Fuel prices rise by up to 70% for April in light of the war

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Threats and attacks from Iran continue, but investments, debt, and even autonomous vehicle rollout plans remain on track

Good morning, friends, and happy hump day. The past 24 hours were not very pleasant if you’re in Dubai, with several loud booms heard throughout the day and some property damage reported in southern Dubai due to debris from interceptions falling on houses. UAE air defense reportedly engaged eight ballistic missiles, four cruise missiles, and 36 UAVs from Iran, state news agency Wam said.

Threats from Iran continue, with US technology firms in the Gulf once again said to be in the line of fire, according to reports.

WATCH THIS SPACE: Is the UAE lobbying the UN Security Council for a resolution authorizing military intervention to reopen the Strait of Hormuz? That’s the contention in an exclusive in this morning’s Wall Street Journal, which cites unnamed “Arab officials” as saying they want to see a US-European-Asian coalition carry out operations.

Yesterday’s good news — Dubai’s introduction of a AED 1 bn financial stimulus package for businesses — was followed by slightly worse news for businesses, as diesel prices surged 70% for the month of April, and other gas prices rose between 31% and 33%. The spike is expected to trickle down and lead to further inflationary pressures, particularly for freight and agriculture, which have already been hit by rising costs due to the war. We dive into this in this morning’s Big Story Today below.

Business continues as usual in other parts of the economy, with Abu Dhabi’s giants continuing to make investments abroad — from IHC in India to Mubadala and 2PointZero in Whoop — and Dubai’s Virtual Assets Regulatory Authority introducing a regulatory framework for crypto derivatives. Plus: Even on the debt front, Emirates NBD bucked the trend of slower financing and wider spreads, with a massive syndicated loan locked in at its tightest spread yet.

Watch this space

DEBT — Still, the region’s credit cracks are widening: Many of the region’s USD-denominated sukuk and bond yields blew out to five-year high spreads since the regional war started, but remain below pandemic levels, according to a Fitch Ratings note. Total GCC bond spreads widened by 42 bps on a YTD basis, with corporate spreads bearing the brunt of the increase at a 67 bps uptick, Emirates NBD said in a separate note (pdf).

Pricing pressure froze the primary market: GCC bonds shed 2.4% YTD in value, compared to a 1.6% dip in the broader EM segment, while issuance slowed to just USD 1.7 bn in March, down more than two-thirds y-o-y and sharply below the USD 10 bn raised in February.

The region did, however, show some signs of stabilization last week, with GCC bonds seeing a more muted 0.2% dip thanks to a small 0.4% gain on high-yield bond sales, leading the region to outperform wider EM peers who logged a 0.3% decrease

As the bond window narrows, activity is tilting toward alternative funding channels like syndicated loans (read today’s Debt Watch) and certificates of deposit. GCC syndicated loans are up 12% y-o-y to USD 450.5 bn as corporates look for bank-led lifelines.

REFRESHER- Some Dubai developers have borne the brunt of the damage, with six USD bonds issued by Binghatti and Omniyat tipping into distressed territory last week, while spreads on Sobha and Arada paper also blew out sharply..

Still, there is a buffer. Fitch says the region’s sukuks continue to trade tighter than conventional bonds, reflecting steady support from Islamic-bank liquidity. Emirates NBD also noted sukuk was down only 0.2% last week, even as broader regional markets stayed under pressure. In the past, debt issuances have recovered quickly once regional tensions eased, Fitch noted.

TRANSPORT — 100 driverless taxis are now picking up passengers on Dubai’s roads. The emirate’s Roads and Transport Authority has kicked off commercial operations of autonomous taxis in Umm Suqeim and Jumeirah, bringing Chinese autonomous driving firms WeRide and Apollo Go vehicles into the live transport network, according to a press release. Passengers can book taxis via the Uber app for the beachfront districts for now, ahead of a broader scale-up.

The timing matters. The 1Q launch stayed on track with original rollout plans despite previous reports that the war had disrupted operations for autonomous vehicle operators including WeRide, which had to pull its fleet and shift its staff to remote work. ApolloGo is still planning to scale its Dubai fleet to 1k.

Driverless cars are already on the road in Abu Dhabi, after WeRide rolled out the first self-driving taxis in Yas Island last November.

ENERGY — Dubai-based Dragon Oil plans to invest at least USD 3 bn in Egypt over the next few years to expand its exploration and production activity in the North African country, the company’s CEO Abdulkarim Al Maazmi told CNBC Arabia. The company will focus on developing current fields in Egypt while looking into acquiring some existing assets, he added.

Comprehensive push: Dragon Oil is pushing to deploy advanced AI and deep-drilling technology at the Al Wasl (North Safa), El Morgan, and Badri fields in the Gulf of Suez, where the company is looking to extend its concession for 20 or 30 more years. It also plans to drill an exploratory well in the area by 3Q this year.

Data point

30-40% — that’s how far rental leads fell y-o-y in Dubai last month, according to Betterhomes data seen by EnterpriseAM UAE. Tenant enquiries also dropped 16% y-o-y, while listings, on the other hand, rose 23% y-o-y, signaling a potential shift toward more supply against the backdrop of potentially softer demand amid the ongoing war.

REMEMBER- As far as sales go, real estate activity dropped 51% m-o-m in the first half of March, with transaction values plunging by half, as we’ve reported earlier. The overall volume of transactions also fell by 38% y-o-y over the same period, driven by a 52% decline in the off-plan segment. Still, analysts said the market is not reacting uniformly — and that liquidity in the market remains strong.

Leasing activity has improved since early March, according to BetterHomes data, with leads rising around 20% w-o-w, meaning the market is still moving — just with less room for misstep.

Demand, where it exists, is narrowing. People searching for leasing options are looking at Dubai Marina, Business Bay, Dubai Silicon Oasis, and JVC, suggesting tenants are still active but far more deliberate about where they commit. “Realistic pricing” will be key moving forward, Rupert Simmonds, director of leasing at Betterhomes, said.

PSAs

IB students won’t take exams in May: Due to Iran’s escalating regional attacks, International Baccalaureate students (IB) students in the UAE will not sit for the May final IB exams in May, Bloomberg reports, citing local school emails sent to parents. Students’ final results could end up being based on internal assessments and teacher predicted grades.

Final decisions regarding the exams rest with authorities, according to a statement on the organization’s website. So far, IB has also offered course deadline extensions, school transfers, and the option to postpone exams at no added cost, according to the website.

IN CONTEXT- Dubai recently extended online learning for schools for an additional two weeks until Friday, 17 April, while some universities in the UAE have already begun a phased return to campus classes. Earlier this month, the Indian Central Board of Secondary Education also scrapped exams that were scheduled between March and April for students in the region.

Abu Dhabi brings rooftop solar for residential properties: The Department of Energy (DoE) has launched the second phase of its Solar Energy Self-Supply Policy, opening the program to villa owners and residential buildings for the first time, according to Abu Dhabi Media Office.

ICYMI- The first phase of the program, rolled out in February, allowed farms and rest houses to install rooftop solar, solar water heaters, and battery storage to cover daytime consumption and reduce peak-hour grid reliance. Now, homeowners can use rooftop solar panels to generate and store electricity. The emirate also issued guidelines for efficient energy usage.

WEATHER- We should be in for stable conditions today, with some wind and a high of 28°C, before it cools to a low of 21°C in Dubai and Abu Dhabi, according to our favorite weather app.

The big story abroad

The news cycle remains fixed on the war in our region, but there may be an end in sight, with US President Donald Trump telling reporters that US forces will leave Iran in two to three weeks. Washington has been able to disable Tehran’s nuclear infrastructure, which will take up to 20 years to re-establish, Trump said.

Watch this space: Trump will deliver “an important update on Iran” in a national address scheduled for early tomorrow.

The resulting energy supply shock still holds sway, with US gasoline prices surpassing USD 4 per gallon — but investors remain confident that the Federal Reserve won’t be hiking rates anytime soon. Instead, investors anticipate the Fed will hold rates or potentially pivot to cuts later this year, wagering that rising energy costs are more likely to stifle economic growth than trigger inflation.

Meanwhile, in the world of AI: OpenAI raised USD 122 bn in a record-breaking funding round, raising its valuation to USD 852 bn. “AI is driving productivity gains, accelerating scientific discovery, and expanding what people and organizations can build. This funding gives us the resources to continue to lead at the scale this moment demands,” the company behind ChatGPT said. The round was led by Japan’s SoftBank.

ALSO WORTH NOTING THIS MORNING- US private equity firms are increasingly showing interest in Japan’s fast food industry. Notable investments include Carlyle Group’s USD 847 mn purchase of KFC’s Japan-based operations and Goldman Sachs’ JPY 70 bn acquisition of the country’s Burger King operations. The trend appears to be underpinned by demographic shifts and upswinging inflation, which make quick, convenient meals more appealing.

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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 prices spike as much as 72.4%

The UAE Fuel Price Committee hiked fuel prices by up to 70% for April, according to an X post. This comes as global oil and gas prices have jumped over the past month, with Brent Crude trading above USD 100 for weeks.

Here’s the breakdown per liter:

Super 98 is now 3.39 AED, up from AED 2.59 in February (+30.9%);
Special 95 is AED 3.28, up from AED 2.48 (+32.3%);
E-Plus 91 is AED 3.20, up from AED 2.40 (+33.3%);
Diesel is AED 4.69, up from AED 2.72 (72.4%).

This follows last month’s rise, which was the end of lower oil prices after costs dropped in both January and February.

While the committee does not usually disclose its methodology, rates are generally linked to average global prices alongside operating costs to allow distributors reasonable margins, Khalij Economics Director and GCC analyst at GlobalSource Partners Justin Alexander told EnterpriseAM UAE.

“Petrol prices typically move in line with monthly shifts in Brent or Murban, while April’s data suggests diesel is likely tied to a different reference basket,” he added. Diesel saw the sharpest increase, while gasoline rose within the 31-33% range, roughly in line with the 40% increase Brent has seen, he explained.

Expect this to trickle down — and be felt by consumers: “The increase is expected to feed into broader inflation [...] particularly given diesel’s central role in freight and agriculture,” he said, though he added that a lag is expected as to when this will show up in inflation data.

Dubai’s stimulus package can help keep momentum going across the private sector, pundits say

Dubai’s AED 1 bn stimulus package, which aims to help the private sector navigate ongoing headwinds, will play a role in boosting confidence across the market, whether for local players or foreign investors, pundits say.

A quick recap: The package includes deferring government fees for businesses, as well as sales fees for hotels, and extending customs payments deadlines from 30 to 90 days. Some sectors, including the arts, will also see customs duties waived entirely for imports. For individuals, a “streamlined” residency and visa process should help continue to attract and retain talent, though details on that have not been clarified.

The move is a “clear signal of policy discipline in uncertain times,” SunTec Business Solutions’ President Amit Dua said in a note seen by EnterpriseAM UAE. It helps prioritize liquidity, continuity, and business confidence, and protects momentum, he added.

Discipline + stability are key: The package “reinforces confidence in the market’s stability and long-term potential,” Saxo Bank’s head of MENA trading, Hamza Dweik, said in a statement seen by EnterpriseAM UAE. It also helps reinforce resilience across the private sector, Chief Investment Officer at Century Financial Vijay Valecha agreed.

It was largely expected: UAE authorities have been engaging with the business community since the start of the conflict, organizing a session with dozens of Dubai businesses earlier in March to discuss ongoing events and maintaining business continuity. Judging by past crises like covid-19, many were expecting a government response that would ensure continuity and maybe even “convert [the] crisis into an [opening], as Viswanathan Shankar, a former top executive at Standard Chartered and founder of Gateway Partners, told Bloomberg earlier in the conflict.

Business was on a roll before this happened: The non-oil private sector was thriving in February on the back of strong domestic demand and significant activity in the construction, real estate, logistics, and tech sectors. S&P Global’s Purchasing Managers’ Index (PMI) had reached a one-year high of 55 last month. We’re still waiting on how the picture has changed for March — the PMI should be out on Friday.

Momentum might get hit, but the announcement helps ensure that disruption doesn’t last too long. Dweik sees the stimulus package being a “catalyst for momentum across multiple sectors.”

The breadth of the package is also notable: It doesn’t just focus on tourism or the arts. The government fee and customs payment deferral will help all sectors, a signal of the city’s “focus on inclusivity,” Dweik noted.

Wealth managers think the effects will ripple across to HNWIs as well: “Empowering the private sector will undoubtedly encourage even more ultra-high-net-worth families, entrepreneurs, and family offices to put down permanent roots and build multi-generational wealth in the Emirates,” Klay Group Chairman Kalpesh Khakhria also said in a note seen by EnterpriseAM.

Taming crypto’s wildest trades

The Virtual Assets Regulatory Authority (Vara) rolled out a new framework(pdf) governing exchange-traded derivatives (ETD) linked to virtual assets, opening the door for licensed virtual asset service providers to offer derivatives within a tightly controlled regulatory perimeter.

The rules are in effect immediately for all licensed exchange service providers, marking one of the earliest attempts to bring crypto derivatives under a dedicated, enforceable rulebook. They encompass tools like futures, options, and perpetual swaps.

The broad strokes:

Firms will now have to get explicit approval from Vara to offer derivatives;
Exchanges must run pre-trade controls to stop users from taking on exposure they can’t sustain;
Leverage will be capped at 5x for retail traders;
Platforms are required to monitor positions in real time and step in before losses spiral;
Pricing, risks, and liquidation triggers must be clearly disclosed and align with what users actually see on-screen;
Margin trading accounts will need to be segregated from any other trading accounts;
ETD providers must establish and maintain an ins. fund with a minimum balance set by Vara to cover potential systemic shocks.

And Vara can step in fast: The regulator has built-in powers to intervene during market stress or misconduct, including restricting activity.

Why the capped leverage? Excessive leverage was among the reasons behind the 2022 collapse of crypto hedge fund 3AC, after the firm borrowed extensively to speculate on assets like BTC and ETH and failed to meet margin calls when prices dropped.

The framework is progressive, especially when compared with other jurisdictions: While jurisdictions like Hong Kong and the US have been working on regulating derivatives for years, Dubai’s framework is “tailored for global players, placing it ahead of several traditional derivatives jurisdictions, including the UK, and offering a clearer and more purpose-built approach than MiCA [the EU’s Markets in Crypto-Assets Regulation],” Carolina Rios, CEO and founder of Saja Legal Consultants, told Enterprise AM UAE

A pilot is already live: Crypto exchange OKX was among the first to move under the framework, launching regulated retail derivatives in the UAE — including futures, perpetual contracts, and options — under Vara’s pilot regime, Unblock Blockchain reports. CEO Rifad Mahasneh said the launch reflects “a perfect alignment” between user demand, regulatory clarity, and the firm’s roadmap.

But it will take time for more options to come to market: Given derivatives require specific regulatory approval, with licensed firms required to submit detailed applications, “top-tier exchanges may take approximately 3-6 months to achieve an initial product rollout, while broader market adoption is likely to require between 6-12 months,” Rios explained.

It’s early, but demand will likely pick up

Demand is still finding its footing: “We do see underlying demand for crypto derivatives in the UAE, but it’s still at an early stage compared to more mature markets,” Bybit’s MENA Country Manager Derek Dai tells EnterpriseAM.

The foundations are there, though: Dai pointed to the UAE’s “well-developed financial ecosystem,” spanning banks, family offices, and institutional investors. This infrastructure is expected to accelerate adoption as regulatory clarity improves and the market moves beyond spot to more sophisticated instruments, he added.

And institutional uptake will come: “I do expect meaningful institutional uptake, but it will be selective, staged, and concentrated among sophisticated players in the initial months of regulatory enforcement, as VARA’s framework prioritizes risk integrity over broad accessibility,” Rios said.

Emirates NBD defies credit freeze with USD 2.25 bn syndicated loan

Emirates NBD bucks the wobble in Dubai credit: Emirates NBD raised USD 2.25 bn through a syndicated loan and Murabaha facility even as parts of Dubai’s credit market start to wobble. The DFM-listed lender secured commitments from 15 banks across the US, Europe, and Asia — and managed to secure its tightest pricing on record for one of the GCC’s largest syndicated borrowings to date, it said in a press release.

A two-tranche financing that cleared easily: The transaction was split between a USD 1.75 bn, five-year sustainability-linked loan and a USD 500 mn, five-year commodity murabaha facility — secured by Emirates Islamic, which Emirates NBD fully acquired last year. The larger loan was upsized from USD 1 bn after being more than 2x oversubscribed.

The loan adds to the growing split in regional credit: While high-yield real estate names like Binghatti and Omniyat slipped into distressed territory, investors are still showing up for large, systemically important banks. Emirates NBD’s tight pricing suggests UAE risk is being repriced selectively rather than pulled across the board, with the lender citing its strong liquidity, USD resources, and diversified income streams as helping secure the pricing.

The bank has been active across both debt and bank funding markets every month of the first quarter, most recently issuing a EUR 500 mn green bond in mid-February, just a month after its landmark USD 1 bn blue-green bond.

ADVISORS- Bank of America, BNP Paribas, DBS, and Emirates NBD Capital were joint coordinators and bookrunners for the larger loan, with Emirates NBD Capital also acting as sole coordinator on the Islamic tranche.

Sovereign cloud and AI firm Core42 taps former Microsoft exec Sherif Tawfik

Core42 taps former Microsoft senior exec as CBO: G42’s sovereign cloud and generative AI subsidiary Core42 tapped Sherif Tawfik (LinkedIn) as its new chief business officer, according to a press release. In his new role, Tawfik will focus on expanding the firm’s international commercial reach and boosting its global sovereign AI cloud and infrastructure footprint.

The new hire: Tawfik has over 30 years of experience in generative AI and scaling sovereign cloud models in emerging markets. In addition to his 25-year tenure at Microsoft, where he most recently served as chief partnership officer for G42 and Microsoft Global Alliance, he is also the founder and CEO of Fusion Minds AI.

US-based Snowflake appoints general manager to lead regional operations: US-based cloud data platform Snowflake named Michel Nader (LinkedIn) as general manager for its Middle East, Turkey, and Africa (Meta) regional operations, according to a press release. In his role, Nader will expand the firm’s regional customer base as well as the adoption of its AI data cloud innovations across regional markets, including Snowflake Intelligence and native coding agent Cortex Code.

Most recently finishing up a 16-year tenure as senior regional director at Dell Technologies, Nader has 25 years of leadership experience in data protection, security, and enterprise technology. He also held senior leadership roles at Hewlett Packard Enterprise and EMC, where he managed enterprise platforms and software-defined solutions.

IHC takes stake in Sammaan, SMEs get another liquidity cushion, Mubadala + IHC back Whoop, and hospitality financing startup launches in UAE

IHC gets the ball rolling on acquisition of Sammaan Capital

Abu Dhabi’s International Holding Company (IHC) is set to acquire a 41.5% controlling stake in Mumbai-listed mortgage lender Sammaan Capital, as part of a USD 1 bn transaction, according to a press release. The move builds on an initial agreement made toward the end of last year. IHC will also secure board control as part of the transaction.

The details: The investment will be routed through Judan Financial, IHC’s newly formed Abu Dhabi-based financial arm that aims to consolidate global investments across banking and fintech. The agreement is being executed in tranches, with a portion already acquired and the rest to follow via warrants over 18 months. A mandatory open offer,which could raise the total stake to 63.3% if it sees full uptake, is expected, in line with Indian regulations.

Why it matters: Sammaan lends IHC immediate access to over 220 branches and a massive retail lending engine in one of the world’s fastest-growing credit markets. The pact strengthens the firm’s capital base while positioning IHC to tap India’s credit market, where NBFCs play a crucial role in financial inclusion and housing finance expansion.

IN CONTEXT- IHC plans to deploy USD 110 bn in India over the next five years across data centers, renewables, nuclear power, and infrastructure. It’s already partnered with Indian conglomerate Adani on digitization and energy, and with Haldiram Snacks Foods. More widely, the UAE and India are aiming to reach USD 200 bn in bilateral trade by 2032.

SMEs get another liquidity cushion

As cashflow pressure builds on small businesses, Dubai-based spend management platform Qashio is rolling out an SME support push, offering more than AED 10 mn in relief and incentives through a new program with Dubai Chambers, according to a press release. Running through June, the scheme combines waived setup fees for Qashio services, as well as deferred payments, and rewards with access to spend tools.

ICYMI- Relief is stacking up: As we previously covered, Dubai rolled out an AED 1 bn support package to cushion private sector pressure from the regional war, following earlier Central Bank of the UAE support to mitigate the fallout on local banks.

UAE investors back USD 10.1 bn healthtech firm Whoop

Mubadala + IHC back USD 10.1 bn Whoop: Abu Dhabi’s Mubadala and IHC-backed 2PointZero are part of a global consortium putting USD 575 mn into Boston-based wearable performance firm Whoop in Series G funding, according to a press release. The funding round valued the firm at USD 10.1 bn and was also backed by Collaborative Fund, Qatar Investment Authority, and athletes like Cristiano Ronaldo and LeBron James.

REMEMBER- Earlier this month, an unspecified subsidiary of 2PointZero acquired a stake in Whoop. The size and value of the stake weren’t disclosed at the time.

About the company: Whoop is a wearable fitness device that tracks sleep, recovery, strain, and long-term health and offers advice based on that data. Whoop has raised more than USD 900 mn so far, the statement read.

Mezza launches in UAE to finance hospitality groups

Hospitality financing platform Mezza has launched in the UAE, after having raised an unspecified amount in a seed funding round backed by angel investors, including the founders of PropertyFinder, Jellysmack, and the chairman of Deel, according to a press release.

More on Mezza: The startup offers upfront capital, between AED 20k and AED 10 mn, to restaurants and hospitality players in exchange for food and beverage credits which it gives out to its app users. Since launching in 2025 by Kevin Boubil (LinkedIn), Mezza has partnered with the likes of Gates Hospitality and Chic Nonna, with plans for additional partners in the pipeline.

The timing is on the nose. Hotel occupancy has plunged from peak season averages of 90% to 16% this month, with hotels slashing prices and cutting staff hours as the fallout of the regional war continues. Dubai recently introduced an AED 1 bn support package, which included allowing hotels to defer paying 100% of sales fees and AED tourism payments.

How much is the war costing the region?

A month of high-intensity military escalation is enough to derail the Arab States’ development trajectory, according to a high-level UNDP preliminary assessment report (pdf), which estimates up to USD 194 bn in GDP losses across the region. The study warns that even a “short-lived” month-long conflict is currently generating profound, persistent socio-economic scars.

Regional GDP is estimated to contract by 3.7% to 6%. Economic shocks from trade, energy, and finance are exacerbating already existing systemic weaknesses in the region when it comes to “economic diversification, dependence on external markets, [labor] market composition, and fiscal capacity,” the report highlights. The impacts are mainly felt through higher prices and inflationary pressures, which will “erode real incomes.”

A surge in poverty will be the starkest human impact, with nearly 4 mn additional people at risk of falling below the poverty line under high-intensity scenarios. The Levant, Sudan, and Yemen are the epicenter, accounting for roughly 75% of this spike (up to 3.3 mn people).

There are wider human repercussions too: The Human Development Index (HDI), which measures key indicators like life expectancy, living standard, and education, is projected to drop by 0.2-0.4%, effectively erasing six to 12 months of development progress. In the Levant, that setback is more severe, potentially rolling back the clock by 1.5 years.

Unemployment is expected to rise by 1.8% to 4%, equivalent to 1.6 mn to 3.6 mn lost jobs. Unskilled workers are likely to bear the brunt of it, particularly in the GCC, where the labor market remains highly exposed to external shocks.

The GCC and the Levant face the sharpest macroeconomic contractions, with both subregions expected to lose between 5.2% and 8.7% of their GDP. Sustaining stability now requires moving beyond hydrocarbon-heavy balance sheets toward diversified production bases and “shock-proof” logistics capable of surviving a closed strait, UN Assistant Secretary-General and Director of the UNDP Regional Bureau for Arab States Abdallah Al Dardari explained.

MARKETS THIS MORNING-

Asia-Pacific markets are up this morning following hopeful comments from US President Donald Trump regarding a potential end to the Iran war. Japan’s Nikkei is up almost 4%, and South Korea’s Kospi rose by more than 6%. Over on Wall Street, futures are trading higher.

ADX	9,521	-0.1% (YTD: -4.7%)
DFM	5,434	-0.2% (YTD: -10.1%)
Nasdaq Dubai UAE20	4,453	+0.1% (YTD: -8.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.5% o/n	3.9% 1 yr
TASI	11,250	+0.7% (YTD: +7.2%)
EGX30	45,322	+0.3% (YTD: +8.4%)
S&P 500	6,529	+2.9% (YTD: -4.6%)
FTSE 100	10,176	+0.5% (YTD: +2.5%)
Euro Stoxx 50	5,570	+0.5% (YTD: -3.8%)
Brent crude	USD 103.97	-3.2%
Natural gas (Nymex)	USD 2.89	+0.1%
Gold	USD 4,719	+0.9%
BTC	USD 68,252	+2.2% (YTD: -22.1%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.69	+2.5% (YTD: -1.6%)
S&P MENA Bond & Sukuk	149.02	+0.2% (YTD: -1.9%)
VIX (Volatility Index)	25.27	-17.5% (YTD: +72.4%)

THE CLOSING BELL-

The ADX fell 0.1% yesterday on turnover of AED 821.7 mn. The index is down 4.7% YTD.

In the green: Invest Bank (+15.0%), Union Ins. Company (+8.7%), and United Arab Bank (+4.8%).

In the red: RAK Co. for White Cement & Construction Materials (-4.8%), Abu Dhabi National Energy Company (-4.7%), and E7 Group PJSC Warrants (-4.7%).

Over on the DFM, the index fell 0.2% on turnover of AED 828.7 mn. Meanwhile, Nasdaq Dubai was up 0.1%.

UAE President, Qatari Emir talk regional developments

UAE President Sheikh Mohamed bin Zayed Al Nahyan met with Qatar’s Emir Sheikh Tamim bin Hamad Al Thani in Abu Dhabi, where they discussed the impact of Iran’s attacks on regional, maritime, and wider international stability, state news agency Wam reports. The leaders also explored potential areas for collaboration to strengthen ties across key sectors.

Both countries have borne the brunt of Iranian attacks, with strikes on Emirati and Qatari energy infrastructure wiping out a significant chunk of production capacity and adding further fuel to the energy disruption.

CALENDAR

MARCH

31 March-2 April (Tuesday-Thursday): Arab Media Summit, Dubai.

APRIL

6-9 April (Monday-Thursday): Dubai AI Week, Dubai.

7-8 April (Tuesday-Wednesday): Dubai AI Festival, Dubai World Trade Center, Dubai.

21 April (Tuesday): FAO Regional Conference for the Near East (NERC38), Al Ain.

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

MAY

4-8 May (Wednesday-Saturday): 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.

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;
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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