Dubai real estate credit cracks, but default risk is low

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WHAT WE’RE TRACKING TODAY

THIS MORNING: UAE-backed Indian telecoms giant in talks with investors for IPO + Are oil refiners using AED to avoid using USD?

Good morning, friends. It’s still very much anyone’s guess what’s happening with the war and how different industries might be impacted in a prolonged war scenario, but glimpses of trouble are starting to show.

Dubai developers’ bonds are in distressed territory, but the risk of default? Pretty low, according to analysts we spoke to. We have more in this morning’s Big Story Today, below.

PLUS- Dubai and Abu Dhabi’s hedge fund hub status could be at risk, as chatter of relocation spreads, but the good news is: most are doubling down and claiming their confidence in the country hasn’t been shaken. Even Millennium has emphasized that it plans to keep its Dubai office, and that it “continues to see strong long-term potential for the city as a regional hub,” according to a note to staff seen by Bloomberg.

Both emirates spent the last few years drawing in dozens of hedge funds and asset managers with tax advantages, flexible and forward-looking regulations, and a strategic time zone bridging major markets. Now, that momentum is being tested as some staff grow antsy, with Millennium Management for example looking into potentially relocating people who want to leave.

Others like Hudson Bay Capital Management echoed this, telling the business information service they are confident the UAE “will remain a core destination for long‑term investment and talented professionals.” The firm recently set up an Abu Dhabi office, expanding its operations in Dubai. Meanwhile, Verition Fund Management, which manages more than USD 14 bn and has around 50 employees in Dubai, is looking to extend its Dubai office lease by another five years, and still plans to expand its presence in the Middle East.

When it comes to staff and their morale, it’s not exactly clear what’s driving people to leave, and a lot of it depends on where they come from, what they came here for, and how long they’ve been here. One concern that might be pushing some to look at alternatives: reports of salary reductions and layoffs starting to hit the job market, according to AGBI.

Another industry that’s been affected, albeit potentially temporarily? Entertainment. Dozens of events, including festivals with international headliners, have been delayed to later this fall, causing a massive backlog for the back half of the year and leaving a usually busy season for events quiet. The latest delay: Christina Aguilera’s concert at Etihad Arena on Yas Island, initially scheduled for April, was rescheduled to Friday, 25 September.

One positive sign, though? Both UAE indices closed in the green for the second day in a row yesterday, with the DFM up 4.2% and the ADX up 2.7%, after a blip earlier in the week broke a similar winning streak. On the ADX, AED 1.6 bn was traded. Rapco Investment led the gains at 15.7%, followed by Abu Dhabi Islamic Bank with 8.5%, and PureHealth with 7.9%. United Foods, Dubai Investments, and Commercial Bank of Dubai led gains on the DFM.

And in more bad news…: Watch out for more stormy weather — today might be the peak. We’re in for a thunderstorm, damaging winds, and more thunder, building in Abu Dhabi and spreading from there. Expect a high of 30°C and a low of 23°C in Dubai, and a high of 35°C and a low of 23°C in Abu Dhabi.

Watch this space

M&A WATCH — Indian Reliance’s Jio in talks with investors on minor stake sales ahead of IPO: Indian giant Reliance’s digital businesses arm Jio Platforms — which counts the Abu Dhabi Investment Authority (Adia) and Mubadala Investment as shareholders — has been in discussions with 13 foreign investors to sell down small fractions of existing equity ahead of its upcoming Mumbai IPO, Reuters reports, citing sources it says are familiar with the matter.

Each investor could divest roughly 8% of their holdings, which collectively would represent about 2.5% of Jio Platforms’ total shares in the offering, based on the newswire’s calculations. However, final sale percentages remain subject to change.

Currently, Mubadala holds 1.85% of the company, while Adia owns 1.16%. If Adia were to sell 8% of its 1.16% stake, it would still be left with a c.1.1% stake in the company, while an 8% sale of Mubadala’s 1.85% stake would leave it with about 1.7% of the company, according to our calculations.

The IPO is expected to follow an offer-for-sale structure, a common approach in India where existing shareholders sell their shares to the public without the company raising fresh capital. While final details on the numbers and valuations are yet to be determined, previous estimates valued Jio Platforms at around USD 180 bn, with the IPO potentially raising up to USD 4 bn.

OIL — Are Indian refiners using AED to skirt USD? Indian refiners are reportedly using the AED, among other alternative currencies to the USD, to buy Russian oil, Bloomberg reports, citing people it says are familiar with the matter. The move aims to hedge against shifts in US policy amid persistent regional turmoil and disruptions at the Strait of Hormuz chokepoint. The US gave India a temporary 30-day waiver earlier this month to purchase Russian oil, but Russia is reportedly pushing India to find a longer-term solution via alternative currencies.

How are the wheels turning? India’s INR is being deposited into overseas bank accounts managed by Russian sellers before being converted into AED or China’s CNY. Singapore’s SGD and Hong Kong’s HKD are also reportedly under consideration, contingent on each bank’s risk appetite, sources told the business news service.

Is a shift to the CNY happening at a wider level? The war is casting doubt on the USD’s position as the de facto currency for trade, with Deutsche Bank flagging China’s CNY as a possible alternative.

COMMODITIES — Abu Dhabi is cracking down on price gouging: The Abu Dhabi Registration Authority (ADRA) is investigating reported cases of profiteering, as well as supply withholding by local businesses, according to a press release. Any commercial violations will be referred to authorities for judicial action, ADRA said, as it looks to support market stability as supply chains continue to be disrupted by the war.

Sound familiar? Earlier this month, the Economy Ministry intensified market oversight of unjustified price hikes. At that time, it had identified 567 violations and imposed AED 207.3k in financial penalties on traders, suppliers, and retail outlets found to be breaching consumer protection laws.

Data point

7th — that’s the UAE’s global ranking when it comes to prospects for career and economic progression. A Henley & Partners index placed the UAE in 7th place for windows for economic mobility and career progression in 2026, with a total score of 68%, putting it behind Austria but ahead of countries like Hong Kong and Portugal.

Who came out on top? Switzerland led the rankings with 86%, followed by Singapore at 81%, along with Australia, the UK, and the US. The UAE was the only country in our neck of the woods to make it into the top 15, boosted by growth hubs like Abu Dhabi and Dubai, Henley said in an accompanying press release.

PSA

Abu Dhabi unifies engineering licensing: The Department of Municipalities and Transport and ADGM have integrated their licensing systems, allowing engineering firms and professionals based in the freezone to operate across the emirate rather than through different regulatory frameworks, state news agency Wam reports.

The details: Now, ADGM-licensed companies can process applications through the Tamm platform to meet the same classification standards as mainland firms. Freezone firms and engineers will be able to work with mainland-registered ones.

ICYMI- Last November, the DMT overhauled the classification system for engineering offices and contracting companies, reducing the barriers to entry for higher-category licensing.

The big story abroad

Washington reportedly sent Iran a 15-point proposal to halt the war, the Associated Press reports, citing two Pakistani officials. The plan outlines sanctions relief for Iran, limits on its nuclear and missile programs, the reopening of the Strait of Hormuz, and restrictions on its support for armed groups, an Egyptian official told the outlet.

Tehran’s response? Nothing yet. Both Iran and the US have so far had conflicting statements on the status — and even the existence — of ceasefire talks between them. US President Donald Trump had previously said the countries were in talks, while Iranian leaders denied the existence of these discussions.

REMEMBER- As we mentioned yesterday, there were reports of the US planning to send up to 3k soldiers to the region and possibly to Iranian territory.

Meanwhile, in the world of social media: Meta and Google were found liable for creating social media platforms harmful to teenagers. The plaintiff claimed that using YouTube and Instagram caused them anxiety, depression, and body dysmorphia. Social media companies now face USD bns of litigation risk as this case provides a roadmap for future claims regarding platform safety and minor well-being.

And on Wall Street: US investment bank Jefferies Financial Group failed to meet analysts’ estimates for 1Q 2026, despite seeing its net income rise 22% y-o-y. Its biggest losses were attributed to private credit mishaps related to Market Financial Solutions and First Brands Group. Despite the turmoil stemming from the war on Iran, Jefferies execs still expect robust M&A and IPO activity and dealmaking in 2026.

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Circle your calendar

The UAE will chair the 38th session of the UN’s Food and Agriculture Organization’s Regional Conference for the Near East on Tuesday, 21 April in Al Ain, state news agency Wam reports. Over 200 representatives from the Near East and North Africa will meet to discuss strengthening supply chains, diversifying food sources, enhancing logistics, and utilizing financing and bioeconomy solutions to improve food security.

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

Dubai real estate credit cracks

Some Dubai developers are seeing parts of their credit stack tip into distress, and they’re working hard to deliver messages of confidence to investors. Developers, including Binghatti, Sobha, and Arada, are all tapping their PR teams and issuing statements about solid sales, strong track records, and their stellar liquidity positions.

What happened? Six USD-denominated property bonds by Binghatti Holding and Omniyat have entered distressed territory, where spreads blow past the 1k basis point threshold that typically signals deep investor concern about repayment risk, according to Bloomberg data we picked up yesterday.

Some are not exactly distressed, but much pricier: A 2030-dated bond issued by a Sobha Realty entity, for instance, saw its spread surge to around 700 bps from below 300 bps, while a similar maturity from Arada Developments more than doubled to 707 bps, according to the data.

This marks a sharp reversal from just a few months ago, when real estate players were aggressively tapping debt markets at tight spreads to bankroll new developments here at home. This comes as regional tensions sharply inflate risk premiums for the real estate sector — which has been thriving until now on the back of a multi-year price boom.

“The Dubai property market will get negatively affected [due to the war] and hence sukuks from these developers have seen [an] aggressive sell-off, mostly from international sellers who are exiting their position,” Muhammad Ahsan, senior head of treasury, global markets, investment banking, and international business at Bank Nizwa, tells EnterpriseAM. Hedge fund short-selling has also contributed to the breadth and speed of the sell-off, Zeina Rizk, co-head of fixed income at Amwal Capital, told Bloomberg.

Some of it had partly been brewing — just exacerbated by the war. “Credit markets had already started differentiating between the top versus medium-quality developers since late 2025,” Ahsan said. “Stronger and more well-established property developers such as Damac were seeing tighter spreads on new issues this year, which was not the case for Binghatti and Omniyat,” he added. Remember, the sector has been bracing for a cooldown in prices for a while now.

ZOOMING OUT- Dubai as a whole is bearing the brunt of the regional repricing, with CDS moves showing a widening of 19 bps versus just 6-7 bps in Abu Dhabi and Saudi Arabia, according to Mashreq Capital (pdf), reinforcing the view that Dubai’s more cyclical non-oil credit story is where investors see the most risk.

Pushing back against the narrative

Binghatti issued a statement saying that its construction sites remain fully operational and on schedule despite geopolitical tensions, adding that cancellation rates are still running below 1%, and that March sales are holding at around AED 500 mn per week, broadly in line with pre-crisis levels.

Omniyat said it is “in a strong position, fully funded, with substantial contracted revenue providing over four years of revenue visibility,” adding that construction activity remains ongoing across all projects with no purchase cancellations reported. Arada and Sobha similarly reaffirmed their liquidity positions and healthy backlogs.

Despite developer optimism, capital outflows persist: Foreign investors pulled USD 843 mn out of the UAE last week, with the exodus almost entirely concentrated on property stocks and bonds, according to Mashreq Capital.

The timing isn’t great, but defaults are not a risk yet

The war has made it much more difficult to access refinancing as a wall of maturities — roughly USD 8 bn through 2030 — begins to come into view. The good news is: These are mostly well spread out, and Omniyat and Binghatti’s maturing bonds are not due until 2027, giving them plenty of time to arrange internal liquidity through project deliveries this year or get bank financing, Ahsan said.

“Even if the primary markets are shut for them, they have strong banking relationships to get funding,” Ahsan said, adding that he doesn’t foresee any sukuk defaults.

But ratings agencies are watching this space: Fitch placed both Binghatti and Omniyat on watch for potential downgrades, citing the impact of geopolitical risk on demand and the possibility of higher construction costs, even as it acknowledged that both companies entered the current period with relatively solid balance sheets.

Moody’s, meanwhile, affirmed Binghatti’s rating last week, pointing to sufficient liquidity to cover its February 2027 maturity.

Zooming out further

There’s been a massive drop in tradability across regional bond markets. Average liquidity for GCC sukuk is down roughly 20% this year, according to Fitch Ratings. But, the real pain is in high-yield real estate: bid-ask spreads have quadrupled to 2 points, according to Mashreq Capital, suggesting there are almost no natural buyers left, and leaving sellers trapped unless they accept a fire-sale price.

Could the issue spread to other sectors? Sectors like hospitality, retail, tourism, logistics, and transportation are all at risk because of the war, Ahsan said, but most of the flagship companies in these sectors are national champions such as Emirates, Emaar, Aldar, DP World, and Dubai Aerospace, he explained. “Smaller players in these sectors will definitely take a bigger hit but those are not in the public debt markets,” he noted.

AriseIIP to invest over USD 3 bn in Kenya to attract FDI

Dubai-based African infrastructure developer AriseIIP has a USD 3 bn investment plan for Kenya, looking to commit the capital across several projects over the next five years, Executive Director Nikhil Gandhi told Reuters.

The plan: The firm plans to invest in two industrial and export complexes along Kenya’s coast, another one in Naivasha outside Nairobi, as well as in the East African country’s state-owned textiles complex, Rivatex. AriseIIP says it wants to boost foreign direct investment flows into the country, aiming to get companies from over 14 countries to set up manufacturing bases there.

Who else is financing it? In exchange for project equity, AriseIIP will provide 30-40% of the financing, with the remaining expected to flow in from debt from development finance institutions and other lenders. Firms from China, Lebanon, and India have already expressed interest, Gandhi said.

Loans are also on the way: To support investors who move into the developed zones, AriseIIP will set up a USD 800 mn facility, along with Kenyan lender KCB Group and Afreximbank.

IN CONTEXT- While Iran’s regional war is shaking regional supply chains, the war may actually benefit African countries. Amid US tariff hikes, the region is poised to see a wave of foreign direct investment, as global firms shift from traditional trade routes and manufacturing hubs.

About AriseIIP: Founded in 2010, the pan-African firm develops industrial ecosystems in over 14 countries in Africa to boost exports and trade. As of last September, it is owned by four major shareholders: Afreximbank’s private equity arm (Feda), the Africa Finance Corporation, Saudi Arabia’s Vision Invest, and UAE-based Equitane Group.

UAE-Kenya ties: The two countries inked seven MoUs and agreements last year to boost cooperation across different sectors, as well as a bilateral framework agreement on economic development. The UAE’s Etihad Rail was also in talks to invest in freight operations in Kenya last summer.

DAE locks in new financing, Alterra makes another investment, and Borouge-Borealis merger crosses the finish line

DAE locks in new financing for liquidity boost

Dubai Aerospace Enterprise (DAE) lined up USD 2.8 bn in unsecured revolving credit facilities, it said in a press release. The financing — split between conventional and shariah-compliant tranches — replaces a smaller USD 1.4 bn facility, pushing DAE’s total revolving credit capacity to USD 4 bn through March 2031.

Who bought in: Fifteen global and local banks participated in the offering, including First Abu Dhabi Bank, Emirates NBD, and Abu Dhabi Islamic Bank, DAE said without disclosing the full list. The fact that the lenders were willing to provide unsecured long-term financing also points to strong confidence in DAE’s balance sheet, even with regional risks in play.

The timing matters: The lessor is siphoning liquidity at a time when parts of the aviation market are coming under pressure from the regional war. Rising ins. and energy costs, coupled with mounting war-risk premiums, are beginning to strain smaller lessors and airlines. This pressure could potentially open doors for larger players like DAE to pick up aircraft at more attractive prices. DAE has also been on an acquisition spree as of late, making a USD 7 bn play for Macquarie AirFinance just last month and acquiring Nordic Aviation Capital in May for USD 2 bn.

That’s a wrap on the Borouge-Borealis merger

Borouge-Borealis merger crosses the finish line: Adnoc has finalized the merger of its plastic unit Borouge with Austria-based oil and gas player OMV’s Borealis, according to a disclosure (pdf). Earlier this week, Borouge Group International picked up Adnoc’s stake in Borouge, giving it a controlling stake at 90% ahead of a wider merger.

The bigger picture: Last year, Adnoc and OMV agreed to merge their polyolefins businesses into Borouge Group International, which is set to be a USD 60 bn platform made up of Borouge, Borealis, and Canada-based Nova Chemicals. The merger is slated to be finalized by the end of this month, and Adnoc and OMV recently said they will start operating and marketing volumes from the new Borouge 4 complex, saving funds through an at-cost usage fee structure rather than buying the facility straight away.

Alterra moves into digital infrastructure with Wireless Logic

Alterra backs UK-based IoT firm: The UAE’s USD 30 bn climate investment vehicle and ADGM-based Alterra is investing in Wireless Logic, an Internet of Things (IoT) connectivity platform, according to a press release. Alterra partnered with US-based General Atlantic’s climate-focused fund BeyondNetZero on the investment, which also came through Alterra’s Opportunity Fund.

What does Wireless Logic do? UK-based Wireless Logic provides secure communication tools for industrial devices like EV chargers, agricultural sensors, and industrial machinery. The capital backing will be used to help scale its emissions-reduction solutions across energy-intensive sectors.

ICYMI- Earlier this year, Alterra announced plans to launch a climate co-investment vehicle, the USD 1.2 bn Alterra Opportunity Fund, in partnership with Spain’s financial services group BBVA. The fund focuses on investments in North America, Latin America, and Europe.

The global economic growth outlook is darkening as the war drags on

Fitch Solutions’ BMI is now expecting the war to shave 0.2-0.3 percentage points off of global economic growth if the war lasts longer than four weeks and persists through April, which is longer than its initial baseline, it said in a recent note. This is due to the “direct impact of high energy prices on importing economies, as well as a hit to domestic consumption more generally amid rising inflationary pressures,” BMI explained.

Much of it boils down to oil and gas prices: Brent crude has hovered at USD 90-110 / bbl this month, but an extended conflict could push it to USD 110-130 / bbl in April or USD 150 / bbl in a worst-case scenario, according to BMI. Worst-case outcomes could add up to 0.7 percentage points to headline inflation for major economies in 2026, it said, with importers in Europe and Asia the hardest hit while exporters in North America could get a windfall. Higher oil prices would also push inflation in most countries beyond targets. If the conflict abates, we’re looking at prices normalizing closer to USD 70 / bbl later in the year.

Some of the damage is already done: “Even if the current conflict ends soon, inflation risks may remain high if expectations drift higher, while lingering security risks and global uncertainty could be a more persistent drag on activity,” it added.

It would take around a month for trade flows to normalize around the Strait of Hormuz, meaning that disruptions to LNG and oil shipments would continue through to 2Q 2026, which could have a severe impact on GCC economies.

Fiscal conditions would tighten around the world, as an uptick in interest rates and borrowing costs would weigh on investment growth and government spending plans. Currencies from energy-importing markets like Egypt and South Africa are also set to see declines against the greenback amid a more risk-averse backdrop.

The security and infrastructure risks are particularly stark for our region. A continued war would likely entail more damage to key energy infrastructure in the region, and ongoing attacks would keep much-needed, deep-pocketed tourists at bay. The hit to regional tourism would spill over into countries with remittance ties to the area.

MARKETS THIS MORNING-

Asia-Pacific markets are mixed in early trading this morning following contradicting updates on the regional war, with the Trump administration saying that talks with Iran are underway and Iran denying the news. In Japan, the Nikkei is basically unchanged, while South Korea’s Kospi is down over 2.7%.

ADX	9,778	+2.7% (YTD: -2.2%)
DFM	5,698	+5.2% (YTD: -5.8%)
Nasdaq Dubai UAE20	4,706	+5.0% (YTD: +3.7%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.4% o/n	3.8% 1 yr
TASI	11,080	+1.2% (YTD: +5.6%)
EGX30	47,498	+1.2% (YTD: +13.6%)
S&P 500	6,592	+0.5% (YTD: -3.7%)
FTSE 100	10,107	+1.4% (YTD: +1.6%)
Euro Stoxx 50	5,649	+1.2% (YTD: -2.5%)
Brent crude	USD 103.39	+1.1%
Natural gas (Nymex)	USD 2.97	+0.6%
Gold	USD 4,534	-1.1%
BTC	USD 71,298	+1.1% (YTD: -18.6%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.66	0.0% (YTD: -2.4%)
S&P MENA Bond & Sukuk	148.73	+0.2% (YTD: -2.1%)
VIX (Volatility Index)	25.38	-5.8% (YTD: +69.8%)

THE CLOSING BELL-

The ADX rose 2.7% yesterday on turnover of AED 1.6 bn. The index is down 2.2% YTD.

In the green: Rapco Investment (+13.2%), Abu Dhabi Islamic Bank (+8.5%), and Pure Health Holding (+7.9%).

In the red: Ooredoo (-5.0%), E7 Group Warrants (-4.9%), and Abu Dhabi National Takaful Co. (-4.9%).

Over on the DFM, the index rose 4.2% on turnover of AED 1.5 bn. Meanwhile, Nasdaq Dubai was up 5.0%.

Corporate actions

Emaar’s shareholders approved a 2025 dividend payout of AED 8.8 bn, or AED 1 per share, representing 100% of the share capital, according to a DFM disclosure (pdf). The entitlement date will be 2 April, the ex-dividend date will be 3 April, and the closing date will be 6 April.

CALENDAR

MARCH

31 March-2 April (Tuesday-Thursday): Arab Media Summit, Dubai.

APRIL

6-9 April (Monday-Thursday): Dubai AI Week, Dubai.

7-8 April (Tuesday-Wednesday): Dubai AI Festival, Dubai World Trade Center, Dubai.

21 April (Tuesday): FAO Regional Conference for the Near East (NERC38), Al Ain.

28-29 April (Tuesday-Wednesday): Innovation Summit Middle East & Africa, Abu Dhabi.

MAY

4-8 May (Wednesday-Saturday): Make It in the Emirates, Adnec Center, Abu Dhabi.

8-24 May (Saturday-Sunday): Dubai Esports and Games Festival, Dubai.

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

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

12-14 May (Tuesday-Thursday): Airport Show, Dubai World Trade Center, Dubai.

19-20 May (Tuesday-Wednesday): Capital Market Summit, Madinat Jumeirah, Dubai.

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

20-21 May (Wednesday-Thursday): Arab Competition Forum, Dubai.

JUNE

3-4 June (Wednesday-Thursday): MENA Investor Conference, Ritz-Carlton DIFC, Dubai.

15 June - 15 September (Monday-Thursday): Dubai Mallathon, Dubai.

22-24 June (Monday-Wednesday): The International Glass Manufacturing Show, Dubai.

JULY

31 July (Friday): Large businesses achieving annual revenues equal to or above AED 50 mn must appoint an accredited service provider for e-invoicing implementation.

AUGUST

17-20 August (Monday-Thursday): Arabian Travel Market, Dubai World Trade Center, Dubai.

SEPTEMBER

1-3 September (Tuesday-Thursday: Middle East Energy, Dubai World Trade Center, Dubai.

7-9 September (Monday-Wednesday): AIM Congress, Dubai World Trade Center.

7-9 September (Monday-Wednesday): International Property Show, Dubai World Trade Center, Dubai.

12-13 September (Saturday-Sunday): Emirates International Congress on AI & Visionary Leadership in Transforming Healthcare, Adnec Center Abu Dhabi.

OCTOBER

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

20-22 October (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

NOVEMBER

4 November (Wednesday): Digital Transformation Summit, Sofitel, Abu Dhabi.

9-10 November (Monday-Tuesday): Annual government meetings, Abu Dhabi.

10-12 November (Tuesday-Thursday): Dubai International Electric Vehicle Exhibition & Conference, Dubai World Trade Center.

DECEMBER

2-4 December (Wednesday-Friday): UN Water Conference, UAE.

Signposted to happen in 2026:

Investopia Global Talks, Tashkent;
Investopia, Abu Dhabi.

Signposted to happen sometime in 2027:

1 January: Deadline for large businesses to implement e-invoicing;
1Q 2027: Completion of the first phase of Hassyan seawater desalination project;

1-3 February (Monday-Wednesday): World Governments Summit;
31 March: Small businesses with annual revenues of less than AED 50 mn are obliged to contract with an accredited service provider for e-invoicing implementation;
31 March: Government entities are required to appoint an accredited service provider for e-invoicing implementation;
21-22 April (Wednesday-Thursday): Token2049, Dubai;
1 July: Deadline for small businesses to implement e-invoicing;
1 October: Deadline for governments to implement e-invoicing;
Abu Dhabi’s solar and battery energy facility, combining 5.2 GW of solar capacity and 19 GWh of battery storage, is set for commissioning.

Signposted to happen sometime in 2028:

Artificial Intelligence Summit.

Signposted to happen sometime in 2029:

Sibos 2029 organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Dubai;
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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THIS MORNING: UAE-backed Indian telecoms giant in talks with investors for IPO + Are oil refiners using AED to avoid using USD?

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Dubai real estate credit cracks

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AriseIIP to invest over USD 3 bn in Kenya to attract FDI

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DAE locks in new financing, Alterra makes another investment, and Borouge-Borealis merger crosses the finish line

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The global economic growth outlook is darkening as the war drags on

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Dubai real estate credit cracks, but default risk is low

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Today at a glance

THIS MORNING: UAE-backed Indian telecoms giant in talks with investors for IPO + Are oil refiners using AED to avoid using USD?

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Dubai real estate credit cracks

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AriseIIP to invest over USD 3 bn in Kenya to attract FDI

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Related

DAE locks in new financing, Alterra makes another investment, and Borouge-Borealis merger crosses the finish line

Related

The global economic growth outlook is darkening as the war drags on

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