ADQ makes mining push with USD 1.2 bn JV with Orion

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WHAT WE’RE TRACKING TODAY

THIS MORNING: RedBird IMI eyes production business merger with ITV + Salik’s variable toll pricing system to be rolled out

Good morning, lovely people, and happy FRIDAY. It’s the final day of the first month of the year, and we’re ringing in February with a nice, brisk issue. We have a fresh investment from Abu Dhabi sovereign wealth fund ADQ in critical minerals, and news that Dubai’s property prices rose 27.5% in 4Q 2024. Plus: We have another batch of earnings for you, including from our friends at Mashreq. Let’s dive in.

WEATHER- Expect more cloudy conditions today: Partly cloudy conditions are expected to persist across the country through the weekend, accompanied by a chance of light rainfall, blowing winds and dust, and a drop in temperatures, according to the National Center of Meteorology (pdf). Dubai will see the mercury hit 24°C today, with an overnight low of 15°C, while temperatures will hit 20°C in Abu Dhabi, with an overnight low of 17°C.

WATCH THIS SPACE-

#1- Abu Dhabi-backed RedBird IMI and British broadcaster ITV are in talks to potentially merge their production businesses, people familiar with the matter told Reuters. The potential merger could take place after ITV carves out its broadcast business, merging it with RedBird IMI’s All3Media, which it acquired for GBP 1.5 bn last year, with both RedBird IMI and ITV holding stakes in the studios entity, one of the people said. The merger would create one of Europe’s largest production companies, with some GBP 3.2 bn in annual revenues.

REMEMBER- RedBird IMI is still trying to sell British newspaper The Telegraph after withdrawing its bid to acquire the publication last year, following months of opposition from the UK government. Options include potentially selling to US fund manager RedBird Capital, or to Leon Black, Apollo Global Management’s co-founder, and New York Sun owner Dovid Efune.

#2- Adnoc could be inching closer to bid on Shell’s South African downstream assets, as a valuation dispute with its local partner Thebe Investment nears resolution, unnamed sources told Bloomberg. Shell owns a network of 600 service stations across the country and expects to raise up to USD 1 bn from this transaction. Other interested parties include Saudi Aramco and trading company Trafigura. The company is currently working with Rothschild to manage the planned sale.

REMEMBER- Adnoc was mulling the acquisition since May 2024, which was then valued at USD 800 mn. The sale would include the company’s aviation, marine, construction and road, trading and supply, commercial fuels, and lubricant operations. South Africa’s chemicals and energy player Sasol, Switzerland-based Puma Energy, and Swiss company Glencore are considering a potential bid.

PSAs-

#1- Salik will implement its new variable road toll pricing starting today, The National reports.

Here’s the breakdown:

Peak hours (weekdays, 6-10am, 4-8pm): AED 6;
Off-peak hours (weekdays, 10am-4pm, 8pm–1am): AED 4;
No toll fees between 1-6am daily, and all day Sunday except during public holidays or major events.

REMEMBER- The road toll pricing schedule will be slightly different for the month of Ramadan. Peak hours will be on weekdays between 9am and 5pm, while the off-peak hours will be on weekdays between 7-9am and between 5pm and 2am. Meanwhile, no toll fees will apply between 2-7am daily, and all day Sunday except during public holidays or major events.

ALSO- Parkin will introduce variable parking tariffs as of March, which will see new fees introduced for peak hours (8-10am and 4-8pm), with a fee of AED 6 per hour for premium parking spaces and AED 4 for other public spaces. The new policy will also see an AED 25 per hour fee introduced for parking near event zones as of February.

#2- You might find less Sheikh Zayed road traffic in your morning commute: Dubai’s Roads and Transport Authority (RTA) rolled out three major improvements on Sheikh Zayed Road to boost road capacity and efficiency, according to the Dubai Media Office. The projects include expanding merging distances and adding lanes at Umm Al Sheif-Al Manara Street (towards Abu Dhabi), Shangri-La Hotel service road (near Dubai Mall, and Al Marabi-Al Manara Street (towards Abu Dhabi).

#3- Dubai malls roll out barrierless parking with fines for non-payment: Majid Al Futtaim began rolling out a barrierless parking system at its major Dubai malls, starting with City Centre Deira and soon to follow at Mall of the Emirates in February, Khaleej Times reports. The new system uses cameras to track license plates, eliminating the need for parking tickets.

Motorists must pay parking fees within three days of exiting, or face a AED 150 fine. Parking violations, such as using restricted spaces without permits, will face a AED 1k penalty.

DATA POINTS-

#1- DXB hits a record 92 mn passengers in 2024: Dubai International Airport handled 92 mn travelers in 2024, marking a 6% increase from 2023, Dubai Ruler Sheikh Mohammed Bin Rashid Al Maktoum said on X. The airport also recorded 440k flight movements and served 106 airlines flying to 272 cities across 107 countries.

#2- The Global Hotel Alliance (GHA) ranked the UAE second globally in hotel revenue generated by international tourists in 2024, according to a press release. This revenue amounted to AED 9.9 bn with tourists from the UK, Russia, and Germany being the top three nationalities staying in UAE hotels, Emarat Alyoum reports. International stays generated 76% of the UAE’s hotel revenues during last year.

#3- Ras Al Khaimah recorded a 27.5% increase in new business licenses in 2024, with 2.2k new licenses registered during the year, marking a decade high, according to a social media pos t. Industrial licenses grew by 36.8%, while commercial licenses grew 28.6%, and professional licenses grew 25.7%. The total capital of new licenses reached AED 1.1 bn, a 55.3% increase from AED 715.1 mn in the previous year. The total number of valid licenses reached 20k, with a total registered capital of AED 9.7 bn, reflecting a 20% increase from the previous year.

THE BIG STORY ABROAD-

It’s a mixed bag in the foreign business press this morning, with plenty of earnings coverage, an investment update on OpenAI, and economic growth figures for the US and Saudi Arabia. Plus: US President Donald Trump says he will implement a 25% tariff on Mexico and Canada tomorrow, marking the first time he acts on his tariff threats since taking office. (Bloomberg | AP | Reuters)

#1- Apple’s shares rose 3% in afterhours trading after the company forecast strong iPhone sales as it plans to roll out more AI features, after seeing a dip in sales in China and general iPhone sales in 4Q 2024. (CNBC | Bloomberg | Reuters | FT)

#2- In other earnings news, Intel posted a decline in sales and revenues as it continues to pursue a turnaround strategy, while Microsoft shed USD 200 bn of its market value after posting disappointing growth for its cloud business. Also: Samsung reported slower net income growth in 4Q 2024, missing analyst estimates. (FT | FT | CNBC)

#3- OpenAI is in talks with investors — including SoftBank, which is also among the backers of its USD 500 bn data center project — for a USD 40 bn funding round that would value the ChatGPT maker at USD 300 bn. (FT | Bloomberg | CNBC | Reuters)

ON THE ECONOMIC GROWTH SIDE, the US economy slowed in 4Q 2024 despite strong consumer spending and domestic demand growth. Meanwhile, closer to home, Saudi Arabia’s economy grew at the fastest pace since 2022 in the final quarter of the year, widening at a 4.4% clip on the back of non-oil economic growth. (Reuters | Bloomberg)

And in non-business news, the American Airlines jet collision with a Black Hawk military helicopter in Washington yesterday left 67 dead, with no survivors. (AP | CNBC | Bloomberg)

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CIRCLE YOUR CALENDAR-

The Sharjah Entrepreneurship Festivalwill take place on 1 and 2 February at the Sharjah Research, Technology and Innovation Park. The agenda features discussions on AI, crypto, and growth strategies.

The UAE-Kuwait Week will take place between 3-4 February in Dubai, featuring investment conferences, panel discussions on economic development, and B2B meetings. Attendees will explore opportunities for collaboration in emerging industries, Wam reports.

The International Conference on Reprographic Rights Management will take place between 19-20 February in Sharjah. The event will feature panel discussions on creative rights and their collective management, as well as the impact of artificial intelligence and technology on creative works.

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

ADQ, Orion launch USD 1.2 bn JV for critical minerals

ADQ, Orion launch USD 1.2 bn JV for critical minerals: Abu Dhabi sovereign wealth fund ADQ and US-based Orion Resource Partners formed a 50-50 JV to invest USD 1.2 bn in metals and mining over the next four years, ADQ said in a statement. The new entity, Orion Abu Dhabi, will be headquartered in the ADGM and will focus on securing critical minerals essential for global supply chain stability and the energy transition.

The joint venture will initially target mining companies in Africa, Asia, and Latin America, deploying capital through equity investments, senior debt, royalties, revenue shares, and purchase agreements. It will also secure long-term agreements to source essential minerals, including copper, high grade iron ore, and other essential commodities needed to support industries such as manufacturing and clean energy.

Orion Abu Dhabi will fall under ADQ’s Infrastructure & Critical Minerals cluster, which also includes Alpha Dhabi Construction Holding and Plenary Group.

The joint venture will be led by Philip Clegg (LinkedIn), Orion’s former managing partner, bringing over 20 years of experience in natural resources and mining investments. The new Abu Dhabi office will be Orion’s fifth global presence.

The emirate has been actively investing in strategic raw materials, with the International Holding Company’s mining arm International Resources Holding (IRH) investing USD 1.1 bn in a Zambian copper mine in 2023,. IHC has also reportedly bid over USD 1 bn for Mumbai-based Vedanta’s stake in Zambia’s Konkola Copper Mines, and was mulling the acquisition of a stake in a tin mine in the Democratic Republic of Congo, signaling the UAE’s growing focus on critical metals needed for industrial and clean energy applications.

Dubai property prices surge 27.5% as supply falls short

Dubai’s real estate market continued to see capital value appreciation in 4Q 2024, with ValuStrat’s price index climbing 27.5% y-o-y to 200.7 points, according to its latest review (pdf). Off-plan transactions grew a whopping 143.8% y-o-y, while ready sales saw a record-breaking 13k transactions, up 9.2% y-o-y.

Villas and townhouses lead gains: Prices for villas and townhouses increased 31.6% y-o-y, with a 6.5% quarterly increase. Jumeirah Islands (42.5%) and Palm Jumeirah (42.3%) were the top performers. The prime segment also saw an annual capital value increase of 29.9% y-o-y, with properties with exceptional amenities and views pushing the valuation index to a record high.

Affordable segment still active: Nearly 39% of all ready home sales were priced below AED 1 mn, with apartments seeing a capital value growth of 23.6%, with the highest jumps seen in The Greens (31%) and Palm Jumeirah (28.3%)

The housing supply crunch has yet to let up: Only 58% of the anticipated residential supply was delivered in 2024, with 27k homes completed — the lowest in six years. Meanwhile, Dubai’s population surged by 170k, marking the highest growth rate since 2018. Looking ahead, 118k apartments and 28k villas and townhouses are under construction, with completion expected by 2028.

Rents kept climbing: Residential rents increased 9.8% y-o-y, with apartment rents averaging AED 92k and villa rents at AED 421k. Office rents surged 20.8% to a median AED 1.6k per sqm.

COMMERCIAL SEGMENT-

Demand for office spaces remained strong, pushing capital values up 23.9% y-o-y. The ValuStrat Price Index for offices hit a record 230.6 points, with Business Bay accounting for 46% of 4Q transactions. Office occupancy was estimated at 88% across the emirate during the quarter, according to ValuStrat.

On the hospitality side: Dubai’s hotel occupancy hit 78%, with revenue per available room rising 2.8% to AED 405 and average daily rate at AED 520. International arrivals reached 16.8 mn, up 9.2% y-o-y.

And for the industrial segment: Logistical warehouses recorded annual capital

gains of 15%, with Dubai Investment Park and Al Quoz seeing the best performance. Demand is expected to continue to outpace supply, especially with the prospect of lower interest rates this year.

Mashreq, EasyLease, Apex Investments, and more report 2024 earnings

MASHREQ-

Our friends at Mashreq saw their net income reach AED 9 bn in 2024, marking a 3.9% y-o-y increase compared to 2023, according to the bank’s financials (pdf). Net income before tax was up 12% y-o-y to AED 9.9 bn. The bank’s operating income for the period rose 24.2% y-o-y to AED 13.4 bn.

The lender’s total assets rose 11.4% y-o-y to AED 267.5 bn by the end of last year, with loans and advances growing 18% y-o-y. Meanwhile, customer deposits increased by 10% y-o-y to AED 160.9 bn.

The bank attributed the performance to diversified income streams, including strong client engagement in FX, derivatives and commodities, with non-interest income up 63% y-o-y to AED 5 bn, according to the lender’s earnings release (pdf).

What they said: “This year, we achieved phenomenal growth across several markets, including India, Hong Kong, and the GCC,” Group CEO Ahmed Abdelaal said. “Our entry into Pakistan, where we became the first bank to secure a restricted pilot license for digital retail banking, represents a significant milestone in our journey to foster financial inclusion. Additionally, the launch of Mashreq Neo in Egypt further solidifies our leadership in innovation and customer-centric solutions.”

EASYLEASE-

International Holding Company’s mobility solutions subsidiary EasyLease Motorcycle Rental reported a net income of AED 42.7 mn in 2024, marking an 18.4% y-o-y increase compared to 2023, according to the company’s financials (pdf). The firm’s revenues rose by 52.7% y-o-y to AED 455.7 mn during the same period.

The company focused on scaling through strategic acquisitions and “organic business development” throughout the year, according to an earnings release (pdf). The acquisitions include obtaining sizable stakes in the logistics services firm Gallega Global Logistics and transportation technology company United Trans. The financial results were also influenced by launching new ventures in vehicle rentals and roadside assistance.

DFM-

The Dubai Financial Market (DFM) reported a 14.2% y-o-y rise in net income in 2024 to AED 376.4 mn, according to its financial statements (pdf). In a separate earnings release (pdf), the exchange attributed the improved performance to “robust trading volumes, strong capital inflows, a surge in both retail and institutional investor activity, and sustained market performance,” with three successful IPOs during the year contributing AED 10.5 bn. The exchange’s market cap grew 32% y-o-y to AED 907 bn.

Breakdown: The DFM General Index, ranked among the top global exchanges, witnessed 27.1% y-o-y growth to a decade high — maintaining its position as best-performing exchange in the GCC for a second year. The exchange’s revenues grew 15.5% y-o-y to AED 632.3 mn.

Foreign investors played a significant role in DFM’s performance, contributing 50% to the overall trading value and accounting for 85% of new investors, with a market capitalization share of 21%. Institutional investors held a 65% share, up from 58% in 2023. The company welcomed 138.3k new investors during the year, up 120.5% y-o-y.

Dividends: The DFM’s board proposed distributing a total of AED 256 mn in dividends, representing 97% of cumulative earnings, according to the statement.

NMDC ENERGY-

NMDC Energy had a good 4Q…: The National Marine Dredging Company (NMDC)’s engineering, procurement, and construction unit NMDC Energy’s net income rose 35% y-o-y to AED 502 mn in 4Q 2024, attributed to project progression and a healthy order book, according to its earnings release (pdf). The company’s revenues rose 57% y-o-y during the quarter to a record AED 4.7 bn.

…and year: In 2024, NMDC Energy’s net income increased 80% y-o-y to AED 1.4 bn, on the back of “strong operational performance and strategic expansion into new projects both locally and internationally,” it said. The company’s top line also rose 82% y-o-y to AED 14.4 bn during the period.

REMEMBER- The EPC unit raised AED 3.22 bn from its 31x oversubscribed IPO on the ADX in September.

Dividends: The firm’s board proposed a dividend payout of AED 700 mn, representing a dividend payout ratio of 50%.

APEX INVESTMENT-

Apex Investment turned to the black in 2024, posting a net income of AED 75.6 mn, after a net loss of AED 58.4 mn in 2023, according to the company’s financials (pdf). The firm’s revenue rose by 17.9% y-o-y to AED 852.9 mn during the same period.

dnata taps several key executives + Canon appoints new EMEA CEO. Plus: Global Partners taps Bader Hareb as MP

UAE-based travel services provider dnata Travel Group made several new hires to kickstart the year, the company said in a statement. The company tapped:

Emirati citizen Amal Mohammed Ahmed — who previously led dnata’s Global Contact Center solutions, and held the role of vice president in HR shared services at the Emirates group — as divisional vice president of global operations;
Sébastien Doussin (LinkedIn) as senior vice president of global travel services & destination management, after leading the global ground services and destination management division;
and Andrés Uribe (LinkedIn) as senior manager of business support, after serving as global head of projects and strategy at the company for three years..

Imaging, print technologies, and services provider Canon appointed Shinichi ‘Sam’ Yoshida (Linkedin) as president and CEO for Canon Europe, Middle East and Africa (EMEA), according to a press release (pdf). This comes following former Canon EMEA CEO Yuichi Ishizuka’s retirement after seven years in the role. Yoshida previously served as executive vice president and general manager of the marketing strategy unit and CEO of Canon Solutions America and Canon Financial Services.

DFSA-regulated alternative investment manager Global Partners appointed Bader Saeed Hareb (Linkedin) as its new managing partner, it said in a press release. Hareb already serves as executive chairman of the investment manager’s Property Fund II. He brings over 20 years of experience, particularly in investment and real estate sectors.

DP World lists Mena’s first corporate blue bond on Nasdaq Dubai

DEBT-

DP World lists Mena’s first USD 100 mn blue bond on Nasdaq Dubai: DP World listed the Middle East and North Africa’s first corporate blue bond on Nasdaq Dubai, according to a press release. Issued under DP World’s USD 10 bn Global Medium-Term Note Program, the USD 100 mn bond carries a 5.25% coupon rate and matures in 2029.

What is a blue bond? A blue bond is a facility that supports sustainable marine and fisheries projects. It is used by governments or development banks to raise funds from key investors to finance marine and ocean-based projects.

ICYMI- DP World issued MENA’s first-ever corporate blue bond in December, pricing it at a record-low spread of 99.6 bps above US Treasuries — DP World’s tightest-ever pricing in both bond and sukuk markets. The five-year issuance was backed by T. Rowe Price Associates and arranged by Citigroup.

M&A-

Blockchain-backed digital credentialing provider for schools Educhain has fully acquired India-born K-12 schools management platform Rarome for an undisclosed sum, according to a press release (pdf). The education firm — which is marking its entry into the K12 ERP space — aims to create a platform that “integrates school management with secure digital credentialing, ensuring academic institutions have the tools they need to succeed in the digital age,” said Virendra Maloo, CEO of Rarome. Educhain’s clients include UAE University, Khalifa University, Zayed University.

HEALTHCARE-

#1- AirMed opens regional hub at DHCC: US-based Global Medical Response’s fixed-wing air ambulance transport arm AirMed International opened a regional office at Dubai Healthcare City (DHCC), according to a LinkedIn post. The Birmingham-based medical transport company has operated in the UAE for over 20 years, and the new move to establish the regional hub serves to fuel its global growth, according to a p ress release.

#2- Burjeel to improve bone marrow transplant accessibility in Egypt: Burjeel Holdings will establish a bone marrow transplant unit in Egypt under a new MoU signed with Egypt’s Health Ministry at Arab Health, reads a company press release. The project will be led by Burjeel Medical City (BMC) and supported by Burjeel Cancer Institute.

#3- Abu Dhabi’s DoH grants license to longevity clinic: Abu Dhabi’s Department of Health approved Pure Health ’s Pura Longevity Clinic license application, the Abu Dhabi Media Office reports. Located in Sheikh Shakhbout Medical City and connected to PureHealth’s AI-enabled Pura app, Pura Longevity Clinic will provide a range of services to promote health, longevity, and disease prevention.

TRADE-

Ras Al Khaimah Chamber of Commerce inked an agreement with the Armenian Industry Fund to strengthen their trade and investment ties — including the hosting of the Made in Armenia exhibition in the UAE next month, Wam reports. The event will run from 20-22 February at Al Hamra Exhibition Center, and will feature 50 Armenian companies across various industries.

INVESTMENT-

#1- UAE-IBC and MIDC sign MoU to revitalize trade and investment: The UAE India Business Council (UAE-IBC) and Maharashtra’s industrial development agency Maharashtra Industrial Development Corporation (MIDC) signed an MoU to revitalize UAE-India bilateral trade and investment, according to a press release. The partnership will see Maharashtra investments promoted to UAE businesses, and will help facilitate the expansion of Indian manufacturing, tourism, and renewables companies to the UAE.

#2- Deniz Ventures and Rasmal Ventures’ investment in TeamSec comes with a USD 7.6 mn price tag: The previously announced joint investment by Deniz Ventures, the venture capital arm of Emirates NBD’s Turkish unit DenizBank, and Doha-based Rasmal Ventures in Turkish AI-driven securitization startup Teamseck amounted to some USD 7.6 mn, according to a statement.

ICYMI-The investment, first announced in December, will help TeamSec develop its securitization-as-a-service platform, while also fueling its expansion across Mena. Using AI and data analytics, the startup will help accelerate digital transformation in the financial sector and address technological gaps in securitization through collaboration with startups.

ENERGY-

Emirates National Oil Company (Enoc)’s subsidiary Dragon Oil struck oil at the East Crystal-1 exploratory well in the Gulf of Suez, Egypt’s Oil Ministry said in a statement. Initial tests show output exceeding 2k barrels per day, while a formation with over 100 ft depth of potential reserves remains untested. The find locks in an 8 mn barrel pre-drill estimate, with potential for higher yield.

And there’s more to come: The Gulf of Suez Petroleum Company (GUPCO), which has taken over drilling activity, plans to drill two more wells, looking to add around 5k barrels per day to output, according to the statement.

REAL ESTATE-

#1- Asico snaps up contract for Sama Al Jaddaf: Asico Real Estate and real estate entrepreneur Abdelkarim Al Sayyar inked an MoU granting Al Suwaidi Investment’s subsidiary the development of the AED 90 mn Sama Al Jaddaf residential project, according to a press release. Asico will be responsible for the design and construction of the 12-floor residential complex with an area in excess of 157k square feet.

#2- Refine Development has a AED 16.3 bn development pipeline in 2025: Refine Developm ent Management will deliver some AED 16.3 bn in real estate projects during 2025, according to a press release. The Dubai-based real estate developer plans to deliver residential and business projects in Meydan, Sheikh Zayed Road and Safa Park for a gross development value of AED 9.5 bn in 1H. For 2H, the company plans to launch a AED 6 bn 100-storey twin-tower lifestyle development on Sheikh Zayed Road, and a AED 700 mn JVC development.

DEBT-

ECI maintains AA- Fitch Rating: Fitch ratings maintained the UAE’s federal export credit company, Etihad Credit Ins.’s long-term issuer default rating and insurer financial strength rating at ‘AA-‘ with a stable outlook, according to a press release.

FINTECH-

Fintech Galaxy becomes first open banking approved company in Jordan: UAE-born F intech Galaxy is the first open banking company to receive approval by Jordan’s Central Bank, according to a company statement. The fintech will enter the regulatory sandbox, JoRegBox, to test and deploy open banking services in the Kingdom.

PORTS & MARITIME-

Abu Dhabi’s AD Ports kicked off operations at the Luanda multipurpose port terminal and logistics business in Angola, marking a step in its sub-Saharan Africa expansion, according to a st atement.

REFRESHER- Last April, AD Ports secured a 20-year concession to operate and upgrade the terminal, with some USD 250 mn in investments through 2026. The company set up JVs with Angola’s Unicargas and Multiparques, holding 81% in the terminal venture and 90% in the logistics venture.

European Central Bank cuts rates amid stalled growth

The European Central Bank lowered interest rates by 25 bps to 2.75% yesterday, its fifth straight cut, as it pivots from fighting inflation to tackling sluggish growth, according to a statement. The eurozone economy has been struggling — Germany and France’s economies shrank in 4Q 2024, Italy’s flatlined, and Spain managed 0.8% growth, Reuters reports.

Analysts saw this coming: A rate cut this week “should be an easy decision,” European economist at BofA Global Research Evelyn Herrmann told Bloomberg ahead of the ECB’s rate cut, adding that “after that, things could get more interesting and possibly more controversial.” Markets are pricing in at least three more cuts this year, with a terminal rate near 2%.

The rationale: Policymakers say rising real incomes and fading monetary restrictions should boost demand, but weak exports, shrinking industry, and cautious consumers could deepen the slowdown. “Uncertainty is weighing on growth in the here and now in Europe,” PGIM’s Katharine Neiss told Bloomberg, citing trade war fears.

The ECB isn’t worried about inflation: While inflation ticked up to 2.4% in December, the ECB believes it’s “well on track” to return to target, pointing to easing wage growth and softer demand.

How far will the cuts go? At 2.75%, rates are already nearing the estimated “neutral” range of 1.75%-2.50%, meaning further easing could stimulate the economy. Policymakers are divided; Greece’s Yannis Stournaras backs a 2% rate by mid-year, but hawks like the Netherlands’ Klaas Knot warn that the ECB is nearing its limit. The central bank signaled it will take a “data-dependent and meeting-by-meeting approach.”

Trump’s tariffs add uncertainty: The ECB’s move comes after the US Fed held rates steady this week, with Chair Jerome Powell flagging uncertainty under President Donald Trump. Analysts warn that new tariffs on European exports could stall growth and force the ECB to act more aggressively, even as high services prices, rising energy costs, and weak productivity pose fresh inflation risks.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with Japan’s Nikkei and Topix up marginally after the company published inflation and unemployment figures, and South Korean markets opening lower following a four-day break, following Samsung’s earnings. Over on Wall Street, futures indicate a positive open for Nasdaq after a positive earnings report from Apple, while futures tied to the S&P 500 and the Dow Jones are also up.

ADX	9,584	+0.2% (YTD: +1.8%)
DFM	5,155	+0.5% (YTD: -0.1%)
Nasdaq Dubai UAE20	4,348	+0.7% (YTD: +4.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	4.4% 1 yr
TASI	12,416	-0.2% (YTD: +3.2%)
EGX30	30,011	+0.4% (YTD: +0.9%)
S&P 500	6,071	+0.5% (YTD: +3.2%)
FTSE 100	8,647	+1.0% (YTD: +5.8%)
Euro Stoxx 50	5,282	+1.0% (YTD: +7.9%)
Brent crude	USD 76.95	+0.5%
Natural gas (Nymex)	USD 3.05	-3.9%
Gold	USD 2,845.20	+1.9%
BTC	USD 105,256.38	+1.7% (YTD: +11.4%)

THE CLOSING BELL-

The ADX rose 0.2% yesterday on turnover of AED 927.5 mn. The index is up 1.8% YTD.

In the green: Oman & Emirates Investment Holding Co (+14.9%), Hayah Insurance Company (+9.7%) and Rak Properties (+6.0%).

In the red: Eshraq Investments (-3.5%), Al Wathba National Ins. Co. (-3.0%) and Rak Co. for White Cement & Construction Material (-2.5%).

Over on the DFM, the index rose 0.5% on turnover of AED 695.1 mn. Meanwhile, Nasdaq Dubai rose 0.7%.

My Morning Routine: Yogesh Bulchandani, CEO and co-founder of Sunrise Capital

Yogesh Bulchandani, CEO and co-founder of Sunrise 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 Yogesh Bulchandani (LinkedIn), CEO and co-founder of Sunrise Capital. Edited excerpts from our conversation:

I moved to Dubai about 21 years ago in 2004. My family had already been living there, and we were involved with investments in real estate. I went to university in 2009 in Boston at Bentley University, where I studied finance, entrepreneurship, and a little bit of law. After returning to Dubai, took me about a year and a half to figure out what I want to do, and the opportunity presented itself for me to purchase a land in Arjan — that’s how my journey in real estate development began.

I launched Sunrise Capital in 2022. We’ve delivered two projects with 250 apartments, both in the affordable luxury category. We take a lot of pride and care when it comes to the quality of our apartments, since the space today is very crowded with plenty of new launches and new developers. Five or seven years ago, it was very different. At that point in time, I decided that I want Sunrise Capital to be known for the kind of quality people really wish to have. And that came from the experience of investing a lot in real estate properties in Dubai, where we always had criticism for how things could be improved. With that at the back of our minds, we thought it’s best if we actually put our thoughts into reality.

Branded residences are in vogue at the moment, as well as having an excessive number of amenities — 30 or 40+. I look at it from a very practical standpoint, with a focus on usability. I prefer to give my clients features and aspects of the building that they would truly enjoy. We have over 70% of our projects covered by end users, so it’s important to go that extra mile for them.

Client feedback, to me, is crucial. We place part of our team at our developments for a period of a year or year and a half after its launch, so we get very direct feedback from clients. After we finished our first project, Legend by Sunrise, almost 95% of the feedback we received was implemented on our next project, Legacy by Sunrise.

I think that the more the CEO can be involved in the day-to-day running of the business, the more the client also feels connected. I know clients by face and by name, and many developers don’t get to experience that. I’m fully involved in the construction process, in the tendering process, and in negotiations with the contractors and subcontractors. I meet the workers who are working on our projects on a weekly basis. I’m fully involved in the sales aspects of meeting my clients, and in negotiating and getting sales done. And I also like to be involved in after sales and customer service. Then there’s meetings and calls with team managers, of course, and a fair bit of troubleshooting.

I start my morning with some light yoga and exercise. I read my book. I get to work by 10:30am, and I’m in the office until 6:30 or 7pm. These three things are really what prepare me for the day.

[One constant in my day is] hanging out with my team. My team is more important than me, because they are the ones taking forward my vision.

I wish I could say my days are fully organized, but there’s nothing I can do to organize my day. This line of business requires a lot of attention and dedication if you want to do it the right way and keep hitting the sweet spot. We just built a small mansion in Palm Jumeirah — about 17k sqft. The amount of detailing that goes into it, and the amount of small details and issues that need to be addressed everyday, is mind boggling.

In terms of my goals, professionally speaking, we’re launching our biggest project yet, our flagship project, in the next 30 days. Personally speaking, I just got married two years ago, so my goal is to grow my family and give my family more time.

I’m turning 35 soon, and I feel I get a lot of groundedness and understanding of very different concepts of life from the books that I read. Manifest by Roxie Nafousi is a great one. I’m also currently reading Becoming Supernatural, which is another fantastic book that I’d recommend.

The best piece of advice I’d give is to be dedicated and consistent. The more consistent you are in anything in life, like delivering quality products or whatever it is you’re doing, the more possibilities you create for yourself.

CALENDAR

FEBRUARY

29 January-2 February (Wednesday-Sunday): Jewels of Emirates, Expo Centre Sharjah.

1-2 February (Saturday-Sunday): The Sharjah Entrepreneurship Festival, Sharjah Research, Technology and Innovation Park.

1-6 February (Saturday-Thursday): Dubai Fashion Week, Dubai Design District.

1-8 February (Saturday-Saturday): The Mubadala Abu Dhabi Open, Zayed Sports City’s International Tennis Centre.

2-3 February (Sunday-Monday): L’Etape Dubai cycling race, Dubai.

3-4 February (Monday-Tuesday): The UAE-Kuwait Week, Dubai.

3-6 February (Monday-Thursday): Medlab Middle East, Dubai World Trade Center.

4-6 February (Tuesday-Thursday): AEEDC Dubai 2025, Dubai World Trade Center, Dubai.

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

8-20 February (Saturday-Thursday): Dubai Games 2025, Dubai.

10-11 February (Monday-Tuesday) MRO Middle East and Aircraft Interiors Middle East, Dubai World Trade Center.

10-11 February (Monday-Tuesday): BreakBulk Middle East, the Dubai World Trade Center.

10-12 February (Monday-Wednesday): Japan Kyoto Trade Exhibition, Dubai Word Trade Center.

14 February (Friday): The deadline for the consultation period for the Securities and Commodities Authority’s draft regulation on security tokens and commodity tokens.

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

16 February (Sunday): The International Defence Conference,The Emirates Palace, Abu Dhabi.

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.

17-22 February (Monday-Saturday): Gulfood, Dubai World Trade Center.

19-20 February (Wednesday-Thuraday): The International Conference on Reprographic Rights, Sharjah.

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

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

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

28-29 February (Friday-Saturday): Investopia 2024, the St. Regis, Abu Dhabi.

28 February-29 March (Friday-Saturday): Ramadan.

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.

MARCH

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

31 March-2 April (Monday-Wednesday): Eid Al Fitr, national holiday.

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.

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 Ait 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): The Economy Middle East Summit, ADGM, Abu Dhabi.

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 GCC 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

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.

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): Asia Pacific Cities Summit, Dubai Exhibition Center.

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

NOVEMBER

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:

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

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