The UAE hedges against future disruptions by speeding up projects, tightening up partnerships

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Drone strike targets Barakah nuclear plant + IHC subsidiary eyes a USD 1.3 bn investment in Adani Airport Holdings

Good morning, friends. We’re only days away from a long Eid Adha break, though we’re still waiting for confirmation from the government on the private sector’s national holiday. Remember: The public sector and schools are both taking the entirety of next week off.

This morning’s issue is dominated by a single theme: hedging. Adnoc said it’s accelerating plans for a second pipeline that bypasses the Strait of Hormuz — known as the West-East pipeline — while the UAE is ramping up agreements that see it tighten up its energy ties with its biggest allies. The country is exploring tripling crude storage agreements for India to help secure supply, while Mubadala Energy is backing a major US LNG project as the UAE doubles down on US gas infrastructure.

Plus: UAE-India ties are accelerating on more fronts than one, with the two agreeing on a framework for a defense partnership that could help bring India’s defense manufacturing expertise and capabilities to the UAE’s own defense push.

While things had been quiet on the aerial attacks front over the past few weeks, a (pretty scary) incident broke through the calm yesterday.

Another strike has landed near critical infrastructure in the UAE, this time near the Barakah nuclear power plant, where Abu Dhabi authorities responded to a fire caused by a drone strike on an electrical generator, according to Abu Dhabi Media Office. The drone was one of three detected by the Defense Ministry yesterday, which successfully intercepted the other two and is working to “determine the source of the attacks.”

On the ground: No injuries were reported, and the UAE’s Federal Authority for Nuclear Regulation said the incident “did not affect the safety of the power plant or the readiness of its essential systems,” with all units continuing to operate normally.

Still, the incident rang alarm bells: The International Atomic Energy Agency said radiation levels at the plant remained normal, but Director General Rafael Grossi described military activity threatening nuclear facilities as “unacceptable” and renewed calls for restraint around nuclear sites.

So far, there’s been neither blame nor claim for the drone strike targeting a plant that is the UAE’s largest source of electrical energy, as well as a key pillar of its diversification strategy away from oil. The strike follows news that the Emirates’ largest gas plant, Adnoc Gas’ Habshan facility, won’t be fully operational again until next year following an Iranian strike.

WEATHER- It’s cooling down a little bit once again, with a high of 35°C in Dubai and 36°C in Abu Dhabi, with lows ranging between 27-28°C in both emirates.

Watch this space

M&A WATCH — Emirates NBD’s India expansion is almost across the finish line: The Dubai lender said (pdf) it has now secured all regulatory and governmental approvals required to complete its planned acquisition of a controlling stake in India’s private-sector lender, RBL Bank, following final approval from the Indian government.

REFRESHER- Emirates NBD has been pursuing the stake since last year, though the transaction faced regulatory friction and change-of-control reviews earlier this year. India’s central bank then last month approved the takeover of up to 74% of RBL, but voting rights would be capped at 26%. It was pending approval from the Securities and Exchange Board of India, the country’s capital markets watchdog, at the time.

Post-takeover: The roughly USD 3 bn transaction would make Emirates NBD the first foreign lender to take majority control of a profitable listed Indian bank. Structured through a preferential equity issue, the acquisition is expected to leave Emirates NBD with 51-74% of RBL’s share capital and eventually fold its India branches in Mumbai, Chennai, and Gurugram into RBL.

INVESTMENT — International Holding Company (IHC) subsidiary Alpha Wave Global is weighing a potential USD 1.3 bn investment in Adani Airport Holdings alongside Singapore’s Temasek, the Economic Times reports, citing unnamed sources. The transaction, which would be the first external equity raise for the group’s airport unit, values India’s largest private airport operator at an estimated USD 18-20 bn.

The potential investment comes as Adani Chairman Gautam Adani and his nephew Sagar agreed to a settlement in the US this week that will see them pay USD 18 mn to get their criminal fraud charges dropped. The move should help clear Adani for a wave of capital raising that had been on pause after months of judicial limbo. That includes a potential USD 1 bn USD-denominated bond for Adani Group.

There are still caveats to iron out: Negotiations for the Adani Airport investment are still ongoing, with differences over valuation expectations emerging as a key hurdle. Adani Group is reportedly seeking a premium valuation exceeding USD 20 bn, while some investors have pushed for structured returns, terms that the group has resisted.

Who’s Alpha Wave? Alpha Wave is owned by Abu Dhabi-backed IHC ’s Judan Financial, which is chaired by Abu Dhabi Deputy Ruler Tahnoon bin Zayed, a key Adani backer.

Adani Airports operates eight airports, including Mumbai and Navi Mumbai, handling roughly 23% of India’s passenger traffic. The group is accelerating expansion, with INR 400 bn (USD 4.8 bn) in planned capex through FY 2027. Strong traffic growth expectations underpin investor interest, despite rising leverage and balance sheet pressures.

INFRASTRUCTURE — Abu Dhabi is trying to speed up infrastructure delivery: Abu Dhabi’s Energy Department signed multiple agreements during the Abu Dhabi Infrastructure Summit to launch a unified governance framework covering different government entities, state news agency Wam reports. The framework aims to speed up NOCs, approvals, and delivery timelines for strategic infrastructure projects across the emirate, while creating a joint committee to handle project requests and regulatory bottlenecks.

The agreements also expanded digital integration through Abu Dhabi’s Asateel platform, including electronic permitting and tracking systems for petroleum transport, as well as gas filling and discharge permits, to centralize more infrastructure and energy approvals into a single system.

Why now? Infrastructure and energy-security investments are ramping up across the UAE following recent regional disruption and attacks that exposed vulnerabilities across logistics and export corridors. The agreements could help Abu Dhabi move resilience-focused projects faster as the UAE reshapes parts of its infrastructure and supply-chain strategy following the war.

New projects already lining up: Adnoc plans to expand its Habshan-Fujairah West-East pipeline by 2027 to double export capacity while bypassing the Strait of Hormuz as part of a wider resilience push. A new USD 30 bn infrastructure investment platform backed by BlackRock’s GIP, Temasek, L’imad, and Adnoc is also targeting energy, transport, logistics, and waste-management projects across the GCC and Central Asia.

TRADE — The long-awaited freetrade agreement between the UK and Gulf states is nearing completion, with both sides aiming to close an agreement-in-principle “within days,” the Financial Times reports, citing sources it says are in the know. GCC Secretary General Jasem Albudaiwi, who confirmed last week that the parties made “significant progress,” is set to visit London this week, one of the sources said.

What to expect: The two sides aim to cooperate on financial services, health and life sciences, industrial growth using new technologies, creative industries, and education, Country Director for Saudi Arabia at the UK’s Department for Business and Trade Pete Ashby told EnterpriseAM last year. The UK’s luxury automotive and financial services sectors stand to benefit the most from the trade pact, the FT said.

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The big story abroad

We got a raft of business and geopolitical updates this morning. The US and Iran seem no closer to a final resolution, with President Donald Trump warning Tehran that “the clock is ticking.” Iranian media claims that Washington has demanded the removal of the nation’s uranium stockpile without proposing tangible concessions in return.

Meanwhile, in the world of M&A: French advertising group Publicis Groupe is acquiring data collaboration company LiveRamp in a USD 2.2 bn transaction, expanding its foothold in the AI marketing space. The move will allow the group to create proprietary data for clients and develop intelligent AI agents.

And on Wall Street: Investors are sounding the alarm over an apparent market paradox, where bullish sentiment prevails in stocks while bond yields rise sharply, leading some to believe that a drastic shift is overdue. Despite positive market sentiment over robust first-quarter earnings and AI-related developments, higher yields portend costlier corporate spending and a safe haven to draw investors away from equities.

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Doubling down on Fujairah — and fast

The UAE’s bypass infrastructure is turning into a core export strategy. Adnoc is accelerating plans to increase the amount of crude it can export from Fujairah outside Hormuz, the company said in a statement over the weekend, in a project that could nearly double the UAE’s bypass export capacity by next year. The project is currently under construction, according to the statement.

We already knew about the pipeline: Adnoc previously said it was developing a USD 3 bn, 1.5 mn bbl / d crude oil pipeline to link its Ruwais Jebel Dhanna terminal with Fujairah, which was set to be completed next year.

The existing Habshan-Fujairah pipeline, known as the Abu Dhabi Crude Oil Pipeline (Adcop), already forms the backbone of the UAE’s alternative export infrastructure. The line can currently transport up to 1.8 mn bbl / d from Abu Dhabi’s oil fields to Fujairah on the Gulf of Oman. The expanded system could double capacity to some 3.3 mn bbl / d.

Fast fact: This would still be around half of what Saudi Arabia can export outside of Hormuz via its own East-West pipeline network, which can move some 7 mn bbl / d to the Red Sea port of Yanbu, with 5 mn bbl / d earmarked for export.

The expansion could reshape which grades the UAE can reroute: During the disruptions, Adnoc exported most of its flagship Murban crude through Adcop, but expanded capacity could eventually exceed Murban production. That provides the land-based capacity for Adnoc to reroute other grades such as Upper Zakum through Fujairah as well, extending optionality for some of the most commercially important export barrels, though other infrastructure upgrades would be needed.

It also comes as Adnoc plans to ramp up production capacity in the wake of its exit from Opec. Without Opec’s production quotas, the UAE might hit 6 mn bbl / d of capacity in the medium term if it accelerates investments in oil and gas, according to some analyst estimates. Adnoc has been planning to boost capacity to 5 mn bbl / d by next year for a few years now, up from a current capacity of around 4.6-4.9 mn bbl / d.

In another hedge

The UAE and India are also building redundancy through storage. Adnoc agreed to increase its crude storage presence in India to as much as 30 mn barrels — nearly triple the roughly 11 mn barrels-equivalent it already leases there through India’s strategic reserve system, according to a statement. The two countries are also exploring potential crude storage agreements in Fujairah, also as part of India’s strategic reserve system.

Not the first country to eye Emirati crude stockpiles: Japan secured a commitment from the UAE earlier this month to increase joint crude oil stockpiles, while South Korea enjoys a storage agreement with Adnoc that gives the company access to storage in Northeast Asia.

The logic is the same as the pipeline push — distribute risk before the next disruption hits. Strategic reserves are increasingly treated less as static emergency stockpiles and more as geographically flexible logistics tools, allowing buyers to position barrels close to alternative routes, refining centers, and safer export corridors outside immediate chokepoint exposure.

Doubling down on Fujairah: Even as attacks and drone strikes periodically disrupted operations — with revenues falling by more than USD 174 mn y-o-y in March, bunkering demand down, and few ship-to-ship transfers — Fujairah is increasingly being treated as critical infrastructure, with the UAE remaining confident in putting the port at the center of its long-term resiliency strategy and folding it into Asia’s energy security architecture.

The Gulf’s “portfolio of corridors” era is here

This is how Gulf energy trade is being reorganized around chokepoint resilience: We argued a month ago that the region is moving away from dependence on a single optimal route and toward a “portfolio of corridors” model built around redundancy, inland logistics, storage, pipelines, and alternative ports.

It also says something about how exporters view risk: Oil exporters used to optimize around the shortest and cheapest route to market, but the new model prioritizes survivability under stress, even if it costs more with less capacity.

Mubadala backs major US LNG project

The UAE is doubling down on US gas: Mubadala Energy participated in a USD 9.75 bn financing package to back Houston-based gas and LNG platform Caturus’s USD 13 bn Commonwealth LNG export project in Louisiana, according to a statement. The project will export 9.5 mtpa of LNG once operational in 2030, and has already secured offtakers including Aramco Trading, Glencore, and Petronas.

The strategy: Caturus is building a vertically integrated gas business combining upstream production with export infrastructure. The company says it now produces more than 1 bcfe/d net, ranking it among the US’ top 10 private gas-focused producers. In the lead-up to the final investment decision, Caturus expanded upstream production further through the acquisition of Galvan Ranch gas assets from US-based oil and gas producer SM Energy.

This logic is increasingly becoming standard across LNG. Own the gas, own the export terminal, own the flows, and reduce dependence on third-party supply during volatile market conditions.

The investor lineup: Total commitments tied to the project reached USD 21.25 bn across debt and equity financing, with participants including Mubadala Energy, US alternative investment manager Kimmeridge, Canada-based CPP Investments, BlackRock, US-based Ares Management, and US-based energy infrastructure investment firm EOC Partners.

Mubadala did not disclose the size of its own equity contribution, though the company already held a 24.1% stake in the broader Caturus platform — comprising Commonwealth LNG and Caturus’ upstream operations — prior to this financing round.

The bigger picture

Mubadala’s move is part of a broader push into US energy assets after Washington pledged to unleash “American energy dominance.” Last month, Adnoc said it is lining up tens of bns of USD for its US gas push, with 29 agreements under review to stitch together a vertically integrated gas business. This came after Adnoc’s XRG took an 11.7% stake in the first phase of NextDecade’s USD 18 bn Rio Grande LNG export facility in Texas last year — its first direct investment in US gas infrastructure.

The sovereign wealth fund’s latest move is a “long-term investment in one of the world’s most dynamic energy markets” rather than a short-term geopolitical response, COO of Mubadala Energy Adnan Bu Fateem told the Financial Times. “We have noticed that the US is expanding its position as a global leader in LNG. So, it makes perfect sense for a company like Mubadala Energy to have a position on this market,” Bu Fateem said.

The signal

Regional disruptions revealed the extent to which the US is able to benefit from periods of global volatility. As LNG shipments struggled to pass through the Strait of Hormuz and crude flows came under pressure in the Middle East, US LNG exports hit a record 11.7 mn tons in March as plants ran above nameplate capacity.

The US acted as the market’s swing supplier, accelerating investment into LNG infrastructure and dominating the energy markets. Export capacity is projected to nearly double to 241 mn tons by 2035, based on projects that have already reached final investment decisions, the salmon-colored paper reports, citing Rapidan Energy Group.

Our take: Mubadala’s backing, Adnoc’s wider push, and the UAE’s exposure to US AI and infrastructure over the past years reinforce our thesis on the Opec exit. The Emirates is gradually positioning itself as a sovereign capital power, embedding itself deeper into US-led energy, financial, and technology infrastructure.

Mapping out cooperation with India on defense, tech

India and the UAE are pulling defense, energy, and AI ties closer together. The two countries signed a series of agreements during Indian Prime Minister Narendra Modi’s visit to Abu Dhabi spanning defense, advanced computing, energy, and logistics, Randhir Jaiswal, spokesperson for India’s External Affairs Ministry, said on X.

The defense angle: The two sides agreed to a framework for a strategic defense partnership expected to deepen industrial collaboration, technology sharing, innovation cooperation, and regional security coordination, though few additional details were disclosed.

Part of a much bigger push: The agreements land as defense becomes an increasingly urgent national priority for the UAE following recent regional strikes and disruption that forced the country to rethink parts of its defense and supply-chain resilience strategy. Analysts previously told us that the UAE is increasingly focused on localization and on managing more of the end-to-end defense supply chain, with Emirati players shifting more capital toward defense manufacturing and strategic capabilities.

The push is already showing up in recent moves, including Edge Group’s acquisition of Italian propulsion manufacturer CMD, a wave of localization agreements signed around MIITE 2026, and discussions around a potential dedicated UAE defense investment platform.

What does India bring to the table?

India has developed cost-competitive manufacturing capacity and a growing tech ecosystem to match. India's defense industrial base has expanded significantly under the “Make in India” initiative, producing everything from missiles and artillery to naval vessels at price points well below Western alternatives.

It has also developed indigenous capabilities in drones, radar systems, electronic warfare, and missile technology. The BrahMos cruise missile (a Russian-Indian joint venture) is already a proven export product.

India can also absorb large production orders and has a deep pool of engineers and technicians — useful for the UAE as it looks to localize manufacturing without building every capability from scratch.

And on the AI front

The visit also helped the UAE-India supercomputing partnership move ahead with commercial terms agreed on G42 and Cerebras’ project to build a national-scale supercomputer initiative featuring eight exaflops of compute capacity, aimed at strengthening local AI infrastructure and data sovereignty.

Air Arabia, Taqa, Tabreed, Al Ansari Financial Services line up with earnings

Airspace closures drag on Air Arabia’s 1Q

Air Arabia’s earnings drag: UAE-based budget carrier Air Arabia’s 1Q 2026 earnings were weighed down by the regional tensions that triggered temporary airspace closures, which led to rerouting, cancellations, and schedule changes, alongside the hike in fuel prices. The company saw its net income attributable to shareholders fall 18.7% y-o-y to AED 248.2 mn in 1Q 2026, according to its financial release (pdf). The carrier’s revenue edged up 1.2% y-o-y to AED 1.8 bn during the quarter.

Taqa posts flat 1Q net income

Taqa reported net income of AED 2.1 bn, holding largely steady from AED 2.08 bn in 1Q 2025, according to an earnings release (pdf) and a separate management discussion and analysis report (pdf). Revenue declined 2.7% y-o-y to AED 13.7 bn during the quarter, with the company attributing the decline to lower oil and gas sales volumes, despite a partial offset from growth in regulated revenues. Meanwhile, higher contributions from joint ventures and associates, alongside stable regulated utilities earnings, supported profitability during the quarter.

Dividends: Taqa’s board approved an interim 1Q dividend of 0.8 fils per share, amounting to AED 899 mn.

Amanat posts 44% jump in income

Amanat Holdings closed out 1Q with net income of AED 72.9 mn, up 44% y-o-y, according to its latest earnings release (pdf). Revenue increased 24% y-o-y to AED 298.5 mn. The company said growth was supported by double-digit expansion across both its healthcare and education businesses. Its healthcare subsidiary Cambridge Health Group recorded a 27% y-o-y increase in revenue and a six-fold increase in income, while education platform Almasar Education posted a 22% jump in revenue and a 29% rise in income.

By numbers: Operationally, its inpatient census increased 34% y-o-y to 530 patients, while student and beneficiary numbers grew 21% y-o-y to around 28.6k.

Regional war weighs on Al Ansari’s earnings

Geopolitical tensions weighed on Al Ansari Financial Services’s bottom line, which fell 29% y-o-y to AED 77.4 mn in 1Q, as tourism inflows dropped across regional markets and competition and higher financing costs pressured margins, according to its earnings release (pdf). Operating income, however, rose 9% y-o-y to AED 321 mn as it consolidated its takeover of Bahrain’s BFC Group and recorded increased volumes across its core business lines.

Tabreed’s bottom line falls

Higher financing and refinancing costs following expansion and investment efforts saw Tabreed post a 32.3% y-o-y dip in net income to AED 78.2 mn in 1Q, according to its financials (pdf) and a separate earnings release (pdf).

Revenues rose 4% y-o-y to AED 486 mn on the back of sustained fundamental demand and income from fixed capacity charges. The quarter saw Tabreed increase its total connected capacity by 18% y-o-y to 1.57 mn refrigeration tons (RT), with the uptick driven primarily by its takeover of Pal Cooling Holding last year, which saw Tabreed acquire 600k RT via current, under-construction, and future concessions.

Why governance literacy is the new core AI skill

In banking, a high-performing model that cannot withstand an audit becomes a risk. The requirement for auditability extends to how models are built, with clear documentation, traceability, and control over decision-making. Within this context, AI systems operate under regulatory scrutiny and directly influence customer outcomes, making technical capability alone insufficient.

At Mashreq, governance literacy is a prerequisite for working on production AI systems. Experimentation and deployment are fundamentally different environments. A prototype that performs well in a sandbox cannot move into production unless it is auditable, monitored for model drift, secured against misuse, documented rigorously, and defensible under regulatory review.

Meeting these requirements depends on institutional discipline. Through the Enterprise Data and AI Academy, responsible AI principles are embedded alongside technical training. Practitioners develop capabilities in fairness assessment, validation rigor, explainability standards, data privacy controls, and ongoing monitoring. They are also trained to communicate effectively with risk, compliance, and business teams whose decisions depend on these systems.

This reframes what AI expertise means in financial services. The objective is not model complexity, but operational durability; systems that regulators can review, teams can manage, and customers can trust.

Xi Liang, Head of AI, Mashreq

The quiet Abu Dhabi power player now steering USD 300 bn through a volatile region

The increasingly prominent role of Abu Dhabi’s Jassem Al Zaabi is being spotlighted by the international press, with Bloomberg reporting that, after having moved through Abu Dhabi’s financial machinery with little public attention, things are changing for the emirate’s Finance Department chairman.

As CEO and managing director of L’imad, Al Zaabi has emerged as one of the most consequential figures in Abu Dhabi’s power structure as war rattles the region and global financiers scramble to understand how Gulf money will move next. The fund, estimated by Global SWF to oversee around USD 300 bn, now sits at the center of Abu Dhabi’s next investment chapter, most recently teaming up on a USD 30 bn infrastructure platform.

Inside financial circles, Al Zaabi has quietly become what some describe as Abu Dhabi’s “money man” — the official helping coordinate strategy across an empire of sovereign vehicles with roughly USD 2 tn in assets. Al Zaabi played a key role for Abu Dhabi in backing Paramount’s takeover of Warner Bros Discovery, people familiar with the matter told the business information service.

IN CONTEXT- Iran’s attacks on regional energy infrastructure and disruption around the Strait of Hormuz have sharpened concerns around energy security and supply chains, triggering a rethink for oil-reliant Gulf economies which are increasingly looking to sectors like defense and infrastructure to safeguard their economies.

More tech wagers from Mubdala + a Sharjah-Oman logistics corridor

More tech wagers from Mubadala

Abu Dhabi sovereign wealth fund Mubadala Capital acquired a new stake in US software and data analytics firm Palantir Technologies during 1Q, according to regulatory filings. Mubadala’s position in Palantir was valued at roughly USD 10 mn for some 68k shares.

What Palantir does: The firm builds AI-driven data and decision-making software used across defense, intelligence, industrial, and commercial operations — spanning everything from battlefield analytics and military planning to supply-chain management and factory operations.

Why it matters: The investment fits into a wider shift in Mubadala’s strategy toward resilience-linked technologies as geopolitical tensions and supply-chain disruptions reshape investment priorities. Just last week, the sovereign wealth fund joined a USD 200 mn funding round for Canadian quantum computing firm Photonic Inc. Mubadala isn’t alone: nearly 5k global institutions reported new positions in semiconductor firms during the quarter.

Another Oman-UAE corridor

Sharjah has launched an integrated logistics corridor linking the emirate to Omani ports through land border crossings, with Sohar positioned as the main entry point alongside Duqm and Salalah. The first shipments left Port Khalid bound to Sohar through the Khatmat Malaha crossing in Kalba, with two-way cargo movement now live after operations began on 14 May.

The corridor allows customs clearance to be handled directly at Sharjah’s border crossings, cutting out extra transfer stages and reducing processing times, cargo release delays, and land transport costs. This is supported by fast-track shipment lanes, pre-processed cargo data, and direct transport under customs supervision, with a joint Sharjah-Oman team coordinating operations and data mechanisms.

The great retreat

Two of the world’s smartest money managers just looked at the blue-chip US equity market and said no thanks. Saudi Arabia’s Public Investment Fund (PIF) and Warren Buffett’s Berkshire Hathaway filed their quarterly US equity disclosures with the SEC on Friday, 15 May, and what they had in common was more interesting than what they bought.

Berkshire Hathaway’s first 13F under its new CEO Greg Abel shows a firm in active retreat from broad US equity exposure. Berkshire exited 16 positions entirely in 1Q 2026 — including full sales of Amazon, Visa, Mastercard, and UnitedHealth — while buying USD 15.94 bn in stocks against USD 24.09 bn in sales.

The marquee additions were a new USD 2.65 bn stake in Delta Air Lines, reversing Buffett’s 2020 airline exit, and a near-tripling of the Alphabet Class C position to roughly 58 mn shares. Even after that rebalancing, Berkshire’s cashpile sat at USD 397 bn at quarter-end — the firm's way of saying it can't find enough stocks worth buying at current prices. Berkshire has been a net seller for 14 quarters in a row.

Read against Berkshire’s filing, PIF tells a similar story, though the two funds got there differently. According to PIF’s first 13F filing of the year, the fund now holds just four US-listed positions — Uber (USD 5.24 bn), Electronic Arts (USD 5.06 bn), Lucid Group (USD 1.69 bn), and Clarivate (USD 20.9 mn) — for a combined USD 12 bn, marking their lowest level in five years, Argaam reports. Visa, Mastercard, and Amazon were already gone from PIF’s book before this quarter.

ICYMI- PIF’s portfolio of US holdings peaked at USD 56.7 bn across 36 positions at the end of 2021, and has been contracting ever since. The PIF also recently cut its international allocation target to 20% in April, down from 30%, signaling a broader shift toward deploying more sovereign capital at home.

Why it matters: PIF’s latest filing adds more weight to something markets have slowly been picking up on. Gulf sovereign money is increasingly being called home. As regional governments ramp up domestic spending — with defense and reconstruction costs from the Iran war also looming — broad exposure to US mega-caps appears to matter less than it once did.

MARKETS THIS MORNING-

Asia-Pacific markets are down in early trading this morning, triggered by fears of further escalations in the ongoing regional war after US President Donald Trump told Iran to “get moving.”

ADX	9,678	-0.3% (YTD: -3.2%)
DFM	5,709	-0.5% (YTD: -5.6%)
Nasdaq Dubai UAE20	4,540	-0.6% (YTD: -7.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.4% o/n	4.0% 1 yr
TASI	10,968	-0.3% (YTD: +4.6%)
EGX30	52,364	-1.5% (YTD: +25.2%)
S&P 500	7,409	-1.2% (YTD: -8.2%)
FTSE 100	10,195	-1.7% (YTD: +2.7%)
Euro Stoxx 50	5,828	-1.8% (YTD: +0.5%)
Brent crude	USD 110.33	+1.0%
Natural gas (Nymex)	USD 2.99	+1.0%
Gold	USD 4,549	-0.3%
BTC	USD 77,862	-0.4% (YTD: -11.1%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.68	-1.3% (YTD: -1.9%)
S&P MENA Bond & Sukuk	150.35	-0.6% (YTD: -1.0%)
VIX (Volatility Index)	18.43	+6.8% (YTD: +23.3%)

THE CLOSING BELL-

The DFM fell 0.5% on Friday on turnover of AED 531.6 mn. The index is down 5.6% YTD.

In the green: Tecom Group (+6.0%), Al Mazaya Holding Company (+4.2%), and Dubai Residential REIT (+3.5%).

In the red: Unikai Foods (-4.8%), National Industries Group Holding (-4.8%), and Shuaa Capital (-4.6%).

Over on the ADX, the index fell 0.3% on turnover of AED 863.9 mn. Meanwhile, Nasdaq Dubai was down 0.6%.

CALENDAR

MAY

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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