Adnoc sells 4% stake in Adnoc Gas

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WHAT WE’RE TRACKING TODAY

THIS MORNING: UAE eyes USD 10 bn investments in Indonesian renewables + AD Ports will not be operating Turkey’s Alsancak Port

Good morning, friends. We’ve finally reached the end of another long and busy week of news, and we’re capping it off with yet another packed issue.

The big story of the day is Adnoc’s sale of a 4% stake in Adnoc Gas to institutional investors, nearly a year after doing the same for its drilling unit. Plus: Alpha Data could raise up to AED 600 mn from its IPO; 2PointZero acquired Egyptian fintech Maseera; and Damac priced its USD 750 mn Reg S sukuk amid strong demand.

ALSO- We have an interesting My Morning Routine read for you this morning with US growth-focused asset manager Polen Capital’s new managing director and head of Middle East and Asia, Omar Sultani. We spoke with him following the news of the launch of Polen’s office in Abu Dhabi this week, after the firm secured the Financial Services Permission to operate in ADGM.

Sultani dives into the reasons why Abu Dhabi was the place to be for Polen Capital, as opposed to financial hubs in Riyadh or Dubai, as well as insights into various investment strategies — including the private credit hype — and Polen’s plans in the region.

WEATHER- Expect a sunny day that might make way for showers later in the evening, according to our favorite weather app and the National Center of Meteorology’s forecast (pdf). Dubai will see the mercury hit an unseasonably warm 32°C today, with an overnight low of 19°C, while temperatures will hit 24°C in Abu Dhabi, with an overnight low of 20°C.

WATCH THIS SPACE-

#1- The UAE is considering investing USD 10 bn in over 10 GW of renewable energy projects in Indonesia, Asharq Business reported, citing statements from Indonesian National Economic Council Chairman Luhut Binsar Pandjaitan after meeting with the UAE’s Energy and Infrastructure Minister Suhail Al Mazrouei. at a Bloomberg event. The investment could be channeled through Indonesia’s new investment fund, Dhanantara, which oversees infrastructure projects and can form JVs with foreign firms, Pangaitan said.

REMEMBER- Emirates Global Aluminium (EGA) is also set to explore alternative clean energy developments in Indonesia.

#2- Dragon Oil eyes further investments in Egypt as overdue payments shrink: Dragon Oil, a subsidiary of Emirates National Oil Company (Enoc), is exploring new opportunities in Egypt’s oil sector as the Egyptian government continues to make good on its overdue payments, CEO Ali Al Jarwan told Asharq Business (watch, runtime 5:00) on the sidelines of the Egypt Energy Show (EGYPS).

Dragon Oil remains committed to investing USD 500 mn in Egypt in 2025 for operational and capital expenditures and is actively seeking further expansion opportunities, Al Jarwan said, adding that Egypt's investment environment has become more attractive as the government continues to clear outstanding payments.

#3- AD Ports will not be operating Turkey’s Alsancak Port after talks fell through for undisclosed reasons,Turkish Transport Minister Abdulkadir Uraloglu told Bloomberg. Turkey was looking to secure a partner for its Western port who can invest capital to expand it, yet after “long negotiations with an investor from the Gulf,” no agreement was reached, adding that there are no ongoing discussions with any other investors at present.

Background: We first heard rumblings about AD Port’s interest in acquiring the port back in 2023, when Turkey announced plans to sell the operating rights for the port and that it was in talks with GCC countries.

About Alsancak Port: The port is owned by Turkish sovereign wealth TWF and is operated by TC State Railways General Directorate (TCDD). Located in the Aegean city of Izmir, the 635k sqm port can handle up to 1.2 mn TEU containers of cargo and 1.4 mn tons of general and bulk dry cargo annually.

#4- Driverless taxis on Dubai’s roads by 2026: Dubai Taxi plans to roll out its first autonomous taxi service in the emirate by 1Q 2026, and is working with the Roads and Transport Authority to ensure compliance and operational readiness, CEO Mansoor Alfalasi told The National. The company is also considering partnerships with multiple car manufacturers to optimize safety and profitability.

#5- Gulfnav draws closer to acquiring Brooge’s assets: Shareholders of DFM-listed Gulf Navigation (Gulfnav) are scheduled to vote on the shipping company’s proposed acquisition of all of Brooge Energy’s subsidiaries and assets on Thursday, 13 March, it said in a disclosure (pdf) to the exchange. The move will see Gulfnav fully take over Brooge Petroleum and Gas Investment Company and Brooge Petroleum and Gas Investment Company Phase 3. It's unclear whether Brooge's Brooge Renewable Energy is included in the offer.

The acquisition is a share swap agreement: Gulfnav plans to issue 358.8 mn new shares to Brooge Energy with a one-year lock-up period, alongside AED 2.3 bn in mandatory convertible bonds set to be converted into shares. Additionally, a separate AED 500 mn convertible bond issuance will be allocated to existing shareholders with the rump offering, if any, set to be limited to major shareholders. The company will also pay AED 460 mn in cash to settle the transaction.

REMEMBER- Gulfnav submitted a proposal earlier last year for the structure of the acquisition of oil storage outfit Brooge Petroleum and Gas Investment Company to the Securities and Commodities Authority, after submitting a proposal to fully acquire the company from Brooge Energy back in October 2023. The acquisition was initially expected to close in 4Q 2023.

#6- UAE launches real-time platform to monitor prices of essential goods: The UAE Economy Ministry launched a real-time digital platform to monitor prices of nine essential goods — including rice, dairy, sugar, and wheat — across 90% of the domestic retail market, aiming to enforce government price caps and combat inflation, Al Bayan reports. The tool alerts authorities to violations, detects manipulation, and ensures quality compliance, while geospatial mapping enables rapid enforcement.

REMEMBER- The Economy Ministry placed a cap on price increases for nine basic commodities as of 2 January 2025, with retailers now needing prior approval from the Ministry to increase prices, with a minimum of six months required between two consecutive price hikes. The rule applies to nine essential consumer goods: cooking oil, eggs, dairy products, rice, sugar, poultry, legumes, bread, and wheat. Other related items and cleaning products will also be subject to the new rules.

DATA POINT-

The UAE maintained its position among the top 10 nations in Brand Finance’s Global SoftPower Index 2025, ranking 10th overall, even as soft power momentum in the Middle East slowed, with Saudi Arabia (20th), Qatar (22nd), and Kuwait (40th) seeing declines. The country ranked eighth for influence, ninth for international relations, and tenth for business and trade, while securing second place globally for ease of doing business.

PSA-

Expect some extra traffic on Dubai roads today for the UAE Tour cycling event, according to a statement posted on X. The race will start at 12:30pm at the American University in Dubai and will pass through key routes, including Sheikh Zayed Road, Al Naseem Street, Al Khail Road, Al Jamayel Street, and Sheikh Zayed Bin Hamdan Al Nahyan Street, ending near Hamdan Bin Mohammed Smart University. Road closures will take place at 10-15-minute intervals until 4:30pm.

HAPPENING TODAY-

#1- The world’s largest annual food and beverage event, Gulfood, is on its final day today at the Dubai World Center. The event brings together over 5k exhibitors with some 1 mn food to source, with this year’s event focusing on sustainability and food security.

#2- The International Defence Exhibition (Idex) and Naval Defence and Maritime Security Exhibition (Navdex) are also on their final day at the Abu Dhabi Exhibition Center. The events gather policymakers, contractors and OEMs descend on the capital, with the events including roundtable discussions and a Navdex startup zone.

#3- Ajman’s Department of Tourism Development is on a promotional tour across the UK to establish strategic partnerships and attract more British visitors to the emirate, state news agency Wam reports. Wrapping today, the tour should have covered Edinburgh, Newcastle, Reading, and London.

The UK is among Ajman’s top 10 tourism markets, with a 9% increase in visitors in 2024 and a 36% rise in average stay duration.

#4- Dubai International Boat Show 2025 is on its second day today and will conclude on 23 February at Dubai Harbour, featuring luxury yachts, superyachts, and marine innovations. It will bring together global industry leaders and water sports enthusiasts.

THE BIG STORY ABROAD-

It’s a relatively quiet day in the foreign press this morning — at least in comparison to recent weeks, which have seen an endless string of US President Donald Trump’s executive orders, diplomatic haggling over the war in Ukraine and the prospects for post-war Gaza, and much more.

The latest on Gaza: Saudi Arabia will host talks between officials from the UAE, Egypt, Jordan, and Qatar today to discuss an alternative proposal made by Egypt and Jordan, with input from Qatar and Saudi Arabia, for the reconstruction of Gaza that could see Gazans temporarily housed in open spaces during the reconstruction process, Bloomberg reports, citing sources in the know. Other sources have claimed that the process could use up to USD 20 bn in funding from Gulf and Arab countries. The officials will reportedly be seeking the backing of the UAE on the proposal, Bloomberg said.

REMEMBER- The proposal came in response to Trump’s suggestions for the displacement of the Gaza population into Egypt and Jordan and the redevelopment of Gaza into a “Riviera of the Middle East.”

And on Ukraine: The US is increasingly shifting away from support to Ukraine and nearer to support of Russia, with the country now refusing to call Russia an “aggressor” in a G7 statement, only a day after Trump called Ukrainian President Volodymyr Zelensky a dictator. The US and Russia recently took part in bilateral talks and agreed to increase cooperation. (WSJ | FT)

ALSO- Israel blamed Palestinian militants for the explosion of three buses in Tel Aviv yesterday. No casualties were reported from the incident. (FT | BBC | Guardian)

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Adnoc completes sale of 4% stake in Adnoc Gas to investors

Abu Dhabi National Oil (Adnoc) completed the sale of an additional 4% stake in subsidiary Adnoc Gas to institutional investors, raising USD 2.8 bn, according to a statement from the state-owned energy giant. The follow-on offering, which was priced at AED 3.40 per share, was 4.4x oversubscribed, after seeing books covered throughout the range of the offering, Reuters reports, citing one of the bookrunners.

The sale saw competitive pricing: The price is 43% higher than the gas unit’s IPO share price of AED 2.37, and comes at a 5% discount to its closing price of AED 3.58 yesterday.

Adnoc will retain an 86% majority stake in Adnoc Gas, with an agreement not to sell further shares for a period of six months from the closing of the sale, according to the statement.

The offering increases Adnoc Gas’ freefloat and paves the way for its inclusion in the MSCI Emerging Market Index and FTSE Emerging Market Index, possibly at the next quarterly review subject to Adnoc Gas meeting all the relevant inclusion criteria, the statement read. This will also “enhance trading and liquidity in Adnoc Gas’ ordinary shares and diversify its shareholder base.

This is the largest equity offering in the Mena region since Saudi Aramco’s USD 12.3 bn follow-on sale last June.

It is also the second follow-on sale for an Adnoc unit in as many years: The move also follows a USD 935 mn stake sale in Adnoc Drilling in May 2024, which led to the drilling unit’s inclusion in the MSCI Emerging Markets Index.

Adnoc Gas is on a growth run: The gas giant saw its bottom line grow 13% y-o-y in 2024 to USD 5 bn in 2024 driven by a 2% increase in sales volumes supported by higher contributions from Adnoc LNG and high demand for domestic gas. The firm’s top line was up 7% y-o-y to USD 24.43 bn over the same period. The UAE’s leading liquefied natural gas (LNG) supplier also manages the bulk of the country’s domestic gas distribution and operates an offshore export terminal, and is set to more than double its global LNG export capacity with its upcoming Ruwais facility, set for commissioning in 2028.

Refresher: Adnoc Gas raked in USD 2.5 bn in one of the region’s biggest IPOs in recent years in 2023.

ADVISORS- The state-owned energy giant enlisted BofA Securities, Citi, EFG Hermes, First Abu Dhabi Bank, HSBC, and International Securities as coordinators and bookrunners to manage the sale.

Alpha Data could raise up to AED 600 mn from IPO

IT services firm Alpha Data is guiding on a narrow price range of AED 1.45-1.50 per share for its upcoming IPO on the ADX, which could generate up to AED 600 mn in proceeds, according to a news release (pdf). At the top of the range, the pricing implies a market cap of AED 1.5 bn upon listing, in what will be Abu Dhabi’s first IPO of the year.

Subscription for both institutional and retail investors opened yesterday, and is set to run until Tuesday, 25 February. The final price of the offering will be announced on Wednesday, 26 February, while trading is expected to begin around Tuesday, 11 March.

REMEMBER- Alpha Data’s only two shareholders — Bin Hamoodah Company and Ibbini Investment — are selling down their position to a combined 60% stake in the company and pocketing net proceeds from the 40% stake sale.

ADVISORS- EFG Hermes, Emirates NBD and Abu Dhabi Commercial Bank are acting as joint lead managers for the transaction, with Ashurst and Latham & Watkins providing legal counsel. Deloitte & Touche are serving as auditors.

Damac prices USD 750 mn sukuk amid strong demand

Real estate developer Damac priced its USD 750 mn senior unsecured Reg S sukuk, which is set to be listed on Euronext Dublin, Zawya reports. The 3.5-year sukuk is priced at T+268.9 bps, offering a 4.25% coupon. The final pricing was tightened to a 7% yield, down from initial price thoughts (IPTs) of around 7.5%.

Background: Damac tapped advisors earlier this week to organize fixed income investor calls to be followed by a 3.5-year benchmark Reg S, USD-denominated, senior unsecured sukuk offering. The developer previously said it would rely on borrowing from banks, financial institutions, or bonds to finance 60-70% of its planned USD 20 bn investments in US data centers.

The sukuk attracted strong investor interest, with the order book exceeding USD 2.1 bn, reflecting a 2.8x oversubscription, excluding joint lead manager interest. Damac reportedly received a Ba2 rating from Moody’s with a positive outlook and a BB rating from S&P with a stable outlook.

ADVISORS- Emirates NBD Capital, HSBC, and JP Morgan were appointed as joint global coordinators and joint bookrunners, and our friends at Mashreq, alongside Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Goldman Sachs International, and Warba Bank as joint bookrunners.

Damac’s sukuk issuance follows a series of Reg S issuances from regional banks. Earlier this month, Abu Dhabi Commercial Bank 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). A USD-denominated Reg S issuance is a subordinated USD-based financial instrument offered to non-US investors.

More to come: Emirates NBD is set to issue USD 1 bn in Reg S additional tier 1 capital securities next week, with initial price thoughts of 6.25%, while Sharjah Islamic Bank plans to list a USD 500 mn five-year sukuk, with initial pricing at T+1.25%.

2PointZero takes over Egyptian fintech Maseera Holding

2PointZero — the investment arm of International Holding Company — acquired Cairo-born fintech Maseera Holding for an undisclosed sum, according to a joint statement. The Abu Dhabi-based asset manager plans to inject USD 1 bn into Maseera, supporting its expansion, rebranding, and the establishment of a new Abu Dhabi-based entity under the Maseera Holding name.

An eye to go global: Following the acquisition, Maseera plans to expand beyond Egypt, with an initial focus on improving access to credit and financial services for businesses and individuals in emerging markets. The company will use 2PointZero’s investment to develop its AI and digital technology toolkit, helping it scale its offerings across key markets in Asia and Africa.

The pitch: “By combining Maseera’s client-centric approach with our technological expertise and global reach, we are enhancing our dynamic value network and delivering innovative financial solutions to markets where we operate,” 2PointZero Group CEO Mariam Almheiri said.

About Maseera Holding: The data-driven Egyptian fintech offers financial services tailored to low and middle income individuals as well as micro, small, and medium-sized enterprises (MSMEs). Maseera operates as a digital marketplace for financial products designed to be accessible, inclusive and affordable.

OTHER M&A NEWS-

ADQ-backed Aghthia takes bigger bite of Egypt’s Abu Auf: ADX-listed food giant Agthia Group nabbed an additional 10% stake in Egypt-based snack-maker Abu Auf, bringing its total holding in the specialty nut and date processor to 80%, it said in a filing (pdf) to the bourse. The financial terms of the transaction were not disclosed.

Not the first we’re hearing of it: Agthia — majority-owned by Abu Dhabi sovereign wealth fund ADQ — has been gradually increasing its stake in the company. The Emirati food giant first acquired a 60% interest in 2022 followed by another 10% in February 2024.

The move strengthens Agthia’s foothold in Egypt’s fast-growing food market and bolsters its local operations, which contributed 20% of total revenues in 2024, up from 15-16% the previous year despite economic headwinds.

Abu Auf, by the numbers: Founded in 2010, Abu Auf has expanded aggressively since the acquisition, opening some 100 new stores over the past two years, according to the release. The company reported a 33% y-o-y jump in revenues in 2024, despite the EGP’s sharp depreciation, with EBITDA soaring by over 70% in AED terms.

Agthia has been on a regional acquisition spree since 2020, acquiring date processors BMB Group and Al Foah along with Atyab (processed meats), Kuwait’s Al Faysal Bakery, and Jordan’s Nabi l Foods.

Market reax: Agthia’s stock was down 1.7% at yesterday’s close to trade at AED 5.2.

Idex and Navdex 2025 close with 40 contracts worth AED 23.7 bn signed

Defense exhibits Idex and Navdex 2025 wrap up today with 40 contracts worth AED 23.7 bn inked over the past four days, state news agency Wam reports. This includes 12 new agreements worth AED 3.8 bn secured by the Tawazun Council yesterday, split between AED 1.3 bn in local agreements and AED 2.5 bn in international partnerships.

These agreements include:

A contract with International Golden Group to supply ammunition worth AED 488 mn;
An AED 487.7 mn contract with Abu Dhabi’s Trust to procure advanced fire-support systems, enhancing artillery and battlefield coordination capabilities;
An AED 22.5 mn contract with Itqan Al Khaleej Computers for technical support services;
An agreement worth AED 233 mn with National Factory for Safety and Security Products to supply military-grade footwear;
An AED 6 mn agreement with Bayanat to implement and develop the AI-driven Tarjama program;
A contract with Emirates Motor Company worth AED 10 mn for vehicle maintenance, repair, and spare parts;
An AED 4.5 mn contract with AM Industries for shooting range targets.

A breakdown of other partnerships inked yesterday:

MANUFACTURING-

#1- Aerospace and defense giant Thales International plans to establish a radar manufacturing facility in the UAE to meet local needs and export globally, CEO Pascale Sourisse told Wam. The company is also discussing new projects to develop aircraft, communication systems, and radars with UAE entities.

#2- Al Taif to upgrade the UAE’s IFVs: Al Taif, Edge’s military land platforms supporter, partnered with Turkish combat vehicle producer FNSS to upgrade the UAE armed forces’ infantry fighting vehicles (IFVs), according to a press release.

#3- Abu Dhabi’s VentureOne and Edge Group subsidiary Caracal will set up production lines in the UAE to produce Centurion, a lightweight body armor system developed with the Technology Innovation Institute, state new agency Wam reports.

#4- UAE, Australia launch defense tech partnership for localized weapons production: Shielders Advanced Industries and Australia’s Electro Optic Systems (EOS) will jointly build a facility in the UAE to manufacture R150 remote weapon systems backed by the UAE’s Economic Balance Program, state news agency Wam reports.

#5- Edge's subsidiary Katim inked a MoU with Australia’s Codan Communications to collaborate on advanced military radio solutions, according to a press release. The partnership aims to develop, manufacture, and deploy secure and adaptable communication systems for modern defense and security operations.

DEFENSE TECH-

#1- Edge’s space arm Fada launched geospatial intelligence platform Tactica to support decision-making across several sectors including defense and security, according to a press release. The platform — powered by the UAE’s LLM Falcon — processes satellite imagery, signals intelligence, sensor data, and open-source information to produce actionable insights.

#2- The company also partnered with ST Engineering to improve the UAE’s synthetic aperture radar (SAR) satellite capabilities, according to a press release. ST Engineering will work with Fada to deliver a single-polarisation SAR satellite and ground segment, while also transferring technical expertise. This partnership aims to advance the Sirb Program, a national initiative to boost the UAE’s Radar Earth Observation capabilities.

#3- Meanwhile, Edge’s defense technology provider Trust teamed up with Leonardo DRS to develop defense solutions for the UAE armed forces, according to a press release. The solutions will focus on developing situational awareness systems for vehicle integration. The company also partnered with Diehl Defence to develop its defense capabilities within the UAE, according to a separate press release.

#4- Edge subsidiary Adasi will integrate Meteksan Defence’s Milsar radars into its Garmoosha drones under an agreement, according to a press release.

MARITIME-

Edge and naval vessel producer CMN Naval will collaborate on developing advanced naval platforms, maintenance, and commercial initiatives, according to a press release.

Emirates Development Bank targets AED 23 bn in financing for 2025

Emirates Development Bank (EDB) set a financing target of AED 23 bn for 2025 to support economic diversification and sustainable development in the UAE, according to a press release. Significant allocations will be directed toward manufacturing, advanced technology, renewable energy, and SMEs. The lender also aims to expand industrial co-lending partnerships and accelerate digital transformation initiatives.

In 2024, EDB reported a record 222% y-o-y increase in financing, reaching AED 8.7 bn. This contributed AED 4.1 bn to the UAE’s industrial GDP and facilitated the creation of over 14k jobs. The bank has deployed AED 15.7 bn in financing since launching its transformational strategy in 2021, bringing its total industrial GDP impact to AED 7.4 bn.

By the sector: Manufacturing remained the largest beneficiary of EDB’s financing last year, receiving AED 4.2 bn, which accounted for nearly half of total lending. The bank directed AED 3 bn into advanced technology, while AED 1.2 bn went to renewable energy projects aligned with the UAE’s net zero ambitions. The food security sector saw some AED 1.2 bn in financing, and the healthcare sector saw 1.1 bn.

Micro, small, and medium enterprises (mSMEs) remained a key priority, with EDB allocating AED 3 bn in financing to support their growth. This included AED 758 mn through the Credit Guarantee Scheme in partnership with 11 commercial banks, AED 2.1 bn in direct financing, and AED 107 mn for SME-micro projects aimed at ramping up financial inclusion.

Mansa secures USD 10 mn in pre-seed and liquidity funding round + The Box lands USD 12.5 mn in debt financing

Mansa secures USD 10 mn to tackle cross-border liquidity challenges: Dubai-based fintech startup Mansa raised USD 10 mn in a pre-seed and liquidity funding round to scale its stablecoin-based cross-border payments solution and expand in Latin America and Southeast Asia, according to a press release (pdf).

Where is the money coming from? The funding includes USD 3 mn in pre-seed investment led by Tether and Polymorphic Capital, with participation from Octerra Capital, Faculty Group, and Trive Digital. An additional USD 7 mn in liquidity funding came from institutional and corporate investors.

About Mansa: Co-founded by Mouloukou Sanoh (LinkedIn) and Nkiru Uwaje (LinkedIn), Mansa allows payments companies to settle transactions and fund customer accounts instantly. Since its August 2024 launch, Mansa has processed USD 27 mn in transactions, with over USD 18 mn in payments disbursed, and with access to some USD 200 mn in liquidity through its partner network, TechCrunch reports.

OTHER STARTUP NEWS-

The Box secures USD 12.5 mn debt from Shorooq: Dubai-based self-storage firm The Box secured USD 12.5 mn in financing from Shorooq Partners, according to a press release. The funding, provided through Shorooq’s Credit Practice, will support the construction of a new flagship self-storage facility in central Dubai.

The new capital brings The Box’s total debt funding to USD 31.5 mn through various credit facilities since 2014, Forbes Middle East reports.

About The Box: Established in 2006 by Wadih Haddad (LinkedIn), the company has 30 facilities, including a 140k sq ft flagship location. Known for its Grade A certification and sustainable practices, the company is expanding beyond the UAE into Saudi Arabia and Egypt.

Al Tamimi & Company achieves record rankings in Chambers Global Guide 2025

Al Tamimi & Company secured a record number of rankings in the Chambers Global Guide 2025, which ranks firms and lawyers globally using client feedback, peer reviews, and independent research, according to a press release (pdf). The firm received 31 top-tier rankings across key practice areas. Over 70 of its lawyers featured in the rankings, while the firm was also recognized across multiple jurisdictions, including the UAE, Saudi Arabia, Qatar, Egypt, and Kuwait.

Baker McKenzie’s UAE team was also ranked Band 1 in the Chambers and Partners Global Guide for Commercial Contracts, according to a LinkedIn post.

Lunate’s Chimera ETF lists on ADX, boosting Abu Dhabi’s ETF count to 16

CAPITAL MARKETS-

#1- Lunate’s Chimera iBoxx US Treasury Bill is now listed on the Abu Dhabi Securities Exchange (ADX), the exchange said in a disclosure (pdf). The addition from the Abu Dhabi-based alternative investment firm brings the total number of exchange-traded funds (ETFs) on the ADX to 16, covering 10 markets, ADX Group CEO Abdulla Salem Alnuaimi said. The listed ETFs’ assets-under-management have increased by 94% since the ETF platform was launched, he added.

REFRESHER- Earlier this month, Lunate said it would launch the ETF, which will track outstanding US T-bills with a range of maturity dates, reaching up to 12 months. It currently also has ETFs in several other global markets.

Investors can expect returns between 4.2-4.3%, Lunate’s head of Public Markets Sherif Salem told CNBC Arabia (watch, runtime: 4:18).

#2- Stocks listed on the ADX can now be bought and sold on global trading platform eToro, following an agreement between ADX and eToro aimed at broadening investor access to Emirati capital markets, according to a press release. More than 30 ADX-listed companies spanning energy, real estate, banking, finance, technology and healthcare are now available to eToro users. These stocks represent 88% of ADX’s total market capitalization, which exceeds USD 800 bn.

FINANCE-

#1-Haifin to boost financial resilience in Bahrain: e& Enterprise’s anti-fraud service Haifin has signed an MoU with Bahrain-based fintech company Benefit to strengthen fraud prevention and risk management in trade finance, according to a press release.

In context: Since its launch, Haifin has prevented over USD 150 mn in fraud losses for a consortium of nearly 20 banks, having evaluated USD 100 bn in transactions in the UAE.

#2- India-headquartered real estate investment firm Nisus Finance (NiFCO) launched a GCC-focused real estate fund, it said in a press release. The Nisus High Yield Growth Fund Closed Ended IC is a private fund available to investors via private placement and has already invested AED 200 mn in the Jumeirah Village Circle (JVC) and Al Furjan projects, chief investment officer Amit Kumar Jhunjhunwala (LinkedIn) said.

The fund aims to raise another USD 500 mn in debt and expand its size to USD 1 bn, while targeting a gross internal rate of return (IRR) of 18-20%, the statement said. It hopes to secure USD 250 mn in capital commitments by 2Q 2025, helping to establish its place as a key institutional investor in the GCC’s real estate market, NiFCO said.

LOGISTICS-

DP World boosts its UK handling capacity: DP World is investing GBP 60 mn in four new quay cranes at its UK Southampton container terminal, scheduled to arrive from mid-2026, according to a statement. The cranes are made to service the largest ships currently in operation – holding as much as a 24k TEU – and have an operational lifespan of around 25 years.

INVESTMENT-

Adio partners with Chinese companies on investment: The Abu Dhabi Investment Office (Adio) signed strategic partnerships with three Chinese companies at the Abu Dhabi Investment Forum in Shanghai, the Abu Dhabi Media Office said here, here and here. Abu Dhabi is looking to triple foreign direct investment (FDI) to AED 2.2 tn by 2031 and “strengthen economic ties with the Chinese financial ecosystem,” the office said.

Wind Information, a financial data and software company, will provide market insight and analysis to investors and family offices in China looking towards the UAE and connect them with Adio. The two will co-host investment forums and Adio will facilitate access by Chinese investors to its market.

And there’s more: Consulting and capital activities firm Hejun, which has over USD 2 bn in assets-under-management, will expose its 2k strong network of companies to the Abu Dhabi investment ecosystem in return for Adio helping businesses set up and grow in the emirate. Fosun International, a multinational conglomerate holding company that recorded USD 13.4 bn in revenue during 1H 2024, will also receive investor support and help with expansion of its subsidiaries in Abu Dhabi from Adio.

TECH-

Proofpoint launches local data center in Dubai: US-based Cybersecurity and compliance company Proofpoint will offer its human-centric security solutions through a new local data center in Dubai, it said in a press release. Set to be operational in 1Q 2025, the data center will help UAE-based organizations meet local data residency and regulatory compliance requirements.

European stocks deliver their best performance against the US in a decade following Trump’s inauguration

European stocks have outperformed their US counterparts since Trump’s inauguration amid expectations that a worst-case scenario trade war will be avoided, the Financial Times (FT) reports. The Stoxx Europe 600 index rose by 5.2% since 17 January, while the S&P 500 advanced by 2.5% and Nasdaq rose 1.7%. This marks the strongest start to a year for European stocks since the late 1980s and their best performance against the US in about a decade, FT reports, citing Bank of America analysts.

Behind the trend: Analysts attribute this development to Trump’s decision to hold off on imposing tariffs on the EU, along with the potential for peace talks in Ukraine. The European stock rally has also been supported by increased bank lending and lower interest rates from the European Central Bank, Chief Investment Strategist at Russell Investments Andrew Pease said. Other reasons include fund managers increasing their allocations to European stocks since the beginning of 2025.

The biggest gainers: Sectors such as finance, defense, and luxury goods have posted notable gains. Defense company Rheinmetall surged 28%, while luxury brand Richemont climbed 10% over the past month.

Some are now overweight on European stocks, including analysts at UBS, who upgraded their outlook on European stocks to overweight, citing potential lower energy prices if the Ukraine conflict ends, expansionary fiscal policy, and stronger corporate earnings.

But is it sustainable? Some analysts question whether the rally will last, as US tariffs may be delayed rather than permanently scrapped. Trump has signaled that European imports including cars, pharma, and chips could face 25% tariffs, following similar charges on Canadian, Mexican, and Chinese goods. Meanwhile, UBS analysts warn that European outperformance has historically been short-lived, urging investors to remain cautious.

Also seeing big gains so far this year: Hong Kong’s Hang Seng index has been the best-performing major market since 20 January, rising 15%. The surge was driven by a rally in Chinese technology stocks following the introduction of the AI platform DeepSeek. Elsewhere, China’s CSI 300 gained 3%, Japan’s Topix rose 2%, and India’s Nifty 50 declined 1% during the same period.

MARKETS THIS MORNING-

Asian markets are mostly in the red after inflation data from Japan showed its headline rate climbing to its highest level in two years. Japan’s Nikkei slipped 0.4% at market open, while South Korea’s Kospi is also 0.1% down. Hong Kong’s Hang Seng is the outlier, rising a notable 2.27% at open. Meanwhile, Wall Street futures point to a potentially weak open after major indices slid yesterday on the back of a lackluster earnings forecast from Walmart.

ADX	9,620	+0.3% (YTD: +2.1%)
DFM	5,380	-0.2% (YTD: +4.3%)
Nasdaq Dubai UAE20	4,440	+0.3% (YTD: +6.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	4.4% 1 yr
TASI	12,388	+0.6% (YTD: +2.9%)
EGX30	30,915	+0.1% (YTD: +4.0%)
S&P 500	6,118	-0.4% (YTD: +4.0%)
FTSE 100	8,663	-0.6% (YTD: +6.0%)
Euro Stoxx 50	5,461	0.0% (YTD: +11.5%)
Brent crude	USD 76.48	+0.6%
Natural gas (Nymex)	USD 4.17	+0.5%
Gold	USD 2,954.60	-0.1%
BTC	USD 98,238	+3.5% (YTD: +4.0%)

THE CLOSING BELL-

The ADX rose 0.3% yesterday on turnover of AED 1.3 bn. The index is up 2.1% YTD.

In the green: Hayah Ins. Company (+6.8%), Bank of Sharjah (+4.9%) and Fujairah Cement Industries (+3.9%).

In the red: National Bank of Fujairah (-10.0%), Oman & Emirates Investment Holding (-9.3%) and Abu Dhabi National Insurance Company (-4.0%).

Over on the DFM, the index closed down 0.2% on turnover of AED 482 mn. Meanwhile, Nasdaq Dubai rose 0.3%.

CORPORATE ACTIONS-

Property developer Deyaar Development’s board of directors has recommended a 5% dividend distribution for the second consecutive year, according to a press release (pdf). The proposed dividend will be submitted for approval at the company’s upcoming general assembly.

My Morning Routine: Omar Sultani, managing director and head of Middle East and Central Asia at Polen Capital

Omar Sultani, managing director and head of Middle East and Central Asia at Polen Capital: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Omar Sultani (LinkedIn), managing director and head of Middle East and Central Asia at Polen Capital. Edited excerpts from our conversation:

My name is Omar Sultani. I have been in finance for quite a long time. I graduated from university in 2000, and although I had studied biology, I ended up working for a bank in Boston. When this bank was hiring me, they asked me how I was going to shift from biology to finance, and the answer I gave them was, look, I’ve studied statistical analysis, I know how to do regressions — it’s the same thing finance people do, but from a different perspective. They hired me as a treasury analyst.

I got hired just before the market fell out, so I've been through multiple cycles throughout my career — the tech bubble burst, the global financial crisis, and covid-19.

I have been with Polen for about eight months. I joined last year to help build out their business in the Middle East. Prior to joining Polen, I worked for another asset manager for 18 years and I ran the Middle East business for them for about a decade, so I've been in the region working out of the DIFC for over 10 years.

There are three major reasons [behind our choice of Abu Dhabi for Polen Capital’s office]. Polen has always been a firm that has invested in growth. What’s been going on in Abu Dhabi and the UAE in general has been phenomenal. Abu Dhabi is growing — not just their financial center and from the perspective that it is the “capital of capital,” but also in terms of its long term vision, [backed up by expansions of] regulation, innovation, and the facilities.

There was also a beautiful synergy with ADGM, and they facilitated the opening of our office very quickly. Even for our employees, it's just a great place to live. When we polled our Polen employees, it ranked very high as a potential destination where people would relocate to for a bunch of reasons, including safety, the tax regime, the weather, and its location. It’s centrally located as well, so we have access to Asia, Europe, and of course, our clients in the region.

Something I've been experiencing and observing for the last decade is that interest in traditional listed products, like long-only listed equity or publicly traded fixed income is fading, so those programs at the pension funds and the sovereign wealth funds are shrinking. The beneficiaries of that are the alternatives books, so more illiquid assets like private credit, private equity, and hedge funds, etc.

The focus on private credit has been the case in the Middle East and the US and Europe, where a lot of money is flowing into that asset class. The problem when that happens is too many USDs chasing too few transactions. The reason private credit gained popularity is it became an alternative to banks where private lenders are now offering companies loans at more attractive terms than some banks, but they demand higher returns. But when there’s a lot of players trying to do that, yields are compressed, and that’s what has been happening [in some markets], like the US midmarket space. I think that's a bit concerning, and the quality of transactions is probably going to diminish.

So where else can investors find yield? We recently launched a collateralized loan obligation (CLO) equity product, which is an illiquid alternative credit product that is [getting some interest] since they are still delivering double-digit yields.

We're a growth equity and credit specialist, and we’ve been doing private credit investing for over 20 years. We haven’t launched it yet, but we’ve been discussing the launch of a GCC private credit strategy. There aren’t too many doing that right now. We don't want to come and fundraise and take money back to the US, we think we're going to be much more successful and build more partnerships if we can keep assets here in the region.

We already have existing clients in the region despite just recently launching the office. We currently manage north of USD 2 bn across the GCC, so I've been meeting all the existing clients and figuring out what we can do to improve in the region. I also travel fairly extensively throughout the GCC to visit with other clients and prospective investors and to share views on the markets.

I try to wake up around 5am for the Fajr prayer, which I think is a great way to just start the day. It’s very calming. I teach yoga here in Dubai at a class every Saturday, and I’ve been practicing for 17 years. At a yoga retreat, someone recommended the book The Artist’s Way, which recommended the practice of writing your morning pages. So every morning, I try to write my morning pages — I have this A5 notebook and I fill up three pages every day.

I have two young kids, so once they wake up, they barge in and there’s a lot of energy. Then I usually go to the gym around 6:30am and do an hour-long workout. I also try to do contrast therapy three days a week. I’m a big believer in taking care of this vehicle we live in; I think Warren Buffet said it best when he said, if you were told that the car you own right now is the only car you’ll ever have, how are you going to treat the car? Your body is an even better vehicle and it’s the only one you’re going to have.

By 7:30am, I get home and walk my kids to school, and then it’s 8am and my workday starts.

I definitely believe in work-life balance. When I joined my previous firm, my first manager sat me down and said: you have very strict office hours, so I want you here on time at 7am — don’t come too early — and I want you out at 4pm, and whatever you do at work stays at work. He thought of it in a way that, if you’re not wrapping up your work during your office hours, you’re doing something wrong. I had an 18-year career there, and most people there end up staying for a really long time, because it’s very important to have that balance.

In the evenings, I like to play music and spend time with my kids. I try to eliminate screentime and just listen to boring podcasts — the more boring the better, because it will help me sleep. I listen to this history podcast called Fall of Civilizations. I also try to read one book each week, and one that I recently finished was The Psychology of Money by Morgan Housel. It’s a wonderful book, and it really aligns with a philosophy that I have on investing, which goes back to the biology side of my education, and it’s that we’re very adaptive and have a fight or flight instinct that can be very bad for investing. Investment is about discipline.

I would love to see this Abu Dhabi office become the largest office outside of our head office in the US. We have a pretty sizable office in London, but our CEO Stan Moss’ aspiration is that Abu Dhabi becomes our largest international office. I’d love to hire great talent to make that happen.

The best piece of advice I received goes back to this notion of what my initial manager told me, which was, if you can, leave the work at the office and do not bring it home with you.

CALENDAR

FEBRUARY

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

16 February-1 March (Sunday-Saturday): Dubai Dutyfree Tennis Championships, Dubai Dutyfree Tennis Stadium in Al Garhoud.

17-21 February (Monday-Friday): International Defence Exhibition (IDEX) in Abu Dhabi National Exhibition Center.

17-21 February (Monday-Friday): Naval Defence Exhibition (NAVDEX) in Abu Dhabi National Exhibition Center.

17-21 February (Monday-Friday): Gulfood, Dubai World Trade Center.

19-21 February (Wednesday-Friday): International Dialogue of Civilizations & Tolerance Conference, Abu Dhabi Energy Centre.

19-23 February (Wednesday-Sunday): Dubai International Boat Show, Dubai Harbour.

20-25 February (Thursday-Tuesday): Subscription period for retail and institutional investors for Alpha Data’s IPO.

21-25 February (Friday-Tuesday): Made in Russia Festival & Fair, Yas Bay Waterfront, Yas Island, Abu Dhabi.

24-25 February (Monday-Tuesday): World Passenger Experience Forum, Dubai.

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai.

26-27 February (Wednesday-Thursday): Affiliate World Dubai 2025, Dubai World Trade Center.

26 February (Wednesday): Final price announcement for Alpha Data’s IPO.

26-27 February (Wednesday-Thursday): Investopia 2025, the St. Regis, Abu Dhabi.

MARCH

1 March (Saturday): Start of Ramadan.

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

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.

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.

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.

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.

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 8th 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.

17-19 October (Friday-Sunday): The International Real Estate and Investment Show, 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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