A GDP record in Abu Dhabi

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WHAT WE’RE TRACKING TODAY

THIS MORNING: US Chamber of Commerce AI delegation comes to town + Mubadala exits another Getir stake

Good morning, everyone. Today’s issue has quite the range of stories — Abu Dhabi’s GDP hit a record quarterly high in 3Q, while industrial exports hit AED 262 bn last year.

It’s also a big day for UAE-Africa ties, the multi-continent 2Africa submarine cable just landed in the Emirates, and a Dubai-based player is pouring USD 1.6 bn into farmland and data centers in Africa.

Plus: Mubadala Capital acquires US billboard operator Clear Channel in USD 6.2 bn transaction. Mubadala is offloading another Getir stake. This time, it’s a controlling stake in the Turkish firm’s food delivery arm to Uber. Want to know about such SWF strategies? Read our deep-dive piece in the newswell below. Earnings season is also in full swing with the likes of Adnoc Gas, Aldar, and du lining up to turn in their results.

We’re also keeping our eye on a US delegation that’s coming to town today to talk AI, and more specifically, its application in sectors like energy, finance, and healthcare.

Happening today

The US Chamber of Commerce is bringing an AI Acceleration business delegation to the UAE for three days of talks starting today, US Chamber of Commerce’s VP of Middle East Affairs Steve Lutes tells EnterpriseAM UAE. The delegation will include some 35 companies and 45 delegates, comprising a range of multinational “giants” as well as smaller SMEs and startups with unique propositions, he added.

On the agenda: The talks are aimed at taking the US-UAE AI ties to the next level, with a focus on AI applications and the diffusion of AI across both economies, Lutes said. The goal is to facilitate conversations and partnerships between AI-adopting companies in sectors like healthcare, energy, and finance and the technology providers capable of driving greater efficiency and productivity across those industries, he added.

AI sits at the center of the US-UAE relationship, Lutes tells us, with the regulatory and policymaking framework serving as a crucial pillar, which is why conversations on that front will also feature during the delegation’s visit.

The US and the UAE’s AI ties were given a huge boost over the past year with projects like the planned 5 GW Stargate UAE AI campus, part of Washington’s USD 500 bn Stargate program. The project, expected to come online in 3Q 2026, is set to rank among the world’s largest AI-dedicated compute hubs. Export approvals for the project’s chips were greenlit in November, subject to specific security conditions. This was followed by the UAE joining the US’ critical minerals initiative Pax Silica, which is expected to boost cooperation between the two countries even further, both in AI and elsewhere.

Also happening today:

It’s day two of the World Health Expo, which is running through Thursday, 12 February at the Dubai Exhibition Center;
AIBC Eurasia is also underway and will continue until tomorrow at Dubai Festival City, with a focus on emerging sectors including blockchain, AI, fintech, loT, and big data;
The AVCJ Private Equity Forum takes place today at the Four Seasons Hotel in Abu Dhabi;
The Forbes Middle East Top Advisors & Investors Summit takes place today and tomorrow at the Conrad Etihad Towers in Abu Dhabi;

Later this week:

The Family Office Summit takes place tomorrow at Park Hyatt Dubai, bringing together principals, CIOs, and advisors to focus on governance, succession planning, alternative investments, and portfolio resilience.

WEATHER- It’s only getting warmer this week, with Dubai and Abu Dhabi both seeing a high of 29°C and an overnight low of 18°C today.

Watch this space

REAL ESTATE — Tokenized property hits the marketplace: The Dubai Land Department (DLD) launched the second phase of its real estate tokenization initiative, allowing secondary-market trading of tokenized property interests starting 20 February, Wam reports. Around 7.8 mn tokens are set to become tradeable under a tightly controlled pilot.

BACKGROUND- As we’ve previously reported, the first phase, launched in March under DLD’s REES innovation initiative, focused on tokenizing title deeds but barred resale. Since then, authorities have signaled plans to widen the model — including non-resident participation, off-plan assets, and digital-currency payments — positioning tokenization to scale beyond a sandbox.

What to watch for: DLD says the second phase will stress-test market plumbing, transparency, and investor safeguards before any broader rollout. Meanwhile, regulators, including the Virtual Assets Regulatory Authority, will continue working on participation rules and platform onboarding.

Data point

AED 262 bn — that was the value of the UAE’s industrial exports in 2025, marking a 25% increase y-o-y and double 2020’s output, Prime Minister Mohammed bin Rashid Al Maktoum said in a post on X. The performance was spearheaded by tech industries, which generated AED 92 bn in exports, up 42% y-o-y, state news agency Wam reports. The UAE had previously set 2031 as its target date to pass the AED 90 bn threshold.

The big story abroad

No single story is capturing the attention of the foreign business pages this morning — among the few worth noting:
Google’s parent company Alphabet started shopping around a 100-year bond, which comes as part of a wider GBP-denominated issuance. We know the demand is there, with the tech giant wrapping up a 5x oversubscribed, USD 20 bn bond sale yesterday. It is also preparing a separate CHF offering, all in a bid to finance its AI ambitions.

Speaking of Big Tech, they might catch a break on tariffs, as US President Donald Trump plans to exempt companies like Amazon, Google, and Microsoft from an upcoming streak of levies on chips. The move would spare imports from Taiwanese chip manufacturer TSMC, whose major clients include AI hyperscalers — a sector that Trump wants to protect while simultaneously remaining tough on imports.

The specter of AI haunts private credit: Private credit lenders remain rattled by potential disruption in the software sector — a favorite debtor among players — by advancements in AI. In light of Anthropic’s rollout of AI tools that automate tasks conventionally done via software products, shares of asset managers with large private credit activity saw a sharp drop.

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Non-oil sector continues to boost Abu Dhabi economy

The sectors driving growth: The electricity, gas, and water sector jumped 16.2% — the highest among all sectors — boosted by the Barakah Nuclear Energy Plant’s first full year of operations. Construction followed suit, growing 13.9%, supported by an accelerated project pipeline and increased private sector participation. Meanwhile, real estate activities expanded by 13.1%, and transport grew 13.8%, benefiting from logistics expansions at Khalifa Port and long-term freight agreements. Financial and ins. activities also rose 8.5% on the back of strong banking activity and the growing presence of international institutions.

Manufacturing remains a bedrock: The manufacturing sector grew 2.4%, contributing AED 30.5 bn (or 9.4% of total GDP) in 3Q 2025. This was driven by “industrial expansion, logistics integration, and initiatives to strengthen local manufacturing capacity and in-country value chains,” the statement read.

The big picture: Overall GDP grew 5% in the first nine months of 2025, while the non-oil economy expanded by 6.8%.

Mubadala Capital acquires US billboard operator in USD 6.2 bn transaction

Mubadala snaps up US advertising firm: Mubadala Capital fully acquired the US-based outdoor advertising player Clear Channel Outdoor Holdings for USD 6.2 bn in partnership with the US-based investment firm TWG Global, according to a press release. Mubadala committed around USD 3 bn in equity to support deleveraging, fund growth, and shore up financial flexibility.

On the valuation front: The allcash transaction snapped up 100% of Clear Channel’s outstanding shares for USD 2.43 per share, a 71% premium over its share price of USD 1.42 before news of the transaction came to light.

Footing the bill: The buyers secured debt financing from a group led by JPMorgan Chase Bank and Apollo Funds. Apollo is also backing the transaction by contributing an undisclosed amount of preferred equity.

Not out of the woods yet: The transaction is expected to close by 3Q 2026, subject to regulatory and shareholder approval. After the transaction is closed, Clear Channel’s common stock will be delisted from the NYSE. The seller now has a 45-day period to solicit other bids, expiring on 26 March.

Advisors: Guggenheim Securities and JPMorgan Securities advised Mubadala Capital on the transaction, while the UK-based law firm Freshfields served as counsel. Morgan Stanley and Moelis & Company advised the seller, with Kirkland & Ellis providing counsel.

In other M&A news

Mubadala is selling Turkish delivery firm Getir’s food delivery arm to Uber in a USD 335 mn transaction, according to a filing to the US Securities and Exchange Commission. Uber will fully acquire the business in a cashfree, debtfree agreement, with the takeover expected to close in 2H of this year, subject to regulatory approval.

That’s not all: Uber will also invest USD 100 mn to take a 15% stake in Getir’s grocery, retail, and water delivery arm, setting the stage to increase its holding to 100% over the next few years, the filing read.

ICYMI- This acquisition has been in the works for a while. In November, Uber and Mubadala sought regulatory approval for the move, following preliminary talks earlier that month regarding Uber’s acquisition of the Turkish firm. At the time, reports cited the value of the proposed acquisition at as much as USD 1 bn. Mubadala had offloaded Getir’s car rental subsidiary last year.

Another offload in the works? Mubadala was also reported to be considering selling Getir’s finance arm.

Dubai electronics manufacturer eyes USD 1.6 bn investment in Africa’s food and digital infrastructure

Dubai electronics manufacturer to invest USD 1.6 bn in Africa: Dubai-based conglomerate Maser Group is investing in farmland and data centers across Africa, eyeing USD 1.6 bn in Nigeria, Ghana, and Kenya over the next 24 months, Bloomberg reports. The group has already invested USD 300 mn to acquire land across the continent and in other asset-backed projects.

The game plan: The group’s investment arm MDR Investments is set to provide the majority of the financing alongside China’s Chia Ventures. With a USD 500 mn fund, MDR is actively pursuing public-private partnerships with Tanzania, Zimbabwe, Zambia, Rwanda, and Nigeria across mining, low-cost housing, and agriculture. EnterpriseAM UAE wasn’t able to reach Maser for more details ahead of dispatch time.

Maser Group: Founded by Prateek Suri (LinkedIn) in 2014, the group has an existing operational presence in Nigeria, Kenya, Ghana, South Africa, and Egypt.

Why this matters: The UAE is currently Africa’s largest source of foreign direct investment, with over USD 110 bn deployed across the continent since 2019. This capital influx coincides with a surge in commercial activity, as non-oil trade with Africa reached USD 112 bn in 2024, marking a 34% y-o-y increase.

Trade partnerships picking up: The Emirates has recently inked Comprehensive Economic Partnership Agreements (Cepa) with several African nations, including Gabon, as well as Sierra Leone and the Democratic Republic of the Congo (DRC), with both agreements looking to secure supply chains for areas like food security and critical minerals, vital for its current AI push. The UAE, along with Saudi Arabia, also secured copper shipments from the DRC last week and expanded its ties with the country through several MoUs spanning mining, energy, and infrastructure last month.

Geopolitics drove the UAE’s sovereign wealth investments last year, but diversification was still the name of the game

Long-term tech plays and geopolitics defined the UAE’s sovereign wealth funds’ investment strategies in 2025. While each SWF has clear, distinct objectives — with some skewed more toward domestic investments and others focused on building global portfolios — every one had a role to play in executing the UAE’s strategic agenda, from its foreign affairs policy to its national targets. Bns of USD in investments have been poured either directly into some of the UAE’s now biggest allies or into expanding cross-border ties through acquisitions and expansions.

The US played a major role: In May, the UAE said it plans to invest USD 1.4 tn in the US through a 10-year investment framework in key sectors, including AI infrastructure, semiconductors, energy, and manufacturing, with ADQ — which is historically focused on the local economy — planning to invest USD 25 bn in data centers in the US and forming a JV with Orion Resource to invest USD 1.2 bn in metals and mining. Mubadala-backed Emirates Global Aluminium is also involved, with plans to build the US’ largest smelter in four decades.

As did Canada…: The UAE later in the year signed a USD 50 bn investment framework with Canada, targeting sectors that include AI, logistics, and mining.

… and Asia: The Abu Dhabi Investment Authority lasered in on India and Asia more widely in what is widely understood to be a diversification play amid wider geopolitical uncertainty.

Where did the money go?

The top sectors for capital: UAE and Saudi SWFs focused their investments on infrastructure, energy transition, digitalization, and advanced technologies, in addition to sectors connected to long-term economic resilience, Deloitte’s Sovereign Wealth Fund leader Julie Kassab tells EnterpriseAM. Attention was also given to partnerships and platforms that deliver scale, operational depth, and enduring market access (think Mubadala’s partnership with Fortress or Adia’s investment in US-based women’s healthcare firm Hologic).

Behind the pivot westward last year

GCC SWFs were attracted to the West for its “regulatory certainty, market maturity, and governance standards,” Kassab said. These markets offered the scale and stability needed for sectors like infrastructure, energy transition, technology, and advanced manufacturing while also supporting domestic targets through knowledge transfer, strategic partnerships, and access to global best practices.

“Domestic investment continues to be central, but in 2025 it has been complemented by a more deliberate global approach,” Kassab said. The GCC funds’ international investments are turning into a pathway to gaining capabilities, expertise, and scale that can support domestic targets.

Yes, but: The US — and the West more broadly — was also no straightforward investment last year. One of two major geopolitical risks GCC SWFs faced last year that reshaped their investment strategies was the US’ introduction of a new trade policy, which created economic and policy uncertainty, Oxford Economics’ Macroeconomist Azad Zangana tells EnterpriseAM.

The other major risk? Escalating tensions between Iran and Israel — alongside the US — also led to a reassessment of regional risk, pushing funds to pursue greater diversification.

These events caused GCC SWFs to focus on future gains rather than short-term profitability, Kassab tells us. Although diversification and returns remain central goals, attention has shifted toward building portfolios that boost supply chain security, resilient infrastructure, energy systems, and advanced technologies. Funds are now increasingly targeting sectors and markets that offer lasting stability and a competitive edge in the long term.

The major drivers of the geopolitical shift toward the West: AI and energy

The regional geopolitical shift is being driven by the global energy transition, the emergence of new energy producers from Latin America to the US, and the rise of AI, Foreign Policy has recently written.

It’s no secret that the UAE has been capitalizing on AI to establish itself as a key hub in global infrastructure and has done so by strengthening ties with major powers like the US. This has been at the cost of its “tech ties” with China — G42 has had to cut all of its technological ties with the country to continue working with the US and receiving advanced chip exports from the country.

REMEMBER- Mubadala emerged as the top state-owned spender on AI in 2025, with some USD 4.9 bn spent. These include a USD 1.4 bn Series E funding round in US-based AI infrastructure company Crusoe and a USD 150 mn funding round for AI tools provider Anaconda. Meanwhile, the Abu Dhabi Investment Authority spent some USD 1.2 bn on AI, while ADQ invested USD 1 bn.

However, the focus is less on locale and more on market depth

UAE and Saudi SWFs looked beyond specific geographies in 2025, targeting markets that provide “depth, stability, and access to innovation,” Kassab said. Developed markets with solid regulatory foundations continue to anchor investment strategies, alongside carefully chosen investments in high-growth regions.

Possible challenges: Unprofitable investments and execution risk?

What’s the catch? The focus on strategic investments could present some challenges, including mistimed investment entries that can hurt short-term performance, as well as the cost incurred from capital being locked in long-term strategic initiatives, Zangana said. They can also bring execution risks and extended investment horizons, demanding greater focus on governance, risk management, and portfolio diversification, Kassab said.

GCC countries are anchoring their economic transformation on ambitious strategies, yet overinvestment in unprofitable sectors or unsuccessful reforms could slow progress, Foreign Policy also wrote.

What’s next?

GCC SWFs are expected to maintain a “balanced approach” in 2026, with domestic investments driving national priorities and targeted global investments focused on resilience, innovation, and long-term competitiveness, Kassab said. Portfolio flexibility and disciplined capital deployment are expected to stay at the core as funds adapt to a rapidly changing global environment.

International geopolitical noise is expected to subside, allowing funds to refocus on domestic priorities, Zangana said. Meanwhile, investments in domestic infrastructure, healthcare, technology (including AI), and energy transition are likely to feature prominently in the coming few years.

A flood of earnings reports

Adnoc Gas ended 2025 on a softer quarter but a stronger year

Adnoc Gas’ net income came in at USD 1.2 bn in 4Q, down 15% y-o-y as weaker export pricing bit, according to the company’s earnings release (pdf). Revenue slid 10% to USD 5.5 bn, with higher volumes unable to fully offset lower international prices — even as strong domestic gas sales helped boost overall 4Q sales volumes by 5%.

Zoom out, and the picture improves: For 2025, Adnoc Gas delivered record net income of USD 5.2 bn, up 3% y-o-y, despite a 14% drop in Brent crude prices over the year. Revenue eased 4% to USD 23.5 bn, with stronger domestic demand and firmer contract terms in the UAE cushioning the global pricing drag.

Domestic gas did the heavy lifting: Domestic EBITDA rose 10% y-o-y, supported by 4% growth in local sales volumes and margin gains from renegotiated power and industrial contracts. Investment also stepped up — capex nearly doubled to USD 3.6 bn, driven by progress on the Rich Gas Development program and supporting pipeline infrastructure.

Looking ahead: Adnoc Gas reaffirmed its USD 20 bn committed capex program through 2030, centered on RGD phases, the Meram ethane recovery project, and Ruwais LNG, targeted for first gas in late 2028.

Dividends: The board confirmed a USD 3.6 bn dividend for FY 2025, sticking to its 5% annual growth policy through 2030. A final USD 896 mn tranche is due in April 2026, subject to shareholder approval.

Aldar prints record earnings as its growth engine accelerates

Real estate developer Aldar Properties posted net income after tax of AED 2.9 bn in 4Q 2025, up 49% y-o-y, as revenue jumped 58% to AED 10.3 bn, according to its earnings release (pdf). Quarterly group sales hit an all-time high of AED 12.0 bn in 4Q, up 25% y-o-y, helping lift FY net income 36% to a record AED 8.8 bn, while full-year revenue rose 47% to AED 33.8 bn and group sales hit a new milestone at AED 40.6 bn, up 21% y-o-y.

The performance was driven by backlog conversion and a growing investment properties base, the company said. Aldar closed 2025 with an AED 71.7 bn development backlog, underpinning earnings visibility. As we’ve reported, the group is expanding aggressively — from AED 38 bn of new Dubai projects with Dubai Holding to an AED 23 bn Abu Dhabi land-bank JV and an AED 10 bn retail platform with Mubadala — while shoring up funding through two hybrid note issuances in January, lifting total capital raised to AED 18.7 bn over the past year without pressuring senior debt.

Dividends: The board recommended AED 0.205 per share, up 10.8% y-o-y, implying a total payout of AED 1.6 bn for 2025, subject to shareholder approval.

PureHealth’s FY 2025 performance bolstered by footprint and capacity expansion

ADX-listed healthcare player PureHealth posted net income of AED 2 bn in 2025, a 17.7% y-o-y increase, according to its management and analysis report (pdf). Growth was driven by a 5.7% uptick in revenues to AED 27.3 bn and underpinned by a disciplined capital allocation framework, an increase in patient volumes, and robust ins. renewal rates within its cover segment.

M&A efforts boosted its top line: PureHealth’s 60% stake acquisition of Hellenic Healthcare Group last October added AED 742 mn to its top line. Inpatient numbers were up 22% y-o-y, while outpatient volumes saw a 17% yearly boost as the provider opened six new clinics, including in Saadiyat, Masoudi, and Rowda, to increase capacity.

Dividends: The group distributed a shareholder dividend of AED 343.1 mn, or 3.09 fils per share, equivalent to 20% of the group’s 2024 net income, according to its financials (pdf). It is targeting a 30% dividend payout ratio for 2025.

Parkin lifts FY 2025 net income 48%

Dubai’s public parking operator Parkin reported a 47.7% y-o-y increase in net income to AED 625.5 mn in FY 2025, according to its preliminary financials (pdf). Revenues reached AED 1.3 bn during the year, up 43.3% y-o-y. The company attributed the top-line expansion primarily to the rollout of the variable parking tariff introduced in March, the addition of new spaces, and stronger demand for seasonal cards. A higher cost base and an uptick in concessions fees to the Roads and Transport Authority partly weighed on earnings.

UAB net income sees a 45% y-o-y increase

United Arab Bank (UAB) saw a bottom line of AED 122 mn for 4Q, a 38% y-o-y increase, according to its management discussion and analysis report (pdf). The uptick follows a similarly strong 3Q, which saw a 46% y-o-y jump in net income to AED 108 mn.

For 2025, UAB reported net income of AED 438, up 45% y-o-y, while total income rose 31% on a yearly basis to AED 797 mn on the back of a 56% expansion in non-interest income, and a 24% rise in net interest income. Loans, advances, and Islamic financing were up 26%, customer deposits were up 31%, and the lender closed out the year with total assets of AED 27 bn. UAB’s capital position was buoyed by an AED 1 bn rights issue in August.

Dividends: The board recommended a dividend equivalent to 25% of net income, subject to shareholder approval, it said in a separate earnings release (pdf).

Dubai Investments posts AED 1.5 bn bottom line for 2025

DubaiInvestments reported AED 1.5 bn net income in FY 2025, up 26.9% y-o-y, according to its preliminary financials (pdf). Revenue, on the other hand, edged down 2.7% y-o-y to AED 4.5 bn. The company attributed an 29.4% increase in pre-tax income primarily to a strong performance by the company’s property segment. Its assets stood at AED 23.2 bn at the end of the year, representing a 5% yearly uptick.

Du posts 23.8% bottom-line uptick in 2025

Emirates Integrated Telecommunications Company (du) posted a strong 4Q 2025 net income of AED 724 mn, up 23.8% y-o-y, according to an earnings release (pdf). Revenues reached AED 4.3 bn, a 10.6% increase from the same period last year, on the back of strong contributions from core sectors, and expansion beyond telecoms into ICT and data center-linked activities.

For the full year, du reported net income of AED 2.9 bn, up 16.8% y-o-y, according to its financials (pdf). Meanwhile, revenues saw a 8.7% y-o-y increase, reaching AED 15.9 bn.

Driving the growth: Growth was driven by a combination of strong performance across mobile, fixed, wholesale, and ICT segments. Mobile revenues climbed 8% to AED 7.1 bn, supported by an expanding customer base, while an uptick in subscribers spurred a 9.4% increase in fixed service revenues to AED 4.4 bn. Other revenues, including from ICT and data center services, rose 9% to AED 4.5 bn.

Dividends: The board proposed a dividend payout of 40 fils per share for 2H, bringing its total yearly dividend to 64 fils per share, an 18.5% y-o-y increase.

UBP taps three new execs to lead Middle East team

UBP strengthens regional leadership with new hires: Swiss private bank Union Bancaire Privée (UBP) tapped Fahd Iqbal (LinkedIn) as head of investment services for its Dubai International Financial Center (DIFC) office, according to a press release. Iqbal was previously CIO at UBS and held senior roles at EFG Hermes, Credit Suisse, and Deutsche Bank.

The bank also named Joy Chammas (LinkedIn) and Mohammed Zaheer (LinkedIn) as its new Middle East market heads, effective immediately. Chammas was previously a managing director at UBP, and his experience includes tenures at Banque Internationale à Luxembourg and Merrill Lynch International Bank. Zaheer is also a UBP veteran and held senior roles at Coutts and HSBC.

Burhan Alhashemi takes the helm at Emarat: Emirates General Petroleum Corp. appointed Burhan Alhashemi (LinkedIn) as CEO, according to a post on LinkedIn. Alhashemi’s three decades of experience include senior roles at Emirates National Oil Company, where he most recently served as managing director, as well as at Eppco Lubricants.

2Africa is here, as is crypto-denominated ins. + InvestSky expands to Saudi, and Khazna expands into ops

2Africa plugs into the UAE

The 2Africa submarine telecoms cable has been integrated into e&’s UAE SmartHub data center via its carrier and wholesale arm, according to a press release. The move brings the world’s largest subsea cable system, which is set to connect over 33 countries across its 45k-km system, into live service locally. The 2Africa network is already present across Europe, Asia, Africa, and our neck of the woods. It has a capacity of 180 Tbps, and its arrival in the UAE aims to boost connections for data centers and hyperscalers.

Why it matters: The move reinforces the UAE’s role as a regional traffic hub, not just a transit point. As JLL has previously noted, Dubai’s edge lies less in headline MWs and more in dense connectivity that supports low-latency, cross-border data flows as AI workloads scale and data-localization rules tighten.

ZOOM OUT- The UAE is being stitched more tightly into global data corridors. From e&, the 1.4k-km Al Khaleej subsea data cable linking Bahrain to the UAE and other Gulf states is slated to go live in 2Q 2026, and the 11k-km ICE IV cable connecting Southeast Asia to the Gulf is expected in 4Q 2027. State-owned telco du also partnered with Peace Cable International Network to extend its open-access system into the UAE via the Peace Gulf Extension, after already activating a 275-km UAE-Oman fiber link connecting Dubai with Barka and Salalah.

Crypto risk, paid in crypto

Crypto-denominated ins. lands in UAE: Dubai Ins. is partnering with Abu Dhabi-based digital asset insurer Soter Insure to roll out ins. policies priced and settled in BTC and ETH, alongside traditional fiat options, according to a press release.

The pitch: Eliminate the asset-liability mismatch in traditional crypto ins. by matching claims to the underlying asset and stripping out price-volatility risk. The move builds on Dubai Ins.’ launch last month of a crypto-enabled digital wallet with Zodia Custody, allowing premiums and claims to be settled directly in digital assets. It also positions the insurer among the region’s first to offer in-kind crypto coverage as institutional adoption scales.

InvestSky expands into Saudi

UAE fintech expands into Saudi Arabia: The UAE-based fintech InvestSky expanded into Saudi Arabia after securing a Financial Technology Experimental Permit from the Kingdom’s Capital Market Authority, according to a press release. InvestSky is partnering with Saudi investment player ANB Capital as part of the expansion.

The details: The move allows Saudi-based investors to trade both US and local equities through a platform designed to simplify market access for retail users. The firm said it is also looking to partner with other Saudi-based firms following the ANB Capital collaboration.

The expansion comes on the back of a USD 4 mn seed round led by Riyadh-based venture capital firm Emkan Capital, bringing InvestSky’s total funding to USD 7.4 mn, following a USD 3.4 mn pre-seed funding round in 2023. The capital will be deployed to scale regional operations and target investors from previously underserved retail segments in the region.

Khazna Data Centers is pulling data center operations in-house as it scales

The G42-owned operator launched Khazna NexOps, a centralized, in-house operations unit that consolidates core data center management and integrates AI-driven monitoring, predictive maintenance, and climate intelligence, according to a statement (pdf). The unit — marking a shift away from vendor-led operations toward a standardized internal model — has a team of over 230 specialists and oversees more than 30 live sites.

Expansion is the backdrop: Khazna is targeting more than 1 GW of additional AI-ready capacity by 2030, pushing beyond the UAE with up to 200 MW planned in Saudi Arabia, a 500 MW project in Italy with Eni, and new sites in Egypt and Turkey, while doubling down at home, as we previously reported.

Domestically, Khazna controls 71% of existing UAE data center capacity and is investing USD 1.3 bn in five new facilities, adding 210 MW, including two 30 MW sites in Mafraq (AUH4) and Masdar City (AUH8) due in 2H this year, and the 100 MW QAJ1 Ajman facility expected by December.

ThrowMeNot bags USD 550k in pre-seed funding

UAE-based smart commerce platform ThrowMeNot raised USD 550k in a pre-seed round led by Sheikh Ahmed bin Mana Al Maktoum, according to a press release. The capital will enable the eco-conscious online food marketplace to expand its team and scale delivery and fulfillment operations throughout the UAE. The startup has plans to expand across MENA.

Global investors are increasingly wagering on firms, not flags

A quiet shift is underway in emerging-market debt. A growing number of corporates are now borrowing in global markets at cheaper rates than their own governments, Bloomberg reports. For investors, that’s a sign that sovereign risk — long the defining constraint on EM credit — is becoming less of a drag for stronger, globally oriented companies.

EM corporates have sold USD-denominated bonds this year at an average yield of around 5.8%, undercutting the roughly 6% investors are demanding from sovereigns with comparable maturities, based on data through early February. This marks a clear reversal from the past two years, when companies paid 7% or more to borrow — above government funding costs — reflecting the long-held assumption that corporations in developing economies are inseparable from sovereign risk.

In some cases, the gap is striking. Ukrainian agribusiness MHP SE has recently raised debt at yields 6.5 percentage points below those on Ukrainian government bonds, even though the country is at war and defaulted in 2022. Investors backed the company because it continued paying its bondholders throughout the crisis — something the government was unable to do.

Why the old rules are bending

In developed markets, it is common for large multinationals to enjoy higher credit ratings and lower borrowing costs than their governments. In EMs, that separation has historically been constrained by the sovereign ceiling — a ratings convention that caps corporate creditworthiness at or below that of the home country. The rationale is that governments control regulation, capital flows, and currency regimes, all of which can overwhelm even healthy corporate balance sheets.

Research from Aberdeen Investments suggests the ceiling is becoming less binding for a subset of issuers, even as many companies still operate close to — or within — the sovereign ceiling. Firms with diversified operations, hard-currency revenues, and conservative leverage are increasingly insulated from domestic fiscal and political stress. In practice, markets are starting to price these firms on fundamentals rather than passports.

Export-focused firms stand out: When local currencies weaken, governments tend to suffer, but exporters often benefit because their costs are domestic while their revenues are in USD. Companies can also respond more quickly to stress by cutting spending or delaying investment, while governments are constrained by politics and social pressures.

Markets are rewarding stronger corporates

So far in 2026, EM corporate debt has slightly outperformed sovereign bonds, with spreads falling below 200 basis points — near their lowest levels since the 2008 global financial crisis — while returns have edged ahead of government-debt indexes. “For those seeking lower volatility investments, emerging-market investment-grade corporates and sovereigns present an appealing spread advantage over US investment-grade corporates,” UBS Asset Management’s Shamaila Khan said.

In its 2026 outlook for EM hard-currency debt, Janus Henderson argues that investors are becoming more selective rather than broadly risk-averse. Instead of trading EMs as a single macro wager, markets are increasingly differentiating between sovereign balance-sheet risk and corporate credit quality — particularly for issuers with strong cashflow visibility and manageable leverage.

The shift is also reflected in the data. EM corporate USD bond yields have held below 6%, down sharply from late-2022 levels, underscoring how far risk premiums have compressed as investors grow more willing to price corporate credit separately from sovereign balance sheets. With elections looming across parts of Latin America and Asia — and fiscal discipline under pressure — some investors see room for corporates to continue outperforming, even as sovereign risk remains a constraint.

Not a full break from sovereign risk — yet

This does not mean EM companies are suddenly immune. The sovereign ceiling still matters, particularly for domestically focused companies exposed to regulation, subsidies, or capital controls. During periods of global stress, sovereign risk tends to reassert itself quickly, pulling corporate spreads wider regardless of fundamentals.

Still, the signs are growing: In parts of the EM universe, investors are beginning to distinguish strong companies from weak states. For those seeking yield without taking on full sovereign risk, the separation is becoming increasingly attractive.

MARKETS THIS MORNING-

It’s another morning with Asia-Pacific markets opening in the green, led by the Nikkei’s rally, as investors react to Japanese Prime Minister Sanae Takaichi’s election victory. US markets, on the other hand, are cooling off, with indices set to open in the red after two days of gains.

ADX	10,629	+0.6% (YTD: +6.4%)
DFM	6,774	+1.3% (YTD: +12.0%)
Nasdaq Dubai UAE20	5,516	+1.0% (YTD: +12.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.5% o/n	3.6% 1 yr
TASI	11,195	-0.2% (YTD: +6.7%)
EGX30	50,294	+0.5% (YTD: +20.2%)
S&P 500	6,965	+0.5% (YTD: +1.7%)
FTSE 100	10,386	+0.2% (YTD: +4.6%)
Euro Stoxx 50	6,059	+1.0% (YTD: +4.6%)
Brent crude	USD 69.18	+1.7%
Natural gas (Nymex)	USD 3.14	-8.3%
Gold	USD 5,079	+2.0%
BTC	USD 70,375	-1.0% (YTD: -19.7%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.74	-3.74% (YTD: -0.3%)
S&P MENA Bond & Sukuk	151.93	0.0% (YTD: 0.0%)
VIX (Volatility Index)	17.34	-2.4% (YTD: +14.1%)

THE CLOSING BELL-

The DFM rose 1.3% yesterday on turnover of AED 1.1 bn. The index is up 12% YTD.

In the green: Al Firdous Holdings (+7.7%), Agility The Public Warehousing Company (+6.3%), and Dubai Investments (+4.3%).

In the red: National Cement Company (-6.6%), National Industries Group Holding (-5.5%), and Dubai Islamic Ins. and Reins. Co. (-5.0%).

Over on the ADX, the index rose 0.6% on turnover of AED 2 bn. Meanwhile, Nasdaq Dubai was up 1.0%.

CALENDAR

FEBRUARY

Signposted to happen sometime this month: Investopia, Lagos, Nigeria.

9-11 February (Monday-Wednesday): AIBC Eurasia, Dubai Festival City, Dubai.

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

10 February (Tuesday): AVCJ Private Equity Forum, Four Seasons Hotel, Abu Dhabi.

10-11 February (Tuesday-Wednesday): Forbes Middle East Top Advisors & Investors Summit, Conrad Etihad Towers, Abu Dhabi.

11 February (Wednesday): Family Office Summit, Park Hyatt Dubai, Dubai.

11-13 February (Wednesday-Friday): MedTech World Middle East, Dubai.

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

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.

12-14 May (Tuesday-Thursday): Airport Show, Dubai World Trade Center, Dubai.

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

3-4 June (Wednesday-Thursday): Annual MENA Investor Conference, Ritz-Carlton DIFC, Dubai.

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.

NOVEMBER

9-10 November (Monday-Tuesday): Annual government meetings, Abu Dhabi.

OCTOBER

4-10 October (Sunday-Saturday): World Space Week, Abu Dhabi.

DECEMBER

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

Signposted to happen in 2026:

The UAE to host the Arab Competition Forum;
Investopia Global Talks, Tashkent.

Signposted to happen sometime in 2027:

1 January: Deadline for large businesses to implement e-invoicing;
1Q 2027: Completion of the first phase of Hassyan seawater desalination project;

1-3 February (Monday-Wednesday): World Governments Summit.
31 March: Small businesses with annual revenues of less than AED 50 mn are obliged to contract with an accredited service provider for e-invoicing implementation;
31 March: Government entities are required to appoint an accredited service provider for e-invoicing implementation;
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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