Emirates NBD, FAB, Aldar tap debt markets in new year debt rush

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Emirates NBD reportedly eyes acquisition of Egypt’s Banque du Caire + MAF shutters Carrefour stores in Oman

Good morning, wonderful people. It seems we’re back to the regular fire hose of news typical of the UAE as we near the end of the first full workweek of the year.

UAE corporates are rushing to debt markets to kick off the new year, with First Abu Dhabi Bank eyeing another sukuk issuance, Aldar pricing its hybrid notes, and Emirates NBD issuing USD 700 mn notes. Plus: We have more investment news from the Abu Dhabi Investment Authority and Mubadala, as well as plans for further investments from Adnoc Logistics & Services.

AND- Venture capital funding dried up in 2024 — though the UAE still came out of the year with the most funding rounds in the region. We have more in the news well, below.

☁️WEATHER- Expect some rain today: The National Center of Meteorology forecasts (pdf) partly cloudy conditions in northern, eastern, and coastal areas today, with a chance of rainfall. Temperatures will hit 24°C in Dubai, with an overnight low of 16°C, and 21°C in Abu Dhabi, before cooling to an overnight low of 19°C, with rain expected in the early hours of the day.

WATCH THIS SPACE-

#1- Emirates NBD is reportedly considering the acquisition of a controlling stake in Egyptian state-owned bank Banque du Caire, with informed sources quoted as telling Egyptian outlet Al Mal that the bank is currently in the final stages of due diligence, with the acquisition expected to go through in 1Q 2025. A senior banking source told EnterpriseAM that multiple offers from investors and banks are currently under consideration, but refused to name any of the interested parties as all discussions remain in the early stages.

In context: The Egyptian government is on a privatization drive, with BdC among 10 names in which the state has been planning to offer stakes. It wouldn’t be the first time an Emirati investor shows interest in local Egyptian banks: The UAE’s largest lender — FAB — made a run at EFG Hermes back in 2022, while Dalia Khorshid has restored Beltone’s mojo, strategic ambitions, and profitability in the two years since the investment bank was acquired by Abu Dhabi’s Chimera. Chimera also took stakes in high-profile non-bank financial services outfits including GB Lease and MNT Investments.

#2- Majid Al Futtaim shut down its Carrefour operations in Oman as of 7 January, it said in a Facebook post. The retail operator giant has held rights to the brand in the Mena region since 1995 and the chain had stores in key locations in Oman.

IN CONTEXT- While the Dubai-based conglomerate did not specify a reason for the closure, it follows the shutting down of its Jordanian stores in November on the back of pressure from the Boycott, Divestment, and Sanctions (BDS) movement for its perceived stance on the Gaza conflict. The stores were replaced by Hypermax — a retail chain selling locally sourced products. Gulf Business cited reports that Hypermax would also replace Oman’s Carrefour outlets.

#3- UAE, Malaysia could finalize trade agreement next week: Malaysia plans to sign a trade agreement with the UAE next week, Malaysia’s Investment, Trade and Industry Minister Tengku Zafrul Aziz told Asharq Business. UAE Foreign Trade Minister Thani bin Ahmed Al Zeyoudi concluded negotiations with Aziz in October regarding an economic partnership between the two countries. The agreement aims to eliminate or reduce tariffs, decrease trade barriers, and boost mutual investments.

#4- The UAE’s sovereign wealth funds are expected to continue to lead the trend of state-owned investors rushing into private equity and credit markets, Global SWF said in a report picked up by Zawy a. Sovereign wealth funds from the region are at the forefront of the private credit trend, Global SWF said, with ADIA anchoring several initiatives, including Pemberton’s USD 1 bn net asset value financing strategy and a South Korean real estate credit fund managed by alternative asset manager SC Lowy. Mubadala has also agreed to co-invest USD 1 bn with Goldman Sachs across APAC, and set up a mult-bn USD private credit platform targeting middle-market companies in the US with Apollo Global.

REMEMBER- Mubadala was the lead SWF investor in 2024, deploying USD 29.2 bn across 52 transactions — rising 67% y-o-y. Meanwhile, Adia invested in Corient, Fisher Investments, and Hargreaves Lansdown. ADQ invested in Sagard and Plenary Group, while Mubadala acquired interests in CI Financial, Fortress, and Silver Rock.

#5- Adia consortium closes in on Malaysia Airports privatization: A consortium comprising Abu Dhabi Investment Authority (Adia), Global Infrastructure Partners (GIP), Khazanah Nasional Berhad, Malaysia’s Employees Provident Fund (EPF), and BlackRock secured an 84.1% stake in Malaysia Airports, Reuters reports. The group is advancing towards the 90% threshold required for privatization, after its stake rose to 70.08% earlier this week, up from 40.85% in December. The deadline for shareholder acceptance was recently extended to 17 January from the original deadline of 8 January.

REFRESHER- The consortium made an offer in May 2024 to acquire shares in Malaysia Airports at RM 11 each, valuing it at RM 18.4 bn (USD 4.1 bn). In November, the consortium submitted the formal conditional offer proposing that Adia and GIP acquire a 30% stake in Malaysia Airports, while the two Malaysian investors would collectively hold 70%. The consortium plans to upgrade infrastructure, enhance connectivity, and improve services, stating that privatization would better support these objectives.

#6- First Abu Dhabi Bank (FAB) is preparing to sell soured loans worth USD 800 mn to Deutsche Bank, Bloomberg reports, citing unnamed sources. The German lender outbid other international entities including US hedge funds for the non-performing loan portfolio, though the final sale price remains undisclosed.

DATA POINTS-

#1- The UAE’s passport landed in the 10th spot on the Henley Passport Index 2025 for the world’s strongest passports, moving one place down after ranking ninth in July last year, with access to 185 countries without a visa. The UAE shared the spot with Latvia, Lithuania, and Slovenia.

#2- Five Emirati banks made it to S&P Global’s list of the Middle East’s largest banks by market cap in 4Q 2024, with the five banks having an aggregate market cap of USD 126 bn, Al Khaleej reports.

The breakdown: First Abu Dhabi Bank led the pack, coming in fourth place with a market cap of USD 41.3 bn, followed by Emirates NBD in the sixth spot with USD 36.9 bn. Meanwhile, Abu Dhabi Commercial Bank’s market cap of USD 20.8 bn put it in the 10th spot, Dubai Islamic Bank was listed at the 17th spot with a market cap of USD 14 bn, and Abu Dhabi Islamic Bank brought up the rear for the Emirati banks in 19th place with USD 13.7 bn.

PSAs-

#1- Drone hobbyists in most emirates will now be able to take to the skies after the Interior Ministry lifted its conditional ban on drone use for individuals on 7 January, it said in a statement. The ban was not lifted in Dubai, Khaleej Times reports, adding that drone operations fall under the jurisdiction of the Dubai Civil Aviation Authority in the emirate. For detailed guidelines, the green zones designated for recreational flights, and to register your drone, you can check out the UAE Drones app.

#2- Motorists in Sharjah can now remotely request inspection services for their private vehicles via a new service launched by the Sharjah Police in collaboration with Rafid Automotive Solutions, Wam reports. The service is available for private vehicles with Sharjah plates that are under eight years old and have passed a technical inspection within the last 18 months.

How it works: Users can use the Rafid app’s Remote Inspection feature to upload photos of their vehicles to show they are accident-free.

HAPPENING TODAY-

#1- The Arab Plast International Trade Fair for Plastics, Recycling, Petrochemicals,Packaging and Rubber Industry kicked off yesterday and runs through tomorrow at the Dubai International Convention and Exhibition Center. The event will showcase advancements in the plastics and recycling sectors, with a focus on sustainable practices, circular economy, recycling technologies, and sustainable materials.

#2-Dubai International Pharma & Technologies Conference and Exhibition(DUPHAT) kicked off yesterday at the Dubai World Trade Center. DUPHAT, which wraps up on Thursday, will feature scientific sessions, workshops, and scientific poster presentations from university students. Additionally, it will feature Vita Show Dubai, showcasing innovations in nutritional supplements.

The Sharjah Consultative Council will discuss a draft law on corporate tax for the emirate’s natural resources in its upcoming session tomorrow, Sharjah 24 reports.

REMEMBER- The council’s Financial, Economic and Industrial Affairs Committee had reviewed a draft law proposing taxation on companies involved in natural resource activities in the emirate late last month. The law targets companies involved in both extractive activities — such as oil, gas, and coal — and non-extractive natural resources. The committee was set to submit the draft law’s final report to the Advisory Council for approval.

THE BIG STORY ABROAD-

The foreign press has its attention squarely split between the raging wildfires in Los Angeles and minutes from the US Federal Reserve’s latest meeting — plus a global bond sell-off triggered by threats of tax cuts and tariffs from US president-elect Donald Trump.

#1- More than 100k people in Los Angeles have evacuated as wildfires swept across the state, killing at least five people. The fires were spurred further on by blowing winds that impacted firefighting operations and damaged some electric infrastructure, leaving mns of houses without power. (Reuters | Guardian | FT | WSJ)

#2- The Federal Reserve is looking more likely to slow down — or completely pause — interest rate cuts, with the minutes from its latest meeting showing growing concern over rising inflation in light of Trump’s plan for tariffs and tax cuts. (FT | Reuters | CNBC)

#3- Also a result of Trumponomics: Selloffs in the global bond market are pushing yields to new highs, with the 10-year US Treasury yield reaching close to the 5% peak hit in October 2023, Bloomberg reports. Emerging markets are also seeing the busiest start of year for bond sales on record, with some USD 26 bn in bond issuances in the first week of the year, as issuers look to lock in funds before Trump takes office and implements potentially damaging trade policies, Bloomberg reports separately.

#4- Also getting attention: The Lebanese parliament looks set to elect army chief Joseph Aoun as president when it meets today in the latest bid to end an over two-year presidential vacuum. Hezbollah’s preferred candidate, Suleiman Frangieh, pulled out of the race on Wednesday and endorsed Aoun. (AP | Reuters | NYT)

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Emirates NBD, Aldar, and FAB tap debt markets

UAE corporates are kicking off the year with a rush to debt markets, with Emirates NBD set to issue USD 700 mn notes on the Taipei Exchange, FAB issuing sukuk, and Aldar pricing its USD-denominated Reg S hybrid subordinated notes.

#1- Emirates NBD has issued USD 700 mn senior unsecured five-year notes, which will be listed on the Taipei Exchange, Zawya reports. The lender set the final pricing guidance at the Secured Overnight Financing Rate (SOFR) plus 110 bps, with denominations of USD 200k and increments of USD 1k beyond that. Settlement is scheduled for 22 January, with the issuance maturing on 22 January 2030.

ADVISORS- Australian and New Zealand Banking Group (ANZ) in Taipei, and Standard Chartered Taiwan are acting as joint managers. Emirates NBD Capital is the structuring agent.

#2- Aldar prices USD hybrid notes: Aldar Properties has started marketing its USD-denominated Reg S hybrid subordinated notes, pricing the issuance in the low 7% area, IFR reports. The bonds, which have a 30.25 tenor, and are callable in 7.25 years, include a 500 basis point (bp) step-up if not called. The issuance was rated by Moody’s one notch below Aldar’s Baa3 issuer rating at Baa2.

REFRESHER- Aldar Properties tapped banks earlier this week as it was preparing to issue the benchmark-sized Reg S hybrid subordinated notes. The company plans to use the proceeds from the bond issuance for general corporate purposes.

ADVISORS- Citi was appointed as the sole structuring advisor, global coordinator, and joint bookrunner. Our friends at Mashreq, along with Abu Dhabi Commercial Bank, Bank of China, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, IMI-Intesa Sanpaolo, JP Morgan, Rakbank, and Standard Chartered Bank, are also serving as joint lead managers and bookrunners.

#3- Meanwhile, First Abu Dhabi Bank subsidiary FAB Sukuk is issuing a five-year unsecured USD sukuk as part of its USD 5 bn trust certificate program, according to a press release. The sukuk is set to be listed on the London Stock Exchange.

The details: The bank is set to settle the Islamic bond on 16 January. Initial price thoughts are T+100 bps, with the profit rate to be decided or based on a 30/360 day count convention. The size of the issuance has not been disclosed.

REMEMBER- FAB was also the first to issue sukuk globally in 2024, taking a five-year USD 800 mn issuance to market at 85 bp over US treasuries, good for an all-in yield of nearly 4.8%.

ADVISORS- Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, FAB, Industrial and Commercial Bank of China, Jeddah-based Islamic Corporation for the Development of the Private Sector, and Standard Chartered were appointed as joint lead managers and book runners.

Adia completes USD 733.4 mn investment in GMR Group + Mubadala makes another investment in biotech

The Abu Dhabi Investment Authority (Adia) and Mubadala are starting the year off strong with fresh investments, following a busy year of investments and acquisitions.

#1- Adia invests in GMR Group: The Abu Dhabi Investment Authority’s (Adia) completed its INR 63 bn (c. USD 733.4 mn) debt investment in Indian infrastructure firm and airport operator GMR Group, the firm said in a filing (pdf) on the Indian stock exchange. The investment comes in the form of optionally convertible debentures, which can be converted into equity based on specific conditions later down the line.

ICYMI- Adia received the greenlight from India’s competition watchdog for the debt subscription last month as GMR Group looks to refinance its external debt — which reached INR 44.8 bn (c. USD 532.5 mn) as of December — and reduce pledged shareholding in its airport business. The transaction saw a GMR Group special purpose vehicle acquire a 9% stake in GMR’s airport unit GMR Airports, in order to pledge it to Adia to secure its subscription, the company said in a previous filing.

#2- Mubadala Capital led a USD 200 mn funding round for the newly launched biotech company Tenvie Therapeutics, alongside Arch Venture Partners and F-Prime Capital, according to a press release. Mubadala now has a representative on Tenvie’s board, alongside the other investors.

Where the money will go: Tenvie, focused on transforming the treatment of neurological diseases, plans to use the fresh funding to advance multiple assets into clinical stages, including candidates in the investigational new drug-enabling phase. The company acquired several small-molecule assets from Denali Therapeutics, with former Denali senior VP Tony Estrada now serving as Tenvie’s CSO and president.

Mubadala is big on healthtech and biotech firms: The sovereign wealth fund’s Kelix Bio acquired four pharma assets from GlobalOne Healthcare Holding back in October, including biopharma and IV solutions manufacturing companies Bioventure, Bioventure Healthcare, Gulf Inject, and Wellpharma. It also finalized its acquisition of a minority stake in US-based healthtech Zelis earlier in December, and acquired Belgian biopharma firm UCB ’s carved out neurology and allergy business in China in a transaction worth USD 680 mn alongside Singapore-based healthcare-focused asset manager CBC Group in August.

Adnoc L&S finalizes acquisition of 80% stake in Navig8, secures more funds for further investments + Shuaa offloads Saudi assets

Adnoc closes Navig8 acquisition, secures more funding for investments: Adnoc L&S has finalized its acquisition of an 80% stake in Navig8 in a USD 1.04 bn transaction, with a contractual agreement to acquire the remaining 20% in mid-2027 for between USD 335 mn and USD 450 mn, according to a press release (pdf). The remaining 20% is contingent on EBITDA delivery ad-interim, payable at that time, the statement added.

Adnoc’s logistics arm also inked a USD 1.1 bn to USD 2 bn hybrid capital instrument (HCI) to fund its investments, with nearly USD 1 bn of the HCI used to fund the acquisition of Navig8, according to a separate press release (pdf). That first drawdown bears an all-in pricing below the Secured Overnight Financing Rate (SOFR) plus 150 basis points. The remaining USD 900 mn will be available to be drawn by 31 December 2026 to fund new — and previously announced — investments.

ADVISORS- The facility was arranged and led by Societe Generale, with participation from Abu Dhabi Commercial Bank, First Abu Dhabi Bank, Crédit Agricole Corporate and Investment Bank, BBVA and DBS Bank.

The acquisition is a boon for Adnoc L&S: The first full financial year following the acquisition is expected to see a minimum 20% boost to Adnoc L&S’ earnings per share in 2025, the statement said. The acquisition will also boost Adnoc L&S’ services portfolio to include bunker trading, pooling, and other services, and expand its footprint to Navig8’s 15 global locations. It is also expected to save Adnoc L&S some USD 100 mn per year in technical management costs and costs associated with bunkering operations.

REMEMBER- The European Commission approved Adnoc L&S’ acquisition of an 80% stake in Navig8 back in December and its subsidiary Integr8 for USD 1 bn, with a deferred payment for the remaining 20% in 2027.

OTHER M&A NEWS-

Shuaa offloads Saudi hospitality assets: Shuaa Capital sold its Saudi hospitality asset portfolio, managed by its subsidiary Shuaa Capital Saudi Arabia, to Sumou Holding for SAR 515 mn (c. AED 504 mn), according to a DFM disclosure (pdf). The portfolio comprises three hospitality assets in Riyadh, Jeddah, and Dammam.

What Shuaa stands to gain: Shuaa, which holds a 33% stake in the portfolio, expects to generate AED 19.6 mn in proceeds from the transaction, to be allocated toward reducing liabilities and strengthening its balance sheet, the statement reads.

REMEMBER- Shuaa has been undergoing major restructuring after substantial losses in 2023. Shuaa reached an agreement with bondholders in April to extend the payment terms for some USD 150 mn worth of bonds, and appointed a new management team with Wafik Ben Mansou as CEO as part of its capital optimization plan. The investment bank has fully settled around AED 500 mn in margin facilities with multiple UAE banks. Shuaa also finalized an agreement with its senior creditor to restructure AED 208 mn in outstanding facilities.

And there’s more to come: The company approved the issuance of two tranches of mandatory convertible bonds, with a total maximum value of AED 425.5 mn, last month, after revealing plans earlier in May to issue a total of AED 642.5 mn of mandatory convertible bonds as part of its capital optimization plan.

The UAE saw the most funding rounds in the region in 2024, despite a dip in overall funding

UAE startups led the region in volume of funding rounds with a total of 188 funding rounds in 2024, according to Magnitt’s venture investment summary repor t (pdf). This accounted for 40% of all funding rounds in the Mena region, and marked a 9% y-o-y increase.

Despite the uptick in the number of funding rounds, funding fell 8% y-o-y to USD 613 mn during the year, in line with a wider regional trend which saw funding fall 29% y-o-y to USD 1.5 bn. The value of funding rounds in the UAE came second to Saudi Arabia, which was the top country in terms of funding, with USD 750 mn in investments.

On the upside, the volume of funding increased in the region by 10% y-o-y, with some 461 transactions recorded, outperforming other emerging markets like Africa. The number of investors in Mena also rose 14% to 392.

Megadeals are giving way to smaller transactions: The decline was mainly driven by a general dip in megadeal funding across emerging markets, which came for the third year in a row. Funding rounds valued at more than USD 100 mn accounted for less than 20% of total funding in the region last year, down from 30% in 2021, Bloomberg quotes Magnitt CEO Philip Bahoshy as saying.

Late-stage investments were also down among emerging markets and were the biggest driver of the decline in funding across emerging markets, the venture data analytics platform said.

Instead, investment rounds in the USD 1-5 mn range are on the rise, with investors growing more cautious amid high costs of capital and volatile market conditions, Bahoshy told Bloomberg. Early-stage investments saw a 5 percentage point uptick during the year, according to the report.

Exits in the region were also down (20% y-o-y) amid a global liquidity crunch, though the UAE accounted for half of them, securing 12 out of the 24 exits that took place.

The most popular sectors in 2024 for venture investors: E-commerce and retail were the most popular sectors for Mena investors last year, securing USD 396 mn in investments and capturing 54 of the total investments during the year. Fintech comes second in terms of funding at USD 387 mn, but comes first in terms of volume of investments, with 93 investments.

LOOKING AHEAD-

The region is becoming a key hub for venture capital, attracting global players like General Atlantic — which set up shop in Riyadh and Abu Dhabi — and Golden Gate Ventures due to its opportunities and rapid ecosystem growth, Yana El Dirani, head of Mena at Endeavor Catalyst, said. This momentum is driven by “strong demographic trends, digital transformation, and government-backed initiatives” that foster innovation, she added.

The UAE and Saudi Arabia are both expected to attract more VC investments, Endeavor Catalyst Managing Partner Allen Taylor also said, adding that 2025 may also see a return of international VC capital to frontier markets like Egypt, Turkey, and Pakistan, which have seen limited investment in recent years.

New unicorns and IPOs in 2025? Taylor expects at least five new unicorns emerging out of the Mena region in 2025. More liquidity from IPOs and M&As is also expected, with startups like Tabby, Tamara, TruKKer, Floward, and Unifonic all expected to go public.

PLUS- More Corporate Venture Capital (CVC) activity ahead. “We’re expecting Corporate Venture Capital (CVC) firms to play an increasingly vital role in the Mena region, particularly in Saudi Arabia, given the continuous growth we’re seeing in the overall startup ecosystem,” Anas Algahtani, CEO of Aramco’s venture arm Wa’ed Ventures, said.

Nearly half of core skills in demand expected to change in the UAE by 2030 amid increased automation -WEF

Expect a workforce shake-up in the UAE in the next few years as AI and digitization change requirements and demand for talent, according to the Forum’s Future of Jobs Report 2025 (pdf). Some 41% of core skills are projected to shift by 2030, the report said.

More automation incoming: UAE based companies are accelerating automation to adapt to increased digitalization, with 43% of work tasks expected to be performed by autonomous technologies within five years — exceeding the global average of 34%. There is also an increase in demand for skills in technology, with 87% of companies highlighting the need for stronger technological literacy.

Some 91% of companies surveyed see AI and information processing as key to business transformation, while 66% emphasize the role of robots and autonomous systems. Other tech trends gaining traction include energy, materials, sensing, semiconductors, satellites, quantum computing, and biotechnology as climate mitigation efforts also rise. Meanwhile, AI and machine learning specialist roles are expected to see the most net growth.

Training and upskilling on the right track? By 2030, 44% of respondents believe they will not require any upskilling, compared to 41% globally. Some 28% in the UAE expect to be upskilled in their current roles (vs. 29% globally), while 18% expect to be upskilled and redeployed. However, 10% in the UAE (and 11% globally) feel they are unlikely to need upskilling at all.

Employers in the Middle East and North Africa are more optimistic about talent availability by 2030 compared to global companies, with 46% anticipating improved hiring prospects. The region faces a higher rate of skill disruption, with 46% of job-related skills expected to change, compared to 39% globally.

Talent availability is expected to remain stable, with only 26% of employers predicting a decline. However, two-thirds of employers expect skills gaps in the labor market to be a major barrier to business transformation.

ADIB Capital launches European logistics-focused Sharia-compliant fund

INVESTMENT-

ADIB Capital launches European logistics-focused fund: Abu Dhabi Islamic Bank’s (ADIB) asset management arm ADIB Capital launched a new Sharia-compliant investment vehicle for logistics assets across Germany and Western Europe, according to a press release. The ADIB European Logistics Fund I will focus on ESG-compliant logistics infrastructure, including warehouses. The size of the fund was not disclosed.

INFRASTRUCTURE-

The UAE has some AED 421 mn worth of water-saving projects underway across the country, including the construction of 20 new water facilities and expansions of three existing dams in 12 areas, Khaleej Times reports, citing details disclosed during the latest Federal National Council’s (FNC) session. The projects mark the first phase of an initiative to develop water-saving infrastructure, focusing on the eastern and northern coastal regions, after unprecedented rains in April last year.

How it’s going: Three specialized consultants were appointed to study the basins along the northern and eastern coasts to assess hydrological conditions, FNC member Naema Al Sharhan said. The study aims to develop innovative solutions to mitigate flood damage — including sustainable water facilities such as dams, water barriers, canals, and lakes.

STARTUPS-

#1- Mintiply Capital + Fuel Venture Capital team up to back early-stage startups in the UAE: Homegrown advisory firm Mintiply Capital partnered with US-based Fuel Venture Capital to launch a special purpose vehicle (SPV) targeting early-stage startups in the GCC region, with a focus on the UAE, according to a press relea se.

#2- Farm To Plate expands into Eswatini: Dubai-based agri-tech firm Farm To Plate partnered with the Royal Science and Technology Park in Eswatini to modernize the Southern African country’s agri-food sector with advanced supply chain tools, marking its first venture into Eswatini, according to a statement from the Dubai International Chamber.

MARITIME-

Dubai saw its first liquified natural gas (LNG) bunkering operation, which was carried out by the Dubai Ports Authority, for a cruise ship at Dubai Harbor, according to the Dubai Media Office. The emirate is currently developing a fuel bunkering regulation for port operators and LNG suppliers, and aims to expand alternative fuel bunkering services across the emirate, the authority’s CEO Ibrahim Al Blooshi said.

TRANSPORT-

China’s Keeta Drones and the UAE’s Civil Aviation Authority are working together to assess drone operation zones for delivery services, including infrastructure, airspace, and safety requirements, according to a statement. The authority will support Keeta Drones by coordinating with government entities to speed up the establishment of new drone flight paths.

REMEMBER- Keeta Drones helped launch the Middle East’s first drone delivery system at Dubai Silicon Oasis last month, along with the Civil Aviation Authority, Dubai Integrated Economic Zones Authority, and Dubai Future Foundation.

E-COMMERCE-

Users of MEA-focused commerce automation platform Apaya will now be able to access Telr’s payment solutions following its integration into Apaya’s no-code platform, according to a statement from Apaya. The move will allow merchants to use Telr’s anti-fraud tools, in addition to intelligent routing and next-day settlement.

LOGISTICS-

Aramex adds electric trucks to its fleet: Aramex deployed the first commercial electric trucks in the UAE in partnership with Admiral Mobility, adding a fleet of eight-ton Farizon electric trucks, according to a press release. Aramex previously added e-bikes and electric vans to its last-mile delivery fleet in the UAE in a bid to make 98% of its fleet EVs by 2030.

CLIMATE FINANCE-

UAE to back climate efforts in Brazil: The UAE pledged USD 40 mn to support environmental programs in Brazil, through the Erth Zayed Philanthropies, state news agency Wam reports. The funding will target projects aimed at boosting sustainable livelihoods for indigenous communities in the Amazon and addressing plastic pollution. Contributions come from key UAE entities, including the Zayed Bin Sultan Al Nahyan Charitable Foundation, Khalifa Bin Zayed Al Nahyan Foundation, Mohamed bin Zayed Species Conservation Fund, and Clean Rivers.

Background: President Sheikh Mohammed bin Zayed Al Nahyan launched the Erth Zayed Philanthropies in October to support humanitarian and philanthropic efforts that support livelihoods, sustainable development, and social and environmental improvements.

“Inflation-proofed” TRY boosts Turkey’s position as a go-to for carry traders

The Turkish central bank’s “real appreciation” policy for the TRY is propping up the currency and making it an even more attractive carry trade darling, Bloomberg reports. The strategy sees the central bank ensuring the currency’s depreciation is at a lower rate than inflation to maintain purchasing power. Despite the TRY shedding 16% compared to the USD in nominal terms in 2024, it posted its largest gains since 2007 in terms of the real appreciation measure.

That’s great news for carry traders, who stand to gain from an appreciating TRY while raking in massive gains from TRY-denominated bonds that carry 50% yields or higher, the business information service explained. Turkish monetary authorities indicate in a 2025 policy report (pdf) that the inflation-proofing practice is set to continue, meaning that TRY-denominated securities will continue to reel in investors with promises of high returns.

Turkey was the world’s best-paying carry trade destination for much of last year. Investors engaging in the USD-TRY carry trade earned 15% returns over the past six months, or “nearly double” gains associated with Argentina’s ARS, the second-best alternative to the TRY, according to Bloomberg data. The currency-stabilizing policies have made the country’s carry trade more appealing by cutting risks associated with shock devaluations, Bloomberg says.

The downside risk: Higher demand for imports could come about as an unintended result of Turkey’s real appreciation policy for the TRY, weakening the country’s trade position, Bloomberg’s Turkey economist Selva Bahar Baziki said, adding that the dynamic could put pressure on policymakers. Despite there not being any indication that the scenario is playing out, investors nonetheless need to be wary that the TRY-denominated carry trade is “already quite over-crowded,” portfolio manager at William Blair Investment Management in London Daniel Wood cautioned.

MARKETS THIS MORNING-

Asian markets are once again in the red in early morning trading, weighed down by US Federal Reserve minutes that indicate officials are concerned about an incoming jump in inflation on the back of president-elect Donald Trump’s planned trade policies. Japan’s Nikkei and the Shanghai Index are down, while South Korea’s Kospi is just a hair in the green so far.

Over on Wall Street, futures suggest that all three major indexes will be under selling pressure once trading begins this morning, despite the S&P 500 and Dow Jones closing up yesterday.

ADX	9466	+0.3% (YTD: +0.5%)
DFM	5209	-0.1% (YTD: +1.0%)
Nasdaq Dubai UAE20	4263	+0.4% (YTD: +2.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.5% 1 yr
TASI	12,089	-0.2% (YTD: +1.4%)
EGX30	29,786	-0.5% (YTD: +0.2%)
S&P 500	5918	+0.2% (YTD: +0.6%)
FTSE 100	8251	+0.1% (YTD: +1.0%)
Euro Stoxx 50	4996	-0.3% (YTD: +2.1%)
Brent crude	USD 76.16	-1.2%
Natural gas (Nymex)	USD 3.67	+0.6%
Gold	USD 2,679.70	+0.6%
BTC	USD 94,668.60	-2.0% (YTD: +1.0%)

THE CLOSING BELL-

The DFM fell 0.1% yesterday on turnover of AED 679.5 mn. The index is up 1.0% YTD.

In the green: National International Holding Company (+9.5%), Union Properties (+3.9%) and Chimera S&P UAE Shariah ETF- Share class B – Income (+3.8%).

In the red: Dubai National Ins. & Reins. (-6.0%), Al Mal Capital REIT (-4.4%) and SHUAA Capital (-3.6%).

Over on the ADX, the index rose 0.3% on turnover of AED 1.4 bn. Meanwhile, Nasdaq Dubai rose 0.4%.

UAE, Israel FMs discuss potential ceasefire in Gaza

UAE, Israel FMs discuss potential ceasefire in Gaza: Foreign Affairs Minister Sheikh Abdullah bin Zayed met with Israeli counterpart Gideon Saar in Abu Dhabi to discuss the humanitarian crisis in Gaza and ongoing regional and international efforts to secure a lasting ceasefire, state news agency Wam reports. The two FMs also discussed bilateral ties between the countries.

Al Nahyan expressed his support for the ongoing Israel-Hamas ceasefire talks taking place in Doha and mediated by Egypt and the US. The two sides were still at odds earlier this week, though the US’ new Middle East envoy Steve Witkoff said he is hopeful for an agreement ahead of US president-elect Donald Trump’s 20 January inauguration.

The UAE strongly condemned the publication of alleged “historic Israel” maps by Israeli government-affiliated accounts, which include parts of the Occupied Palestinian Territory, Jordan, Lebanon, and Syria, according to a ministry statement. The Foreign Affairs Ministry described the move as a violation of international law and a provocation that threatens regional peace efforts.

OTHER DIPLOMACY NEWS-

UAE + Argentina talk trade and investment: Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan discussed ramping up cooperation in the economy, trade, and investment sectors with his Argentinian counterpart Gerardo Werthein during a phone call yesterday. (Wam)
The Foreign Minister also met Afghanistan’s Acting Foreign Minister Mawlawi Amir Khan Muttaqi yesterday to talk bilateral ties and cooperation, focusing on economic and developmental support for Afghanistan’s reconstruction. (Wam)

CALENDAR

JANUARY

7-9 January (Tuesday-Thursday): The Arab Plast International Trade Fair for Plastics, Recycling, Petrochemicals, Packaging and Rubber Industry, Dubai International Convention and Exhibition Center, Dubai.

7-9 January (Tuesday-Thursday): Dubai International Pharma & Technologies Conference and Exhibition, Dubai World Trade Center.

9-13 January (Thursday-Monday): International Renewable Energy Agency Youth Forum, Abu Dhabi.

11-13 January (Saturday-Monday): International Renewable Energy Agency Assembly, Abu Dhabi.

11-13 January (Saturday-Monday): The 1 Bn Followers Summit, Dubai.

13 January (Monday): Global Climate Finance Annual Meeting, Abu Dhabi.

13-16 January (Monday-Thursday): SteelFab, Expo Center, Sharjah.

14 January (Tuesday): ADSW Opening Ceremony, Abu Dhabi National Exhibition Centre (ADNEC).

14-15 January (Tuesday-Wednesday): ADSW Summit, Abu Dhabi National Exhibition Centre (ADNEC).

14-16 January (Tuesday-Thursday): Security Leader’s Summit 2025, Dubai World Trade Center

14-16 January (Tuesday-Thursday): World Future Energy Summit, Abu Dhabi National Exhibition Centre (ADNEC).

14-16 January (Tuesday-Thursday): Youth 4 Sustainability (Y4S) Forum and Hub, Abu Dhabi.

15 January (Wednesday): Women in Sustainability, Environment and Renewable Energy (WiSER) Forum, Abu Dhabi.

15-16 January (Wednesday-Thursday): iFX Expo, Dubai World Trade Center.

16 January (Thursday): Green Hydrogen Summit, Abu Dhabi.

16 January (Thursday): Zayed Sustainability Prize Forum & Investor Connect, Abu Dhabi.

13-16 January (Monday-Thursday): The Dubai International Project Management Forum, Madinat Jumeirah.

14-16 January (Tuesday-Thursday): World Energy Summit, Abu Dhabi.

14-16 January (Tuesday-Thursday): The EcoWaste Exhibition and Forum, Abu Dhabi National Exhibition Center, Abu Dhabi.

14-16 January (Tuesday- Thursday): The Light + Intelligent Building Middle East exhibition, Dubai.

14-16 January (Tuesday- Thursday): Intersec, Dubai World Trade Center, Dubai.

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 January (Tuesday): The Global Government Cloud Forum, the Museum of the Future, Dubai.

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

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

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

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.

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.

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.

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.

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

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