Dubai tops greenfield FDI flows in 2024

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Adnoc eyes acquisitions of natgas fields in the US -report + Sharjah’s economy to grow 7.5% this year?

Good morning, lovely people. It’s an unusually busy Monday morning, led by updates on the government’s fiscal surplus last year, as well as fresh data on FDI inflows into Dubai and the UAE. Plus: Adnoc is eyeing IPOs for USD 80 bn XRG and for its JV with Presight, AIQ.

WEATHER- It’s a mostly cloudy day today, with temperatures reaching 33°C today in Dubai before dropping to an overnight low of 24°C, according to our favorite weather app and the National Center of Meteorology’s forecast (pdf). Meanwhile, in Abu Dhabi, temperatures will peak at 24°C, with a low of 22°C.

So, when do we eat? Maghrib is at 6:29pm today in Dubai and 6:33pm in Abu Dhabi. You’ll have until fajr prayers at 5:15am in Dubai and 5:20am in Abu Dhabi tomorrow to finish your sohour.

WATCH THIS SPACE-

#1- Abu Dhabi National Oil Company (Adnoc) is looking to snap up natural gas producing fields in the US, sources familiar with the matter told Bloomberg. The potential acquisitions will aim to support its existing US assets and enhance its access to fuel and feedstock for its chemical plants and liquefied natural gas (LNG) export facilities in the US. The oil-producing giant would also benefit from local price increases and reduce its exposure from fuel purchases, Bloomberg said.

HAPPENING THIS WEEK- Adnoc’s CEO Sultan Al Jaber is scheduled to discuss Adnoc’s investment strategy — including in the US during energy conference CERA Week in Houston tomorrow, before heading to meetings in Washington.

Adnoc has been ramping up its US presence: Adnoc acquired an 11.7% stake in the first phase of sustainable LNG producer NextDecade’s USD 18 bn Rio Grande LNG export facility in Texas back in May 2024. It also took on a 35% stake in ExxonMobil’s proposed low-carbon hydrogen and ammonia production facility in Texas, which it later transferred to its ammonia arm Fertiglobe. Just a few weeks ago, Adnoc and Austria’s OMV agreed to merge their polyolefins businesses, creating a USD 60 bn global polyolefins JV and acquiring Nova Chemicals, which has facilities on the US Gulf coast. The company’s USD 80 bn lower-carbon energy and chemicals firm XRG is set to assume ownership of Adnoc’s shares in all US facilities

#2- GCC Interconnection to award tender for UAE expansion within two months: The GCC Interconnection Authority (GCCIA) is evaluating bids for the expansion of the Gulf Electricity Interconnection Project with the UAE as part of a rush to award tenders by mid-year and complete the projects by 2027, GCCIA CEO Ahmed Al Ibrahim told Al Riyadh. The USD 205 mn UAE expansion will be fully financed by the Abu Dhabi Fund for Development. Bids from Gulf companies will be given priority, Al Ibrahim said, adding that it has already received 8-10 bids for the expansion with the UAE and Oman.

Demand is on the rise: Energy trade volume between GCC countries is set to increase to 1.8 TW/h this year, compared to 1.3 TW/h in 2024, Al Ibrahim predicts. Power purchase agreements have already been signed between GCC countries for quantities that may surpass 1 GW/h, an increase from 840 MW/h in 2024.

REMEMBER- The Gulf Electricity Interconnection Project stretches over 1km from Kuwait to Oman and plans to connect all six gulf countries. The expansion of the connection to the UAE will involve the connection of two 400-kilovolt lines that will see the transmission capacity increase from 1.2 GW to 3 GW.

#3- Sharjah’s economy is expected to grow by 7.5% this year on the back of “smarter policies, more economic integration and foreign investments in key sectors,” which have helped the emirate attract companies from a number of different sectors, Khaleej Times quotes Sheikh Fahim Bin Sultan Bin Khalid Al Qasimi, executive chairman of the Department of Government Relations, as saying. “Sharjah’s economy is in great shape,” Al Qasimi said, adding that the economy grew 6.5% in 2023, with its size averaging USD 45 bn.

Real estate could have a larger role to play in the emirate’s growth this year: “I think 2025 would see real estate growing due to great developers that we have like Alef, Arada and other private sector players that are investing here,” Al Qasimi added.

DATA POINTS-

#1- Dubai saw the third highest price growth for the prime residential segment in 2024, according to Knight Frank’s 2025 Wealth Report (pdf), with prices growing 16.9% by 3Q 2024, and projected to reach 20% for the full year. Over the 12 months leading up to September 2024, Dubai saw 388 luxury property sales exceeding USD 10 mn, totaling USD 6.5 bn and accounting for 20% of global transactions across 12 major markets, including New York. Since 2019, luxury real estate prices in the emirate have surged 147%, the highest growth rate among global markets.

#2- UAE’s digital trade exports hit USD 47.9 bn in 2023: The UAE’s digital service exports grew 5% y-o-y to USD 47.9 bn in 2023, buoyed by a number of Comprehensive Economic Partnership Agreements (CEPAs), Wam reports, citing Foreign Trade Minister Thani bin Ahmed Al Zeyoudi. Digital trade now accounts for over 63% of global services exports, spanning fintech, ins., consulting, and software development.

The UAE’s CEPAs include dedicated digital trade provisions, providing Emirati businesses with expanded international market access. The agreements also streamline intellectual property protections, ensuring faster trademark and patent recognition in partner countries.

PSA-

Corporate tax registration approaching: The UAE Federal Tax Authority (FTA) is reminding businesses to register for the corporate tax by 31 March, 2025, if their 2024 turnover exceeded AED 1 mn, Wam reports. This applies to sole proprietors, joint venture partners, and other individuals engaged in business activities, whether residents or non-residents.

REMINDER- The first Corporate Tax Return must be submitted by 30 September, 2025. Non-compliance may result in a AED 10k penalty.

THE BIG STORY ABROAD-

It’s a quiet Monday morning in the global press, with no single story dominating the headlines. Among those worth noting:

#1- Ceasefire talks to bear fruit? A US envoy believes Hamas and Israel could reach a new ceasefire agreement within weeks. “I will say that I believe there is enough there to make a deal between what Hamas wants and what they’ve accepted and what Israel wants and it’s accepted,” envoy for hostages Adam Boehler told CNN’s State of the Union yesterday after holding talks with Hamas representatives. The new ceasefire agreement will see Hamas release the remaining 59 Israeli hostages.

IN CONTEXT- The news comes following Israel cutting electricity supplies to Gaza, which comes only days after Israel started blocking the entry of all humanitarian aid into Gaza in an effort to pressure Hamas into accepting amendments to the truce agreement. (Bloomberg | BBC | AP)

#2- Canada selects new prime minister: Former Governor of the Bank of Canada Mark Carney was elected to succeed Justin Trudeau as prime minister by the country’s Liberal Party. Carney will take office amid tensions with the US under President Donald Trump, who has recently slapped new trade restrictions on Canadian exports. (Reuters | AP | The Guardian | CNN)

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MARKET WATCH-

Oil prices have dropped to a three-year low amid rising supply, weakening demand, and the ongoing US trade war, with crude trading near USD 70 a barrel, Bloomberg reports. Morgan Stanley now sees Brent crude averaging USD 70 this year, down USD 5 from its previous forecast, while Goldman Sachs sees risks of prices falling below the USD 70-85 range at which they’ve been trading.

Middle Eastern crude premiums have also declined as demand for alternative supplies to Russian and Iranian barrels fell. This trend was supported by China’s shift in refining strategy, which has favored Iranian oil transported in small tankers over gasoline and diesel production.

Background: Opec+ maintaining its plan to revive supply, along with the increasing output from Kazakhstan and non-OPEC+ nations, has led to market oversupply concerns. Russia’s willingness to discuss a temporary truce in Ukraine has also eased geopolitical risks, further weighing on oil prices.

Several factors could limit a further drop: The Trump administration is threatening to cut Iran’s oil exports by more than 90% and may revoke Chevron’s license to operate in Venezuela, potentially removing significant supply from the market. The US energy secretary is also seeking USD 20 bn to replenish its strategic petroleum reserve, which could increase demand for crude oil. Meanwhile, the possibility of renewed conflict between Israel and Hamas could drive prices higher.

CIRCLE YOUR CALENDAR-

TheFastBull Finance Summit will take place on Wednesday, 16 April and Thursday, 17 April at Coca Cola Arena in Dubai. The event will cover global finance, the foreign exchange market, and blockchain financial technology, with economist Jim Rogers delivering a keynote speech.

TheSocietyfor Incentive Travel Excellence Global Conference will take place in Abu Dhabi from Tuesday, 12 February and run till Sunday, 15 February 2026, marking the first time the event is held in the Middle East. The event will bring together incentive travel industry professionals to discuss the latest business strategies and trends in the field.

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

Dubai is top greenfield FDI destination for fourth consecutive year

Greenfield FDI projects in Dubai attracted AED 52.3 bn in capital in 2024, making it the top global destination for greenfield projects financed by foreign investment, Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum said in a LinkedIn post, citing the Financial Times’s fDi Markets data. FDI flows were up 33% y-o-y, with greenfield projects totaling 1.1k, marking the fourth consecutive year that Dubai has claimed the top spot.

Total FDI projects were up 11% y-o-y to 1.8k, Sheikh Al Maktoum said. Projects in Dubai represented 55% of the Mena region’s total, according to a Dubai Media Office statement, citing the Dubai Department of Economy and Tourism.

New forms of investments were up 23% y-o-y, while reinvesting saw a 98% uptick. Mergers and acquisitions were up 8%, and venture capital-backed FDI increased by 39%.

The emirate also came out on top in terms of jobs created through new FDI inflows, with some 58.7k jobs generated last year, marking a 31% y-o-y increase. That puts it first in the Middle East and third globally. Sectors seeing an influx of new talent included business services, software IT services, real estate, logistics, financial services, industrial equipment, communications, and consumer products.

By the sector: Dubai ranked first in attracting greenfield projects in sectors including financial services, headquarters, real estate, and artificial intelligence (AI), according to the data. The emirate’s share of global FDI projects in Advanced Information Technologies (AIT) increased to 8% in 2024, up from 7.3% in 2023.

The breakdown: FDI inflow projects were led by the hotels and tourism, and real estate sectors, each accounting for 14% of total inflows, according to the statement, which cites Dubai FDI Monitor. Software and IT services made up 9.2%, while building materials accounted for 9%, and financial services for 6.8%. EnterpriseAM UAE was unable to verify the data from the Dubai FDI Monitor website, which was last updated on 30 June 2024.

Who was investing? India was responsible for just over a fifth, 21%, of total FDI capital inflows into Dubai last year, according to Dubai FDI monitor data picked up by the Dubai Media Office. The US accounted for 13.7%, followed by France (11%), the UK (10%), and Switzerland (6.9%).

REMEMBER- The UAE aims to attract AED 1.3 tn in FDI from 2025 to 2031, the country’s Investment Ministry Undersecretary Mohammad Alhawi said recently, though the government’s new national investment strategy had a bigger target of tripling FDI to AED 2.2 tn by 2031.

MEANWHILE, IN THE UAE-

The value of UAE greenfield FDI projects fell 33% y-o-y to USD 14.5 bn in 2024, normalizing after a particularly strong 2023, according to a report (pdf) from Emirates NBD. The UAE still accounted for 36% of GCC projects, trailing only Saudi Arabia, while the number of projects rose 2%. This follows a busy year in 2023 when the Emirates came second globally for greenfield FDI projects, with total value at USD 15.1 bn.

Breakdown by location: Dubai attracted 58% of the total project value, followed by Sharjah at 12%, while Abu Dhabi saw a significant decline, following substantial investments made in

renewables, automotive OEMS and the ICT sector in 2022 and 2023.

Sector highlights: Renewables led in project value. Real estate, software and IT, coal, oil and gas, business services, and automotive parts manufacturing also saw big-ticket investments. The primary sources of investment were India, the US, and the UK.

UAE as an investor: The UAE was also a key source of outbound greenfield FDI. Notable projects included ADQ’s Ras El Hekma development in Egypt and Mubadala’s USD 11 bn investment in US semiconductors.

Gov’t revenues reached AED 533.3 bn in 2024

The UAE federal government’s consolidated revenues came in at some AED 533.4 bn in 2024, according to Finance Ministry data (pdf). This represents a 2.4% decrease from the previous year, when revenues came in at AED 546.6 bn, according to the previous year’s data (pdf).

Tax revenues were the main driver of the government’s overall revenues for the year, reaching AED 366.4 bn — representing 66% of the UAE’s total revenues in 2024. Tax revenues were up by 15.5% from 2023, when they came in at AED 307 bn.

Total expenditure climbed by 2% to reach AED 443.8 bn in 2024, compared to AED 435 bn in 2023. Breakdown of expenditures:

AED 131.9 bn went to spending on goods and services;
AED 124.5 bn were spent on salaries and employee compensation;
AED 76.8 bn were spent on social benefits;
AED 31.6 bn went to spending on subsidies;
AED 14.9 bn were allocated for financial interest payments;
AED 1.9 bn for grants;
AED 10.1 bn for fixed capital consumption;
AED 17.1 bn accounted for other unnamed expenses.

The UAE borrowed less in 2024 than it did during the previous year: Net lending/borrowing at the state level amounted to approximately AED 109.6 bn, down marginally from AED 111.7 bn in 2023.

The general fiscal surplus came in at AED 89.6 bn dirhams last year, down from AED 111.6 bn in 2023.

The UAE’s fiscal surplus could fall further this year: Fitch Solutions’ research unit BMI expects lower oil prices due to the growth in production to affect oil exports and revenues, which will narrow the UAE’s fiscal surplus from 3.7% of GDP in 2024 to 2.2% in 2025, it said in January. It also sees the current account surplus narrowing from 8.1% of GDP in 2024 to 7.2% of GDP in 2025.

The government plans to spend more this year: The Federal National Council approved the UAE’s largest national budget to date back in November, totaling AED 71.5 bn for both revenues and expenditures for 2025, while also integrating the Union General budget with the budgets of independent federal entities.

Adnoc eyes IPOs for XRG + its JV with Presight AI Holding

State-run energy firm Adnoc is reportedly weighing IPOs for its newly set up USD 80 bn renewables and chemicals arm XRG and its JV with Presight, AIQ, according to reports over the weekend.

The company is reportedly looking at listing XRG on an international exchange, Reuters reports, citing people it says have knowledge of the matter. The minority stake sale is expected to materialize in about five years with New York and London among the potential listing venues, the people said. The London Stock Exchange (LSE), on which stocks of major oil and gas players like Shell and BP are currently trading, is a strong contender for XRG’s potential IPO despite recent outflows from the exchange, one person told Reuters. Meanwhile, a listing on the New York Stock Exchange (NYSE) could fetch a higher valuation for XRG, making it a more attractive option.

The move could make XRG one of largest publicly traded energy firms in the world, according to the newswire.

Adnoc has been churning out IPOs for its subsidiaries since late 2017, starting with its fuel retail arm’s USD 851 mn ADX debut. Since 2021, it has taken Adnoc Drilling, Fertiglobe, Adnoc Gas, Adnoc Logistics & Services (which was recently upgraded to the FTSE Large Cap Index) and Borouge to the ADX, in some of the country’s largest IPOs. Combined, these transactions drummed up more capital than Saudi Aramco’s record-breaking Tadawul IPO in 2019, excluding the USD 12 bn it raised in a follow-on offering last year, according to Reuters calculations.

Adnoc founded XRG in November 2024 with the aim of investing in lower-carbon energy and chemicals as part of a broader plan to diversify the company’s portfolio and reduce its reliance on oil revenue. The energy giant is prepping XRG to become one of the world’s top five chemical producers and capture 70% of global demand by 2050. Its portfolio already includes a majority stake in Germany’s Covestro and Borouge International. XRG’s board includes former BP chief Bernard Looney, Blackstone President and COO Jon Gray, and Egyptian bn’aire Nassef Sawiris.

But first… restructuring: Adnoc will still need to name a CEO and complete the transfer of assets to XRG before pursuing a public debut, the people said. The company, which was set up late last year, is due to become operational this quarter with plans to double its USD 80 bn asset value over the next decade. Just last week, Adnoc announced plans to transfer its stake in Borouge International, a newly-merged polyolefins giant, to XRG, cementing its role as a primary vehicle for the state-run energy firm’s international expansion into the chemicals industry.

ADVISORS- Bank of America is said to be advising on XRG’s strategy.

IN OTHER IPO NEWS-

Adnoc and ADX-listed data analytics firm Presight AI Holding are sounding out banks for roles on the potential IPO of their artificial intelligence JV, AIQ, Bloomberg reports, citing people it says are familiar with the matter. The pair are considering reviving earlier plans to take AIQ public as soon as this year, the people said. Though no details on the potential size or specific timing of the offering were disclosed, it would likely take place on the ADX.

About AIQ: Founded in 2020 with G42, AIQ has built over 20 AI applications and filed 16 patents with Adnoc, as its primary customer, deploying these tools to speed up seismic surveys from months to days and streamline planning for field development and drilling, CEO Sultan Al Jaber tells Bloomberg, while also cutting emissions and improving safety. AIQ is also currently working with Microsoft and G42 to develop AI software for the energy sector, using agentic AI to process vast datasets.

IN CONTEXT- This comes amid a surge of interest in AI and tech stocks in the country. IT services provider Alpha Data, which is set to hit the ADX tomorrow in the exchange’s first IPO of the year, priced its offering at the top of the range with strong investor appetite pushing the company’s implied valuation up to AED 1.5 bn at listing.

It’s a tight-knit circle: Presight bought a 51% stake in AIQ from its Mubadala-backed parent company G42 in May of last year in a transaction that valued the JV at USD 1.4 bn. The move saw Adnoc retain the remaining 49% stake in AIQ in addition to securing a 4% interest in Presight.

WE HAVE A STRONG IPO PIPELINE-

ADQ-backed Etihad Airways is expected to kick off the region’s first IPO of a major airline in nearly a decade after Eid Al Fitr;
Abu Dhabi conglomerate International Holding Company’s investment arm 2PointZero is gearing up for an IPO on the ADX;
Alec Construction and Arabian Construction are both eyeing IPOs;
Dubai Holding plans to float two of its property portfolio units, and Sharjah-born Arada’sis also eyeing an IPO in three years’ time;
Abu Dhabi Investment Group (ADIG) is eyeing listings for its financial unit and energy subsidiary this year;
Dubizzle Group tapped banks for a 2025 IPO on the Dubai Financial Market (DFM);
Hospitality group Five Holdings also tapped advisors for a potential listing;
Amanat Holdings is planning to list its education and healthcare units;
Shisha producer Advanced Inhalation Ritual is also rumored to potentially IPO.

UAE, Saudi Arabia to lead the region’s sustainable bond issuances in 2025

The UAE and Saudi Arabia are expected to continue leading the way with sustainable bond issuances in the Middle East in 2025, with total sustainable issuance in the region projected to range between USD 18-23 bn, according to an S&P Global report (pdf). The two countries accounted for more than half of last year’s issuances, which totaled USD 22.6 bn.

Renewable energy projects, especially solar, will dominate demand as GCC countries continue to prioritize energy efficiency and diversification from oil. Projects like sustainable water management, clean transport, and pollution control have also been popular in both Saudi Arabia and the UAE.

New types of bonds will also increase in popularity: Blue and transition bonds issuances are predicted to increase due to exposure to water scarcity and hydrocarbons. Sustainable sukuk will also continue to grow, S&P Global expects.

Despite dominating the market, UAE issuances declined amid post-cop normalization, S&P says: The UAE’s sustainable bond issuances declined by 28% y-o-y to reach USD 7.4 bn in 2024, as peak demand after cop28 in Dubai eased, along with a higher interest rate environment. Green bonds were the most popular, with around 60% of issuances focused on energy. Other prevalent sectors included logistics, real estate, and tourism and hospitality. Meanwhile, sustainable sukuk represented 30% of the UAE’s total sustainable issuances last year.

Financial institutions led issuances, driven by the UAE Banks Federation’s pledge to mobilize over AED 1 tn in sustainable finance by 2030. Corporates came in second.

Who were the top issuers last year? Dubai Islamic Bank issued USD 1 bn sustainable sukuk, followed by Taqa’s USD 850 mn green bond issuance, and First Abu Dhabi Bank’s USD 800 mn bonds. The Emirate of Sharjah issued the largest sustainable sovereign bonds in the UAE at USD 750 mn and USD 545 mn. The region’s only social bond was issued by the National Bank of Ras Al Khaimah, amounting to USD 600 mn. Beyond sovereign and banking issuances, the biggest sustainable issuances were Masdar’s USD 1 bn green bonds and Aldar’s USD 500 mn green sukuk.

The UAE has already had a busy start to the year with plenty of sustainable bond issuances: This year has seen lots of records: Aldar Properties secured the region’s largest sustainable loan for a real estate developer, with a AED 9 bn sustainability-linked revolving credit facility; and DP World listed the Middle East and North Africa’s first corporate blue bond on Nasdaq Dubai with a value of USD 100 mn. Ittihad International Investment also secured a USD 450 mn sustainability-linked revolving credit facility (RCF). Meanwhile, Dubai Islamic Bank (DIB) launched a sustainability-linked finance facilities framework, the first of its kind for any Islamic bank globally.

OTHER REGIONAL TRENDS WORTH NOTING-

Sustainable bonds represented 25% of total issuances done by regional corporate and financial institutions, compared with a 9% global average;
Financial institutions achieved a new sustainable issuance record of USD 12.6 bn in 2024, while sovereign sustainable issuances declined by 56% y-o-y to USD 1.7 bn;
The share of sustainable sukuk amounted to more than 35% of regional sustainable bond issuance in 2024, compared to 26% in 2023.

Credit demand maintains its growth trajectory in 4Q 2024 -CBUAE

Credit demand in the UAE sustained strong growth in 4Q 2024, driven by a positive economic outlook and favorable investment conditions, according to the Central Bank of the UAE’s (CBUAE) 4Q 2024 Credit Sentiment Survey (pdf). The survey, based on responses from 289 senior credit officers at licensed financial institutions across Abu Dhabi, Dubai, and the Northern Emirates, highlights rising credit activity across all emirates and sectors.

Business loan demand increased in 4Q, with 51.9% of respondents reporting higher demand and only 7.1% noting a decline. Dubai saw the strongest growth, while credit demand rose moderately across all emirates. The rise was fueled by higher investment, working capital needs, and strong economic conditions, according to the survey. Interest rates were also a net positive factor for credit demand following recent interest rate cuts.

All sectors witnessed an increase in loan demand, with large firms taking the lead, followed by government-related entities (GREs) and SMEs. The retail and wholesale trade saw the highest growth rate, followed by construction, property development, manufacturing and transport, storage, and communications.

Looking ahead, business credit demand is expected to rise further in early 2025, led by large firms and SMEs.

Personal loan demand continued its steady increase in 4Q, with Northern Emirates taking the lead. Credit cards and housing loans saw the highest demand. Strong economic conditions and rising incomes are expected to drive future demand, particularly for credit cards, housing, personal, and car loans.

New personal loans witnessed a moderate increase across several charges, including

non-interest fees, premiums on riskier loans, and the spread of loan rates over the cost of funds. Meanwhile, credit terms and conditions remained mainly unchanged.

The share of rejected personal loan applications rose during the quarter, due to greater registrations for credit cards, car loans, and housing-related loans. Despite this, financial institutions showed an increased appetite for lending, supported by a strong economic outlook, improved asset quality, and stable borrower creditworthiness.

Healthcare ins. payments startup secures USD 26 mn in funding

Klaim, an Abu Dhabi-based firm providing fintech services for healthcare ins. providers, secured USD 26 mn in funding to finance regional growth, according to a press release. Some USD 10 mn of the funds were in the form of equity, with a financing fund providing another USD 16 mn. The funding round was led by Mad’a Investment, and also saw participation from the Moroccan Deposit and Management Fund’s investment arm, CDG Invest.

The next steps: The funding will go towards scaling up its operations, partnering with more financial institutions and providers, and boosting its tech capacities. It will target small and mid-sized providers, as well as larger healthcare providers, and aims to allow networks to access payments within 24 hours. Expanding its UAE footprint and deploying capital in Saudi Arabia and Oman is also in the pipeline.

Klaim? Klaim was founded in 2019 and provides a platform to speed up medical ins. claim payments to regional healthcare providers and expediting their cashflow activities using AI technology.

So far: Last year it partnered with Emirates Development Bank on a healthcare receivables financing product, and expanded into Saudi Arabia in collaboration with Tharawat Tuwaiq Financial Company.

e& taps Samsung for AI, digital transformation cooperation

TECH-

#1- Samsung Gulf Electronics and e& UAE signed a MoU to collaborate on AI-powered connectivity and digital transformation initiatives, according to a press release. The partnership aims to enhance customer experiences and regional tech innovation.

The details: The collaboration will introduce AI-optimized connectivity for Samsung devices, enabling seamless device experiences. eSIM migration will be enhanced with automated number transfers and push notifications, simplifying the transition process. Samsung Care+ will expand across all e& UAE device categories, ensuring comprehensive support for users. The companies will also introduce AI-driven services such as Smile, designed for customer engagement, and Go Learning, an educational tool aimed at enriching digital experiences.

#2- du partners with Microsoft to launch AI-driven cybersecurity solutions for UAE enterprises: Telecom operator du has partnered up with Microsoft to integrate Microsoft Azure’s security stack into its managed services to bolster cybersecurity for businesses in the UAE, according to a press release. The collaboration aims to deliver AI-powered solutions to combat evolving cyber threats.

The details: The partnership will merge Azure’s security tools—including Security Copilot for threat detection, Microsoft Defender Advanced Threat Protection, and large language models (LLM)—with du’s monitoring and incident response services. The integration of LLM enables real-time data analysis, risk identification, and automated threat response.

LOGISTICS-

DP World’s KSA Southern Container Terminal is open for business: The Saudi Ports Authority (Mawani) and Dubai-based DP World inaugurated the SAR 3 bn (USD 800 mn) Southern Container Terminal at Jeddah Islamic Port, after a three-year expansion and development project saw the terminal’s capacity increase to 4 mn TEUs from 1.8 mn TEUs, according to a press release. The expansion is targeting a future capacity of 5 mn TEUs.

The details: The upgraded 2.15k-meter quay (18m deep) can now handle five large vessels at once, with refrigerated container capacity doubling to 2.34k. Advanced automation, IoT tracking, and AI load analysis cut gate transaction times from two minutes to 10 seconds, while new electrified yard cranes were also introduced, with plans to expand quay cranes to 17 this year. Mawani and DP World aim to slash carbon emissions by 50% in five years through electric equipment, green buildings, and water recycling.

More in the pipeline: DP World is building a new facility with a capacity to inspect up to 75 reefer containers at once — the largest in the Kingdom, according to the press release. The Dubai-based giant is also working on a SAR 900 mn logistics park spanning 415k sqm to enhance storage, distribution, and shipping services, set to be completed by 2Q 2026.

TRANSPORT-

New luxury car service in Dubai: Dubai’s Roads and Transport Authority (RTA) introduced the Takamul Permit, a new initiative aimed at integrating the luxury transport and car rental sectors, according to a press release. The permit allows rental firms to offer high-end chauffeur-driven vehicles for up to one month under specific regulations.

REAL ESTATE-

DLD partners on support for real estate startups: The Dubai Land Department (DLD) and real estate technology accelerator firm Reach partnered to launch Reach Middle East, an initiative targeting property technology (proptech) startups, according to a press release. Reach is backed by the National Association of Realtors and its portfolio covers North America, Australia and New Zealand, the UK, Latin America, and Israel.

The partnership: DLD will give proptech startups in Dubai networking support to connect them with investors, as well as data analytics and pilot programs to test projects. Reach will oversee operations, and provide funding and access to its investor network. It will also set up an office in the emirate. This is DLD’s second proptech-focused initiative this month, after it partnered with the Dubai Integrated Economic Zones Authority (Diez) to support startups.

All eyes are on US inflation data this week, while China faces deflationary pressures

The US and China are on opposite inflation tracks — with the US battling stubborn price growth, and China sliding toward deflation. In the US, consumer prices likely rose 3.2% y-o-y in February, reflecting slow but persistent disinflation and keeping the Federal Reserve in a cautious stance, Bloomberg reports. The Bureau of Labor Statistics’ figures will be out this Wednesday.

In the US, core CPI is projected to have climbed 0.3% last month, easing slightly from January’s 0.4% gain but still well above the Fed’s 2% target. Producer price data on Thursday and consumer sentiment data on Friday will offer further insight into inflationary pressures. However, with investors awaiting March inflation data for clearer signals on Fed policy, Treasury yields remain elevated amid ongoing uncertainty over rate cuts.

REMEMBER- The country’s inflation risks could worsen. Trump-era trade measures — including 25% duties on steel and aluminum and looming reciprocal tariffs — threaten to push prices higher, further complicating Fed rate-cut bets.

In contrast, China’s inflation slump is deepening, with the country’s consumer price index (CPI) falling 0.7% last month — its first negative reading in 13 months. Its core CPI posted its first decline since 2021 and factory prices fell for a 29th straight month. Goldman Sachs estimates that an early Lunar New Year shaved 0.7 percentage points off February’s CPI reading, but sluggish consumer spending remains the bigger concern. The latest reading raises deflation fears as domestic demand weakens, Bloomberg reports separately.

Beijing has set a 2% inflation target for 2025, its lowest in two decades, and is ramping up stimulus efforts to counter prolonged price declines. Economist David Qu warns of an “urgent need for policymakers to deliver on pledged stimulus quickly,” adding that without strong fiscal and monetary support, “deflationary pressures will continue to weigh on the economy.”

How the rest of the world is faring:

In Europe, inflation is cooling, but the ECB’s next rate move remains uncertain as industrial output shows signs of recovery;
Middle East inflation is stabilizing, with Egypt’s February reading expected to drop sharply from 24%, setting the stage for rate cuts;
In Latin America, Brazil’s inflation surged past 5.1%, likely prompting another rate hike, while Argentina’s price growth is slowing after last year’s crisis;
In Asia, Japan’s wage-driven inflation continues to rise, while India’s cooling consumer prices are fueling speculation of policy easing.

MARKETS THIS MORNING-

Asian markets are rising this morning, with Japan’s Nikkei up in choppy trade, along with South Korea’s Kospi. On the other hand, mainland China’s CSI 300 fell 0.5%, while Hong Kong’s Hang Seng is down 0.6%. Wall Street stocks are expected to open lower, with Nasdaq futures leading the downward move after a volatile week that saw all indexes make significant losses.

ADX	9,448	-0.9% (YTD: +0.3%)
DFM	5,223	-1.0% (YTD: +1.2%)
Nasdaq Dubai UAE20	4,282	-1.3% (YTD: +2.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.4% 1 yr
TASI	11,837	+0.2% (YTD: -1.7%)
EGX30	31,131	+0.6% (YTD: +4.7%)
S&P 500	5,770	+0.6% (YTD: -1.9%)
FTSE 100	8,680	0.0% (YTD: +6.2%)
Euro Stoxx 50	5,468	-0.9% (YTD: +11.7%)
Brent crude	USD 70.36	+1.3%
Natural gas (Nymex)	USD 4.40	+2.3%
Gold	USD 2,914	-0.4%
BTC	USD 81,173	-6.0% (YTD: -13.1%)

THE CLOSING BELL-

The DFM fell 1% on Friday on turnover of AED 575.1 mn. The index is up 1.2% YTD.

In the green: ENBD REIT (+5.8%), National Central Cooling (Tabreed) (+1.5%) and BHM Capital Financial Services (+1.2%).

In the red: Ajman Bank (-5.2%), Gulf Navigation Holding (-4.8%) and Taaleem Holdings (-4.2%).

Over on the ADX, the index fell 0.9% on turnover of AED 1.1 bn. Nasdaq Dubai was down 1.3%, and up 2.8% YTD.

UAE, Ukraine talk cooperation

UAE, Ukraine foreign ministers discuss enhancing ties: UAE Foreign Minister Sheikh Abdullah bin Zayed and his Ukrainian counterpart Andrii Sybiha discussed ways to enhance bilateral relations in a phone call, according to a ministry statement. The ministers also addressed regional developments following Ukrainian President Volodymyr Zelensky’s visit to the UAE in February, during which the two nations signed a Comprehensive Economic Partnership Agreement.

UAE opens field hospital in South Sudan: The UAE inaugurated the 100-bed Madhol Field Hospital in South Sudan’s Northern Bahr El Ghazal to provide medical support for Sudanese refugees and vulnerable communities, The National reports.

CALENDAR

MARCH

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

11 March (Tuesday): Alpha Data shares begin trading.

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

29 March (Saturday): New traffic regulations and minimum driving age to take effect.

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

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.

APRIL

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

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

1 April (Tuesday): Cabinet to roll out new tightened merger control rules,

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.

11-13 April (Friday-Sunday): I-Film Festival, Yas Creative Hub, Abu Dhabi.

12-13 April (Saturday-Sunday): Global Justice, Love & Peace Summit, Dubai Exhibition Centre, Expo City Dubai.

14-16 April (Monday-Wednesday): Dubai Woodshow, Dubai World Trade Center

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

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

15-17 April (Tuesday-Thursday): The Abu Dhabi Global Health Week, Adnec center, Abu Dhabi.

15 April (Tuesday): The Global Islamic FinTech Forum 2025, Dusit Thani Hotel, Dubai.

16-17 April (Wednesday-Thursday): The FastBull Finance Summit, Coca Cola Arena, Dubai.

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

28 April-2 May (Monday-Friday): The 64th Annual Conference of the International Federation of Air Traffic Controllers’ Associations (IFATCA)

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.

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

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.

13-15 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.

15-18 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.

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

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

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 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

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

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.

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:

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

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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