Dubai expands industrial, commercial space amid supply crunch

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WHAT WE’RE TRACKING TODAY

THIS MORNING: EU, UAE trade pact to come within months? + Damac secures US land for data centers

Good morning, friends, and happy FRIDAY. We’re closing out this uncharacteristically chilly week with a brisk but still meaty issue.

The big story of the day will be good news for tech startups and fruit and vegetable traders looking to expand in or into Dubai: Tech freezone Dubai Silicon Oasis is undergoing a major AED 12.8 bn expansion, while the Aweer market is set to double in size.

Plus: Masdar is eyeing another round-the-clock solar and battery storage project, this time in Uzbekistan.

And earnings season continues with Sobha and Arada’s financials showing the fruits of last year’s property boom, plus Sharjah Islamic Bank posted double-digit y-o-y growth.

**EDITOR’S NOTE- We’re sorry yesterday’s markets in Planet Finance were incomplete — we had a technical glitch to deal with that has since been resolved.

Happening today

It’s Davos week: World leaders, bankers, and global business leaders are in Switzerland this week for the World Economic Forum Annual Meeting, which runs through tomorrow. You can go deeper on the meeting’s microsite here.

The UAE is sending what it says is the fifth biggest delegation at Davos this year, with some 100 officials, ministers, and senior executives from major private companies set to attend, according to Wam. Dubai Culture and Arts Authority Chairwoman Latifa bint Mohammed bin Rashid Al Maktoum is leading the delegation.

Also happening today:

The Sharjah Real Estate Exhibition (also known as Acres), which runs until Saturday at Expo Center Sharjah.

WEATHER- It’s going to be another chilly day across the country, with Dubai seeing a high of 21°C and a low of 13°C, while Abu Dhabi will see a high of 22°C and an overnight low of 13°C, with mostly cloudy conditions.

CAPITAL MARKETS — Foreign investors ended 2025 as net buyers of UAE equities, even as flows turned choppier toward year-end, according to Kamco Invest’s latest GCC Trading Activity report (pdf). Abu Dhabi emerged as one of the region’s top foreign capital magnets, with USD 3.4 bn in net inflows into the ADX over the year, second only to Saudi Arabia at USD 5.5 bn. The DFM also closed the year in positive territory, attracting USD 1.3 bn of net foreign buying.

ICYMI- With just three IPOs in 2025, foreign inflows were likely absorbed by USD 4.75 bn worth of follow-on offerings, turning secondary sell-downs into a key channel for deploying capital.

That support softened into the final stretch of the year. In 4Q, net foreign outflows from the ADX hit USD 1 bn, reversing USD 798.7 mn of net buying in 3Q, with Dubai also seeing foreign selling through October and November before flows flipped back to net buying in December.

ZOOM OUT- Kuwait recorded USD 1.5 bn of net buying in 2025, with Qatar also closing the year in positive territory, posting USD 171.0 mn of net foreign inflows. Oman was the clear outlier, registering the region’s largest full-year net foreign selling at USD 440.8 mn, followed by Bahrain with USD 10.3 mn of outflows.

Watch this space

DATA CENTERS — Damac secures land for US data center push: Damac has secured USD 12 bn worth of land and power capacity for AI data centers in the US — roughly 1 GW — putting it more than halfway toward the USD 20 bn investment it flagged last year, Arabian Gulf Business Insights cites chairman Hussain Sajwani as saying at Davos.

A quick refresher: Damac committed USD 20 bn to US data centers in early 2025 through its digital infrastructure arm Damac Digital — formerly Edgnex — with scope to double it if demand holds. Sajwani now says reaching that initial USD 20 bn target would take two to four years.

Location-wise, sites in Ohio and New Jersey are already secured, with Texas under evaluation, pointing to a strategy centered on grid-ready locations.

ZOOM OUT- The US push is part of a broader global buildout. As we’ve reported, Edgnex plans to invest USD 5-7 bn globally over the next few years, including in Southeast Asia, which is seeing the firm pour some USD 3 bn in investments anchored by a USD 2.3 bn, 144 MW, AI-focused project in Indonesia; Saudi Arabia, and Europe. It’s also currently mulling a USD 1 bn project in the Philippines, as we reported last week.

TRADE — Negotiations on a trade agreement with the EU are in their final stretch, with most technical issues resolved and a possible breakthrough expected within months, Foreign Trade Minister Thani bin Ahmed Al Zeyoudi told CNBC Arabia (watch, runtime: 7:09) on the sidelines of Davos. The two launched talks last spring.

High ambitions: The EU is already the UAE’s third-largest trading partner, with trade nearing USD 70 bn. Abu Dhabi is targeting more than USD 100 bn in trade with the block within five years, using the trade agreement not just to cut tariffs but also mitigate trade policy volatility through diplomatic avenues.

The EU talks sit within a much broader push: The UAE has now finalized 33 economic partnership agreements — including two signed this month with Nigeria and Philippines — with 15 in force, and is working toward its goal of up to 38 as agreements with Japan, Ecuador, and Rwanda near completion.

It’s showing in the numbers: Non-oil trade came in about 25% higher y-o-y in 2025 and is expected to reach roughly AED 3.5 tn, putting the UAE’s longer-term AED 4 tn target potentially years ahead of schedule.

The big story abroad

Several big business stories are making the rounds in the foreign business press this morning:

#1- US President Donald Trump has sued JP Morgan Chase and its CEO Jamie Dimon, seeking at least USD 5 bn in damages after accusing them of closing his accounts unfairly for political reasons in 2021. While Trump claims the bank debanked him because “the political tide at the moment favored him doing so,” the bank has so far dismissed the claims and said it only closes accounts when they pose regulatory or legal risks for them.

The move comes as just the latest in several feuds Trump has sought out with perceived political enemies. He has already sued Capital One for similar claims.

#2- Venezuela’s national assembly is backing a new law that opens up its hydrocarbons sector to the private sector, paving the way for foreign investments into the country’s oil industry after the US' capture of Venezuela’s President Nicolás Maduro.

#3- Trump said yesterday the US will gain total access to Greenland as part of a framework agreement with NATO, even as the country’s leader and other EU allies say they remain in the dark on the details of the agreement. The agreement provided respite after EU-US ties were deteriorating on the US’ threats of tariffs on EU countries who opposed his plan to take over Greenland.

#4- The US has also officially launched his Board of Peace at Davos, despite some concerns and controversy, and on the same day announced plans for what he calls a “New Gaza”, which his son-in-law Jared Kushner presented as a master plan with data centers, residential developments, and industrial cities.

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Market watch

Dubai cuts price of crude: The official selling price (OSP) for April-loading Dubai crude will trade at a markdown of USD 0.30 / bbl to Oman, with the final OSP determined by applying the differential to the average daily settlements of the front-month April Oman contract at the end of February, Reuters reports.

Why this matters: Small differentials are now decisive in Asia’s buying decisions, where competition stays tight. Asian refiners started ditching Murban after its premium over Dubai hit USD 2.24 / bbl, pushing buyers toward cheaper alternatives, while Upper Zakum narrowed to a slim USD 0.10 premium.

Circle your calendar

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

Dubai launches Silicon Oasis and Food District expansion projects amid supply crunch

Dubai responds to real estate supply crunch: Dubai is scaling its infrastructure across tech, residential units, and food supply chains, launching two major projects aimed at expanding capacity. The emirate plans to invest AED 12.8 bn to expand Dubai Silicon Oasis (DSO) into a major tech hub, and an undisclosed amount to expand Al Aweer food market.

What to expect for DSO

The special economic zone — known as a zone for knowledge and innovation and a hub for tech startups — is getting a AED 11 bn tech hub, aimed at supporting research and development (R&D) for sectors like AI, smart mobility, and web3 technology, according to a statement.

The District IO project will include 18 commercial and four residential buildings, as well as hospitality facilities. It is looking to bring in AED 30 bn in FDI and boost GDP by AED 103 bn over the next decade, as well as attract 6.5k global firms.

A timeline: The first phase of construction, slated to begin in 2026, will include R&D laboratories and office and retail spaces, while hospitality facilities will come in phase two in 2027.

This is alongside a AED 1.8 bn residential district, Block 14, slated for completion in 2029 and set to be built close to the upcoming Dubai Metro Blue Line station.

Why this matters

DSO has become a popular destination for tech firms and startups, especially ones looking for affordable and scalable space amid an increasingly tight market. The expansion move is skewed heavily towards expanding commercial space as more firms — especially in sectors like tech and AI — flock to the UAE amid a tight office market that has continued to see prices spike on strong demand and lack of prime supply.

Fruit and vegetable trade matters too

In parallel, DP World is doubling the size of Al Aweer Central Fruit and Vegetable Market into a 29 mn sq ft food trade hub, set to be rebranded into Dubai Food District, to boost the emirate’s food supply chain, according to a separate statement. The development will be expanded in phases, with construction on the first phase slated to begin in 2027.

The details: The new district will focus on fruits, vegetables, dairy, and gourmet staples, and is set to include trade, cold and temperature-controlled storage, and food processing facilities.

This comes as Dubai’s role as a regional logistics hub has intensified demand across retail and industrial sectors as well, creating a critical supply and demand imbalance. As of 3Q 2025, housing and industrial space in the emirate reached a critical bottleneck, with a lack of available units and contract renewals surging as brands fight to retain existing locations.

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BMI sees the UAE’s GDP growing 5.6%, a high not seen since 2022

Fitch Solutions’ research unit BMI has maintained its 2026 growth outlook for the UAE, projecting real GDP to expand by 5.6% — a surge not witnessed since 2022. This follows an estimated 5.2% growth in 2025, positioning the Emirates as one of the GCC’s leading growth engines this year, Fitch Solutions MENA Country Risk Senior Analyst Mariette Kas-Hanna said in a recent webinar attended by EnterpriseAM.

BMI’s outlook remains more bullish than others, with the IMF projecting 2026 g rowth to come in at 5.0% and the World Bank expecting 4.8% growth. That’s more or less in line with the Central Bank of the UAE, which has penciled in 5.2% growth.

Growth drivers: Key factors include the phased unwinding of Opec+ production cuts and a surge in non-oil exports as the country expands its global trade network through trade and economic partnership agreements.The UAE’s expansionary fiscal policy is also set to increase public investment, while government initiatives continue to improve its attractiveness to foreign capital.

The GCC at large

The GCC is shaking off its sluggishness to enter a high-growth cycle, with its aggregate real GDP forecast to hit 4.8% in 2026, up from a projected 4.2% in 2025, as the region moves past Opec+ production curbs and doubles down on diversification.

As for inflation and monetary policy: Inflation is projected at a negligible 1.7% for the region, up from an anticipated 1.2% in 2025, driven by price pressures in non-oil commodities. GCC central banks are expected to follow the US Federal Reserve with 50 bps rate cuts in 2026, with Kuwait being the exception due to its peg to a distinct currency basket.

Downside risks: The GCC’s ability to export oil would be severely undermined should regional tensions disrupt shipping routes, potentially offsetting any gains from higher oil prices. A sharper-than-expected drop in oil prices — below BMI’s baseline of USD 67 / bbl — or a worsening global macro environment could also temper the current growth trajectory.

Masdar to build a round-the-clock renewables plant in Uzbekistan

Masdar is exploring the development of a round-the-clock clean energy project in Uzbekistan, targeting up to 1 GW of baseload capacity, according to a press release. The collaboration between Emirates Utilities Development Co, the Uzbek Energy Ministry, ans Masdar will also have JSC Uzenergosotish as offtaker.

The project adds to Masdar's roughly 2 GW renewables portfolio in the country, where investments exceed USD 2 bn.

Exporting home vision: The company recently broke ground on its round-the-clock solar-and-storage project in Abu Dhabi, pairing a 5.2 GW solar PV plant with a 19 GWh battery energy storage system. This type of project addresses the intermittent nature of most renewables projects by giving off energy 24/7.

Why the CIS matters: Masdar sees the Commonwealth of Independent States (CIS) region as a strategic growth engine as it targets 100 GW of global capacity by 2030, and is actively expanding its footprint in Uzbekistan, Kazakhstan, Azerbaijan, and beyond.

Real estate boom helps boost Sobha, Arada’s earnings + Sharjah Islamic Bank posts double-digit earnings jump

Scale is starting to show up in the numbers at Arada Developments

Sharjah-based master developer Arada’s group revenue jumped 170% y-o-y to AED 6.7 bn in 2025, reflecting a sharp rise in handovers and activity across its UAE communities, according to the developer’s full-year update. The developer booked AED 17.3 bn in property sales, nearly triple the prior year, after selling some 5.1k homes, up from 2.2k in 2024. UAE sales rose 199% y-o-y, driven by launches such as Akala in Dubai and Masaar 2 and 3 in Sharjah. Expansion into hospitality, F&B, and entertainment helped support its revenue mix.

Looking ahead: Arada is planning new launches in the UAE and Australia, as well as the UK, after it acquired a majority stake in a London developer last year alongside 80% of the USD 3.3 bn Thameside West development. It has an AED 130 bn global pipeline of around 55k units.

Sobha Realty also had a strong 2025

Dubai-based real estate firm Sobha Realty’s parent firm PNC Investments posted a 117.6% y-o-y jump in net income to AED 4 bn in 2025, up from AED 1.9 bn a year earlier, according to its financial statements (pdf). Revenue from contracts with customers rose 59.1% y-o-y to AED 14.2 bn.

IN CONTEXT- Sobha booked AED 15.6 bn in sales in 1H 2025 (+73% y-o-y), with a AED 27 bn backlog as of the end of the period, with expansion planned into Abu Dhabi’s Yas Island and Umm Al Quwain JVs. On the funding front, the developer tapped markets twice last year, including a USD 750 mn debut green sukuk following a USD 500 mn issuance in May, reinforcing liquidity as it scales delivery.

Sharjah Islamic Bank reports 25.7% jump in net income for 2025

Sharjah Islamic Bank (SIB) posted a net income of AED 1.3 bn last year, up 25.7% y-o-y, according to disclosures (here and here). Total operating income reached AED 2.5 bn, a 14% increase y-o-y, supported by growth in Islamic financing and fees. Net investment in Islamic financing rose 19.6% to AED 45.6 bn, and customer deposits increased 7.6% to AED 55.7 bn.

Dividends and rights issue: The board recommended a dividend of AED 0.2 per share, or 20% of paid-up capital. It also approved raising its capital by up to AED 1.1 bn by issuing as many as 1.1 mn shares priced at AED 1 each to support expansion plans.

EFG Hermes tops MENA ECM league tables again in 2025

Our friends at EFG Hermes ranked as top bookrunner in MENA equity capital markets in 2025 for the second year in a row, according to London Stock Exchange Group league tables, retaining the top position by both proceeds raised and transaction count, it said in a press release (pdf). The investment bank led 12 transactions during the year, more than any other regional peer and twice as many as the runner-up. It also advised on 8 M&A, 16 DCM, and 18 ECM transactions across the region.

EFG Hermes’ activity spanned multiple geographies and structures, with mandates executed across the UAE, Saudi Arabia, Kuwait, Oman, and Egypt, making it the only regional bank to maintain an active ECM presence across all five markets. Landmark transactions during the year included the Jamjoom Fashion IPO in Saudi Arabia and the Adnoc Gas secondary offering on ADX, as well as IPOs in Kuwait and Oman.

Network International taps new CFO

Network International brings former Careem CFO into fold: Dubai-based payments firm Network International appointed Ashish Jain (LinkedIn) as its new group CFO, according to a press release. Jain will lead the company’s financial strategy and capital allocation, with the company aiming to expand its regional footprint following its merger with Magnati last year.

The new hire: Jain formerly served as CFO at Careem, navigating its acquisition and subsequent spinouts. His career spans senior roles at Snapdeal, McKinsey & Co., and UBS Investment Bank, with leadership experience in large-scale M&A.

Titan and Mercedes-Benz link up, Kezad makes metal play, Emirati startups secure funds, more defense ties inked, and SAF One taps India’s Tata

Lithium locks in

The UAE has stepped into the global EV supply chain. Abu Dhabi-based manufacturer Titan Lithium Industries signed a multi-year supply framework agreement worth over USD 300 mn with Mercedes-Benz to deliver battery-grade lithium for the carmaker’s global EV portfolio, state news agency Wam reports. Commercial supply is set to begin in 2028.

Why it matters: The agreement positions the UAE securely in the downstream section of critical minerals production, as it looks to boost localization efforts and establish itself as a player in the various steps of the supply chain.

Eat App raises USD 10 mn

Eat App taps USD 10 mn to scale dine-in market in India: Dubai-based restaurant reservation and guest management platform Eat App secured USD 10 mn in a Series B extension round, aiming to boost its push into the Indian market, according to a press release. The round was led by US-based PSG Equity via its portfolio firm Zenchef, bringing the total value to USD 23 mn.

Background: Founded in 2015 by Nezar Kadham (LinkedIn) and David Feuillard (LinkedIn), Eat App serves more than 5k restaurants across 92 countries. The platform offers a single cloud-based dashboard to help firms optimize operations through real-time reservations and guest data management. It is now looking to tap into India’s food service industry — projected to hit USD 85 bn by 2028 — and expand further beyond its core markets of the UAE, Saudi Arabia, the UK, and the US.

Kezad launches AED 430 mn metals ecosystem

AD Ports’ subsidiary Khalifa Economic Zones Abu Dhabi (Kezad) is rolling out Metal Park, a 450k sqm integrated ecosystem for the downstream metals industry, according to a press release. The facility has an AED 430 mn investment ticket, and follows a pay-as-you-grow model that allows firms to avoid large upfront investments. The facility spans across both the Kezad freezone and mainland jurisdictions. It includes a storage facility, production hub, and business center to bring operations for firms working in the metals sector under one operating setup.

Web3 news platform secures USD 2 mn pre-seed

A47 raises USD 2 mn to scale AI-driven news accuracy: UAE-based Web3 and AI-native news platform A47 raised USD 2 mn in a pre-seed funding round, with backing from both institutional and angel investors. The proceeds are set to develop A47’s AI-based platform, which lets users set preferences to access verified news on topics like business, tech, finance, sports, and geopolitics.

About A47: Co-founded by Ali Rizvi (LinkedIn) and Shehab Gargash (LinkedIn), A47 recently received a UAE Media Council license to operate as a digital news and media platform, adhering to UAE media standards, according to a post on LinkedIn.

Defense spending compounds

The Tawazun Council for Defense Enablement said AED 1.3 bn in contracts were signed on the final day of Umex and SimTex, lifting the three-day total to AED 3.6 bn across 11 agreements, up 20% from last year’s exhibition, Wam reports. The tally builds on some AED 2.4 bn in agreements across the first two days, underscoring sustained momentum behind unmanned and advanced defense systems.

Final-day awards skewed once again toward autonomous tech, with state defense firm Edge taking agreements for jet-powered drones (AED 385.7 mn) as well as tracked robotic combat vehicles and Themis systems (AED 525.2 mn), plus an AED 345.3 mn remote-weapons purchase via its subsidiary Caracal.

SAF One to collaborate with India’s Tata on SAF

SAF One taps India’s Tata for sustainable fuel facility: Dubai-based SAF One has named India’s Tata Projects — the engineering, procurement, and construction (EPC) arm of Tata Group — as EPC partner on its sustainable aviation fuel (SAF) project, which it says will be the first of its kind in the region, according to a statement. Tata Projects will assist in developing a plant to convert used cooking oil and other waste fats into SAF.

Why it matters: The two companies are focused on a “design one, build many” refinery model designed to be quickly replicated across the region. A facility in India is likely to follow as the country’s aviation industry faces increasing pressure to decarbonize.

Global FDI rises in 2025, but recovery is skewed toward developed economies

Global FDI rebounds in 2025 as inflows concentrate in developed countries: Global foreign direct investment (FDI) rose 14% y-o-y last year to USD 1.6 tn, marking a rebound after two consecutive years of decline, according to preliminary UN Trade and Development data in its Global Investment Trends Monitor report (pdf). However, the heavy skew towards developed economies and financial centers, without which inflows rose by just 5%, increased. FDI to developing economies fell 2% y-o-y to USD 877 bn..

Developed economies saw the biggest FDI surge, up 43% y-o-y to USD 728 bn and accounting for the bulk of global growth. The US remained the biggest recipient of FDI, with flows rising 2%, while the EU saw a massive 56% increase in capital allocations, supported by large cross-border M&A and strong inflows into Germany, France, and Italy.

The widening discrepancy comes as FDI flows grow more concentrated into large-scale data centers — which attracted one-fifth of flows into greenfield projects — and other tech-intensive sectors which are more feasible in higher-income countries, the report said. Financing constraints, risk perceptions, and structural vulnerabilities also added to the problem.

Of the FDI flows into developing economies last year, most are concentrated in three countries: The UAE, Singapore, and Hong Kong, which accounted for over a third of total FDI inflows to developing economies last year.

The UAE also featured prominently on the outbound side, particularly in technology-driven megaprojects. The report cited big-ticket investments, with Abu Dhabi AI investor MGX’s USD 43 bn AI campus project in France being the largest greenfield project last year. The Stargate UAE AI data center project was included among the biggest 10 international agreements, whilst Adnoc’s USD 14.3 bn takeover of Germany’s Covestro was also flagged.

On the other hand, sectors that are exposed to tariffs and are heavily reliant on international supply chains — like electronics, textiles, and machinery — saw a dip on the back of tariff uncertainty, while a downturn in renewables investment led international infrastructure investment to dip 10%.

For 2026, eased borrowing costs, an uptick in M&A, and improved inflation figures could lead to an increase in FDI. However, downside risks remain from conflicts and geopolitical tension, as well as global economic tensions and polarization. It’s looking likely that semiconductors and data centers will be the FDI darlings yet again next year.

MARKETS THIS MORNING-

Asian markets are continuing to rally, tracking Wall Street gains on the back of easing geopolitical tensions. Asia-Pacific markets are all comfortably in the green, led by Hong Kong’s Hang Seng. Over on Wall Street, while all three indices saw a “risk-on” rally yesterday due to eased geopolitical tensions in Greenland, a disappointing earnings report and forecast from Intel have put downward pressure on futures.

ADX	10,305	+1.0% (YTD: +3.1%)
DFM	6,495	+1.5% (YTD: +7.4%)
Nasdaq Dubai UAE20	5,209	+2.0% (YTD: +6.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.4% o/n	3.4% 1 yr
TASI	11,134	+1.7% (YTD: +6.1%)
EGX30	46,462	+0.9% (YTD: +11.1%)
S&P 500	6,913	+0.6% (YTD: +1%)
FTSE 100	10,150	+0.1% (YTD: +2.2%)
Euro Stoxx 50	5,956	+1.3% (YTD: +2.8%)
Brent crude	USD 64.06	-1.8%
Natural gas (Nymex)	USD 4.93	-2.4%
Gold	USD 4,955	+0.9%
BTC	USD 89,184	-0.9% (YTD: +0.5%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.76	-0.5% (YTD: +0.3%)
S&P MENA Bond & Sukuk	151.44	+0.2% (YTD: -0.3%)
VIX (Volatility Index)	15.64	-7.5% (YTD: +4.6%)

THE CLOSING BELL-

The DFM rose 1.5% yesterday on turnover of AED 1.2 bn. The index is up 7.4% YTD.

In the green: Dubai National Ins. and Reins. (+8.3%), Shuaa Capital (+6.8%), and Agility The Public Warehousing Company (+5.6%).

In the red: Al Mal Capital REIT (-5.0%), Islamic Arab Ins. Company (-4.5%), and Watania International Holding (-3.4%).

Over on the ADX, the index rose 1.0% on turnover of AED 2.0 bn. Meanwhile, Nasdaq Dubai was up 2.0%.

Ahmed Elafifi, a beverage industry veteran who helped Red Bull take flight, is now building a new-age energy drink company from Dubai

The energy drink market is growing faster than ever — beverage veteran Ahmed Elafifi (LinkedIn) chalks that up to an increasingly faster pace of life, with more and more people needing a quick energy fix to push them ahead. Elafifi, who’s had a storied career in the beverage industry, from launching Red Bull in Central and Eastern Europe and Asia to heading Coca-Cola in multiple countries, is now bringing his passion for beverages to Dubai, and zeroing in on the energy drink market.

Elafifi is leading the global rollout of a newer entrant to the energy drink market, Gorilla Energy, from its new regional HQ in Dubai, and is working to tailor the brand to a younger and more diverse demographic, using the tool he knows best: marketing.

Elafifi is the subject of this week’s My Morning Routine, which looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Edited excerpts from our conversation:

EnterpriseAM: You’ve spent decades in the beverage industry, and it seems you’re not done with it yet. How did you end up in this industry? Is it a passion of yours or a matter of happenstance?

Ahmed Elafifi: I studied as a design mechanical engineer in the American University in Cairo. I only worked as a design engineer for one year in Italy, and then came back to Egypt to look for a design job there, but found none. I ended up going to P&G, where some of my friends had been working, and ended up in their marketing department, which they were just setting up at the time.

I absolutely fell in love with brand management and marketing. It was a little bit like an MBA for me — I learned about business, marketing, how to manage brands. I moved to Henkel afterwards, and managed some big product launches in Egypt, after which the company moved me to the headquarters in Düsseldorf to manage their second biggest brand, Somat. That marked the beginning of my European and international career. I later started my beverage career with The Coca-Cola Company, became marketing director there at the time for Eastern Europe, and ended up with the company for 17 years, became the CEO of Coca-Cola in Poland, and then of Coca-Cola Egypt.

In between, I worked with Red Bull for eight years. I was responsible for the launch of Red Bull in 60 countries across Central and Eastern Europe and all of Asia, including Russia, China, India, Turkey, and even Egypt. The founder, Dietrich Mateschitz, of Red Bull — who passed away less than two years ago — was my boss for those eight years, and really became a role model.

I also co-founded a relaxation drink company called Tranquini. It was my own startup, and was inspired for the large part by Red Bull’s journey, and I partnered with some very high-profile investors. We launched in a lot of different countries, and I later sold my stake in it and left it for my co-founder to manage from New York.

E: How did your journey with Gorilla Energy start, then?

AE: I actually worked with the shareholders of Gorilla for the eight years I had spent at Red Bull, because they were Red Bull’s distributors in Russia and Central Asia. After 10 years working with Red Bull, they decided it was time to level up and instead of distributing for another international brand, create a similar journey with a brand of their own. So in 2012, they launched Gorilla.

They made their big can, great flavors — after partnering with one of the biggest flavor houses in the world, Doehler — and they became a market leader in Central Asia.

When I announced I’m leaving Coca-Cola, they called me up and asked me to join. We created our holding company in Dubai, and formed the leadership team here. We launched in Turkey, then the UAE a few months ago, and we're now preparing to launch in some exciting countries.

E: What’s next for Gorilla? Does the choice of setting up the regional HQ in Dubai mean you’re focused on the region?

AE:We’re planning a global rollout, and we have a very clear ambition. We believe younger consumers — Gen Z and even Gen Alpha now — don’t want to live the lifestyle of or consume the brands that their parents did, so I think it's now time to have a new generation energy drink.

I believe what you can achieve with marketing is very important. But how you do that is changing — the old marketing toolbox is dead. The time of the big brands talking at the consumer is finished; now, it’s more about talking with the consumer, and connecting with them at a more human level.

That’s what we’re trying to create with Gorilla — it’s more of a movement. At the launch event in November, we made sure to find athletes and influencers who are doing something interesting, from Drift competitors to people who do calisthenics, MMA, parachuting, or even rapping and breakdancing. Energy can also be about startups and entrepreneurs — so it’s less about the flashy advertisements and sponsorships and more about telling the right stories that can inspire people.

And when it comes to Dubai… Dubai goes big, fast, and forward, and that’s a perfect match for Gorilla.

E: What ensures that energy drinks will remain a staple for younger generations in the future? Are there any trends that could disrupt the industry that you’re keeping an eye on?

AE: People are becoming more health-conscious, and they’re looking for something that’s more natural and healthier. And we believe that energy drinks should also move in this direction. What we’ve created has nothing artificial in it; it uses natural fruit juices to create the flavors, and has no artificial colors.

We're also looking at making energy drinks more functional; for example, everything with protein is growing fast now — so there are opportunities to address more of what consumers need with our energy drinks.

E: When it comes to your mornings, how do you kick off the day?

AE: I like to start my mornings as calmly as possible. I’m a big believer that you have to start from the end picture of success, so I spend my morning thinking about what I want to accomplish in my day, and then I usually go to the office for my meetings and calls. And then for me, evenings are really important because I’m more of a night person. The nighttime is when I like to spend time thinking about the future and about big ideas.

I also used to be a professional handball player and now absolutely love bicycling, especially in Dubai. I feel there are two sides of Dubai: one that you see and experience in the car and the other from your bike; that whole area of Kite Beach and Dubai Creek, as well as the crescent on the Palm and the Marina, is just a completely different view of Dubai. This is also when I listen to all my audiobooks and podcasts.

E: And we always like to ask: What’s the best piece of advice you’ve received?

AE: It’s one of the many amazing interactions I had with the late founder of Red Bull, Dietrich. We were having a discussion about business, and he looked at me and said, “you know, Ahmed, this is the time that I think we should take a step back and fly higher.”

He gave me this advice and he said, “when you fly too low, you hit every building, every tree, but when you fly high, you have the entire sky ahead of you.” That’s a piece of advice I’ve really been following ever since. Whenever I feel too entangled or bogged down in everyday things and challenges, I remind myself to take a step back and see the bigger picture. It keeps you very grounded because then it keeps you focused on that end picture of success.

Ahmed’s recommendations

His energy drink of choice: Gorilla Ultimate.

What he’s reading: I really enjoy Naguib Mahfouz and classic Arabic literature. But I also listen to a lot of podcasts and books about business, personal development, and leadership.

His favorite place to eat: I discovered this one because I was really missing Egyptian food — Hadoota Masreya.

CALENDAR

JANUARY

21-24 January (Wednesday-Saturday): Acres Real Estate Exhibition, Expo Center, Sharjah.

28-29 January (Wednesday-Thursday): IBA Arbitration Day Conference, Abu Dhabi.

28-30 January (Wednesday-Friday): World Customs Organization Technology Conference, Adnec Center, Abu Dhabi.

31 January - 7 February (Saturday-Saturday): Mubadala Abu Dhabi Open, International Tennis Center, Zayed Sports City.

FEBRUARY

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

3-5 February (Tuesday-Thursday): The World Governments Summit, Dubai.

4 February (Wednesday) Ministerial dialogue for Pax Silica members, Washington, DC.

4-5 February (Wednesday-Thursday): PropTech Connect Middle East, Grand Hyatt Dubai.

4-5 February (Wednesday-Thursday): MRO Middle East, Dubai World Trade Center, Dubai.

4-6 February (Wednesday-Friday): Arab Actuarial Conference, Millennium Plaza Downtown Hotel, Dubai.

11 February (Wednesday): Family Office Summit, Park Hyatt Dubai, Dubai.

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

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

10-11 February (Tuesday-Wednesday): Top Advisors and Investors Summit, Abu Dhabi.

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

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

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

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

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.

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;
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.

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