Adia, Mubadala ramp up investments in private credit

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Masdar inches closer to agreement for 1 GW solar project in Iraq + Happy Eid Al Fitr, everyone

Good morning, wonderful people — and a very happy FRIDAY and final day ahead of our long Eid break. We wrap a busy workweek with yet another packed issue, with M&A and investment emerging as the dominant theme of the week.

We have news of more overseas investments into private credit from sovereign wealth funds Mubadala and the Abu Dhabi Investment Authority, an acquisition of a solar project in Valencia from Masdar, and EHC Investment’s energy arm acquiring Al Fanar Gas. Plus: Gulf Cement’s board greenlit TC Mena Holding’s takeover bid.

***** EnterpriseAM UAE will be off for Eid Al Fitr. We’ll be back in your inboxes either on Wednesday, 2 April, or Thursday, 3 April, depending on the final announcement for the UAE’s national holiday once we learn when Ramadan ends. We wish you all a happy and restful Eid with family and friends.

Planning a staycation in the UAE? You might want to move fast. Hotels across the UAE are reporting near full occupancy for the upcoming Eid Al Fitr break, with some properties already “confirmed 100%,” Khaleej Times reports. Dubai hotels like Central Hotels and Resorts are reporting over 80% occupancy now, and 100% later during Eid, while Booking.com data shows that 77% of accommodations are already booked from 30 March to 2 April.

So, when do we eat? Maghrib is at 6:37pm today in Dubai and 6:41pm in Abu Dhabi. You’ll have until fajr prayers at 4:56am in Dubai and 5:00am in Abu Dhabi tomorrow to finish your suhoor.

☀️WEATHER- It’s a cloudier, slightly warmer day today, according to our favorite weather app and the National Center of Meteorology’s forecast (pdf). The mercury in Dubai will hit 32°C, with an overnight low of 21°C, while temperatures in Abu Dhabi will reach 25°C, with an overnight low of 22°C.

WATCH THIS SPACE-

#1 Masdar is close to finalizing a contract for a 1 GW solar plant in Iraq, according to a statement by the Iraqi Electricity Ministry following a sit-down by the UAE’s Ambassador to Baghdad, Abdullah Al Mazrouei with Iraqi Electricity Minister Ziyad Ali Fadhil.

What we know about the project: The 1 GW solar project in Iraq was referred to the cabinet for review last year and is pending final approval and tax exemptions.

It wouldn’t be Masdar’s first in Iraq: The company signed an implementation ag reement in 2021 to establish 1 GW of solar projects across four regions in Iraq, including a 450 MW farm for the Dhi Qar governorate, 100 MW and 250 MW plants planned in Ramadi city in Anbar governorate, a 100 MW plant in Nineveh governate's Mosul, and another 100 MW plant in Maysan governate’s Amarah. It had agreed earlier to establish 2 GW of renewables capacity in the country.

#2- New symbol unveiled for the AED ahead of the digital AED launch: The Central Bank of the UAE (CBUAE) unveiled a new symbol for the AED, applicable to both physical and digital forms, as it prepares to launch the Digital AED in the final quarter of 2025 for the retail sector, according to a statement (pdf). The symbol features two horizontal lines signifying stability, inspired by the UAE flag. The Digital AED version will be encircled and accented with the flag’s colors.

REMEMBER- The Digital AED is part of the CBUAE’s Financial Infrastructure Transformation program. Backed by blockchain, it will be legally recognized as a universal payment method, issued through licensed financial institutions for retail, wholesale, and cross-border use. The CBUAE marked its fiftieth anniversary last year with the first live cross-border transfer using the currency, sending AED 50 mn to China via mBridge.

The bank has stepped up efforts to elevate the AED: The CBUAE joined the FX Global Code earlier this month to raise the AED’s international profile.

#3- Adnoc invited EPC bids for Project Rabdan: Adnoc has launched a feed-to-EPC tender for its blue hydrogen plant Project Rabdan with 1 mn tons in annual capacity located in the Ta’ziz industrial zone, Meed reports. The facility is being developed by a consortium of local and global companies, including Adnoc and ADQ JV Ta’ziz, UAE-based fertilizer and ammonia producer Fertiglobe, Korea’s GS Energy Corporation, Japan’s Mitsui & Co, and Tecnimont. Operations are set to begin in 2027.

Fertiglobe has high hopes for the project: Adnoc ammonia arm Fertiglobe will eventually acquire a stake in the project, which will double the company’s ammonia production capacity, Fertiglobe CEO Ahmed El Hoshy told Meed last year. The company said in January it was exploring a more than USD 1 bn investment in blue ammonia, contingent on commitments from Asian buyers.

#4- The UAE Health Council is planning to introduce regulations for the use of AI in healthcare, state news agency Wam reports following a council meeting. No further details were disclosed.

#5- The Abu Dhabi Real Estate Center (ADREC) launched a platform for real estate listings and transactions, Madhmoun, in a bid to increase transparency in the sector through verified listings and real-time updates, according to Abu Dhabi Media Office. The platform — which looks to unify listings under a verified platform and replace the currently fragmented data landscape — aims to boost property visibility by 70% and reduce transaction time by 40%.

#6- Modon Holding to develop industrial zone in Egypt’s Ras El Hekma: ADQ-owned developer Modon Holding signed a letter of intent with Egypt’s Elsewedy Industrial Development to build and operate a new industrial zone for the USD 35 bn Rask El Hekma project on Egypt’s north coast, Wam reports. Modon was tapped as master developer for the project last October.

The details: The 10 mn sqm industrial zone will be located opposite the main development site and its initial priority will be attracting manufacturers providing materials to be used in the project’s construction. Elsewedy Electric, Rak Ceramics, Hitech Concrete, and 3S Ready Mix Concrete are among those signing offtake MoUs to operate in the zone. Modon and Elsewedy Electric are looking to lock in anchor partners and industrial investors, particularly in Egypt, for the project.

Long range vision: The industrial zone will be used following Ras El Hekma’s completion, and become a long-term, year-round industrial base providing over 20k jobs over the next decade, supporting other developments, and exporting into Libya and Europe.

DATA POINT-

UAE's equality metrics outperform most developed nations: The UAE ranked as the top Arab nation in the UN Trade and Development's Inclusive Growth Index, scoring 91.4 in equality — outperforming developed economies such as the U.S. (median 73.5) and regional peers. The country also achieved an impressive 90.1 in living conditions, according to Khaleej Times, a score comparable to advanced economies.

The UAE is the only developing economy ranked in the global top 30, alongside Singapore. The index evaluates economies based on three pillars: equality, living conditions, and environmental sustainability. The equality component analyzed 10 key indicators, including income distribution, access to education, employment rates, and political representation—particularly for women and youth.

THE BIG STORY ABROAD-

It’s a mixed bag in the foreign press this morning, with the fallout from US President Donald Trump’s tariffs on auto imports getting plenty of attention.

The new 25% tariff, set to take effect on 3 April, will raise prices and impact global supply chains, Semafor reports, with automakers in Asia set to suffer, and those in the US also likely seeing an increase in costs amid efforts to move supply chains to the country. Retaliation from other countries will also become problematic.

The EU is already considering hitting the US where it hurts: The EU bloc is mulling implementing restrictions on US service exports, which would include Big Tech operations, by suspending intellectual property rights and banning some companies from public procurement contracts, the Financial Times reports.

Also getting attention: Earlier on Wednesday, Sudan’s military recaptured the capital, Khartoum, from the Rapid Support Forces (RSF), a move that could mark a turning point in the two-year civil war. Information Minister and government spokesperson Khaled Al Aiser confirmed that the army now has “full control” of the city, though fighting is expected to continue, raising fears of a prolonged conflict and a territorial split into two governments.

MARKET WATCH-

Regional and Asian oil traders could soon find themselves back in competition with European oil traders, as they contemplate re-entering Russia’s markets in the wake of a limited maritime ceasefire between Russia and Ukraine, the Financial Times reports. Europe's leading commodity trading houses — including Gunvor, Vitol, and Trafigura — stopped trading Russian oil after the invasion of Ukraine and subsequent implementation of Western sanctions. Russia instead looked to new intermediaries — mainly in Dubai and Hong Kong — to shift crude to new buyers in the Middle East, Asia, and Africa.

Looking ahead: Russia has “their own ways now and use their own controlled system to bring oil to the markets,” Geneva-based energy trading firm Gunvor chief executive and founder Torbjorn Tornqvist told FT, adding that Russia “will not go back to what they used to do… and leave all the transport and all the marketing in the hands of the traders.” Russia is expected to favor trading oil on a delivery basis, shipping directly to customers, thus maintaining a larger portion of the revenue stream, Tornqvist added.

REMEMBER- Russia and Ukraine agreed to a ceasefire in the Black Sea earlier this week. Ukraine said it would begin observing the maritime truce immediately, while Russia hinged its participation on lifting sanctions on agricultural exports and reconnecting key banks to SWIFT.

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CIRCLE YOUR CALENDAR-

The Mohammed Bin Rashid Space Center is set to host Geo-Spatial Week from 6-11 April in Dubai with the International Society for Photogrammetry and Remote Sensing. The week-long event will welcome experts in photogrammetry, remote sensing, and spatial sciences.

EFG Hermes’ One on One conference will take place from Monday, 7 April until Thursday, 10 April in Dubai. The conference is the largest gathering of its kind devoted to emerging and frontier equities and connects international institutional investors with senior execs in industries ranging from food and fintech, to banking and petrochemicals.

The AIM Congress 2025 is set to take place from Monday, 7 April until Wednesday 9 April at the Abu Dhabi National Exhibition Center. The event will bring together senior executives, government officials, and global investors to foster investment collaboration to drive global economic development. Attendees can expect forums, panel discussions, workshops, and a startup competition, Wam reports.

Middle East Energy will take place from Monday, 7 April to Wednesday, 9 April at the Dubai World Trade Center. The exhibition and conference brings together industry leaders, and energy professionals to discuss the energy transition, sustainability practices, innovations in power generation, renewable energy, and energy efficiency.

The World Local Production Forum is running from Monday, 7 April to Wednesday, 9 April at the Abu Dhabi National Exhibition Center. The World Health Organization-backed event will bring together global leaders to discuss localized, sustainable, and diversified medicine production, and strategies to enhance access to quality assured health products.

The Fujairah Bunkering and Fuel Oil Forum (FUJCON 2025) will take place from Monday, 7 April until Wednesday, 9 April at DoubleTree by Hilton Fujairah. Organized by S&P Global Commodity Insights, in collaboration with the Fujairah government, the Port of Fujairah, and the Fujairah Oil Industry Zone, the event will bring together energy leaders to discuss geopolitical and decarbonization impacts on shipping and bunkering, fuel quality, market trends, and technological advancements.

AWS GenAI Loft Dubai 2025 will take place from Monday, 7 April to Friday, 11 April at Dubai International Financial Centre’s (DIFC) Innovation One building. The five-day event will see industry startups, business leaders, investors, developers, and AI enthusiasts attend workshops and lectures on generative AI technologies and their practical applications across industries.

The World Crisis and Emergency Management Summit will take place in Abu Dhabi on Tuesday, 8 April and Wednesday, 9 April, state news agency Wam reports. Under the theme Together Towards Building Global Resilience, the event will bring together global leaders to discuss improving international cooperation in crisis management, emergency planning, and risk prediction. The event will also feature two exhibitions — Crisis Management Technologies and Generation Readiness — to showcase new sector-specific technological tools.

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

Adia, Mubadala boost investments in private credit abroad

Abu Dhabi sovereign wealth funds Mubadala and the Abu Dhabi Investment Authority are ramping up investments in the private credit sector as it continues to gain traction amid a persistent environment of heightened interest rates and increased scrutiny on banks.

#1- Adia anchors AlbaCore’s USD 1.8 bn European lending strategy: An Abu Dhabi Investment Authority (Adia) subsidiary is anchoring AlbaCore Capital Group’s newly launched senior direct lending strategy, alongside Mitsubishi UFJ Trust and Banking Corporation (Trust Bank), according to a press release. The European alternative credit firm said it secured USD 1.8 bn in commitments at first close, without disclosing the breakdown of investments it received from the two anchor investors.

The details: The strategy focuses on providing senior private loans to upper-mid and large-cap European corporates, prioritizing downside protection and risk-adjusted returns.

#2- Mubadala invests in US real estate lender: Abu Dhabi sovereign wealth fund Mubadala, alongside the California State Teachers’ Retirement System (CalSTRS), will invest USD 215 mn in US alternative commercial real estate lender 3650 Capital, according to a statement. Both Mubadala and CalSTRS invested previously in the lender, but it was not clear how much each party reinvested in the latest capital injection.

What’s next? The fresh funds will be deployed across 3650’s three investment strategies, which offer long-term and fixed-rate financing, short-term and value-add financing, and single asset-single borrower and transitional loans. Alternative capital providers are able to offer more options “to commercial real estate projects while banks remain retrenched,” 3650’s cofounder Toby Cobb said.

Adia and Mubadala are both active investors in private credit: Adia invested USD 200 mn in Australia’s Qualitas Diversified Credit Investments last June, USD 831 mn in UK-based Cheyne Capital, and USD 1 bn in Barclays and AGL Credit Management’s joint fund. It also served as an anchor investor for Pemberton’s USD 1 bn financing strategy and a South Korean credit fund. Mubadala, on the other hand, has identified private credit as its top asset class for three consecutive years, with private credit investments and partnerships across the US, Europe, and Asia, including a mult-bn USD partnership with Apollo, a USD 1 bn partnership with Goldman Sachs, and a USD 2.5 bn JV with Alpha Dhabi.

The bigger picture: According to BlackRock’s 2025 outlook, private markets are playing an increasingly critical role in financing the global economy. While public markets will help address rising infrastructure demands, private capital is expected to dominate early-stage AI development and fill lending gaps as banks pull back, with private credit in particular set to gain market share.

Masdar expands further in Spain with acquisition of Valencia solar project

Masdar finalizes solar plant agreement in Spain: Masdar’s Iberian platform Saeta Yield is buying a 234 MW Valle Solar PV plant and a potential 259 MW of battery energy storage systems located in the Valencia region from, one of the largest in the region, according to a press release. The investment ticket was not disclosed.

About the plant: The solar plant — which was marketed by a joint venture between Genia Solar Energy and Solar Ventures — will be located in the municipalities of Ayora, Jarafuel and Zarra. Operations are set for the first half of 2027.

ADVISORS- Watson Farley & Williams, G-advisory, EY, and Finergreen advised Solar Ventures and Genia Solar in the transaction, while Broseta, Solida, and Pérez-Llorca were Saeta’s advisers.

REMEMBER- Masdar finalized its EUR 1.2 bn acquisition of Spanish renewables firm Saeta from Brookfield Renewable in December, adding 1.6 GW of a renewables pipeline to its portfolio.

Masdar ? Spain: Masdar acquired a 50% stake in Spanish power firm Endesa’s solar power installations subsidiary EPGE Solar for AED 3.3 bn (c. EUR 818 mn) last December. It also acquired a strategic minority stake of 49.99% in four solar assets owned by Endesa for EUR 184 mn last week, and had earlier signed an agreement to potentially develop an additional 3 GW of solar capacity. Masdar’s portfolio also includes a 1.2 GW solar plant in the Castilla La Mancha region of Spain.

Further expansion in Europe: Masdar has also been bullish on the wider green energy sector in Europe as part of its plan to reach its 100 GW target for global capacity by 2030, including with acquisitions of a 70% stake in Greece’s Terna Energy. It also reached financial close to secure its 49% acquisition of the 476 MW Baltic Eagle wind farm off the coast of Germany earlier in March and finalized the acquisition of a 49% stake in the UK’s 3 GW Dogger Bank South wind farm from German energy giant RWE.

AD Ports to set up new petroleum storage facility at Khalifa Port

AD Ports amps up Khalifa Port’s energy storage capacity: AD Ports Groups has inked a 50-year agreement with local oil supply and distribution provider Oylz Terminals to build a 600k cubic meter petroleum storage facility in Khalifa Port, according to a statement. The investment ticket and timeline for the project were not disclosed.

What we know so far: The facility will be developed over two phases, with the first phase slated to launch its operations in mid-2027. The site aims to solidify Khalifa Port’s position as a key energy trading hub in the region by bolstering the port’s storage capacity.

Khalifa port’s been getting a lot of attention: AD Ports inked a 50-year land lease agreement with flour producer Al Ain Mills to establish a grain storage and processing facility at Khalifa Port’s South Quay last month. The firm also opened a new container terminal at the port as part of a JV with CMA Terminals, a subsidiary of French logistics giant CMA CGM Group back in December. The facility is set to expand the port’s total container capacity by 23% to reach nearly 10 mn twenty-foot equivalent units.

About Oylz Terminals: Sharjah-based Oylz Terminals offers oil terminal services, including storage, distribution and logistics for petroleum and its derivatives, according to its website. Oylz operates bulk petroleum storage facilities in Sharjah’s Hamriyah Freezone, with a total capacity set at over 59.4k cbm.

Gulf Cement’s board gives the thumbs up to TC Mena Holding’s takeover offer

Gulf Cement board greenlights TC Mena Holding takeoveR: ADX-listed Gulf Cement’s board recommended the bid made by majority shareholder TC Mena Holding to acquire the remaining 62.4% of the company or a minimum of 50% plus one share to shareholders, it said in a disclosure to the ADX (pdf).

REMEMBER- TC Mena Holding had submitted the bid earlier this month, offering to buy the additional stake for AED 143.5 mn at AED 0.56 apiece. TC currently owns 37.6% of GCC.

Market reax: Gulf Cement’s shares were up 6.06% to AED 0.7 yesterday, according to market data. The company’s share price has been on a downward trend since 2005.

Buying the dip: The potential transaction checks all the boxes to qualify for what’s called a “distressed asset acquisition,” with the buyer taking advantage of the company’s weak financial position and cheap share price with the goal of turning it around to become profitable and create higher value for shareholders. TC is “pursuing this acquisition to enhance GCC’s operational efficiency, reinforce its market position, and drive long-term value creation for all stakeholders,” it said in the offer document.

What’s next: The general assembly is scheduled to convene on Thursday 17 April — pushed back from 11 April — to mull the offer, which is also pending regulatory approvals from the Securities and Commodities Authority (SCA) and the ADX. Should the transaction go through, Gulf Cement would continue to operate independently and retain its trade name post-acquisition, with no major changes in the cards.

ADVISORS- Emirates NBD is quarterbacking the transaction as financial advisor, lead manager and receiving agent with Ibrahim N Partners providing legal counsel.

EHC Investment’s energy arm EIG acquires Al Fanar Gas Group

Abu Dhabi-based Enterprise Holding Company Investment’s (EHC) energy arm Emirates International Gas(EIG) acquired 100% of gas services provider Al Fanar Gas Group as part of a push to expand EHC’s portfolio, according to a press release. There’s no publicly available information about whether this is a cash-based transaction or a share swap.

The rationale: The acquisition is expected to deliver operational synergies and expand service capabilities for EIG.

What Al Fanar is bringing to the table: Al Fanar has nearly 100k clients, with branches and operations across all seven emirates, delivering 5k gas infrastructure projects for landmark developments including Al Reem Island, Yas Island, Saadiyat Island, Etihad Towers in Abu Dhabi, and Bluewaters Island in Dubai.

Abu Dhabi industrial rents jump 25% as demand outpaces supply -Savills

Abu Dhabi’s industrial property market saw sharp rental increases in 2024, with supply still trailing demand from e-commerce, logistics, and third-party logistics operators, according to the Savills Abu Dhabi Residential Market report (pdf). Growth in the non-oil economy — which rose 5.9% in 9M 2024 — is translating into more demand for warehousing and logistics space, Savills noted, particularly from large-format occupiers needing fulfilment and last-mile delivery facilities.

Rents were on the rise: Key industrial hubs — including Mussafah, ICAD, and Kezad — saw average rents climb 25% y-o-y, with Kezad posting the highest surge at 38%. All three have now crossed the AED 500 per sqm mark.

REMEMBER- Abu Dhabi aims to double the size of its industrial sector to AED 172 bn by 2031, with infrastructure investments like Etihad Rail and CMA Terminals at Khalifa Port being key to that plan.

Developers are responding with new projects: In Al Falah, near Zayed International Airport, two major projects were announced in 2H 2024 — an AED 5 bn industrial and logistics park from Mubadala and Aldar and a 90k sqm facility from Abu Dhabi Airports Freezone and Radius, due by late 2026.

Outlook: While more warehouse space is coming in 2025, demand is expected to keep rents elevated, especially for high-spec single-tenanted assets, Savills said.

THE OFFICE MARKET-

Office rents are also climbing: Demand from banks, consultancies, and tech firms is driving rental growth across Abu Dhabi. Prime towers like Capital Gate Tower saw an increase of up to 14% y-o-y in 4Q 2024, followed by Addax Tower at 13% and ADGM at 12%. Grade A rents in the CBD and Outer CBD submarkets rose 8%.

ICYMI- Abu Dhabi’s office market hit record occupancy in 2024, with city-wide rates at 89% and Grade A at 95%, according to a Cushman & Wakefield report. Prime business hubs like ADGM were at full capacity. The report pegged demand as the driver behind an 11% y-o-y rise in office rents, with gains recorded across all office grades.

New supply won’t outpace demand: Developers plan to deliver over 100k sqm of new office space in 2025, including Masdar City Square and Yas Place. Still, high occupancy is likely to keep upward pressure on rents, Savills said. Cushman & Wakefield echoed this outlook, saying supply constraints will continue, with most upcoming stock already pre-leased — pushing some firms toward secondary market options until at least 2026/2027.

Increased enrollment boosts Taaleem’s bottom line + Abu Dhabi National Takaful sees net income decline in 2024

TAALEEM-

Education provider Taaleem’s bottom line increased 15.4% y-o-y to reach AED 160.2 mn in 1H 2024-2025, according to its earnings release (pdf) for the period. The firm also recorded an uptick of 18.2% y-o-y in revenues to come in at AED 648.8 mn. Stronger enrollment figures boosted its operating revenues, and offset higher expenses. The company’s schools’ capacity also increased by 28% through acquisitions during the period, helping bolster its topline.

REMEMBER- The education firm acquired Dubai-based LLFP Meydan, as well as land and property assets in Emirates Hills from Amity Education Services to develop a new campus for its Dubai British School - Emirates Hills in October. It reported an increase of 46.3% y-o-y to its bottomline to AED 68.2 mn in 1Q 2024-25.

TAKAFUL-

Abu Dhabi shariah-compliant ins. provider Abu Dhabi National Takaful saw its net income decline by 19.4% y-o-y to AED 83.1 mn in 2024, according to its financials (pdf). The company’s revenues rose by 12.6% y-o-y to AED 756.9 mn last year. This came as gross written contributions rose to AED 793 mn during the year, up from AED 735 mn in 2023.

More firms set up shop in DIFC + Jafza earmarks AED 90 mn to expand logistics park

FINANCE-

Cambridge Associates sets up shop in DIFC: Global investment firm Cambridge Associates has secured regulatory approval to open an office in Dubai, Bloomberg reports. The firm is joining over 400 wealth and asset managers in the Dubai International Financial Center (DIFC), the business news outlet said.

The details: The firm, which has USD 616 bn in assets under management, received a license to operate from the Dubai Financial Services Authority (DFSA) on Wednesday and will serve institutional clients like endowments, family offices, and foundations across asset classes. This marks the investment firm’s 13th global office and its first regionally.

AVIATION-

AbuDhabi Aviation (ADA) will fund the deployment of Archer Aviation’s Midnight electric vertical take-off and landing (eVTOL) aircraft in Abu Dhabi, the company said in a press release (pdf). ADA previously signed on to be Archer’s first Launch Edition customer, with plans to deploy air taxis.

The partnership: Following the signing of an MoU, ADA and Archer will establish a framework for deploying the eVTOLs on a commercial scale, ensuring it generates returns and expands its operational expertise. Archer will provide pilot training, technical and engineering support for the launch, and operational software infrastructure.

ICYMI- Archer announced plans earlier this month to conduct test flights for its Midnight aircraft in the UAE this summer to assess performance in high temperatures. Limited passenger survey flights will take place after, ahead of launching full commercial operations in Abu Dhabi.

CRYPTO-

Austria’s Bitpanda has obtained a broker-dealer license from Dubai’s Virtual Assets Regulatory Authority (VARA), paving the way for the offering of its full suite of over 500 digital assets to UAE investors, according to a press release. Bitpanda will operate under VARA’s framework, which combines investor protections with clear digital asset rules.

The details: Bitpanda’s UAE offering will include cryptocurrencies, tokenized stocks, and other digital assets — claiming the region’s widest compliant selection. The company emphasized compliance and user security as differentiators in its rollout plans, and the move is “just the beginning of [its] expansion beyond Europe,” Deputy CEO Lukas Enzersdorfer-Konrad said.

IN CONTEXT- Bitpanda launched its MENA regional office in Dubai last month, with the firm’s regional headquarters located at the DMCC Crypto Center.

LOGISTICS-

Jafza earmarks AED 90 mn for its expansion plan: Jebel Ali Freezone (Jafza) has invested AED 90 mn into the second phase of its logistics park, adding some 360k sq ft of Grade-A facilities to the plot and bringing the total area of the park to 922k sq ft, according to a statement. The second phase of the park will include loading docks, temperature-controlled warehouses, offices, customizable units, and ramped up power capacity to support the surge in sites.

REMEMBER- Jafza’s rents increased 28% y-o-y in 2024, driven by strong demand from manufacturing, e-commerce, and third-party logistics, followed by Dubai South and DIP. Jafza’s phase one’s units all snapped up before the site was even completed in late 2023. The zone is home to over 10k global firms.

EDUCATION-

The UAE has established the Zayed Education Foundation to provide 100k young talents with access to education and research by 2035, state news agency Wam reports. Its flagship program, Zayed Scholars, will offer merit-based scholarships and leadership training. The foundation will also invest in research and innovation through grants and funding, and plans to expand its initiatives beyond the emirates into the Global South through institutional and governmental partnerships.

INVESTMENT-

Abu Dhabi-based ADMO Lifestyle Holding (ADMO) is upping its investment in luxury hospitality brand Nammos, according to a press release. The statement did not specify an investment figure from Alpha Dhabi and Monterock International’s JV, though it noted that Nammos is currently on an expansion drive, expanding into the UK this year and looking to open a resort in the Maldives next year. ADMO acquired Nammos in 2022, according to a press release.

UAE assets, including sukuk, are becoming an investor favorite amid global headwinds

The UAE is leading the global sukuk rally, surpassing the US as a top performer as its real estate developers see their issuances oversubscribed and trade at record levels on the back of an ongoing real estate boom, Bloomberg reports. UAE sukuks delivered an average return of 2.5% since Trump’s inauguration, making it the best performer during the period, followed by Saudi Arabia and Kuwait, according to Bloomberg data.

It’s been a good year for the sukuk market: The global sukuk index has been rising for three consecutive months, marking its second-strongest start to a year.

IN CONTEXT- Global investors are bullish on the UAE as Trump’s tariffs roil global markets and threaten economic slowdowns. Global investment management firm Ninety One said it is increasing its exposure to UAE stocks due to the lack of the UAE’s exposure to Trump's tariffs, with the EM team ramping up holdings of property giant Emaar and First Abu Dhabi Bank, as well as the recently listed Talabat.

Emaar’s robust financials, record sales, and strong liquidity have driven a rise in the value of its sukuk, Arqaam Capital’s fixed-income manager Fady Gendy told Bloomberg. The developer’s 2029 sukuk is trading at its highest level since November 2024.

Aldar’s sukuk performance has also been bolstered by its growing international customer base, with 78% of its sales now coming from expatriates and foreign buyers, up from less than 20% before the UAE’s Golden Visa program. Its latest 10-year USD 500 mn green sukuk was 7.2x oversubscribed, reflecting strong investor demand. The company has sold about USD 1 bn in green sukuk over the past two years.

MARKETS THIS MORNING-

Asian markets are mixed as investors continue to process the impacts of the US’ 25% tariff on auto imports. Japan’s Nikkei is leading losses, falling 2%, while the Topix also dipped 2.2%. South Korea’s Kospi is also down 1.35%. Hong Kong’s Hang Seng, however, is up 0.5%, and mainland China’s CSI 300 is trading flat. Over on Wall Street, futures point to another low open on the back of another losing session.

ADX	9,390	+0.2% (YTD: -0.3%)
DFM	5,120	+1.0% (YTD: -0.8%)
Nasdaq Dubai UAE20	4,239	+0.4% (YTD: +1.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.2% 1 yr
TASI	12,025	+0.5% (YTD: -0.2%)
EGX30	32,026	+0.9% (YTD: +7.7%)
S&P 500	5,693	-0.3% (YTD: -3.2%)
FTSE 100	8,666	-0.3% (YTD: +6.0%)
Euro Stoxx 50	5,381	-0.6% (YTD: +10.0%)
Brent crude	USD 73.96	-0.1x%
Natural gas (Nymex)	USD 3.95	+2.3%
Gold	USD 3,115	+0.8%
BTC	USD 87,847	+1% (YTD: -7%)

THE CLOSING BELL-

The ADX rose 0.2 % yesterday on turnover of AED 1.1 bn. The index is down 0.3% YTD.

In the green: Emirates Ins. (+6.7%), Gulf Cement (+6.1%), and Agility Global (+5.0%).

In the red: National Bank of Ras Al Khaimah (-8.4%), Waha Capital (-5.1%) and Abu Dhabi National Company for Building Materials (-2.4%).

Over on the DFM, the index rose 1.0% on turnover of AED 431 mn. Nasdaq Dubai was up 0.4%, and up 1.8% YTD.

CORPORATE ACTIONS-

Alef Education’s general assembly approved distributing AED 199.2 mn dividends for 2H 2024, according to a disclosure (pdf) to the ADX. This brings the total distribution for the year to AED 402.8 mn, or 575.4% of the firm’s paid-up capital. Some AED 135 mn of the total will go to its freefloat market shareholders, with the remaining AED 267.7 mn going to Tech Nova Investment and Kryptonite Investments.

My Morning Routine: Khaled Talhouni, co-founder and managing partner at Nuwa Capital

Khaled Talhouni, co-founder and managing partner at Nuwa Capital: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Khaled Talhouni (LinkedIn), co-founder and managing partner at Nuwa Capital. Edited excerpts from our conversation:

My name is Khaled Talhouni. I’ve been in the VC space for about 18 years, and have done about 200 investments. I’m the co-founder and managing partner of Nuwa Capital. We’re an early-stage venture capital firm looking at investing in early-stage tech companies across the Middle East and North Africa, particularly focused on the GCC, so UAE and Saudi.

The key challenge we wanted to address was the lack of truly focused early-stage firms in the region. We thought there was still a lot of room for that — firms that really concentrate on early-stage opportunities and founders, especially in this part of the world. We wanted to be supremely founder-friendly and very helpful to our founders when we invested, and equally very transparent with our own investors, creating true partnerships with them.

There are definitely some founder traits we look for. Founders who’ve had some startup experience, that’s always a big plus. It gives us more confidence they know what they’re in for. But beyond that, they need a reasonable sense of self-confidence. That said, they also have to be receptive to feedback, especially from the market. One of the best predictors of success, in our view, is the founder’s ability to evolve and pivot their business over time. You need to have that balance between confidence in your vision and the ability to adapt. Having a strong positive feedback loop is critical.

At Nuwa, I basically oversee the firm as a whole. I help manage the team, direct relationships with our investors, and push forward our investment thesis. I also get involved in sourcing and executing investments, and I do direct investments myself as well. I sit on a number of boards across our portfolio. So it’s very much a 360-degree role — strategic and operational, but still very hands-on.

I try to clear my inbox on a daily basis, which is super important for me to stay organized. I don’t always succeed, but that’s a key habit for me. I also use WhatsApp a lot for communication, and I try to zero that out every day too. Again, not always successful, but I try. Structuring the firm’s operations around recurring weekly meetings like pipeline and portfolio management also helps us stay aligned and on top of things.

I used to be a morning gym person. I’d wake up around 6:45, have two, sometimes three, shots of espresso as a pre-workout, and then park near the office and walk to the gym, which is about 1.5 km away. I’d do strength training, then walk back another 1.5 km. So by mid-morning, I’d already walked around 7-10k steps. Then, I’d get to the office, check my inbox and email, and start the day. More recently, I’ve flipped my routine. So now I go to the gym in the evenings instead. That’s become my way of unwinding after a long day. I also still walk a lot during that time.

During those walks, I’m always listening to something, either an audiobook or a podcast. I consume a lot of content, and it’s usually a mix of three areas I’m interested in: venture and tech, history, and fiction. That habit of always listening to something valuable or enriching is part of my daily rhythm. It’s another way to unwind.

One podcast I’ve really gotten into in the past six months is Acquired. I’ve been listening to it religiously. It’s a business podcast that dives deep into the history of companies — like Facebook, for example. They go into a lot of depth, and the research is excellent. Each episode can be three to five hours long, and sometimes they break it into multiple episodes on a single company. You learn a lot from the journeys of these iconic businesses.

One of the biggest trends we’re seeing, which I think is going to have a huge impact, is artificial intelligence. AI basically allows you to create a ton of efficiency. We expect that the pace at which companies are formed and scaled will increase significantly. At the same time, the cost of scaling a business will come down, just because the ability to scale becomes so much more cost-effective with AI tools.

We’re going to see many more startups getting founded in the region. There’s more validation now, more success stories people can point to. In the early days, we had companies like Careem and Souq. But now we’re seeing exits like Jahez, and more like Tabby and Tamara gearing up for IPOs. Every success like this increases the odds that others will enter the market. Would-be founders look at these role models and think, “I want to do that too.”

Next, for Nuwa, we want to keep investing — growing the firm, growing the fund, and helping our companies grow. It’s an ongoing journey that’s never-ending and continuous, and that’s something I’m very focused on, both personally and professionally.

The best professional advice I ever received was around mindset. For a lot of people, our default setting is to be cynical, whether it’s a new relationship, a new idea, an investment, or even a concept. The advice I got was to try and reset that default to being open. That doesn’t mean you should be naive, but it means being very receptive to whatever comes through first, then filtering or reducing from there. So: avoid cynicism upfront.

CALENDAR

MARCH

7 February-29 April (Friday-Tuesday): The Abu Dhabi Festival, Abu Dhabi.

24-28 March (Monday-Friday): Subscription period for Methaq Takaful’s rights issue on the ADX.

29 March (Saturday): New traffic regulations and minimum driving age to take effect.

30 March-1 April (Sunday-Tuesday): Eid Al Fitr, national holiday.

Signposted to happen sometime in 1Q 2025:

The first eight fronds of the Palm Jebel Ali will be site-ready, allowing for the commencement of villa infrastructure and civil works.

APRIL

1 April (Tuesday): New ADGM employment regulations come into effect.

1 April (Tuesday): New personal status law comes into effect.

1 April (Tuesday): Cabinet to roll out new tightened merger control rules.

6-11 April (Sunday-Friday): Geo-Spatial Week, Dubai.

7-8 April (Monday-Tuesday): The International Booksellers Conference, Expo Center Sharjah.

7-10 April (Monday-Thursday) : EFG Hermes One on One conference, Dubai.

7-9 April (Monday-Wednesday): AIM Investment Summit, Abu Dhabi National Exhibition Center.

7-9 April (Monday-Wednesday): Middle East Energy, Dubai World Trade Center.

7-9 April (Monday-Wednesday): World Local Production Forum, Abu Dhabi National Exhibition Center.

7-9 April (Monday-Wednesday): The Fujairah International Bunkering and Fuel Oil Forum, DoubleTree by Hilton Fujairah.

7-11 April (Monday-Friday): AWS GenAI Loft Dubai 2025, Dubai International Financial Centre (DIFC) Innovation One.

8 April (Tuesday): Allocations and refunds for Methaq Takaful’s rights issue on the ADX.

8-9 April (Tuesday-Wednesday): World Crisis and Emergency Management Summit, Abu Dhabi.

11-13 April (Friday-Sunday): I-Film Festival, Yas Creative Hub, Abu Dhabi.

12-13 April (Saturday-Sunday): Global Justice, Love & Peace Summit, Dubai Exhibition Centre, Expo City Dubai.

14-16 April (Monday-Wednesday): Dubai Woodshow, Dubai World Trade Center

14-16 April (Monday-Wednesday): IPS congress, Dubai World Trade Center.

14-26 April (Monday-Saturday): Solana Economic Zone, Dubai.

15-17 April (Tuesday-Thursday): The Abu Dhabi Global Health Week, Adnec center, Abu Dhabi.

15 April (Tuesday): The Global Islamic FinTech Forum, Dusit Thani Hotel, Dubai.

16-17 April (Wednesday-Thursday): The FastBull Finance Summit, Coca Cola Arena, Dubai.

16-18 April (Wednesday-Friday): World Future Energy Summit,Abu Dhabi National Exhibition, Abu Dhabi.

21-25 April (Monday-Friday): The Dubai AI Week, Museum of the Future and Area 2071, Emirates Towers, Dubai.

22-24 April (Tuesday-Thursday): DOMOTEX Middle East, Dubai World Trade Center, Dubai.

22-24 April (Tuesday-Thursday): The International Conference on Education Quality,General Directorate of Identity and Foreigners Affairs Office, Dubai.

23-24 April (Wednesday-Thursday): Dubai AI Festival, Dubai International Financial Center.

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

28 April-1 May (Monday-Thursday): The Arabian Travel Market, Dubai World Trade Center

28 April-2 May (Monday-Friday): The Annual Conference of the International Federation of Air Traffic Controllers’ Associations (IFATCA)

29 April (Monday): Deadline to send comments and feedback on the FSRA proposal.

Signposted to happen sometime in April:

Abu Dhabi Autonomous Racing League, Yas Marina Circuit in Abu Dhabi

MAY

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): US Federal Reserve’s Federal Open Market Committee meeting.

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

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.

13-15 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.

16-18 May (Friday-Sunday): GISEC, Dubai World Trade Center.

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.

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

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.

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.

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.

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

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.

8-10 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 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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