Good morning, wonderful people. We’re nearing the end of a slow first week of the year, though some movement has taken place on the debt front as global bond issuance surges at the start of the year. Plus: Adnoc is making progress in Ghasha.
Emirates NBD took a USD 1 bn blue and green bond to market, making it the first public blue bond issuance in the Gulf. The two bonds were more than twice oversubscribed.
Also, Adnoc has reached final investment decision on the Sarb deep gas development project in Ghasha, paving the way for execution on one of the sour gas reserves in the concession.
PLUS- As we kick off 2026, we look at the macro outlook for the UAE against the backdrop of geopolitical tensions and momentum in the non-oil sector.
WEATHER- Dubai will see a high of 25°C today, with an overnight low of 19°C, while Abu Dhabi will see a high of 25°C and a low of 18°C, according to the National Center of Meteorology.
Watch this space
CRYPTO — The UAE’s stablecoin stack is getting crowded: Rakbank has received in-principle approval from the Central Bank of the UAE (CBUAE) to launch an AED-backed stablecoin, according to a press release, marking another step toward regulated, bank-issued digital money entering the mainstream.
What we know: The token will be fully backed 1:1 by AED reserves, held in segregated accounts, and issued under the CBUAE’s payment-token framework, with final launch contingent on regulatory and operational sign-off.
ICYMI- Stablecoins are accelerating in the UAE:
- AE Coin, the UAE’s first CBUAE-licensed stablecoin, is edging toward real-world use, with early adoption by Network International, 7X, Air Arabia, the Abu Dhabi Judicial Department, and Tawasul Taxis ;
- Zand has secured approval for Zand AED, the UAE’s first multi-chain, AED-backed public stablecoin;
- IHC, ADQ, and First Abu Dhabi Bank are developing a regulated AED token of their own.
What to watch: Whether one AED-backed stablecoin emerges as the default, and whether merchant pilots translate into real-world use. We’ll be tracking signs of consumer demand as issuers multiply.
REGULATION — The Cabinet is working with local authorities to finalize five sets of executive regulations that provide guardrails for recent amendments to the Commercial Companies Law, while the Securities and Commodities Authority is working on four of its own, Economy and Tourism Ministry Undersecretary Abdullah Al Saleh told CNBC Arabia (watch, runtime: 5:24). The amendments, which are the biggest overhaul to the law in years, introduce delocalization, share class flexibility, drag/tag provisions, and clearer treatment of freezone companies — effectively bringing the mainland framework closer to common law practice.
The amendments should help increase the number of new companies registering in the UAE annually by 10-15%, Al Saleh said. The goal is to bring the number of companies registered in the UAE to 2 mn by 2031.
GO DEEPER- We spoke with Hani Naja, partner at Baker McKenzie, to discuss what the amendments mean for businesses on the ground, how it will impact freezones, if at all, and what to look out for during the implementation period.
HEALTHCARE — The saltshaker crackdown: The Health and Prevention Ministry is drafting rules to cap salt levels in bread, bakery items, and packaged foods, after national survey data showed 96% of residents exceed recommended sodium intake, Assistant Undersecretary Hussain Al Rand told Gulf News. The push plugs into a national nutrition strategy targeting a 30% cut in average salt intake by 2030.
This isn’t a nudge or a tax. Authorities are planning a mandatory reformulation program, setting maximum salt thresholds by food category. This means, unlike sugary drinks, which moved to a tiered sugar tax from 1 January 2026, salt will be tackled through product-specific maximum thresholds, not levies or consumer willpower.
What to watch: The ministry is looking at which of fast food, baked products, and packaged staples is the biggest culprit for salt overconsumption and will prioritize them accordingly. Enforcement dates and penalties are still TBD, pending further analysis and consultations. The next signal will be whether the caps land as phased targets or hard limits backed by inspections and fines.
INVESTMENT — MGX continues to invest in the promise of AI startups: Abu Dhabi AI investor MGX took part in Elon Musk’s xAI’s USD 20 bn series E funding round, alongside Qatar Investment Authority, Nvidia, Cisco, and others, according to a press release. The financing will be used to accelerate infrastructure expansion, support the global rollout of AI products, and fund research.
REMEMBER- MGX joined OpenAI’s latest round and participated in Databricks’ USD 1 bn Series K raise. It was also reported to be eyeing stakes in AI firms Anthropic and Mistral last year.
PSA
The Emirates Drug Establishment is already getting busy just a few days after taking on some responsibilities from the Health and Prevention Ministry, recalling some Nestle formula products due to risks found in one of their ingredients, state news agency Wam reports. The recall is “precautionary,” according to Wam, and has not resulted from any illnesses or adverse events. The recalled products are NAN Comfort 1; NAN Optiro 1; NAN Supreme Pro 1; 2, and 3; S-26 Ultima 1, 2, and 3; and Alfamino.
While this isn’t the first time the EDE has recalled a product, this marks only the second such move in three months, and is also its first high-profile, coordinated international enforcement, alongside Europe and Qatar.
Data point
15% — that’s how much contract awards fell in the UAE in 2025, dropping to USD 87.7 bn, according to initial full-year data from the Meed Projects database. Dubai’s real estate sector and hydrocarbon investment in Abu Dhabi helped the Emirates avoid a larger drop like the 50% collapse to USD 84.5 bn seen in Saudi Arabia.
The wider take: Saudi Arabia’s downturn, mainly due to delays in its gigaprojects program and less spending on powder and hydrocarbons, was the primary driver of a wider fall in GCC contracts, which were down by about a third last year. Qatar saw a 4% yearly uptick, while Kuwait saw a 16% rise.
HOWEVER- Contract values in 2025 were still the third-highest annual figure on record, and the region’s overall project pipeline of unawarded work grew to a record of USD 3.2 tn.
The big story abroad
It’s another mixed morning in the global business press, with attention split towards the US’ control of Venezuelan oil, a global bond spree to kick off the new year, and a fresh funding round for Anthropic.
New details have emerged clarifying the logistics of the US’ effective takeover of Venezuelan oil, with Venezuela’s state oil company PDVSA saying it’s in talks with Washington “to sell volumes of crude oil” to the US […] under schemes similar to those currently in place with international companies, such as Chevron, and is based on a strictly commercial transaction, within the criteria of legality, transparency and benefit for both parties,” PDVSA said in a statement.
Meanwhile, Energy Secretary Chris Wright said the US would control the proceeds from oil sales “indefinitely,” and that it could “flow back into Venezuela to benefit the Venezuelan people.” The US has already started marketing Venezuelan oil, and is preparing to roll back sanctions to allow the sales, Bloomberg reports. The Financial Times has more.
Outside of Trump Land, global bond sales had their busiest start to a year this week, with some USD 245 bn raised by corporates across the US, Europe, and Asia, Bloomberg reports.
And in other capital raising news, Anthropic is reportedly eyeing a USD 10 bn funding round, valuing it at USD 350 bn, up from USD 183 bn earlier, from the likes of GIC, Singapore’s sovereign wealth fund, Coatue Management, Microsoft and Nvidia. (Bloomberg)
CLOSER TO HOME- Saudi Arabia expelled the leader of Yemen’s Southern Transitional Council from the internationally recognized government after he failed to show up to talks planned in Riyadh that aimed to find a resolution to the escalation in the country’s south, the Washington Post reports. The STC, which sent most of its officials as part of a delegation to the talks, had criticized the lack of transparency around the location of the delegation, which seemed to fall out of contact shortly after arriving in Riyadh. This comes after Yemen’s Saudi-backed government took control of most of the key parts of southern Yemen, after the STC — which has in the past been backed by the UAE — had earlier seized the areas.
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OIL WATCH-
The UAE, Kazakhstan, Iraq, and Oman have all submitted up-to-date compensation plans to Opec to make up for previous overproduction, according to a statement from the group. The UAE’s compensation share has been revised upward from its November commitment; with some 270k barrels per day set to be rolled back from production between this past October and June, up from 223k bbl / d previously. Kazakhstan is seeing the biggest uptick in production cutbacks, rising to 669k bbl / d from 656k bbl / d.
Together, the cuts by the four countries will triple output reduction from December to about 829k bbl /d in cuts, up from 267k bbl / d in December.
REMEMBER- Opec recently opted to leave oil output quotas where they were for 1Q 2026, sticking to their November decision to pause output hikes during the quarter. The decision came against a backdrop of geopolitical tensions, including between the UAE and Saudi Arabia in Yemen, pressure on Russian exports due to US sanctions, and the US’ recent kidnapping and detention of Venezuelan President Nicolás Maduro.
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