Aldar wraps largest hybrid issuance in the Middle East + FAB prices oversubscribed sukuk

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WHAT WE’RE TRACKING TODAY

THIS MORNING: More bidders for the Telegraph? + Damac to rely on borrowing for USD 20 bn US data center investment

Good morning, lovely people, and happy FRIDAY. Whether you’re one of the thousands heading to Coldplay in Abu Dhabi this weekend, or are choosing to spend your days off away from the crowds, we hope you have a great weekend to unwind from a busy week.

We have another busy issue for you this morning as the news cycle refuses to let up. We have updates on FAB and Aldar Properties’ issuances, both oversubscribed and priced at attractive yields; as well as new contracts on the energy side for the Ruwais LNG project and for NMDC Energy. Plus: All the details on the new personal status law taking effect in April, and a plan to tokenize USD 1 bn worth of Damac Group’s assets.

ALSO- Don’t miss this morning’s My Morning Routine with founder of Home Bakery Hind Al Mulla, who tells us all about her experience setting up one of the first homegrown cafes in the Emirates, how she calms herself as someone who struggles with ADHD, and her vision for Home Bakery a few years down the road.

☀️ We’re in for a sunny weekend: The National Center of Meteorology forecasts (pdf) crisp conditions across the country from today until Monday, with fair to partly cloudy skies and light-blowing winds. However, humidity rising at night will still fog up windows in some internal and coastal areas — early commuters should take care; we can barely see a thing out of our windows this morning.

Temperatures in Dubai are expected to hit 25°C during the day, with an overnight low of 16°C, while Abu Dhabi is expected to see temperatures hitting 22°C, and an overnight low of 19°C.

WATCH THIS SPACE-

#1- Leon Black in talks to anchor bid for UK’s Telegraph: Leon Black, Apollo Glob al Management ’s co-founder, is reportedly in discussions to become an anchor investor in a EUR 550 mn bid to acquire the UK’s Telegraph newspaper from the UAE’s RedBird IMI, led by New York Sun owner Dovid Efune, the Financial Times reports. Efune is in talks with Ben Black, Leon Black's son and founder of investment firm Fortinbras, which would be channeling the investment if it goes through.

More bidders? The potential acquisition is further complicated by ongoing discussions involving Todd Boehly, co-owner of Chelsea Football Club, who is also considering backing Efune or possibly launching a competing offer. Meanwhile, LionTree's Aryeh Bourkoff, advising Efune, has been in the UAE engaging with RedBird IMI regarding the deal.

There could also be a plot twist: There is growing speculation that UK Prime Minister Keir Starmer might ease restrictions on sovereign wealth funds owning UK newspapers ahead of his visit, potentially paving the way for UAE-backed RedBird IMI to retain ownership of The Telegraph despite facing government opposition earlier.

REMEMBER- The Telegraph's ownership has been contentious since RedBird IMI attempted to acquire the newspaper. Efforts were thwarted last year by UK government legislation aimed at preventing foreign ownership of British media outlets.

#2- Damac to rely on borrowing for USD 20 bn data center investment: Between 60-70% of Dubai-based Damac Properties’ USD 20 bn investment in US data centers will be financed through borrowing from banks, financial institutions or bonds, Damac Founder Hussain Sajwani told Bloomberg. The remaining 30%, equal to between USD 5-6 bn, will be self-financed by the developer’s budget as Sajwani ruled out government funding.

The investment is part of Damac’s broader push into the US market, after first snagging a USD 120 mn bid back in 2022 for land in Miami’s Surfside district to build a luxury oceanfront condo, Sajwani said in another CNBC interview (watch, runtime: 02:24). Sajwani expressed optimism in the US’ growing USD 500 bn data center market, lauding that “the sky's the limit” for future windows in the country under the “pro-business” environment of president-elect Donald Trump, who Sajwani said is supportive of foreign investment.

#3- Emirati banks are expected to see a slight dip in profitability margins in 2025 on the back of declining interest rates, according to S&P Global’s Banking Sector 2025 Outlook (pdf). 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.

Deposit growth will also continue in 2025 as corporations continue to prioritize savings, if the non-oil economy remains strong. Capital buffers will increase thanks to high profitability, supportive shareholders, and modest dividend payouts.

Meanwhile, neobanks and fintechs are set to “complement” local banks, not replace them, S&P said.

Geopolitical risks not expected to impact local banks: Geopolitical tensions and dips in oil prices present risks to the sector, however S&P says “UAE banks are more than capable of withstanding substantial stress.”

#4- Ewec opens call for Zarraf solar plant developer: The Emirates Water and Electricity Company (Ewec) issued a request for proposals for the development of the 1.5 GW Zarraf solar plant in Abu Dhabi’s Al Dhafra region, Wam reports. The project developer will sign a long-term power purchase agreement (PPA) with Ewec, owning up to 40% of the project, with Ewec retaining the remaining stake.

Who can apply? Developers and consortiums who passed the expression of interest stage in October 2024 — where 20 proposals were submitted, and 16 were qualified — can apply until 2Q 2025. They will oversee the project's development, financing, construction, and operations.

REFRESHER- The plant, which will power 160k homes and cut emissions of CO2 by 2.4 mn metric tons annually, is part of Ewec’s goal to build 1.4 GW of new solar PV capacity annually between 2027 and 2037.

#5- FTX EU disputes Backpack’s acquisition of its assets: Dubai-based crypto exchange Backpack claims it acquired the European arm of FTX, FTX EU, in a USD 32.7 mn transaction, from FTX co-founders Patrick Gruhn and Robin Matzke, according to a statement, despite FTX EU denying the transaction was completed. Gruhn confirmed the acquisition, adding that his lawyer had notified FTX about the regulatory clearance. FTX has yet to respond, Bloomberg reports.

Where’s the confusion? Backpack said in a press release that the asset sale was completed in May 2024 with regulatory approval secured in December 2024, while FTX EU claims that the transfer of FTX assets to the two co-founders had not yet taken place and that the sale to Backpack was therefore not authorized. Backpack insists it has received the necessary approvals from the Cyprus Securities and Exchange Commission, while FTX says Backpack has not received approvals from the US Bankruptcy Court for the District of Delaware.

Customer funds are still in limbo: Until the acquisition is settled, FTX EU maintains it is “solely responsible” for the return of customer funds. Backpack, on the other hand, says the EU assets have now been renamed to Backpack EU and that Backpack will be returning the funds to customers.

#6- ADGM’s Registration Authority published new employment regulations and guidelines for treatment of remote and part-time workers, as well as severance and maternity and paternity leave, according to a press release. The new regulations (pdf) — set to take effect in April — include revision of the definition of “employee” to accommodate flexible and remote working, clarification on part-time workers’ entitlements and on requirements for obtaining and cancelling work permits and visas, as well as an expansion of responsibilities related to workplace discrimination.

HAPPENING NEXT WEEK-

Malaysian PM to ratify trade agreement in Abu Dhabi: The comprehensive economic partnership agreement (CEPA) between Malaysia and the UAE is set to be signed next week during Malaysian Prime Minister Anwar Ibrahim’s visit to Abu Dhabi, Malaysia’s Investment, Trade and Industry Minister Tengku Zafrul Aziz said in an interview with Asharq Business (watch, runtime: 10:16).

Malaysia is also set to ink a separate trade agreement with the GCC, after the Malaysian cabinet gave the go-ahead for GCC negotiations to start following the conclusion of negotiations with the UAE in October. Investment between GCC and ASEAN countries had increased five-fold in the past five years, according to Aziz, who highlighted a need for Malaysia to diversify their trading partners.

THE BIG STORY ABROAD-

The Los Angeles wildfires continue to dominate headlines in the foreign press, as nearly 180k people remain in evacuation with another 200k under warnings. The wildfires are now being labeled as the most destructive in Los Angeles’ history, with damages estimated to cost over USD 50 bn. Firefighting crews were able to slow the spread as winds subsided yesterday, but they are expected to pick up again later today. (Reuters | NYT | FT | Bloomberg)

The US Supreme Court’s decision to block president-elect Donald Trump’s request to postpone sentencing on the hushmoney case is also getting attention, meaning court proceedings will take place later today.

Over in Lebanon, the Lebanese parliament elected US-backed army commander Joseph Aoun as the country’s first president in more than two years, in another sign of Iran’s diminishing influence on the country after fighting between Israel and Hezbollah weakened the group, Bloomberg reports.

Meanwhile, in finance news:

The MSCI Emerging Markets index entered correction territory, after the gauge dropped more than 10% from October’s high, as uncertainty over US trade policies and China’s economic outlook weigh on stocks. (FT)
BlackRock backed out of climate change group Net Zero Asset Managers in another setback to climate mitigation efforts, and after the six largest US banks bowed out of a similar banking alliance in recent weeks. (FT)

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Aldar and FAB’s issuances meet strong demand

First Abu Dhabi Bank (FAB) and Aldar Properties’ issuances met strong demand amid a new-year debt rush that also saw Emirates NBD tap debt markets for a USD 700 mn issuance.

#1- Aldar completes largest hybrid issuance in the Middle East: Aldar Properties issued USD 1 bn Reg S hybrid capital notes yesterday, making it the largest conventional hybrid issuance in the Middle East, according to a statement (pdf). The orderbook for the issuance was 3.8x oversubscribed, attracting USD 4.9 bn worth of bids from investors.

The issuance secured the tightest spread for a corporate hybrid in CEEMEA: Aldar priced the USD-denominated issuance with an annual yield of 6.625%, including a 500 basis point (bp) step-up if not called — the tightest credit spread at issuance for a corporate hybrid in the CEEMEA region.

The breakdown: Mena investors accounted for the largest share of subscribers, comprising 41% of the issuance, followed by UK investors at 38%. European investors represented 9%, while investors from North America contributed 8% and Asia 4%.

Refresher: The bonds have a 30.25 tenor, and are callable in 7.25 years. The issuance was rated by Moody's one notch below Aldar's Baa2 issuer rating at Baa3

The hybrid notes are a first for Aldar, and come in a bid to “reinforce” the company’s strong balance sheet and credit profile as it pushes forward with its growth plans, including landbank expansion, portfolio development, and acquisitions, according to the statement. The funds will also be allocated toward reducing senior debt to bolster Aldar’s credit profile.

REMEMBER- Aldar has big expansion plans: The Abu Dhabi developer set aside AED 1 bn last year to expand its logistics operations in Abu Dhabi and Dubai, and AED 5 bn for commercial, retail, and hospitality assets set to open between 2025 and 2027. In July, it also committed AED 1.8 bn to scale its commercial presence in key Dubai business districts.

ADVISORS- Citi was appointed as the sole structuring advisor, global coordinator, and joint bookrunner. Our friends at Mashreq, along with Abu Dhabi Commercial Bank, Bank of China, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, IMI-Intesa Sanpaolo, JP Morgan, Rakbank, and Standard Chartered Bank, are also serving as joint lead managers and bookrunners.

#2- First Abu Dhabi Bank subsidiary FAB Sukuk priced its USD 600 mn five-year sukuk amid strong demand with a profit rate of 5.2%, according to a press release. The sukuk — which was 2x oversubscribed, with initial pricing of T+100 bps — will list on the London Stock Exchange, with settlement set for 16 January. This issuance is part of FAB Sukuk’s USD 5 bn trust certificate program.

ADVISORS- Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, FAB, Industrial and Commercial Bank of China, Jeddah-based Islamic Corporation for the Development of the Private Sector, and Standard Chartered were appointed as joint lead managers and bookrunners.

**This story was amended to correct Moody's rating for Aldar, at Baa2, and the rating for the issuance at Baa3.

Adnoc hands out USD 2.1 bn infrastructure contracts for Al Ruwais LNG project

Adnoc Gas inks USD 2.1 bn contracts to expand Al Ruwais LNG infrastructure: Abu Dhabi National Oil Company (Adnoc) Gas awarded three contracts worth USD 2.1 bn for supply infrastructure development for its liquified natural gas (LNG) project in Al Ruwais, according to an Adnoc statement (pdf). The facilities will be located within Adnoc Gas' Habshan 5 plant, which processes 6.1 bn standard cubic ft of gas per day.

The breakdown:

A consortium including Engineering for the Petroleum and Process Industries (ENPPI) and Petrojet secured the largest contract to develop a USD 1.24 bn LNG pre-conditioning plant (LPP).
China Petroleum Pipeline Engineering Company will develop USD 514 mn transmission pipelines, connecting the Habshan Complex to the Ruwais LNG facility.
Petrofac Emirates will develop compression facilities under a USD 335 mn contract.

ICYMI- These are not the first contracts awarded for Al Ruwais: In June, Adnoc handed out USD 5.5 bn in engineering, procurement, and construction (EPC) contracts to a JV between engineering companies NMDC Energy, Technip Energies and JGC Corporation, for its Ruwais LNG project.

About the facility: Adnoc broke ground on its LNG project in Al Ruwais Industrial City at Al Dhafra Region in November. The oil giant plans to start exporting from the Ruwais site in 2028, with a target of 4.8 mn tonnes per year. The project is expected to more than double Adnoc’s LNG production capacity in the UAE to 15 mn tonnes per year.

REMEMBER- Adnoc Gas is set to acquire a 60% stake in the project from its parent group Adnoc in 2H 2028 for an estimated USD 5 bn.

OTHER RUWAIS NEWS-

CB&I snags major contract for Ruwais LNG project: US based storage facilities and terminal construction player CB&I secured a lump sum contract valued between USD 250 mn and 500 mn for tanks for the Ruwais LNG project, the company announced in a press release (pdf). The award comes from TJN Ruwais JV — a consortium of Technip Energies France-Abu Dhabi, JGC Corporation, and NMDC Energy.

The scope: CB&I will handle the engineering, procurement, and construction (EPC) of two 180k cubic meter full containment concrete LNG tanks, through its offices in the UAE, the US, and Saudi Arabia, and Thailand. The contract includes civil, structural, mechanical, and piping works to support the region’s first net-zero LNG facility. Construction is set to start this November, with project completion targeted for early 2028.

NMDC Group lands US 1.1 bn offshore pipeline contract in Taiwan

NMDC Group lands US 1.1 bn offshore pipeline contract in Taiwan: Abu Dhabi-based NMDC Group secured a US 1.1 bn contract for an offshore pipeline project in Taiwan, the company said in a disclosure (pdf). The project, awarded by Taiwan’s state-owned power firm Taipower, will be executed by NMDC Energy and NMDC Dredging & Marine.

What’s the scope? The contract involves the second-phase renewal of the Tung-Hsiao Power Plant on Taiwan’s west coast. NMDC Energy will handle the design, construction, and installation of marine pipelines at depths ranging from 10 to 55 meters, extending between Taichung and Tung-Hsiao. The project will also include connecting the offshore pipeline to the shore over a distance of about 1k meters and dredging approximately 6 mn cubic meters of material.

The company has a big portfolio overseas, including in Taiwan: NMDC Group’s project portfolio exceeded AED 24 bn as of September, with 55% of its projects outside the UAE, CEO Ahmed Al Dhaheri told Asharq Business recently. The company in 2022 secured a USD 99 mn contract to work on an offshore wind farm in Taiwan, and is also working on a carbon capture and storage initiative in Malaysia, Al Dhaheri said.

ICYMI- NMDC Group raised AED 3.22 bn from the ADX IPO of its EPC arm, NMDC Energy, last September after receiving over AED 88 bn in orders. By November, the group was pursuing AED 76 bn in new tenders and planning acquisitions, with its new logistics arm NMDC LTS agreeing to acquire a 70% stake in Abu Dhabi-based oil and gas services firm Emdad, later in December.

Mantra to tokenize USD 1 bn Damac Group assets in the Middle East

Damac token assets to debut on Mantra: Blockchain startup Mantra will tokenize at least USD 1 bn of Dubai developer Damac Group’s assets in the Middle East under a new partnership agreement, according to a statement. Damac’s tokenized assets — including real estate, hospitality, and data centers — will be available on the Mantra chain early this year.

Sound smart: Asset tokenization allows rights or ownership of assets to be converted into digital tokens on a blockchain, which can then be owned and traded online. 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.

Damac is on an asset expansion roll: Earlier this week, the company announced a USD 20 bn investment in US data centers. “Tokenizing our assets will provide investors with a secure, transparent, and convenient way to access a wide range of investment opportunities,” Amira Sajwani, Damac’s managing director of sales and development, said.

Mantra ❤️ the UAE: Mantra partnered with MAG Property Development in July last year to tokenize USD 500 mn worth of real estate assets, starting with a residential project in Dubai. The Hong Kong-based blockchain also signed an MoU with digital bank Zand Bank to facilitate the tokenization of real-world assets in June.

Remember: The Dubai Land Department launched a blockchain platform in 2017 to record real estate contracts and integrate them with utilities and telecom accounts. The initiative aims to position the emirate as a global hub for digital assets, including crypto, and attract leading firms.

New personal status law taking effect in April sets new custody, marriage, and divorce regulations

The UAE has enacted a new personal status law setting a minimum age for marriage, extending the termination age for custody, and setting new regulations for divorce, state news agency Wam reports. The legal age for marriage has been set at 18 years, while custody termination age was set at 18 years, extended from 11 years for males and 13 years for females previously. The law will take effect as of 1 April, the National reports.

Other reforms include:

The transfer of marriage guardianship to the court, making the court a backstop if a family guardian refuses to grant permission for a marriage;
Elimination of the requirement for a guardian’s consent if a non-citizen Muslim woman’s national law does not require it for marriage;
Giving non-Muslim women the right to claim custody over children over the age of five, and allowing children decision over their guardianship as of the age of 15;
Increased flexibility for family court judges, allowing them to rule according to Islamic law in case of the absence of provisions within the law;
Allowing spouses to seek divorce on grounds of harm due to addiction to narcotics or intoxicants, and clarifying provisions for reclaiming gifts and dowries in cases of abandoned engagements;
New penalties for offenses such as unauthorized travel with minors and neglect, with fines ranging from AED 5k to AED 100k or imprisonment for violations related to child welfare.

ICYMI- The UAE established a Family Ministry last year focused on managing grants, providing counseling, and offering programs for prospective couples. It also implements measures to protect families and individuals from violence and improve child welfare. The changes come as more expats set up shop in the country, with a view to standardize legislation and make it more expat-friendly.

Taaleem sees net income rise in 1Q 2024-2025 on increased enrollment

Education provider Taaleem recorded a bottom line of AED 68.2 mn in 1Q 2024-25, up 46.3% y-o-y, according to the company’s earnings release (pdf). Operating revenues grew 14.8% y-o-y to AED 306.1 mn, driven by a 12.3% rise in enrollment and a 3% uptick in premium schools’ average gross tuition fees. The company’s fiscal year starts in September.

Taaleem’s public-private partnership schools recorded an 8.1% y-o-y rise in enrolment during 1Q 2024-25, driven by the expansion of three Dubai School campuses and the addition of a new Charter School in Abu Dhabi, collectively adding 8.6k seats. Premium schools under Taaleem’s portfolio saw an 18.7% y-o-y increase in enrolment, with capacity rising 28% during the period following the launch of DBS Jumeira and the acquisition of LLFP Meydan.

Taleem has three more schools in the pipeline: Taaleem is set to open its new school Dubai British School Mira by September this year, following the launch of Dubai British School Jumeira last August. The company is currently building two premium schools, targeting “a niche audience,” the statement reads.

Jumeirah Group taps new CEO + Farnek gets new MD

Jumeirah gets new CEO: State-owned luxury hotel brand Jumeirah Group appointed Thomas Meier (LinkedIn) as its new CEO, according to a press release. Meier, who joined the group in 2021 as COO, has been serving as interim CEO. He previously led operations and expansion for brands including luxury hotel chain, Raffles.

Farnek appoints new managing director: UAE-based smart and green facilities management company Farnek tapped Julian Khalil (LinkedIn) as its new managing director, the company said in a press release. Overseeing corporate strategy implementation, operational management, strategic business development, and financial performance now fall under his remit.

Background: German-national Khalil has been at Farnek for 13 years, and previously held the role of VP of operations at Farnek.

More hedge funds, law firms set up shop in the UAE + Dubai’s first vertiport gets design approval

FINANCE-

The global finance rush to Dubai and Abu Dhabi continues: Four firms are setting up offices in the UAE after getting their licenses.

#1- Pennsylvania-based Hamilton Lane is setting up shop in Dubai, having recently obtained a license from the Dubai Financial Services Authority, Bloomberg reports. The firm, which manages nearly USD 950 bn in assets, registered its CFO, Jeffrey Armbrister, as a senior manager for the new unit.

#2- Hong Kong-based hedge fund Welwing Capital also received its license last week, while tech-focuses hedge fund Jetha Global is also transitioning its operations from Hong Kong to Dubai, with plans to complete the relocation by March.

#3- Skadden joins the island: New York-based law firm Skadden is setting up an office in ADGM to capitalize on increasing investment activity in the Middle East, according to a statement. The firm appointed Michael Hilton to lead its new office.

In context: Skadden is joining several other US law firms expanding in the Middle East, a region traditionally dominated by London’s “Magic Circle” firms. Last year, Baker McKenzie relocated one of its leading partners from London to Abu Dhabi to capitalize on these opportunities.

AVIATION-

#1- Dubai’s first flying taxi vertiport gets design approval: The General Civil Aviation Authority (GCAA) has given its approval for the designs for the UAE’s first commercial vertiport for flying taxis, Dubai International Vertiport (DXV), paving the way for operations to begin in 2026, Skyports said in a statement. DXV, located near Dubai International Airport (DXB), will serve as a hub for the takeoff, landing, and servicing of air taxis, and is the first of four vertiports planned in Dubai to receive design approval.

The details: The 3.1k sqm facility, developed by Skyports Infrastructure in collaboration with Dubai’s Roads and Transport Authority (RTA) and Joby Aviation, will feature electric charging stations and passenger facilities, and is expected to handle 42k landings and 170k passengers annually, Khaleej Times reports.

#2- PCFC authorized for drone operations within its zones: The Dubai Civil Aviation Authority (DCAA) will enable the Ports, Customs, and Free Zone Corporation (PCFC) to use drones in its operational domains and in specific geographic zones, under an MoU signed between the two, according to the Dubai Media Office. The MoU also outlines requirements and procedures for certification requests for heliport landing fields owned by PCFC.

SPACE-

#1- Preparations are underway to launch two UAE-made satellites this month, the projects’ overseer Mohammed Bin Rashid Space Centre (MBRSC) said. The earth observation satellites, MBZ-SAT and HCT-SAT 1, will be launched aboard Elon Musk’s SpaceX Falcon 9 rocket from its Vandenberg Space Force Base in California, Khaleej Times reports.

REMEMBER- Space X was also tapped last summer to launch two satellites for Abu Dhabi’s Yahsat in 2027 and 2028.

#2- TII to develop lander for UAE’s asteroid mission: The UAE Space Agency tapped the Technology Innovation Institute (TII) to design and develop the lander for the Emirates Mission to the Asteroid Belt (EMA), according to the Dubai Media Office. The lander — which will take six years to develop — will be on board the MBR Explorer and is set to study seven asteroids, before deploying the lander on Justitia.

INVESTMENT-

Commercial Bank International (CBI) invested in US-based carbon project developer Boomitra to support its agricultural initiatives across the Middle East, Africa, and Asia, according to a press release. Details about the size of the investment were not disclosed.

About Boomitra: Boomitra is an international soil carbon project developer that uses AI and remote sensing technology to measure soil carbon sequestration. This method aims to improve soil health, increase crop yields, and produce carbon credits that provide financial incentives for farmers.

CRYPTO-

Mastercard launched its crypto credential solution, which allows users to send and receive cryptocurrencies using aliases, in the UAE and Kazakhstan, marking its debut in the Eastern Europe, Middle East, and Africa region, according to a press release. The system also aims to verify transactions by confirming that the recipient’s wallet supports the asset and meets verification standards.

What’s next? While the initial focus is on peer-to-peer transfers, Mastercard plans to expand its capabilities to areas like NFTs, ticketing, and innovative payments.

DISPUTE WATCH-

Dubai-based oil and gas firm Horizon Global reached a settlement with Polish oil refiner Orlen, allowing Orlen to recover USD 100 mn of the USD 400 mn in prepayments made to several companies for Venezuelan and other oil that was never delivered, Reuters reports. The funds will be received in multiple installments by the end of the year. Orlen is still pursuing the recovery of the remaining USD 300 mn from other intermediaries involved in these transactions.

Background: Last year, Horizon Global had said it was involved in an arbitration with Orlen's Swiss trading business OTS, the newswire said. The settlement is part of an ongoing investigation by Polish prosecutors into the loss of the prepayments.

TRADE FINANCE-

ECI taps Al Maryah Bank for export initiative: Etihad Credit Ins. (ECI) tapped Al Maryah Community Bank to provide financing to UAE exporters and re-exporters under ECI’s ‘Xport Xponential’ initiative, according to a press release.

WASTE MANAGEMENT-

The UAE tapped waste manager Beeah Group to develop a national waste exchange platform to enable the buying and selling of recyclable waste, according to a press release.

Global fixed-income issuances hit a new high in 2024

Global fixed-income issuances rose by 20% y-o-y to an all-time high of USD 10.7 tn in 2024, according to a recent report (pdf) by Kuwait-based financial firm Kamco Invest, citing data from LSEG.

The Mena region’s bond issuances reached a three-year high in 2024 due to a surge in corporate issuances. Aggregate bond issuances rose by 39.4% y-o-y to 141.1 bn in 2024, with governments raising USD 68.9 bn and corporate issuances increasing by 77.4% y-o-y to USD 72.2 bn. GCC issuances dominated, accounting for 73% of the MENA total, hitting a record USD 103.4 bn, up 70.9% y-o-y.

The UAE led the region and the GCC in bond issuances, with USD 49.7 bn during the year, up from USD 31.2 bn in 2023, followed by Saudi Arabia, which issued USD 30.8 bn in bonds, and Qatar, which issued USD 16.8 bn. Saudi Arabia was the biggest issuer of fixed-income instruments in the GCC region with USD 84 bn, followed by the UAE at USD 61 bn.

Total sovereign bond issuances rose to USD 33.3 bn in 2024, up from USD 20.2 in 2023. Meanwhile, GCC corporate issuances rose to USD 70.1 bn in 2024 from USD 40.3 bn in 2023.

Sukuk are still on the rise: Global sukuk issuances hit a three-year high at USD 132.5 bn, up 9.3% y-o-y, with the GCC contributing USD 82.1 bn. Saudi Arabia took the top spot at USD 54.9 bn, driven by soaring government issuances, followed by Malaysia (USD 25.7 bn) and the UAE (USD 11.1 bn).

Expect a strong year for GCC issuances: While global fixed-income issuances are expected to cool amid higher yields and elevated global debt, GCC markets could see a 2H recovery as inflation and rates stabilize. A strong pipeline of projects, along with a dip in oil prices, is also expected to drive government issuances, while sukuk issuances are set to dominate, fueled by demand for sustainable finance and ESG trends.

MARKETS THIS MORNING-

Asian markets are once again down in early trading, except for Hong Kong’s Hang Seng, which is up 0.4% after the People’s Bank of China said it would suspend treasury bond purchases. Over on Wall Street, futures also indicate markets will open in the red, with futures for S&P 500, the Dow Jones, and the Nasdaq all down as investors await fresh nonfarm payrolls data for a clearer indication of the US Federal Reserve’s next moves on interest rates.

ADX	9,463	0.0% (YTD: +0.5%)
DFM	5,229	+0.4% (YTD: 1.4%)
Nasdaq Dubai UAE20	4,263	0.0% (YTD: +2.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.3% 1 yr
TASI	12,098	+0.1% (YTD: +0.5%)
EGX30	29,445	-1.2% (YTD: -1.0%)
S&P 500	5,918	+0.1% (YTD: +0.6%)
FTSE 100	8,320	+0.8% (YTD: +1.8%)
Euro Stoxx 50	5,018	+0.4% (YTD: 2.5%)
Brent crude	USD 77.26	+0.4%
Natural gas (Nymex)	USD 3.69	-0.4%
Gold	USD 2,670	+0.1%
BTC	USD 92,825	-2.4% (YTD: -5.7%)

THE CLOSING BELL-

The ADX fell 0.03% yesterday on turnover of AED 1.1 bn. The index is up 0.5% YTD.

In the green: Gulf Pharmaceutical Industries (+14.7%), Umm Al Qaiwain General Investment Co. (+6.9%) and Gulf Medical Projects Company (+5.0%).

In the red: Abu Dhabi National Co. for Building Materials (-6.8%), Commercial Bank International (-3.7%) and Abu Dhabi Ports Company (-2.0%).

Over on the DFM, the index rose 0.4% on turnover of AED 691.1 mn. Meanwhile, Nasdaq Dubai rose 2.4%.

My Morning Routine: Hind Al Mulla, founder and creative director of Home Bakery

Hind Al Mulla, founder and director at Home Bakery: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Hind Al Mulla (LinkedIn), the founder and director of Home Bakery. Edited excerpts from our conversation:

I’m Hind Al Mulla. First and foremost, I'm a daughter, then a wife, then a mother, and now, I can say co-founder and creative director of Home Bakery.

Home Bakery started with my passion for baking. I started experimenting at the age of 10 in the kitchen, but that doesn't mean that whatever came out of the kitchen was amazing. It was failure after failure until the age of 13, when I mastered a vanilla soufflé. After that, every day my dad would ask me, whenever we had guests over, “Hind, can you please make desserts?”

Later, I graduated from art and design from Zayed University. As soon as I graduated, I got married and became a mother. It's fulfilling as it is to be a mother, but at the same time I felt this emptiness inside me because I felt that I needed to create, and like my creative juices had dried up a little bit, so I started going back to the kitchen and baking again. Family members and people I know started asking me to make desserts for them for their guests, and that’s how it all started.

There was no business plan. I went and got another number and phone and asked my mom to use her driver, and set up a blog, and that was it. My first order was from Abu Dhabi, and then I started getting orders from across the UAE. This was in 2011, after Ramadan, and then the following Ramadan was nothing like I expected — the orders were coming in everyday and people wanted a quick turnaround. I got my cousins to help me out because I was working 23 hours a day. That’s when I realized that this was not sustainable, and I decided I needed a shop.

Ten years ago, the idea of a homegrown brand coming out and having its own standalone shop did not exist. It was predominantly franchises. The idea of an Emirati opening up something like this was unheard of. Whatever mall I knocked doors on, I was shut down, until one mall finally opened its doors for me.

I decided now that I have a location that I want to create an experience for customers. I want people to eat with their eyes first, so when they see the dessert or the dish that's coming in front of them, it's as appetizing as the dessert itself. I wanted there to be action so that when you look at the dessert, something is melting or bubbling — because that’s something that you can’t take away.

I knew how to run a kitchen, but I knew nothing about how to run a restaurant. I remember how hectic the first day was, and the staff was struggling, so I decided to put on an apron, and my siblings did the same, and we worked. People were coming in just to see the locals working at a restaurant [laughs] — it was unheard of.

Word got around to Sheikh Mohammed bin Rashid Al Maktoum that locals are working [at this cafe]. He wanted to come and see for himself, and he walked into the store and asked us what we’re doing. We explained that it’s our cafe and we’re still learning how to run things, and he patted my brother on the back and said: “Good job, this is how I want you guys to be.” Sheikh Mohammed later came back with President Sheikh Mohammed bin Zayed and the whole cabinet and invited them over to see the cafe. This was like the pillar of all my achievements.

Right now, we have 11 shops in the UAE, with two more coming up. We have one in Saudi Arabia that’s two and a half years old, and we’re opening another one in Riyadh. We have the original Home Bakery, which serves breakfast and desserts, and Home Bakery Kitchen for lunch and dinner, and our roastery and specialty coffee store La Gente.

Every day is different. Mondays are for external meetings — so it’s open for any meetings outside of the office, whether we're meeting with people who want to collaborate with us, or events, or suppliers. Tuesdays are for internal meetings at the office; we have a big meeting and then I meet with the project manager for all our upcoming projects, and I sit with accounts and marketing. Wednesday is for tasting, and Thursdays are for workshops with designers working on our branches and site visits.

I keep Fridays for myself. I meet my friends, I spend the afternoon at my grandma's house, and then Saturday and Sunday are for my kids and family.

My mornings are very calm and quiet — I wake up around 5am, start the day with the Fajr prayer, have some tea, and read some prayers. I do some stretches as well. There are days where I train in the morning, but sometimes I train midday while the kids are getting picked up from school.

I struggled my whole life with ADHD, and to be organized and on time. When things become chaotic and I feel like I'm a little bit overwhelmed, I just need a day of doing nothing to go and look at my schedule. I reorganize things and I force myself to be disciplined, because it doesn't come easy to me. I’ve also invested in a grounding mattress — and had to make sure there was no EMF radiation near my bed — and it is life saving. I also do infrared saunas twice a week, and I castor oil pack to calm myself every night.

In the future, I see the brand expanding, not just in the restaurant field, but on the merchandise side, like venturing into things like spices and sauces. I also see us creating concepts for other people. We have a lot of people who come and approach us for help with kitchen design, so we do a lot of that and try to help those concepts come to life.

There’s also a lot of restaurants that don't want to invest in desserts because of the cost of staffing and equipment, so we want to branch out and provide a curated menu for restaurants where they can get all the menu items already prepared, so they could just finish it off in the restaurant. In terms of expansions, we have our eyes on the Middle East and branching out there more, as well as the UK and the US.

I love reading books, specifically fiction and mystery books. For self-help, I go for audiobooks. The one I’m listening to right now is Stolen Focus. It's about disconnecting from the Internet, and it’s a very interesting outlook on life and how people are so unfocused nowadays because of their phones, iPads, and laptops, and how just a break from that can really get your brain to quiet down. When it comes to podcasts, I like Oprah's Super Soul Sundays, and Radio Thmaneyah, and Finjan.

The best piece of advice I’ve received was from my dad. He always told me that there’s no such thing as impossible.

CALENDAR

JANUARY

9-13 January (Thursday-Monday): International Renewable Energy Agency Youth Forum, Abu Dhabi.

11-13 January (Saturday-Monday): International Renewable Energy Agency Assembly, Abu Dhabi.

11-13 January (Saturday-Monday): The 1 Bn Followers Summit, Dubai.

13 January (Monday): Global Climate Finance Annual Meeting, Abu Dhabi.

13-16 January (Monday-Thursday): SteelFab, Expo Center, Sharjah.

14-15 January (Tuesday-Wednesday): ADSW Summit, Abu Dhabi National Exhibition Center (ADNEC).

14-16 January (Tuesday-Thursday): Security Leader’s Summit 2025, Dubai World Trade Center

14-16 January (Tuesday-Thursday): World Future Energy Summit, Abu Dhabi National Exhibition Centre (ADNEC).

14-16 January (Tuesday-Thursday): Youth 4 Sustainability (Y4S) Forum and Hub, Abu Dhabi.

15 January (Wednesday): Women in Sustainability, Environment and Renewable Energy (WiSER) Forum, Abu Dhabi.

15-16 January (Wednesday-Thursday): iFX Expo, Dubai World Trade Center.

16 January (Thursday): Green Hydrogen Summit, Abu Dhabi.

16 January (Thursday): Zayed Sustainability Prize Forum & Investor Connect, Abu Dhabi.

13-16 January (Monday-Thursday): The Dubai International Project Management Forum, Madinat Jumeirah.

14-16 January (Tuesday-Thursday): World Energy Summit, Abu Dhabi.

14-16 January (Tuesday-Thursday): The EcoWaste Exhibition and Forum, Abu Dhabi National Exhibition Center, Abu Dhabi.

14-16 January (Tuesday- Thursday): The Light + Intelligent Building Middle East exhibition, Dubai.

14-16 January (Tuesday- Thursday): Intersec, Dubai World Trade Center, Dubai.

19-24 January (Sunday-Friday): Coling2025, Abu Dhabi.

20-22 January (Monday-Wednesday): FESPA Middle East, Dubai World Trade Centre, Dubai.

20-22 January (Monday-Wednesday): The Fiber Connect Council Conference and Exhibition, Dubai World Trade Center, Dubai.

21 January (Tuesday): The Global Government Cloud Forum, the Museum of the Future, Dubai.

21-23 January (Tuesday-Thursday): The International Conference on Pharmacy and Medicine, The Sharjah Research, Technology, and Innovation Park, Sharjah.

22-25 January (Wednesday-Saturday): The Sharjah Real Estate Exhibition (Acres), Expo Centre, Sharjah.

27-30 January (Monday-Thursday): Arab Health Exhibition, Dubai World Trade Centre, Dubai.

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

FEBRUARY

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Signposted to happen sometime in 1Q 2025:

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

MARCH

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

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

APRIL

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

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

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

7-10 April (Monday-Thursday) : EFG Hermes One on One conference, Dubai.

7-9 April (Monday-Wednesday): AIM Investment Summit, Abu Dhabi National Exhibition Center

7-9 April (Monday-Wednesday): Middle East Energy, Dubai World Trade Center.

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

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

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.

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

Signposted to happen sometime in April:

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

MAY

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

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

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

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

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

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

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

20-22 May (Tuesday-Thursday): Seamless Middle East 2025, Dubai World Trade Center.

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

30 May (Friday): Arafat Day.

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

Signposted to happen sometime in May:

Asean and GCC summit, Malaysia.

JUNE

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

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

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

JULY

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

SEPTEMBER

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

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

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

OCTOBER

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

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

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

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

NOVEMBER

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

DECEMBER

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

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

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

Signposted to happen sometime in 2025:

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

Signposted to happen sometime in the fall of 2025:

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

Signposted to happen sometime in 2026:

The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE

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