ADQ plans USD 25 bn data center venture in the US

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WHAT WE’RE TRACKING TODAY

THIS MORNING: CBUAE holds rates steady following the Fed’s move + xAI, Nvidia join MGX-backed AI Infrastructure Partnership

Good morning, lovely people. We’re two-thirds of the way into Ramadan, and there’s still no news slowdown in sight.

We have a deluge of news for you this morning, led by Abu Dhabi sovereign wealth fund ADQ’s USD 25 bn investment alongside Energy Capital Partners in US data centers. We also have news of Dubai’s land department rolling out a pilot phase for real estate tokenization — a first across the region — as well as a new multi-bn JV set up by state defense firm Edge. There’s also more regulatory and legislative updates, as well as fresh data on the construction sector in the UAE last year. But first…

The Central Bank of the UAE kept interest rates unchanged in line with the US Federal Reserve following its meeting yesterday, according to a statement (pdf). The base rate applicable to the overnight deposit facility remains at 4.4%, while the rate applicable to borrowing short-term liquidity was kept unchanged at 50 bps above the base rate for all standing credit facilities. We have more on the Fed’s decision in Planet Finance, below.

So, when do we eat? Maghrib is at 6:33pm today in Dubai and 6:37pm in Abu Dhabi. You’ll have until fajr prayers at 5:05am in Dubai and 5:09am in Abu Dhabi tomorrow to finish your suhoor.

☀️WEATHER- It’s getting hot: Dubai will see highs of 35°C during the day, before cooling to 23°C overnight, according to our favorite weather app and the National Center of Meteorology's forecast (pdf). Temperatures will hit highs of 29°C in Abu Dhabi during the day, and a low of 21°C at night.

WATCH THIS SPACE-

#1- Musk’s xAI, Nvidia join AI Infrastructure Partnership backed by Abu Dhabi’s MGX: Elon Musk’s xAI and chipmaker Nvidia have joined BlackRock, Microsoft, and MGX’s USD 30 bn AI Infrastructure Partnership, according to a statement. The group, which was launched last September formerly as the Global AI Infrastructure Investment Partnership, and includes MGX as a general partner, aims to invest in data centers and energy projects, primarily in the US and allied countries, while targeting an additional USD 70 bn in debt financing.

The AI fund has attracted “significant capital and partner interest” since its launch, the statement said.

#2- Dubai’s rapid vehicle growth intensifies traffic crisis, sparks policy debate: With vehicle growth in Dubai soaring past 8% — quadruple the global average — the UAE government is taking a hard look at how to unclog its roads. The Energy and Infrastructure Ministry is proposing stricter car ownership rules and ramping up public transport options to help ease congestion, with Energy and Infrastructure Minister Suhail Al Mazrouei calling the rapid rise in vehicles “abnormal” and pushing for updated policies to address the rapid increase in vehicles, particularly on the busy Dubai-Sharjah corridor, according to a Federal National Council statement.

The statements came in response to concerns raised by Federal National Council member Adnan Al Hammadi about worsening traffic, noting that some workers leave home before dawn prayers and return late in the evening just to avoid peak traffic, while others have opted to rent temporary accommodations in Dubai to reduce commuting time.

Currently, around 1.2 mn cars enter Dubai daily, up from 850k just 18 months ago. For many commuters from Sharjah, this translates to long hours on the road — some spending the equivalent of 60 workdays per year stuck in traffic. Meanwhile, vehicle numbers across Dubai, Sharjah, Ajman, and Umm Al Quwain collectively surged by 23%, with Dubai issuing approximately 4k new driver’s licenses each day.

What’s next? The issue will be addressed at UAE government meetings to align federal and local efforts, with pressure mounting for legislation that goes beyond infrastructure fixes.

#3- UAE customs to roll out new central tariff system: The Federal Authority for Identity and Citizenship, Customs and Ports Security (ICA) is set to launch a new electronic, integrated central customs tariff system effective 1 April, Wam reports. The customs tariff system aims to enhance compliance and reduce operation completion time, and comes as part of the Emirates Customs Platform project — which enables the classification and updating of goods and custom duties through an electronic portal.

#4- EY sees UAE banks maintaining “robust growth” in 2025: EY expects banks in the UAE to see strong growth in their lending activities this year, driven by “relaxed monetary policies and a favorable economic environment,” EY said in a press release. Firm credit demand and slashed borrowing costs are expected to help bolster credit growth during 2025, the press release reads.

The UAE’s performance will contribute to strong banking performance for the GCC at large: EY sees GCC banks continuing to “benefit from strong capital levels” in 2025, with credit growth set to be driven by a strong project pipeline “with aggregate contract awards driven by infrastructure development, especially in KSA and the UAE.”

Lower interest rates could bring down profitability margins: S&P Global expects Emirati banks to see a slight dip in profitability margins in 2025 on the back of declining interest rates. Lending is set to continue to grow, however, as monetary policy eases, while losses will remain low on the back of strong asset quality, backed by a strong economic environment. Meanwhile, Moody’s similarly adjusted its outlook on the UAE’s banking sector from positive to stable, citing expected declines in profitability as interest rates fall and corporate taxes rise.

UPDATE-

ADX-listed real estate investment firm Eshraq Investment confirmed it bought AED 50 mn worth of mandatory convertible bonds (MCBs) in Dubai-listed investment platform Shuaa Capital in a bourse disclosure (pdf), a few days after the two companies had issued conflicting statements regarding Eshraq’s participation in the offering. Eshraq had earlier this week insisted it was still reviewing the subscription proposal, while Shuaa Capital had claimed it had already received a binding commitment from the investment firm.

The move, which is part of an AED 274 mn MCBs offering, is pending regulatory approval, after which Shuaa will hike its capital by the same amount and list the converted shares on the DFM, according to a disclosure (pdf) from Shuaa. Shuaa Capital also confirmed it secured investments from Al Baher Real Estate Development and United Motors & Heavy Equipment.

PSAs-

#1- Freezone-based companies expanding to mainland Dubai will still be subject to a 9% corporate tax, Al Khaleej reports, citing Aurifer Middle East Tax partner Nirav Rajput. Currently, there is a 0% corporate tax rate on qualifying income from transactions and activities within freezones, according to the Federal Tax Authority’s bulletin (pdf).

ICYMI- A resolution was passed earlier in the week allowing freezone-based businesses to expand into mainland Dubai more easily. Businesses can apply for a license from Dubai’s Department of Economy and Tourism (DET) to scale up their operations across the emirate and outside of Dubai, provided they maintain separate financial records for freezone and non-freezone activities.

#2- Dubai’s Roads and Transport Authority (RTA) completed rapid traffic improvements to the Sheikh Zayed road close to the Dubai Financial Center, it said in a press release. The developments increased the road’s capacity to 25% to accommodate 3.2k vehicles per hour, and cut down journey time from five minutes to two minutes. Traffic merging distance between Al Khalil Road and the Financial Center street is also down, reducing journey time as well.

THE BIG STORY ABROAD-

Israel launched a limited ground operation in Gaza on Wednesday, with troops reoccupying areas outside population centers, the Israeli army said in a post on X. Troops have expanded their control over parts of the Netzarim Corridor, which runs east to west across the strip “in order to expand the security zone and to create a partial buffer between northern and southern Gaza.” Israeli Defense Minister Israel Katz issued a “final warning” just before the operation began, saying residents in battle zones would soon be evacuated again unless Hamas freed the remaining hostages and was removed from power.

The operation comes after Israel resumed strikes on Gaza earlier this week, killing hundreds of Palestinians and marking the deadliest day in the strip in over two months and the collapse of January’s ceasefire agreement. Hamas condemned the new ground operation as a “dangerous violation” of the ceasefire agreement. (Bloomberg | Reuters | BBC | New York Times)

AND- Fed keeps rates unchanged: The US Federal Reserve left interest rates unchanged on Wednesday, as policymakers grapple with heightened economic uncertainty amid the Trump administration’s tariff-heavy trade policies. We have the details in this morning’s Planet Finance. (Reuters | CNBC | Bloomberg | AP | BBC | CNN)

MARKET WATCH-

Dubai crude benchmark strengthens as Brent flips to rare discount: Dubai swaps surged against Brent crude futures this week, with the Brent-Dubai Exchange of Futures for Swaps flipping to a discount of USD 0.02 per barrel on Wednesday, its first drop below parity since November 2023, per LSEG data, Reuters reports. The discount later widened to USD 0.14, trade sources said, reflecting robust Middle East sour crude demand and weaker European refining activity.

Brent’s slump against Dubai highlights subdued European refinery runs during maintenance season and soft margins in Northwest Europe, Onyx Capital’s Harry Tchilligurian noted. Meanwhile, heightened bidding for Middle East grades in the Dubai trading window bolstered the regional benchmark. The shift has opened arbitrage opportunities for Atlantic Basin sweet crude to flow to Asia, a trader said. Dated Brent-Dubai spreads for April-June contracts also traded at discounts.

This might not last long: Though recent price tightness suggests medium sour crude is now the “center of the strength in the global crude oil market” currently, Opec’s plans to hike production starting next month will likely weigh on prices, SEB analyst Bjarne Schieldrop said.

Oil prices fell yesterday: Brent crude fell yesterday 0.2% to USD 70.43 per barrel and WTI dipped to USD 66.6, paring steeper losses earlier in the session, according to The Wall Street Journal.

Fujairah’s marine fuel sales slumped to a record low of 554k cbm in February, Al Arabiya reports, citing data from Fujairah Oil Industry Zone (FOIZ). Low-sulphur marine fuel sales dipped 7.2% m-o-m to around 412 cbm in February, while high sulphur marine fuel fell 2% m-o-m to 143 cbm. Marine fuel offloading at Singapore and Fujairah also dropped 9% y-o-y to 9.78 mn cbm in the first two months of this year, Reuters reports.

In context: The port — along with other global top refueling hubs — is facing the impacts of geopolitical uncertainty as escalating tariffs loom over the international shipping market.“The slowdown in marine fuel demand is a reflection of the broader uncertainty in global trade…as shipping firms are optimising their operations more cautiously to navigate volatile conditions,” said Container xChange CEO Christian Roeloffs.

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ADQ and ECP partner on USD 25 bn venture for US data centers

ADQ and ECP earmark USD 25 bn for powering US data centers: Abu Dhabi sovereign wealth fund ADQ entered into an agreement with American energy-focused investment firm Energy Capital Partners (ECP) to invest USD 25 bn in powering data centers, according to an ADQ press release. The US is set to see the lion’s share of investment, however the two did not rule out allocating funds for other markets.

The details: The 50-50 partnership will see the companies invest at least USD 25 bn across 25 GW worth of projects, and launch infrastructure projects to generate electricity to power data centers, hyperscale cloud companies, and other industries. The projects will include greenfield developments, new builds, and expansion work, and focus on natural gas-powered plants but would consider lower carbon emission options, ADQ deputy group CFO Hamad Al Hammadi told Bloomberg.

More to come? Funding will come in a USD 5 bn initial capital contribution, with the rest following over five years, Al Hammadi told Bloomberg, adding that further investment was in the cards. A mix of debt and equity would finance the venture, which is aiming to begin dealmaking for projects within a year of starting up, Al Hammadi said.

This isn’t ECP’s first involvement with Emirati firms, having sold a 50% stake in the US’ Terra-Gen Power Holdings to renewables giant Masdar last year.

REMEMBER- The development follows National Security Advisor and ADQ Chairman Tahnoon bin Zayed Al Nahyan’s meeting with US President Donald Trump to discuss expanding bilateral ties on AI and tech. We have more from the visit in this morning’s Diplomacy section, below.

The UAE has been ramping up investments in data centers amid economic diversification efforts. Big ticket investments include a USD 20 bn investment for US centers from Damac Properties and a collaboration with France of up to USD 50 bn for a 1 GW data center. This also comes as global power demand from data centers is expected to rise by 165% by the end of the decade, the press release said.

DLD rolls out pilot phase of real estate tokenization

The Dubai Land Department (DLD) has launched the pilot phase of its Real Estate Tokenization Project, becoming the first real estate registry in the Middle East to tokenize property title deeds, according to the Dubai Media Office. Developed with the Virtual Assets Regulatory Authority (VARA) and Dubai Future Foundation through SandBox Real Estate, the initiative enables blockchain-based co-ownership of real estate assets.

The project is expected to drive AED 60 bn in tokenized property transactions by 2033, representing 7% of Dubai’s real estate market, according to the statement. It also aims to democratize property ownership in the emirate and attract new investors, while also attracting more crypto firms to set up shop in the emirate.

SOUND SMART- Real estate tokenization involves converting real estate projects into digital tokens on a blockchain to facilitate fractional ownership and, later, online trading of the assets. The concept is picking up steam in the UAE, where regulators are paving the way for more mainstream use of blockchain and tokenization, and where the real estate sector attracts large amounts of investments every year.

We knew this was coming: In December, Mahmoud Al Burai, a senior adviser at DLD, had said that Dubai's real estate tokenization project had entered its regulatory sandbox phase.

Tokenization has been gaining traction in the UAE’s property market: Damac Group announced in January plans to tokenize at least USD 1 bn worth of assets in partnership with blockchain startup Mantra. This follows Mantra’s USD 500 mn real estate tokenization agreement with MAG Property Development and its MoU with Zand Bank last June to develop tokenization frameworks. Meanwhile, Binghatti revealed last September that it is exploring real estate tokenization, allowing investors to enter the market with as little as AED 500.

Edge and CMN Naval establish EUR 7 bn shipbuilding venture in Abu Dhabi

Edge and CMN Naval form EUR 7 bn Abu Dhabi-based shipbuilding JV: State defense firm Edge Group teamed up with European shipbuilding group CMN Naval to establish a joint venture (JV) named AD Naval (ADN), Edge said in a press release. The JV, backed by an existing EUR 7 bn order pipeline, will focus on producing small to mid-size naval vessels, including corvettes, offshore patrol vessels, high-speed interceptors, trimarans, and landing craft.

Who’s doing what? Edge will hold a 51% majority stake in ADN and lead sales, commercial operations, and engineering efforts, while setting up a design bureau to develop and retain intellectual property for future vessel designs. The JV will also integrate Edge’s autonomous air and sea systems and smart weapons into the vessels, and will take advantage of CMN Naval’s global supply chain and logistics support to improve cost efficiency and operational performance. The joint venture aims to serve non-NATO naval forces, with a particular focus on markets across Africa and beyond.

REFRESHER- This is the latest in a series of partnerships for Edge: The company recently inked an agreement with Siatt to supply MANSUP anti-ship missiles for the Brazilian Navy’s frigates. It has also signed an agreement with OSI Maritime Systems to develop an advanced naval bridge system for the UAE. In parallel, Edge is working with Lockheed Martin on chiplet-based processors for defense applications and collaborating with Leonardo to advance defense technologies. The company is also exploring opportunities in tactical land vehicles production for the Middle East and Asia through a partnership with GM Defense. It also has a JV in place with Spain’s Indra Sistemas to develop and manufacture advanced radar systems.

DP World and Maersk partner to upgrade Port Santos terminal in Brazil

DP World partners with Maersk to upgrade its Brazil terminal: Dubai-based port operator DP World signed an eight-year strategic agreement with Danish shipping giant Maersk to expand maritime services and upgrade container-handling capacity at DP World’s Port of Santos terminal in Brazil, according to a press release.

Upping capacity: The terminal — which currently boasts an annual handling capacity of 1.4 mn TEUs — is slated to see DP World invest a total of BRL 2.1 bn (c. USD 369 mn) to expand its annual capacity to 2.1 mn TEUs by the end of 2027. Some BRL 450 (USD 79.7) mn will be invested to upgrade the terminal’s container-handling capacity up to 1.7 mn twenty-foot equivalent units (TEUs) annually by the end of next year.

New services: Under the eight-year agreement, Maersk will roll out six services with eight weekly calls in 2025. This will increase to seven services to reach a total of 10 weekly calls by 2026.

ICYMI- DP World also recently inked an agreement with Brazil’s leading railway operator Rumo to build a terminal for grains and fertilizers at Port Santos, in a project aiming to increase the port’s handling capacity by 12.5 mn tons per year.

Construction contracts hit USD 40.6 bn in 2024, with real estate and logistics leading the way -JLL

The UAE remained the region’s most active construction market in 2024, securing 45% of total awarded contracts in the Middle East and Africa, amounting to USD 40.6 bn, according to JLL’s latest Middle East and Africa Market Review and Outlook report (pdf), citing MEED Projects. The UAE also accounted for 19.4% of the region’s total project pipeline, driven by real estate, infrastructure, and industrial developments.

Residential construction led the UAE’s construction activity, with USD 28.3 bn in project awards, followed by USD 4.6 bn in mixed-use developments.

The UAE’s industrial and logistics construction gained momentum, fueled by booming e-commerce, third-party logistics providers, and rising demand for modern warehouse facilities. Grade A warehouses in prime locations are nearly fully occupied, with record-high occupancy rates of 90-95%, according to JLL’s Abhishek Mittal, highlighting supply constraints, Zawya reports.

Soaring demand has driven rents in key locations like Al Quoz up by 45% y-o-y, with specialized logistics spaces—such as cold storage and fulfillment centers—experiencing even sharper increases, Mittal added.

Dubai’s loss is Abu Dhabi’s gain: As costs rise in Dubai, Abu Dhabi is emerging as a cost-effective alternative, attracting industrial tenants with high-quality infrastructure and lower leasing rates through projects like Kezad Logistics Park and ADAFZ developments.

Construction activity faced challenges from supply chain disruptions and rising costs, JLL said. Tender Price Inflation (TPI) averaged 3% in 2024, driven by elevated material and labor expenses. However, it is projected to ease to 2.5% in 2025 (+/- 2%), as market conditions stabilize with lower interest rates and improved supply chains.

Regionally, construction awards across the Middle East and Africa totaled USD 90 bn in 2024, down a 20.2% decline from the previous year. Saudi Arabia led with 32.7% of awarded contracts, driven by residential, hospitality, and large-scale infrastructure projects, while Egypt (6.8%) and South Africa (4%) focused on housing and industrial developments.

REMEMBER- BNC Network’s had pegged the country’s construction contracts at USD 121 bn in awarded contracts for 2024, reflecting a 14% increase. BNC’s breakdown attributes USD 66 bn to real estate, followed by oil and gas (USD 33.3 bn), utilities (USD 9.2 bn), transportation (USD 9 bn), and industrial projects (USD 3.6 bn). Other estimates suggest a more conservative outlook. Kamco Invest pegged UAE contracts at USD 84.1 bn, with construction accounting for 47.5% (USD 40 bn), while Emirates NBD estimated USD 83 bn, including construction.

OUTLOOK-

The MEA region’s construction market is supported by a robust USD 1.9 tn project pipeline, according to MEED Projects and StatsSA. Lower interest rates and stabilizing commodity prices are expected to encourage investment in 2025, with developers focusing on high-quality, institutional-grade assets, JLL noted.

UAE sector breakdown: Supply is set to rise across all real estate sectors in 2025 in the UAE, driven by investor demand and steady price growth amid limited availability.

Offices: 122k sqm of Grade A office space will be delivered, concentrated in DIFC, Dubai Internet City, and Sheikh Zayed Road;
Residential: 13.4k units in Abu Dhabi and 40.3k in Dubai are expected;
Hospitality: 7.2k new hotel keys are expected in Dubai, primarily in the four- and five-star segments, while Abu Dhabi repositions its hotel assets to boost cultural and business appeal.

Developers are racing to expand logistics capacity: Aldar has committed AED 1 bn to new logistics developments, including the acquisition of the 7 Central logistics hub and adjacent plots in Dubai Investments Park, with plans to develop 233k sqm of Grade A facilities across the UAE. JAFZA is set to deliver an additional 23.2k sqm of logistics space in early 2025 as part of its second-phase expansion.

What does this mean for rents? Despite 300-500k sqm of new logistics supply expected over the next 18-24 months, Mittal believes rental rates will stabilize rather than decline as sustained demand continues to absorb new inventory.

FNC passes draft law to regulate zakat

The Federal National Council (FNC) passed a draft law on the National Zakat Platform to regulate the collection, distribution, and management of zakat, according to an FNC statement.

A new platform: A National Zakat Platform will be established and include data on authorized entities, eligible categories, percentage allocations, and information on zakat funds. All zakat-related transactions will be made through the platform, and distributions heading outside of the UAE require submitting a special request.

Stricter penalties: The new law stipulates fines of between AED 100k and 1 mn, and imprisonment, for infringements of the new law as the government pushes for more transparency surrounding zakat.

Investing surplus zakat: The new law requires proof of a surplus of zakat, as well as an absence of alternative eligible categories, to greenlight investing the funds.

ADGM-based foreign funds could be required to file periodic reports in proposal of tightened oversight

ADGM’s FSRA proposes mandatory periodic reporting for fund managers: The Financial Services Regulatory Authority (FSRA) of the ADGM published a consultation paper (pdf) proposing new periodic reporting requirements for authorized fund managers. The rules mandate the submission of a Periodic Fund Return for all funds managed within ADGM, including domestic and foreign funds, the latter now included due to potential reputational risks, with penalties for late submissions.

The proposal aims to address liquidity risks in open-ended funds and enhance transparency among foreign funds. While domestic funds already report under Chapter 16, the new rules expand scrutiny to mitigate systemic risks.

The details:

Reporting will be quarterly for public funds and open-ended exempt funds, with submissions due within one month after the end of each quarter;
Closed-ended funds, qualified investor funds, and foreign funds will be required to file returns on a semi-annual basis, with submissions due within six months after the end of each reporting period;

Oversight requirements: For public funds, oversight bodies such as custodians and trustees must verify return accuracy, and the FSRA retains discretion to adjust reporting periods.

Next steps: Guidance for fund managers will be published in 2025 and updated periodically. Stakeholders are also invited to submit feedback on the proposal until 29 April 2025, which will inform final amendments.

Yango Ventures establishes USD 20 mn fund to support early-stage startups

Yango Group launches fund to support startups in emerging markets: Dubai-based tech company Yango Group launched Yango Ventures, a USD 20 mn corporate venture fund aimed at supporting early-stage startups across Latin America, Sub-Saharan Africa, the Middle East, North Africa, South Asia, and other high-growth regions, according to a press release (pdf).

What we know: The fund will focus on startups from seed to Series B in online-to-offline, business-to-business software-as-a-service, and fintech sectors. The firm will provide capital and offer strategic support to startups.

NymCard secures USD 33 mn in Series B to expand embedded finance in MENA

Dubai-based embedded finance platform NymCard raised USD 33 mn in its latest Series B funding round, led by US-based fintech VC QED Investors, making this the VC firm’s largest investment in the region and first lead transaction in the GCC, according to a statement. Existing backers, including Lunate, Dubai Future District Fund, our friends at Mashreq, and Shorooq, also participated, alongside new investor Oraseya Capital.

Where will the funds go? The funding will fuel NymCard’s growth across more than 10 MENA markets, strengthening its card issuing, embedded lending, and money movement solutions for banks, fintechs, telecom providers, and enterprises.

About NymCard: Founded by Omar Onsi (LinkedIn) in 2018, NymCard provides banks, fintechs, and enterprises with a full-stack, API-first payments infrastructure. Licensed by the Central Bank of the UAE, the company’s proprietary nCore platform gives clients end-to-end control over payment program design, scaling, and real-time transaction processing.

Dhhruv Verma joins iACCEL GBI as strategic growth advisor

iACCEL GBI appoints Dhhruv Verma as strategic growth advisor: Dubai SME’s market accelerator iACCEl GBI appointed Dhhruv Verma, founder and CEO of Indian loyalty programs firm Thriwe, as its new strategic growth advisor, according to a press release. With over two decades of experience in consumer engagement and business scaling across global markets, Verma will support startups under iACCEL GBI in developing growth strategies and expanding into new markets. He will also contribute to the iACCEL GBI masterclass series and participate in its think tank.

ADNH Catering finalizes Food Nation Catering Services acquisition

M&A-

ADX-listed ADNH Catering has wrapped its acquisition of Food Nation Catering Services, a Dubai-based school catering company, for an undisclosed sum as part of its broader expansion strategy, it said in a disclosure (pdf). The move was first announced in January and was expected to close in the first quarter of the year. How ADNH Catering plans to integrate Food Nation into its operations post-acquisition remains under wraps.

REMEMBER- This marks ADNH Catering’s second acquisition in recent months. In December, the company signed a sales and purchase agreement to boost its stake in its Saudi joint venture with Compass Group, Compass Arabia. The transaction is also set to be completed this quarter and will see ADNH Catering hold a controlling stake in the venture alongside Al Rushaid Group.

DIGITIZATION-

Digital Dubai and Microsoft partner to train government employees in AI: Digital Dubai partnered with Microsoft to launch a three-track AI training program aimed at equipping government employees with essential AI skills, according to a press release. The program caterers to a broad range of roles — from IT developers to executives — to build AI proficiency across Dubai’s government sectors.

The breakdown: The program comprises three tracks — the IT Developers Track for software developers, data scientists, and technical experts; the AI for All Track, offering foundational AI knowledge via Dubai’s Learning Management System; and the Executive Track, providing leadership-focused AI content for organizational strategy.

ICYMI- Abu Dhabi also signed a multi-year sovereign cloud agreement with Microsoft and Core42 this week to advance its AI-driven government transformation. The initiative is part of the Abu Dhabi Government Digital Strategy 2025-2027, which aims to make the emirate the world’s first AI-native government by 2027.

LOGISTICS-

DP World rolls out green freight fleet in Jebel Ali: DP World and mobility outfit Einride rolled out an electric freight fleet at Jebel Ali Port to further decarbonize operations at the terminal and meet the firm's sustainability targets, according to a statement. The first phase of the electric fleet can move over 204k 20-ft containers annually, reducing 14.6k tonnes of carbon dioxide per year compared to diesel operations.

REMEMBER- DP World inked an agreement with Einride to deploy 100 driverless electric cargo vehicles at the port — the region’s largest fleet — back in May.

There's more to come: A second phase of electric freight solutions will be rolled out later this year, the statement adds, without disclosing a specific date. Once integrated, the full fleet will be capable of shifting 2 mn 20-ft containers annually. The full project will also integrate AI-driven operating systems and charging infrastructure provided by Einride.

AVIATION-

Wizz Air expands its Lebanon services…: Low budget-airline Wizz Air Abu Dhabi is launching three weekly flights to Beirut, effective from 4 June, according to a statement. The move serves as an indicator that Lebanon is “normalizing and focusing back again on visiting friends and relatives traffic, but also building tourism back in the region,” managing director Johan Eidhagen told the National. Demand for commercial routes into the country has been increasing since Israel and Hezbollah signed the ceasefire agreement in November.

…and begins flying to Azerbaijan: The airline also announced it was launching flights to Azerbaijan’s Gabala International Airport, effective from 19 June.

TECH-

G42 and Nvidia debut AI-powered weather forecasting tool: G42 and Nvidia partnered up on an AI-powered weather forecasting system developed through their Earth-2 Climate Tech Lab in Abu Dhabi, according to a press release. The tool uses generative AI to simulate hyper-local weather patterns and predict extreme events, offering faster, lower-cost simulations than traditional methods. G42 and Nvidia had launched the Earth-2 Climate Tech Lab last year to advance climate technology through research, development, and innovation.

The details: The system, a customized version of Nvidia’s CorrDiff platform adapted by G42 subsidiary Inception, provides forecasts at a 200-meter resolution for urban areas like Abu Dhabi. G42’s digital infrastructure unit, Core42, will host the platform using Nvidia hardware for high-performance computing.

What's next? G42 is exploring expanding the tool to climate-vulnerable regions in Africa, South Asia, and Southeast Asia to aid disaster preparedness.

REAL ESTATE-

Egyptian real estate developer Madinet Masr is in talks with potential partners in the UAE and the KSA for its planned GCC expansion, its CEO Abdallah Sallam told Zawya. Sallam didn’t name the companies they’re talking to nor did he share a concrete timeframe for the developer’s first foray outside Egypt. Its stop is likely Riyadh, Sallam said, adding that “we are talking with three to four companies in Saudi Arabia…some of them have their own lands.” The company is also in talks with a local and foreign firm in The UAE.

INFRASTRUCTURE-

Passavant lands AED 169 mn water treatment contract in India: Drake and Scull subsidiary Passavant Energy & Environment secured a AED 169 mn contract to build and operate a 70 mn liters per day water treatment plant and pipeline network in Maharashtra, India, according to a press release (pdf). Awarded through a competitive tender by Maharashtra Industrial Township, the project is set for completion within 36 months. It covers the design, construction, and commissioning of the plant, along with a 900 mm-diameter pipeline in the Auric Bidkin Industrial Area. Passavant will also operate and maintain the facility for 10 years.

Fed holds rates steady, warns of rising inflation and slower economic growth

The US Federal Reserve held interest rates steady for the second time at the 4.25%-4.50% range, in line with expectations, it said in a statement following its meeting yesterday. This marks its first interest rate meeting since US President Donald Trump’s tariff-focused economic agenda took hold. The Fed previously opted to keep interest steady in January, hitting pause on a cutting spree which saw interest rates drop 50 bps in September , and 25 bps in November and Dec ember.

The rationale: While economic activity was expanding gradually and unemployment rate lows had steadied, “inflation remains somewhat elevated” and "uncertainty around the economic outlook has increased,” the Fed’s statement said. The Fed lowered its GDP growth forecast for the US to 1.7%, down from 2.1%. “Inflation has started to move up now, we think, partly in response to tariffs, and there may be a delay in further progress in the course of this year,” Fed Chair Jerome Powell said at a presser.

Going forward: The Fed will continue to assess data and the balance of risks, it said, with most policymakers still expecting two rate cuts this year.

Market reax: US stocks rose on the news, with the Nasdaq up 1.4% and the S&P gaining 1.1%, ending a streak of losses from earlier this week on the back of a sell-off in tech stocks. At the same time, investors ramped up bond purchases, reflecting concerns around economic growth.

ALSO- China’s central bank also kept key interest rates unchanged, as the country looks towards stabilizing its currency and shoring up growth.

The Bank of England (BoE) is also expected to hold interest rates at 4.5% on Thursday, as inflationary pressures persist and economic growth slows, CNBC reports. Governor Andrew Bailey warned earlier this month that Trump’s trade tariffs pose a risk to the UK economy, while the BoE projects inflation will temporarily rise to 3.7% — well above its 2% target — driven by higher energy prices.

MARKETS THIS MORNING-

Asian markets are mixed following the interest rate moves yesterday, with China’s CSI 300 dipping 0.2%, and Hong Kong’s Hang Seng index falling 1.4%. South Korea’s Kospi was up 0.3%, while Japan’s stock markets were closed for a holiday. Over on Wall Street, futures are pointing to a strong open after yesterday’s rally.

ADX	9,438	-0.3% (YTD: +0.2%)
DFM	5,117	-0.6% (YTD: -0.8%)
Nasdaq Dubai UAE20	4,234	-0.6% (YTD: +1.7%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.3% o/n	4.4% 1 yr
Tadawul	11,709	-0.7% (YTD: -2.7%)
EGX30	31,348	-0.8% (YTD: +5.4%)
S&P 500	5,675	+1.1% (YTD: -3.5%)
FTSE 100	8,707	0.0% (YTD: +6.5%)
Euro Stoxx 50	5,507	+0.4% (YTD: +12.5%)
Brent crude	USD 70.78	+0.3%
Natural gas (Nymex)	USD 4.20	-1.0%
Gold	USD 3,058	+0.6%
BTC	USD 85,822	+4.2% (YTD: -8.3%)

THE CLOSING BELL-

The ADX fell 0.3% yesterday on turnover of AED 1.2 bn. The index is up 0.2% YTD.

In the green: Fujairah Cement Industries (+3.7%), Sudatel (+3.4%) and RAK Ceramics (+2.8%).

In the red: National Bank of Umm Al Qaiwain (-4.8%), Abu Dhabi Islamic Bank (-3.7%) and Americana Restaurants (-3.4%).

Over on the DFM, the index fell 0.6% on turnover of AED 453.1 mn. Nasdaq Dubai was down 0.6%.

CORPORATE ACTIONS-

Abu Dhabi Aviation’s board approved a dividend payout of AED 329.0 mn, equivalent to 30 fils per share, for 2024, according to a disclosure (pdf).

NMDC Group’s board approved the distribution of AED 2 bn in special interim dividends, equivalent to AED 2.37 per share, according to an ADX disclosure (pdf). Shareholders also approved a cash dividend of AED 700.8 mn (83 fils per share) for 2024.

Empower approved an AED 437.5 mn cash dividend for 2H 2024, equivalent to 4.4 fils per share and 43.8% of its paid-up capital, bringing the company’s total 2024 dividend to AED 862.5 mn (or 8.6 fils per share), according to a DFM disclosure (pdf). Shareholders also approved a commitment to annual dividends of AED 875 mn for 2025 and 2026, to be disbursed in two installments each April and October.

Al Mal Capital REIT declared a final dividend of AED 20.56 mn for 2024 at 4.00 fils per unit, according to a DFM disclosure (pdf). Together with the AED 15.4 mn interim dividend paid in August 2024, total distributions amount to 95.9% of net income before revaluation of investment properties.

Emirates Ins. Company’s board proposed a 50 fils per share dividend for FY 2024, pending approval from the Central Bank of the UAE, according to an ADX disclosure (pdf).

Aldar Properties will distribute AED 1.5 bn in dividends for 2024, equal to 18.5 fils per share, after the move was finalized in a general assembly meeting, according to a disclosure (pdf) to the ADX.

Dubai Taxi is set to distribute AED 122.3 mn in dividends for 2H 2024, representing 85% of net profit for the period, the firm said in a disclosure (pdf) to the DFM.

The National Bank of Ras Al Khaimah (Rakbank) approved updating its USD 2 bn Euro medium term note program and listing the offering on the London Stock Exchange (LSE), it said in a disclosure (pdf) to the ADX.

Sheikh Tahnoon bin Zayed meets with Trump + UAE to expand mutual investments and areas of economic collaboration with EU

UAE-US AI and investment talks continue: Deputy Abu Dhabi Ruler and National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan met with US President Donald Trump at a White House dinner on Tuesday to discuss expanding economic ties and investments in AI, technology, infrastructure, and healthcare, state news agency Wam reports. Talks also covered regional security and global stability. The visit marks the first between a UAE official and Trump since his inauguration.

REFRESHER- As part of his Washington visit, Sheikh Tahnoon engaged with Trump administration officials and top US business leaders, including US Treasury Secretary Scott Bessent and National Security Adviser Michael Waltz, to explore investment and financial collaboration, emphasizing AI and digital innovation for economic growth.

UAEand EU to strengthen economic ties: A UAE delegation met with EU officials to enhance investment relations and explore future economic collaboration, Wam reports. Discussions focused on boosting mutual investments in high-growth sectors such as logistics and renewable energy. Both sides also identified key areas for enhanced cooperation, including food security, advanced manufacturing, healthcare, and AI.

IN CONTEXT- The EU is the UAE’s second-largest foreign trade partner, with non-oil trade between the two reaching USD 67.6 bn in 2024. The UAE’s total non-oil foreign trade grew 14.6% year-on-year to AED 3 tn last year, with Comprehensive Economic Partnership Agreements contributing AED 135 bn to non-oil exports. The country aims to reach AED 4 tn in annual foreign trade by 2031, with 75% of that target already secured.

CALENDAR

MARCH

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

16-20 March (Sunday-thursday): The Augmented Humans International Conference 2025, Mohamed bin Zayed University of Artificial Intelligence (MBZUAI), Abu Dhabi.

24-28 March (Monday-Friday): Subscription period for Methaq Takaful’s rights issue on the ADX.

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

30 March-1 April (Sunday-Tuesday): Eid Al Fitr, national holiday.

Signposted to happen sometime in 1Q 2025:

The first eight fronds of the Palm Jebel Ali will be site-ready, allowing for the commencement of villa infrastructure and civil works.

APRIL

1 April (Tuesday): New ADGM employment regulations come into effect.

1 April (Tuesday): New personal status law comes into effect.

1 April (Tuesday): Cabinet to roll out new tightened merger control rules,

6-11 April (Sunday-Friday): Geo-Spatial Week, Dubai.

7-10 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.

7-9 April (Monday-Wednesday): The Fujairah International Bunkering and Fuel Oil Forum, DoubleTree by Hilton Fujairah.

8 April (Tuesday): Allocations and refunds for Methaq Takaful’s rights issue on the ADX.

11-13 April (Friday-Sunday): I-Film Festival, Yas Creative Hub, Abu Dhabi.

12-13 April (Saturday-Sunday): Global Justice, Love & Peace Summit, Dubai Exhibition Centre, Expo City Dubai.

14-16 April (Monday-Wednesday): Dubai Woodshow, Dubai World Trade Center

14-16 April (Monday-Wednesday): IPS congress, Dubai World Trade Center.

14-26 April (Monday-Saturday): Solana Economic Zone, Dubai.

15-17 April (Tuesday-Thursday): The Abu Dhabi Global Health Week, Adnec center, Abu Dhabi.

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

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

16-18 April (Wednesday-Friday): World Future Energy Summit,Abu Dhabi National Exhibition, Abu Dhabi.

21-25 April (Monday-Friday): The Dubai AI Week, Museum of the Future and Area 2071, Emirates Towers, Dubai.

22-24 April (Tuesday-Thursday): DOMOTEX Middle East, Dubai World Trade Center, Dubai.

23-24 April (Wednesday-Thursday): Dubai AI Festival, Dubai International Financial Center.

25 April-11 May (Friday-Sunday): Dubai Esports and Games Festival, Dubai World Trade Center.

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

28 April-2 May (Monday-Friday): The 64th Annual Conference of the International Federation of Air Traffic Controllers’ Associations (IFATCA)

29 April (Monday): Deadline to send comments and feedback on the FSRA proposal.

Signposted to happen sometime in April:

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

MAY

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

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

6-8 May (Tuesday-Thursday): Airport Show, Dubai World Trade Centre.

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

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

13-15 May (Tuesday-Thursday): Cabsat Middle East and Satellite Middle East, Dubai World Trade Center.

15 May (Thursday-Sunday): The Economy Middle East Summit, ADGM, Abu Dhabi.

15 May (Thursday): Dewa tender for pumping stations bids deadline.

15-18 May (Thursday-Sunday): The GLA Global Logistics Conference, Grand Hyatt Dubai.

16-18 May (Friday-Sunday): GISEC, Dubai World Trade Center.

19-22 May (Monday-Thursday): Make it in the Emirates, Adnec, Abu Dhabi.

20 May (Tuesday): Dubai Business Forum, Hamburg, Germany.

20-22 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.

27-29 May (Tuesday-Thursday): INDEX, Workspace, and The Hotel Show, Dubai World Trade Center.

30 May (Friday): Arafat Day.

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

Signposted to happen sometime in May:

Asean and summit, Malaysia.

JUNE

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

24-25 June (Tuesday-Wednesday): Middle East Rail, Dubai World Trade Center.

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

JULY

6-7 July (Sunday-Monday): BRICS Summit, Rio de Janeiro.

29-30 July (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

SEPTEMBER

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

12-14 September (Friday-Sunday): The International Real Estate and Investment Show, Abu Dhabi.

16-17 September (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

OCTOBER

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

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

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

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

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

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

NOVEMBER

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

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

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

DECEMBER

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

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

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

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

Signposted to happen sometime in 2025:

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

Signposted to happen sometime in the fall of 2025:

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

Signposted to happen sometime in 2026:

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

Signposted to happen sometime in 2027:

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

Signposted to happen sometime between 2027 and 2029:

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

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