Building materials see pricing pressure “build”

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Emaar goes solo on Syria’s Yafour project + ADGM closes out 1Q with 13.4k active licenses

Good morning, friends. We have a brisk issue for you this morning, though we expect the news cycle to pick up pace soon with the start of the International Exhibition for National Security and Resilience today, accompanied by the first-ever Abu Dhabi Global Sustainable Security summit — both coming at a critical time for security and resilience in the region.

Expect plenty of agreements on the cybersecurity and data security front, along with discussions about security and crisis management.

Our Big Story Today looks at the costs of raw materials used for construction, many of which have surged by up to 14% over the past couple of weeks, and by more than 50-70% when compared to 4Q 2025. That comes as supply remains restricted due to ongoing supply chain disruptions and as demand stays sky-high amid the ongoing real estate and infrastructure boom.

Plus: M&A are still very much on track, with AD Ports making its latest European play and BlueFive Capital poised to acquire stakes in two regional firms, one in ins. and the other in the mobility sector.

PSAs

Private-sector firms in the UAE are losing their salary-payment grace period: Starting 1 June, employers will need to pay salaries by the first day of each month under new rules from the Human Resources and Emiratisation Ministry (MoHRE), with any payment after that considered delayed, The National reports. The move scraps a previous 15-day grace period.

Penalties escalate quickly: Firms that fail to pay by the fifth day of the month may be barred from issuing new work permits, while repeat offenders may be downgraded to MoHRE’s “third category” — a lower-compliance classification that carries higher labor and permit fees. Delays extending beyond the 21st day could also trigger travel bans, asset seizure procedures, and referrals to prosecutors.

There’s still some flexibility: Employers will be considered compliant if at least 85% of wages are paid on time, provided any deductions are legally permitted.

Bolt comes to Abu Dhabi: Dubai Taxi (DTC) and ride-hailing platform Bolt are taking their partnership to Abu Dhabi, according to a press release. The rollout starts with limousine bookings, with taxi services set to follow in the coming weeks.

BACKGROUND- Bolt was already available in Dubai, and the new rollout is the latest move in DTC’s expansion drive, after the player recently moved into Abu Dhabi through an AED 1.5 bn takeover of rival operator National Taxi.

WEATHER- It’s a little warmer in Abu Dhabi today, with a high of 37°C, while Dubai will continue to see pleasant, breezy weather with a high of 35°C. The mercury will reach a low of 29°C in both emirates.

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REAL ESTATE — Emaar Properties is exiting its joint venture structure on The Eighth Gate project in Yafour, near Damascus, and will continue operating in Syria on its own, state news agency Wam reports. The JV was launched in 2005 to work on Syria’s first master-planned community, which spans roughly 300k sqm, with an estimated USD 500 mn plan. Emirates founder Mohamed Alabbar said the exit from the JV structure reflects a reset in how Emaar is handling its presence in the country.

REMEMBER- Just last week, Alabbar said he plans to invest up to USD 18 bn in large-scale real estate, tourism, and infrastructure projects across Syria. That includes projects in Damascus and along the coastline.

Data point

13.4k — that’s where ADGM’s active licenses stand now, with 961 new licenses in 1Q 2026 alone, according to a press release. Despite the regional war, March still saw a 5.2% y-o-y uptick in active licenses. So far, that momentum looks like it’s been carried over to 2Q, with Capital Group, Barings, and Hillhouse Investment among the players joining so far this quarter.

Assets under management jumped 57% y-o-y as global and regional asset managers continued to join the center. The financial services base also expanded, with asset and fund managers rising to 179, funds under management reaching 263, and financial services entities increasing to 365. 1Q saw a 45% rise in financial services permissions approvals.

The big story abroad

US President Donald Trump has decided to “put off” a scheduled strike against Iran, following requests from the leaders of the UAE, Saudi Arabia, and Qatar. Trump said the strike was scheduled for today and that a “full, large scale assault” on the Islamic Republic will go ahead if a resolution is not reached.

A quid pro quo with Adani? The Trump administration dropped a criminal fraud case against Indian b'naire Gautam Adani. The move followed statements from Adani’s lawyer indicating that the pending cases were blocking his planned USD 10 bn investment in the US.

One last thing from Washington: The Securities and Exchange Commission is reportedly readying a plan for trading tokenized stocks as early as this week. The new framework is expected to allow tokens that track share prices without the backing or consent of underlying public companies.

Meanwhile, in the world of AI: Elon Musk lost his lawsuit against OpenAI after a US jury unanimously ruled that the startup was not liable to Musk for allegedly abandoning its humanitarian goal. The development further paves the way to OpenAI’s highly anticipated IPO, which could value the firm at USD 1 tn.

A new player will soon enter the AI space: Google and Blackstone plan to form an AI cloud company with USD 5 bn in capital, scheduled to bring 500 MW of capacity online by next year. Blackstone — the majority owner — will front the equity while Google will provide its specialized chips. This will place the duo in competition with companies like CoreWeave — which uses Nvidia-made chips — as the demand for AI computing power continues to rise.

Citigroup + BlackRock arm to fund firms in Europe (and MENA?): A new alliance between Citigroup and BlackRock’s private credit division will deploy up to USD 15 bn in loans to European corporations and leveraged buyout groups. They expect the partnership — where Citi sources agreements for BlackRock funds to finance — to eventually expand into the Middle East.

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Pricier building materials signal that supply chain disruptions are starting to bite

Prices of building materials have surged over just the past two weeks, with increases ranging between 1.5% and 14% between the end of April and mid-May, according to data compiled by Al Khaleej.

Pressure from both the supply and demand sides drove the surge: The UAE’s real estate and infrastructure boom is colliding with war-linked shipping disruption and strained contractor capacity. Disruptions through the Strait of Hormuz led to a supply chain bottleneck and increased shipping costs, just as the UAE is also registering an uptick in the number of infrastructure, residential, and commercial projects, with high demand outpacing the short supply of construction materials.

The pressure is spreading across the construction stack: Reinforced concrete prices are now up 50% since the end of 2025, hollow bricks have jumped 71%, while electrical materials, insulation, paints, and wood all posted double-digit increases this year. Crane and lifting services also climbed 14.3%, while cement prices rose 8.3% as contractors grapple with higher shipping costs and supply bottlenecks.

Construction hasn’t taken a break

While construction did see awards fall 39.9% y-o-y to USD 7 bn in 1Q 2026, as we’ve reported recently, several major construction contracts were awarded earlier in the second quarter, and many real estate developers said construction on projects is moving ahead as planned, without delays.

Yes, but… There have been some reports of delayed shipping and supply chain disruptions weighing on developers’ project timelines, including Wynn Resorts, which said its planned opening date for the USD 5.1 bn Wynn Al Marjan Island project in Ras Al Khaimah (RAK) would be pushed back. The CEO of Wynn Resorts cited stretched timelines due to rerouted materials and alternative sourcing, which he said has added to costs.

That’s exactly why the UAE is laser-focused on building a local supply of key materials…

We recently covered Bildco’s plans to add 1 mcm of concrete capacity in Abu Dhabi as developers and suppliers race to keep up with surging construction demand. The government has also been working on a list of 150 key commodities that will fall within the scope of a new National Supply Chain Resilience Program, which are set to include industrial goods.

BlueFive goes shopping

Abu Dhabi-based alternative investment platform BlueFive Capital is expanding its buy-and-build ambitions across ins. and mobility through new acquisitions in Saudi Arabia and the UAE.

Up first: The firm locked in a binding 42% stake in Tadawul-listed Gulf General Ins. (GGI) via a restructuring agreement that will recapitalize the Saudi insurer, according to a press release (pdf), after mounting losses raised going-concern doubts.

Part rescue, part platform play: GGI will cut its capital to SAR 124 mn from SAR 300 mn to wipe out accumulated losses before issuing new shares that hand BlueFive (or an entity it controls) its stake, with the remaining shares going to GGI’s existing substantial shareholders. The transaction has been in the works since late 2025, when BlueFive first launched a recapitalization proposal alongside plans for BlueFive Ins., its platform aimed at consolidating the fragmented GCC ins. market.

Watch for a rollup play to follow: A distressed listed insurer provides a potentially useful vehicle for future consolidation. “GGI is the first step in our vision to build the first global leader in ins. out of the Middle East,” founder and CEO Hazem Ben-Gacem said. BlueFive says the platform will pursue a buy-and-build strategy, initially focused on the GCC, before expanding into other high-growth markets, particularly shariah-compliant insurers.

ADVISORS- BlueFive Capital is being advised by SNB Capital and A&O Shearman, while GIB Capital and AS&H Clifford Chance are acting for GGI. The transaction still requires final regulatory and shareholder approvals.

The firm is also buying deeper into mobility: BlueFive separately said (pdf) that it acquired a 49% stake in fleet-management and mobility company Massar Solutions from Taqa. The company manages more than 8.5k vehicles across the UAE and Saudi Arabia and plans to expand into Oman and Bahrain.

The bigger picture: BlueFive says the Massar acquisition is part of a wider strategy to build a regional mobility platform that integrates leasing and transport services under a single ecosystem, as Gulf investors increasingly chase fragmented sectors with consolidation potential.

BlueFive has been active in the mobility and automotive sectors. Last month, the firm was the largest investor in a consortium led by HOF Capital that acquired Porsche’s stake in the supercar brand Bugatti.

AD Ports will take over Germany’s MBS Logistics

AD Ports is tightening its grip on the global freight business with a EUR 70 mn acquisition that drops it straight into the heart of Europe’s logistics network, according to a press release (pdf). The group has signed an agreement to buy 100% of Germany-based MBS Logistics’ core business, in a transaction that is expected to close in 2H pending EU regulatory approvals.

What’s ahead: AD Ports will fold the freight forwarder into its growing Noatum Logistics platform. MBS Logistics adds 26 offices to Noatum Logistics’ existing network of 80 offices across 26 countries. AD Ports took over Noatum back in 2023 for USD 680 mn.

MBS Logistics? The firm’s top line reached EUR 205 mn (c.AED 870 mn) last year, and brings with it an asset-light freight forwarding business for air, sea, road, and rail movement. Its operations span Germany, Central Europe, China, Vietnam, and the US.

ICYMI- AD Ports fully acquired Spain’s Balenciaga Astilleros shipyard in January — one of the few making specialized components for offshore wind farms, giving the ports player an access point into a supply chain facing a potential bottleneck.

The group is heavily expanding beyond Europe too: In Africa, it recently signed an agreement to explore developing and operating a multipurpose terminal at the DRC’s Matadi Port, a critical maritime gateway for the regional trade hub. Its existing logistics portfolio in Africa also includes Egypt, Angola, Tanzania, and the Republic of Congo. AD Ports is also looking to secure access across the Middle Corridor, eyeing investments in Azerbaijan’s logistics infrastructure and in a key Europe gateway port in Romania. It also inked a 30-year concession agreement to operate and develop Jordan’s Aqaba terminal on the Red Sea.

The bigger picture: With the regional war throwing supply chains into chaos, UAE players like AD Ports have been looking to secure footholds in alternative access routes, as well as strengthen existing ones.

eVoost AI secures USD 2.2 mn in fresh funding

Abu Dhabi-based proptech firm eVoost AI has pulled in USD 2.2 mn in fresh funding, according to a press release. The new capital will fund expansion plans as the firm looks to move into new markets and boost its existing footprint in the UAE, US, Spain, and Portugal. Funds will also support new product development.

Who’s backing eVoost AI? The round drew capital from a Mubadala Investment-backed syndicated vehicle tied to Hub71. The raise was led by Spain’s First Drop VC, with angel investors tied to the UAE and Romania also taking part.

eVoost AI? The startup, founded by Cristian Pastrana and former Bit2Me co-CEO Koh Onozawa, is developing an AI platform that real estate developers can use to figure out who is buying, what they want, and how to price projects. Currently, it manages over USD 3.5 bn in real estate assets.

Investcorp stays on US drive, AD Ports locks in Congo terminal buildout, Alpha Dhabi + Orascom partner on desalination

Investcorp keeps piling into US industrial real estate

Abu Dhabi-listed Investcorp Capital deployed more than USD 200 mn into yet another US industrial real estate portfolio, according to a press release. The roughly 1.4 mn sq ft, 19-property portfolio spans Texas, Illinois, Indiana, and Ohio, with locains scattered across major logistics and distribution corridors tied to regional and national supply chains. Assets leased cover logistics, manufacturing, distribution, industrial services, and consumer-related sectors.

The rationale: The firm said US industrial real estate remains “one of the most resilient real asset sectors globally,” supported by evolving supply chains, domestic manufacturing activity, and continued demand for logistics infrastructure. The portfolio is about 97% occupied.

REMEMBER- We’ve been covering Investcorp’s growing US real estate streak for some time now, including a USD 400 mn US industrial portfolio acquisition last year and a separate USD 200 mn deployment into US senior living and multifamily assets last month. The company previously said it plans to deploy at least USD 6 bn during FY 2025/26.

AD Ports locks in Congo terminal buildout

AD Ports advances Congo port construction: Abu Dhabi-based ports operator AD Ports Group has awarded three contracts worth AED 735 mn for the Noatum Ports Pointe-Noire Terminal in the Republic of the Congo, moving the project ahead toward construction, which is expected to wrap up in around two years. The marine and topside works contracts went to MAR Contracting Sarlu and MBTP SA JV, while a crane contract went to Chinese port equipment manufacturer ZPMC.

ICYMI- The group has secured a 30-year, extendable concession for the New East Mole Terminal in 2023 and committed USD 500 mn over the concession period, then brought CMA CGM into the project in 2025. The group’s Africa footprint now spans Egypt, Tanzania, Angola, Cameroon, and Congo, with additional maritime shipping services across West and East Africa.

Alpha Dhabi, Orascom team up on desalination

Alpha Dhabi Holding subsidiary Trojan Construction Holding and Orascom Construction are teaming up to launch Everwater for Treatment Systems, a new Abu Dhabi-headquartered company targeting large-scale water infrastructure projects across the region, according to a press release (pdf).

The plan: The 50:50 venture will provide EPC and operation and maintenance services, with a 300k cbm/d desalination plant already in final negotiations. Water desalination facilities, critical in Gulf countries and producing around 80% of daily drinking water needs in the UAE, were among those threatened to be targeted in the regional war.

BACKGROUND- Orascom already has a roster of major water infrastructure projects under development in the region, including a USD 5.8 bn desalination plant in Jordan. It is also part of a consortium with Adnoc and Taqa which will develop a USD 2.4 bn large-scale seawater treatment project in Abu Dhabi. Once finished, it will have a capacity of 520k cbm/d.

Going artificial

The cabinet has greenlit a federal framework for the rollout of agentic AI across ministries, according to a statement. The first phase will transition federal services across four categories — citizens, residents, businesses, and the general public. The framework will require ministries to restructure their organizations, set targets for efficiency and productivity, and follow up with AI-powered metrics.

A training program for gov’t personnel: In line with the government’s recent decision to deploy agentic AI across 50% of government services, the cabinet also gave the go-ahead to train 80k federal employees in agentic AI.

CBUAE paves way for Mal’s banking license

Abu Dhabi-based AI-powered Islamic digital finance platform Mal has received in-principle approval to set up a licenced bank from the Central Bank of the UAE, Wam reports. This moves Mal closer to establishing what it calls the world’s first AI-native Islamic bank.

REMEMBER-The firm closed a USD 230 mn seed round earlier this year. The capital went towards accelerating product development along with licensing and regulatory approvals.

The other AI trade

A new equity market split is forming, and the smart money is already on one side of it. Investors are shying away from companies AI will most likely disrupt, including software, payments, and consumer platforms, and investing in companies AI can’t easily replace: heavy industrials, freight, energy, and consumer staples.

The trade has a name: “Heavy assets, low obsolescence,” also known as Halo, is a term coined last February by Ritholtz Wealth Management CEO Josh Brown and now incorporated into investment research being carried out this year at both Goldman Sachs and Morgan Stanley, CNBC reported Sunday.

The performance gap is real. FedEx and ExxonMobil are up close to 30% YTD, and Coca-Cola is up around 17%. On the other side of the split, Adobe, ServiceNow, and Salesforce have drifted to 52-week lows as investors reassess software exposure to AI disruption. Roundhill Investments launched a Halo ETF last week with top holdings in Cummins, AutoZone, CSX, JB Hunt, and Lennox — companies that, as Brown put it, “are 100-years-old.”

The new ETF launched 43 days after Roundhill’s Dram ETF hit USD 9.8 bn in AUM — the fastest in ETF history — capturing the AI-memory bottleneck trade from the other direction.

Why this matters: GCC sovereign wealth funds and Egyptian institutional investors have been heavily positioned on the wrong side of the Halo split. Years of building US exposure through the consensus growth trade — Amazon, Visa, Mastercard, software platforms, consumer payments — left the regional capital base concentrated in exactly the cohort the Halo thesis flags as AI-disruptable.

Saudi PIF’s 1Q 13F filing last week shows the fund already executed the switch in stealth mode. Just four US-listed positions remain standing, including Uber, Electronic Arts, Lucid, and Clarivate, all of which fit the Halo profile. The fund’s US book shrank from 36 positions and USD 56.7 bn in 4Q 2021 to four positions and USD 12 bn this quarter.

The harder read: PIF changed the playbook a year early, but the rest of the GCC sovereign wealth funds have not. Mubadala, Adia, ADQ, and QIA all still carry exposure across a cohort now being flagged as structurally vulnerable — and the same logic extends to Egyptian, Saudi, and UAE-listed ins., pension, and family-office portfolios that have built US equity exposure through the same consensus playbook.

What’s next: The AI trade most people are watching is the one with Nvidia’s name on it. The other AI trade — the one Brown, Goldman, Morgan Stanley, and PIF are all positioned for — is rotating capital toward the companies and assets that AI can’t replace.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning, but we expect them to inch higher as the day unfolds and investors react to US President Donald Trump’s decision to postpone a planned attack on Iran. Japan’s Nikkei is flat, while South Korea’s Kospi is down over 3%.

ADX	9,561	-1.2% (YTD: -4.3%)
DFM	5,610	-1.7% (YTD: -7.2%)
Nasdaq Dubai UAE20	4,433	-2.4% (YTD: -9.3%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.6% o/n	4.1% 1 yr
TASI	10,956	-0.1% (YTD: +4.4%)
EGX30	52,007	-0.7% (YTD: +24.3%)
S&P 500	7,403	-0.1% (YTD: +8.1%)
FTSE 100	10,324	+1.3% (YTD: +4.0%)
Euro Stoxx 50	5,849	+0.4% (YTD: +0.9%)
Brent crude	USD 109.38	+0.1%
Natural gas (Nymex)	USD 3.02	+2.2%
Gold	USD 4,558	-0.1%
BTC	USD 76,935	-1.9% (YTD: -12.2%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.69	+0.3% (YTD: -1.6%)
S&P MENA Bond & Sukuk	150.35	-0.6% (YTD: -1.0%)
VIX (Volatility Index)	17.82	-3.3% (YTD: +19.2%)

THE CLOSING BELL-

The ADX fell 1.2% yesterday on turnover of AED 906.1 mn. The index is down 4.3% YTD.

In the green: E7 Group PJSC Warrants (+14.4%), Rapco Investment (+6.2%), and Fujairah Building Industries (+2.3%).

In the red: Two Point Zero Group (-5.0%), Abu Dhabi Commercial Bank (-4.9%), and Phoenix Group (-4.9%).

Over on the DFM, the index fell 1.7% on turnover of AED 775.4 mn. Meanwhile, Nasdaq Dubai was down 2.4%.

CALENDAR

MAY

19-21 May (Tuesday-Thursday): Abu Dhabi Global Sustainable Security Summit, Adnec Center, Abu Dhabi.

19-21 May (Tuesday-Thursday): International Exhibition for National Security & Resilience, Adnec Center, Abu Dhabi.

19-22 May (Tuesday-Friday): Abu Dhabi Water and Energy Week, Adnec Center, Abu Dhabi.

21 May (Thursday): Economy Middle East Summit, Rosewood, Abu Dhabi.

22 May-7 June (Friday-Sunday): Dubai Esports and Games Festival, Dubai.

JUNE

3-4 June (Wednesday-Thursday): MENA Investor Conference, Ritz-Carlton DIFC, Dubai.

3-4 June (Wednesday-Thursday): MENA Desalination Forum, Conrad Abu Dhabi Etihad Towers, Abu Dhabi.

15 June - 15 September (Monday-Thursday): Dubai Mallathon, Dubai.

17 June (Wednesday): Investopia Global Talks, Tashkent, Uzbekistan.

22-24 June (Monday-Wednesday): The International Glass Manufacturing Show, Dubai.

AUGUST

17-20 August (Monday-Thursday): Arabian Travel Market, Dubai World Trade Center, Dubai.

SEPTEMBER

1-3 September (Tuesday-Thursday: Middle East Energy, Dubai World Trade Center, Dubai.

7-9 September (Monday-Wednesday): AIM Congress, Dubai World Trade Center.

7-9 September (Monday-Wednesday): International Property Show, Dubai World Trade Center, Dubai.

12-13 September (Saturday-Sunday): Emirates International Congress on AI & Visionary Leadership in Transforming Healthcare, Adnec Center Abu Dhabi.

29-30 September (Tuesday-Wednesday): AFCM Annual Conference, Abu Dhabi.

OCTOBER

4-10 October (Sunday-Saturday): World Space Week, Abu Dhabi.

5-7 October (Monday-Wednesday): AI Everything Global, Adnec Center, Abu Dhabi.

12-14 October (Monday-Wednesday: Airport Show, Dubai World Trade Center, Dubai.

20-22 October (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.

27-28 October (Tuesday-Wednesday): Arab Competition Forum, Dubai.

30 October (Friday): Large businesses achieving annual revenues equal to or above AED 50 mn must appoint an accredited service provider for e-invoicing implementation.

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

NOVEMBER

2-6 November (Monday-Friday): Dubai Future Finance Week, Dubai.

4 November (Wednesday): Digital Transformation Summit, Sofitel, Abu Dhabi.

9-10 November (Monday-Tuesday): Annual government meetings, Abu Dhabi.

10-12 November (Tuesday-Thursday): Dubai International Electric Vehicle Exhibition & Conference, Dubai World Trade Center.

16-18 November (Monday-Wednesday): World Police Summit, Dubai World Trade Center, Dubai.

DECEMBER

2-4 December (Wednesday-Friday): UN Water Conference, UAE.

8-9 December (Tuesday-Wednesday): Capital Market Summit, Madinat Jumeirah, Dubai.

Signposted to happen sometime in 2027:

1 January: Deadline for large businesses to implement e-invoicing;
1Q 2027: Completion of the first phase of Hassyan seawater desalination project;
1-3 February (Monday-Wednesday): World Governments Summit;
31 March: Small businesses with annual revenues of less than AED 50 mn are obliged to contract with an accredited service provider for e-invoicing implementation;
31 March: Government entities are required to appoint an accredited service provider for e-invoicing implementation;
21-22 April (Wednesday-Thursday): Token2049, Dubai;
1 July: Deadline for small businesses to implement e-invoicing;
1 October: Deadline for governments to implement e-invoicing;
Abu Dhabi’s solar and battery energy facility, combining 5.2 GW of solar capacity and 19 GWh of battery storage, is set for commissioning.

Signposted to happen sometime in 2028:

Artificial Intelligence Summit.

Signposted to happen sometime in 2029:

Sibos 2029 organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Dubai;
Annual Meetings of the World Bank Group and the International Monetary Fund, Abu Dhabi;
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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