Adnoc mulls USD 9 bn acquisition of US natural gas assets

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Tabreed eyes Asian expansion + UAE is ninth globally for FDI confidence

Good morning, friends. It looks like Trump’s ongoing trade war and global market turmoil have done nothing to M&A sentiment here in the UAE, judging by the number of M&A stories we have this morning.

Leading our news well is news of Adnoc mulling a potential USD 9 bn bid for US oil and gas owner-operator Aethon Energy Management’s natural gas assets. Plus: The Abu Dhabi Investment Authority is buying a minority stake in Swedish ERP firm IFS.

WEATHER- We’re still in for a couple more days of unseasonable heat before things cool off slightly. The mercury peaks today at 40°C, before cooling to 27°C overnight. In Abu Dhabi, temperatures peak at a cooler 35°C before hitting 26°C overnight.

WATCH THIS SPACE-

#1- Tabreed is eyeing Asian expansion: Abu Dhabi’s National Central Cooling Company (Tabreed) plans to enter Indonesia, Thailand, and Vietnam as it builds on its India operations, CEO Khalid Al Marzooqi told Al Etihad. The district cooling giant also secured a USD 700 mn green sukuk to fund sustainable projects, and agreed on an AED 1.5 bn JV with Dubai Holding last month to build a cooling system for Palm Jebel Ali, which is set to be operational by 2027.

#2- SMEs have a more optimistic outlook than larger companies, according to the Dubai Business Survey (pdf) for 4Q 2024, recording a business confidence index (BCI) score of 127 compared to bigger companies’ score of 124.5. The general index rose 14.8 points q-o-q to 125.5 in 4Q, up from 110.7 in 3Q, but still down 6 points y-o-y from 131.5 in 4Q 2023.

What the quarter was like for SMEs + larger firms: Almost half of respondents reported an increase in sales in 4Q 2024 due to higher demand, while 31% reported an increase in selling prices. SMEs fared better than larger firms across almost all parameters in 4Q, the report said.

Prices to hold steady? As of the end of 1Q 2025, 70% of surveyed firms expect selling prices to remain flat, while 24% are anticipating hikes due to inflation, higher operating costs, increased product demand, and an uptick in the cost of raw materials. 75% also expect to refrain from new hires this year, with only 20% set to make hires amid expansion plans.

#3- Confidence in the UAE on the foreign direct investment (FDI) front is also looking strong, with the Emirates securing the ninth spot globally — down from eighth last year — and first place among emerging markets for investor sentiment, according to the 2025 Foreign Direct Investment Confidence Index (pdf) by global consulting firm Kearney. Strong confidence in UAE markets and indices earned the Emirates the second spot in the optimism ranking of markets on the main index.

Geopolitical tensions and volatility are top concerns, yet investors have confidence in the UAE, citing its favorable business environment and strong economic performance as primary reasons.

#4- Dewa’s green HQ on the brink of completion: The Dubai Electricity and Water Authority’s (Dewa) new AED 1.5 bn (USD 408 mn) net-zero Al Shera’a headquarters is set to be completed in 4Q 2025, according to a statement. The building will produce 7 GWh of energy annually using over 20 sq km of PV solar panels with 4 MWp capacity, which will exceed the energy consumed. Another 1k sqm of building-integrated PV panels will increase total capacity to 5 MWp. The building will span over 2 mn sqft, host 3k employees, and is designed to use 50% less water than a traditional office building.

#5- DP World makes headway on Bharat Mart: Dubai-based port operator DP World has commenced the development of Bharat Mart — a warehousing and trading hub designed for Indian MSMEs — with plans to launch it by the end of 2026, according to a statement released on Thursday. The project aims to bolster UAE-India business relations and streamline access of Indian MSMEs to global markets.

The details: Bharat Mart — which gained traction from some 9k Indian MSMEs back in October 2024 — will cover 2.7 mn square ft in the Jebel Ali Free Zone (Jafza) with its first phase encompassing 1.3 mn square ft. The hub is slated to host 1.5k showrooms and include upwards of 700k square ft of warehouse space, light industrial units and office spaces.

Bharat Mart is part of a wider initiative to boost India-Africa trade, according to a separate press release published on Friday. The trade push aims to double India’s share of African imports from 6.5% to 12% by 2030 by granting Indian exporters access to 260k points of sale in 53 African countries. DP World is set to contribute to this by providing Indian exporters physical infrastructure and additional services, including export finance, branding, packaging, and certification.

#6- Dubai’s real estate purchases surge in 1Q 2025 amid rising foreign investor interest: Global economic disruptions triggered by new tariffs imposed by US President Donald Trump are expected to accelerate foreign capital inflows into Dubai’s property market, particularly from India, China, and Europe, as investors look towards safer assets amid global market turmoil, Al Bayan reports, citing an analysis by real estate brokerage firm W Capital.

Dubai’s real estate purchases jumped 30% y-o-y to AED 141 bn in 1Q 2025, marking the third-highest quarterly value in history, W Capital Chairman Walid Al Zarouni said, citing Dubai Land Department data.

REMEMBER- Dubai real estate transaction values grew 29.2% y-o-y to AED 114.1 bn in 1Q 2025, according to Springfield Properties. Off-plan sales remained the main growth driver, with 24.9k transactions completed in 1Q 2025, up from 20k a year earlier.

DATA POINT-

Bilateral trade between Pakistan and the UAE trade exceeded USD 10.9 bn in FY 2023-24, while remittances from the UAE to Pakistan hit USD 6.7 bn and are expected to surpass USD 7 bn this year, Pakistan’s ambassador to the UAE Faisal Tirmizi told Wam.

PSAs-

Dubai-based smart parking company Parkonic is expanding its ticketless paid parking service to 18 new sites across the emirate starting next week, in partnership with Salik, Parkonic said in a Facebook post. Users can register their vehicles through the Parkonic app, with fees automatically deducted upon exit or paid via cash at on-site kiosks.

HAPPENING TODAY-

#1-The IPS Congress kicks off today at the Dubai World Trade Center and will run until Wednesday. The event brings together international delegates and stakeholders from the global real estate and investment scene to showcase projects, engage in discussions, and network. This year’s edition will also cover the future of urban planning, design, and technology through IPS Future Cities, IPS Design, IPS Services, and IPS PropTech Startups.

#2- Dubai Wood Show is kicking off today and running through to Wednesday at the Dubai World Trade Center. The three-day event will welcome more than 680 international exhibitors from 132 countries, showcasing the latest trends and technologies in the global wood and woodworking machinery sector.

#3- It is also the first day of the Solana Economic Zone in Dubai. The two-week event will run until Saturday, 26 April and focus on blockchain innovation, providing a platform for founders, builders, and investors looking to set up crypto and blockchain businesses in Dubai.

HAPPENING THIS WEEK-

#1-The Abu Dhabi Global Health Week is running from tomorrow until Thursday at the Adnec Center in Abu Dhabi. The event will gather global and regional stakeholders to promote collaboration and investment in healthcare solutions. Key topics include health longevity, health system resilience, healthtech and AI, and life sciences.

#2- AlShifaa Summit for Integrative Medicine will kick off tomorrow and wrap up on Thursday as part of Abu Dhabi Global Health Week. The event gathers policymakers, healthcare leaders, researchers, and practitioners for discussions, knowledge exchange booths, and exhibitions focusing on medical regulation, research, education, and patient access.

#3- The Global Islamic FinTech Forum begins tomorrow at the Dusit Thani Hotel in Dubai. Experts, investors, and regulators will discuss developments in shariah-compliant financial technology, digital payments, peer-to-peer lending, takaful, and blockchain-based financial services.

#4- The FastBull Finance Summit will take place on Wednesday and Thursday at the Coca Cola Arena in Dubai. The event will cover global finance, the foreign exchange market, and blockchain financial technology, with economist Jim Rogers set to deliver a keynote speech.

#5- The Abu Dhabi Sustainable Business Leadership Forum is happening on Wednesday and Thursdayat the Four Seasons Hotel in Abu Dhabi. This year’s edition, under the theme Collaboration for Impact: Harnessing Artificial Intelligence for Sustainable Business Practices, will bring together global leaders in sustainability, technology, and business for panel discussions and workshops on using AI in sustainable supply chains, waste reduction, and energy efficiency.

#6- Commvault’s Shift Roadshow event will take place on Thursday at Dubai’s Museum of The Future, gathering cyber-resilience leaders, IT experts, and C-suite executives to discuss how businesses can safeguard against the growing threat of AI-driven cyber attacks. Attendees can expect keynote sessions, expert panels and insights from industry giants like Microsoft, AWS, and IDC.

THE BIG STORY ABROAD-

The whiplash from Trump’s on-again-off-again tariff policy is far from over: US President Donald Trump dealt another blow to Big Tech after giving them a brief respite for a day after signaling that smartphones, chips, and other consumer electronics will be subject to separate levies following a national security probe into the sector. US commerce secretary Howard Lutnick said the new tariffs could come in a month or two. (Bloomberg | Reuters | Financial Times | WSJ)

It looks like Wall Street will be cheering the news: Stock futures are up and Asian markets are rising on the first trading day following news of the reprieve, signaling a potential tech stock rally. Tech stocks had shed tns of USD on the back of the earlier announcement of the tariffs, with Apple, which lost some USD 775 bn before regaining half the losses, among the biggest victims of the sell-off. (FT)

***

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 Behavioral Exchange 2025 Conference (BX2025) will take place on Wednesday, 30 April and Thursday, 1 May at New York University Abu Dhabi. The event will bring together global experts to explore how behavioral science can inform public health, climate adaptation, digital governance, and early education.

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

The Water, Energy, Technology and Environment Exhibition (WETEX) will take place from Tuesday, 30 September to Thursday, 2 October at the Dubai World Trade Center. This year's event will bring together thousands of global companies, policymakers, and experts to explore innovations that support the UAE’s Net Zero 2050 Strategy and Dubai’s clean energy ambitions.

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

Adnoc mulls USD 9 bn acquisition of of US firm’s nat gas assets

Adnoc eyes USD 9 bn US natural gas bid: Abu Dhabi National Oil Company (Adnoc) is mulling a bid for the natural gas assets of US oil and gas owner-operator Aethon Energy Management in a transaction that could be worth as much as USD 9 bn, sources familiar with the matter told Bloomberg on Friday. The parties are in early-stage talks, with Adnoc now working with advisors on the transaction.

Adnoc is not alone: The energy giant is reportedly among other prospective buyers who are eyeing Aethon’s nat gas and midstream holdings, which are concentrated in oil-rich Texas and Louisiana.

Adnoc has had increasing appetite for US assets as of late: The oil-producing giant has reportedly been planning on acquiring natural gas producing fields in the US to improve its supply of fuel and raw materials for stateside chemical and LNG export terminals. The move would allow the firm to capitalize on local price hikes and decrease its reliance on fuel purchases. Its new investment arm, XRG, was also set to make a “very large and significant investment” in the US, Adnoc CEO Sultan Al Jaber said at CERA week in Houston.

REMEMBER- Adnoc acquired an 11.7% stake in the first phase of sustainable LNG producer NextDecade's USD 18 bn Rio Grande LNG export facility in Texas back in May 2024. It also took on a 35% stake in ExxonMobil’s proposed low-carbon hydrogen and ammonia production facility in Texas, which it later transferred to its ammonia arm Fertiglobe. Plus: Adnoc and Austria’s OMV agreed to merge their polyolefins businesses, creating a USD 60 bn global polyolefins JV and acquiring Nova Chemicals, which has facilities on the US Gulf coast. The company’s USD 80 bn lower-carbon energy and chemicals firm XRG is set to assume ownership of Adnoc’s shares in all US facilities.

…as have other UAE investors: Mubadala Energy — a unit of Abu Dhabi sovereign wealth fund Mubadala — just last week bought a 24.1% stake in SoTex Holdco, the natural gas assets management arm of US-based Kimmeridge Energy.

UAE-US energy relations could strengthen even further: The UAE and the US are eyeing more cooperation on energy over the next five years, US Energy Secretary Chris Wright said during his visit to Adnoc’s headquarters this month.

Adia buys stake in Swedish ERP firm IFS

ADIA to invest in EUR 15 bn industrial AI firm IFS: A subsidiary of the Abu Dhabi Investment Authority (ADIA) has agreed to acquire a minority stake in IFS, a Swedish AI-focused software developer, according to a press release (pdf) out yesterday. The transaction will also see private equity firm HG Capital raise its stake to co-control status alongside EQT, and the Canada Pension Plan Investment Board will join ADIA as a new minority investor, while TA Associates remains on board. Reports of the potential acquisition first came in March.

The details: While no investment ticket size has been disclosed, the transaction values IFS at over EUR 15 bn (c. USD 17 bn), and it is expected to close by the end of 2Q 2025, subject to regulatory approvals. IFS’s valuation has been driven by surging demand for its AI-driven applications across sectors including aerospace, defence, construction, energy, and telecoms, the press release reads.

TC Mena raises offer price for Gulf Cement to AED 0.75 per share

TC Mena raises offer price for Gulf Cement to AED 0.75 per share: TC Holdings raised its offer price to raise its stake from 37.6% to up to 100% of Gulf Cement to AED 0.75 per share up, up from AED 0.56, according to a disclosure (pdf). TC Mena said the higher price is meant to better reflect the value of the company and makes the offer more compelling for shareholders. The company is looking to acquire a minimum of a 50% plus one share.

By the numbers: The new offer price represents a 33.92% premium to the initial offer, and a 5.0% premium to Friday’s closing price (AED 0.714). Shareholders who tendered their shares before 10 April will still be entitled to receive the new offer price. The new price values the transaction at AED 192.3 mn, giving the company a valuation of AED 307.9 mn.

Timeline: The subscription deadline is extended to Thursday, 24 April, with the offer settlement announcement slated for 8 May.

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

IN OTHER M&A NEWS-

#1- Hikma MENA x Takeda Pharma: The UAE arm of London-listed pharma giant Hikma MENA submitted a request to Kuwait’s Competition Protection Authority for approval to proceed with an economic concentration transaction involving the acquisition of an asset portfolio from Switzerland-based Takeda Pharmaceuticals International AG, according to a statement. The move follows a December agreement in which Hikma MENA acquired the rights to 17 pharma brands currently licensed to Hikma across selected MENA markets.

#2- UAE-based NAS Investment Holding is on track to become the majority shareholder in EGX-listed phosphate exporter Egyfert, after receiving approval from Egypt’s competition authority. NAS plans to raise its stake to up to 90%, up from 32.4%, through a transaction valued at EGP 522.5 mn (AED 37.5 mn), which puts Egyfert’s total valuation at EGP 912 mn (AED 65.5 mn), according to a statement. The offer price is set at EGP 95.0 per share, representing a 22.88% discount to yesterday’s closing price.

MAG Group to launch new mixed-use city near Silicon Oasis

MAG Group to launch AED 40-50 bn mixed-use city: Dubai-based developer MAG Holding Group is preparing to launch an 18 mn sqft integrated city near Dubai Silicon Oasis and Academic City, founder and chairman Muwaffaq Al Gaddah told Emarat Al Youm. The project — set to be MAG’s largest to date — will carry an estimated sales value of up to AED 50 bn and will include residential buildings, villas, townhouses, a school, a shopping mall, and other service facilities.

The timeline: MAG has secured approvals and will officially announce the project within three months, once final planning wraps up, Al Gaddah said.

The rationale: Al Gaddah pointed to strong demand across income segments — not just from high-net-worth buyers — and noted growing interest in integrated communities that combine residential, retail, and commercial components. End-user demand is being driven by Dubai’s perceived quality of life, infrastructure, and favorable business and regulatory environment.

Plus, there’s a big appeal for foreign buyers and relocating firms: Despite offering better services, higher returns, and lower taxes, prices in Dubai have not yet caught up with those seen in other top global cities, Al Gaddah said. He also pointed to an uptick in international firms relocating to Dubai, driving demand for both housing and office space, as well as high levels of investor confidence boosting capital inflows to the emirate.

Masdar expands solar projects in Indonesia

Masdar expands solar projects in Indonesia: State-run renewables giant Masdar and Indonesian state-owned electricity company PT PLN have signed two agreements for floating solar power projects, according to a press release. The first was an MoU to develop a 100 MW floating solar power plant at the Jatigede Dam reservoir in West Java, with construction beginning this year and completion slated for 2027. The second was a Principles of Agreement to study a potential 500 MW expansion of Masdar’s pre-existing 145 MWac Cirata Floating PV plant.

REMEMBER– The pair signed a joint development study agreement to triple the plant’s capacity to 500 MW and to develop solar, wind, and green hydrogen products in Indonesia and abroad in May 2024. Masdar is funneling USD 30 bn towards its plan to expand its global clean energy portfolio to 100 GW by 2030.

RTA rolls out its Roads and Transport Plan 2030

The Roads and Transportation Authority (RTA) outlined its Roads and Transport Plan for 2030, aimed at reshaping the city’s mobility landscape through a four-pillar framework, according to its press release. The new plan is set to enhance roads and public transportation, improve transport policy, and launch smart traffic systems. The strategy expands on the previously approved AED 16 bn infrastructure investment plan for 2024-2027.

#1- The first pillar focuses on developing road infrastructure through 39 projects that aim to improve key corridors. These upgrades include enhancing Latifa bint Hamdan Street, Hessa Street, Al Meydan Street, Al Mustaqbal Street, and the Trade Center Roundabout. Further improvements are planned for Al Wasl, Jumeirah, Umm Suqeim, Al Qudra, Al Fay, and Al Safa Roads, with a particular focus on the stretch between Sheikh Zayed Road and Al Wasl Road.

REMEMBER- The RTA inked a AED 6 bn agreement with Dubai Holding last month to expand internal roads and access points across the emirate. The move looks to cut down travel time and boost the capacity of key entryways to communities and residential areas by 30-70%.

#2- The second pillar introduces measures to ease traffic congestion, including the introduction of flexible working hours, remote work policies, dedicated bus lanes, school transport reforms, dynamic toll and parking pricing, and stricter truck movement restrictions.

REMEMBER- A recent study showed that implementing flexible and remote work policies reduce morning peak commute times in Dubai by 30%. The RTA also greenlit constructing dedicated buses and taxi lanes spanning 13.1 km across six key streets in Dubai last year.

#3- The third pillar addresses upgrading existing public transport. The main steps planned to support that pillar include the AED 20.5 Dubai Metro Blue Line, carrying out feasibility studies for suspended transit systems, and improving the public bus network and marine transport infrastructure.

#4- The RTA also launched the study and design stage of the second phase of its Intelligent Traffic Systems (ITS) project as part of its fourth pillar in June 2024. The aim is to improve traffic incident response, emergency management, and the efficiency of signalized intersections.

ALSO- Dubai will launch a Personal Mobility Monitoring Unit to improve road safety for cyclists and e-scooter riders. The new unit, formed by the Roads and Transport Authority and Dubai Police, will oversee traffic flow on designated bike lanes and enforce compliance with safety regulations. Officers will be stationed on major cycle paths and roads that link soft mobility zones.

Violations such as riding on public roads, reckless behavior, or not wearing safety gear could result in fines of up to AED 300, Khaleej Times reports. Current regulations mandate the use of designated lanes, prohibit carrying passengers or unbalanced loads, ban riding against traffic, and require riders to wear helmets and protective equipment.

Chimera Investments’ Egyptian financial services firm Beltone secures EGP 10.5 bn in capital increase

Chimera Investments’ Beltone completes second mega capital increase: Abu Dhabi-based investment firm Chimera Investments’ Egyptian financial services firm Beltone Holding has completed its second massive EGP 10.8 bn (AED 775.4 mn capital increase, bringing its total paid-in capital to EGP 21.4 bn (AED 1.5 bn), according to a disclosure (pdf) to the EGX. The capital raise was 98% covered in two subscription rounds, raising EGP 10.5 bn.

Notably: The majority of the capital increase was covered by foreign investors, Beltone said in a statement (pdf)

Use of proceeds: Beltone will use the fresh capital to fuel expansion across its platforms, with a focus on entering high-growth markets, ramping up digitally scalable capabilities, broadening its product suite, and attracting top-tier talent to sustain operational excellence and innovation, the company said. FAB Misr was the receiving bank for the transaction.

What they said: “This second capital increase marks a defining milestone in Beltone’s growth journey, reflecting the trust we’ve earned from our shareholders and the market’s recognition of our strong and impactful growth,” Group CEO Dalia Khorshid said in a statement. “Guided by a data-driven strategy, and powered by an exceptional team, we are accelerating growth across our platforms, with a strong focus on strategic expansion, AI, and digital transformation.”

BACKGROUND- This is Beltone’s second massive capital increase in two years, after the company completed a mega EGP 10 bn capital increase on the EGX in 2023, which met with major demand from global and regional institutional investors. This came shortly after Abu Dhabi-based investment company Chimera Investments took a 56% stake in 2022 and recruited an all-new team of senior execs, including Dalia Khorshid as CEO, to turn the company around post-acquisition.

A new lease on life: Khorshid and her team have turned Beltone around, delivering nearly 5x bottom line growth in 2024 to EGP 1.7 bn while growing revenues 4x after a sustained turnaround driven by a deeper push into non-bank financial services and a refocusing of the investment bank.

It’s all about Dubai and Abu Dhabi’s rising appeal to high-earning professionals and asset managers in the foreign press

From London to Dubai and Abu Dhabi: High-earning professionals are leaving central London districts like Kensington, Chelsea, and Westminster, with many relocating to Dubai and Abu Dhabi in search of lower taxes and a better quality of life, Bloomberg reports. There’s been a “strong increase” in UK financial services workers being poached for roles in the UAE, said Lewis Silkin’s Tarun Tawakley.

Meanwhile, affluent buyers from the Middle East, Asia and US are stepping in to fill the real estate gap, accounting for 37% of sales in central London’s prime postcodes in 1Q 2024, according to Hamptons. “Their London home is typically not their main residence and is part of a global portfolio” — a factor that largely insulates them from UK mortgage volatility and cost-of-living pressures, said Jeremy Gee, managing director at London broker Beauchamp Estates.

ALSO- Asset managers are increasingly turning to the UAE and broader GCC for liquidity as US tariffs introduced by President Trump strain traditional fundraising avenues, Bloomberg reports. With IPO plans stalling and equity markets under pressure, firms are increasingly looking to Middle Eastern sovereign wealth funds for capital — and they’ve launched a charm offensive to make it happen.

“We are seeing general partners offering training events as asset managers look to invest more resources in the region,” co-CEO of Fortress Investment Group Drew McKnight told the business information service. To strengthen ties, Carlyle Group is sending a team of senior executives to Abu Dhabi for training sessions with local sovereign investors.

Dubai awards AED 1.4 bn contracts for four major drainage projects

INFRASTRUCTURE-

Dubai Municipality has awarded AED 1.4 bn contracts for four major projects under the Tasreef initiative, which aims to expand and improve the city’s stormwater drainage system, according to the Dubai Media Office. The projects, set to reduce flood risks and enhance the drainage system, will cover areas including Nad Al Hamar, Al Garhoud, and Jumeirah. More than 36 km of new drainage lines will be built, linking to the main Tasreef tunnel, and connecting drainage systems across the emirate.

ICYM- The Tasreef project, estimated to cost a total AED 30 bn, was approved following the heaviest rainfall the Emirates have seen in 75 years last April in an effort to adapt Dubai’s infrastructure to similar threats. The UAE also later said it had some AED 421 mn worth of water-saving projects underway to develop innovative solutions to mitigate flood damage. Dubai also launched a request for proposals for the first two contracts of the Dubai Strategic Sewerage Tunnels (DSST) project, which aims to modernize the emirate’s sewage infrastructure through a public-private partnership (PPP) model, last week.

BUSINESS-

#1- Sculptor to set up in Abu Dhabi: US global alternative asset manager Sculptor Capital Management — which oversees USD 34 bn in assets — has received regulatory approval to operate in Abu Dhabi, Bloomberg reports. Adrian Colberg (LinkedIn), the firm’s global co-head of the client partner group, is listed as one of three directors of its new ADGM entity.

The firm is no stranger to the UAE: Sculptor already has a representative office in the Dubai International Financial Center and played a role in the 2020 restructuring of Abu Dhabi-based hospital operator NMC Healthcare.

#2- Emirates, Hong Kong family office collaboration: The UAE’s Emirates Family Of fice Association (EFOA) and the Hong Kong Academy for Wealth Legacy (HKAWL) have signed an MoU to enhance collaboration between family offices in the UAE and Greater China, according to a press release. The agreement focuses on joint networking, knowledge sharing, and training programs to strengthen Abu Dhabi and Hong Kong as global hubs for family wealth management and offices.

#3- The UAE-Morocco business council convened for the first time, with the meeting held yesterday in Sharjah, Wam reports. The council aims to boost bilateral relations and investment opportunities across several sectors, including tourism, infrastructure, agri-food industry, renewable energy, finance, and advanced technologies.

EDUCATION-

Education provider Taaleem Holdings plans to open a second Harrow International School in Dubai, according to a DFM disclosure (pdf). The firm obtained initial approval from the Knowledge and Human Development Authority and inked a land lease agreement for a 50k sqm plot on Hessa Street. The school is set to open in 2026, with capacity for 1.8k students. Taaleem secured exclusive rights to operate the Harrow brand in the UAE in July 2024.

REMEMBER- Taleem signed a Musataha land lease agreement to launch the first Harrow International School in Dubai in February. It also inked a separate agreement to acquire land and property assets in Emirates Hills in Dubai to develop a new campus for its Dubai British School - Emirates Hills. The firm plans to invest AED 750 mn to build four schools in Abu Dhabi and Dubai over the next three years.

TRADE-

Abu Dhabi expands global trade ties: The Abu Dhabi Chamber of Commerce and Industry has signed agreements with China’s Guangxi Zhuang freetrade zone and the Florida Chamber of Commerce, it said in a LinkedIn post that was picked up by Al Khaleej. The agreements — as well as a separate meeting with Russia’s Moscow Chamber of Commerce exploring expanding UAE-Russia economic ties, including mutual investments and avenues for business expansion —- came on the sidelines of the AIM Congress.

AVIATION-

#1-Fujairah boosts connectivity to India: Fujairah International Airport has partnered with Indian low-cost airline IndiGo to operate direct daily routes connecting Fujairah International Airport to Mumbai and Kannur in India, according to a statement released on Thursday. The new routes are set to commence on 15 May, Wam reported on Friday.

#2- Dubai-based air cargo operator SolitAir has received its Air Operator Certificate from the UAE’s General Civil Aviation Authority, the company said in a press release. SolitAir currently operates three Boeing 737-800 BCF freighters—one under a dry lease—and one 737-400 BCF.

PORTS-

#1-LNG vessel makes maiden call at Khalifa Port: AD Ports subsidiary Noatum Maritime has deployed its first LNG-powered RoRo vessel at Khalifa Port’s autoterminal under its joint venture with Turkish shipping firm Erkport, according to a statement released on Friday. The vessel will use Khalifa Port as its hub — aiming to link industrial and automotive hubs across the world.

We knew this was coming: The vessel — Ugr Al Samha — is a pure car and truck carrier and has a capacity north of 7k CEUs. It was delivered to Noatum Maritime last month.

#2- Mawani boosts links to UAE, Pakistan: The Saudi Ports Authority (Mawani) has added a new shipping service — Al Pakistan Gulf service — with a capacity of 2.9k TEUs that will connect Saudi’s King Abdulaziz Port to ports in Pakistan’s Karachi and the UAE’s Jebel Ali Port, according to a statement.

Is the USD losing its edge amid market turbulence?

USD dominance under pressure? Fund managers are warning policy volatility and trade barriers are threatening the USD’s status as a safe haven for global capital, the Financial Times reports. The greenback fell to a three-year low against the EUR on Friday, following US President Donald Trump’s erratic policymaking and reciprocal tariff decisions.

The slump is somewhat surprising, as the greenback typically strengthens during global financial stress, with investors seeking refuge in US treasury bonds.

The reasons? The weaker USD — alongside the rise in bond yields — may point to a “capital flight,” Fidelity International Senior Portfolio Manager Mike Riddell told the FT. “This suggests foreigners have been and are continuing to sell US stocks and sending their money elsewhere,” Axios reports, citing Howard Ward and John Belton, co-chief investment officers of value at Gabelli Funds.

The trend may also have to do with the US president floating the rule of law and threatening the Federal Reserve, Edward Fishman, a former top sanctions official at the US State Department, told the FT. He speculated that this could lead, over time, to the emergence of a “multi-polar” currency system where the EUR played a bigger role.

Selling America: With nearly USD 2 tn in annual foreign capital inflows, the US saw its share of global capital flows rise to 41% in 2024 — nearly double the pre-pandemic levels — Axios reports, citing gov’t data. However, the tariff-triggered sell-off of assets, including equities, bonds and the USD — a trend which ING interest rate strategists called “ sell America Inc. ” — may threaten redirecting these inflows elsewhere.

The drop led fund managers to doubt the USD’s market dominance and role as a global capital haven, raising concerns about the greenback serving as a reserve currency during market volatility. “There is [now] a very good case for the end of [USD] exceptionalism,” JPMorgan Asset Management Global Head of Fixed Income Bob Michele told the salmon-colored paper.

BUT- A weaker USD can be a boon for the US, some economists argue. “The reserve function of the [USD] has caused persistent currency distortions and contributed to … unsustainable trade deficits,” weighing down US competitiveness and manufacturing, said Stephen Miran, Chairman of the White House Council of Economic Advisers (watch, runtime: 1:04:00).

The recent tariffs are meant to correct these dated trade trends, Miran said, adding that a weaker greenback may redistribute the “burden of peace and security” while returning dynamism to the US economy.

ADX	9158	+0.4% (YTD: -2.8%)
DFM	4966	-0.2% (YTD: -3.7%)
Nasdaq Dubai UAE20	4003	+0.5% (YTD: -3.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.0% o/n	4.0% 1 yr
TASI	11,593	+0.8% (YTD: -3.7%)
EGX30	31,175	+1.2% (YTD: +4.8%)
S&P 500	5,363	+1.8% (YTD: -8.8%)
FTSE 100	7,964	+0.6% (YTD: -2.6%)
Euro Stoxx 50	4,787	-0.7% (YTD: -2.2%)
Brent crude	USD 64.76	+2.3%
Natural gas (Nymex)	USD 3.53	-0.8%
Gold	USD 3,245	+2.1%
BTC	USD 83,392	-2.3% (YTD: -10.9%)

THE CLOSING BELL-

The DFM fell 0.2% on Friday on turnover of AED 489.7 mn. The index is down 3.7% YTD.

In the green: Emirates Investment Bank (+14.2%), Al Ramz Corporation Investment and Development (+13.8%) and National General Insurance Company (+12.9%).

In the red: Al Salam Sudan (-7.7%), National International Holding Company (-5.5%) and Commercial Bank of Dubai (-4.8%).

Over on the ADX, the index rose 0.4% on turnover of AED 942 mn. Meanwhile, Nasdaq Dubai was up 0.5%.

CORPORATE ACTIONS-

Abu Dhabi-based BHM Capital and publicly listed property developer RAK Properties have mutually agreed not to renew their expired liquidity provision agreement for RAK’s shares traded on the Abu Dhabi Securities Exchange (ADX), according to a DFM disclosure (pdf).

In context: RAK Properties tapped Arqaam Securities as its liquidity provider last week for shares traded on the ADX. The agreement aims to reduce bid-ask spreads, improve price discovery for shares, and increase market participation from institutional and retail investors.

Salik’s general assembly approved distributing AED 619.8 mn in dividends for 2H 2024, equivalent to 8.3 fils per share, according to a disclosure (pdf).

Shuaa Capital has activated its previously approved capital increase, raising its share capital by 44.3% from AED 2.5 bn to AED 3.7 bn, according to a DFM disclosure (pdf). Trading on the new shares begins today, with the company confirming it has fulfilled all regulatory and procedural requirements. The capital increase comes following the issuance of AED 359.5 mn in bonds it issued to investors and noteholders over two tranches last month.

The UAE continues its discussions with the US and supports mediation with Iran

UAE backs Oman-hosted Iran-US mediation: Foreign Affairs Minister Abdullah bin Zayed Al Nahyan and Omani Foreign Minister Sayyid Badr bin Hamood Albusaidi discussed the Iran-US talks hosted in Muscat during a telephone call, state news agency Wam reports. Sheikh Abdullah expressed confidence in Muscat’s ability to foster conditions that “support global peace and security.”

What went down this weekend: During the talks on Saturday, US envoy Steven Witkoff and Iranian Foreign Minister Abbas Araghchi reportedly discussed a framework for a possible agreement aimed at scaling back Iran’s uranium enrichment activities in exchange for limited sanctions relief. Another round of talks is set to take place next weekened.

UAE and Syria discuss strengthening their ties: President Sheikh Mohamed bin Zayed Al Nahyan met with Syrian President Ahmad Al-Sharaa for the first time since his inauguration to discuss ways to strengthen bilateral relations, Wam reports. The two leaders also exchanged views on issues of mutual interest and recent regional and international developments.

UAE president meets US congressional delegation: President Sheikh Mohamed bin Zayed Al Nahyan met with US Senator Joni Ernst and Congresswoman Debbie Wasserman Schultz in Abu Dhabi to discuss UAE-US strategic ties, Wam reports. They discussed shared efforts to promote regional peace and global stability, and ways to deepen bilateral cooperation.

CALENDAR

APRIL

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.

15 April (Tuesday): G42 to acquire USD 335 mn worth of shares in Cerebras.

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

16-17 April (Wednesday-Thursday): Abu Dhabi Sustainable Business Leadership Forum, the Four Seasons Hotel, Abu Dhabi.

17 April (Thursday): Commvault’s Shift Roadshow event, Dubai’s Museum of The Future.

21-23 April (Monday-Wednesday): The Electric Vehicle (EV) Innovation Summit, Adnec Center 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.

25 April (Friday): The Indian Business and Professionals Council’s (IBPC) Annual Conference, Dubai.

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

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

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

30 April - 1 May (Wednesday-Thursday): The Behavioural Exchange 2025 Conference (BX2025), the New York University Abu Dhabi

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.

12-13 May (Monday-Tuesday): Dubai FinTech Summit, Madinat Jumeirah, Dubai.

13-16 May (Tuesday-Friday): International Union for Health Promotion and Education Conference, Abu Dhabi.

13-14 May (Tuesday-Wednesday): The Annual HR Tech MENA, Dubai.

13-15 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.

28-31 May: The Emirates Agriculture Conference and Exhibition, Adnec Center Al Ain, Abu Dhabi.

30 May (Friday): Arafat Day.

31 May-2 June (Saturday-Monday): Eid Al Adha.

JUNE

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

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

30 September - 2 October (Tuesday-Thursday): The Water, Energy, Technology, and Environment Exhibition (WETEX), Dubai World Trade Centre.

3-16 October (Friday-Thursday): Dubai Home Festival.

7-9 October (Tuesday-Thursday): The International Symposium on the System of Radiological Protection, the Ritz-Carlton Abu Dhabi, Grand Canal.

9-15 October (Thursday-Wednesday): IUCN World Conservation Congress, Abu Dhabi.

27-29 October (Monday-Wednesday): Future Hospitality Summit, Madinat Jumeirah, Dubai.

27-29 October (Monday-Wednesday): Asia Pacific Cities Summit, Dubai Exhibition Center.

28-29 October (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

NOVEMBER

15-17 November (Saturday-Monday): Myplant & Garden Middle East Green Expo, Dubai Exhibition Centre, Expo City.

17-21 November (Monday-Friday): Dubai Airshow 2025, Al Maktoum International Airport, Dubai.

18-19 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

DECEMBER

1-3 December (Monday-Wednesday): Eid Al Etihad (UAE National Day).

1-5 December (Monday-Friday): The World Congress of Neurosurgery, Dubai World Trade Center.

8-9 December (Monday-Tuesday): BTC Mena Conference, Adnec, Abu Dhabi.

8-10 December (Monday-Wednesday): BRIDGE media summit, Abu Dhabi.

9-10 December (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.
Universal Postal Congress 2025, Dubai.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.
ICOM General Conference 2025, Dubai

Signposted to happen sometime in 2026:

3-5 February (Tuesday-Thursday): The World Governments Summit.
12-15 February (Thursday-Sunday): The Society for Incentive Travel Excellence Global Conference, Abu Dhabi.
11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center.
The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE
9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE

Signposted to happen sometime in 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