Budapest pulls the plug on Eagle Hills’ mini-Dubai project

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WHAT WE’RE TRACKING TODAY

THIS MORNING: France, UAE to invest in AI as part of planned strategic partnership

Good morning, friends, and happy FRIDAY. We cap off an exceptionally busy week of news with another blockbuster issue — with an update on Eagle Hills’ (now canceled) plans for a “mini Dubai” in Budapest, an acquisition from EGH Gulf, and a debt issuance from Sharjah. We also have plenty of data on M&A and IPO activity in the past year, so let’s dive in.

BUT FIRST- Just in: The UAE and France agreed to invest some USD 30-50 bn in a 1 GW data center and in French and Emirati AI, as part of a new framework agreement, Reuters reports. The two countries want to create a strategic AI partnership, with plans to pour investments in chips offtake, data centers, and talent development, state news agency Wam reports, without disclosing further details on the planned data center or the other investments. They will also look to set up “Virtual Data Embassies” to enable sovereign AI and cloud infrastructure in both countries. UAE President Sheikh Mohamed bin Zayed al Nahyan inked the agreement in Paris, where he is set to attend the AI Action Summit taking place on 10 and 11 February.

WEATHER- We have a cloudy day ahead of us, according to the National Center of Meteorology (pdf). The mercury will reach 28°C today in Dubai before dropping to an overnight low of 19°C. Meanwhile, in Abu Dhabi, temperatures will peak at 27°C, with a low of 19°C.

WATCH THIS SPACE-

#1- Construction costs in the UAE are expected to increase 2-5% y-o-y in 2025, while Saudi Arabia could see a rise of 5-7% on the back of economic uncertainty, supply chain disruptions, and labor shortages, Zawya reports, citing a Currie & Brown report. Geopolitical instability and intensifying competition for specialized materials due to rapid AI and digital technology advancements are also expected to drive up costs across the region.

Analysts urge caution: “There are many uncertainties that could impact costs, delays, and feasibility,” Currie & Brown’s Southern Gulf managing director Doug McGillivray warned, adding that companies should remain cautious despite the region’s significant construction pipeline. Robust risk management and flexible project planning will be key to long-term resilience, he said.

REMEMBER- The UAE has a pipeline of USD 659 bn in construction projects for 2025, according to Emirates NBD’s estimates. The country accounted for 44.5% of the total value of construction contracts awarded in the GCC in 2024, with the value of its awarded contracts rising 14% y-o-y to USD 121 bn, Al Etihad previously reported, citing a BNC Network report.

#2- UAE to fast-track green patent approvals: The Economy Ministry launched an IP accelerator and roadmap to speed up approvals for green and sustainability-related patents, reducing processing times from 1-2 years to 3-6 months, Khale ej Times quotes Abdel Rehman Al Muaini, assistant under-secretary for the Economy Ministry’s intellectual property sector, as saying. The three-month initiative, which is part of the Green Intellectual Property program launched last year, aims to ramp up technology localization and increase green patents to 8% of total filings, covering innovations in renewable energy, water, and other sustainability sectors. The UAE recorded over 3.6k patent applications in 2024.

How it works: The ministry will collaborate with local stakeholders and the World Intellectual Property Organization to implement the roadmap, providing legal protections — including protection of industrial property rights, trademarks, and copyrights and neighboring rights — as well as fee waivers and potential collaboration for inventors and research institutions, Wam reports.

#3- Dubai rolls out new social welfare and digital transformation policies: Dubai Crown Prince Sheikh Hamdan bin Mohammed approved new policies to improve social welfare, housing access, and digital services in Dubai, according to the Dubai Media Office. The initiatives include a new child protection protocol, a new community development fund, a property classification initiative that allows property owners to subdivide real estate units and issue independent title deeds for each unit within the building, as well as initiatives to designate pedestrian zones and to unify digital government services into one portal.

#4- Sigma Broking eyes selling business, including Dubai office: London Metal Exchange member Sigma Broking, which operates an office in the Dubai International Financial Center, is in talks to sell its business amid mounting capital requirements, Reuters reports, citing sources familiar with the matter. A source said six parties have expressed interest in acquiring the brokerage, which includes its Dubai and US operations.

#5- More reshuffling at Getir: Mubadala-backed Turkish startup Getir has reinstated Batuhan Gultakan as CEO of Turkish startup Getir, just days after he was ousted in a boardroom power struggle, Reuters reports, citing a document it saw. The company’s board has also been reshuffled, adding GetirFinans CEO Yigit Caglayan, while founder Nazim Salur’s sons, Mert and Turancan Salur, were removed from the board on 31 January, rendering any instructions from them void.

IN CONTEXT- Mubadala secured shareholder approval last month at an extraordinary general meeting (EGM) to separate Getir’s profitable local grocery delivery operations from the company’s noncore businesses — a move the fund says is necessary to stabilize the company, whose valuation fell to USD 2.5 bn in 2023 from USD 11.8 bn in 2022 amid cashburn and exits from key markets. The wealth fund applied for sole ownership of Getir’s grocery and food delivery businesses with Turkish antitrust authorities in September, after acquiring a controlling stake in the company back in June, leading a USD 250 mn funding round tied to the company’s restructuring.

The shake-up marks a major setback for Salur, who initiated legal action last month to challenge Mubadala’s move to seek full control of Getir, which he described as an “illegal coup” aimed at reducing the founders’ stake to zero. The company’s founder also planned to contest the EGM decision in courts in the Netherlands, Turkey, and England, arguing that only two out of nine board members participated in the resolution to call the meeting. A hearing on the matter was scheduled for 24 January at the Enterprise Chamber of the Amsterdam Court of Appeal.

#6- The UAE’s debt capital market (DCM) is expected to have a good 2025, and is projected to reach a valuation of over USD 400 bn over the next few years, according to Fitch Ratings, citing their global head of Islamic finance Bashar Al Natoor. This was attributed to “funding diversification, upcoming debt maturities, infrastructure financing, regulatory reforms, and the [AED] monetary framework implantation.”

The country was the third-largest USD debt issuer in emerging markets — excluding China — and second-largest among GCC countries in 2024. Sukuk made up 20.8% of the UAE’s USD issuance last year, followed by ESG at 17.2%. Meanwhile, the AED share of the DCM increased by 23% in 2024.

Still, the UAE’s DCM outlook faces some challenges, with the investor base still concentrated in banks despite large corporates issuing debt. AED issuances among banks and corporates alike remain on the rare side.

REMEMBER- Fitch Ratings previously expected the UAE’s DCM to expand some 11% y-o-y to USD 300 bn (AED 1.1 tn) in 2024-2025.

#7- India + UAE aim for USD 100 bn in bilateral trade: India and UAE plan to expand their 10-year trade agreement to include eight new sectors, as they aim for upwards of USD 100 bn in annual bilateral trade, Indian Business and Profession Council official Sahitya Chaturvedi told Arabian Gulf Business Insight. The new sectors will include AI, financial services, digital technologies, and logistics.

REMEMBER- Last year, India and the UAE inked several agreements on bilateral trade, including to set up a multi-modal trade corridor and increase investment and cooperation across major sectors including energy and technology. The UAE-India Cepa Council and the Indian Chamber of Commerce have also signed an MoU to boost trade and economic collaboration. The two nations also shifted trade payments for oil to their local currencies in 2023.

PSAs-

#1- Sharjah's Roads and Transport Authority will close the Muwaileh exit on the Sharjah-Dhaid Road from 6 to 10 February for infrastructure upgrades, the authority announced on X.

#2-Dubai launches world’s first pre-arrival yacht inspection service: The Dubai Maritime Authority, under the Ports, Customs, and Freezone Corporation, introduced the world’s first pre-arrival condition inspection service for yacht owners, according to a statement posted on X. The initiative allows yacht owners to obtain navigation and operational permits before arriving in Dubai’s territorial waters.

HAPPENING TODAY-

#1- It’s semi-finals day at the Mubadala Abu Dhabi Open at Zayed Sports City, after the quarter-finals saw Tunisia’s Ons Jabeur edged out in an upset by Kazakhstani Elena Rybakina, and Canadian eighth seed Leylah Fernandez ousted by American Ashlyn Krueger. Meanwhile, 2023 champion Belinda Bencic beat Marketa Vondrousova to make it to the semifinals with Rybakina, while Czech world no. 25 Linda Noskova also beat Magda Linette and will now face Kreuger in the smei-final. The semifinals begin today after 5pm.

You can still buy tickets for the tournament, which ends on 8 February, here.

#2-The SWAAC ELSO Annual Conference 2025 runs through 8 February at the Conrad Hotel Abu Dhabi, bringing over 1k global experts, doctors and lecturers in Extracorporeal Membrane Oxygenation (ECMO). The conference will feature discussions on ECMO research, clinical advancements, and future priorities in life-saving therapies.

#3- TheMarsh Energy Industry Conference 2025 continues today and tomorrow in Dubai, bringing together global energy leaders, policymakers, and innovators to discuss the clean energy transition. The event features the participation of key players including Adnoc, Acwa Power, Petrofac, and EDF Renewables, alongside experts in AI, risk management, and climate resilience.

THE BIG STORY ABROAD-

It’s a mixed bag this morning in the foreign press as more of US President Donald Trump’s executive orders get plenty of ink, while some attempt to make sense of his calls for a “cleanout” of Gaza. On the business side, Amazon is getting some attention after publishing its earnings.

Trump imposed sanctions on International Criminal Court officials who investigate the US and Israel, reintroducing one of the policies from his first term — just months after the ICC issued arrest warrants for Israeli Prime Minister Benjamin Netanyahu and his then-defense minister Yoav Gallant for war crimes. (FT | Reuters | AP | Guardian)

Trump also doubled down on his idea to clear out Gaza and allow the US to take over yesterday, even as White House officials tried to backtrack and explain that any relocation would be temporary. Trump explained that Gaza would be “turned over” to the US to create “one of the greatest and most spectacular developments of its kind on Earth” and Palestinians moved to “far safer and more beautiful communities” in an X post. The foreign press is out with tens of analysis pieces attempting to break down the seriousness of Trump’s suggestions and the realities of living in Gaza after the ceasefire: Bloomberg | France24 | NY Times.

IN BUSINESS NEWS- Amazon said it plans to invest USD 100 bn this year as it looks to boost AI investments, after posting mixed earnings which saw a boost to the top and bottom lines and a weaker-than-expected sales forecast for the current period amid capacity constraints like issues with electricity and delays in getting hardware. The company’s shares fell 4% in extended trading. (CNBC | Bloomberg | AP)

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Budapest pulls plug on Eagle Hills’ “mini-Dubai” project

Abu Dhabi-based developer Eagle Hills will no longer proceed with its Grand Budapest high-rise development, after the Hungarian government granted the capital’s municipality pre-emptive rights to purchase the land, Cabinet Minister Gergely Gulyas told reporters, according to Bloomberg. A government decree will officially confirm Budapest as the buyer of the 85-hectare railyard, voiding the previous HUF 51 bn (USD 128 mn).

REFRESHER- Eagle Hills signed an agreement in January with the UAE and Hungary to transform the plot into a EUR 12 bn sustainable, smart district featuring 500 m high towers — the tallest in the EU — alongside green buildings, renewable energy, and smart waste solutions. Dubbed “mini-Dubai” for its resemblance to the UAE’s luxury developments, the project was expected to boost Hungary’s GDP by 2%. The final payment was tied to EUR 800 mn in government-funded infrastructure.

What happened? Budapest Mayor Gergely Karacsony opposed the project, arguing the land was undervalued and urging the government to prioritize affordable housing instead of luxury real estate projects. The city’s assembly then moved to consider possibly using its preemptive right to purchase the land plot and block the acquisition, despite Hungary PM Viktor Orban’s support for the skyscraper district.

Budapest now fully controls the site’s development, but must cover financial obligations for the purchase.

Eagle Hills still has projects planned elsewhere in Europe: Eagle Hills is expanding in Georgia, investing USD 6 bn in projects under a new MoU between Georgian PM Irakli Kobakhidze and UAE President Mohamed bin Zayed Al Nahyan. Developments will include homes, retail, parks, schools, and commercial spaces in Georgia’s capital, Tbilisi, and the seaside cities of Batumi and Gonio.

Dubai-based investment firm EGH Gulf acquires European gas trading unit Centrex from Russia’s Gazprom

Dubai private investment firm EGH Gulf acquired Vienna-based CentrexEurope Energy & Gas from Russian state-owned oil giant Gazprom for an undisclosed sum last month, Bloomberg reports, citing a filing to the Austrian corporate registry. The transaction includes the gas trading company’s Italian unit — Centrex Italia. There’s no publicly available information about the advisors who worked on the transaction. EGH was established in March last year, and is focused on energy trading and production.

The transaction falls under Gazprom’s plans to restructure its operations in Europe, after its gas deliveries through warring Ukraine were halted, the business news information service reported. That is in addition to an arbitration ruling ordering Gazprom to pay EUR 233 mn in damages to Austria’s OMV, further straining its European operations.

By the numbers: Centrex booked EUR 16 mn in net income in 2023 and revenues of EUR 817 mn. The company paid a total of EUR 135 mn of dividends to Gazprom Export in 2022 and 2023, following a five-year hiatus.

The UAE is ramping up investments in gas assets: Abu Dhabi alternative investment firm Lunate recently announced its planned acquisition of a 6% stake in Adnoc Gas Pipelines from Italian gas network operator Snam late last month, as Snam looked to divest from non-core assets outside European energy corridors.

Middle East M&A value soars 53% to USD 29 bn in 2024 -Bain & Company

The value of M&A transactions in the Middle East hit USD 29 bn in 2024, up 52% from the previous year, driven by an uptick in activity from sovereign wealth funds and state-backed firms, according to Bain’s global M&A report (pdf). The report focuses on strategic M&As with a value of over USD 1 bn, such as those by corporate buyers and private equity add-on acquisitions. It does not count acquisitions by financial sponsors or SPACs, or venture capital transactions.

Saudi Arabia and the UAE topped the M&A league table, with energy transactions accounting for nearly 80% of the region’s total transaction value, according to a press release. The largest M&A transaction of the year was Aramco acquisition of Petro Rabigh for USD 8.9 bn. Meanwhile, outbound investments rose 9% to USD 33 bn, as regional players looked beyond domestic markets.

Investor-friendly regulations in the UAE have led to a more than twofold increase in cross-regional strategic investments in UAE assets, the report reads.

Looking more towards Europe: Middle Eastern investors have significantly increased their investments in Europe, with strategic transaction value for European targets rising by 120% y-o-y in 2024, while investments in the Asia-Pacific region saw a sharp decline, dropping 78%.

What they said: “With continued support from government entities and strong cross-regional investments, particularly in Europe, the Middle East is well-positioned to continue driving high-value strategic acquisitions, especially in energy transition and technology sectors,” said Gregory Garnier , Partner at Bain & Company and head of the Private Equity and Sovereign Wealth Fund practice in the Middle East.

All eyes on JVs: Local companies are also increasingly focused on joint ventures, especially in sectors like renewables. Saudi Arabia’s sovereign wealth fund (better known as the PIF) launched three JVs in solar and wind projects last year, the report said.

We have more on the state of play for M&A globally last year and looking ahead into 2025 in this morning’s Planet Finance, below.

Saudi IPOs beat regional peers in terms of post-IPO performance last year

How recently IPO’ed companies’ stocks performed in comparison to regional peers: Saudi IPOs that took place last year outperformed their peers in the UAE, Oman, and Egypt in terms of post-listing stock appreciation, with data suggesting investors are favoring mid-sized offerings with strong fundamentals over bigger, more high-profile listings.

By the numbers: The average post-listing gain for Saudi IPOs stood at 37% against 17% in the UAE, Vijay Valecha, chief investment officer of the UAE’s Century Financial, told Bloomberg.

Saudi capital markets have strong foundations: Other analysts emphasized the Kingdom’s wide investor base as well as its more liquid capital markets, allowing it to absorb IPO supply more efficiently than its regional peers. This is helped by both a larger population and large market caps, with companies listed in the Kingdom valued at USD 2.7 tn, in comparison to the UAE’s USD 1 tn. Saudi Arabia also has the largest asset management industry in the GCC, with over USD 250 bn in assets under management as of June 2024, Bloomberg reports, citing data from Fitch.

THE UAE-

Listings from the logistics, infrastructure and investment firms sectors dominated the leaderboard, with direct listings on the ADX outperforming traditional IPOs in stock gains. It was also a popular year for retail and e-commerce companies looking to IPO, though their post-IPO performance was less impressive.

Agility Global delivered UAE’s best performing IPO in 2024 in terms of stock gains: ADX-listed Agility Global recorded the highest stock price appreciation post-IPO last year, with shares closing at AED 1.3 apiece on Tuesday, marking a 252.4% increase from its debut price of AED 0.37. Agility Global — the operations and asset management arm of Kuwaiti logistics company Agility — closed out a technical listing of its shares on the ADX in May of last year, giving it a market cap of AED 16.46 bn at the time.

DFM-listed Parkin came in second, with its shares closing at AED 4.44 a piece last Tuesday, up a total of 111.4% from its final IPO price of AED 2.1. The state-owned car parking space manager wrapped up the UAE’s first IPO of 2024 in March, as part of a broader government push to privatize and list 10 of its assets. The blockbuster IPO saw it raise nearly AED 1.6 bn in proceeds, giving the company a market cap of AED 6.3 bn at the time.

Rounding out the top three best stocks post-IPO: Mair Group’s stock was up 70.7% since its launch on the ADX in December of last year, closing at AED 1.98 on Tuesday from its debut price of AED 1.16. The Abu Dhabi-based investment firm — which specializes in food retail and commercial real estate — hit the market in a direct listing which boosted its capitalization to AED 6.6 bn, up from AED 2.6 bn.

SOUND SMART- IPO vs direct listing: Think of an IPO as a grand opening party where a company invites big-ticket investors to buy its shares first at a set price before letting the public in. A direct listing, on the other hand, is like a business simply unlocking its doors and letting people buy and sell its existing shares on the stock exchange — no new shares are issued, and no underwriters involved. Direct listings are a more straightforward way for a company to go public, where the stock price is determined purely by supply and demand when trading begins.

MEANWHILE- Some of the UAE’s heftiest IPOs, including Spinneys, Lulu Retail and Talabat, have had a less impressive post-IPO performance despite issuers upsizing their offering at the last minute and pricing their shares at the high end of the range due to high demand. Spinneys shares are up 3.1% since their debut, at AED 1.65 as of Tuesday, while Lulu Retail’s shares are down 11% from their debut share price of AED 2.04. Meanwhile, ADNH Catering and Alef Education — which both also saw a muted start on the ADX — are also down from their debut price, with ADNH Catering’s shares down 5% as of Tuesday, and Alef Education’s shares down 4% as of its last trading day on Monday.

SAUDI ARABIA-

Fintech, infrastructure and media IPOs saw broad-based gains on Tadawul, while the parallel market Nomu’s top performers came from construction, tech and ESG consulting.

Rasan logged the highest post-IPO share price jump on Tadawul in 2024. The fintech outfit’s share price was up 140.3% since its launch on the main market, closing at SAR 88.9 on Tuesday, up from its debut price of SAR 37. The offering, which wrapped up in May of last year, consisted of a sale of new and existing shares, raising some SAR 841 mn in proceeds, and giving the company a market cap of SAR 2.8 bn at the time.

In the parallel market: Construction and mining firm Mohammed Hadi Al Rasheed’s IPO topped the parallel market Nomu performance charts, with its stock closing at SAR 115 on Tuesday, up 310.7% from its debut price of SAR 28. Meanwhile, tech firm Naqawa IT (Purity Tech) ranked second with its shares rising 162.3% to SAR 20.98 apiece on Tuesday, from its final IPO price of SAR 8.

EGYPT-

Egypt’s only two IPOs of 2024 came from the investment and banking sectors, with both listings reflecting different routes to the market — one raising fresh cash for expansion and the other part of a government sell-off. Despite a quiet year for new listings, investors showed strong interest in financial services firms, signaling confidence in the sector as Egypt looks to lure more companies to market.

Act Financial posted Egypt’s sharpest stock rally in 2024 after going public on the EGX. The investment company’s shares closed at EGP 3.37 apiece on Tuesday — up 16.2% from its debut price of EGP 2.9 upon completing the first IPO the EGX had seen in a year back in August. Act Financial raked in some EGP 1 bn from floating a 32% stake, as part of its broader plans to invest in more EGX-listed and non-listed companies.

In second place is the EGX’s only other IPO of the year: United Bank’s shares were up 4.33% on Tuesday, since the company hit the market in December 2024, clocking in at EGP 14.45 apiece, up from its debut price of EGP 13.85. The IPO put the Cairo-based lender’s market cap at EGP 15.7 bn at the time, after the Central Bank (CBE) floated a portion of its stake in the company, as part of a country-wide IMF-backed privatization push.

OMAN-

Oman’s single IPO last year has seen its shares fall 17.4% since their debut: The share price of state-owned OQ Exploration & Production (OQEP) closed at OMR 0.322 on Tuesday, a 17.4% decline from the IPO price of 390 baizas. OQEP raised USD 2 bn in its debut on the Muscat Stock Exchange (MSX) in October of last year, offering a 25% stake at the top of the indicative price range at 390 baizas apiece. This was the only listing on MSX in 2024.

Can we blame it on market conditions? The oil and gas giant had a disappointing debut thanks to investors pricing in an oversupply for oil this year. “Investors are shying away from energy markets,” Faisal Hasan, chief investment officer at Al Mal Capital told Bloomberg in October. They are “increasingly pricing in a surplus for energy markets in 2025. Demand growth has been weak, non-OPEC+ supply is robust, and the OPEC+ may look to gain market share rather than defend price levels.”

Sharjah taps banks for second EUR 500 mn issuance, as Moody’s assigns the emirate a Baa1 credit rating

Sharjah gov’t starts stabilization period on bond issuance: The Sharjah government tapped banks and began the stabilization process for its EUR 500 mn bond issuance, according to a London Stock Exchange disclosure. The period started yesterday and will run up to 14 March.

The details: The EUR 500 mn issuance consists of no-grow, fixed-rate Regulation S senior unsecured bonds, maturing in February 2032, Zawya reports. The bonds will be issued under Sharjah’s Global Medium Term Note Program and listed on the London Stock Exchange and Nasdaq Dubai.

Proceeds from the issuance will be used for general budgetary purposes. With the offering representing 2.3% of the emirate’s total outstanding debt, the refinancing risk is minimal. The issuance comes as Sharjah recently approved its largest-ever budget of AED AED 42 bn for 2025.

ICYMI- This follows Sharjah’s two sustainability-related bond issuances in 2024: a EUR 500 mn sustainability bond in July to fund eligible expenditures under its Sovereign Sustainable Financing Framework, which drew some EUR 2.2 bn in orders, and a USD 750 mn green bond in March. The emirate managed to tighten pricing for both issuances, with the debut issuance priced at 190 basis points (bps) over mid-swaps, down from initial price guidance in 220 bps area, and the latter priced at 195 basis points over US Treasuries, significantly tighter than the initial guidance of 235 basis points.

ADVISORS- Abu Dhabi Commercial Bank, Bank of Sharjah, Crédit Agricole CIB, Emirates NBD Capital, HSBC, IMI-Intesa Sanpaolo and JP Morgan will act as joint lead managers and joint bookrunners, as well as stabilization managers — meaning they may conduct transactions to support the market price, including over-the-counter trades or over-allotments of up to 5% of the bond’s nominal value.

ALSO- Moody’s assigned Sharjah a long-term sovereign credit rating of Ba1 with a stable outlook, following its most recent credit review, Al Khaleej reports. The rating was supported by the emirate’s high per capita income, diversified economy, and the positive broader outlook for the UAE. Moody’s highlighted Sharjah’s sustainable approach to managing its debt, which is expected to rise in the coming years, and noted that the introduction of the new federal corporate tax could lead to improved economic performance.

FAB, Tecom Group, Adnoc Gas and more report 2024 earnings

ADNOC GAS-

Adnoc Gas posted a 3% y-o-y increase in net income, reaching USD 1.4 bn in 4Q 2024, its highest quarterly earnings since its IPO, according to the company’s unaudited financials (pdf). Revenue declined 4% to USD 6.1 bn during the same period. The solid performance was attributed to a “richer mix of gas, producing more liquids, and improved commercial terms in the domestic market,” according to its earnings release (pdf).

On an annual basis, the company’s adjusted net income rose by 13% y-o-y to a record USD 5 bn in 2024, with revenues rising 7% y-o-y to USD 24.4 bn. Sales volumes grew by 2%, driven by a 13% increase in Adnoc LNG joint venture contributions. The company attributed its growth to strong domestic gas demand, volume expansion, and improved pricing.

Adnoc Gas achieved 14.4% of its targeted 40% EBITDA growth set for 2029, CFO Peter Van Driel said during a media roundtable attended by EnterpriseAM UAE.

Dividends: The company will distribute USD 1.7 bn in dividends for 2024 earnings in April, bringing total annual dividends to USD 3.41 bn. Adnoc Gas has committed to increasing dividends by 5% annually.

Looking ahead: Adnoc Gas has several projects in the pipeline, including the Rich Gas Development (RGD) and Bab Gas Cap processing facilities, both currently under construction. Final investment decisions on contract awards and funding for RGD is expected in 2025, while Bab Gas Cap is expected in 2026.

REMEMBER: Adnoc Gas revised its five-year capex plan in November, raising it to USD 15 bn from a previous target of USD 13 bn.

Adnoc is gearing up for a rise in demand in 2025: The firm expects domestic gas sales to increase to 2.4 TBTU in 2025, driven by the power sector, which is growing due to the growing economy and population. Some facilities will undergo scheduled maintenance and integration with two new projects — the MERAM ethane processing facility and the IGD-E2 LNG operations facility — in 1H 2025. While this may temporarily impact operations and sales, CFO Peter Van Driel emphasized that it is a necessary step for future growth.

FIRST ABU DHABI BANK-

First Abu Dhabi Bank (FAB)’s net income rose 4% y-o-y to AED 4.2 bn in 4Q 2024, the bank said in its management discussion and analysis report (pdf). The UAE’s largest lender attributed the performance to “growth across all our businesses, higher margins, and diversified income streams helped by record client activity.” Operating income jumped 11% y-o-y to AED 7.7 bn, driven by a 5% y-o-y increase in the bank’s net interest income to AED 4.9 bn.

On an annual basis, the bank saw its bottom line grow 4% y-o-y to AED 17.1 bn in 2024. Operating income climbed 15% y-o-y in 2024 to AED 31.6 bn, driven by an increase in the bank’s net interest income, which grew 8% y-o-y to AED 19.6 bn, while non-interest income increased 29% y-o-y to AED 12 bn and made up 38% of total revenue.

FAB’s expansion also fueled growth, with its international franchise revenues surging 32% y-o-y with a revenue contribution of 23%, up from 20% in the previous year. Total assets rose 4% y-o-y to AED 1.2 tn.

Looking ahead: “Our solid balance sheet fundamentals, resilient NIM profile and diversified business model position us well to continue to deliver profitable growth and achieve our return targets,” CFO Lars Kramer said.

Dividends:The bank’s board proposed a dividend payout of AED 8.3 bn, equivalent to 75 fils per share for its 2024 earnings.

TECOM GROUP-

Business district developer Tecom Group has reported a net income of AED 286 mn for 4Q 2024, an 8% y-o-y decline, according to its financials (pdf). The group attributed the decline to the new corporate tax regime and higher financing costs linked to acquisitions, it said in an earnings release (pdf). Revenue for the quarter climbed 11% y-o-y to AED 643 mn.

On an annual basis, the group saw net income increase 14% y-o-y to AED 1.2 bn, while revenues rose by 11% to AED 2.4 bn. Growth was driven by higher occupancy rates of 94%, rental increases, and strong retention levels of 92%.

Dividends:The group’s board of directors proposed a dividend payout of AED 400 mn, equivalent to 8 fils per share, for 2H 2024.

RAK PROPERTIES-

RAK Properties’ net income rose by 32% to AED 280.9 mn in FY 2024, according to the company’s financials (pdf). Revenue rose 40% y-o-y to AED 1.4 bn. The company attributed its performance to strong sales across major residential, commercial, and hospitality projects, combined with strategic cost control and operational enhancements, the company said in an earning s release .

ADNIC-

Abu Dhabi National Ins. Company saw its net income rise 4.6% y-o-y to AED 419.5 mn, according to the company's financials (pdf). The company's ins. revenues saw a 54.6% y-o-y increase to a record high of AED 7.2 bn. Providing corporate ins. solutions for megaprojects, strong underwriting capabilities and a resilient asset allocation mix drove the firm’s growth during a year when other ins. companies’ operations struggled to weather difficult conditions like the storms in April.

CEO Charalampos Mylonas cited “robust financial performance and [...] successful implementation of key strategic growth initiatives,” as key drivers of growth. Last April the ins. firm acquired a 51% stake in Riyad-based Allianz SF as it looked to expand its presence in the Saudi market, which has since been fully integrated into Adnic’s operations and rebranded as Mutakamela Ins. Company.

Al Tamimi & Company crowned regional firm of the year + Nature saver named UAE’s most innovative Islamic banking product

AlTamimi & Company was named regional firm of the year at the Legal 500 MENAAwards 2025, according to the statement (pdf). It also claimed top titles including Jordan law firm of the year, Qatar law firm of the year, UAE law firm of the year, and dispute resolution firm of the year.

Mashreq’s environment friendly saving account Nature Saver has been recognized as 2024’s Most Innovative Islamic Banking Product in UAE at the International Finance Awards, UK, according to a LinkedIn post. The product allows customers to grow their savings while directly contributing to biodiversity conservation in the country.

Emirates National Oil Company Group (Enoc) received the 2024 Energy Management Award from the Clean Energy Ministerial, a global green energy forum, according to a press release. The award recognizes ENOC’s efforts in reducing energy intensity and carbon emissions across its business units, including Enoc Retail, Emirates Gas, and Tasjeel.

Sultan Al Mansoori becomes chairman of Dubai Chambers and the Dubai Chamber of Commerce + Brevan Howard’s Middle East CEO steps down

Prime Minister Sheikh Mohammed bin Rashid Al Maktoum appointed Former Economy Minister Sultan Al Mansoori as chairman of Dubai Chambers and the Dubai Chamber of Commerce, according to a Dubai Media Office statement. Al Mansoori previously served as the UAE's Economy Minister from 2008 to 2020. He currently holds several key positions, including board member roles at Emaar, Commercial Bank of Dubai, and the Investment Corporation of Dubai (ICD), according to his bio.

Brevan Howard’s Middle East CEO exits after two years: Oualid Lahsini (LinkedIn), CEO of Brevan Howard Asset Management’s Middle East operations, is leaving the firm after two years, Bloomberg reports, citing people familiar with the matter. The macro-trading hedge fund will not replace him and will redistribute his responsibilities across its Europe, Middle East, and Africa teams. Lahsini joined Brevan Howard in 2023 from Ares Management., shortly after the firm opened its Abu Dhabi office.

AD Ports teams up with CMA CGM on JV to develop Congo terminal

MARITIME-

AD Ports and CMA CGM partner on Congo terminal: AD Ports Group and logistics solutions company CMA CGM partnered on a JV to develop and operate the New East Mole multipurpose terminal in Pointe Noire, Congo, for which AD Ports Group secured a 30-year extendable concession for the terminal in June 2023, according to a press release.

The details: AD Ports retains majority control over the JV, giving it control over terminal management and operations. The first phase includes a USD 220 mn investment to construct a 400 m quay wall and a 10-hectare logistics zone. The terminal will handle containers, general, break-bulk and other types of cargo at the Central West African nation’s biggest Atlantic port.

This is not their first partnership: The partners inaugurated CMA Terminals Khalifa Port in December, a USD 845 mn project set to boost Khalifa Port’s capacity by 33%

DEBT-

Moody’s affirmed state-owned Aldar Properties’ long-term credit rating of Baa1, with the company’s bonds and sukuk rated at Baa1 as well, Al Khaleej reports. The rating reflects Aldar’s diverse investment and asset portfolio, along with its varied revenue streams. Moody’s analyst Aziz Al Sammarai noted that the company is expected to maintain a strong credit profile and liquidity into the next year, while also expanding through debt-financed acquisitions.

AUTOMOTIVE-

Arabian Automobiles launches Urventures to support startups: Nissan’s exclusive dealer in Sharjah and the northern emirates, Arabian Automobiles, launched an initiative called Urventures to support UAE-based startups by providing commercial vehicles in exchange for a small equity stake, according to a press release. The program aims to address the logistics challenges faced by early-stage businesses. In its initial phase, Urventures has backed two startups — emergency medical training provider ProMed First Aid and sustainable tissue brand Bambuyu by supplying each with a Nissan Urvan.

FINTECH-

#1- UAE's Yuze expands to India: UAE-based digital business banking platform Yuze will launch operations in India in 2Q 2025, targeting micro-businesses, SMEs, and freelancers with tools like digital accounts, automated invoicing, and expense tracking, according to a p ress release. Yuze is partnering with Indian financial institutions and recruiting local talent to tailor solutions to regulatory and market needs. The company is already planning a Saudi Arabia launch ahead of its India expansion.

#2- Saudi fintech Simplified Financials Solutions (SiFi) acquired Dubai-based B2B cost management outfit Neya Technologies, which was operating in stealth mode, for an undisclosed sum, according to a Linkedin post. The move is aimed at enhancing Neya’s financial technology tools, while expanding its reach across the Kingdom.

Background: Sifi raised USD 10 mn in a seed round led by PIF-owned Sanabil Investments, as well as RAED Ventures, last year.ANB Seed Fund, Rua Ventures, Byld and KBW Ventures also invested in the round, while Khwarizmi Ventures, Tech Invest Com. and Seedra Ventures were follow-on investors.

STARTUPS-

AI solutions provider DoxAI joined the Economy Ministry’s NextGen FDI initiative, which aims to attract high-growth technology companies to the UAE, state news agency Wam reports. The company, which specializes in AI-powered document processing, data extraction, and identity verification, will establish its regional headquarters in Dubai’s Rolex Tower, expanding operations to serve regional and global markets.

More about the program: The NextGen FDI program was launched in 2022 to help global tech-focused startups establish and expand their operations in the UAE by facilitating licensing procedures, bulk and golden visa issuances, and banking services. It also offers commercial and residential lease incentives.

#2- Dubai-based AI-powered visa-as-a-service platform VISARUN.AI secured USD 700k in pre-seed funding from Swiss and UAE-based angel investors, according to a press release. The investment will support platform development, sales expansion, and market penetration as the company aims to streamline visa processing in regions facing long processing times and embassy backlogs.

About VISARUN.AI: Founded in 2024 by Vladimir Indjikian (LinkedIn) and Alena Iakina (LinkedIn), VISARUN.AI streamlines visa processing with AI-driven tools. The startup handles around 10k applications monthly, and cuts manual work by 70%. Expansion plans focus on the UAE, Saudi Arabia, Qatar, India, and China, meeting rising demand for EU and US visas.

CRYPTO-

US virtual asset player BitGo gets Dubai licence: US-based digital asset infrastructure solutions provider BitGo has received preliminary approval from the Virtual Assets Regulatory Authority (Vara) for its Dubai subsidiary, BitGo Custody, to operate as a virtual asset service provider, according to a press release. This approval allows BitGo to offer custody services to both individual and institutional clients in Dubai. Founded in 2013, BitGo operates in 50 countries and provides operational infrastructure to over 1.5k institutions.

REAL ESTATE-

#1- European developer Mr. Eight Development is debuting in the UAE with the launch of Villa del Divos, a luxury AED 500 mn project on Dubai Islands, according to a press release. The development, the first of five planned projects, will feature 108 high-end residences and a beach club. Construction begins in 1Q 2025, with handover expected by 1Q 2027.

#2- Imtiaz Developments unveils Sunset Bay Collection on Dubai Islands: Imtiaz Developments launched the Sunset Bay Collection, a five-project waterfront development on Dubai Islands, according to a press release. The project features luxury residences with direct beach access. Imtiaz Developments now has 15 projects in Dubai Islands.

SOCIAL WELFARE-

Sharjah Ruler launches AED 134.5 mn financial assistance program: Sharjah Ruler Sultan bin Mohammed Al Qasimi launched an AED 134.5 mn financial assistance program to support low-income families, state news agency Wam reports. The initiative, managed by the Social Services Department, aims to ensure that beneficiary families reach a minimum monthly income of AED 17.5k. Some 2k families earning below this threshold will benefit, with the program already having started disbursing funds as of the start of the year.

CAPITAL MARKETS-

Al Ramz receives MSX licence: DFM-listed brokerage and investment firm Al Ramz Corporation has secured a market maker license from the Muscat Stock Exchange (MSX), the company said in a press release. Al Ramz recently launched a new trading platform offering access to both regional and global markets.

M&A activity reached a modest USD 3.5 tn in 2024

Following three years of subdued M&A activity, this year could be the year the market finally gains momentum, Bain said in its latest global M&A report (pdf). The firm expects that the main barriers to M&A activity in recent years — high interest rates and regulatory challenges — will start to ease in the coming year, the report notes.

New tech + national regulations to drive activity: M&A activity is going to pick up because of tech disruption and changes in global economics, the report notes, adding that companies will be looking towards consolidation in order to keep up with new technologies like AI, automation, and renewable energy, with both tech and non-tech companies looking to stay ahead. Businesses are also using M&A to adjust to new national policies and trade dynamics.

2024 IN REVIEW-

Overall M&A activity reached a modest USD 3.5 tn in 2024, up only slightly from last year’s USD 3.2 tn. A slight drop in interest rates fueled private equity interest, leading to a 29% y-o-y increase in transaction value. Meanwhile, corporate M&A experienced steady growth, rising 12% from 2023, with transaction volume also up by 7%. Despite challenges like high interest rates, companies have continued pursuing mergers and acquisitions, the management consulting firm said, noting a shift toward creating value through revenue and cost synergies.

By the sector: Consumer products saw a 19% drop in transaction value in 2024, with 60% of executives planning to sell assets in the next three years. The energy sector reached a three-year high of US 400 bn in transactions driven by oil and gas consolidation and faster synergy realization. Retail rebounded in M&A value and volume, and 75% of executives anticipate sustained momentum in 2025.

Top M&A markets: The US and Canada led with a market value of USD 1.2 tn, followed by Greater China at USD 291 bn, and Japan at USD 143 bn.

MARKETS THIS MORNING-

Asian markets are mostly in the red this morning as investors await India’s interest rate decision later today and mull Japan’s household data, which found that households spent more than expected. Meanwhile, Wall Street futures are slightly lower, after stocks rebounded from a sell-off earlier this week.

ADX	9,563	-0.2% (YTD: +1.5%)
DFM	5,245	+0.5% (YTD: +1.7%)
Nasdaq Dubai UAE20	4,356	-0.1% (YTD: +4.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.0% o/n	4.4% 1 yr
TASI	12,434	+0.2% (YTD: +3.3%)
EGX30	30,012	+0.9% (YTD: +0.9%)
S&P 500	6,084	+0.4% (YTD: 3.4%)
FTSE 100	8,727	+1.2% (YTD: +6.8%)
Euro Stoxx 50	5,357	+1.6% (YTD: +9.4%)
Brent crude	USD 74.44	+0.2%
Natural gas (Nymex)	USD 3.37	-1.1%
Gold	USD 2,889.00	+0.4%
BTC	USD 96,568	0.0% (YTD: +2.2%)

THE CLOSING BELL-

The DFM rose 0.5% yesterday on turnover of AED 492.3 mn. The index is up 1.7% YTD.

In the green: Dubai National Ins. & Reins. (+6.4%), Al Salam Sudan (+6.2%) and Commercial Bank of Dubai (+5.0%).

In the red: Emirates Investment Bank (-10.0%), Islamic Arab Insurance Company (-4.6%) and Emirates REIT (-3.9%).

Over on the ADX, the index fell 0.2% on turnover of AED 1.1 bn. Meanwhile Nasdaq Dubai closed down 0.1%.

Bahrain’s King Hamad arrives in UAE for private visit + UAE, Bahrain

UAE, Bahrain discuss infrastructure and transport cooperation: Energy and Infrastructure Minister Suhail Al Mazrouei met with Bahrain’s Minister of Works Ebrahim bin Hasan Al Hawaj in Abu Dhabi to discuss strengthening bilateral ties in infrastructure, transport, and climate action, Wam reports. The meeting focused on sharing best practices in infrastructure planning, federal road development, and traffic safety.

ALSO- King Hamad bin Isa Al Khalifa of Bahrain arrived in the UAE yesterday on a private visit, Wam reports.

Deputy Prime Minister Sheikh Mansour bin Zayed Al Nahyan met with Kuwaiti Defense and Interior Minister Sheikh Fahad Yusuf Saud Al-Sabah, Kuwait's Defence and Interior Minister, Wam reports. The meeting focused on relations between the UAE and Kuwait, exploring ways to enhance cooperation across various fields.

CALENDAR

FEBRUARY

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

5-7 February (Wednesday - Friday): Marsh Energy Industry Conference 2025, Dubai.

6-8 February (Thursday-Saturday): SWAAC ELSO Annual Conference 2025, Conrad Hotel Abu Dhabi.

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

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

8-9 February (Saturday-Sunday): 2025 Khaled bin Mohamed bin Zayed Jiu-Jitsu ChampionshipRound 2, Dubai.

10 February (Monday): The Arab Meeting for Young Leaders, World Government Summit, Dubai.

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

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

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

10-12 February (Monday-Wednesday): World Of Coffee Dubai 2025, Dubai World Trade Centre.

11-13 February (Tuesday-Thursday): World Government Summit 2025, Dubai.

17-21 February (Monday-Friday): Gulfood 2025, Dubai World Trade Centre.

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

14-16 February (Friday-Sunday): The UAE Muay Thai Championship, Space 42 Arena, Abu Dhabi.

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

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

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

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

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

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

19-20 February (Wednesday-Thuraday): Meetings Arabia & Luxury Travel (MALT) Congress, Abu Dhabi Convention & Exhibition Bureau.

19-20 February (Wednesday-Thuraday): TheIDC Middle East CIO Summit, the Grand Hyatt Dubai.

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

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

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

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

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

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

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

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

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

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.

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

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

APRIL

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

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

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

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

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

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

7-9 April (Monday-Wednesday): World Local Production Forum's 3rd edition, Abu Dhabi National Exhibition Center.

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

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

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

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

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

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

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

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

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

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

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

Signposted to happen sometime in April:

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

MAY

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

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

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

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

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

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

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

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

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

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

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

30 May (Friday): Arafat Day.

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

Signposted to happen sometime in May:

Asean and summit, Malaysia.

JUNE

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

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

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

JULY

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

SEPTEMBER

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

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

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

OCTOBER

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

7-9 October (Tuesday-Thursday): The 8th International Symposium on the System of Radiological Protection, the Ritz-Carlton Abu Dhabi, Grand Canal.

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

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

27-29 October (Monday-Wednesday): 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:

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

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