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Friday, 9 Jan 2026

What We’re Tracking Today
The Big Story Today
Earnings Watch
The Year In Review
The Year Ahead
Message From Mashreq
Moves
Also On Our Radar
Planet Finance
Calendar

ADFD to mobilize USD 2 bn for water projects in developing countries

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Today at a glance

1

THE BIG STORY TODAY

ADFD to mobilize USD 2 bn for water projects in developing countries.
2

EARNINGS WATCH

Taaleem revenue rises over 20% as it press on with expansion.
3

THE YEAR IN REVIEW

UAE capital markets entered their mature era in 2025.
4

THE YEAR AHEAD

New year, new rules: Key regulatory changes coming up in 2026.
5

ALSO ON OUR RADAR

A new VTOL manufacturing hub for Abu Dhabi, a solar plant for Sharjah, and another Indian real estate player in Dubai.
6

PLANET FINANCE

World’s 500 richest add USD 2.2 tn in record-breaking 2025.
7

WHAT WE’RE TRACKING TODAY

New seven stations announced for Etihad Rail.
8

WHAT WE’RE TRACKING TODAY

Apollo Go gets driverless trial permit in Dubai.
1

WHAT WE’RE TRACKING TODAY

THIS MORNING: New seven stations announced for Etihad Rail + Apollo Go gets driverless trial permit in Dubai

Good morning, friends, and a very happy FRIDAY to you all. It’s another quiet day, though it’s likely the calm before the storm, as those who have bridged the first week of January with their end-of-year holidays return to work and conference season kicks back into gear next week with Abu Dhabi Sustainability Week, Steelfab in Dubai, and a hodgepodge of other events taking place across the country.

A major USD 1 bn investment from the Abu Dhabi Fund for Development in a platform focused on financing water projects in developing countries takes the cake as the big story of the day. The ADFD is planning to mobilize an additional USD 1 bn from local and international players.

Meanwhile, education outfit Taaleem has come out with its 1Q 2025/26 earnings, showing a hit to net income as it presses on with expansion efforts.

Plus: We have a breakdown of how UAE capital markets fared last year — and the dominant narrative of the year, we find, is of less buzz, and more maturity. Also, you’ll find a handy list of the key regulatory updates, deadlines, and general changes to how things are done that are coming up in the UAE this year.

^^We have everything you need to know about this, and more, in the news well, below.

WEATHER- Dubai will see a high of 25°C today, with an overnight low of 19°C, while Abu Dhabi will see a high of 25°C and a low of 18°C, according to the National Center of Meteorology.

Watch this space

RAIL — We have the full station list for Etihad Rail: Etihad Rail, the UAE’s national passenger railway network, will have stations across Al Sila’, Al Dhannah, Al Mirfa, Madinat Zayed, Mezaira’a, Al Faya, and Al Dhaid, alongside the ones in Dubai, Abu Dhabi, Sharjah, and Fujairah, that were previously announced, according to a press release. The railway, which is set to connect 11 cities, is set to become operational this year, with the seven new stations set to be operational in phases.

All aboard: The passenger service will employ a fleet of 13 trains with a 400-person capacity, 10 of which have already arrived and been fully tested. Trains will include full Wi-Fi coverage and individual power outlets.

ICYMI- Last October, Etihad Rail tapped French public transport service firm Keolis to operate passenger services for the network, with the firm set to deploy digital services for customers and AI-powered predictive maintenance.

TRANSPORT — Driverless taxis are pulling closer to the curb in Dubai: The emirate has issued its first permit for fully driverless trials on public roads to Baidu’s ride-hailing arm Apollo Go, clearing a major regulatory hurdle on the path to commercial robotaxi services, according to a statement from Dubai’s Roads and Transport Authority. The commercial launch is targeted for 1Q 2026.

Behind the scenes: Dubai has also opened its first autonomous vehicle operations and control center — Baidu’s first outside China — which will oversee fleet operations, charging, maintenance, and safety. The setup underpins plans to scale Apollo Go’s Dubai fleet to 1k vehicles, with trials already advancing to 50 fully autonomous cars operating without a safety driver. The agreement builds on an MoU from last year to launch the driverless fleet.

The wider UAE play: Dubai’s move builds on momentum elsewhere. As we previously reported, Abu Dhabi has already licensed Level-4 robotaxis, with Uber and WeRide running fully driverless services on Yas Island and other core districts.

INVESTMENT — Abu Dhabi-based conglomerate Alpha Dhabi Holding will invest USD 8 bn over the next five years as it looks to diversify its portfolio, Chief Strategy Officer Derek Nicholson told Zawya. The firm’s two-fold plan includes supporting its existing portfolio companies’ growth and deploying its own capital through IPOs, reinvestment in promising sectors, acquisitions, and asset sales. Tapping debt markets for financing is also in the cards, while recent divestments such as its exit from Modon set to help fund the expansion.

Up for sale? Trojan Group, its construction arm, is among the portfolio firms Alpha Dhabi is reviewing for a possible listing, though it aims to hike its value before pulling the trigger. Nicholson had previously floated the idea of listing some firms within its holdings last year.

GDP WATCH — Standard Chartered Global Research has upgraded the UAE’s 2026 GDP growth forecast to 5.0%, a significant jump from its previous 4.0% estimate, according to a press release. Standard Chartered sees the UAE comfortably outperforming the projected global average growth of 3.4% as it cements its role as a “super-connector” in a fragmented global trade landscape.

The 5% forecast is in line with what most economic agencies are expecting this year, as we’ve noted in our year-in-review earlier this week.

The upgrade is anchored by a non-oil sector projected to grow at a steady 4.5% clip in 2026, fueled by a high-momentum real estate market and favorable demographics that continue to drive domestic demand. This resilience is bolstered by the strong forecast for foreign trade next year, which Standard Chartered sees reaching USD 1 tn, with the vital Asia-UAE corridor alone accounting for one-third of that volume.

Data point

41% — the GCC’s share of global USD-denominated sukuk outstanding, keeping the region at the center of Islamic debt markets, according to a Fitch Ratings report seen by EnterpriseAM. Saudi Arabia accounts for roughly 30% of the total, while the UAE accounts for 7%, with issuance largely funding sovereign budgets, infrastructure projects, and bank balance-sheet growth.

The broader trend: Sukuk are taking a growing share of emerging-market debt. Their slice of USD-denominated EM bond issuance (excluding China) rose to around 16% in 2025, up from 12% in 2024, as sovereigns, banks, and corporates turn to sukuk for refinancing, longer tenors, ESG-linked agreements, and project finance.

Zooming out: Global sukuk issuance topped USD 300 bn in 2025, up about 25% y-o-y, pushing outstanding sukuk past USD 1 tn for the first time. Most new issuance remained investment-grade, underscoring sukuk’s shift from niche instrument to core funding channel.

Happening next week

Philippine President Ferdinand Marcos Jr. lands in the UAE next Monday for a working visit centered on Abu Dhabi Sustainability Week, where he is set to join global leaders for talks spanning energy transition, water, food systems, finance, and climate priorities, according to official statements here and here.

In the cards: President Marcos is expected to witness the signing of the two countries’ comprehensive economic partnership agreement, the Philippines’ first trade pact with a Middle Eastern country, alongside a defense cooperation memorandum, opening the door to deeper trade flows and defense collaboration between Manila and Abu Dhabi.

The big story abroad

It’s an unusually quiet morning in the global business press, with most of the attention split towards the fatal shooting of an American woman and mother by an ICE agent and an Internet blackout in Iran as protests continue. Plus: A megamerger in the mining world could create the world’s largest mining player, with a value of USD 260 bn, after Glencore and Rio Tinto restarted talks for a merger, the Financial Times reports.

Meanwhile, the US Senate made a rare vote to prevent US President Donald Trump from taking any further military action in Venezuela without authorization from Congress, the New York Times reports.

AND CLOSER TO HOME- A Saudi military spokesperson claimed that the UAE helped extract Yemen’s Southern Transition Council leader Aidarous Al-Zubaidi from the Yemeni port city of Aden to Abu Dhabi, though the UAE government has yet to comment on the claim. Al Zubaidi was due to show up at talks in Riyadh with a wider STC delegation, but failed to show up, prompting the Saudi-backed government in Yemen to expel him from the government. (Bloomberg)

***

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CIRCLE YOUR CALENDAR-

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

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2

THE BIG STORY TODAY

ADFD to mobilize USD 2 bn for water projects in developing countries

ADFD invests in global water projects: The Abu Dhabi Fund for Development (ADFD) has launched a Global Water Platform aimed at mobilizing USD 2 bn from local and international financing institutions to finance water and food-security projects globally, targeting around 10 mn beneficiaries, according to a post on X and a press release. ADFD will itself allocate an initial USD 1 bn for deployment through 2030.

ADFD has already been backing water projects in EMs: As we previously reported, the fund is backing a USD 300 mn potable-water project in Mauritania alongside Arab and international financiers. This platform takes its efforts a step further, with not only a big-ticket investment but a platform that allows it to drum up a diverse range of funding, from export finance to private equity investments and guarantees, that would together work to de-risk high-capital water projects in emerging markets.

What to watch: The platform will also play a role in inking agreements to develop water security projects and support research in the sector, the statements said.

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3

EARNINGS WATCH

Taaleem revenue rises over 20% as it presses on with expansion efforts

Education provider Taaleem recorded a 13.9% y-o-y decline in net income to AED 71.3 mn in 1Q FY 25/26, according to its financials (pdf) and a separate earnings release (pdf). The decline was primarily driven by higher financial costs related to funding recent expansion initiatives and the impact of a positive one-off transaction in the same period last year.

Operating revenues, however, rose 20.9% y-o-y to AED 369.9 mn, with the premium schools segment leading the surge, accounting for 86.2% of the total as enrollment jumped 12.8% y-o-y to almost 19k students. The growth was supported by a 10.5% increase in capacity, adding 2.3k new seats, primarily through the launch of DBS Mira and the expansion of DBS EH (DBS Islands). Taaleem’s recently acquired 95% stake in Kids First contributed AED 2.4 mn to its bottom line.

Expansion is the name of the game going forward, with construction on Harrow Dubai already underway, as the school is slated to open in September, followed by Harrow Abu Dhabi in the following academic year. Taaleem is also planning to open a new premium school in Ghaf Woods.

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4

THE YEAR IN REVIEW

UAE capital markets entered a more mature era in 2025

While 2025 was the quietest year for IPOs in the UAE in a while, the dominant capital markets narrative was one of maturity and capital recycling. While the DFM was the big winner in terms of trading value and gains, the ADX was home to several bumper follow-on offerings, giving the index a boost of liquidity.

The shift from IPOs to follow-ons

The era of the assured IPO pop took a backseat, with UAE markets seeing only three IPOs in 2025: Dubai Residential REIT, Alec Holding, and Alpha Data. Instead, major players including Adnoc, Mubadala, and First Abu Dhabi Bank prioritized liquidity and index depth.

By the numbers: Ultimately, state-linked entities raised USD 4.75 bn via follow-on offerings in 9M 2025 — nearly triple the volumes seen in 2024.

This was chalked up largely to an increase in foreign investor appetite, Majed Al Mesmari, head of Middle East and North Africa investment banking at Jefferies Financial Group, is quoted as saying by Bloomberg. Several of the companies that pulled the trigger on follow-on offerings, were later added to MSCI, including Presight and Adnoc Logistics & Services, becoming eligible after raising their freefloat.

It comes with a catch: The pivot to massive secondary sell-downs came with a cost. As Azimut portfolio manager Ahmed Kamal noted, these jumbo transactions acted as liquidity vacuums. Investors were forced to sell down other positions to freeup money for these offerings, creating near-term selling pressure on the broader market.

Dubai

The DFM was the third-best performing market in the GCC in 2025, up 17%, marking its fifth straight year of gains. Though this is well below its 27% gain in 2024, it trumps the ADX’s performance, as the Abu Dhabi index rose 6%, rebounding from a 1.7% decline the year before.

Five of the exchange’s eight sectors finished 2025 higher, led by materials, which surged 29.9%, followed by communication services (+29.5%) and industrials (+28.1%). Consumer discretionary was the laggard, sliding 24%. The DFM’s market cap also rose a solid 14.7% y-o-y, driven largely by the Alec Holding listing.

Trading activity was also strong. Volumes rose 19.8% y-o-y to 60.4 bn shares, while the total value traded jumped 55.3%. Emaar Properties was the most traded stock by value, with AED 46.4 bn changing hands.

On the stock level, Kuwait’s Ekttitab Holding was the biggest gainer in 2025, with its share price soaring 167.2%, followed by Union Properties (+104.1%), while National International Holding posted the steepest drop, down 62.4%.

Abu Dhabi

The ADX was the GCC’s fifth-best performer in 2025. Its market cap rose a more modest 3.7% to AED 3 tn, mainly on broader market gains.

Five of the ten sectors ended the year higher, led by real estate (+15.4%), followed by telecommunications (+12.7%) and financials (+9.2%). On the downside, consumer staples plunged 43.0%, while healthcare fell 23% and consumer discretionary fell 18.4%. Large-cap sectors such as utilities also slipped 3.4%, slightly weighing on overall performance.

At the stock level, Fujairah Cement Industries topped the gainers with a 122.2% surge, while the biggest laggard was Mair Group, down 46.2%. International Holding Company was the most traded stock by value at AED 42.7 bn.

Our take

Dubai seems to be successful at cementing its position as the trader’s market. While Abu Dhabi has the massive market cap (AED 3 tn vs DFM’s AED 1 tn), Dubai has the velocity. The 55% jump in trading value on the index during the year suggests that investors aren’t just parking banknotes; they are actively churning them.

The data also suggests the market is pricing in a massive capex cycle (supported by the Alec Holding IPO and the surge in materials/industrials) while simultaneously pricing in a constrained consumer (evidenced by the 43% collapse in ADX consumer staples).

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5

THE YEAR AHEAD

New year, new rules: Key regulatory changes coming up in 2026

The UAE is entering 2026 with a denser regulatory playbook for businesses, spanning tax, e-invoicing, hiring, and banking. Some measures are already live, others roll out in phases, but the direction is consistent — tighter reporting, clearer accountability, and higher compliance expectations.

Here’s a refresher on the rules that matter most for business leaders and investors this year:

E-invoicing onboarding begins

After long tracks on the roadmap, e-invoicing finally moves into execution mode this year. The Finance Ministry has locked in the technical standards and timelines, turning what was once a future compliance item into a 2026 operational reality.

What changes on the ground:

  • Invoices must be issued in a structured digital format;
  • Transmission runs through accredited service providers to a federal platform;
  • Invoice data is shared in near-real time with the tax authority;
  • PDFs, emailed invoices, and manual workarounds start to disappear;
  • The system is built on the OpenPeppol framework.

The key deadline this year is the July 2026 pilot, starting with a select group of large taxpayers. Companies with AED 50 mn+ in annual revenue must appoint an accredited service provider by 31 July 2026. Wider mandatory adoption follows in 2027.

VAT and tax procedures get a rewrite

The VAT and tax procedures tweaks we flagged last year are now live policy. From January 2026, refund timelines are tighter, documentation standards matter more, and some long-standing administrative friction has been quietly removed.

What’s changed:

  • A five-year limit now applies to claiming excess input VAT refunds or offsets;
  • Self-issued invoices under reverse-charge imports are no longer required, where adequate records are kept;
  • The window for voluntary disclosures tied to refund claims extends to two years, provided no assessment has been issued

There’s also a one-off grace period: Businesses can still claim older VAT balances — covering 2018 to 2020 — until 31 December 2026. After that, unclaimed amounts expire.

Sweetened beverages tax shifts to sugar-based pricing

The excise framework on sweetened beverages has been recalibrated. From 1 January 2026, the old flat 50% excise gave way to a tiered, sugar-linked model, directly tying tax liability to formulation.

The new breakdown:

  • 5-8g sugar per 100 ml: AED 0.79 per liter;
  • 8g+ per 100 ml: AED 1.09 per liter;
  • Below 5g per 100 ml: Exempt

To ease the switch, companies can offset excise already paid on unsold stock produced or imported under the previous regime.

Child digital safety law raises the compliance bar for platforms

The new federal child digital safety law is now part of the operating environment for platforms serving users in the UAE. It introduces stricter requirements around:

  • Age verification;
  • Data protection for minors;
  • Content filtering and access controls;
  • Explicit bans on children accessing gambling-style digital products.

Who feels it: Ad-tech, gaming, social media, streaming, and ed-tech platforms — especially those built around targeted ads, in-app purchases, or user-generated content — are most directly exposed.

Changes to civil transactions + age of maturity

A slate of new federal decree laws rewiring civil transactions, company mechanics, andthe general age of maturity is also coming into effect.

As of this year, the legal age of maturity drops from 21 to 18, allowing young adults the flexibility to manage finances earlier. Individuals as young as 15 are also authorized to manage their own assets. Plus: Assets of foreign residents who pass away without heirs will now go to charity.

On the contractual side, the law now mandates that pre-contract negotiations are explicitly disclosed, meaning silence that once sat in buyer-beware territory can now trigger liability.

Emiratization targets ratchet up again

The Emiratization dial keeps turning. In 2026, private-sector quotas rise to 10% foreligible companies, while the minimum wage for Emiratis in the private sector increases to AED 6k per month. Employers have until 30 June 2026 to align existing contracts.

Carrots and sticks: Miss the target and fines of AED 10k per unfilled role per month apply. Beat it, and companies can unlock fee reductions of up to 80% and preferential treatment in government programs.

Banking UX tightens as OTP rules kick in

Banks are also making good on their promise to tighten digital security. From 6 January 2026, stricter one-time password (OTP) rules applied across digital banking and payments.

What changes: SMS-based OTPs are being phased out, replaced by in-app authentication, more frequent prompts, and tighter verification thresholds — improving fraud controls, but adding friction at checkout.

Who feels it: E-commerce platforms, fintechs, subscription businesses, and any company built around seamless digital payments.

The plastic ban goes nationwide, and deeper

The single-use plastics ban you’ve been tracking is now in its tougher federal phase. What was previously a patchwork of emirate-level rules has expanded into a nationwide ban on the production, import, and trade of a broader range of plastic products.

That list now firmly includes cutlery, cups, lids, plates, straws, stirrers, Styrofoam food containers, plus single-use bags of any material below approved thickness thresholds.

Who feels it: Retailers, F&B operators, manufacturers, distributors, and logistics firms, especially those still carrying legacy inventory or relying on imported, low-margin disposables.

Paid parking expands to more districts

Finally, a reminder that the meter keeps spreading. Dubai’s listed parking operator Parkin continues expanding paid zones, with International City joining the system from 1 February 2026.

Tariffs range from AED 2 per 30 minutes to AED 25 per day, paid hours run from 8am to midnight, and residential permits are now in play, including one complimentary permit per unit.

Also worth looking out for

Executive regulations governing key parts of the recent amendments to the Commercial Companies Law. Economy and Tourism Ministry Undersecretary Abdullah Al Saleh confirmed earlier this week that Cabinet is working with local authorities to finalize five sets of executive regulations that provide guardrails for recent amendments to the Commercial Companies Law, while the Securities and Commodities Authority is working on four of its own.

The amendments, which are the biggest overhaul to the law in years, introduce delocalization, share class flexibility, drag/tag provisions, and clearer treatment of freezone companies — effectively bringing the mainland framework closer to common law practice.

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6

MESSAGE FROM MASHREQ

Oman’s economic vision: banking as a catalyst for strategic sectors

Oman stands at a pivotal juncture in its economic journey, propelled by the ambitious directives of Oman Vision 2040. As a new but deeply committed financial partner in this area, Mashreq’s strategy is about being an active catalyst, aligning our capabilities directly with the nation’s highest strategic goals. We believe the future of banking in Oman lies in specialization, partnership, and a commitment to adding value beyond the balance sheet.

Our mandate in Oman is clear: we focus on the sectors the country has identified as the engines of its diversified, non-oil future. We are disciplined in our commitment to areas where our global expertise can have the greatest local impact, explicitly aligning ourselves to the sectors the country decides to focus on.

We are focused on three core pillars of Vision 2040: logistics, manufacturing, and renewables/sustainable finance. We are committed to being a major contributor to the sustainable finance ecosystem, engaging with government and private parties to ensure capital flows support the energy transition and strategically positioning ourselves to support emerging windows, such as the potential we see in the mining sector and renewables.

For too long, international banks have been viewed primarily through the narrow lens of a “funding role.” That model is insufficient for an economy focused on transformation. Our approach is distinctly different. We aim for a more diverse role that brings additional value, support, and guidance to our clients and to the country itself. This means leveraging Mashreq’s full expertise — from real estate capabilities to our extensive international network — to ensure our clients gain a strategic partner, not just a lender.

Our international presence is a key advantage for Oman’s goal of attracting Foreign Direct Investment (FDI). By having a global footprint, we act as a bridge, connecting multinational companies, where we have a clear edge, directly to Omani windows. We are also focused on dealing with government-related entities to ensure our financing and advisory services are directly supporting large-scale, transformative national projects.

Alsalt Mohammed Al Kharusi, Country Head of Mashreq Oman

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7

MOVES

AD Ports taps slew of new faces for Logistics Cluster leadership

AD Ports Group has made a spate of appointments for the global operations of its logistics cluster, according to a statement. The firm has named Thorsten Meincke (LinkedIn) the executive vice president for ocean and air freight at Noatum Logistics, following his over decade-long tenure at third-party logistics giants DB Schenker and Kuehne + Nagel.

More global appointments: Joining Meincke as senior vice president of global air freight development and procurement is Björn Eckbauer (LinkedIn), whose career spans thirty years in air freight operations — including at DB Schenker. The group also tapped corporate venture capital veteran Boris Kuehn (LinkedIn) as senior vice president of mergers and acquisitions.

AD Ports has also tapped fresh faces to lead regional operations for its logistics cluster:

  • Thorsten Pook (LinkedIn) will now be heading Noatum Logistics’ Middle East Region as Managing Director;
  • Samad Osman (LinkedIn) has been named Managing Director for Noatum Logistics’ Africa operations;
  • Roberto Moreno (LinkedIn) has been tapped to lead the cluster’s Latin American operations as Managing Director.
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8

ALSO ON OUR RADAR

A VTOL hub for Abu Dhabi, a solar plant for Sharjah, and another Indian real estate player in Dubai

Another VTOL hub touches down in Abu Dhabi

Abu Dhabi is getting a hybrid VTOL manufacturing hub: Qatar-based smart mobility and logistics provider Barq Group and US-based autonomous aircraft developer Elroy Air will invest USD 200 mn in a joint venture (JV) to establish a manufacturing facility for autonomous hybrid vertical take-off and landing (VTOL) cargo vehicles in Abu Dhabi, according to a press release.

The facility will build systems for Elroy’s Chaparral, its flagship aircraft, which it aims to sell to regional commercial and humanitarian clients working in middle-mile logistics. It will also offer maintenance, repair, and overhaul (MRO) services.

Autonomous aircraft in demand: Last November, state-owned defense firm Edge Group and US-based defense tech firm Anduril also established a USD 200 mn JV to develop autonomous systems for civil and defense operations for the wider region.

A new solar plant in Sharjah

Snoc commissions first utility-scale solar power facility in emirate: The Sharjah National Oil Corporation (Snoc) commissioned Sharjah’s first 60 MW utility-scale solar power plant, according to a press release. The utility-scale size means electricity generation can be fed directly to the national grid. The energy player also initiated early-stage studies into natural hydrogen as it looks to secure a baseload fuel supply, after recently discovering its second gas reserve from the Hadiba Gas Field.

BCD Global sets up Dubai HQ in first regional expansion

Delhi-based real estate group BCD Global established its regional headquarters in Dubai, marking its entry into the region, according to a press release. The Emirates’ regulatory environment, economic stability, and access to deep international capital pools were the main draws for Dubai to serve as the realtor’s regional base.

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9

PLANET FINANCE

World’s 500 richest add USD 2.2 tn in record-breaking 2025, fueled by Big Tech

The 500 richest people in the world had a record-breaking 2025, adding USD 2.2 tn to their wealth piles and bringing their total net worth to a staggering USD 11.9 tn, according to Bloomberg ’s B’naires Index.

A quarter of the USD 2.2 tn came from just eight people, with major gainers including:

  • Tesla CEO Elon Musk — with a yearly gain of USD 190.3 bn and a net worth of USD 622.7 bn;
  • Alphabet Co-founder Larry Page — with a net worth of USD 257.8 bn;
  • Amazon.com Founder Jeff Bezos — with a net worth of USD 251.4 bn;
  • Oracle Chairman Larry Ellison— with a yearly gain of USD 57.7 bn and with a net worth of USD 249.8 bn.

By region: The wealth creation was heavily concentrated in the US and Canada, accounting for nearly half of the total at USD 1.1 tn. Asia and Oceania came in second with gains of USD 550.7 bn. Europe added USD 386.5 bn, while Latin America saw USD 159.5 bn. The Middle East and Russia added USD 39.3 bn, and Africa contributed USD 21.9 bn.

What drove the gains? Big Tech companies and US mega-cap stocks were the main engines of the massive wealth accumulation, dominating the stock market through sustained investments in artificial intelligence infrastructure.

Other sectors providing a boost included global equities and rare earth and precious metals, the latter of which recorded its best year. Copper and rare earth metals also surged in value. Their emergence as commodities yielding significant geopolitical power added USD bns to industry heavyweights like Australia’s Gina Rinehart, whose net worth rose USD 12.6 bn to USD 37.7 bn.

The crypto market experienced more volatility, delivering massive returns as BTC’s value skyrocketed on the back of Donald Trump’s re-election at the end of 2024, before a steep slide in October saw the market wipe out gains and significantly reduce the added wealth of crypto-focused b’naires like Michael Saylor.

MARKETS THIS MORNING-

Asian markets are mixed this morning, after China’s inflation data for December showed consumer prices rising at their fastest pace in three years, pushing China’s CSI 300 down 0.25%. Hong Kong’s Hang Seng, in the meantime, was up 0.1%, along with Japan’s Nikkei. South Korea’s Kospi lost 0.4%.

ADX

10,040

-0.1% (YTD: +0.5%)

DFM

6,253

+0.1% (YTD: +3.4%)

Nasdaq Dubai UAE20

4,972

-0.2% (YTD: +1.7%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

3.5% o/n

3.6% 1 yr

TASI

10,473

+0.2% (YTD: -0.2%)

EGX30

4,601

+0.5% (YTD: +0.1%)

S&P 500

6,921

+0.0% (YTD: +1.1%)

FTSE 100

10,045

-0.0% (YTD: +1.1%)

Euro Stoxx 50

5,904

-0.3% (YTD: +2%)

Brent crude

USD 62.69

+4.6%

Natural gas (Nymex)

USD 3.41

-3.4%

Gold

USD 4,460.7

-0.0%

BTC

USD 91,220

+0.4% (YTD +2.8%)

Chimera JP Morgan UAE Bond UCITS ETF

AED 3.8

+0.0% (YTD: +1.3%)

S&P MENA Bond & Sukuk

151.77

+0.1% (YTD: -0.1%)

VIX (Volatility Index)

15.45

+0.5% (YTD: +4.2%)

THE CLOSING BELL-

The DFM rose 0.1% yesterday on turnover of AED 734.1 mn. The index is up 3.4% YTD.

In the green: National General Ins. Company (+8.1%), Air Arabia (+4.6%), and Aramex (+2.8%).

In the red: Chimera S&P UAE Shariah ETF- Share class B – Income (-3.5%), Al Firdous Holdings (-3.2%) and Agility The Public Warehousing Company (-2.9%).

Over on the ADX, the index fell 0.1% on turnover of AED 1.1 bn. Meanwhile, Nasdaq Dubai was down 0.2%.

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CALENDAR

JANUARY

9-11 January (Friday-Sunday): 1 Bn Followers Summit, UAE.

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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