sectors supporting economic resilience and strategic supply chains — this investment gives it a slice of technology that could set the UAE up for success as it deepens its push in quantum computing and AI. The investment also comes on the heels of last year’s USD 50 bn investment framework focused on high-growth sectors including energy, AI, and logistics.

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The big story abroad

The highly-anticipated Trump-Xi meeting is happening as we’re pressing send this morning. The meeting is expected to see President Donald Trump ask his Chinese counterpart to “open up” the world’s second biggest economy to US investment. The US side is also expected to press Beijing to pressure Iran to “walk away from what it is doing in the Gulf,” Reuters said, citing comments by US Secretary of State Marco Rubio.

It’s official: The US Senate has confirmed Kevin Warsh as the next head of the Federal Reserve, taking over from outgoing chief Jerome Powell, whose term officially ends this Friday. Warsh, a longtime advocate for rate cuts, will take over during a period of high inflation and internal dissent in the Fed. We dive deeper into upcoming Fed moves and what they could mean for the region in this morning’s Planet Finance, below.

Two blockbuster IPOs are the latest sign that the AI hype is alive and well, highlighting the strong and ongoing appetite investors have for AI-focused companies. AI chipmaker Cerebras Systems raked in USD 5.5 bn in its IPO, bringing its value to roughly USD 40 bn, while the IPO of Blackstone’s newly-formed Digital Infrastructure Trust raised USD 1.75 bn, which will go towards buying data centers to support AI computing.

The future of private credit is once again making headlines after former Securities and Exchange Commission chair Jay Clayton said that there is no evidence that the US private credit sector suffers “excess leverage.” The comments follow heavy losses in the sector, fueled by fears that AI disruption could cripple the debt-heavy software firms it supports.

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Alabbar lines up USD 18 bn Syria push

Mohamed Alabbar plans USD 18 bn fund for Syria rebuild: Mohamed Alabbar has just confirmed he’s the latest Emirati name making a major push into Syria’s reconstruction. The Emaar Properties founder said he plans to invest up to USD 18 bn in large-scale real estate, tourism, and infrastructure projects across Syria, according to comments (watch, runtime: 42:53) made by Alabbar at the first Syrian-Emirati Investment Forum in Damascus.

Why it matters: The plans would mark one of the largest Gulf private-sector pushes into Syria since the lifting of sanctions reopened the country to international investment flows.

The plan: The proposed investment includes USD 10-11 bn earmarked for real estate developments in and around Damascus, alongside USD 5-7 bn for tourism-focused projects on Syria’s coastline, Alabbar said. Work could begin within 6-12 months once planning and structuring are completed, he added.

“The time for Syria is now,” Alabbar said, explaining that any investment inherently carries risk — even the ones in the UAE or Egypt — but that “the smart move is to act fast before others jump [at the chance].”

REMEMBER- Reports had circulated last week that Alabbar’s international development-focused firm, Eagle Hills, is weighing some USD 50 bn in developments in Syria, though Alabbar — without outright denying the figure is true — pointed to slightly smaller investment estimates as of now. The projects mentioned included a major development in Damascus’ Dummar area and another in Latakia.

Tourism is central to the pitch: Syria could attract as many as 8 mn tourists within 4-5 years — up from roughly 4 mn visitors last year — potentially generating USD 5-7 bn in annual foreign currency inflows, Alabbar said.

It won’t all be Emirati capital. Alabbar plans to open up his projects to Syrian partners who could own shares in the company set up to develop these projects.

The broader push mirrors UAE-backed megadevelopment and reconstruction plays elsewhere in the region. Earlier this year, we covered reports of the UAE’s funding plans for a residential complex in Gaza to house displaced Palestinians. UAE names like ADQ-backed Modon and Miran Hills Real Estate are also involved in developing the USD 35 bn Ras El Hekma project in Egypt.

Back to Syria: Alabbar wouldn’t be the first Emirati player getting involved in Syria’s reconstruction. DP World will develop Tartous Port under a 30-year agreement, while AD Ports is acquiring a 20% stake in Syria’s Latakia International Container Terminal. Dubai sovereign wealth fund Investment Corporation of Dubai also met with Syrian President Ahmed Al Sharaa during the forum to discuss potential investments across real estate, tourism, and financial services.

From BTC miner to AI infrastructure developer

Abu Dhabi-based Phoenix Group is making a shift from BTC mining to building large‑scale AI and high‑performance computing (HPC) infrastructure, with its first contract (pdf) for an 18 MW data center in Lyon, France — marking its first venture into global AI infrastructure.

Yes, it’s a full-on shift. “AI and HPC infrastructure is where the majority of our capital and focus is directed going forward,” Founder and CEO Munaf Ali tells EnterpriseAM, describing it as an “evolution” given the foundations already built with BTC mining. “BTC mining is fundamentally an infrastructure business built around power procurement, large-scale compute, cooling, and the ability to energize facilities at speed,” Ali explains. “Those are exactly the capabilities that the AI and HPC markets demand.”

He expects AI and HPC infrastructure to become the dominant part of the business by contribution, with plans to develop a 1 GW platform across the GCC and Europe.

It’s mostly about timing: “AI infrastructure demand is outpacing supply globally,” he explains. “The window to establish strong positions, with the right sites, power, and partnerships is open now, and we have the operational capability and balance sheet to move, so we are moving.”

But it’s also about de-risking: Last year, Ali told Semafor that both AI and crypto de-risk each other. “BTC mining can be operational in six months,” while an AI data center can take years to build and to lock in tenants, he said at the time.

The details: The company is working with DC Max, a French data center developer with a 1 GW pipeline already in the bag, valued at USD 8 bn, on the project. DC Max is bringing to the fore its grid access and on-the-ground relationships, with the project now ready to go: land is secured in Lyon, where costs are “significantly lower than in Paris,” as the statement says, and the grid connection is in place with available power.

The project is on track to begin construction in July 2026, with an eye to deliver the data center in 4Q 2027 or 1Q 2028. That clear timeline, coupled with the fact that the site is already permitted with grid and power connection available, is a “genuinely rare combination in the current European market — and that profile attracts serious demand,” he says, noting that there are “active conversations” with potential tenants underway.

What’s next?

The company said it plans to make “further announcements” this year, with both Europe and the GCC in its sights.

Why the focus on Europe? The company sees it as a “growth engine” alongside its expertise in the GCC. “France alone has a pipeline that supports serious scale, and we are not limiting our ambitions to a single country,” Ali says, without disclosing a specific planned geographic breakdown for the 1 GW target.

Where next? “Sequencing will reflect where the right combination of site readiness, power, and commercial terms comes together first,” he tells us.

Background

Phoenix has been scaling its mining operations across the GCC, North America, and Ethiopia, with around 550 MW of deployed capacity. The company just last November launched a 30 MW hydropower-backed mining facility in Addis Ababa, with the company saying at the time it plans to diversify into new streams of digital infrastructure like AI hosting.

It was also eyeing a US listing, which it is still “evaluating seriously,” though there are no concrete updates on that front.

Dubai Taxi to snap up National Taxi

Dubai Taxi is taking over a rival and finally crossing into Abu Dhabi. Dubai Taxi Company (DTC) signed an SPA to acquire rival operator National Taxi in an AED 1.45 bn debt-funded transaction that would hand it a much larger slice of Dubai’s taxi market while giving it a foothold in the capital for the first time, according to a p ress release (pdf) and separate disclosure (pdf).

The target: National Taxi operates more than 2.5k licensed plates and over 2.7k vehicles across Dubai, Abu Dhabi, and Al Ain. Its FY 2024-2025 earnings saw it bring in AED 774 mn in revenues and AED 101 mn in net income.

DTC said the acquisition will be fully funded through new bank debt facilities, with no new share issuance or dilution for existing shareholders. The transaction is expected to close in early 3Q 2026 pending regulatory approvals.

What’s ahead: DTC expects its Dubai market share to climb to roughly 59% post-transaction (from 47%) and to enter Abu Dhabi with an estimated 12% market share. Combined, DTC and National Taxi would operate a fleet exceeding 14k vehicles and serving around 78 mn trips annually across the UAE.

And for National Taxi? DTC plans to keep the National Taxi brand after the transaction closes and will fold finance, procurement, and other back-office functions into its own operations.

Why it matters: The acquisition — DTC’s first major transaction since listing — comes amid a wider consolidation drive in Dubai and the wider UAE from state-owned entities. Just earlier this week Dubai Holding became the largest shareholder in Emaar Properties, acquiring a 22.27% stake from Investment Corporation of Dubai in a move that was described as “a government-level restructuring rather than a commercial transaction.” Over in Abu Dhabi, we’ve been reporting on a similar trend from the likes of IHC, L’imad, and Judan Financial.

Presight plans to scale defense solutions amid broader domestic resilience push

AI-powered data analytics firm Presight plans to expand its defense tech stack and sharpen its focus on domestic resilience amid a broader national focus on security and defense in light of the regional conflict, Senior Director of Investor Relations Roger Tejwani tells EnterpriseAM.

The firm’s National Crisis Emergency Platform, which operates in Abu Dhabi, was “very active” during the war, and use cases were expanded in real time for situations like handling fallen debris from interceptions, allocation of resources, and test cases around hospital evacuation protocols, to give a few examples, Tejwani says.

“There’s conversations happening across other emirates — and even internationally — to scale the use of this platform,” he adds, referencing the impact of the war on other emirates like Dubai, Fujairah, and Ras Al Khaimah.

There are plenty of non-kinetic defense use cases that can be scaled as mission-critical solutions, as sovereigns’ focus on national and institutional resilience, operational continuity, and data security ramps up, he explains. “There’s a renewed focus on the role AI can play in defense and the full defense and safe city optimization chain — from joint manpower operation to logistics and supply chains, as well as things like shelter planning and optimization,” Tejwani says.

The focus on defense comes amid a broader policy shift that was evident at last week’s Make It in the Emirates. The mandate is now to move beyond just local assembly or procurement and instead push towards owning the full ecosystem (components, IP, supply chains, and tech transfer). Presight, a state-backed, Abu Dhabi-based big data analytics firm specialized in developing smart city software applications and sovereign AI platforms, is in a great position to own the safe-city optimization and data governance side of this.

It also comes amid a potentially broader focus on infrastructure resilience across other critical industries, including tech. The war exposed vulnerabilities across data center infrastructure, with kinetic attacks on Amazon Web Services’ data centers in Dubai and Bahrain leading to outages and months-long repairs.

Presight is already working on a command-and-control platform for Khazna’s data centers in the region, which would help “optimize performance, monitor performance, and ensure operational continuity,” Tejwani says, explaining that a platform like that, along with a potential rethink of some data centers’ design or their distribution, will support the Emirati AI sector.

“I think the Middle East will remain a critical node for compute,” he says, adding, “there are very few territories globally where you have that combination of cost-efficient energy, scalability, strategic intent, capital, chips, and cooling.”

This all adds to other domestic tailwinds, including the government’s recent decision to deploy agentic AI across 50% of government services.

Equal parts domestic and international expansion

The company is focusing on a “twin-growth” strategy, whereby international revenues will be on par with domestic revenues and Presight’s own domestic national-scale platforms can be replicated and exported to other countries, Tejwani tells us. International revenues grew 63% y-o-y off an “already high base [in 1Q 2025],” he says, and their share of total revenues was around 30%.

Everything built in Abu Dhabi is built with the potential to export it in mind. “We often bring ministries into the UAE to show them the full scale of what they can achieve through AI, and they’re keen to replicate that in their own territories,” Tejwani explains.

Presight is in talks with countries across Central Asia, Africa, and the Balkans, where an agreement is expected soon, Tejwani tells us. It already has smart city programs and supercomputer projects in place in countries like Kazakhstan and Albania, as well as Gabon, the Ivory Coast, and Burkina Faso in Africa.

A closer look at the numbers

The firm’s net income after tax grew 11.5% y-o-y to AED 133.8 mn, while revenues grew 22.2% to AED 689 mn, according to its management discussion and analysis report (pdf). Some 95.7% of revenue is generated from multi-year contracts, giving the firm a high level of

revenue visibility and resilience even as the conflict potentially delays some agreements.

“Our customer base are sovereigns, both in the UAE and internationally, and their focus from late February onwards was very much on system resilience, operational continuity, strong data governance, and data security,” Tejwani tells us. That explains the “small delay” in contract renewals during the quarter, though he says that has reversed as of early 2Q, with a series of domestic contract renewals that helped boost current pro-forma backlog to AED 4.9 bn.

The outlook for margins is also strong: The firm guided on 23-28% EBITDA growth between this year and 2029, as it sees international operations maturing past initial infrastructure-heavy phases and towards second-generation contracts focusing on software applications and professional services, where the margin mix is more favorable, Tejwani explains. The firm also maintained its guidance for revenue growth for the period at 20-25%.

Earnings are in from AD Ports, Emsteel, Adnoc Distribution

Emsteel forges higher earnings despite softer volumes

Steelmaker Emsteel delivered sharply higher earnings in 1Q 2026, as lower raw material costs, a 3% yearly uptick in steel product prices, and tighter cost controls helped offset softer volumes. Net income surged 246% y-o-y to AED 299 mn, according to its earnings release (pdf), while revenue remained broadly flat at AED 2.2 bn.

Steel volumes fell 6% y-o-y during the quarter, partly due to a planned rolling mill maintenance shutdown in January. The cement segment, however, continued to gain traction, with revenue rising 31% y-o-y to AED 269 mn as sales volumes from cement and clinker climbed 32%.

The company also moved to reinforce supply chains and logistics during the quarter, signing a five-year AED 600 mn freight agreement with Oldendorff Carriers to transport iron ore pellets annually, alongside a strategic MoU with Metal Park focused on downstream steel logistics and processing capacity in Abu Dhabi. Management said it remains “attentive” to the impact of regional developments on market conditions and supply chains as the outlook evolves.

The company didn’t face too much of an impact from supply chain disruptions, with demand still strong, though some private firms may have delayed orders, Group CEO Saeed Al Rameithi told CNBC Arabia (watch, runtime: 11:30). Strong demand from the public sector helps offset this, though, he added, while noting that the domestic market accounts for about 80% of revenues.

Adnoc Distribution grows beyond the pump on retail and aviation demand

Adnoc Distribution saw its earnings grow in 1Q 2026 despite regional disruption and softer commercial fuel volumes. Net income rose 21% y-o-y to USD 210 mn, according to its management discussion and analysis report (pdf) and earnings release (pdf), while revenue climbed 4% to USD 2.4 bn, supported by stronger fuel volumes and non-fuel retail growth.

Fuel and convenience retail drove growth: Fuel volumes hit a 1Q record of 3.8 bn liters, while non-fuel retail gross income rose 9.8% y-o-y to AED 251 mn on higher footfall, F&B sales, and stronger property management revenues. The company added 22 new service stations during the quarter, bringing its network to over 1k sites across the UAE, Saudi Arabia, and Egypt.

Commercial demand was more mixed: Commercial fuel volumes softened as Adnoc Distribution deliberately cut lower-margin corporate business, though aviation demand partly cushioned the decline. GCC aviation fuel volumes surged 73.8% y-o-y, helping commercial gross gain jump 37.6%, despite lower overall commercial volumes.

Looking ahead, the company is pushing further into EV charging and larger retail destinations. Adnoc Distribution says it plans to electrify eight major UAE highways by 2027 after opening the region’s largest superfast EV charging site on the Abu Dhabi-Dubai E11 highway during the quarter. It also expects to open five additional “The Hub by Adnoc” sites this year as it expands higher-margin retail and convenience offerings.

Shareholders are also shifting to quarterly payouts. The board approved its first quarterly dividend of 5.14 fils per share, payable in June, after extending the company’s dividend policy through 2030 earlier this year.

AD Ports delivers revenues through the squeeze

AD Ports’ operations beat regional disruptions: ADX-listed giant AD Ports saw its total net income rise 41% y-o-y to AED 653 mn in 1Q 2026, driven by operating leverage, lower finance costs, and stronger contributions from JVs and associates, according to its financial release (pdf). The group’s revenue rose 25% y-o-y to AED 5.8 bn during the same period — supported by robust growth across its maritime and shipping as well as economic cities and freezones clusters.

By segment: Maritime and shipping drove the growth this quarter — with container feeder volumes up 20% y-o-y to 871k TEUs, while the bulk, multipurpose, and Ro-Ro fleet expanded to 63 vessels from 41 a year earlier. Economic Cities and Freezones recorded 843k sqm of new industrial land leases across Kezad, alongside AED 1.1 bn in asset monetization.

Meanwhile, ports’ performance was mixed, with UAE container throughput declining 5% y-o-y and general cargo volumes falling 23% y-o-y, partly offset by stronger international activity, where container volumes grew 17% and general cargo volumes grew 21%.

How the system adapted: AD Ports kept services running by rerouting cargo and feeder operations through Fujairah Terminals and Khorfakkan Port, while activating an integrated network of land, rail, and air bridges across the UAE. The group also mobilized around 800 trucks and four daily Etihad Rail freight services through bonded corridors as it moved to expand essential-goods warehousing capacity from more than 76k sqm to 188k sqm.

UAE + Saudi team up on food security, another Indian infrastructure player comes to the UAE, Omla launches in Umm Al Quwain, Partners Capital opens in Abu Dhabi

GCC food security tie-ups accelerate

GCC food security and supply-chain consolidation efforts are continuing to pick up pace. Fresh produce importer NRTC Holding Group signed an MoU with Saudi agribusiness Dava Agricultural to collaborate on fresh produce sourcing, agricultural trade, and supply-chain operations across the GCC, according to a press release.

Why it matters: The tie-up links one of the GCC’s largest fresh produce distribution networks with one of Saudi Arabia’s biggest hydroponic greenhouse operators. NRTC handles around 1 mn tonnes of fresh produce annually, while Dava currently produces roughly 170 tonnes of vegetables daily from hydroponic greenhouses in Saudi Arabia, with plans to expand capacity further over the coming years.

IN CONTEXT- The move comes as GCC governments and companies step up cross-border food security and supply-chain cooperation amid ongoing regional disruption. Earlier this week, DP World and ADQ-backed Al Dahra announced plans to explore investments in GCC port infrastructure as pressure grows to secure regional food flows while the Strait of Hormuz remains disrupted.

Indian builders continue piling into the UAE

Indian infrastructure investor Nisus Finance is expanding into the UAE construction market through its subsidiary New Consolidated Construction Company Limited (NCCCL), according to a press release. NCCCL says its UAE operation will serve as a wider GCC hub for construction, infrastructure, and real estate activities, with a phased expansion strategy focused on partnerships and cross-border projects.

Meet the entrant: Nisus Finance acquired NCCCL last year with the aim of expanding the company across India and the GCC. NCCCL has delivered more than 200 mn sq ft of residential, commercial, healthcare, industrial, and data center projects, with an active order book exceeding AED 1.15 bn.

The expansion adds to a growing wave of Indian developers and contractors deepening their UAE footprint. State-owned NBCC was among the latest entrants, joining firms including Sunteck Realty, Casagrand, Shapoorji Pallonji, and Mantra Properties in expanding into the UAE market.

Why the GCC? Construction and transport projects under execution across the GCC are approaching USD 951 bn, while the broader regional pipeline now exceeds USD 2 tn, driven largely by Saudi Arabia and the UAE. Nisus said NCCCL’s UAE entry comes at a time of “renewed confidence” in the country’s long-term development trajectory.

New digital bank coming to Umm Al Quwain

Omla gets CBUAE green light: The Central Bank of the UAE (CBUAE) granted in-principal approval to Omla Community Bank, a new digital-first lender backed by Abu Dhabi Capital Group subsidiary Alternative Venture Capital and payments processor Mint Gateway, state news agency Wam reports. The bank will be headquartered in Umm Al Quwain, with plans to roll out its services countrywide.

The bigger picture: Founded by Mint Gateway Chairman Abdulrazzaq Al Abdulla, Omla is positioning itself as a community bank targeting SMEs, micro-businesses, and workers. It joins a group of digital lenders including Wio Bank, Al Maryah Community Bank, and IHC’s latest venture Reem Bank, which target micro-enterprises and underserved segments.

Another global asset manager heads to Abu Dhabi

Global investment firm Partners Capital is opening an Abu Dhabi office in another vote of “trust in the UAE’s leadership and the institutions they have built,” according to a press release. The move comes alongside an MoU with the Abu Dhabi Family Business Council focused on investment collaboration and family businesses. Partners Capital manages more than USD 75 bn in assets and advises institutions and family offices globally, including Oxford and Cambridge universities, INSEAD, and the Guggenheim Foundation.

The queue into Abu Dhabi keeps growing: Global asset managers and hedge funds are still flocking to Abu Dhabi despite regional headwinds. US asset manager Capital Group is among the latest entrants, while UK hedge fund giant Man Group is also pursuing an ADGM license as it eyes a future Abu Dhabi presence.

Trukker locks in USD 300 mn cross-border funding with ADCB

Saudi-headquartered digital freight network platform Trukker secured a USD 300 mn cross-border securitization facility, with Abu Dhabi Commercial Bank (ADCB) acting as sole arranger and lender, according to a press release. Trukker will use the financing for working capital to support the company’s operations and expansion plans, including scaling its digital freight network and optimizing its carrier ecosystem across regional markets.

Not your typical bank loan: The non-recourse facility is backed by Trukker’s trade receivables across multiple markets and is structured across the UAE, Saudi Arabia, and Turkey, making it one of the region’s first multi-jurisdictional, asset-backed securitizations. The structure effectively converts future customer payments into tradable financing backed by institutional capital, rather than a conventional loan.

Why it matters: The financing reflects growing bank appetite for exposure to large, revenue-generating digital platforms operating across multiple MENA markets, as well a broader shift toward structured credit tied to operating performance — with companies like Trukker increasingly turning to structured, receivables-backed securitization instead of relying solely on equity funding. Over time, this could provide an alternative funding route for scaled startups with predictable cashflows and cross-border operations.

ADVISORS- White & Case LLP and Paul Hastings provided counsel, while HSBC acted as facility security trustee and account bank across the different jurisdictions.

No cuts, no cushion

The US consumer price index (CPI) (pdf) across the all items index climbed 3.8%, up from 3.3% in March, with the core CPI for the “all items less food and energy” index rising 2.8% over the last 12 months, up from 2.6% in March.

The energy index accounts for only 40% of the monthly all-items increase — meaning the other 60% is now shelter, services, food, and tariff-sensitive categories. Energy surged 17.9% over the 12-month period. Shelter costs and tariff-sensitive apparel rose 0.6%, while airline fares accelerated 2.8% on the month, putting the 12-month gain at 20.7%. Food at home prices increased 0.7%, the biggest monthly gain since August 2022.

This rate increase has weighed on US consumer sentiment in recent weeks, as Americans grapple with an energy price shock that’s rippling through the economy. Real wages dipped 0.5% on the month, marking the first time in three years that US wages have not outpaced inflation. “For consumers, that means the cost of living remains uncomfortable,” economist Sung Won Sohn told CNN Business.

The Fed's rate-cut window just closed: The latest inflation reading sits at a longstanding crossroads for the Fed, following a four-dissent meeting held in late-April, the highest level of internal dissent since 1992. While incoming Chair Kevin Warsh has historically advocated for lower rates, and Governor Stephen Miran remains the lone voice favoring aggressive cuts, major investment banks have now begun pushing first-cut forecasts into 2027, with markets pricing a 30% chance of a hike by year-end.

Chief Investment Officer at Northlight Asset Management Chris Zaccarelli warned that with the labor market holding up, it’s very unlikely the Fed will be able to lower interest rates any time soon, and “we may start pricing in rate hikes for next year,” CNBC reports.

The geographic scope of the April inflation report hit Egypt particularly hard, with credit spreads widening as regional risk aversion triggered capital outflows and heightened concern over short-term funding needs. As we have previously tracked, Egypt’s 5Y credit default swap widened by 110 bps from pre-war levels to hit its March peak of 344.7 bps.

In the GCC, the USD peg means monetary policy is inherited from the Fed. While Aramco and Adnoc benefit from war-driven oil windfalls, the non-oil sector inherits a restrictive, high-rate environment from the Fed, constraining the non-oil credit cycle just as Vision 2030 and UAE industrial diversification deploy heavy capex.

The K-shape runs inside the GCC too — and the Public Investment Fund cutting international allocations from 30% to 20% is the tell that the windfall is being routed home, not deployed outward as it was in 2024-25.

While Aramco’s CEO Amin Nasser recently warned that supply disruptions could persist until a 2027 normalization — estimating a loss of 100 mn barrels for each additional week the strait remains closed — the CPI reading suggests a more permanent shift. As we reported yesterday, producers view 2027 as a tactical recovery, but the inflation passthrough has already locked in higher costs. For regional importers, what began as a temporary war shock is now the structural reality for 2027 budgets.

MARKETS THIS MORNING-

Asian markets are up in early trading this morning, led by South Korea’s Kospi and Japan’s Nikkei. Asian stocks are mirroring gains seen across US tech equities over the past few days, which pushed major US indices to end yesterday in the green.

ADX	9,705	+0.1% (YTD: -2.9%)
DFM	5,759	-0.4% (YTD: -4.8%)
Nasdaq Dubai UAE20	4,577	-0.1% (YTD: -6.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.5% o/n	4.0% 1 yr
TASI	11,020	-0.2% (YTD: +5.1%)
EGX30	53,416	-1.2% (YTD: +27.7%)
S&P 500	7,444	+0.6% (YTD: +8.8%)
FTSE 100	10,325	+0.6% (YTD: +4.0%)
Euro Stoxx 50	5,861	+0.9% (YTD: +1.1%)
Brent crude	USD 105.63	-2.0%
Natural gas (Nymex)	USD 2.86	-0.1%
Gold	USD 4,697	-0.2%
BTC	USD 79,299	-1.7% (YTD: -9.5%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.67	-0.3% (YTD: -2.1%)
S&P MENA Bond & Sukuk	151.19	-0.3% (YTD: -0.5%)
VIX (Volatility Index)	17.87	-0.7% (YTD: +19.5%)

THE CLOSING BELL-

The DFM fell 0.4% yesterday on turnover of AED 953.4 mn. The index is down 4.8% YTD.

In the green: Aramex (+2.8%), Taaleem Holdings (+2.2%), and Parkin Co. (+2.2%).

In the red: Talabat Holding (-4.8%), Islamic Arab Ins. Company (-4.8%), and Dubai Islamic Ins. and Reins. Co. (-3.8%).

Over on the ADX, the index rose 0.1% on turnover of AED 1.0 bn. Meanwhile, Nasdaq Dubai was down 0.1%.

CORPORATE ACTIONS

Online delivery platform Talabat will kick off its share buyback program on 18 May, it said in a disclosure (pdf) to the DFM. The firm is looking to buy back up to 5% of its issued shares.

ICYMI- Back at the end of 2024, its parent company Delivery Hero said it wanted to buy back around EUR 1 bn in bonds using proceeds from Talabat’s IPO. At the time, the plan was for the buyback to include paying off convertible bonds due in 2025 and 2026, with up to EUR 350 mn allocated for 2027 bonds.

CALENDAR

MAY

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

15 May (Friday): Investopia Global, Palazzo Mezzanotte, Milan.

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

19-21 May (Tuesday-Thursday): Abu Dhabi Global Sustainable Security Summit, Adnec Center, Abu Dhabi.

19-22 May (Tuesday-Friday): Abu Dhabi Water and Energy Week, Adnec Center, Abu Dhabi.

21 May (Thursday): Economy Middle East Summit, Rosewood, Abu Dhabi.

22 May-7 June (Friday-Sunday): Dubai Esports and Games Festival, 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.

17 June (Wednesday): Investopia Global Talks, Tashkent, Uzbekistan.

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

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.

29-30 September (Tuesday-Wednesday): AFCM Annual Conference, Abu Dhabi.

OCTOBER

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

5-7 October (Monday-Wednesday): AI Everything Global, Adnec Center, 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.

27-28 October (Tuesday-Wednesday): Arab Competition Forum, Dubai.

30 October (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

2-6 November (Monday-Friday): Dubai Future Finance Week, Dubai.

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.

16-18 November (Monday-Wednesday): World Police Summit, Dubai World Trade Center, Dubai.

DECEMBER

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

8-9 December (Tuesday-Wednesday): Capital Market Summit, Madinat Jumeirah, Dubai.

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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