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Tuesday, 22 Apr 2025

What We’re Tracking Today
Economy
M&a Watch
Infastructure
Banking
Logistics
Earnings Watch
Moves
Also On Our Radar
Planet Finance
Diplomacy
Calendar

Dubai inflation hits five-month low

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Today at a glance

1

ECONOMY

Dubai inflation hits five-month low as monthly deflation returns.
2

M&A WATCH

Gulf Capital continues exit spree, offloads Kuiper stake.
3

INFRASTRUCTURE

UAE data center infrastructure gets a boost courtesy of Khazna.
4

Banking

UAE banks are the most resilient among GCC peers in the face of impacts from tariffs, S&P Global says.
5

LOGISTICS

GCC countries object to new IMO levy taking effect in October.
6

MOVES

UAE gets new special envoy for business and philanthropy.
7

EARNINGS WATCH

Rakbank reported a 22.7% y-o-y increase in its bottom line in 1Q.
8

ALSO ON OUR RADAR

ASB Capital and State Street Global Advisors to launch a shariah-compliant global equity fund.
9

WHAT WE’RE TRACKING TODAY

AD Ports and Masdar eye debt issuances in latest sign that Gulf issuers remain bullish.
10

WHAT WE’RE TRACKING TODAY

Another Chinese energy firm inks LNG agreement with Adnoc.

Tuesday, 22 Apr 2025

What We’re Tracking Today
Economy
M&a Watch
Infastructure
Banking
Logistics
Earnings Watch
Moves
Also On Our Radar
Planet Finance
Diplomacy
Calendar
1

WHAT WE’RE TRACKING TODAY

THIS MORNING: AD Ports, Masdar eye debt issuances despite global market turmoil + Gov’t departments will be assessed on AI

Good morning, lovely people. We have a packed issue for you this morning, with plenty of tidbits from Dubai AI week, Dubai’s March inflation figures, which show deflation is back on a monthly basis ,and another exit from Gulf Capital.

WEATHER- It’s getting hotter and hotter…: Temperatures in Dubai will reach 37°C before cooling a bit to 27°C in the nighttime. Afternoon highs in Abu Dhabi are a few degrees cooler, reaching 32°C, while nighttime temperatures will hit a low of 27°C.

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BUT FIRST- Take our 4.5-day workweek survey: It’s been over three years since the UAE adopted a 4.5-day workweek. Since then, a lot of companies have amended their hours to match those of the public sector — but how many of you are still on a five-day workweek schedule? Why have some firms stuck to the status quo? And how has the shorter workweek impacted operations for those who have adopted it?

We’re taking the pulse on the level of adoption of the 4.5-day workweek, and on how employees and employers alike feel about it — especially now that Dubai has piloted an even shorter 4-day workweek for public sector workers in the summer, and is exploring more flexible working regulations. Take a few minutes to fill out our short survey. We’ll be back with the results in a few weeks’ time.

If you have more to say on the topic, drop us a note at uae@enterpriseAM.com.

***

WATCH THIS SPACE-

#1- Gov’t departments to be assessed on AI: The UAE is set to assess all government departments on how they use artificial intelligence, AI and Digital Economy Minister Omar Al Olama said at the Dubai AI Retreat, the National reports. Departments will be rated and classified based on the tangible effect of AI on their operations and residents’ quality of life.

Beware the overregulator: Al Olama outlined a triple threat approach for AI adoption — innovation, regulation, and acceleration. He said the UAE aims to avoid overregulation, focusing on “not regulating for the sake of regulation.” “We don’t want to leverage artificial intelligence just for the sake of AI,” Al Olama said. “We want to ensure that the application actually improves the quality of life of citizens in the UAE and in Dubai specifically.”

ALSO FROM AL OLAMA- AI investments in Dubai reached AED 20 bn in 2024, the National quoted Al Olama as saying during Dubai AI Week. Al Olama highlighted the outcomes of Dubai’s AI acceleration plan, which included the appointment of 230 AI executives and specialist teams, the launch of six business incubators, and AI empowerment programs benefiting 10k students, Argaam reported.

#2- AI might soon have an opinion on your driving skills: Dubai’s Roads and Transport Authority (RTA) is testing an AI-powered platform to calculate drivers’ risk scores, Khaleej Times reports. The new platform will base its scoring system on accidents, traffic fines, and black points, the RTA’s Mohammed AlMudharreb said. The program is in a trial phase and is not yet available to the public, with the authorities currently using it internally.

How does it work? It evaluates a driver as low, medium or high risk by analyzing their behavior using data inputs from within the RTA system — which can also later be used by ins. companies to price premiums based on the behavior of drivers, AlMudharreb said.

#3- AD Ports and Masdar eye debt issuances in latest sign that Gulf issuers remain bullish: Hot on the heels of our friends at Mashreq’s recent USD 500 mn five-year sukuk issuance, which attracted USD 2.9 bn in orders, Abu Dhabi’s AD Ports Group and Masdar are planning more issuances in signs that Gulf issuers have not been deterred by global market turmoil, Reuters reports. AD Ports is reportedly planning to raise USD 2 bn in a bond sale within the next few weeks, the newswire says, citing sources familiar with the matter, while renewable energy firm Masdar is preparing a USD 1 bn green bond.

“There is appetite,” Zeina Rizk, co-head of fixed income at Amwal Capital Partners, told Reuters, citing Mashreq’s issuance last week, which was its most heavily subscribed ever. “In the Middle East, the main concern is oil prices, but both corporates and governments have very strong fundamentals, reserve increase, everything’s doing well,” she added.

#4- China National Offshore Oil Corporation (CNOOC) has reportedly inked a five-year supply contract agreement with Adnoc for LNG imports, marking the third supply contract Adnoc signed with Chinese buyers over the weekend, two Chinese trading sources told Reuters. Under the agreement, CNOOC will uptake 500k metric tons per year as of 2026.

The agreements come against the backdrop of the US-China tariff war, which is prompting China to secure new sources for its energy supply to replace US imports. US cargoes represented some 5% of China’s LNG imports last year.

ICYMI- Adnoc signed a long-term liquified natural gas (LNG) supply agreement over the weekend with China’s ENN Natural Gas subsidiary, ENN LNG, to provide it with 1 mn metric tons of LNG annually, supplied from its low-carbon Ruwais LNG project. It also inked a five-year agreement with state-owned Zhenhua Oil to receive LNG imports, including a supply of up to 12 cargoes annually, with deliveries benchmarked to the Japan Korea Marker and Brent oil prices.

#5- Abu Dhabi-based Savvy Automotive is in talks to acquire the UAE operations of India’s EV ride hailing service BluSmart, according to a press release. The potential acquisition would help Savvy scale up its green and tech-enabled transport solutions across the country.

#6- Dragon Oil is in discussions with the governments of Egypt, Iraq, and Turkmenistan to begin operating new oil fields within four years, CEO Ali Rashid Al Jarwan told CNBC Arabia (watch, runtime: 6:20). This step serves as a part of the company’s strategy to grow its daily production to 300k barrels a day (bbl / d) by 2026 and reach 450k bbl/d by 2029.

REMEMBER- The company previously said it is eyeing further investments in Egypt, after it committed to an investment of USD 500 mn in the country in 2025 for operational and capital expenditures. The firm is also exploring new potential areas to ramp up production in Turkmenistan, including acquiring additional offshore concessions, such as Dongolok and Block 20, as well as boosting production in the west of Zhdanov field and Block 19.

DATA POINT-

The UAE hit AED 5.2 tn in foreign trade in 2024, with a trade surplus reaching AED 492.3 bn, state news agency Wam reports, citing the World Trade Organization’s latest Global Trade Outlook and Statistics report (pdf).

ICYMI- The report ranked the UAE as the 11th largest global merchandise exporter with a 6% y-o-y uptick in exports to reach USD 603 bn. Imports were also up 14% y-o-y to USD 539 bn, while the Emirates contributed 41.4% of the region’s merchandise exports, reinforcing its position as a trade hub.

HAPPENING TODAY-

#1- It’s day two of the IMF and World Bank’s spring meetup, taking place as the global economy grapples with mounting trade tensions and tariff escalations. The six-day 2025 Spring Meetings of the IMF and World Bank Group will bring together policymakers, central bankers, economists, private sector leaders, and others to discuss what the year ahead holds.

The themes of this year’s meetup are already starting to become clear, as the Trump administration’s aggressive tariff regime continues to shake confidence in the post-WWII trade order, Bloomberg writes. With fears of a prolonged trade war mounting, finance chiefs gathering in Washington will be looking for ways to preserve multilateral cooperation — or at least find workarounds as the US doubles down on bilateralism. Against this backdrop, the relevance of global institutions like the IMF and World Bank in an increasingly fragmented world is once again up for debate.

Once the go-to forum for synchronized policy responses, the G-20 is now seen by many as drifting into irrelevance, as Washington’s pivot toward unilateral action has further weakened the group’s ability to manage global economic shocks. “The cost of not having the G-20 is that you won’t have a level of economic policy coordination, and that should be terrifying people,” said Center for Global Development’s VP Clemence Landers.

WATCH THIS SPACE- The International Monetary Fund (IMF) is set to release its World Economic Outlook (WEO) for April 2025 today at 5pm UAE time. IMF Chief Kristalina Georgieva indicated last week the report will feature “notable markdowns” in growth projections due to rising trade tensions and instability in the trading system.

#2- The Solana Economic Zone is happening in Dubai. The two-week event runs until Saturday, 26 April and focuses on blockchain innovation, providing a platform for founders, builders, and investors looking to set up crypto and blockchain businesses in Dubai.

#3- The Electric Vehicle Innovation Summit is on until Wednesday, at the Abu Dhabi National Exhibition Center. The summit will bring together industry leaders, innovators, and key stakeholders to explore regional opportunities and challenges in electric vehicles technology.

#4- Dubai AI Week is happening throughout the week at the Museum of the Future, Area 2071, and the Emirates Towers in Dubai. The week-long event will feature talks, workshops, and showcases from global and local AI leaders, entrepreneurs, and policymakers.

#5- DOMOTEX Middle East is starting today and will run until Thursday at the Dubai World Trade Center. The international trade fair will spotlight the latest in carpets, flooring, and textile innovations, drawing regional designers, architects, and suppliers.

#6- TheInternational Conference on Education Quality (ICEQ) is also kicking off today and will wrap up on Thursday at the General Directorate of Identity and Foreigners Affairs Office in Dubai. The event will focus on integrating AI into education governance and institutional innovation across the region.

#7- GOTECH2025 kicked off yesterday and will wrap up tomorrow at the Dubai World Trade Center. The event brings together government officials, industry leaders, and technical experts to discuss industry trends, carbon reduction, and energy demand. The event includes technical presentations, sessions, and exhibitions focused on technology and sector challenges.

HAPPENING THIS WEEK-

TheDubai AI Festival is taking place on Wednesday and Thursday as part of Dubai AI Week at Madinat Jumeirah in Dubai. The event will include exhibitions, panels, and networking sessions aimed at accelerating AI adoption across sectors.

THE BIG STORY ABROAD-

The global foreign press is split between two stories this morning: Pope Francis’ death and the latest sell-off on Wall Street.

Obituaries for Pope Francis, who died at 88 due to a stroke and cardiac arrest a day after Easter Sunday, are pouring in, with many looking at his role in reforming the Catholic Church. Focus is also turning to who will succeed him among his 252 cardinals, Reuters reports. Obituaries are everywhere: FT | Reuters | CNN | The Independent | Washington Post

Also getting plenty of ink this morning: A sell-off hit Wall Street on the first day back from the long weekend after US President Donald Trump renewed his criticism of US Federal Reserve Chair Jerome Powell, saying on his social media platform Truth that he must lower interest rates “NOW” to give the economy a boost. The S&P 500 ended the day down 2.4%, while the tech-heavy Nasdaq fell 2.6%. The USD also took a beating, falling 1.5% to a three-year low against a basket of major trading partners. (FT | Bloomberg | CNBC | WSJ | Reuters)

ALSO- It’s earnings week: Tesla will today kick off a more tense earnings season than usual for Big Tech as companies grapple with the impact of tariffs on their businesses and margins in their forecasts. Alphabet will follow with its earnings report on Thursday, while Apple, Meta, Microsoft, and Nvidia are expected to file earnings reports next week.

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***

CIRCLE YOUR CALENDAR-

TheDubai Esports and Games Festival will take place from Friday, 25 April to Sunday, 11 May at the Dubai World Trade Center. The festival features GameExpo, with interactive gaming zones and esports tournaments, alongside a summit hosting industry discussions on AI and Web3. The event includes networking sessions, workshops, and initiatives to support gaming talent development.

TheArabian Travel Market is happening from Monday, 28 April to Thursday, 1 May at the Dubai World Trade Center. The event convenes all travel sectors and verticals, addressing industry challenges for tourism businesses and offering networking sessions. The conference’s program focuses on hospitality, investment, sustainability, marketing, and technology.

The International Federation of Air Traffic Controllers’ Associations (IFATCA) conference will run from Monday, 28 April to Friday, 2 May at the Adnec Center in Abu Dhabi. The conference brings together air traffic control professionals to discuss the air traffic management sector, focusing on capacity building, emerging technologies, and solutions to challenges faced by the industry.

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

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2

ECONOMY

Dubai inflation hits five-month low as monthly deflation returns

Dubai’s annual inflation eased to 2.79% y-o-y in March — the slowest pace of price growth since October, according to the Dubai Statistics Center (pdf). March’s reading also marks a drop from the 3.15% recorded in February.

The usual suspects are driving price growth: Prices for housing, water, electricity, gas, and other fuels — the largest component in the inflation basket — rose 7.16% in March, easing slightly from February’s 7.36% increase but continuing to be the main driver of inflation.

Segments seeing deflation: Transport prices, making up just over 9% of the index, fell 3.34% y-o-y in March, largely driven by a 9.9% drop in the cost of super 98 petrol compared to March 2024, according to Emirates NBD’s annual inflation report (pdf). The food and beverage, clothing and footwear, and information and communication sectors also recorded slight price drops.

On a monthly basis, prices declined by 0.11%, registering the first instance of monthly deflation since July 2024, according to monthly figures from the statistics center’s monthly inflation report (pdf).

Looking ahead: Despite a 1Q inflation average reading of 3.0%, headline inflation is expected to continue to soften over the coming months, largely due to lower oil prices, making it likely that the transport segment will keep dragging down the reading, Emirates NBD suggested. Property prices are also showing signs of stabilizing, with rents up 8% for apartments and 20% for villas in 1Q, showing less signs of acceleration, while signs of broader deflation in the rest of the basket buoys its forecast of more moderate inflation throughout the rest of the year.

How that compares: The bank maintains a full-year inflation forecast of 2.8% for Dubai, while the CBUAE has pencilled in a 2.0% inflation rate for the UAE this year, matching the IMF’s estimate.

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3

M&A WATCH

Gulf Capital continues exit spree, offloads Kuiper stake

Gulf Capital offloads Kuiper Group to India’s Asian Energy Services: UAE-based private equity firm Gulf Capital has transferred its entire ownership stake in energy services provider Kuiper Group to Asian Energy Services, an energy and mining services provider listed on India’s Bombay Stock Exchange and National Stock Exchange, according to a press release (pdf). Asian Energy Services has now fully acquired Kuiper Group, having bought stakes from the founders of Kuiper and OCB Oilfield Services as well.

The details: The transaction, financed through a combination of internal reserves and external borrowing, is expected to conclude within the next two months, the press release said. Asian Energy Services said in a separate disclosure (pdf) that the transaction came through an all-cash consideration transaction worth USD 9.3 mn, and will see the firm take over its global management team and working capital.

Way back when: In 2013, Gulf Capital acquired a majority stake in Dubai-based OCB Oilfield Services, an oil and gas offshore crew provider, and later expanded into Asia through the acquisition of Kuiper International.

Kuiper’s Australian division was offloaded first, after Gulf Capital went ahead with a carve-out transaction last year that shifted ownership to Kuiper’s local Australian management team in a management buyout sale.

This marks Gulf Capital’s fourth recent exit, the first being its sale of AmCan in January of last year and the second being its exit last year from EGX-listed bottle maker Middle East Glass to Mena Glass Holdings, the company’s majority shareholder.

Three more exits to come? “2025 is proving to be a productive year for Gulf Capital in terms of exits. In addition to today’s exit from Kuiper Group, we are in the process of working on three other large exits which we hope to be announcing over the next two quarters,” Gulf Capital CEO Karim El Solh told EnterpriseAM UAE.

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4

INFASTRUCTURE

UAE data center infrastructure gets a boost courtesy of Khazna

Dubai-based Khazna Data Centers is boosting its UAE AI and cloud hosting presence with two new data centers, AUH4 in Mafraq and AUH8 in Masdar City, according to a press release (pdf).

We knew this was coming: Last year, Khazna signed a Musataha agreement to develop a 30 MW data center in Mafraq, and later in the year CEO Hassan Al Naqbi said the firm was eyeing two additional 30 MW data centers.

Watts the capacity? AUH4, slated for completion in December 2026, and AUH8, set to be finished a few months earlier in August, will add a combined 60 MW in cloud hosting capacity. Meanwhile, the company’s initial project phase of the 100 MW capacity QAJ1 center in Ajman is set to come in December 2026, the press release said — a push back from the previously announced 3Q 2025 completion date. The center will be equipped with liquid cooling and AI-powered energy management systems.

The company forecasts “unprecedented capacity demand,” and currently holds a 74% market share in the UAE, with 24 data centers currently live and eight more under construction. UAE-wide data center capacity could double to 850 MW by 2029, CEO Hassan Al Naqbi previously told The National.

It is also looking to further expand regionally, with a USD 250 mn data center in Egypt, projects in Saudi Arabia, and potential expansion into Turkey and Southeast Asia.

REMEMBER- The company recently had a shareholder reshuffle, which saw e& divest its stake in Khazna to the tune of USD 2.2 bn, while Abu Dhabi’s AI fund MGX and private equity firm Silver Lake picked up minority stakes .

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5

Banking

UAE banks are the most resilient among GCC peers in the face of impacts from tariffs, S&P Global says

Strong net foreign asset position keeps UAE tariff-resilient: The UAE’s banks have “the strongest net external asset position” among GCC countries, which give banks in the country the highest resilience to any potential capital outflows resulting from current volatility in the market, global ratings agency S&P Global wrote in a research note last week.

Risks remain for the UAE — and for the GCC at large: GCC banks’ reliance on high-quality fixed-income instruments will help keep the impact of the capital market volatility manageable for most banks in the region. However, banks that are active in private equity investment, debt, or capital market advisory services could see lower revenues resulting from the volatility in the market. A further drop in oil prices may also lead to “higher pressure on banks’ asset-quality indicators.”

GCC banks are still resilient, and an increase in non-performing loans (NPLs) is unlikely to impact banks’ solvency. The region’s top 45 banks had a NPL ratio of 2.9% by the end of 2024, and displayed “relatively good” profitability. Banks in the region had also set aside “provisions in excess of 150% of their stock of NPLs on the same date, which provides them with some cushion to absorb additional shocks.”

S&P outlined two separate scenarios for NPLs — in the first scenario, NPLs see a 30% increase from the figure reported at year-end 2024 with an NPL ratio of 5%. The second scenario assumes a 50% increase in NPLs and sets the ratio at least at 7%. In both scenarios, the impact is below the USD 60 bn in net income that the top 45 banks in the GCC generated in 2024 — meaning that, even in S&P’s worst-case scenario, any potential shocks are expected to only impact GCC banks’ “profitability rather than their solvency.”

S&P had already been bearish on UAE banks’ profitability levels this year, predicting back in January a slight decline in UAE banks’ net incomes, following two years of high earnings buoyed by rising interest rates. Lending activity — growing at an average rate of 4.8% since 2019 — remains a key stabilizing factor for the sector, S&P Global said at the time.

Leading credit agencies seem to be in agreement on GCC banks’ strong position in the face of instability: Credit rating agency Fitch Ratings sees the recently implemented US tariffs having a limited effect on GCC banks’ operating environments, as GCC exports to the US remain largely limited to hydrocarbon exports, which are exempt from tariffs — however, lower oil prices and weaker global demand are cited as the primary risks for banks’ operating environments in the GCC, with the tariffs potentially spurring an additional drop in oil prices, which could weaken Fitch’s lending growth forecasts.

Banks will continue to tap debt markets-

GCC banks are expected to remain active in the bond and sukuk markets despite recent volatility triggered by the tariffs, Zawya reports, citing State Street Global Advisors’ Karine Kheirallah. Despite a lull at the start of the month, banks are set to go ahead with issuances according to their funding plans, she added.

The region’s strong banking sector and fiscal buffers put it in a strong position, particularly if the US Federal Reserve begins cutting interest rates, Kheirallah said.

REMEMBER- The UAE has emerged as the world’s top-performing sukuk market since Trump’s return to the White House, outpacing even the US. Assets of emerging markets with strong domestic fundamentals like the UAE have been viewed to be tariff-safe, with January alone seeing USD 35.4 bn in portfolio flows to EMs, with most directed toward debt.

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6

LOGISTICS

GCC countries looks to scrap new IMO levy before it takes effect in in October

UAE among GCC countries opposing new IMO levy: GCC states, including the UAE, unanimously voted against the UN’s International Maritime Organization’s (IMOs) new two-tier levy on additional shipping emissions, Mees reports. The countries also indicated that they are looking to torpedo the proposed plans ahead of a final vote in October.

Background: The IMO approved draft amendments to the International Convention for the Prevention of Pollution from Ships (MARPOL) that would force the global shipping industry — which is responsible for 3% of world’s GHG emissions — to reduce and pay for a portion of its emissions last week. The new rules — set to be formally adopted this October — will take effect by 2027 and apply to ships over 5k gross tonnes, covering 85% of international shipping’s emissions.

How it will work: The draft sets two escalating emissions targets, requiring gradual cuts to ships’ GHG fuel intensity. A stricter standard mandates a 17% cut by 2028 from 2008 levels, increasing to 21% by 2030 and 43% by 2035, the Financial Times reported on Friday. Ships that fail to meet this strict target would pay USD 100 per excess tonne of CO2 equivalent. The softer target would see cuts by 4% by 2028 and 8% by 2030, increasing to 30% by 2035, but failure to meet this level would result in steeper fees of up to USD 380 per excess tonne. The system also allows for credit trading, with compliant vessels able to sell credits to those that fall short.

GCC countries are not happy: A Saudi-led coalition of 15 member-states opposed the slightly higher original baseline and “[objected] to the selection of any price per unit of carbon” in a statement to the IMO cited by Mees. The statement indicated that a proposed tax would unproportionally “endanger exports from developing countries,” as it would lead to a hike in global prices for goods shipped by sea.

What they said: The statement proposes that the system of credits — as agreed upon in the draft — remains, rewarding those who exceed IMO targets with credits and penalizing those who do not with “gradual cost increases.”

The proposed tax is expected to hit GCC countries from two angles, undermining demand for marine fuels derived from oil and increasing the overall cost of shipping crude oil globally. As it stands, a standard 2 mn barrel of VLCC travelling from the Gulf to China could face charges of USD 1.6 mn in the first year of the tax’s implementation, according to MEES calculations based on Kpler data.

The GCC isn’t alone: Sixteen countries voted against the draft — nine of which were from our region, including Iran, Iraq, Jordan, Yemen, Oman, Bahrain, Saudi Arabia, Qatar, and the UAE. The draft was passed with support from 63 countries including China and Brazil — which were previously reported in February to formally oppose the levy.

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7

EARNINGS WATCH

Rak-ing it in — 22.7% bottom line uptick for Rakbank

The National Bank of Ras Al Khaimah (Rakbank) has reported a 22.7% y-o-y increase in its bottom line to AED 704.5 mn in 1Q 2025, according to its financials (pdf). The bank’s total operating income rose 10.7% y-o-y to AED 1.3 bn, supported by a robust balance sheet and higher non-interest income, the bank said in a separate earnings release (pdf). Customer deposits rose 18.2% y-o-y to AED 61 bn.

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8

MOVES

IFS appoints new MEA head to drive regional growth + UAE gets new special envoy for business and philanthropy

Foreign Minister Sheikh Abdullah Bin Zayed Al Nahyan tapped Badr Jafar as Special Envoy for Business and Philanthropy, according to a statement. Jafar will focus on upping the UAE’s engagement with global businesses and philanthropic communities, and strengthening the role of the private sector in achieving these objectives. Jafar currently serves as CEO of Crescent Enterprises and Chairman of Gulftainer, and also holds an advisory role with the UN Secretary-General’s High-Level Panel on Humanitarian Financing.

Swedish AI-focused software developer IFS appointed Rahul Misra (LinkedIn) as Senior Vice President and Managing Director for its Middle East and Africa operations, replacing Mehmood Khan (LinkedIn) who is moving on to a wider executive role, according to a press release. Misra, who previously led Oracle’s cloud applications business in the Gulf and South Africa, will oversee IFS’ regional growth strategy and expansion. His appointment comes as the company sees momentum in markets like Saudi Arabia, the UAE, and Africa.

REMEMBER- Earlier this month, a subsidiary of the Abu Dhabi Investment Authority agreed to acquire a minority stake in IFS, valuing the company at over EUR 15 bn.

7X ’s financial arm Fintx has named Malaz Mubaid (LinkedIn) as the CEO of its subsidiary Wall Street Exchange, according to a press release. Mubaid — who recently served as head of retail operations and business development at the Wall Street Exchange — has over 19 years of experience in financial services and will focus on scaling operations, improving efficiency, and broadening the service portfolio.

The Ruler of Ajman Sheikh Humaid bin Rashid Al Nuaimi appointed Saif Ahmed Musabah Al Suwaidi as director-general of the Department of Economic Development in the emirate’s government, state news agency Wam reports. Al Suwaidi brings over 29 years of experience in public service, including roles as under-secretary at the Human Resources and Emiratization Ministry and Emiratization Affairs Ministry.

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9

ALSO ON OUR RADAR

ASB Capital and State Street Global Advisors to launch a shariah-compliant global equity fund

CAPITAL MARKETS-

#1- A new fund in town: Al Salam bank-backed asset management firm ASB Capital, which launched in Dubai in February with USD 4.5 bn in AUM, is teaming up with global investment management firm State Street Global Advisors (SSGA) to launch a shariah-compliant global equity fund, according to a statement. The fund will be benchmarked against the Dow Jones Islamic World Index.

The details: Aimed at institutional investors, family offices, and individuals, the fund will offer access to a diverse range of shariah-compliant stocks from around the world. It will be managed by SSGA’s Active Fundamental Equity team, which oversees USD 18 bn in assets, and will be based in the Dubai International Financial Center (DIFC).

#2- GulfMercantile Exchange (GME) and the Shanghai Futures Exchange (SHFE) inked an MoU to strengthen collaboration between the Middle East and China’s derivatives markets, GME announced in a press release. The agreement covers areas including product cooperation, educational programs for market participants, knowledge sharing on market development, regulation, and infrastructure, research support, and personnel exchange. The agreement comes as the two sides look to establish more regionally relevant commodities benchmarks.

HEALTHCARE-

#1- The Abu Dhabi Health Department (DoH) signed an MoU with Microsoft to co-develop an AI driven “population health intelligence” system on the sidelines of the Abu Dhabi Global Health Week, according to a press release. The initiative seeks to integrate AI into the Abu Dhabi digital healthcare ecosystem to proactively detect health challenges and provide personalized, context-aware recommendations.

REMEMBER- Abu Dhabi’s government previously collaborated with Microsoft to accelerate AI-driven government transformation, whilst the US tech giant also partnered with Digital Dubai on an AI training program for government employees.

#2- Sharjah, Roche partner on healthcare innovation: Sharjah Research, Technology, and Innovation Park (SRTIP) signed an MoU with Roche Diagnostics Middle East (RDME) to develop digital and AI-powered solutions for personalized healthcare, according to a press release (pdf). Initiatives will include innovation hubs and accelerator programs, and make use of Roche’s expertise and SRTIP’s infrastructure.

#3- Burjeel Cancer Institute launched the Burjeel Breast Center to enhance care for women with breast tumors at Burjeel Medical City, according to a press release. In parallel, the Institute launched the UAE’s first specialized cancer pharmacy.

PAYMENTS-

#1- Fuze receives payments license: The Central Bank of the UAE (CBUAE) granted blockchain infrastructure provider Fuze a retail payment services and card schemes license, the firm said in a press release. The company is set to roll out a new suite of payment products for businesses that offer features like fraud detection, merchant tools, and virtual IBANs. Fuze also holds a virtual assets service provider license.

#2- Emirates NBD, Kinexys Liink on cross-border payment security: Emirates NBD has joined Kinexys Liink — a blockchain-based peer-to-peer data sharing network developed by JP Morgan — as part of efforts to make cross-border payments more secure, according to a press release. Through the network’s Confirm application, the bank will offer participating banks and financial institutions account validation services for UAE-based accounts, aiming to reduce payment errors, boost processing efficiency, and cut operational costs.

REAL ESTATE-

#1- Sotheby’s Realty launches HNWI service: Dubai Sotheby’s InternationalRealty is targeting high and ultra-high-net-worth individuals through a new private client service in the region, according to a press release . Headed up by Emmanuel Aymes (LinkedIn), the service will provide expert and tailored guidance on real estate acquisition, management, and investment, to clients in the UAE, UK, and Saudi Arabia — the “golden triangle” of real estate. A financial and legal team will facilitate cross-border transactions and financial solution structuring.

#2- Kuwaiti real estate firm Al Tijaria invested AED 88 bn in Dubai’s real estate sector “to establish or acquire opportunities,” in collaboration with one of its strategic partners, CEO Abdulmutaleb Marafie said in a CNBC Arabia interview (watch, runtime: 2:39).

TRANSPORT-

More electric taxis to launch in Dubai: Dubai Taxi and Al Futtaim Electric Mobility have partnered to deploy 200 all-electric BYD SEAL taxis in Dubai, according to a press release. The move comes as part of Dubai Taxi’s goal to convert its entire fleet to electric vehicles by 2040, and Al Futtaim Automotive’s goal to make hybrid and electric cars account for at least 50% of its UAE sales by 2030.

REMEMBER- UAE’s Al Futtaim Family Office invested an undisclosed amount in Chinese EV giant BYD’s USD 5.6 bn share sale last month, which marked the largest equity follow-on offering in the automotive sector in the past ten years. The investment asserted Al Futtaim as a “strategic partner” of BYD, with a focus on expanding the presence of both entities within the sustainable transportation and advanced technologies markets.

AVIATION-

Etihad Airways to launch new Kenya service: Abu Dhabi-based Etihad Airways is set to double its flights from Abu Dhabi to Nairobi to operate 14 weekly services as of 15 December 2025, according to a statement. The carrier will expand its services to Africa to tap into the continent’s growing market potential, with plans to add additional services to the Seychelles in May as well as Morocco’s Casablanca and South Africa’s Johannesburg in August. The airline will also be launching new services to Egypt’s Al Alamein in September, Ethiopia’s Addis Ababa in October and Algeria’s Algiers and Tunisia’s Tunis in November.

A closer look: Etihad also inked a codeshare agreement with Air Seychelles to collaborate on six flights per week between Abu Dhabi and Mahe, effective from May 2025.

DEFENSE-

Edge’s Caracal to manufacture small arms in India: Edge Group’s small arms manufacturer, Caracal, partnered with the Indian manufacturer ICOMM Tele to develop a small arms manufacturing facility at ICOMM’s Integrated Engineering Facility in Hyderabad, according to a press release.

The details: The facility will produce a range of advanced firearms—including rifles, pistols, and submachine guns—to meet the needs of the Indian Armed Forces, Central Armed Police Forces, Special Forces, State Police, and the Special Protection Group. It will also support Caracal’s global export demands.

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10

PLANET FINANCE

China's rare metals restrictions threaten car manufacturers

China’s export restrictions on rare earth metals could trigger disruptions for manufacturers of electric vehicles within a few months, the Financial Times reports. The full impact of these latest controls is still unclear, but carmakers are already raising concerns based on current stockpiles.

What’s happening? The new controls now encompass seven heavy and medium rare earths, such as dysprosium, terbium, and samarium, vital for manufacturing electric vehicles and wind turbines. These controls expand on measures that have been implemented by China since 2023 in response to US restrictions on chip technology, requiring exporters to obtain licenses for each overseas shipment and banning re-exports to the US.

The new controls came after US President Trump launched a probe into mineral and product imports last week, to assess the need for higher tariffs. Findings are due within 180 days, which could override the tariffs imposed last month.

Beijing’s strategy: The expanded measures are understood to be a response to the 145% tariff hike levied by the Trump administration on Chinese goods, in a bid to pressure US companies to lobby Washington into changing tariff policies, an unnamed senior automotive executive told the financial publication.

The implications could be severe: EV automakers were caught off guard, with suppliers holding only 2-3 months’ worth of magnets, causing “genuine problems” in the automotive supply chain, said Jan Giese, Frankfurt-based Tradiu’s Senior Manager for Minor Metals and Rare Earth Elements. An unnamed Japanese government official echoed the same concern, telling the salmon-colored paper that there’s not enough time to establish alternative supply chains before current stockpiles are exhausted.

“It’s really kind of tough all the way around,” S&P Global auto analyst Stephanie Brinley told Politico’s E&E News. The projected 700k drop in US car sales this year makes it comparable to the tough markets of the 2009 recession and the 2020 pandemic, Brinely said.

IN CONTEXT- China holds a near monopoly on heavy rare earths processing, and the imposed export controls cover medium and heavy rare earths — materials that are difficult and costly to extract, both financially and environmentally — Giese told the Financial Times.

Breaking the monopoly: Japan and other nations are pinning hopes on Australia’s Lynas, as the rare earth mining company is set to expand its Malaysian processing site to produce dysprosium and terbium by mid-2025.

MARKETS THIS MORNING-

Asian markets are slightly inching down this morning, affected by Wall Street losses after Trump’s attacks on the Fed. Hong Kong’s Hang Send is down 0.6%, while Japan’s Nikkei is down 0.1%, and Shanghai Composite is slightly up 0.2%. Meanwhile, US futures are on the rise, signalling potential recovery when markets open.

ADX

9272

-0.1% (YTD: -1.6%)

DFM

5104

+0.2% (YTD: -1.1%)

Nasdaq Dubai UAE20

4113

+0.2% (YTD: -1.2%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

4.2% o/n

4.1% 1 yr

TASI

11,549

-0.7% (YTD: -4.1%)

EGX30

31,063

+0.1% (YTD: +4.5%)

S&P 500

5158

-2.4% (YTD: -12.3%)

FTSE 100

8276

0.0% (YTD: +2.6%)

Euro Stoxx 50

4935

-0.6% (YTD: +0.8%)

Brent crude

USD 66.3

-2.5%

Natural gas (Nymex)

USD 3.1

+1%

Gold

USD 3442.90

+0.5%

BTC

USD 87,101.60

+2.7% (YTD: -7.0%)

THE CLOSING BELL-

The DFM rose 0.2% yesterday on turnover of AED 292 mn. The index is down 1.1% YTD.

In the green: Ithmaar Holding (+15%), Ekttitab Holding (+14.4%) and United Foods (+8.3%).

In the red: National Cement (-9.9%), Dubai Refreshment (-6.9%) and Dubai Islamic Ins. and Rein. Co. (-4.8%).

Over on the ADX, the index fell 0.1% on turnover of AED 665.9 mn. Meanwhile, Nasdaq Dubai was up 0.2%.

CORPORATE ACTIONS-

Amlak Finance will divest its investments outside the UAE, according to a DFM disclosure(pdf). The move comes in line with a UAE Central Bank regulation requiring finance companies to offload assets not tied to their core business activities.

REMEMBER- The company’s general assembly approved the sale of some of its investment properties, including its holdings in Dubai’s Ras Al Khor in March.

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DIPLOMACY

UAE, Pakistan formalize cooperation with new business council

UAE, Pakistan sign MoUs to boost consular, cultural, and business ties: Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan inked a series of MoUs with Pakistan’s Deputy Prime Minister and Foreign Minister Muhammad Ishaq Dar to deepen cooperation between the two nations, state news agency Wam reports. The two foreign ministers signed an MoU to establish a joint consular affairs committee and an agreement to increase cultural cooperation. They also witnessed the signing of an MoU to create a UAE-Pakistan business council.

The UAE and the Philippines signed a bilateral security agreement aimed at enhancing joint efforts to combat crime, Wam reports. Deputy Prime Minister and Interior Minister Sheikh Saif bin Zayed Al Nahyan and Philippine Secretary of the Interior Victor Remulla also discussed strengthening ties, particularly in policing and security.

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CALENDAR

APRIL

14-26 April (Monday-Saturday): Solana Economic Zone, Dubai.

21-23 April (Monday-Wednesday): The Electric Vehicle (EV) Innovation Summit, Adnec Center Abu Dhabi.

21-23 April (Monday-Wednesday): GOTECH 2025, Dubai World Trade Center.

21-25 April (Monday-Friday): The Dubai AI Week, Museum of the Future and Area 2071, Emirates Towers, Dubai.

22-24 April (Tuesday-Thursday): DOMOTEX Middle East, Dubai World Trade Center, Dubai.

22-24 April (Tuesday-Thursday): The International Conference on Education Quality,General Directorate of Identity and Foreigners Affairs Office, Dubai.

23-24 April (Wednesday-Thursday): Dubai AI Festival, Dubai International Financial Center.

25 April-11 May (Friday-Sunday): Dubai Esports and Games Festival, Dubai World Trade Center.

28 April-1 May (Monday-Thursday): The Arabian Travel Market, Dubai World Trade Center

28 April-2 May (Monday-Friday): The International Federation of Air Traffic Controllers’ Associations (IFATCA) conference, Adnec Center Abu Dhabi.

29 April (Monday): Deadline to send comments and feedback on the FSRA proposal.

30 April-2 May (Wednesday -Friday): Fujairah International Conference of Adventures Tourism, Fujairah Adventures Centre

Signposted to happen sometime in April:

MAY

30 April – 1 May (Wednesday-Thursday): The Behavioural Exchange 2025 Conference (BX2025), the New York University Abu Dhabi

5-6 May (Monday-Tuesday): The Governance of Emerging Technologies Summit (GETS 2025), St. Regis Saadiyat Island Resort, Abu Dhabi.

6-7 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

6-7 May (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

6-8 May (Tuesday-Thursday): Airport Show, Dubai World Trade Centre.

12-13 May (Monday-Tuesday): Dubai FinTech Summit, Madinat Jumeirah, Dubai.

13-16 May (Tuesday-Friday): International Union for Health Promotion and Education Conference, Abu Dhabi.

13-14 May (Tuesday-Wednesday): The Annual HR Tech MENA, Dubai.

13–14 May (Tuesday-Wednesday): Low Carbon Fuels MENA Summit, Sheraton Dubai Creek Hotel & Towers, Dubai.

13-15 May (Tuesday-Thursday): Cabsat Middle East and Satellite Middle East, Dubai World Trade Center.

15 May (Thursday-Sunday): The Economy Middle East Summit, ADGM, Abu Dhabi.

15 May (Thursday): Dewa tender for pumping stations bids deadline.

15-18 May (Thursday-Sunday): The GLA Global Logistics Conference, Grand Hyatt Dubai.

16-18 May (Friday-Sunday): GISEC, Dubai World Trade Center.

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.

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

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

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

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.

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.

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.

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.

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

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:

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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