AD Ports lands new concession in Egypt

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WHAT WE’RE TRACKING TODAY

THIS MORNING: G42 eyes tens of bns of investments in the US + AI classes coming to UAE schools next year

Good morning, lovely people, and welcome to the start of a new workweek with a host of new conferences in Dubai. We expect another busy week of news as the Dubai Capital Market Summit kicks off tomorrow, alongside the Airport Show today and several other events across the country.

We’ll be at the DCM summit and would love to meet up if you’re attending — hit reply to this email if you’ll be there.

The dominant theme in the issue today is more investments in the US, courtesy of G42 and Hotpack, and more logistics expansions abroad, with AD Ports landing a new concession in Egypt.

BUT FIRST- We’ve switched up our Planet Finance market table to add three major indices to help you stay on top of the shifting fixed income landscape: the Chimera JPMorgan UAE Bond UCITS ETF, the S&P MENA Bond & Sukuk Index, and VIX.

☀️ WEATHER- It’s another scorcher across the UAE today. Dubai will see daytime highs of 42°C, while overnight lows will dip to 30°C. Abu Dhabi remains slightly cooler, with daytime temperatures peaking at 37°C and nighttime lows around 29°C.

WATCH THIS SPACE-

#1- Abu Dhabi-based AI firm G42 plans to invest USD tens of bns in the US as part of its push to expand in artificial intelligence, the Financial Times reports. The company established a legal entity to support its expansion strategy, G42 sources told the paper. Several of its subsidiaries — including those focused on AI applications, cloud computing, and data centers — are expected to unveil US business plans in the coming months.

G42 USA was incorporated in Delaware in January. Meanwhile, its cloud-focused subsidiary, Core42, has already begun setting up operations and preparing to offer services domestically.

REMEMBER- G42 has been doubling down on the US since Microsoft invested USD 1.5 bn for a minority stake in the firm last year, including through cutting off ties with Chinese tech providers like Huawei in light of US scrutiny, and investing USD 335 mn in US-based chipmaker Cerebras Systems. The AI firm began receiving AI chips from US chipmaker Nvidia after gaining US export approval, signaling deepening tech ties between Abu Dhabi and Washington.

#2- AI classes are coming to UAE schools next year: Starting next academic year, artificial intelligence will be taught across all stages of government education in the UAE — from kindergarten to grade 12 — Prime Minister Sheikh Mohammed bin Rashid Al Maktoum announced in a post on X. The subject will cover technical foundations, ethics, data, algorithms, and real-world risks. “Our responsibility is to equip our children for a time unlike ours, with conditions different from ours, and with new skills and capabilities that ensure the continued momentum of development and progress in our nation for decades to come,” the Dubai ruler said.

This is the latest in a series of recent efforts from the UAE to become an AI hub. The country is working to embed AI across the public sector, with last month seeing the Cabinet approve an AI-powered legislative drafting system, while January saw Abu Dhabi launch an AED 13 bn digital strategy to become the world’s first AI-native government by 2027. The emirate signed a multi-year sovereign cloud agreement with Microsoft and Core42 in March to support the rollout.

#3- Ras Al Khaimah’s residential stock is set to double by 2030, with upwards of 11k units set to be completed, according to a report (pdf) and press release from real estate consultancy Savills. The emirate saw AED 11 bn in property sales last year, with projects like the USD 3.9 bn Wynn Al Marjan Island gaming resort, set to open in 2027, driving growth and demand for offerings. Tourist numbers rose 5.1% to 1.3 mn visitors in 2024, further fueling the demand for real estate.

Off-plan sales dominated 2024 transactions, with key developments like Al Marjan Island, Mina Al Arab, and Al Hamra communities seeing an uptick in prices and valuations since 2022.

The Wynn Al Marjan resort is part of a wider gaming push that could see revenues hit AED 20 bn a year, Savills said, considering it reaches 1.6% of GDP. Morgan Stanley has pegged the figure at USD 3-5 bn.

#4- Trump and Dar Global’s Dubai project to come with 10-year golden visa perk: The Trump Organization and Emirati developer Dar Global’s 80-floor hotel and residential tower project in Dubai is set to offer buyers a 10-year golden visa upon a 20% down payment, Al Bayan reports.

ICYMI- The 80-floor tower, set for completion in 2031 and costing USD 1 bn in investments, will be the Trump Organization’s first hotel and tower project in the Middle East.

#5- Home ins. premiums in the UAE are up 10–15% following last year's record-breaking floods, The National reports, citing industry experts. The surge in premiums is attributed to the heightened risk assessments by insurers in the aftermath of the unprecedented rainfall last April.

Ins. premiums in the UAE have been on the rise, with motor ins. rates spiking 15–20% y-o-y earlier this year. Last May, experts warned of double-digit hikes across all vehicle types, driven by reinsurer pressure and mounting flood claims, which weighed on insurer stock prices.

PSAs-

#1- You could face fines of up to AED 4k for distributing unauthorized flyers or posters in Abu Dhabi, according to a warning issued by Abu Dhabi’s Department of Municipalities and Transport in a Facebook post. Violators face fines of AED 1k for the first offense, rising up to AED 2k for the second and AED 4k for subsequent violations.

#2- UAE nationals will be allowed to travel to Lebanon starting from Wednesday, 7 May, according to a Foreign Affairs Ministry statement, following the lifting of a travel ban that coincided with President Joseph Aoun’s visit to Abu Dhabi last week. Travelers must register with Foreign Affairs Ministry’s Twajudi service before departure.

HAPPENING TODAY-

The DubaiEsports and Games Festival is running until Sunday, 11 May at Dubai World Trade Center (DWTC). The festival features GameExpo, with interactive gaming zones and esports tournaments, alongside industry discussions on AI and Web3. The event includes networking sessions, workshops, and initiatives to support gaming talent development.

HAPPENING TOMORROW-

#1- The Capital Market Summit will take place tomorrow and Wednesday, 7 May at Madinat Jumeriah in Dubai. The summit will address IPO growth, global economic forecasts, and digital assets’ role in financial markets. Speakers include UAE ministers and DFM Chairman Helal Saeed Al Marri, and sessions will analyze stock exchange dynamics, virtual assets, and growth capital strategies.

#2-The Airport Show, taking place alongside the Global Airport Leaders Forum, will start tomorrow and run until Thursday, 8 May at Dubai World Trade Center (DWTC). The events will bring together airport and aviation industry professionals to discuss the latest trends in airport infrastructure, emerging technologies, and solutions to industry challenges.

#3- SeatradeMaritime Logistics Middle East is also starting tomorrow and will run until Thursday, 8 May at DWTC. The event will bring together professionals in shipping, logistics, and supply chain management to discuss and debate industry challenges and the latest innovations.

#4- GulfInformation Security Expo & Conference (GISEC Global) is taking place between Tuesday, 6 May and Thursday, 8 May at DWTC. Cybersecurity experts will meet to discuss industry challenges including new cyber threats, security technologies, and solutions for protecting businesses against cyberattacks. Over 750 cybersecurity brands will exhibit their solutions.

THE BIG STORY ABROAD-

It’s a quiet day in the global press, with no one story dominating the headlines.

A missile fired by Yemen’s Houthis landed near Israel’s main international airport, causing injuries and disrupting flights after defense systems failed to interrupt the attack. The group has ramped up its missile attacks recently in response to a blockade on Gaza that saw no food, fuel or medicine enter the enclave for more than 60 days.

PM Netanyahu vowed an extensive response to the Houthi attack, coinciding with wider plans by the military to call up thousands of reservists and “go deeper” into Gaza. Meanwhile, US President Trump said that Iran will be held responsible for any further attacks by the militant group.

ALSO WORTH READING THIS MORNING-

The New York Times explores how Warren Buffett changed the way investors think in light of his surprise resignation from his post as CEO of Berkshire Hathaway.
The Financial Times reports Chinese exporters are shipping their goods via third countries to avoid US tariffs.
Semafor unpacks the “Trump effect” bolstering incumbent parties in elections all over the world, from Canada to Australia to Singapore.

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OIL WATCH-

Opec+ will accelerate oil production increments for the second month in a row, adding 411k barrels per day in June, according to a statement. That’s three months worth of supply increments that will be delivered all at once next month. The oil group once again cited healthy market fundamentals as the driver behind the decision.

The rationale: The recent moves mark a strategic shift toward regaining market share after years of cutting production, former Opec employee and Rystad Energy A/S geopolitical analyst Jorge León told the Financial Times. “Last month’s decision was a wake-up call. Today’s decision is a definitive message,” Leon said.

The move is also seen as a bid to discipline overproducing members like Kazakhstan and Iraq by sending crude prices tumbling, Bloomberg reported, citing unnamed Opec+ delegates. Eight countries recently gave updated plans compensation plans including the UAE, Saudi Arabia, Russia, and Kazakhstan, after failing to comply with output cuts.

Ripple effects: The price drop threatens to pressure Opec+ economies, including Saudi Arabia, which needs prices above USD 90 to balance its budget, according to IMF estimates.

Market reax: Brent crude fell some 4% to USD 59.11 a barrel following the meeting, while West Texas Intermediate was near USD 56.

CIRCLE YOUR CALENDAR-

The Dubai FinTech Summit will be held on Monday, 12 May and Tuesday, 13 May at Madinat Jumeriah in Dubai. The event will address financial sector trends, regulatory compliance, blockchain tech, AI-driven services, and digital banking, while analyzing investment flows, global economic shifts, and cross-border regulations.

Cabsat will take place between Tuesday, 13 May and Thursday, 15 May at the Dubai World Trade Center. The event will exhibit the latest trends and technologies in the media, entertainment, and communications sectors in the MEASA region. Integrate Middle East will be running alongside the event, showcasing advancements in audio-visual technology and media for the broadcasting, communications, and entertainment industries.

SATExpo, happening between Tuesday, 13 May and Thursday, 15 May at the Dubai World Trade Center, is the UAE’s platform for showcasing satellite and space technology. The event offers networking sessions for businesses, governments, and investors in the MEASA region.

SeamlessMiddle East will take place from Tuesday, 20 May until Thursday, 22 May at the Dubai World Trade Center. The event, focusing on the future of digital commerce, payments, and e-commerce, will feature discussions on fintech digital transactions and the evolution of the digital economy.

CryptoExpoDubai will be held on Wednesday, 21 May and Thursday, 22 May at the Dubai World Trade Center. The event will feature a series of talks, panel discussions, and exhibitions on key topics including cryptocurrency regulations, blockchain advancements, digital assets, decentralized finance, and investment strategies.

The Arab Media Summit will take place from Monday, 26 May until Wednesday, 28 May at Dubai World Trade Center. Organized by the Dubai Press Club, the three-day summit will feature the Arab Youth Media Forum and the Arab Media Forum to discuss industry prospects and challenges.

The Interior Design Expo (Index) and The Hotel Show will start on Tuesday, 27 May and wrap up on Thursday, 29 May at the Dubai World Trade Center. The events will showcase innovations in interior design, architecture, and hospitality, and connect buyers with exhibitors.

The inaugural Abu Dhabi Infrastructure Summit will be held on Tuesday, 17 June and Wednesday, 18 June at the Abu Dhabi Energy Center. The summit will bring together decision-makers, investors, developers, contractors, and experts from around the world to explore potential partnerships, discuss latest developments and innovations. The event will focus on developing resilient cities and enhancing quality of life.

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

Abu Dhabi Ports lands new concession in Egypt

AD Ports inks 50-year concession for new logistics zone in Egypt: Egypt’s Suez Canal Economic Zone signed a 50-year concession agreement with Abu Dhabi Ports Group (AD Ports) to establish a 20 sq km logistics and industrial zone east of Egyptian coastal city Port Said, according to an Egyptian cabinet statement and another from the logistics player.

The details: Under the agreement, AD Ports will develop, finance, build, and operate the industrial area, with construction set to begin by the end of this year, the Egyptian Cabinet said. The first phase will see the Emirati group invest USD 120 mn for development and feasibility studies to develop a 2.8 sq km area set to be developed over three years. Further plans include a 1.5 km quay that may feature a multipurpose cargo terminal.

More to come… with Hassan Allam Holding? “The development of phase 1 will be anchored by key potential clients and partners, including one of the region’s foremost construction and development groups, Hassan Allam Holding,” the AD Ports statement read. AD Ports and Hassan Allam Holding inked an MoU to “develop and invest in the industrial zone and explore other projects.”

AD Ports has been growing its footprint in Egypt through a series of investments: As of last December, AD Ports had invested an estimated USD 349 mn in Egypt over the past three years. The group signed a USD 200 mn, 30-year concession to develop the Safaga II terminal and landed a 15-year contract to develop and operate three cruise terminals in Hurghada, Safaga, and Sharm El Sheikh and another for a planned roll-on, roll-off ship terminal and cruise terminal in Ain Sokhna Port. It also signed an MoU to develop a green methanol export facility in Egypt. The group has also been acquiring local maritime players including Transmar, TCI, and Safina.

IN OTHER LOGISTICS NEWS-

DP World and Asia Terminals Inc (ATI) have completed a USD USD 100 mn project to expand the Philippines’ Manila South Harbor, according to a statement. The project featured an extension of the terminal's Pier 3 berth to over 600 meters and an expansion of the existing yard to accommodate 20k TEUs. The initiative also integrated new equipment and hiked up the harbour’s annual throughput capacity by over 25% to almost 2 mn TEUs.

Looking ahead: “We are lining up more investment projects in the coming years to future-proof the gateway terminals in Manila, Batangas, Cavite, and Laguna, in support of the resilient growth of the Philippine economy,” CEO Ahmed bin Sulaye said, without announcing any specific upcoming project details.

Hotpack invests USD100 mn to launch first US facility in New Jersey

Hotpack invests USD 100 mn to open first US facility: UAE-based food packaging manufacturer Hotpack will invest USD 100 mn to establish its first manufacturing and distribution facility in Edison, New Jersey, according to a press release. The 70k-sqft-plant will focus on customized plastic and paper cups, containers, and clamshells, with operations expected to begin next month. The project is expected to create 200 jobs in the region over five years.

This came as Economy Minister Abdulla bin Touq Al Marri met with New Jersey Governor Phil Murphy to discuss strengthening economic and investment relations, Al Bayan reports. Talks centered on expanding cooperation across tourism, innovation, technology, sustainable development, and the circular economy, among other sectors.

REMEMBER- UAE entities have been pouring bns into the US in 2025. Abu Dhabi’s AI fund MGX is planning to invest USD 8-10 bn annually in AI infrastructure and companies with a focus on the US market. Adnoc is mulling a USD 9 bn investment in the natural gas assets of US of Aethon Energy Management. Mubadala Energy recently acquired a 24.1% stake in the asset management arm of US-based Kimmeridge Energy, SoTex Holdco. This comes as part of the UAE’s broader commitment to the US, having previously pledged USD 1.4 tn in investments under a 10-year framework.

Al Futtaim divests stake in ins. JV with Willis Towers

Al Futtaim exits Willis Towers JV: UAE conglomerate Al Futtaim Group plans to divest its 51% stake in Al Futtaim Willis to London-based and Nasdaq-listed advisory firm Willis Towers Watson (WTW), according to a press release (pdf). The sale will give WTW full ownership of the Dubai-based ins. and reins. brokerage firm, ending a JV that spanned nearly five decades.

The pitch: The acquisition will see the London firm fully manage its operations in the UAE and Bahrain, as part of a broader strategy to consolidate regional control and scale up in key markets, Pamela Thomson-Hall, head of international at WTW said.

Where we’re at: The transaction is pending regulatory approval and is slated for completion in the second half of the year. The financial terms of the agreement were not disclosed.

OTHER M&A NEWS-

Masdar wraps Terna Energy buyout: Terna Energy — now a wholly-owned subsidiary of state-run renewables giant Masdar — delisted its shares from the Athens Exchange, following a successful squeeze-out of its former parent company Gek Terna for EUR 20 per share, state news agency Wam reports. The acquisition brought Masdar’s total holding in Greece’s largest renewable energy firm to 100%, up from 70% as of November of last year, valuing the company at USD 3.2 bn.

Dubai property prices surge in 1Q 2025 as population growth outpaces supply -ValuStrat

Residential capital values in Dubai jumped 25.9% y-o-y in 1Q 2025, fueled by record population growth and persistent supply constraints, according to ValuStrat’s latest market review (pdf). Villas led with a 30.3% surge, while apartment prices climbed 21.4% as demand for housing reached “unprecedented levels.”

Top-performing areas: Villa gains were strongest in Jumeirah Islands, Palm Jumeirah, Emirates Hills, and The Meadows. When it came to apartments, The Greens, Dubailand Residence Complex, and Palm Jumeirah led price growth.

Rents are still climbing, while sales are dipping q-o-q : Asking rents for apartments rose 10% y-o-y and 1.6% q-o-q, while villa rents rose 5.1% y-o-y and were flat q-o-q. On the flip side, off-plan registrations dropped 8% q-o-q but rose 37.5% y-o-y to AED 77.3 bn. Ready home transactions dipped 7% q-o-q but climbed 5.8% y-o-y to AED 33 bn. The quarter logged 9.4k mortgage-backed sales worth AED 21 bn, compared to 14.4k cash-transactions totaling AED 33 bn.

Demand is outpacing supply: Nearly 90k new residents moved to Dubai in 1Q — more than 1k people per day — pushing the population past 3.9 mn. Some 12k homes were delivered during the quarter, just 19% of the 61.6k units expected this year. Over 170k homes are under construction through 2029.

The imbalance is stretching valuations beyond long-term averages: Apartment prices remain 8.1% below their 10-year highs on average, but villa values are nearly 60% above. “Securing an affordable home to buy or rent is becoming more difficult in an increasingly unaffordable market,” ValuStrat’s Haider Tuaima said, adding that the dip in sales is “neither unprecedented nor unexpected and may be attributed to a mismatch between supply and demand.”

REMEMBER- New supply is expected to cool the market over time: Knight Frank forecasts an 8% price increase in 2025, down from double-digit growth in 2024, while Moody’s sees a dip or stabilization over the next 12-18 months. S&P Global also warns that construction bottlenecks could delay completions and prolong tight conditions. Just 58% of projected units were delivered last year — the lowest rate in six years — and historical trends suggest a 30% lag between scheduled and actual handovers.

IN THE OFFICE MARKET- Demand remained strong, driven by economic growth and business expansion, with double-digit growth in capital values across office spaces in Dubai International Financial Center (+36.7%), Jumeirah Lake Towers (+33.2%), Barsha Heights (+30.5%), Business Bay (+22.8%), and Downtown Dubai (+22.1%). Office prices climbed 29.1% y-o-y during the quarter, while asking rents rose 20.2%. On a q-o-q basis, asking rents rose 8.7%.

Another 1Q earnings roundup

TECOM GROUP-

Business district developer Tecom Group kicked off 2025 with strong earnings, posting a 23.4% y-o-y rise in net income to AED 360.9 mn in 1Q, according to its financials (pdf). Revenues rose 20.5% y-o-y to AED 679.7 mn, driven by robust demand across commercial, industrial, and land lease assets, the group said in a separate earnings release (pdf). Efficiency gains and prudent capital management strategies also supported growth, the company said.

Tecom’s customer base grew 6% y-o-y to over 12k, and its occupancy rates reached 95% in commercial and industrial properties and 98% in land leases.

APEX INVESTMENT-

Apex Investment reported a net loss of AED 25.6 mn in 1Q 2025, down from a net income of AED 4.3 mn in the same period last year, according to its financials (pdf). Revenues rose a marginal 0.6% y-o-y to AED 196.4 mn. Core business income rose 10.2% y-o-y to AED 41 mn on strong performances from its catering and cement operations, but gains were outweighed by AED 53.3 mn in unrealized investment losses and startup costs linked to ventures like Enercap and the monetization of Mawasiem, according to a separate management discussion and analysis report (pdf).

STANDARD CHARTERED-

Standard Chartered Bank’s UAE operations recorded pre-tax net income of USD 185 mn (c. AED 679.5 mn) in 1Q 2025, marking an 18.1% y-o-y decline, according to its financials (pdf). Operating income slipped 14.8% to USD 305 mn. The lender’s UAE assets grew 10% y-o-y to USD 22.0 bn despite total loans and advances falling 13.7% to USD 7.8 bn.

ABU DHABI AVIATION-

Abu Dhabi Aviation (ADA) Group’s net income rose 703% y-o-y to AED 215 mn in 1Q 2025, according to the firm’s earnings release (pdf) and financials (pdf). The company’s revenues grew 25% y-o-y to AED 2 bn in the same period, which the firm attributed to contributions from the recently acquired ADA legacy group, which generated AED 241 mn.

Looking ahead, ADA is looking to expand into Brazil, Thailand, and Indonesia this year, and is mulling oil and gas projects in Africa, Asharq Business reported last week.

ADNH CATERING-

ADNH Catering, Abu Dhabi National Hotels’ catering arm, saw a 3.7% y-o-y increase in net income to AED 39 mn in 1Q 2025, according to the company's financial statements (pdf).

Revenues rose 28.2% y-o-y to AED 410 mn, and the firm attributed the performance to new contracts, client retention, strong operational and supply chain management, and growth in its catering and support services, despite a scale-back of its group purchasing office business, it said in a separate earnings release (pdf). Its recent acquisition of Food Nation Catering Services and ADNH Compass Sharjah helped boost revenues by AED 81 mn, it said in a management discussion and analysis (pdf).

NCTH-

National Corporation for Tourism and Hotels (NCTH) posted a 256.4% y-o-y rise in net income to AED 262.3 mn in 1Q 2025, according to an earnings release (pdf). The firm recorded a one-off gain from a reverse acquisition that bolstered its bottom line by AED 178.5 mn. The hospitality provider saw a 73.3% increase y-o-y in its revenues to AED 568.3 mn.

Emirates Steel CEO Saeed Al Ghafri resigns

Saeed Alghafri (LinkedIn) has resigned as CEO of steel and building materials manufacturer Emsteel, according to a press release (pdf). Al Ghafri, who has been with the company for 19 years, will remain in the position until 30 June. The firm is set to announce his successor shortly. In the interim, Emirate’s Steel COO Medhat Hashem (LinkedIn) and CCO Michael Rion (LinkedIn) will oversee operations and commercial activities.

Family offices consider ditching Switzerland for Dubai

Tax and regulatory changes are causing family offices that manage bns in assets to consider relocation from Switzerland to Dubai, the Financial Times reports, with two major family offices in Switzerland already beginning the transition to the emirate, managing partner at Taylor Wessing’s Dubai office Ronald Graham told the news outlet.

Why the potential exodus? Family offices in Switzerland are coming up against an increasingly stringent regulatory environment. Higher transparency and disclosure requirements, a tighter definition of “family” leading to stricter regulation and licensing, and a proposed 50% tax on large inheritance and gifts — expected to be rejected but nonetheless unnerving for high net worth individuals — has led wealthy families to move their assets and financial operations elsewhere.

And so to Dubai: 2024 saw 200 family offices join Dubai offshore financial center, bringing the total to 800, attracted by its high living standard, favorable regulatory system, and government incentives and subsidies for HNWIs. A more flexible definition of “family” also helps family offices avoid some of the more onerous regulatory requirements.

It’s not just Switzerland: This comes against a broader trend of family and multi-family offices looking for alternatives. The UK’s scrapping of its non-dom regime, sanctions on Russian assets, and high taxes in Europe are further pushing the influx to Dubai.

e& expands to the Americas through its wholesale unit

TELECOMS-

e& expands to the Americas: e& Wholesale has launched its Americas unit in Miami, expanding its global footprint after strong growth in London and Singapore, according to a press release. The new office will serve as a regional gateway for telcos, enterprises, hyperscalers, and AI players, offering managed voice, data and connectivity, roaming, and mobility services.

Miami makes sense: The expansion aims to meet rising demand across the US and Latin America, with a focus on AI-driven digital infrastructure and automation. Pablo Mlikota will lead the rollout as senior vice president international. A second new hub is also planned in Johannesburg.

INFRASTRUCTURE-

Etihad Rail inked two MoUs with South Sudan and Chad’s individual Transport Ministries to strengthen cooperation in infrastructure projects, the railway sector, and knowledge exchange, according to a statement. The agreements also include a feasibility study for shared development of railway, logistics, and infrastructure projects in the three countries.

REAL ESTATE-

Cledor to build AED 400 mn Arthouse project in RAK: New York’s Arthouse Hotel has signed a partnership agreement with Dubai luxury developer Cledor to develop the Al Marjan Arthouse residential project on Ras Al Khaimah’s Al Marjan island, according to a press release. Valued at AED 400 mn, the project is Arthouse’s first venture outside of the US. It is part of Cledor’s AED 2.1 bn project development pipeline, aiming to offer high-yield, design-forward homes with average unit prices above AED 14 mn. In addition to the Al Marjan development, Arthouse plans to introduce residences in Dubai’s Meydan, the press release read.

REMEMBER- Last week, Tadawul-listed Amwaj International acquired an 18% stake in Cledor, valuing it at USD 100 mn. The move bolsters Cledor with institutional backing, and will see it take the lead on managing Amwaj’s upcoming UAE projects.

FINANCE-

ADIO partners with Alpheya to boost wealthtech, local talent: The Abu Dhabi Investment Office (ADIO) has partnered with AI-powered wealth management platform Alpheya to expand Abu Dhabi’s fintech landscape, attract global investors, and create new jobs, according to the Abu Dhabi Media Office.

The next moves: Backed by BNY, ADQ, and Lunate, Alpheya will open a new office in Al Ain and make capital and operational investments over the next three years, bolstered by business support from ADIO. The company will also launch internship programs, IP registration support, and financial literacy initiatives to support local talent.

ICYMI- In 2023, Abu Dhabi’s Lunate and BNY Mellon launched Alpheya, a USD 300 mn wealthtech firm based in ADGM, to provide tailored digital wealth management solutions for MENA-based asset and wealth managers.

BUSINESS-

#1- Dubai International Chamber opened a new office in Cape Town, aiming to strengthen business community ties between Dubai and South Africa, according to the Dubai Media Office. The new office will work to facilitate growth in trade, tourism, and investment.

The launch comes as non-oil bilateral trade between the two countries reached AED 29 bn last year, an uptick of 20% y-o-y. There was a 23.8% rise in South African companies joining the Dubai Chamber of Commerce from South Africa, bringing the total to 775 members by the end of 2024. 51 new members joined in 1Q 2025 alone.

#2- Commercial Bank of Ceylon to open DIFC office: Sri Lanka’s largest private sector bank received regulatory approval from the Dubai Financial Services Authority to open a representative office in the Dubai International Financial Center (DIFC), economynext reports, citing a statement. The new office will support clients from Sri Lanka, Bangladesh, and the Maldives operating in the UAE, while promoting the bank’s brand and trade services. Commercial Bank is the first Sri Lankan bank to establish a presence in the DIFC.

TECH-

Edge, Wazuko partner to source next-gen ‘Drone in a Box’ tech: Edge Group has partnered with UK-based scale-up Wazoku, and the two are calling on startups, universities, and tech firms to develop next-generation ‘Drone in a Box’ systems, the company said in a statement. The partnership seeks fully integrated solutions with drones, docking stations, control software, and AI-driven autonomy, tailored for defence and industrial applications.

Supporters of Lebanon’s IMF-backed banking sector reforms face media attacks

Fierce backlash is mounting in Lebanon against IMF-sponsored banking sector reforms, with civil society groups, independent media, and reformist policymakers allegedly being targeted in what the IMF says is a coordinated campaign that would undermine progress on financial and political changes, the Financial Times writes. The alleged smear campaign — reportedly promulgated by some in the banking sector, according to media watchdog Samir Kassir Foundation head Ayman Mhanna — is the result of mounting pressure on the newly formed Lebanese government to enact long-delayed reforms aimed at restructuring the banking sector and unlocking an IMF rescue package.

What’s behind the backlash? The IMF’s conditions — which include lifting banking secrecy, restructuring the financial system, and addressing more than USD 70 bn in post-crisis losses since 2019 — would force banks and their political allies to disclose sensitive financial data and shoulder a portion of the losses.

Despite pressure from the media, the Lebanese parliament was able to amend the country’s banking secrecy law to allow broader access to historical financial records. Prime Minister Nawaf Salam hailed the move as a “necessary step towards the desired economic reform” and essential to “holding perpetrators accountable.” The law allows authorities to access records going back up to a decade — a clause that some legacy interests have strongly opposed.

More battles ahead: A draft banking sector restructuring law has been approved by the cabinet and is now under discussion in parliament’s finance committee, though legislation on how to distribute financial losses — and how to repay depositors — has yet to be agreed. The secretary-general of the Association of Banks in Lebanon said the sector wants “a realistic balance between financial reform and the protection of depositors’ rights.”

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THE CLOSING BELL-

The ADX rose 0.2% on Friday on turnover of AED 1.2 bn. The index is up 0.2% YTD.

In the green: Phoenix Group (+4.3%), Multiply Group (+2.7%) and Presight AI Holding (+2.5%).

In the red: Al Wathba National Ins. Co (-10.0%), Hayah Ins. Co (-4.0%) and Al Khaleej Investment (-3.8%).

Over on the DFM, the index rose 0.4% on turnover of AED 447.3 mn. Meanwhile, Nasdaq Dubai was up 0.7%.

CORPORATE ACTIONS-

Invictus’ shareholders approved a AED 33 mn dividend for 2024, equivalent to 2.946 fils per share, according to an ADX disclosure (pdf).

Energy, tourism, and trade top UAE’s diplomacy agenda

UAE, Syria discuss economic cooperation: Vice President Sheikh Mansour bin Zayed Al Nahyan met with Syrian Transitional Government Finance Minister Mohammad Yisr Barnieh and Central Bank Governor Abd El Kader Al Husariah in Abu Dhabi to discuss bilateral cooperation, particularly in finance and trade, state news agency Wam reports.

UAE, Greece deepen strategic ties across energy, defence + tech: Industry Minister and Adnoc CEO Sultan Al Jaber led a delegation to Greece to advance the planned Comprehensive Strategic Partnership between the two sides and explore new avenues for cooperation across energy, renewables, advanced industries, and defence, Wam reports.

Al Marri discusses sustainable tourism with Spain, Croatia: Economy Minister Abdulla Bin Touq Al Marri met with tourism officials in Spain and Croatia to boost UAE-European cooperation in sustainable tourism, Wam reports. Discussions focused on sharing best practices, expanding tourism partnerships, and promoting the UAE Tourism Strategy 2031.

CALENDAR

MAY

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

26 April-5 May (Saturday-Monday): Abu Dhabi International Book Fair (ADIBF), Adnec Center, Abu Dhabi.

28 April-2 May (Monday-Friday): The International Federation of Air Traffic Controllers' Associations (IFATCA) conference, Adnec Center Abu Dhabi.

30 April-2 May (Wednesday -Friday): Fujairah International Conference of Adventures Tourism, Fujairah Adventures Centre.

5-6 May (Monday-Tuesday): The Governance of Emerging Technologies Summit (GETS 2025), St. Regis Saadiyat Island Resort, Abu Dhabi.

6-7 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

6-7 May (Tuesday-Wednesday): Ajman Sustainable Development International Forum, Ajman X Centre.

6-7 May (Tuesday-Wednesday): The Capital Market Summit, Madinat Jumeirah, Dubai.

6-7 May (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

6-8 May (Tuesday-Thursday): Airport Show, Dubai World Trade Centre.

6-8 May (Tuesday-Thursday): Seatrade Maritime Logistics Middle East, Dubai World Trade Center.

6-8 May (Tuesday-Thursday): GISEC, Dubai World Trade Center.

6-8 May (Tuesday- Thursday): The International Restorative and Implant Symposium, 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): 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.

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

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

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

17-18 May (Saturday-Sunday): The Abu Dhabi Infrastructure Summit, Abu Dhabi Energy Centre.

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.

21-22 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.

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): 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:

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
9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, 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.

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