Dubai Holding upsizes REIT IPO. PLUS: Slew of manufacturing and localization agreements from Make It in the Emirates

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Emirates NBD to set up unit in India + Ex-Magellan trader files complaints over alleged regulatory breaches

Good morning, friends. It’s only the second day of the week and we already have an avalanche of news coming out of Make It in the Emirates, which kicked off yesterday in Abu Dhabi, and elsewhere.

Besides the slew of manufacturing agreements and programs launched on the first day of the forum, we also have news of Dubai Holding upsizing its residential REIT IPO on strong demand, MGX backing what is set to be Europe’s biggest AI hub in France, and Taqa inking agreements for projects worth some AED 52 bn in Morocco. Let’s dive in.

🌤️WEATHER– Temperatures in Dubai will hit 38°C today before cooling to 29°C overnight, though it will likely feel much warmer around 70% humidity, according to our favorite weather app. In Abu Dhabi, temperatures will peak at 35°C, with an overnight low of 28°C.

WATCH THIS SPACE-

#1- The breakeven oil price for the UAE is USD 53, meaning that the UAE is in a “very comfortable position” amid oil market volatility caused by the introduction of US tariffs, Fitch Ratings’ Paul Gamble said during a keynote speech at Arqaam Capital MENA Investor Conference. “There’s no need for the government to adjust spending, and we think there are some real growth dynamics here, and strong growth momentum will still continue to form across the country,” he added.

Real estate could see a “modest correction” in prices owing to the amount of supply coming to the market, but the government is expected to be able to manage the supply effectively, Gamble said.

REMEMBER- There is a wide consensus that real estate prices will cool down at some point in the next year or two: Knight Frank forecasts an 8% price increase in properties in 2025, down from double-digit growth in 2024, while Moody’s sees a dip or stabilization over the next 12-18 months. S&P Global also warns that construction bottlenecks could delay completions and prolong tight conditions. Just 58% of projected units were delivered last year — the lowest rate in six years — and historical trends suggest a 30% lag between scheduled and actual handovers.

#2- Emirates NBD gets preliminary approval for India expansion: India’s central bank granted Emirates NBD “in-principle” to convert its three Indian branches — in Chennai, Gurugram, and Mumbai — into a wholly owned subsidiary, according to a statement (pdf). A full license will be issued once Emirates NBD meets the regulator’s conditions.

#3- Ex-Magellan trader files complaints over alleged regulatory breaches: Former Magellan Capital portfolio manager Britney Lam (LinkedIn) has filed complaints with the Dubai Financial Services Authority and the UK’s Financial Conduct Authority (FCA) against the firm’s Senior Executive Officer Ahmed Omar (LinkedIn), alleging he concealed losses and blocked staff from escalating risk concerns to an external compliance officer, Bloomberg reports, citing copies of the complaints it reviewed. Lam says she initially raised the issues in a whistle-blower letter to the board.

The development follows Lam’s early exit last October, after having joined the Dubai-based hedge fund just five months earlier in May. Her departure came ahead of the fund’s planned USD 700 mn launch.

Magellan’s response: The firm says it has not been contacted by regulators and does not currently hold or manage client assets. It also denied being regulated by the UK’s FCA.

#4- NMC administrators sue EY: UAE-based NMC Health’s administrators Alvarez and Marsal are suing consultancy firm EY for failing to detect fraudulent activity during audits between 2012 and 2018, Reuters reports. Bns in unreported borrowing was detected, the administrators say, though EY denies the allegations and points the finger at internal NMC failings and account manipulation instead.

The case: Alvarez and Marsal are seeking GBP 2.7 bn in damages from the auditor from the 12-week trial, which began yesterday in London.

REMEMBER- NMC has been looking to sell the business, after it orchestrated a strategic turnaround this year, reaching an out-of-court settlement on all of its disputes with Dubai Islamic Bank in March. It also tapped Rothschild & Co to advise on its strategic restructuring plans, including a potential sale of the business. The company was forced into administration by a London Court in 2020 after a Muddy Waters report claimed that it inflated its assets and owed over USD 4 bn in hidden debt. PureHealth was reportedly exploring an acquisition of the healthcare network operator, but has since scrapped those plans.

DATA POINTS-

#1- Adnoc awards AED 65.7 bn to homegrown suppliers in 1H 2025: Adnoc allocated AED 65.7 bn in contracts to nearly 400 local suppliers, contractors, and service providers during the first half of 2025 through its In-Country Value (ICV) program, Wam reports. Contracts span drilling, logistics, operational support, and engineering sectors, with beneficiaries including NMDC Energy, Target Engineering, and GISCO.

Adnoc plans to channel AED 200 bn into the UAE economy through its ICV program by 2030, and the company also raised its local manufacturing target to AED 90 bn by 2030.

#2- Abu Dhabi’s industrial sector recorded a 4.7% y-o-y uptick in new industrial licenses during 1Q 2025, reaching 89 licenses, state news agency Wam reports. The number of licenses transitioning from the under-construction to the production stage grew 65% to 33, up from 20 in the same period last year.

PSAs-

You can now subscribe to monthly parking packages in Dubai: Dubai’s public parking operator Parkin has launched monthly parking subscriptions across all areas under its management to eliminate daily payments, parking duration limits, and overstaying fines, according to a social media post on X.

The prices are:

Silicon Oasis (Zone H): from AED 1.4k for three months;
Silicon Oasis (Limited Area): from AED 1k for three months;
Dubai Hills, from AED 500 per month;
Wasl Communities (Zones W and WP), from AED 300 per month;
Roadside and plot parking (Zones A, B, C, D), from AED 500 per month;

HAPPENING TODAY-

#1- Arqaam Capital Annual MENA Investor Conference is on its second and final day at the Four Seasons Hotel Abu Dhabi, bringing together over 500 senior executives, global investors, and policymakers. The two-day event will feature discussions on macroeconomic shifts, AI-driven industrial expansion, and the future of capital markets in the region.

We’ll be on the ground to bring you coverage of panel discussions and keynotes, and would love to meet up if you’ll be there. Hit reply to this email to let us know.

#2- The Make it in the Emirates Forum is also on its second day at the Adnec Center in Abu Dhabi. The three-day forum, which is organized by the Industry and Advanced Technology Ministry, brings together local and international decision-makers, government officials, private companies, investors, and financing institutions to support industrial growth and investment.

#3-The Dubai Business Forum Germany is taking place today at the Hamburg Chamber of Commerce in Germany. The event aims to foster cooperation between German and Dubai firms, and will showcase investment prospects in Dubai across sectors including technology, finance, logistics, manufacturing, and sustainability.

#4- The International Real Estate Investment Summit (IREIS 2025) takes place today and tomorrow at Al Hamra International Exhibition and Conference Center in Ras Al Khaimah. The conference will feature keynote addresses, panel discussions, and networking sessions on market trends, capital flows, and the impact of major real estate projects in the emirate and the wider region.

#5- Seamless Middle East also kicks off today and run through until Thursday, 22 May at the Dubai World Trade Center. The event, targeting payment providers, merchants, and SMEs and focusing on the future of digital commerce, payments, and e-commerce, will feature discussions on fintech, digital transactions, and the evolution of the digital economy.

HAPPENING THIS WEEK-

Crypto Expo Dubai will be held on Wednesday, 21 May and Thursday, 22 May at the Dubai World Trade Center. The event will discuss topics including cryptocurrency regulations, blockchain advancements, digital assets, decentralized finance, and investment strategies.

THE BIG STORY ABROAD-

Two stories are competing for top billing in the international business press this morning: US President Donald Trump’s announcement that Russia and Ukraine will begin “immediate” ceasefire talks, and Israel saying that it plans to take over the entirety of the Gaza Strip.

Russia and Ukraine will reportedly begin negotiations for a ceasefire and an end to the war between the two countries “immediately,” Trump said in a post on Truth Social following what he says was a two-hour-long phone call with Russian President Vladimir Putin. It remains unclear who — if anyone — will mediate the talks, with Trump adding that “the conditions for [the ceasefire] will be negotiated between the two parties, as it can only be, because they know details of a negotiation that nobody else would be aware of.”

No new US sanctions on Russia (for now): The EU is set to enact fresh sanctions on Moscow to ramp up the pressure to end the war, but Trump is holding back from following suit, saying that increasing sanctions-related pressure on Russia could have an adverse outcome on the negotiations, Reuters reports. The story is also getting ink from the Wall Street Journal, Bloomberg, and the Financial Times.

In our neck of the woods: Israel is planning to take control of all of Gaza, Israeli Prime Minister Benjamin Netanyahu said yesterday as he announced an upcoming “unprecedented attack” on what he says are Hamas targets. The IDF ordered Palestinians in Khan Younis and two other areas to evacuate the area yesterday, with Netanyahu saying Israel is looking for a “complete victory.” Meanwhile, his Finance Minister Bezalel Smotrich said yesterday that the military’s new “operational method is completely different: not raids, but rather occupation, cleansing and holding the territory until Hamas is destroyed.” The IDF will “[destroy] everything that is left” of Gaza, Smotrich said. The story is getting ink from Bloomberg, Reuters, and the Financial Times.

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CIRCLE YOUR CALENDAR-

The SAMENACouncil Leaders’ Summit will take place on Monday, 26 May at Madinat Jumeirah in Dubai. The event will gather telecom and ICT decision-makers from across South Asia, the Middle East, North Africa, Central Asia, Europe, North America, and ASEAN markets. The summit will also host global industry bodies including the ITU, the Digital Cooperation Organization, and the GSM Association. This year’s edition runs under the theme Intelligent and Sustainable Transformation of Digital Economies, with discussions centered on 5G and AI integration, infrastructure expansion in underserved areas, and regional policy coordination to accelerate digital growth.

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

Dubai Holding upsizes residential REIT IPO on strong demand

Dubai Holding increased the size of the IPO of its Dubai Residential REIT, after books were fully covered within minutes of opening last week, according to a press release (pdf). The developer is now offering a 15% stake in its REIT, up from an initial 12.5% stake, with 325 mn new units added to the IPO. This could hand it proceeds of up to AED 2.2 bn, up from AED 1.8 bn earlier, making it the largest IPO in the UAE so far this year (and the first on the DFM). It would also give it an implied market cap of up to AED 14.3 bn.

The decision to boost the size of the IPO was “driven by the strong demand from domestic and international investors and oversubscription across all tranches,” the statement said. The new units will be limited to institutional accounts.

REMEMBER- This is a closed-ended real estate investment fund, which means no additional units can be offered to investors post the initial offering. DHAM Investments, a subsidiary of Dubai Holding, will retain an 85% majority stake in the REIT following its listing on the Dubai Financial Market (DFM).

Refresher: The offering’s price range remains unchanged at AED 1.07-1.10 per unit. The real estate investment fund’s market cap will remain capped at AED 14.3 bn at listing, given that no new units were issued.

What’s next? Both retail and institutional investors (including foreign and domestic) have until later today to get their orders in, with pricing set to be finalized tomorrow through a bookbuild. Units of the REIT are due to ring the opening bell on the DFM on Wednesday, 28 May. The selling shareholder will be under a 180-day lock-up period from the first day of trading, the statement said.

ADVISORS- Emirates NBD Capital, Morgan Stanley and Citigroup are quarterbacking the transaction as joint global coordinators, with Abu Dhabi Commercial Bank, Arqaam Capital and First Abu Dhabi Bank acting as joint bookrunners on the transaction. Deloitte & Touche is auditor, while Ibrahim & Partners is legal counsel. Receiving agents include Emirates NBD Bank, Mashreq Bank, First Abu Dhabi Bank, and Emirates Islamic Bank, among others.

ALSO IN THE UAE PIPELINE:

Dubai Holding is said to be mulling a second IPO for a portfolio of commercial real estate assets, including malls, hotels, and theme parks.
ADQ-backed Etihad Airways is also planning to hit the ADX;
Family-owned property developer Arabian Construction Company (ACC) reportedly enlisted HSBC and First Abu Dhabi Bank to advise on its upcoming IPO due in 2H;
Dubizzle and Property Finder are gauging investor appetite ahead of potential listings;
Abu Dhabi conglomerate International Holding Company’s investment arm 2PointZero is gearing up for an IPO on the ADX;
Abu Dhabi Investment Group (ADIG) is eyeing listings for its financial unit and energy subsidiary this year;
Hospitality group Five Holdings also tapped advisors for a potential listing;
Amanat Holdings is planning to list its education and healthcare units;
PIF-backed California firm CloudKitchens is reportedly eyeing an IPO in Saudi and/or the UAE for its Middle East unit, while Dubai-based grocery ecommerce platform Kibsons International plans to IPO in the next few years;
Shisha producer Advanced Inhalation Ritual is also rumored to potentially IPO.

MGX, Nvidia, France to build Europe’s biggest AI hub

Abu Dhabi’s MGX and Nvidia have partnered with French AI leaders to build Europe’s largest AI data center campus near Paris, with a planned capacity of 1.4 GW, MGX said in a statement. The project will include French state-owned investment firm Bpifrance, Paris-based AI firm Mistral AI, and other key players such as EDF Group, Bouygues SA, and Ecole Polytechnique.

More detail: The 1.4 GW AI Campus will support the entire AI lifecycle — from training to deployment — with exascale compute, sovereign cloud, and low-carbon data centers, according to an Abu Dhabi Media Office statement. Construction will begin in 2H 2026, with operations for the first phase targeted for 2028. The key partners will collaborate with the Mohamed Bin Zayed University of AI on research and talent development.

The big picture: The project, which will require some EUR 8.5 bn in investments, according to a statement from French President Emmanual Macron cited by Bloomberg, comes as part of the agreement inked between the UAE and France in February, when the Emirates signaled plans to invest USD 30-50 bn in French AI and data infrastructure. The move supports France’s ambition to achieve “AI sovereignty” and further strengthens cross-border AI cooperation between Abu Dhabi and global tech hubs.

Casting the net wide: MGX has also backed OpenAI and xAI, and is helping fund the USD 100 bn “Stargate” AI initiative in the US. It is also considering a role in a 5 GW data center complex in Abu Dhabi announced earlier this week.

IN OTHER TECH NEWS-

Sophos to open UAE data center on AWS: British cybersecurity firm Sophos will roll out a UAE-based data center by late 2025, which will be hosted on Amazon Web Services (AWS), according to a press release (pdf). The data center will provide local data hosting to facilitate compliance with national and sector-specific regulations, supporting the government, healthcare, and finance sectors. The center will reduce latency and increase cloud service speed, including for the Sophos Central platform.

About Sophos: Sophos provides cybersecurity solutions that include 24/7 threat monitoring, prevention, detection, and response. The portfolio includes endpoint, network, email, and cloud security products, managed detection and response, and security advisory services. Sophos has been operating in the region for 15 years, serving small- and medium-sized enterprises and national infrastructure entities through a regional team and Sophos X-Ops, a 24/7 threat intelligence unit. Cloud-based solutions use AI and local infrastructure.

Desalination, renewables, power transmission and more in Taqa’s pipeline in Morocco

Taqa Morocco to develop AED 52 bn worth of energy infrastructure projects in Morocco: Abu Dhabi National Energy Company’s (Taqa) Moroccan arm Taqa Morocco has agreed to explore projects ranging from desalination and water transmission infrastructure to renewable energy and power transmission lines as part of a consortium with Moroccan energy firm Nareva, a wholly owned subsidiary of Moroccan sovereign fund Mohammed VI Investment Fund, according to a statement (pdf). The agreements, signed with Moroccan electricity and water utility the Office National de l’Electricité et de l’Eau potable (ONEE), will cost some AED 52 bn in investments to develop.

The projects include:

2.5 mn cubic feet a day worth of desalination projects, set to be powered by ancillary sources developed by Taqa;
2.2 mn cubic meters worth of water transmission networks;
Acquisition of an existing 400 MW combined cycle gas power power plant in Tahaddart, and the potential development of 1.1 GW worth of CCGT power projects;
Developing 3 GW high voltage direct current transmission infrastructure connecting Morocco’s south to its center;
and 1.2 GW worth of new renewable energy projects.

Ownership breakdown: Taqa and Nareva will hold equal stakes in the projects, with the Mohammed VI Investment Fund and other Moroccan public entities owning 15%, according to a separate statement from Taqa Morocco (pdf). The consortium will fund the projects through domestic and international financing, ONEE said in its statement (pdf).

Refresher: Taqa Morocco, which is listed on the Casablanca Stock Exchange, produces nearly 34% of the Kingdom’s power needs through its Jorf Lasfar power complex, which has around 2 GW power capacity. The UAE and Morocco had inked several agreements in 2023, during King Mohammed VI’s visit, including in the energy sector.

UAE banks line up AED 40 bn for industrials, AED 1 bn for SMEs

The UAE will pump AED 40 bn (c. USD 10.9 bn) into its industrial base over the next five years, which aims to grow the sector and localize supply chains, according to a press release citing statements made by Industry and Advanced Technology Minister Sultan Al Jaber during the Make it in the Emirates forum.

Banks are backing industrial financing: The financing — to be led by national institutions including our friends at Mashreq, Emirates Development Bank, First Abu Dhabi Bank, Emirates NBD, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, and Wio Bank — targets manufacturers across strategic sectors like chemicals, metals, food, construction, pharma, plastics, and machinery. “Every investment in the industrial sector has a multiplier effect — stimulating growth in related sectors,” Al Jaber added.

Product localization expansion plan: The UAE will also localize 4.8k products and raise potential procurements to AED 168 bn over the next decade.

SME FUND-

And a AED 1 bn fund for SMEs: The Emirates is also launching the Emirates Growth Fund (EGF) for SMEs, an AED 1 bn fund operating under Emirates Development Bank, according to a statement (pdf). EGF offers flexible capital from AED 10 mn to AED 50 mn per company. It targets SMEs that have outgrown early-stage funding but require long-term capital and operational guidance to grow and expand — with a focus on sectors like manufacturing, healthcare, food security, and tech. The fund’s active minority investments ensure founders retain operational control while reviving support in governance, growth strategy, and operational optimization.

It has already started deploying: EGF’s first investment is in healthcare, with a minority stake acquired in Tarmeem Healthcare Holding, which operates Tarmeem Orthopedic & Spine Specialty Hospital.

ICYMI- Regionally, the UAE has integrated supply chains with an AED 18.4 bn (USD 5 bn) joint industrial investment plan alongside Egypt, Jordan, Morocco, Qatar, Bahrain, and Turkey through the Integrated Industrial Coalition initiated in Abu Dhabi in 2022.

EXPORTS FUND-

And another AED 1 bn for exporting firms: The Abu Dhabi Exports Office (ADEX) and Emirates Development Bank (EDB) will partner up to provide AED 1 bn in joint financing support for local private firms working in exporting and manufacturing, state news agency Wam reports. Available funds will go towards boosting working capital and supporting global expansion.

A slew of manufacturing and localization agreements from Make it in the Emirates

The first day of Abu Dhabi’s Make it inthe Emirates Forum brought in a slew of agreements in manufacturing, across sectors like oilfield services, pharma, and agritech.

AUTOMOTIVE-

New automotive manufacturing program in Abu Dhabi: The Abu Dhabi Investment Office (ADIO) launched an automotive program aiming to establish an end-to-end automotive ecosystem in the emirate, according to a statement. The initiative aims to contribute AED 100 bn to Abu Dhabi’s GDP by 2045, attract over AED 8 bn in FDI, and create 7k high-skilled jobs.

The program is backed by AED bns from global investors, the statement said. Among those already committing investments: South Korea’s Genesis and Chinese EV maker ROX Motors inked manufacturing agreements with W Motors in Abu Dhabi, according to the statement.

AIH Group, one of the world’s largest automotive assembly providers, is also technical lead for high-volume production under the program.

The details: The program will cover initial stages including manufacturing, research and development, supplying, and original equipment manufacturing, as well as product launches, auctions, and luxury restoration, in a bid to position Abu Dhabi as a regional hub for smart mobility and automotive innovation.

OIL AND MINERALS-

#1- Adnoc and Tubacex to localize oilfield tech: Abu Dhabi National Oil Company (Adnoc) inked an MoU with advanced tubular solutions provider Tubacex to localize oilfield tech and boost the UAE’s industrial supply chain, according to a statement. Under the agreement, Andoc received perpetual and exclusive rights to use Tubacex’s premium tubular joint connection tech — dubbed Sentinel Prime — for developing oil and gas wells.

SOUND SMART- Oil Country Tubular Goods — otherwise known as Tubulars — are specialized steel pipes employed in the drilling and completion of oil and gas wells. The high-pressure and high-temperature environment they operate under indicates that the components must meet a high standard for durability and reliability.

Tubacex will also set up a research and development hub in Abu Dhabi. The facility is set to offer advanced engineering services and train highly skilled technicians.

#2- EGA and Sunstone boost anode manufacturing: Emirates Global Aluminium (EGA) and China-based independent pre-baked anode producer Sunstone agreed to develop an anode manufacturing facility in Abu Dhabi, according to a statement. The new plant — set to be located in the Khalifa Economic Zone Abu Dhabi (Kezad) — is slated to have a capacity of 300k tonnes of anodes annually. Construction is scheduled to launch during 2026 — with operations expected to begin in 2028. EGA is looking to replace its anode imports, striving to instead become the second country in the world, after China, to export anodes globally.

The company already manufactures some 1.35 mn tonnes of anodes every year at its plants in Jebel Ali and Al Taweelah, with the remainder of its needs — for aluminum smelting — covered by imports.

Ownership breakdown: EGA will hold a 45% stake in the joint venture developing the project, while Sunstone owns a 55% stake. The two firms have already conducted a feasibility study for the project.

PHARMA-

Julphar to ramp up pharma production: Emirati pharma manufacturer Julphar is set to pour AED 300 mn over the next five years into the UAE’s pharma sector to expand manufacturing and localize advanced technologies, CEO Basel Ziyadeh told Wam on the sidelines of the forum. The move seeks to streamline the local supply chain to boost non-oil pharma exports from the Emirates. Julphar currently exports over 80% of its production to nearly 40 global markets. It invested around AED 100 mn over the past three years to strengthen its manufacturing infrastructure and capacity.

AGRITECH-

China’s SVG and Silal to launch AED 120 mn agritech hub: Abu Dhabi-based agri-food firm Silal signed a strategic partnership agreement with China’s Shouguang Vegetable Industry Group (SVG) to develop a 100k sqm agritech facility in Al Ain, according to a press release. The AED 120 mn investment aims to establish a regional powerhouse in sustainable agriculture, powered by AI, robotics, and solar energy.

The details: The facility will include seedling cultivation, high-tech greenhouses, post-harvest processing centers, solar energy systems, and AI research labs. It will focus on growing high-yield produce with reduced water and fertilizer usage. The model could be replicated across the Middle East, officials say.

ICYMI- The new facility builds on previous Silal and SVG partnerships on on two major initiatives to boost the emirates’ agricultural product supply capacity.

LOGISTICS-

NMDC eyes UAE valve facility in JV with Chinese manufacturer: Abu Dhabi-based NMDC LTS, the logistics arm of Abu Dhabi-based National Marine Dredging Company (NMC), signed an MoU with China’s Jiangsu Huaying Valves to explore a potential joint venture to establish a valve manufacturing and distribution facility in the UAE, the company said in a statement (pdf). The facility will supply valves for the energy sector and NMDC said it will unveil additional partnerships soon.

Orbitworks to build AI-powered EO satellite fleet in Abu Dhabi

Satellite manufacturer Orbitworks, a JV between Abu Dhabi-based Marlan and US-based startup Loft Orbital, is developing a 10-satellite Earth observation (EO) constellation powered by onboard AI, according to a statement. The satellites will be fully built and integrated at Orbitworks’ 50k sqft facility in Kezad in Abu Dhabi, which ranks among the largest commercial satellite production sites globally with an annual capacity of 50 satellites.

REFRESHER- Orbitworks was launched in August 2024 as the first joint venture in the Middle East focused on mass satellite manufacturing. It is a partnership between Abu Dhabi-based deeptech investor Marlan — backed by International Holding Company (IHC) — and US-based startup Loft Orbital. IHC has committed USD 100 mn, with Marlan holding a majority stake, while Loft Orbital is supplying the production, operational, and technical framework. The JV aims to serve both domestic and international markets.

The details: The constellation will support a range of civilian and strategic applications, including national security, agriculture, disaster response, smart city planning, and maritime monitoring. Each Altair satellite will carry multi-sensor payloads and edge computing for real-time in-orbit data processing. The fleet is based on Loft Orbital’s Longbow platform, a modular, flight-proven design that has supported over 600 missions. The satellites will be engineered to perform orbital maneuvers and operate for up to eight years.

Timeline: Production starts this July, with the satellites set for launch in 2H 2026.

The UAE’s EO ambitions extend beyond Orbitworks: In February, Space42 and Edge’s space unit Fada signed an MoU to create a JV aimed at building the country’s first sovereign EO ecosystem. The new venture will operate multi-sensor, dual-use satellites for government and commercial use, with plans to export EO solutions to emerging markets. Partial satellite manufacturing is expected this year, with full-scale production by 2026, said Hasan Al Hosani, CEO of Space42 subsidiary Bayanat Smart Solutions.

OTHER SPACE NEWS-

Space42 also extending its reach elsewhere: The firm’s subsidiary Mira Aerospace has opened MENA’s first High Altitude Platform Stations (HAPS) manufacturing facility in Abu Dhabi, according to an ADX disclosure (pdf). The 4.5k sqm center will produce over 20 HAPS unmanned aerial vehicles (UAV) annually, supporting civil, environmental, and defense applications. It will also drive advanced R&D and support the commercialization of HAPS technology, the statement reads.

The launch comes as Mira ramps up its HAPS efforts: Last October, it developed two advanced payloads — one for environmental monitoring, disaster management, and urban planning and another for direct-to-device telecommunications and data relay. In February, Mira partnered with XRange to establish a permanent testing site for high-altitude UAV trials. Space42 also claims to be the first globally to demonstrate 5G connectivity from the stratosphere using heavier-than-air HAPS.

This comes as Space42 moves to scale vertically integrated manufacturing and data infrastructure. It is also targeting synthetic aperture radar (SAR) satellite production via a joint venture with Finnish SAR firm ICEYE, established in December. Space42 recently launched two satellites — Foresight-1 and Thuraya 4 — and kicked off the second phase of its Foresight constellation, with plans to deploy eight SAR satellites over the next three years.

Mubadala launches pharma unit, Mubadala Bio

Mubadala Investment Company launched Mubadala Bio, a new pharma company focused on boosting the UAE’s drug manufacturing capabilities and improving access to essential medicines and medical devices, according to a press release. The firm will focus on developing and manufacturing products aimed at disease prevention, diagnostics, treatment, and long-term care, that address both regional and global health challenges.

Mubadala Bio’s portfolio includes 10 facilities across Asia, Africa, and Europe, including six in the UAE. These sites collectively have the capacity to produce over 2.5 bn tablets and capsules, and 120 mn units of IV solutions and injectables per year. The total facility footprint is 110k sqm, serving more than 100 countries.

Looking ahead, Mubadala Bio plans to form strategic partnerships with leading global pharma firms and academic institutions, in a bid to accelerate growth in the biopharma sector, expand local manufacturing, and develop national talent. The company is debuting publicly at the Make it in the Emirates Forum 2025.

REMEMBER- Mubadala has been ramping up its investments in healthcare and pharma. In December 2024, it acquired an 80% stake in Abu Dhabi based healthcare logistics firm Global Medical Supply Chain and pharma firm Al Ittihad Drug Store. It also took a minority stake in US-based healthcare tech firm Zelis and invested an undisclosed amount in India’s Manipal Health Enterprises in February 2024.

IFC backs UAE’s VUZ as it scales immersive media

IFC leads USD 12 mn pre-Series C round in media startup VUZ: The International Finance Corporation (IFC), a member of the World Bank Group, led a USD 12 mn pre-Series C funding round in UAE-based immersive media platform VUZ, according to a press release. The round also saw participation from Al Jazira Capital, CrossWork VC’s Success Fund, and several Saudi family offices.

Looking forward: VUZ, which offers 360° and immersive video content, plans to use the funds to expand its presence in the UAE and Saudi Arabia, and scale operations in Africa, Asia, and the US.

VUZ raking in the views: The platform now has over 15 mn users and 3 bn screen views, with recent traction in markets like Egypt, Kenya, Nigeria, and Indonesia, TechCrunch reports. VUZ says it reached EBITDA profitability in 2024 and is targeting 5 bn lifetime views by 2026.

NSF sets up shop in Dubai

BUSINESS-

NSF sets up shop for MENA operations with Dubai headquarters: Global public health and safety organization NSF has launched a Middle East and North Africa headquarters in Dubai Science Park, according to a press release. The facility will focus on testing, auditing, and certification services for the water industry.

PAYMENTS-

Zand + Mamo tap Ripple for blockchain cross-border payments: UAE-based digital bank Zand Bank and fintech Mamo have partnered with blockchain firm Ripple to run faster, blockchain-settled global transfers, Ripple announced in a press release. Zand is wiring Ripple into its AI stack and custodial services and plans to roll out an AED-backed stablecoin, while Mamo will use Ripple to scale cross-border payment offerings to both consumers and businesses.

ICYMI- In March, Ripple became the first Dubai Financial Services Authority-licensed firm to receive approval to provide regulated crypto payments and services in the Dubai International Financial Center.

AI-

NMO taps Presight to build AI-powered media data hub: The UAE’s National Media Office (NMO) has awarded a contract to Abu Dhabi’s Presight Holdings to develop an AI-powered platform aimed at optimizing the country’s media ecosystem, according to a disclosure (pdf) to the ADX.

The plan: The project will build a cloud-based data lake that consolidates media insights across institutions into a unified data hub. Presight will also use AI to analyze public sentiment, detect emerging narratives, and recommend evidence-based messaging frameworks. Real-time analytics will give the NMO a clearer picture of public opinion and help align messaging with strategic priorities.

AI-

Edge launches AI accelerator to fast track tech integration: State defense conglomerate Edge Group has launched a new center of excellence, dubbed the Group AI Accelerator, to speed up the use of AI-driven projects across its engineering and business operations, according to a press release. The initiative falls under Edge’s Technology and Innovation Cluster and supports its broader push to localize advanced technology capabilities.

The details: The facility will host skunkworks projects focused on machine learning and AI-enabled engineering. A steering committee of local and international experts will oversee two working groups — one for research and development, and the other for digital transformation and advanced training.

LOGISTICS-

AD Ports subsidiary Noatum Logistics has inaugurated its first robotically assisted refrigerated warehouse in Lisbon, according to a statement. The 12k sqm reefer cold storage facility — located in Lisbon’s North Logistics Platform — boasts robotic stacking technology that aims to boost the warehouse’s operational efficiency. The warehouse will feature temperature-controlled storage as well as robotic cross-docking, picking, labelling, customs, weighing, and more. The move aims to address the growing demand for cold chain refrigeration in Portugal and tap the wider West Mediterranean region.

TRADE-

RAK, Miami to boost economic and urban cooperation: Ras Al Khaimah and Miami, Florida, have signed an MoU to expand cooperation on city planning and public security, business promotion and tourism, smart city technology, innovation and startups, and sustainable development, according to a RAK Media Office statement. The agreement, which is in line with the UN Sustainable Development Goals, also covers transport, public accountability, health and social inclusion, logistics and airport services, culture and education, and the creative economy.

ICYMI- The agreement follows the USD 200 bn in agreements worth of agreements signed between the UAE and the US during President Donald Trump’s visit to the UAE last week.

Big Tech’s dominance fades as other sectors fuel the 2025 rebound

Wall Street’s Magnificent 7 are losing their shine, with the indices that track tech heavyweights Apple, Alphabet, Amazon, Tesla, Meta, Microsoft, and Nvidia now lagging behind the S&P 500 throughout the year so far, Bloomberg notes.

It’s only the second time in a decade that tech’s powerhouses have underperformed the broader market during the year, a sharp turnaround from 2024 when tech and telecom stocks led the S&P 500 to a historic 23% annual gain.

BY THE NUMBERS- The now not-so-magnificent tech stocks are collectively down 4.4% since the start of the year, while the broader index has recently emerged back in the green at 1.4% following the announcement of a temporary US-China trade war truce earlier this month. This is in stark contrast to the decade-long view, which saw the S&P 500’s 181% gains dwarfed by Big Tech’s 2179% gains.

Investors are now looking toward other sectors, including industry, utilities, and finance, which are fueling investors’ interest this year. The move signals a sea change in approach as investors start to focus more on company fundamentals than macro uncertainty. “The market is starting to look back more at individual stocks and companies and financial strength and innovation,” RGA Investments CIO Rick Gardner told Bloomberg.

But some still see an approaching Big Tech comeback in the cards, including Gardner who has been building up his stock portfolio on the assumption of a recovery. Hedge funds are also slowly returning, with Goldman Sachs’ prime brokerage reporting the fastest US equity buying since April 9 — the day markets surged on Trump’s tariff reprieve — which was led by tech stocks.

Not all of tech’s biggest names are having a bad year, with Meta up 9.4% YTD and Microsoft gaining 8.9% since the start of the year, boosted by solid earnings and limited China exposure. Despite initial concerns, Nvidia is flat for the year ahead of its next earnings release on 28 May.

Taking the Maginificent 7 down a peg or two could be good for the market overall, with the S&P 500’s ability to climb despite Big Tech losses a sign of a healthier and more sustainable market, according to Principal Asset Management CIO George Maris. “You probably have a healthier, more fundamentally-oriented market if you have greater participation across the investment universe,” he explained.

MARKETS THIS MORNING-

Asian markets are in the green in early trading this morning. Japan’s Nikkei is up 0.6%, Korea’s Kospi is looking at gains of 0.1%, the Shanghai Composite and the Hang Seng are both in the green, up 0.3% and 1%, respectively.

ADX	9,666	+0.1% (YTD: +2.6%)
DFM	5,491	+0.7% (YTD: +6.4%)
Nasdaq Dubai UAE20	4,508	+0.5% (YTD: +8.3%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.3% o/n	4.1% 1 yr
TASI	11,405	-0.3% (YTD: -5.4%)
EGX30	31,356	-1.1% (YTD: +5.4%)
S&P 500	5,964	+0.1% (YTD: +1.4%)
FTSE 100	8,699	+0.2% (YTD: +6.4%)
Euro Stoxx 50	5,427	+0.0% (YTD: +11.0%)
Brent crude	USD 65.54	+0.2%
Natural gas (Nymex)	USD 3.12	+0.3%
Gold	USD 3,230	-0.1%
BTC	USD 105,313	-0.6% (YTD: +12.5%)
Chimera JP Morgan UAE Bond UCITS ETF	USD 3.60	0.0% (YTD: +1%)
S&P MENA Bond & Sukuk	143.4	+0.3% (YTD: +2.4%)
VIX (Volatility Index)	18.14	+5.2% (YTD: +4.6%)

THE CLOSING BELL-

The DFM rose 0.7% yesterday on turnover of AED 716.6 mn. The index is up 6.4% YTD.

In the green: Chimera S&P UAE Shariah ETF (+3.6%), Emirates NBD (+3.5%) and Commercial Bank of Dubai (+2.4%).

In the red: Agility The Public Warehousing Company (-7.0%), Ekttitab Holding Company (-4.4%) and Shuaa Capital (-3.3%).

Over on the ADX, the index rose 0.1% on turnover of AED 1.3 bn. Meanwhile, Nasdaq Dubai was up 0.5%.

CORPORATE ACTIONS-

Adnoc Logistics and Services appointed Al Ramz Capital as its liquidity provider for shares on the ADX under a one-year contract, according to a statement (pdf).

US-UAE defense partnership prioritizes joint R&D, missile defense, and disaster response

UAE and US formalize defense roadmap: The Defense Ministry and the US have formalized a new defense partnership through a letter of intent signed on Monday, according to a social media post on X. The partnership includes collaboration on a phased framework to improve bilateral force readiness, interoperability, and innovation-driven initiatives. The US Defense Innovation Unit will partner with the UAE’s Tawazun Council, the nation’s defense acquisitions authority, to advance joint research, development, and industrial investment.

AND- A separate agreement integrates the UAE into the US National Guard Partnership Program via the Texas National Guard, focusing on air and missile defense, cybersecurity, disaster response, and operational planning.

ICYMI- US President Donald Trump secured USD 200 bn in commercial agreements between the US and the UAE during his visit to the Emirates, which also saw Tawazun collaborate with US defense conglomerate RTX on a USD 4 bn gallium smelter project in the US.

CALENDAR

MAY

13-20 May (Tuesday-Tuesday): Dubai Holding REIT subscription period.

19-20 May (Monday-Tuesday): Arqaam Capital MENA Investor Conference 2025, Four Seasons Hotel Abu Dhabi.

19-22 May (Monday-Thursday): Make it in the Emirates, Adnec, Abu Dhabi.

20 May (Tuesday): Dubai Business Forum, Hamburg, Germany.

20-21 May (Tuesday-Wednesday): The International Real Estate Investment Summit (IREIS 2025), Al Hamra International Exhibition and Conference Centre in Ras Al Khaimah.

20-22 May (Tuesday-Thursday): Seamless Middle East, Dubai World Trade Center.

21 May (Wednesday): The AWS Summit, the Dubai World Trade Center.

21 May (Wednesday): Dubai Holding REIT final offer price and allocation of units announcement.

21-22 May (Wednesday-Tuesday): The CryptoExpo Dubai, the Dubai World Trade Center.

21-23 May (Wednesday-Friday): Dubai participates at GITEX EUROPE x Ai Everything 2025, Messe Berlin, Germany.

23-25 May (Friday-Sunday): EuroLeague Final Four, Etihad Arena, Abu Dhabi.

23 April (Wednesday): The HIMSS Executive Summit 2025, Jumeirah Emirates Towers.

26 May (Monday): The SAMENA Council Leaders’ Summit, Madinat Jumeirah, Dubai.

26-28 May (Monday-Wednesday): Arab Media Summit, World Trade Center, Dubai.

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

28 May (Wednesday): The Dubai Residential REIT will ring the bell.

27-29 May (Tuesday-Thursday): INDEX, Workspace, and The Hotel Show, Dubai World Trade Center.

28-31 May: The Emirates Agriculture Conference and Exhibition, Adnec Center Al Ain, Abu Dhabi.

30 May (Friday): Arafat Day.

31 May-2 June (Saturday-Monday): Eid Al Adha.

JUNE

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

17-18 June (Tuesday-Wednesday): Abu Dhabi Infrastructure Summit, Abu Dhabi Energy Centre.

24-25 June (Tuesday-Wednesday): Middle East Rail, Dubai World Trade Center.

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

Closing of XRG’s acquisition of Covestro

JULY

6-7 July (Sunday-Monday): BRICS Summit, Rio de Janeiro.

29-30 July (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

SEPTEMBER

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

8-19 September (Monday-Wednesday): WHX-Tech Expo, Dubai World Trade Centre.

12-14 September (Friday-Sunday): The International Real Estate and Investment Show, Abu Dhabi.

16-17 September (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

24-25 September (Wednesday-Thursday): Dubai World Congress for Self-Driving Transport, Dubai.

OCTOBER

1-2 October (Thursday-Friday):World Green Economy Summit (WGES), Dubai World Trade Centre.

30 September – 2 October (Tuesday-Thursday): The Water, Energy, Technology, and Environment Exhibition (WETEX), Dubai World Trade Centre.

3-16 October (Friday-Thursday): Dubai Home Festival.

7-9 October (Tuesday-Thursday): The International Symposium on the System of Radiological Protection, the Ritz-Carlton Abu Dhabi, Grand Canal.

9-15 October (Thursday-Wednesday): IUCN World Conservation Congress, Abu Dhabi.

14-16 October (Wednesday-Friday): Global Future Councils, Dubai.

27-29 October (Monday-Wednesday): Future Hospitality Summit, Madinat Jumeirah, Dubai.

27-29 October (Monday-Wednesday): Asia Pacific Cities Summit, Dubai Exhibition Center.

28-29 October (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

NOVEMBER

12-17 November (Wednesday-Monday): RoboCup Asia-Pacific, Khalifa University, Abu Dhabi.

15-17 November (Saturday-Monday): Myplant & Garden Middle East Green Expo, Dubai Exhibition Centre, Expo City.

17-21 November (Monday-Friday): Dubai Airshow 2025, Al Maktoum International Airport, Dubai.

18-19 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

DECEMBER

1-3 December (Monday-Wednesday): Eid Al Etihad (UAE National Day).

1-5 December (Monday-Friday): The World Congress of Neurosurgery, Dubai World Trade Center.

8-9 December (Monday-Tuesday): BTC Mena Conference, Adnec, Abu Dhabi.

8-10 December (Monday-Wednesday): BRIDGE media summit, Abu Dhabi.

9-10 December (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.
Universal Postal Congress 2025, Dubai.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.
ICOM General Conference 2025, Dubai

Signposted to happen sometime in 2026:

9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE
3-5 February (Tuesday-Thursday): The World Governments Summit.
12-15 February (Thursday-Sunday): The Society for Incentive Travel Excellence Global Conference, Abu Dhabi.
11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center.
The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE
The first edition of Dubai Future Finance Week.

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

Signposted to happen sometime in 2027:

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 between 2027 and 2029:

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

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