Economy grew past AED 1.7 tn in 2024

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Space42 launches Thuraya 4 satellite + New perks for Dubai newlyweds and mothers

Good morning everyone, and a very happy new year. We hope you all got a chance to unwind before the first full workweek of the year. We have plenty of news to sift through from the past few days, and a lot of fresh data out on economic performance — and, of course, the property market — over the past year, so let’s dive in.

ALSO- Don’t miss our roundup of all the new laws, regulations, taxes, and fees taking effect in the new year in the news well, below.

☀️ WEATHER- It’s another crisp day in the UAE, with sunny and slightly windy conditions across the emirates, according to the National Center of Meteorology (pdf). The mercury in Dubai will reach 23°C, with a low of 17°C, and will peak at 21°C in Abu Dhabi, before also dropping to 17°C.

A few important milestones to note before getting underway:

#1- Abu Dhabi sovereign wealth fund Mubadala trumped Saudi Arabia’s Public Investment Fund to become the world’s most active sovereign wealth fund in 2024, deploying USD 29.2 bn across 52 investments, according to consultancy firm Global SWF ’s annual report (pdf).

The Abu Dhabi-based fund’s investments rose 67% y-o-y, the report stated, deposing PIF, which saw a 37% cut in spending and a pivot towards domestic investment, Reuters reported.

Behind the rise: Expansion across regions and industries drove the growth, alongside investments through its subsidiaries like Abu Dhabi Investment Council (the Council) and Mubadala Capital. Mubadala’s partnerships with AI firm G42 and state-backed investment firm MGX also fuelled the rise.

In terms of assets under management, the Abu Dhabi Investment Authority maintained its position as the largest sovereign wealth fund in the region with USD 1.1 tn in AUM, while Mubadala holds USD 330 bn in AUM, and ADQ holds USD 249 bn. Adia’s AUM has now placed it among the “exclusive” USD 1 tn club for sovereign wealth funds — joining Norway’s Government Pension Fund Global, China Investment Corporation (CIC), and China’s SAFE Investment Center.

We have more on the sovereign wealth funds’ performance in today’s Planet Finance, below.

#2- State-owned space tech firm Space42 launched its Thuraya 4 (T4) telecom satellite aboard SpaceX’s Falcon 9 rocket from Cape Canaveral Space Force Station in the US state of Florida, according to a press release. The satellite is now undergoing its Electrical Orbit Raising (EOR) phase and is expected to reach its geostationary orbit within months.

About Thuraya 4: Thuraya 4 is set to bolster Space42’s mobile telecom offerings, with enhanced security, faster speeds, and expanded coverage across Africa, Europe, Central Asia, and the Middle East. The satellite, powered by the Airbus Eurostar Neo platform, features advanced onboard processing and routing capabilities for up to 3.2k channels.

ICYMI- Space42 secured an AED 18.7 bn contract with the UAE government last month to extend its communication services until 2043. The agreement includes advance payments of AED 3.7 bn for the construction of two new satellites, Al Yah 4 and Al Yah 5, set to be operational by 2027 and 2028.

#3- The UAE now has a Civil Defense Authority, replacing the former Civil Defense Department and now operating under the National Emergency, Crisis, and Disasters Management Authority, instead of the Interior Ministry, Wam reports.

ALSO- Safety compliance certificates are mandatory for property and facility licensing, the authority warned, with violators facing penalties of up to six months imprisonment or fines up to AED 250k. A dedicated committee will review compensation claims related to civil defense operations through a grievance mechanism.

PSAs-

#1- No change at the pump this month: The Fuel Price Committee kept January fuel prices unchanged from December’s rates, which were the lowest recorded in 2024, according to an Emirates General Petroleum Company statement on X. The breakdown per liter:

Super 98: AED 2.61;
Special 95: AED 2.50;
E-plus 91: AED 2.43;
Diesel: AED 2.68.

#2- Abu Dhabi has two new bridges, a three-lane flyover bridge on Al Khaleej Al Arabi street and a two-lane bridge between Shakhbout Bin Sultan street and Al Khaleej Al Arabi street, according to a statement from the Abu Dhabi Media Office. The AED 315 mn development is expected to cut traffic congestion during peak hours by up to 80%.

#3- Dubai has begun working on several road development projects across Al Awir, Al Warqa, Nadd Hessa, and Wadi Al Safa 3 areas to improve traffic flow, according to a press release from the Dubai Roads and Transport Authority (RTA).

The breakdown:

Al Awir 1 will get 16.5 km of internal roads with a new entrance from Emirates Road. These modifications will increase the area’s access point capacity to 3k vehicles per hour and enhance Emirates Road capacity by 16%;
Al Warqa will get a new direct entrance and exit from Sheikh Mohammed bin Zayed Road. The project will increase the capacity of Al Warqa Street by 30%, reduce travel time to 3.5 minutes from 20 minutes, and decrease travel distance to 1.5 km;
Nadd Hessa will get an additional entrance and exit, connecting Sheikh Mohammed bin Zayed Road and Sheikh Zayed bin Hamdan Al Nahyan Street;
The Wadi Al Safa 3 project will see the construction of a 4 km direct entrance and internal roads. This development will shorten travel distances by 10 km and reduce travel time to 2 minutes from 10 minutes.

REMEMBER- Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum approved a five-year plan for the emirate’s internal roads in November with an investment of AED 3.7 bn to develop 21 road projects.

HAPPENING TODAY-

S&P Global will publish the UAE’s purchasing managers’ index (PMI) for December soon after we hit “send” on this morning’s issue. The UAE’s non-oil business sector continued its expansion in November, though output was impacted by ongoing capacity pressures. We’ll have the rundown on December’s data for you in tomorrow’s issue.

WATCH THIS SPACE-

#1- New perks for Dubai newlyweds and mothers: Dubai will allow a 10-day marriage leave for government employees and a one-year remote work option on Fridays for mothers during the first year after maternity leave as part of the first phase of the new Sheikha Hind bint Maktoum Family Program aimed at promoting work-life balance through financial and social support, the Dubai Media Office stated. The program offers wedding support; housing assistance, including reductions on monthly loan premiums; and flexible work policies, as well as social, financial, housing, and educational programs.

#2- Dubai plans to add commercial properties to its newly launched Smart Rental Index in 1Q 2025, Majid Al Marri, CEO of the Real Estate Registration Sector at Dubai Land Department, was quoted as saying by Khaleej Times. The Dubai Land Department launched the smart index for residential properties in December, which uses AI and building classification criteria — such as location, age, and maintenance — to calculate rental values, according to Wam.

REMEMBER-Abu Dhabi introduced a similar rental index in August, covering residential, commercial, and industrial properties.

#3- Retail operator Mair Group is eyeing AED 400 mn in investments this year aimed at supporting expansion and boosting existing assets’ operational efficiency, the firm’s CEO Nahyan Al Ameri told Zawya. This follows Mair’s direct listing on the ADX last month. Expansion into the manufacturing sector and more local acquisitions are also in the cards.

#4- Dubai approves AED 5.4 bn housing project to support Emirati families: Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum greenlit the construction of a housing project comprising over 3k residential units across Dubai with an estimated investment of AED 5.4 bn, state news agency Wam reports.

DATA POINTS-

UAE stock markets hit AED 3.9 tn market cap in 2024: The combined market capitalization of the Abu Dhabi Securities Exchange (ADX) and Dubai Financial Market (DFM) climbed to over AED 3.9 tn by the end of 2024, up by AED 257 bn from AED 3.6 tn in 2023, Wam reports. The ADX ended the year with a market cap just shy of AED 3 tn, compared to AED 2.96 tn y-o-y. Meanwhile, the DFM registered a market cap of AED 906.9 bn, up from AED 687.5 bn last year.

Trading momentum: The local markets saw AED 449 bn in trading value during the year, with the ADX accounting for AED 342.4 bn and the DFM for AED 106.7 bn.

THE BIG STORY ABROAD-

It’s another mixed bag in the foreign press this morning, with updates on yet another round of Israel-Hamas ceasefire talks, a powerful US winter storm, and Nippon Steel’s blocked USD 15 bn bid for US Steel getting plenty of ink.

#1- Reuters and Bloomberg are both leading with US President Joe Biden’s blocking of Nippon Steel’s USD 15 bn bid for US Steel. Bloomberg took note of Nippon Steel’s shares slipping in the first day of trading following Biden’s announcement, and Reuters has an exclusive on another headwind that had been facing Nippon Steel, as the CEO of steelmaker Cleveland-Cliffs — which also made a failed bid for US Steel in 2023 — spread doubt over the transaction in the months leading up to Biden’s blocking of the bid. The newswire also looks at potential scenarios following Biden’s blocking, including the potential impact on US-Japan relations.

#2- Israeli and Hamas officials are still at odds in the latest round of ceasefire talks, which took place in Doha yesterday, after Hamas said it handed over a list of hostages it is prepared to return in exchange for the promise of a ceasefire and Israel’s withdrawal, France24 reports. Israel denied it received a list, even though Reuters says it has seen the list which was handed over by Hamas. The talks came against the backdrop of another brutal weekend in Gaza, with over 100 killed in airstrikes and bombardments.

#3- The US has been hit by a powerful winter storm, disrupting travel and prompting speculation over potential delays in government operations on the day where Congress is set to certify the results of the elections in November and formalize president-elect Donald Trump’s victory ahead of his inauguration on 20 January. US lawmakers confirmed the meeting will take place as planned. (WSJ | Axios | Reuters)

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CIRCLE YOUR CALENDAR-

The Arab Plast International Trade Fair for Plastics, Recycling, Petrochemicals,Packaging and Rubber Industry will take place between 7-9 January at the Dubai International Convention and Exhibition Center. The event will showcase advancements in the plastics and recycling sectors, with a focus on sustainable practices, circular economy, recycling technologies, and sustainable materials. The event will include networking prospects for professionals, live demonstrations of technologies and machinery, and discussions on future developments.

The International Renewable Energy Agency (IRENA) Assembly will take place between 11-13 January in Abu Dhabi. The event will gather global leaders and decision-makers to discuss the renewable energy transition and address challenges to energy security and financing. Featured in the agenda: An International Renewable Energy Agency Youth Forum, which will see interactive sessions, open dialogues, and thematic workshops for youth to contribute to renewable energy deployment and sustainable development.

The 1 Bn Followers Summit will take place between 11-13 January at Jumerirah Emirates Towers at the DIFC in Dubai. The event will feature over 250 speakers, including top content creators and industry experts. It includes workshops and discussions on technology, content strategies, and the economic impact of content creation.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

UAE’s GDP surpassed AED 1.7 tn in 2024

The UAE’s GDP is projected to have surpassed AED 1.7 tn in 2024, marking a record high, according to a recap of the first cabinet meeting of 2025 posted on X. The industrial sector is estimated to have contributed over AED 210 bn to GDP, with industrial exports surpassing AED 190 bn.

Foreign trade is also expected to have exceeded AED 2.8 tn in 2024, with non-oil exports set to top AED 540 bn, imports over AED 1.6 tn, and re-exports crossing AED 700 bn, Wam reports. This is down from AED 3.5 tn in 2023, though non-oil exports would be up from AED 441 bn last year.

REMEMBER- The UAE signed 12 new comprehensive economic partnership agreements (CEPAs) in 2024, bringing the total to 24, with 15 finalized and nine in progress.

Foreign direct investments are expected to have risen by 17.1% y-o-y to reach AED 130 bn in 2024. The UAE attracted around USD 30.7 bn (AED 112.6 bn) of FDI inflows for greenfield projects in 2023, representing 45.4% of total foreign direct investment inflows in the region. It also led with USD 225 bn (AED 826.3 bn) in cumulative FDI balances, comprising 21% of total incoming balances across the region. The country ranked first globally in attracting FDI relative to its GDP in 2023.

Healthcare also had a good year: Medicine sales are expected to reach AED 20.5 bn in 2024, with projections of AED 26.4 bn in sales by 2028. Medical product factories have increased by 90% over the past six years, producing nearly 1.9k items in 2023.

And tourism flourished: UAE airports welcomed 150 mn passengers in 2024, while hotels hosted 30 mn hotel guests, resulting in over 105 mn overnight stays, matching previous predictions.

Emiratization is on the rise in the private sector: Emirati participation in the private sector grew by 350% in 2024, with 131k citizens entering the workforce, driven by the Nafis program. Meanwhile, Emiratis alone established some 25k new small- and medium-sized enterprises (SMEs).

Abu Dhabi’s economy grew 4.5% in 3Q 2024

Abu Dhabi’s economy expanded by 4.5% y-o-y in 3Q 2024 to an all-time quarterly high of AED 301.8 bn, according to an Abu Dhabi media office statement citing Statistics Centre – Abu Dhabi (SCAD ) figures. The non-oil economy grew 6.6%, contributing 54% to GDP during the quarter, according to preliminary estimates by SCAD.

Sector highlights:

Manufacturing grew 2% to AED 29.4 bn, contributing 9.7% to the emirate’s GDP, remaining the largest non-oil activity for the seventh consecutive quarter.
Construction rose 10% to AED 26.7 bn, supported by investments in urban infrastructure and job creation, accounting for 8.8% of GDP.

Financial and ins. services grew 11.6% to AED 19.5 bn, reflecting increased loans and deposits in major banks, contributing 6.4% to Abu Dhabi’s GDP.

Real estate grew 6.1% to AED 10.7 bn, driven by increased investments in urban infrastructure projects, contributing 3.5% to Abu Dhabi’s GDP.

Transport and storage increased 18% to AED 7.1 bn, driven by higher cargo volumes, container handling, and port revenues.

Electricity, gas, and water expanded 5% to AED 5.5 bn, reflecting sustainability efforts, accounting for 1.8% of Abu Dhabi’s GDP.

In 9M 2024: GDP rose by 3.9% during the first nine months of 2024, with the non-oil economy growing 5.9%.

What they said: Chairman of the Abu Dhabi Department of Economic Development (ADDED) Ahmed Al Zaabi attributed the results to the emirate’s proactive policies, significant capital investments, and focus on public-private partnerships. SCAD Director General Abdulla Gharib Alqemzi emphasized the role of data-driven decisions and foreign investments, which reached AED 904.5 bn in 2023, in bolstering economic development.

New year, new laws, taxes, fees, and regulations

Several new laws and regulations have come into effect this month, as the UAE ushers in the new year. From the new corporate tax for multinationals to fresh Emiratization targets, we have a breakdown of all the new legislations, regulations, and taxes now in force below:

TAXES AND FEES-

#1- Corporate tax increase for multinationals: Large multinational enterprises earning EUR 750 mn or more in global revenue will starting this year be subject to a 15% minimum corporate tax, up from the previous 9%, under the Finance Ministry’s recent domestic minimum top-up tax (DMTT). The DMTT applies to consolidated revenues in at least two of the four financial years before the tax takes effect.

PLUS- High-value employment activities could be eligible for a tax credit as a percentage of eligible salary costs as of 1 January, under a separate proposal pending legislative approvals. The new scheme applies to C-suite executives and senior personnel performing core business functions that enhance the UAE's global competitiveness.

#2- New ADGM fee structure: The ADGM introduced updated fees starting 1 January, featuring reduced fees for non-financial and retail businesses, it said in a statement. The breakdown:

In the non-financial category, initial registration was reduced from USD 10k to USD 5.5k, and annual renewal was reduced to USD 5k, from USD 8k;
In the retail category, initial registration was reduced to USD 2.5k, from USD 6k, and annual renewal was halved to USD 2k;
Financial businesses’ fees increased, with initial registration raised to USD 16.7k, up from USD 15k, and annual renewal raised from to USD 16.2k, up from USD 13k;
Tech startups’ registration and renewal fees were adjusted from USD 1k to USD 1.5k;
A USD 300 data protection fee applies to all categories for new registrations and renewals.

The new fee structure applies to all license categories across Al Maryah and Al Reem Islands within ADGM, with the exemptions for non-financial and retail businesses on Al Reem Island being discontinued as of 31 December 2024.

Background: The ADGM added Al Reem Island to its jurisdiction in November 2023 as part of its expansion to accommodate the demand for office space in the financial hub. ADGM waived registration fees for Reem Island businesses until December as part of an incentive package aiming to facilitate their transition to the hub.

#3- Increased sewage costs in Dubai: Dubai’s sewerage fees increased to 1.5 fils per gallon, up from 1 fils for the first time in 10 years, as part of a phased increase planned under the Dubai Municipality’s new sewage fee structure to keep pace with a rising population and encourage water conservation. Tariffs will be hiked to 2 fils per gallon starting in 2026 and 2.8 fils per gallon starting in 2027.

#4- Salik is set to introducevariable road toll pricing at the end of January. The breakdown of the new toll fee structure:

Peak hours (weekdays, 6-10am, 4-8pm): AED 6;
Off-peak hours (weekdays, 10am-4pm, 8pm–1am): AED 4;
No toll fees between 1-6am daily, and all day Sunday except during public holidays or major events.

Meanwhile, Parkin will introduce variable parking tariffs as of March, which will see new fees introduced for peak hours (8-10am and 4-8pm), with a fee of AED 6 per hour for premium parking spaces and AED 4 for other public spaces. The new policy will also see an AED 25 per hour fee introduced for parking near event zones as of February.

EMIRATIZATION-

Emiratization quotas hiked: Private sector companies with 20 to 49 employees were mandated to hire at least one Emirati citizen by 31 December 2024, and at least two as of 2025, under a new circular from the UAE's Human Resources and Emiratisation Ministry.

New penalties for non-compliance: Non-compliance now results in penalties of AED 96k for failure to hire one Emirati starting January 2025, and will later be hiked to AED 108k for companies that have not employed two Emiratis this year.

Meanwhile, companies with 50 (or more) employees must ensure 7% of their workforce are Emiratis by mid-2025 and 8% by year-end.

PRICE CONTROLS ON BASIC GOODS-

The Economy Ministry placed a cap on price increases for nine basic commodities as of 2 January 2025, with retailers now needing prior approval from the Ministry to increase prices, with a minimum of six months required between two consecutive price hikes.

The rule applies to nine essential consumer goods: cooking oil, eggs, dairy products, rice, sugar, poultry, legumes, bread, and wheat. Other related items and cleaning products will also be subject to the new rules.

Under the new regulations, retail stores and online merchants are now also required to clearly display unit prices using standardized measurements.

HEALTHCARE-

#1- Mandatory health ins.: Health ins. is now required for all employees in Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah, and Fujairah — extending the mandate previously limited to just Abu Dhabi and Dubai. The new requirement applies to all employees with new work permits — and renewals of old permits as of 1 January 2025.

REMEMBER- In support of this new rule, the Human Resources and Emiratisation Ministry launched basic health ins. package last month aimed at private sector employees across the UAE. The package — costing employers AED 320 per year — offers coverage for individuals aged 1 to 64 years old.

#2- All Emirati citizens must now undergo genetic testing as part of premarital screenings, as mandated by the Abu Dhabi Department of Health in November. The testing covers 570 genes linked to over 840 genetic disorders, aiming to reduce the transmission of hereditary diseases and empower couples in family planning.

SUSTAINABILITY-

Say goodbye to plastic straws, cups, and other single-use plastics: Dubai pulled the brakes on single-use plastic products, with a ban on everything from plastic stirrers, table covers, cups, Styrofoam containers and straws to cotton swabs, taking effect at the beginning of January. The resolution follows the earlier ban on plastic bags, coming as part of a phased approach towards banning single-use plastic altogether. Non-plastic single-use products — including non-plastic bags for single use — will be banned by 2026.

Penalties: Violators face a AED 200 fine for first offenses, with fines doubling for repeat offenses within a year. Repetition fines are capped at AED 2k.

**This article was modified to clarify that Parkin will introduce the variable parking tariff policy in February and March this year.

Mashreq receives restricted license from Pakistan’s central bank

Our friends at Mashreq become the first to receive a restricted license from the State Bank of Pakistan (SBP) to kick off pilot operations as a digital retail bank, the bank said in a press release. The latest approval expands Mashreq’s operations to 14 countries, and will see the lender provide digital and Islamic banking services in the country.

Background: The bank had obtained in-principle approval to launch digital and Islamic banking in the country in July, and submitted an operational readiness report to the SBP.

What’s next? Over the next five years, the bank intends to onboard “mns of retail customers, catering to all their personal and business needs,” the bank said in the statement.

The lender has been expanding its digital operations globally over the past year, with the launch of its digital banking proposition Mashreq Neo in Egypt last year.

ICYMI- We spoke with head of Mashreq Neo Radu Topliceanu last year about the launch in Pakistan, where he told us about the country’s regulator’s openness and advanced regulations, and their approach to build the digital bank from scratch with a dedicated team on-the-ground.

Dubai property market saw 27% increase in sales value last year, while sales in the UAE hit AED 893 bn

Total value of property transactions in Dubai, Abu Dhabi, Sharjah, and Ajman reached AED 893 bn in 2024 across 331.3k transactions, driven by new projects and infrastructure investments, Wam reports, citing data from local real estate authorities. Mortgages accounted for AED 229.3 bn of total activity, spanning over 50k transactions, excluding Ajman.

By the emirate, Dubai topped the market with AED 760.7 bn in property transactions, which amounted to 226k transactions. Property sales came in at a record AED 522 bn across 180k transactions, while mortgages reached AED 187 bn from 35k transactions. Transactions were up 36% in terms of volume and 27% in value compared to 2023, Wam reports separately, citing a report by fäm Properties.

Abu Dhabi followed, recording AED 79.3 bn in total transaction value across over 25k transactions, split into AED 32.8 bn in mortgages and AED 46.5 bn in sales. In Sharjah, transactions totaled AED 36.4 bn between January and November, with AED 9.5 bn in mortgages. Meanwhile, Ajman registered AED 16.4 bn by October 2024 from 12.7k transactions.

IN DUBAI-

Primary market: Developer sales surged 30% to AED 334.1 bn, with transactions rising 51% to 119.8k. The average price per square foot increased by 10%, reaching AED 1.6k.
Secondary market: Resales grew 21% to AED 188.1 bn, with transaction volume rising 14% to 61.1k. Resale prices saw a 12% increase, hitting AED 1.3k per square foot.

Why the spike? New project launches, attractive payment plans, and residency incentives for foreign investors fueled demand. There's also a rise in interest for ready-to-move-in properties, boosted by high rental yields and infrastructure improvements.

Segment performance: Apartment sales volume reached 141.2k transactions valued at AED 260.6 bn, a 42% y-o-y increase. Villa sales totaled 30.9k units worth AED 164.1 bn, up 21.1%. Commercial property transactions increased 10.1% to 4.3k units at AED 9.7 bn, while 4.3k plots sold for AED 86.5 bn, up 2.6% y-o-y.

Nuwa Capital leads Riyadh-based foodtech Calo’s USD 25 mn series B round

Nuwa Capital backs Riyadh-based foodtech Calo: Saudi Arabia-headquartered meal subscription company Calo raised USD 25 mn in an oversubscribed series B funding round led by Emirati VC Nuwa Capital, according to a press release. The round saw participation from STV, Khwarizmi Ventures and some unnamed regional family offices. Calo has previously raised USD 26 mn from local and regional investors including Nama Ventures, 500 startups, and Vision Ventures.

Where the money’s going: Calo will use the funding to grow its footprint in the GCC’s meal-subscription market, with a focus on AI-driven tech and expanding its product range. A portion of the funds will also be used to support its expansion into retail.

Coming up next: IPO, M&A, funding milestones: Calo is gearing up for an “accelerated expansion phase,” with a focus on its planned IPO in Saudi Arabia by 2027. The company is also laying the groundwork for global expansion through mergers and acquisitions, with its first acquisition set for 1Q. Calo also plans to raise an additional USD 25 mn in 1Q 2025 on the back of strong investor demand during this latest round.

About Calo: The foodtech company also operates in the UAE, Bahrain, Qatar and Kuwait. It claims to have delivered over 10 mn meals in 2024, and currently operates five revenue-generating retail brick and mortar stores.

Abu Dhabi Police gets new Commander-in-Chief + Director General

UAE President Sheikh Mohamed bin Zayed Al Nahyan appointed Major General Ahmed Saif bin Zaitoon Al Muhairi as Commander-in-Chief of Abu Dhabi Police, according to the Abu Dhabi Media Office. Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan also tapped Sheikh Mohammed bin Tahnoon Al Nahyan as Director General of the authority, according to a separate Abu Dhabi Media Office statement.

ALSO- The president also appointed Dr Abdulla Humaid Al Jarwan as Chairman of the Abu Dhabi Department of Energy, according to the Abu Dhabi Media Office, and Sultan Hamad Ahmad Hamad Al Mutawa Al Dhaheri as Director of the Presidential Court for Special Affairs’ Deputy Chairman’s Office, with the rank of Undersecretary, Wam reports.

GFH Partners acquires Dubai-based logistics fund for USD 75.5 mn

M&A-

#1- GFH Partners acquires Manrre REIT: GFH Partners, the Dubai-based global asset management arm of Bahraini GFH Financial Group, acquired Manrre REIT, a logistics and industrial assets fund registered with Nasdaq Dubai’s share depository, for USD 75.5 mn, becoming its sole fund manager, according to a DFM disclosure (pdf). The transaction is part of GFH Partner’s global expansion strategy. The company already operates in the US, UK, and GCC region.

About the fund: Established in 2018 by Palmon Group, the AED 500 mn Manrre REIT Portfolio includes 26 diversified logistics and industrial properties primarily in the UAE.

#2- Saudi Arabia’s Lana Medical finalized the acquisition of a 50% stake in Emirati medical device manufacturer Wavelight Technologies after completing all required procedures, it said in a filing to Tadawul. The purchase was financed via Lana Medical’s internal company resources and comes in a bid to expand the firm’s regional partnerships and increase market share.

#3- Burjeel Holdings’ subsidiary Burjeel KSA fully acquired Makkah-based Specialist Physiotherapy Center for SAR 6.5 mn, according to its ADX disclosure (pdf). The center will be integrated into Burjeel’s physiotherapy and wellness network PhysioTherabia with plans to introduce new services, including pediatric and neurorehabilitation and advanced technologies such as a cryo chamber and the David System for physiotherapy.

About the Specialist Physiotherapy Center: Founded in 2017, the Makkah-based center specializes in sports injuries, pediatric care, and post-surgical rehabilitation. It caters to the needs of Umrah and Hajj pilgrims, and saw a 2.1x increase in revenue to SAR 3.8 mn from 2021 to 2023.

The company is ramping up its investments abroad: The healthcare provider partnered last month with the health ins. firm Aasandha Company to provide Maldivian patients with medical treatments at Burjeel Medical City in Abu Dhabi. The firm also inked an agreement with Modon Holding back in October to develop multi-specialty healthcare facilities in Egypt as a part of the Ras El Hekma megaproject. Meanwhile, it is currently developing the UAE’s largest fertility clinic within its medical facilities.

#4- Enersol wraps up its NTS Amega acquisition: Adnoc Drilling and Alpha Dhabi’s joint venture Enersol finalized its acquisition of a majority 51% stake in manufacturing solutions provider NTS Amega from Alpha Dhabi, according to a statement (pdf). The involved parties previously disclosed the transaction value to be USD 58 mn, which is the same amount for which Alpha Dhabi acquired it in October 2023.

REMEMBER- Enersol plans to invest another USD 750 mn in acquisitions of oilfield services tech firms in 2025, using up the rest of its USD 1.5 bn budget for acquisitions, Adnoc Drilling CFO Youssef Salem told EnterpriseAM UAE last month. The JV acquired stakes in four firms last year, including manufacturing solutions provider NTS Amega, oil engineering firm Gordon Technologies, Deep Well Services, and EV Holdings

INFRASTRUCTURE-

Dubai kickstarts second phase of AED 400 mn Al Mamzar Beach Development: Dubai awarded contracts for the second phase of the Al Mamzar Beach Development Project, set to be completed by the end of 2025, Wam reports. The contracts cover beach infrastructure improvements and connecting Al Mamzar Creek and Corniche.

The details: The second phase will stretch 125k sqm, and includes 1k-meter paths for running, walking, and cycling linking Al Mamzar Creek Beach and Al Mamzar Park. The area will include a women-only public beach with gated access, night swimming, sports club, and children’s play areas, and will be divided into recreational areas, including waterfront restaurants and F&B outlets, green spaces, seasonal event areas, skateboarding zones, and beach lounges.

Background: Dubai’s Higher Committee for Urban Planning and Well-Being allocated AED 355 mn for the development of 5.7 km of public beaches at Al Mamzar and Jumeirah 1 in early June. Phase one, spanning 275k sqm, is now 45% complete, including a 200-m pedestrian bridge connecting creek banks, a night swimming beach, a 5 km walkway with dedicated running and cycling tracks, and recreational zones. Combined, the two phases represent a total investment of AED 400 mn.

LOGISTICS-

Emirates SkyCargo is deploying a weekly Boeing 777 freighter to Copenhagen Airport, with a capacity for 85 tons of cargo to cope with a recent 20% increase in shipping volume from Denmark, according to the Dubai Media Office. The freighter will also cater to neighboring countries like Norway and Sweden.

STARTUPS-

The Sharjah Foundation to Support Pioneering Entrepreneurs (Ruwad) launched an industrial sector financing program with a maximum financing limit of AED 800k, Wam reports. Ruwad financed two industrial projects last year totaling AED 550k and reported an increase in member projects to 17 in the industrial sector.

ENERGY-

McDermott opens a center of excellence in Dubai: US-based energy engineering firm McDermott inaugurated a welding and tech center of excellence in Dubai's Jebel Ali Freezone aimed at advancing subsea pipeline fabrication and installation, the company said in a statement. The facility offers welding, pipeline coating, non-destructive testing, and production simulation services.

HEALTHCARE-

The Abu Dhabi Stem Cells Center developed clinical-grade induced pluripotent stem cells (iPSCs) for the first time in the Middle East, according to the Abu Dhabi Media Office. IPSCs are used in treating several illnesses, including neurodegenerative disorders such as Pakinson’s and Alzhemir’s and diabetes. They also allow for personalized, autologous therapies that reduce immune rejection risks.

Abu Dhabi’s Mubadala was the world’s biggest-spending SWF in 2024

Abu Dhabi’s Mubadala Investment was the lead sovereign wealth fund (SWF) investor in 2024, deploying USD 29.2 bn across 52 transactions — rising 67% y-o-y, according to research consultancy Global SWF’s 2025 report (pdf). The story got ink from Reuters and Bloomberg.

Mubadala topping the league means it overtook Saudi’s Public Investment Fund (PIF), which fell one spot in 2024 from the top rank the previous year. PIF’s ranking dip came as it shifted its spending focus towards domestic projects and cut outlays 37% y-o-y to USD 20 bn.

And the rest of the Oil Five weren’t far behind: Abu Dhabi-based ADIA and ADQ, as well as Qatar’s QIA — which, together with Mubadala and PIF are known as the “Oil Five” — all made it to the top 10 SWFs by investment value, shelling out a record-breaking USD 82 bn in new investments.

Differing investment tastes: GCC funds showed a tendency for investments in emerging markets — including their own domestic economies — but global SWFs maintained a preference for developed markets, the report explained.

Combined, the region’s funds accounted for 38% of the total USD 13 tn in assets under management (AUM) of SWFs worldwide, benefitting from high oil prices and strong financial markets, despite headwinds from geopolitical tensions.

GLOBALLY- China and Norway continued to top the SWF scene in 2024, accounting for 20% and 14% AuM worldwide, while Southeast Asian funds held another 10%, the report said. Norway remained home to the world’s largest SWF — Norges Bank Investment Management — with USD 1.8 tn in AuM.

State-owned investors (SOIs) also broke records in 2024, logging USD 55 tn in AUM. The category’s assets are projected to hit USD 60 tn this year and USD 75 tn in 2030 as GCC economic agendas drive growth in assets.

Sovereign funds around the world invested heavily in digital infrastructure, data centers and AI startups such as OpenAI and xAI, driven by rapid AI adoption. GCC funds also went all in on AI in 2024, with the UAE, Saudi, and Qatar vying to position themselves as prospective AI hubs, Reuters noted.

MARKETS THIS MORNING-

Asian markets are mixed following the release of PMI figures, with Hong Kong’s Hang Seng opening higher before slipping marginally, and China’s CSI 300 losing 0.2%. Japan’s Nikkei is also down, as is the Topix, while South Korea’s Kospi is up 1.5% despite political uncertainty following the failed arrest of impeached president Yoon Suk Yeol.

On Wall Street, futures are also telling a mixed story ahead of the first full week of trading in 2025, with Nasdaq and S&P 500 futures up slightly and Dow Jones futures down.

ADX	9,323	+0.0% (YTD: -1%)
DFM	5,127	-0.5% (YTD: -0.6%)
Nasdaq Dubai UAE20	4,145	-0.5% (YTD: -0.5%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.4% 1 yr
TASI	12,070	-0.3% (YTD: +0.3%)
EGX30	30,184	+0.4% (YTD: +1.5%)
S&P 500	5942	+1.3% (YTD: +1.0%)
FTSE 100	8224	-0.4% (YTD: +0.6%)
Euro Stoxx 50	4871	-0.9% (YTD: -0.5%)
Brent crude	USD 76.51	+0.8%
Natural gas (Nymex)	USD 3.35	-8.4%
Gold	USD 2654.70	-0.5%
BTC	USD 98,398.20	+0.04% (YTD: +5.3%)

THE CLOSING BELL-

The ADX rose 0.01% on Friday on turnover of AED 812.3 mn. The index is down 1% YTD.

In the green: National Bank of Fujairah (+5.6%), Umm Al Quwain General Investment (+4.9%) and Mair Group (+4.5%).

In the red: Rapco Investment (-8.9%), Gulf Cement Co. (-3.6%) and Sharjah Cement and Industrial Co. (-3.3%).

Over on the DFM, the index fell 0.5% on turnover of AED 584.9 mn. Meanwhile, Nasdaq Dubai fell 0.5%.

CORPORATE ACTIONS-

NBF converts USD 275 mn AT1 capital into ordinary shares: National Bank of Fujairah completed the conversion of Additional Tier 1 capital securities amounting to USD 275 mn (AED 1 bn) into shares after receiving approval from shareholders and regulatory authorities, according to an ADX disclosure (pdf).

Orascom Construction is shelling out an interim dividend of USD 0.22 per share on 15 January 2025, according to a Nasdaq disclosure (pdf).

UAE explores trade and investment cooperation with Paraguay, Pakistan and Uzbekistan

UAE eyes cooperation with Paraguay ahead of Mercosur trade agreement: Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nayhan met with his Paraguayan counterpart Rubén Ramírez Lezcano in Abu Dhabi, where they discussed ways to increase economic, trade and investment cooperation between the two countries, Wam reported.

ICYMI: Last year the UAE inked an MoU with Paraguay focusing on bilateral partnerships in transportation, logistics, sustainability, the economy and infrastructure development.

This comes as discussions for a UAE-Mercosur trade agreement are ongoing, with Brazilian President Luiz Inacio Lula da Silva telling UAE President Sheikh Mohamed bin Zayed Al Nahyan during a phone call that Brazil will push to finalize the agreement in the next few months, Reuters reports, citing a statement by Brazil’s presidency. International Cooperation Minister Reem bint Ebrahim Al Hashimy visited Uruguay in July to review the progress of the negotiations for the agreement.

UAE, Pakistan talk boosting economic and trade cooperation: President Sheikh Mohamed bin Zayed Al Nahyan met with Pakistani Prime Minister Muhammad Shehbaz Sharif yesterday to discuss ramping up bilateral cooperation, focusing on economic, trade, investment, and developmental fields, Wam reports. The leaders also exchanged views on “regional and international issues of common interest,” the statement reads.

PLUS- Al Nahyan also phoned Uzbekistan’s Foreign Minister Bakhtiyor Saidov to review economic, trade and investment collaboration, Wam reported.

ALSO- Al Nahyan hosted Saudi Defense Minister Prince Khalid bin Salman bin Abdulaziz Al Saud at Qasr Al Shati in Abu Dhabi, Wam reports. Discussions focused on strengthening UAE-Saudi relations and enhancing cooperation across sectors. They also addressed regional developments and emphasized the importance of joint efforts to bolster security in the region.

CALENDAR

JANUARY

7-9 January (Tuesday-Thursday): The Arab Plast International Trade Fair for Plastics, Recycling, Petrochemicals, Packaging and Rubber Industry, Dubai International Convention and Exhibition Center, Dubai.

9-13 January (Thursday-Monday): International Renewable Energy Agency Youth Forum, Abu Dhabi.

11-13 January (Saturday-Monday): International Renewable Energy Agency Assembly, Abu Dhabi.

11-13 January (Saturday-Monday): The 1 Bn Followers Summit, Dubai.

13-16 January (Monday-Thursday): The Dubai International Project Management Forum, Madinat Jumeirah.

14-16 January (Tuesday-Thursday): World Energy Summit, Abu Dhabi.

14-16 January (Tuesday-Thursday): The EcoWaste Exhibition and Forum, Abu Dhabi National Exhibition Center, Abu Dhabi.

14-16 January (Tuesday- Thursday): The Light + Intelligent Building Middle East exhibition, Dubai.

14-16 January (Tuesday- Thursday): Intersec, Dubai World Trade Center, Dubai.

14-16 January (Tuesday- Thursday): Intersec 2025, Dubai World Trade Center, Dubai.

19-24 January (Sunday-Friday): Coling2025, Abu Dhabi.

20-22 January (Monday-Wednesday): FESPA Middle East, Dubai World Trade Centre, Dubai.

21 January (Tuesday): The Global Government Cloud Forum, the Museum of the Future, Dubai.

22-25 January (Wednesday-Saturday): The Sharjah Real Estate Exhibition (Acres), Expo Centre, Sharjah.

27-30 January (Monday-Thursday): Arab Health Exhibition, Dubai World Trade Centre, Dubai.

28-29 January (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

FEBRUARY

1-6 February (Saturday-Thursday): Dubai Fashion Week, Dubai Design District.

1-8 February (Saturday-Saturday): The Mubadala Abu Dhabi Open, Zayed Sports City's International Tennis Centre.

2-3 February (Sunday-Monday): L’Etape Dubai cycling race, Dubai.

3-6 February (Monday-Thursday): Medlab Middle East, Dubai World Trade Center.

10-12 February (Monday-Wednesday): Japan Kyoto Trade Exhibition, Dubai Word Trade Center.

16 February-1 March (Sunday-Saturday): Dubai Dutyfree Tennis Championships, Dubai Dutyfree Tennis Stadium in Al Garhoud.

17-21 February (Monday-Friday): International Defence Exhibition (IDEX) in Abu Dhabi National Exhibition Center.

17-21 February (Monday-Friday): Naval Defence Exhibition (NAVDEX) in Abu Dhabi National Exhibition Center.

19-21 February (Wednesday-Friday): International Dialogue of Civilizations & Tolerance Conference, Abu Dhabi Energy Centre.

24-25 February (Monday-Tuesday): World Passenger Experience Forum, Dubai.

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai.

28-29 February (Friday-Saturday): Investopia 2024, the St. Regis, Abu Dhabi.

28 February-29 March (Friday-Saturday): Ramadan.

Signposted to happen sometime in 1Q 2025:

The first eight fronds of the Palm Jebel Ali will be site-ready, allowing for the commencement of villa infrastructure and civil works.

MARCH

18-19 March (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

31 March-2 April (Monday-Wednesday): Eid Al Fitr, national holiday.

APRIL

6-11 April (Sunday-Friday): Geo-Spatial Week, Dubai.

7-10 April (Monday-Thursday) : EFG Hermes One on One conference, Dubai.

7-9 April (Monday-Wednesday): AIM Investment Summit, Abu Dhabi National Exhibition Center

14-16 April (Monday-Wednesday): Dubai Woodshow’s 21st Edition, Dubai World Trade Center

14-16 April (Monday-Wednesday): IPS congress, Dubai World Trade Center.

16-18 April (Wednesday-Friday): World Future Energy Summit,Abu Dhabi National Exhibition, Abu Dhabi.

21-25 April (Monday-Friday): The Dubai AI Week, Museum of the Future and Area 2071, Emirates Towers, Dubai.

25 April-11 May (Friday-Sunday): Dubai Esports and Games Festival, Dubai World Trade Center.

28 April-1 May (Monday-Thursday): The Arabian Travel Market, Dubai World Trade Center

Signposted to happen sometime in April:

Abu Dhabi Autonomous Racing League, Yas Marina Circuit in Abu Dhabi

MAY

6-7 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

6-7 May (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

15 May (Thursday): The Economy Middle East Summit, ADGM, Abu Dhabi.

19-22 May (Monday-Thursday): Make it in the Emirates, Adnec, Abu Dhabi.

26-28 May (Monday-Wednesday): Arab Media Summit, World Trade Center, Dubai.

30 May (Friday): Arafat Day.

31 May-2 June (Saturday-Monday): Eid Al Adha.

JUNE

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

JULY

29-30 July (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

SEPTEMBER

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

16-17 September (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

OCTOBER

3-16 October (Friday-Thursday): Dubai Home Festival.

27-29 October (Monday-Wednesday): Asia Pacific Cities Summit, Dubai Exhibition Center.

28-29 October (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

NOVEMBER

18-19 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

DECEMBER

1-3 December (Monday-Wednesday): Eid Al Etihad (UAE National Day).

1-5 December (Monday-Friday): The World Congress of Neurosurgery, Dubai World Trade Center.

9-10 December (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.

Signposted to happen sometime in 2026:

The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE

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