Happiest Place on Earth coming to Abu Dhabi

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WHAT WE’RE TRACKING TODAY

THIS MORNING: CBUAE keeps rates unchanged + Trump to rescind AI export restrictions?

Good morning, wonderful people. We have huge news on multiple fronts this morning: Not only is Disneyland coming to Abu Dhabi, but the US could be removing restrictions on AI exports in a move that would give our AI ambitions a shot in the arm.

AND– The Central Bank of the UAE kept interest rates unchanged yesterday for the third time in a row, in line with the US Federal Reserve, according to a statement (pdf). The base rate applicable to the overnight deposit facility remains at 4.4%, while the rate applicable to borrowing short-term liquidity was kept unchanged at 50 bps above the base rate for all standing credit facilities. We have more on the Fed’s decision in Planet Finance, below.

The second day of Dubai Capital Market Summit kept the optimism going, with more signs that momentum in the emirate’s capital markets will continue this year. The DFM has apparently identified 10 IPO-ready tech firms with which it is in discussions, one of which was Talabat, which took to the DFM last year in what was the world’s biggest tech IPO, CEO Hamed Ali said during a fireside chat on stage.

Sectors in focus: The DFM will continue to look at infrastructure firms — which are already dominant in the market — in addition to newer, less represented sectors like tech, tourism and hospitality, and shipping and handling. “We have 3 or 4 shipping brand names that would be great additions,” Ali said.

It’s not just about traditional IPOs this year, though: Private capital is emerging as a focal point for both investors and fundraisers, with more players offering up platforms to help link both sides together to address growing demand that IPOs alone cannot meet. “Some companies are seeing record demand, and there will never be enough allocation to investors [during IPOs],” Ali said, adding that it’s important to offer platforms that can help businesses raise funds — and investors identify strong prospects — to plug that gap ahead of plans to IPO.

REMEMBER- The DFM launched its own platform for private capital, Arena, at the last edition of the summit. It’s not the only one though: Abu Dhabi conglomerate International Holding Company’s Finstreet also includes a private investment platform, while independent players like Finbursa are launching their own platforms to meet rising demand.

PLUS- REITs and other capital raising tools like convertibles are also gaining traction, as are follow-on offerings, which help boost liquidity in capital markets and increase their freefloat, experts said. Adnoc has been driving the trend of follow-on offerings, taking an additional 4% stake in Adnoc Gas to market in February and a 5.5% stake in Adnoc Drilling in May 2024.

PSAs-

💨 WEATHER– Expect a dusty and breezy day, with northwestern winds kicking up sand and reducing visibility, according to the National Center of Meteorology (pdf). Afternoon highs in Dubai will reach 34°C and lows of 27°C. Over in Abu Dhabi, temperatures will reach highs of 30°C and nighttime lows of 28°C.

#1- Flights to Pakistan and Northern India continue to be disrupted: UAE-based airlines Emirates, Etihad, and Air Arabia have canceled or rerouted flights to Pakistan and northern India following airspace closures triggered by regional tensions, though flydubai has resumed flights to most locations, The National reports. The airlines advised passengers to check their flight statuses for updates before travelling, as the situation is ongoing.

#2- US visas are out of order for the next two weeks: The US Embassy and Consulate in the UAE will not take visa appointments or fee payments from 15 to 29 May as it transitions to a new visa service provider, the US Mission to the UAE said in a post on X. Residents who need emergency appointments during this period are encouraged to visit the US State Department’s visa appointments website for further details.

WATCH THIS SPACE-

EU eyes sanctions on Russian Lukoil’s Dubai unit: The European Union is considering blacklisting Litasco Middle East DMCC, the Dubai-based trading arm of Russian oil giant Lukoil, for allegedly helping facilitate Moscow’s shadow fleet operations, Bloomberg reports, citing documents it has seen. If approved, the designation could have knock-on effects for European shipowners carrying Russian supplies.

Zoom out: The designation is part of the EU’s proposed 17th sanctions package targeting Russian energy revenue streams through sanctions on 150 vessels, 60 individuals, and major Russian oil exporters including Surgutneftegas. The package is still under discussion and requires unanimous approval from all EU member states.

DATA POINTS-

#1- Gross bank assets in the UAE rose 1.6% m-o-m to reach AED 4.6 tn in February, according to the Central Bank of the UAE’s (CBUAE) latest monetary and banking developments report (pdf). Meanwhile, gross credit grew 0.9% m-o-m to AED 2.2 tn, driven by an AED 17.1 bn increase in foreign credit and an AED 1.7 bn rise in domestic credit. Within domestic credit, lending to non-banking financial institutions grew 5.2%, and private sector lending rose 0.7%, offsetting declines of 2% to government-related entities and 1.4% to the government sector.

Total bank deposits climbed 1.2% m-o-m to approximately AED 2.9 tn, supported by a 5.1% increase in non-resident deposits reaching AED 249.1 bn, and a 0.8% rise in resident deposits. Within resident deposits of AED 2.6 tn, non-banking financial institutions led with a 5.6% gain, followed by government-related entities at 3.8% and the private sector at 1.4%, while government sector deposits dropped 4%.

#2- Dubai International Chamber brought 53 foreign companies to the emirate in 1Q 2025, a 39% y-o-y increase, it said in a statement. This includes 11 multinationals and 42 SMEs. Chairman Sultan bin Sulayem credited the chamber’s global network of offices for supporting the push, adding that firms are increasingly leveraging Dubai’s advantages to expand locally and internationally.

HAPPENING TODAY-

#1- The Airport Show, taking place alongside the Global Airport Leaders Forum, will wrap up today at Dubai World Trade Center (DWTC). The events will bring together airport and aviation industry professionals to discuss the latest trends in airport infrastructure, emerging technologies, and solutions to industry challenges.

#2- The Abu Dhabi Department of Economic Development (ADDED) is leading a delegation of senior officials and business leaders to Japan until Friday, 9 May, according to the Abu Dhabi Media Office. The five-day visit aims to explore possibilities for more investment cooperation, and expand trade and industrial ties. A trade and economic partnership agreement between the two sides is expected to be finalized later this year.

The delegation: UAE government officials and Emirati private sector representatives will participate in several events in Tokyo and Osaka, including the Abu Dhabi Investment Forum (ADIF) and Abu Dhabi-Tokyo Business Forum. The delegation will be looking to deepen cooperation with Japan in clean energy, hydrogen, AI, life sciences, and next-generation technologies, the statement said.

THE BIG STORY ABROAD-

Global powers are rushing to calm the flammable situation in South Asia, while Pakistan is vowing a swift response that it promised will target military assets and stay clear from civilians. India’s widespread attacks in Kashmir and other provinces ended up killing 31 and injuring dozens, while Pakistan’s retaliation is estimated to have caused 12 casualties and tens of injuries.

OVER IN THE US- The Trump administration is planning to ease Biden’s last-minute restrictions on exports of advanced AI chips, introduced in January and set to take effect on May 15. The tiered system — which divided countries into three tiers that were allowed to receive unlimited, capped, or no exports — will reportedly be cancelled, and likely replaced with new, “simpler” rules aiming at handing the US more control over chips abroad, sources reportedly said. Shares of chipmakers rose on the news, with Nvidia up over 3%.

REMEMBER- The US and the UAE were set to discuss a potential chip agreement during Trump’s visit to the UAE next week, as the UAE continues to become a key partner to the US, with some USD 1.4 tn in investments in US tech and energy sectors pledged over the next decade.

ALSO WORTH READING THIS MORNING-

Ukraine is considering a shift away from the USD to the EUR amid rising US protectionism, its central bank governor said.
Black smoke rose above the Sistine Chapel after the first vote failed to pick a successor for Pope Francis, extending the vote for a second day.
Germany’s new chancellor Merz and France’s President Macron are setting up a joint security and defense council.

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CIRCLE YOUR CALENDAR-

TheIUHPE World Conference on Health Promotion will be running from Tuesday, 12 May to Friday, 16 May at the Adnec Center in Abu Dhabi. The conference will bring together over 2k global health leaders, policymakers, and advocates to address planetary health challenges, including non-communicable diseases, digital health, precision health, and emergency preparedness. Structured around keynote speeches, panels, workshops, and networking forums, the event aims to translate research into actionable strategies for global communities.

The Global Ports Forum will take place on Tuesday, 13 May and Wednesday, 14 May in Dubai. The forum will discuss port strategy, automation trends, financing models, and efficiency measures. Sessions will cover trade outlooks, terminal design, safety protocols, and AI-driven port operations.

Integrate Middle East will be running between Tuesday, 13 May and Thursday, 15 May at the Dubai World Trade Center. The event will showcase advancements in audio-visual technology and media for the broadcasting, communications, and entertainment industries.

The UAE-India Partners in Progress Summit 2025 will kick off on Thursday, 15 May at the Taj Exotica Palm Jumeirah in Dubai, state news agency Wam reports. The summit will focus on trade, energy, technology, tourism, and economic cooperation between the two nations. Government ministers and business leaders from both countries will be speaking, with discussions covering recent agreements signed during Dubai Crown Prince Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum’s recent visit to India.

Arqaam Capital’s MENA Investor Conference will take place on Monday, 19 May and Tuesday, 20 May at the Four Seasons Hotel in Abu Dhabi. The conference is set to bring together over 500 senior executives, investors, economists, and policymakers to explore potential investments in the region’s capital markets through networking discussions, expert panels, and presentations.

The Workspace Exhibition will take place at the Dubai World Trade Center from Tuesday, 27 May to Thursday, 29 May. The event, bringing together over 33k visitors and more than 920 exhibitors, will showcase new technologies and interior designs for office spaces and commercial real estate.

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

Disney to come to Abu Dhabi

The Walt Disney Company is bringing its first Middle East Disneyland to Abu Dhabi’s Yas Island under a partnership agreement with Abu Dhabi-based real estate developer Miral, according to a joint statement. This would make Abu Dhabi home to the seventh Disneyland globally, alongside iconic ones in Orlando, Paris, California, Tokyo, Shanghai and Hong Kong.

No investment ticket yet: While the financials of the development weren’t disclosed, the project is set to be funded entirely by Miral, Disney’s head of parks and resorts Josh D’Amaro told Bloomberg reports. Disney will, however, earn royalties on the park’s revenues, according to a regulatory filing. The company previously earmarked USD 60 bn to double its capital investments for resort expansion over the coming decade.

Who’s doing what? Miral will develop, build, and operate the resort, while Disney will provide operational oversight and take the lead on creative design. Prominent US and European brands are also expected to be involved.

The timeline: The project’s design could take up to two years, while construction will require another 4 to 6 years, Reuters quoted D’amaro as saying. The development is still subject to additional agreements being finalized, the filing said. Talks between Miral and Disney on the project began some 18 months ago, Bloomberg reported.

What to expect: The park will include Disney attractions, themed accommodations, and retail and dining experiences, and will be “authentically Disney and distinctly Emirati,” Disney CEO Bob Iger said in the statement. It is being designed to be Disney’s most technologically advanced destination yet, Bloomberg quoted D’amaro as saying.

Saying yes to Yas: The announcement follows Miral’s success in transforming Yas Island into a global leisure hub, already home to Warner Bros. World, Ferrari World, SeaWorld Abu Dhabi, and Yas Waterworld.

ADQ prices USD 2 bn bond, its third global debt market issuance

Abu Dhabi sovereign wealth fund ADQ priced a dual-tranche USD 2 bn bond at a spread tightened 30 points from initial guidance, drawing in USD 7 bn in orders, according to a press release.

The bonds were priced at among the lowest yields for non-sukuk bonds in the GCC so far this year, with the USD 1 bn five-year tranche priced at a spread of 85 basis points over US Treasuries, the lowest for a five-year tranche in the region so far, and the USD 1 bn ten-year tranche priced at 95 basis points, which is the second-lowest. Spreads for both tranches were tightened by 30 basis points from initial guidance.

Background: The five-year tranche is priced with a 4.5% coupon, while the 10-year tranche carries a coupon rate of 5% per annum. The notes will be listed on the London Stock Exchange.

Who’s buying? Investor interest was broad-based, with participation from Asia, the US, the Middle East, the UK, and Europe. The transaction marked ADQ’s widest distribution to Asian investors so far.

Where the money’s going: ADQ will use the proceeds for general growth capital and to keep powering its long-term plan.

REMEMBER- This is ADQ’s third time tapping international debt markets since it launched its Global Medium Term Note Program, which aims to diversify its funding sources for future acquisitions. Its debut USD 2.5 bn issuance in May 2024 pulled in USD 11 bn in orders (4.4x oversubscribed), followed by a USD 2 bn offering in September 2024 that saw USD 8 bn in bids (4.1x).

Arada buys New South Wales unit of Australian boutique construction outfit Roberts Co

Sharjah-based property developer Arada acquired 100% of the New South Wales arm of Roberts Co — a Sydney-based commercial construction company — as it looks to break ground on its first projects in Australia before year end, according to a statement. The acquisition will give it more control and help cut costs when executing its projects in the country, the statement said.

IN CONTEXT- This is Arada’s first investment in an Australian construction company since it set up shop in Sydney last year. The firm plans to develop residential projects worth AED 6 bn in the city to address housing shortages, with a pipeline of over 2.5k homes this year alone.

What we know: While the total value of the transaction was not disclosed, the agreement will see Arada pay an immediate AED 47 mn recapitalization, “securing the jobs of 120 direct employees and providing essential stability to another 600 employees across the construction supply chain in Sydney,” the statement reads. This is in addition to plans to invest up to AED 235 mn to support Robert Co’s global expansion, including to the UAE.

No changes in management for now: Robert Co’s Executive Chairman George Kostas will retain his role “to ensure continuity and stability post the transaction,” including through resuming the execution of four major construction projects in Sydney. The company is currently working on two schools, a residential project and a children’s hospital, and is targeting some AED 2.3 bn in annual revenues by 2028.

About Roberts Co: Founded in 2017, the Sydney-based commercial contractor’s portfolio includes high-profile construction projects across the healthcare, education, residential, commercial, hospitality, industrial, life sciences, and defense sectors.

ALSO IN THE PIPELINE FOR ARADA- The developer recently expressed interest in go ing public within the next three years, and wants to expand in the region beyond its core Sharjah and Dubai markets, with plans to expand into Ras Al Khaimah, Abu Dhabi, and Saudi Arabia, Alkhoshaibi said.

Abu Dhabi real estate transactions dip in 1Q 2025 despite price jump

Abu Dhabi’s property market cooled in 1Q 2025 as off-plan sales plunged, according to EFG Hermes’ latest Abu Dhabi Property Tracker. The decline was partially offset by a surge in ready-unit sales and mortgage activity, while prices continued to climb.

The big picture: Total transaction value fell 7.7% y-o-y to AED 16.8 bn, with residential activity dropping 34.2% to AED 8.9 bn — the steepest decline across segments. A dip in new project launches from developers triggered the fall.

Ready-units > off-plan sales: Off-plan sales tumbled 78% y-o-y to AED 1.8 bn, reflecting the slowdown in project launches, the report said. Aldar continued to dominate, capturing 62% of all off-plan transactions. By contrast, ready-unit sales rose 57% y-o-y to AED 3.4 bn, driven by strong demand for standalone villas, particularly in budget and affordable areas.

Mortgage transactions also offered a bright spot: Mortgages surged 23% y-o-y to AED 4 bn, making up 42% of total market activity — nearly double last year’s share. 72% of mortgage activity came from non-housing program units, indicating stronger private demand.

Prices continued to rise despite the slowdown in transactions, rising 11.5% y-o-y to approximately AED 11.8k per sqm, supported by gains in both luxury — led by Saadiyat Island — and budget areas like Zayed City. Budget housing accounted for 49% of total transactions, while the luxury segment slipped to 13%, down from 18% in 4Q 2024.

How the leasing market fared: Leasing contract values totaled AED 5 bn across 63.5k agreements. Residential leases made up 63% of total activity, with Al Danah leading demand. Office leases accounted for 20%, while industrial and retail had the remaining share.

ICYMI- Dubai had a stronger quarter: Dubai’s market saw a 7% y-o-y rise in overall activity to AED 179 bn, with off-plan sales up 28% y-o-y to AED 74.2 bn, according to a previous EFG Hermes Dubai Property Tracker. The emirate also saw a 30% rise in mortgage transactions and a 23% y-o-y jump in residential sales to AED 128.6 bn, despite a slight quarterly slowdown.

But not for prices: Average prices dipped 2% q-o-q from a high 4Q 2024 base, with 79% of transactions falling in the budget segment.

Jafza to put AED 8.5 bn towards upgrades and expansions

Jafza earmarks AED 8.5 bn for infrastructure revamp: DP World’s Jebel Ali FreeZone (Jafza) is set to invest nearly AED 8.5 bn over the next three years a bid to expand the zone and upgrade its infrastructure, COO Abdullah Al Hashemi told local news outlet Al Khaleej. The projects will be financed through Jafza’s internal resources, in addition to DP World-approved agreements inked with private sector players, Al Hashemi said, without going into further detail.

The breakdown:

AED 3.5 will be invested into new logistics equipment and facilities;
AED 1 bn will go towards upgrading and expanding infrastructure in the zone;
AED 4.1 bn is earmarked for the development of specialized markets – including Bharat Mart for Indian traders and Turk Mart for Turkish traders.

We’ve know that Jafza is in investment mode for a while: The freezone allocated some AED 90 mn into the second phase of its logistics park in March, adding some 360k sq ft of Grade-A facilities to the plot and bringing the total area of the park to 922k sq ft. The second phase of the park will include loading docks, temperature-controlled warehouses, offices, customizable units, and ramped up power capacity to support the surge in sites.

…for good reason: Jafza’s rents increased 28% y-o-y in 2024 on the back of strong demand in Dubai from manufacturing, e-commerce, and third-party logistics players. Jafza’s phase one units were all snapped up before the site was even completed in late 2023. The zone is home to over 10k global firms, and just this year alone saw the likes of German technology company Allied Heat Exchange AG (A-Heat), Indian food giant Haldiram and Local argo-commodity supplier Spring Valley plan to set up shop.

1Q 2025 sees uptick in bottom line for Bank of Sharjah and NCC, while Phoenix’s falls

PHOENIX GROUP-

Phoenix Group reported a net loss of USD 153.6 mn in 1Q 2025, a sharp 132.2% dip from the USD 66.2 mn net income recorded in the same period last year, according to its financial report (pdf). The company’s revenues from contracts with customers fell 54.7% USD 31.3 mn during the first quarter.

Behind the drop: The downturn came on the back of a USD 142.4 mn unrealized loss on the fair value of its digital assets and higher expenses. Income from trading ASICs, wallets, and hosting services dropped significantly by 75.4%, and hosting revenues also saw a steep decline.

Looking ahead: Phoenix is eyeing further growth in the MENASA markets, as well as expanding in the US, boosting its crypto mining footprint and diversifying into AI, according to a separate management report (pdf). It has also been exploring a potential US exchange listing.

BANK OF SHARJAH-

Bank of Sharjah reported a net income of AED 116.2 mn in 1Q 2025, a 45% y-o-y increase, driven by higher interest income, according to its financials (pdf). Net operating income surged 33.8% to AED 191 mn and net interest income saw a 63% y-o-y uptick to AED 144 mn.

This follows a strong 2024, which saw the bank turn to the black posting a record net income of AED 385 mn, reversing a net loss of AED 275 mn the year before.

NATIONAL CEMENT COMPANY-

The National Cement Company recorded a 21.4% y-o-y increase in net income in 1Q 2025, reaching AED 157.2 mn, according to its financials (pdf). Despite the growth in profitability, the company’s revenues dipped 6.7% y-o-y to AED 51.6 mn during the quarter.

Behind the figures: The growth in net income was driven by a sharp jump in interest income from its investments as well as from dividend income from equity investments. The firm also saw a steep drop in operating losses.

M42 appoints Dimitris Moulavasilis as group CEO

Mubadala-backed healthtech investment firm M42 has named Dimitris Moulavasilis (LinkedIn) as group CEO effective immediately, according to a press release. Moulavasilis, who was previously M42’s global patient care platform CEO, brings over 22 years of experience, including from roles at Affidea and Diaverum. The appointment follows his predecessor Hasan Jasem Al Nowais’ transition to M42’s board of directors.

Erwin Bamps (LinkedIn) has rejoined luxury yacht and boat manufacturer GulfCraft as its CEO, according to a press release (pdf). Bamps, who first joined Gulf Craft in 2002, previously served as CEO from 2014 to 2018. His return comes as Gulf Craft renews its focus on expanding its portfolio of yachts and diversifying production to meet growing global demand, the company said.

New cross-border securities link for Nasdaq Dubai and Astana International Exchange

CAPITAL MARKETS-

Nasdaq Dubai links up with Astana stock exchange: Nasdaq Dubai and Kazakhstan’s Astana International Exchange (AIX) have established a direct link to streamline cross-border securities settlement between the two countries, according to a statement. The link will allow investors to trade held securities that are dual-listed on both exchanges. The AIX is also part of the ADX’s Tabadul trading hub, which the Iraqi Stock Exchange recently joined.

The rationale: The collaboration targets both investors and issuers, and looks to increase cross-border capital flows and promote investor activity, particularly for issuers seeking dual listings.

TECH-

#1- You might not need to pull your laptop out of the bag at the airport anymore: Dubai Aviation Engineering Projects has inked a multi-year contract with threat detection and security screening technologies provider Smiths Detection to install advanced CT scanners across all terminals at Dubai International Airport, according to a press release. The systems will allow travelers to keep electronics and liquids in bags during screening to help speed up processing times. They also use 3D imaging and AI-powered software to detect threats. Automated tray returns and smart lane management systems will also be deployed.

#2- G42, Cisco to work on scaling AI adoption in the UAE: State AI firm G42 signed an agreement with digital communications technology conglomerate Cisco to collaborate on advancing AI innovation and infrastructure and encouraging public and private sector adoption, according to the Abu Dhabi Media Office. The partnership will see G42 work with Cisco on a go-to-market initiative with the help of Cisco’s AI-native technologies and services. Both firms will also work on a reference architecture for the implementation of Cisco’s software in the UAE, in a bid to optimize AI data center operations and workloads.

CONSTRUCTION-

#1- DMCC taps Ali & Sons for Uptown Dubai’s next phase: Dubai Multi Commodities Center (DMCC) has appointed Ali & Sons Contracting Company as the main contractor for the second phase of its Uptown Dubai development, according to a press release (pdf). The phase will add two mid-rise towers connected to Uptown Dubai by a bridge, delivering 62k sqm of Grade A commercial and retail space, along with F&B outlets and other amenities. Ali & Sons will use drone surveying, off-site prefabrication, and 3D planning to execute the project.

REFRESHER- DMCC broke ground on phase two of Uptown Dubai in February 2024, with Swissboring overseeing enabling works. Empower was brought on earlier this year to supply 24.7k refrigeration tons (RT) of district cooling, up from the 3.9k RT provided during phase one. Once complete, the full development will comprise nine towers spanning 538k sqm, including 232k sqm of office space.

#2- ACC Group tapped as contractor for Marasi Bay developments: Real estate developer Omniyat has appointed Arabian Construction Company (ACC) as the main contractor for its residential Vela and Vela Viento tower projects in Dubai’s Marasi Bay, according to a press release. Work on the towers is underway, with Vela scheduled for completion in 2Q 2027 and Vela Viento set to follow in 3Q. The wider Marasi Bay development will feature residential, commercial, hospitality, and leisure spaces.

BUSINESS-

Brown Advisory opens ADGM office: US-based investment manager Brown Advisory has opened a new office in ADGM to meet growing demand for its global equities and fixed-income strategies, according to a statement. The firm, which manages USD 161.7 bn in assets, has advised regional clients for ten years and recently expanded into Tokyo, Singapore, and Frankfurt.

Brown’s Head of Middle East Jack Weatherby (LinkedIn) will lead the new office from Abu Dhabi, and will oversee client relationships, team expansion, and the development of region-specific investment offerings.

M&A-

DAE completes USD 2 bn Nordic Aviation Capital acquisition: Dubai Aerospace Enterprise (DAE) has finalized its full acquisition of Ireland-based Nordic Aviation Capital (NAC) for an enterprise value of USD 2 bn, according to a bourse disclosure. The acquisition adds NAC’s regional turboprop and jet assets to DAE’s fleet, and ups its fleet to 750 owned, managed, or committed aircraft.

In context: DAE inked a definitive agreement earlier this year to acquire 100% of NAC for an undisclosed amount, and had planned to fund the takeover through a mix of internal resources and debt financing.

Next up: The firm also has commitments to acquire a further 100 aircraft from the likes of Airbus, Boeing, ATR, and other trading counterparties.

LOGISTICS-

DP World has expanded into Singapore with its first logistics asset in the country, the company said in a press release. The 13k sqm multi-bonder warehouse is located at the Mapletree Benoi Logistics Hub, and brings the company’s total warehousing space in Asia to over 800k sqm.

TELECOMS-

Space42, Gatehouse complete test on satellite connectivity: UAE-based Space42’s subsidiary Thuraya and Danish software firm Gatehouse Satcom completed tests towards its Thuraya Direct service — a direct-to-device (D2D) messaging and IoT solution — it said in a statement.

Why it matters: The pilot tests validated the use of standard smartphones and NB-IoT applications for connection to Space42’s satellite network. The service aims to benefit mission-critical sectors where traditional, on-the-ground infrastructure is often insufficient.

What’s next? Space42 is now in talks with operators and OEMs ahead of launch, and says Thuraya Direct will form the base for future global constellation expansion. Commercial rollout is set for 4Q 2025.

Space42 launched the Thuraya 4 telecom satellite in January, and also inked an MoU with US-based Viasat to explore 5G D2D satellite services — laying the technical and commercial foundations for open, 5G-compatible satellite infrastructure.

BIOTECH-

BeeyahTech Chemicals opened the region’s first industrial enzyme production facility in the Sharjah Airport International Freezone (Saif Zone), with some AED 6 mn in investments, according to a press release. The 8.6k sq ft plant will support operations in the petroleum, textile, and detergent industries to boost industrial efficiency and reduce environmental impact. The facility includes R&D labs and automated systems for quality assurance.

Fed holds rates steady as tariff risks mount

The US Federal Reserve held interest rates steady for the third time running, keeping its benchmark federal funds rate at 4.25%-4.50% as officials flagged rising risks of higher inflation and unemployment. “Uncertainty about the economic outlook has increased further. The Committee is attentive to the risks to both sides of its dual mandate and judges that the risks of higher unemployment and higher inflation have risen,” the Fed’s Federal Open Market Committee (FOMC) wrote in its statement.

No rush to act amid murky outlook: Fed Chair Jerome Powell struck a cautious tone in his post-meeting press conference, saying the Fed is “well positioned to respond in a timely way to potential economic developments.” Powell added, “we think we’re in the right place to wait and see how things evolve. We don’t feel like we need to be in a hurry.” On tariffs, he admitted that trade policy remains a wildcard. “I don’t think we can say which way this will shake out.” He warned that if Trump’s “large increases in tariffs” are sustained, they could “generate a rise in inflation, a slowdown in economic growth, and an increase in unemployment.”

Jobs data strong, but inflation still hot: The labor market remained resilient in April, with employers adding 177k jobs and the unemployment rate holding at 4.2%. Meanwhile, the Fed’s preferred inflation gauge — the PCE index — rose 2.3% y-o-y in March, surpassing market expectations.

Markets reax: Stocks rose following the Fed’s announcement — the S&P 500 rose 0.4%, the Nasdaq was up 0.4%, and the Dow Jones rose 0.7%. Meanwhile, the yield on the 10-year US Treasury note fell 3 bps to 4.27%.

Policy on pause, for now: “The Fed remains in a holding pattern as it waits for uncertainty to clear,” said Goldman Sachs Asset Management’s Ashish Shah. “The onus is on the labor market to weaken sufficiently to bring a resumption of its easing cycle.”

MARKETS THIS MORNING-

Asian markets are in the green this morning. Japan’s Nikkei is up 0.4%, the Shanghai Composite is looking at gains of 0.3%, the Hand Seng is up 0.4%, and Korea’s Kospi is up a modest 0.1%.

ADX	9,611	-0.1% (YTD: +2.0%)
DFM	5,338	-0.3% (YTD: +3.5%)
Nasdaq Dubai UAE20	4,443	-0.3% (YTD: +6.7%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	4.1% 1 yr
TASI	11,399	-0.3% (YTD: -5.4%)
EGX30	31,840	-1.4% (YTD: +7.0%)
S&P 500	5,631	+0.4% (YTD: -4.3%)
FTSE 100	8,559	-0.4% (YTD: +4.7%)
Euro Stoxx 50	5,230	-0.6% (YTD: +7.0%)
Brent crude	USD 60.99	-1.9%
Natural gas (Nymex)	USD 3.62	+4.7%
Gold	USD 3,374	-1.4%
BTC	USD 96,757	+2.2% (YTD: +3.3%)
Chimera JP Morgan UAE Bond UCITS ETF	USD 3.64	-0.3% (YTD: +2.1%)
S&P MENA Bond & Sukuk	143.3	-0.3% (YTD: +2.4%)
VIX (Volatility Index)	23.55	-4.9% (YTD: +35.7%)

THE CLOSING BELL-

The DFM fell 0.3% yesterday on turnover of AED 452 mn. The index is up 3.5% YTD.

In the green: Al Salam Bank (+3.0%), Emirates Reem Investments Company (+2.6%) and Chimera S&P UAE UCITS ETF (+1.5%).

In the red: Dubai Refreshment Company (-8.8%), Dubai National Ins. and Reins. (-6.8%) and Emirates Islamic Bank (-6.1%).

Over on the ADX, the index fell 0.1% on turnover of AED 1.7 bn. Meanwhile, Nasdaq Dubai was down 0.3%.

UAE and Malawi ink 5 MoUs in diplomacy, minerals, trade, tech

UAE + Malawi sign MoUs: The UAE and Malawi signed five MoUs during a meeting between Foreign Minister Abdullah bin Zayed Al Nahyan and Malawian President Lazarus Chakwera in Lilongwe, state news agency Wam reports. The agreements target diplomatic training, cross-border investment, mining sector collaboration, digital education, and private-sector partnerships.

The breakdown: The first MoU pairs the UAE’s Anwar Gargash Diplomatic Academy with Malawi’s Foreign Ministry for training programs. Two more agreements signed with Malawi’s Trade Ministry focus on investment promotion and establishing a joint business council. A fourth MoU with Malawi’s Mining Ministry outlines mineral resource cooperation, while the final MoU links the UAE’s Digital School initiative with Malawi’s government to advance e-learning.

PLUS- The UAE mediated the 15th exchange of Ukrainian and Russian war captives earlier on Tuesday, according to a Foreign Affairs Ministry statement. Ukraine and Russia released 205 captives each, bringing the total number exchanged through UAE mediation efforts to 4.2k.

CALENDAR

MAY

25 April-11 May (Friday-Sunday): Dubai Esports and Games Festival, Dubai World Trade Center.

6-8 May (Tuesday-Thursday): Airport Show, Dubai World Trade Centre.

6-8 May (Tuesday-Thursday): Seatrade Maritime Logistics Middle East, Dubai World Trade Center.

6-8 May (Tuesday-Thursday): GISEC, Dubai World Trade Center.

9-10 May (Friday-Saturday): BNI UAE EXPO 2025, at the JAFZA One Convention Centre, Dubai.

9-11 May (Friday-Sunday): The Emirates Critical Care Conference, Intercontinental Festival City Hotel, Dubai.

12 May (Monday): EU regulators to make a decision on Adnoc’s Covestro takeover.

12-13 May (Monday-Tuesday): Dubai FinTech Summit, Madinat Jumeirah, Dubai.

13-16 May (Tuesday-Friday): International Union for Health Promotion and Education Conference, Abu Dhabi.

13-14 May (Tuesday-Wednesday): The Annual HR Tech MENA, Dubai.

13-14 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

13–14 May (Tuesday-Wednesday): Low Carbon Fuels MENA Summit, Sheraton Dubai Creek Hotel & Towers, Dubai.

13-15 May (Tuesday-Thursday): Cabsat Middle East and Satellite Middle East, Dubai World Trade Center.

13-15 May (Tuesday-Thursday): Integrate Middle East, Dubai World Trade Center.

13-16 May (Tuesday-Thursday): The IUHPE World Conference on Health Promotion, Adnec Center.

13-20 May (Tuesday-Tuesday): Dubai Holding REIT subscription period.

15 May (Thursday-Sunday): The Economy Middle East Summit, ADGM, Abu Dhabi.

15 May (Thursday): Dewa tender for pumping stations bids deadline.

15 May (Thursday): The UAE-India Partners in Progress Summit 2025, Taj Exotica, Palm Jumeirah, Dubai.

15-18 May (Thursday-Sunday): The GLA Global Logistics Conference, Grand Hyatt Dubai.

19-20 May (Monday-Tuesday): Arqaam Capital MENA Investor Conference 2025, Four Seasons Hotel Abu Dhabi.

19-22 May (Monday-Thursday): Make it in the Emirates, Adnec, Abu Dhabi.

20 May (Tuesday): Dubai Business Forum, Hamburg, Germany.

20-21 May (Tuesday-Wednesday): The International Real Estate Investment Summit (IREIS 2025), Al Hamra International Exhibition and Conference Centre in Ras Al Khaimah.

20-22 May (Tuesday-Thursday): Seamless Middle East, Dubai World Trade Center.

21 May (Wednesday): The AWS Summit, the Dubai World Trade Center.

21 May (Wednesday): Dubai Holding REIT final offer price and allocation of units announcement.

21-22 May (Wednesday-Tuesday): The CryptoExpo Dubai, the Dubai World Trade Center.

23-25 May (Friday-Sunday): EuroLeague Final Four, Etihad Arena, Abu Dhabi.

23 April (Wednesday): The HIMSS Executive Summit 2025, Jumeirah Emirates Towers.

26-28 May (Monday-Wednesday): Arab Media Summit, World Trade Center, Dubai.

28 May (Wednesday): The Dubai Residential REIT will ring the bell.

27-29 May (Tuesday-Thursday): INDEX, Workspace, and The Hotel Show, Dubai World Trade Center.

28-31 May: The Emirates Agriculture Conference and Exhibition, Adnec Center Al Ain, Abu Dhabi.

30 May (Friday): Arafat Day.

31 May-2 June (Saturday-Monday): Eid Al Adha.

JUNE

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

17-18 June (Tuesday-Wednesday): Abu Dhabi Infrastructure Summit, Abu Dhabi Energy Centre.

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

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

Closing of XRG’s acquisition of Covestro

JULY

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

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): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, 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.

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

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.

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.

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.
Universal Postal Congress 2025, Dubai.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.
ICOM General Conference 2025, Dubai

Signposted to happen sometime in 2026:

9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE
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

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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