More export infrastructure coming to the east coast?

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WHAT WE’RE TRACKING TODAY

THIS MORNING: UAE earmarks AED 1 bn investment for space sector + Is a GCC-UK trade agreement coming our way today?

Good morning, lovely people, and happy hump day. We’re only two sleeps away from the weekend, and although the government has confirmed that Monday will not, in fact, be off for the private sector, we hope you’re among the many who will be bridging regardless.

We have a mixed bag of news for you this morning, with plenty of fresh investments, including in a Dubai-born gym operator by none other than BlackRock’s HPS Investment Partners — marking BlackRock’s second investment in the UAE in as many weeks. We also take note of a major mixed-use project coming to Dubai South, valued at AED 62 bn, courtesy of Majid Al Futtaim, a planned USD 150 mn push into Africa from Yango Group, and an AED 1 bn government investment in the space sector.

The Big Story Today, though, is that the UAE is really doubling down on the east coast now that the Strait of Hormuz blockade stretches into its third month. After Adnoc said it’s accelerating plans for its West-East pipeline last week, its petrochemicals arm Borouge is now also exploring the development of an export hub on the east coast.

As for your regularly scheduled miscellaneous aerial attacks update…

The Defense Ministry has identified the source of the drones that hit the Barakah Nuclear Power Plant earlier this week, saying that — along with three others it has intercepted over the past two days — they came from Iraqi territory. It wasn’t just us: Saudi Arabia’s Defense Ministry also said earlier this week that it intercepted three drones entering the Kingdom from Iraqi airspace, without specifying what the drones were targeting or who launched them.

The good news is: Power has now been fully restored at the power plant, the International Atomic Energy Agency said on X yesterday. That means the reactor no longer needs emergency diesel generators — an important nuclear safety step, the agency said, while again stressing that nuclear sites “must never be targeted by military activity.”

Six more drones destroyed: Air defenses have intercepted six drones that targeted “civilian and vital areas” over the past two days, according to a statement from the Defense Ministry. The statement did not specify the source of the attacks.

WEATHER- It’s warming up again in Dubai, with a high of 40°C, while Abu Dhabi will see a slightly cooler high of 37°C, with both emirates seeing a low of 28°C.

Happening today

A GCC-UK trade agreement could be finalized today as representatives from both sides meet in London, Bloomberg reports, citing comments made by GCC Secretary-General Jasem Albudaiwi that were picked up by Saudi media. From the UK side, officials said talks were ongoing but steered clear of specifying whether the agreement would come today.

ICYMI- Earlier this week, sources familiar with the matter said an agreement would be wrapped up “within days,” after Albudaiwi said last week that talks had made “significant progress.” Financial services, health, and industrial growth were among the sectors cited for cooperation efforts.

A long time coming: Talks have been ongoing for around four years now, with reports of an imminent agreement going as far back as 2024. More recently last October, UK Finance Minister Rachel Reeves had said one would be reached “very soon.”

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Watch this space

INS. — The UAE is rolling out universal health ins.: A new unified health ins. scheme will be adopted for all Emirati citizens under a directive from President Mohamed bin Zayed Al Nahyan, state news agency Wam reports. No timeline for the rollout has been disclosed.

Where things stand now: Currently, the Abu Dhabi government offers health ins. cover to UAE nationals in the emirate under the Thiqa program, while Dubai has the Enaya unified health coverage program. It remains to be seen how the new federal scheme will interact with or potentially absorb existing emirate-level ins. schemes.

REMEMBER- Health ins. became mandatory for all UAE employees in January 2025 — shortly after the Human Resources and Emiratization Ministry launched a basic health ins. package targeting workers in the private sector.

INVESTMENT — Yango is pouring more money into its African business: Dubai-based ride-hailing operator and tech company Yango Group plans to invest at least USD 150 mn to expand its ride-hailing platform into 10 new African countries this year, Bloomberg reports. The company already operates in more than a dozen African countries, including the DRC, Ghana, and Morocco, and expects its African business to grow by over 60% this year.

Yango is focusing on expanding in West and Central Africa while looking into “smaller markets” including Namibia, Botswana, and Mozambique, CEO Adeniyi Adebayo told the business information service. It is also speeding up its electric vehicle rollout, with plans to deliver 1k EVs to Ivory Coast’s Abidjan this year.

Yango’s strategy: While much of the industry targets large African countries, such as Nigeria, Kenya, South Africa, and Egypt, Yango has been expanding into secondary cities, where competition is thinner and local transport firms already dominate the streets, Adebayo said. The strategy leans heavily on partnerships with local transport operators rather than recruiting drivers directly — a model the company says reduces subsidy spending and lowers the cost of entering new markets.

AED 1 bn is now heading into the space sector as part of an R&D-focused space program, according to a post on X. The initiative will fund R&D, bring advanced technologies into the country, and build up Emirati talent in the sector.

BACKGROUND- The move comes as the UAE looks to double its space economy revenues and infrastructure investments, as well as the number of export markets, and pushes to cement its place among the world’s top 10 space economies. Currently, the UAE’s space sector is valued at AED 44 bn. On the ground, the Emirates has been steadily localizing its space stack — from launching its first locally powered sounding rocket through TII to building sovereign infrastructure like the Eshara ground segment and a national Earth-observation hub.

Private-sector players have also been getting involved, with Abu Dhabi-based Marlan investing USD 1 bn to expand its satellite network via its JV, Orbitworks.

The Etihad Rail rollout is pushing ahead, with Abu Dhabi’s Mohamed bin Zayed station, Dubai’s Jumeirah Golf Estate station, and Fujairah station set to be the first to open, Etihad Rail Mobility’s Adhraa Almansoori said in comments picked up by Khaleej Times. The Fujairah station is already ready, with the wider rail network set to launch passenger services this year.

REFRESHER- The UAE’s national passenger railway network will initially connect 11 cities, with another seven stations to be rolled out in phases. French transportation firm Keolis will operate the network, which will also include a parallel high-speed rail line to cut journeys between Abu Dhabi and Dubai down to 30 minutes.

PSA

British Airways is pushing back the return of flights to Dubai, Doha, and Tel Aviv by another month, Reuters reports. The carrier now expects services to resume on 1 August, extending suspensions that have been in place since the conflict erupted earlier this year.

The big story abroad

With Kevin Warsh poised to take the helm of the Federal Reserve this Friday, business headlines are focusing on rising treasury yields that could complicate his expected dovish agenda. Investors may demand higher returns for long-term debt, especially amid rising energy prices, a resilient economy, and the highest yield on treasuries in almost 20 years.

Meanwhile, in the tech world: Google is further integrating AI in its search function while introducing what it calls Gemini Spark, an AI “agent” that is designed to function independently and act on a user’s behalf. The tech giant is also rolling out smart glasses that will include a camera and speaker in a bid to challenge moves made by its rival Meta.

And speaking of AI: Standard Chartered is looking to slash some 8k jobs in favor of relying more heavily on AI, with cuts affecting its human resources and risk and compliance functions. The company’s CEO Bill Winters has characterized the move as a shift away from “lower-value human capital.”

ALSO: Elon Musk’s SpaceX has reportedly tapped Goldman Sachs to lead its highly anticipated IPO, with the bank set to assume the most prominent spot among the underwriters involved. Goldman and Morgan Stanley will reportedly be serving as lead bankers.

Good news for Arsenal fans: For the first time in 22 years, Arsenal FC took home the Premier League championship after Manchester City tied in yesterday’s showdown with Bournemouth. The Gunners, under the leadership of Mikel Arteta, have secured a total of 82 points.

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The pivot east

Doubling down on the east coast? As Adnoc speeds up plans to develop its West-East pipeline and double its crude export capacity that bypasses the Strait of Hormuz, the company is now looking at doing the exact same for its petrochemicals arm.

Borouge signed an agreement with AD Ports to explore building an alternative export hub for petrochemical shipments on the East Coast — centered around Fujairah and other eastern port facilities, according to a statement. This includes looking at ways to “enhance flexibility in vessel scheduling and routing” and assessing new routes and shipping lines via Fujairah Terminals.

This comes as the UAE looks for alternative export routes that can bypass the Strait of Hormuz and the stop-start disruption there. AD Ports specifically has been building redundancy across ports, trucks, rail, air freight, and storage, building what Chief Sustainability and Risk Management Officer Saif Al Mheiri called an “East Coast Plan” in a recent interview with CNBC Arabia.

The past few months have already seen much more throughput move east. More than 130k containers and 215k tons of bulk cargo have moved through Fujairah and Khor Fakkan since the beginning of March, Al Mheiri said. Ports along the east coast now handle around 1.8k containers per day, with Fujairah alone seeing increases in vessel calls to more than 25 ships a month. Rail volumes also surged from just four monthly trips to some 120 trips, with occupancy rates reaching 80%.

Meanwhile, storage capacity was expanded by more than 76k sqm, with plans to expand it further by up to 188k sqm, Al Mheiri added.

War shock eases off (somewhat) in Dubai’s real estate sector

Dubai’s residential property market is still alive and kicking — just at a much slower pace than before. April figures show a second consecutive monthly dip in capital values, though the pace of decline has clearly eased after March’s sharper correction, according to the latest ValuStrat Price Index (pdf). The citywide price index slipped to 224.9 points after a 1.9% monthly decline, easing up from March’s sharper 5.9% drop.

Properties like villas and townhouses — which are in much shorter supply than apartments — are seeing capital values rise y-o-y, up 8.3%, while falling 1.7% m-o-m. Apartments are facing more of the pressure, falling 2.2% monthly and barely registering 0.5% annual growth.

Top-performing communities — think prime villa districts like Jumeirah Islands, The Meadows, Emirates Hills and Palm Jumeirah — are seeing values dip only marginally, though weaker pockets registered more m-o-m declines, with Arabian Ranches dipping 4.1% m-o-m and Victory Heights down 4.2%. Dubai Silicon Oasis, Remraam, and DIFC saw the most growth on the apartment front.

Off-plan activity in particular recovered last month, rising 4% m-o-m, with the segment making up close to 80% of all residential sales, while ready home transactions fell 4.2% during the month and are down nearly 44% y-o-y.

Earlier volatility still echoes through the data. As we’ve previously reported, UAE real estate activity fell sharply in the immediate aftermath of regional geopolitical tensions, with secondary transactions bearing the brunt of the downturn and overall UAE activity estimated to have dropped by 51% during the first two weeks of the war alone. That period also saw a broader risk-off move across listed real estate names, with ADX and DFM property indices shedding around 27% before partially recovering.

Demand looks like it’s holding up: Two thirds of active property seekers are planning to buy properties within the next six months as a growing majority expect prices to soften, according to the latest Property Finder Market Pulse.

MAF turns to Dubai South for its latest multi-bn project

Dubai South is getting its next mega-development, this time from UAE conglomerate Majid Al Futtaim, according to a press release. The developer has signed on to build an AED 62 bn mixed-use community inside Dubai South.

The details: The 22 mn sq ft project will include residential, retail, entertainment, and lifestyle assets aimed at the growing population clustering around Dubai’s expanding logistics and aviation corridor. The site sits near what’s set to become the world’s largest airport, Al Maktoum International Airport.

BACKGROUND- Dubai South’s expansion gathered pace after the government approved the AED 128 bn expansion of Al Maktoum International Airport in 2024, a project designed to lift the airport’s ultimate capacity to 260 mn passengers annually. The airport sits at the center of the wider Dubai South master development, which spans roughly 145 sq km.

The freezone has been steadily expanding after it handed over 800 residential units last year. Another 1.3k units are set for delivery this year. The zone is also proving popular with players like DHL and UPS, which inked agreements to expand in the area. Overall, 653 new firms set up shop in Dubai South last year.

The real estate megaprojects keep coming: Just in the past week, Aldar said it was planning on rolling out 20 mn sqm worth of residential and mixed-use developments in Abu Dhabi as part of a broader housing push, while Brookfield and Alshaya said they’re working on a 480k sq ft mixed-use development in Dubai Hills.

BlackRock is back again

UAE-founded gym operator GymNation secured a USD 100 mn private credit facility from funds managed by BlackRock-owned HPS Investment Partners, in one of the larger recent private-credit wagers on a GCC-born consumer brand, according to a statement. The package includes USD 75 mn in committed capital plus a USD 25 mn accordion tranche.

The funding also marks the exit of old backers Ruya Partners. The ADGM-based private credit firm said the HPS facility repaid its USD 25 mn facility in full, extended back in 2023, and called it “a fitting endorsement” of GymNation’s growth, though it did not disclose a specific reason for the timing of its exit.

What the capital is for: The fast-growing fitness chain plans to expand to more than 100 locations over the next three years across the GCC, backed by a new regional HQ in Riyadh and a planned Asia entry. CEO Loren Holland said the funding gives the low-cost gym operator room to grow “across the GCC and beyond” despite a “challenging geopolitical environment.” That’s up from 50 locations currently in the UAE, Saudi Arabia, and Bahrain.

Not just a bricks-and-mortar play: Part of the capital will also go into GymNation’s proprietary tech platform, data, AI, and machine-learning infrastructure — suggesting the next phase is as much about scaling its operating stack as it is about expanding its physical footprint.

Another vote of confidence from BlackRock: The HPS backing adds to BlackRock’s wider GCC push despite the war. Just last week, BlackRock-backed GIP joined Temasek, L’imad Holding, and Adnoc on a USD 30 bn infrastructure platform targeting strategic assets across the GCC and Central Asia.

ADVISORS- Tatsu Partners were lead debt advisors to GymNation, while DLA Piper served as counsel. PwC provided financial due diligence and tax advisory services.

Dubai’s the regional HQ of choice for Century 21, Lianlian DigiTech

Century 21 opens Dubai HQ

US-based real estate brokerage firm Century 21 has planted its flag in the UAE, opening its regional headquarters in Dubai, according to a press release. Century 21 operates across 82 countries, including the US, Europe, and China, and has around 15k offices globally. The Dubai office will be led by Alex Pearson (LinkedIn).

Why now? The UAE is catching clients’ attention, with the firm noting that representatives from over 50 countries said they were interested in the UAE’s real estate market. Dubai’s real estate market posted a strong 1Q, though analysts have told us that momentum may not hold if a prolonged war dampens investor interest. Abu Dhabi’s market told a similar story.

A Chinese fintech player is also planting deeper roots in DIFC

Chinese payments firm Lianlian DigiTech is also setting up its licensed regional HQ in Dubai after securing a payment services license from the Dubai Financial Services Authority (DFSA), according to a Dubai International Financial Center statement. The move gives the firm a regulated base to expand cross-border payment and settlement services across the Middle East, adding to its network spanning 100+ countries and regions.

Defense cooperation with France

The UAE and France have inked a defense cooperation agreement wherein both countries agree to “developing military and defence collaboration,” according to a statement by the Defense Ministry.

ICYMI: France had pledged to bolster the defense of its “regional partners” soon after the breakout of the US-Iran war in late February.

The USD 10 bn ticket out

In the span of a few hours on Monday, the case against Asia’s richest man fell apart. The US Department of Justice moved to drop criminal fraud charges against Gautam Adani “with prejudice” — meaning they cannot be refiled — while the US Treasury Department simultaneously resolved a sanctions-related probe involving Adani Enterprises with a USD 275 mn settlement, Bloomberg reports. The SEC’s civil fraud case settled the week prior for USD 18 mn in penalties. The reported price of relief? A USD 10 bn investment pledge in the US.

The Adani Group entered the courtroom on Monday with USD 29 bn in net debt, 41% of which it owed to global banks and capital markets, CNBC reports. It left the courtroom with access to the international capital markets, which had been restricted for nearly 18 months.

Timing is everything: Adani’s clearance comes only four days after Indian Prime Minister Narendra Modi touched down in the UAE for a visit that produced a pile of agreements across banking, sovereign infrastructure co-investment, shipping repair, and AI.

The Adani Group sits inside nearly every category discussed during the visit. The conglomerate manages logistics infrastructure across multiple GCC trade corridors and runs the ports, power, and renewables platforms that absorb a meaningful share of GCC-India physical trade. The sanctions overhang on the corridor’s largest single non-state infrastructure player was a binding constraint that has now been lifted.

The implications of the ruling unravel in different directions. For GCC sovereign wealth funds, the Adani resolution clears a counterparty risk that has quietly been impacting co-investment discussions for the past year and a half. The next round of deployments — into ports, logistics, renewables, transmission, and data centers — is where Adani inevitably appears as a partner, and that round was on hold.

Second, the Dubai-based trading intermediary at the center of the Treasury sanctions settlement serves as an enforcement precedent. The probe focused on LPG allegedly originating in Iran but documented as Omani or Iraqi and channeled through a Dubai trader. Now, every GCC commercial player in the India-bound energy trade will be expected to absorb tighter compliance costs at exactly the moment the corridor is being scaled.

Third, the USD 10 bn US investment pledge is the template. It is the cost-of-doing-business price for regulatory relief for a non-US conglomerate with deep US capital markets exposure. Every globally significant Gulf or Indian entity facing similar pressure — and there may be more, given the war’s pressure on trade flows through Hormuz, Fujairah, and the Red Sea — now has a reference point.

MARKETS THIS MORNING-

Asia-Pacific markets are down this morning, with investors adopting a wait-and-see approach as they digest higher bond yields and geopolitical tensions. Japan’s Nikkei is down 1.7% and South Korea’s Kospi is down almost 2%.

ADX	9,649	+0.9% (YTD: -3.4%)
DFM	5,662	+0.9% (YTD: -6.4%)
Nasdaq Dubai UAE20	4,495	+1.4% (YTD: -8.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.5% o/n	4.0% 1 yr
TASI	10,982	+0.2% (YTD: +4.7%)
EGX30	52,775	+1.5% (YTD: +26.2%)
S&P 500	7,354	-0.7% (YTD: +7.4%)
FTSE 100	10,331	+0.1% (YTD: +4.0%)
Euro Stoxx 50	5,851	0.0% (YTD: +1.0%)
Brent crude	USD 111.28	-0.7%
Natural gas (Nymex)	USD 3.11	-0.1%
Gold	USD 4,484	-0.6%
BTC	USD 76,740	-0.4% (YTD: -12.4%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.73	+1.1% (YTD: -0.5%)
S&P MENA Bond & Sukuk	149.98	-0.2% (YTD: -1.3%)
VIX (Volatility Index)	18.06	+1.4% (YTD: +20.8%)

THE CLOSING BELL-

The DFM rose 0.9% yesterday on turnover of AED 807.7 mn. The index is down 6.4% YTD.

In the green: Chimera S&P UAE UCITS ETF - Share Class A - Accumulating

(+6.0%), Talabat Holding (+4.2%), and Dubai Investments (+4.0%).

In the red: National Industries Group Holding (-5.0%), Agility The Public Warehousing Company (-4.8%), and Tecom Group (-4.4%).

Over on the ADX, the index rose 0.9% on turnover of AED 999.9 mn. Meanwhile, Nasdaq Dubai rose 1.4%.

CALENDAR

MAY

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

19-21 May (Tuesday-Thursday): International Exhibition for National Security & Resilience, 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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Today at a glance

THIS MORNING: UAE earmarks AED 1 bn investment for space sector + Is a GCC-UK trade agreement coming our way today?