IMF expects Abu Dhabi to grow 4.2% this year, outpacing Dubai and GCC

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Bilateral chip agreement with the US could be on the table during talks with Trump in mid-May

Good morning, lovely people, and happy FRIDAY. We’re wrapping up a busy week here at home with another packed issue — with yet another growth forecast from the IMF. While the agency cut its growth forecast for the Middle East and GCC on the back of trade uncertainty and oil market volatility, it's optimistic about the UAE's growth, and sees Abu Dhabi growth specifically surpassing that of Dubai and the GCC.

It’s also been busy on the M&A front, with G42’s CPX acquires security solutions firm TSI Tech, and Emirates NBD-backed Zodia Custody eyeing a takeover of Abu Dhabi’s Tungsten.

PLUS- The tokenization theme continues, with MAG tokenizing USD 3 bn worth of assets on MultiBank’s platform and World Liberty co-founder Zach Witkoff revealing the stablecoin MGX has used for its USD 2 bn investment in Binance is, in fact, Trump’s World Liberty’s.

☀️ WEATHER- We’re in for a sunny — and still hot — weekend: Expect clear skies and steady temperatures across the country through Monday, according to our favorite weather app. Dubai is set to hit 40°C during the day with overnight lows of 28°C, while Abu Dhabi will see highs around 34°C, also cooling to 28°C at night.

And yes, summer has come too early: The UAE has had its hottest April in two decades with an average daily maximum temperature of a scorching 42.6°C, Bloomberg reports. The National Center of Meteorology attributes the record hot temperatures to climate change, as well as hot, dry winds blowing off the Saudi desert.

May will also be hotter than we’re used to: Ahmed Habib, a specialist meteorologist at NCM, expected temperatures this month to remain “slighter higher” than previous averages.

WATCH THIS SPACE-

#1- A potential easing of access to Nvidia chips for the UAE and a broader bilateral chip agreement could be on the table during talks between US President Donald Trump and UAE officials when Trump visits the UAE in mid-May, Bloomberg reports, citing people it says are familiar with the matter. The White House has been discussing amending AI curbs for the UAE, the sources said, as talks for increased UAE investments in the US increase, including more tech investments expected in the coming months. This could include a potential investment in chipmaker Intel, which has been struggling in the face of other chip rivals.

REMEMBER- UAE National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan visited the US and pledged USD 1.4 tn in investments in US tech and energy sectors over the next decade, last month — an agreement that could help nudge things in the UAE’s favor. The US’ export restrictions on AI chips and GPUs — which affect 120 countries, including the UAE — is set to take effect on 15 May, while Trump’s in the region for his visit.

SPEAKING OF TRUMP-UAE TIES- Abu Dhabi’s MGX used Trump-linked stablecoin for USD 2 bn Binance investment: Abu Dhabi's AI fund MGX’s bumper USD 2 bn investment in crypto exchange Binance was made using the USD1 stablecoin, which belongs to the Trump family-linked decentralized finance project, Bloomberg reports, citing World Liberty co-founder Zach Witkoff. This transaction marks the first major use of the USD1 fiat-backed digital asset, which, despite having a market value of USD 2.1 bn, is not currently trading on centralized crypto exchanges.

ALSO- The US has sanctioned four UAE-based companies for trading in Iranian petroleum products, according to a statement by the US State Department. The firms — Shivnani Organics, Solvent Organics, Al Seerah Trading, and Harold Trading — are accused of facilitating the export of Iranian petrochemical products to other unnamed countries, allowing Iran to avoid sanctions and make revenue.

The sanctions will block the firms’ assets in the US or under the US control, in addition to anyone holding a 50% stake in the companies. People in the US are also blocked from engaging with them.

#2- Sidara’s target for a takeover faces temporary delisting after missing financial report deadline: UK-listed oilfield services firm Wood Group ’s shares were suspended from trading on the London Stock Exchange, after the firm said it would miss the 30 April deadline for submitting its 2024 financial audit, according to a disclosure. The company said it had just completed an independent review into its accounting for certain exceptional charges in its interim results.

Another looming deadline: Sidara has until Tuesday, 15 May to make a formal takeover offer for 100% of Wood Group, after the original 17 April deadline was extended. Sidara’s latest in a series of on and off bids over the past year includes a GBP 0.35 per share cash-offer (amounting to USD 318.4 mn) and a multi-tranche USD 450 mn debt facility, an offer which Wood’s board said is a “better option” for shareholders.

#3- IPO on the table for Rotana: Abu Dhabi-based hotel management firm Rotan a Group is almost ready for an IPO should its shareholders opt for one, co-founder and vice chairman Selim El Zyr told The National. The company is “almost there” but shareholders are waiting for an additional 10-15% growth before pulling the trigger, El Zyr said. In the meantime it is currently eyeing expansion into new markets, including Asia, India and Africa, as well as acquisition targets to add to its current USD 5 bn-strong portfolio, which is set to double by 2030, he added.

ICYMI- Rotana announced plans earlier this year for nine hotels in Saudi Arabia, and also launched the Nova M Hotel Olaya Riyadh last September. The group’s partnership with the Global Hotel Alliance (GHA), solidified last March, is also set to boost long-term revenue.

#4- Dubai landfills are closing ahead of schedule: The emirate now plans to shut all landfill sites by 2027, three years earlier than previously targeted, Gulf News reports, citing remarks made by Adel Al Marzouqi, CEO of the Waste and Sewerage Agency at Dubai Municipality, during a Dubai Government Media Office briefing. The move is part of the city’s broader Dubai Integrated Energy Strategy of becoming zero-waste through stopping landfill usage and relying fully on recycling by 2030.

DATA POINTS-

#1- Abu Dhabi’s consumer price index rose by 0.1% y-o-y in March 2025, down from a 0.8% rise in February, according to data (pdf) from the Abu Dhabi Statistics Center. On a monthly basis, inflation fell 0.5%, reversing a 0.6% rise recorded a month before.

The annual picture: Prices rose in the majority of categories in March compared to a year before, led by a 13.3% price jump in the ins. and financial services basket, and a 5.4% rise in recreation and culture. However, steep declines in transport, down 6.3%, and household furnishings, dipping 4.6%, tempered overall inflation.

#2- Sharjah attracts 1.6 mn hotel guests in 2024: The emirate welcomed 1.6 mn hotel guests in 2024, a y-o-y increase of 11%, according to a press release from Sharjah’s Commerce and Tourism Development Authority (SCTDA).

HAPPENING TODAY-

#1- The International Federation of Air Traffic Controllers' Associations (IFATCA) conference is on its final day at the Adnec Center in Abu Dhabi. The conference brings together air traffic control professionals to discuss the air traffic management sector, focusing on capacity building, emerging technologies, and solutions to challenges faced by the industry.

#2- It’s the final day of the Fujairah International Conference of Adventures Tourism at the Fujairah Adventures Centre. The event will spotlight investment, sustainability, and innovation in adventure tourism. The agenda includes panel discussions, MoU signings, site tours, and the launch of the region’s first standardized framework for adventure tourism.

HAPPENING NEXT WEEK-

#1- The Capital Market Summit will take place on Tuesday, 6 May and Wednesday, 7 May at Madinat Jumeriah in Dubai. The summit will address IPO growth, government privatization, global economic forecasts, and digital assets’ role in financial markets. Speakers include UAE ministers and DFM Chairman Helal Saeed Al Marri, and sessions will analyze stock exchange dynamics, virtual assets, and growth capital strategies.

#2- The Airport Show will run from Tuesday, 6 May to Thursday, 8 May at the Dubai World Trade Center. The event will host over 160 exhibitors from 20 countries and focus on airport technology, sustainability, and efficiency. The Global Airport Leaders’ Forum and Women in Aviation conference will be running within the event.

#3- The Gulf Information Security Expo & Conference (GISEC) will take place Tuesday, 6 May to Thursday, 8 May at the Dubai World Trade Center. The event will bring together over 8k industry players in the security and technology sector to discuss the latest trends including combatting hacking, ensuring data privacy, and cybersecurity solutions in the financial and government sectors.

THE BIG STORY ABROAD-

It’s once again all about the US in the global press.

#1- US President Donald Trump ousted his national security advisor Mike Waltz, making Secretary of State Marco Rubio his interim replacement — and making Rubio the head of four government bodies, the New York Times reports. The move follows months of controversy around Waltz, who inadvertently added a reporter to a Signal chat set up to discuss attacks against Houthi rebels in Yemen. (Reuters | Bloomberg | Financial Times | AP)

#2- US tariffs are hitting tech giants like Apple, which said it could see an additional USD 900 mn in costs as it looks to shift its supply chain from China, and trimmed its share buyback program by USD 10 bn. (FT | Bloomberg | NYT)

Amazon’s e-commerce business will also likely be hit, with the company forecasting lower-than-expected operating income, though CEO Andy Jassy sought to ease investor jitters by saying retail prices will stay low. The company’s cloud revenues missed estimates, suggesting a potential shift in power to Microsoft, whose cloud business Azure posted a strong 1Q 2025 earlier this week. Apple’s shares were down 4.3% in after-hours trading, while Amazon’s were down more than 5%, before paring losses to 1%. (Bloomberg | Reuters | FT | NYT | WSJ)

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OIL WATCH-

Brent crude slid below USD 62 yesterday, pushing it closer to a loss of 7% for the week ahead of Opec+’s meeting next Monday to discuss supply plans for June. May already saw some oil producers speed up oil supply hikes, and June is expected to also see the oil cartel sign off on another boost in production. The decline also came following US President Donald Trump’s threats of sanctions on buyers of Iranian oil.

CIRCLE YOUR CALENDAR-

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.

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.

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.

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

IMF sees Abu Dhabi economic growth this year exceeding Dubai’s and the GCC’s

The International Monetary Fund (IMF) expects Abu Dhabi’s economy to grow at a faster pace than Dubai’s this year, projecting 4.2% growth for the former and 3.3% for the latter, state news agency Wam quotes IMF Middle East and Central Asia Director Jihad Azour as saying during the launch of the Fund’s latest Regional Economic Outlook (pdf) in Dubai. Abu Dhabi’s economy is expected to grow a further 5.8% next year, while Dubai’s could grow 3.5%.

Azour cited continued expansion in Dubai’s non-oil sector, rising infrastructure investment, and strong performances in real estate, construction, and financial services as drivers of economic growth, Al Bayan reports.

How this compares to its UAE outlook: The IMF maintained its UAE-wide growth forecast unchanged at 4% for 2025 and 5% for 2026, amongst the highest in the GCC. Non-oil GDP was projected to grow by 4.5%, driven by tourism, construction, public spending, and financial services.

Zooming out: The Fund cut its 2025 growth forecast for the wider Mena region to 2.6%, down sharply from 4% last October , citing ongoing geopolitical instability, oil market volatility, weak external demand, and trade uncertainty. The growth forecast among the region’s oil exporters was cut to 2.3%, a downward revision from its previous 4% prediction. It also sees importing economies growing 3.4%, down from its initial forecast of 3.9% growth.

GCC economies are expected to outperform the broader region, but 2025 growth is now seen at 3%, down from 4.2% previously. The revision reflects the extension of Opec+ production cuts through April and slower non-oil activity. That said, the IMF sees diversification efforts in the UAE and Saudi Arabia as key to supporting medium-term resilience.

Risks remain tilted to the downside, Azour told Reuters, citing global trade tensions, declining oil prices, and regional conflicts. “Uncertainty could impact the real economy, consumption, [and] investment,” he said, though limited trade integration with the US may reduce direct tariff exposure. The report also flagged the conflict in Gaza and delayed reforms in Egypt as presenting headwinds regionally.

What could help: “Trade diversification, acceleration of structural reforms, and improvement of productivity are all elements that will help the non-oil sector to maintain a strong level of growth," Azour added.

G42’s CPX acquires security solutions firm TSI Tech

CPX acquires TSI Tech to expand smart city security solutions: Homegrown cybersecurity firm CPX Holding, acquired by G42 in 2024, inked an agreement to acquire Singapore-based TSI Tech, according to a press release. TSI Tech is a provider of smart city and collaborative systems technology, and the takeover expands CPX’s physical security portfolio. The financials of the transaction were not disclosed.

The details: TSI Tech’s expertise in smart city systems will merge with CPX’s cybersecurity services to provide security and threat-detecting solutions, including for data centers and urban infrastructure, to target government entities and corporate clients. The two will also collaborate on product and business research and development in the Middle East, Africa, and Asia, widening their joint-market reach.

About TSI Tech: Founded in 2004, TSI Tech develops AI solutions for smart cities, public safety, and critical infrastructure. The company integrates hardware, software, and secure communications for surveillance, traffic management, and asset tracking systems across its projects, which assist local governments and authorities on improving urban security and operational efficiency.

UK-based digital assets platform Zodia Custody eyes takeover of Abu Dhabi’s Tungsten

Emirates NBD-backed and UK-based digital assets platform Zodia Custody is mulling a potential acquisition of Abu Dhabi digital asset custody firm Tungsten Custody Solutions in a bid to expand its footprint in the Middle East, according to a press release.The transaction hinges on the completion of due diligence processes, shareholder and regulatory approvals, along with squaring away customary closing conditions. There’s no publicly available information about the size of the transaction.

Share swap on the table? Under the agreement, Abu Dhabi’s ADQ-backed VC Further Ventures, a key shareholder and incubator of Tungsten, would also get a stake in Zodia.

A means to an end: Zodia plans to tap into Tungsten’s institutional investors network to build out its operations in the region. The firm would benefit from Tungsten’s ADGM license, as it continues the process of obtaining a license from Dubai’s Virtual Asset Regulatory Authority.

Zodia also made key leadership hires, including ex-Binance executive Dominic Longman (Linkedin) as managing director for the Middle East and Africa, and Zane Suren (Linkedin) to lead regional growth from Abu Dhabi.

It’s already doing some work in the sector in Dubai: The firm is offering custody services for Emirates NBD’s crypto trading platform on Liv X app.

MAG plans to tokenize USD 3 bn real estate assets via MultiBank

MAG, MultiBank ink USD 3 bn tokenized real estate deal: Dubai-based developer MAG Holding Group has signed a USD 3 bn real estate tokenization agreement with MultiBank Group and blockchain firm Mavryk, according to a press release.

The details: The agreement, the largest tokenization initiative for real-world assets to date globally, will bring MAG’s real estate inventory — including The Ritz-Carlton Residences, Dubai Creekside and Keturah Reserve — onto MultiBank.io’s regulated real world assets marketplace, allowing global investors to access and earn daily yield from tokenized real estate. Mavryk will provide the blockchain infrastructure.

Still to come: The initiative will be powered by MultiBank’s soon-to-launch utility token, which will facilitate access, staking, and transactions on the platform. The platform is eyeing up to USD 10 bn in tokenized assets.

ICYMI- Earlier this year, MAG also partnered with Mantra to tokenize USD 500 mn in real estate assets, starting with a Dubai residential project.

Kazakhstan ratifies agreement for Masdar-backed USD 1.4 bn wind project

Kazakhstan, UAE’s Masdar to build USD 1.4 bn wind energy project: Kazakhstan’s government ratified an agreement with the UAE to develop a USD 1.4 bn wind power project in the country’s Jambyl region in partnership with Masdar, Kazakhstan Today reports.

The details: The 1 GW wind farm will include a 300 MW energy storage system, one of the first of its kind in the country, and will generate 3.4 bn kWh of energy annually — cutting CO2 emissions by 2 mn tons per year.

The project is expected to create 1k construction jobs and up to 100 permanent roles, while also supporting local supply chains and energy transit between Kazakhstan’s northern and southern regions via a 425-km transmission line.

ICYMI- The wind farm agreement builds on a series of agreements Masdar signed with Kazakhstan throughout 2023 and 2024. At COP28, Masdar inked a joint development agreement with W Solar, Qazaq Green Power, and the Kazakhstan Investment Development Fund to develop the 1 GW project. November 2024 saw Masdar ink a power purchase agreement for the facility, which will include a 600 MWh battery storage system and supply power to 300k homes. Construction is slated to begin in 1Q 2026.

Dubai real estate transactions hit AED 179 bn in 1Q

Dubai's real estate market was off to a strong start in 1Q with a 7% y-o-y uptick in market activity, seeing a total transaction value of AED 179 bn, according to EFG Hermes’ latest Dubai Property Tracker report.

The busiest segment: Residential transaction activity accounted for 72% of total transactions for the quarter, with the 49.6k units sold bringing a total value of AED 128.6 bn — a 23% y-o-y increase, but a q-o-q decline of 8%. Land transactions made up 23% of the total, while 2% of transactions came from the office segment.

Ready, sale, mortgage: Off-plan sales accounted for the majority of activity at 60%, followed by ready sales at 26%. Mortgage transactions made up 14% of transactions for the quarter. Off-plan sales were up 28% y-o-y to AED 74.2 bn, with primary sales dominating transaction activity in the sector following an uptick of new projects launched recently, with Palm Jebel Ali and The Valley seeing the most demand. Ready-for-sale units saw an 11% uptick y-o-y in sales during the quarter, with apartment units seeing the most demand at 53%.

Mortgage transactions were up 30% y-o-y but down 29% q-o-q. The yearly uptick in mortgage activity was attributed to declining interest rates, with the 3M Emirates Interbank Offered Rate (EIBOR) recording a three-month low in January, as the one-year EIBOR saw an uptick, however.

Price-wise: Average prices fell 2% q-o-q from “an exceptionally high base” in 4Q 2024, EFG Hermes said, and 79% of transactions fell in the “affordable” or “budget” ranges, while the luxury segment accounted for the remaining 21%. Transaction values in the budget segment rose 59% y-o-y, however, whereas the luxury segment saw a 2.7% drop y-o-y.

Rental yields remained stable, with Abu Dhabi's yields exceeding Dubai's in February and March 2025 — the first such occurrence since March 2022. Areas seeing the most demand for new contracts were Jumeirah Village Circle and International City.

The value of office rentals surged 21% q-o-q to reach AED 2.4 bn on the back of an uptick in lease contracts, with new leases representing 70% of total agreements. Business Bay, Jumeirah Lake Tower, and Downtown Dubai saw the strongest demand for office spaces.

Fuze raises USD 12.2 mn to scale digital asset infrastructure across MENA, Turkey

Abu Dhabi-based blockchain infrastructure startup Fuze raised USD 12.2 mn in a Series A round led by Galaxy and e& Capital, with participation from Further Ventures, the company said in a press release (pdf). The funding will support Fuze’s regional and international expansion, accelerate product innovation, and boost hiring. Fuze had previously raised USD 14 mn in a seed round led by Further Ventures.

Already locked and licensed: In 2023 Fuze secured a virtual assets service provider (VASP) license, and last week, it received CBUAE approval for a retail payment services and card schemes license, allowing it to launch payment products for businesses like fraud detection and virtual IBANs.

Local partnerships: Fuze recently partnered with digital Islamic community bank ruya on a shariah-compliant virtual asset investment services, as well as with digital assets fund manager Klumi on implementing digital asset infrastructure for financial services providers.

About Fuze: Founded in 2023 by Mo Ali Yusuf (LinkedIn), Arpit Mehta (LinkedIn), and Srijan Shetty (LinkedIn), Fuze offers Digital Assets-as-a-Service (DAaaS) infrastructure, enabling financial entities to offer regulated digital asset products. It also operates an OTC trading desk for large-scale crypto transactions, recently expanded into payments through FuzePay, and processed over USD 2 bn in digital asset volumes over the past year.

DFM and NMDC post double-digit bottom line growth for 1Q 2025

DUBAI FINANCIAL MARKET-

The Dubai Financial Market (DFM) reported a 41.1% y-o-y increase in net income before tax to AED 134.9 mn in 1Q 2025, driven by record trading activity and robust investor participation, according to its earnings release (pdf). Its total consolidated revenues rose 25.9% y-o-y to AED 186.5 mn and total traded value surged 61% y-o-y to AED 41 bn.

The DFM attracted 19.4k new investors during the period, 86% of whom were foreign nationals. Institutional investors accounted for 72% of total trading value, with foreign investors contributing 53%. Its market capitalization stood at AED 897 bn at the end of March — down 1% from year-end 2024.

NMDC GROUP-

Abu Dhabi-based National Marine Dredging Company (NMDC Group) reported a 22% y-o-y net income rise to AED 784 mn in 1Q 2025, according to an earnings release (pdf). NMDC's revenues increased 16% y-o-y to AED 6.2 bn.

The company is eyeing Oman: NMDC Group secured a AED 383 mn contract to develop a new marina in Oman. The project is scheduled to be completed within 15 months from the date of signing. Details regarding the location of the marina project were not disclosed.

NMDC has been busy: The firm revealed plans in November to scale up its operations in the UAE, Saudi Arabia, India, and Taiwan, and enter new markets in Europe, North and West Africa, and Southeast Asia. NMDC Energy inaugurated a AED 200 mn fabrication yard in Saudi Arabia’s Ras Al Khair Special Economic Zone in January, on top of securing a US 1.1 bn contract for an offshore pipeline project in Taiwan.

PUREHEALTH-

Healthcare giant PureHealth saw its net income rise 2.9% y-o-y to AED 505 mn in 1Q 2025, according to the healthcare provider's financial statements (pdf). PureHealth reported an 7.6% y-o-y rise in its revenues to AED 6.6 bn.

Revenue growth was fueled by strong results across both the hospital and ins. divisions, according to a separate earnings release (pdf). The hospital segment saw increased activity due to higher patient numbers, while the ins. segment saw high policy renewal rates and expansions into underserved market segments.

The group distributed AED 343 mn in dividends for FY24, amounting to 20% of its net income.

COMMERCIAL BANK INTERNATIONAL-

UAE-based Commercial Bank International (CBI) reported a 14% y-o-y growth in its bottom line in 1Q 2025 to AED 41.7 mn, according to its financials (pdf). The bank’s net operating income increased 72.4% y-o-y, reaching AED 207.7 mn during 1Q. Meanwhile, total interest income and income from Islamic financing and investing assets dipped by 0.5% y-o-y. Customer deposits rose by 21%, totaling AED 15.3 bn.

The bank attributed the growth to careful balance sheet management and income from the disposal of non-core assets, according to a separate earnings release (pdf).

Emirates Investment Bank’s CEO resigns

Emirates Investment Bank is searching for a new CEO following the resignation of Gaurav Bipinchandra Shah (LinkedIn), according to a DFM disclosure (pdf). Shah’s resignation was effective 30 April, 2025, with his final working day set for 30 October 2025. The bank said it will submit a proposed successor to the UAE Central Bank for approval in due course.

ADQ doubles assets in four years, eyes further expansion

Abu Dhabi’s sovereign wealth fund ADQ has more than doubled assets to USD 251 bn in the past four years, catching up to peers through its international and local investments and acquisitions, Bloomberg reports. Despite a trade war-induced climate of global uncertainty, ADQ is following a policy of carefully-considered investments, Investment Minister and ADQ CEO Mohamed Hassan Alsuwaidi told the business news information service.

Long-term tunnel vision: ADQ, which operates more similarly to a private equity fund rather than a traditional sovereign wealth fund, is looking to investments capable of “[weathering] all situations for the next hundred years,” Alsuwaidi said. “If you want to sell a business 100% or 51% or more, we’re the buyer,” Alsuwaidi said. “There is no other person in town who says, ‘I want to buy a 51% stake.’”

Filling critical “white spaces” in the local economy is its current mandate, with a focus on infrastructure, logistics, pharma, and food security, while it continues to strengthen its portfolio in critical infrastructure and supply chain investments. The fund is also now exploring potential investments in utilities and power, in addition to supporting the emirate’s AI ambitions.

Competition? Not an issue. While other sovereign wealth funds like Mubadala exist alongside ADQ, the environment is that of collaboration and “health competition,” he said. “If we see something that’s not for us, we’ll share it with our colleagues,” he said. “If the UAE sees the opportunity to make the return in a different way, we’ll make that return.”

The fund has garnered attention from Wall Street firms eager to advise on its growing portfolio. Data from research consultancy Global SWF suggested that ADQ invested USD 11 bn in 2024 — a figure unconfirmed by Alsuwaidi who said that the fund focuses on market conditions rather than a set budget.

Saudi Prince Mohammad bin Nawaf Al Saud-backed private investment platform launches in DIFC

FINANCIAL SERVICES-

Global investment technology platform FinBursa, backed by cofounder and Saudi Prince Mohammad bin Nawaf Al Saud has launched in the Dubai International Financial Center (DIFC), according to a press release (pdf). The platform aims to digitize and streamline access to private market investments by connecting investors, capital seekers, and advisors through an AI-powered interface to streamline investing processes.

The offering: Targeting high-net-worth individuals, family offices, asset managers, and startups, it operates on a subscription-based model with zero success fees. It aims to turn “fragmented workflows into seamless, institutional-quality efficiency,” CEO Ismail Badereldine said, adding that FinBursa was built with AI at its core to help users match with investors more effectively and digitize processes with precision.

What’s next? Finbursa plans to expand into MENA, North Africa, and Southeast Asia over the coming year.

AI-

#1- AI risk-tech firm Exiger to set up regional HQ in Abu Dhabi: Global risk and supply chain intelligence company Exiger will establish its regional HQ in Abu Dhabi as part of the UAE’s NextGen FDI initiative, according to a press release. The firm will invest mns of USD into AI-driven infrastructure and hire over 100 specialists in the UAE.

About Exiger: Exiger specializes in AI-powered risk and supply chain intelligence, and secured USD 1.2 bn in investment in 2023 to fuel its AI innovation. Over the past two years, Exiger has acquired five firms specializing in supply chains and cyber AI.

#2- SEE Holding partners with Micropolis to integrate AI, robotics in Sustainable City 2.0: SEE Holding, the developer of the Sustainable City 2.0 project, will collaborate with UAE-based Micropolis to deploy AI and robotics in its net-zero project, Wam reports. Unveiled earlier this month, the city will convert all waste into usable resources through repurposing, recycling, or energy conversion, and mobility will be fully electric and autonomous.

HOSPITALITY-

UK-based InterContinental Hotel Group (IHG) inked a management agreement with API Hotels and Resorts to introduce the first Kimpton hotel to the UAE, IHG said in a press release. Kimpton Dubai will offer 280 rooms, three dining concepts, seven meeting areas, and leisure amenities including a rooftop pool, spa, fitness center, and retail outlets. It is set to open in 1Q 2026 and is located in the Business Bay Canal.

LOGISTICS-

DP World’s USD 165 mn expansion of its container terminal at Mozambique’s Maputo Port is now underway, it said in a statement. The project aims to double its annual capacity from 255k to 530k TEUs, extend the quay area, deepen the berth to accommodate larger vessels, and expand the container yard. Additional equipment will be introduced to boost its capacity as a logistics hub for Southern Africa.

ICYMI- Last year, DP World secured cabinet approval for a USD 2 bn expansion plan at Maputo Port, extending its concession until 2058 and committing USD 1.1 bn in further investment by 2033. The port capacity will be upped to 54 mn tons whilst container throughput will reach 1 mn TEUs annually. DP World also previously reaffirmed its commitment to Mozambique, with plans to develop industrial parks and expand regional trade links.

AGRICULTURE-

Zayed Foundation partners with Egyptian food bank on irrigation project: The Zayed Charitable and Humanitarian Foundation inked an agreement with the Egyptian Food Bank to develop a solar-powered agricultural project to irrigate a 180-200 acre plot of land in Egypt’s New Valley Governorate, Wam reports.

The details: The project includes drilling a 750-meter deep well, building a 36k cubic meter water storage lake, and installing a 224-panel solar power system with a 150 kW capacity to power irrigation. Additional funding will support other projects including a renewables-powered water desalination project.

GCC share of emerging market USD debt climbs to 35% in 1Q - Fitch

Gulf countries accounted for over 35% of all non-China emerging market USD debt issued in 1Q 2025, up from 25% in 2024, according to Fitch Ratings’ latest debt capital markets (DCM) analysis. Governments and corporates in the region are increasingly turning to capital markets to fund budgets, diversify financing, and support major infrastructure projects, the rating agency said.

By the numbers: The GCC’s total debt market size surpassed USD 1 tn across all currencies by the end of March, up 10% y-o-y. Quarterly issuance stood at USD 89 bn, up 11% from 4Q 2024 but down 3% y-o-y.

Sukuk under pressure, conventional bonds rising: Islamic bonds made up 40% of total debt, though sukuk issuance slumped 51% y-o-y in 1Q to USD 18.2 bn. In contrast, conventional bond issuance rose 29%. Still, 83.5% of Fitch-rated GCC USD sukuk are investment-grade, with 57.8% rated in the A category and the majority carrying stable outlooks. Kuwait Financial Center Markaz pegged the figure at USD 17.8 bn.

Sustainability-linked issuance is gaining ground: ESG-related issuance across the GCC has now exceeded USD 50 bn, driven by initiatives such as the UAE’s Sustainable Islamic M-Bills and Qatar’s green finance framework. Fitch also highlighted growing investor and regulatory support for green and socially responsible debt.

Market maturity varies across the bloc: The UAE and Saudi Arabia continue to lead in terms of market depth and development. In contrast, foreign investor participation in local currency DCMs in Kuwait, Bahrain, Qatar, and Oman remains limited due to the lack of Euroclear or Clearstream links. In Saudi Arabia, foreign holdings of local government debt rose to 7.7% in 1Q from 4.5% in 2024.

Looking ahead: Fitch expects issuance momentum to continue, citing a “healthy pipeline,” supported by strong regional and Islamic investor liquidity. While the agency noted that “the region’s credit quality remains resilient” — with no rated sukuk or bonds defaulting in 2024 or 1Q 2025 — fiscal pressure could intensify due to global macro uncertainties. Brent crude is forecast to average USD 65 through 2026, a level that may widen deficits in Saudi Arabia and Bahrain. By contrast, Abu Dhabi, Qatar, and Kuwait are expected to remain fiscally buffered due to their sovereign wealth assets.

Background: Fitch had earlier said the UAE will be the most active among emerging markets in 2025 — particularly in sukuk. The UAE’s DCM grew 8.3% y-o-y to USD 309 bn in 1Q 2025, with issuances surging 109% y-o-y to USD 29.1 bn. The country ranked as the second-largest DCM in the GCC and fourth among emerging market USD debt issuers (ex-China), buoyed by sukuk growth, ESG momentum, and robust USD-denominated issuance.

MARKETS THIS MORNING-

Asian markets are cheering confirmation from China that it is mulling trade talks with the US, with Hong Kong’s Hang Seng opening 0.9% higher, Japan’s Nikkei up nearly 0.8%, and South Korea’s Kospi remaining flat. Over on Wall Street, futures are also rising on the news.

ADX	9,556	+0.2% (YTD: +1.5%)
DFM	5,273	-0.6% (YTD: +2.2%)
Nasdaq Dubai UAE20	4,354	+0.2% (YTD: +4.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4% o/n	4.2% 1 yr
TASI	11,544	-1.1% (YTD: -4.1%)
EGX30	32,612	+0.3% (YTD: +8%)
S&P 500	5,604	+0.6% (YTD: -4.7%)
FTSE 100	8,497	+0.0% (YTD: +4%)
Euro Stoxx 50	5,160	+0.0% (YTD: +5.5%)
Brent crude	USD 61.93	-0.3%
Natural gas (Nymex)	USD 3.42	1.7%
Gold	USD 3,248.20	+0.8%
BTC	USD 96,586.84	+2.5% (YTD: +2.3%)

THE CLOSING BELL-

The DFM fell 0.6 % yesterday on turnover of AED 400.5 mn. The index is up 2.2% YTD.

In the green: International Financial Advisors (+9.4%), National Cement (+7.3%) and Watania International Holding (+3.3%).

In the red: Commercial Bank of Dubai (-8.9%), BHM Capital Financial Services (-7.1%) and Al Mazaya Holding Company (-5.5%).

Over on the ADX, the index rose 0.2% on turnover of AED 1.3 bn. Meanwhile, Nasdaq Dubai was up 0.2%.

CORPORATE ACTIONS-

Mair Group approves AED 135 mn dividend payout for 2024: Abu Dhabi investment firm Mair Group’s shareholders approved a AED 135 mn dividend, equivalent to 12% of paid-up capital or 6 fils per share, according to a press release. The payout represents 79% of the company’s 2024 net income.

UAE, Lebanon restore full diplomatic and travel ties

The UAE and Lebanon are restoring full diplomatic and travel ties following Lebanese President Joseph Aoun’s official visit to Abu Dhabi, where he met with UAE President Mohamed bin Zayed, according to a joint statement via state news agency Wam. The two sides agreed to lift the UAE’s 2021 ban on Emirati citizens from traveling to Lebanon, and to implement measures to facilitate movement between the two countries, alongside plans to upgrade diplomatic representation.

On the business front: The countries agreed to establish a joint business council, with the UAE planning a visit from the Abu Dhabi Fund for Development to explore potential cooperation, as well as a government exchange program focused on institutional performance and economic development.

UAE, Maldives to boost tourism cooperation: Economy Minister Abdulla bin Touq Al Marri met with Maldives Tourism and Environment Minister Thoriq Ibrahim to discuss strengthening bilateral ties and expanding cooperation in tourism and hospitality, the Economy Ministry said in a Facebook post. The talks covered infrastructure development and knowledge exchange to support competitiveness and sustainability in both sectors.

My Morning Routine: Ayman Hamed, CEO of International Securities

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

My name is Ayman Hamed. I’m the CEO of International Securities. I joined the firm after First Gulf Bank sold First Gulf Financial Services to an investment firm in Abu Dhabi and changed its name in 2015. I led my team in restructuring it and rebranding it to Integrated Securities and Shuaa Securities. In 2019, after IHC acquired the company, we changed its name to International Securities. I think it was around that time that the brokerage really began to boom in terms of profitability and market share after a long history in the UAE capital markets spanning roughly 25 years.

We played a big role as lead placement agent and joint bookrunner on the IPOs that took place in 2020 on the ADX — since then, we’ve held a nearly 50% market share on the ADX as of the end of 2024, and a 35% market share on both ADX and DFM, which is the biggest share among all brokerage firms in the UAE over the past five years. Covid-19 pushed us to lead a digital transformation initiative so we can continue to reach clients. KYC was a big challenge at the time, but we adopted a fully digital KYC and onboarding process with the help of AI for identity verification & documents verification.

We also began to introduce more services like a new application for e-trading. We introduced a digital IPO platform to reach more clients as well, which I believe is one of the most advanced in the UAE. You can access the IPO portal, read the prospectus and terms and conditions, research, and transfer cash in and out — all through the app. You need access to financial information related to the company you want to subscribe to, like company valuations — and we have a research library full of information on all listed companies on the ADX and DFM. We also offer the most competitive fee structure among brokerage firms in the UAE.

We’ve managed to reach 40k clients, which for banks might seem like a small figure, but in brokerage terms as an active advisory firm, it’s huge. We’ve played an advisory role and acted as lead placement agent for roughly 25 IPOs in the past five years.

We’ve been in a constant spiral of big events starting with financial crises, to covid-19, and have seen plenty of ups and downs, but over the past five or six years, there’s been a huge number of listings. Big and small firms alike listed on the ADX and DFM — around 29 on the former and 11 on the latter — during that time. Just this last month, stock markets entered correction territory, but they’ve rebounded since. What I’m trying to say is there's never a perfect time to list on public markets — you need to just plan and be ready for an IPO, because the listing process is long and requires a lot of regulatory approvals and legal documentation, and these periods of correction rarely last too long.

The way I see it is: The phase of working to revive appetite in capital markets and boosting flows is behind us, and that’s reflected in the growth of daily turnover on the ADX (from AED 450 mn to around AED 1.5 bn) and the overall market cap. We’re now in a new phase where the focus is on how these public companies are performing, learning their stories, and analyzing and assessing previous IPOs to determine what worked well and what didn’t, and to boost awareness of active investing.

I also see the brokerage model itself shifting. You used to have brokers running around the office to process orders and get them to banks and the clearing unit, etc, and a big back office team dealing with banks for settlement. Now, everything is on the app and automated. Brokerages are becoming more like fintechs, in addition to doing compliance work and wealth management. Traders need to be spending their time on providing advisory services (after getting their licenses), not just on processing orders.

Using AI tools will also help brokerages be more efficient with limited human resources. In the future, a good manager won’t just need to lead people, but also effectively manage AI tools and systems in their field. The ability to collaborate with AI — interpreting its outputs, questioning its conclusions, and guiding its use responsibly — will be a critical leadership skill.

I start my day with a 45-minute workout at the gym — this plays a huge role in helping me de-stress. I’m at the office by 9am. Since I work in the stock market, it’s essential that I stay up to date with what’s happening in global markets. I read EnterpriseAM, among other newsletters that summarize everything well and as accurately as possible. The trading session begins at 10am, and my role is to focus on improving our services to clients daily, and to work on expanding our business and reaching more clients and investors, whether local or foreign ones.

Our goal as a company is to continue to lead the market as the most trusted, profitable, and high-performing digital brokerage firm. Market share is very important, but maintaining profitability, expanding shareholder value, and boosting returns on equity and investment is essential. The focus remains on UAE markets — because I believe in specialization.

A book I return to time and time again is Who Moved My Cheese?, which was recommended to me by a friend, who told me I have to read it several times. The point of the story is: Always be prepared and don’t leave things till the last minute. I enjoy self-development books in general, but this one — I’ve read it many times — is extremely relevant despite the time that has passed since it was written.

One piece of advice I cherish and believe in wholeheartedly is to be a team leader, not a manager. I engage with my team in everything they do, across all departments. I push them and try to help them grow.

CALENDAR

MAY

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

26 April-5 May (Saturday-Monday): Abu Dhabi International Book Fair (ADIBF), Adnec Center, Abu Dhabi.

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

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

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): Ajman SustainableDevelopmentInternational Forum, Ajman X Centre.

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.

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.

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.

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.

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.

17-18 June (Tuesday-Wednesday): 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:

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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