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Monday, 12 Jan 2026

What We’re Tracking Today
The Big Story Today
M&a Watch
Debt Watch
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Also On Our Radar
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UAE to join US-led tech supply chain initiative Pax Silica

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Today at a glance

1

THE BIG STORY TODAY

UAE to join US-led tech supply chain initiative Pax Silica.
2

DEBT WATCH

Aldar adds another USD 1 bn to its war chest + DAE raises USD 600 mn.
3

ECONOMY

CI affirms UAE’s AA- rating as reserves projected to hit USD 280 bn in 2025.
4

HOSPITALITY

Armani teams up with Emaar founder Alabbar for future Armani hotels.
5

RENEWABLES

Masdar plants its flag in Angola’s power market.
6

PLANET FINANCE

Wall Street hits records as rate cut odds fade for January.
7

ALSO ON OUR RADAR

London hotel goes to Abu Dhabi real estate magnate, USD 1.1 bn Arrowpoint comes to town, and hotels make headway in Al Marjan.
1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Abu Dhabi Sustainability Week kicks off, with several African leaders in attendance

Good morning, lovely people. It feels like the first week of the new year where it’s really back-to-business, with a flurry of events taking place across the country and a much busier news cycle.

The USD 1 bn Followers Summit kicked off this month’s conference season over the weekend, and now Abu Dhabi is hosting a slew of sustainability-related events in light of Abu Dhabi Sustainability Week. Keep your eyes peeled for news, agreements, and speeches from government officials at this week’s events.

ALSO- Thursday could be a big day for the UAE, as the country is set to join the US-led critical mineral initiative Pax Silica, after Qatar joins today. The initiative is set to align policy, investments, and export controls with a list of countries, including Australia, Singapore, Japan, and Israel, in a bid to counter China’s dominance in the critical minerals industry.

PSA

Traffic on Hessa Street could start getting a little better, as the Roads and Transport Authority opens up an extension of the road from Al Khail to Sheikh Zayed, according to an X post. The 4.5 km stretch doubles capacity to four lanes, and comes as part of a wider development project that will add bridges, intersection improvements, and cycling tracks. The project is already 90% complete, according to the RTA.

WEATHER- We’re in for another sunny and warm day, with temperatures reaching 24°C in Dubai and Abu Dhabi, before cooling to 18°C overnight in Dubai, and 15°C in the capital.

Watch this space

YEMEN — Southern Yemeni leaders convening in Riyadh have claimed that the separatist Southern Transition Council (STC) — which in the past has been backed by the UAE — has disbanded, according to Yemen’s state news agency Saba, though other major figures in the group have denied this, saying they have lost contact with the delegation in Riyadh and that such a decision “can only be taken by the entire council, including its leader.”

IN CONTEXT- STC leader Aidarous Al Zubaidi had been expected to join his council in Riyadh before fleeing the country on Wednesday to Abu Dhabi through an allegedly UAE-managed covert operation through Somaliland and Mogadishu, Spokesperson of the Saudi-led coalition Turki Al Malki said on X. Al Zubaidi’s absence from Riyadh prompted the Presidential Leadership Council to expel him from Yemen’s internationally recognized government and refer him to the public prosecutor on charges of high treason and armed rebellion. The recent turn of events unfolded after the STC seized the country’s largest provinces last month, only to be pushed back by the Saudi-backed government, losing control of its interim capital Aden.

Thousands have since taken to the streets in Yemen in support of the STC, Reuters reports, while an upcoming conference in Saudi Arabia has been scheduled to pursue a solution to the southern cause.

BANKING — UAE banks are setting their sights on influencers. Abu Dhabi-backed digital bank Wio launched a business account for content creators and digital entrepreneurs during the 1 Bn Followers Summit in Dubai, state news agency Wam reports. Content creators have in the past laid in a “gray zone” between personal and corporate accounts — with requirements for features of a business account but lacking formal documentation that is often required.

Why it matters: By providing automated billing and taxation reports, the platform allows creators to manage content-related spending without “having to go through an actual accountant,” MENA analyst Hamzeh Al Gaood told EnterpriseAM.

It’s also led to a lot of inefficiencies in the past. “In the Gulf — and honestly globally — [content creator] accounts usually were tied to business accounts, and then different business accounts would exist to support different types of sole traders to larger firms,” Al Gaood told us.

The account — launched in partnership with Visa — requires no minimum balance, is fully digital and multi-currency, and integrates “smart tools” designed to handle invoicing and business operations, Wio’s Chief Marketing Officer Amina Taher said at the summit.

The move comes as the UAE looks to become a global hub for the digital and knowledge economies, and helps it foster entrepreneurship and encourage the monetization of digital content, banking and economic expert Amjad Naser told EnterpriseAM.

Happening today

AbuDhabi Sustainability Week kicked off yesterday and runs until Thursday, 15 January at the Adnec Center, bringing together global leaders to discuss sustainability action across interconnected systems. Heads of state including Philippines’ Ferdinand Marcos Jr and South Africa’s Cyril Ramaphosa, and Nigeria’s President Bola Tinubu are among those expected to attend.

The week’s program includes:

Other conferences coming up this week:

The big story abroad

Keep a close eye on how markets open this morning: US Federal Reserve Chair Jerome Powell is facing a criminal probe over the renovation of the Fed’s headquarters in Washington, DC, the New York Times reports in an exclusive, citing people briefed on the matter. Investigators are looking into whether he lied about the scope of the renovation, the costs of which had reached USD 2.5 bn this year, up from an initial estimate of USD 1.9 bn. US President Donald Trump has frequently complained about the renovation, including in a famous video (watch, runtime: 3:17) last year during his tour of the HQ.

US President Donald Trump has long attacked Powell and pushed him to drive interest rates lower and has frequently complained about the renovations, including in a famous video (watch, runtime: 3:17) last year during his tour of the HQ.

Powell, in a video statement (watch, runtime: 2:55), claimed the renovation was a “pretext” and that the threat of criminal charges is a “consequence of the Federal Reserve setting interest rates based on our best assessment of what will serve the public, rather than following the preferences of the President,” explaining that they come against the backdrop of wider threats and pressure from Trump against the Fed over the past months.

IN CONTEXT- This is the sharpest attack on the Fed’s independence in generations. Powell is leaving his post in May, and Trump has said he’s already chosen — but has not announced — the successor, widely expected to be Kevin Hassett, the director of the National Economic Council.

REMEMBER- Powell is leaving his post in May, and Trump has said he’s already chosen his successor, who’s widely expected to potentially be Kevin Hassett, the director of the National Economic Council.

Meanwhile, in Iran, protests have intensified despite an ongoing crackdown by the police, leading to around 500 deaths. Trump has several times said he was ready to come to the “rescue” of Iranians, prompting Iran’s speaker of parliament Mohammad Baqer Ghalibaf, to warn the US against any interference, saying: “Let us be clear: in the case of an attack on Iran, the occupied territories [Israel] as well as all US bases and ships will be our legitimate target,” he told parliament.

The US currently has several bases in the Gulf, including in Abu Dhabi, Bahrain, Kuwait, and Qatar (which was targeted last year in retaliation for the US’ attack of Iran’s nuclear plants during its brief intervention in Israel’s war against Iran.)

^^The must-read on the topic: Iranians defy intensifying crackdown as Trump weighs options

Flights between Iran and the UAE, as well as Iran and Qatar, faced disruptions over the weekend, with around 20 flights between Iran and Dubai facing cancellation, though Emirates and flydubai’s flights seem to have departed on schedule yesterday, the National reports.

PLUS- The US could start easing sanctions on Venezuela as soon as next week as the US looks to begin receiving oil from the country, while India is once again getting into tech firm’s crosshairs due to its proposal to make smartphone makers share their phones’ source code with the government for security testing.

***

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***

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2

THE BIG STORY TODAY

UAE to join US-led tech supply chain initiative Pax Silica

The UAE and Qatar are about to plug into Washington’s silicon play. The two Gulf states are set to formally join Pax Silica, a US-led effort to secure AI and semiconductor supply chains, in the coming days, US Undersecretary of State for Economic Affairs Jacob Helberg told Reuters. Qatar will sign the declaration today, while the UAE should be onboarded on Thursday.

In context: The UAE had attended the US’ inaugural Pax Silica Summit last December, which resulted in the launching of an initiative aimed at aligning policy, projects, and investments across critical minerals, advanced manufacturing, and data infrastructure to reduce reliance on China for critical minerals.

Why it matters

For Gulf economies, the move marks a shift from hydrocarbon-centric security toward what Helberg calls “silicon statecraft” — focusing more on national AI and data infrastructure as a powerful economic tool.

The UAE is already inside Washington’s chip perimeter: The US recently clearedexports of advanced Nvidia chips to Abu Dhabi-backed AI firm G42, unlocking large-scale compute capacity that underpins projects like the 5 GW Stargate UAE AI campus. The project is developed with US partners including OpenAI and Nvidia and due to begin coming online in 3Q 2026, as part of the US’ USD 500 bn Stargate initiative.

What to watch

Pax Silica is still in its early stages of formation, with the initiative currently focusing on expanding membership, building projects and coordinating policies, Helberg said. The real test will be bringing the various countries involved — currently Israel, Japan, South Korea, Singapore, Britain, the US, and Australia — in line with common policy frameworks and onboarded across major strategic projects.

The US and Israel are already planning a Pax Silica-linked strategic framework, including an industrial park in Israel to accelerate projects. Discussions are also reportedly underway for projects that would help modernize trade and logistics routes, like the India-Middle East-Europe Corridor.

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

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3

M&A WATCH

Is Arabian Gulf Steel Industries eyeing distressed British steelmaker

Abu Dhabi-based Arabian Gulf Steel Industries (AGSI) is one of several firms who have submitted proposals to acquire Britain’s third largest steel producer Speciality Steels UK (SSUK), the collapsed division of Sanjeev Gupta’s Liberty Steel empire, Sky News reports, citing sources it says are in the know. SSUK, which operates sites in South Yorkshire, was declared insolvent in August 2025 and is currently under the control of a UK official receiver, who is reportedly evaluating bids.

One source suggested AGSI is looking for backing from the UK’s National Wealth Fund to finance the takeover and restart production in Yorkshire.

Why it matters: This signals continued appetite from Gulf industrial players for outbound M&A, particularly where they can leverage “green” credentials to rehabilitate aging Western assets.

About the suitor: Based in Abu Dhabi, AGSI operates a scrap-based steel model using induction furnaces, which carry a significantly lower carbon footprint than traditional blast furnaces. It claims to be the UAE’s biggest private steelmaking company.

Our take

Acquiring SSUK would give the UAE player a foothold in the UK market at a distressed valuation, potentially allowing AGSI to export its low-carbon production model to a sector desperate for decarbonization.

On the flipside, it will be stepping into a chaotic UK steel landscape defined by high energy costs, the looming threat of Trump-era tariffs, and a government currently weighing whether to merge remaining industry players to prevent total collapse.

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

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4

DEBT WATCH

Aldar adds another USD 1 bn to its war chest + DAE raises USD 600 mn

The early-year debt rush continues, this time with a hybrid issuance from Aldar Properties and a seven-year bond for Dubai Aerospace Enterprise (DAE).

Aldar raises USD 1 bn

Abu Dhabi real estate giant Aldar priced a USD 1 bn hybrid note issuance, effectively replicating a similar issuance from January 2025 to keep its aggressive growth plans funded, according to a press release (pdf). The issuance was oversubscribed, with the orderbook reaching USD 4.2 bn, driven largely by demand from the Middle East (31%), as well as Europe and the UK (35%).

The details: The 30.25-year rule 144 A and Reg S-compliant notes — which are non-callable for the first 7.25 years — carry an initial yield of 5.95%.

Why it matters: The issuance brings Aldar’s total raised funding over the past year to USD 6.1 bn. By using the hybrid structure — which Moody’s treats as 50% equity and 50% debt — Aldar is raising dry powder for “landbank replenishment, expansion of its develop-to-hold portfolio, strategic acquisitions, [and] optimizing the debt profile to enhance the overall credit profile” — without weighing down its senior debt capacity or diluting current equity holders.

ADVISORS- Citi quarterbacked the transaction as sole structuring advisor, global coordinator, and joint bookrunner. It was joined by our friends at Mashreq, alongside Abu Dhabi Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank, IMI-Intesa Sanpaolo, JPMorgan, Société Générale, Standard Chartered, and Rakbank as joint lead managers and bookrunners.

DAE’s USD 600 mn bond sees strong demand

Dubai Aerospace Enterprise (DAE) raised USD 600 mn from a seven-year bond, Zawya reports. The Investment Corporation of Dubai-owned lessor saw its orderbook 3.3x oversubscribed, with investors putting in over USD 2 bn in bids.

The strong demand allowed the company to tighten pricing, knocking 25 basis points off its initial guidance to land at a spread of 120 bps over US Treasuries. The bonds carry a 4.95% coupon and a 5.137% yield, and will be listed on Nasdaq Dubai. The issuance is expected to be rated Baa2 by Moody’s and BBB by Fitch, in line with the group’s credit profile.

The issuance comes hot on the heels of its USD 650 mn sukuk in October. That five-year issuance was priced cheaper (4.5%), but the strong appetite for this longer-dated paper suggests investors aren’t shying away from regional aviation names despite geopolitical tensions. The aviation services firm also secured a USD 300 mn three-year unsecured loan from Bank of China in June of last year, as it offloaded 75 aircraft, and spent roughly USD 1 bn acquiring 17 planes. DAE also committed to buying 100 new aircraft from Airbus, Boeing, and ATR.

ADVISORS- Abu Dhabi Commercial Bank, Bank of China, BNP Paribas, Goldman Sachs International, and Mizuho were mandated as joint active bookrunners, alongside Bank ABC, Crédit Agricole CIB, Emirates NBD Capital, Fifth Third Securities, First Abu Dhabi Bank, HSBC, JPMorgan, Morgan Stanley, Natixis, and Truist as joint passive bookrunners, and Rakbank as co-manager.

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

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5

ECONOMY

CI affirms UAE’s AA- rating as reserves projected to hit USD 280 bn in 2025

Capital Intelligence affirmed the UAE’s long-term foreign and local currency ratings at AA- with a stable outlook, alongside an A1+ short-term rating, according to a statement (pdf). This comes as the UAE’s liquidity reserves and diversification efforts continue to insulate its economy from regional volatility, including escalations in Yemen and ongoing tensions between the US and Iran.

The international liquidity shield: Official reserves are projected to have reached USD 280 bn by end-2025, and to cover 215.4% of all external debt maturing in 2026. This signals to global markets that the UAE’s solvency remains robust even if Red Sea tensions or broader regional frictions escalate further, the report indicates.

The rating is constrained by the UAE’s relative dependence on hydrocarbon revenues (accounting for around 40% of government revenueS), along with budget rigidities and high geopolitical risk, CI said.

Why it matters: This liquidity cushion is the foundation for a projected 5.1% growth spurt in 2026. CI’s outlook assumes that Opec+ production cuts will begin a “gradual phase-out” in 1Q 2026-27, allowing the UAE to monetize its expanded production capacity. While oil prices are conservatively forecasted at USD 60 / bbl for 2026-27, a budget surplus of 4.7% of GDP is expected — with growth in non-hydrocarbon sectors and increased output largely balancing the impact of a weaker price environment.

How this compares to other ratings: Fitch Ratings previously gave UAE banks a stable outlook, reflecting the strength of the sovereign rating at AA-. While Moody’s adjusted its outlook to “stable” as a precautionary measure, S&P Global affirmed strong credit ratings, noting that risks associated with consumer lending — which grew by 13.6% annually to reach AED 540 bn — remain manageable.

The outlook: An upgrade remains on the table if the UAE reduces its reliance on hydrocarbons, improves data transparency regarding sovereign wealth fund assets, and sees a durable decline in regional geopolitical tensions. Conversely, a downgrade could be triggered by a prolonged disruption to oil flows due to regional conflict, a sharp and sustained drop in oil prices that increases refinancing risks, or a significant deterioration in the fiscal balance sheet that erodes the country’s current net creditor position.

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

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6

HOSPITALITY

Armani teams up with Emaar founder Alabbar for future Armani hotels

Alabbar is anchoring the next phase of Armani Hotels & Resorts. Italian luxury house Giorgio Armani has formed a 20-year, globally exclusive joint venture with Symphony Global — the private investment company of Dubai developer Mohamed Alabbar, also the founder of Emaar — to develop future Armani Hotels & Resorts, according to a post on LinkedIn and announcement.

What we know: The JV will be headquartered in Milan and Dubai, and holds exclusive global rights to all future Armani Hotels & Resorts during the contract term, with the agreement including a 10-year extension option.

The pipeline will span two formats: Ultra-luxury Armani Hotels and a more lifestyle-driven Armani Hotel concept aimed at younger, experience-led travelers. Armani retains control over architecture, interiors, service design, and the guest experience across both.

Armani Hotels has expanded with rare restraint, operating just two properties — Dubai and Milan — over 15 years while peers chased footprint. A globally exclusive JV marks a shift from one-off landmarks to a coordinated pipeline, with Dubai now structurally central to that strategy.

Background

This isn’t Symphony’s first partnership with Armani…: The agreement formalizes a long-standing relationship with Alabbar, who partnered with Armani Group on the launch of its first hotel in Dubai.

…nor its first luxury JV: The firm previously partnered with Italian online fashion retailer Yoox Net-A-Porter to build a Middle East luxury e-commerce platform, consolidating regional online operations under a Dubai-based joint venture. This comes as Al Abbar pushes into further verticals like retail and hospitality, with a recent USD 145 mn investment in a resort in Italy.

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

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7

RENEWABLES

Masdar enters Angola with 150 MW solar project

Abu Dhabi renewables firm Masdar signed a long-term power purchase agreement for a 150 MW solar project in Angola, marking its first contracted project in the country and a fresh foothold in southern Africa’s power market, according to a press release.

The project: The Quipungo solar plant will anchor Project Royal Sable, a planned 500 MW renewables program across three sites, in partnership with Angola’s state utility firm Rede Nacional de Transporte de Electricidade (RNT-EP). The offtake agreement will feed Angola’s southern grid and is expected to create over 2k jobs once the wider portfolio is built out.

Bigger picture

Quipungo plugs into Masdar’s Africa platform via Infinity Power, its JV with Egypt’s Infinity, making Masdar the continent’s largest renewables operator. The JV already runs 1.3 GW across Egypt, South Africa, and Senegal, with a 13.8 GW pipeline spanning storage and green hydrogen, and is fresh off new 1.2 GW solar-plus-storage agreements in Egypt.

Zooming out

Angola is fast becoming a repeat destination for UAE capital. Abu Dhabi-backed players are active across energy, real estate, and infrastructure — from mining and an AED 1.8 bn mixed-use development to a new USD 500 mn pan-African infrastructure fund launched in Abu Dhabi to channel Gulf capital into African energy and transport assets. The two countries inked a trade agreement last summer, with Angola cited as a key import source for diamonds, gold, and other minerals for the UAE.

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

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8

ALSO ON OUR RADAR

London hotel goes to Abu Dhabi real estate magnate, USD 1.1 bn Arrowpoint comes to town, and hotels make headway in Al Marjan

UAE’s Criterion acquires prime London hotel

Asif Aziz’s Criterion Capital scoops up London hotel: Abu Dhabi-based real estate magnate Asif Aziz’s real estate and investment company Criterion Capital acquired the St Giles London Hotel, according to a press release. With the 732-key hotel in central London under its belt, Criterion’s portfolio in the area now stands at 3.7k hotel rooms. It is aiming to bring that total to 9k by 2029.

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

IN CONTEXT- Aziz advised on the hotel’s original sale back in 1993 and Criterion later acquired parts of the site, including the carpark. The b’naire recently moved his tax residency to the UAE from London, part of the growing wealth exodus from the UK on the back of economic stagnation and tax reforms, though Emirati investors are continuing to snap up prime real estate in the UK capital.

Ardee kicks off AED 2 bn Al Marjan Island build

UAE-based real estate developer Ardee broke ground on its AED 2 bn waterfront development, Fairmont Residences Al Marjan Island and Fairmont Al Marjan Island Hotel, in Ras Al Khaimah, according to a press release. A wave of hospitality players have been establishing a presence on RAK’s Al Marjan Island, which will feature a USD 3.9 bn integrated gaming resort.

Timeline: Piling works on the site, which spans 1.2 mn sq ft of gross floor area, are slated to wrap up in April, after which main construction will begin. The project targets completion by 2028 and is part of Ardee’s larger 5.6 mn sq ft masterplan for the island — initially announced last year — which includes a 250-key hotel and 519 residential units.

Arrowpoint with USD 1.1 bn AUM receives DFSA green light
Arrowpoint Investment Partners secures regulatory approval to operate in Dubai: Singapore-based multi-strategy hedge fund Arrowpoint Investment Partners, founded by former Goldman Sachs managing director Jonathan Xiong (LinkedIn), has reportedly received a license from the Dubai Financial Services Authority to carry out investment management activities in Dubai International Financial Center, Al Khaleej reports. Arrowpoint joins the ranks of global hedge funds establishing a presence in the emirate.

By the numbers: Despite launching only in 2024, Arrowpoint emerged as one of the most prominent breakout hedge funds, ending its debut year with USD 1.1 bn in assets under management after starting with USD 500 mn. It was later reported to be targeting up to USD 400 mn in capital during 1Q of this year.

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9

PLANET FINANCE

Wall Street gains on resilient labor data and shifting interest rate hopes

Wall Street closed the week at record levels on Friday as investors welcomed labor data that reinforced the broader narrative of a soft landing for 2026, even as it lowered the odds of an immediate interest rate cut in January. Investors rotated into housing, energy, and small-cap stocks, the Associated Press reported on Friday. The S&P 500 rose 0.6%, pushing past the record it set earlier in the week. The Dow Jones Industrial Average added 0.5%, while the Nasdaq Composite outperformed with a 0.8% rise. Smaller companies led the charge, with the Russell 2000 rising 4.6% for the week, outpacing the S&P 500’s 1.6% weekly gain.

The data — marking the first labor report to be issued on-time since the US government shutdown — sent mixed but reassuring signals. Nonfarm payrolls grew by only 50k, falling short of the 73k consensus forecast, yet the unemployment rate unexpectedly improved to 4.4%. The economy is now “slow to hire and slow to fire,” Art Hogan, chief market strategist at B. Riley Wealth, told CNBC, adding that the report carried “more good news than bad” for investors worried about an impending recession.

That resilience in unemployment was enough to cool expectations for near-term Fed easing. The probability of a rate cut at the US Federal Reserve’s January meeting fell to 5% from 11% a day earlier, CME Group data showed. Markets remain more confident about the longer horizon, still pricing in a 32% chance of two quarter-point cuts by the end of 2026.

Inflation keeps the Fed in wait-and-see mode: While lower rates could help sustain growth and support asset prices, they also risk fueling inflation, which remains above the Fed’s 2% target. “Until the data provide a clearer direction, a divided Fed is likely to stay that way,” Morgan Stanley Wealth Management Chief Economic Strategist Ellen Zentner said. “Lower rates are likely coming this year, but the markets may have to be patient,” she added.

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Treasury yields reflect a market caught between near-term caution and long-term confidence. The two-year Treasury yield climbed to 3.53% from 3.49%, signalling expectations that the Fed will delay rate cuts amid steady labor conditions. At the same time, the 10-year yield slipped by two basis points to 4.167%, and the 30-year fell by four basis points to 4.814%. This divergence suggests investors believe inflation and growth will cool gradually rather than collapse, reinforcing the soft-landing narrative.

MARKETS THIS MORNING-

Last week’s positive close on Wall Street is pushing up Asia-Pacific markets, which are all in the green this morning in early trading. Japan’s Nikkei is closed today for a holiday. Meanwhile, it appears US stock markets will not extend their rally when the opening bell rings later today, with futures for the S&P 500, Dow Jones, and Nasdaq all trading down.

ADX

10,010

-0.3% (YTD: +0.2%)

DFM

6,226

-0.4% (YTD: +3.0%)

Nasdaq Dubai UAE20

4,937

-0.7% (YTD: +1.0%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

3.5% o/n

3.5% 1 yr

Tadawul

10,610

+1.3% (YTD: +1.1%)

EGX30

42,895

+2.5% (YTD: +2.6%)

S&P 500

6,966

+0.7% (YTD: +1.8%)

FTSE 100

10,125

+0.8% (YTD: +2.0%)

Euro Stoxx 50

5,997

+1.6% (YTD: +3.6%)

Brent crude

USD 63.24

-0.2%

Natural gas (Nymex)

USD 3.23

+1.9%

Gold

USD 4,589

+2.0%

BTC

USD 91,523

+1.0% (YTD: +3.8%)

Chimera JP Morgan UAE Bond UCITS ETF

AED 3.78

-0.5% (YTD: +0.8%)

S&P MENA Bond & Sukuk

151.71

+0.1% (YTD: -0.1%)

VIX (Volatility Index)

14.49

-6.2% (YTD: +3.1%)

THE CLOSING BELL-

The ADX fell 0.3% on Friday on turnover of AED 757.4 mn. The index is up 0.2% YTD.

In the green: Rapco Investment (+7.5%), Bank of Sharjah (+3.9%), and National Bank of Umm Al Qaiwain (+3.8%).

In the red: Orascom Construction (-4.7%), Space42 (-2.6%), and Abu Dhabi National Co. for Building Materials (-2.5%).

Over on the DFM, the index fell 0.4% on turnover of AED 441 mn. Meanwhile, Nasdaq Dubai was down 0.7%.

CORPORATE ACTIONS-

Islamic Arab Ins. Company (Salama) has activated its capital reduction on the Dubai Financial Market (DFM), reducing its share capital to AED 483 mn from AED 939.6 mn after completing implementation requirements, according to a DFM disclosure (pdf).

ICYMI- Last week, Salama received approval from the Securities and Commodities Authority to progress with its share capital reduction plan, which was set to be implemented in two phases; eliminating AED 443.9 mn in accumulated losses by canceling 439.7 mn shares and using AED 4.1 mn from its statutory reserve, and canceling 16.8 mn treasury shares.

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CALENDAR

JANUARY

11-12 January (Sunday-Monday): IRENA Assembly, Adnec Center, Abu Dhabi.


11-15 January (Sunday-Thursday): Abu Dhabi Sustainability Week, Adnec Center, Abu Dhabi.


11-15 January (Sunday-Thursday): ADSW Dialogues, Adnec Center, Abu Dhabi.


11-15 January (Sunday-Thursday): WiSER Forum, Adnec Center, Abu Dhabi.

12-15 January (Monday-Thursday): Dubai International Project Management Forum, Madinat Jumeirah, Dubai.

12-15 January (Monday-Thursday): SteelFab, Expo Center, Sharjah.


13-15 January (Tuesday-Thursday): World Future Energy Summit, Adnec Center, Abu Dhabi.

13-15 January (Tuesday-Thursday): FESPA Middle East, Dubai Exhibition Center, Dubai.


14 January (Wednesday): Global South Utilities Forum, Adnec Center, Abu Dhabi.


15 January (Thursday): Global Climate Finance Center Annual Meeting, Adnec Center, Abu Dhabi.


15 January (Thursday): Green Hydrogen Summit, Adnec Center, Abu Dhabi.

21-24 January (Wednesday-Saturday): Acres Real Estate Exhibition, Expo Center, Sharjah.

28-29 January (Wednesday-Thursday): IBA Arbitration Day Conference, Abu Dhabi.

28-30 January (Wednesday-Friday): World Customs Organization Technology Conference, Adnec Center, Abu Dhabi.

31 January – 7 February (Saturday-Saturday): Mubadala Abu Dhabi Open, International Tennis Center, Zayed Sports City.

FEBRUARY

3-5 February (Tuesday-Thursday): The World Governments Summit, Dubai.

4-5 February (Wednesday-Thursday): PropTech Connect Middle East, Grand Hyatt Dubai.

4-6 February (Wednesday-Friday): Arab Actuarial Conference, Millennium Plaza Downtown Hotel, Dubai.

12-15 February (Thursday-Sunday): The Society for Incentive Travel Excellence Global Conference, Abu Dhabi.

9-12 February (Monday-Friday): World Health Expo (WHX), Dubai.

10-11 February (Tuesday-Wednesday): Top Advisors and Investors Summit, Abu Dhabi.

MARCH

31 March – 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.

26-28 March (Thursday-Saturday): Social Capital Conference, Dubai.

28-29 March (Saturday-Sunday): Emirates International Congress on AI & Visionary Leadership in Transforming Healthcare, Adnec Center Abu Dhabi.

30 March – 2 April (Monday-Thursday): IAAPA Middle East Exhibition and Conference, Adnec Center, Abu Dhabi.

APRIL

7-9 April (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.

13-15 April (Monday-Wednesday): AIM Congress, Dubai World Trade Center.

13-15 April (Monday-Wednesday): The International Glass Manufacturing Show, Dubai.

14-16 April: (Tuesday-Thursday): the International Property Show, Sheikh Zayed Rd, Dubai.

21-23 April (Tuesday-Thursday): UITP Public Transport Summit, Dubai.

MAY

11-15 May (Monday-Friday): Dubai Future Finance Week, Dubai.

11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center.

19-20 May (Tuesday-Wednesday): Capital Market Summit, Madinat Jumeirah, Dubai.

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

JUNE

15 June-15 September (Monday-Thursday): Dubai Mallathon, Dubai.

JULY

31 July (Friday): Large businesses achieving annual revenues equal to or above AED 50 mn must appoint an accredited service provider for e-invoicing implementation.

Signposted to happen sometime in October 2026:

  • Abu Dhabi Space Week, Abu Dhabi.

DECEMBER

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

Signposted to happen in 2026:

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;
  • 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;
  • 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 2029:

  • Sibos 2029 organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Dubai;
  • The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.
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