Debt markets open back up in the wake of the ceasefire

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Dubai now has an air taxi station + Energy infrastructure repair bill balloons to USD 58 bn

A very good morning and happy FRIDAY to you all. We’re feeling cheery because today is very much a good news type of day.

Iran and the US seem likely to extend the ceasefire set to expire next Wednesday, with talks pointing to an extension that gives both sides time to iron out details for a comprehensive peace agreement.

While that could take months — maybe up to six, sources in the know say — it at least avoids a return to conflict and offers a glimmer of hope that an interim agreement over the Strait of Hormuz could come soon.

Global markets are cheering the news and feeling very optimistic — a bit too optimistic, policymakers say, as we write in this morning’s Planet Finance, below.

On the home front, debt markets also seem to be thawing, with analysts telling us spreads are tightening close to pre-war levels. Debt facilities for which bookbuilding had started before the war crossed the finish line, with Abu Dhabi developer Aldar raising a AED 5 bn revolving credit facility from a group of local, regional, and Asian banks.

Plus: Abu Dhabi continues its M&A spree despite the backdrop, with National Holding’s Emirates International Investment Company acquiring a stake in Joe & the Juice.

In slightly less positive news, BMI is the latest to slash the UAE’s growth forecast to 1.4% this year — provided the war lasts through May.

PSA

Schools might be back next week, but you won’t be seeing any buses on the road: The Education Ministry is delaying the operation of school buses for now despite the return to in-person learning, according to an X post. The ministry said the delay is meant to ensure that transport systems are ready and fully aligned with safety standards. The suspension will be reviewed on a weekly basis with the relevant authorities.

The Federal Tax Authority is slashing a roster of admin and tax compliance-related penalties by more than half in a move aimed at boosting voluntary tax compliance and improving the ease of doing business in the UAE, state news agency Wam reports. The changes, which took effect on 14 April, cover violations across VAT, excise tax, and broader tax procedures, with a clear tilt toward leniency for first-time and corrected errors.

Fines cut across the board:

Failing to provide Arabic-language records upon request now carries a AED 5k fine, down from AED 20k;
Failure to notify the authority of changes to tax records is penalized at AED 1k per violation (compared to AED 5k earlier), rising to AED 5k (down from AED 10k) for repeat offenses within 24 months;
Legal representatives who fail to inform the authority of their appointment will now face an AED 1k penalty instead of AED 10k — paid out of their own funds.

Encouraging voluntary compliance: The FTA also revised penalties related to late payments, incorrect filings, and voluntary disclosures — including cases where taxpayers correct errors before or after being notified of an audit. The overhaul is designed to incentivize businesses to come forward and fix mistakes early without facing outsized financial consequences.

WEATHER- Look for highs of 30-31°C and a low of 22°C in Dubai and Abu Dhabi today, along with breezy conditions, according to our favorite weather app.

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TRANSPORT — We now have an air taxi station: Dubai’s first air taxi station, located near Dubai International Airport, has been completed and is ready for operation, according to a statement from Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum. The station has two air taxi landing pads, and can serve 170k passengers a year, according to a separate statement.

REMEMBER- Dubai is preparing for the launch of air taxis at the end of this year, with Joby Aviation completing its first crewed eVTOL aerial taxi flight in 2025, and selecting sites for more vertiports across Dubai, including near the American University in Dubai, Atlantis the Royal, and Dubai Mall — all set for launch in 2026. The vertiports will be developed by UK-based Skyports Infrastructure.

REAL ESTATE — Ora Developers is doubling down on Ghantoot, buying up an additional 4.8 mn sqm from Modon Holding and bringing its total land bank in the area to 9.6 mn sqm, state news agency Wam reports. The Egyptian developer said the additional land will drive total committed investments to AED 30 bn upon its development. The statement does not clarify whether the land will be used for the Bayn project.

Background: Ora is developing Bayn, a USD 10 bn project along the Ghantoot coast between Dubai and Abu Dhabi, which will be delivered in phases. The developer set up its headquarters in Abu Dhabi in April 2025.

HOME FINANCING — Buying certain properties off-plan in Dubai is going to look a lot more like buying ready property, with mortgages now entering the process much earlier than before. Dubai Holding and Emirates NBD are rolling out a model that lets eligible buyers secure financing at the booking stage instead of waiting until handover, according to a press release.

A closer look: The arrangement will apply to projects by Meraas, Nakheel, and Dubai Properties, embedding mortgage options directly into the sales journey.

This comes at a critical time: Not only has off-plan come to dominate the market, accounting for a big chunk of sales (around 30%) in the property market in 1Q 2026, but the move also comes against the backdrop of a cooling property market, potentially encouraging more buyers to pull the trigger on planned purchases.

FINANCE — We have more details on how Dubai is loosening the rulebook as conflict disruption tests its hedge fund pitch. The Dubai Financial Services Authority (DFSA) is easing requirements tied to where portfolio managers are licensed, allowing some to operate from outside the UAE on a temporary basis, Bloomberg reports, citing people familiar with the matter.

We’ve already noted that the authority is pushing reporting deadlines back, relaxing authorization timelines, and easing remote work rules for staff in a bid to reduce friction while firms navigate this era of staff relocations and remote work setups.

It’s a deliberate break from the usual crisis instinct, what Bhaskar Dasgupta, a board member of regulated funds across Dubai and Abu Dhabi, described as a “structured pause.” The approach signals flexibility without compromising regulation, which could matter if firms start weighing Dubai against other hubs.

Dubai’s hedge fund momentum is being stress-tested. The city has spent years attracting global players like Exodus Capital Management and Balyasny Asset Management, but the regional conflict weighed on sentiment. Some traders left in the early days amid security concerns. Still, firms like Millennium Management and Hudson Bay Capital Management, as we’ve previously reported, have publicly reaffirmed their commitment to the UAE.

Data point

USD 58 bn — that’s the updated bill for repairing energy infrastructure across the Gulf from war-related damage, according to Rystad Energy. Oil and gas facilities alone account for USD 30-50 bn, while non-hydrocarbon infrastructure adds further USD 3-8 bn.

The estimate more than doubled from USD 25 bn just three weeks ago, reflecting the expanded scope of damage prior to the recent ceasefire. Rystad now sets the midpoint for total restoration costs at USD 46 bn.

A supply chain squeeze: The key constraint is not funding but access to equipment, contractors, and logistics, with recovery timelines already diverging by asset and country. Facilities with limited damage, existing contractor presence, and modular repair needs have returned within weeks, while assets requiring core process-unit rebuilds or long-lead equipment remain in assessment stages, with timelines stretching into years.

That is also starting to crowd out new project execution, as developers prioritize restoring existing production over advancing greenfield developments — pulling engineering, equipment, and logistics away from projects already underway. “Repair work does not create new capacity; it redirects existing capacity, and that redirection will be felt in project delays and into inflation far beyond the Middle East,” Senior Analyst at Rystad Energy Karan Satwani said.

The big story abroad

The good news taking up the attention of most business press this morning is the likelihood of an agreement between the US and Iran — and news of a 10-day ceasefire between Israel and Hezbollah. US President Donald Trump said things are “looking very good” for the countries to reach an agreement, and that talks are expected to resume soon. The last round of talks taking place last weekend had been inconclusive, with differences appearing over Iran’s nuclear program.

In business news, Netflix’s earnings and the resignation of co-founder and chairman Reed Hastings is getting plenty of play. The streaming provider’s forecast for earnings growth fell short of analyst expectations, sending its shares tumbling 9% in after hours trading.

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Market watch

Stocks of refined oil products at Fujairah port fell below 10 mn barrels — the lowest level in at least nine years, according to Reuters. Meanwhile, heavy fuel inventories at the port dropped to 3.91 mn barrels in the week to 13 April, Reuters reported separately.

Bunker sales fell off a cliff amid disrupted flows, reaching a record low of 158.9k cbm in March, down more than 70% m-o-m. The market is likely to remain constrained into April, with slow demand and limited cargo availability.

REMEMBER- This is a logistics problem masquerading as an energy crisis. The hit at Fujairah highlights a broader shift in global bunkering, breaking the link between fuel supply and access to fuel at the right place and time. As the closure of Hormuz forced vessels to reroute toward alternatives like Singapore, demand has concentrated into fewer bunkering hubs. Check out our deep dive into global bunkering here.

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Regional debt markets edge back from the brink

Are regional debt markets thawing? We may be turning a corner on sky-high spreads after a war risk premium that has crept into regional notes since the outbreak of the war. While borrowing costs haven’t fully retreated to pre-war levels, analysts tell EnterpriseAM the market has grown out of a defensive crouch and into a cautious bid-only rally.

“[Spreads] have tightened significantly. We're not back at pre-war levels yet, but we're pretty close on high-yield and investment-grade names,” Zeina Rizk, partner and portfolio manager at Amwal Capital, tells EnterpriseAM. This is a sharp reversal from early April, when Rizk told us that market jitters made it nearly impossible to build order books without offering “meaningful concessions.”

Today, sentiment has flipped. “It looks like there is appetite in the market and [liquidity] is being put to work,” she says.

This comes as part of a broader market recovery (read: this morning’s Planet Finance, below) that has also seen equities rally across the world on optimism that the ceasefire might be extended or turned into a permanent end to the war.

The market hasn’t fully shaken off the risk: A 20-30 bps “geopolitical cushion” remains, “given the fragility of the situation and broader uncertainty in global rates,” Sarah Alyasiri, financial strategist at CFI Financial Global — who accurately predicted that spreads would tighten quickly in a de-escalation scenario — tells us. “The key driver now is not just geopolitics, but also the rates backdrop,” she said. Meanwhile, Rizk noted that it’s too early to quantify the risk premium.

The logic is circular: Higher oil prices, driven by the conflict’s tail-end, could keep inflation sticky, forcing central banks to delay rate cuts — or worse, hike them — which regional issuers have been banking on for 2026.

Call it a side door

“We haven't seen issuers come to market in a normal roadshow,” but sovereigns are aggressively tapping private placements, Rizk tells us. In the last 10 days alone, we’ve seen a flurry of investment-grade activity in Abu Dhabi, Kuwait, and Qatar, which Rizk noted were “flat to the curve, so they did not have to pay up.”

Abu Dhabi has now raised USD 4.5 bn through private debt placements, with the latest USD 2 bn placement taking place this week at a coupon of 4.6%, according to the Financial Times. The issuance was arranged by Goldman Sachs.

“Primary markets need more stability [...] I don’t expect a quick rebound in issuance,” Muhammad Ahsan, senior head of treasury, global markets, investment banking, and international business at Bank Nizwa said. He added that primary activity “will take some more time to revive.” Both Ahsan and Rizk agreed that clarity and durability are key for primary debt markets to fully reopen.

The waiting game

Not everyone is rushing back to the trough. While top-tier sovereigns and energy giants can now move, Saudi gigaprojects, developers, and more leveraged infrastructure firms are still in wait-and-see mode, Alyasiri says. She previously identified these sectors as the “most sensitive” to pricing strikes due to their reliance on phased issuance.

The good news? They have a buffer: Many of these entities — corporates, banks, and real estate developers — front-loaded their 2026 needs during a massive debt spree in 4Q 2025 and early this year, Ahsan previously told us. “[They] are not under immediate funding pressure and prefer to delay issuance rather than lock in higher costs, so the market is reopening but in a selective and gradual way,” Alyasiri said.

The most dangerous trap right now is a lack of differentiation

Current pricing doesn’t distinguish between the strong and weak quasi-sovereign balance sheets, Alyasiri says. The market is currently operating on the assumption that “implicit government support” is a blanket guarantee — an assumption she previously warned would be tested if global liquidity stayed tight.

A selective repricing is looming: “While the ceasefire reduces immediate pressure, it does not fundamentally change the underlying risk dynamic — it just postpones it,” she added. For now, the region is enjoying a post-war honeymoon, but for the debt markets, the real price of money is still being decided.

Some developers are locking in funding, though

Abu Dhabi developer Aldar raised AED 5 bn from banks: ADX-listed developer Aldar Properties secured a AED 5 bn sustainability-linked revolving credit facility, marking one of the largest corporate debt facilities to close in the GCC since the outbreak of the Iran war, it said in a bourse filing (pdf).

Started early, but stayed on track: Bookbuilding kicked off in February and “progressed in line with the original plan,” Group Chief Financial and Sustainability Officer Faisal Falaknaz said in the statement, defying a two-month period of extreme market jitters.

Details: The five-year senior unsecured loan consists of AED, USD, and shariah-compliant tranches, marking Aldar’s return to bank funding post-ceasefire. The latest facility brings the developer’s total liquidity to AED 38.2 bn, including a massive cashpile of AED 13.9 bn.

IN CONTEXT- While parts of the real estate credit stack tipped into distress last month, Aldar remained largely insulated, likely due to its solid liquidity and outlook. Aldar’s links to the Abu Dhabi government, which plays a big role in supporting its Baa2 rating, also underpinned its resilience.

It wasn’t the only one to close in the past couple of months: Emirates NBD also locked in a USD 2.5 bn syndicated loan from banks across Europe, the US, and Asia earlier in March.

BACKGROUND- The developer already tapped the debt markets a couple of times this year. It raised a USD 1 bn hybrid debt issuance in January and another USD 1 bn in February to buy back USD 500 mn in older perpetual notes held by Apollo in Aldar’s investment arm, Aldar Investment Properties.

A good mix of local, regional and Asian institutions: The latest facility drew interest from 10 local, regional and international names, including Abu Dhabi Commercial Bank, Al Ahli Bank of Kuwait, Arab Bank for Investment and Foreign Trade (Al Masraf), Commercial Bank of Dubai, Dubai Islamic Bank, Emirates Islamic, Emirates NBD Bank, First Abu Dhabi Bank, Industrial and Commercial Bank of China, and Sumitomo Mitsui Banking Corporation.

Prolonged regional conflict could drag UAE growth to 1.4% as BMI slashes GCC outlook

The UAE’s GDP growth could plummet to about 1.4% in 2026 if the US-Iran war extends through May without a diplomatic breakthrough, Fitch Solutions' Research Unit BMI MENA Country Risk Senior Analyst Mariette Kas-Hanna said in a webinar attended by EnterpriseAM. This marks a massive downgrade from the agency’s previous forecast of 5%.

^ That’s still better than Goldman Sachs’ forecast of a 5% contraction if the war lasts through the end of the month.

Growth across the GCC has been slashed to 1.9% for 2026, down from a previous estimate of 4.8% and from 4.4% in 2025. The revision is primarily due to the region’s high exposure to disruptions in the Strait of Hormuz. “Any sustained disruption would affect not only energy exports but also non-energy exports, re-exports, and imports,” Kas-Hanna explained.

The UAE loses about half of its oil production if the war continues, putting it in a better position than other Gulf countries like Kuwait and Qatar since it’s able to reroute its exports through the Fujairah pipeline, according to BMI's Head of MENA Country Risk Ramona Moubarak. This allows the country to maintain a critical revenue stream from hydrocarbons that peers lack.

By the numbers: The UAE’s revenues are down 2.6% to USD 6.58 bn y-o-y in March, according to Kpler data cited by Reuters.

MENA at a standstill: The broader MENA growth outlook has been dragged down by 2.9 percentage points to just 1%, “making it the slowest growing region globally,” Kas-Hanna noted. This aligns closely with recent IMF projections placing MENA growth at 1.1%, though the Fund remains more optimistic about the UAE, forecasting 3.1% growth.

The regional outlook is currently split between a 55% “extend to end” base case and a 45% “extend to escalate” scenario, Moubarak explained. Under the base case, hostilities are contained through April, leading to a diplomatic framework as both the US and Iran seek to avoid the structural costs of a full-scale war, and Brent would average about USD 78 / bbl.

In a more severe escalation scenario, oil prices could spike to as high as USD 150 / bbl in a “level 3” case involving an uncontrolled, prolonged war that inflicts structural damage on energy infrastructure. Under “level 1” and “level 2” scenarios, which would see Houthi-led disruptions in Bab Al Mandeb and temporary closures of key maritime chokepoints, prices would likely range between USD 115-130 / bbl, Moubarak explained.

Abu Dhabi loves a Tunacado

EIIC takes a bite out of Joe & the Juice: Abu Dhabi-based Emirates International Investment Company (EIIC) acquired a minority stake in Copenhagen-born high-end juice and coffee chain (and home of the famous Tunacado) Joe & The Juice, according to a press release (pdf). The transaction valued the business at USD 1.8 bn.

It’s business as usual here: The move points to continued outbound M&A by Emirati investors which appear to be in buy mode, snapping up stakes in global brands with high regional resonance, even during times of geopolitical unrest.

EIIC? EIIC is the investment arm of National Holding, a heavyweight player with a deep footprint in UAE retail and hospitality. It holds stakes in Talabat, Lulu Hypermarket, Abu Dhabi National Hotels, and more.

What’s next: “Joe will leverage National’s expertise in scaling international consumer and hospitality brands,” the company told EnterpriseAM in an emailed statement. They declined to comment on the size and value of the stake.

Who else sits at the cap table: Global growth equity firm General Atlantic, which manages some USD 118 bn in assets including Huda Beauty’s spun-off fragrance business Kayali, will remain Joe & the Juice’s majority shareholder.

By the numbers: Joe & The Juice posted USD 500 mn in revenue last year, and operates over 480 stores across 23 markets across North America, Europe, and Asia in addition to the Middle East.

More progress with China, another Open Finance milestone for ADIB, Edge explores more defense cooperation in Brazil, and Barings opens Abu Dhabi office

China’s Jereh to develop integrated energy-industrial platform in the UAE

Chinese industrial player Jereh Group plans to establish an integrated clean energy and industrial platform combining small modular reactors (SMR) with battery materials manufacturing in the UAE under an MoU with the Investment Ministry, according to a press release.

The plan: Jereh will deploy SMRs to generate baseload, zero-carbon power, which will feed a plant manufacturing 100k tons of anode material per year, alongside lithium battery recycling capacity. By tying power generation into industrial use, the model sidesteps some of the intermittency and security concerns that have come into sharper focus since the conflict put regional energy infrastructure under pressure.

ICYMI- This builds on momentum from earlier this week, when the UAE and China signed 24 agreements covering hydrogen, energy storage, and EVs, alongside plans for joint investment platforms and cross-border funds.

ADIB levels up in open finance

Abu Dhabi Islamic Bank (ADIB) has become the first bank in the UAE to be licensed as a third party provider (TPP) under the Central Bank’s AlTareq open finance initiative, Wam reports. The move follows ADIB’s earlier rollout of open finance as an early adopter and the first Islamic lender in the space, as we’ve previously covered.

Need a deeper refresher? Launched in 2024, AlTareq enables customers to share data and initiate payments via licensed third parties using APIs. The ecosystem is already taking shape, with fintechs Lean Technologies and Ziina executing the first customer-initiated transaction, and lenders including Commercial Bank of Dubai and First Abu Dhabi Bank joining the network.

What the TPP license changes: It moves ADIB from participant to a platform enabler, allowing it to aggregate customer-permissioned data across banks. That, in turn, lets it build services on top and offer users a single, consolidated view of their finances.

Edge extends Spain defense tie-up to Brazil

UAE defense group Edge is expanding its radar push in Latin America, signing an MoU with Spanish information technology firm Indra Group to explore developing and producing next-gen radar systems in Brazil, Wam reports.

IN CONTEXT- Edge is already leaning into Spain for defense cooperation. It previously partnered with Indra Group to set up a manufacturing entity in Spain for loitering munitions and smart weapons. The group also signed a USD 1.5 bn pipeline with Spain’s EM&E to localize weapons production in the UAE.

Barings opens an Abu Dhabi office

US-based investment management firm Barings has opened an office in ADGM in a bid to deepen its Gulf presence and strengthen relationships with sovereign wealth funds, institutional investors, and family offices across the region, state news agency Wam reports.

This is another vote of confidence for Abu Dhabi: Even though Barings had already signalled plans last year to establish an Abu Dhabi presence, following its Dubai entry in 2024, the timing of the announcement and the “reaffirmation” of its “commitment to the Middle East and our belief in the region’s growth trajectory” is notable considering the wider environment of regional tensions.

Barings is one of many setting up shop recently, including US-based Bain Capital, private equity firm Hillhouse Investment Management, and Swiss asset manager Finreon.

Is the war over? Markets seem to think so…

Optimism spreads across markets amid hopes for an extended ceasefire: US stocks hit an all-time high on Wednesday and continued to climb yesterday as investors cheered hopes of an extended ceasefire. The Nasdaq 100 has climbed for 12 consecutive days, marking its longest streak of gains since 2017, Bloomberg reports. Regional markets have also continued to rally, with the DFM and the ADX slowly inching closer to pre-war levels, while Asian markets have started to recoup earlier losses.

The main reason? Signs that negotiations might lead to a permanent ceasefire. Despite there being no set date yet for the second round of talks, reports of a possible extension of the two-week ceasefire — and other reassuring signs that negotiations will be resuming — have helped calm market jitters.

Even options traders are now racing to position for gains in tech stocks, after earlier sell-offs left them underexposed. Tech stocks, in particular, are currently undervalued, with the premium for the Magnificent Seven narrowing to near eight-year lows in comparison to the broader S&P 500.

A part of this could also be that markets priced in a lot more than what has actually happened earlier in the conflict, CNBC’s Jim Cramer said. The fact that interest rates have not spiked as some had expected has helped reassure investors, he added.

But policymakers believe markets are underestimating the potential fallout of the war — even if it ends soon. When asked if markets need to be more wary, IMF chief Kristalina Georgieva said: “I would argue, yes, because what we see in supply chain disruptions is already quite significant.”

The issue is not just what’s happening right now, but the economic fallout expected after the war concludes, which, according to economists, will be severe. The IMF just this week slashed its global growth forecast by 0.3 percentage points and hiked its inflation forecast by 0.7 percentage points.

MARKETS THIS MORNING-

Asian markets didn’t get the optimism memo, opening lower and bucking a wider rally across equity markets. Japan’s Nikkei and Hong Kong’s Hang Seng both fell 0.9%, while South Korea’s Kospi is down 0.2%. Over on Wall Street, futures gained marginally.

ADX	9,918	+0.3% (YTD: -0.8%)
DFM	5,930	+1.1% (YTD: -1.9%)
Nasdaq Dubai UAE20	4,785	+0.3% (YTD: -2.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.5% o/n	4% 1 yr
TASI	11,554	-0.3% (YTD: +10%)
EGX30	51,438	+1.4% (YTD: +22.8%)
S&P 500	7,041	+0.3% (YTD: +2.9%)
FTSE 100	10,590	+0.3% (YTD: +6.6%)
Euro Stoxx 50	5,933	-0.1% (YTD: +2.4%)
Brent crude	USD 98.05	-1.4%
Natural gas (Nymex)	USD 2.67	+0.8%
Gold	USD 4,813	+0.1%
BTC	USD 75,046	+0.1% (YTD: -15.4%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.6	0.0% (YTD: -1.9%)
S&P MENA Bond & Sukuk	151.59	-0.0% (YTD: -0.2%)
VIX (Volatility Index)	17.94	-1.3% (YTD: +20%)

THE CLOSING BELL-

The DFM rose 1.1% yesterday on turnover of AED 1.6 bn. The index is down 1.9% YTD.

In the green: Gulfnav (+15%), BHM Capital (+8.6%), and Al Mal Capital REIT (+6.7%).

In the red: Sukoon Takaful (-4.9%), Union Coop (-4.7%), and Al Mazaya Holding (-4.7%).

Over on the ADX, the index rose 0.3% on turnover of AED 1.6 bn. Meanwhile, Nasdaq Dubai was up 0.3%.

From FMCG multinationals to a “homegrown” consumer brand investor

Nader Amiri (LinkedIn) has spent most of his career inside the consumer machine, from FMCG giants like Unilever and Coca-Cola to building and exiting his own grocery startup El Grocer. Now, he’s on the other side of the table, backing the next wave of brands coming out of the region.

As general partner at Homegrown Ventures, Amiri is focused on a gap he says has long existed in MENA: hands-on support for founders in the FMCG space. The firm has recently closed an oversubscribed USD 22.8 mn fund to back “better-for-you” consumer brands, as part of a broader wager that local brands are no longer niche but gaining structural ground.

Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of business questions just for good measure. This week, we spoke with Amiri about the rise of homegrown brands, what’s driving the shift, and how he structures his day. Edited excerpts from our conversation:

EnterpriseAM: Take us back to the start. What led to the creation of Homegrown Ventures?

Nader Amiri: After exiting my startup and transitioning the business, I started thinking about what’s next. My partner Ahmad and I were constantly speaking with founders, and we realized there’s a fundamental gap in the market when it comes to supporting founders in the FMCG space.

Founders would approach us for funding or support, and that led us to ask: why weren’t they going to funds, ventures, incubators, or accelerators? We quickly learned that kind of specialized support doesn’t really exist in MENA, let alone in the UAE. So we thought, having gone through the experience of being operators and founders in the sector ourselves, maybe we could be the spark for the ecosystem and help founders get the fuel they need to accelerate their businesses.

E: What are you seeing on the ground when it comes to local brands gaining share? What’s driving that shift?

NA: We’ve been amazed. The shift started during Covid and has been building up since then. Covid broke a lot of what we call autopilot behaviors. Before it, we were used to shopping and buying certain things in certain ways. Then people were stuck at home, trying new platforms and discovering new products.

That’s when people started discovering local brands and trying to support the local community. Given wider geopolitical developments across the region, that evolved into a bigger shift toward homegrown brands. It became more of a community movement, with people realizing there are a lot of great, high-quality, modern brands coming out of the region that are better suited to our taste and that understand our behaviors better.

E: What about when supply chain disruptions — like the ones happening now — hit? What happens then, for local brands especially, and what’s hardest to localize?

NA: There is still a heavy reliance on imports — for finished goods as well as raw materials and packaging. But we saw brands face challenges in the first couple of weeks and then start finding alternative routes, whether through Oman, Saudi, or air freight. It might cost more, but the demand didn’t stop. Interestingly, the ones that acted faster were the ones that captured more share — and that was especially true for local brands. They had their finger on the pulse and were able to react faster.

E: What convinced you this is the right moment to back “better-for-you” consumer brands?

NA:Part of it is personal. We want to back products we actually believe in and would give to our families. So, we decided to put our money where our mouth is and back purpose-driven businesses.

Another factor was looking at the trends. Since Covid, people have become much more aware of what they’re eating — becoming more conscious about ingredients and proactively choosing to switch whenever they can. It’s still not a mass market yet, but consumers are increasingly looking for products that prioritize health and wellness.

The challenge has been accessibility and awareness, but once people discover these products, they become regular customers almost immediately.

E: Do you see this shift to local brands as structural, or could it reverse?

NA: In the last three or four situations globally or regionally, we’ve only seen it increase at every juncture. The only factor in favor of multinationals is scale (of pricing, distribution, and awareness), which local brands still need time to build. But once people find them, the conversion, adoption, and loyalty rates are higher. So we see it as a mid- to long-term trend that, overall, is going up.

E: Does the current regional backdrop change how you invest?

NA:Not much, to be honest. Maybe to a certain extent, we’re just looking more closely at which categories are more resilient. In these moments, people tend to turn toward simpler indulgences like personal care or food, so we look at which products have been more resilient and decide whether to double down on those or invest in new ones in similar categories.

E: Switching gears now — what does your morning routine look like?

NA: I’m a morning person. I usually get up around 5am, do some light exercise like walking or having a light gym session, and then fit in a bit of meditation — even if it’s just 10-15 minutes to disconnect the mind. I have five cats, so I need to spend some time with them; otherwise, they won’t let me work for the rest of the day.

I start my workday at 7am, and the first two hours are for planning, strategizing, and deep work. I follow the “eat the frog” concept, doing the most difficult thing in the morning when you have the mental bandwidth and fewer interruptions. After that, meetings usually start from 9, and the rest of the day goes from there.

E: What does a typical workday look like once things get going?

NA: It’s a mix of supporting portfolio companies, evaluating new investments, and staying close to what’s happening in the ecosystem by speaking with retailers, distributors, and consumers to understand behavior on the ground. We also spend time thinking about the broader ecosystem — not just individual companies, but where the structural gaps are and how we can help address them.

E: What’s next for you, personally and professionally?

NA:Personally, I look forward to a summer holiday. I don’t know where, how, or when, but hopefully sometime soon — we all deserve it after the months we’re going through.

Professionally, we just closed the fund, and we are oversubscribed, so we have a larger pool of funds that we’re looking to deploy. The focus now is on accelerating that deployment and selecting which four or five prospects we get into this year. At the same time, it’s about supporting our portfolio companies in a deeper way and leveraging AI more and more for building teams and expertise from the ground up in a more productive and agile way.

Nader’s recommendations

What he’s reading: Antifragile by Nassim Taleb, a book on how systems can benefit from disorder and chaos. “The more time passes, the more relevant it becomes,” Nader said.

Best advice he’s received: Design for success.

CALENDAR

APRIL

20-22 April (Monday-Wednesday): Abu Dhabi Global Entrepreneurship Festival, Abu Dhabi Energy Center, Abu Dhabi

21 April (Tuesday): FAO Regional Conference for the Near East (NERC38), Al Ain.

28-29 April (Tuesday-Wednesday): Innovation Summit Middle East & Africa, Abu Dhabi.

MAY

4-8 May (Wednesday-Saturday): Make It in the Emirates, Adnec Center, Abu Dhabi.

8-24 May (Saturday-Sunday): Dubai Esports and Games Festival, Dubai.

11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center, Abu Dhabi.

11-15 May (Monday-Friday): Dubai Future Finance Week, Dubai.

12-14 May (Tuesday-Thursday): Abu Dhabi Infrastructure Summit, ICC Hall, Adnec Center, Abu Dhabi.

19-20 May (Tuesday-Wednesday): Capital Market Summit, Madinat Jumeirah, Dubai.

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

20-21 May (Wednesday-Thursday): Arab Competition Forum, Dubai.

JUNE

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

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

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

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

JULY

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

AUGUST

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

SEPTEMBER

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

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

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

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

OCTOBER

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

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

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

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

NOVEMBER

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

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

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

DECEMBER

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

Signposted to happen in 2026:

Investopia Global Talks, Tashkent;
Investopia, Abu Dhabi.

Signposted to happen sometime in 2027:

1 January: Deadline for large businesses to implement e-invoicing;
1Q 2027: Completion of the first phase of Hassyan seawater desalination project;

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

Signposted to happen sometime in 2028:

Artificial Intelligence Summit.

Signposted to happen sometime in 2029:

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

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