Dubai Islamic Bank + Emaar + Adnoc Drilling + Dewa seen as top equity picks

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Jumeirah Group to double portfolio by 2030 + Oracle plans to increase Abu Dhabi investment fivefold

Good morning, everyone. We've got a jam-packed issue for you today, with news on CBUAE's AED 1.1 bn Islamic Treasury Sukuk , which was oversubscribed by 6.3x, and the latest on Dubai’s property market, with prices rising in 2024, though residential market growth is expected to slow in 2025. Also, CI Capital projects 4.9% GDP growth for the UAE this year, driven by tourism and real estate, and tapped four big stock picks for the year. Let’s dive in.

WEATHER- Cloudy skies will take over for the rest of this week: The National Center of Meteorology forecasts (pdf) partly cloudy conditions, with a chance of mist in the Western region until Monday. As for today, the mercury in Dubai will reach 24°C, with a low of 14°C, and will peak at 23°C in Abu Dhabi, before also dropping to 17°C.

WATCH THIS SPACE-

#1- Jumeirah Group targets major global expansion by 2030: Homegrown hospitality giant Jumeirah Group plans to double its portfolio to 60 properties within the next five years, CEO Thomas Meier told Gulf News. The group will explore expansion in Europe, Asia, and the US, while continuing to grow its foothold in Dubai and Saudi Arabia. The company will debut its Marsa Al Arab property in Dubai later this year, as well as launch its new visual brand identity. The group’s upcoming projects in Europe include adding to its existing properties in London, Capri, and Mallorca, as well as launching Jumeirah Le Richemond in Geneva, Switzerland in 2027.

#2- Veon eyes expanding Starlink partnership into Asia: Dubai-based telecom Veon Ltd. is in talks with Elon Musk’s Starlink to expand their satellite-powered cellular services partnership beyond Ukraine, Bloomberg reports. Veon plans to introduce space-based connectivity to underserved areas in Pakistan, Bangladesh, Kazakhstan, and Uzbekistan, where terrestrial networks face limitations.

Veon’s Ukraine subsidiary, Kyivstar PJSC, recently partnered with Starlink to offer satellite-to-cell text messaging by 4Q 2025, with voice and data services to follow. The expanded partnership aims to provide reliable connectivity during natural disasters or energy shortages, addressing challenges in the company's key markets.

#3- US-based IT firm Oracle plans to boost its investments in Abu Dhabi fivefold to meet surging demand for AI and cloud services in the UAE, The National reports. The company, which hosted the CloudWorld event in Dubai yesterday, did not disclose the value of the investment.

Oracle in MENA: The company operates two cloud regions in Abu Dhabi and Dubai, part of its 11 active cloud regions in the Middle East and Africa. The company also supports local telecom company du in providing hyperscale cloud and sovereign AI services for government entities, particularly in Dubai and the Northern Emirates.

DATA POINTS-

#1- The UAE, Saudi Arabia, and Malaysia are expected to continue driving growth in global environmental, social, and governance (ESG) sukuk issuances this year, with global issuances expected to grow 10.6% y-o-y in 2025 to USD 50 bn, according to Fitch Ratings. Last year, global ESG sukuk issuances rose 23%, surpassing the 16% growth seen in ESG bonds.

THE REGIONAL ANGLE- Sukuk represented 44% of the ESG debt capital market in the GCC, which totaled USD 46.3 bn last year. Nasdaq Dubai has established itself as the largest primary listing venue for ESG sukuk, holding over 35% of the global outstanding volumes by the end of last year.

#2- UAE CEOs are highly optimistic about 2025: Some 90% of UAE-based CEOs are confident about revenue growth, and 60% are expecting to increase their workforce within the year, according to PwC’s 28th annual CEO survey. Some 93% of UAE CEOs have adopted AI in the last year, and 63% plan at least one acquisition within the next three years.

#3- Sharjah’s property market saw transaction volume hit AED 40 bn in 2024, up 48% y-o-y, with approximately 45.7k properties traded during the year, signaling increased investor interest and confidence, Wam reports. Mortgages contributed AED 10 bn across some 2.6k transactions, while usufruct sales made up AED 1 bn from 652 transactions and initial sales contracts AED 12 bn from 10.1k contracts.

Investors from 120 nationalities contributed, up from 103 in 2023, with Emiratis dominating market activity in the emirate, comprising 48% of total investments with AED 19.2 bn. Meanwhile, Gulf nationals contributed AED 2.3 bn (5.7%), Arab citizens AED 7 bn (17.5%), and other nationalities AED 11.5 bn (28.8%).

HAPPENING TODAY-

#1- World Economic Forum 2025 is on its fourth day and will wrap up on Friday in Davos, Switzerland, under the theme “Collaboration for the Intelligent Age.” The forum will gather 3k high-profile figures from over 130 countries, with 350 government leaders, including US President Donald Trump — joining via video — European Commission President Ursula von der Leyen, and Chinese Vice Premier Ding Xuexiang. The participants will discuss global challenges, including geopolitical shocks, economic growth, and advancing an inclusive energy transition.

#2- The International Conference on Pharma and Medicine is on its last day today at the Sharjah Research, Technology, and Innovation Park. The event offers a platform for potential collaboration in the pharma manufacturing and healthcare sectors.

#3- The Paper & Tissue Exhibition is wrapping up its final day today at Adnec Abu Dhabi, following its kickoff yesterday under the theme “A Decade of Success and Innovation.” The two-day event brought together over 300 companies and more than 16k visitors from 120+ countries, showcasing the latest technological advancements and sustainable practices in the industry, with key topics including recycling, waste reduction, and improving resource efficiency.

#4- The Sharjah Real Estate Exhibition (Acres) is on its second and runs through Saturday at the Expo Center in Sharjah. The event features networking and business prospects in the property sector, face-to-face discussions with developers and industry experts, and exploration of the latest trends in real estate.

#5- Nvidia RTX AI GameCraft kicks off today at Emirates Towers Boulevard in Dubai. Hosted by the Dubai Future Foundation in collaboration with Nvidia GeForce Middle East, the event will gather game developers, students, and industry professionals to create innovative games using Nvidia’s RTX AI technology. Some 15 developers will make it to the finals to compete for the top three spots.

THE BIG STORY ABROAD-

The international business press is broadly focused on two big stories this morning: More decisions and tariff threats from US President Donald Trump, and a new fast-growing wildfire breaking out in Los Angeles.

From TrumpLand: A decision from the newly-minted president earlier this week to place all federal diversity, equity, and inclusion (DEI) program employees on paid administration leave will see these employees eventually laid off entirely and their programs shut down. The decision is part of Trump’s push to cut the country’s “bloated bureaucracy” and undo equality programs and policies that he says lead to unfit hiring decisions. (Politico | New York Times | Reuters)

Trump also threatened to slap fresh sanctions and tariffs on Russia if it fails to end its war in Ukraine, saying in a Truth Social post that Russian President Vladimir Putin should end the war to avoid his country’s economy “getting worse.” (Financial Times | Reuters | Wall Street Journal)

Separately, a new wildfire broke out in Los Angeles yesterday, forcing thousands of people to evacuate as the fires started quickly spreading. The Hughes fire broke out north of LA, while Southern California continues to be under “extreme fire risk due to strong, dry winds.” (Reuters | Wall Street Journal)

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MARKET WATCH-

DP World expects freight rates to drop by 20-25% within three months as ships not linked to Israel return to the Red Sea, easing capacity constraints caused by Houthi attacks, DP World’s deputy CEO Yuvraj Narayan tells Reuters. The Houthis, who have carried out over 100 attacks on vessels since November 2023, announced plans to limit strikes to Israel-linked ships and potentially halt all Red Sea attacks once the Gaza ceasefire is fully implemented. Shipping rerouted around Africa due to these attacks has tied up 30% more capacity, driving up freight costs, Narayan added, with relief expected as Red Sea routes resume.

The Dubai-based logistics giant is targeting expansions on Africa’s east and west coast, where “there’s massive potential there because there’s nothing available … and the cost of moving cargo in Africa is so high that it just makes sense,” Narayan said. In Europe, DP World is proceeding with its USD 1.3 bn investment in London Gateway port.

CIRCLE YOUR CALENDAR-

BreakBulk Middle East will take place between 10-11 February at the Dubai World Trade Center. The event will gather over 7.5k professionals from the manufacturing, EPCs, project ownership, and transport sectors, providing ample networking prospects and driving potential customer leads.

The MiddleEastand North Africa Stevie Awards will be presented on 22 February at the Waldorf Austria Hotel in Ras Al Khaimah, with seven Emirati entities set to be awarded. The award provides recognition to businesses operating in the region based on their performance across several criteria, including achievements, public relations, and customer service, among others.

The World Local Production Forum will take place between 7-9 April at the Abu Dhabi National Exhibition Center. The World Health Organization event will bring together global leaders to discuss sustainable local production and strategies to enhance access to quality health products.

The International Real Estate and Investment Show will take place between 17-19 October in Abu Dhabi. The event, organized by Dome Exhibitions, will bring together developers, brokers, and investors to discuss innovation and sustainability trends in the real estate sector, as well as investment prospects.

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

CI Capital’s top equity picks for 2025

Egypt-based financial services provider CI Capital is penciling in 4.9% real GDP growth for the UAE this year, with the tourism and real estate sectors driving the rally, according to a research note seen by EnterpriseAM UAE. While the investment bank expects the UAE’s “positive fundamentals and steady population growth” to fuel domestic demand, it noted that “the UAE remains relatively more susceptible to external shocks.”

Top equity picks for 2025: The asset manager assigned an “overweight” rating for companies including Dubai Islamic Bank, Emaar, Adnoc Drilling, and Dewa. Here’s what you need to know about the investment case for each:

Emaar’s retail and hotel segments are set to benefit from the population growth targets for this year, along with other development related targets. The company’s diversified portfolio of offerings is expected to hedge against future development downturns. The real estate company offers a high dividend yield of c. 8%.

The downside risks for Emaar include lower demand for real estate in light of a global slowdown, and geopolitical tensions.

Adnoc Drilling’s stock is expected to trade at lower price relative to its growth potential in 2025 with a price/earnings-to-growth ratio (PEG) of 0.94x compared to its peers’ 1.14x, suggesting the stock is undervalued. The drilling company is also set to achieve positive growth rates in revenues of certain projects, along with a 10% annual increase in dividends per share (DPS). It will also benefit from the USD 1.5 bn acquisitions planned by its JV Enersol, along with its potential expansion into Kuwait and Oman.

The downside risks for Adnoc Drilling include a slowdown in Abu Dhabi’s oil and gas growth appetite, suppressed oil prices, along with further supply cuts, and geopolitical tensions.

Dubai Electricity and Water Authority’s (Dewa) stock is expected to trade at a lower price relative to its growth potential this year with a price/earnings-to-growth ratio (PEG) of 3.74x compared to its peers’ 5.1x. Potential interest rate cuts are expected to “bode well for stock performance, resulting in better dividend yields compared with treasuries,” CI Capital said. The company is also in for positive CAGR rates for revenue and EBITDA, and is expected to benefit from higher margins thanks to a shift towards renewable power generation.

The downside risks for Dewa include “weaker-than-expected demand on the back of slower-than-expected population growth figures,” as well as continued growth in the prices of key commodities such as copper — which is critical for renewable projects — and aluminum.

Dubai’s property prices up in 2024, residential market growth to slow in 2025 -ValuStrat

Dubai’s residential property values surged in 4Q 2024, with ValuStrat’s price index (VPI) rising 27.5% y-o-y and 5.6% q-o-q in the emirate, according to ValuStrat’s Dubai Review 2024-2025 Outlook (pdf).

On the rentals side, rates in Dubai’s residential rental market grew by 9.8% y-o-y and 1.8% q-o-q in 4Q 2024, with villa asking rentals increasing by 5.8% y-o-y and apartment rentals rising by 13% y-o-y. Meanwhile, office asking rentals leveled up by 22.5% y-o-y during the same period.

The emirate saw a spike in off-plan property transactions by 143.8% y-o-y in 4Q 2024, amounting to over 31.3k transactions. Transactions for ready properties rose by 3.5% q-o-q and 9.2% y-o-y during the same period. Meanwhile, the sales volume of offices declined by 36.6% y-o-y during 4Q, amounting to 424 transactions.

How hospitality fared: Revenue per available room rose by 2.8% y-o-y in this quarter, while the average room rate increased by 2% y-o-y. Dubai’s hospitality sector achieved a 78% occupancy rate during the quarter.

On an annual basis, Dubai’s properties saw “remarkable” rises in valuation, with ValuStrat’s price index indicating a 31.6% y-o-y capital appreciation for villas and 23.6% y-o-y for apartments. Villa communities have doubled in value since the pandemic, while Jumeirah Islands outperformed by tripling in worth. The VPI for the office sector rose by 25.8% y-o-y during the year, with the median office rents increasing by 20.8% y-o-y.

Meanwhile, the emirate witnessed a record number of transactions for ready properties during last year, growing by 12.3% y-o-y. Dubai saw a 76.4% y-o-y increase in off-plan sales, with off-plan registrations accounting for 68% of all home sales, marking its highest share in 15 years.

Dubai’s residential market is expected to continue expanding in 2025 but at a slower pace, with the overall growth expected to moderate and capital values projected to rise by 5-10%. This development was attributed to the rising demand, positive sentiment, and increasing market maturity. The sales activity is predicted to decline due to fewer off-plan projects launched over the upcoming 12 months. Meanwhile, rental growth is projected to continue accelerating in the low and mid-market segments.

The emirate’s office market is projected to sustain rental growth and continue to rise in property value this year, particularly for Grade A office spaces and prime office locations. This strong demand was attributed to the influx of talent, corporate expansions, and the establishment of new businesses.

CBUAE’s T-sukuk for 1Q 2025 oversubscribed 6.3x

The latest AED 1.1 bn Islamic Treasury Sukuk (T-Sukuk) issued by the Central Bank of the UAE (CBUAE) was 6.3x oversubscribed, according to a Finance Ministry statement. The issuance is part of the Islamic T-Sukuk program for 1Q 2025, Wam reports.

The details: The tranche maturing in May 2027 achieved a yield to maturity of 4.3%, while the September 2029 tranche reached 4.4%, with bids received worth AED 6.9 bn. These yields represent a spread of 7 and 10 basis points above US treasuries with similar maturities at the time of the auction.

REMEMBER- The CBUAE's AED 1.1 bn T-Sukuk auctioned in November 2024 was 4.9x oversubscribed, attracting AED 5.4 bn in bids. The May 2027 tranche yielded 4.3%, while the September 2029 tranche offered a yield of 4.38%. Another AED 1.1 bn T-Sukuk began trading on Nasdaq Dubai in November, with the May 2027 tranche priced at 4.57% and the September 2029 tranche at 3.65%.

HSBC partners with CleanMax for AED 99 mn solar projects in the UAE

HSBC + Cleanmax to develop solar projects on UAE soil: HSBC has extended a long-term AED 99 mn credit facility to CleanMax — India-based Brookfield-backed renewable energy provider — to develop 92 onsite solar projects across the country, Cleanmax said in a press release (pdf).

The details: The projects will be implemented in industrial facilities, malls, schools, and universities. The partnership’s financing arrangement includes an uncommitted AED 37 mn (USD 10 mn) allocation for potential future renewable energy projects.

HSBC’s affinity for Indian-led green projects isn’t new: ADIA-backed Indian real estate asset manager Lake Shore secured a USD 143 mn green loan from HSBC to refinance lenders of its Viviana mall acquisition last October. The loan was obtained through Lake Shore’s subsidiary and the mall owner Salsette Developers.

Ajman Bank turns to the black in 2024

Ajman Bank turned to the black in 2024, posting a net income of AED 400.7 mn, reversing a net loss of AED 390.4 mn in 2023, according to the bank’s financial statements (pdf). The lender’s operating income declined by 3.8% y-o-y to AED 1.5 bn during the same period.

This annual performance was driven by the bank’s efforts to remediate distressed assets, CEO Mustafa Al Khalfawi said, according to its earnings release (pdf).

AD Ports to develop logistics park in Egypt’s Alexandria Port

LOGISTICS-

AD Ports to develop logistics park in Alexandria, Egypt: AD Ports Group inked an MoU with Egypt’s Industry and Transport Ministry to explore joint development and operations of a 1.1 sq km integrated logistics park in Egypt’s Alexandria Port, according to a statement. The logistics park will be one of the largest hubs on the Mediterranean, with Alexandria Port handling approximately 60% of Egypt’s foreign trade.

TECH-

Dubai’s Green Data Center gets a second phase: Dubai Deputy Ruler Sheikh Maktoum bin Mohammed bin Rashid Al Maktoum inaugurated the second phase of the Green Data Center at the Mohammed bin Rashid Al Maktoum Solar Park, according to a Dubai Media Office statement. The project is being implemented in 10 phases, with the first phase launched in 2023.

About the center: The 100k sqm data center, which is operated by Digital Dewa subsidiary Moro Hub, integrates renewable energy with digital solutions, offering advanced solutions in digital transformation, cloud computing, smart cities, IoT, and cybersecurity, while operating on 100% solar energy with a total capacity exceeding 100 MW. The center is the largest single-site solar park globally, and the world’s largest solar-powered data facility.

E& plans to roll out an end-to-end, multi-model AI and generative AI governance platform using IBM’s watsonx.governance toolkit, according to a press release. The new platform aims to boost oversight and risk management and enforce ethical practices across e&’s AI systems.

REAL ESTATE-

ADX-listed Rak Properties is gearing up to launch 12 new projects in Ras Al Khaimah in 2025, valued at AED 5 bn, the developer’s CEO Sameh Muhtadi told The National. The company targets to build a total of 2.5k to 3k units during the year and eyes to double last year’s sales to AED 3 bn, he said.

The details: The projects will include luxury villas and branded apartments, most of which will be developed within the Mina development, Muhtadi said. While the projects will be primarily self-funded, opting for a AED 2 bn facility the company had lined up with the Commercial Bank of Dubai last year is also in the cards. The first project for the year will be Mirasol, which will feature studio apartments and duplexes and is slated for delivery in 1H 2028.

Sharjah-based developer Alef Group launched Al Mamsha Hamsa, a new residential project in Sharjah’s newly-developed community Al Mamsha, according to a press release. The project will feature three buildings housing 420 units and will be located near Sharjah International Airport and the University City of Sharjah. The value of the project was not disclosed.

FINTECH-

Paymob secures CBUAE license to expand services: The Central Bank of the UAE (CBUAE) granted Egyptian payment facilitator Paymob the Retail Payment Services License (RPS), the company said in a press release. The RPS license enables the company to provide services like merchant acquiring, payment aggregation, and domestic fund transfer within the UAE.

ENERGY-

Dana Gas plans to deploy a Levidian-patented technology that converts methane into graphene and hydrogen across its field operations this year, it said in a press release (pdf). This comes under a partnership between Dana Gas and the UK-based decarbonization firm that started in September which saw the pair work on designing a Loop pilot unit.

How will that scale up? The pilot unit will have a capacity to produce up to 1.5 tons of graphene and hydrogen per year, enabling Dana to expand its exploration of potential commercial applications for graphene and attract new customers. Dana and Levidian will mull the installation of industrial scale Loop units that are capable of producing over 15 tons of graphene annually if they find sufficient demand for the product.

ICYMI- Adnoc Gas, Baker Hughes, and Levidian deployed the Loop technology at the Habshan Gas Processing Plant earlier this month.

REMEMBER- The UAE is collaborating with international partners on legislation to support sustainable hydrogen production. These policies, developed with the International Partnership for Hydrogen and Fuel Cells in the Economy (IPHE), will be adopted by IPHE member nations.

CUSTOMS-

FedEx launched a new customs clearance facility at Ras Al Khaimah Economic Zone (Rakez), according to a press release. The facility will handle packages shipped to and from Rakez through several FedEx express air and ground services in a bid to facilitate local companies’ access to logistics services.

AGRICULTURE-

Gov’t rolls out new platform to boost the use of unconventional water resources in irrigation: The government launched a new water management platform which aims to scale back the reliance on groundwater for irrigation, Wam reports. The Geospatial Data Platform for Agriculture and Water Resources targets to cut groundwater usage in agriculture by 2% and increase the reliance on unconventional water resources by 8-13% by 2027.

How does it work? The platform — launched by the Energy and Infrastructure Ministry in partnership with the Climate Change and Environment Ministry and the Environment Agency of Abu Dhabi — uses geospatial maps to allow farmers and government entities to analyze agricultural and water-related data and make informed decisions.

CRYPTO-

ADX-listed crypto miner Phoenix Grouplanded an 80 MW power purchase agreement for a new site in Ethiopia, according to a disclosure to the ADX (pdf). The site is scheduled to go live in 2Q 2025, in partnership with cybersecurity firm Data7. The move comes as the company eyes scaling up its operations globally, with plans to secure more sites in Ethiopia and tap into South America later this year.

ICYMI-Phoenix Group launched a 20-MW mining facility in Canada’s St. Leon back in October, which is expected to generate 700 PH. This was followed by the launch of a 50-MW facility in the US state of North Dakota earlier this month, set to contribute 2.7 EH to the company’s global hash rate once fully operational.

Inside Trump’s USD 500 bn AI project Stargate

Inside Trump’s USD 500 bn AI project: US President Donald Trump announced on Tuesday that the US is embarking on Stargate, a joint venture to build large-scale data centers nationwide, with OpenAI, SoftBank, and Oracle committing USD 500 bn to the project labeled by Trump as "largest AI infrastructure project in history," CNN reports.

Who’s doing what? SoftBank will oversee financial aspects, with its own Masayoshi Son chairing the venture, while OpenAI will handle day-to-day operations.

The project’s already underway: Stargate’s first 10 data centers are already under construction in Texas comprising 500k sq ft each, Reuters reported, citing statements by Oracle Chairman Larry Ellison at a press conference. Data centers built by Stargate will be used to power advanced AI applications, like artificial general intelligence and electronic health record analysis.

Meet the investors: A portion of the initial USD 100 bn slated to be deployed immediately will be funded by third-party debt rather than equity, according to Axios. SoftBank will raise the debt, with Softbank and Sam Altman’s OpenAI being the largest equity investors in the initial USD 100 bn. UAE tech-focused investor MGX and Oracle have also contributed funding. The potential remaining investments estimated at USD 400 bn is expected to include current and new investors, as well as lenders.

A race against China: Trump emphasized the urgency of building AI infrastructure and keeping it “in this country” to maintain US dominance over competitors such as China, according to CBS. The newly-inaugurated president pledged state support to the industry through emergency declarations and streamlined energy production.

A pro-AI regulatory climate: The new president also repealed Biden-era AI regulations that mandated AI developers to share safety test results for systems posing risks to national security, the economy, or public health, Reuters reported separately. Biden's order also had required agencies to set testing standards and address cybersecurity and other risks. Meanwhile, Trump retained an eleventh-hour executive order by the former administration to offer federal backing for initiatives providing power to AI investments.

Elon Musk is not on board, it seems: The tech mogul and close Trump confidant was openly critical of the project hours after its launch, replying “they don't actually have the money” to Stargate’s OpenAI statement on X which said that the project will "begin deploying USD 100 bn immediately.” Softbank, Musk claimed in a separate post, has secured only USD 10 bn so far.

Market reax: Oracle shares surged 7% following the announcement, while SoftBank shares jumped 12%. AI-related companies including Nvidia, Arm Holdings, and Dell also saw gains.

THE HOMETOWN ANGLE- State-backed MGX — a tech investment vehicle launched by Mubadala last year — is also serving as an investment partner in Stargate. Mubadala and MGX both see AI reshaping the investment industry within the next three years, driving advancements in portfolio management and operational efficiency with tools like real-time portfolio adjustments and automated sourcing and diligence.

The industry agrees: A majority of 93% of private equity firms surveyed — representing over USD 3.2 tn in assets under management — anticipate moderate to substantial benefits from AI adoption within three years, though only 2% expect significant returns this year.

MARKETS THIS MORNING-

Asian markets are mostly in the green this morning, with Shanghai Composite up 1.4%, Hang Seng (Hong Kong) and Japan’s Nikkei both up 0.5%. Meanwhile, Wall Street futures are marginally lower as the S&P 500 nears record highs.

ADX	9534	+0.2% (YTD: +1.2%)
DFM	5231	+0.2% (YTD: +1.4%)
Nasdaq Dubai UAE20	4328.8	+0.6% (YTD: 4.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67.
EIBOR	4.1% o/n	4.5% 1 yr
TASI	12,362	-0.1% (YTD: +2.7%)
EGX30	29,979	+0.5% (YTD: +0.8%)
S&P 500	6086	+0.6% (YTD: +3.5%)
FTSE 100	8545	-0.04% (YTD: +4.6%)
Euro Stoxx 50	5206	+0.8% (YTD: +6.3%)
Brent crude	USD 79.00	-0.4%
Natural gas (Nymex)	USD 4.00	+1.0%
Gold	USD 2770.90	+0.4%
BTC	USD 104,008.80	-2.6% (YTD: +11.2%)

THE CLOSING BELL-

The ADX rose 0.2% yesterday on turnover of AED 1.2 bn. The index is up 1.2% YTD.

In the green: Abu Dhabi National Takaful Co. (+14.9%), Fujairah Cement Industries (+14.8%) and Hily Holding (+14.7%).

In the red: The National Bank of Ras Al Khaimah (-1.6%), Emsteel Building Materials (-1.5%) and Multiply Group (-1.4%).

Over on the DFM, the index rose 0.2% on turnover of AED 702.9 mn. Meanwhile, Nasdaq Dubai rose 0.6%.

UAE, Iran discuss bilateral cooperation

UAE, Iran discuss bilateral cooperation: President Sheikh Mohamed bin Zayed Al Nahyan met with Iranian Vice President of Iran and Environment Department Head Shina Ansari, Wam reports. The meeting focused on strengthening bilateral ties in economic, trade, and developmental fields, with an emphasis on sustainability and environmental preservation.

CALENDAR

JANUARY

19-24 January (Sunday-Friday): Coling2025, Abu Dhabi.

20-22 January (Monday-Wednesday): FESPA Middle East, Dubai World Trade Centre, Dubai.

20-22 January (Monday-Wednesday): The Fiber Connect Council Conference and Exhibition, Dubai World Trade Center, Dubai.

21-23 January (Tuesday-Thursday): The International Conference on Pharmacy and Medicine, The Sharjah Research, Technology, and Innovation Park, Sharjah.

23 January (Thursday): The Nvidia RTX GameCraft, Emirates Towers Boulevard, Dubai.

22-25 January (Wednesday-Saturday): The Sharjah Real Estate Exhibition (Acres), Expo Centre, Sharjah.

23-26 January (Thursday-Sunday): The inaugural Ruwad Pop Up festival, Al Mamsha, Muweileh Commercial, Sharjah.

27-30 January (Monday-Thursday): Arab Health Exhibition, Dubai World Trade Centre, Dubai.

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

FEBRUARY

1-6 February (Saturday-Thursday): Dubai Fashion Week, Dubai Design District.

1-8 February (Saturday-Saturday): The Mubadala Abu Dhabi Open, Zayed Sports City's International Tennis Centre.

2-3 February (Sunday-Monday): L’Etape Dubai cycling race, Dubai.

3-6 February (Monday-Thursday): Medlab Middle East, Dubai World Trade Center.

7 February-29 April (Friday-Tuesday): The Abu Dhabi Festival, Abu Dhabi.

8-20 February (Saturday-Thursday): Dubai Games 2025, Dubai.

10-11 February (Monday-Tuesday) MRO Middle East and Aircraft Interiors Middle East, Dubai World Trade Center.

10-11 February (Monday-Tuesday): BreakBulk Middle East, the Dubai World Trade Center.

10-12 February (Monday-Wednesday): Japan Kyoto Trade Exhibition, Dubai Word Trade Center.

14 February (Friday): The deadline for the consultation period for the Securities and Commodities Authority's draft regulation on security tokens and commodity tokens.

16 February-1 March (Sunday-Saturday): Dubai Dutyfree Tennis Championships, Dubai Dutyfree Tennis Stadium in Al Garhoud.

16 February (Sunday): The International Defence Conference,The Emirates Palace, Abu Dhabi.

17-21 February (Monday-Friday): International Defence Exhibition (IDEX) in Abu Dhabi National Exhibition Center.

17-21 February (Monday-Friday): Naval Defence Exhibition (NAVDEX) in Abu Dhabi National Exhibition Center.

17-22 February (Monday-Saturday): Gulfood, Dubai World Trade Center.

19-21 February (Wednesday-Friday): International Dialogue of Civilizations & Tolerance Conference, Abu Dhabi Energy Centre.

24-25 February (Monday-Tuesday): World Passenger Experience Forum, Dubai.

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai.

28-29 February (Friday-Saturday): Investopia 2024, the St. Regis, Abu Dhabi.

28 February-29 March (Friday-Saturday): Ramadan.

Signposted to happen sometime in 1Q 2025:

The first eight fronds of the Palm Jebel Ali will be site-ready, allowing for the commencement of villa infrastructure and civil works.

MARCH

18-19 March (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

31 March-2 April (Monday-Wednesday): Eid Al Fitr, national holiday.

APRIL

1 April (Tuesday): New ADGM employment regulations come into effect.

1 April (Tuesday): New personal status law comes into effect.

6-11 April (Sunday-Friday): Geo-Spatial Week, Dubai.

7-10 April (Monday-Thursday) : EFG Hermes One on One conference, Dubai.

7-9 April (Monday-Wednesday): AIM Investment Summit, Abu Dhabi National Exhibition Center

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

7-9 April (Monday-Wednesday): World Local Production Forum's 3rd edition, Abu Dhabi National Exhibition Center.

14-16 April (Monday-Wednesday): Dubai Woodshow’s 21st Edition, Dubai World Trade Center

14-16 April (Monday-Wednesday): IPS congress, Dubai World Trade Center.

16-18 April (Wednesday-Friday): World Future Energy Summit,Abu Dhabi National Exhibition, Abu Dhabi.

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.

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

Signposted to happen sometime in April:

Abu Dhabi Autonomous Racing League, Yas Marina Circuit in Abu Dhabi

MAY

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

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

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

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

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

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

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

20-22 May (Tuesday-Thursday): Seamless Middle East 2025, Dubai World Trade Center.

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

30 May (Friday): Arafat Day.

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

Signposted to happen sometime in May:

Asean and GCC summit, Malaysia.

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

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.

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

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

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

17-19 October (Friday-Sunday): The International Real Estate and Investment Show, Abu Dhabi.

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

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.

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:

The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE
9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE

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