Another vote of confidence in the GCC’s investment prospects from foreign investors

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WHAT WE’RE TRACKING TODAY

THIS MORNING: EGA eyes stake in Omani rival + Masdar secures approval for UK offshore wind project

Good morning, friends, and happy FRIDAY. We’re one week away from what will be a rare, long Eid Adha holiday (at least for the public sector and for schools — we’re still waiting on confirmation for the private sector). One final push…

We end the week once again on a positive note, with another strong signal from foreign investors, this time for the GCC more broadly. BlackRock’s Global Infrastructure Partners and Singapore’s Temasek have partnered up with Abu Dhabi’s Adnoc and new sovereign wealth fund L’Imad for a USD 30 bn fund targeting investments in infrastructure across the region and Central Asia.

The move comes amid a flurry of investments from big foreign players, including Brookfield last week with its Dubai Hills investment, and statements of confidence in the press from the people leading other major investors like KKR on investment prospects in the region — especially now as infrastructure and supply chain resilience become key priorities for governments.

Speaking of resilience: In another push for our defense capabilities, state-owned defense firm Edge has just acquired a majority stake in Italian propulsion systems manufacturer CMD.

WEATHER- It’s another hazy, slightly breezy — but still very warm — day, with a high of 38°C in Abu Dhabi and 36°C in Dubai, with both emirates seeing a low of 27°C.

Happening today

It’s a busy weekend for the UAE, with Art Dubai kicking off, Indian Prime Minister Narendra Modi planning a visit, and a UAE delegation taking Investopia to Milan.

#1- Prime Minister Narendra Modi will begin a five-nation tour today, starting with the UAE before traveling to the Netherlands, Sweden, Norway, and Italy, a foreign ministry statement reads. The UAE is the only Gulf stop, and the visit comes as higher oil prices, shipping disruption, and pressure on India's FX buffers weigh on India’s economy.

Plus: Analysts expect the needle to move on the two countries’ strategic defense partnership, signed earlier this year. This comes as defense climbs very high up Abu Dhabi’s agenda, with last week’s Make It in the Emirates marking a clear inflection point for the sector amid a bigger focus on owning the full ecosystem from components to IP and supply chains.

That’s also happening alongside a Brics gathering of foreign ministers in New Delhi, which kicked off yesterday and is set to test the bloc’s ability to find a common line on the Iran war.

Tensions were felt on day one: Iranian Foreign Minister Abbas Aragchi accused the UAE of “colluding” with Israel, saying it was directly involved in attacks against Iran and denouncing the lack of a condemnation from the UAE when the US-Israel attacks had started. The UAE has not confirmed or denied any direct attacks against Iran, but the Wall Street Journal claimed it had launched attacks on the country earlier in April.

Iran has been calling on India to use the Brics platform to build consensus against US-Israeli actions, Reuters reports — and Tehran is already at odds with fellow Brics member the UAE on the war's framing. India is pushing for a joint statement anyway, even as several Brics economies absorb war-driven energy costs.

#2- Over in Milan, Investopia is kicking off today, with officials including State Minister Shakhboot Bin Nahyan Al Nahyan and Economy Minister Abdulla Bin Touq Al Marri in attendance. Topics set to be explored include: resilience amid geopolitical changes, industrials and advanced tech cooperation prospects, and the new energy equation.

#3- Back home, Art Dubai will be opening its doors at Madinat Jumeirah today, running until Sunday. Downsized and pushed back from its earlier set date (in April) due to the war, the exhibit will feature 50 exhibitors, two-thirds of which are based in or have outposts in the region.

Watch this space

EGA eyes stake in Omani rival: Emirates Global Aluminium (EGA) is looking to acquire an undisclosed stake in Oman’s Sohar Aluminium, sources familiar with the matter told Reuters. Sohar Aluminium is one of EGA’s regional rivals, producing around 400k tons per year of the metal.

The UAE already has a hand in the firm, with Abu Dhabi National Energy Company (Taqa) holding a 40% stake, as does Oman’s state energy company OQ. British-Australian multinational mining firm Rio Tinto holds the remaining 20%.

But can we really call it a takeover? EGA’s entry into Sohar could come through buying Taqa’s stake, some sources said, in a move that would mark the latest sign of UAE entities consolidating assets in Dubai and Abu Dhabi. Other sources, however, said EGA was eyeing Rio Tinto’s stake, or even both Taqa’s and Rio Tinto’s. OQ could even increase its holding to avoid a foreign majority control situation, another source said.

Outsourcing and expansion seem to be the name of the game for EGA recently, after its core smelting operations in the UAE took a huge hit at the end of March. A significant chunk of its capacity was taken out, and the firm was forced to invoke force majeure on several contracts. Since then, it has lined up an 80% acquisition of Italian aluminium recycling firm Eco Green, and settled with the government of Guinea, restoring bauxite supply arrangements between EGA and Guinean mining company Compagnie des Bauxites de Guinée.

REAL ESTATE — Hot on the heels of a major announcement of a 22 mn sqmexpansion of housing projects in Abu Dhabi, Aldar is expanding even further in Dubai. The Abu Dhabi developer just acquired (pdf) a residential and retail community development in Dubai Studio City from private developer SRG for AED 1.1 bn. Construction on the development, which includes six mid-rise buildings and offers apartments for rent, will wrap construction in 2028.

The firm has been making a major push in Dubai after years of developments in Abu Dhabi. In a JV with state-owned Dubai developer Dubai Holding, the firms added two land plots worth AED 38 bn earlier in February, with the tie-up bringing in AED 21.5 bn worth of sales since 2023. At the time, Aldar said the two plots bring its total Dubai development pipeline to over 2.3 mn sqm.

It’s also been on a financing spree as of late: In April, Aldar secured an AED 5 bn sustainability-linked revolving credit facility, lifting total liquidity to AED 38.2 bn, after earlier tapping debt markets twice this year through two USD 1 bn transactions.

RENEWABLES — Masdar and German energy firm RWE secured planning approval from the UK government for their offshore wind JV project, according to a press release. The Dogger Bank South wind farms are set to be located around 100 km off the northeast coast of England and have a combined 3 GW capacity.

BACKGROUND- The approval follows the projects securing contracts for difference support from the UK government earlier this year, giving the developers long-term price support for the electricity generated.

What’s ahead: RWE and Masdar will now move into detailed design and procurement work ahead of a targeted final investment decision in 2027.

ICYMI- Earlier this week, Masdar secured 2 GW worth of solar power from China’s JinkoSolar to use in Abu Dhabi’s first round-the-clock renewable energy project.

ENTERTAINMENT — We now know where (and when) Sphere Abu Dhabi will launch: The highly anticipated Sphere Abu Dhabi will open on Yas Island in 2029, between Seaworld Abu Dhabi and Yas Mall, The National reports, citing statements from Mohamed Khalifa Al Mubarak, chairman of Abu Dhabi’s Department of Culture and Tourism. Construction will cost around USD 1.7 bn, he confirmed.

REMEMBER- The venue will match the 20k-seat capacity of the Las Vegas original, with DCT Abu Dhabi overseeing funding and construction. Sphere Entertainment will provide tech expertise, operational support, and creative content, earning annual fees once the arena opens.

Data point

AED 5.6 tn — that’s the UAE’s gross bank assets as of the end of March 2026, up 1.5% m-o-m from AED 5.5 tn, Wam reports, citing Central Bank data. Gross credit also expanded 2.5% to AED 2.7 tn, driven primarily by an AED 52.4 bn increase in domestic credit. Lending to the government sector rose 6.9%, while credit to government-related entities increased 6%. Private sector credit also edged up 1.1%.

Total bank deposits rose 1.4% m-o-m to AED 3.5 tn, supported mainly by a 1.3% increase in resident deposits to AED 3.14 tn, while non-resident deposits increased 1.8% to AED 307.2 bn.

Among resident deposits, GRE deposits recorded the largest increase, rising 16.3% to AED 363.1 bn, and government sector deposits climbed 9% to AED 427.3 bn. Private sector deposits declined 1.9% to AED 2.3 tn, while deposits from other financial corporations fell 2.5% to AED 70.2 bn.

The figures show solid growth in credit from banks despite the impact of the war on the quarter in March. The Central Bank of the UAE launched a resilience package for the banking sector later in March to boost liquidity for local lenders.

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The big story abroad

All eyes are still on the Trump-Xi summit, now on its second and final day, which has so far reaped little other than a smaller-than-expected order of 200 Boeing jets from Beijing, which is its first of US commercial jets in almost a decade. Trump also said China will be buying oil from the US in an interview with Fox News.

He also claimed he had secured Xi’s pledge to help resolve the US-Iran conflict and mediate a resolution that would see the Strait of Hormuz reopened. Hopes were high for support from China given its reliance on the Strait for a big chunk of its oil imports and its close relations with Iran.

Speaking of the war: The Financial Times claims Saudi Arabia is weighing up the idea of a Cold-War-esque non-aggression pact between the Middle East and Iran, as part of talks with allies in the region on how to move forward and manage tensions once the war ends.

As for today’s regularly scheduled AI update: Cerebras’ shares soared on its debut, ending the day up 68% amid strong demand from investors who weren’t able to snap up a piece of the IPO before it came to market, the Wall Street Journal reports. We have more on the IPO, and what it says about the general AI craze of 2026, in this morning’s Planet Finance, below.

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Local and global heavyweights team up for USD 30 bn in infrastructure investments in GCC, Central Asia

Another major vote of confidence in the GCC: At a time when GCC infrastructure is recovering from a wave of Iranian attacks, two of the world’s biggest investors are teaming up with two Abu Dhabi giants to pledge USD 30 bn in investments across the region’s infrastructure. The pledge follows a wave of major foreign investments in the UAE, specifically, in recent weeks, including from Brookfield, Lockheed Martin, and other asset managers flocking to Abu Dhabi.

The quartet: BlackRock’s Global Infrastructure Partners (GIP), Singapore’s sovereign wealth fund Temasek Holdings, Abu Dhabi sovereign wealth fund L’Imad Holding, and Adnoc are teaming up on the fund, which will target investments in energy, transport, logistics, and waste management in the GCC and Central Asia, Bloomberg and Reuters report, citing a statement. It will raise a mix of debt and equity to finance its investments.

Temasek and GIP are global heavyweights: Temasek’s portfolio is valued at around USD 434 bn, while GIP — acquired by BlackRock, the world’s largest alternative asset manager, in 2024 — manages approximately USD 103 bn in assets.

They made sure we know how big a statement this is. “The partnership… reflects continued global investor interest in the UAE and the wider region, as destinations for ⁠long-term capital, supported by strong macroeconomic fundamentals, a growing pipeline of investable [windows] and an increasingly mature investment landscape,” the firms said in the statement.

Opportunities could emerge from the conflict

The overwhelming consensus among foreign investors is that the GCC is still very much investable — and perhaps even more so now. General Atlantic CEO Bill Ford and KKR’s co-head for Europe, Middle East, and Africa, Tara Davies, are backing the region through the conflict. Davies said, “it’s a really interesting market for investing at the moment,” referencing a potential surge in greenfield investing in projects aimed at boosting resilient infrastructure across the region, whether through alternative transportation routes and commodity corridors.

Meanwhile, Ford believes local investors’ ongoing investment push is a strong enough signal that the region is still focused on its long-term goals. “The capital providers in the region are still making commitments, they’re still actively engaged with us,” he said, adding that “they’re looking at projects, looking at new investments.”

Case in point is L’Imad’s involvement here. L’Imad is a new Abu Dhabi sovereign wealth fund that has absorbed all of ADQ’s assets — formerly Abu Dhabi’s infrastructure-focused SWF — and is now focused on investing in infrastructure and real estate, financial services and asset management, advanced industries and technologies, urban mobility, and smart cities. The sovereign wealth fund now manages USD 300 bn worth of assets and is involved in major transactions, including Paramount’s USD 111 bn acquisition of Warner Bros. Discovery.

While there’s been plenty of discussion around how the region’s sovereign wealth funds might repurpose funds during the conflict to support domestic sectors, there’s been no evidence of major repurposing until now. All three Abu Dhabi funds have continued to invest in transactions abroad, spanning strategic sectors like tech and infrastructure.

Background

Meanwhile, Adnoc itself has plenty of investments + expansion projects in the pipeline. It is already lining up bns of USD in investments as it pushes ahead with capacity growth at home and expands its international footprint.

It’s not the first time GIP has teamed up with a heavyweight Abu Dhabi investor. Abu Dhabi AI investor MGX partnered up for a similarly sized USD 30 bn vehicle alongside BlackRock, Microsoft, and Nvidia, named the Artificial Intelligence Infrastructure Partnership, to deploy capital into AI infrastructure. The platform aims to mobilize some USD 30 bn in equity, potentially reaching USD 100 bn including debt.

Edge buys into European propulsion systems manufacturer

Edge is buying deeper into Europe’s defense-industrial supply chain as the UAE pushes to localize more of its critical defense stack. The Abu Dhabi defense conglomerate signed an agreement to acquire a controlling stake in Italian propulsion systems manufacturer CMD, state news agency Wam reports. The size and value of the stake were not disclosed.

The target: CMD designs and develops propulsion systems and precision engine components for automotive, marine, and aeronautical applications.

The acquisition gives Edge a stronger foothold in another part of the defense supply chain, this time in advanced propulsion, which will help it build a “European propulsion hub,” CEO and Managing Director Hamad Al Marar said. It’ll also accelerate the development of export-ready aerospace, marine, and automotive products as well as scale up CMD’s production capabilities.

What happens next: The acquisition remains subject to regulatory approvals and is expected to close by year-end. CMD will continue operating independently under its current management team until completion. Afterward, Edge and existing shareholders — who will retain a minority stake — will jointly oversee integration plans.

Why it matters: The acquisition lands amid a much wider UAE push toward sovereign industrial and defense capabilities as geopolitical tensions and repeated supply-chain disruptions reshape procurement priorities. While the terms of the acquisition don’t mention any plans to bring CMD to Abu Dhabi or localize its propulsion systems here, it will give it access to CMD’s tech stack and IP as the UAE pushes towards managing the end-to-end supply chain for defense, as analysts previously told us.

Edge itself has been particularly active in the localization push, signing agreements around Make it in the Emirates (MIITE) 2026 spanning:

Chiplet manufacturing with Lockheed Martin ;
An AED 200 mn cable harness production agreement between the subsidiary Halcon and Emirates Cable Corporation Interconnect;
An agreement with France-based Icape to localize printed circuit boards and electronic components;
Separately, ahead of MIITE, a USD 1.5 bn pipeline agreement with Spain-based EM&E Group to localize weapons production and related defense manufacturing capabilities.

Emirates Islamic + FAB line up ESG loans

!_Anchhor03_! Two local lenders have shelled out sustainability-linked loans to local players in real estate and retail.

#1- ENBD’s Islamic arm lends AED 250 mn to BFL: Emirates Islamic, the Islamic banking arm of Emirates NBD, is lending Dubai-based retail player Brands for Less (BFL) an AED 250 mn financing facility, according to a press release. The facility is sustainability-linked, incorporating environmental, social, and governance aspects, and includes extra revolving financing lines.

Next up? The facility will go towards BFL’s everyday operations and trading activity. BFL had been expanding in Southeast Asia, with stores in Singapore and Malaysia opening last year.

#2- Sharjah-based developer Arada secured a five-year USD 100 mn facility from First Abu Dhabi Bank (FAB) to fund project development, according to a press release. Italy’s state-owned export credit agency Sace is the guarantor for the financing. Sace has been involved with similar agreements with Emirati players before.

Why now? Arada has big plans in the pipeline. It’s committing AED 2 bn to expand an Abu Dhabi-based healthcare provider it took an 80% stake in just last week. It’s also planning new launches in the UAE and Australia, an entry into KSA, and is scaling its UK presence after taking an 80% stake in a USD 3.3 bn project in London last year.

ICYMI- Arada was among other Dubai developers that saw their debt get pricier at the peak of the conflict, with spreads on one of its issuances more than doubling to 707 bps.

The ESG angle: FAB’s facility to Arada comes as the developer pushes ahead with “green investment,” as it looks to integrate more LEED and WELL certifications into its future builds.

Orascom, Space42, Dana Gas, Adnoc L&S, ICD report 1Q results

Orascom Construction doubles net income in 1Q 2026

Orascom Construction reported a sharp rise in first-quarter earnings, helped by robust growth in its US operations and a steady flow of infrastructure and industrial work across the Gulf and Egypt, according to an earnings release (pdf). Net income attributable to shareholders more than doubled to USD 53.4 mn in 1Q 2026, up 112.7% y-o-y, while revenue rose 73.2% to USD 1.5 bn.

The firm’s US business saw the biggest jump in revenues during the quarter, rising 120% y-o-y to USD 723.5 mn. Orascom attributed the performance to growing exposure to “specialized sectors,” including data centers, aviation, and advanced manufacturing. Its US backlog reached a record USD 2.9 bn as of March-end, more than doubling y-o-y.

Back home, its MEA backlog stood at USD 6.5 bn, with the group booking USD 1.2 bn in new awards during the quarter, led by infrastructure work in the UAE, Saudi Arabia, and Egypt. Its MEA segment had the largest share of revenues at USD 744.9 mn, up 43.6% y-o-y.

The company said it will “continue to monitor potential cost increases in the current uncertain environment,” adding it may reassess parts of its cost structure depending on market conditions.

Adnoc L&S’ revenues lean on shipping gains

Adnoc Logistics and Services had a solid 1Q despite the Strait of Hormuz disruptions, owing to what the firm says is a “diversified” business model. The firm saw its net income rise 20% y-o-y to USD 222 mn in 1Q 2026, according to its financial release. Its revenues fell 10% y-o-y to around USD 1.1 bn during the same period, which it attributes to the scheduled runoff of project revenues after the Al Omairah Island mega project’s delivery to Adnoc offshore in 4Q 2025.

The firm’s shipping segment accounted for the biggest share of revenues, growing 4% y-o-y to USD 512 mn on the back of stronger global charter rates and the addition of new vessels.

Space42 leans on satellite business

Abu Dhabi spacetech firm Space42 got off to a weaker start in 2026, with 1Q net income down 79% y-o-y to USD 5 mn, even as revenue edged up 1% to USD 116 mn, according to its financials (pdf). Double-digit growth in its core satellite services business offset weaker results from its smart solutions unit due to an ongoing reshuffle.

Its satellite and connectivity business is increasingly carrying the group. Space42’s space services division accounted for 95% of total quarterly revenue, up 15% y-o-y — its highest results on record. The performance was attributed to the start of Thuraya 4 operations and the rollout of new products. Its smart solutions division brought in the remaining 5%, reflecting an ongoing repositioning, expected to wrap up later this year, towards Earth observation, geospatial analytics, and AI programs. The company expects growth to pick up through 2026, with three Foresight satellites slated to begin commercial operations in 2Q.

Dana Gas income jumps 72%

Dana Gas posted a sharp rise in 1Q 2026 net income to AED 270 mn, up 72% y-o-y, while revenue climbed 59% to AED 531 mn, according to its financials (pdf) and a separate earnings release (pdf). The earnings jump was largely driven by AED 176 mn tied to gas metering reconciliation in the Kurdistan Region of Iraq, partly offset by an AED 22 mn one-off drilling cost in Egypt. Excluding these items, underlying net income stood at AED 95 mn.

Shareholders are getting a bigger payout: Dana Gas shareholders approved an FY 2025 dividend of 6.5 fils per share, up 18% y-o-y, with the AED 455 mn payout scheduled for distribution on 19 May.

ICD income rises 8.6%

The Investment Corporation of Dubai (ICD), Dubai’s sovereign wealth fund, reported higher annual income in 2025. Its net income grew 8.6% y-o-y to AED 73.4 bn, while revenues rose 2.7% to AED 358.9 bn, according to its financials (pdf). Operating income climbed 14.3% to AED 80.9 bn.

BACKGROUND- ICD has been steadily reshaping its portfolio through selective asset moves over the past two years. Just this week, it transferred its 22.27% stake in Emaar Properties to Dubai Holding, while earlier activity included international exits and stake swaps involving Corporación América Italia and Ansar Leasing.

Dnata taps news CEO + JPMorgan appoints new regional leads

New CEO at Dnata: UAE-based aviation services firm Dnata appointed Nabil Sultan (LinkedIn) as its CEO effective 15 June, replacing Steve Allen (LinkedIn), The Loadstar reports. Sultan joins from Emirates, where he most recently served as executive vice president of passenger sales and country management. He also previously led Emirates SkyCargo.

JPMorgan Chase tapped Dwayne Lysaght (LinkedIn) and Alberto Piana (LinkedIn) co-heads of banking for EMEA, Zawya reports. Both executives will be based in London and report into the new co-heads of global investment banking. Lysaght, a nearly 30-year veteran of the bank, previously co-headed EMEA M&A, while Piana was most recently co-head of global diversified industries investment banking after serving as EMEA head for the same group.

The reshuffle also sees Cassander Verwey (LinkedIn) become the sole head of EMEA M&A, reporting to the newly appointed global head of M&A. Verwey, who has also spent 27 years at the bank, was previously co-head of the EMEA M&A franchise alongside Lysaght.

More newcomer activity in ADGM, another industrial facility, and new war-risk solutions from Orient Ins.

Bildco to add 1 mn cbm of concrete capacity to Abu Dhabi

Abu Dhabi National Company for Building Materials (Bildco) is looking to add 1 mn cbm of concrete capacity in Abu Dhabi via a tie-up with alternative asset management firm Royal Griffin Global Investments, Bildco said in a press release (pdf).

The plan: The two will set up a ready-mix concrete company to oversee the full lifecycle of concrete production, from batching plants to a 40k-strong truck fleet for distribution and logistics services. Bildco didn’t specify which market the production was heading towards, but noted that the plan falls within the UAE’s push to “[accelerate] growth of infrastructure” and comes amid a wider drive to localize manufacturing in the Emirates, as the war continued to expose the downsides of over-reliance on imports.

Orient expands war-risk cover in the UAE

Dubai-based ins. arm of Al Futtaim Group, Orient Ins., is expanding its UAE war-risk ins. portfolio to cover cargo — including shipments moving through inland and maritime trade routes — alongside homes and personal vehicles, according to a statement. The new products cover risks linked to war, political violence, terrorism, sabotage, strikes, and riots.

In context: The move comes as geopolitical tensions and supply-chain disruption drive growing demand for war-risk protection. DP World had also rolled out war-risk ins. coverage for cargo moving through regional trade routes, spanning sea freight, inland transport, and storage operations.

Vista plants its flag in Abu Dhabi

US private equity firm Vista Equity is opening up an office in Abu Dhabi after securing full regulatory authorization from ADGM’s Financial Services Regulatory Authority, according to a press release. The office will allow the software-focused investment firm to advise on investments and arrange transactions in the region. So far this month, the US’ Capital Group said it was setting up in ADGM, and UK hedge fund giant Man Group is also pursuing an ADGM license, adding to a growing list of newcomers in the past few months.

What Cerebras’ IPO tells us about the 2026 AI craze

Cerebras’ IPO is the latest signal that the world is AI-obsessed. The IPO priced way above its target range of USD 150-160 — itself up from USD 115-125 initially on soaring demand — at USD 185 per share, and jumped 68% on its debut. As the largest IPO this year, raising USD 5.6 bn with an implied valuation of USD 564 bn, it’s a testament to how big of a theme AI has become across capital markets this year.

(Want to know more about Cerebras’ pitch? We dove into that, and how much of it rides on Abu Dhabi’s own AI thesis, in an earlier Planet Finance, here.)

AI stocks have soared this year. Dow Jones’ US semiconductors index, tracking chip heavyweights like Nvidia, Intel, and Qualcomm, is up more than 42% YTD. Over in Asia, South Korea’s tech-heavy Kospi has risen more than 80% this year, while Taiwan’s Taiex has notched fresh records owing to the AI rally.

There’s a contradiction when it comes to how investors view AI, which is likely why there’s also been quite a bit of volatility for AI stocks. As JPMorgan puts it in its latest mid-year outlook (pdf), there’s a discrepancy between private market investors’ demand for equity stakes in AI companies and the public markets’ view on AI firms’ debt rush and concerns that their investments might not pay off.

But JPMorgan thinks AI will be a “driver of durable returns” in the medium term, citing several positive signals for the sector, including the fact that AI will support productivity gains and, in turn, valuations.

More evidence that this will be the year of AI for capital markets: At least one more blockbuster AI IPO is expected, with Elon Musk’s venture SpaceX — which plans to put data centers in space — expected to come to market with what’s looking to be the largest IPO in history. Analysts also assign a 50/50 chance of Anthropic going public this year, and a 1-in-3 chance for an OpenAI IPO.

What to watch: How those major AI firms will trade over time, and whether “public markets validate private market valuations, and even build on them,” JPMorgan says. That “would likely bolster confidence in AI infrastructure spending,” it adds.

MARKETS THIS MORNING-

Asian markets are mostly in the red, with South Korea’s Kospi retreating more than 1% from a fresh record high as investors await the outcomes of the US-China talks in Beijing. Wall Street futures were little changed overnight, after the S&P 500 and Nasdaq notched fresh highs once again.

ADX	9,705	-0.0% (YTD: -2.9%)
DFM	5,735	-0.4% (YTD: -5.2%)
Nasdaq Dubai UAE20	4,566	-0.3% (YTD: -6.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.5% o/n	4% 1 yr
TASI	10,995	-0.2% (YTD: +4.8%)
EGX30	53,155	-0.5% (YTD: +27.1%)
S&P 500	7,501	+0.8% (YTD: +9.6%)
FTSE 100	10,373	+0.5% (YTD: +4.2%)
Euro Stoxx 50	5,935	+1.3% (YTD: +2.5%)
Brent crude	USD 106.35	+0.6%
Natural gas (Nymex)	USD 2.92	+1%
Gold	USD 4,631	-1.2%
BTC	USD 81,347	+2.6% (YTD: -8.3%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.73	+1.6% (YTD: +1.7%)
S&P MENA Bond & Sukuk	151.22	+0.1% (YTD: -0.5%)
VIX (Volatility Index)	17.26	-3.4% (YTD: +15.5%)

THE CLOSING BELL-

The ADX fell 0.001% yesterday on turnover of AED 852.9 mn. The index is down 2.9% YTD.

In the green: Ins. House (+4.2%), Dana Gas (+3.6%), and Bank of Sharjah (+3.4%).

In the red: Phoenix (-4.9%), Invest Bank (-2.6%), and Burjeel Holding (-1.9%).

Over on the DFM, the index fell 0.4% on turnover of AED 624.6 mn. Meanwhile, Nasdaq Dubai fell 0.3%.

Inside the routine of the man who built one of Dubai’s longest-standing trading + distribution businesses

Long before Dubai became the regional trade and re-export powerhouse it is today, founder and managing director of Far Way General Trading Suraj Gautam (LinkedIn) was moving between suppliers, ports, and markets across Asia and the Middle East, looking for gaps in what he says were, at the time, much more fragmented regional distribution networks.

Founded in 2001, Far Way General Trading has since grown into a diversified trading and logistics group spanning FMCG, beauty, household goods, shipping, warehousing, and transportation. Brands it distributes range from Quality Street and Red Bull to Dettol and Ariel.

Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. This week, we spoke with Gautam about building one of Dubai’s older trading businesses, Dubai’s rise as a re-export hub, recent supply-chain disruptions, and how he structures his day. Edited excerpts from our conversation:

EnterpriseAM: For readers who may not be familiar with Far Way, how do you usually describe what the business does today?

Suraj Gautam: Far Way today is a very diversified company. We have shipping, trading, logistics, and transportation businesses, and within trading, we have multiple departments focused on FMCG, beauty, and household items.

In FMCG specifically, what we do is bring brands from all over the world into the Middle East, Asia, CIS countries, and Europe. We find quality products globally, bring those items here, and then send them to different parts of the world.

E: Take us back to the start. What led to the creation of Far Way?

SG: At that time, technology was not advanced, and Dubai was becoming a major hub. When we traveled to Asia, there were Singapore and Hong Kong. But on the Middle East side, there was only one city that could compete at that level, and that was Dubai. We were fortunate to be in Dubai during that time because we could travel very easily to different parts of the world.

During those travels, I could see there was demand for many items here in Dubai and across the region. There was nothing new [about] those items, but there was a shortage, and a lot of demand. I had the contacts — we had already had business with Iraq and Libya, which was going well — so we could connect both sides and bridge the gaps between all those countries.

Slowly, customer demand kept building, and we kept finding more items for customers. Over time, those business relationships became very personal relationships with suppliers. Till today, they are my friends, and we are still working together.

E: Supply chains have been heavily tested over the past few years, especially recently with shipping disruptions and rerouted trade flows. What has been the biggest operational challenge for your business?

SG: The last few years have been very challenging globally because of the dramatic increase in freight costs, transit time problems, and the tremendous cost increases created by all those delays. We are shipping ourselves, so we understand the pains of our customers.

There were disruptions in supply and routes, but slowly, we are finding alternative routes, and things are normalizing. Markets correct themselves because of demand, and people are somehow getting settled with the new challenges.

E: Has the current regional backdrop changed the way you think about sourcing, inventory, or expansion?

SG: Things are mostly the same as before. The suppliers we were dealing with 10 years ago are still the same today, and the items are also the same. There is no major change in the supply chain itself — the disruptions are more with the routes and transit.

Personally, I feel companies like ours should become more grounded. Before, we were more focused on transiting and rerouting products to different markets through re-exporting. But now, for the first time, we have seen those routes blocked, so I feel the potential here is more in local distribution, warehousing, and building reliable supply chains.

E: Switching gears now — what does your morning routine look like?

SG: I am a very early riser. Normally, I wake up at 4:30am, and my personal target is to wake up one day at 3am. I do some yoga and some running on the treadmill, and then I come back home. I reply to emails, clear WhatsApp, and give instructions.

By 8am, the hard part of my job is done. I can concentrate better, and I don’t need the mobile around me for the next three or four hours. The mistake many people make is that when they reach the office, they get stuck to their mobile. But my mobile clutter is clear before 8am, so by then, I am in control.

E: Once the workday starts, what does a typical day in the office look like?

SG: Very busy. Sometimes I feel the day should stretch to 20 hours instead of 12. That’s why I started waking up earlier — to control the day the way I want to. When your morning is under control, so is the entire day.

Normally, I reach around 10 or 10:30am. First thing is banking, then staff meetings and walk-ins. We have many departments and we cover many regions, diverging into Africa, Far East countries, America, South America, CIS countries, Europe, and the Middle East. Earlier this year, before travel slowed down, we were receiving two or three guests almost every day. Right now, not too many because people are not traveling as much to the region, and because of the heat.

E: How do you stay focused through such busy days?

SG: [I focus] on one job at a time. Recently, I was speaking with one of my friends and asked him how he copes with daily work and he just told me, “Stop multitasking.” Do one job at a time and concentrate. That is one of the best pieces of advice I’ve received recently, and now I repeat it to everybody around me.

E: How do you manage work-life balance with everything on your plate?

SG: It comes naturally because I have more than 30 years of experience now. Once you master things, work becomes like a game to you and it doesn’t add as much pressure anymore. When you understand how things work, you enjoy what you do.

Suraj’s favorites

What he’s reading: A favorite book of his is Eat That Frog! by Brian Tracy, which he describes as “the bible of business and daily habits” for its methods on beating procrastination and accomplishing more. “Everybody should read that book at least twice a year,” Suraj says. He also recommends popular self-help books Atomic Habits by James Clear and The Power of Your Subconscious Mind by Joseph Murphy.

His favorite activities: Running, yoga, music, traveling, and meeting people.

CALENDAR

MAY

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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