Adnoc, OMV agree on final terms of petrochemical units’ merger

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Opec+ to hike production next month + Emergency Gaza-focused Arab League summit kicks off in Egypt today

Good morning, friends. An otherwise relatively slow news day was interrupted by a handful of updates late at night, including the conclusion of talks between Adnoc and OMV on the merger of their petrochemicals units, paving the way for the establishment of a USD 60 bn petrochemicals giant.

Plus: Abu Dhabi published 2024 non-oil foreign trade figures, and we have updates on the Northern Emirates’ real estate markets last year. Also: Ras Al Khaimah is eyeing a Sukuk issuance. Let’s dive in.

☀️WEATHER- Say goodbye to our run of chilly days for a while: We’re in for a warmer day today that will hit a high of 31°C in Dubai as temperatures rise through to the end of the week, according to our favorite weather app and the National Center of Meteorology’s forecast (pdf). Dubai will see an overnight low of 21°C, while Abu Dhabi is expected to see highs of 23°C and an overnight low of 20°C.

WATCH THIS SPACE-

#1- Wood Group taps Rothschild for debt refinancing amid Sidara takeover talks: Scottish engineering company Wood Group tapped Rothschild & Co for talks to refinance its debt amid reports that Dubai-based Sidara is once again in talks to acquire the firm, the Financial Times reports, citing people in the know.

REMEMBER- Sidara, which withdrew from a prior takeover bid in August last year, reengaged with Wood Group after its stock price plummeted in recent weeks, with its valuation falling below GBP 200 mn, down from over GBP 5 bn. While discussions continued as of Monday morning, the sources cautioned that an agreement might not materialize — though under UK takeover rules, Sidara has until 24 March to make a formal offer or walk away.

REMEMBER-Dubai-based engineering firm Sidara was considering a takeover last summer, submitting four acquisition bids. Wood Group rejected a GBP 1.47 bn bid in May, saying it “fundamentally undervalued” the company, before engaging with a GDP 1.59 bn offer in June. Sidara then pulled out of takeover plans in August, citing geopolitical risks and market volatility for the turnaround.

#2- Parkin + Dewa to introduce new EV green charger stations in Dubai next month: Public parking operator Parkin and the Dubai Electricity and Water Authority (Dewa) will introduce new electric vehicle (EV) green charger stations in the emirate in April, Parkin CEO Mohamed Al Ali told Al Khaleej. Users will be able to pay for charging and parking fees through the Parkin app and digital wallet.

REMEMBER- The two entities signed an agreement to expand the number of charger stations in the emirate back in May 2024. The initiative targets prime locations managed by Parkin and seeks to ramp up EV use in Dubai.

#3- Ta’ziz – a joint venture between Adnoc and Abu Dhabi sovereign wealth fund ADQ — will wrap up the first phase of its projects within five years, CEO Mashal Al Kindi said whilst speaking to Gulf News. Ongoing projects for the firm include a 1.8 mn tons per year green methanol plant in Abu Dhabi’s Al Ruwais Industrial Complex, a 1 mn tons per year large-scale ammonia factory in the UAE, and a PVC facility with a capacity of 1.9 mn tons a year.

DATA POINTS-

#1- Dubai is set to be among the biggest markets for hotel openings outside the US in 2025, with over 5.3k new rooms slated for the year, according to data from CoStar. Some 50.7k rooms are projected to open across the region, with additions in Makkah (4.7k), Doha (3.9k), Riyadh (3.5k), and Jeddah (3.2k) maintaining development activity despite a 6.7% drop in rooms under construction.

#2- Over 15k Chinese companies are operating in the UAE, Economy Minister Abdullah bin Touq Al Marri said at Investopia in comments picked up by Wam. Hundreds of Chinese companies invested over USD 6 bn in the UAE over the years, he said.

ICYMI- Only last month the Abu Dhabi and Shanghai governments agreed to up business and trade cooperation, and last December saw the opening of a new trade link through to China via Pakistan.

HAPPENING TODAY-

Egypt will host an emergency Arab League summit today to develop a unified Arab stance against the displacement of Gazans and present a reconstruction plan for the enclave. The summit, initially scheduled for 27 February, was postponed to allow for further high-level discussions. It comes amid increasing Israeli pressure, including cutting off aid to Gaza, in an effort to push Hamas into extending the first phase of the ceasefire agreement.

What to expect: Egypt will present its reconstruction plan during the summit, with Egyptian Foreign Minister Badr Abdelatty confirming that securing international support — particularly from European donors — will be a priority, he said during a presser (watch, runtime: 42:05) earlier this week. The plan reportedly includes setting up temporary housing for Palestinians in safe zones, while Hamas would be replaced by an interim Governance Assistance Mission, led by Arab, Muslim, and Western states, to oversee Gaza’s initial reconstruction and humanitarian aid for an unspecified period, according to a draft proposal obtained by Reuters. Security would reportedly fall under an International Stabilisation Force, primarily composed of Arab states, which would take over from Hamas with plans to eventually establish a local police force.

Gulf nations remain divided on Hamas’ role in Gaza’s reconstruction, with the UAE firmly opposing any scenario in which Hamas remains in Gaza and advocating for a reformed Palestinian Authority as the sole governing body, the Wall Street Journal reports. Saudi Arabia and Qatar, however, back Egypt’s proposal, which calls for Hamas to disarm while continuing to play a political role alongside other Palestinian factions. Hamas, so far, has resisted demands to surrender its weapons, with key leaders rejecting an Egyptian proposal to place its arsenal under international supervision until a Palestinian state is established.

HAPPENING THIS WEEK-

The Forbes 30/50 Summit kicks off tomorrow and runs until 8 March in Abu Dhabi. Coinciding with International Women’s Day, the event brings together influential leaders from entertainment, sports, business, and activism, including Reddit cofounder Alexis Ohanian, Iraqi para table tennis player Najlah Imad, Syrian swimmer Yusra Mardini, and Saudi race car driver Reema Juffali.

MARKET WATCH-

Opec+ stays the course on planned supply hikes next month: Opec+ agreed to stick to plans to revive supply in April following repeated delays, according to a statement yesterday. The group cited “healthy market fundamentals” and a “positive outlook,” but kept the door open for future changes in policy, saying the increase may be paused or reversed depending on market conditions. “This flexibility will allow the group to continue to support oil market stability,” the statement said.

The UAE is getting its production hike: The UAE is set to see a higher production quota of 3.5 mn barrels per day in 2025, up from the current 2.9 mn, after the oil cartel agreed to raise its production quota last year.

Opec+’s crude production is already on the rise, reaching 27.4 mn barrels a day (bbl / d) in February, an increase of 240k bpd, its highest since December 2023, Bloomberg reports. The UAE raised its output by 70k bpd — which Bloomberg claims is 400k bbl / d over an agreed limit — as shipments to Japan and China rose. Iraq and Venezuela also drove the uptick in production.

THE BIG STORY ABROAD-

Leaving no room for talks, Trump officially slapped 25% tariffs on Canada and Mexico starting today. The levies — initially postponed after negotiations with Mexican President Claudia Sheinbaum and Canadian Prime Minister Justin Trudeau — are now officially moving forward as part of Trump’s push to pressure both countries on border security and fentanyl trafficking. Trump is also using the move to pressure Canada and Mexico to shift their manufacturing to the US, saying they’re “going to have a tariff” unless they “build their car plants, frankly, and other things in the United States, in which case they have no tariffs.” Canadian Foreign Minister Melanie Joly warned that Ottawa is “ready” to hit back with retaliatory measures.

That’s not all —Trump also signed off on doubling tariffs on Chinese imports to 20%. The White House justified the move by accusing Beijing of failing to curb illicit fentanyl shipments to the US. The directive goes into force today.

Needless to say, markets recoiled —The S&P 500 slid around 1.8%, marking its worst day since December and wiping out its year to date gains. The Dow Jones Industrial Average tumbled 1.5% and the Nasdaq fell 2.6%, as fears over US economic fallout materialized. Tech stocks also slid, with Nvidia tumbling over 8%. We have more in Planet Finance, below. (Financial Times | AP | BBC | Bloomberg | CNBC | Reuters)

ALSO- Trump paused all military aid to Ukraine as part of his efforts to push Ukrainian President Volodymyr Zelenskyy to take part in peace talks with Russia. Trump’s decision comes days after a heated discussion between him and Zelenskyy. (Bloomberg | AP)

IN OTHER BUSINESS NEWS- A Citigroup staffer nearly sent USD 6 bn to a customer’s account after dropping the account number into the USD field by mistake — a typo with serious extra zeros. The error, caught the next business day, was reported to regulators. (Bloomberg)

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CIRCLE YOUR CALENDAR-

The Global Islamic FinTech Forum will take place on 15 April at the Dusit Thani Hotel in Dubai, bringing together experts, investors, and regulators to discuss developments in shariah-compliant financial technology. Topics will include digital payments, peer-to-peer lending, takaful, and blockchain-based financial services.

The inaugural Public Art Abu Dhabi Biennial runs through 30 April, showcasing over 70 artists from the UAE and around the world with site-specific installations across Abu Dhabi and Al Ain, according to an Abu Dhabi Media Office statement. The second phase, launched yesterday, adds new works by Anga Art Collective, Ayesha Hadhir, Lúcia Koch, and more, along with a public program of talks, workshops, film screenings, and performances. Visitors can explore the exhibition’s eight routes by foot or car.

The Annual HR Tech MENA Summit is set to take place on 13-14 May in Dubai, bringing together HR and tech professionals from across the region to discuss trends in HR technology, according to a press release. This year’s theme at the invite-only summit is the digital handshake: blending tech and touch.

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

Adnoc, OMV agree terms of petrochemicals units merger

Adnoc and Austria’s OMV agreed terms of an agreement to merge their polyolefins businesses after years of negotiations, creating a USD 60 bn global polyolefins player set to be the world’s fourth largest, according to a statement. The merged business, set to be based in Austria with a regional HQ in the UAE, will have a capacity of 13.6 mn tonnes per year across Europe, the Middle East and North America.

REMEMBER- The merger has been in the works for nearly two years, delayed by changes in management, the elections in Austria last year, and some sticking points related to the technicalities of the merger.

Also part of the package: The companies are acquiring Abu Dhabi sovereign wealth fund Mubadala’s Nova Chemicals for USD 13.4 bn, including debt, with the acquisition set to be financed by a bridge loan, later refinanced by way of a capital increase. We heard this could be on the cards earlier this month.

Meet Borouge International: The new merged entity will be jointly owned by Adnoc and OMV, with each owning a c.47% stake. The remainder of the shares will be freefloat, after the company lists on the ADX, pending approval from the Securities and Commodities Authority. It could also later be listed on the Vienna Stock Exchange, according to a separate statement from OMV.

Borouge International will be under XRG’s umbrella: Adnoc will transfer its stake in the new entity to XRG, its new USD 80 bn renewables and chemicals platform. The platform also acquired a majority stake in German chemicals company Covestro in December.

Financing plans: OMV is set to inject some EUR 1.6 bn into the newly merged entity, which will be reduced upon closing of the transaction in accordance with equity value changes after the payment of dividends. It is also set to raise some USD 4 bn in capital in 2026 to become compliant with MSCI index inclusion and secure an investment grade credit rating, the statement said. Adnoc and OMV will not be participating in the capital increase.

Timeline: The merger is set to be completed in 1Q 2026, pending approval from OMV’s supervisory board and regulators.

Abu Dhabi’s non-oil foreign trade volume reached AED 306 bn in 2024

Abu Dhabi’s non-oil foreign trade climbed 7.6% y-o-y to AED 306 bn in 2024, according to preliminary import and export (here, pdf, and here, pdf) from Abu Dhabi Statistics Centre (SCAD). Export volumes rose 12% y-o-y to reach AED 165.8 bn, while imports came in at AED 140.2 bn — a 2.8% y-o-y increase.

On a quarterly basis, 4Q 2024 saw non-oil foreign trade reach AED 83.1 bn. Exports reached AED 48.4 bn in trade volume, leaving imports to account for AED 34.8 bn.

Leading the growth in exports for 4Q 2024 was commodities, accounting for AED 14.2 bn in volume, and closely followed by manufacturing which produced AED 9 bn in exports. Machinery and transportation equipment came in at AED 8.6 bn, while chemicals and chemical products accounted for AED 5.6 bn.

On the import side, machinery and transport equipment accounted for the majority of imported trade during the fourth quarter, coming in at AED 14.3 bn. Manufactured goods once again took the second spot with AED 8.2 bn, followed by chemicals and chemical relation products.

ICYMI- The UAE’s non-oil foreign trade reached AED 3 tn last year, up 14.6% y-o-y, close to its AED 4 tn trade target by 2031. Abu Dhabi’s non-oil economy grew 6.6% and contributed 54% to GDP in 3Q 2024, which saw a 4.5% y-o-y uptick during the period, with the manufacturing, construction, and finance sectors bolstering the emirate’s economy.

The UAE is on track for 7% annual economic growth soon -Al Marri

The UAE economy is on track to grow 7% annually in the coming period if interest rates and inflation continue to decline globally, Economy Minister Abdulla bin Touq Al Marri told CNBC Arabia.

REMEMBER- The UAE is targeting a GDP of AED 3 tn by 2031. Al Marri has repeatedly said 7% annual growth is a “ personal target ” of his, citing that figure in 2023 and 2024.

High levels of inflation and rates have weighed on investments and economic growth over the past few years, Al Marri said, adding that the country’s growth rate of between 4-6% is still higher than the global 2-3% average.

Remember: Al Marri said last month that he sees the UAE’s economy growing by around 5-6% in 2025, up from 4% in 2024. Growth will be driven by strong performances in sectors that include “technology, renewable energy, trade, financial services, and infrastructure,” he said.

Not everyone is as optimistic about the UAE’s growth this year: Fitch Solutions’ research unit BMI recently revised its forecast for the UAE’s economy this year to 5.1%, slightly down from 5.2% predicted in October, while the International Monetary Fund and the World Bank revised their forecasts for the UAE’s economy this year to 4%. Meanwhile, the Central Bank of the UAE (CBUAE) penciled in a higher growth estimate of 4.5% in 2025 in December.

ِALSO- Al Marri said the government will issue six new regulations in 1H 2025 regarding the cooperatives law, with new cooperatives planned in the health, education, and retail sectors, he told CNBC Arabia. This comes as the government aims to increase the contribution of the cooperatives sector to GDP to 5%, compared to the current level of 1-1.1%.

Northern Emirates saw c.3% rental rate growth for most of 2024 as more Dubai tenants relocate

The Northern Emirates recorded steady growth in rental prices in 2024, with apartment and villa rents rising 4-8% in Ras Al Khaimah, Sharjah, and Ajman, before stabilizing at 3% in 2H 2024, according to Asteco’s 4Q 2024 report (pdf). This was supported by some 20k new units launched across the Northern Emirates during the year, as well as increased demand from tenants relocating from Dubai, drawn by affordability, upgraded infrastructure, and improved lifestyle offerings.

Transaction values were on the rise, particularly in Ras Al Khaimah, which saw a 78% surge in 4Q transaction values, followed by Sharjah (48%) and Ajman (21%).

REMEMBER- Ras Al Khaimah is working on attracting more tourists, with a strong pipeline of projects led by the USD 4 bn Wynn Al Marjan Island resort, set to open in early 2027. The project has sparked a construction boom in the emirate, transforming the once-quiet area into a bustling development hub.

Ras Al Khaimah plans 10-year Reg S USD-denominated benchmark sukuk

Ras Al Khaimah plans 10-year sukuk issuance: The Investment and Development Office of Ras Al Khaimah (IDO) is planning on issuing a 10-year Reg S USD-denominated benchmark sukuk issuance, which is set to be listed on Nasdaq Dubai, Zawya reports.

Advisors: The IDO tapped banks including Abu Dhabi Commercial Bank, Citibank, Emirates NBD Capital, First Abu Dhabi Bank, The National Bank of Ras Al Khaimah (RAKBANK), and Standard Chartered Bank — all of which have been appointed as Joint Global Coordinators. Citi and Emirates NBD Capital are also acting as Sukuk Structuring Agents.

A Reg S issuance? A USD-denominated Reg S issuance is a subordinated USD-based financial instrument offered to non-US investors.

This year has seen several sukuk issuances from local banks, though this is the first government issuance this year. In January, First Abu Dhabi Bank priced a USD 600 mn five-year sukuk amid strong demand with a profit rate of 5.2%. The sukuk — which was 2x oversubscribed, with initial pricing of T+100 bps — will list on the London Stock Exchange. Real estate developer Damac also recently priced its USD 750 mn senior unsecured Reg S sukuk, which is set to be listed on Euronext Dublin.

UAE-based issuers’ total sukuk issuance volume hit USD 14.4 bn in 2024, with S&P Global Ratings projecting that this volume will remain steady at USD 14-15 bn in 2025, “underpinned by banks and corporate issuances.”

We have also seen a flurry of Reg S issuances from regional banks: Abu Dhabi Commercial Bank in February raised USD 600 mn through a five-year floating-rate Formosa bond at SOFR +105 bps, while First Abu Dhabi Bank priced USD 750 mn in senior unsecured notes in January, listed in Taipei and London at SOFR +100 bps. Aldar Properties also issued USD 1 bn in Reg S hybrid capital notes — marking the largest conventional hybrid issuance in the Middle East, with USD 4.9 bn in orders (3.8x oversubscription).

More to come: Sharjah Islamic Bank (SIB) also plans to list a USD 500 mn Reg S five-year sukuk on Euronext Dublin and Nasdaq Dubai, with initial pricing set at T+1.25%. Meanwhile, Emirates NBD is set to issue USD 1 bn in Reg S additional tier 1 capital securities last week, with initial price thoughts of 6.25%.

You can now major in AI at MBZUAI + G42 partners on AI adoption in private and public sectors

EDUCATION-

MBZUAI rolls out its first undergraduate program: The Mohamed bin Zayed University of Artificial Intelligence (MBZUAI) introduced its first undergraduate program, the Bachelor of Science in Artificial Intelligence, according to the Abu Dhabi Media Office. The program offers two specialized tracks: AI business, which focuses on business integration and entrepreneurship, and AI engineering, which centers on AI model development and real-world applications.

The details: The curriculum covers core AI fields, including machine learning, natural language processing, computer vision, robotics, deep learning, and generative AI. It also features specialized courses in AI for health, sustainable living, 3D vision, mixed reality, and AI for science. Students will also receive cross-disciplinary training in business, finance, and management as part of the program.

The perks: Students will gain hands-on experience with advanced AI models like JAIS, MBZUAI’s Arabic large language model, and K2, an open-source AI model. The program integrates industry placements, internships, and collaborations with global AI leaders.

TECH-

#1- Inception and Scale AI partner to drive AI adoption: G42 subsidiary Inception partnered up with American data firm Scale AI to drive AI adoption across the public and private sectors, according to a press release. Initially focused on the UAE, the partnership plans to expand into international markets.

The details: The companies will develop AI solutions for the government, investment, corporate, and healthcare sectors, supported by industry-specific evaluation datasets to assess AI application performance. Scale AI will provide post-training support, including Supervised Fine-Tuning and Reinforcement Learning from Human Feedback, for Inception’s new large language models.

#2- Dubai-based consulting and IT outsourcing services provider TouchForce IT Solutions has partnered up with Lagos-based firm Outcess to identify avenues for business in Nigeria, as part of TouchForce’s expansion into the country, according to a press release.

STARTUPS-

#1- SC Ventures + Visa team up to back SMEs in MENA: Standard Chartered’s fintech and innovation arm SC Ventures inked an MoU with Visa at the Visa Innovation Center in Dubai to develop digital solutions for SMEs in the region, according to a press release. The partnership will focus on a proof of concept for SME-targeted digital tools, with ongoing workshops and sessions.

REMEMBER- The firm also collaborated with Dubai-based conglomerate 7X last December to support SMEs. The partnership aims to create SME-focused ventures and develop a minimum viable product to offer them scalable and tech-based solutions.

#2- Schneider Electric joins NextGenFDI as new partner: Schneider Electric has joined the UAE’s NextGenFDI initiative as a strategic partner, Wam reported on Monday. Through the partnership, the company will mentor and grow sustainability and climate technology startups and expand its own portfolio companies into the UAE. Other NextGen partners include Qualcomm, DoxAI, SolarSpace, Continuous Ventures, TG0, and Zelos Technology.

More about the program: The NextGen FDI program was launched in 2022 to help global tech-focused startups establish and expand their operations in the UAE by facilitating licensing procedures, bulk and golden visa issuances, and banking services. It also offers commercial and residential lease incentives.

TELECOMS-

e& becomes equity partner in API firm Aduna: Emirates Telecommunications Gr oup (e&) joined as an equity partner in network application programming interfaces (API) ecosystem firm Aduna, according to a press release. The partnership will see e& add its operations over 20 countries to Aduna’s platform, while its own developers will gain access to Aduna’s API platform. The partnership will be finalized later this year and is subject to regulatory approval. The press release did not disclose the value of the partnership.

Aduna? Aduna was founded in September 2024 to simplify global access to network APIs, allowing for communication over different networks. It also counts Vodafone, Orange, T-Mobile, and Ericsson amongst its partners.

AVIATION-

#1- Emirates adds flights to Asia: Dubai’s flagship carrier Emirates is rolling out three new flight routes to China, Vietnam, and Cambodia, effective from mid-2025, according to a statement. The airline will offer daily non-stop flights from Dubai to Shenzhen, starting 1 July — making it the first carrier in the region to fly directly to the city. It will also add four weekly flights to Vietnam’s Da Nang from 2 June and three weekly services to Cambodia's Siem Reap from 3 June.

REMEMBER- Emirates has been planning to increase its air traffic to China by 40% on the back of rising demand. The carrier had previously been operating 35 weekly flights to China — two daily flights each to Shanghai and Beijing, and one to Guangzhou. The UAE and China have also been in talks to boost bilateral air connectivity beyond their 56 per week per country ceiling.

That’s not all: Emirates’ cargo arm Emirate’s SkyCargo is expected to move some 10 tonnes of cargo per flight between Dubai and Shenzhen to support high-tech and e-commerce exports, the statement adds. The airline currently transports some 2k tonnes of cargo each week from the Chinese mainland. The move looks to boost the UAE’s trade links with China — providing an additional link for Chinese businesses to enter the global market.

#2- Flydubai adds three new services to Iran: Dubai-based budget carrier Flydubai is launching three new services to Iran as part of its network expansion efforts, growing its destinations to 130, according to a statement. The airline will operate two weekly flights from Dubai International Airport (DXB) to Bushehr Airport (BUZ) and Tabriz Airport (TBZ) starting 13 March as well as three weekly flights from DXB to Qeshm Airport (GSM) starting 14 March.

LOGISTICS-

#1- Dubai South inked an agreement with international freight forwarder UPS to open a new facility in its Logistics District, according to a statement. The facility — scheduled for operations by year’s end — is set to boost national freight forwarding capacity and is part of UPS’s strategic expansion plans into the region. The move looks to boost the UAE’s trade links through UPS's extensive global network — linking businesses in the region to over 200 countries globally. The investment ticket for the project was not disclosed.

Building on its UAE ties: Sharjah International Airport onboarded UPS Global, which operates four weekly cargo flights to various destinations worldwide back in October 2024.

Dubai South has been expanding: Dubai South welcomed 415 new companies in 2024, bringing the total number of companies operating in the aviation and logistics development district to 4k with a retention rate of 94% for existing companies

#2- China’s CULines sets up shop in Dubai: Chinese freight forwarding firm CULines West Asia Company launched its Dubai headquarters last week as part of its strategic expansion across the region, according to a statement. CULines is currently expediting the development of its route network in the region, which aims to “play a pivotal role in linking our trunk and feeder networks” to enhance operational efficiency and collaboration, chairman Raymond Chen said.

INFRASTRUCTURE-

L&T to develop grid station in Abu Dhabi: Indian multinational Larsen & Toubr o ’s (L&T) Power Transmission & Distribution (PT&D) vertical received an order to establish a 220/33 KV grid station in Abu Dhabi, along with associated jobs, the company said in a press release (pdf). It also secured projects in Saudi Arabia and India, with the total orders valued between INR 25-50 bn (c. USD 286-573 mn).

This isn’t L&T’s first Emirati project, having been awarded contracts to develop two gas-insulated substations in Abu Dhabi last year, the sixth phase of the Al Maktoum solar park, EHV substations in Dubai, and a 24/7 solar and battery storage project also in Abu Dhabi.

Abu Dhabi Accountability Authority Adnoc ADQ AI ALSO ON OUR RADAR artificial intelligence Aviation Dubai South e& e& UAE Education Emirates Airline energy Etisalat G42 infrastructure Larsen & Toubro logistics Mohamed bin Zayed University of Artificial Intelligence Schneider Electric SMEs Standard Chartered startups Ta’ziz tech Telecommunication Telecommunications telecoms

8

PLANET FINANCE

Wall Street faces sell-off amid threat of tariffs

Wall Street faces worst day of 2025 yet: US stocks had their worst day so far this year after US President Donald Trump confirmed that a 25% levy on Mexico and Canada would go into effect today. The S&P 500 fell nearly 2%, while a tech stock sell-off pushed the Nasdaq down 2.2%, with chipmaker Nvidia losing some 10%. The Dow Jones was not spared, losing 1.5%, not helped by data showing that manufacturing activity eased in the country in February.

What happened? Trump confirmed the levies would take place, along with an extra 10% duty on Chinese imports, despite expectations of another potential delay. Trump also confirmed wider “reciprocal” tariffs were coming in April.

BTC also had a bad day: Despite rising the previous day after Trump’s announcement of plans for a BTC strategic reserve, BTC took a plunge yesterday, reversing most of the gains it made and falling as much as 9% to around USD 85k.

Analysts and traders are not optimistic: Demand for US stocks is likely not high enough to sustain a rebound, a Goldman Sachs analyst said, while JP Morgan strategists also see US tech stocks continuing to face sell-offs amid uncertain economic growth and tariffs, Bloomberg reports. BCA Research downgraded BCA their recommendation for US equities to underweight from neutral, while upgrading European stocks to overweight.

Set to benefit are value-dominated stocks in international markets and tariff-safe emerging market assets. While Wall Street faced a rout, European stocks hit fresh highs yesterday, propped up by a rally in defense stocks after plans were revealed that the EU will be spending hundreds of bns of USD on defense financing for Ukraine.

MARKETS THIS MORNING-

Asian stocks were also impacted by Trump’s tariff announcement, with Japanese stocks falling more than 2%, led by declines in Japanese tech players amid a widening risk-off sentiment as trade war fears grow. South Korea’s Kospi was also down 0.13%, and Hong Kong’s Hang Seng started the day down 1.58%. Meanwhile, mainland China’s CSI 300 index dipped 0.59%.

Over on Wall Street, futures are up slightly as investors brace for the full impact of the implementation of the tariffs.

ADX	9,560	-0.1% (YTD: +1.5%)
DFM	5,328	+0.2% (YTD: +3.2%)
Nasdaq Dubai UAE20	4,382	+0.4% (YTD: +5.7%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.3% o/n	4.3% 1 yr
TASI	12,124	+0.7% (YTD: +0.7%)
EGX30	30,989	+0.4% (YTD: +4.2%)
S&P 500	5,850	-1.8% (YTD: -0.5%)
FTSE 100	8,871	+0.7% (YTD: +8.5%)
Euro Stoxx 50	5,541	+1.4% (YTD: +13.2%)
Brent crude	USD 71.1	-0.7%
Natural gas (Nymex)	USD 4.12	+7.5%
Gold	USD 2,901	+1.9%
BTC	USD 86,297	-8.5% (YTD: -7.8%)

THE CLOSING BELL-

The DFM rose 0.2% yesterday on turnover of AED 706.2 mn. The index is up 3.2% YTD.

In the green: Dubai Refreshment (+15%), National General Ins. Company (+9%) and Air Arabia (+3.2%).

In the red: BHM Capital Financial Services (-9.7%), Dubai Taxi (-3.4%) and Spinneys (-2.4%).

Over on the ADX, the index fell 0.1% on turnover of AED 887.2 mn. Nasdaq Dubai was up 0.4%, and 5.7% YTD.

CORPORATE ACTIONS-

Al Khaleej Investment’s board will meet on 25 March to approve a capital increase of AED 400 mn, it said in a disclosure (pdf) to the ADX. The increase, through a rights issue by issuing new shares to existing shareholders on a subscribed pro-rata basis, will bring the firm’s capital to AED 505 mn, divided into 505 mn shares.

Emaar to consider AED 2.7 bn in dividends: Emaar Development ’s board will meet on 26 March to discuss distributing AED 2.7 bn in dividends, at a rate of 68 fils per share, the company said in a disclosure (pdf) to the DFM.

CALENDAR

MARCH

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

2-7 March (Monday-Friday): The Nad Al Sheba Padel Championship, Nad Al Sheba Sports Complex, Dubai.

5 March (Wednesday): Final share allocation for Alpha Data’s IPO.

5 March (Wednesday-Saturday): The Forbes 30/50 Summit, Abu Dhabi.

8 March (Saturday): Future Women Leaders Forum 2025, Taj Exotica, The Palm, Dubai

11 March (Tuesday): Alpha Data shares begin trading.

18-19 March (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

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

31 March-2 April (Monday-Wednesday): 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.

7-10 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's 3rd edition, Abu Dhabi National Exhibition Center.

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.

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

14-16 April (Monday-Wednesday): Dubai Woodshow’s 21st Edition, 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.

April 15 (Tuesday): The Global Islamic FinTech Forum 2025, the Dusit Thani Hotel, 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.

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 64th Annual Conference of the International Federation of Air Traffic Controllers’ Associations (IFATCA)

Signposted to happen sometime in April:

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

MAY

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

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

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

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.

15-18 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.

20-22 May (Tuesday-Thursday): Seamless Middle East 2025, 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.

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.

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.
11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center.
The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE
9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE

Signposted to happen sometime in 2027:

Abu Dhabi’s solar and battery energy facility, combining 5.2 GW of solar capacity and 19 GWh of battery storage, is set for commissioning.

Signposted to happen sometime between 2027 and 2029:

The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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