Damac plans USD 20 bn investment in US data centers

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WHAT WE’RE TRACKING TODAY

THIS MORNING: UAE agrees to roll over Pakistan loan another time + Dar Global eyes US, Greece expansion

Good morning, friends. There’s a big Trump theme in today’s issue, with the big story of the day being Damac Properties’ planned USD 20 bn investment in data centers in the US, hot on the heels of Trump’s election. Plus: Dar Global — a key partner for the Trump Organization in the region — is eyeing expansions in the US.

Outside of Trump Land, we have several M&A and investment news from DAE, the Abu Dhabi Investment Authority, and Alchemative Group. Let’s dive in.

☁️WEATHER- Expect to see cloudy skies today, with a chance of rainfall, particularly over the islands and some coastal and Northern areas, according to the National Center of Meteorology’s forecast (pdf). The mercury will reach 25°C today in Dubai before dropping to an overnight low of 19°C. Meanwhile, in Abu Dhabi, temperatures will peak at 22°C, with a low of 20°C.

WATCH THIS SPACE-

#1- The UAE agreed to roll over a USD 2 bn repayment that was due by Pakistan this month, Reuters quotes Pakistani Prime Minister Muhammad Shehbaz Sharif as saying at a press conference. The UAE government originally deposited the funds in 2019 under a USD 3 bn financial assistance package and rolled it over in January 2023 and January 2024.

Background: Pakistan had been seeking to drum up external financing to meet the requirements of its ongoing USD 7 bn loan program with the IMF, and previously lined up financing commitments from the UAE, China, and Saudi Arabia as part of the program in September.

More investments in Pakistan coming? The PM also said he asked UAE President Sheikh Mohamed bin Zayed Al Nahyan for “a few bn USD” in investments in key projects during his visit to the UAE earlier this week.

#2- Dar Global eyes US, Greece expansion: Dubai-based developer Dar Global, the international arm of Saudi Dar Al Arkan, plans to expand operations in the US and Greece, Reuters reports. The developer plans to invest in major US cities, seeking partnerships with developers on luxury residential properties. The focus will be on both US residents and international buyers, although specific project details remain undisclosed.

REMEMBER- The decision follows recent joint projects with the Trump Organization, including Trump Towers in Jeddah and Dubai, as well as a hotel project in Oman. Eric Trump, Trump Organization’s executive vice president, also told Reuters last month that additional projects are in the pipeline for the region, including a tower in Riyadh and further developments in Abu Dhabi.

DATA POINT-

Lunate had a good 2024: Abu Dhabi-based alternative asset manager Lunate’s total assets under management for its ADX and DFM-listed ETFs grew 13% y-o-y in 2024 to AED 831 mn, according to a LinkedIn post. The company reported AED 2 bn in trading liquidity across its ETFs, with its portfolio expanding to 17 ETFs listed on the Abu Dhabi and Dubai bourses, compared to 12 a year earlier.

PSAs-

#1- Syria resumes flights to the UAE: Syria’s Damascus International Airport resumed international flights yesterday for the first time since the fall of Bashar Al Assad’s regime on 8 December with a flight to Sharjah, Syrian state news agency Sana reports. Qatar Airways also resumed flights to Damascus following a 13-year hiatus, while flights to Dubai were also set to resume as of yesterday, AFP reports.

#2- Air Arabia adds Ethiopia flights: Air Arabia is launching non-stop flights to Ethiopia’s capital starting 30 January, the Sharjah-based budget airline stated. The new route will connect Sharjah International Airport with Addis Ababa Bole International Airport, running three weekly flights in both directions on Tuesdays, Thursdays, and Saturdays.

#3- Sharjah updates fees for impounded vehicle releases: The Sharjah Executive Council revised fees on releasing impounded vehicles in the emirate, applying to vehicles held due to serious safety-related offenses, according to a statement. No further details were disclosed on the value of the fees.

HAPPENING TODAY-

#1- The Arab Plast International Trade Fair for Plastics, Recycling, Petrochemicals,Packaging and Rubber Industry kicked off yesterday and runs through tomorrow at the Dubai International Convention and Exhibition Center. The event will showcase advancements in the plastics and recycling sectors, with a focus on sustainable practices, circular economy, recycling technologies, and sustainable materials.

#2- Dubai International Pharma & Technologies Conference and Exhibition(DUPHAT) kicked off yesterday at the Dubai World Trade Center. DUPHAT, which wraps up on Thursday, will feature scientific sessions, workshops, and scientific poster presentations from university students. Additionally, it will feature Vita Show Dubai, showcasing innovations in nutritional supplements.

HAPPENING TOMORROW-

The Sharjah Consultative Council will discuss a draft law on corporate tax for the emirate’s natural resources in its upcoming session tomorrow, Sharjah 24 reports.

REMEMBER- The council’s Financial, Economic and Industrial Affairs Committee had reviewed a draft law proposing taxation on companies involved in natural resource activities in the emirate late last month. The law targets companies involved in both extractive activities — such as oil, gas, and coal — and non-extractive natural resources. The committee was set to submit the draft law’s final report to the Advisory Council for approval.

THE BIG STORY ABROAD-

It’s a busy morning in the foreign press, with a wide-ranging press conference from US president-elect Donald Trump, along with updates on the latest round of Israel-Hamas ceasefire talks, and news from Meta, Nvidia, and Anthropic getting plenty of ink.

#1- More threats of tariffs and annexation from Trump: Trump said he could use economic — and possibly military — action to acquire Greenland and take control of the Panama Canal, threatening to tariff Denmark “at a very high level” if it refuses, and separate tariffs on Mexico and Canada, which it also said it could annex through “economic force.” Canadian Prime Minister Justin Trudeau took to X later to say “There isn’t a snowball’s chance in hell that Canada would become part of the United States,” in response to Trump’s comments.

Trump also revealed a USD 20 bn investment planned by Emirati developer Damac Properties in US data centers, saying Damac’s founder Hussain Sajwani was inspired by Trump’s election to make the commitment. Sajwani said he’d been waiting four years to ramp up investments in the US. We have more on the story in the news well, below.

The press conference got a lot of ink: FT | Reuters | NPR | AP | CNN

#2- Also from Trump Land, his new Middle East envoy Steve Witkoff said he is “hopeful” for some good news from the Israel-Hamas ceasefire talks taking place in Doha before Trump’s inauguration on 20 January, Reuters quotes him as saying. Trump again threatened that “all hell will break out in the Middle East" if Hamas does not release the hostages by the time he takes office during his presser.

PLUS- Several stories on the tech and AI front are making the rounds:

Facebook owner Meta shelved a US fact-checking program and curbed restrictions on discussions around contentious topics on its platforms in response to pressure from conservatives. (Reuters)
Nvidia’s shares slid 6.2% after an unveiling of a new product lineup — including a new USD 3k desktop PC — failed to reassure investors about a near-term return. (Bloomberg)
AI startup Anthropic is closing in on a USD 2 bn investment that would value it at USD 60 bn, only two months after securing an additional USD 4 bn investment from ecommerce giant Amazon. (WSJ)

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MARKET WATCH-

Opec sees production dip in December, driven by UAE cuts: Opec’s crude output dropped in December by 120k bbl / d to 27.05 mn bbl / d, primarily on the back of supply cuts from the UAE, according to a Bloomberg survey. The UAE slashed its production to about 3.2 mn bbl / d and trimmed oil exports to an 18-month low. The decline in these allocations is expected to continue throughout January and February, companies set to receive the shipments told Bloomberg.

REMEMBER- State-run Abu Dhabi National Oil Company (Adnoc) reportedly decreased crude oil cargo allocations for certain Asian customers, cutting volumes by up to 230k bbl / d across various grades, in a bid to adhere to Opec+’s strategy to stabilize market prices. A plan to hike the UAE’s quota by an additional 300k bbl/d was also postponed to April 2025, after Opec+ decided to delay a planned increase in production last month. The UAE has been hoping to increase its capacity, and is on track to hit its 5 mn barrels per day (bbl / d) oil capacity target — originally set for 2027 — by the end of 2025 or early 2026.

CIRCLE YOUR CALENDAR-

The 1 Bn Followers Summit will take place between 11-13 January at Jumeirah Emirates Towers at the DIFC in Dubai. The event will feature over 250 speakers, including top content creators and industry experts, and will feature discussions on technology, content strategies, and the economic impact of content creation.

The Abu Dhabi Sustainability Week (ADSW) will take place between 12-18 January at the Abu Dhabi National Exhibition Center. The event features 11 events gathering policymakers, industry leaders, and youth to discuss global sustainability solutions and foster collaborations.

Among the biggest events of the week: The International Renewable Energy Agency (IRENA) Assembly will take place between 11-13 January in Abu Dhabi. The event will gather global leaders and decision-makers to discuss the renewable energy transition and address challenges to energy security and financing. Featured in the agenda: An International Renewable Energy Agency Youth Forum, which will see interactive sessions, open dialogues, and thematic workshops for youth to contribute to renewable energy deployment and sustainable development.

Other events include:

13 January (Monday): Global Climate Finance Annual Meeting.
14-16 January (Tuesday-Thursday): World Future Energy Summit and Youth 4 Sustainability (Y4S) Forum and Hub.
15 January (Wednesday): Women in Sustainability, Environment, and Renewable Energy (WiSER) Forum.
16 January (Thursday): Green Hydrogen Summit and Zayed Sustainability Prize Forum & Investor Connect.

The Security Leader’s Summit will take place between 14-16 January at the Dubai World Trade Center. The event features sessions that showcase the latest security strategies and technological solutions, as well as discussions addressing the most prominent security threats.

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

Damac Properties to invest USD 20 bn in US data center expansion

Damac to invest USD 20 bn in US data centers: Dubai-based Damac Properties committed USD 20 bn in data centers across the US, US president-elect Donald Trump and Damac Founder Hussain Sajwani said at a press conference (watch, runtime: 2:04) yesterday. The project will focus on supporting AI and cloud businesses, with the first phase covering Texas, Arizona, Oklahoma, Louisiana, Ohio, Illinois, Michigan, and Indiana.

What we know: The developer is eyeing 2 GW capacity over the next four years in the US, with the possibility of “doubling” its investment depending on market demand and opportunity, according to a statement from Damac. The first phase will see Damac strike up joint ventures with partners and acquire land banks and existing data centers.

Damac has been eyeing the US for a while: Announcing the investment alongside president-elect Donald Trump, Sajwani noted Damac has “been waiting four years to increase our investments in the US to a very large amount of money,” adding that his election came as “amazing news” for him and his family. Damac already has a condo project in Miami and is exploring more US real estate opportunities, the developer said in the statement.

Trump also said his election helped secure the commitment, highlighting the company’s longstanding ties with Trump, including a Trump-branded golf course in Dubai and past discussions of some USD 2 bn in agreements that did not materialize after Trump’s 2016 election. Trump said that Sajwani was “very inspired by the election and wouldn’t do it without the election” during the presser.

The story got a lot of ink in the foreign press: AP | Bloomberg | Reuters | CNBC | NYT

REMEMBER- Damac is making a big push into data centers globally:

Southeast Asia: The company revealed plans last month to invest approximately USD 3 bn in establishing data centers across Southeast Asia through its subsidiary Edgnex over the next three to five years, primarily targeting Malaysia, Indonesia, and Thailand.
Saudi Arabia: Edgnex is also investing USD 600 mn in data centers in Dammam and Riyadh in Saudi Arabia, expected to launch this year. The company also signed a MoU with Salam, Cinturion, and Emaar, Economic City, to develop a digital infrastructure hub in Jeddah.
Turkey + Greece: Edgnex allocated USD 100 mn with Vodafone Turkey for a 6 MW data center in Izmir, also set to go online this year, as well as a separate initial USD 150 mn investment for a data center in Sparta, Greece.

IN CONTEXT- Damac had been planning to invest USD 5 bn to 7 bn globally over the next few years to expand its operations and address rising demand for digital infrastructure, Danish Nayar, senior vice president of investments and acquisition at Damac Group, told Bloomberg previously.

DAE snaps up 100% of Irish aircraft leasing company Nordic Aviation Capital

DAE takes over Nordic Aviation: Dubai Aerospace Enterprise (DAE) inked a definitive agreement to acquire 100% of Irish aircraft leasing company Nordic Aviation Capital (NAC) for an undisclosed amount, according to a statement. DAE plans to bankroll its latest transaction using a mix of internal resources and committed debt financing.

What’s next? The transaction is subject to regulatory approvals and shareholder approval from NAC Holdings, with completion expected in 1H 2025.

What DAE is getting: NAC’s fleet comprised 252 owned and committed assets as of September last year, leased to some 60 airline customers in 40 countries. The acquisition will bring DAE’s total fleet size to about 750 aircraft worth USD 22 bn, leased to 170 airlines in 70 countries.

What they said: “NAC’s capabilities, complementary market presence, and people […] will allow us to provide more cost-effective solutions to a larger group of customers,” said DAE CEO Firoz Tarapore.

ADVISORS- Allen Overy Shearman Sterling and KPMG advised DAE on the transaction.

OTHER M&A NEWS-

The Sharjah government transferred 20.48% of its stake in Invest Bank — roughly 47.5 bn shares — to the Sharjah Social Security Fund (SSSF) via an off-market transaction on the Abu Dhabi Securities Exchange (ADX), according to an ADX disclosure (pdf). This leaves the government with a 70.06% share in the lender, while SSSF now holds 18.04%. The remaining 11.9% is split among other shareholders.

Adia invests in US wealth manager + agtech startup

The Abu Dhabi Investment Authority is resuming its global push in 2025, with two investments in US firms.

#1- Adia + Advent International complete USD 3 bn investment in Fisher Investments: An Abu Dhabi investment Authority (Adia) unit and US-based private equity firm Advent International completed their USD 3 bn minority investment in Texas-based wealth management firm Fisher Investments that values the firm at USD 12.8 bn, according to a press releas e. The acquisition comes as part of Fisher’s “long-term estate planning” strategy. The wealth manager manages USD 300 bn in assets currently.

REFRESHER- Last June, Advent and Adia revealed plans to make a minority investment of between USD 2.5-3 bn in the firm. The acquisition was slated to close later in 2024 pending approvals and conditions.

Ken Fisher retained majority ownership of FI, with over 70% of voting shares, and will stay on board as the company’s executive chairman and co-chief investment officer, while Damian Ornani will continue as CEO.

ADVISORS- Gibson Dunn is legal advisor to Adia, while Ropes & Gray is providing counsel to Advent. JP Morgan Securities and RBC Capital Markets are joint financial advisors and Paul Hastings served as legal advisor to Fisher Investments.

#2- Adia also participated in a USD 144 mn funding round for Massachusetts-based seed gene-editing startup Inari, joining as a new investor, according to a statement. The funding round also saw participation from existing investors, including Hanwha Impact, NGS Super, the State of Michigan Retirement System and company founder Flagship Pioneering.

Who is Inari? The startup focuses on seed technology for large-acre crops, with the goal of improving crop yields.

Devsinc acquires Dubai-based e-commerce SaaS firm Alchemative Group

Pakistani IT company Devsinc acquired Dubai-based e-commerce software-as-a-solution (SaaS) developer Alchemative Group as part of a global push, marking its entry into the Middle East, according to a statement. The acquisition also includes transferring the ownership of Alchemative’s payment gateway UnumPay — which already has a market share of 24% in Pakistan — to Devsinc, according to a press release. The value of the transaction was not disclosed.

Devsinc plans to scale UnumpPay and offer its digital solutions in the GCC, including tailored products for e-commerce platforms and cloud-based and AI-driven solutions. The acquisition will also help provide enhanced services to its existing customers in North America.

About the companies: Devsinc offers IT-enabled solutions to businesses across 10 industries and over 23 countries, including staff augmentation and ERP integrations for the healthcare, banking, fintech, hospitality, and retail sectors. Alchemative has over 800 clients and operates across 15 countries, and currently processes some 20 mn orders a month, the statement said.

Blue-collar and entry-level roles boom in the UAE as white-collar roles see a dip -Innovations Group

Entry-level and blue-collar roles are climbing in the UAE as white-collar hiring slows, Khaleej Times reports, citing industry experts. Last year, white-collar hires dropped 21%, but blue-collar jobs surged by 69%, according to a study by Innovations Group..

Entry-level roles — like sales executives, receptionists, and warehouse associates — are booming as more businesses set up shop in the UAE, said Innovations Group’s Director Nikhil Nanda.

Blue-collar jobs are riding a wave of infrastructure expansion and increased port activity, fueled by geopolitical shifts redirecting cargo traffic through UAE ports. Construction workers, logistics staff, and port managers are in high demand.

White-collar jobs are mainly declining as global firms centralize their support functions away from the UAE, Nanda said. While some experts attribute this to rising automation, others expect the trend to be short-lived.

UAE businesses’ expanding automation process will increase demand for tech-based jobs in 2025 across several sectors such as AI, cybersecurity, and robotics, Aws Ismail, general manager, Marc Ellis, Dubai, said. Meanwhile, healthcare and logistics are expected to witness steady hiring, thanks to government-led diversification and green initiatives.

Global Ventures invests in tech subscription startup Zension’s USD 30 mn funding round

Dubai-based Global Ventures participated in a USD 30 mn series A funding round for tech subscription e-commerce startup Zension Technologies led by Saudi Aramco’s venture arm Wa’ed Ventures, along with Japan’s Sumitomo Corporation, the company said on LinkedIn.

Where will the funds go? Zension said the funding round would go towards their new business vertical Zaam, set to launch this month, which allows customers to use tech devices for a monthly subscription fee through third party distributors, rather than outright own it through a linear ownership model. The plan will include repairs and replacements, as well as buy-back services and upgrades after 12 months.

About Zension: Founded in 2016 by CEO Khalid Saiduddin (LinkedIn) and CCO Nikos Anastasiadis (LinkedIn), the startup now has offices in the UAE and Saudi Arabia and operates in 25 cities across the GCC. It currently manages 1.5 mn device subscriptions, according to its website.

ALSO FROM PLANET STARTUP-

AI startup MilkStraw AI raised USD 600k in pre-seed funding led by Flat6Labs with participation from Angel Spark, Beyond Capital, and other angel investors, according to a statement. The startup will use the funds to expand its market presence in the MENA region, build up its engineering and development teams, accelerate product development and enhance customer support capabilities, according to a separate press release.

MilkStraw AI? Headquartered in the UAE and San Francisco, and founded in 2024 by CEO Jawad Shreim (LinkedIn), MilkStraw AI is a software cost optimization service that uses AI to reduce cloud and AWS (Amazon Web Service) bills for companies. It previously graduated from the Flat6Labs Ignite Program and counts Dubai-based venture data firm Magnitt amongst its clients.

Open finance: the next frontier in customer-centric banking

Open finance is setting the stage for a seismic shift in banking, one that’s rapidly reshaping the industry in the UAE and beyond. As the UAE Central Bank works toward a nationwide open finance implementation, we are seeing a bold approach to financial connectivity that has the potential to redefine customer experience, innovation, and competition.

Unlike markets like the UK, where fintechs must build one-on-one connections with each bank, the UAE is pushing forward with a unique single API layer, a centralized model that grants seamless, unified access to multiple banks. This approach will streamline processes and accelerate innovation, allowing banks and fintechs alike to leverage data more effectively.

At Mashreq, we view open finance as an opportunity to rethink how banking fits into our customers’ lives. Through open APIs, financial services can be embedded directly into our clients’ systems and workflows, enabling a more intuitive, integrated approach to banking. Open finance is about creating ecosystems where customers have unprecedented control and convenience in managing their finances. Banks can develop new revenue streams and business models by offering hyper-personalized services that can be seamlessly integrated into everyday applications, making banking as accessible and relevant as a tap on a screen.

Yet with opportunity comes the inevitable challenge of commoditization. With data democratized and services more accessible, banks face the risk of competing solely on cost. But rather than viewing this as a drawback, we see it as a call to innovate. The key lies in differentiation: those who rise to the top in an open finance world will be the ones who offer unique experiences and build stronger, more personal relationships with clients.

Open finance opens the door to a competitive advantage for banks that prioritize client experience and are nimble enough to create offerings that stand out. The future of banking will be defined by customer-centric models that blend convenience, security, and a tailored experience.

It also fosters a new wave of partnerships between banks and fintechs, a symbiotic relationship that drives greater efficiency, agility, and customer insights. Through collaborative innovation, we can create solutions that were previously unimaginable, addressing needs in real-time and pushing forward with a future-ready approach to finance.

This transformation is part of a larger digital evolution in the banking sector, one that includes trends like instant payments and banking-as-a-service. The shift towards open finance is poised to reshape not only the UAE’s financial services landscape but also extend its influence across the region. Banks that can strategically navigate this transition will set the standard for what it means to be a truly customer-centric, innovative, and resilient financial institution.

Mohamed Abdel Razek

Group Head Technology, Information, and Transformation at Mashreq

Amna Al Akraf is du’s new Chief Internal Audit

State-owned telecoms giant du appointed Amna Al Akraf (Linkedin) as its new Chief Internal Audit, according to a press release. Al Akraf has over 14 years of experience in corporate governance, risk assessments, and internal audits, including a stint as director at Dubai’s Financial Audit Authority.

Fujairah Cement Industries promoted Senthilkumar Subramanian (LinkedIn) to acting Financial Manager, effective 3 January, according to an ADX disclosure (pdf).

Iraq taps Crescent Petroleum for gas

OIL AND GAS-

The Iraqi Cabinet gave the go-ahead to sign a contract with Sharjah-based Crescent Petroleum to secure 100 mn cubic feet of gas for its electric power plants, the Iraqi News Agency (INA) reports. The Iraqi Oil Ministry had awarded Crescent Petroleum the rights to two oil fields in 2023.

HEALTHCARE-

PureHealth-backed Ardent expands its presence in the US: US hospital operator Ardent Health Services, an affiliate of Abu Dhabi-based PureHealth, acquired 18 urgent care clinics in New Mexico and Oklahoma from NextCare Urgent Care, according to a press release. The move aims to boost capacity across Ardent’s network of clinics and emergency departments, the company’s CEO Marty Bonick said.

Remember- PureHealth acquired a 26.05% stake in Ardent for USD 500 mn back in September 2022.

CRYPTO-

UAE-based Web3 platform Klickl partnered with all-digital bank Zand to access its banking solutions, intending to facilitate business transactions and optimize financial management, Klickl said in a statement.

ICYMI- Zand received approval from Dubai’s Virtual Asset Regulatory Authority last month to offer digital asset custody services for corporate and institutional investors. Around the same time, Klickl raised USD 25 mn in an oversubscribed Series A funding round, valuing the company at USD 125 mn, with the fresh funds earmarked for global expansion, including the launch of Klickl Labs and Klickl Foundation.

FINETECH-

Global payment solutions provider Checkout.com will integrate its payment technology with homegrown fintech firm noqodi under a new partnership between the two, according to a statement from Checkout.com. The move aims to give noqodi users faster transaction times, expand payment options, and boost security.

INFRASTRUCTURE-

#1- Indian engineering firm Larsen & Toubro (L&T) will build a set of EHV substations in Dubai — including a 400/132kV facility — through its power transmission and distribution arm, it said in a press releas e. This comes as part of a new round of orders received for projects in Saudi Arabia, Kuwait, and India. L&T had secured contracts last year for two 400kV gas-insulated substations in Abu Dhabi and the sixth phase of Al Maktoum’s 1.8GW solar park.

#2- GBHIC x India’s RVNL to ramp up GCC civil infrastructure: India’s Rail Vikas Nigam (RVNL) inked an MoU with Dubai-based GBH International Contracting (GBHIC) to explore potential windows for collaboration in GCC countries’ civil infrastructure sectors, it said in a statement (pdf).

EUR stands to hit USD parity with the USD following Trump’s return

The EUR is teetering towards parity with the USD, Bloomberg reports citing numerous analysts who warn that the currency could drop further following US president-elect Donald Trump’s inauguration this month. “We’re not far off so it could happen very quickly,” senior strategist at BNY Geoffrey Yu said, adding that “parity is inevitable.”

Where we’re at: The EUR tumbled over 7% since September 2024, recently touching a more-than-two-year low at USD 1.0226. “Sentiment could not be worse,” head of G-10 FX spot trading at Nomura Antony Foster said. The EUR has hit USD parity a small handful of times in its 25 years of existence, Bloomberg notes, most recently in 2022 after Russia launched its invasion of Ukraine.

Options markets suggest a 40% chance that the EUR will hit parity with the greenback in 1Q 2025, with contracts targeting parity gaining over the last week. JPMorgan also expects that parity could be realized this quarter, with Wells Fargo expecting the threshold to occur during the second quarter. Other analysts expect it to happen as soon as this month.

What’s behind the approaching parity: Analysts including Bank of New York Mellon and Mizhuo point to mounting pressures on Europe which could find itself caught in the middle of a trade war following Trump’s move to the White House. Weak economic growth, aggressive ECB rate cuts compared to a slower approach by the Fed, and political instability also contribute to a bearish outlook on the EUR, Bloomberg explained.

The EUR’s falling value is also related to the strength of the USD, which has been rising over the past several weeks since Trump’s reelection. The USD’s rise is likely triggered in large part by Trump’s plans to impose broad tariffs on imports from several countries (including Canada, Mexico, and China), although the question of whether the currency rally will continue depends on whether Trump follows through on his campaign pledges.

MARKETS THIS MORNING-

Asian markets are broadly in the red in early trading this morning, with the exception of South Korea’s Kospi, which is firmly in the green. Hong Kong’s Hang Seng Index is down more than 0.6%, mainland China’s CSI is down 0.8%, and Shanghai is also down 0.4%. The Kospi is bucking the trend so far and is up 1.3%.

Futures suggest a more positive open for Wall Street later today, with futures for the Dow Jones, S&P 500, and Nasdaq all in the green despite all three indexes falling at the end of trading yesterday.

ADX	9,439	+0.1% (YTD: +0.2%)
DFM	5,214	+0.5% (YTD: +1.1%)
Nasdaq Dubai UAE20	4,246	+0.7% (YTD: +2.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.3% 1 yr
TASI	12,113	+0.1% (YTD: +0.6%)
EGX30	29,930	-0.8% (YTD: +0.6%)
S&P 500	5909	-1.1% (YTD: +0.5%)
FTSE 100	8245	-0.1% (YTD: +0.9%)
Euro Stoxx 50	5012	+0.5% (YTD: +2.4%)
Brent crude	USD 77.05	+1.0%
Natural gas (Nymex)	USD 3.46	+0.2%
Gold	USD 2665	+0.7%
BTC	USD 96,505.20	-5.1% (YTD: +3.4%)

THE CLOSING BELL-

The ADX rose 0.1% yesterday on turnover of AED 1.3 bn. The index is up 0.2% YTD.

In the green: Aram Group (+14.8%), Hily Holding (+9.8%) and Eshraq Investments (+5.0%).

In the red: Oman & Emirates Investment Holding Co. (-9.9%), Commercial Bank International (-5.3%) and Al Khaleej Investment (-4.8%).

Over on the DFM, the index rose 0.5% on turnover of AED 811.7 mn. Meanwhile, Nasdaq Dubai rose 0.7%.

CALENDAR

JANUARY

7-9 January (Tuesday-Thursday): The Arab Plast International Trade Fair for Plastics, Recycling, Petrochemicals, Packaging and Rubber Industry, Dubai International Convention and Exhibition Center, Dubai.

7-9 January (Tuesday-Thursday): Dubai International Pharma & Technologies Conference and Exhibition, Dubai World Trade Center.

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

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

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

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

14 January (Tuesday): ADSW Opening Ceremony, Abu Dhabi National Exhibition Centre (ADNEC).

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

FEBRUARY

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Signposted to happen sometime in 1Q 2025:

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

MARCH

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

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

APRIL

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

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

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

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

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

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

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

Signposted to happen sometime in April:

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

MAY

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

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

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

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

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

30 May (Friday): Arafat Day.

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

JUNE

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

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

JULY

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

SEPTEMBER

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

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

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

OCTOBER

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

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

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

NOVEMBER

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

DECEMBER

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

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

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

Signposted to happen sometime in 2025:

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

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.

Signposted to happen sometime in 2026:

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

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