DFM enters bear territory briefly as airspace, oil sector face more disruptions

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Reports of India scrapping IDBI Bank sale + More names raise Brent price forecasts

Good morning, everyone. It’s been a rough day for the UAE, with attacks affecting operations at Dubai International Airport (again), Fujairah Port (again), a building in Umm Al Quwain, and leading to one death in Abu Dhabi.

And overnight: Loud explosions were heard across areas of Dubai in the early hours of the day, which the Dubai Media Office said were the result of successful interception, and shortly after safety alerts were sent to our phones. And another fire broke out in the Fujairah Oil Industries Zone following a drone attack.

On the capital markets front: The DFM continued its run in the red, and briefly entered bear territory, dragged by real estate and financials.

Analysis of both airspace disruptions and the real estate sector are mixed. Signs of airspace recovery had been there, but yesterday’s incident — followed by the brief closure of airspace — seems to have slowed things down on that front, while the property sector is seeing some transactions slow and some projects continue to post record sales. We dive into both of these and much more in the news well, below.

PSA

Next term starts with distance learning: The UAE has extended distance learning for two weeks, starting with the third academic term. This applies to all levels of education, from nurseries to higher education institutions nationwide.

WEATHER- It’s another unseasonably warm day, especially in Abu Dhabi, where the mercury hits 37°C before cooling to an overnight low of 24°C. Meanwhile, Dubai will see a high of 33°C and a low of 23°C.

Watch this space

M&A WATCH — The Indian government is reportedly scrapping plans to sell a majority stake in IDBI Bank, as the received bids were below its minimum price expectations, Reuters reports, citing an unnamed government source.

REMEMBER- Emirates NBD was among the international suitors who submitted bids for a stake in India’s state-owned lender, competing against Canada’s Fairfax for 60.7% of IDBI — a stake estimated to be worth over USD 7.5 bn. Despite strong foreign appetite for Indian banking assets in recent M&As, the government is expected to revive the sale only when market appetite improves, the source said.

Market reax: IDBI’s shares dropped as much as 16.5% in trading, its steepest single-day decline in nearly a year, reversing gains that had built up on expectations of an M&A.

Happening today

It’s interest rate week: The Fed will make its interest rate announcement tomorrow — and Thursday is equally big a day, with the ECB, Bank of England, and Bank of Japan doing the same. Central banks in China, Canada, Australia, Brazil, Sweden, and Switzerland are also meeting this week to set rates.

The Fed is widely expected to keep rates unchanged as it takes stock of the economic fallout from the war. Policy decisions moving forward might prove tricky. The war’s pressure on oil prices threatens to spike inflation, while the US labor market is also looking weak, so the case for looser vs. tighter economic policy might be much less clear than before.

The big story abroad

The war in our region and its ramifications are making headlines once again. US President Donald Trump has announced he will remain in Washington to monitor the evolving war, and asked Beijing to delay his high-stakes sit-down with Chinese President Xi Jinping. Trump told reporters that he requested a roughly one-month postponement of the summit, which was originally scheduled to start in just over two weeks.

Meanwhile, in the world of private capital: Mounting anxiety in the private credit market has pushed individuals to pull out over USD 10 bn from major funds in 1Q 2026 — with even more expected to follow. Among the institutions that have limited withdrawals are Blackrock, Morgan Stanley, JPMorgan Chase, and Blackstone, with many — including Blue Owl and Cliffwater — seeing huge sums being redeemed. In Asia, the panic also seemed palpable, as private bankers fielded urgent calls from wealthy clients asking them to redeem positions.

^^ We have more in this morning’s Planet Finance.

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Market watch

MARKET WATCH — Bank of America (BofA) and Standard Chartered raised their 2026 oil forecasts in response to persistent supply disruptions at the Strait of Hormuz chokepoint. BofA raised its Brent crude forecast to USD 77.5 / bbl from USD 61, while Standard Chartered revised its projection to USD 85.5 from an earlier USD 70, Reuters reports.

Further into the future: Forecasts also suggest that a disruption extending into 2Q could push prices toward the USD 98 mark, while a prolonged war into 2H of the year could drive Brent to an “eye-watering” USD 130. However, both firms expect a significant correction once the war ends, with the market likely swinging back to a surplus and pushing prices toward USD 65 / bbl by 2027.

How it compares: Fitch recently raised its 2026 Brent forecast to USD 70 / bbl, up from USD 63, as it viewed disruption as temporary, while Goldman Sachs prices in USD 98 for March and April, before easing to USD 71 by 4Q. Oxford Economics puts prices at USD 79 / bbl for 2Q, up USD 15 from estimates in February.

The bears are here…

Dubai bourse falls into the hands of the bears: The DFM briefly slipped 3.2% in intraday trading yesterday, before closing at 5.3k points — roughly 22% below its February peak and briefly entering bear market territory, according to our math. It closed down 2.53%, extending its losses as the Iran war enters its third week and investors reprice the safe-haven premium.

It’s largely expected: “The decline appears to be less about panic selling and more about markets adjusting to higher short-term risk and slower activity in sectors that are central to Dubai’s economy,” Christy Achkar, financial market analyst at CFI Dubai, tells EnterpriseAM.

The war has hit sectors central to Dubai’s economy and the DFM’s composition. The sell-off follows US-Israeli strikes on Iran and Tehran’s subsequent attacks on Gulf cities. These developments have disrupted travel routes and the emirate’s vital tourism sector while dampening investor sentiment, which analysts have warned could leave a mark on the property sector. (Read: Our Real Estate section below detailing how the tarnishing of Dubai’s “safe haven” image is impacting the sector so far, and what things might look like later down the line.)

The index is heavily weighted toward most of those conflict-exposed sectors, namely real estate, banking, and transportation, Ackhar tells us. She explained that companies such as Emaar Properties, Emirates NBD, Dubai Islamic Bank, Air Arabia, and Aramex — all closely tied to tourism, travel, and overall economic activity — account for a large share of the DFM.

Weaker visitor flows and slower travel activity quickly feed into the broader market, Achkar said. Pressure on aviation and logistics firms spreads to banks through expectations for slower lending and economic activity, while real estate stocks react to shifts in investor confidence.

The proof is in the pudding: Real estate stocks led the declines on the DFM, with the sector falling 4.42%, followed by consumer staples (-2.82%) and financials (-2.80%). The real estate index has borne the brunt of the sell-off since the start of the war, shedding some 31% of its value during the period.

Why this is big

The pullback marks a sharp reversal for an exchange that had rallied roughly 300% over the past six years, driven by strong consumption, tourism growth, financial services expansion, and Dubai’s property boom. The index was also the third-best performing market in the GCC in 2025, up 17%, marking its fifth straight year of gains.

It’s also the worst hit so far in the region: The Abu Dhabi bourse fell 0.2% yesterday and is down around 9.5% since the war started, as sectors like energy help offset some of the losses elsewhere. Meanwhile, Tadawul has been rallying, and is now up more than 2% since the start of the war.

Real estate insiders remain confident despite market contraction

51% — that’s how much the UAE’s real estate activity has dropped since the war began, according to a Goldman Sachs report picked up by Investing.com. Heightened regional uncertainty is weighing heavily on the UAE property market, with transaction values plunging by half m-o-m in the first half of March.

The war has triggered a sharper downturn in transaction values — down 31% y-o-y — than any previous disruption, including the Dubai floods in April 2024 and the November 2024 regional tensions, analysts noted. The overall volume of transactions also fell by 38% y-o-y, driven by a 52% decline in the off-plan segment.

The secondary market is bearing the brunt of volatility, with transactions dropping 59% y-o-y in the second week of March. The villa segment saw the most dramatic hit, collapsing 89% y-o-y, while apartments saw a 59% y-o-y drop, with median prices dipping 8% m-o-m through 12 March.

On the other side of the coin

The market is not reacting uniformly, with branded off-plan projects continuing to attract significant capital. Luxury developer Ohana Developments’ Manchester City Yas Residences in Abu Dhabi, for example, reported a record-breaking AED 6 bn in sales within just 72 hours of its launch, according to a post on LinkedIn. With international buyers comprising 65% of its investors, the project’s sales suggest that appetite remains intact in some areas.

The majority of owners aren’t dropping prices, refusing to go below pre-war levels, Fäm Properties CEO Firas Al Msaddi told Khaleej Times. Al Msaddi suggests that current selling is largely driven by investors who entered the market before 2022 and have seen their properties’ valuations appreciate by up to 300%, and are now looking to cashout on returns.

Liquidity in the market remains strong, and plenty of buyers are still seeking attractive prospects, Springfield Properties CEO Farooq Syed is quoted as saying. Al Msaddi noted that, in the past, buyers investing during times of uncertainty reaped sizable benefits afterward and expects this cycle to be much the same.

Looking ahead

S&P Global Ratings is ruling out a 2008-style market crash, provided the war does not exceed the four-week mark, according to a recent note.

The cushions: Analysts at S&P maintain that rated developers enter this period with significantly stronger balance sheets than during the 2008 crisis, noting high-liquidity cushions and rating headroom to absorb short-term shocks. Regulatory protections — such as escrow mandates and the ability for developers to maintain up to 40% of property value upon buyer default — provide a safety net.

Nonetheless, the agency indicates that new project launches will likely be postponed as developers prioritize liquidity over expansion, a view also shared by Fitch Ratings. This may shift market focus toward the secondary segment while investors test new price baselines, S&P Global said.

The agency expects apartment prices to continue facing more pressure than villas due to a heavy supply pipeline, exacerbated by potential supply chain bottlenecks at the Strait of Hormuz that could jack up construction costs and delay project handovers.

Aviation and oil operations still in limbo

Plumes of smoke clouded Dubai for hours yesterday as a strike hit a fuel tank in Dubai International Airport (DXB), while attacks across the UAE weighed heavily on the country. Our airspace seemed to take a step back after having briefly gotten off its feet.

One death was reported in Abu Dhabi, after a missile struck a civilian vehicle in Al Bahyah. Authorities in Abu Dhabi said the incident killed one Palestinian national, according to state news agency Wam.

In Umm Al Quwain, a building was targeted by a drone strike, triggering a fire, though no injuries were reported, Wam reports.

Airspace closed and re-opened

The UAE temporarily closed its airspace as a precautionary measure early this morning, as the General Civil Aviation Authority (GCAA) aims to “[ensure] the safety of flights and air crews, and [safeguard] the UAE’s territory,” Wam reports. Airspace was re-opened later after “the stabilization of the situation,” Wam reports, citing the GCAA.

BEFORE THAT- The strike on DXB briefly pushed Dubai’s flight schedule back into disruption mode, after a fire broke out and was later contained by civil defense teams, Wam reports. The Dubai Civil Aviation Authority (DCAA) suspended flights yesterday morning as a precaution before gradually restoring selected routes later in the day. No injuries were reported. This was the third attack affecting the airport since the war began.

The setback came just as the air front had started straightening itself out. Flight volumes had begun to edge back after weeks of disruption, with Emirates said to have returned to over half of its former capacity, according to Flightradar24 data cited here.

Airlines adjusted fast:

Emirates shifted to a limited Dubai schedule after 10am, with some flights diverted to Al Maktoum International Airport, others rerouted inland, and several inbound services forced to turn back — a sharp interruption after the carrier had just logged its busiest day since the war began at roughly 70% of pre-conflict capacity;
Egyptair cut its Dubai service back to one daily flight instead of two until further notice, following airport instructions to reduce traffic.

We could be looking at further disruptions after the DCAA reportedly suspended landing permissions for foreign operators at DXB and Al Maktoum Airport until further notice.

The fare impact is now traveling with it: Airfares across the UAE and wider GCC could run as much as 30% higher than usual, as fuel surcharges rise alongside oil and jet fuel costs ahead of Eid travel, Khaleej Times cites aviation analyst Saj Ahmad as saying. “That is not a market fluctuation; it is a structural dislocation,” commodities analyst James Noel-Beswick said, noting jet fuel has jumped to USD 190 / bbl from roughly USD 91. Airlines will keep lifting fares as long as war uncertainty keeps operating costs elevated, especially on heavy Gulf routes like London, New York, Mumbai, and Riyadh, Ahmad added.

But many seats on inbound flights are empty: Emirates is seeing a significant drop in occupancy on certain Dubai-bound routes as regional tensions cause travelers to avoid the Arabian Gulf, according to data from the flag carrier reviewed by Bloomberg. Flights from the US and Europe are seeing the biggest impact, with occupancy as low as 5-10% from cities like Prague or Budapest.

Demand for flights out of Dubai, though, is very high, with planes returning to the emirate nearly empty to ferry passengers out, the data shows. The airline is also contending with several thousand no-shows everyday on outbound flights.

Cargo can fill the gap, somewhat: Emirates is maximizing its cargo operations to compensate for empty seats, with a focus on importing perishable goods. This can work towards alleviating the disruption of the region’s food imports by the near-closure of the Strait of Hormuz.

Citi has also swapped out “temporary” for “indefinitely”

Citibank is keeping most of its UAE branches and offices shut until further notice after initially planning to reopen yesterday, Reuters reports, citing a customer notice. Only its Citibank Mall of the Emirates Branch remains open — and on reduced hours.

IN CONTEXT- The extension comes barely a day after Citi said its UAE operations were physically unaffected and that it had no plans to leave the region. Still, the direction of travel was already clear — as we’ve covered, staff stayed remote and clients were shifted to digital channels after the temporary closure of local branches. This came after Iran had threatened US banks and tech companies last week, with DIFC seemingly targeted over the weekend.

Fujairah keeps getting reminded why geography matters

A drone strike hit the petrochemicals area near Port of Fujairah again yesterday, triggering a fire and forcing oil loadings to pause while damage is assessed, Bloomberg reports, citing people it says are familiar with the matter. Wam later said civil defense teams were deployed to contain the fire in the Fujairah Oil Industries Zone, with no injuries reported. A second fire broke out in the zone in the early hours of this morning after yet another drone attack.

The disruption is the port’s second shutdown in three days. Loadings had only just resumed over the weekend after a previous drone strike set part of the complex ablaze on Saturday, before the latest attack forced another precautionary suspension.

Abu Dhabi National Oil Company (Adnoc) suspended all crude loading operations at the port after one of the state oil giant’s crude terminals was struck in the attack, Reuters reports, citing a source it says is in the know.

Why this matters: Fujairah is not just another port — it’s the UAE’s main oil outlet outside the Strait of Hormuz, the terminal for Murban crude, and one of the few Gulf routes still designed to bypass the chokepoint when the strait becomes the story.

Which is why every fresh halt there lands louder than the fire itself. Oil is already above USD 100 / bbl, and Fujairah’s repeated disruptions are starting to test one of the region’s few remaining logistical advantages.

ALSO- The latest hit to our oil exports: Operations were suspended at the Shah oil field — the largest of its kind worldwide — while officials assess the damage from a drone strike, which resulted in a now-contained fire. The high-sulfur gas field — located southwest of Abu Dhabi — is jointly operated by Adnoc and Texas-based Occidental Petroleum.

Daily oil output has been cut by more than half, as Adnoc started implementing widespread production shut-ins, two sources told Reuters. The temporary well closures hit both onshore and offshore fields, with offshore production now fully offline.

The cuts are spreading across the region: Saudi trimmed production by some 20% and Iraq by roughly 70%. Analysts estimate Middle East supply cuts now stand at 7-10 mn bbl / d, equivalent to 7-10% of global demand.

What this means: Oil markets usually price risk around tankers and trade routes, not the wells themselves. With Hormuz shut, producers are running into a hard physical limit as crude that can be exported has nowhere to go, forcing operators to shut in production.

Tether backs local blockchain startup

A local blockchain firm ready to hop on the stablecoin train just got backing from Tether. Blockchain infrastructure firm Utexo raised USD 7.5 mn in a seed funding round as it looks to develop systems to process stablecoin payments, just as the Central Bank of the UAE and local banks are pushing for stablecoin adoption, according to a press release. The funding round was led by stablecoin issuer Tether, with participation from Big Brain Holdings, Portal Ventures, Franklin Templeton, Maven 11 Capital, and Fulgur Ventures.

What does it do? Founded in 2025, Utexo develops software and APIs that allow digital wallets, cryptocurrency exchanges, and payment companies to process stablecoin transactions without changing their existing systems. It plans to develop systems for processing stablecoin payments, particularly USDT, directly on the BTC network.

Expansion on the horizon? The startup also plans to use the new capital to expand its payment infrastructure beyond the UAE and support wider stablecoin adoption in global financial networks.

Why the backers matter

Tether and Franklin Templeton are massive global players — Tether in the digital assets space and Franklin Templeton in asset management. Both have been involved in the region: Tether has an AED-pegged stablecoin in the pipeline as part of a partnership with Phoenix Group and previously led a USD 10 mn pre-seed round for local fintech startup Mansa.

Meanwhile, Franklin Templeton previously backed a local startup, investing USD 30 mn in Dubai-based rent-now-pay-later startup Keyper. It will also work with Saudi’s Public Investment Fund on up to USD 5 bn in local financial market investments.

And why the timing matters

The CBUAE recently approved its first licensed stablecoin — AE Coin — as a payment method across federal entities, shifting stablecoin use from selective use cases to state-level payment rails. This includes early adoption by Network International, 7X, Air Arabia, the Abu Dhabi Judicial Department, and Tawasul Taxis, as we’ve reported.

More stablecoins are coming: IHC, ADQ, and First Abu Dhabi Bank are developing a regulated AED token, while Rakbank is building an AED-backed stablecoin.

MAF reports strong 2025 earnings

Majid Al Futtaim’s (MAF) next investment cycle is arriving from a position of strength. Net income in 2025 rose 41% y-o-y to AED 3.6 bn on revenue of AED 35.9 bn, up 6%, according to its earnings release. Take out the valuation gains, and the underlying net income rose even faster — up 48% to AED 2.3 bn — suggesting that the core business did more of the work this year.

Real estate development did much of the heavy lifting, with revenue up 33% to AED 5.8 bn on strong residential demand. E-commerce was another growth area, rising 20% to AED 3.2 bn as quick commerce jumped 38%. Shopping malls and hotels still brought in AED 4.8 bn, with occupancy above 98% and footfall up 6%.

Now the spending starts again: As we’ve reported, MAF Properties has committed EGP 15 bn (AED 1.1 bn) to Junction in Egypt’s West Cairo, plus EGP 1.9 bn (c.AED 143.6 mn) for retail there this year. In Saudi Arabia, SAR 17.5 bn is earmarked for an integrated development in Riyadh, CEO Ahmed El Shamy previously told us, alongside a retail multiplex in Diriyah Square. This comes on top of the AED 5 bn transformation of Mall of the Emirates and new grocery formats, including HyperMax and Sava. The group also recently priced a USD 500 mn 10-year sukuk — fresh fuel for what appears to be another capex-heavy chapter.

Adnoc’s Azerbaijan plays up production, Aramex expands in Dubai South, Amanat increases stake to takeover Saudi’s Sukoon

Adnoc’s overseas gas field in Azerbaijan ramps up production

Adnoc is poised to expand its international gas portfolio, as its Absheron gas field in Azerbaijan has set a date for its second phase of production, according to TotalEnergies’ website and an accompanying project assessment (pdf). Production from the project’s second phase — in which it owns a 30% stake alongside partners TotalEnergies and Socar — is expected to start on 1 September 2029, with a final investment decision expected in July, Reuters reports.

Production details: The second phase is set to raise daily production to 12.7 mmcm/d and 35k bbl / d of condensate.

The move adds more LNG exposure for Adnoc, as the Absheron field holds an estimated 350 bcm of gas, making it the second-largest ⁠gas field in the Caspian Sea. Elsewhere in the region, Adnoc’s international investment arm XRG inked a sales and purchase agreement to acquire an equity stake in Azerbaijan’s Southern Gas Corridor and also took a 38% stake in a Turkmenistan gas block. Further afield, XRG is eyeing investments in an Argentinian LNG project.

New healthcare logistics in Dubai South hub

Aramex is boosting its healthcare logistics foothold with a new 5.6k sqm hub in Dubai South Freezone, according to a statement. The site is equipped with ambient storage, cold rooms, and freezer units that can handle the full range of pharma temperature requirements. The facility also brings freight, customs clearance, warehousing, and last-mile delivery services under one roof.

Amanat’s Cambridge Health takes over Sukoon

Amanat subsidiary raised its stake in Sukoon to 100%: Dubai-based Amanat’s post-acute care provider arm Cambridge Health Group bought out other minority investors to secure full ownership of Jeddah-based healthcare company Sukoon International Holding, according to a DFM disclosure (pdf). The transaction value wasn’t disclosed.

IN CONTEXT- Amanat initially acquired a 33.3% stake in Sukoon in 2015, before increasing its ownership to 82% through Cambridge Health Group. Last November, it acquired an additional 8.7% minority stake, bringing its ownership to 90.5%.

Exactly how much retail money is pulling out of private credit? The Financial Times says it’s a lot…

Planet Finance is flip-flopping between the fallout of the war on markets and the crisis slowly spreading through the private credit sector. Signs of trouble in Private Credit Land have been piling up for a while now, and the latest worrying statistic? Wealthy investors have sought to pull more than USD 10 bn from some of the largest semi-liquid credit funds in 1Q 2026, the Financial Times reports.

This has prompted private credit managers to cap withdrawals: Funds run by Blackstone, BlackRock, Morgan Stanley, and others agreed to meet only about 70% of the USD 10.1 bn in redemption requests so far, according to the salmon-colored paper’s calculations. Further withdrawal tallies are expected from the likes of Apollo Global, Ares Management, and Goldman Sachs in the coming weeks.

By the numbers: Retail private-credit assets swelled to USD 222 bn by the end of 2025 — up from just USD 34 bn at end-2021 — after nearly USD 200 bn in inflows over that period. Now, Goldman Sachs expects the category to shrink by USD 45-70 bn over the next two years.

Why does it matter? Retail money is a big source of fee income. Blackstone’s USD 48 bn BCred fund was its largest fee source last year, generating USD 1.2 bn, while Blue Owl Capital booked USD 447 mn from a comparable vehicle. The funds seeing these requests are also the ones that grew the fastest in recent years.

IN CONTEXT- As we’ve previously noted, private-market executives have been warning of turbulence following the sector’s weakest start to a year in more than a decade — marked by slowing inflows, rising withdrawals, and growing concern that refinancing pressure and AI-linked debt could expose weaker credits.

Public markets are already marking that down: Listed private-capital groups including Blackstone, Blue Owl, Ares, KKR, and Apollo are down 25% or more this year, wiping more than USD 100 bn off combined market value. As Vulcan Value’s CT Fitzpatrick put it, “the air has come out of the balloon.”

It’s also behavioral: Retail investor behavior of “[chasing] performance, then [leaving] the moment they sense danger,” as Morningstar’s Jack Shannon said, is doing little to inspire confidence in the asset class. The trend is also similar to the start of the 2008 financial crisis, former Pimco co-chief exec Mohamed El Erian said.

MARKETS THIS MORNING-

Stocks in Asia are up in early trading this morning with the anticipation surrounding “ a historic week in the world of monetary policymaking ” driving sentiment. The central banks of the US, Europe, England, and Japan are all set to meet this week and investors are bracing for signs that monetary tightening is on the horizon as the regional war drags on.

ADX	9,462	-0.2% (YTD: -5.3%)
DFM	5,289	-2.5% (YTD: -12.5%)
Nasdaq Dubai UAE20	4,345	-1.1% (YTD: -11.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.6% o/n	3.7% 1 yr
TASI	10,946	+0.6% (YTD: +4.3%)
EGX30	45,188	-1.6% (YTD: +8.0%)
S&P 500	6,699	+1.0% (YTD: -2.1%)
FTSE 100	10,318	+0.6% (YTD: +3.9%)
Euro Stoxx 50	5,739	+0.4% (YTD: -0.9%)
Brent crude	USD 100.21	-2.8%
Natural gas (Nymex)	USD 3.03	+0.3%
Gold	USD 5,007	+0.1%
BTC	USD 74,735	+2.8% (YTD: -14.7%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.60	-1.9% (YTD: -4.0%)
S&P MENA Bond & Sukuk	150.55	-0.4% (YTD: -0.9%)
VIX (Volatility Index)	23.80	-12.4% (YTD: +52.3%)

THE CLOSING BELL-

The DFM fell 2.5% yesterday on turnover of AED 1.1 bn. The index is down 12.5% YTD.

In the green: Emirates REIT (CEIC) (+3.0%), Taaleem Holdings (+2.0%), and Dubai Financial Market (+1.5%).

In the red: Dubai Refreshment Company (-5.0%), Mashreqbank (-5.0%), and Commercial Bank of Dubai (-4.9%).

Over on the ADX, the index rose 0.1% on turnover of AED 1.2 bn. Meanwhile, Nasdaq Dubai was down 1.1%.

CALENDAR

MARCH

19-20 March (Thursday-Friday): Eid Al Fitr, public holiday.

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.

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

31 March-2 April (Tuesday-Thursday): Investopia, Abu Dhabi.

APRIL

6-9 April (Monday-Thursday): Dubai AI Week, Dubai.

7-8 April (Tuesday-Wednesday): Dubai AI Festival, Dubai World Trade Center, Dubai.

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

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

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): International Property Show, Sheikh Zayed Rd, Dubai.

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

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

29 April (Wednesday): Digital Transformation Summit, Sofitel, 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): 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.

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

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.

OCTOBER

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

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

NOVEMBER

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.

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

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