Fuel price shock starts to bite

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Alterra adds KKR to its climate roster + Abu Dhabi inflation comes in at 1.1% for February

Good morning, everyone. We celebrate the news this morning of an indefinite ceasefire extension between the US and Iran, after US President Donald Trump made the announcement hours before the ceasefire was set to expire. The extension gives the two nations more time to continue negotiations.

How indefinite are we talking? Trump said the ceasefire will be extended until Iran submits its proposal and “discussions are concluded, one way or the other.” Washington’s blockade will continue until an agreement is reached.

It remains unclear where Iran stands: In the absence of a response from Tehran’s top leadership, Iran’s Tasnim News Agency stated that Tehran never sought a ceasefire extension and reiterated threats to break the US blockade of its ports by force. An adviser to Iran’s lead negotiator dismissed Trump’s announcement as insignificant.

As expected, global oil prices retreated on the news, despite an initial uptick at the opening of Asian trading earlier this morning. Brent crude is currently down 0.4% to USD 98.09 per barrel.

Mixed market response: The MSCI Asia Pacific ex-Japan Index eased 0.14%, dropping from a seven-week high. Japan’s Nikkei gained 0.5%, and South Korea’s Kospi eased around 0.6% in early trading this morning. US stocks are set to open in the green, with futures recording gains across the board.

We will be closely watching how local and regional markets react to the news when they open in a few hours.

We have a mixed bag of stories for you today. Front and center is a look at the knock-on effects of the steep fuel price rises we saw earlier this month, with experts telling us what it means for different sectors, from industry to logistics.

We also have news of EGA making yet another European play, fresh off its force majeure announcement, and the impact of the war on earnings is starting to show as a few local players start to turn in results for 1Q 2026.

Plus: We’re following reports that DP World may be tapped for a role in rebuilding Gaza’s supply chain network by Donald Trump’s so-called “Board of Peace,” and looking at news of Alterra investing into KKR’s climate fund.

☀️WEATHER- Dubai is only getting hotter, but Abu Dhabi is getting a bit of a reprieve today. Look for a high of 37°C in Dubai along with a low of 28°C, while the capital will see a cooler high of 31°C and a low of 25°C, with more breezy conditions.

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FINANCE — Abu Dhabi National Ins. Company (Adnic) has secured a license to operate a reins. branch in Gujarat International Finance Tec-City (GIFT City) as of the start of this month, CNBCTV18 reports, citing company disclosures. Adnic had already secured approval from the Central Bank of the UAE for the move, with plans to launch the branch late this year. The opening will add to its existing offices in Saudi Arabia and the UK, as well as the Emirates.

IN CONTEXT- India is positioning GIFT City as a financial hub and a base for offshore ins. and reins. activity, attracting global players with tax incentives and lower capital requirements.

Background: India and the UAE have agreed to facilitate setting up UAE companies in GIFT City, with First Abu Dhabi Bank and DP World among early movers. Mashreq is also planning an expansion there pending regulatory approvals, while the Abu Dhabi Investment Authority secured approval in 2024 to set up a local unit and launch a USD 4-5 bn fund.

RAIL — DXB and DWC will have a metro link: Dubai’s Road and Transport Authority (RTA) has put out a tender for consultants to design an Airport Express Line linking Dubai International Airport (DXB) to Al Maktoum International Airport (DWC) in Jebel Ali. Bids are due in June.

The details: The 55 km line, which will have five stations, will also include security screening, baggage drop, and remote check-ins, which means the journey between the airports will be integrated into the airport ecosystem. The route starts at the Red Line at DXB, runs through Al Jaddaf and along Al Khail Road to Jumeirah Village Circle, then heads to DWC — with two branches plugging into Emirates Golf Club and Business Bay.

More growth: As the Etihad Rail high-speed line comes under construction for 2030, the RTA is set to tender more work this year, including the Route 2020 extension — a 3 km link with two stations connecting Expo 2020 station to DWC’s West Terminal.

PORTS — DP World to rebuild Gaza’s supply chain network? Representatives tied to Donald Trump’s so-called “Board of Peace” reportedly held talks with DP World on taking over logistics infrastructure in Gaza, the Financial Times reports, citing three people familiar with the matter. Talks included a partnership to run the logistics for humanitarian aid and other goods, including warehousing, tracking systems, and security.

The proposal sketches a full ecosystem: A draft seen by FT outlines a “secure and traceable supply chain system” tied to a “port-led economic ecosystem,” paired with other light industries and “employment-generating trade platforms.” Ideas also include building a new port in Gaza or on Egypt’s coast and pairing it with a freetrade zone.

Where this lands is still unclear: It’s still not known which side drafted the proposal or how far talks have progressed, though discussions reportedly started late last year.

DP World has doubled down on contested areas in need of rebuilding, including port investments in Somaliland and post-war Syria. This is another calculated entry into a politically complex market where logistics gaps create leverage.

BACKGROUND- Reconstruction needs in Gaza are estimated at USD 71.4 bn over the next decade, including USD 23 bn in the next 18 months.

BUSINESS — Dubai SME and e-commerce firm Noon are the latest players to roll out incentive programs for SMEs, launching a partnership that’ll see Noon Food integrate eligible Dubai SME firms onto its digital marketplace at no charge, according to Dubai Media Office. Firms will be able to access payment infrastructure and client and delivery bases through the platform, as well as account management and support.

ICYMI- While the statement doesn’t give a specific reason for the move, the decision comes at a time when several Emirati players are stepping in to give SMEs a boost as the consequences of the regional war continue to be felt across multiple sectors. Among those offering SMEs a helping hand are Dubai South and Dubai-based Qashio.

INVESTMENT WATCH — Alterra adds KKR to its climate roster: Abu Dhabi-based Alterra, the USD 30 bn, government-backed blended-finance vehicle launched at COP28, has committed to invest in KKR’s global climate transition fund, according to a statement. Financial terms were not disclosed.

The latest allocation adds KKR to a growing line-up of global asset managers tapped by Alterra, which has already announced agreements with BlackRock, Brookfield, and TPG. Alterra also launched a USD 1.2 bn co-investment vehicle with BBVA earlier this year, signalling a broader shift from simply backing funds to helping manage and structure climate capital itself. The UAE has said the platform could help unlock USD 250 bn of climate finance by 2030.

Data point

1.1% — that was Abu Dhabi’s annual inflation in February, down from 1.6% in January, according to the latest data (pdf) from the Abu Dhabi Statistics Center. On a monthly basis, the consumer price index edged up 0.1%, reversing a 0.1% decline recorded the previous month, according to separate data (pdf).

Housing and utilities are still the biggest driver: The largest component of the CPI basket — housing, water, electricity, gas, and other fuels — remained the primary driver, rising 4.9% y-o-y in February, up from 4.5% a month earlier. The continued climb underscores sustained pressure from rents and utility costs. Meanwhile, furnishings, household equipment, and maintenance costs rose 5.6% y-o-y.

Transport drags the headline lower: Transport prices fell sharply by 6.5% y-o-y, compared to a 2.6% decline a month earlier, marking the largest downward contribution to inflation. Clothing and footwear also weighed on the index, contracting by 6.5% y-o-y, while food and beverage inflation eased to 1.2% from 1.7% in January.

Mixed demand signals: Discretionary spending indicators remained uneven, with recreation and culture prices slipping back into contraction at -2.8% after a brief uptick in January, while restaurants and hotels saw a modest uptick to 2.4%, pointing to steady but moderate consumer demand.

Expect a lot of this to change come March: We’re on the lookout for inflation figures for March to assess how the knock-on effects of the war, including shipping disruptions and a spike in raw material and fuel costs, have filtered through to consumers.

Inflation will likely keep rising: The rise in housing and fuel prices indicates that the trend of inflation — which rose notably in the last three months — will continue on an annual basis, especially since the figures still reflect the pre-war economy, MENA Economist Hamzeh Al Gaaod tells EnterpriseAM.

Happening this week

Some events are still happening despite the wave of cancellations and delays till the fall window, including:

The AbuDhabi Global Entrepreneurship Festival enters its final day today at the Abu Dhabi Energy Center, where founders, investors, policymakers, and ecosystem operators have been swapping pitches, capital plans, and growth playbooks across a range of specialized tracks.

MawaridFintech and Innovation Summit will be held tomorrow at Grand Hyatt Dubai, bringing together more than 1k leaders and experts from across the financial technology sector. The event will focus on digital payments, AI-driven platforms, blockchain applications, and the expansion of open finance frameworks.

The big story abroad

The global front pages are focused on Trump’s announcement of an extended ceasefire between the US and Iran, which we dive into in the news well, above. Also making headlines this morning:

How did Warsh’s confirmation hearing go? Trump’s Fed chair nominee Kevin Warsh affirmed the Fed’s independence during his Senate confirmation hearing, stating that Trump has not attempted to “predetermine, commit, fix or decide on any interest rate decision.” Warsh called for major reforms at the Fed, including a new framework for handling inflation, and took issue with the central bank’s “forward guidance” — the practice of signaling the future trajectory of rates.

And your daily dose of AI news: SpaceX has gained the “right to acquire” AI startup Cursor for USD 60 bn, agreeing to pay USD 10 bn if it does not proceed with the transaction. The potential acquisition of Cursor — which enables users to edit code with AI — is seen as a way for Elon Musk to catch up in the AI race ahead of SpaceX’s IPO.

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

Fuel shock starts to bite, but we haven’t seen the worst of it yet

The pressure of higher fuel costs is already being felt by businesses, but most of the impact is still working its way through the economy. The knock-on effects of higher fuel costs on freight, food, aviation, and retail pricing are expected to unfold over the coming weeks rather than show up all at once, CIO at Century Financial Vijay Valecha told EnterpriseAM UAE.

REMEMBER- This month, UAE fuel prices rose sharply, with diesel rising 70% and petrol around 30%, in line with global spikes in oil and gas prices.

Diesel’s sharp hike has already increased the cost of moving goods, causing rises in freight rates and delivery pricing, which is where the impact tends to surface first, Valecha added. Couple that with shipping disruptions, which are also raising the cost of moving fuel and goods, adding to ins. and transport expenses — and the pressure has definitely started hitting supply chains, even if it has not fully reached consumers yet.

Transport and logistics are the first pressure points. “Certain transportation and logistics providers have already rolled out fuel surcharges, while industrial companies, including those exposed to petrochemicals and packaging, are also raising prices,” Valecha added.

Sectors like transport, logistics, construction, and delivery services are particularly exposed, as fuel makes up a large share of their operating costs, head of trading (MENA) at Saxo Bank Hamza Dweik told EnterpriseAM UAE. Fuel-intensive sectors — which also include retail — can see fuel account for 20-40% of operating costs, Dweik noted. Deliveroo declined to comment on the impact of higher fuel prices on its operations, while EnterpriseAM was unable to reach other players like Talabat or noon ahead of publishing.

Retail and food are next in line, especially with food being exposed due to the UAE’s reliance on imports. Supermarkets are facing higher delivery and packaging costs, while global increases in fertilizer and transport are feeding into food prices, though with a lag, Valecha added.

A lot of businesses are still absorbing part of the increase to remain competitive, but that’s unlikely to hold if costs remain elevated, especially for those in food distribution and logistics, Dweik said. One premium butchery shop, which relies on imported meat, told us earlier that their firm has been absorbing rising costs so far despite rising shipping costs.

Hotels and restaurants, meanwhile, are dealing with rising input and logistics costs alongside a sharp drop in tourist arrivals, putting their margins under extreme pressure.

For them, it’s a conundrum of needing to slash prices to attract more visitors, but facing piling costs from food, transport, and raw materials. That probably explains why many hotels have chosen to shutter their doors for now, using the downtime to both cut costs and focus on refurbishment, renovation, and maintenance. That includes Burj Al Arab, Park Hyatt, and others.

Atlantis has also just yesterday said it would temporarily suspend operations across seven dining venues, saying it will “review guest demand and refine its dining strategy” and announce reopening accordingly, Khaleej Times reports, citing a statement.

So where will you, as a consumer, feel the pain first?

This is unfolding as a staggered cost-push cycle. Fuel feeds directly into transport and utilities, which together account for roughly 10% of the consumer basket, Valecha added. The broader macro effect is likely to remain contained in the near term, but Valecha warned that prolonged pressure can lead to second-round effects as higher transport and logistics costs gradually filter through to consumers.

Households are likely to feel it first through higher commuting costs and then through rising prices of goods and services, Valecha said. Airlines are also facing higher jet fuel costs, which are expected to feed into ticket prices over time, Valecha said.

How long might this last? It depends on the outcome of the war. This could be a short-lived sting given that the UAE is well positioned to manage fuel volatility, but prolonged disruption could lead to persistent cost-of-living pressure, Dweik added.

Even if conditions stabilize, it may take time for supply chains to normalize and for pricing pressure to ease, Valecha said. Fuel price volatility is likely to remain part of the operating environment rather than a temporary disruption, Dweik added.

What to watch: Fuel prices for next month will be announced next week, and both analysts expect prices to remain elevated in the near term amid ongoing global volatility. Brent crude is currently hovering below the USD 100 mark, after hitting nearly USD 120 earlier during the conflict.

How does pricing even work?

“Most of April’s price increase came from the upstream shock, but the sharper rise in diesel and petrol was driven by downstream stress,” Valecha explained. “Crude oil sets the base for prices, but the industrial fuels market is seeing a shortage in fuel supplies for a number of reasons, including limited refining capacity, tight inventory levels of products, and delays in logistics that have magnified the severity of each shortage,” he added.

With parts of the regional refining system offline and shipping constrained, the downstream chain compressed much faster than crude supply, he noted.

That means that despite the ceasefire helping oil prices ease slightly, we’re unlikely to see prices go down to pre-war levels for a while.

EGA stakes out position in Europe’s scrap economy

Emirates Global Aluminium (EGA) is lining up an 80% acquisition of Italy’s Eco Green in a move that would be its third major outbound acquisition in two years, and aims to bring its global recycling capacity to 400k tonnes per year, according to a statement. The transaction value was not disclosed.

The target: Eco Green is an aluminum recycling firm that sources and processes over 70k tonnes of aluminum scrap annually into usable metal. It is owned by Italy’s Scappini family, who will retain their 20% holding post-acquisition.

What’s next? The transaction, which follows the aluminum-maker’s buyout of Germany’s Leichtmetall in May 2024 and its acquisition of US-based Spectro Alloys in September of the same year, is still subject to regulatory approval. EGA plans to fold the firm into its RevivAL brand.

ADVISORS- On the sell-side, Eco Green and the Scappini family were advised by Lucio Leoni and Legance, with support from Riccardo Paganin, Carlotta Giani, and Emilio De Niro.

Our take

Could this be a contingency plan? By locking in scrap supply and a network of over 350 suppliers in Europe, EGA is building a buffer to keep serving auto and construction clients while its core production at home is impaired. With Al Taweelah still under force majeure and shipping through the Strait of Hormuz carrying real risk, outbound M&A can start to look more like a necessity.

REMEMBER- The March strikes on EGA’s facility took a significant chunk of regional primary capacity offline. Al Taweelah produced 1.6 mn tons last year. Recovery timelines are stretching out toward a year for a full normalization, and more contract cancellations could be in the works. Prices reacted accordingly, with LME aluminum spiking sharply as buyers scrambled for available metal already in transit or sitting in overseas warehouses.

Tourism slump knocks ADNH 1Q earnings + the picture is still solid at Rakbank

Knock-on effects of tourism slump are already showing in 1Q earnings

Travel slowdown knocks Abu Dhabi National Hotels off pace: Abu Dhabi National Hotels’ (ADNH) net income dropped 31% y-o-y to AED 108 mn in 1Q 2026, while its revenue edged down 2% to AED 863 mn, according to the firm's management discussion and analysis report (pdf).

The drag came where you’d expect: Hotels — ADNH’s core business — saw revenue fall 10% y-o-y to AED 376 mn, as weaker tourism and a spike in cancellations (especially in Dubai) hit performance late in the quarter. Transport fared worse, with revenue sliding 42% to AED 44 mn and net income almost disappearing (down 97%), reflecting scaled-back taxi operations and weaker limousine demand.

Catering kept things steady, with the segment’s revenue rising 13% y-o-y to AED 464 mn, supported by acquisitions and long-term contracts that held up through the volatility. But higher input costs and supply chain pressure pushed EBITDA down 15% to AED 51 mn and cut net income by 20% to AED 31 mn.

The company is implementing “immediate cost-containment and [liquidity] preservation measures in response to regional uncertainty and declining business activity,” the report said.

REMEMBER- The war could wipe out USD 13-32 bn in GCC tourism revenues. Forecasts indicate inbound arrivals to the region could shrink by as much as 27% y-o-y this year, after the UAE clocked 8.5k holiday rental cancellations on the day the conflict erupted.

Authorities are already stepping in to cushion the blow, as we’ve previously reported. Dubai rolled out a AED 1 bn support package, including deferrals of sales fees and AED tourism payments, while Economy and Tourism Minister Abdulla Bin Touq Al Marri said earlier this month that a sector-specific support package is in the works.

Rakbank sees an all-time high net income

The picture is still solid at Rakbank, whose net income jumped 43% y-o-y to a record AED 1 bn in 1Q 2026, according to an earnings release (pdf). The bottom-line uptick was largely driven by a AED 473 mn gain on the sale of its merchant acquiring business to Network International, along with strong operating income streams, which rose 40% y-o-y to AED 1.8 bn.

Core income held up: Net interest income rose 9.2% y-o-y to AED 947 mn during the quarter, as the lender’s total assets grew 18.2% y-o-y to AED 107.3 bn. However, the real lift came from non-interest income, which more than doubled to AED 873 mn — up 102% y-o-y — largely on the back of the sale to Network International.

Rakbank delivered a message of resilience, both for the quarter and looking ahead. Group CEO Raheel Ahmed said the bank was “well positioned” and “well prepared” going into the backdrop of regional tensions, adding that it “stands firm to assist our customers in the short term and support them in firm to assist our customers in the short term and support them in their longer-term ambitions and plans.”

Aldar + Mubadala acquire The Link, Investcorp leans deeper into US housing, Sharjah gets more EV infrastructure, another Emirati name lands in Ras El Hekma

Aldar, Mubadala are the new joint owners of Masdar City’s The Link

A JV by Abu Dhabi developer Aldar and Mubadala acquired The Link in Masdar City, a mixed-use development housing the headquarters of renewables firm Masdar and Mohamed bin Zayed University of Artificial Intelligence, among other facilities, according to a press release (pdf). The asset includes five buildings, spread over 32k sqm of net leasable area.

BACKGROUND- The two companies formed a AED 30 bn JV in 2024, including a plan to develop AED 3 bn worth of commercial and residential properties in Masdar City, which houses over 400k sqm of leasable area at 95% occupancy.

Investcorp leans deeper into US housing

Abu Dhabi-based Investcorp Capital has made yet another US play, deploying USD 200 mn into senior living, multifamily, and select rental assets across California, New York, and New Jersey, according to a press release (pdf). The portfolio brings together three assets with about 94% average occupancy as of end-2025. The company said it is targeting properties with strong in-place income and room for operational upside.

ICYMI- We’ve been covering Investcorp’s push into the US for some time now. Last December, it acquired a USD 400 mn US industrial real estate portfolio, following another takeover of US industrial assets the year before. On the flipside, it sold its previous US industrial real estate assets earlier in 2025 in a move that brought in USD 360 mn. The multifamily play is also tried and tested for the firm, which exited 12 US multifamily real estate assets last year for USD 550 mn. There could be more where that came from, after Investcorp said it plans to deploy at least USD 6 bn in FY 2025-26.

Sharjah is getting more EV infrastructure

Sharjah is getting 100 fast EV chargers under an agreement between Sharjah Roads and Transport Authority and ION, the sustainable mobility JV between Beeah and Crescent Enterprises, according to a press release. ION will serve as Sharjah’s first licensed charge point operator, handling deployment, operations, and maintenance.

The timing matters: The rollout follows Sharjah’s new regulatory framework for EV charging infrastructure issued earlier this month and points to a more coordinated push into electric mobility.

It also lands as the UAE’s EV race targets chargers: Dubai is rolling out 600 supercharging stations under an AED 150 mn project, while Abu Dhabi Mobility is deploying 1k Charge AD stations and Adnoc Distribution is targeting 500 chargers by 2028. Nationally, the UAE is targeting 50% EV adoption by 2050 and 10k public chargers by 2030.

Another UAE name lands in Egypt’s Ras El Hekma

Miran Hills joins the Emirati push into Ras El Hekma: UAE-based Miran Hills Real Estate signed a development agreement with Ras El Hekma Urban Development Project Company for a prime North Coast land parcel in Egypt’s flagship coastal megaproject, Ras El Hekma, according to a statement (pdf). The site includes more than 4.8 km of beachfront and is earmarked for a mixed-use development. The agreement’s financial terms weren’t disclosed.

REMEMBER- This isn’t the first time Ras El Hekma has pulled in Emirati developers: ADQ-backed Modon is already the master developer for the first 50 mn sqm phase, with up to EGP 45 bn in infrastructure commitments and 2k acres of works tendered to local contractors. Emirati real estate developer Sky AD also broke ground last year on its AED 6 bn build in the USD 35 bn Ras El Hekma project.

Rising rates squeeze private credit funds

Private credit funds are facing mounting funding pressure as borrowing costs rise and banks tighten lending conditions. Lenders are restricting liquidity to the sector, while investors are demanding higher returns to provide capital, the Financial Times reports.

By the numbers: The premium required to lend to private credit funds rose by 0.34 percentage points in 2026 and 0.83 points since the beginning of last year, according to JPMorgan data cited by the salmon-colored paper.

REMEMBER- The sector has been seeing a rise in redemption requests from wealthy investors. Investors are concerned over weak lending standards in private credit after a series of corporate collapses, including Tricolor, First Brands, and Market Financial Solutions. AI disrupting the business models of tech and software sectors is also a major concern.

Banks tighten new commitments

Rising funding costs coincided with a decline in bond issuance by business development companies (BDCs), which act as flagship private credit vehicles. These firms sold around USD 6.8 bn of bonds in 1Q 2026, down 22% y-o-y and 36% from their performance in 2024. “We are staying away from BDCs,” Loomis, Sayles & Company portfolio manager Brian Kennedy told the Financial Times, arguing that the economics don’t compensate for sector risk.

Banks and traditional lenders that provide large credit facilities are also increasing pricing on new commitments. These facilities are critical to the sector’s financing model, allowing funds to borrow against their loan portfolios and amplify returns.

Shorter-dated maturities are gaining appeal

Issuers are currently using shorter-dated maturities to manage interest costs. Blue Owl private credit fund raised USD 400 mn through a two-year investment-grade bond sold directly to Pimco in a bilateral transaction, rather than through a public syndicated offering. Goldman Sachs Private Credit also secured USD 750 mn at a floating rate of 2.55 percentage points above US Treasuries.

Investor due diligence also intensified: “Now it is three weeks of investors underwriting the sectors and the names […] and if you have a position marked at 92 cents on the USD but someone else has it marked at 86, they want to talk to the [transaction] team,” Beach Point Capital’s portfolio manager Benjamin Hunsaker said.

The alternative

Some managers are turning to structured credit markets, where strong demand from insurers and other investors is helping keep borrowing costs lower, Hunsaker said. Blackstone raised USD 450 mn last month through a collateralized loan obligation for its flagship private credit fund, providing a static structure that prevents the manager from trading the underlying assets to boost investor confidence.

ADX	9,861	+0.2% (YTD: -1.3%)
DFM	5,878	+0.3% (YTD: -2.8%)
Nasdaq Dubai UAE20	4,748	+0.3% (YTD: -2.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.5% o/n	4.0% 1 yr
TASI	11,345	-0.2% (YTD: +8.2%)
EGX30	51,977	+0.3% (YTD: +24.2%)
S&P 500	7,064	-0.6% (YTD: +3.0%)
FTSE 100	10,498	-1.1% (YTD: +5.5%)
Euro Stoxx 50	5,930	-0.9% (YTD: +1.4%)
Brent crude	USD 98.09	-0.4%
Natural gas (Nymex)	USD 2.70	0.0%
Gold	USD 4,736	+0.3%
BTC	USD 75,512	-0.6% (YTD: -13.8%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.59	-2.2% (YTD: -4.3%)
S&P MENA Bond & Sukuk	151.99	-0.1% (YTD: +0.1%)
VIX (Volatility Index)	19.55	+3.6% (YTD: +34.73%)

THE CLOSING BELL-

The DFM rose 0.3% yesterday on turnover of AED 894.1 mn. The index is down 2.8% YTD.

In the green: Ekttitab Holding Company (+14.8%), Al Firdous Holdings (+14.2%), and Agility The Public Warehousing Company (+7.7%).

In the red: Dubai National Ins. & Reinsurance (-5.0%), National International Holding Company (-4.5%), and Takaful Emarat (-3.7%).

Over on the ADX, the index rose 0.1% on turnover of AED 1.2 bn. Meanwhile, Nasdaq Dubai was up 0.3%.

CALENDAR

APRIL

20-22 April (Monday-Wednesday): Abu Dhabi Global Entrepreneurship Festival, Abu Dhabi Energy Center, Abu Dhabi.

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

MAY

4-7 May (Wednesday-Friday): Make It in the Emirates, Adnec Center, Abu Dhabi.

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

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

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

12-14 May (Tuesday-Thursday): Abu Dhabi Infrastructure Summit, ICC Hall, Adnec Center, Abu Dhabi.

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

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

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

JUNE

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

3-4 June (Wednesday-Thursday): MENA Desalination Forum, Conrad Abu Dhabi Etihad Towers, Abu Dhabi.

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

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

JULY

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

AUGUST

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

SEPTEMBER

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

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

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

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

OCTOBER

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

12-14 October (Monday-Wednesday: Airport Show, Dubai World Trade Center, Dubai.

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

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

NOVEMBER

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

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

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

DECEMBER

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

Signposted to happen in 2026:

Investopia Global Talks, Tashkent;
Investopia, Abu Dhabi.

Signposted to happen sometime in 2027:

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

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

Signposted to happen sometime in 2028:

Artificial Intelligence Summit.

Signposted to happen sometime in 2029:

Sibos 2029 organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Dubai;
Annual Meetings of the World Bank Group and the International Monetary Fund, Abu Dhabi;
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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