DIFC proposes amendments that could attract more firms to the hub, while ADGM tightens crypto rules

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WHAT WE’RE TRACKING TODAY

THIS MORNING: AD Ports eye logistics investments in Azerbaijan + More US investment could be coming our way post-Opec exit

Good morning, friends, and happy FRIDAY. We’re giving ourselves a big pat on the back for making it through this rollercoaster of a week, and we hope you’re doing the same and are taking a breather this weekend. With an Opec exit, bns of AED in new funds and national strategies announced to mitigate the impact of the war, and earnings season in full swing, it’s been a lot, to say the least.

We don’t expect things to quiet down next week. Make It in The Emirates is kicking off on Monday, and it’s set to be its largest edition yet — and the largest event to take place in the UAE since the war started.

The government is also teeing up key announcements for the event, including a list of 150 key commodities that will fall within the new National Supply Chain Resilience Program’s scope. Those are set to include food, meds, and industrial goods.

Things are not looking great on the ceasefire front. The US yesterday said it was looking into a potential attack on Iran to pressure it as ongoing negotiations stall, and Iran hit back with threat of “long and painful” strikes on the US if it renewed its attacks on the country. Meanwhile, attacks continued in the South of Lebanon despite the ceasefire, with at least 9 killed and 23 wounded yesterday alone.

The UAE also banned its citizens from traveling to Lebanon, Iran, and Iraq, citing the “current developments in the region” and requested those who are there to coordinate their immediate return, state news agency Wam reports.

Local markets took a nosedive on the renewed hostilities — with the ADX down 1.2% and the DFM falling 1.6%. The two exchanges had been rebounding most of this week, with the ADX rising yesterday on news of the UAE’s exit from Opec.

Today’s big story is — refreshingly — a package of regulatory updates from DIFC and ADGM. DIFC is proposing amendments that could open up its Prescribed Company structure — akin to popular offshore structures — to more people, while ADGM issued its crypto staking framework and is proposing new, tightened AML rules for crypto and for engaging with high-risk jurisdictions and individuals.

We also have a slew of earnings for you, with Mashreq and Ghitha having a strong quarter despite regional headwinds, and NMDC and Borouge seeing a bigger impact.

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WEATHER- It’s another beach weekend (likely one of the last before sitting by the beach feels like a test of human endurance). Dubai will see a high of 38°C today and tomorrow, before rising to 39°C on Sunday. Meanwhile, the mercury in Abu Dhabi will rise to 36-37°C before reaching a high of 39°C on Sunday. Both emirates will see lows ranging between 26-28°C throughout the weekend.

PSA

We’re paying a little more at the pump this month: The UAE’s Fuel Price Committee raised the price of Special 95 and Super 98 by around 8%, with Special 95 now priced at AED 3.55 per liter, and Super 98 priced at AED 3.66, state news agency Wam reports. E-Plus 91, meanwhile, is up 9% to AED 3.48.

But there’s good news for logistics + transport firms: The price of diesel was kept unchanged at AED 4.69.

REMEMBER- Last month, fuel prices saw their steepest hike in years, and the impact has been making its way throughout the economy. Diesel in particular contributed to an increase in the cost of moving goods, causing rises in freight rates and delivery pricing, with sectors like transport, logistics, construction, and delivery services particularly exposed. Analysts we spoke to said the full impact will only reveal itself in phases, as businesses start to absorb rising prices before eventually passing them on to consumers.

SOUND SMART- The increase this month was largely expected, with no end in sight yet for the regional war. While the ceasefire has helped bring down global oil prices slightly, Brent rose sharply to USD 126 / bbl — a four-year high — amid concerns around further escalation of the regional conflict and an extended blockade of the Strait of Hormuz.

Tourists can now get a digital banking account as soon as they land in the UAE through an initiative launched by Abu Dhabi Commercial Bank (ADCB), the Central Bank of the UAE, and the Federal Authority for Identity, Citizenship, Customs and Port Security (ICP). The account would allow them a digital debit card, according to a statement (pdf).

Watch this space

TECH — The region’s digital recovery is going to be a long haul: Amazon said restoring its cloud operations in the UAE and Bahrain following damage from drone strikes earlier in the conflict will take several months, Reuters reports. The tech giant has suspended billing for affected customers in the region as it grapples with the physical aftermath of the conflict.

The current state of play: AWS’s service health dashboard currently lists 37 services across both countries as disrupted. The company is advising clients to migrate accessible workloads to other global regions or restore from remote backups.

LOGISTICS — AD Ports Group and Azerbaijan’s Azcon Holding signed an MoU to explore joint investments in ports, shipping, and digital trade hubs in Azerbaijan, according to a statement. The agreement targets infrastructure development to link Central Asian trade flows more tightly with European markets via the Middle Corridor.

UAE 💚Azerbaijan: The two countries’ trade and economic partnership agreement officially entered into force on 15 April. The CEPA aims to eliminate or reduce tariffs on 95% of goods and includes a dedicated services chapter designed to stimulate supply-chain integration.

The UAE has been expanding its reach across the Middle Corridor — this month, it signed a strategic agreement with Romania’s National Company Maritime Ports Administration to modernize the Port of Constanța, which is a European gateway for cargo from the Caspian Sea and Central Asia.

INVESTMENT WATCH — The UAE might draw in more investments from the US once it starts pumping more oil after its Opec exit, according to a JPMorgan note picked up by Reuters. This isn’t expected in the near term given the ongoing blockade of the Strait of Hormuz, but rather in the medium and long term, when the UAE achieves its target of upping capacity to 5 mn bbl / d, up from around 4.8 bbl / d currently.

US President Donald Trump already gave the UAE a thumbs-up for the move, saying it was “great” and could help get oil prices down eventually. Trump has long been on the side of lowering oil prices, and previously said he planned to ask Opec to slash prices in order to restrict Russia’s revenue sources and put an end to the Russia-Ukraine war.

For the UAE, a lower oil price is not a major issue, which partially explains its exit from Opec. The country’s break-even price for oil is below USD 50 / bbl, versus USD 90 for Opec cartel leader Saudi Arabia. That’s partly driven by the fact that the UAE has succeeded at boosting its non-oil sector’s contribution to the economy, bringing it to 77.3% of GDP in 1Q 2025.

The UAE and the US are already partners in the fields of energy, tech, and AI, with the UAE pledging USD 60 bn in investments in energy in the US last year as part of a wider USD 1.4 tn investment pledge in the US. The UAE’s energy investments in the US are set to be valued at USD 440 bn by 2035.

ECONOMY — Dubai’s latest support package targets the emirate’s creatives, with AED 1 bn set to be rolled out in phases to help cultural and creative firms, as well as artists and SMEs working in the sector, according to Dubai Media Office. Since the start of the war, authorities have launched packages targeting the private sector, tourism, and banking.

Under the hood: Support is coming via both public and private sector partnerships, with the likes of DIFC, Dubai CommerCity, and Expo City also getting involved. Creatives can access venues at no charge, along with grants for exhibitions. Dubai is also rolling out training programs and media, marketing, and networking support.

ICYMI- These aren’t the first support measures targeting the creative sector. The UAE has been looking to incentivize local creative production, including by offering higher tax rebates for Emirates-based TV and film productions.

Data point

30x — that’s how much trucking movement has leaped since the war began. Truck traffic has jumped from normal levels to some 4.8k vehicles daily since the disruptions began, while more than 7 mn sqm of storage capacity has helped absorb the flow.

Port capacity has also expanded: Eastern ports’ capacity has expanded twentyfold, with over 262k containers handled. Crane capacity has exceeded 30 units, and Fujairah has handled over 2.8 mn metric tons of GCC bulk cargo. About 1.2k vessels are still being monitored and serviced in UAE waters.

This is mostly thanks to the lifting of restrictions on truck movements between ports, with waived gate fees on key corridors and the opening of customs fast lanes to cut clearance times. Cross-border rules were also loosened to allow empty trucks to circulate across GCC countries.

REMEMBER- When ships stall, trucks roll: EnterpriseAM Logistics a deep dive into how trucking saved the day by managing supply chain disruptions in the Gulf earlier in the conflict.

The big story abroad

Aside from the exchange of threats between Iran and the US, all eyes are on equities and earnings. Apple gave a solid sales forecast on the back of what it said was solid demand for its iPhone 17 and MacBook Neo, sending its shares up 4% in afterhours trading. It also announced a USD 100 bn share buyback program, and warned of the potential impacts of ongoing supply chain disruptions leading to MacBook shortages.

On the equities front, Wall Street is coming off of a record month, with stocks closing April at their highest since 2020, the Financial Times reports. Emerging markets also posted their strongest month since 2022. Both rallies were fueled by tech stocks and optimism over AI demand.

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Regulatory amendments proposed at DIFC, ADGM could help attract more firms to the financial hubs

The UAE’s two financial hubs are making key regulatory changes that could attract new types of firms at a time when capital flight is a major concern as the country’s “safe haven” image is shaken in the wake of the Iran war.

Up first: DIFC is looking to open up its prescribed company (PC) regime to a wider pool of users, proposing in a new consultation paper (pdf) to scrap remaining eligibility restrictions and allow any applicant to set up a PC, according to a statement. The consultation is open for feedback until 2 June.

PC? The DIFC-specific structure is a low-cost and more lightly regulated type of holding company that can operate within the DIFC. Think of it as DIFC’s answer to the classic offshore SPV (like those in the Cayman Islands or BVI), but designed to keep activity anchored in the region. They are typically used to hold assets rather than run active businesses. They come with reduced fees, minimal operational requirements, and no need for employees or physical presence.

DIFC would be opening up to more people: The proposal removes qualifying requirements tied to ownership, purpose, or geographic nexus. Currently, you need to demonstrate a qualifying purpose (like a structured financing) or a nexus to DIFC (like being a GCC citizen or being controlled by a DIFC-registered entity). That’s changing, making a PC globally accessible.

What everyone would need to do, though: Most PCs would need to appoint a DFSA-regulated corporate service provider (CSP) to handle filings, maintain records, and act as the main compliance interface with the registrar. This adds a mandatory layer of cost and oversight for non-exempt entities.

The catch for existing players: PCs that don’t meet exemption criteria would have six months to appoint a CSP or face fines of up to USD 20k and potential loss of PC status, meaning conversion into a fully licensed DIFC entity with higher fees and office requirements.

The amendments would be a major boost for DIFC. They position the financial hub as a regional alternative to popular offshore jurisdictions, but with a regulated, tax-transparent framework. The move would streamline wealth and investment management for high-net-worth individuals and family offices at a time when the Iran war has threatened the UAE’s “safe haven” image, which had attracted many in recent years.

ADGM, meanwhile, is tightening its crypto and AML frameworks

ADGM is pushing ahead on crypto rulemaking: The FSRA has finalized a regulatory framework for the staking of virtual assets, according to a statement. The changes build on its 2025 consultation, which had set out the basic perimeter-limiting regulation for firms staking client assets, but tighten and expand a few of the rules.

Scope widens: The final rules go beyond the initial proof-of-stake focus to capture other staking models with similar characteristics, ensuring that newer DeFi mechanisms fall within scope.

Other hard rules for staking include:

Rewards are now restricted to “accepted” virtual assets or fiat-referenced tokens;
Disclosures setting out key terms including lock-ups, withdrawal mechanics, and risks like slashing, as well as updates on performance, including rewards earned, losses from slashing, uptime levels, fees, and when assets can be unstaked, are now mandatory;
Firms now must assess track records in areas like downtime, withdrawal delays, and the ability to recover assets in stressed scenarios.

The FSRA has also clarified that a crypto firm engaged in staking would not be classified as a fund manager, effectively easing their compliance and avoiding a second layer of fund regulation for crypto players.

Why this matters: The FSRA is effectively de-risking staking for institutional players who have historically stayed on the sidelines due to “grey zone” legalities. It also makes ADGM one of very few jurisdictions with an explicit crypto staking framework,

AND IN THE WORKS- ADGM’s Financial Services Regulatory Authority (FSRA) is moving to tighten its anti-money laundering framework, it said in a statement. The authority launched a consultation (pdf) on rule changes aimed at aligning its regime with updated UAE AML laws and international standards. The consultation is open until 14 May, with final rules expected shortly after.

The FSRA is introducing more granular rules around virtual asset transfers, including:

Travel rule compliance for crypto transactions;
A USD 1k threshold that differentiates domestic and cross-border requirements;
Separate obligations for originating vs beneficiary institutions;
Specific due diligence and controls for transfers involving unhosted wallets.

Beyond crypto, the framework also tightens risk controls more broadly. These include mandatory high-risk classifications for foreign “politically exposed” individuals, high-risk jurisdictions, and unhosted wallet exposure, alongside clearer expectations for ongoing customer risk assessments and for when enhanced due diligence is required.

Governance and structure shift: New rules strengthen senior management accountability by requiring oversight of AML systems and allowing senior management to be treated as the ultimate beneficial owner when no natural person is identified. The FSRA is also moving designated non-financial businesses or persons (DNFBP) licensing into its Financial Services and Markets Regulations and creating a framework to delegate supervision to the ADGM Registration Authority.

Orbitworks eyes USD 1 bn investment for space economy

Orbitworks eyes USD 1 bn for satellite program: Satellite manufacturer Orbitworks, a JV between Abu Dhabi-based Marlan and US-based startup Loft Orbital, is investing USD 1 bn to expand its satellite network from now until 2031, the firm’s CEO Hamdullah Mohib told Semafor.

A 40-satellite plan: Orbitworks is planning on launching its first satellite this October and deploying nine more next year, with an additional 40 set to be launched by 2031. A USD 200 mn satellite manufacturing plant in Abu Dhabi will help it get there.

On the funding front, it recently inked an agreement with France’s space agency, and French firms could help Orbitworks raise an additional USD 1 bn, Mohib said. It’s also targeting US partnerships rather than Chinese so as not to close off any future agreements, he added.

IN CONTEXT- As of last autumn, the UAE had invested AED 44 bn in expanding its space industries, as authorities look to have the Emirates rank among the world’s top 10 space hubs by 2031. Orbitworks itself is linked via Marlan to the state’s International Holding Company. Space was also a focus of a recent cabinet strategy, with a new aim to double space economy revenues and expand export markets. So far, key Emirati space projects include its Eshara stack and the national Earth-observation hub.

Mashreq, Ghtiha report solid earnings, while war weighs on NMDC and Borouge

Mashreq pushes ahead as fees and lending pick up

Our friends at Mashreq delivered a solid 1Q 2026, with strong balance sheet expansion and fee-driven growth lifting net income after tax 7.5% y-o-y to AED 1.9 bn, while pre-tax earnings rose 9% to AED 2.3 bn, according to its financials (pdf) and management discussion and analysis report (pdf). Operating income climbed 10% to AED 3.4 bn, supported by growth across lending and transaction banking.

Diversification doing the heavy lifting: Non-interest income rose 20% y-o-y to AED 1.4 bn, accounting for 41% of total income, as fees, FX, and cross-border activity picked up. CEO Ahmed Abdelaal flagged stronger client engagement across trade finance and payments as a key driver.

Volumes offset margin pressure: Net interest income grew 4% as rate cuts weighed on margins. That was largely offset by a 33% jump in customer loans and a solid CASA ratio of 63%, keeping funding costs in check.

Efficiency and balance sheet strength intact despite investment push: Operating expenses rose 15% to AED 1.1 bn on higher spend across AI, digital infrastructure, and international expansion, but the cost-to-income ratio held at 31%, pointing to continued cost discipline.

Management also pointed to “uninterrupted operations across all channels” despite regional tensions, with Chairman Abdul Aziz Al Ghurair saying the quarter “reaffirmed the structural resilience of the UAE and the wider GCC economies.”

Ghitha grows as food demand holds, integration deepens

Ghitha Holding is riding resilient demand across essential food segments and a more integrated platform to drive growth, with revenue rising 23% y-o-y to AED 1.6 bn in 1Q 2026, according to its earnings release (pdf). The agriculture and food platform’s gross income rose 8% y-o-y to AED 330.8 mn.

Integration + expansion driving the top line: Growth was supported by organic momentum and ongoing integration. Ghitha deepened its vertical play with the acquisition of fresh produce player Taaza under NRTC, strengthening farm-to-market capabilities. That comes as its Invictus unit expands in Africa, with a Mauritius subsidiary signing to acquire a majority stake in a North African agro-food manufacturer to bolster its trading footprint.

While Ghitha flagged sustained demand and no direct disruption, policymakers have stepped up their focus on food security, and Ghitha is one of the key local players with a role there. The government rolled out a AED 1 bn national fund targeting essential food, while a Sustainable Product Initiative aims to lift local sourcing in hospitality to 25%.

REMEMBER- Ghitha has also moved to mitigate disruption during the quarter, ramping up imports across land, air, and sea. Its NRTC unit brought in over 4.7k tons of fresh produce in a week, with another 17k tons on the way.

Borouge’s 1Q hit by regional disruption and weaker pricing, but March rebound offers some relief

Petrochemicals player Borouge saw its bottom line take a hit in 1Q as logistics disruptions and weaker pricing earlier in the quarter weighed on performance, with net income falling 45% y-o-y to USD 156 mn, according to its management discussion and analysis report (pdf) and earnings release (pdf). Revenue dropped 17% to USD 1.2 bn.

Volumes and pricing under pressure: Sales volumes fell 13% y-o-y to 1.1 mn tons, hit by shipment disruptions following the closure of the Strait of Hormuz, while blended selling prices slipped 6% amid weaker benchmarks earlier in the quarter. Production, however, held steady at around 98% utilization, with the firm managing to reroute around 61% of production through alternative logistics channels.

REMEMBER-Operations at Borouge were briefly affected when debris-triggered fires forced a temporary suspension at its Al Ruwais plant. This occurred just weeks after the formation of Borouge Group International — a USD 60 bn platform combining Borouge, Borealis, and Nova Chemicals — putting the newly merged group’s resilience to an early test.

A March turnaround in prices helped cushion the blow: Prices surged by about 62% toward the end of the quarter as global supply tightened.

Looking ahead, a rebound is taking shape: Unsold volumes were placed into storage and are expected to ship in 2Q, setting the stage for a rebound as stronger pricing helps offset higher freight and logistics costs. “With global prices showing encouraging signs of recovery and as market conditions improve, we are well positioned to translate this opportunity into earnings,” CEO Hazeem Sultan Al Suwaidi said.

In the longer term, growth will be supported by the ramp-up of Borouge 4 — with initial production underway and around USD 400 mn in cumulative net income expected over three years — alongside a newly signed 50:50 China JV to develop a cracker and polyethylene complex, expanding its footprint in a key demand market.

As for dividends: Borouge is keeping payouts intact, with its 2H 2025 dividend of USD 658 mn due around 5 May. The company also reiterated plans to maintain a minimum dividend of 16.2 fils per share through at least 2030.

NMDC’s margins take the hit as costs bite

NMDC Group’s net income was squeezed by higher logistics, ins., and fuel costs related to regional disruptions, falling 51% y-o-y to AED 387 mn in 1Q 2026, according to its earnings release (pdf). Meanwhile, its revenues rose 7% y-o-y to AED 6.6 bn on steady backlog conversion.

The group’s dredging and marine unit generated 79% of its net income, while the remaining 21% came from its energy segment. For revenues, the energy segment drove 75% of the total but reported slimmer margins.

Pipeline stays heavy: The backlog stands at AED 55.4 bn, with some AED 1.8 bn in new awards during the quarter.

Adnoc is still the UAE’s most valuable brand

The UAE’s top 50 most valuable brands have seen their value grow 17% y-o-y to USD 104.5 bn this year, according to a report from London-based valuation consultancy Brand Finance. Adnoc retained its position as the country’s most valuable brand for the eighth consecutive year, with a value of USD 21.2 bn, up 11% y-o-y, while e& followed closely in second place, with value up 7% y-o-y to USD 16.4 bn.

Emirates (USD 10.6 bn, up 27% y-o-y), Emirates NBD (USD 6.1 bn), and First Abu Dhabi Bank (USD 5.5 bn) round out the top five, while our friends at Mashreq have made it to the top 10 list for the first time since 2020, with a value up 26% y-o-y to USD 2.4 bn. Abu Dhabi Commercial Bank took DP World’s position in seventh place, supported by 33% growth in its value to USD 4.4 bn, while DP World slipped to eighth. The consultancy firm notes this is due to strong growth among peers rather than a weakening value for the port operator.

Citi hires a new regional banking head + Salama, Emirates Ins. tap new CFOs

Citi is doubling down on the UAE, tapping Karim Tannir as Middle East and Africa cluster and banking head, to be based in Dubai, according to a press release. Tannir has more than 30 years of experience in the region and joins Citi from HSBC, where he served as head of banking for the Middle East, North Africa, and Turkey. He also worked at JPMorgan for 25 years. Tannir replaces Ebru Pakcan (LinkedIn), who will become COO for International and Legacy Franchises.

REMEMBER- The move is another vote of confidence from Wall Street banks. The bank had reaffirmed its commitment to the region earlier during the conflict after it had shut its offices and most of its branches. Bank of America and Goldman Sachs are also among those who have beefed up their teams in recent weeks.

Ravikanth Petluri (LinkedIn) will become CFO of Salama Islamic Arab Ins. Company (Salama) after the Central Bank of the UAE (CBUAE) cleared the move, according to a press release. Petluri’s regional experience includes tenures as CFO of ins. firm Liva Group in Dubai and as finance manager at Waha Capital, as well as several senior positions at KPMG Lower Gulf.

Emirates Ins. is also making changes to its senior leadership, appointing Jean Claus (LinkedIn) as CFO to replace Aart Lehmkuhl (LinkedIn), who is retiring, according to a disclosure. Claus joins the ins. player from Allianz, where he served as regional CFO for Europe, the Middle East, and Africa. His tenure at Allianz also included a five-year stint as CEO of Allianz Trade in the Middle East.

Silicon Valley backs UAE fractional gold firm, Apex launches tokenization fund, and e& wraps up takeover in Slovakia

Silicon Valley backs UAE fractional gold

Emirati fractional gold firm secures Silicon Valley money: The regional conflict has seen investors look to traditional safe-haven assets like gold. Silicon Valley money now seems to be following that trend, with California-based Plug and Play Ventures investing an undisclosed amount into UAE-based fractional gold and silver ownership app O Gold, according to a press release. Funds will be used to scale infrastructure, expand into new markets outside the UAE, and roll out new products.

Background: O Gold was integrated into fintech and communications app Botim last year, in a move that made Botim the first regional fintech to offer in-app gold trading at the time. The move comes as part of a wider tokenization drive, with Dubai Multi Commodities Center and Dubai’s Virtual Assets Regulatory Authority also developing infrastructure to tokenize physical commodities including gold as of last year, and Dubai-based Fasset launching an app to offer fractional ownership of gold via tokenization.

Apex launches tokenization fund

Financial services provider Apex Group is launching a tokenized fund in DIFC, the firm said in a statement. Apex is teaming up with Dubai-headquartered fintech Truleum Venture Partners on the DIFC-based Truleum Fund I, the size of which hasn’t been disclosed yet.

ICYMI- Dubai gave the green light to its first tokenized money fund last year. Financial regulators have also been laying more groundwork for tokenized finance, including for assets like stablecoins and real estate units.

e& wraps up takeover in Slovakia

Telecom giant e& has completed its EUR 95 mn takeover of broadband operator UPC Slovakia via its subsidiary O2 Slovakia, according to a disclosure. e& agreed to buy the firm from its owner, Liberty Global, at the end of last year. The move comes as the telecom player continues to scale up its international presence, having recently taken over Telenor Pakistan and launched a wholesale connectivity hub in Miami.

Are we in the early stages of a commodity supercycle?

Growth in sectors like AI and defense is triggering a spending spree in a key sector that is powering the others — mining. The rush is part of a wider pivot away from tech stocks and toward hard assets, as infrastructure continues to cement its place as a key hinge on which other growing sectors, from AI to energy, depend.

By the numbers: Assets under management in mining exchange-traded funds doubled to USD 87.4 bn at the end of 1Q, according to ETFGI data picked up by Reuters. Investors poured USD 8.2 bn into mining during the quarter — a USD 10.8 bn reversal of outflows that had hit the sector in 1Q 2025, triggered by tariffs implemented by US President Donald Trump. Meanwhile, shares of the two largest mining companies, BHP and Rio Tinto, have both hit record highs this year.

Why are they having such a moment? In comparison with tech stocks, critical minerals and metals are seen as less exposed to AI disruption, Harding Loevner’s Anix Vyas said. For now, “copper is at the intersection of everything and critically undersupplied,” Regal Partners’ Charlie Aitken said, while also predicting the metal’s prices could double or triple in the next decade.

The regional war has also put things into perspective, highlighting the need for governments to shore up supply chains and secure disruption-proof access to critical materials and energy security.

A rethink of the traditional “safe haven”? Inflows into copper outperformed those into gold, as investors increasingly position themselves towards infrastructure-linked assets amid war-induced disruptions, effectively betting on more infrastructure spending across the energy sector. Oil and gas funds saw some USD 6 bn in inflows in the first quarter alone.

Where the risks lie: Metals, as an asset class, are more exposed to supply chain disruption, as we’re currently seeing through the Strait of Hormuz. Typically, fund sizes are smaller, meaning volatility can seem more amplified.

MARKETS THIS MORNING-

Asian markets are mostly closed for the May Day holiday, but Japan’s Nikkei was marginally up, while the Topix is in the red. Over on Wall Street, futures are hovering near the flatline after a record April.

ADX	9,779	-1.2% (YTD: -2.1%)
DFM	5,766	-1.6% (YTD: -4.7%)
Nasdaq Dubai UAE20	4,614	-2.5% (YTD: -5.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.4% o/n	4.0% 1 yr
TASI	11,188	-0.5% (YTD: +6.6%)
EGX30	51,761	-1.2% (YTD: +23.7%)
S&P 500	7,209	+1% (YTD: 5.3%)
FTSE 100	10,379	+1.6% (YTD: +4.5%)
Euro Stoxx 50	5,882	+1.1% (YTD: +1.6%)
Brent crude	USD 110.4	-0.0%
Natural gas (Nymex)	USD 2.77	+0.0%
Gold	USD 4,633.1	+0.1%
BTC	USD 76,495	+0.6% (YTD: -13.8%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.7	-0.5% (YTD: +0.9%)
S&P MENA Bond & Sukuk	151.26	-0.2% (YTD: -0.4%)
VIX (Volatility Index)	16.89	-10.2% (YTD: +13%)

THE CLOSING BELL-

The ADX fell 1.2% yesterday on turnover of AED 1.7 bn. The index is down 2.1% YTD.

In the green: Abu Dhabi National Co. for Building Materials (+6.0%), National Bank of Fujairah (+4.6%), and Adnoc Drilling Company (+3.1%).

In the red: Invest Bank (-5.0%), Dana Gas (-5.0%), and Abu Dhabi Islamic Bank (-4.9%).

Over on the DFM, the index fell 1.6% on turnover of AED 954.7 mn. Meanwhile, Nasdaq Dubai was down 2.5%.

CALENDAR

MAY

gasolin

4-7 May (Wednesday-Friday): Make It in the Emirates, Adnec Center, Abu Dhabi.

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

15-17 May (Friday-Sunday): Art Dubai, Madinat Jumeirah, Dubai.

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

22 May-7 June (Friday-Sunday): Dubai Esports and Games Festival, 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.

17 June (Wednesday): Investopia Global Talks, Tashkent, Uzbekistan.

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.

29-30 September (Tuesday-Wednesday): AFCM Annual Conference, Abu Dhabi.

OCTOBER

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

5-7 October (Monday-Wednesday): AI Everything Global, Adnec Center, 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.

27-28 October (Tuesday-Wednesday): Arab Competition Forum, Dubai.

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

NOVEMBER

2-6 November (Monday-Friday): Dubai Future Finance Week, Dubai.

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.

8-9 December (Tuesday-Wednesday): Capital Market Summit, Madinat Jumeirah, Dubai.

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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