FDI came in at USD 46 bn last year

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Americana eyes Five Guys, Cinnabon operator + More details about Ras Al Khaimah airport’s new terminal

Good morning, friends, and happy FRIDAY. We have a brisk issue for you this morning, with big stories including FDI inflows coming in at USD 46 bn last year, and Sharjah’s Beeah tapping the emirate’s real estate market with a new AED 5 bn development. Plus: Taaleem continues its expansion drive with a new acquisition.

WEATHER- It’s another scorcher today. Dubai will see afternoon highs of 41°C but will feel like 55 °C, while overnight lows will dip to 31°C. Abu Dhabi remains slightly cooler, with afternoon temperatures peaking at 34°C and nighttime lows of 31°C.

WATCH THIS SPACE-

#1- Americana in early talks to buy Five Guys operator Cravia: ADX and Tadawul-listed F&B giant Americana Restaurants is reportedly in early talks with Dubai private equity firm Fajr Capital to acquire Cravia, the Middle East operator of Five Guys, Cinnabon, and Zaatar w Zeit, Bloomberg reports, citing people it says are familiar with the matter. Cravia, which is based in Dubai, runs 78 outlets and employs more than 2k staff across the region. No timeline for the potential buyout has been confirmed.

For reference: The move would expand cash-strapped Americana’s already deep roster of global franchises — which includes KFC, Pizza Hut, and Krispy Kreme — and mark its first major M&A play since a wave of brand boycotts, job cuts, and restructuring cost its stock some 60% in value over the last two years. Americana is backed by Saudi’s Public Investment Fund.

#2- Oryx Global consortium withdraws from Irish mining acquisition: A consortium made up of Abu Dhabi-based energy-focused private equity firm Oryx Global Partners and Michael Carvill, the founder and former managing director of Kenmare Resources, has withdrawn its takeover offer for Ireland-based mining firm Kenmare Resources, according to two statements (here and here). A failure to align on the company's valuation after completing the due diligence process was cited as the reason behind the withdrawal, which can be reversed in the next six months.

Background: The consortium made an initial proposal in March to acquire 100% of Kenmare Resources for GPB 5.3 per ordinary share. Kenmare’s board rejected the initial offer on the basis that it undervalued the firm. Kenmare Resources is dual-listed on the London Stock Exchange and Euronext Dubai, and is the world’s fourth largest producer of titanium feedstocks, responsible for 8% of global supply. It also owns the Moma titanium minerals mine in Mozambique.

#3- GulfNav readies convertible bond issuance to fund Brooge acquisition: DFM-listed Gulf Navigation (GulfNav) is kicking off the subscription period for its mandatory convertible bond issuance this month as it pushes ahead with its AED 3.2 bn acquisition of Nasdaq-listed Brooge Energy’s oil storage businesses, according to a shareholders’ circular (pdf) filed to the Dubai bourse.

The details: Some 454.5 mn convertible bonds will be offered exclusively to GulfNav’s minority shareholders at AED 1.10 apiece from Monday, 30 June to Tuesday, 15 July. Majority shareholders will only have two days (14 and 15 July) to subscribe to the rump offering. Final allocations will take place on Tuesday, 22 July, with the debt due to convert into equity at a 1:1 ratio on or before Wednesday, 29 October, with a one-year lockup period.

Priming the cap table for a Brooge majority: The move hikes GulfNav’s capital base in preparation for the dilution that will come when Brooge is folded in. The transaction is part of a broader cash-and-shares swap that will eventually give Brooge shareholders a 63% stake in GulfNav. Net proceeds from the sale (92%) will go toward financing the cash-portion of the transaction, with the remainder earmarked for general corporate purposes.

ADVISORS- Gulf Navigation appointed Trussbridge Advisory (DIFC) as its exclusive financial advisor, and Pinsent Masons as its lead counsel. Ibrahim & Partners Law Firm provided legal advice on the transaction structuring and related regulatory aspects.

#4- Ras Al Khaimah (RAK) International Airport is building a new 30k sqm passenger terminal, scheduled for completion in 2028, RAK Civil Aviation Department Chairman Salem Al Qasimi told Khaleej Times. The move comes as part of bigger expansion plans that aim to allow the airport to serve 3 mn passengers in the coming years, as demand rises for travel to the emirate amid the development of new resorts and hotels, Al Qasimi said. The airport recorded a 28% y-o-y hike in arrivals to 661k passengers in 2024.

This isn’t the first we’ve heard of the terminal: RAK International Airport was said to be finalizing plans for a new passenger terminal in collaboration with a consulting firm earlier in March. An international tender was also launched for the construction of a private aviation terminal. The private terminal will include dedicated hangards and aircraft parking bays, Al Qasimi said. The terminal will operate separately from the main terminal building, he added.

ALSO- An undisclosed air cargo company is also setting up shop at the airport, carrying out over 100 shipment flights in livestock and pharma goods, while an aircraft Maintenance, Repair, and Overhaul (MRO) facility is also being set up at the airport, Al Qasimi noted, without providing further details.

#5- DFSA opens consultation on climate transition planning principles: The Dubai Financial Services Authority (DFSA) and other members of the UAE Sustainable Finance Working Group have launched a public consultation on draft principles for climate transition planning, according to a statement. The framework is meant to help financial institutions develop forward-looking climate strategies. Feedback is open until 16 July 2025.

The draft covers eight areas, including setting transition objectives, integrating them into risk management and governance strategy, establishing metrics and targets, reporting, customer engagement, and regular plan reviews. The principles are designed to apply proportionately across financial institutions, especially those already managing climate risks or developing transition plans.

Sahel – what was once Egypt's summer escape has become an economic hub, social ecosystem, and regional travel hotspot. And we’re going to help you decode its rapid evolution with EnterpriseAM Destination Sahel.

In this special four-part summer series we’re taking the insights you’ve come to expect of us seaside. Think everything from Ras El Hekma's impact and investment opportunities to exclusive interviews with key players. And it wouldn’t be Sahel season without a sprinkling of what’s shaking up socially.

Subscribe to our Egypt edition to get the scoop delivered to your inbox, Tuesday 24, June.

See you, Sahel-side.

DATA POINT-

Google estimates it contributed 1% of UAE’s GDP in 2024, or AED 21.8 bn, through its tools, including Search, Ads, Play, YouTube, and Maps, according to Google’s Economic Impact Report.

On the AI front, 78% of Emirati adults use artificial intelligence tools, the report said, citing research from Public First. Roughly a third use them “regularly,” double the rate in the US, and 91% of firms in the Emirates use AI tools in their operations. Generative AI could add AED 298 bn to the economy, the report said.

HAPPENING NEXT WEEK-

#1- EVCharge Live Middle East arrives at the Dubai World Trade Center on Tuesday and Wednesday, spotlighting EV charging infrastructure. Event highlights include a conference with over 150 speakers, an EV and charging exhibition, and networking meetings.

#2- Solar & Storage Live is also happening on Tuesday and Wednesday at the Dubai World Trade Center. The solar energy and battery storage exhibition will see over 10k attendees meet for talks and exhibitions on technology focused on the green transition.

#3- Mobility Live Middle East returns to Dubai on Tuesday and Wednesday at the Dubai World Trade Center, spotlighting future transport. The trade event will bring together regional mobility leaders for keynotes, panel sessions, and an expo featuring autonomous tech, smart cities, and public transport.

#4- Middle East Rail will run in parallel on Tuesday and Wednesday at Dubai World Trade Center, bringing together transport ministries, rail operators, and tech firms for discussions and exhibitions on high-speed networks, digitalisation, and transit infrastructure.

THE BIG STORY ABROAD-

As the escalation of violence between Israel and Iran crosses the one-week mark, the repercussions of the conflict and speculation over the US’ potential involvement are still dominating global headlines.

#1- US President Donald Trump said he will decide whether the US will strike Iran “within two weeks,” as he waits to see how potential negotiations with Iran could go, despite US military assets already making their way to the region.

#2- Iran struck an Israeli hospital yesterday, as Israel fired missiles on military sites and an inactive nuclear reactor in Arak. The Israeli military also said it had struck a site in Bushehr on the Gulf coast, where Iran's only nuclear power station is located, but later admitted the announcement was an error. (Reuters | Bloomberg | Wall Street journal | AP)

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OIL WATCH-

Geopolitical risks are creeping back into the LNG equation — and the UAE’s rising LNG export ambitions may not be immune, Bloomberg reports. The escalating conflict between Israel and Iran could threaten LNG flows through the Strait of Hormuz, and prompt buyers in Asia, the fastest growing market for LNG imports, to consider sourcing supplies from elsewhere.

By the numbers: Roughly a third of all LNG exports to Asia go through the Strait.

REMEMBER- State-owned energy giant Adnoc is boosting its LNG capabilities both at home and abroad, with a plan to establish a top-five integrated global gas and LNG business, setting a target of 20-25 mn tons per annum (mtpa) in capacity by 2035, having already secured an enterprise value of over USD 80 bn in its first six months. Adnoc has already secured tens of long-term LNG supply contracts with Asian buyers for its production out of Al Ruwais and other LNG facilities.

UAE drew USD 46 bn in FDI in 2024, cracking top 10

The UAE attracted USD 46 bn in foreign direct investment (FDI) in 2024, up 49.8% y-o-y from USD 30.7 bn, according to UN Trade and Development’s 2025 World Investment Report (pdf). This puts the Emirates at 10th place worldwide for foreign direct investment inflows, and makes it the second largest FDI recipient in the developing world classification, trailing only Singapore. The uptick for the UAE comes amid a general downturn among developing economies.

Some 37% of all FDI inflows to the region headed to the Emirates, Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum said in a post on X, citing the report. More is set to follow, with the UAE ranking second globally for the number of greenfield project announcements, with 1.4k new projects, behind the US.

Sector-wise, the Emirates’ startups sector attracted a significant volume of inflows, while its construction sector took the top spot for capital inflows at USD 49 bn worth of announced agreements.

On the other side of the ledger, the UAE is spending big abroad. Emirati investors deployed USD 23 bn in outbound FDI in 2024, a 5% y-o-y rise, driven by a 46% y-o-y uptick in cross-border acquisitions. This also puts the UAE in the top 20 global sources of FDI, with Africa identified as a key destination for Emirati FDI deployment as inflows from M&A activity to Asia dipped slightly on the back of divestment or asset sales.

The usual names leading the charge for outflows: State-backed giants like Masdar, Mubadala, Al Nowais Investments, and DP World were all noted as deploying significant funds abroad. Emirati projects that got a mention included International Resources Holding’s acquisition of a USD 1.1 bn stake in Zambia’s Mopani Copper Mines and Dubai World’s USD 1.2 bn commitment to port and logistics development in Senegal.

REMEMBER- The UAE has big FDI ambitions: The country aims to double its cumulative FDI to AED 1.3 tn over the next six years, and triple the cumulative FDI balance to AED 2.2 tn. The goal is to reach annual FDI flows of AED 240 bn. This will see the share of FDI in total investments increase to above 30%, while FDI will contribute 8% of total GDP.

Beeah makes real estate debut with AED 5 bn project in Sharjah

State-backed sustainability firm Beeah Group has launched a AED 5 bn (c. USD 1.4 bn) mixed-use housing development in Sharjah, marking its first foray into real estate, CEO Khaled Al Huraimel told Bloomberg. The 1.5 sq km project — named Khalid bin Sultan City, after the late Sheikh Khalid bin Sultan Al Qasimi — will be funded through a mix of equity and off-plan sales, the business news information service reports.

We knew this was coming: Beeah flagged its real estate expansion earlier this month, hinting at an imminent flagship venture. The company has been expanding into urban infrastructure with projects including the upcoming Sharjah Creative Quarter and the Jawaher Boston Medical District in Sharjah.

The details: The development will include around 1.5k freehold residential units, commercial spaces, healthcare clinics, sports facilities, and cultural and retail zones, state news agency Wam reports. Much of the housing stock will focus on single-family homes, amid rising demand for high-quality housing among end users. The master plan — designed by Zaha Hadid Architects — places seven residential neighborhoods around central plazas and a two-km green spine.

Timeline + pricing? Sales will begin soon, with pricing still undisclosed but expected to be “competitive [...] even for Sharjah,” Al Huraimel said. Buyers are expected to come primarily from the Gulf and the Indian subcontinent.

REMEMBER- Real estate transactions in Sharjah jumped 30% y-o-y in 1Q 2025, as the emirate cements its appeal as a more affordable alternative to Dubai. Homes in Dubai are now 40-50% more expensive on average, with prices there rising nearly 70% over the past four years, including a 25.9% y-o-y spike in 1Q 2025. Sharjah has opened up select zones to foreign ownership and introduced rent caps to keep housing accessible.

The story also got ink in Bloomberg.

Taaleem Holdings to acquire 95% stake in Kids First

Taaleem Holdings signs agreement to acquire a controlling stake in Kids First: DFM-listed education provider Taaleem Holdings signed a sale and purchase (SPA) agreement to acquire 95% of GCC early education provider Kids First Group, according to a bourse disclosure (pdf). The transaction is expected to be completed in 4Q of FY 2024/2025, pending regulatory approvals, and will be financed through a mix of debt and equity.

Post-acquisition, Kids First will operate as a standalone unit within Taaleem's business. The company's founder and CEO Kamil Najjar (LinkedIn) will hold the remaining 5% stake, while maintaining his role as CEO.

Impact on Taaleem's business: This acquisition is set to benefit Taaleem’s cashflow and earnings profile immediately, the statement read, and also aligns with its aims to expand into the early education sector to bolster its current K-12 portfolio.

About Kids First: Established in 2011, Kids First is owned by French firm People & Baby and operates in Dubai, Abu Dhabi, and Doha through a network of 34 nurseries, serving more than 5k students.

ADVISORS- Taaleem Holdings appointed Deloitte as its financial advisor and Freshfields Bruckhaus Deringer as legal advisor. People & Baby Group tapped Centerview Partners for financial advisory and Linklaters for legal, according to another statement picked up by Zawya.

The latest in an expansion drive: Taaleem Holdings plans to open two Harrow International Schools in Dubai in 2026. Elsewhere, it inked a separate agreement to acquire land and property assets in Emirates Hills in Dubai to develop a new campus for its Dubai British School - Emirates Hills. The firm plans to invest AED 750 mn to build four schools in Abu Dhabi and Dubai over the next three years.

Market reax: Taaleem's shares rose 5.56% to close at AED 3.8 yesterday.

Emirates NBD + DIB back Turkey’s A101 with USD 175 mn loan

Emirates NBD + DIB back Turkey’s A101: DFM-listed Emirates NBD and Dubai Islamic Bank (DIB) inked a USD 175 mn Murabaha financing agreement with Turkish low-cost retail giant A101, according to a joint statement. The move will see the Dubai lenders extend a five-year Islamic loan to A101 to support its expansion drive in Turkey, including the rollout of new stores, warehousing facilities, and logistics hubs.

The split: Emirates NBD, the transaction’s lead arranger and bookrunner, deployed USD 100 mn, while DIB — which structured and executed the facility — chipped in with the remaining USD 75 mn.

About A101: The supermarket chain, one of Turkey’s biggest budget retail operators, runs over 13.2k stores with 70k employees across the country. A101 is backed by Aydın Group, an Istanbul-based construction conglomerate.

Why it matters: The move reflects both banks’ growing appetite for exposure to consumer-facing sectors in high-growth frontier markets, supporting their long-term expansion plans in Turkey, the release read.

ICYMI- Last year, Emirates NBD Capital, the investment banking arm of Emirates NBD, acted as sustainability coordinator and agent on a EUR 176 mn sustainability-linked loan renewal for ING Bank’s Turkish unit.

Cross-border payments firm SaturnX raises USD 3 mn

Emirati cross-border payment infrastructure provider SaturnX closed a USD 3 mn seed funding round, according to a press release. Global investment firm White Star Capital led the round, which also saw participation from institutional investors. The company offers API-based stablecoin payment solutions for financial institutions and B2B fund transmitters.

Where will the funds go? The new funding will support expansion into Southeast Asian markets including the Philippines, Bangladesh, Indonesia, and Pakistan. The capital will also boost regulatory infrastructure and platform development as it looks to capitalize on the USD 600 bn global remittance market, the statement read.

More on SaturnX: Founded by Mirnas Brescic (LinkedIn), SaturnX operates liquidity pools for stablecoin transfers and provides real-time FX pricing aggregation. The company has processed USD 250 mn in transaction volume while maintaining profitability. It currently facilitates payments between the Gulf region and South Asia.

33 UAE-based firms make it to Forbes’ top 100 public firms list

UAE leads Forbes Middle East Top 100 with 33 companies: Some 33 UAE companies made it to Forbes Middle East's 2025 ranking of the region's top 100 public firms — the most from the region. Three UAE companies ranked in the top 10: International Holding Company (2nd), trailing behind Saudi Aramco in the first position; Emirates NBD (6th); and First Abu Dhabi Bank (7th). New entrants to the list include Lulu Retail Holdings, Agility Global, and NMDC Energy.

The criteria? The list evaluated companies based on equal weighting of 2024 sales, assets, net income, and market value as of April 2025.

Khalifa University of Science and Technology climbed 25 places in QS’s World University Rankings 2026 to 177th, state news agency Wam reports. It also ranked 11th in for the International Faculty category, and leads UAE institutions in the Citations per Faculty and Faculty Student Ratio categories.

New appointments at Barclays and Emirates Investment Bank

Barclays appointed Farzad Billimoria (LinkedIn) as head of its private bank in the UAE, according to a press release. Billimoria will be based in Dubai and report to Annabelle Bryde, Barclays’ head of private bank international. Prior to Barclays, Billimoria served as the senior executive officer and head of private bank for the UAE at HSBC.

Emirates Investment Bank names new independent director: Emirates Investment Bank's shareholders have elected Christophe de Backer (LinkedIn) as a non-executive, independent director of the bank, according to a bourse disclosure (pdf). De Backer is a managing partner at French financing advisory firm Transactions & Compagnie and his previous roles include CEO of HSBC France.

CBUAE and China’s CIPS partner on cross-border payments

BANKING-

CBUAE + Chinese payment operator ink co-op agreement: The Central Bank of the UAE (CBUAE) signed an MoU with China’s Cross-Border Interbank Payment System (CIPS) operator to enhance payment infrastructure collaboration and boost cross-border transaction efficiency and security between the two countries, according to a statement (pdf). The two will also cooperate on risk, compliance, and operational resilience.

ADVERTISING-

Wildstone taps MMG to operate London advertising assets: Multiply Media Group (MMG) entered a long-term partnership with advertising assets firm Wildstone to manage premium digital out-of-home (DOOH) UK assets, according to a press release. The agreement grants MMG exclusive rights to operate a portfolio of advertising panels in London, marking its expansion into the UK. Wildstone's total portfolio includes 5.4k advertising panels in central London

The details: The first operational asset under this partnership is Wandsworth Roundabout, featuring four digital screens in a high-traffic area in London’s city center. MMG subsidiary BackLite Media will commercialize and operate the sites.

In context: MMG launched earlier this month as a unit consolidating Abu Dhabi-based investment firm Multipy Group’s three out-of-home portfolio companies — BackLite Media, Viola Media, and Media 247.

BUSINESS-

UK’s Axia Media opens Dubai office: UK-based financial and business services firm Axia Media Group established a new office in Dubai's financial district, according to a press release. The Dubai office will be led by Cain Kirby (LinkedIn) and will provide corporate tax planning, VAT advisory, business process optimization, and risk assessment services. It will support businesses and individuals with operations across multiple jurisdictions.

REAL ESTATE-

Peak Summit launches final AED 300 mn Orchard Place phase: Dubai-based Peak Summit Real Estate Development has launched Solena, the third and final phase of The Orchard Place residential project in Dubai’s Jumeirah Village Circle, according to a press release. The latest phase will see Tower D and E add over 400 new homes, with a gross development value (GDV) of AED 300 mn. The entire project has a GDV of AED 850 mn and completion is scheduled for July 2028.

Foreign demand for US Treasuries held firm in April despite tariff turmoil

The number of US Treasuries held by foreign investors was near record highs in April, even as US President Donald Trump’s Liberation Day tariffs triggered one of the steepest sell-offs in the asset class in over two decades, Bloomberg reports. Foreign holdings came in at USD 9.01 tn — just shy of March’s all-time high following sales of US bonds and notes, according to US Treasury data. This came despite concerns over a wave of outflows from American debt and equity markets following the tariff announcements.

IN CONTEXT- Trump’s tariff announcement in early April triggered a historic sell-off, with Treasuries posting their worst weekly performance in over 20 years. A weak 20-year bond auction in May added to the sell-off, though 30-year and 20-year offerings later saw better take-up.

But no mass exit: Despite this, buyers were ramping up holdings of long-term Treasuries, with official institutions being net buyers. Foreign investors were net sellers of US agency bonds and equities, but increased their exposure to long-term corporate debt, suggesting selective rebalancing rather than a broad retreat.

Big buyers didn’t blink: Japan, still the top holder, increased its holdings by USD 3.7 bn to USD 1.13 tn. The UK added USD 28.4 bn, overtaking China for the number-two spot with USD 807.7 bn. Belgium — often seen as a proxy for Chinese custodial accounts — rose USD 8.9 bn to USD 411 bn.

China pulled back, Canada dumped: China’s holdings dropped by USD 8.2 bn to USD 757 bn, continuing a multi-year retreat. Canada posted the largest decline, offloading nearly USD 58 bn to bring its total to USD 368.4 bn. The Cayman Islands — a hub for hedge funds — also reduced holdings by USD 7 bn.

“The ‘Sell America’ narrative is an over-exaggeration,” Morgan Stanley’s Vishal Khanduja told Bloomberg elsewhere, though warning of “slow and bumpy [USD] depreciation” ahead. Jamie Patton of TCW Group also pushed back on talk of capital flight, saying there’s a “big difference between valuation and the reserve status of the USD or Treasuries as a de facto safe asset.”

Concerns that US Treasuries “safe haven status” is in jeopardy still abound, with the latest red flag being the lack of a rally during the Israel-Iran flare-up — which would typically be a haven bid moment.

MARKETS THIS MORNING-

Asian markets are mixed once again, with China’s CSI 300 trading flat following the People’s Bank of China’s decision to hold interest rates steady, while Japan’s Nikkei lost 0.1% after inflation figures from May showed consumer prices rising to their highest level since 2023. South Korea’s Kospi gained 0.65%. Wall Street futures are down after stocks paused trading yesterday for the Juneteenth holiday.

ADX	9,423	-0.8% (YTD: +0.0%)
DFM	5,270	-0.7%(YTD: +2.1%)
Nasdaq Dubai UAE20	4,254	-1.3% (YTD: +2.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.3% 1 yr
TASI	10,611	+0.2% (YTD: -12.0%)
EGX30	30,248	-1.9% (YTD: +1.7%)
S&P 500	5,981	-0.0% (YTD: +1.7%)
FTSE 100	8,792	-0.6% (YTD: +7.6%)
Euro Stoxx 50	5,197	-1.3% (YTD: +6.2%)
Brent crude	USD 77.22	-2.1%
Natural gas (Nymex)	USD 4.09	+2.6%
Gold	USD 3,382.50	-0.8%
BTC	USD 104,316.94	-0.4% (YTD: +10.4%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.56	0.0% (YTD: -0.2%)
VIX (Volatility Index)	22.17	+10.1% (YTD: +27.8%)

THE CLOSING BELL-

The DFM fell 0.7% yesterday on turnover of AED 684.4 mn. The index is up 2.1% YTD.

In the green: International Financial Advisors (+14.1%), Taaleem Holdings (+5.6%) and Ekttitab Holding Company (+3.4%).

In the red: National General Ins. Company (-10.0%), Dubai Refreshment Company (-9.8%) and Al Mazaya Holding Company (-9.8%).

Over on the ADX, the index fell 0.8% on turnover of AED 1.3 bn. Meanwhile, Nasdaq Dubai was down 1.3%.

UAE eyes economic partnership agreement with Mexico

Eyeing energy and investment cooperation with Mexico: Foreign Affairs Minister Abdullah bin Zayed Al Nahyan met with Mexican Foreign Affairs Secretary Juan Ramón de la Fuente, in Mexico City at the start of a working visit aimed at deepening UAE-Mexico ties, state news agency Wam reports. They discussed boosting cooperation in economic, investment, and energy sectors and exchanged views on regional and international developments, including efforts to support international peace and security.

Al Nahyan also held talks with Mexico’s Economy Secretary Marcelo Ebrard to collaborate on energy, advanced technology, and food security, according to a separate statement.

MoUs inked: Several agreements were signed during the visit, including MoUs on investment cooperation, forming a UAE-Mexico business council, and setting terms to initiate negotiations for a Comprehensive Economic Partnership Agreement.

My Morning Routine: Waseem Afzal, founder and CEO of Fast Ventures

Waseem Afzal, founder and CEO of Fast Ventures: Each week, My Morning Routine looks at how a successful member of the business community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Waseem Afzal (LinkedIn), founder and CEO of Fast Ventures. Edited excerpts from our conversation:

I'm Waseem. I come from an agency background and spent 16 years at Omnicom Media Group in a variety of leadership roles. After that, I did three years at TikTok, where I was responsible for monetization of the app's ads business across the Middle East. Then I founded Platformance and the holding company Fast Ventures, which are low-funnel growth acquisition businesses designed to drive growth for a wide cross-section of advertisers in the region.

It all started during my time at TikTok. I could clearly see the industry was at a crossroads. There were two sides: one part of the industry remained quite traditional, while a new generation of digital-native advertisers was emerging. These businesses had no physical footprint and were heavily focused on customer acquisition rather than vanity metrics like engagement or awareness.

I felt that if we could bootstrap a platform focused on growth acquisition, we could address a clear gap in the market. We launched Platformance first, and just over two years later, we’ve onboarded over 200 advertisers across Saudi Arabia, the UAE, and the broader region. We've grown to a team of 140 people, mostly based in Dubai, with smaller teams in Riyadh and Cairo.

Fast is more than a name — it's the DNA of who we are. Each letter stands for something: Future Adaptive Specialist Teams. Our business is structured around three pillars: supporting businesses around customer acquisition, incubating ad tech solutions that are homegrown and respond to regional gaps, and building consumer-facing brands for Gen Z and millennials in the region.

Three trends are shaping the industry in the Middle East right now. First, AI. It’s changing the way we do business, connect with consumers, and operate as organizations. One of our entities, Lion, is an AI-first creative shop where 100% of the work is fully developed by AI. This lets us ship faster, iterate constantly, and improve speed to market.

Second, the rise of micro-creators. We've seen a shift from macro-influencers to micro and nano creators, who tend to move the needle on sales far more effectively. Community ambassadors and small creators are becoming central to performance marketing.

The third is retail media. There's a growing appetite to tap into previously elusive platforms — from quick-commerce apps to ride-hailing services like Careem — that are opening up their ecosystems to advertisers. There's a global stat floating around that all media will become retail media by 2030. We’re not there yet regionally, but the momentum is building.

A typical day for me is about firing on multiple cylinders. We're a rocket ship that's flying and still being built midair. I’m hands-on with our go-to-market strategy, product development, engineering timelines, and internal process design. I come from a very process-driven background. My litmus test is, if I removed myself from the company, would it still run? A year and a half ago, we might have collapsed. Today, I think the business would do just fine.

Cashflow is a major part of my day, too. We’re bootstrapped, and payment cycles can be three to four months, so I spend a lot of time making sure we remain cashflow positive while fueling growth.

My mornings start with numbers. Each of the six entities within Fast Ventures is automated from a revenue management point of view. So after my first coffee, I go through our dashboards to see how we’re performing. I track client KPIs and red or green arrows tell me which areas need intervention. It’s a habit that ensures I'm never blindsided.

I don’t get much sleep during the week. I’m usually the last person sending messages on our internal channels at night and the first to be up and active the next morning. I try to pace myself through the day, but I like starting with a clear head and a sense of where we are performance-wise.

That said, I do make time for myself. I spend quality time with my parents, nieces, and nephews, especially on weekends. I work out regularly, partly because I love food and need to balance it out. On Saturdays, I sleep in, have breakfast with family, hit the gym, and go out in the evening. That’s my way of resetting.

We’ve achieved a lot, but Fast Ventures is just getting started. Over the next two to three years, we want to become a credible enabler between brands, consumers, and technology. Our vision is to become a homegrown ad tech alternative to global platforms and to simplify the complexity of digital for a new generation of advertisers.

Personally, I’d like to slow down a little. It’s been a fantastic run over the past two and a half years, but I’ve been going at full throttle. I’m so lucky to be surrounded by an incredible leadership team, and that gives me the space to step back a bit and be more intentional with my time. I want to focus on the things that only I can do, the decisions and actions that truly need me, and start giving more time to myself.

I’ve been hooked on the Maxwell Leadership Executive Podcast lately. They’re on episode 300, and I’ve probably listened to half of it in just a few weeks. Maxwell is one of the most credible voices on leadership out there, and he covers everything from building high-performance teams to leading through change — stuff we as founders always need to have top of mind. I usually listen while working out. I’m also into The Mindset Mentor, which is more personal, about staying grounded, managing stress, and keeping sane through the madness.

The best advice I’ve ever received is to stay at the center of change. When you're in the middle of change, you're always learning. When you're learning, you're evolving. When you're evolving, you're relevant. And when you're relevant, you're in demand. That advice has guided every career move I've made.

CALENDAR

JUNE

24-25 June (Tuesday-Wednesday): EVCharge Live Middle East, Dubai World Trade Center.

24-25 June (Tuesday-Wednesday): Solar & Storage Live, Dubai World Trade Center.

24-25 June (Tuesday-Wednesday): Mobility Live Middle East, Dubai World Trade Center.

24-25 June (Tuesday-Wednesday): Middle East Rail, Dubai World Trade Center.

27 June (Friday): Islamic New Year holiday.

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

1-6 September (Monday-Saturday): Dubai Fashion Week, Dubai Design District.

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

8-19 September (Monday-Wednesday): WHX-Tech Expo, Dubai World Trade Centre.

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): The KT UniExpo, The H Dubai.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

24-25 September (Wednesday-Thursday): Dubai World Congress for Self-Driving Transport, Dubai.

OCTOBER

1-2 October (Thursday-Friday):World Green Economy Summit (WGES), Dubai World Trade Centre.

30 September - 2 October (Tuesday-Thursday): The Water, Energy, Technology, and Environment Exhibition (WETEX), Dubai World Trade Centre.

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.

14-16 October (Wednesday-Friday): Global Future Councils, Dubai.

22-24 October (Wednesday-Friday): World Investment Conference, Expo Centre Sharjah.

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

12-17 November (Wednesday-Monday): RoboCup Asia-Pacific, Khalifa University, Abu Dhabi.

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.

7-14 December (Sunday-Sunday): Asian Youth Para Games, APC headquarters, Dubai.

8-9 December (Monday-Tuesday): BTC Mena Conference, Adnec, Abu Dhabi.

8-10 December (Monday-Wednesday): BRIDGE media summit, Abu Dhabi.

9-10 December (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

18-23 December (Thursday-Tuesday): Games of the Future, Adnec, Abu Dhabi.

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:

ICOM General Conference 2025, Dubai

Signposted to happen sometime in 2026:

9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE.
28-29 January (Wednesday-Thursday): IBA Arbitration Day Conference, Abu Dhabi.
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
The first edition of Dubai Future Finance Week.
Investopia Global Talks, Tashkent.

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

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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