CBUAE upgrades 2025 growth forecast on oil, non-oil growth

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Interest rate decision coming today + Zapp to come to the UAE?

Good morning friends, and happy hump day. It’s still busy in our neck of the woods as we inch closer to the final 10 days of Ramadan.

We have a toss-up of big stories from National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan’s visit to the US — including a partnership with Microsoft to digitize Abu Dhabi government activities through a sovereign cloud, and separate discussions around investments in the US. Plus: The Central Bank of the UAE upgraded its forecast for economic growth this year, while the ICAEW also updated its outlook on the region, saying it expects it to remain resilient amid global headwinds like trade tensions.

WEATHER– It’s another sunny day across the country, according to our favorite weather app and the National Center of Meteorology’s forecast (pdf). Dubai will see the mercury hit 30°C today, with an overnight low of 20°C, while temperatures will hit 26°C in Abu Dhabi, with an overnight low of 20°C.

So, when do we eat? Maghrib is at 6:33pm today in Dubai and 6:37pm in Abu Dhabi. You’ll have until fajr prayers at 5:06am in Dubai and 5:10am in Abu Dhabi tomorrow to finish your suhoor.

PSAs-

#1- Private sector to get three-day Eid Al Fitr holiday: The Human Resources and Emiratization Ministry confirmed private sector workers will get Sunday, 30 March to Tuesday, 1 April off for Eid Al Fitr, according to a post on X. The holiday may be extended to Wednesday, 2 April if Ramadan ends a day later, depending on the moon sighting. The public sector also gets three days off for Eid al Fitr.

#2- You can now retrieve a digital birth certificate in Dubai in Arabic, English, and Urdu without needing to visit a customer service center, Khaleej Times reports. Certificates are issued within one working day and can be delivered via email, mobile phone, or through a courier service. In exceptional cases, in-person assistance is still available at the DHA Customer Happiness Center.

HAPPENING TODAY-

Watch out for an interest rate decision from the Central Bank of the UAE later today, after the US Federal Reserve makes its decision at its Open Market Committee meeting. Fed funds futures are pricing in a 99% probability that the Fed will hold rates steady, CNBC reports, citing CME’s FedWatch tool.

WATCH THIS SPACE-

#1- Zapp to set up shop in Dubai -report: British rapid-delivery startup Zapp plans to enter Dubai’s competitive quick-commerce market as early as this year, Bloomberg reports, citing a statement received from a company spokesperson. While specific details remain undisclosed, Zapp has hired staff in Dubai and held partnership talks with Talabat and Careem, according to another source familiar with its operations.

The expansion comes as competition heats up in the Middle East. Talabat recently debuted in Dubai after listing a 20% stake on the DFM in a USD 2 bn IPO last December and China’s Keeta launched in Saudi Arabia in October. Talabat also recently acquired 100% of Dubai-based on-demand grocery delivery marketplace Instashop — the most recent in a series of acquisitions in the industry.

About Zapp: The company currently operates exclusively in the UK, generating over USD 100 mn in sales in 2024, driven by partnerships with high-margin premium brands such as LVMH and Fortnum & Mason, according to documents seen by Bloomberg. Zapp has also teamed up with Deliveroo and Uber Eats to streamline order fulfillment.

#2- Adnoc-BP joint venture (JV) Arcius Energy is in advanced negotiations to acquire Shell’s 50% stake in Egypt’s Harmattan gas field in the Mediterranean, according to Asharq Business, citing an official government source. There’s no publicly available information about the value of the potential transaction, though the source said BP would own the remaining 50% stake in the gas field.

The project in a nutshell: In December, BP and Shell signed an agreement with the Egyptian Natural Gas Holding Company (EGAS) to begin production at the Harmattan field by 1Q 2026, with initial investments estimated at USD 370 mn. It’s expected to produce 125 mn cubic feet of gas and 3.3k barrels of condensate daily.

About Arcius: The JV was established in December with BP holding a 51% stake, while Adnoc’s investment arm XRG owns 49%. Its concessions in Egypt include a 10% stake in the Shorouk offshore concession and full ownership of the North Damietta concession. The company also holds exploration rights in North Tabya, Bellatrix City East, and North Fayrouz.

#3- Mubadala eyes consortium to launch Brazil stock exchange: Mubadala Investment is in discussions with global banks and market makers to create a consortium of up to ten partners to provide liquidity for a new stock exchange in Rio de Janeiro, set to be called the Base Exchange, Reuters reports, citing sources it says have knowledge of the matter. In exchange, these partners would receive equity, slightly diluting Mubadala’s current 73% stake.

What’s next? The exchange is expected to gain regulatory approval by year end and launch early next year. The project received support from Rio’s mayor, who passed a law reducing the service tax on stock exchange activities.

ADVISORS– Olimpia Partners is advising Mubadala, the newswire said.

REMEMBER- We knew Mubadala Capital was planning t o open a new stock exchange in Brazil since last year, with its head of Brazil, Oscar Fahlgren, saying it plans to roll out the exchange in a staged launch, starting with equities and later expanding to other asset classes.

#4- Dubai’s flagship carrier Emirates tapped HSBC as its sole senior arranger and original lender to finance the purchase of four additional Airbus A350-900 jets, the leading lender said in a post on LinkedIn. This marks the airline’s return to the Japanese operating lease with call option (Jolco) market — which the firm was very active in between 2014 and 2019, raising over AED 28 bn. The exact size of the facility was not disclosed.

DATA POINTS-

#1- Dubai hotels are expected to see 11.4k new rooms between this year and 2027, according to property consultants Cavendish Maxwell ’s hospital sector performance 2024 report (pdf). The emirate is set to see 20 new hotels this year, and another 20 next year, with the largest additions coming from the luxury segment, such as projects like the Jumeirah Marsa Al Arab, the Mandarin Oriental Downtown Dubai, Anantara Seven City JLT.

Looking ahead: The report said supply was currently keeping pace with demand, with occupancy rates potentially dipping slightly as new hotels establish themselves. The average daily rate of rooms is expected to see a 1.0% y-o-y increase.

2024 was a strong year for tourism: A record 18.7 mn visitors in 2024, 20% of whom came from western Europe, with the next largest segment hailing from south Asia, leading tourism to contribute AED 236 bn to the emirates’ economy, the report said. It also noted a significant resurgence in Chinese tourism to the UAE on the back of increased flights.

#2- Dubai’s real estate market is drawing increasing interest from Egyptians, Indians, and British buyers, Khaleej Times reports, citing data from Betterhomes’ recent market report (pdf). The market saw a 150% y-o-y uptick in Egyptian buyers, who came in sixth place last year, as more Egyptians look towards Dubai for stability against the backdrop of currency fluctuations back home.

Indian and British buyers are still the biggest buyers of property in Dubai, maintaining their position from last year, followed by buyers from Lebanon and Italy.

Less Russians in the market? Russian buyers dipped in 2024, falling to the ninth position among the top buyers in the market, down from third in 2023.

#3- The ratio of non-performing loans (NPLs) to total loans in the UAE banking sector fell to 4.1% in 4Q 2024, down from 5.3% in 4Q 2023, according to the Central Bank of the UAE’s (CBUAE) latest Financial Soundness Indicators report (pdf). Total NPLs declined 14.2% y-o-y to AED 99.8 bn, the lowest level since 2018, Al Khaleej reports. Provisions for NPLs stood at AED 58.6 bn, covering 58.8% of non-performing loans.

Profitability remains strong: UAE banks’ net income after tax rose 10.5% y-o-y to approximately AED 81.5 bn, while pre-tax net income climbed 19.9% to AED 91.3 bn. Interest margins grew 6.4% y-o-y to AED 104.1 bn, with interest income accounting for 69.8% of total banking sector income.

Liquidity and capital are also solid: Liquid assets rose 9.8% y-o-y to AED 817 bn, making up 18.2% of total banking assets. The capital adequacy ratio stood at 17.8%, comfortably above the CBUAE’s 13% minimum requirement under Basel III guidelines. Tier 1 capital adequacy was at 16.4%, while Common Equity Tier 1 (CET1) stood at 14.8%.

THE BIG STORY ABROAD-

One story is on every front page this morning: The anticipated phone call between US President Donald Trump and Russian President Vladimir Putin ended with Putin agreeing to halt strikes on Ukrainian energy and infrastructure facilities for 30 days. The discussion also touched on tensions in the Middle East, with the two sides saying they would make “joint efforts to stabilize the situation in crisis zones.” Trump described the conversation as “a very good and productive one,” in a post on his social media platform Truth. He said the two sides “will be working quickly to have a complete ceasefire and, ultimately, an end to this very horrible war.” (Bloomberg | Reuters | Financial Times | New York Times)

ALSO MAKING HEADLINES- Gaza sees deadliest day in two months: Israeli airstrikes and shelling killed more than 400 Palestinians in Gaza yesterday, marking the deadliest day in the strip in over two months. The attacks marked the collapse of January’s ceasefire agreement, dashing any immediate hopes of extending the truce into its second phase, originally set to begin this month. Israel vowed to escalate its military operations, with Prime Minister Benjamin Netanyahu’s office saying it would act with “increased military strength.” (BBC | CNN | New York Times | AP)

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CBUAE, ICAEW are upbeat on the UAE’s growth this year

We have a fresh batch of upbeat forecasts on the UAE’s economic growth, with the Central Bank of the UAE hiking its GDP forecast for the year, and the ICAEW expecting the country to remain resilient amid global headwinds.

CBUAE SEES 4.7% GROWTH THIS YEAR-

CBUAE revises up its growth forecast for the UAE: The Central Bank of the UAE (CBUAE) now sees real GDP growing by 4.7% in 2025 — up from an estimated 3.9% in 2024 — before accelerating further to 5.7% in 2026, it said in its Quarterly Economic Review (pdf). This year’s projection is up 0.2 percentage points from its last forecast in December, when it predicted 4.5% growth for 2025.

Driving the growth: Robust growth in both the nonhydrocarbon and hydrocarbon sectors is expected to drive growth in 2025. Non-oil growth is set to come in at 5.1% in 2025 and 4.8% in 2026, “driven by the strategic plans and policies implemented by the government to attract foreign investments and promote economic diversification.” Meanwhile, the hydrocarbon sector is expected to grow by 3.6% in 2025, before expanding to a whopping 8.5% in 2026, which the bank bases on expectations of increased oil production following Opec’s decision to hike supply and raise the UAE’s production quota starting next month.

Taking stock of 2024: Non-oil growth came in at 4.7% y-o-y in 3Q 2024, the CBUAE said, down from 4.8% the previous quarter, on the back of a deceleration in construction, transportation and storage, and financial ins. activities. Most of the decline was offset by an acceleration in manufacturing, trade and real estate activities.

Risks remain: An escalation of geopolitical tensions, global economic deceleration due to extended periods of high interest rates, uncertainty over trade policy, and “the possible spillovers of lower oil prices on the nonhydrocarbon sector” were all cited as potential risks that could impact the UAE’s growth prospects.

On the other hand, the “successful implementation of reforms, combined with diversification efforts, signed Comprehensive Economic Partnership Agreements, investment projects, and faster adoption of artificial intelligence” could all help boost the UAE’s economic performance.

As for inflation, the CBUAE kept its forecast unchanged at 2.0% in 2025 — well below the world average — and 2.1% in 2026, with the “non-tradable components of the consumer basket expected to be the main drivers.”

The CBUAE sees economic growth in the GCC region increasing to 3.5% in 2025, up from an estimated 1.7% in 2024. This is about 0.6 percentage points lower than the previous forecasts, due to the extension of the Opec+ production cuts until April. The central bank sees GCC growth accelerating to 4.5% next year.

MORE UPBEAT FORECASTS FOR THE UAE’S GROWTH-

The oil sector could grow 3.2% this year, following two years of contraction due to supply restrictions, according to the latest ICAEW Economic Insight report prepared by Oxford Economics. Meanwhile, the UAE’s non-oil sector is seen growing by 4.8% during the year, leading non-oil growth across the GCC alongside Saudi Arabia. The forecast is up five percentage points from the 4.3% it had penciled in in December.

More good news: Growth in the GCC is expected to withstand recent upheaval in global trade. The overall GCC economy is set to grow by 4.0% in 2025, up from an estimated 1.8% in 2024, despite rising global protectionism, geopolitical tensions, and an uncertain global economic outlook, ICAEW said.

Remember: Fitch Solutions’ research unit BMI sees MENA countries (and GCC countries in particular) being safe from direct tariffs from the Trump administration due to “economic and strategic considerations.” BMI argues that Saudi Arabia and the UAE’s investments in the US — specifically in AI — along with close relations with US President Donald Trump would make tariffs on both countries “counterproductive,” especially as Trump looks to “expand the Abraham Accords and reduce China’s influence in the Middle East,” the report reads.

How the forecasts compare: S&P Global and Fitch Solutions’ research unit BMI both see the UAE’s real GDP growing by 5.1% in 2025, while the International Monetary Fund and the World Bank revised their forecasts for the UAE’s economy this year to 4.0%.

Abu Dhabi taps Microsoft, Core42 for AI-powered gov’t transformation

Abu Dhabi signed a multi-year sovereign cloud agreement with Microsoft and Core42, a G42 company specializing in AI infrastructure and digital services, to accelerate AI-driven government transformation, according to an Abu Dhabi Media Office statement. The initiative is part of the Abu Dhabi Government Digital Strategy 2025-2027, which aims to position the emirate as the world’s first AI-native government by 2027.

ICYMI- Unveiled in January, the digital strategy includes an AED 13 bn investment in digital infrastructure, with the goal of automating 100% of government processes by 2027. The plan involves deploying over 200 AI-driven solutions to boost efficiency, security, and accessibility across government services.

The impact is already visible: TAMM 3.0, Abu Dhabi’s one-stop government services platform, reduced offline visits by 90% and made 73% of transactions instantaneous.

What the new partnership will bring to the table: The collaboration will establish a high-performance sovereign cloud capable of handling over 11 mn daily digital interactions between government entities, citizens, residents, and businesses. Microsoft will provide its Azure cloud expertise, while Core42 will integrate Insight, its sovereign controls platform, to ensure data sovereignty.

Masdar in talks to acquire minority stake in Endesa’s solar portfolio

State-owned renewables giant Masdar is eyeing up the acquisition of a minority stake in Spanish utility firm Endesa’s solar portfolio, Reuters reports, citing two unnamed sources familiar with the matter and a document. The potential acquisition would see Masdar acquire a 49.9% stake in a 450 MW solar portfolio to the tune of USD 200 mn.

Behind the move: While the Emirati renewables giant didn’t confirm the reports, it said it was looking “to explore opportunities in the region as [it expands] towards [its] global target of 100 GW by 2030,” a Masdar company spokesperson told the news outlet. For its own part, Enel may be looking to relieve its debt obligations through minority sell offs whilst retaining control through a majority stake, Reuters said.

This would be the latest in a long line of European renewable acquisitions: Masdar finalized a 49.99% stake acquisition in EGPE Solar, an Endesa subsidiary with a 2 GW capacity, last December. Last year also saw it bolsters its European portfolio by acquiring 1.6 GW worth of renewables through the acquisition of Spanish renewables firm Saeta Yield, in addition to a 70% stake in Greece’s Terna Energy, and a 49% stake in the UK’s 3 GW Dogger Bank. Across the pond, it also bought 50% of Terra-Gen Power Holdings, a US renewable energy producer.

FMCG sector grew 5.5% last year -NielsenIQ

UAE consumers drive consumption-led growth as online shopping surges: The UAE’s FMCG sector grew 5.5% in 2024, outpacing Saudi Arabia’s 2.4% increase, as consumers in the Emirates drove demand for snacking, beverages, and dairy products, according to a press release citing NielsenIQ’s State of the Nation 2024 report. E-commerce played a key role, with FMCG online sales rising 29% in the UAE and 46% in Saudi Arabia.

Tech + durable goods: E-commerce accounted for over 25% of tech and durable goods (T&D) sales across the UAE and Saudi Arabia, expanding faster than physical retail. The UAE’s traditional retail sector—small, independent outlets—grew 10%, compared to 1.7% in Saudi Arabia.

Premium preferences persist: The UAE saw 1k new FMCG SKUs and 457 T&D brands enter the market in 2024. Premium brands led the sector, generating 55% of tech revenues in the UAE and 40% in Saudi Arabia. However, value-conscious consumers also drove 10% y-o-y growth in entry-level brands across both markets.

The expert take: “The UAE’s diverse, consumption-led economy is driving FMCG and tech growth, with shoppers balancing premium purchases with value-conscious choices,” said Andrey Dvoychenkov, NielsenIQ APP Cluster Leader. “Success in 2025 will require bold innovation and strategic agility as consumer behaviors evolve.”

ICYMI- According to NielsenIQ State of the Nation report for 1H 2024, 72% of UAE shoppers prioritize quality and are willing to pay more for premium products. The UAE’s FMCG market offers a mix of affordable and luxury brands, while Saudi Arabia’s leans towards mid-tier offerings.

Al Ain Ahlia Ins. records a AED 27.9 mn net loss in 2024

Al Ain Ahlia Ins. reported a net loss of AED 27.9 mn in 2024, a decline from its net income of AED 34.6 mn in 2023, according to the company’s financial statements (pdf). Ins. revenue dropped 20.2% year-on-year to AED 1.1 bn during the year.

Sprinklr appoints Amjad Al Sabbah as Group VP for MEA

Software company Sprinklr appointed Amjad Al Sabbah (LinkedIn) as Group Vice President for the Middle East and Africa effective yesterday, according to a press release (pdf). Al Sabbah, who joined Sprinklr in 2018, previously served as senior manager and head of marketing at Sky News Arabia. Before that, he was the director of marketing and communications at Intigral, a joint venture of Saudi Telecom Company.

Saeed Al Midfa joins Advisory Board for Conferences and Exhibitions: Saeed Mohammed Al Midfa, CEO of Expo Center Sharjah, has been appointed as a member of the Advisory Board for Conferences and Exhibitions by the Global Trade Centers Alliance, according to a press release. The board consists of industry leaders, CEOs of major exhibitions, and global experts.

New biochar project in the works

ENERGY-

G6T Group + Kyoto Network to work on waste-to-value projects in the UAE: UAE-based carbon removal technology company G6T Group and UK-based environmental management firm Kyoto Network have agreed to co-develop, finance, and implement waste-to-value plants, according to a press release. The plants will convert organic and inorganic waste — using a lower-emission advanced carbon dioxide removal process — into valuable alternatives to fossil-based products at low prices. The first of these projects will produce engineered biochar and is expected to become operational by the end of the year.

Why biochar? The engineered biochar can be used to increase agricultural yields in desert environments, increase water and nutrient retention by up to 50%, and limit the need for harmful fertilizers. Once applied to soil, the material also acts as a carbon sink which can prevent stored carbon from re-entering the atmosphere for over 150 years.

REMEMBER– Abu Dhabi-based asset manager Offset8 Capital — which specializes in nature-based carbon removal projects — signed its first agreement last year to finance Singapore-based SawaEcoSolutions ’ biochar carbon credit generation project in Indonesia.

#2- Fabtech + Groupe M partner on nuclear energy: Dubai-based steel manufacturer Fabtech Engineering has signed a strategic agreement with French industrial firm Groupe M to cooperate on advancing nuclear and clean energy in the UAE, state news agency Wam reports. Under the agreement, the pair will speed up site support operations and develop manufacturing solutions and on-site products to support the sustainable nuclear sector Fabtech will also upgrade its facility in the Dubai Industrial City.

A rising interest in nuclear: Last month, Abu Dhabi nuclear firm Emirates Nuclear Energy Corporation (Enec) said it was planning to invest up to EUR 500 mn in French-Italian nuclear operator Newcleo. Enec is looking to capitalize on the growing demand for nuclear projects and is scouting potential opportunities at home and abroad, anticipating that the energy-intensive rise of AI products will boost demand across data centers.

REAL ESTATE-

Fitch upgrades Binghatti’s rating to BB- on strong financials and growth pipeline: Fitch Ratings has upgraded Binghatti Holding’s credit rating to BB- from B+, with a stable outlook, reflecting strong sales, a growing project pipeline, and robust financial performance, according to Fitch’s latest report. The upgrade also extends to Binghatti Sukuk’s debt instrument.

Binghatti’s revenue is expected to exceed AED 20 bn in 2025, up from AED 6.3 bn in 2024, driven by its AED 45 bn project pipeline and the delivery of 21k residential units. Its luxury developments account for 65% of its pipeline, attracting international investors, while its affordable housing projects continue to meet local demand.

ICYMI- Moody’s assigned Binghatti a Ba3 rating for the first time earlier this month, highlighting its low debt, strong interest coverage, and solid liquidity.

INVESTMENT-

Abu Dhabi-headquartered and Canada-listed Falcon Energy Materials is raising CAD 6 mn in a non-brokered private placement to fund its projects in Morocco and Guinea, it said in a disclosure (pdf). The mining company will issue 10 mn new units at CAD 0.60 each, with every unit comprising one ordinary share in Falcon and one share purchase unit — giving investors the right to buy additional shares at a fixed price of CAD 0.75 apiece within the next 36 months. The move, which is backed by the firm’s largest shareholders and is fully committed, is pending regulatory approval.

NON-BANKING FINANCIAL SERVICES-

Offa gains FCA authorizations for home purchase plans in the UK: Offa, a portfolio company of homegrown financial services company Gulf Islamic Investments, has been authorized by the UK’s Financial Conduct Authority to provide Sharia-compliant home purchase plans (HHPs) in the UK, according to a press release (pdf). The authorization makes Offa the third active provider of HPPs in the UK.

Why it matters: With this license, Offa will provide an alternative to traditional mortgages using the co-ownership-with-leasing model, where customers acquire property in partnership with Offa and increase their share over time.

TELECOMS-

State-owned e& and Chinese partially state-owned technology company ZTE Corporation inked an MoU at MWC Barcelona 2025 to deepen their cooperation in IP technology, ZTE Corporation said in a press release.

AVIATION-

Air Arabia flies to Armenia: Air Arabia is launching six direct flights between Abu Dhabi’s Zayed International Airport (AUH) and Armenia’s Yerevan Zvartnots International Airport, according to a statement. The service — rolling out every Thursday, Friday, Saturday and Sunday — will begin effective 1 June 2025.

HEALTHCARE-

Etihad Airways and Burjeel Holdings signed an MoU to support medical tourism in Abu Dhabi, state news agency Wam reports. The agreement will provide international patients with easier access to Burjeel’s medical services and set up referral pathways for case management. The agreement also ensures comprehensive medical coverage for Etihad employees and their families, granting them access to Burjeel’s hospitals and medical centers across Abu Dhabi, Dubai, Sharjah, Al Ain, and Al Dhafra. Burjeel will also offer health awareness programs and wellness initiatives for employees.

US stocks see historic “bull crash” amid recession, trade war fears, with investors shifting towards safer assets like gold

There are more signs than ever before that interest in US equities has peaked, with a Bank of America survey showing investors have slashed their allocations by the most ever in March, the Financial Times reports. Investors raised their cash allocation from 3.5% to 4.1%, with the speed of the sell-off “consistent with end of equity correction,” Reuters reports. Some 70% of investors said the “US exceptionalism” theme prevalent in the first few months of the year following US President Donald Trump’s inauguration is long gone.

Tech stocks in particular are falling out of favor: The survey found that investors had moved to a net 12% underweight position on US tech stocks, the lowest allocation for more than two years. Shares in tech firms like Elon Musk’s Tesla continued to witness a sell-off yesterday, with the blue-chip S&P 500 closing yesterday 1.1% down, and the tech-heavy Nasdaq falling 1.7%. Tesla’s shares dipped more than 5%, while Nvidia’s shares fell 3.4%.

In context: Investors have turned bearish towards US stocks after being raging bulls for months earlier this year due to concerns over stagflation, trade tensions, and a potential slowdown in economic growth. Global growth expectations recorded their second-largest decline on record, according to the survey.

The US bond market is also seeing investors shift away from riskier assets amid recession fears and uncertainty over Trump’s tariff policies, Reuters reports separately. Investors have been extending bond duration for at least a month, positioning for lower yields. JP Morgan’s Treasury Client Survey revealed that long positions on treasuries are now at their highest level since 2010.

On the other hand, gold is having a much better week, with investors’ shift towards safe-haven assets pushing its price past the USD 3k mark yesterday for the second time this week, Reuters reports. The rally was fueled by a weaker USD and ongoing tariff uncertainty, as well as renewed tensions in the Middle East after Israel broke the ceasefire in Gaza with airstrikes yesterday, killing more than 400 people. Trump’s inauguration has also given gold a new impetus, with the asset hitting record highs 14 times, reflecting strong demand.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with Japan’s Nikkei and Topix both up, along with South Korea’s Kospi, while China’s CSI 300 opened flat, and Hong Kong’s Hang Seng is down 0.25%. Over on Wall Street, little has changed in futures markets following yesterday’s losses.

ADX	9,463	+0.1% (YTD: +0.5%)
DFM	5,149	-0.4% (YTD: -0.2%)
Nasdaq Dubai UAE20	4,259	-0.4% (YTD: +2.3%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.3% o/n	4.2% 1 yr
TASI	11,792	-0.8% (YTD: -2.0%)
EGX30	31,609	+0.5% (YTD: +6.3%)
S&P 500	5,618	-1.0% (YTD: -4.5%)
FTSE 100	8,705	+0.3% (YTD: +6.4%)
Euro Stoxx 50	5,485	+0.7% (YTD: +12.0%)
Brent crude	USD 70.5	-0.8%
Natural gas (Nymex)	USD 4.06	+1.0%
Gold	USD 3,043.7	+1.3%
BTC	USD 82,342	-2.1% (YTD: -12.1%)

THE CLOSING BELL-

The DFM fell 0.4% yesterday on turnover of AED 378.1 mn. The index is down 0.2% YTD.

In the green: Shuaa Capital (+5.6%), Chimera S&P UAE UCITS ETF (+3.3%) and United Properties (+2.7%).

In the red: Dubai Refreshment (-10.0%), National Cement (-8.9%) and Ekttitab Holding (-4.9%).

Over on the ADX, the index rose 0.1% on turnover of AED 1.4 bn. Nasdaq Dubai was down 0.4%, and up 2.3% YTD.

CORPORATE ACTIONS-

Amlak Finance advances debt restructuring with new repayment plan: Real estate financier Amlak Finance inked a repayment agreement with its financers for outstanding facilities amounting to AED 1.4 bn, with full repayment scheduled for October 2026, the company said in a statement (pdf). This follows negotiations with six financiers since May 2023, which have already reduced liabilities by AED 800 mn, as of last December, according to a statement (pdf).

Amlak plans to fund the repayment through asset sales, including Ras Al Khor plots, pending shareholder approval. The agreement marks a key step in Amlak’s efforts to exit the Common Terms Agreement for Restructuring, in place since 2014.

National Cement’s general assembly has approved the distribution of AED 71.8 mn in dividends for 2024 equivalent to AED 0.2 per share, according to a DFM disclosure (pdf). Shareholders also approved transferring AED 78.3 mn (25% of the statutory reserve) to retained earnings.

PureHealth’s board proposed an AED 343.1 mn dividend for 2024 — its first ever — equivalent to 20% of the company’s net income, according to an ADX disclosure (pdf). The decision is pending the approval of shareholders at the annual general assembly on 9 April.

Gulf Medical Projects’ board of directors has approved the distribution of AED 104.8 mn in dividends, according to a statement (pdf). The payout represents 15% of the shares’ nominal value, equivalent to 15 fils per share based on net income.

The National Bank of Ras Al Khaimah’s (Rakbank) general assembly approved distributing AED 1 mn in dividends for 2024, equivalent to 50% of its share capital, according to a disclosure (pdf) to the ADX.

The National Bank of Fujairah (NBF) will distribute AED 387.1 mn in dividends for 2024, or 15% of its paid-up capital, after its general assembly approved the move, according to a disclosure (pdf) to the ADX.

Waha Capital’s general assembly approved distributing AED 188.4 mn in dividends for 2024at 10 fils per share, it said in a disclosure (pdf) to the ADX.

UAE, US explore deeper ties in AI, energy, and investment

UAE, US talk technology and energy investment: Deputy Abu Dhabi Ruler and National Security Advisor Tahnoun bin Zayed Al Nahyan met with Trump administration officials and top US business leaders at the White House on Monday to discuss expanding technology and investment partnerships in AI, advanced technology, energy, infrastructure, and life sciences, the UAE Embassy in Washington said on X.

On the meeting list: Sheikh Tahnoun held talks with senior executives from Microsoft, Amazon, Palantir, Oracle, BlackRock, Nvidia, and xAI, as well as Treasury Secretary Scott Bessent. Bloomberg previously reported that he likely also met with Commerce Secretary Howard Lutnick, and National Security Advisor Mike Waltz.

ALSO- Al Nahyan was set to meet with Trump late yesterday to discuss increasing Emirati investment in the US, as well as on technology and energy, Bloomberg reports, citing sources familiar with the matter.

IN CONTEXT- The UAE planned to lobby for easier access to advanced chips, including from Nvidia, during its Washington visit, after the US in January introduced export restrictions on AI chips and GPUs affecting 120 countries, including the UAE, as part of its effort to maintain AI leadership. The regulations, which are yet to be implemented, are currently being reviewed by the Trump administration.

REMEMBER- The UAE and US are close AI partners, with increasing Emirati investment into the US data center sector forming a key part of their USD 1 tn economic relationship. This includes a USD 20 bn investment from Damac Properties and a portion of the USD 100 bn for a JV that includes Abu Dhabi AI fund MGX. State AI firm G42 also secured a USD 1.5 bn investment from Microsoft in April 2024, for which it requires large-scale AI component deliveries, including Nvidia chips and GPUs.

Industry and Advanced Technology Minister Sultan Al Jaber and UAE Ambassador to the US Yousef Al Otaiba also met with US Vice President JD Vance to discuss strengthening collaboration in energy investment and technology, according to a separate X post. “The US remains our key partner in these and other sectors,” Al Otaiba said, reiterating the UAE’s ambitious plans to deepen its engagement and expand investments in the country.

Awareness of digital payments scams is on the up

More awareness of digital payments scams: Scam-savviness is on the rise in the UAE, with 99% of consumers now taking active precautions to protect themselves when making purchases online, according to a press release citing data from Visa Stay Secure’s report (pdf). The study surveyed 5.8k adults across central Europe, the Middle East, and Africa.

Despite a growing awareness it seems some scammers are still hitting their target, with 49% of consumers in the UAE falling victim to a scam at one point or another, and 15% having had the wool pulled over their eyes on more than one occasion.

A generational gap: 90% of respondents saw Gen X — those born between 1965 and 1980 — as most susceptible to online scammers when using digital payments, whilst 92% felt worried that a friend or relative might fall victim to one as well.

Respondents were more aware of common red flags, including being approached to transfer funds on someone’s behalf, receiving suspicious text messages or emails, or password change requests due to a supposed “data breach”.

CALENDAR

MARCH

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

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

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

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

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

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

Signposted to happen sometime in 1Q 2025:

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

APRIL

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Signposted to happen sometime in April:

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

MAY

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

30 May (Friday): Arafat Day.

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

Signposted to happen sometime in May:

Asean and summit, Malaysia.

JUNE

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

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

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

Closing of XRG’s acquisition of Covestro

JULY

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

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

SEPTEMBER

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

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

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

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

OCTOBER

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

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

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

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

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

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

NOVEMBER

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

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

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

DECEMBER

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

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

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

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

Signposted to happen sometime in 2025:

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

Signposted to happen sometime in the fall of 2025:

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

Signposted to happen sometime in 2026:

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

Signposted to happen sometime in 2027:

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

Signposted to happen sometime between 2027 and 2029:

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

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