Good morning, everyone, and a very happy FRIDAY. We hope some of you managed to get some sleep in spite of the torrential downpour and incessant thunder and lightning that hit the country overnight.
If that wasn’t enough to interrupt our sleep, we also received a safety alert in Dubai a few hours ago warning of ongoing missile threats. That followed a slightly more active day of attacks from Iran on the UAE, with the Defense Ministry saying it engaged 15 ballistic missiles and 11 UAVs yesterday. The attacks led to two fatalities in Abu Dhabi and three injuries.
Business remains slow, but moving, with investments still pouring into Abu Dhabi from Blackstone, who’s backing a new gaming fintech with a USD 250 mn check. Plus: Borouge is making more headway with its ongoing merger, now putting in place its executive board, and Mubadala Energy landed another concession in Indonesia…
PSAs
If you’re a fan of Primark… You may have seen the endless queues lining up outside of its newest (and first) store in the UAE, which it launched in partnership with Kuwait’s Alshaya Group. The retailer now has 60k sq ft worth of real estate in the mall, according to a press release. Two more stores are set to open in the emirate in City Center Mirdif in April and Mall of the Emirates in May.
⛈️ WEATHER- It should be the final day of this stormy weather, with scattered rain and thunderstorms expected throughout the day before clearing the way for breezy, sunny conditions throughout the weekend. Look for a high of 27°C and a low of 20°C in Dubai and Abu Dhabi.
From the Dept. of Diplomacy
Industry and Advanced Technology Minister Sultan Al Jaber was busy this week wrapping up a diplomatic sweep in Washington DC, meeting with key US officials including Vice President JD Vance, Energy Secretary Chris Wright, Commerce Secretary Howard Lutnick, Senator Dan Sullivan, and Under Secretary of State for Economic Growth, Energy, and the Environment Jacob Helberg, according to a series of LinkedIn posts (here, here, here, here, and here).
Under discussion: Talks, which also included tech and energy titans like US semiconductor giant AMD’s Chair Lisa Su and Shell CEO Wael Sawan (here and here), focused on securing energy flows and forging partnerships to power AI growth and stabilize supply chains amid recent regional disruptions.
IN CONTEXT- UAE officials have been on a diplomatic spree in recent weeks to strengthen global energy ties. Al Jaber recently visited Tokyo to sign a trade and economic partnership agreement, during which he reaffirmed the UAE’s commitment to ensuring Japan’s oil supply amid ongoing Strait of Hormuz disruptions. UAE President Mohamed bin Zayed Al Nahyan also touched base on energy security with Vietnam in a phone call with Vietnamese Prime Minister Pham Minh Chinh earlier this month.
Watch this space
BUSINESS — Abu Dhabi is tightening how family business disputes are handled: A new decree sets up dedicated committees to step in to handle disputes related to family businesses between family members in Abu Dhabi, as well as external parties, according to Abu Dhabi Media Office.
Their moment to shine? When disputes aren’t resolved through internal family councils or mediation centers, the committees step in with fast-tracked decisions that carry the same weight as a Court of First Instance ruling, with the option to appeal under existing civil procedures.
What they can do: The committees can take urgent and preventative action to keep businesses running during disputes — including steps to avoid operational disruptions, financial problems, and reputational damage. They can also pull in technical experts, government specialists, or sector-specific advisors for support.
The committees will also review appeals filed against decisions made by family councils, which must be made within a 30-day window before they are dismissed. Each committee will be chaired by a judge and will also include a secretary and two experts from the judicial, financial, and family business management sectors.
FINANCE — Dubai is now ranked seventh in the Global Financial Centers Index (GFCI), marking it as the top financial hub in the Middle East, Africa, and South Asia (MEASA), according to a press release. It’s the only one in the region to make it to the top 20.
Dubai did even better in other categories, securing a position within the top five for fintech, government and regulatory, and professional services. It also made it into the top 10 for business environment, human capital and infrastructure, and financial sector development.
DIFC is leading the growth, having attracted a wave of global hedge funds, wealth management firms, and fintechs to the emirate. The center is getting an AED 100 bn expansion as firms continue to flock to Dubai, and occupancy hits 99.8%.
Data point
USD 25 bn — That’s the potential bill for repairing energy infrastructure across the Gulf from the damage of the war, with engineering and construction taking the biggest share, followed by equipment and materials, according to Rystad Energy.
Qatar is in for the headline shock — but the UAE has also seen a fair amount of damage to some of its assets. Damage at Shah gas, Ruwais refinery, and Bab & Habshan fields is less severe but still material, placing them in the moderate disruption bracket where timelines hinge on how quickly operators can mobilize EPC contractors and secure replacement equipment.
What’s next: Operators are expected to prioritize restoring existing output over new builds, funneling work toward contractors and OEMs with regional track records and standing NOC relationships. Near-term activity will center on inspections, engineering, and site prep before shifting into equipment replacement as supply constraints ease.
The big story abroad
US President Donald Trump has once again extended his deadline for Iran to lock in an agreement with the US before its energy facilities are targeted, this time for a 10-day period. He also doubled down on his claims that talks are ongoing and are going “very well,” saying that any claims to the contrary are being propagated by “Fake News Media.” Iranian media has repeatedly claimed that Iranian officials are denying that negotiations are taking place, and the US’ 15-point peace plan was rejected by Iran initially, which demanded undisputed control over the Strait of Hormuz, war reparations, and other conditions.
He also claimed Iran had allowed 10 oil tankers to pass through the Strait this week as a “present” to the US, helping oil prices fall slightly, with Brent Crude dipping to USD 105.94 per barrel.
At the same time… the US is reportedly considering sending over 10k troops to the Middle East in another sign that Trump is preparing for an extended war, the Wall Street Journal reports. That’s up from around 2-3k troops it said it plans to deploy earlier this week.
Markets aren’t very optimistic: The Nasdaq entered correction territory yesterday, falling 2.4%, and more than 10% from recent highs. The S&P 500 also closed down 1.7%.
Speaking of Trump, expect to see his signature on USD 100 bills as of this June, marking the first time a sitting US president signs paper currency in 165 years and dropping the US treasurer’s signature.
ALSO- Elon Musk could be putting 30% of SpaceX up for retail investors as part of its highly anticipated IPO, 3x more than the usual amid what is said to be strong demand among Musk’s large follower base.
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