Adia wants a slice of Swedish ERP provider IFS

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Tabreed eyes Multiply’s district cooling arm + Goodbye, Bento

Good morning, lovely people. We’re nearly at the end of the final workweek of Ramadan, and only one sleep away from the much anticipated long Eid weekend.

Things have quieted down slightly on the news front, though we still have a heavy dose of M&A updates for you, including Abu Dhabi Investment Authority’s plans to buy into software provider IFS, Tabreed eyeing Multiply’s district cooling arm, and two local startups getting snapped up by bigger firms.

We also have an update from Cooper Fitch on the rising competition for regional talent — and what Gulf countries are doing to retain top leaders.

So, when do we eat? Maghrib is at 6:36pm today in Dubai and 6:40pm in Abu Dhabi. You’ll have until fajr prayers at 4:57am in Dubai and 5:01am in Abu Dhabi tomorrow to finish your suhoor.

☀️WEATHER- We’re in for a sunny and slightly warmer day, according to our favorite weather app and the National Center of Meteorology’s forecast (pdf). Dubai will see the mercury hit 30°C, with an overnight low of 20°C, while temperatures will hit 24°C in Abu Dhabi, with an overnight low of 21°C.

SPORTS-

UAE parts ways with national team coach Paulo Bento: The UAE Football Association has dismissed national team coach Paulo Bento and his coaching staff, it announced in a post on X. The decision came just hours after the squad’s 2-1 extra time win over North Korea kept their hopes alive for direct 2026 World Cup qualification. The victory narrowed the gap with second-placed Uzbekistan ahead of their key qualifier on 5 June. Bento, who took the job in July 2023, led the team to 14 victories, six draws, and six losses.

What’s next? The UAE is still in the running for automatic qualification from Group A, with Iran already securing a qualifying spot, and is guaranteed a place in the fourth round of qualifiers if they fall short in their final two matches.

WATCH THIS SPACE-

#1- State-owned district cooling firm Tabreed is said to be eyeing Multiply Group’s district cooling unit Pal Cooling Holding, Reuters reports, citing two people it says are familiar with the matter. Bloomberg reported earlier this month that ADX-listed investment firm Multiply Group is mulling the sale of Pal in a transaction that could value the unit at USD 1 bn. There’s no publicly available information about how much Tabreed is looking to acquire in Pal.

REMEMBER- The potential sale is still in early stages but has reportedly already drummed up interest from both regional and international investors, a source previously said.

ADVISORS- Tabreed reportedly tapped Citi for the potential acquisition, while Standard Chartered is said to be the sell-side advisor.

MEANWHILE- Tabreed’s shareholders authorized the board to issue non convertible bonds or sukuk worth up to USD 2 bn in the next 12 months as it looks to refinance debt, including USD 1.2 in loans set to mature during this year, according to a statement to the bourse (pdf).

Market reax: Multiply’s share price remained flat at AED 1.60 at yesterday’s close.

#2- Emaar’s chairman Jamal bin Thania reportedly confirmed that the developer is in talks for the sale of its Indian arm to Adani Group, on the sidelines of its general assembly, Al Khaleej reports. Bloomberg broke the news last week, saying that the transaction could see an unlisted Adani unit invest USD 400 mn in equity in Emaar India at an Enterprise value of USD 1.4 bn.

ALSO FROM EMAAR- The developer will distribute 100% of its share capital — amounting to AED 8.8 bn — as dividends for 2024, following shareholder approval at the annual general meeting, according to an ADX disclosure (pdf).

#3- The National Bank of Ras Al Khaimah (Rakbank) greenlit the establishment of a USD 1 bn sukuk program, which will be issued through the bank’s Islamic window, subject to the development of a sufficient Islamic finance business, according to an ADX disclosure (pdf). The instruments will be non-convertible and may be listed or unlisted. Shareholders also approved standalone a shariah-compliant debt issuance of up to USD 1 bn.

Additional approved capital market initiatives include: up to USD 1 bn in securitization transactions backed by cash-generating assets such as mortgages, loans, and credit card receivables, as well as the issuance of regulatory capital instruments, including USD 500 mn in Additional Tier 1 securities and USD 300 mn in Tier 2 securities, subject to UAE Central Bank approval.

#4- The UAE will be one of two Arab countries to achieve a budget surplus this year, Emirates NBD says: Emirates NBD sees the UAE achieving a budget surplus of 2.7% of GDP in 2025, the bank said in its economic forecasts on its website. The figure would represent a decline from the bank’s estimate of a surplus of 3.4% of GDP in 2024.

This would make the UAE just one of two Arab countries — along with Qatar (3.1%) — seen recording a budget surplus during the year. Meanwhile, the GCC is expected to see an average budget deficit of 2.51% relative to GDP, according to the bank’s figures.

How this compares to other estimates: Emirates NBD’s forecast for 2025 is significantly lower than that of Oxford Economics, which predicted a budget surplus of 4.1% this year, while Capital Intelligence expected the budget surplus to come in at 3.8% in 2025.

REMEMBER-The government plans to spend more this year: Federal National Council approved the UAE's largest national budget to date back in November, totaling AED 71.5 bn for both revenues and expenditures for 2025, with spending expected to rise 12% y-o-y.

#5- Dubai’s Consumer Protection Department will roll out a WhatsApp-based complaint system in 2Q 2025, enabling residents to file complaints against retailers directly, Khaleej Times reports. Managed by the Dubai Corporation for Consumer Protection and Fair Trade (DCCPFT), the AI-powered service will streamline submissions and generate resolution letters. The system is currently in testing ahead of its 2Q launch.

How it works: Consumers must submit invoices or contracts via WhatsApp and answer purchase-related questions. The AI tool then issues a resolution letter on DCCPFT’s letterhead, which retailers must honor or face penalties. Complaints without valid documentation will not be processed.

DATA POINT-

UAE hotels welcomed 30.8 mn guests in 2024, up 10% y-o-y from 28 mn in 2023, according to data (pdf) from the Economy Ministry. The number of overnight stays rose to 104.4 mn, up from 97 mn in 2023, according to separate data (pdf), while average occupancy climbed to 77.9% from 75% (pdf) in 2023.

The number of hotel establishments rose to 1.3k, up from 1.2k the year before (pdf), with 217k rooms available — 6.3k more than in 2023 (pdf).

PSA-

RTA completes Hatta Souq roadworks: Dubai’s Roads and Transport Authority completed improvements for the road leading up to the Hatta Souq roundabout, it said in a press release. A new 1km stretch of road now runs parallel to the main Duba-Hatta road, facilitating traffic flow, and roadside lighting was installed to improve safety.

THE BIG STORY ABROAD-

The latest on Trump’s tariffs is dominating headlines this morning: US President Donald Trump said yesterday that a 25% tariff on all imported cars and light trucks will come into effect 3 April, he said during a presser at the White House, framing the move as a step to revive the domestic auto industry and raise revenues to support his tax cut agenda.

The reaction: European Commission President Ursula von der Leyen called the move “bad for businesses, worse for consumers” and Canadian Prime Minister Mark Carney slammed it as “a direct attack” on Canadian workers. Meanwhile, the United Auto Workers union backed the measure as a win for blue-collar jobs. (Reuters | New York Times | AP | Axios | CNBC | Bloomberg)

AND- Gaza sees rare protests calling for Hamas to step down: Thousands of Palestinians took to the streets across Gaza yesterday in a rare wave of anti-Hamas protests, demanding the group relinquish control of the territory to help end the war with Israel. The demonstrations began Tuesday in Beit Lahiya and spread to Gaza City and central Gaza yesterday. (Bloomberg | Reuters | AP | Washington Post | BBC | New York Times)

***

You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.

EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq. Tap or click here to get your own copy of EnterpriseAM UAE.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA climate and logistics industries?

***

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.

TheAIM 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.

AWSGenAI 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.

TheInternational Conference on Education Quality will run from Tuesday, 22 April until Thursday, 24 April at the General Directorate of Identity and Foreigners Affairs Office (GDRFA) in Dubai, Wam reports. The conference — part of AI Week — will highlight how AI is transforming public services and smart education, featuring high-profile panels, workshops, and research presentations from global tech players including Microsoft, Dell, and Google. The program will offer the chance to network with over 150 experts in academia, government, and the private sector.

Ras Al Khaimah will play host to the International Real Estate Investment Summit (IREIS 2025), taking place on Tuesday, 20 May and Wednesday, 21 May at Al Hamra International Exhibition and Conference Center. The conference will feature keynote addresses, panel discussions, and networking sessions on market trends, capital flows, and the impact of major real estate projects in Ras Al Khaimah and the wider region. It will also showcase investment windows in the emirate.

TheGovernance of Emerging Technologies Summit (GETS 2025) will take place from Monday, 5 May to Tuesday, 6 May at the St. Regis Saadiyat Island Resort in Abu Dhabi. The summit will bring together over 500 global attendees from the government, tech, industry, and academia sectors. The event will focus on responsible governance of emerging technologies such as artificial intelligence (AI) and quantum computing, with an emphasis on sectors including finance, healthcare, education, and the creative industries.

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

Adia eyes Swedish ERP provider IFS alongside Temasek and Canada Pension Plan

The Abu Dhabi Investment Authority (ADIA) is reportedly looking to buy into Swedish AI-focused software developer IFS alongside other investors, Sky News reports, citing city sources. The group, which also includes Singapore’s Temasek Holding and Canada Pension Plan, is said to be in advanced talks to acquire shares in IFS through a secondary share sale valuing the firm at EUR 15 bn. Arma Partners is said to be advising on the transaction.

Who’s folding? Two of the company’s three PE owners, Sweden’s EQT Partners and TA Associates, are set to trim their stakes, while HG Capital plans to boost its holding, the report reads.

Who’s IFS? The company offers ERP systems to customers in sectors such as energy and aviation, and describes itself as “the world's leading provider of Industrial AI and enterprise software for hardcore businesses that service, power and protect our planet.” IFS reported c. EUR 1 bn in annual recurring revenue last year, the report reads.

ADIA is stepping up its exposure to AI and software, having joined a USD 200 mn seed round earlier this month for US-based Lila Sciences. That followed the sovereign fund’s USD 1 bn investment in AI software firm Qlik and the takeover of software provider Smartsheet for USD 8.4 bn along with BlackStone and Vista.

UAE CEOs see more long-term incentives and bonuses amid rising regional competition

UAE companies — along with Saudi firms — are getting more creative with compensation amid rising competition for talent, with more firms offering both short-term and long-term incentive (LTIPs) plans, the National reports, citing Cooper Fitch’s 2025 CEO report. Long-term incentives in particular, which are typically structured as bonuses, equity, shares or stock options, are being used to retain C-level executives — especially those leading companies on their expansion journeys.

Short-term bonuses were the most common approach last year: Nearly half — 44% — of organizations offered 1-2 months’ salary as the most common bonus payout for executives — a cautious approach many companies took amid economic challenges, according to Cooper Fitch 2025 UAE Bonus report (pdf). 23% of companies offered 3-5 months’ salary bonuses, while 25% of senior leadership received similar payouts. 28% of organizations offered no bonuses at all.

But more companies are shifting towards additional long-term incentive plans: While short-term bonuses are currently more prevalent, 35.5% of CEOs in the UAE are benefiting from LTIPs. Publicly-listed companies are leading the way, offering 12 to 24 months’ salary in LTIPs, compared to private sector companies, which are adopting these plans at a slower pace, managing partner and head of CEO practice at Cooper Fitch Jack Khabbaz told The National.

That’s less than what most peers in Saudi Arabia are getting: Some 56.5% of Saudi CEOs benefit from LTIPs, compared to 35.5% in the UAE, The National reports. Notably, 18% of Saudi CEOs receive bonuses equivalent to 9-12 months’ salary—far exceeding the UAE’s standard of 3-5 months’ salary for annual bonuses. This trend is driven by the kingdom’s mega projects and large-scale business transformation initiatives, which require long-term leadership commitments.

If you’re in tech, energy, healthcare banking, or consulting, you’re lucky: These industries are getting the highest payouts, according to the report. On the other hand, sectors such as aviation, government, and retail adopted a more cautious approach on the back of challenges like budget constraints and market uncertainties, leading to more conservative bonus practices.

Looking ahead at 2025, some 45-46% of UAE CEOs are expecting an incremental increase in their bonuses for 2025, with expected growth ranging from 5% and 20%, likely driven by product and service expansion, as well as digital transformation, Khabbaz told Dubai Eye (watch, runtime: 8:11).

Epik Foods acquires Sauce Capital as part of regional expansion plans + Basatne now owns Cartlow

It’s a big day for startup exits: Two homegrown startups were acquisition targets this week — one snapped up by another local firm and another by a US-based firm.

#1- UAE-based food and beverage group Epik foods acquired 100% of F&B outfit Sauce Capital, adding 15 more brands including Egg Bun, Sliced Pizza, Buwagyu, and Chic Flic to its portfolio, which now comprises a total of 75 brands, according to a press release. There’s no publicly available information about the size of the transaction.

The rationale: This will help Epik Foods cement its market share in Saudi Arabia and Abu Dhabi, “areas where Sauce Capital has already established a significant foothold,” the statement reads. Sauce Capital’s founding team will stay on board after the acquisition to lead the company, the statement said.

Background: Last year, Epik Foods secured USD 15.5 mn in private capital funding, from private credit firm Ruya Partners to fund acquisitions, following its Riyadh launch. The company acquired Dubai-based deli 1762 last month as part of its plans to add 20 more locations to its existing 50 strong location footprint, operating over 60 brands.

#2- Global circular economy firm Basatne acquired homegrown re-commerce platform Cartlow in a bid to strengthen its foothold in the region, according to a statement. There’s no publicly available information about the size of the transaction.

What Cartlow had to offer: Cartlow recirculated 1 mn devices, preventing 100k metric tons of carbon dioxide — equal to removing 21k cars from the road for a year — and generating AED 500 mn in sustainable commerce value. “Cartlow’s cutting-edge solutions, now under Basatne Group, will accelerate the adoption of circularity and drive the development of a mature, scalable, and globally integrated ecosystem,” the statement said.

Meanwhile, Basatne operates a refurbishing facility in the UAE, which it said offers the region’s first AI and robotics-driven solution for data wiping and diagnostics, according to Basatne Founder and CEO Ammar Aboulnasr said.

CBD provides Siemens Energy with AED 550 mn facility to fuel expansion

The Commercial Bank of Dubai (CBD) will provide Siemens Energy with a AED 550 mn bilateral credit facility, according to a press release. The company will use the funds to support its UAE and Middle East project pipeline as well as invest in new opportunities in the region.

CBD has been actively financing expansionary projects in the UAE: The bank contributed to a USD 232.5 mn loan to global energy trader BGN to support its growth. It also arranged an AED 2 bn syndicated facility for Ras Al Khaimah Properties to fund its residential and hotel projects in Mina Al Arab. Additionally, CBD helped finance USD 1.5 bn to develop the UAE-Oman Hafeet Rail project and supported a USD 400 mn revolving credit line for Waha Capital to invest in emerging avenues of growth.

Siemens Energy has a strong presence in the UAE: The energy development firm, along with General Projects Company, developed an AED 500 mn 220 kV substation in Umm Fannin’s airport area in Sharjah. The company also partnered with the Energy and Infrastructure Ministry to boost sustainable development and expand grid infrastructure. Siemens Energy also teamed up with Elsewedy Power to develop an AED 1.1 bn, 829 MW power plant in Al Aweer in Dubai.

Shuaa Capital narrows losses in 2024 + More from Agility, Invictus, and ins. firms

SHUAA CAPITAL-

Shuaa Capital narrowed its net losses to AED 321.2 mn in 2024, down from a loss of AED 1.2 bn in 2023, according to the company’s financials (pdf). Net losses attributable to shareholders amounted to AED 299.2 mn, primarily due to non-cash impairments related to the company’s associate and legacy asset investments, according to its earnings (pdf). In 4Q 2024, the company reported AED 160.9 mn in net losses attributable to shareholders.

The company’s revenues declined by 45% y-o-y to AED 88.9 mn — excluding one-off items — due to recurring fees from the asset management segment, which generated AED 78 mn in revenue. Investment banking reported AED 6 mn in revenue. The corporate segment contributed AED 4 mn in revenue.

The company also secured a settlement agreement with one of its major creditors, which will result in generating AED 36.9 mn in non-cash income, according to a DFM disclosure (pdf). This is all part of Shuaa’s ongoing restructuring plan, which saw it settle approximately AED 500 mn in margin facilities and restructure AED 208 mn in outstanding obligations with its senior creditor.

ICYMI- Earlier this month, Shuaa’s board also approved issuing AED 85 mn in new investor MCBs and AED 274.5 mn in MCBs to existing noteholders. The issuances are still pending regulatory approval, after which Shuaa will hike its capital by the same amount and list the converted shares on the DFM.

AGILITY GLOBAL-

ADX-listed logistics firm Agility Global saw its net income attributable to equity holders of the parent company rise 152.8% y-o-y to USD 128 mn in 2024, according to the company's financial statements (pdf). Agility posted a 14.5% increase y-o-y in its topline to USD 4.5 bn.

What they said: “Our three largest operating businesses – Menzies Aviation, Tristar Group and Agility Logistics Parks – took important steps to strengthen their market-leading positions by expanding their footprint and acquiring new customers,” Agility Global Chairman Tarek Sultan said in a separate earnings release (pdf).

The company’s board recommended distributing AED 239.6 mn (approximately USD 65 mn) in dividends 2024. Subject to General Assembly approval, this will bring total dividends for 2024 to USD 130 mn, according to a DFM disclosure (pdf).

INVICTUS INVESTMENT-

Dubai-based agro-food firm Invictus Investment Company saw its net income after tax drop 22.2% y-o-y to AED 166.3 mn in 2024, according to its financial statements (pdf). Revenues grew 10.1% y-o-y to AED 8.9 bn, marking its highest annual revenue since listing, according to a separate earnings release (pdf).

Behind the numbers: The net income decline stemmed from cautious trading strategies during low-price periods and competitive pricing in new markets to secure long-term partnerships.

The board recommended a AED 33 mn dividend, set for distribution in 2Q 2025, pending AGM approval.

SubHed_! AL BUHAIRA NATIONAL INS.-

Abu Dhabi-based Al Buhaira National Ins. narrowed its net losses to AED 36.9 mn in 2024, up from AED 132.8 mn in 2023, according to the company’s financial statement (pdf). Ins. revenues rose 21.7% increase y-o-y to AED 1.5 bn.

EMIRATES INS.-

Emirates Ins.’s net income fell 12.3% y-o-y to AED 110.7 mn, according to the company's financial statements (pdf). The decline in net income came on the back of the impact of the April floods and the introduction of corporate tax in the UAE. The company saw its ins. revenues rise 18.9% y-o-y to AED 1.3 bn.

**This story was amended to fix the percentage by which Invictus' net income dropped to 22.2%.

The UAE’s rising influence in global markets is getting coverage everywhere

It’s been a busy week for UAE in the news, with the country’s AI ambitions, its hospitality sector, its rising influence in the diplomatic landscape, and its rise as a financial hub, getting a lot of attention.

#1- Dubai ranked ninth in AirDNA’s list of the top 10 Asian markets for returns on short-term rentals, with an average annual revenue of USD 27.8k per property. Dubai’s strong performance was driven by a USD 205 average daily rate and 59.5% occupancy, according to the report, which analyzed 20k+ listings across Asia’s biggest rental markets, CNBC reports.

#2- Also, Bloomberg’s Lionel Laurent takes a look at Dubai’s rising influence as a financial hub in the wake of rising taxes in the UK and France in a column.

#3- Meanwhile, news of USD 1.4 tn worth of Emirati investments in the US is still grabbing headlines, with Reuters saying the investment could help ease access to US AI technology, including AI chips and GPUs, after the UAE was amongst the countries hit with a US export cap set to be imposed in May.

The hefty investment comes at a fraught time for the US economy, which is set to take a hit with the fallout from a tariff-induced trade war, making the 10-year investment agreement an attempt to make the Trump administration rethink the restrictions, the news outlet said.

ALSO- G42’s investment in Cerebras Systems remains under review, furtherdelaying its IPO, as the Committee on Foreign Investment in the United States (CFIUS) weighs concerns over the group’s past ties with China’s Huawei, sources familiar with the matter told Reuters. The uncertainty around CFIUS approval for G42’s USD 335 mn investment could make it harder for Cerebras to attract investors.

CFIUS staffers are treading cautiously, fearing politically sensitive decisions could strain their relationship with the Trump administration, especially in the wake of mass public sector layoffs. These concerns persist despite G42 signing a US national security agreement to sever ties with Huawei. However, Cerebras executives remain optimistic that approval is only a matter of time and that the IPO will proceed as planned.

PLUS- The UAE’s soft power ambitions got a nod from Bloomberg, which highlighted its joint USD 40 mn spend with Qatar to refurbish two grand halls at Geneva’s Palais des Nations. The effort was part of a broader bid to fill the diplomatic vacuum left by the US retreat from multilateral institutions.

Mubadala, Silver Lake take NYSE-listed Endeavor private

M&A-

#1- Silver Lake, Mubadala take Endeavor private: Private equity firm Silver Lake and co-investors, including Abu Dhabi sovereign wealth fund, completed the acquisition and delisting of talent and entertainment agency Endeavor Group Holdings from the New York Stock Exchange, according to a press release. Silver Lake had been planning since last April to delist and take Endeavor private for USD 13 bn, to be funded through new and reinvested equity from Silver Lake, in addition to capital from Endeavor’s investors, including Mubadala.

The details: Stock owners are entitled to USD 27.5 for each Endeavor class A common stock share owned — a 55% premium to a stock price of USD 17.7 registered on the last day of trading before take-private plans were announced. Endeavor retains a controlling ownership stake in sports firm TKO Group Holdings, and its other holdings will fall under WME Group.

Ownership breakdown: Silver Lake is a majority shareholder in Endeavor. There is no publicly available information on the size of Mubadala’s stake in the firm.

#2- e& successfully exists Khazna: Telecom company e& completed the divestment of its stake in Khazna Data Centers for USD 2.2 bn, it said in a statement (pdf). The USD 1.4 bn in proceeds will be used for debt reduction, and will be reflected in 1Q financials.

Background: We reported last month that e& is selling its stake, while Abu Dhabi’s AI fund MGX and private equity firm Silver Lake are buying minority stakes in the company, alongside majority shareholder G42. The telecoms giant will continue to be a “strategic partner” and a major tenant of Khazna’s.

INVESTMENT-

Investment Ministry + Emirates NBD Capital to boost foreign investment inflows: The Investment Ministry has signed an MoU with Emirates NBD Capital to facilitate international investment inflows into the UAE, Wam reports. The agreement sets a framework for organizing investment summits, roadshows, and networking events aimed at connecting international investors with opportunities in the UAE.

LOGISTICS-

AD Ports launches a new ship management JV: AD Ports Group has formed a vessel management joint venture (JV) with Cyprus-based integrated maritime and logistics platform Columbia Group, according to a statement. The JV, Noatum - CSM, will see the pair integrate advanced management systems and AI-driven performance analytics to streamline third party vessel operations and AD Ports’ ocean fleet. Columbia Group will use its digital platform performance optimization control room (POCR) to offer live monitoring and decision support tools for voyage optimization, bunker usage as well as maintenance and emissions.

BANKING-

Emirates NBD debuts ‘Emirati Business’ banking package for UAE nationals: Emirates NBD is introducing a new banking package designed exclusively for Emirati-owned businesses, according to a statement. The offering includes a low minimum balance requirement of AED 25k, six-month fee waivers, and preferential rates on loans and banking services. Customers will receive a premium Visa Business Signature Debit Card and automatic entry into the bank’s Business Mn’aire Program, which offers a chance to win up to AED 1 mn every six months. The offer includes lifestyle and business perks like discounts on business tools and rentals.

HEALTHCARE-

G42 and Cleveland Clinic team up on AI in healthcare: State-owned AI firm G42 is joining forces with Abu Dhabi's Cleveland Clinic to accelerate the adoption of artificial intelligence in healthcare, according to a statement. A joint task force will be formed to identify and prioritize collaborative projects focused on AI-powered patient care, innovation, and operational efficiency. The collaboration aims to harness data-driven solutions to personalize healthcare, improve access, and drive medical breakthroughs in the UAE.

ENERGY-

#1- Emirates to relocate data center to MBR solar park: Emirates Group signed an agreement with Digital Dewa ’s digital and cloud services subsidiary Moro Hub for data center co-location services at the Mohammed Bin Rashid Al Maktoum Solar Park, according to a press release

The timeline: Emirates is set to start moving its data center Moro Hub’s solar-powered data center facility from the middle of next year, with Moro Hub providing colocation services, rack space, power, cooling, and equipment supply. The move means a clean energy switch for Emirates, with the 3k MW required for the data center coming from renewables.

ICYMI- Moro Hub was also tapped to operate Dubai’s Green Data Center earlier this year, and was also set to collaborate with Digital Dubai on a centralized data and statistics platform.

#2- Baker Hughes awarded contract for Margham gas storage project: Dubai Petroleum Establishment (DPE), on behalf of the Dubai Supply Authority, awarded US oil field services firm Baker Hughes a multi-year contract by to provide integrated coiled-tubing drilling services for the Margham gas storage project, according to a press release. The development will allow the gas project to switch between natural gas and solar power, and help stabilize Dubai’s energy supply.

ICYMI-Baker Hughes was also contracted to provide integrated compressor line units for the Margham gas storage facility last year.

CAPITAL MARKETS-

Dubai-based neobroker and liquidity provider Amana will integrate its liquidity solutions into the DXtrade platform, the flagship product of global software development company Devexperts, according to a joint statement. Amana offers traders access to equities, cryptocurrencies, forex, metals, and indices.

STARTUPS-

PayPal partners with Ignyte to support UAE startups and SMBs: PayPal has partnered with Ignyte, a digital platform supporting startups and small businesses (SMBs), to provide businesses with crossborder payment solutions, according to a press release. As a founding partner of Ignyte, PayPal will help entrepreneurs scale up their businesses through an advanced payment system.

Monaco leads world in bn-USD firms per capita

Monaco tops the global ranking for bn-USD companies per capita, according to a new report from BestBrokers, highlighting how capital, corporate scale, and innovation often concentrate in small or highly developed economies. The report analyzed over 5.5k listed companies worldwide with a market cap of at least USD 1 bn, using data from CompaniesMarketCap.

It’s all about corporate density: While the US hosts the largest number of these firms (approximately 1.9k), the report’s per capita lens shifts focus to corporate concentration rather than sheer volume. The US ranks 16th with 5.5 bn-USD companies per mn residents, while other major economies rank even lower: Japan (3.2), the U.K. (3.2), Germany (1.7), Brazil (0.3), India (0.2), and China (0.15).

Monaco has just three such firms, all in maritime transport, but its small population of under 40k gives it the highest corporate density: 77 bn-USD companies per mn residents. Luxembourg follows with 31.6, while Iceland ranks third with 18.1.These countries are usually popular choices for talent, and good places for innovation and economic growth.

Several Gulf and Asian economies appear high on the list, including Singapore (8.8), Israel (8.6), Qatar (8.4), and the UAE (5.8), which ties with Canada and edges out the US. Other high-income economies featuring prominently include Switzerland (13.8), and Sweden (10.5), reflecting their capacity to support large-cap firms, while Australia trails slightly at 5.4. Investment-oriented states dominate not only in per capita terms but also in corporate density per sq km, with Monaco, Singapore, Bahrain, and Luxembourg at the helm.

Meanwhile, in Switzerland, Saudi Arabia, Taiwan, and the US, the combined market capitalization of bn-USD firms exceeds 200% of GDP — a level that, according to the report, reflects deep financialization and outsized dependence on asset growth.

When big money becomes a big risk: The report warns that in highly financialized economies, market activity may outpace real economic growth, creating structural imbalances. Some economists link such imbalances to financial crises, such as the 2007-08 crash. When a handful of large corporations dominate national output, employment, and valuations, economies may become more vulnerable to asset price volatility, sector-specific shocks, and broader financial disruptions.

MARKETS THIS MORNING-

Asian markets are in the red, tracking declines on Wall Street yesterday following US President Donald Trump‘s decision to follow through on tariffs on automakers, with Japan’s Nikkei leading losses. Wall Street futures point to another lower open after the S&P 500, Nasdaq, and Dow Jones all suffered losses yesterday.

ADX	9,374	+0.3% (YTD: -0.5%)
DFM	5,117	+0.0% (YTD: -0.9%)
Nasdaq Dubai UAE20	4,221	+0.8% (YTD: +1.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.2% 1 yr
TASI	11,970	+2.3% (YTD: -0.7%)
EGX30	31,744	-0.1% (YTD: +6.7%)
S&P 500	5,712	-1.1% (YTD: -2.9%)
FTSE 100	8,690	+0.3% (YTD: +6.3%)
Euro Stoxx 50	5,412	-1.2% (YTD: +10.5%)
Brent crude	USD 74.07	+1.4%
Natural gas (Nymex)	USD 3.86	+0.6%
Gold	USD 3,052	-0.1%
BTC	USD 86,945	-0.6% (YTD: -7.0%)

THE CLOSING BELL-

The DFM remained flat yesterday on turnover of AED 418.3 mn. The index is down 0.9% YTD.

In the green: Dubai Refreshment Company (+15.0%), National International Holding Company (+14.0%) and Emirates Investment Bank (+10.7%).

In the red: Al Mazaya Holding Company (-10.0%), Air Arabia (-8.9%) and Dubai Islamic Ins. and Reinsurance Company (-6.7%).

Over on the ADX, the index rose 0.3% on turnover of AED 1.2 bn. Nasdaq Dubai was up 0.8%, and up 1.4% YTD.

CORPORATE ACTIONS-

Adnoc Distribution’s shareholders approved USD 700 mn (AED 2.6 bn) in total dividends for 2024, according to an ADX disclosure (pdf). A final dividend payment of USD 350 mn (AED 1.3 bn) will be distributed in April. The payouts align with the company’s policy of maintaining annual dividends of USD 700 mn (AED 2.57 bn) or at least 75% of net profit, whichever is higher.

Al Khaleej Investment’s general assembly has approved increasing the share capital of the company to AED 505 mn, up AED 400 mn, according to an ADX disclosure (pdf). The company will issue new shares at a nominal value of AED 1 to existing shareholders on a pro-rata basis.

Sukoon Ins.’ subsidiary, Sukoon Workplace Savings Solutions, plans to double its authorized share capital to USD 4 mn by issuing 2 mn ordinary shares at USD 1 each, according to a DFM disclosure (pdf). The company also intends to increase the subsidiary’s paid-up share capital by USD 500k to USD 2.5 mn through the issuance of 500k ordinary shares at USD 1 each. The board is set to sign off on the changes via circulation on 28 March.

Talabat Holding’s board approved distributing USD 110 mn in dividends for 4Q 2024, according to a disclosure (pdf) to the DFM. The decision is subject to shareholder approval.

Umm Al Qaiwain General Investments’ general assembly approved distributing AED 21.8 mn in dividends for 2024, equivalent to 6% of the firm’s paid up capital, according to a disclosure (pdf) to the ADX.

MBME Group’s general assembly has approved the issuance of 275 mn bonus shares to shareholders, representing 10% of the company’s share capital in 2024, according to an ADX disclosure (pdf).

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.

Signposted to happen sometime in May:

Asean and summit, Malaysia.

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.

Sections

About

Privacy & Support

Get EnterpriseAM daily