1Q earnings from Emaar, Emirates, Adnoc Drilling, and more

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: US looks to fast-track foreign investments, including from the Gulf + New planned hospitals in Dubai

Good morning, friends, and happy FRIDAY. We have a calm-ish end to a busy week that saw plenty of conferences, a Dinseyland Abu Dhabi announcement, and tons of earnings news — but the earnings tap has yet to run dry. Today, we have earnings from Emirates, Adnoc Drilling, and Emaar, as well as updates on Mubadala’s financials and investments last year. Let’s dive in.

☀️ WEATHER– Expect warm and stable conditions across the country through Monday, according to the National Center of Meteorology (pdf) and our favourite weather app. Dubai will see daytime highs of 37°C and overnight lows of 26°C today, while Abu Dhabi will see a milder 30°C high and lows of around 26°C.

WATCH THIS SPACE-

#1- The US is planning to develop a fast-track process for screening foreign investments in a move that would help ease UAE investments in the country, according to a Treasury Department statement. The UAE, Saudi Arabia, and Qatar are in discussions to be included in the initiative, sources in the know told Bloomberg. The initiative would see the US gather information on investors on a portal ahead of investment agreements.

REMEMBER- The UAE pledged USD 1.4 tn in investments in US tech and energy sectors over the next decade.

ALSO- Adnoc’s new investment arm XRG is set to soon start deploying capital – including in the US – after fine-tuning its internal strategy in the coming weeks, according to people familiar with the matter. XRG is already engaging with leading investment banks eager to bring in acquisition business amid a looming tariff-induced Wall Street slowdown, the business news information service said. The specific financial details of XRG’s upcoming investment ambitions remain under wraps.

#2- Dubai plans to add three new hospitals and 33 primary healthcare centers and several centers of excellence by 2033 as part of a new policy aimed at expanding access to quality healthcare, state news agency Wam reports. The new facilities will be developed through public-private partnerships and will target newly developed residential areas including Al Yalayis, Al Awir, Hind City, Nad Al Sheba, Al Lisaili, and Lehbab.

PLUS- A new Smart Buildings Policy aims to reduce power consumption in buildings by 25%, water use by 15%, and operational costs by 20%, Wam said.

#3- Adio eyes more US startups for HELM: The Abu Dhabi Investment Office plans to expand operations in San Francisco as it looks to bring more health startups and scale-ups to Abu Dhabi’s Health, Endurance, Longevity and Medicine (HELM) cluster, according to a statement. The goal? To attract AED 42 bn of investment by 2045 and create 30k jobs

#4- The Guinean government is looking to revoke Emirates Global Aluminum’s mining license due to what it says is a failure to deliver on its commitment to develop an alumina refinery in the country, Reuters reports, citing sources it says are in the know. The sources said the move came after the government sent reminders of its commitments and received no response.

EGA says it is working with the government to find a resolution, Reuters quotes the company as saying.

What alumina refinery? EGA subsidiary Guinea Alumina Company (GAC) agreed to set up an alumina refinery with an initial annual capacity of 1 mn tonnes in Guinea, after inking a term sheet with the Guinean government for construction in June 2024. The statement did not disclose the investment ticket for the refinery, though a mines ministry official told Reuters some USD 4 bn is expected to be invested in the project.

Background: The dispute started in October 2024, when the Guinean government suspended bauxite exports from EGA’s existing facilities, forcing the company to declare force majeure and putting hundreds of employees on furlough, sources reportedly told Reuters.

#5- Dubai will award more tenders for its new passenger terminal at Al Maktoum International Airport later this year, Dubai Aviation Engineering Projects Executive Chairman Khalifa Al Zaffin told Gulf News. The terminal substructure and district cooling plants will be the next packages to be tendered later this year. Some AED 1 bn in contracts have been awarded for the construction of the first phase of the Dubai South airport project, which includes the development of a second runway, he said.

REMEMBER- The design plan for the USD 35 bn new passenger terminal at Al Maktoum International Airport received the green light nearly a year ago. The first phase is scheduled to be completed by 2032 and is forecasted to boost capacity to nearly 150 mn passengers per year. Full completion is expected sometime in the early 2030s and is expected to increase capacity to 260 mn passengers and 12 tons of cargo annually.

Background: Al Maktoum International Airport — also known as Dubai World Central — will become the main hub for Emirates, Flydubai, and other airline partners. The country’s flagship carrier has been pushing for the expansion of the airport to support its growth plans and fleet expansion.

#6- The UAE’s recently approved Strategy for Islamic Finance and Halal Industry is expected to help the industry expand in the short-to-medium term, boosted by “significant bottom-up and top-down demand and regulatory initiatives,” Fitch Ratings said. The global ratings agency expects the move to further deepen the Islamic finance ecosystem and infrastructure in the gulf country.

REMEMBER- Earlier this week, the cabinet approved a six-year strategy that looks to more than double the UAE Islamic banking assets AED 2.6 tn, up from from AED 986 bn, local sukuk issuances to AED 660 bn, and international sukuk listed in the UAE to AED 395 bn. Fitch pegs the size of the UAE’s Islamic finance industry at over USD 285 bn by the end of the first quarter of 2025, according to the report.

#7- Emsteel to tap the market for green debt under new framework: ADX-listed building materials manufacturer Emsteel rolled out its maiden green finance framework, according to a press release. The program will see it raise domestic and FCY-denominated capital through green bonds, commercial notes, and other ESG-linked instruments, the statement reads. Proceeds will be earmarked to finance and/or refinance eligible green projects, the statement said, adding that Moody’s assigned the framework a “Very Good” sustainability score.

ADVISORS- ING and First Abu Dhabi Bank acted as sustainability structuring bank banks, with ING in the lead.

DATA POINT-

The UAE has been named MENA’s best country to live in, securing the 15th spot globally in the UN Human Development 2025 report’s ranking (pdf). The Emirates surpassed countries including Canada, New Zealand, the US, and Japan. The index evaluates countries based on health, education, and living standards.

The Emirates also ranked third globally for AI talent inflows, behind only Luxembourg and Switzerland.

PSAs-

#1- Fill your car up with crypto: Emirates Petroleum Company (Emarat) will be the first in MENA to offer cryptocurrency payment options at its fuel stations in partnership with Crypto.com, according to a press release. Starting with 10 stations, the service will gradually expand across Emarat’s network. The partnership is pending regulatory approval.

PLUS- The Al Ameen station on Al Wasl road in Dubai will be renamed Crypto.com Emarat service station — a global first for fuel station naming rights.

#2- Salik’s e-wallet can soon pay for your fuel at Enoc: Salik has partnered with Enoc group to introduce integrated payment services at Enoc’s service stations, according to a press release (pdf). The collaboration will allow users to make payments using Salik’s e-wallet system, facilitated by automatic number plate recognition technology. The new system will initially roll out in select locations.

#3- Emirates has suspended all flights between the UAE and Pakistan until Saturday tomorrow due to “ongoing uncertainty surrounding access to the country’s airspace and airports” the airline said in a travel update.

Etihad Airways also cancelled all flights to and from Pakistan, according to a travel alert on their website. The airline said it is monitoring the evolving situation, which is subject to further change.

Flydubai partially operational: Flydubai said select flights to Faisalabad, Multan, and Sialkot operated yesterday, but all other flights to Pakistani cities, including Karachi, Lahore, and Quetta, were cancelled for yesterday and today, The National reports. The airline continues to monitor developments and adjust its schedule accordingly.

Background: UAE airlines have suspended or rerouted flights to India and Pakistan over the past few days due to escalating violence between the two countries.

HAPPENING TODAY-

An Abu Dhabi Department of Economic Development (ADDED) delegation of senior officials and business leaders is wrapping up a visit to Japan, according to the Abu Dhabi Media Office. The five-day visit aimed to explore possibilities for more investment cooperation, and expand trade and industrial ties, as well as cooperation in clean energy, hydrogen, AI, life sciences, and next-generation technologies. A trade and economic partnership agreement between the two sides is expected to be finalized later this year.

THE BIG STORY ABROAD-

Two big stories are dominating headlines this morning:

#1- The Roman Catholic Church just elected its first American pope, Pope Robert Francis Prevost (who will be known as Pope Leo), breaking what has been viewed as a long-standing taboo against tapping leaders from a big world power with influence in global affairs. (New York Times | Wall Street Journal | Financial Times | Guardian.

#2- The US and the UK sealed a trade agreement, exempting the country from tariffs on steel and car exports but preserving the flat 10% reciprocal tariff applying to most goods. The agreement marks the first since the tariffs were announced, with many looking out for a similar one with China, for which talks could be starting soon. (FT | Reuters | Guardian | NYT)

***

You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.

EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq. Tap or click here to get your own copy of EnterpriseAM UAE.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA climate and logistics industries?

***

MARKET WATCH-

OPEC oil output dips in April despite planned hike: Opec+ crude output dipped by 30k barrels a day (bbl / d) m-o-m to 26.6 mn bbl / d in April, according to a Reuters survey, as a sharp drop in Venezuelan exports and smaller declines in Iraq and Libya offset gains from Iran. This came despite the group’s long-awaited output hike that saw Opec+ begin rolling back cuts last month. The group is also set to increase hikes in the coming months, citing healthy market fundamentals, despite weak oil prices.

UAE output steady: There was little change in production from the UAE, Saudi Arabia, and Kuwait, despite higher April quotas. While official data shows UAE and Iraq are pumping near target levels, International Energy Agency estimates suggest actual output may be higher, Reuters said.

Mubadala’s assets grew 9% in 2024 amid private credit push

Mubadala’s assets under management rose 9.1% y-o-y to AED 1.2 tn in 2024, according to its annual review. The fund generated AED 109 bn in proceeds, marking a 10.1% y-o-y increase. Mubadala attributed the performance to its “prudent strategy, strong internal capabilities, and robust corporate governance,” according to its financial overview.

The breakdown: Its portfolio allocation included 40% in private equity, 23% in public markets, 17% in real estate and infrastructure, 15% in alternatives, and 5% in credit. Mubadala Investment was the most active sovereign wealth fund (SWF) investor in 2024, deploying USD 29.2 bn across 52 transactions.

The fund recorded a five-year rate of return of 10.1%, Chief Financial Officer Carlos Obeid said. This marks a slight decrease from a 10.3% return in 2023. The fund also raised AED 30.5 bn in debt through various capital market instruments.

Capital deployment surged 33.7% y-o-y to AED 119 bn, placing Mubadala in the top performance quartile across five- and ten-year periods, Managing Director Khalifa Al Mubarak said.

Mubadala’s private credit portfolio grew to USD 20 bn last year, emerging as its top performing asset class for the third consecutive year. It invested over USD 5 bn in private credit partnerships with Apollo, Ares, and Blackstone and launched a USD 1 bn partnership with Goldman Sachs as well as a USD 2.5 bn JV with Alpha Dhabi.

Looking ahead, Mubadala is taking a more cautious approach to global investments amid escalating US-driven trade tensions, particularly those driven by US policy. Investment decisions will now follow a slower, merit-based review process as assumptions are re-evaluated.

Despite the cautious tone, Mubadala has remained active in early 2025, committing USD 1 bn to a partnership with Fortress Investment Group, anchoring a USD 10 bn investment in TWG, acquiring a 24.1% stake in SoTex Holdco, investing USD 215 mn in 3650 Capital, and acquiring a minority stake in Apleona.

DFM rolls out centralized securities lending program

The Dubai Financial Market (DFM) rolled out a centralized securities lending and borrowing (SLB) program, according to a press release (pdf). The program replaces an older system which saw transactions take place bilaterally between participating institutions including clients, borrowers, lending agents, and brokerage firms.

The program will initially be limited to institutional investors, before expanding to retail demand at a later stage. SLB will be operated by Dubai Clear, the bourse’s wholly-owned central counterparty.

How it works: The new system enables investors to lend eligible securities, while borrowers including hedge funds and market makers use them for trading and liquidity strategies. Transactions are matched centrally and settled anonymously through Dubai Clear as the central counterparty, with the implementation of risk controls including margining and collateral management to minimize counterparty and operational risks.

The rationale: The move aims to help broaden DFM’s investor base and ramp up market liquidity, while aligning with international best practices, said Hamed Ali, CEO of DFM and Nasdaq Dubai.

ICYMI- Last year, xCube launched the country’s first fully automated SLB service for retail investors here at home. The platform enables retail investors on the DFM to access their stocks, hedge their portfolios and lend their securities to other investors in exchange for a fee. Investment banks and brokerages including Arqaam Capital offer similar services on the ADX.

Sobha Realty inches closer to issuing USD-denominated sukuk

Sobha Realty taps banks for FCY sukuk sale: Dubai real estate developer Sobha Realty enlisted a syndicate of local and international banks for its upcoming USD-denominated three-year, USD-denominated sukuk, Zawya reports. The Reg S compliant benchmark offering falls under the firm’s USD 1.5 bn trust certificate issuance program rated BB by S&P. There’s no word yet on the size of the issuance.

ICYMI- Bloomberg reported earlier last month that proceeds from the debt issuance will be used to fund land acquisitions.

Meet the banks: Our friends at Mashreq are acting as lead managers and bookrunners on the transaction, along with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Arqaam Capital, Dubai Islamic Bank, Emirates NBD Capital, JP Morgan, Rakbank, Sharjah Islamic Bank, Standard Chartered Bank and Warba Bank.

IN CONTEXT- Emirati real estate players are loading up on Islamic FCY debt. Just last month, Dubai-based luxury developer Omniyat closed its maiden USD 500 mn green sukuk issuance. Meanwhile, Aldar Investment Properties tapped global markets with a USD 500 mn 10-year green sukuk back in March, while Damac returned in February with its first benchmark issuance in a year and a half — a USD 750 mn 3.5-year sukuk.

More names report 1Q results

EMIRATES GROUP-

Emirates Group posts record earnings, with Emirates becoming most profitable airline: Emirates Group’s net income after tax rose 9.7% y-o-y to AED 20.5 bn in its fiscal year ending 31 March 2025, according to its annual report (pdf). The group’s topline climbed 5.9% y-o-y to AED 145.4 bn in the same period.

Flag carrier Emirates saw its bottom line after tax grow 10.6% y-o-y to AED 19.1 bn, on the back of surging demand for cargo services and travel in several markets as well as slimmer fuel costs. The carrier’s topline increased 5.5% y-o-y reaching AED 128 bn during the same period.

Record breaking results: Emirates secured its ranking as the world’s top earning airline globally in the FY 2024-2025. “We are the world’s most profitable aviation group, and Emirates is the world’s most profitable airline in the 2024-25,” CEO Ahmed bin Saeed Al Maktoum said in the annual report. The UAE firm overtook the position from US carrier Delta Airlines, which dominated the leaderboard last year.

Dnata posted mixed results: Air services subsidiary Dnata saw its net income after tax drop 1.8% y-o-y to AED 1.4 bn, while revenues surged 9.8% y-o-y to AED 21.1 bn. Management attributed the topline growth to strong demand for travel and cargo transportation, particularly in the US, UK, Australia, Europe, and the UAE, according to its earnings release. Airport operations remains the subsidiary’s largest division, contributing AED 9.9 bn to revenue — a 12% y-o-y jump.

EMAAR PROPERTIES-

Real estate developer Emaar Properties reported a 23.5% y-o-y increase in net income to AED 4.6 bn in 1Q 2025, according to its financials (pdf). Revenues were also up by 50.2% to AED 10.1 bn, fuelled by some AED 6.9 bn brought in through its property development business, and bolstered by an improvement in lease rental renewals, strong occupancy rates, and a growth in tenant sales.

Emaar Development’s net income rose 39.1% y-o-y to AED 2.4 bn in 1Q 2025, driven by strong project execution and continued demand across its master plans, according to its earnings release (pdf).

The developer saw its sales increase 42% y-o-y to AED 19.3 bn, bringing its total backlog to AED 127 bn by the end of the quarter, a 62% jump compared to the same period a year earlier, and indicating strong revenue growth going forward.

REMINDER- In real estate, sales ≠ revenues. Sales are recorded at contract signing, but revenue is only recognized as units are delivered or reach key construction milestones, meaning current revenues largely reflect past sales.

ADNOC DRILLING-

Adnoc Drilling’s net income rose 24.2% y-o-y to USD 340.9 mn in 1Q 2025, and revenues jumped 32.1% to USD 1.2 bn, according to its financials (pdf). Growth was led by a 134% y-o-y surge in oilfield service revenues to USD 342 mn, driven by expanded unconventional operations and stronger integrated drilling services (IDS) activity, the company said in a separate earnings release (pdf). Onshore revenue climbed 20% y-o-y to USD 494 mn, while offshore (jack-up and island) revenue rose 2% to USD 334 mn.

Looking ahead: The company reaffirmed full-year guidance, targeting USD 4.6-4.8 bn in revenue and USD 1.4-1.5 bn in net income, backed by a robust pipeline and recent awards — including a USD 1.6 bn IDS contract and an USD 806 mn long-term island rig award from Adnoc Offshore. Adnoc Drilling expects to operate more than 151 rigs by 2028 and reach USD 5 bn in revenue in FY 2026, with margins also supported by its conventional business and AI-driven JV platforms Turnwell and Enersol.

PLUS- The company has earmarked USD 350 mn for acquisitions through its JV with Alpha Dhabi, Enersol, in 2H 2025, which will focus on AI and tech firms in the oilfield services sector in the US, CFO Youssef Salem told EnterpriseAM UAE. This is part of USD 1 bn in planned capital expenditure for inorganic growth, which will include some USD 150 mn in acquisitions of rigs overseas in Kuwait and Oman, and another USD 500 for rigs and equipment inside the UAE.

The board approved a shift to quarterly distributions, beginning with a USD 217 mn payout, equivalent to 5 fils per share, in May.

PRESIGHT-

Presight sees revenues jump and bottomline grow: Data analytics firm Presight reported a 25.1% y-o-y increase in net income after tax to AED 120 mn in 1Q 2025, according to its financials (pdf). On a like-for-like 9% tax basis, net income rose 33.6% y-o-y, according to a separate earnings release (pdf).

Revenues more than doubled, jumping 115.1% y-o-y to AED 563.9 mn, driven by a five-fold increase in international sales to AED 127 mn and continued growth in multi-year government and enterprise contracts, which made up 98.8% of total revenue. Presight expects 35-40% of annual revenues by the end of this year to come from its international operations, CFO Ram Meyoor told EnterpriseAM.

The robust results came from the “significant momentum from 4Q 2024 that we accelerated in 1Q 2025,” Ram Meyoor said. Presight booked AED 1.4 bn in new orders during the quarter, pushing its backlog to AED 3.9 bn. Key wins included a USD 190 mn smart city contract in Kazakhstan and a USD 340 mn ENERGYai agreement via its AI joint venture with Adnoc. The company also launched two new AI platforms — Synergy and LifeSaver.

Going forward, the firm’s focus will continue to be on the Global South, Meyoor said, since it represents 40% of the global workforce and almost one third of the GDP of the world.” Africa, Southeast Asia and South America were particular regions of focus, he said.

Sectors in focus: International expansion through more business to government partnerships is still attractive for the firm, eyeing potential with state-owned oil enterprises and more contracts in smart city solutions, while the financial services sector also remains a key focus.

In good stead: Currently Presight’s balance sheet is debt-free, something Meyoor said gave the firm a high degree of flexibility going forward in terms of expansion — bolstered by its AI accelerator program giving it access to new startups and emerging technologies.

DUBAI TAXI-

Dubai Taxi’s net income dipped 22.6% y-o-y in 1Q 2025 to AED 83.6 mn, according to its financials (pdf). The drop was attributed to higher promotional expenses related to Dubai Taxi’s partnership with Bolt, which was signed last December, according to a separate earnings release (pdf).

Revenues rose 5.4% y-o-y to AED 588.3 mn for 1Q 2025, coming on the back of a fleet expansion, with an extra 250 electric taxis bringing the total to 6.2k vehicles, and its delivery bike operations, which saw a 110% y-o-y uptick in revenues. The company also completed 13 mn trips across the taxi and limousine segments, an 8% increase compared to the same period last year.

ARAMEX-

UAE-based freight forwarding and logistics outfit Aramex saw its net income attributable to shareholders drop by 63% y-o-y to AED 17.1 mn in 1Q 2025, according to an earnings release (pdf). The firm’s topline remained stable — rising by only 1% y-o-y to AED 1.6 bn during the same time period.

What they said: The reported financials are reflective of the company’s current strategy to achieve “a broader pivot toward more regionalized, service-intensive logistics, and Aramex’s investments to support this shift,” the company said in the release.

REMEMBER- Abu Dhabi sovereign wealth fund ADQ — through its wholly-owned subsidiary Q Logistics Holding — locked in a 63.26% stake in Aramex last month after shareholders offered acceptances for some 40.57% shares in the company.

DANA GAS-

Sharjah’s Dana Gas posted a 13.7% y-o-y increase in net income to AED 158 mn in 1Q 2025, according to its financials (pdf). The boost came despite lower revenues, supported by improved gas pricing in Egypt following its consolidation concession agreement, as well as reduced depreciation and finance costs, the company said in a separate earnings release (pdf).

Revenues fell 6.2% y-o-y to AED 334 mn, pressured by lower production in Egypt and weaker realized oil prices, partially offset by higher condensate prices in the Kurdistan Region of Iraq and the gas pricing in Egypt.

How production fared: Group output averaged 52.2k barrels of oil equivalent per day, down from 56.8k per day in 1Q 2024. Production in Egypt declined to 12.6k barrels of oil equivalent per day due to natural field declines and planned maintenance, while Kurdistan output rose 3% to 39.7k.

REMEMBER- Dana’s production pipeline is hot: The company reaffirmed that first gas from the KM250 expansion — operated by Pearl Petroleum — is on track for 1Q 2026 and set to add 250 mn standard cubic feet per day of gas, 7k barrels a a day of condensate, and 460 tonnes of LPG. Pearl has also launched a USD 160 mn first-phase development at the Chemchemal field, targeting 75 mn standard cubic feet per day of gas by 2H 2026. In Egypt, Dana has kicked off a USD 100 mn, two-year drilling program, with the first well expected to spud in June.

UNION PROPERTIES-

Dubai-based Union Properties’ gross income rose 25.3% y-o-y to AED 42.8 mn in 1Q 2025, driven by improved operational efficiency and stronger performance from its subsidiaries, the company said in an earnings release (pdf). Revenue grew 18.2% y-o-y to AED 163 mn during the quarter.

Debt repayments continued: The company paid AED 179 mn in legacy debt in 1Q and plans to settle an additional AED 159 in 2Q 2025 as part of its broader financial restructuring strategy.

RAK PROPERTIES-

Property developer RAK Properties reported a 63.8% y-o-y increase in its bottom line, reaching AED 67.9 mn during 1Q 2025, according to its financials (pdf). The company’s revenues surged 27.8% y-o-y to AED 370.3 mn during the same period.

The company’s growth is fueled by its expanded portfolio, including projects such as Marisol and Quattro Del Mar, which are part of a wider AED 5 bn plan, the company said in a separate earnings release (pdf). Robust delivery momentum and progress on ongoing developments also bolstered 1Q results. The company sold 590 units during the quarter, CEO Sameh Muhtadi told CNBC Arabia (watch, runtime: 4:45).

Looking ahead: Rak Properties is focused on growth in 2025, with over 800 handovers planned for this year and more than 3k units under construction. The company plans to roll out one new project every month throughout the year.

ADIA closes reported USD 1 bn Qlik acquisition

M&A-

The Abu Dhabi Investment Authority (ADIA) has finalized its acquisition of a significant minority stake in Qlik, a US-based data analytics firm, according to a statement. Private equity owner Thoma Bravo, who remains the majority stakeholder, also made a new investment, as did other institutional backers. The move has now received all required regulatory approvals.

ICYMI- Last November saw reports that ADIA would acquire a USD 1 bn stake from a fund owned by Thoma Bravo, valuing the US data firm at around USD 10 bn. The agreement also involved other sovereign wealth and pension funds.

FINANCE-

New Paradyme office brings turnkey solutions to DIFC: US-founded Paradyme SOS has opened an office in the Dubai International Financial Center (DIFC) to provide turnkey operational support for asset and wealth managers, according to a DIFC statement. Licensed to offer non-investment services — including compliance (in partnership with global consultancy Optima Partners), accounting, governance, and administrative support — the firm targets both new and established firms looking to scale up with minimal in-house infrastructure.

Who’s in charge? Optima Partners’ head of UAE Nick Walling (LinkedIn), previously a senior manager for 17 years at the DFSA, will lead the office.

SUSTAINABILITY-

UAE, Egypt partner on decarbonization: The Industry and Advanced Technology Ministry has partnered with Egypt’s Industrial Modernization Center to advance clean industrial projects across the MENA region under the UAE-led Industrial Transition Accelerator (ITA), according to a press release. Bahrain also joined the ITA’s MENA program last November.

The ITA? Launched at COP28 and backed by the UAE, the ITA seeks to cooperate with regional governments and industry leaders to promote emerging green industries and drum up the needed capital to support decarbonization efforts in heavy-emitting sectors. Emsteel, Emirates Global Aluminium, and Arabian Gulf Steel Industries are among the Emirati firms partnering with the ITA.

AVIATION-

#1- Direct flights between Abu Dhabi and Bhubaneswar, the capital of India’s Odisha state, will commence in June 2025, Odisha Chief Minister Mohan Charan Majhi announced in a post on X. India’s low-budget airline IndiaGo will operate three flights a week to Biju Patnaik International Airport, Indian news outlet Sambad English reports.

#2- Dubai-based carrier flydubai will begin daily flights to Peshawar, Pakistan starting 15 May, expanding its network in the country to eight destinations, the airline said in a statement. The airline’s Boeing 737 fleet will operate the route from Terminal 2 at Dubai International Airport to Bacha Khan International Airport.

INFRASTRUCTURE-

Jebel Ali Racecourse to be developed by BIG, ARM: UAE investment firm ARM Holding and architecture studio Bjarke Ingels Group (BIG) have partnered to build a 5 sq km sustainable urban district surrounding Dubai’s Jebel Ali Racecourse, BIG said in a statement.

The details: The plan includes a central park, mixed-use housing, education and hospitality facilities, and civic infrastructure. The financial details were not disclosed but construction is set to begin in early 2026.

ENERGY-

Tecknomak awards contract for Gabon FLNG gas project: UAE-based engineering firm Technomak signed an EPCCI (engineering, procurement, construction, commissioning, and integration) agreement with Dutch company Dixstone for the Cap Lopez floating liquified natural gas (FLNG) project in Gabon, according to a statement. The financial terms were not disclosed.

The details: The FLNG barge, with an annual production capacity of 700k tonnes of LNG and 25k tonnes of LPG, will be built and assembled by Dixstone in Dubai before being deployed to Gabon. The project is expected to come online in 2026, Offshore Energy reports.

STARTUPS-

du, Ignyte partner on startup support: Emirates Integrated Telecommunications Company (du) has partnered with digital startup support platform Ignyte to support Emirati startups and SMEs, according to a press release. The partnership will provide Ignyte memberships at no charge, du Business discounts, and access to mentorship and investor networks.

EVs-

New EV charging station for Abu Dhabi with PPP: Abu Dhabi Mobility has selected operators under new public-private partnership contracts (PPP) for electric vehicle charging infrastructure across the emirate, according to the Abu Dhabi Media Office.

The details: The first phase will see 1k charging stations, under the Charge AD brand, installed in 400 locations across Abu Dhabi Island, Al Ain, and Al Dhafra. More stations will be rolled out to public and private locations annually. The standardized rates will be AED 0.70 per kWh for regular AC chargers and AED 1.20 per kWH for fast DC chargers.

TRADE-

Abu Dhabi, Japan strengthen trade ties: The Abu Dhabi Chamber of Commerce and Industry (ADCCI) and Japan External Trade Organisation (Jetro) have inked an agreement to improve trade relations at the Abu Dhabi-Japan Business Connect Forum in Tokyo, according to a press release. The agreement aims to promote long-term bilateral trade growth, with a focus on innovation, sustainability, and advanced technologies.

FINANCIAL SERVICES-

Hidden Road secures in-principle approval from ADGM: Ripple-backed Hidden Road Partners has received in-principle approval from ADGM’s Financial Services Regulatory Authority (FSRA) to operate as a regulated financial services firm, according to a press release. Once fully authorized, the firm will provide clearing and prime brokerage services for both traditional and digital assets to institutional investors in the UAE. The firm’s acquisition by fintech player Ripple for USD 1.3 bn is set to be finalized in the coming months.

AI-

#1- G42’s Inception, CPX team up on cybersecurity: AI developer and G42 subsidiary Inception inked an MoU with sister cybersecurity-focused firm CPX to accelerate AI technologies and strengthen cybersecurity capabilities across different industries, state news agency Wam reports.

Who’s doing what? CPX will become the primary provider of cybersecurity solutions for Inception’s AI platforms and Inception will be CPX’s partner in AI product development. The two will also co-develop AI-driven cybersecurity solutions.

#2- IHC’s AI board observer launches: International Holding Company (IHC) has launched Aiden Insight 2.0, an AI-powered board observer developed in partnership with UAE-based Aleria, the company said in a statement. The AI agent delivered its first recommendations during IHC’s 1Q 2025 board meeting, advising on tax planning, IT focus, and risk management.

REMEMBER: IHC first announced plans for Aiden Insight, to be developed by G42 and Microsoft, in last February last year.

Abu Dhabi Abu Dhabi Investment Authority ADGM AI ALSO ON OUR RADAR Aviation du Dubai International Financial Center energy Finance financial services Financial Services Regulatory Authority G42 Healthcare industry infrastructure International Holding Company investment Jebel Ali Rakez Ras Al Khaimah sustainability UAE-India relations UAE-Japan ties

7

PLANET FINANCE

Saudi Arabia topped the regional IPO chart in 1Q -EY

MENA markets raised USD 2.4 bn in IPO proceeds across 14 listings last quarter, up from just 10 in 1Q 2024, marking a 106% increase in proceeds, according to EY’s MENA IPO eye report (pdf). IPO activity was heavily concentrated in Saudi Arabia, with only one listing in the UAE, and another in Oman. Despite the narrow distribution and global market jitters, EY sees the region’s IPO pipeline remaining intact.

KSA tops the charts: The Kingdom was home to 12 out of the 14 IPOs in the region last quarter, raising roughly USD 1.9 bn in proceeds across five main market listings and nine on Tadawul’s parallel market Nomu. Saudi real estate company Umm Al Qura for Development was the region’s highest grossing IPO in 1Q, contributing 22% to overall proceeds from the region, followed by hospital operator Almoosa Health (19%). The largest contributions came from real estate management (28%), health care equipment and services (24%), financial services (21%), and consumer discretionary distribution and retail (17%).

Meanwhile, the UAE saw one IPO in 1Q. The Abu Dhabi Exchange (ADX) was home to the UAE’s first and only IPO so far this year. Software company Alpha Data took a 40% stake to market in March, raising USD 163 mn.

Oman was the only other IPO contributor in the region last quarter. The LNG transport unit of state-backed logistics giant Asyazd Group Asyad Shipping ’s debut of a 20% stake on the Muscat Exchange raised USD 333 mn.

Top performing IPOs: 11 stocks closed higher on their trading debut, with six — including Umm Al Qura for Development & Construction, Arabian Company for Agricultural and Industrial Investments (Entaj), and Derayah Financial — hitting the 30% daily limit set by regulators. 11 out of 14 IPOs were trading above their IPO prices as of 31 March. Umm Al Qura for Development & Construction posted the strongest performance, with a gain of 60%, followed by Riyadh-based Basma Adeem Medical Company, which recorded a 50% increase.

EY expects more IPO activity from tech firms this year: “In 2025, we can potentially expect to see an increase in IPOs from the technology sector including online retail, fintech, foodtech and classifieds,” the firm’s MENA IPO leader Gregory Hughes said.

What’s in the pipeline? EY says at least 21 more companies are expected to go public across MENA markets this year. Saudi Arabia continues to dominate the pipeline, with 17 firms already cleared by the CMA, while the UAE has three announced IPOs in the works, and Egypt has announced one, the report reads.

MENA stock exchanges delivered mixed results last quarter, with three posting gains and six ending the quarter in negative territory. Boursa Kuwait’s Premier Market Index led regional performance with a strong 10.7% gain, followed by Egypt’s EGX30, which rose 8%. In contrast, Saudi Arabia’s Tasi recorded a marginal decline of 0.4%. On the weaker end of the spectrum, the MSM General Index in Oman posted the steepest drop, falling 4.6%, while the Qatar Exchange General Index declined 3.2% over the same period.

MARKETS THIS MORNING-

Asian markets are mixed as investors await China’s April trade data following the introduction of US tariffs, with Hong Kong’s Hang Seng trading flat, and mainland China’s CSI 300 dipping 0.2%. Japan’s Nikkei and South Korea’s Kospi are up marginally. Over on Wall Street, futures are flat after stocks rallied yesterday following news of a US-UK trade agreement.

ADX	9,634	+0.2% (YTD: +2.3%)
DFM	5,314	-0.4% (YTD: +3.0%)
Nasdaq Dubai UAE20	4,435	-0.2% (YTD: +6.5%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.1% 1 yr
TASI	11,364	-0.3% (YTD: -5.7%)
EGX30	31,772	-0.2% (YTD: +6.8%)
S&P 500	5,664	+0.6% (YTD: -3.7%)
FTSE 100	8,532	-0.3% (YTD: +4.4%)
Euro Stoxx 50	5,289	+1.1% (YTD: +8.2%)
Brent crude	USD 62.97	+0.2%
Natural gas (Nymex)	USD 3.63	+0.9%
Gold	USD 3,318	+0.4%
BTC	USD 102,392.9	+5.8% (YTD: +8%)
Chimera JP Morgan UAE Bond UCITS ETF	USD 3.60	-1.1% (YTD: +1%)
S&P MENA Bond & Sukuk	143.6	-0.1% (YTD: +2.6%)
VIX (Volatility Index)	22.48	-4.6% (YTD: +29.6%)

THE CLOSING BELL-

The ADX rose 0.2% yesterday on turnover of AED 1.8 bn. The index is up 0.2% YTD..

In the green: Al Buhaira National Ins. Company (+10.7%), Apex Investment (+5.5%) and Gulf Cement (+4.8%).

In the red: Abu Dhabi National Takaful Co (-10.0%), Rapco Investment (-8.2%) and National Bank of Ras Al Khaimah (-3.7%).

Over on the DFM, the index fell 0.4% on turnover of AED 489.9 mn. Meanwhile, Nasdaq Dubai was down 0.2 %.

UAE eyes more cooperation with Uganda and Kenya across transport, energy, and more

UAE, Uganda sign six MoUs: The UAE and Uganda signed six MoUs to deepen cooperation across investment, energy, transport, and digital transformation during a visit by Foreign Affairs Minister Sheikh Abdullah bin Zayed to Kampala where he met with Ugandan President Yoweri Museveni and senior officials, state news agency Wam reports. The agreements included:

a bilateral investment MoU between the UAE and Uganda’s finance ministries;
a cooperation agreement between the Anwar Gargash Diplomatic Academy and Uganda’s Foreign Ministry;
An MoU on energy cooperation between their energy ministries;
An MoU between Etihad Rail and Uganda’s Works and Transport Ministry;
An agreement between UAE-based Presight and Uganda’s National Information Technology Authority on AI, cybersecurity, and cloud infrastructure
and a mutual entry visa exemption agreement.

AND- Seven MoUs and agreements were signed with Kenya, spanning military, transport, energy, and railway cooperation, along with a bilateral framework agreement on economic development, according to a Foreign Affairs Ministry statement.

The UAE and Bahrain implemented their investment promotion and protection agreement, Bahrain News Agency reports. The agreement, which came into effect after both governments completed the necessary legal steps, establishes a robust legal framework to protect investments and outlines clear mechanisms for dispute resolution.

The partnership aims to encourage mutual investments, facilitate capital flows, and strengthen the investment environment, Financial Affairs Minister Mohamed bin Hadi Al Hussaini said. It will also foster cooperation in digital trade—covering areas such as data protection, privacy, cybersecurity, and intellectual property rights.

Background: In the past few months, the two nations have signed multiple agreements, including a mutual taxation agreement aimed at eliminating double taxation, and an executive program running from 2024 to 2028.

ALSO- Belarus, UAE discuss free trade pact and investment ties: Belarusian Prime Minister Aleksandr Turchin met with Foreign Trade Minister Thani bin Ahmed Al Zeyoudi to discuss deepening economic cooperation, including an upcoming economic partnership agreement between the UAE and the Eurasian Economic Union (EAEU) to develop a freetrade zone, Belarusian state news agency BelTA reports.

CALENDAR

MAY

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

9-10 May (Friday-Saturday): BNI UAE EXPO 2025, at the JAFZA One Convention Centre, Dubai.

9-11 May (Friday-Sunday): The Emirates Critical Care Conference, Intercontinental Festival City Hotel, Dubai.

12 May (Monday): EU regulators to make a decision on Adnoc’s Covestro takeover.

12-13 May (Monday-Tuesday): Dubai FinTech Summit, Madinat Jumeirah, Dubai.

13-16 May (Tuesday-Friday): International Union for Health Promotion and Education Conference, Abu Dhabi.

13-14 May (Tuesday-Wednesday): The Annual HR Tech MENA, Dubai.

13-14 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

13–14 May (Tuesday-Wednesday): Low Carbon Fuels MENA Summit, Sheraton Dubai Creek Hotel & Towers, Dubai.

13-15 May (Tuesday-Thursday): Cabsat Middle East and Satellite Middle East, Dubai World Trade Center.

13-15 May (Tuesday-Thursday): Integrate Middle East, Dubai World Trade Center.

13-16 May (Tuesday-Thursday): The IUHPE World Conference on Health Promotion, Adnec Center.

13-20 May (Tuesday-Tuesday): Dubai Holding REIT subscription period.

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

15 May (Thursday): Dewa tender for pumping stations bids deadline.

15 May (Thursday): The UAE-India Partners in Progress Summit 2025, Taj Exotica, Palm Jumeirah, Dubai.

15-18 May (Thursday-Sunday): The GLA Global Logistics Conference, Grand Hyatt Dubai.

19-20 May (Monday-Tuesday): Arqaam Capital MENA Investor Conference 2025, Four Seasons Hotel Abu Dhabi.

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

20 May (Tuesday): Dubai Business Forum, Hamburg, Germany.

20-21 May (Tuesday-Wednesday): The International Real Estate Investment Summit (IREIS 2025), Al Hamra International Exhibition and Conference Centre in Ras Al Khaimah.

20-22 May (Tuesday-Thursday): Seamless Middle East, Dubai World Trade Center.

21 May (Wednesday): The AWS Summit, the Dubai World Trade Center.

21 May (Wednesday): Dubai Holding REIT final offer price and allocation of units announcement.

21-22 May (Wednesday-Tuesday): The CryptoExpo Dubai, the Dubai World Trade Center.

23-25 May (Friday-Sunday): EuroLeague Final Four, Etihad Arena, Abu Dhabi.

23 April (Wednesday): The HIMSS Executive Summit 2025, Jumeirah Emirates Towers.

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

28 May (Wednesday): The Dubai Residential REIT will ring the bell.

27-29 May (Tuesday-Thursday): INDEX, Workspace, and The Hotel Show, Dubai World Trade Center.

28-31 May: The Emirates Agriculture Conference and Exhibition, Adnec Center Al Ain, Abu Dhabi.

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.

17-18 June (Tuesday-Wednesday): Abu Dhabi Infrastructure Summit, Abu Dhabi Energy Centre.

24-25 June (Tuesday-Wednesday): Middle East Rail, Dubai World Trade Center.

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

Closing of XRG’s acquisition of Covestro

JULY

6-7 July (Sunday-Monday): BRICS Summit, Rio de Janeiro.

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.

8-19 September (Monday-Wednesday): WHX-Tech Expo, Dubai World Trade Centre.

12-14 September (Friday-Sunday): The International Real Estate and Investment Show, Abu Dhabi.

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

1-2 October (Thursday-Friday):World Green Economy Summit (WGES), Dubai World Trade Centre.

30 September – 2 October (Tuesday-Thursday): The Water, Energy, Technology, and Environment Exhibition (WETEX), Dubai World Trade Centre.

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

7-9 October (Tuesday-Thursday): The International Symposium on the System of Radiological Protection, the Ritz-Carlton Abu Dhabi, Grand Canal.

9-15 October (Thursday-Wednesday): IUCN World Conservation Congress, Abu Dhabi.

27-29 October (Monday-Wednesday): Future Hospitality Summit, Madinat Jumeirah, Dubai.

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

15-17 November (Saturday-Monday): Myplant & Garden Middle East Green Expo, Dubai Exhibition Centre, Expo City.

17-21 November (Monday-Friday): Dubai Airshow 2025, Al Maktoum International Airport, Dubai.

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.

8-9 December (Monday-Tuesday): BTC Mena Conference, Adnec, Abu Dhabi.

8-10 December (Monday-Wednesday): BRIDGE media summit, Abu Dhabi.

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.
Universal Postal Congress 2025, Dubai.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.
ICOM General Conference 2025, Dubai

Signposted to happen sometime in 2026:

9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE
3-5 February (Tuesday-Thursday): The World Governments Summit.
12-15 February (Thursday-Sunday): The Society for Incentive Travel Excellence Global Conference, Abu Dhabi.
11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center.
The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

Signposted to happen sometime in 2027:

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 between 2027 and 2029:

The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

Sections

About

Privacy & Support

Get EnterpriseAM daily