Hiring growth cools as focus shifts to tech-focused roles

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WHAT WE’RE TRACKING TODAY

THIS MORNING: UAE eyes USD 6 bn India grid link to export surplus clean power + The UAE now has 130.5k m’naires

Good morning, lovely people. With no single big story dominating the news today, we have a mixed bag of updates for you on the state of the labor market in 1Q 2025 as the country eyes more tech-focused roles to line up with its AI ambitions; more signs of bullishness on the UAE with another oversubscribed sukuk issuance from a UAE bank; as well as a few M&A updates and good news for Eagle Hills’ plans in Montenegro. Let’s dive in.

WEATHER- Things are cooling down briefly before they heat up again over the weekend: Dubai will see the mercury hit 35°C today, before cooling off a bit with an overnight low of 25°C. Over in Abu Dhabi, the mercury is peaking at 30°C, with an overnight low of 24°C.

WATCH THIS SPACE-

#1- UAE eyes USD 6 bn India grid link to export surplus clean power: The UAE is pushing ahead with plans to export electricity to India via a subsea high-voltage direct current (HVDC) cable that could cost up to USD 6 bn, the Energy Ministry’s director of electricity and trade Adnan Al Hosani told AGBI. The link, which is now undergoing a feasibility study, is part of a broader strategy to monetize the Emirates’ growing spare generation capacity — currently around 50% — driven by major solar and nuclear investments.

Background: The two countries have been in talks to connect their grids since 2023, according to media reports.

The UAE’s clean energy output is expected to nearly double by 2030, Al Hosani said, backed by large-scale projects like the 5.6 GW Barakah nuclear plant and the Noor Abu Dhabi solar project. The country has emerged as a regional leader in renewables, with 6.3 GW of installed capacity, as well as 3.5 GW in under-construction projects and the region’s largest energy storage portfolio.

#2- Dubai’s Roads and Transport Authority’s new artificial intelligence strategy aims to reduce travel time between 20-30% by 2030 through smart traffic solutions and optimized mobility systems, according to a Dubai Media Office statement. The strategy will include 81 strategic projects to be implemented over the next five years, with a focus on six key pillars: people’s happiness, innovative mobility, intelligent traffic management, cognitive licensing, future-proofing the organization, and asset excellence.

Key goals include increasing productivity by 25-40% with AI-driven tools, reducing costs by 10-20% through AI-powered platforms, and boosting partner compliance by 30-50%. The RTA is also exploring 45 big data and AI use cases, such as “optimizing water and electricity consumption in the Dubai Metro and enhancing the public bus network using advanced AI technologies,” Gulf News quotes RTA Director General Mattar Al Tayer as saying.

#3- Dubai-based Union Properties targets debt-free status by year-end: Union Properties slashed its debt by more than AED 150 mn in 1Q 2025 as part of a broader plan to fully repay its liabilities by the end of the year, CEO Amer Khansaheb told CNBC Arabia (watch, runtime: 2:40).

Union Properties had already reduced its legacy debt to AED 575 mn by the end of 2024, down from AED 1.5 bn in 2022, by divesting AED 1.3 bn in assets and securing new bank loans to support income-generating projects. Its shareholders also recently approved a capital reduction and the use of legal reserves to write off its losses.

A comeback: The developer secured AED 150 mn in facilities to support investments and is negotiating further financing with banks to fund its real estate pipeline, Khansaheb said in a separate interview (watch, runtime: 3:34). Drilling has already begun at the Takaya project, with construction contracts currently under negotiation. He added that rising construction costs in Dubai present a challenge, but the company is working to maintain profitability.

REMEMBER– Union Properties has spent years navigating the fallout from Dubai’s 2009 property market correction. Last year, the developer finalized AED 1.2 bn in settlement agreements with Emirates NBD and Dubailand.

#4- Ajman to get EV charging hub, Dubai to follow: The UAE’s state-owned EV charging network UAEV will launch the country’s largest EV recharging station to date in Ajman by the end of 2025, the National reports, citing comments made by CEO Hicham Ezzahid. The flagship hub will be capable of servicing 20 EVs simultaneously and a second hub will open in Dubai in 2026, Ezzahid said.

Background:The move comes within UAEV's broader goal to install 1k public charging stations across all seven emirates by 2030. It recently signed an MoU with AWR to support EV charging infrastructure.

#5- Indian conglomerate Adani’s airport unit is in discussions with First Abu Dhabi Bank, among other international lenders, to secure a USD 750 mn offshore loan, Bloomberg reports, citing sources familiar with the matter. The unit aims to finalize the debt raise by May, with the tenor likely to be less than five years. Adani is also in talks with other international lenders, including Barclays and Standard Chartered. The funds will support capital expenditure and the refinancing of upcoming debt maturities.

REMEMBER- Earlier this month, Adani Group raised USD 750 mn through an offshore private placement bond, backed by several investors including BlackRock. The proceeds are being used to advance the expansion strategy of its Dubai-based unit, Renew Exim, which recently acquired an additional 20.8% stake in Indian engineering and construction firm ITD Cementation, raising its total ownership to 67.5%.

#6- Dragon Oil agreed to merge its concession agreements in the Gulf of Suez under a unified framework with the Egyptian General Petroleum Corporation, Al Bayan reports. The move will help it ramp up production, maximize resource utilization, and unlock untapped potential across the integrated zones, it said.

ICYMI- The company is currently in discussions with the governments of Egypt, Iraq, and Turkmenistan to begin operating new oil fields within four years. The company previously committed to investing USD 500 mn in Egypt in 2025 for operational and capital expenditures and is eyeing further investments in the country.

DATA POINTS-

#1- The UAE’s population of m’naires has surged 98% over the past 10 years, making it the second-fastest growing wealth market worldwide, according to a press release citing Knight Frank’s Private Capital Report. At the end of last year, the country counted 130.5k m’naires — including 325 centi-mn'aires and 28 bn'aires — up 110% since 2014 and making it the fourteenth-largest wealth market globally.

Dubai is a wealth magnet: Fueled by the country’s fiscal benefits, lifestyle offerings, and stable governance, the UAE attracted high-net-worth individuals from India, the Middle East, Russia, and Europe.

“Real estate remains at the heart of wealth strategies for UHNWIs, both as a store of value and as a means of wealth preservation,” Knight Frank partner Faisal Durrani said. Dubai’s property market is outpacing New York and London’s, with 435 homes priced above USD 10 mn sold in 2024 and 111 more in 1Q 2025 alone.

#2- Dubai, Abu Dhabi lead MENA smart cities again: Dubai jumped eight spots to rank fourth in the 2025 IMD Smart City Index (pdf), while Abu Dhabi climbed five places to 5th. The cities were the only two in the MENA region to appear on the top twenty in the index, which ranked 146 cities by how effectively they use technology to improve quality of life.

REMEMBER: Dubai and Abu Dhabi were the only MENA cities to make the top 20 in the 2024 IMD Smart City Index. Abu Dhabi has consistently placed in the index’s top tier since 2019, alongside cities like Zurich, Singapore, and Seoul.

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Take our 4.5-day workweek survey: We’re taking the pulse on the level of adoption of the 4.5-day workweek, and on how employees and employers alike feel about it — especially now that Dubai has piloted an even shorter 4-day workweek for public sector workers in the summer, and is exploring more flexible working regulations. Take a few minutes to fill out our short survey. We’ll be back with the results in a few weeks’ time.

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PSAs-

#1- Contactless AI immigration services will now be available in DXB: Dubai’s General Directorate of Residency and Foreigners Affairs (GDRFA) introduced AI-powered contactless immigration for First and Business Class passengers in Terminal 3 lounges at Dubai International Airport, Gulf News reports. The service uses facial recognition and pre-registered data to process groups of 10 passengers in 14 seconds, eliminating the need to check documents.

The system is currently available to departing travelers only, but officials confirmed plans to expand it to arriving passengers, requiring a one-time data registration.

#2- Solo entrepreneurs can obtain a business license and core legal documents within an hour through Meydan FreeZone’s Fawri platform, according to a press release. The digital service covers over 1.8k approved activities in the trading, e-commerce, consulting, education, and fintech sectors, and up to three activity groups can be combined under one license.

How it works: Fawri provides a business license, certificate of formation, share register, memorandum and articles of association, and lease agreement for an AED 15k fee. The eligibility checks are automated, and the service offers 100% foreign ownership, no paid-up capital requirements, full repatriation of profits, and flexibility to lease office space in Dubai subject to approval from the Department of Economy and Tourism.

HAPPENING TODAY-

#1- It’s day four of the IMF and World Bank’s spring meetup, taking place as the global economy grapples with mounting trade tensions and tariff escalations. The six-day 2025 Spring Meetings of the IMF and World Bank Group will bring together policymakers, central bankers, economists, private sector leaders, and others to discuss what the year ahead holds. On the agenda today: IMF’s Middle East and Central Asia Department Director Jihad Azour will give a closed press briefing.

#2- The Solana Economic Zone is happening in Dubai. The two-week event runs until Saturday, 26 April and focuses on blockchain innovation, providing a platform for founders, builders, and investors looking to set up crypto and blockchain businesses in Dubai.

#3- Dubai AI Week is happening throughout the week at the Museum of the Future, Area 2071, and the Emirates Towers in Dubai. The week-long event will feature talks, workshops, and showcases from global and local AI leaders, entrepreneurs, and policymakers.

#4-DOMOTEX Middle East is on its last day at the Dubai World Trade Center. The international trade fair will spotlight the latest in carpets, flooring, and textile innovations, drawing regional designers, architects, and suppliers.

#5- It’s the final day of the International Conference on Education Quality (ICEQ) at the General Directorate of Identity and Foreigners Affairs Office in Dubai. The event will focus on integrating AI into education governance and institutional innovation across the region.

#6- The Dubai AI Festival is on its second and final day today as part of Dubai AI Week at Madinat Jumeirah in Dubai. The event will include exhibitions, panels, and networking sessions aimed at accelerating AI adoption across sectors.

THE BIG STORY ABROAD-

A further de-escalation in US President Donald Trump’s tariff war is taking up a lot of ink in the global business press, as are increased tensions between the US and Ukraine and India and Pakistan.

Trump is considering slashing China’s tariffs by more than half, the Wall Street Journal reported in an exclusive, and has decided to spare car parts from tariffs applied on China and on steel and aluminum, in a “de-stacking” of tariffs, the Financial Times reports.

Wall Street stocks continued to cheer the news, ending the day higher despite losing some of its earlier gains after US Treasury Secretary Scott Bessent said a de-escalation from the current “embargo” between US and China would need to be mutual. The USD also gained 0.9% against a basket of its major trading partners, but is still hovering near multi-year lows. (Financial Times | Reuters)

Trump is not in a de-escalatory mood with Ukraine, however — he took to his social media platform Truth to say that Ukrainian President Volodymyr Zelenskiy is harming peace negotiations by saying he will not recognize Crimea as a Russian territory, saying it’s “not even a point of discussion.” (FT | Reuters)

Over in India, an attack on Kashmir that killed 26 tourists — which has been blamed on a Pakistan-linked terror group — has resulted in India downgrading its ties with Pakistan in a fresh flare-up of tensions between the countries. (Reuters | Semafor | NYT | WaPo)

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Ajman Bank launches USD 500 mn unsecured sukuk, with over USD 2.7 bn in orders

Ajman Bank priced a USD 500 mn senior unsecured sukuk, attracting orders exceeding USD 2.7 bn, according to a press release. The issuance carries a profit rate of 5.125% and a spread of 130 basis points over five-year US Treasuries, tightened from initial price thoughts of 165 bps. The sukuk was launched just one day after the bank mandated its syndicate of arrangers.

The issuance falls under the lender’s USD 1.5 bn Trust Certificate Issuance Program and matures in 2030, according to a separate press release. It will be listed on Nasdaq Dubai and the London Stock Exchange.

The issuance makes Ajman Bank the second Emirati lender to test investor appetite since tariff-driven volatility rattled global markets earlier this month. Our friends at Mashreq were the first, recently closing a USD 500 mn sukuk sale, booking USD 2.9 bn in orders.

REMEMBER- The UAE has emerged as the world’s top-performing sukuk market since Trump’s return to the White House, outpacing even the US, as investors look towards EMs with strong fundamentals for tariff-safe assets.

ADVISORS- Our friends at Mashreq, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, KFH Capital, QNB Capital, Sharjah Islamic Bank, Warba Bank, and Citi acted as joint lead managers and bookrunners. Meanwhile, Emirates NBD Capital, Standard Chartered Bank, First Abu Dhabi Bank, and JP Morgan acted as joint global coordinators.

OTHER DEBT NEWS-

Sharjah Bank approved the issuance of additional Tier 1 capital securities worth up to USD 1 bn, according to an ADX disclosure (pdf). The bank’s board will determine the issuance date at a later stage, with the issuance to be completed within one year, subject to regulatory approvals. The bank also approved the renewal of its EUR 2.5 bn Euro Medium Term Note (EMTN) program, with plans to issue bonds under the program within one year, pending necessary approvals.

Eagle Hills gets a shot in the arm with ratification of the UAE’s planned investments in Montenegro following controversy

The UAE’s Montenegro’s investment gets the green light: Montenegro’s parliament has ratified two key cooperation agreements with the UAE, fast-tracking large-scale investments in tourism, real estate, and infrastructure, Montenegro PM Milojko Spajić said in a post on X. The move paves the way for projects under a multi-bn-EUR, five-year economic partnership signed last month.

REFRESHER- The agreement includes two major tourism developments: a ski-focused resort in the north and a larger southern project on Ulcinj’s Velika Plaza, where Mohamed Alabbar’s Eagle Hills submitted the top bids for 20 beach leases.

Eagle Hills’ planned projects had sparked criticism from local businesses, environmental groups, and political leaders, who argue it favors foreign developers and threatens the coastal landscape. Eagle Hills has pledged to sublease the beaches to their original operators.

Eagle Hills has been facing a wave of European protectionism that forced it to call off plans for a high-rise development in Budapest following local opposition. However, it is still pushing ahead with USD 6 bn worth of projects in Georgia and a USD 1.4 bn Trump-branded tower in Serbia.

Grant Thornton UAE merges with accounting firm’s global multinational platform in rare industry restructuring

Grant Thornton UAE has merged with Grant Thornton Advisors — Grant Thornton’s new global platform — as the accounting firm works to consolidate some of the network’s strongest regional firms, according to a statement (pdf). The platform is backed by US-based New Mountain Capital, which acquired a stake in Grant Thornton US as part of a consortium in what was the biggest private equity takeover of an accounting firm at the time.

The acquisition will see the UAE firm join forces with teams in Ireland, Luxembourg, and the Cayman Islands. Together, they’ll form a 13k person platform across over 50 offices, with an eye on scaling up tax and advisory services for global clients.

No change in management: CEO Hisham Farouk will continue to head up the UAE office, while Grant Thornton Advisors boss Jim Peko will lead the overall platform.

Background: Grant Thornton acquired Grant Thornton Ireland last year in the first of a series of acquisitions that sets it apart from the usual status quo for accounting firms, which often operate as a network of mostly independent, locally-owned units, with a shared protocol and set of standards. The decision to combine the US and Irish business has already “changed behaviour” within the firms and led to a larger number of projects for clients with operations in both countries, Peko told the Financial Times. “By putting member firms together there is true economic alignment and a seamless client experience,” he said, adding that the goal is to look for local units where clients have overlapping business interests.

More to come: It is also in advanced talks to acquire its sister firm in the Netherlands and is in talks with several other territories, the FT reports, citing people familiar with the matter.

ADVISORS- Lumina Capital Advisers acted as the sole financial advisor to Grant Thornton UAE, while Taylor Wessing served as the company's legal advisor.

OTHER M&A NEWS-

Shareholders of EGX-listed phosphate exporter Egyfert who wish to sell their stakes to UAE-basedNAS Investment Holding can do so between 27 April and 25 May, according to two separate disclosures (here (pdf) and here (pdf)). The transaction, which would raise the company’s holding from 32.4% to up to 90%, is valued at EGP 524.4 mn (AED 37.5 mn), with shares priced at EGP 95 apiece, and will be financed through Nas’ own resources. Nas doesn’t have plans to delist Egyfert from the EGX.

The FRA granted Egyfert 15 days to disclose its opinion on the feasibility of the offer. It also mandated the company to appoint an independent financial advisor not related to the offer and to disclose to shareholders the findings of the advisor's report at least five days before the end of the mandatory tender offer period, according to a separate disclosure (pdf).

ADVISORS- Nas enlisted Al Ahly Pharos as broker on the transaction, while MHR & Co and White & Case are legal advisors.

Hiring cools in 1Q amid pivot to efficiency

Hiring in the UAE rose by just 1.25% in 1Q 2025 compared to the previous quarter, as most companies chose to pause recruitment and work with existing teams, Cooper Fitch CEO Trefor Murphy said in a Dubai Eye interview (watch, runtime: 7:21). This figure was still decent despite being “a slightly weaker number,” he said.

Rising pressures on profitability have caused businesses to prioritize cost efficiency and internal restructuring over headcount growth, according to a recent Cooper Fitch report that was picked up by The National. The recently introduced corporate tax, soaring commercial rents, service fees, and higher salary expectations driven by inflation have all narrowed margins.

By the sector: While sectors like consulting, manufacturing, HR, and supply chains saw a slight reduction in hiring, recruitment was still strong in the private legal services, trade, real estate, tech, AI, and digital sectors. Firms are also focused on AI to improve company efficiency and boost bottom lines, Murphy said, though he stopped short of saying AI had started to replace people in jobs.

People don’t seem to be dissuaded: Job growth is likely not enough to cater to the UAE’s growing population, Murphy said, highlighting an oversupply of people looking to come to Dubai and the UAE. Bleak prospects aren’t a setback though, with many people still coming to the country despite having no employment secured, Murphy said.

Regionally, Saudi Arabia posted the strongest hiring growth in the Gulf, with job activity rising 3.5% in 1Q 2025. Across the wider GCC, hiring activity rose 1.5% — Qatar saw an uptick, Kuwait’s job market remained flat, whilst Oman and Bahrain recorded dips.

Could tariffs and global headwinds make things worse? Oil exports being exempt will help keep disruption minimal, however industries tied to US-bound exports — such as aluminum and petrochemicals — are rethinking hiring and production plans, the report said. A further escalation of tensions impacting oil demand, investor sentiment, and trade routes could eventually weigh on hiring, especially in energy and logistics.

On the other hand, these global shifts could boost intra-GCC initiatives and domestic production in sectors like logistics, advanced manufacturing, and food production, Cooper Fitch notes.

Talent gap is a concern in the UAE amid rising need for tech-focused roles, studies say

Speaking of jobs, a host of new AI-focused studies out of Dubai AI week show a worrying trend of increased need for AI skills, and not enough supply to match. A Jobs of the Future Report 2025 (pdf) from the Dubai government found that career preferences are diverging from labor market needs — with roles like data science, software engineering, and development seeing strong demand, but students showing a strong preference to creative arts and management. The report surveyed nearly 7.8k students and educators.

Are the kids alright? The report also cites a post-pandemic decline in average student performance deepening concerns around the foundational math, science, and problem-solving skills needed for future roles.

New roles will replace disappearing ones: Although AI is set to replace many roles — at least 25% by 2027, according to the report — higher demand for relatively new roles like AI specialists, fintech engineers, and big data analysts, is set to follow in the digital transformation’s wake. More sustainability-linked jobs are set to come online, the report noted, and emerging tech-focused industries like proptech, trade finance, and genetic engineering, will continue to gain prominence, aligning with D33 targets.

This extends to public sector jobs: One-third of Dubai’s government jobs are at risk of being partially replaced by generative AI, according to a survey study conducted by Mohammed bin Rashid School of Government (MBSRG) in collaboration with the Dubai Government Human Resources Department picked up by Khaleej Times. The study highlights clerical support roles as the most exposed, with AI capable of automating up to 24% of their tasks.

The current stocktake: The UAE currently has around 7k AI specialists — far fewer than peer economies like Germany which boasts 40k — and continues to face shortfalls in research output and venture capital activity, according to an assessment by Boston Consulting Group. The report notes that while the UAE is ranked as an “AI Contender” — leading the region in infrastructure and policy development — it will need to make stronger gains in talent development, research output, and private sector engagement to scale its AI ambitions.

What’s needed? Up to 350 mn people will require upskilling or reskilling within the next five years, the report said.

These pressures are being echoed across the wider GCC: 93% of retail sector experts in the GCC cite a skills gap as a major barrier to AI adoption, Al Khaleej reports, citing a separate white paper released by Al Futtaim and Mohamed bin Zayed University of Artificial Intelligence.

Looking ahead: Vocational and technical training programs remain underleveraged, despite being critical to meeting near-term demand, particularly in green transition fields and digitally intensive industries, the Dubai government report said. It also points to rising demand in areas such as bionic skills, emotional intelligence, and machine learning — none of which are currently school curricula priorities.

Sharjah real estate transactions jump 32% to hit AED 13.2 bn in 1Q 2025

The value of real estate transactions in Sharjah hit AED 13.2 bn in 1Q 2025, an increase of 31.9% y-o-y, state news agency Wam reports, citing data from the Sharjah Real Estate Registration Department.

The breakdown: The January-March period saw 8.1k in sales transactions, with the Muwailih Commercial area recording the highest sales number with 1.8k transactions bringing in AED 1.9 bn. Residential properties made up nearly 79% of all sales, followed by the industrial and commercial sectors. Some 1.4k mortgage transactions brought in a total value of AED 2.4 bn.

Foreign investor participation saw an uptick of 25.3% to 3.7k buyers from 94 different nationalities, following reforms allowing property ownership in designated areas. Emirati investments still took the lead, accounting for 39.8% of total investment amounting to AED 5.2 bn.

CBUAE’s T-sukuk for April 2025 was 5.6x oversubscribed

The Central Bank of the UAE’s (CBUAE) AED 1.1 bn T-Sukuk auction in April was 5.6x oversubscribed, receiving AED 6.12 bn in bids, according to a Finance Ministry statement on X. The auction was part of the Islamic T-Sukuk issuance program for this year, Wam reports.

The details: The tranche maturing in May 2027 offered a yield of 3.83%, with a spread of 5 basis points above US Treasuries bonds of similar maturities. The tranche maturing in September 2029 provided a yield of 3.93%, with a flat basis points above US Treasuries.

It’s been a good year for Islamic treasury sukuk auctions: The AED 1.1 bn Islamic treasury sukuk issued by the CBUAE in February was 6.5x oversubscribed, attracting AED 7.1 bn in bids, while the AED 1.1 bn T-sukuk auctioned in January was 6.3x oversubscribed, attracting AED 6.9 bn in bids.

More banks report 1Q earnings

Commercial Bank of Dubai and Abu Dhabi Islamic Bank are the latest to publish financials for 1Q 2025 — and both had a good quarter.

CBD-

Commercial Bank of Dubai (CBD) reported a net income after tax of AED 828 mn in 1Q 2025, up 18.1% y-o-y, according to its earnings release (pdf). Income from net interest rose 2.7% to AED 985 mn, while non-funded income declined 6.5%. Total income was broadly flat, falling a marginal 0.1% to AED 1.4 bn, with a 68.3% drop in impairment charges helping cushion the impact of a 17.5% rise in operating expenses.

The performance was “attributable to strong customer activity and supportive economic conditions,” CBD CEO Bernd van Linder said. Net loans and advances rose 11.7% y-o-y to AED 96.9 bn, while customer deposits increased 10.3% y-o-y to AED 99.6 bn. Total assets edged up 7.8% y-o-y to AED 141.1 bn.

ADIB-

Abu Dhabi Islamic Bank recorded a 17.9% y-o-y increase in net income to AED 1.7 bn in 1Q 2025, according to its financials (pdf). The bank’s revenues rose by 14% y-o-y to AED 2.9 bn in the same quarter, supported by gains in both financing income and non-funding revenue, driven by robust business volumes and “continued strength in fee-based businesses,” according to its earnings release (pdf ).

ADIB’s total assets rose by 25.1% y-o-y to AED 243.5 bn in 1Q 2025, driven by stronger financing growth in retail and corporate banking, along with a larger investment portfolio.

NNew CEOs named for CDA’s social and corporate support sectors + Invest Bank appoints new execs

New leadership at Dubai’s Community Development Authority: Saeed Al Tayer was tapped as CEO of the Corporate Support Sector of Dubai’s Community Development Authority (CDA), state news agency Wam reports. Al Tayer was previously CEO of the Social Development Sector, which will now be led by Ahmed Al Jarman.

Sharjah's Invest Bank appointed Mridul Baberwal (Linkedin) as chief financial officer and Hammad Naqvi (Linkedin) as head of treasury, according to a press release (pdf). Baberwal is a chartered accountant with over 20 years of experience and he previously served as Deputy CFO at Rakbank. Naqvi has over 30 years of experience in treasury management, capital markets, and Islamic finance. He joins from Mashreq, where he served as senior executive vice president and head of treasury and capital Markets. He also chaired the UAE Banks Federation Financial Markets Committee.

Abu Dhabi Cruise Terminal in Zayed Port will see the UAE’s first hybrid heliport

AVIATION-

Zayed Port to see UAE’s first hybrid heliport: The UAE’s General Civil Aviation Authority (GCAA) granted design approval for the country’s first hybrid heliport at the Abu Dhabi Cruise Terminal in Zayed Port, Wam reports. AD Ports Group, Falcon Aviation Services, and Archer Aviation will collaborate on developing the site, which will have a unified platform to serve both helicopters and electric vertical take-off and landing (eVTOL) aircraft, including Archer’s Midnight model.

The facility will be a launch point for Abu Dhabi’s air taxi service, set to be rolled out by 2026, and the site was chosen for its strategic location and high passenger volume. GCAA’s proposed regulations for eVTOL infrastructure are expected to be finalized by July 2025.

ICYMI- Archer Aviation is set to launch test flights of its eVTOL aircraft in Abu Dhabi this summer, before full commercial rollout later. Archer and Falcon Aviation are also developing a “vertiport” network across Dubai and Abu Dhabi, while in Dubai, the Road and Transport Authority (RTA) partnered with electric aircraft developer Joby Aviation last year to launch air taxi services in the UAE by early 2026.

CAPITAL MARKETS-

Iraq is the newest member of ADX’s Tabadul trading hub — making it the ninth stock market to join the platform, according to a press release (pdf). Both the Iraqi Stock Exchange (ISX) and Iraq’s Securities Commission signed on to Tabadul, which connects roughly 7.5 mn investors and over 490 listed companies across the region with the aim of facilitating cross-border investments. Tabadul enables brokerages on both exchanges to gain remote access to one another’s markets.

Also on the tape: The platform includes the Bahrain Bourse, Muscat Stock Exchange (Oman), Astana International Exchange and Kazakhstan Stock Exchange (Kazakhstan), Central Asian Stock Exchange (Tajikistan), Armenia Securities Exchange, and Amman Stock Exchange (Jordan) — in addition to anchor market ADX.

REAL ESTATE-

#1- DFM-listed Emaar Developments is launching its Grand Polo Club & Resort in Dubai, Arabian Business reports. The development will span 5.5 mn sqm including 1.6 mn sqm of open space and 5.6k residences designed for a population of 24.5k. The community will be located five minutes away from Al Maktoum International Airport and around 30 minutes from the Dubai Marina, Downtown Dubai, and Dubai Mall.

SPEAKING OF EMAAR- Emaar Malls is waiving four months of rent for food & beverage tenants at Dubai Mall and Souk Al Bahar facing the Dubai Fountain, according to a press release. The move, pausing payments from June to September, comes in an effort to offset the expected reduction in footfall following the closure of the fountain.

#2- Azizi Developments is developing one of Dubai’s largest mixed-use community developments with some AED 75 bn in value, Azizi Milan, according to a press release. The project, which will be located on the Sheikh Mohammed Bin Zayed Road (E311), will cover 40 mn sq ft and have a population of 114k. The development will include residential, retail, and office spaces, as well as schools, amenities, and parks. It will be a zero-carbon community, with green initiatives including solar developments to offset emissions, and hopes to become a regional fashion capital.

HEALTHCARE-

ADHDS partners with Sydesis Health on healthcare analytics: M42’s Abu Dhabi Health Data Services signed a term sheet with global biotech research platform Syndesis Health, according to a press release. The agreement will combine ADHDS’s health infrastructure with Syndesis’s database to advance AI-driven genomic analytics, drug discovery, and precision medicine.

The details: The partnership will focus on commercializing phenotype data for pharma and academic research, developing predictive AI models for personalized healthcare, and enhancing pharmacogenomics to reduce adverse drug reactions. The two plan to establish a joint venture to accelerate drug development and improve patient outcomes.

ICYMI- Earlier this week, ADHDS rolled out Cortex&, a new healthcare advisory arm aimed at supporting healthcare institutions, and also partnered with SRI International and VantageBridge Partners to establish an innovation hub in Abu Dhabi.

DIGITIZATION-

Abu Dhabi utility and energy firm Taqa subsidiary Taqa Distribution signed an agreement with ADGM to improve utility management for 16k residential tenants on Al Maryah and Al Reem Islands, according to a press release (pdf). The partnership will centralize billing, payments, and customer service for authority fees tied to tenancy contracts by integrating them within ADGM’s system. Residents will transition to the new system over the next 12 months, with Taqa set to manage the collection and administration of authority fees.

BUSINESS-

Global payments platform PayPal has opened a regional hub in Dubai, its first location in the MENA region, according to a press release. The new Dubai Internet City site will cater to customers in 80 countries and expand PayPay’s global commerce capabilities, helping businesses with cross-border payments and access to wider networks.

AI-

Welligence joins NextGen FDI: US-based energy data analytics firm Welligence has joined the UAE’s NextGen FDI initiative and will establish a regional office in Abu Dhabi to house its sales, research, and consulting teams, according to a press release. This marks the firm’s first expansion into the Middle East, with plans also underway to build a local tech team.

About Welligence: Welligence specializes in upstream oil and gas markets, carbon capture, and greenhouse gas emissions analytics. The firm uses AI to deliver detailed commercial asset valuations and emissions tracking, and has tools tracking energy projects in 193 countries.

ICYMI- Other tech-focused startups establishing and expanding their presence in the UAE through the NextGen FDI initiative include Schneider, Qualcomm, DoxAI, SolarSpace, Continuous Ventures, TG0, and Zelos Technology.

#2- US-based AI firm Senen plans to expand into Dubai and the wider Mena region, Wam reports. The company is in discussions with UAE partners, including the Dubai International Financial Center, to support this expansion. The new office is expected to begin operations later this year.

DEBT-

#1- Moody’s upgrades PNC Investments’ Rating: Sobha Realty's parent company PNC Investments’ (PNC) received a corporate family rating (CFR) upgrade to Ba2 with a stable outlook by Moody's, according to a press release. The upgrade, a boost from its previously held Ba3 rating, comes following robust sales, improved credit metrics, strong construction activity, and a backlog of over AED 23 bn.

ICYMI- PNC is considering issuing new sukuk upon the maturity of its current issuance in 2028, rather than tapping into an existing sukuk, CFO Nikunj Patel said in February.

#2- Moody’s affirms DIB’s long and short-term credit ratings: Credit rating agency Moody’s has affirmed Dubai Islamic Bank (DIB)’s long and short-term credit ratings at A3 and P-2 respectively with a stable outlook, reflecting a strong ability to pay long and short-term debt obligations, the agency said in a report seen by EnterpriseAM. Moody’s affirmed DIB’s long-term rating at A3 on the basis that the bank is likely to receive support from the UAE’s government, translating into four notches of uplift for DIB — which it said reflects “DIB's importance within the UAE's banking system.”

LEGISLATION-

Dubai rolls out a new public health law: Sheikh Mohammed bin Rashid Al Maktoum issued a law establishing a comprehensive framework to enhance public health, disease prevention, and environmental sustainability, Wam reports. The law outlines requirements for individuals with communicable diseases — including travelers entering Dubai — as well as food safety standards, consumer product regulations, and environmental health rules, including on tobacco usage and pest control. It also requires public-private cooperation on data sharing and emergency response. The law takes effect 90 days after its publication in the Official Gazette.

Multi-agency coordination: The legislation mandates coordination among municipal health services to manage communicable diseases and enforce health protocols.

HOSPITALITY-

Kleindienst Group partnered with George V Eatertainment to develop a Buddha-Bar hotel and beach club on Dubai’s World Islands, according to a press release. The AED 3 bn development, located at the Heart of Europe, will introduce a 162-key overwater hotel along with floating villas, while the Buddha-Bar Beach Honeymoon Island will include a beach club, lounge, and dining destination. The two flagship projects will be completed in two years.

Foreign investors buck the trend in GCC markets despite headwinds

Foreign investors still bullish on GCC stocks: Foreign investors continued buying into GCC stock markets in 1Q, with net inflows totaling USD 2.8 bn — just a bit lower than the USD 3 bn they poured into regional equities during 1Q 2024, according to Kamco Invest’s quarterly report (pdf).

Foreigners stepped in where locals stepped back: With local investors offloading shares, foreigners were quick to step in and pick up the slack — taking advantage of cheaper valuations and turning what could’ve been a weak quarter into a solid one for cross-border inflows.

The bigger picture had its fair share of headwinds: Most regional stock markets didn’t perform well — six out of seven closed the quarter in the red. Investor sentiment took a hit due to global worries, especially over US trade tensions and signs of a potential economic slowdown, Kamco said, adding that the usual selling pressure around Eid also added to the drag.

March saw sentiment shifting: Things were looking good at the start of the year, with steady foreign buying in both January and February. But that momentum didn’t carry through the quarter — March saw a noticeable slowdown, with some investors switching to net selling.

Abu Dhabi led the pack, pulling in USD 2.3 bn in foreign capital, followed by Dubai which logged USD 343 mn in net inflows. Meanwhile, Saudi Arabia saw smaller amounts of net buying at USD 252.3 mn, with foreigners now allowed to invest in listed firms that hold property in Makkah and Madinah.

On the flip side, foreign investors were net sellers in both Qatar (USD 421 mn in outflows) and Oman (USD 459.2 mn out).

Saudi led the stock performance scoreboard: Saudi companies accounted for 5 of the top 10 Gulf stocks in terms of trading value. Al Rajhi Bank topped the list with USD 6.3 bn, dethroning Aramco which stock fell to third place at USD 4.4 bn.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with Japan’s Nikkei inching up 1.1% and Shanghai Composite up 0.3%, while Hong Kong’s Hang Seng is down 0.7%. Meanwhile, Wall Street futures are collectively in the red, indicating minor losses on market open.

ADX	9,324	+0.7% (YTD: -1.0%)
DFM	5,205	+1.4% (YTD: +0.9%)
Nasdaq Dubai UAE20	4,206	+2.9% (YTD: +1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.0% o/n	4.2% 1 yr
TASI	11,681	+0.8% (YTD: -3%)
EGX30	31,640	+2.6% (YTD: +6.4%)
S&P 500	5,376	+1.7% (YTD: -8.6%)
FTSE 100	8,403	+0.9% (YTD: +2.8%)
Euro Stoxx 50	5,099	+2.8% (YTD: +4.1%)
Brent crude	USD 66.12	-2%
Natural gas (Nymex)	USD 3.00	-0.7%
Gold	USD 3,310.43	+0.7%
BTC	USD 93,617.56	+0.1% (YTD: -0.9%)

THE CLOSING BELL-

The DFM rose 1.4% yesterday on turnover of AED 654 mn. The index is up 0.9% YTD.

In the green: Al Mazaya Holding (+14.6%), United Foods (+8.3%) and Orascom Construction (+7.8%).

In the red: National General Ins. (-9.9%), International Financial Advisors (-8.2%) and Ithmaar Holding (-2.9%).

Over on the ADX, the index rose 0.7% on turnover of AED 1.3 bn. Meanwhile, Nasdaq Dubai was up 1%.

CALENDAR

APRIL

14-26 April (Monday-Saturday): Solana Economic Zone, Dubai.

21-25 April (Monday-Friday): The Dubai AI Week, Museum of the Future and Area 2071, Emirates Towers, Dubai.

22-24 April (Tuesday-Thursday): DOMOTEX Middle East, Dubai World Trade Center, Dubai.

22-24 April (Tuesday-Thursday): The International Conference on Education Quality,General Directorate of Identity and Foreigners Affairs Office, Dubai.

23-24 April (Wednesday-Thursday): Dubai AI Festival, Dubai International Financial Center.

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

28 April-1 May (Monday-Thursday): The Arabian Travel Market, Dubai World Trade Center

28 April-2 May (Monday-Friday): The International Federation of Air Traffic Controllers' Associations (IFATCA) conference, Adnec Center Abu Dhabi.

29 April (Monday): Deadline to send comments and feedback on the FSRA proposal.

30 April-2 May (Wednesday -Friday): Fujairah International Conference of Adventures Tourism, Fujairah Adventures Centre

Signposted to happen sometime in April:

Abu Dhabi Autonomous Racing League, Yas Marina Circuit in Abu Dhabi

MAY

30 April - 1 May (Wednesday-Thursday): The Behavioural Exchange 2025 Conference (BX2025), the New York University Abu Dhabi.

1 May (Thursday): The UAE-Iraq Business Forum, Dubai.

5-6 May (Monday-Tuesday): The Governance of Emerging Technologies Summit (GETS 2025), St. Regis Saadiyat Island Resort, Abu Dhabi.

6-7 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

6-7 May (Tuesday-Wednesday): The Capital Market Summit, Madinat Jumeirah, Dubai.

6-7 May (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

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

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): 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.

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

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

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

16-18 May (Friday-Sunday): GISEC, Dubai World Trade Center.

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.

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.

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.

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:

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

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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