Abu Dhabi is now part of Washington’s tech supply chain coalition

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Amea Power is in talks to double its capital this year + Masdar eyes JV with Montenegro’s state utility EPCG

Good morning, friends, and happy almost-FRIDAY. As we’ve teed up earlier this week, the UAE has joined the US’ tech supply chain coalition, Pax Silica, with the first signs of action already underway as IHC plans to invest alongside the US’ international investment arm in critical minerals, energy, and other strategic sectors for the two countries.

The move could stand to be a big boon for the UAE’s AI ambitions, paving the way for more cooperation with other countries in the coalition, including South Korea — a major player in the supply chain, and for easier access to US compute.

Sovereign wealth fund Mubadala is also quietly growing its influence in global financial markets, as subsidiary CI Financial snaps up some CAD 26 bn in assets through its latest acquisition.

Meanwhile, the local retail and industrial markets were tighter than ever in 3Q 2025, according to Cavendish Maxwell, as supply remains scarce and tenants are forced to make tough decisions if they want to capitalize on the population boom in Dubai.

Happening today

Abu Dhabi Sustainability Week kicked off earlier this week and wraps up today at the Adnec Center, bringing together global leaders to discuss sustainability action across interconnected systems. Heads of state including the Philippines’ Ferdinand Marcos Jr, South Africa’s Cyril Ramaphosa, and Nigeria’s Bola Tinubu are among those attending.

The week’s program includes:

The World Future Energy Summit, which started Tuesday and ends today;
The ADSW Dialogues and Wiser Forum, which kicked off Sunday and conclude today;
The Global Climate Finance Center Annual Meeting and Green Hydrogen Summit, which close the summit today.

Other conferences coming up this week:

Industrial trade show SteelFab kicked off Monday and wraps today at the Expo Center Sharjah;
The Dubai International Project Management Forum also kicked off Monday and runs through today in Dubai;
Fespa Middle East kicked off Tuesday and concludes today at the Dubai Exhibition Center.

WEATHER- We’re in for a mostly cloudy day, with a chance of light rainfall in some areas, according to the National Center of Meteorology. The mercury is set to peak at 27°C in Dubai and Abu Dhabi, with Dubai seeing an overnight low of 17°C, and Abu Dhabi seeing a low of 16°C.

Watch this space

RENEWABLES — Amea Power is in talks with local and international institutions for a capital increase in 2026 that is set to double its capital, and which would help finance new projects, Chairman Hussain Al Nowais told CNBC (watch, runtime: 3:21). The move is a precursor to a potential IPO on the Abu Dhabi Securities Exchange within two years, where it aims to float a 50-60% stake.

Where the money is going: The company is expanding its portfolio across Africa and Asia, with following projects underway or in the final preparation stages:

Amea will connect roughly 1 GW to Egypt’s grid by April or May, and finish construction on its wind and battery projects in Uzbekistan and South Africa before year’s end;
In Morocco, the company will start developing its 150 MW wind farm;
It is also in final discussions to develop wind projects in Kenya and Ethiopia, as well as a solar project in Senegal, and is looking to expand into Kazakhstan and Azerbaijan.

ENERGY — Masdar eyes Balkan power play: Abu Dhabi renewables major Masdar and Montenegro’s state utility EPCG are exploring a joint venture to develop large-scale renewables in Montenegro, including projects in solar, wind, hydropower, battery storage, and hybrid systems, Reuters cites Montenegro’s energy ministry as saying.

Background: The talks build on a UAE-Montenegro energy cooperation agreement signed in November and Masdar’s existing investment in the 72 MW Krnovo wind farm — Montenegro’s largest.

What’s in it for Masdar? The plan supports Masdar’s wider expansion push as it scales toward a 100 GW renewable portfolio by 2030. As we reported earlier this week, the firm just reached a global clean energy capacity of 65 GW.

For Montenegro: The projects would help meet domestic demand and position Montenegro as a green power exporter to the Balkans and Southeast Europe, tapping its undersea electricity link to Italy. Officials say the partnership could boost energy security, create jobs, and accelerate the country’s shift away from coal.

MONETARY POLICY — Kicking off the first M-bills auction of the year: The Central Bank of the UAE will offer up to AED 13.4 bn in monetary bills at its 19 January auction, according to an auction notice (pdf). The sale includes a AED 2.75 bn 28-day new issuance, an AED 3 bn 70-day tap issuance, an AED 2.2 bn 126-day tap issuance, and a 294-day tap issuance worth AED 5.2 bn, with all bills set to settle on 21 January.

Decoding central bank speak: M-bills are short-term, zero-coupon securities issued in AED and sold via competitive tenders to licensed dealers. New issuances create fresh lines, while tap issuances reopen existing ones to manage liquidity without launching a new series.

Data point

USD 35.1 bn — that’s the value of sustainable bond issuances in MENA in 2025, led by UAE and Saudi banks, according to a Bloomberg Intelligence report. Saudi Arabia emerged as the region’s largest issuer, accounting for some USD 19.7 bn in bonds, while banks like First Abu Dhabi Bank and Emirates NBD play a big role in underwriting and green-bond lending, as local banks work to meet the UAE Banking Federation’s 2030 AED 1 tn sustainable finance target.

The sector was mostly led by financial institutions and energy-linked players, who now account for 50% of issuances, marking a shift from the more historically sovereign-led market.

The big story abroad

We’re getting déjà vu with all of the new tariff announcements coming our way from the US (plus: its move to halt immigration visas for 75 countries, including a few from the region like Egypt and Sudan, in a sweeping crackdown on immigration).

The latest — following the threat of a 25% tariff on Iran’s “business partners” earlier this week — is a 25% tariff on AI chips like Nvidia’s H200 and a similar chip from AMD, which rely heavily on manufacturing in Taiwan Semiconductor Manufacturing Company (TSMC) before they are imported into the US and transshipped elsewhere. US President Donald Trump described it as getting a 25% cut on the sales of those chips to China, after the government reversed a policy prohibiting the export of chips to the country last year.

^^The must-read on the topic: White House sets tariffs to take 25% cut of Nvidia and AMD sales in China

Meanwhile, US banks are reeling from Trump’s call for a 10% cap on credit card interest rates, with executives from Citigroup and JP Morgan saying it could be detrimental to the economy.

PLUS- OpenAI is continuing its diversification drive, as it agrees to source chips from AI startup Cerebras in a USD 10 bn multi-year agreement, following similar moves securing agreements with AMD and Broadcom earlier. Also: Luxury retailer Saks has now filed for bankruptcy after finalizing a USD 1.75 bn financing package to keep its stores open.

OVER IN IRAN- The US has pulled some of its personnel from its bases in the Middle East after Iran threatened to retaliate if the US strikes Iran.

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Circle your calendar

Our fellow photo nerds in the UAE will want to circle 29 January to 4 February on their calendars. This year’s Xposure, the global celebration of visual storytelling, features a who’s who of talented photographers — including our friend Romany Hafez, whose haunting analog work explores memory, presence, and sacred spaces. Romany will be giving a talk on Saturday, 31 January headlined Between Memory and Light. Don’t miss it if you love black and white photography as much as we do.

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

The UAE signs Pax Silica, locking in partner status

The UAE is now officially a “trusted partner” of the US technology ecosystem after signing onto Pax Silica, a US-led framework designed to secure the supply chains underpinning artificial intelligence — from advanced semiconductors to energy, connectivity, and critical minerals, according to official statements here and here. The UAE was expected to join after attending the initiative’s inaugural summit in Washington last December.

It is now the ninth member of the bloc, joining the US, UK, Japan, South Korea, Israel, Singapore, Australia, and Qatar. India is expected to join next, while discussions for onboarding Saudi Arabia are in the “early stages,” The National cites US undersecretary of state for economic affairs Jacob Helberg as saying.

What Pax Silica is actually about

US officials describe Pax Silica as “an economic security coalition built for the AI age” — the first framework to treat compute, silicon, minerals, and energy as shared strategic assets, rather than siloed policy areas. A huge part of it is countering what US officials call “coercive dependencies” — diplomatic shorthand for reducing exposure to China across silicon, minerals, energy inputs, and advanced manufacturing.

It’s an acknowledgment that “if the 20th century ran on oil and steel, the 21st century runs on compute and the minerals that feed it,” Helberg said in remarks following the UAE’s signing of the declaration.

In joining, the UAE has committed to multilayered cooperation with the other members aimed at strengthening supply-chain security through flagship joint projects across the full technology stack. This includes connectivity and edge infrastructure such as 6G, compute and data centers, advanced manufacturing, logistics, mineral refining and processing, and the energy systems required to power large-scale AI, according to the statement.

“We have the opportunity to approach the cutting edge of technology — from fusion energy to artificial general intelligence — as cofounders,” Helberg said of the UAE and the US’ new partnership. “Like two visionaries in a garage who see the future before anyone else, the United States and the United Arab Emirates can write the code for the next century together,” he added.

As we’ve previously reported, Pax Silica is already translating into projects, from a planned US-Israel industrial park to talks around modernizing trade routes like the India-Middle East-Europe Corridor.

Our take

Pax Silica is a trust framework: Membership places countries inside a preferred circle for US-backed technology, capital, and regulatory cooperation, lowering friction for sensitive AI infrastructure and joint investments.

In practice, that means closer coordination on approvals, faster pathways for cross-border projects, and clearer rules for hosting advanced compute — areas that have become increasingly constrained as export controls tighten.

This is all essential for the UAE: The UAE was waiting for months last year on approvals to import advanced chips for its data center projects, including its planned 5 GW Stargate UAE AI campus, part of Washington’s USD 500 bn Stargate program, which is expected to begin coming online from 3Q 2026 and would rank among the world’s largest AI-dedicated compute hubs. The approvals finally came in November, with certain security conditions in mind.

First signs of action?

As though in tandem, Abu Dhabi’s International Holding Company signed an investment agreement with the US International Development Finance Corporation (DFC) — its international investment arm — to invest across strategic sectors, including critical minerals, logistics, mining, energy, and infrastructure, state news agency Wam reports. Investments will focus on emerging and frontier markets, and will also be poured into advanced agriculture, healthcare, and food security.

While no investment figure was disclosed, the framework aims to deploy capital “at scale,” Wam said.

What’s next

Members are set to meet on 4 February in Washington for a ministerial dialogue on critical minerals.

PLUS- A UAE-South Korea AI investment agreement could be coming soon, UAE State Minister Saeed bin Mubarak Al Hajeri told the National — a step that would be another boon for the UAE’s AI ambitions given Seoul’s role in advanced manufacturing and semiconductors.

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

World Bank reaffirms UAE’s 2026 growth at 5%, while GCC is poised to outpace global growth

The World Bank reaffirmed the UAE’s growth forecast for this year at 5.0% revised upward its forecast for next year to 5.1%, according to the bank’s latest Global Economic Prospects report (pdf). This comes as the broader Middle East, North Africa, Afghanistan, and Pakistan region navigates a fragile recovery characterized by rising oil production and persistent geopolitical instability.

Remember the growth drivers: The UAE’s outlook is underpinned by its strong fiscal stance and massive sovereign wealth funds that provide substantial buffers against global shocks. While oil production is set to rise, non-hydrocarbon activity — now nearly 75% of the UAE’s GDP — is the real story. This expansion is being fueled by high-value sectors like AI, cybersecurity, and a data-center ecosystem that’s among the most advanced in the GCC.

The GCC at large

The GCC is poised to grow at a clip of 4.4% in 2026 and 4.6% in 2027 — well above projected global growth rates of 2.6% in 2026 and 2.7% in 2027. This acceleration is underpinned by a “steady expansion of non-hydrocarbon activity” and a strategic pivot as Opec+ begins to reverse production cuts.

The hydrocarbon rebound: After a larger-than-expected production increase in 2025, further Opec+ increases and expanding natural gas production — particularly in Qatar — will support the growth trajectory, according to the report.

Non-oil dynamism: Non-hydrocarbon activities now account for over 60% of total GCC GDP. This sector is being shored up by “expected large-scale investments” in infrastructure and technology, particularly in Kuwait and Saudi Arabia.

Fiscal deficits are expected to shrink across the GCC in 2026-27, courtesy of a boost to oil revenues — despite lower oil prices — as well as tax reforms, including in the UAE, the World Bank said.

Risks for the region are “tilted to the downside,” however, the World Bank says, pointing to regional conflicts, trade uncertainty, and lower oil prices as potentially harmful for demand, business confidence, and capital spending. Meanwhile, upside risks include further investments in AI and additional structural reforms across MENA.

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Mubadala’s CI Financial snaps up CAD 26 bn in assets

Mubadala expands its North American finance footprint: Mubadala-backed CI Financial ’s subsidiary CI Global Asset Management (CI GAM) will acquire the management agreements for global asset management firm Invesco ’s Canadian fund business, covering about CAD 26 bn (c.USD 18.7 bn) in assets, according to a press release. The transaction, expected to close in 2Q 2026, is subject to regulatory and securityholder approval. Any fund not receiving securityholder approval will be excluded.

The details: The firm will take over management of 100 mutual funds and ETFs offered by Invesco Canada. Invesco affiliates will continue managing 63 funds, representing roughly CAD 13 bn (USD 9.4 bn) in assets under management through a long-term sub-advisory partnership. CI GAM’s total AUM will rise to around CAD 170 bn (c.USD 122.5 bn) following this transaction.

Why it matters: Mubadala is quietly growing its influence in global finance through CI Financial, after taking it private last August. It also completed the acquisition of alternative asset manager Forge First Asset Management in December, adding four alternative investment funds with USD 900 mn in combined assets to its portfolio, and is a majority shareholder in US-based asset manager Fortress.

ADVISORS- Morgan Stanley & Co. is providing financial advice to Invesco, and Borden Ladner Gervais is serving as counsel. Jefferies Securities is CI GAM’s financial advisor, with Stikeman Elliott providing counsel.

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Dubai’s retail and warehouse markets hit a supply wall, and tenants are locking in

Dubai’s retail and industrial markets are growing increasingly tighter, with tenants holding onto their locations amid increasing demand and more limited quality stock, according to Cavendish Maxwell’s latest Dubai Retail and Warehouse Market Performance report (pdf).

Retail occupancy is at an all-time high

Retail leasing slowed sharply in 3Q 2025, falling 32.2% y-o-y as well-located space dried up, while renewal contracts rose 6.1% as tenants prioritized holding onto proven locations over testing new ones.

Occupancy is enforcing that inertia: With major mall operators including Emaar and Majid Al Futtaim operating at around 98% occupancy, churn has become harder to execute in practice. Near-full utilization is limiting retailers’ ability to relocate — and shifting negotiating power firmly toward landlords.

This has hiked rental rates by around 7% to 15% across key districts, Cavendish Maxwell said, while transactions rose 78.7% q-o-q and 27.2% y-o-y, pushing quarterly transaction value past AED 1.1 bn for the first time. Growth was driven largely by off-plan transactions, up 64.7% y-o-y, while ready-unit volumes held steady.

What’s wrong with your local community mall?

Demand for Dubai has not softened despite the lack of stock — instead, near-capacity conditions are reshaping how brands operate. Dubai’s retail market is leaving brands with three constrained choices as competition for flagship sites intensifies: “pay a premium for prime space, accept longer waiting times, or take calculated risks in emerging community locations,” Ali Siddiqui, research manager at Cavendish Maxwell, told EnterpriseAM.

The squeeze is producing a split between “destination brands, who are waiting for space in flagship malls,” and “daily-life brands, which are now targeting community malls.” As flagship supply hardens, centers such as Circle Mall and City Center Me'aisem are drawing “wellness and health concepts, convenience outlets, specialty grocers, homegrown F&B brands, and essential services,” supported by resident-led daily footfall.

Warehousing: Scarcity with no release valve

Even tighter than retail: Industrial space is locking up faster still. New warehouse leases fell 60.2% y-o-y, while renewals surged 62.2%, highlighting acute scarcity in logistics and last-mile locations. Average warehouse rents rose 16.8% y-o-y, led by Jebel Ali at 21.3%, reflecting sustained pressure on port-adjacent supply.

Short terms dominate, for now: Lease structures remain conservative despite tightening conditions. “The majority of both new leases and renewals continue to be structured as one-year terms, accounting for around 95% of all lease activity,” Siddiqui said. Still, longer commitments are edging higher, with the share of new contracts signed for extended periods rising to 4.0% in 2025 from 3.0% the year before, signaling a gradual shift toward certainty over flexibility.

Why supply isn’t catching up

According to Siddiqui, delivery timelines are not the full story. “The more critical limitation is that much of the existing stock was not designed to meet modern logistics needs,” he said. While developers are adapting, new assets take time to deliver, and pre-leasing is already absorbing incoming supply.

Demand isn’t easing: E-commerce growth, population inflows, tourism, and Dubai’s role as a regional logistics hub continue to underpin demand across both retail and industrial segments, reinforcing a market skewed toward renewals and continuity.

Looking ahead

Cavendish Maxwell expects rental momentum across both retail and warehousing to persist into the medium term, with supply constraints likely to keep bargaining power tilted toward landlords.

Al Ansari taps new CFO

Al Ansari sees CFO reshuffle: Al Ansari Financial Services tapped a new CFO, Suhail Hoosain, to replace former CFO Faisal Anwar (LinkedIn), who stepped down from his position, according to a DFM disclosure (pdf). The statement did not cite a reason for his resignation. Hoosain will take the position as of 20 January.

The news likely refers to the CFO of financial services firm Deem Finance, Hoosain (LinkedIn), who held the position since mid-2022, before which he was CFO of the retail segment of South Africa’s First National Bank.

Tadweer opens up down under, India’s state giants make oil find in Abu Dhabi, a petrochem plant for Jebel Ali, and Emaar and Alef team up in Sharjah

Tadweer plants a flag in Australia

Abu Dhabi-based waste treatment firm Tadweer Group is taking its waste-to-energy (WtE) push overseas, signing a joint development agreement with Australian firm Cleanaway Waste Management and Abu Dhabi-based infrastructure advisory and development firm Tribe Infrastructure Group to develop a large-scale WtE facility in Australia’s New South Wales, subject to approvals.

What’s planned: The project —- Tadweer’s first anchor investment in Australia —- would divert around 700k tonnes of waste from landfill annually, generate 70 MW of power, and supply electricity to roughly 100k homes, as the group builds an international WtE portfolio.

New oil discoveries in Abu Dhabi’s Onshore Block 1

India makes oil discoveries in Abu Dhabi: Indian state-owned oil players Indian Oil Corporation and Bharat Petroleum Corporation, through their 50:50 joint venture Urja Bharat (UBPL), announced two new oil discoveries in Abu Dhabi, India’s Petroleum and Natural Gas Union Minister Hardeep Singh Puri said in a post on X. This includes unconventional oil reserves found in the emirate’s Shilaif formation, as well as the first oil found in the Habshan reservoir within the concession.

What’s next? Both wells are now moving into the appraisal phase to assess commercial viability and potential development in Abu Dhabi.

The exploration phase, which covered a 6.2k sq-km concession in Onshore Block 1, where UBPL holds 100% rights, has now wrapped. Adnoc granted UBPL the exploration stake back in 2019, with the JV investing USD 166 mn on the exploration phase.

New petrochem plant in Jebel Ali

New chemical plant from Petrochem: Regional chemicals distributor Petrochem opened an AED 300 mn petrochemical plant in Dubai’s Jebel Ali Port, according to a statement. The plant will cater to chemical supply chains in the UAE and elsewhere, and includes storage facilities for chemicals used in different industries such as energy and manufacturing.

Sharjah’s branded-residences wager deepens

Sharjah is following Dubai’s playbook with a push into branded, service-led housing, with Sharjah-based Alef partnering with Emaar Hospitality Group to launch Palace Residences Al Mamsha, a AED 500 mn project within its Al Mamsha master development along University City Road, according to a press release. The project will include two interlinked towers with hotel-style services, pools, fitness and wellness facilities.

The scheme is the final residential phase of Al Mamsha’s pedestrian-focused, mixed-use district, which has already awarded a AED 1.1 bn construction contract for the Al Mamsha Raseel phase of the project, with delivery running through 2028.

Oil is trading on risk again

Oil markets haven’t had a breather since the year started, lurching from one geopolitical shock to the next. The focus has now pivoted from the US military’s capture of Venezuela’s Nicolás Maduro — which briefly signaled a return of heavy crude to the market — to the ongoing upheaval in Iran. With reports that Tehran’s crackdown on nationwide protests has left over 2k dead and US President Donald Trump signaling a potential military response, the “geopolitical risk premium” has returned to oil markets.

Markets moved accordingly: Oil reached its highest level so far this year yesterday, with Brent climbing to USD 66.10 per barrel, after pausing temporarily on Tuesday as Venezuelan crude went on water. Citi also raised its near-term Brent view to some USD 70, framing the move as risk-driven, not the result of lost supply.

What to watch for: While the events in Venezuela didn’t have a meaningful impact on Brent prices, the spread between Brent and WTI is now at an eight-month high.

Why Iran matters — even now

Iran’s oil industry is no longer the giant it once was. Years of sanctions and underinvestment have capped production at some 3.3 mn bbl / d, roughly 3% of global supply. But the country still punches above its weight — not because of volumes alone, but because of where and how its oil moves.

Around 80-90% of Iranian crude exports flow to China — some 1.4-2 mn bbl / d — mostly via opaque trading networks and the so-called “dark fleet” of aging tankers. By late December, more than 50 mn bbl of Iranian crude were moving through these shadow routes — the highest level in over two years, Bloomberg cites Kpler data. Official customs data may not show Iranian barrels since mid-2022, but ship-tracking data does.

Supply is now stuck: Iran’s floating storage has climbed to some 166 mn bbl as buyers delay unloading and shipping becomes more complicated, Reuters ’ data shows.

Where the risk shows up

The spread that says more than the headline: Brent’s premium over Dubai crude widened on Tuesday to its highest level since July. For our neck of the woods, this spread is the most important “tell” in the market. When Brent carries a heavy premium, it means global traders are not chasing demand; they are hedging against a disruption in the Strait of Hormuz, the world’s most critical energy artery through which 20 mn bbl/d flows.

In effect, the market is assigning a higher value to barrels perceived as “safe” (Brent/WTI), while Middle Eastern crude — physically closer to the potential conflict — is being discounted. For regional producers, this is a double-edged sword: Crude is gaining buyers in Asia because it is cheaper, but benchmarks aren’t capturing the price upside that the “risk” should theoretically provide.

The Gulf is trying to tamp down risks: Behind the scenes, Riyadh, Muscat, and Doha have privately warned Washington that an attempt to topple the Iranian regime would rattle global markets beyond repair. The market is currently betting that the US will opt for surgical “risk” over a full-scale “supply disruption.”

The macro tripwire

This is where oil stops being background noise and starts behaving like a macro shock: A USD 80 / bbl world would likely trigger a synchronized global selloff, Interactive Brokers notes. That, in turn, could limit the Fed’s ability to cut interest rates, removing a key support that has lifted risk assets over the past year. That vulnerability is already there, with three consecutive years of equity gains leaving markets exposed to an oil price shock and near-term correction.

MARKETS THIS MORNING-

Asia-Pacific markets are nearly uniformly in the red in early trading, with the exception of South Korea’s Kospi index, which is up less than 1% this morning. Japan’s Nikkei snapped a brief rally that pushed it to a record high yesterday, while the Shanghai index, Hang Seng, and CSI 300 are all trading down. Wall Street looks set to open in the red again later today, extending losses after falling for a second session yesterday.

ADX	10,038	-0.5% (YTD: +0.5%)
DFM	6,262	-0.9% (YTD: +3.6%)
Nasdaq Dubai UAE20	5,025	+1.5% (YTD: +2.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.5% o/n	3.6% 1 yr
Tadawul	10,945	+0.5% (YTD: +4.3%)
EGX30	43,058	-1.4% (YTD: +2.9%)
S&P 500	6,927	-0.5% (YTD: +1.2%)
FTSE 100	10,184	+0.5% (YTD: +2.6%)
Euro Stoxx 50	6,005	-0.4% (YTD: +3.7%)
Brent crude	USD 64.82	-2.6%
Natural gas (Nymex)	USD 3.10	-0.5%
Gold	USD 4,609	-0.6%
BTC	USD 96,606	+1.4% (YTD: +10.3%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.79	+1.3% (YTD: +1.1%)
S&P MENA Bond & Sukuk	151.74	+0.1% (YTD: -0.1%)
VIX (Volatility Index)	16.75	+4.8% (YTD: +12.0%)

THE CLOSING BELL-

The DFM fell 0.9% yesterday on turnover of AED 872.7 mn. The index is up 3.6% YTD.

In the green: Aman (+12%), ENBD REIT (CEIC) (+4.8%), and Agility The Public Warehousing Company (+3.0%).

In the red: Al Mal Capital REIT (-10.0%), National International Holding Company (-9.7%), and National Cement Company (-9.2%).

Over on the ADX, the index was down 0.5% on turnover of AED 1.7 bn. Meanwhile, Nasdaq Dubai was up 1.5%.

CALENDAR

JANUARY

11-15 January (Sunday-Thursday): Abu Dhabi Sustainability Week, Adnec Center, Abu Dhabi.

11-15 January (Sunday-Thursday): ADSW Dialogues, Adnec Center, Abu Dhabi.

11-15 January (Sunday-Thursday): WiSER Forum, Adnec Center, Abu Dhabi.

12-15 January (Monday-Thursday): Dubai International Project Management Forum, Madinat Jumeirah, Dubai.

12-15 January (Monday-Thursday): SteelFab, Expo Center, Sharjah.

13-15 January (Tuesday-Thursday): World Future Energy Summit, Adnec Center, Abu Dhabi.

13-15 January (Tuesday-Thursday): FESPA Middle East, Dubai Exhibition Center, Dubai.

15 January (Thursday): Global Climate Finance Center Annual Meeting, Adnec Center, Abu Dhabi.

15 January (Thursday): Green Hydrogen Summit, Adnec Center, Abu Dhabi.

21-24 January (Wednesday-Saturday): Acres Real Estate Exhibition, Expo Center, Sharjah.

28-29 January (Wednesday-Thursday): IBA Arbitration Day Conference, Abu Dhabi.

28-30 January (Wednesday-Friday): World Customs Organization Technology Conference, Adnec Center, Abu Dhabi.

31 January - 7 February (Saturday-Saturday): Mubadala Abu Dhabi Open, International Tennis Center, Zayed Sports City.

FEBRUARY

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

3-5 February (Tuesday-Thursday): The World Governments Summit, Dubai.

4 February (Wednesday) Ministerial dialogue for Pax Silica members, Washington, DC.

4-5 February (Wednesday-Thursday): PropTech Connect Middle East, Grand Hyatt Dubai.

4-6 February (Wednesday-Friday): Arab Actuarial Conference, Millennium Plaza Downtown Hotel, Dubai.

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

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

10-11 February (Tuesday-Wednesday): Top Advisors and Investors Summit, Abu Dhabi.

MARCH

31 March - 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.

26-28 March (Thursday-Saturday): Social Capital Conference, Dubai.

28-29 March (Saturday-Sunday): Emirates International Congress on AI & Visionary Leadership in Transforming Healthcare, Adnec Center Abu Dhabi.

30 March - 2 April (Monday-Thursday): IAAPA Middle East Exhibition and Conference, Adnec Center, Abu Dhabi.

APRIL

7-9 April (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.

13-15 April (Monday-Wednesday): AIM Congress, Dubai World Trade Center.

13-15 April (Monday-Wednesday): The International Glass Manufacturing Show, Dubai.

14-16 April: (Tuesday-Thursday): the International Property Show, Sheikh Zayed Rd, Dubai.

21-23 April (Tuesday-Thursday): UITP Public Transport Summit, Dubai.

MAY

11-15 May (Monday-Friday): Dubai Future Finance Week, Dubai.

11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center.

19-20 May (Tuesday-Wednesday): Capital Market Summit, Madinat Jumeirah, Dubai.

19-22 May (Tuesday-Friday): Abu Dhabi Water and Energy Week, Adnec Center, Abu Dhabi.

JUNE

15 June-15 September (Monday-Thursday): Dubai Mallathon, Dubai.

JULY

31 July (Friday): Large businesses achieving annual revenues equal to or above AED 50 mn must appoint an accredited service provider for e-invoicing implementation.

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

DECEMBER

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

Signposted to happen in 2026:

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;
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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