Corporate tax relief for foreign investors + Dubai inflation dips as property prices moderate

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Banks to raise minimum balance requirement as of next month

Good morning, friends, and happy hump day. We have another raft of agreements from Make it in the Emirates forum, so today’s issue is heavy on news on the manufacturing, logistics, and supply chain fronts.

ALSO- We have fresh Dubai inflation figures for April, which showed signs of a sustained moderation of property price growth, and new corporate tax relief measures for foreign investors. Plus: Lunate and Brookfield are setting up a USD 1 bn real estate investment JV, focused on the UAE and KSA.

⛅WEATHER– Temperatures are once again on the rise along with humidity levels, with Dubai seeing highs of 41°C, before dropping to 29°C overnight. Meanwhile, Abu Dhabi will see a peak of 35°C and a low of 27°C.

WATCH THIS SPACE-

#1- UAE banks to raise minimum balance requirement from Sunday, 1 June: Several major banks in the UAE will increase the minimum balance for current accounts to AED 5k, up from AED 3k, starting Sunday, 1 June, under updated Central Bank regulations tied to personal loans, Emarat Al Youm reports. At least one bank has already applied the change, the local news outlet says, with others expected to follow.

What this means: Customers who do not meet the new threshold will be charged an AED 25 monthly fee — or up to AED 100-105, depending on the account type — unless they qualify for an exemption. Exemptions apply to those maintaining a total balance of AED 20k, earning a salary of at least AED 15k, or holding an active loan, overdraft, or credit card.

#2- JPMorgan to grow Middle East headcount by 100+: JPMorgan plans to add over 100 staff across its Middle East operations in the coming years, bringing its regional headcount to 500, up from 370 today, Bloomberg cites CEO of Asset and Wealth Management Mary Callahan Erdoes as saying at the Qatar Economic Forum. The bank has operated in the Middle East for over a century and currently has offices in Abu Dhabi, Dubai, Doha, and Riyadh. The expansion comes as Wall Street banks ramp up their presence in the Gulf to tap into large-scale economic diversification efforts.

#3- Dubai is getting a PropTech Hub aimed at supporting startups and doubling the emirate’s property technology market to AED 4.5 bn within five years, according to the Dubai Media Office. The hub is projected to draw AED 1 bn in investment, support more than 200 proptech firms, and bring in 20 investment funds by 2030. It will offer AI-focused infrastructure, startup incubators, and shared digital workspaces.

REMEMBER- The Dubai Land Department has been taking steps to deepen its involvement in the proptech ecosystem. In February, it teamed up with the Dubai Integrated Economic Zones Authority to support R&D and startup activity, focusing on proptech. Later in March, it partnered with Reach to launch Reach Middle East, aimed at backing early-stage proptech firms with funding, data analytics, and investor access.

#4- RTA to cut travel time by 83% between Al Ain Road and Nad Al Sheba: Dubai’s Roads and Transport Authority (RTA) is set to build a 700m dual-lane bridge in Nad Al Sheba to serve the nearly 30k residents living within the area, according to a statement. The bridge will have a capacity of 2.6k vehicles per hour, and will offer a direct link for inbound traffic coming from Dubai-Al Ain Road towards Al Ain that will aim to cap the journey time to Nad Al Sheba by 83%. Construction is expected to begin in 4Q of this year, with completion slated for 4Q 2026.

DATA POINTS-

#1- Mubadala Investment Company’s holdings of listed US companies fell 14.1% q-o-q to USD 17.6 bn in 1Q 2025, thanks largely to a USD 2.7 bn paper loss on its majority stake in semiconductor manufacturer GlobalFoundries — whose share price has dropped by nearly 50% since peaking in March 2022, according to a Securities and Exchange Commission filing picked up by Arabian Gulf Business Insight.

Mubadala was both an active buyer and seller of US equities during the quarter: The fund added stakes in 18 new companies like Bristol-Myers Squibb and Expedia, fully exited nine (including Pfizer, Citigroup, and Match Group), bumped up 13 existing positions (Gap, Western Union, Jones Lang Lasalle), and trimmed 14 others (Coca-Cola, Carnival Corp). Its Bitcoin ETF position also dipped to USD 408.5 mn from USD 437 mn at the end of 2024, even as Mubadala boosted its shares by 500k to 8.7 mn during the quarter, due to a slump in BTC prices during the quarter.

IN CONTEXT- Mubadala’s approach to US equities is notably conservative compared to Saudi Arabia’s Public Investment Fund (PIF), which maintains significant nine-figure stakes in 34 companies, including call options. In contrast, Mubadala tends to focus on smaller, straightforward equity positions outside of its GlobalFoundries investment. Of Mubadala’s 53 US-listed investments, only six exceed USD 10 mn in value. Excluding GlobalFoundries and its Bitcoin ETF holdings, the median value of the remaining investments is approximately USD 3.4 mn, according to AGBI’s calculations.

#2-The number of registered industrial facilities in Ajman rose by 7.5% y-o-y in 1Q 2025, state news agency Wam reports. The manufacturing sector now accounts for 18.8% of the emirate’s GDP, Ajman Chamber board member Maher Taresh Al Alili said.

PSAs-

#1- VFS Global just opened the world’s largest visa application center in Dubai’s Wafi City, according to a press release (pdf). The 150k sq ft hub has capacity to handle 10k applications daily and serves 37 client governments and has over 200 submission counters.

#2-Emiratization checks begin on 1 July: The Human Resources and Emiratization Ministry will begin verifying private sector companies’ compliance with mid-year Emiratization targets starting 1 July, it said in a statement. A digital inspection system will be used to flag fake Emiratization practices. Inspectors will also confirm that Emirati employees are registered with the social security fund and that firms are consistently paying required contributions.

REMEMBER- Companies with 50 or more employees must reach a 7% Emiratization rate — meaning 7% of their employees must be Emiratis — in skilled roles by 30 June, as part of the national mandate to hit 10% by the end of 2026.

There are carrots and sticks: Firms that fall short face monthly fines for each unfilled Emirati role, while those exceeding targets may receive up to 80% discounts on MoHRE service fees and priority access to government procurement.

HAPPENING TODAY-

#1- The Make it in the Emirates Forum is on its third day at the Adnec Center in Abu Dhabi. The three-day forum, which is organized by the Industry and Advanced Technology Ministry, brings together local and international decision-makers, government officials, private companies, investors, and financing institutions to support industrial growth and investment.

#2- The International Real Estate Investment Summit (IREIS 2025) is on its second and final day at Al Hamra International Exhibition and Conference Center in Ras Al Khaimah. The conference will feature keynote addresses, panel discussions, and networking sessions on market trends, capital flows, and the impact of major real estate projects in the emirate and the wider region.

#3- Seamless Middle East is on its second day, and runs through tomorrow at the Dubai World Trade Center. The event, targeting payment providers, merchants, and SMEs and focusing on the future of digital commerce, payments, and e-commerce, will feature discussions on fintech, digital transactions, and the evolution of the digital economy.

#4-Crypto Expo Dubai will be held today and tomorrow at the Dubai World Trade Center. The event will discuss topics including cryptocurrency regulations, blockchain advancements, digital assets, decentralized finance, and investment strategies.

#5-The AWS Summit is happening today at the Dubai World Trade Center. The event will feature tech showcases, workshops, and breakout sessions focused on AI and machine learning tools. Players such as Emirates Airlines, Dubai Health Authority, Rakbank, MBZUAI, and e& will be in attendance.

THE BIG STORY ABROAD-

In a rare public rebuke by Israel’s allies, the British government announced it will not move forward with discussions on free trade with Tel Aviv. The statement cited “egregious policies’ by PM Netanyahu, including the weeks-long blockade of aid and escalation of military offensive in the Gaza Strip, as well as the situation in the West Bank.

The EU followed with an announcement that it intends toreview its trade agreement withIsrael, a move supported by a majority of member states due to the “catastrophic” situation in Gaza. The looming famine has not yet been improved by Israel’s easing of the blockade, as the United Nations said yesterday no aid has been distributed yet despite some 100 trucks entering the enclave.

Israel agreed to let the UAE deliver humanitarian aid following a phone call between President Sheikh Mohamed bin Zayed Al Nahyan and Israeli Foreign Affairs Minister Gideon Sa’ar last night, state news agency Wam reports. The aid will come in the form of food and supplies to allow bakeries to operate in Gaza, aimed at addressing the needs of 15k civilians in the first phase.

Still, the global backlash is apparently not deterring Israel: US intelligence shows Tel Aviv is making preparations to strike Iranian nuclear facilities, unnamed US officials told CNN. The potential strike would be a huge break with US President Trump’s policy of negotiating an agreement with Tehran.

OVER IN THE US- Elon Musk — one of the biggest backers of the US Republican Party — signalled yesterday he will pull back from political spending and focus on Tesla. The EV maker saw a dip in sales amid a backlash to Musk’s close involvement in White House policymaking under President Trump.

Also worth reading this morning-

Google is adding “AI mode” to its search engine and Chrome browser for all US users. The new feature will offer a conversational chatbot — similar to ChatGPT and Copilot — rather than a list of links.
Turkey arrested 22 Istanbul municipality employees on corruption charges yesterday, the latest development after the arrest of mayor Ekrem İmamoğlu back in March.
Qatar’s PM Sheikh Mohammed bin Abdulrahman al-Thani denied that Doha’s USD 400 mn jet offered to Trump is an attempt to curry favor, calling it “a ministry of defense to department of defense transaction.”

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Finance Ministry extends tax relief to foreign-owned companies

MoF expands tax exemption to foreign-owned entities tied to exempt persons: The Finance Ministry (MoF) has issued a new cabinet decision expanding corporate tax exemptions to include foreign entities wholly owned by exempt entities — such as government entities, government-controlled entities, qualifying investment funds, and public pension or social security funds — provided they meet relevant conditions, Wam reports.

Previously, exemptions were limited to UAE-incorporated entities, excluding foreign companies even if fully owned by exempt persons or operating through UAE branches.

The rationale: The update removes this restriction to ensure equal tax treatment between domestic and foreign structures under common exempt ownership. It also reinforces the UAE’s position as a holding company hub and brings its framework further in line with international tax standards, according to Wam.

ICYMI- The move follows a string of tax relief measures rolled out since the UAE’s 9% federal corporate tax came into effect in June 2023. These included the exemptions for Qualifying Investment Funds and Qualifying Limited Partnerships, grace periods to fix ownership breaches, and partial taxation of real estate income exceeding set thresholds. Further amendments eased compliance for domestic entities, foreign partnerships, and family foundations.

Foreign investors have been a focus: Recent rules allow foreign partnerships to qualify for tax transparency if holding the same status in their home country. Non-resident investors generally remain exempt unless a nexus is created through dividend distributions or other trigger events. Some foreign-owned investment entities have also been exempted from the 15% minimum top-up tax, with carve-outs linked to payroll and asset-based substance tests.

Dubai annual inflation dips again in April, as analysts slash inflation forecasts amid oil price pressure

Dubai’s annual inflation continued to dip in April, coming in at 2.31% y-o-y, compared to 2.79% in March, and extending a softening trend since January’s peak of 3.22%, according to the Dubai Statistics Center (pdf). The decline was mostly due to a “meaningfully lower petrol price offsetting still elevated upwards pressure on housing,” Emirates NBD said in its research note.

The breakdown: Prices for housing, water, electricity, gas, and other fuels — the largest component in the inflation basket — remained elevated, rising 7.02% in April, slightly down from 7.16% in March but on a downward trajectory since the beginning of the year, moderating to a seven-month low. Furnishing, household equipment and routine household maintenance, along with restaurants and accommodation and recreation, sports, and culture, also recorded slight price growth.

REMEMBER- Fuel prices were slashed around 5-6% in April, and while they saw a slight uptick in May, Super 98 is still 22.8% lower than last year, so fuel is expected to keep inflation moderate this month, Emirates NBD said.

Segments seeing deflation: Transport prices, making up just over 9% of the index, slipped further to -7.64 y-o-y in April, compared to -3.34% y-o-y in March. Food and beverages, clothing and footwear, and information and communication, were among the sectors that saw deflation. “The deceleration was driven by base effects and a sharp drop in transport prices,” National Bank of Kuwait’s Issa Hijazeen told EnterpriseAM.

On a monthly basis, prices grew 0.29%, returning back to inflation territory after March saw the first instance of monthly deflation since July 2024, according to monthly figures from the statistics center’s monthly inflation report (pdf). A rebound in the prices of restaurant and hotel segments and food prices, led the uptick in monthly inflation, Hijazeen said.

Looking ahead: Emirates NBD has revised downwards its forecast for inflation to 2.5%, from 2.8% earlier, due to the downward pressure on oil prices expected throughout the year and as other components of the basket show weak price growth, according to the note. Hijazeen agrees, saying that “Dubai’s inflation is expected to moderate further, supported by easing housing rents and a potential decline in fuel prices.” The Central Bank of the UAE (CBUAE) had pencilled in a 2.0% inflation rate for the country this year, almost matching the IMF recent estimate.

Lunate and Brookfield launch a USD 1 bn JV to invest in real estate

Lunate and Brookfield form a USD 1 bn JV to invest in real estate: Abu Dhabi-based asset manager Lunate and Brookfield Asset Management are launching a USD 1 bn joint venture (JV) focused on residential real estate in the Middle East, according to a press release.

The new venture will focus on developing high-quality build-to-sell and opportunistic buy-to-sell residential assets, across the UAE, Saudi Arabia, and other Middle East markets. The JV will establish a dedicated team to oversee these developments.

Lunate will contribute “a significant cornerstone investment to the JV” and will tap into its regional network to support fundraising and commercialization, according to the statement.

It’s not the first time the two firms have linked up: In April 2024, Lunate acquired a 24.5% stake in ICD Brookfield Place from Brookfield. While financial terms were not disclosed, Bloomberg previously valued the tower at USD 1.5 bn.

Brookfield wants to ramp up its real estate investments in Dubai: It is reportedly considering developing a mixed-use community project following the success of ICD Brookfield Place. The firm’s JV with Dubai Holding, Merex Investment, plans to redevelop La Mer North into an ultra-luxury residential community featuring 225 homes.

The story also got ink from Bloomberg.

Make it in the Emirates forum yields satellite manufacturing + raw material supply agreements

The second day of the Make it in the Emirates forum resulted in a raft of manufacturing-focused agreements, spanning satellite manufacturing, EV materials, and more. The first day also brought in a slew of agreements in manufacturing across several sectors like oilfield services, pharma, and agritech.

Part of a larger push: The UAE is set to pump AED 40 bn (c. USD 10.9 bn) into its industrial base over the next five years, in a bid to grow the sector and localize supply chains.

SATELLITE MANUFACTURING-

Space42 and Adio partner to localize commercial SAR satellite production in Abu Dhabi: The Abu Dhabi Investment Office (Adio) has partnered up with spacetech firm Space42 to establish Space42 Space Systems, a facility that will design, assemble, and test SAR satellites for Earth Observation (EO), according to a press release (pdf).

The details: The modular facility will be operated by Space42 and will manage the full assembly, integration, and testing lifecycle, from design to launch readiness. The facility localizes production of advanced EO satellites, marking the first time such capabilities are developed commercially in the region. It will allow the Emirates to independently access and export research and intelligence picked up by the satellite, and will serve as a base to scale up space infrastructure from Abu Dhabi.

Sound smart: SAR satellites provide high-resolution imagery in all weather and light conditions and are used for national security, environmental monitoring, and disaster response.

Space42 has been active this week: Its subsidiary Mira Aerospace opened a high altitude platform station manufacturing facility in Abu Dhabi’s Hameem area this week, with production slated for the second half of the year, Space42 Managing Director Karim Sabbagh told Wam. The 4.4k sqm plant aims to produce over 20 high-altitude drones annually. Space42 invested USD 10 mn of its own capital into the facility, CEO Khalid Al Marzouqi said in an interview with CNBC Arabia (watch, runtime: 3:24). The company plans to prioritize supplying the UAE market before expanding globally. Al Marzouqi said there is potential for a 50% capacity expansion in the next few years, contingent on domestic and international demand.

IN CONTEXT- Space42 plans to launch partial satellite manufacturing in the UAE this year, with full-scale production starting in 2026. The company also partnered with SAR satellite specialist ICEYE earlier this year to support technology transfer and knowledge sharing, and inked an MoU with Edge’s space unit Fada in February to establish a joint venture focused on developing the Emirates’ first sovereign Earth Observation ecosystem.

The UAE is on a satellite manufacturing streak: Orbitworks, a joint venture between Abu Dhabi’s Marlan and US-based Loft Orbital, is developing a 10-satellite Earth observation constellation equipped with onboard AI. The satellites will be manufactured and integrated at the company’s 50k sqft facility in Abu Dhabi’s Kezad.

RAW MATERIALS + CHEMICALS-

#1- H.B. Fuller sets up shop in Rakez: Global adhesives giant H.B. Fuller has opened a new 15k sqm facility in the Ras Al Khaimah Economic Zone (Rakez), marking a key step in its Middle East expansion, according to a press release. Located in the Al Hamra Industrial Zone of Rakez, the plant will manufacture high-performance adhesives and sealants for construction applications, with built-in flexibility for future scaling.

Fast fact: The manufacturing sector now contributes around 30% of Ras Al Khaimah’s GDP, according to Rakez Group CEO Ramy Jallad.

#2- Borouge taps Rox Motor to develop EV materials: Abu Dhabi-based Borouge has inked an agreement with Chinese luxury EV player Rox Motor to co-develop lightweight, recyclable polyolefin materials for sustainable vehicles, according to a press release.

The details:The materials will be used in both exterior and interior auto components to boost energy efficiency and performance in various conditions, including desert terrain and urban environments. Borough will supply the polyolefins.

#3- Adnoc Refining will supply Emirates Global Aluminum (EGA) with up to 1.5 mn tons of calcined petroleum coke (petcoke) under a AED 1.8 bn, five-year agreement, according to a press release.

Petcoke? Petcoke is a primary raw material used in the aluminum production process, and Adnoc Refining will supply a minimum of 30% of EGA’s annual calcined petcoke requirements from its Ruwais refinery to help boost aluminum exports and reduce reliance on imports.

ALSO- Schneider Electric will deploy smart manufacturing solutions to help local industries improve operational efficiency, reduce emissions, and integrate into global supply chains under an agreement with the Abu Dhabi Investment Office (Adio), according to a press release. The company will deploy energy management systems to accelerate the industrial sector’s energy transition, and will also develop programs alongside Adio to train Emirati talent in digital and industrial skills, with co-funded training for graduates.

Schneider Electric and Adio will also assist manufacturers in adopting smart factory technologies through Industrial Technology Transformation Index assessments and proofs-of-concept.

More supply chain and logistics agreements from Make it in the Emirates

The second day of Abu Dhabi’s Make it in the Emirates Forum also saw the formation of a new healthcare logistics JV, along with plenty of aviation and marine services agreements.

HEALTHCARE-

AD Ports Group and Burjeel Holdings have partnered up to launch a new healthcare logistics joint venture (JV) dubbed Docktour on the sidelines of Abu Dhabi’s Make it in the Emirates Forum, according to a statement. The pair agreed to explore the formation of the new JV for the delivery of medical supplies, equipment and pharma goods across Africa earlier this month.The investment ticket and ownership breakdown was not disclosed.

On the cards: The platform aims to modernize medical supply chains, support the development of modular healthcare units — including container-based hospitals and clinics —as well as construct full-service medical infrastructure in Africa. Docktour also looks to set up a series of medical offices across AD Ports’ existing areas of operation in the continent.

Who’s doing what? The new JV will collaborate with Burjeel Holding’s operations and management subsidiary Operonix — an overseer of several large-scale healthcare projects across Africa. AD Ports will leverage its extensive logistics network in the region to facilitate inland transport and provide specialized warehousing and distribution centers as part of the JV.

A growing market: AD Ports retains an extensive operational portfolio across Africa, including in Egypt’s Port Said and Safaga Terminal, Angola’s Lunada Terminal, Congo-Brazzaville, and Tanzania.

On the local side: The firm will engage with regional health authorities, governments. and humanitarian agencies to deliver critical care during emergencies. Docktour will also support local capacity-building efforts with clinical training programmes and the implementation of data-driven inventory management to minimize delays.

ENERGY-

Serh Group to deliver equipment to Adnoc: Abu Dhabi National Oil Company (Adnoc) inked an AED 2 bn strategic agreement with Serh Group for the supply of equipment and machinery to support its energy sector projects, according to a statement. The equipment will be delivered over a five-year period.

Who’s Serh Group? The company is the rebranded oil and gas and logistics services firm Al Dhafra Technical Services. The company was created through a merger between Delma Cooperative Society and Al Dhafra Cooperative Society.

AVIATION-

#1- Airbus to source parts locally: Airbus Defence and Space will source supplies from Edge Group’s subsidiary EPI to manufacture and assemble mobile cargo compartment removable tanks (CCRTs), according to a statement. The tanks will streamline aerial refueling, ground support, and extended-range missions, Wam reports.

AND- The Industry and Advanced Technology Ministry (MoIAT) will develop a program with Airbus Africa and Middle East to boost industrial capability, according to a statement. Under the agreement, the pair will develop a long-term collaboration framework which aligns with domestic industrial needs — focusing on supplier development, skill exchange, and the amalgamation of local firms into Airbus’ value chain.

#2- Sanad acquires Trent 700 engines from Etihad: Mubadala-owned Sanad acquired a batch of Rolls-Royce Trent 700 engines from Etihad Airways, as the carrier retires its A330ceo fleet, Wam reports. The Trent 700 powers the Airbus A330. Sanad is currently the only independent maintenance, repair, and overhaul (MRO) provider with a long-term partnership with Rolls-Royce for this engine type.

REMEMBER- Sanad has been expanding its engine asset base amid rising demand for mid-life platforms and ongoing supply chain delays in new aircraft deliveries. It opened new MRO facilities in February and December, following an August partnership with Airbus to provide engine servicing. Sanad currently supports about 25% of the global Trent 700 fleet.

#3- ADNOC L&S to trial Regent transport operations: Adnoc Logistics and Services is running a proof-of-concept trial to evaluate using US-based Regent ’s Viceroy electric seaglider to shuttle staff between land and offshore energy sites, according to a statement. The US-built craft can carry 12 people or 1.6 tonnes of cargo at up to 300 km/h for routes over 300km and uses a hybrid mode of floating, foiling and flying. The craft cut operational costs by up to 80% when compared with helicopters, and following a trial they would be deployed across Adnoc L&S’ offshore logistics operations.

Local build, local ops: Regent will manufacture the seaglider in the UAE and provide maintenance services from the country as well. The trial will be run by a UAE-based operator.

MARINE-

IHC marine solutions subsidiary Al Seer Marine inked a AED 47.6 mn contract to provide Albwardy Damen with interceptor vessels, according to a press release (pdf). The vessels are set to be delivered within 42 months and will be used as offshore patrol vessels. The boats will be fully designed and built in the UAE. Al Seer recently inked an AED 1.3 bn contract with Tawazun Council to provide it with naval vessels, and secured two AED 275.2 mn medium-range tankers from K Shipbuilding Korea.

Mubadala to supply Pupuk with gas in 2028

Mubadala to supply Pupuk with gas: Mubadala Energy has signed an initial agreement to provide 200 mn standard cubic feet per day (mcf/d) of gas to Indonesian state fertilizer producer Pupuk Indonesia, Mubadala Head of Comms Paul Slinger told Reuters. Some 115 mn mcf/d will go towards Pupuk’s methanol plant while the remaining 85 mn will be allocated to its ammonia plant.

The timeline: The supply will reach Pupuk’s projects once production at Mubadala’s South Andaman Block kicks off. The facility’s Tangkulo-1 well is expected to begin production in late 2028 and has more than 2 tn cubic ft (tcf) of gas-in-place potential. Located in the same block, the Layaran-1 well has potential for over 6 tcf of gas-in-place.

REMEMBER- Mubadala inked an agreement with Indonesia’s Perusahaan Listrik Negara in December to explore power generation from the South Andaman blocks to address Indonesia’s energy demand and for infrastructure development. The company wrapped up its drilling campaign in South Andaman in September and is also developing the Central Andaman oil and gas block with the UK’s Harbour Energy after signing a development contract with Indonesia’s government.

G42 partners with France’s Mistral AI on full-stack AI development

G42, Mistral AI partner to co-develop next-gen AI stack: State AI firm G42 signed a strategic partnership with Paris-based Mistral AI to co-develop next-generation AI models and infrastructure, according to a press release.The partnership will span the full AI value chain — from model training and agent development to infrastructure and sector-specific applications — across Europe, the Middle East, and the Global South.

The details: The agreement will see G42 subsidiaries Core42 and Inception work with Mistral AI to integrate their platforms with a focus on technical autonomy and IP governance. The two firms will also promote each other’s AI offerings in home and international markets. Mistral will also explore collaboration with Mohamed bin Zayed University of AI on frontier model research and talent development.

REMEMBER- The UAE is backing France’s new AI data hub: Mistral AI is working with Abu Dhabi’s MGX, Nvidia, and French partners to develop a 1.4 GW AI data center campus near Paris. The project — backed by Bpifrance, EDF, Bouygues SA, and Ecole Polytechnique — is set to go live in phases from 2028, supporting the full AI lifecycle with sovereign cloud and low-carbon compute. It forms part of the UAE’s pledge to invest USD 30-50 bn in French AI and data infrastructure.

ICYMI- G42’s European footprint is growing elsewhere: The company also announced a partnership earlier this week with Italian AI firm iGenius to develop Europe’s largest AI compute deployment — the Colosseum supercomputer — in Puglia, with Core42 leading operations.

Abu Dhabi Chamber names heads of Family Business Council + OMV chief to step down as of mid-2026

ADCCI hires leads for Abu Dhabi Family Business Council: The Abu Dhabi Chamber of Commerce and Industry (ADCCI) appointed Khaled Al Fahim as chairman and Masood Al Masaood as vice chairman of the newly launched Abu Dhabi Family Business Council, according to a press release.

Backgrounds: Al Fahim, who is a board member at ADCCI and chair of Arady Properties and Ajyad Capital, brings over 20 years of experience in governance, restructuring, and family business leadership. Al Masaood is currently treasurer at ADCCI and vice chairman of Al Masaood Oil and Gas. He is also founder and chairman of Emirates Angels Investors Association.

The CEO of Austrian oil and gas firm OMV — which agreed to merge its polyolefins business with Adnoc in March — Alfred Stern said he will not be re-running for a second term at the helm of the business once his term ends on 31 August, 2026, according to a statement. Stern oversaw the merger, which is set to be complete in 1Q 2026 and will create Borouge International, a USD 60 bn global polyolefins player set to be the world’s fourth largest. He was CEO for four years, and is credited for the company’s shift away from fossil fuels and towards sustainable fuels and chemicals.

His exit is viewed as “negative news,” Erste Group said in a research note, though it is viewed to be unrelated to the merger transaction. It is not clear who will be heading the merged entity or who will lead OMV followign his exit.

AD Ports explores green energy storage JV with Rotterdam’s Advario

ENERGY-

AD Ports, Advario explore green energy storage JV: AD Ports Group signed a heads of terms agreement with Rotterdam-based energy storage firm Advario to mull a joint venture to develop and operate green energy and liquid bulk storage projects in the UAE and internationally, the company said in a statement. The proposed JV would be 51% owned by AD Ports and 49% by Advario.

The details: The venture would focus on storage for clean energy carriers such as ammonia and methanol, and bulk chemicals, pipelines, and other critical infrastructure. Initial plans would include Advario building bulk storage tanks at Khalifa Port and related infrastructure for clients in Kezad.

RENEWABLES-

#1- Innovest + Oxon launch USD 400 mn green fuel investment program: Abu Dhabi investment firm Innovest Holding and US-based clean fuel firm Oxon Technologies are partnering on a clean fuel investment program to be implemented in the UAE and the US, according to a press release.

The partnership: The ten-year program, backed by USD 400 mn in investments, will see Innovest buy Oxon Tech’s products to export from the UAE. The two sides will also construct two fuel enhancement industrial centers: a manufacturing plant in the US will produce Oxon Tech’s products and be operational by late 2027, while the UAE Center for Clean Fuel Excellence will kick off work to develop new clean fuel formulations in 2027.

#2- EPointZero buys 1 GWh battery storage system: EPointZero, the decarbonization arm of investment platform 2PointZero, acquired a 1 GWh electrostatic energy storage system from renewables outfit Enercap built by supercapacitor-based energy storage manufacturer Apex Energy, 2PointZero said in a press release.

The details: The system will be deployed across UAE electrical grids. Enercap’s platform is built on a supercapacitor architecture that offers electrostatic, non-chemical energy storage. The company says that this locally designed and manufactured system is the first large-scale system of its kind globally.

M&A-

#1- Al Ain Farms Group consolidates five major food brands:: Five major local brands — Al Ain Farms, Marmum Dairy, Al Ajban Chicken, Golden Eggs, and Saha Arabian Farms — have consolidated under Al Ain Farms Group, according to a press release. Backed by Ghitha Holding and Yas Holding, the move is part of a broader push to strengthen national food security and reduce import dependency.

What to expect: AAFG will operate as a vertically integrated protein and beverages platform, with a five-year roadmap focused on scaling production, expanding R&D, and advancing sustainability across its operations. Planned initiatives include investments in camel milk innovation, no-sugar and no-lactose products, alternative proteins, and sustainable packaging. The group also aims to expand its regional footprint.

The group has big ambitions: AAFG plans to double its annual egg production to 800 mn by the end of 2026 — positioning it as the largest table egg producer in the GCC — and increase poultry output from 13 to 19 mn kg per year, CEO Hassan Safi told Khaleej Times. While fresh exports aren’t a current focus, but AAFG is exploring opportunities to replicate its integrated production model in underdeveloped markets, Safi said, adding that feasibility studies are already underway.

#2- AquaChemie acquires Abu Dhabi chemical plant for AED 100 mn: Jebel Ali-based AquaChemie is acquiring Global Chemicals Company, an ICAD-based facility specializing in sulfur trioxide manufacturing and sulphonation, for over AED 100 mn, according to a press release. The 26k sqm site also houses liquid synthesis and blending operations for oilfield chemicals such as corrosion inhibitors, demulsifiers, surfactants, and H2S scavengers — many of which are typically imported. A research and development center is also in the works.

REMEMBER- AquaChemie recently expanded into chemical manufacturing, adding to its storage and support services. In February, it launched AquaChemie Global Chemicals, a USD 25 mn facility in Khalifa Economic Zone Abu Dhabi, aimed at localizing production for Adnoc, oilfield service providers, and sectors like coatings and construction.

COMMODITIES-

Al Dahra and Getreide AG partner on Ukraine grain supply: ADQ-backed agribusiness Al Dahra has inked an agreement with Ukraine’s Getreide AG to establish direct grain supply operations from Ukraine, Al Bayan reports. Al Dahra will get direct access to Ukraine’s grain market through the agreement, which promises an initial supply of between 100k and 150k metric tons of grains, and the potential to up this to 500k metric tons. Al Dahra and Getreide AG are targeting operational integration by July of this year, before the start of the 2025 harvest season.

STARTUPS-

#1- Emirates Development Bank (EDB) has rolled out a startup accelerator focused on industrial startups and SMEs, dubbed the Make it in the Emirates Accelerator, according to a press release. Developed with the Industry and Advanced Technology Ministry, the accelerator will offer technical expertise, market access, and mentorship.

#2- RIIG rebrands + secures UAE funding for AI health tech and ins. automation: American cybersecurity firm Riggleman Information & Intelligence Group (RIIG) rebranded as HOOTL (Humans Out of the Loop) following a “significant” funding round led by UAE investors, according to a press release. The undisclosed investment will support its shift to AI-driven health technology and ins. automation.

HOOTL will set up shop with a UAE office, with plans to strike partnerships with local public, private, and academic players. The company has already discussed collaborations with UAE leaders and a regional tech group, focusing on AI, healthcare innovation, and digital infrastructure, the statement said, without disclosing names.

TELECOMS-

e& UAE has rolled out the Middle East’s first commercial 5G network slicing product for businesses, operating on a standalone 5G network, Wam reports. Network slicing enables businesses to prioritize low-latency connectivity or IoT solutions for smart infrastructure.

BANKING-

UBS to open office in Abu Dhabi: Swiss banking group UBS is opening a new office in Abu Dhabi, Bloomberg reports, citing comments made by the bank’s EMEA president Beatriz Martin Jimenez at the Qatar Economic Forum. It already operates branches in Dubai. She pointed to the region’s appeal for wealthy individuals relocating from high-tax jurisdictions like the UK.

FINANCE-

Swiss Tradition set up shop in ADGM: Tradition, the interdealer broking arm of Compagnie Financière Tradition, has opened an office in the ADGM after securing a Financial Services Permission from ADGM’s Financial Services Regulatory Authority, Wam reports. The firm provides brokerage services for over-the-counter derivatives, commodities, and financial instruments to clients.

REAL ESTATE-

AHS launches AED 2.8 bn development: Luxury real estate developer AHS Properties has launched its AED 2.8 bn waterfront development Casa AHS along Dubai Water Canal, according to a press release. The project will feature 32 residential units designed to cater to high-end buyers, ranging from 5.1k sq ft to 29.7k sq ft, as well as amenities including private garages and EV charging stations.

Also in the pipeline: AHS plans to deploy USD 5 bn in gross development value this year, the statement read.

Emerging markets ETFs see inflows for fourth week straight

Emerging market stocks are once again whetting the appetite of investors, with previously sidelined emerging market ETFs — exchange traded funds — seeing their fourth consecutive week of inflows, reports Bloomberg. Recent inflows pushed EM ETFs into the green YTD for the first time since April, with USD 1.8 bn worth of inflows pushing the collection of ETFs to a net positive of USD 880.4 mn

“After years of being unloved and overlooked, EM equities are seeing significant demand as allocators step up their need for geographical diversification,” said Global X portfolio manager Malcom Dorson. Moody’s downgrading the US’ sovereign credit rating by one notch to AA1 has added “fuel to the fire, and we think this rally is sustainable,” he added.

Growing risk appetite drove the Avantis Emerging Markets Equity EFT to record inflows upwards of USD 1 bn last week — marking its best ever week and accounting for more than half of EM ETFs listed stateside.

But zooming into which EM assets have become the most attractive, China is the clear front runner, with inflows reaching USD 669.1 mn last week following a temporary trade war truce between the US and the world’s factory. With trade war concerns at bay — for now at least — traders are now pricing in a much lower possibility of a coming global recession, which is good news for emerging market stocks.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning. The Shanghai Composite is up 0.1%, the Hang Seng and Kospi are both in the green, looking at gains of 0.4% and 0.7%, respectively. Meanwhile, Japan’s Nikkei is down 0.2%.

ADX	9,707	+0.4% (YTD: +3.1%)
DFM	5,467	-0.4% (YTD: +6.0%)
Nasdaq Dubai UAE20	4,527	+0.4% (YTD: +8.7%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	4.0% 1 yr
TASI	11,438	+0.3% (YTD: -5.1%)
EGX30	31,629	+0.9% (YTD: +6.3%)
S&P 500	5,940	-0.4% (YTD: +1.0%)
FTSE 100	8,781	+0.9% (YTD: +7.4%)
Euro Stoxx 50	5,455	+0.5% (YTD: +11.5%)
Brent crude	USD 65.38	-0.2%
Natural gas (Nymex)	USD 3.43	+0.1%
Gold	USD 3,307	+0.7%
BTC	USD 106,085	+0.5% (YTD: +13.4%)
Chimera JP Morgan UAE Bond UCITS ETF	USD 3.60	+0.0% (YTD: +1%)
S&P MENA Bond & Sukuk	143.0	-0.2% (YTD: +2.2%)
VIX (Volatility Index)	18.09	-0.3% (YTD: +4.3%)

THE CLOSING BELL-

The ADX rose 0.4% yesterday on turnover of AED 1.4 bn. The index is up 3.1% YTD.

In the green: Abu Dhabi National Takaful Co (+13.1%), Hayah Ins. (+6.4%) and Rak Co for White Cement & Construction Materials (+3.8%).

In the red: Aram Group (-2.9%), Gulf Cement Co (-2.9%) and Presight AI Holding (-2.7%).

Over on the DFM, the index fell 0.4% on turnover of AED 613.9 mn. Meanwhile, Nasdaq Dubai rose 0.4%.

CALENDAR

MAY

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

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

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

21 May (Wednesday): The AWS Summit, the Dubai World Trade Center.

21 May (Wednesday): Dubai Holding REIT final offer price and allocation of units announcement.

21-22 May (Wednesday-Tuesday): The Crypto Expo Dubai, the Dubai World Trade Center.

21-23 May (Wednesday-Friday): Dubai participates at GITEX EUROPE x Ai Everything 2025, Messe Berlin, Germany.

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

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

26 May (Monday): The SAMENA Council Leaders’ Summit, Madinat Jumeirah, Dubai.

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

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

28 May (Wednesday): The Dubai Residential REIT will ring the bell.

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

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

30 May (Friday): Arafat Day.

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

JUNE

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

17-18 June (Tuesday-Wednesday): Abu Dhabi Infrastructure Summit, Abu Dhabi Energy Centre.

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

1-6 September (Monday-Saturday): Dubai Fashion Week, Dubai Design District.

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

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

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

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

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

24-25 September (Wednesday-Thursday): Dubai World Congress for Self-Driving Transport, Dubai.

OCTOBER

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

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

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

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

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

14-16 October (Wednesday-Friday): Global Future Councils, Dubai.

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

12-17 November (Wednesday-Monday): RoboCup Asia-Pacific, Khalifa University, Abu Dhabi.

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

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

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

DECEMBER

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

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

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

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

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

Signposted to happen sometime in 2025:

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

Signposted to happen sometime in the fall of 2025:

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

Signposted to happen sometime in 2026:

9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE
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
The first edition of Dubai Future Finance Week.

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

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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