Dewa takes more of Empower

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Emirates NBD tightens pricing on green notes + DXB had another record year

Good morning, everyone. Our big news today is all about Dubai’s state-linked giants’ shifting portfolios after an AED 5.2 bn agreement involving Dewa, Dubai Holding, and Empower. Moody’s has good news for our banks, whilst the latest from S&P Global seems to say the diversification drive is paying off. Also, Mubadala is upping its focus on pharma.

Plus: There’s a reshuffle on MSCI’s indexes, Emirates NBD priced its USD 500 mn green bond, and DXB was busy setting records last year. The DIFC has a new tenant, Jafza is getting a new spare-parts hub, Aster is expanding, and we have some fresh (capital for) produce. And of course — earnings. Many, many earnings.

Happening today

It’s the final day of the US Chamber of Commerce’s AI Acceleration business delegation’s visit to the UAE. The delegation includes some 35 companies and 45 delegates, comprising a range of multinational “giants” as well as smaller SMEs and startups with unique propositions, US Chamber of Commerce’s VP of Middle East Affairs Steve Lutes recently told EnterpriseAM UAE.

On the agenda: The talks are aimed at taking US-UAE AI ties to the next level, with a focus on AI applications and the diffusion of AI across both economies, Lutes said. The goal is to facilitate conversations and partnerships between AI-adopting companies — in sectors like healthcare, energy, and finance — and technology providers capable of driving greater efficiency and productivity across those industries, he added.

Also happening today:

The World Health Expo wraps up at the Dubai Exhibition Center.

WEATHER- The pleasant summer weather is here to stay, with the mercury in Abu Dhabi reaching a peak of 30°C today, before cooling to an overnight low of 17°C, while Dubai will see a high of 29°C and a low of 18°C.

Watch this space

In MSCI’s latest reshuffle — Air Arabia climbs, 2PointZero exits: MSCI’s latest emerging markets review upgraded Air Arabia to the Global Standard Index and removed 2PointZero from the benchmark. Lulu Retail and Alec Holding were newly added to the Small Cap Index, while Americana Restaurants was downgraded from Global Standard to Small Cap.

Mechanics explained: MSCI’s semi-annual reviews recalibrate constituents based on liquidity, market cap, and freefloat — technical filters that can reroute passive capital quickly. Upgrades often draw fresh inflows from index-tracking funds, while deletions and downgrades trigger automatic portfolio rebalancing.

DEBT — Emirates NBD priced its EUR 500 mn, five-year green bond at mid-swaps plus 77 bps after order books topped EUR 1.3 bn, tightening sharply from the mid-swaps plus 100-105 bps guidance at launch, Zawya reports. The Reg S-compliant notes, issued under the bank’s USD 20 bn EMTN program, will list on Euronext Dublin and Nasdaq Dubai.

ADVISORS- Emirates NBD Capital, HSBC, Barclays, BNP Paribas, Crédit Agricole CIB, and ING served as joint lead managers and handled bookrunning duties.

ECONOMY — The UAE is entering 2026 with an AA/Stable/A-1+ credit rating, underpinned by a diversification drive that has effectively de-risked its economy from the whims of Brent crude, according to S&P Global. As 75% of its GDP now comes from non-oil sectors, the highest diversification level in the GCC — surpassing Saudi Arabia’s 71% — the UAE has reached a new milestone in economic decoupling.

The culprits: The UAE is emerging as a significant draw for talent, with Dubai and Abu Dhabi expected to see the region’s highest population growth due to an influx of expatriates. This is concurrently making the country a key location for substantial data center development. Consequently, telcos and digital infrastructure providers are seeing increased capital expenditure as they adjust their strategies to capitalize on rising demand driven by AI.

Dubai real estate is cooling off: While Dubai’s developers continue to benefit from an active market supported by both domestic and international investors, S&P forecasts a market slowdown over the next one to two years as property supply eventually meets the current demand.

CRYPTO — Say hello to the latest AED-backed stablecoin: The Central Bank of the UAE gave IHC, Sirius International Holding, and First Abu Dhabi Bank (Fab) the green light to launch DDSC — an AED-backed stablecoin that operates on the ADI blockchain. The move has been in the works since April 2025.

Entering its operational phase, DDSC will provide Fab customers with payments and collections services, high-value settlement and treasury operations, trade and supply-chain flows, and programmable financial services for regulated entities.

Data point

95.2 mn — that’s the number of travelers who came to Dubai International Airport (DXB) last year, up 3.1% y-o-y and setting an international record for passenger traffic, state news agency Wam reports. Consistently high year-round levels drove results, with December as usual the busiest month at 8.7 mn visitors, including both arrivals and transit passengers at DXB. This made last year’s 4Q the busiest on record. Overall, 19.6 mn tourists came to Dubai last year.

China saw a significant resurgence as a source of visitors, with some 16.6% y-o-y more passengers coming in at 2.5 mn. India continued to dominate as the airports’ top market leader with 11.9 mn guests, followed by Saudi Arabia closely at 7.5 mn.

This year, DXB expects to edge closer to the 100 mn milestone — with 99.5 mn passengers expected to come through its doors.

***

We’re hiring a technology reporter: EnterpriseAM is looking for a tech reporter to own the beat across Egypt, the UAE, Saudi Arabia, and beyond.

This is a reporting job — not a desk job. You’ll be working sources, breaking stories, and writing about trendlines (not just headlines) in our voice and with the authority our readers expect. AI and digital infrastructure are huge features of the beat, but our interests are broad: fintech, telecoms, regulation, SaaS, and the bajillion ways tech is reshaping how businesses operate across the region.

We want someone who can pick up the phone or WhatsApp, get people talking, and turn what they say into stories that senior decision-makers need to read. We also expect you to attend industry events and maintain relationships with PR folks across the industry without selling out. If you’ve got 2-3 years of experience and the hunger to build a beat from the ground up, we want to hear from you. We’re also interested in hearing from veteran reporters. Spoken Arabic is strongly preferred.

The role is based in Cairo, though we’re open to remote for the right candidate. If you’re reading EnterpriseAM, you know what we’re about: A no-BS daily news outlet that tells busy execs, investors, founders, and ambitious people what they need to know about the trends shaping business, economy, finance, regulation, and public policy across our region. We write stories that have impact — about issues that matter — for a global audience of decision-makers.

Do we sound like the type of place where you want work? Send your CV and three clips to jobs@enterpriseamea.com. Also enclose a great cover letter that tells us who you are, what you do, and why you’d be a great fit for this job.

***

The big story abroad

Gold slipped as much as 0.6% in early trading today after surprisingly strong US labor data reduced the likelihood of imminent Fed rate cuts. January marked a sharp drop in US unemployment to 4.3% with the addition of 130k jobs. The precious metal — remaining above the USD 5k per ounce mark — is expected by many banks to rise in the coming months in light of continued geopolitical turmoil, threats to the Fed’s autonomy, and a pivot away from traditional assets.

The US and Israel are yet to adopt a unified strategy on Iran, after a meeting between US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu seemingly ended without an agreement. Trump affirmed his preference to continue negotiations with Tehran in a TruthSocial post yesterday, despite reports that the Pentagon has ordered a second aircraft carrier strike group to prepare before being deployed to the region.

MEANWHILE- Switzerland may cap its population: Switzerland is voting on a proposal to place limits on its population on June 14. Originally conceived by the right-wing Swiss People’s Party, the proposal could wind up leading to a blanket ban on arrivals if the population exceeds 10 mn. It stands today at roughly 9 mn.

The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.

Subscribe here

***

You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.

EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq and Hassan Allam Properties.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA logistics industry?

***

Circle your calendar

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

Dewa tightens grip on Dubai’s cooling infrastructure

Dewa buys up more of Empower: Dubai Electricity and Water Authority (Dewa) upped its stake in Emirates Cooling Systems Corporation (Empower) to 80%, up from 56%, after buying out Emirates Power Investment — a Dubai Holding subsidiary — for AED 5.2 bn, according to a press release (pdf).

The fine print: The transaction was executed at AED 2.16 per share, with Dewa acquiring 2.4 bn shares — good for a 24% additional stake in the DFM-listed district cooling firm. The consideration represents a 17% premium to the firm’s last closing price of AED 1.79 per share, according to our calculations.

Our take

By folding the world’s largest district cooling provider almost entirely into its balance sheet, Dewa is centralizing the emirate’s utility yield under one roof. For Dewa shareholders, the move likely signals a play to stack dividend capacity — Empower has a standing policy to pay out at least AED 875 mn annually. By owning 80%, Dewa now captures the lion’s share of those dividends.

We’re seeing a shift in how Dubai’s state-linked giants manage their portfolios. While Dewa is doubling down on mature infrastructure yield, the seller, Dubai Holding, is aggressively recycling capital into growth sectors — think real estate, hospitality, and retail. In the last month alone, Dubai Holding expanded its European luxury hospitality footprint with Jumeirah Mallorca and doubled down on a massive AED 38 bn residential JV with Aldar.

MARKET REAX- Empower’s stock gained 6.1% on the news to close at AED 1.9 apiece on Tuesday before sliding to AED 1.82 yesterday.

The name of the game for banks in 2026: More lending, more deployment

Moody’s is upbeat on UAE banks this year: Moody’s Ratings’ outlook for the UAE banking sector is now positive, up from just “stable,” as banks head into the year with a strong monetary base and ample liquidity, Al Bayan reports. Lower interest rates will actually be good news for credit rather than bad news, given demand for lending and banks’ renewed focus on credit, according to Moody’s.

Moody’s expects 2026 to be a year of more capital deployment and lending for banks, whereas the past three years have been focused on balance sheet cleanup, the rating agency noted.

Banks in Dubai will also benefit from the economic momentum, alongside a bigger budget for the next two years and increased infrastructure spending, Moody’s VP and Senior Analyst Badis Shubailat told the news outlet. The emirate had approved its largest ever budget for 2025-2027, with some AED 272 bn earmarked for spending.

By the numbers

Strong operating conditions and enhanced asset quality have left UAE banks with a comfortable 70-75% loan-to-deposit ratio. This liquidity surplus, coupled with a projected 4.5% growth in the non-oil economy, positions the sector to aggressively boost lending as interest rates ease, Shubilat said.

Banks’ assets rose 17.1% y-o-y to AED 5.3 tn as of December 2025, according to a report (pdf) from the CBUAE’s Monetary and Banking Developments. Gross credit also increased to 2.6 tn, up 17.9% y-o-y over the same period, while total deposits rose 16.2% y-o-y to reach AED 3.31 tn.

Moody’s view that lending conditions will improve is the consensus — but there’s a caveat

As we reported earlier this year, the general outlook for banks in the UAE is rosy, supported by strong growth in international operations and an expected 10-12% increase in consumer lending, according to previous S&P Global forecasts. Banks are also expected to see strong growth when it comes to international operations, with loan growth potentially accelerating to 17%.

Yes, but… This could come alongside a slight long-term decline in margins to settle between 2.5-2.7%. Banks’ performance will depend on their ability to maintain asset quality amid rapid expansion in consumer lending.

Mubadala-Warburg lead race to acquire Encube Ethicals

Mubadala is continuing its push into pharma by partnering with US-based private equity firm Warburg Pincus to acquire Mumbai-based Encube Ethicals, with the duo emerging as frontrunners to secure up to 74% of the firm, The Economic Times reports, citing sources it says are familiar with the matter. The potential transaction would value the pharma firm at INR 165 bn (USD 1.8 bn).

The details: Singapore’s private equity firm Quadria Capital, which holds a 14.9% stake, is expected to offload its entire stake. Promoters Mehul Shah and his family, who own about 84.2% of the firm, will also sell a significant portion of their holding. Sweden’s buyout firm EQT is the only other serious contender ahead of binding bids next week.

About the company: Encube, founded in 1998, is a topical-focused pharma contract manufacturer developing brands such as Soframycin. It operates three manufacturing plants in India and holds approvals from 12 global regulators, including the US Food and Drug Administration. About half its revenue comes from contract manufacturing, with the rest coming from the India and US markets.

Why this matters

Mubadala has been expanding its presence in biotech and healthcare through its specialized pharma unit Mubadala Bio, with a clear focus on biotech investments. The sovereign wealth fund led a USD 36.5 mn Series D investment in nutri-tech firm L-Nutra, made a sizable reinvestment in US pharma manufacturer PCI Pharma Services, and participated in a USD 183 mn Series C financing round for US biotech ElectraTherapeutics.

Why India? The move also comes as the US BioSecure Act, which forces American drugmakers to decouple from Chinese manufacturers in favor of “trusted” partners like India, makes Indian firms more attractive, especially to investors like Mubadala with strong ties to the US.

No end in sight to earnings season…

Fertiglobe earnings surge as nitrogen markets tighten

Positive market conditions boost Fertiglobe’s 2025 earnings: Adnoc-owned urea and ammonia producer Fertiglobe reported net income attributable to shareholders of USD 106.3 mn in 4Q 2025, up 168% y-o-y, and revenue rose 73% to USD 808.4 mn, according to its management discussion and analysis report (pdf) and earnings release (pdf).

The rebound was driven by firmer benchmark prices and higher volumes, with 4Q total product sales up 38% y-o-y to 1.68 mn tons, including a 79% jump in own-produced ammonia and a 5% rise in urea.

For FY 2025, attributable net income climbed 171% y-o-y to USD 433.9 mn, while revenue increased 41% to USD 2.8 bn. Full-year volumes rose 15% to 6.48 mn tons, supported by record production in Algeria and Egypt. The balance sheet also strengthened — net debt edged down to USD 1.0 bn at year-end from USD 1.1 bn a year earlier, as cost reductions and manufacturing upgrades delivered more than 40% of Fertiglobe’s 2030 growth target.

Looking ahead: Management said nitrogen fundamentals remain supportive into 1Q 2026 on tight supply and steady demand, with incremental ammonia capacity expected to gradually rebalance markets longer term.

PLUS- A year for M&As and FIDs? CEO Ahmed El Hoshy previously said Fertiglobe is also weighing further acquisitions and preparing final investment decisions within six to nine months on blue ammonia in Texas and green ammonia in Egypt.

Dividends: The board recommended USD 135 mn in 2H 2025 dividends (6.1 fils per share), bringing total 2025 dividends to USD 260 mn. Including USD 74 mn in share buybacks, total capital returns reached USD 334 mn for the year.

DIB trims earnings, grows the balance sheet

Dubai Islamic Bank’s (DIB) net income after tax fell 4% y-o-y to AED 7.8 bn in FY 2025, even as total income edged up 2% to AED 23.8 bn, according to its management discussion and analysis report (pdf).

Growth showed up on the balance sheet instead: Total assets expanded 21% y-o-y to AED 416 bn, as net financing assets and sukuk investments rose 23% to AED 353 bn. Customer deposits climbed 29% to AED 320 bn, while asset quality improved, with the non-performing financing ratio easing to 2.65% and cost of risk narrowing to 14 bps.

Dividends: The board proposed a dividend of 35 fils per share for FY 2025, subject to shareholder and regulatory approvals.

Adnoc L&S plans fleet expansion after strong earnings growth

Abu Dhabi National Oil Company Logistics and Services (Adnoc L&S) is doubling down on growth plans after a year of earnings growth, with an eye to expand its fleet by as many as six LNG new builds, CEO Abdulkareem Al Masabi told Bloomberg. The company is eyeing carriers from South Korean shipbuilders Samsung Heavy Industries and Hanwha Ocean, as it awaits 14 others that were already contracted, with two set for delivery this year, Al Masabi said.

The firm saw a 29% y-o-y increase in its net income to USD 232 mn in 4Q 2025, while revenues climbed 35% y-o-y to USD 1.2 bn during the same period, according to an earnings release.

For the full year: Adnoc L&S saw its bottom line rise 14% y-o-y to USD 863 mn in FY 2025, while its top line also witnessed robust growth, increasing 41% y-o-y to USD 5 bn, the statement adds. This came amid increased demand for its logistics services, a boost in shipping revenues, and contributions from Navig8’s Integr8 bunkering operations.

Spinneys’ grows further in UAE, Saudi, as revenues and net income see double-digit growth

Spinneys’ store expansion and fresh food and private label offerings helped boost its revenues by 13% y-o-y to AED 3.7 bn, and net income by 14.5% y-o-y to AED 331.8 mn for FY 2025, according to the company’s financial statements (pdf).

The UAE remained the group’s largest market, contributing AED 3.42 bn in geographical revenue, while Saudi Arabia saw revenues nearly double y-o-y to AED 82.6 mn as it pushed for expansion.

Spinneys’ board recommended a final dividend of AED 129.6 mn. Combined with the interim dividend of AED 119.5 mn already paid in 2025, the total dividend distribution for the year amounts to AED 249.1 mn.

An uptick in orders boosted Alec’s earnings last year

A busy order book and strong project delivery underpinned Alec Holdings’ 4Q and 2025 financials, according to its earnings release (pdf). 4Q net income was up 57% y-o-y to AED 256 mn as tighter project control and mix lifted margins, while revenues reached AED 3.6 bn — up 36% y-o-y.

For the full year, net income soared 89.3% y-o-y to AED 687.1 mn as 55.6% yearly top-line growth pushed revenues to AED 12.6 bn, according to its financials (pdf). Operating income reached 857.4 mn, up 75.9% y-o-y. Management linked the improvement in earnings to scaling up its order book across its core construction and energy segments, as well as disciplined cost management. Its backlog stood at AED 30.4 bn as of the end of the year.

Aramex reports a mixed bag of 4Q + FY 2025 earnings

Aramex posted a 62% y-o-y fall in normalized net income — excluding acquisition and transformation costs — of 24.9 mn in 4Q 2025, while revenue was flat y-o-y at AED 1.7 bn, according to an earnings release (pdf). This growth was in domestic express and logistics revenues. Freight forwarding revenues slipped 2%.

The full year followed a similar trend: Normalized net income fell 40% to AED 85 mn, while revenue inched up 1% to AED 6.4 bn.

Deyaar posts 27% rise in 4Q 2025 net income

Deyaar Development’s top line neared AED 2 bn last year, following a 30.4% yearly uptick, according to its financials (pdf) and a separate earnings release (pdf). The firm reported a 27.1% bottom-line increase to AED 602.2 mn, supported by contributions from joint ventures and associates, an AED 50 mn gain from investment properties’ fair valuation, and almost AED 19 mn in impairment reversals.

In the pipeline: The firm said its AED 7 bn development pipeline provides future earnings visibility, and the board recommended a 5% dividend, subject to general assembly approval.

Alef Education posts 7.5% net income growth in 2025

Alef Education reported AED 481.1 mn in net income for 2025, up 7.5% y-o-y, according to its financials (pdf). Revenue increased 1.4% y-o-y to AED 769.5 mn, supported by growth in non-school B2B and B2G contracts, private school contracts, and eight new non-school contracts with a combined value of AED 64.4 mn, according to its management discussion and analysis report (pdf).

The dividends: Alef Education declared a total FY 2025 dividend of AED 135 mn, payable in two equal installments of AED 67.5 mn. The second installment is scheduled for April 2026.

Mira names new MD

Mira Developments taps new managing director: Real estate player Mira Developments named Omar Gull (LinkedIn) as its new managing director, according to a press release. In addition to his new role, Gull will continue to serve as CEO and founder of Dubai-based luxury developer Clédor.

Gull holds over two decades of real estate experience, having previously worked at Emaar Properties and managed the Meraas and Nakheel portfolio during a tenure at Dubai Holding. The appointment comes as Mira is set to deliver over AED 30 bn worth of projects this year, including communities and branded residences in the UAE, Oman, Georgia, and Uzbekistan.

New fintech player lands in Dubai, Aster plans expansion, fresh capital for fresh produce, and new spare parts hub to launch in Jafza

Juspay expands integrated payment system to Middle East

Juspay expands footprint with DIFC headquarters: India-based fintech firm Juspay launched its regional headquarters in Dubai International Financial Center (DIFC), according to a statement. The new base will help boost Juspay’s engagement with GCC-based institutions, focusing on the region’s aviation, financial services, e-commerce, and hospitality sectors.

Its offering: Juspay provides a unified, institutional-grade payment platform for the likes of Amazon, Google, and HSBC. It already operates in Europe, the Asia-Pacific region, Latin America, and the US.

Dubai Founders HQ + Antler strengthen venture-backed startups

Dubai Founders HQ is launching a new residency through a tie-up with global VC firm Antler, according to the Dubai Media Office. The 10-week program targets early-stage founders, providing them with multi-stage support to secure pre-seed funding and up to USD 500k in potential investment, according to a post on LinkedIn. Applications are currently open for the April residency in Dubai to upskill 600 founders.

Antler is also setting up a UAE headquarters within Dubai Founders HQ, which will be staffed by its investment and program teams.

Fresh capital for fresh produce

UAE-based fresh-commerce startup QuicKart raised USD 1.5 mn in seed funding led by Orbit Ventures, with participation from angel investors including Ashneer Grover and regional HNWIs, according to a press release.

Where it’s going: The capital will support expansion across Dubai, Sharjah, and Ajman ahead of an Abu Dhabi launch while funding supply-chain optimization, tech upgrades, last-mile logistics, and cold-chain buildout. The company also plans to onboard more local farms and broaden its product range.

The play: QuicKart operates a direct farm-to-home platform focused on dairy and fresh produce, cutting intermediaries to deliver within hours. It also serves HoReCa clients and cloud kitchens, targeting demand for faster, traceable sourcing in the UAE.

Ghassan Aboud Holding doubles down on Jafza

A spare-parts hub is landing in Jafza: Gallega Global Logistics — the logistics arm of UAE conglomerate Ghassan Aboud Holding — inked an agreement with IHC’s motor leasing subsidiary EasyLease to set up an aftermarket spare-parts hub in Jafza. The 215k sq ft facility will handle over 10 mn automotive parts annually, including electric vehicle batteries. The move aims to solidify the GCC’s spare parts supply and distribution network as the regional automotive aftermarket continues to grow at a 5% annual clip.

BACKGROUND- The two players’ ties run deep, with EasyLease acquiring a 51% stake in Gallega Global Logistics back in 2024.

Aster DM Healthcare allocates AED 1 bn to UAE, Saudi expansion

Aster’s eyes AED 1 bn expansion: Dubai-based hospital, clinic, and pharma operator DM Healthcare is planning expansions worth AED 1 bn across its UAE and Saudi operations, according to a press release. It’s aiming to scale up its customer base to 75 mn over five years, up from its current 17.6 mn.

The expansion plans: Aster will add 370k beds to its Dubai footprint by opening two new hospitals in the city and expanding its Al Qusais facility. It also plans to open an advanced robotic rehabilitation center in Dubai and roll out Sharjah’s first private organ transplant facility. In addition, Aster earmarked USD 250 mn for Saudi Arabia expansion.

Whales buy the BTC dip, traders hesitate

BTC’s largest holders are stepping back in. Wallets holding more than 1k BTC — known in the crypto world as a whale — accumulated around 53k coins over the past week — their biggest buying wave since November, Bloomberg reports, citing data from research firm Glassnode. The purchases, valued at more than USD 4 bn, helped steady the market after BTC slid nearly 40% from its October peak.

The move offered temporary relief, with the currency rebounding to around USD 70k from around USD 60k before depreciating once again against the greenback, putting out any optimism that the jump was the start of a sustained rally.

The recent buying interrupted months of net selling. Since mid-December, more than 170k BTC has flowed out of large-holder wallets — and while recent buying has slowed the bleed, it has yet to reverse the broader outflow trend. “It does slow down any downfall, but we still need to see more money coming into the market,” Glassnode’s Brett Singer told the business news service.

Data from futures markets show that professional traders are cutting back on wagers that BTC will rise, signaling a more cautious mood, according to crypto research coverage by HedgeCo. The price is hovering between roughly USD 65k and the mid-USD 70k range, suggesting it is moving sideways rather than preparing for a sharp breakout.

Spot BTC ETFs are still seeing money come in despite the recent price drop, suggesting some large institutional investors are quietly hedging on a recovery over the medium term, even as short-term traders pull back. The pattern matches blockchain data showing big players buying while faster-moving investors step aside.

Still, overall demand remains muted. Many ETF investors who bought during the rally are now sitting on losses, making them less eager to weigh in. Public companies that had been accumulating BTC have also slowed their purchases as their own stock prices come under pressure.

A rotation, not a collapse

HedgeCo describes the current phase as a rotation rather than a collapse, as leveraged traders step aside while whales and institutions selectively accumulate. That dynamic has historically helped prices find a floor, but durable rallies typically require broader participation.

Macro headwinds are adding to the caution. Risk-off sentiment tied to US economic data, inflation expectations, and equity volatility continues to weigh on crypto, reinforcing BTC’s growing sensitivity to broader financial conditions.

MARKETS THIS MORNING-

Asia-Pacific markets are in the green in early trading this morning, with both Japan’s Nikkei and South Korea’s Kospi hitting record highs, thanks to the tech rally. The Nikkei is building on earlier gains triggered by Prime Minister Sanae Takaichi’s election victory.

ADX	10,654	0.0% (YTD: +6.6%)
DFM	6,686	-1.3% (YTD: +10.6%)
Nasdaq Dubai UAE20	5,517	-0.3% (YTD: +12.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.5% o/n	3.7% 1 yr
TASI	11,168	-0.4% (YTD: +6.5%)
EGX30	49,700	-1.3% (YTD: +18.8%)
S&P 500	6,941	0.0% (YTD: +1.4%)
FTSE 100	10,472	+1.1% (YTD: +5.4%)
Euro Stoxx 50	6,036	-0.2% (YTD: +4.2%)
Brent crude	USD 69.40	+0.9%
Natural gas (Nymex)	USD 3.21	+1.6%
Gold	USD 5,086	-0.3%
BTC	USD 66,875	-2.8% (YTD: -23.5%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.78	-0.3% (YTD: +0.8%)
S&P MENA Bond & Sukuk	152.63	+0.4% (YTD: +0.5%)
VIX (Volatility Index)	17.51	-1.5% (YTD: +19.0%)

THE CLOSING BELL-

The DFM fell 1.3% yesterday on turnover of AED 1.1 bn. The index is up 10.6% YTD.

In the green: Emirates Reem Investments Company (+6.3%), ENBD REIT (+5.0%), and Dubai Residential REIT (+3.0%).

In the red: Dubai Islamic Bank (-8.6%), Empower (-4.2%), and Ekttitab Holding Company (-2.8%).

Over on the ADX, the index remained flat on turnover of AED 1.4 bn. Meanwhile, Nasdaq Dubai was up 0.4%.

CALENDAR

FEBRUARY

Signposted to happen sometime this month: Investopia, Lagos, Nigeria.

9-12 February (Monday-Friday): World Health Expo (WHX), Dubai.

11-13 February (Wednesday-Friday): MedTech World Middle East, Dubai.

12-15 February (Thursday-Sunday): The Society for Incentive Travel Excellence Global Conference, Abu Dhabi.

17-19 February (Tuesday-Thursday): First day of Ramadan.

MARCH

31 March – 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.

26-28 March (Thursday-Saturday): Social Capital Conference, Dubai.

28-29 March (Saturday-Sunday): Emirates International Congress on AI & Visionary Leadership in Transforming Healthcare, Adnec Center Abu Dhabi.

30 March – 2 April (Monday-Thursday): IAAPA Middle East Exhibition and Conference, Adnec Center, Abu Dhabi.

APRIL

7-9 April (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.

13-15 April (Monday-Wednesday): AIM Congress, Dubai World Trade Center.

13-15 April (Monday-Wednesday): The International Glass Manufacturing Show, Dubai.

14-16 April: (Tuesday-Thursday): the International Property Show, Sheikh Zayed Rd, Dubai.

21-23 April (Tuesday-Thursday): UITP Public Transport Summit, Dubai.

MAY

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

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

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

12-14 May (Tuesday-Thursday): Airport Show, Dubai World Trade Center, Dubai.

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.

JUNE

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

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

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

NOVEMBER

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

OCTOBER

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

DECEMBER

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

Signposted to happen in 2026:

The UAE to host the Arab Competition Forum;
Investopia Global Talks, Tashkent.

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;
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 2029:

Sibos 2029 organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Dubai;
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

Sections

About

Privacy & Support

Get EnterpriseAM daily