ADQ to return to debt markets with benchmark-sized offering

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Etihad Airways “ready” for an IPO but does not need the cash, CEO says + Adia eyes sale of 50% stake in IFCO

Good morning, friends, and happy hump day. It’s another busy day of news this morning, with plenty of updates from the Arabian Travel Market, and news of ADQ returning to debt markets with another benchmark issuance.

Plus: Emirates NBD revised downwards its projection for the UAE’s budget surplus this year on the back of lower oil prices, and UAE-backed climate fund Alterra poured its first direct co-investment into an Indian renewables firm. We also have plenty of 1Q earnings for you to dive into, so let’s get started.

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A QUICK NOTE- Our apologies. Some readers yesterday received in error EnterprisePM Egypt despite not being subscribed to that edition after one of us made a simple mistake during the dispatch process. We apologize for the unscheduled interruption in your inbox, folks — it won’t happen again.

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WEATHER- Make sure you stock up on sunscreen, with Dubai’s mercury hitting 43°C during the day before cooling down to overnight lows of 28°C. It’s a bit cooler in Abu Dhabi, with afternoon temperatures reaching 36°C and set to cool down overnight to 28°C.

WATCH THIS SPACE-

#1- ADQ-backed Etihad Airways is ready to hit the market, but is waiting on shareholders to pull the trigger, CEO Antonoaldo Neves told Bloomberg in an interview (watch: runtime: 7:28) on the sidelines of the Arabian Travel Market (ATM) conference. “The reality is we don’t need cash now,” he said, adding that “the airline is doing very well.” Etihad is pressing ahead with a fleet expansion that will see it operate up to 170 aircraft by 2030, with 100 planes already locked in, Neves added. The airline is also leaning into premium travel demand with high-occupancy rates in first and business class driving fresh investment in luxury cabins.

ICYMI- The highly-anticipated IPO was postponed until after Eid Al Fitr with no further updates since. Etihad was expected to kick off a USD 1 bn IPO of a 20% stake in early March, following a roadshow that took place in February to sound out investors. The move comes over a year after the company first expressed interest in going public in what would be the region’s first IPO of a major airline since Kuwait’s Jazeera Airways in 2004 — if it beats Saudi-based Budget airline Flynas to it.

Also in no rush to IPO: Emirates Airline is in no rush to publicly list the firm, citing solid cash reserves, Chairman Sheikh Ahmed bin Saeed Al Maktoum told Reuters on the sidelines of the event. He added that the firm would nevertheless move on an IPO “tomorrow” if the government gives the order.

#2- Abu Dhabi Investment Authority (ADIA) is considering selling its 50% stake in its plastic container unit IFCO, sources familiar with the matter told Bloomberg. The potential transaction, which could exceed USD 2.3 bn, is attracting interest from private equity firms and infrastructure funds. However, Triton, the buyout firm holding the remaining stake in IFCO, has decided to retain its share.

All options are still on the table: While discussions are ongoing, ADIA has not yet made a final decision on the sale. The sovereign wealth fund is currently working with Bank of America and Morgan Stanley on the potential sale.

#3- The credit outlook for GCC rated firms is set to remain stable, despite tariff-induced headwinds, with 61% of firms rated investment-grade, according to a report (pdf) from S&P Global Ratings. Inflation is currently on a downward trend, although could increase in the event of a trade war, and higher capex and meaningful refinancing needs are not seen as an immediate credit risk due to sovereign-linked support.

Lower oil prices, supply chain disruptions, and a global economic downturn pose a larger threat to GCC firms than the levies themselves, with S&P downgrading oil price assumptions to USD 65 per barrel for Brent for 2025. GCC economies’ close correlation to oil, means that diversification and investment plans could be delayed on the back of oil price fluctuation. Refining margins are also expected to stay low in the near term, and Opec+ output hikes could lead to an oversupply issue.

By the sector: The sectors most at risk include transportation, parts of the real estate sector, and oilfield services owing to typical high leverage and liquidity constraints. Chemical producers could mitigate risks by rerouting volumes to other regions, however an economic downturn may result in weakened demand. National oil companies are expected to weather the storm due to low production costs and strong balance sheets, whilst revenue backlogs for real estate developers and price growth provide a certain degree of predictability.

#4- Animoca Brands sets up shop in Dubai, backing UAE startups: Hong Kong-based Web3 venture capital and software firm Animoca Brands will open its first regional office in Dubai, The National reports, citing managing director for the region Omar Elassar. The firm will also set up funds for startups, although the amount of investments allocated to the region has not been disclosed.

The details: The Dubai office will focus on financing, market access, and mentorship for local startups and more established crypto companies. Animoca will provide investment, advisory services, and infrastructure support, and is also eyeing expansion through collaboration with Emirati entities, Elassar said.

Not Animoca’s first time in the region: Animoca Brands, which is valued at USD 6 bn, previously partnered with Saudi Arabia’s Neom in 2023 on a USD 50 mn Web3 initiative. It also signed an MoU last year to establish a Riyadh Web3 hub.

#5- UAE, Saudi Arabia in talks with Korean arms contractor: Emirati and Saudi Arabian entities are in advanced discussions with South Korea’s largest defense contractor, Hanwha Aerospace, over potential defense collaboration in the Middle East, Bloomberg reports. Any official announcements could come later this year, CEO Michael Coulter said, adding that the MENA region is now Hanwha’s main focus.

What’s in the cards? Setting up facilities, joint ventures, or local partnerships with Saudi firms are possibilities, according to Coulter, who said Hanwha is looking to address security threats and sovereign issues, as well as boost defense capacity in the region, through local facilities. The company’s shares have surged nearly 30-fold over the past five years amid the conflicts in Ukraine and the Middle East.

Freeing up funds: Hanwha is planning a USD 1.6 bn share-sale plan to fund expansion, although this has been met with objection from investors who want to avoid share dilution and South Korea’s financial regulator.

ICYMI- The UAE and South Korea expanded their defense ties earlier this month, signing new agreements to hold bilateral meetings every six months, collaborate on developing a fighter jet, and train UAE personnel in aviation and missile systems.

#6- China’s CICC plans new Dubai office: Chinese investment bank China International Capital Corporation (CICC) is preparing to open a new branch in Dubai, with a focus on providing structured financing and M&A advisory services for green energy and infrastructure projects in the Gulf, Bloomberg reports. Earlier this year it secured a license to operate in the Dubai International Financial Center (DIFC).

The firm aims to cater to growing demand for cross-border investment between China and the region, and is targeting MENA sovereign wealth funds and conglomerates as China seeks to diversify trade ties amid the ongoing trade war between Beijing and Washington. The new office comes amid a wider push which will see CICC add to its regional headcount and expand further into Southeast Asia as well.

DATA POINTS-

#1- Sharjah records a 13% rise y-o-y in hotel guests: Sharjah welcomed 490k hotel guests in 1Q 2025, a 13% increase compared to the same period in 2024, Al Bayan reports.

#2- Dubai International Airport is expected to handle 96-97 mn travelers in 2025, President of the Dubai Civil Aviation Authority Sheikh Ahmed bin Saeed Al Maktoum told CNBC Arabia (watch, runtime: 9:23). The airport handled 92 mn travelers in 2024, marking a 6% increase from 2023.

PSAs-

#1- UAEsimplifies paperwork for foreign degree recognition: The Higher Education and Scientific Research Ministry has reduced the required documents for its foreign qualification recognition from fourteen to four in line with the UAE’s Zero Government Bureaucracy program, the ministry said on X.

A pilot phase saw a 100% y-o-y increase in recognized qualifications, and declined requests dropped from 8.3% to 3.5%. The system works with local scholarship bodies to process foreign credentials across all fields and institutions.

#2-Abu Dhabi hotels to pilot government-led facial recognition system: Abu Dhabi’s Culture and Tourism Department (DCT) will deploy a facial recognition system in partnership with the Federal Authority for Identity, Citizenship, Customs & Port Security (ICP) to verify hotel guests, according to the Abu Dhabi Media Office.

The pilot phase is underway at some hotels, and will be expanded to all five-star hotels in Abu Dhabi, Al Ain, and Al Dhafra ahead of a wider rollout. Training and technical support will be provided to hotels during rollout.

Biometric data will be encrypted, sourced from ICP, and stored in a DCT-managed database. The system aims to reduce check-in times and comply with UAE cybersecurity and privacy laws. The data will only be used for safety and operational purposes, DCT said.

#3- Ajman residents get a new transport link to Al Ain: Ajman Transport Authority is launching a new intercity bus route between Ajman’s Musalla Bus Station and Al Ain Bus Station, according to a post on X. The service — slated to begin tomorrow — will offer four daily round trips from 8am until 8pm.

HAPPENING TODAY-

#1- The Arabian Travel Market is running until Thursday, at the Dubai World Trade Center. The event convenes all travel sectors and verticals, addressing industry challenges for tourism businesses and offering networking sessions. The conference’s program focuses on hospitality, investment, sustainability, marketing, and technology.

#2- The International Federation of Air Traffic Controllers’ Associations (IFATCA) conference is happening this week at the Adnec Center in Abu Dhabi. The conference brings together air traffic control professionals to discuss the air traffic management sector, focusing on capacity building, emerging technologies, and solutions to challenges faced by the industry.

#3- The Fujairah International Conference of Adventures Tourism is starting today and will run until Friday at the Fujairah Adventures Centre. The event will spotlight investment, sustainability, and innovation in adventure tourism. The agenda includes panel discussions, MoU signings, site tours, and the launch of the region’s first standardized framework for adventure tourism.

#4- The Behavioral Exchange 2025 Conference (BX2025) is happening today and tomorrow at New York University Abu Dhabi. The event will gather global experts, policymakers, and researchers to discuss behavioral insights and their application in tackling complex societal challenges.

#5- Today is day five of the Ajman Real Estate Investment Exhibition, which runs until tomorrow. The exhibition brings together real estate developers, investors, and industry experts to showcase the emirate’s evolving property market. Ajman Properties Corporation (Aqaar) is set to unveil two new projects today at the exhibition — Mojan and Ajman Hotel Residence, state news agency Wam reports.

HAPPENING TOMORROW-

The Financial Media Forum will take place tomorrow in Dubai, Wam reports. Media professionals, financial experts, and government officials will convene to discuss the latest developments in the financial sector, the role of media in public financial awareness, and the future role of financial media and literacy in shaping economic growth.

THE BIG STORY ABROAD-

It’s all about US President Donald Trump’s 100 days in office in the global business press. His rally in Michigan to mark his 100th day made headlines, as Trump touted his time in office so far as the “most successful 100 days of any administration in the history of our country,” and defended his economic policies, including tariffs.

He also renewed his attacks on Federal Reserve Chair Jerome Powell, saying he is not doing a good job and that he understands interest rates better during a rally in Michigan to mark his 100th day. He had already denied plans to fire the Fed chief after he criticized the pace of his rate cuts earlier this month. (Bloomberg | Reuters | Guardian | NBC)

As he defended tariffs, he also signed an executive order to give automakers in the US a two-year grace period to boost the percentage of domestic car parts before applying the 25% levy on foreign ones. Meanwhile, US Commerce Secretary Howard Lutnick told CNBC he had reached a trade agreement with one country on reciprocal tariffs, without mentioning the name of the country. (Reuters | AP | New York Times | Wall Street Journal)

MEANWHILE- A handful of 1Q 2025 earnings are getting attention, including Samsung’s, which beat analysts’ estimates with a record quarterly revenue — up 10% y-o-y — on the back of an increase in sales of chips and Galaxy S25 smartphones. (CNBC | Bloomberg)

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MARKET WATCH-

Adnoc is slated to swap its India-bound liquefied petroleum gas (LPG) with discounted US cargoes as of June, industry sources told Reuters. The move will enable Adnoc to ship more of its own LPG to China as purchasers become willing to pay high premiums to replace their previous US supply. Adnoc will supply some US LPG cargoes through its trading units to India under annual contracts from June to July, although one source noted it would be “difficult to replace the entire volumes.”

Background: Indian refiners requested that their Middle East suppliers make this swap last week, asking for the US LPG to be delivered at discounts to the Middle East benchmark Saudi Contract Price. India — the world’s second largest importer after China — sources over 80% of its LPG imports from the Middle East under annual contracts, including UAE, Saudi Arabia, Qatar, and Kuwait.

Adnoc’s been quick to absorb Chinese buyers: China National Offshore Oil Corporation (CNOOC) inked a five-year supply contract agreement with Adnoc for LNG imports last week, marking the third supply contract Adnoc signed with Chinese buyers over that weekend alone. The firm also inked contracts with China’s ENN LNG and Zhenhua Oil.

ADQ to tap debt markets with new dual-tranche offering

Abu Dhabi sovereign wealth fund ADQ is issuing five- and 10-year benchmark senior unsecured notes, with initial price guidance set at 115 basis points above US Treasuries for the five-year notes and 125 for the 10-year notes, Zawya reports, citing investor information it has seen. The 144A and Reg S notes will be listed on the London Stock Exchange, with settlement scheduled for 6 May. Proceeds from the latest issuance will be used for general corporate purposes, ADQ said.

In case you don’t speak debt: A USD-denominated Reg S issuance financial instrument is offered to non-US investors outside of the country. The 144A rule allows qualified institutional buyers — typically firms managing at least USD 100 mn in assets — to trade private securities without the need to register with the US Securities and Exchange Commission. Benchmark-sized issuances refer to debt of at least USD 500 mn.

IN CONTEXT- This is the third dual-tranche issuance under ADQ’s Global Medium Term Note Program, which was launched in 2024 as the sovereign fund sought to diversify its funding sources for future acquisitions. The program debuted with a USD 2.5 bn dual-tranche issuance last May, which was 4.4x oversubscribed with over USD 11 bn in orders, followed by a USD 2 bn two-part offering in September that attracted USD 8 bn in bids.

ADQ’s credit ratings: ADQ holds an Aa2 credit rating from Moody’s and an AA rating with a stable outlook from Fitch.

OTHER DEBT NEWS-

State oil giant Adnoc’s maiden USD 1.5 bn sukuk issuance, which was over 2xoversubscribed, will carry an annual coupon rate of 4.75%, paid on a semi-annual basis, it said in a statement (pdf). The offering was priced at one of the lowest premiums for new shariah-compliant securities in the region and at the region’s tightest corporate USD 10-year spread, driven by strong demand from key Islamic markets, reflecting Adnoc’s solid credit worthiness. The offering came as part of a newly established International Sukuk Program.

ADVISORS– Standard Chartered Bank is the sole global coordinator and joint sukuk structuring bank on the transaction, with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Morgan Stanley and MUFG acting as book runners. Emirates NBD Islamic provided the Shariah compliance certification.

The UAE will record a budget surplus of 1.8% of GDP this year, Emirates NBD says

UAE to record a smaller budget surplus than expected: Emirates NBD brought down its forecast for the UAE’s budget surplus to the equivalent of 1.8% of GDP in 2025, down from its previous forecast of 2.7% of GDP this year, and down from last year’s estimated surplus of 3.4% of GDP, the bank wrote in a research note (pdf).

The GCC as a whole is also set to experience a deficit: Emirates NBD now sees a weighted average budget deficit of 3.6% of GDP in 2025 for the GCC bloc, up from its previous estimate of a budget deficit of 2.51% relative to GDP, and up from an estimated deficit of just 1% of GDP last year. Only the UAE and Qatar are expected to see a budget surplus in both 2025 and 2026.

The bank cites lower oil prices as the reason behind its revision, saying that lower prices will “drag on budget balances across the GCC.” Assuming an oil price of around USD 65 for the rest of the year, export receipts could be 4-6% of GDP lower than in 2024, Capital Economics’ Middle East and North Africa economist James Swanston told EnterpriseAM UAE.

“This will, all else equal, cause current account positions to deteriorate,” Swanston said. “And given that a large proportion of oil export receipts flow to the government, budget balances will worsen too,” he added. On the bright side: The UAE is able to comfortably weather an oil price of USD 65 or even lower, Swanston said.

How this compares to other estimates: Emirates NBD’s forecast for the UAE in 2025 is significantly lower than that of Oxford Economics, which predicted a budget surplus of 4.1% this year back in December, while Capital Intelligence previously expected the budget surplus to come in at 3.8% in 2025.

REMEMBER- The government plans to spend more this year: Federal National Council approved the UAE’s largest national budget to date back in November, totaling AED 71.5 bn for both revenues and expenditures for 2025, with spending expected to rise 12% y-o-y.

UAE-backed Alterra pours USD 100 mn in Indian renewable energy firm Evren

UAE-backed climate vehicle Alterra climate fund is investing USD 100 mn in Indian renewable energy firm Evren, according to a press release. The investment, made through Alterra Acceleration Fund, comes alongside Brookfield and other investors, and is Alterra’s first direct investment in the Global South.

Where the money is going: The investment will help develop and construct up to 11 GW of solar, wind, and battery storage projects across Rajasthan and Andhra Pradesh in India. It will also support Evren’s collaboration with local manufacturers on wind turbines and solar modules.

A breakthrough? The fund was struggling to deploy capital, amid what CEO Majid Al Suwaidi identified as a lack of viable projects in the energy transition space. Alterra has so far committed USD 6.5 bn to seven strategies managed by BlackRock, Brookfield Asset Management, and TPG, though actual funds spent are significantly less.

REFRESHER- The UAE-backed USD 30 bn vehicle was unveiled two years ago at COP28 to mobilize USD 250 bn globally by 2030 to finance the climate transition. It announced plans last year to direct an additional USD 200 bn to climate investments, and said that it will increase its focus on co-investments and direct investments, capping returns to attract external investors.

Outsmarting AI-driven fraud: the future of fraud prevention is invisible

Fraud isn’t what it used to be. It’s faster, smarter, and infinitely more scalable. AI-powered frauds are growing at an unprecedented rate, with scammers deploying generative AI, deepfake technology, and Fraud-as-a-Service (FaaS) models to bypass traditional defenses. The result? A USD 1 tn global fraud epidemic where only 0.05% of perpetrators are caught.

At Mashreq, we’re shifting the cybersecurity paradigm. Instead of placing the burden on customers with endless OTPs and verification steps, we’re embedding AI-driven security into every transaction. Behavioral biometrics, real-time threat Intelligence, and AI-powered fraud detection allow banks to identify anomalies before they become breaches. By analyzing behavioral data points, banks can detect fraud without disrupting customer experience.

We’ve also made a strategic shift from reactive to proactive security. Our AI models continuously monitor global fraud trends, adapting in real-time to emerging threats. The introduction of technologies like device binding and invisible authentication means security is no longer a hurdle but rather built into the experience.

We also rolled out advanced fraud protection solutions using AI and biometrics. We recognize that traditional authentication methods, such as SMS OTP, are vulnerable to SIM swap fraud and phishing attacks, that also lead to significant operational costs for the bank. We identified the need for a more secure, cost-efficient, and frictionless way to protect customer transactions while ensuring a seamless user experience. We have implemented features such as device registration, biometric verification, and risk-based authentication, and are reducing dependency on traditional authentication methods like SMS OTPs, while enhancing security. This multilayered framework securely binds devices using Emirates Face Recognition, dynamically assesses transactions in real time, and tailors authentication based on risk, ensuring frictionless approvals for low-risk activity and robust protection for high-risk ones via biometric or PIN verification. By eliminating SMS OTPs, it enhances security, reduces costs, and gives customers greater control.

But technology alone isn’t enough. Fraudsters rely on human error, exploiting fear and urgency. That’s why education remains a cornerstone of our strategy. By integrating cybersecurity awareness into digital banking, we ensure customers recognize threats before they fall victim to them. We are also embedding fraud prevention awareness directly into our digital journeys to guide customers at key touchpoints.

The financial industry must stay ahead of these escalating sophisticated frauds. AI can be used for deception, but it can also be harnessed for protection. The future of cybersecurity needs to go beyond just about preventing fraud – it’s about making fraud unthinkable.

Olivier Busolini, Head of Information Security, Mashreq

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Gurcharan Chhabra, Head of Fraud Prevention & Intelligence, Mashreq

FinMin issues requirements for audited financial statements for corporate taxpayers

FinMin issues its requirements for audited financial statements: The Finance Ministry has introduced a number of new amendments (pdf), detailing its requirements and categories for entities that are required to prepare and maintain audited financial statements under the corporate tax law.

Remember: The 9% business tax was introduced by the Finance Ministry back in June 2023.

What the regulations entail: Any taxable person or entity who is not part of a corporate tax group with revenues exceeding AED 50 mn will be required to prepare and maintain audited financial statements. In addition, all entities classified as Qualifying Freezone Persons (QFZPs) — that is, entities operating within a freezone in the UAE with income that does not qualify for corporate tax exemptions — will also face the same requirements.

All entities registered as tax groups for corporate tax purposes will also be required to prepare audited financial statements — however, individuals within the tax groups don’t have to prepare separate ones.

For non-resident persons, only revenue derived through permanent establishments or nexuses in the UAE will count towards the AED 50 mn threshold that would require them to prepare audited financial statements.

When it will come into effect: This decision will apply to tax periods commencing on or after 1 January of this year, and has come into effect starting 28 April.

ICYMI- The Finance Ministry also recently decided that it would exempt companies from having to submit standalone financial statements for corporate tax purposes, maintaining only the requirement for audited special purpose aggregated financial statements for corporate tax purposes. The ministry has been working to ease corporate tax requirements, including through the introduction a number of new amendments that exempt Qualifying Investment Funds (QIFs) and Qualifying Limited Partnerships (QLPs) from paying corporate tax under certain conditions. The ministry also issued amendments in November to ease administrative and tax compliance requirements for domestic businesses, foreign partnerships, and family foundations.

ALSO- The Finance Ministry and the Federal Tax Authority are waiving administrative fines for corporate taxpayers, state news agency Wam reports. The waiver also applies to certain exempt persons who failed to submit their tax registration applications on time. To qualify, eligible parties must file their tax returns or annual statements within seven months from the end of their first tax period.

1Q earnings continue to pour in

FIRST ABU DHABI BANK-

First Abu Dhabi Bank (FAB) reported a 23.5% y-o-y increase in net income to AED 5.1 bn in 1Q 2025, according to its management discussion and analysis report (pdf). This beats analyst estimates of AED 4.2 bn, Reuters reports, citing LSEG data. Operating income rose 10.6% y-o-y to AED 8.8 bn, with net interest income up 3% to AED 5 bn and non-interest income growing 22.4% to AED 3.8 bn.

A strong quarter for its balance sheet: Total assets rose 5.8% y-o-y to AED 1.3 tn, with international operations accounting for 30% of the total. Loans and advances grew 7.9% y-o-y to AED 548 bn, while customer deposits increased 4.5% to AED 839 bn. FAB’s return on tangible equity improved to 20.4%, up from 17.4% a year earlier.

The bank attributed the performance to “sustained growth momentum across our business segments and our international franchise,” efficient operations, and a prudent risk strategy. This follows major restructuring in 1Q — accompanied by a series of senior departures and new appointments — to strengthen its financial and advisory services. Looking ahead, FAB plans to increase its use of AI to support operations, CEO Hana Al Rostamani said.

ALDAR PROPERTIES-

Aldar also kicked off the year with strong earnings: State-owned Aldar Properties reported a 21.5% y-o-y increase in net income after tax to AED 1.9 bn in 1Q 2025, according to the company’s interim financial information report (pdf). Revenues rose 38.7% y-o-y to AED 7.8 bn, supported by a 42% jump in group sales to AED 8.9 bn, driven by strong demand for both new launches and existing inventory, the firm said in its earnings release (pdf).

Momentum strong at home and abroad: UAE sales rose 38% y-o-y to AED 8.4 bn, with international buyers accounting for 87% of the total. Aldar Development’s revenue increased 46% y-o-y to AED 5.7 bn with a revenue backlog of AED 55.7 bn at the end of the quarter. Its investment arm Aldar Investment saw its topline rise 15% y-o-y to AED 1.9 bn, and high occupancy and rental growth helped bring its assets under management to AED 46 bn — alongside strategic acquisitions made over the past two years. These investments included acquiring Masdar City assets, as well as UK property developer London Square in an AED 1.1 bn transaction in December 2023.

As of March, Aldar had raised AED 16.3 bn in new liquidity across its capital structure in 2025. In January, it issued USD 1 bn Reg S hybrid capital notes and closed an AED 9 bn sustainability-linked revolving credit facility. It also completed a USD 500 mn green sukuk issuance last month, which was 7.2x oversubscribed.

Aldar hasn’t seen any disruption from tariff-driven trade tensions or currency volatility, thanks to the UAE’s “very pro-economic development and trade,” Chief Finance and Sustainability Officer Faisal Falaknaz told The National.

But a weaker USD could open new doors: Falaknaz said a softer USD is creating windows for Aldar to grow its international sales, particularly in non-USD-pegged markets such as China, where first-time sales topped USD 1 bn in 2024.

ABU DHABI COMMERCIAL BANK-

Abu Dhabi Commercial Bank (ADCB)’s net income increased by 14.4% y-o-y to AED 2.5 bn in 1Q 2025, according to its financial statements (pdf). The bank recorded a 9.3% y-o-y increase in its operating income to AED 5 bn, “primarily driven by a sharp 26% increase in non-interest income across all main line items,” according to its earnings release (pdf). Total assets increased 14% y-o-y to AED 680 bn.

REMEMBER- The bank has an ambitious target of doubling net income by 2050.

NATIONAL BANK OF FUJAIRAH-

The National Bank of Fujairah (NBF) reported a 22.2% y-o-y increase in net income to AED 306.8 mn in 1Q 2025, according to its financial statements (pdf). The lender’s operating income rose 10% to 675.5 mn.

What they said: “The bank’s solid performance has been facilitated by a healthy balance sheet, strong capital adequacy and liquidity, improvement in overall asset quality, deepening client relationships, good performance across key business segments and advancing a digitally enabled operating platform,” according to its earnings release (pdf).

e&-

Emirates Telecommunications Group’s (e&) net income rose by 125.8% y-o-y to AED 5.6 bn in 1Q 2025, according to its financial statements (pdf). The company’s revenue increased by 18.7% y-o-y to AED 16.9 bn in this quarter, driven by robust growth across all segments.

The performance was attributed to the “growth of its telecom footprint and the expansion of its digital adjacencies,” according to its earnings release (pdf). The operational growth, along with the divestment of the company’s stake in Khazna, supported the milestone.

REMEMBER- e&’s JV with PPF Group, e& PPF Telecom, fully acquired Serbia-based cable television and broadband internet service provider Serbia Broadband (SBB) from Southeast European telecoms player United Group for EUR 825 mn. The company also completed the divestment of its stake in Khazna Data Centers for USD 2.2 bn, stating that the USD 1.4 bn in proceeds will be used for debt reduction.

NMDC ENERGY-

NMDC’s engineering, procurement, and construction unit NDMC Energy recorded a 24.7% y-o-y surge in net income to AED 217 mn for 1Q 2025, according to its financials (pdf). The unit’s top line also saw a 74.9% y-o-y uptick to AED 3.7 bn during the same period.

The company attributed revenue growth to effective project implementation across its portfolio, according to a separate earnings release (pdf). Robust operational strategies and local and international expansion helped boost its bottom line. It secured AED 13.9 bn worth of new projects during the quarter, and its backlog stood at AED 56.3 bn at the end of 1Q.

EMIRATES STALLIONS GROUP-

IHC subsidiary and construction and real estate firm Emirates Stallions Group (ESG) saw its net income fall 22.7% y-o-y to AED 53 mn in 1Q 2025, according to its financial statements (pdf). The company’s revenue rose by 9.7% y-o-y to AED 332.7 mn during the quarter. The performance was attributed to “higher operational efficiency, better business structuring, and a greater ability to seize viable opportunities,” CEO Kayed Ali Khorma said, according to its earnings release (pdf).

DUBAI REFRESHMENTS-

Dubai Refreshments’ net income rose 17.6% y-o-y to AED 30.2 mn in 1Q 2025, according to its financials (pdf). The company’s revenue increased by 6.4% y-o-y to AED 178.2 mn in the same period.

Almaden to invest USD 240 mn to develop a solar glass plant in Kizad

MANUFACTURING-

Chinese firm to develop USD 240 mn solar glass plant in Kizad: China’s Almaden will invest USD 240.2 mn to establish a solar photovoltaic glass production facility in the UAE, according to a press release (pdf). The company will set up a new subsidiary — Almaden Glass Industries — in Abu Dhabi’s Khalifa Industrial Zone (Kizad) via its MENA arm.

Some details: The facility will include a 1.6k ton per day melting furnace and supporting processing lines, with an annual production capacity of 500k tons. Construction is expected to take 18 months. The investment will be financed through self-financing and fundraising.

CRYPTO-

Phoenix Group expands BTC mining in Ethiopia: ADX-listed crypto miner Phoenix Group has expanded its BTC mining operations in Ethiopia with an additional 52 MW of capacity, it said in a press release (pdf). This move brings the company’s total operational capacity in Ethiopia to 132 MW and pushes its global capacity to upwards of 500 MW.

The details: The site will be developed in two phases, and comes after Phoenix secured a 80 MW site in Ethiopia through a power purchase agreement (PPA) at the start of this year. Set to be completed by the end of 2Q 2025, the site’s hash rate will double to 2.4 EH/s (exahash per second) once the second phase is operational. Renewable hydropower from the Grand Ethiopian Renaissance Dam will power 90% of Phoenix’s operations in the country.

SOUND SMART- A hash rate measures how quickly computers can execute hashing computations — a key pillar of blockchain technology used to secure transactions and data integrity.

TECH-

Rakez partners with Singaporean firm to build tech-focused industrial park: Ras Al Khaimah Economic Zone (Rakez) has inked an agreement with Singaporean firm THi Holding Management Corporation to establish a 300k sqm industrial park in Al Hamra, state news agency Wam reports. The new facility will help boost the emirate’s competitive edge in technology by targeting global firms specializing in sectors like AI, software, and advanced technologies.

REAL ESTATE-

You can now buy a unit at Trump Tower in Dubai: Trump International Hotel and Tower has launched its first project in Dubai, Gulf News reports. Located at the entrance of Downtown Dubai along Sheikh Zayed Road, the tower is an extension of the Trump Organization’s partnership with Dar Global. The project is set to be completed in 2031 and has an estimated development cost of USD 1 bn.

The details: The hotel will occupy the first 18 floors of the 80-floor tower, and two floors will be dedicated to a Trump-branded members’ club. The remaining floors will be reserved for luxury residences, with four-bedroom penthouses set to carry a minimum price tag of AED 70 mn.

FINANCIAL SERVICES-

Circle secures IPA as money-services provider: Payment technology company Circle Internet Group secured in-principle approval (IPA) from the ADGM’s Financial Services Regulatory Authority to operate as a money-services provider, according to a press release. The approval is a step closer to full financial services permission. In Feburary, Circle’s USDC and EURC stablecoins received approval as recognized crypto tokens in the DIFC.

Circle has also joined forces with Abu Dhabi’s Hub71 for a partnership that aims to accelerate innovation in digital assets as well as provide fintech startups with mentorship, workshops, and access to institutional networks, the press release said.

INVESTMENT-

Du leases a Dubai land plot to develop its new data center: Du inked an AED 170 mn land lease agreement with Dubai Holding Assets Management to use the plot in developing a greenfield data center, according to a DFM disclosure (pdf). The long-term agreement will last for 25 years with two optional renewal periods of 10 years. The plot extends for 18.6k sqm in Dubai Design District.

REMEMBER- Du plans to build a AED 2 bn hyperscale data center in the UAE for Microsoft, which will be its main tenant. The center’s capacity will be delivered in phases.

LEGISLATION-

The Sharjah Executive Council issued a decision that regulates media activities in the emirate, Wam reports. The new decision aims to establish a comprehensive legal and legislative framework for managing media operations and content. The decision also includes legal provisions on media ownership, media institutions, broadcast and digital media activities, permits, approvals, and content standards, among other areas.

US tariffs will hit its own consumers. Retailers and suppliers brace for impact.

Washington and Wall Street have been in turmoil for nearly a month over President Donald Trump’s tariffs, and the fallout is now approaching US households. Retail giants like Walmart and Target warned Trump last week of looming shortages and higher prices, Bloomberg reports.

The tariffs hit during a crucial inventory buildup season for back-to-school and holiday sales, forcing retailers to choose between canceling orders, raising prices, laying off workers, or facing empty shelves and financial strain, the business news service writes.

Shipping disruption deepens: Since the US raised tariffs to 145% in April, cargo shipments from China have dropped by up to 60%, with overall volumes down 40%, according to Bloomberg data. Bookings for standard containers were 45% lower by mid-April, the Financial Times reports, citing Vizion data.

As it stands, the World Trade Organization projects that US-China trade could fall by 80%, fueling recession fears. US imports are expected to drop 7% in 2Q — the steepest fall since the pandemic.

Damage management window closing: Huge retailers have been pausing orders from suppliers outsourcing their products from China and are expected to cancel them if the standoff remains, Jay Foreman, CEO of toymaker Basic Fun, told Bloomberg. “We’re in a period where the damage is manageable, but every week the damage level is going to increase,” he was quoted as saying by Bloomberg.

Rising prices are dragging consumer spending down, with consumer confidence weakening, Momentum Commerce CEO John Shea told the Financial Times. Some executives anticipate consumer goods prices could double, further tightening sentiment and spending, Bloomberg writes.

To mitigate the tariff impact, importers are shifting sourcing to Southeast Asia, with rising exports from Cambodia, Thailand, and Vietnam. Container prices are already rising from Vietnam but falling sharply on China – US routes, data from the cargo booking platform Freightos shows.

BUT- Unlike the Covid era crisis, a rapid resolution is still possible if tariffs are quickly removed, executives noted. However, any sudden trade rebound could overwhelm logistics systems and creating new bottlenecks, Judah Levine of Freightos told Bloomberg.

IN CONTEXT- Washington and Beijing have granted minor tariff exemptions for select products, with Trump suggesting the 145% rate could “come down substantially.” However, no formal negotiations are underway, and industry leaders warn that higher baseline tariffs — possibly locking in at 10% — could permanently raise costs, worsening the squeeze on businesses and consumers, said Secretary-General of the International Chamber of Commerce John Denton.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with Japan’s Nikkei unchanged, while Hong Kong’s Hang Seng is down 0.5% and Shanghai Composite is down 0.1%. Meanwhile, Wall Street futures are signalling a lower opening, after markets were given a boost yesterday after US officials hinted at a trade agreement to be finalized soon with an unnamed country.

ADX	9,528	+0.6% (YTD: +1.2%)
DFM	5,241	+0.5% (YTD: +1.6%)
Nasdaq Dubai UAE20	4,335	+1.0% (YTD: +4.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.0% o/n	4.2% 1 yr
TASI	11,746	-0.3% (YTD: -2.4%)
EGX30	32,043	+0.1% (YTD: +7.7%)
S&P 500	5,561	+0.6% (YTD: -5.5%)
FTSE 100	8,463	+0.6% (YTD: +3.6%)
Euro Stoxx 50	5,162	-0.2% (YTD: +5.4%)
Brent crude	USD 64.25	-2.4%
Natural gas (Nymex)	USD 3.38	-0.2%
Gold	USD 3,331.30	-0.1%
BTC	USD 94,847.20	+0.3% (YTD: +1.4%)

THE CLOSING BELL-

The DFM rose 0.5% yesterday on turnover of AED 482.7 mn. The index is up 1.6% YTD.

In the green: National General Ins. (+11.9%), National Cement (+5.8%) and National Industries Group Holding (+5.6%).

In the red: National International Holding (-7.7%), Orascom Construction (-3.7%) and Dubai Islamic Ins. and Reins Co. (-2.3%).

Over on the ADX, the index rose 0.6% on turnover of AED 2.3 bn. Meanwhile, Nasdaq Dubai was up 1.0%.

UAE eyes boosting tourism ties with Bahrain, India + opens new Peru embassy

UAE, Peru deepen diplomatic ties, open new embassy: UAE Foreign Minister Sheikh Abdullah Bin Zayed Al Nahyan met with his Peruvian counterpart Elmer Schialer Salcedo in Abu Dhabi to discuss expanding cooperation in trade, investment, and development-focused sectors, state news agency Wam reports. Schialer also inaugurated Peru’s new embassy headquarters in Abu Dhabi, calling the UAE a strategic partner and expressing hopes for stronger collaboration, Wam reports.

UAE holds talks with Bahrain, India to stengthen tourism ties: UAE Economy Minister Abdulla bin Touq Al Marri held talks with Bahrain’s Tourism Minister Fatima Al Sairafi on boosting bilateral tourism flows, streamlining travel procedures, and expanding joint offerings between the two countries, the Bahraini news agency reported. Bin Touq also met with India’s Culture and Tourism Minister Gajendra Singh Shekhawat to discuss expanding tourism and hospitality cooperation, according to an X post from Shekhawat.

CALENDAR

APRIL

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

26 April-5 May (Saturday-Monday): Abu Dhabi International Book Fair (ADIBF), Adnec Center, Abu Dhabi.

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

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

29-30 April (Tuesday-Wednesday): Ajman Real Estate Investment Exhibition, Emirates Hospitality Center, Ajman.

30 April-2 May (Wednesday -Friday): Fujairah International Conference of Adventures Tourism, Fujairah Adventures Centre

Signposted to happen sometime in April:

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

MAY

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

1 May (Thursday): The UAE-Iraq Business Forum, Dubai.

1 May (Thursday): ) The Financial Media Forum, Dubai.

5-6 May (Monday-Tuesday): The Governance of Emerging Technologies Summit (GETS 2025), St. Regis Saadiyat Island Resort, Abu Dhabi.

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

6-7 May (Tuesday-Wednesday): The Capital Market Summit, Madinat Jumeirah, 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.

6-8 May (Tuesday-Thursday): GISEC, Dubai World Trade Center.

9-10 May (Friday-Saturday): BNI UAE EXPO 2025, at the JAFZA One Convention Centre, Dubai.

12 May (Monday): EU regulators to make a decision on Adnoc’s Covestro takeover.

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

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

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

13–14 May (Tuesday-Wednesday): Low Carbon Fuels MENA Summit, Sheraton Dubai Creek Hotel & Towers, 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.

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

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

20-21 May (Tuesday-Wednesday): The International Real Estate Investment Summit (IREIS 2025), Al Hamra International Exhibition and Conference Centre in Ras Al Khaimah.

20-22 May (Tuesday-Thursday): Seamless Middle East, Dubai World Trade Center.

23-25 May (Friday-Sunday): EuroLeague Final Four, Etihad Arena, Abu Dhabi.

23 April (Wednesday): The HIMSS Executive Summit 2025, Jumeirah Emirates Towers.

26-28 May (Monday-Wednesday): Arab Media Summit, World Trade Center, Dubai.

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

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

30 May (Friday): Arafat Day.

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

JUNE

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

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

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

Closing of XRG’s acquisition of Covestro

JULY

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

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

SEPTEMBER

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

8-19 September (Monday-Wednesday): WHX-Tech Expo, Dubai World Trade Centre.

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

1-2 October (Thursday-Friday):World Green Economy Summit (WGES), Dubai World Trade Centre.

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

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

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

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

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

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

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

NOVEMBER

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

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

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

DECEMBER

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

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

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

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

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

Signposted to happen sometime in 2025:

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

Signposted to happen sometime in the fall of 2025:

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

Signposted to happen sometime in 2026:

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

Signposted to happen sometime in 2027:

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

Signposted to happen sometime between 2027 and 2029:

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

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