IMF maintains UAE’s growth forecast despite headwinds

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Trump to visit Middle East mid-May + Invictus eyes more acquisitions this year

Good morning, friends. We have another packed issue for you this morning, with the rundown on the updates in the IMF’s latest World Economic Outlook (spoiler alert: it’s good news for the UAE, and bad news for… most other countries). Plus: We have news of Du building a hyperscale data center for Microsoft; an uptick in project awards and startup funding for the UAE in 1Q 2025; and Emirates NBD’s earnings.

☀️WEATHER- Brace yourselves for another heat wave (or is it just… summer?): Afternoon highs in Dubai today will reach 39°C before cooling a bit during the nighttime to 26°C. In Abu dhabi, afternoon highs will reach 35°C and nighttime temperatures will hit a low of 25°C.

WATCH THIS SPACE-

#1- US President Donald Trump plans to visit the UAE, Saudi Arabia, and Qatar between 13 and 16 May, Politico reports, citing statements from White House Press Secretary Karoline Leavitt at a press briefing. The trip is set to focus on “strengthening ties” with the Middle Eastern nations. The trip was set to be his first foreign trip since his inauguration, before he announced plans to attend Pope Francis’ funeral in Italy this week.

#2- Invictus lines up agri-food acquisitions in expansion push: ADX-listed Invictus Investments is eyeing majority stakes in two or three agri-food players this year, as well as in projects worth up to USD 300 mn, CEO Amir Abdullatif told Al Bayan.

Invictus has been expanding fast in African markets through acquisitions: It recently acquired Mozambique’s largest milling company Merec Industries from Stratton Africa Holding, in addition to securing a 60% stake in Moroccan agriculture trader Graderco last year, as it looks to widen its reach in the Middle East and Africa.

#3- The UAE’s non-oil activity and ongoing capital expenditures are set to buoy demand for shariah-compliant financing this year, according to an S&P Global report. The UAE, along with Saudi Arabia, are expected to broaden their Islamic asset base in 2025, which should also see the sukuk market active through next year — provided that global market volatility and weaker oil prices don’t derail momentum.

REMEMBER- The global rating agency revised its oil price assumption downward to USD 65/bbl for the rest of 2025 — a level that still supports growth but adds pressure to fiscal buffers across the GCC. The global Islamic finance market is on track to grow by 9-10% this year, with global sukuk issuances forecast to hit USD 190-200 bn.

#3- Islamic banks in the GCC are likely to see more mergers and acquisitions in the near future as they try to boost their competitiveness and grow their market reach, Zawya quotes Redmond Ramsdale, head of Middle East Bank Ratings and Islamic Banking at Fitch Ratings, as saying,

“We have seen examples in Oman, Qatar and the UAE of conventional banks acquiring Islamic subsidiaries to gain better access to Islamic markets, and often to increase their growth opportunities,” Ramsdale said. Islamic banks across the Middle East are outpacing conventional lenders in financing growth, driven by rising demand, improved product offerings, and the rapid expansion of some newer players, Ramsdale explained.

#4- Adnoc Distribution boosted its EV charging points to over 200 in 2024, compared to 53 in 2023, Adnoc Distribution CEO Bader Saeed Al Lamki told state news agency Wam (watch, runtime: 5:01) during the Electric Vehicle Innovation Summit. It plans to expand its EV charging infrastructure to operate 500 high-power chargers by 2028.

REMEMBER- The fuel retailer also aims to install 15-20 new filling stations in key locations across the UAE, Saudi Arabia, and Egypt, and is targeting 1k stations over the next five years, up from 840 currently.

#5- Bangladesh and the UAE are preparing to hold the first round of talks on a proposed trade and economic partnership agreement, which aims to enhance trade ties and support Bangladesh’s transition out of the least-developed country categorization, Bangladesh’s Financial Express reports. Bangladesh’s Commerce Ministry has formed a trade negotiation committee to lead discussions under the regional trade 2022 agreement policy.

DATA POINTS-

#1- Dubaiwas ranked fourth globally as a mobility hub and eighth as a commercial hub on the Oliver Wyman Forum’s The Cities Shaping the Future report (pdf). The report highlighted the emirate’s role in reshaping global supply chains, particularly through the Jebel Ali Port and Dubai International Airport which it sees as key assets for global supply chain networks.

No sign of slowing down: Dubai is set to benefit further from supply chain shifts, with the rise of production in India moving manufacturing chains closer to the emirate.

#2- Dubai’s luxury home sales hit new highs in 1Q 2025, but headwinds loom: Dubai’s luxury property market logged another record quarter, with 111 homes priced above USD 10 mn sold in 1Q 2025, a 5.7% y-o-y increase, Bloomberg reports, citing a Knight Frank report. Twelve of those transactions exceeded USD 25 mn, and the 34 transactions in Palm Jumeirah island alone accounted for a combined USD 562.8 mn.

A lot can happen between a quarter and the next… Market uncertainty, global asset upheaval, falling oil prices, and sentiment shocks from Trump’s tariff agenda could dampen appetite, Knight Frank’s Faisal Durrani said. Potential supply chain disruptions tied to construction inputs could also delay project deliveries — a dynamic Durrani said may not be entirely negative in an overheated market.

PSAs-

#1- Emiratis must ensure uninterrupted employment for pension eligibility: The General Pension and Social Security Authority (GPSSA) has said that Emirati employees must complete 15 years of continuous service and reach age 60 in order to qualify for retirement benefits, Wam reports. If resigning voluntarily, you’ll need 20 years of service and to be at least 50 years old, while those under Federal Law No. 57 of 2023 need 30 years of work and to be at least 55.

To merge employment periods to show that employment has been continuous, individuals employed from 1 July 2023 onwards can use the Shourak program as per provisions introduced by the Pension and Security Law in 2023 or pay owed contributions.

#2- Sharjah waives traffic fines older than a decade: All outstanding traffic fines in Sharjah older than 10 years can be waived, Gulf News reports citing a decision issued during a Sharjah Executive Council meeting. A fee of AED 1k applies for submitting a waiver request, but there are exemptions for cases demonstrating the verified death of the vehicle owner, vehicle owners who left the UAE continuously for at least 10 years, and abandoned vehicles with unreachable owners.

#3- Parkin has added new parking fees in several areas in Dubai, according to a post on X. New fees of AED 4 per hour throughout the day will apply to Al Karama, Al Qusais First, and Madinat Dubai Al Melaheyah. Parking in Al Kifaf will cost AED 6 per hour during peak times and AED 4 during non-peak hours. Parking will still be at no cost on Sundays and public holidays.

HAPPENING TODAY-

#1- It’s day three 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 Managing Director Kristalina Georgieva will meet with MENAP ministers and governors in a closed meeting.

#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- The Electric Vehicle Innovation Summit is on its final day at the Abu Dhabi National Exhibition Center. The summit will bring together industry leaders, innovators, and key stakeholders to explore regional opportunities and challenges in electric vehicles technology.

#4- Dubai AI Week is going on throughout this 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.

#5- DOMOTEX Middle East is runing until Thursday 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.

#6- It’s day two of theInternational Conference on Education Quality (ICEQ) which will wrap up on Thursday 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.

#7- It’s the final day of GOTECH 2025 at the Dubai World Trade Center. The event brings together government officials, industry leaders, and technical experts to discuss industry trends, carbon reduction, and energy demand. The event includes technical presentations, sessions, and exhibitions focused on technology and sector challenges.

#8- The Dubai AI Festival is happening today and tomorrow 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-

The general theme in the news today? Backtracking — whether it’s US President Donald Trump denying plans to sack US Federal Reserve Chair Jerome Powell (and hinting at lower tariffs on China), Elon Musk saying he’ll take a step back from the US government to focus on Tesla, or Russian President Vladimir Putin saying he is prepared to halt his invasion of certain parts of Ukraine.

US stock futures reacted positively to Trump’s shift in tone on both Powell and China, rallying on the news as the USD also pared some of its losses following an earlier slump on Monday. (Reuters | Financial Times | WSJ)

Also rallying yesterday were Tesla’s shares, after Musk said he’ll be “significantly scaling back” his work with the government as he wraps up preparations for the Department of Government Efficiency (aka DOGE) to focus on Tesla, which reported a 9% y-o-y drop in revenues in its 1Q 2025 earnings report. Net income also plummeted 71% from a year earlier on the back of lower average selling prices and a need for manufacturing upgrades, according to Musk. (Financial Times | CNBC | Bloomberg | Reuters | WSJ)

Over in Russia and Ukraine, Putin reportedly said he’d be willing to give up parts of Ukraine that it does not control in return for an agreement with the US that could see it acknowledge Russia’s de facto control over Crimea, which was seized by Russia in 2014. Ukrainian officials are set to meet with representatives from the EU and the US in London later today to discuss the proposal. (FT)

***

You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.

EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq. Tap or click here to get your own copy of EnterpriseAM UAE.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA climate and logistics industries?

***

IMF maintains the UAE’s GDP growth forecast at 4%

The International Monetary Fund (IMF) maintained its 2025 growth forecast for the UAE at 4% — the highest forecast across the GCC — in its latest World Economic Outlook report (pdf), despite a global backdrop of headwinds following the introduction of US tariffs. The report’s projection matches the fund’s January forecast, with growth expected to accelerate to 5% in 2026.

***The UAE is among a rare few who did not see their GDP growth forecast slashed in the latest outlook update — we have more on the IMF’s global growth forecasts in today’s Planet Finance, below.

Inflation is seen rising to 2.1% in 2025, up from 1.7% in 2024, before easing to 2% in 2026. This is a slight upward revision from the fund’s earlier estimate of 2% inflation for 2025. The current account surplus is forecast at 6.6% of GDP in 2025, a downgrade from the 7.5% projected in January, with a further drop to 6.4% by the end of 2026.

REMEMBER- The IMF sees the UAE’s non-hydrocarbon revenue being a main driver for the country’s economy in 2025, with non-oil GDP projected to grow 4.5% this year. Tourism, construction, public spending, and financial services are expected to post steady gains in upcoming years.

How it stacks up:

The World Bank revised down forecast for economic growth in the UAE in January 2025, expecting 4.1% growth for the year;
The UAE Central Bank expects a stronger 4.7% GDP growth;
S&P Global and Fitch Solutions ’s research unit BMI forecast 5.1% growth this year.

REMEMBER- The UAE’s expanding trade network is expected to act as a buffer against tariff shocks, with stronger ties helping lower barriers and mitigate external risks, according to Emirates NBD research. UAE–US relations are also seen as a stabilizing factor, especially as the UAE has pledged USD 1.4 tn in investments in the US. BMI expects GCC economies to remain shielded from Trump’s tariffs due to strategic and economic factors.

S&P Global agrees: Economic conditions in a number of GCC countries including the UAE, Saudi Arabia, and Qatar “remain in solid shape” despite the US administration’s trade policies, with S&P Global Market Research only slightly revising downwards its growth outlook for the three countries across 2025 and 2026, Zawya reports, citing a report from S&P. The research unit cites falling oil prices as the main culprit for slower growth, but says UAE and Qatar are expected to withstand an extended period of lower oil prices.

S&P also sees global growth reaching its lowest level since the 2008 financial crisis — barring the pandemic: S&P lowered its annual global real GDP growth forecast for 2025 to 2.2% from 2.5% previously, and down from a forecast that was close to 3% prior to the US elections. The forecast for next year’s real GDP growth was also lowered to 2.4%, down from 2.7% previously. “In both years, projected global growth would be the weakest since the global ﬁnancial crisis of 2008–09, excluding the COVID-19 pandemic,” S&P wrote.

Du to build AED 2 bn hyperscale data center, with Microsoft as its main tenant

Du is building a AED 2 bn hyperscale data center in the UAE for Microsoft, which will be its main tenant, according to a DFM disclosure (pdf). The center’s capacity will be delivered in phases, and is set to enhance the region’s AI capabilities and sovereign cloud solutions, and address growing capacity needs, Fahad Al Hassawi, CEO of du said.

This collaboration builds on du and Microsoft’s ongoing partnership, which includes launching AI-driven cybersecurity solutions for UAE enterprises, and introducing Ultimate Plans, a suite of digital solutions designed for small and medium-sized businesses (SMEs).

Du’s current stocktake: The state-owned telecoms firm currently operates five data centers across the UAE, according to Reuters.

REMEMBER- Microsoft is doubling down on the UAE: The tech giant is investing USD 1.5 bn in G42 to help boost its global expansion plans and promote the UAE’s position as a global AI hub. The sizable investment included setting up two AI centers in Abu Dhabi and accelerating AI-driven government transformation in the emirate.

UAE defies GCC trend with 11.7% y-o-y growth in project awards — though tariff headwinds loom

The UAE racked up the most project contracts in the GCC in 1Q 2025, with USD 26.1 bn worth of contract awards, up 11.7% y-o-y, according to Kamco Invest ’s GCC Projects Market Update report (pdf). This came against a backdrop of a 26.8% y-o-y decline in overall GCC project activity.

The UAE accounted for 49.9% of all awarded GCC contracts in the quarter, up from 32.7% in the same quarter last year. The power sector spearheaded the growth with a 215.2% jump y-o-y to reach USD 7.9 bn. While construction awards dipped by 52% y-o-y to USD 6.1 bn, they still accounted for almost a quarter of contracts. The chemicals sectors gained significant momentum, surging to USD 1.7 bn from USD 218 mn the same period last year.

Driving growth: Economic diversification projects, targeted investment strategies, and structural reforms helped the country bring in a plethora of contracts, the report said, highlighting Abu Dhabi’s USD 10 bn tourism push and Adnoc Gas’ USD 13 bn five-year expansion plan. Robust non-oil sectors were also cited as helping keep momentum strong.

Regionally, the GCC project market contracted despite UAE and Kuwaiti momentum, with a drop in power and construction awards for Saudi Arabia, Qatar, and Bahrain pulling down the regional figure to USD 52.4 bn, its lowest in eight quarters. KSA’s 1Q total fell by 49.9% y-o-y to USD 17 bn, despite its power sector remaining a bright spot with over USD 90 bn worth of projects in the pipeline.

Looking ahead, the regional pipeline remains strong, with USD 1.5 tn in pre-execution projects across the GCC set to be awarded within the year. Over half of these are in Saudi Arabia, while the UAE has a USD 312.3 bn contract pipeline.

On the downside, lower oil prices may weigh on project financing in the second half of the year, despite diversified sector strategies, oil’s exemption from tariffs, and relatively limited trade exposure to the US.

UAE ranks second in MENA venture funding in 1Q 2025, Magnitt says

The UAE attracted USD 206 mn in venture capital funding in 1Q 2025, trailing only Saudi Arabia, according to Magnitt's Venture Investment Summary report (pdf). This represented 30% of total MENA region funding and growth of 149% y-o-y, and was driven by a a jump in its Series A and B investments to USD 128 mn, up from USD 14 mn in the same period last year. KSA raised a total of USD 391 mn.

The Emirates was also the runner-up to KSA in terms of transaction numbers, despite the 47 recorded marking a 22% y-o-y decline as early stage investor activity waned. The region's other major markets — KSA and Egypt — also both saw a y-o-y decline in transactions for the period. Early-stage transactions in the UAE fell 34% y-o-y.

UAE-based venture capital firm PlusVC was the region's lead investor in terms of the number of investments, which were more than double those of runner-up Hub71.

REGIONAL PICTURE-

Venture capital funding in MENA rose 58% y-o-y to USD 678 mn despite transaction volumes dropping 21% y-o-y, according to Magnitt’s report. M&As saw a 163% y-o-y increase, and “signs of IPO recovery further underscored improving exit visibility,” the report said.

The culprits: Continued activity from wealth funds, startup ecosystem events, and interest rate cuts like those from the Central Bank of the UAE at the end of last year helped rally investor sentiment and liquidity, resulting in an uptick in both small and large investments, the report said.

Who’s doing the most in MENA? Fintech led funding in 1Q 2025, with investments surging 362% y-o-y to USD 384 mn, accounting for 57% of the region’s total, driven by Tabby’s USD 160 mn mega transaction. Enterprise software ranked second with a 112% y-o-y funding increase, while e-commerce and retail, education tech, and transport and logistics also made the top five list.

The quarter showed a clear shift towards investment in more established Series A and B startups with more robust financial models. Tickets under USD 1 mn dropped, while mid-range and large investments were on the up.

What’s next? Magnitt reckons new US tariffs and high global interest rates may increase uncertainty and impact future investment activity, while Wamda separately sees investors favoring safer, later-stage ventures amid risk aversion and a more difficult environment for early-stage startups.“In venture capital, this uncertainty is likely to impact three areas: the deployment of capital from LPs to VCs, VC’s willingness to make decisions in uncertain times, and finally, startups’ ability to raise funds,” said Magnitt CEO Philip Bahoshy in a press release (pdf).

Saudi Amwaj buys into luxury developer Cledor

Tadawul-listed conglomerate Amwaj International bought an 18% stake in Dubai luxury developer Cledor for an undisclosed sum, according to a joint statement. The investment — which marks Amwaj’s first venture into the Emirati market — values Cledor at USD 100 mn. Cledor will manage Amwaj’s upcoming projects in the UAE as part of the agreement.

The rationale: The acquisition gives Amwaj operational exposure in Dubai and a vehicle to deploy capital in a high-growth segment. For Cledor, the investment provides a runway to cover operating costs, access to Amwaj’s procurement and talent network, and institutional backing.

Dubai Aerospace Enterprise receives USD 282 mn in settlements from ins. firms

DAE gets a USD 282 mn payout: Homegrown aircraft lessor Dubai Aerospace Enterprise (DAE) received nearly USD 282 mn in settlements from ins. firms for some of its jets previously on lease to airline operators in Russia, according to a statement. The move brings the total of DAE’s reclaimed Russia-affiliated settlements to USD 601 mn — including those made in 2023 and 2024.

SOUNDS FAMILIAR? The lessor received some USD 201 mn in settlements back in December over the same dispute claim. The aforementioned carriers were subject to international leasing disputes after they were retained in Russia amid the imposition of global sanctions following the Ukraine conflict. DAE and its affiliates had previously issued claims against a number of ins. and reins. companies, including French ins. provider Axa — against which it had issued USD 737.8 mn in claims for aircraft and equipment on lease in Russia. It reportedly reached a full settlement with Axa over some of its claimed jets back in October 2024.

Background: Russian airlines were sanctioned and required to return back some 400 leased planes valued at almost USD 10 bn back in 2022, while some 78 planes leased out to Russia were seized abroad and would not fly back to Russia. Russia subsequently approved a law permitting foreign jets to be registered in the country — making it harder for the carriers to be retrieved.

What’s next? The Dubai-based lessor said it will continue to actively pursue its legal proceedings in British courts — where many trials have taken place between ins. providers and aircraft lessors over aircraft left in Russia — including a mega trial back in October.

Resolv Labs secured USD 10 mn in a seed funding round

Abu Dhabi-based crypto startup Resolv Labs raised USD 10 mn in a seed funding round, Wamda reports. The round was led by Cyber.Fund and Maven11, with participation from Coinbase Ventures, SCB Limited, Arrington Capital, Animoca Ventures, Gumi Cryptos, NoLimit Holdings, Robot Ventures, and others.

Where will the money go? The funds will be used to diversify Resolv Labs’ yield sources, including adding BTC-based strategies and strengthening integration with digital asset managers. The company also plans to launch on additional blockchain networks to expand its user base.

About Resolv Labs: Founded in 2023 by Ivan Kozlov (LinkedIn), Fedor Chmilev (LinkedIn), and Tim Shekikhachev (LinkedIn), the startup offers a delta-neutral yield strategy through its USD-pegged stablecoin, USR. The approach aims to generate consistent returns while offsetting directional market risk—essentially minimizing exposure to crypto price swings. For investors seeking higher-risk, variable returns, Resolv offers the RLP token.

Emirates NBD beat earnings estimates in 1Q

Emirates NBD recorded AED 6.2 bn in net income for 1Q 2025, down 7.4% y-o-y from AED 6.7 bn for the same period last year, according to its financials (pdf). This quarter’s figures are significantly ahead of analysts expectations of AED 5.1 bn, Reuters reports, citing London Stock Exchange Group data.

The bank’s total operating income rose 11.4% y-o-y to AED 11.9 bn, while total assets crossed the AED 1 tn mark for the first time.

Driving growth: The bank attributed its strong 1Q performance to a robust regional economy, loan growth resulting in more income from interest, an uptick in deposits, an improved low-cost funding base, and buoyant transaction volumes, the bank said in a separate earnings release (pdf). Regional expansion, with over half of loans sourced internationally, and investment in its digital offerings also helped offset the effect of lower interest rates.

EMIRATES ISLAMIC BANK-

Its Islamic arm reached for AED 1 bn in profits: Meanwhile, Emirates NBD’s Islamic Banking arm, Emirates Islamic Bank, saw record profits of AED 1 bn in 1Q 2025, a 24.4% y-o-y increase, according to its financials (pdf). A first for the bank, it was helped over the threshold by increased income from investment products, financing receivables, and commission. Total operating income for the period rose by 7.7% y-o-y to AED 1.4 bn.

REMEMBER- Emirates NBD is planning to acquire 100% of Emirates Islamic, with plans to delist it from the DFM. The bank has already acquired an additional 0.078% stake in Emirates Islamic Bank, taking the total size of its stake to 99.971%.

MAF plans luxury push in the UAE and KSA

RETAIL-

UAE conglomerate Majid Al Futtaim (MAF) plans to open over 30 luxury retail stores across the UAE and Saudi Arabia in 2025, including seven in the Kingdom, Asharq Business reports, citing a company press release. This expansion will focus on partnerships with three Italian brands, including Eleventy, Corneliani, and Poltrona Frau.

The details: Five Eleventy stores are planned, with three already open and two more coming later this year. Poltrona Frau will debut in Riyadh, marking its first store outside the UAE. Corneliani launched its first regional store in Saudi Arabia this month.

REMEMBER- MAF recently committed AED 5 bn to upgrade Mall of the Emirates in Dubai. Meanwhile, MAF’s Majid Al Futtaim Properties will invest bns of AED in mixed-use developments in Egypt and Saudi Arabia this year and the next.

TRANSPORT-

UAEV and AW Rostamani team up on EV charging infrastructure: Emarat EV Charging Stations Company (UAEV) — a JV between the UAE’s Energy and Infrastructure Ministry and Etihad Water and Electricity — and AW Rostamani (AWR) Group have signed a strategic agreement to support electric vehicle (EV) charging infrastructure in the UAE, according to a statement. Zeekr exclusive distributor AWR Group will provide charging credits to customers of those vehicles for use across UAEV’s charging network. The partnership will launch in the coming months.

REMEMBER-The UAE is planning to install over 500 EV charging stations by the end of 2025 to increase the use of clean transportation and cut carbon emissions. The Energy and Infrastructure Ministry which holds a 50% stake in UAEV, installed 100+ EV chargers across the country in 2024 and is ramping up efforts to meet rising EV demand.

REAL ESTATE-

#1- Ardee Developments is launching its AED multi-bn flagship project in Al Marjan Island in Ras Al Khaimah, according to a press release. The 2.5 mn sq ft Ardee Al Marjan development will offer residential units, a hotel, amenities, and retail services, and will target tourists, investors, local and international residents alike, CEO Vishal Mehta said.

#2- Marjan and Dara Real Estate partner up on a 27-storey tower: Marjan, RAK's freehold property developer, has partnered with Dara Real Estate to build a 27-storey residential tower in the Rak Central mixed-use project, Alkhaleej reports. The development is scheduled for completion in 4Q 2027.

The details:Abdul Rahim Architectural Consultants will serve as lead project consultant, with IBA House Interior handling interior design. The development falls under Rak Central’s master plan, which includes office spaces, over 4k residential units, four hotels, and retail areas.

#3- HBK DOP to develop residential properties in Pakistan: Hamad Bin Khalifa Department of Projects (HBK DOP) formed a joint venture with Pakistani developer DHA Quetta to develop upscale residential units in Quetta, Pakistan, Khaleej Times reports. The project includes villas and townhouses and is expected to draw investment and improve housing standards in the area.

INVESTMENT-

Abu Dhabi Investment Group (ADIG) and China’s southern province of Hainan have announced plans to establish a joint investment development fund, according to a press release. The fund will support investments in a range of development sectors across both Hainan and the UAE. Both parties are currently formulating an initial plan to identify targeted projects. The partnership also includes broader cooperation across multiple areas of economic development..

HEALTHCARE-

e& partners with US firm to widen emergency response access: e& enterprise has partnered with US-based LifeBot to bring end-to-end advanced telemedicine solutions to the UAE’s remote or underserved areas, according to a press release. The collaboration will expand access to intensive virtual care through mobile care services, offering ICU-level patient monitoring diagnostics, and real-time video and vital-sign transmission. LifeBot’s technology, which was originally developed for disaster response and space missions, is designed to perform in extreme conditions.

SUSTAINABILITY-

ADFD brings Comoros solar plant online: The Abu Dhabi Fund for Development (ADFD) has inaugurated its AED 25.7 mn (c. USD 7 mn), 6.3 MW solar power plant in Comoros, according to a press release. The plant will provide energy to the capital, Moroni, and other surrounding regions.

ADFD has a green portfolio abroad: ADFD finalized an AED 92 mn loan agreement with Rwanda’s government to enhance water systems at the Karenge Water Treatment Plant last December. ADFD-backed UAE-Caribbean Renewable Energy Fund inaugurated Masdar’s hurricane-resistant hybrid solar-diesel plant in the Caribbean’s Antigua and Barbuda last year.

AVIATION-

flydubai to offer lower air freight rates for local players: Dubai Chambers inked an MoU with homegrown budget-carrier flydubai to offer preferential air freight rates to Dubai Chamber of Commerce businesses, according to a statement. The pair also aim to develop joint initiatives, programs, and activities to support Dubai’s business community.

AI-

AIQ + Weatherford partner on energy production: AIQ, Adnoc and G42’s AI joint venture, signed an agreement with energy services firm Weatherford International to combine Weatherford’s software and hardware platforms and AIQ’s AI systems to optimize energy operations, according to a press release. The partnership aims to help energy operators scale production workflows, boost operational efficiency, reduce costs, and centralize software procurement via a SaaS platform.

MANUFACTURING-

Adnoc launched Make it with ADNOC, a new app aimed at boosting local manufacturing and accelerating industrial growth in the UAE, Wam reports. The platform offers real-time visibility into ADNOC’s procurement pipeline, allowing manufacturers and SMEs to tap into upcoming local production opportunities.

IMF cuts growth forecasts as tariffs hit global economy

IMF forecasts lower global growth this year: The International Monetary Fund (IMF) forecasts global growth to log 2.8% in 2025, down 0.5 percentage point from previous estimates, it said in its World Economic Outlook report (pdf). Growth is expected to edge up to 3.0% in 2026, though this remains below the IMF’s earlier projections at 3.3%.

We all know the culprit: The revision is a direct consequence of “new trade measures and their indirect effects through trade linkage spillovers, heightened uncertainty, and deteriorating sentiment.”

Major economies projected to take a hit: The US is now expected to grow 1.8% in 2025, down nearly one percentage point from the previous forecast, as “greater policy uncertainty, trade tensions, and a softer demand outlook” weigh down on consumption. Meanwhile, Japan’s growth was cut by 0.5 points to 0.6%, with tariff concerns expected to offset gains in private consumption and disposable income. The Fund also downgraded its forecast for Canada’s growth by 0.6 percentage points, and for the UK by half a point.

China and India will bear the brunt too: China’s 2025 outlook was cut by 0.6 points to 4.0%, as trade restrictions “offset the stronger carryover from 2024 and fiscal expansion in the budget.” The following year comes with a similar downward revision and growth forecast. Meanwhile, India’s growth was trimmed by 0.3 percentage points to 6.2%.

Across the Atlantic: Growth in the Eurozone is expected to decline “slightly” to 0.8% this year. Still, the IMF projects a stronger growth of 1.2% next year, driven by stronger consumption and rising wages as “debt brake” reforms in Germany spur growth.

Spain is a rare bright spot in the Fund’s updated forecasts, with an upward revision of 0.2 percentage points, leaving 2025 growth forecast at 2.5%. This reflects “a large carryover from better-than-expected outturns in 2024 and reconstruction activity following floods,” the IMF said.

Tariff clouds may turn into showers: Recent waves of US tariffs and the resulting retaliatory measures by China, Canada, and the EU have created “unprecedented” policy uncertainty. This is dragging down global trade volumes, which are now expected to grow just 1.7% in 2025 — a full 1.5 percentage points lower than previous expectations.

A new era: “The increased uncertainty and tightening of financial conditions could well dominate the short term, weighing on economic activity, as reflected in the sharp decline in oil prices,” IMF chief economist Pierre-Olivier Gourinchas said in a blog post. Growth prospects could see immediate improvement, however, if countries managed to move past differences and forge new trade agreements, Gourinchas added.

The inflation outlook Global inflation is expected to decline the next two years, hovering at around 4.3% in 2025 (revised slightly upwards) and at 3.6% in 2026.

MARKETS THIS MORNING-

Asian markets are in the green this morning, after comments from the Donald sparked hopes for tariff de-escalation. Hong Kong’s Hang Seng is leading gains with a 1.8% increase, followed by Japan’s Nikkei at 1.7%. Wall Street futures are also inching up following strong gains yesterday, after Trump denied plans to remove the Fed chief.

ADX	9,257	-0.2% (YTD: -1.7%)
DFM	5,134	+0.6% (YTD: -0.5%)
Nasdaq Dubai UAE20	4,122	+0.2% (YTD: -1.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	4.1% 1 yr
TASI	11,586	+0.3% (YTD: -3.7%)
EGX30	30,844	-0.7% (YTD: +3.7%)
S&P 500	5,287.8	+2.5% (YTD: -10.1%)
FTSE 100	8,328.6	+0.6% (YTD: +1.9%)
Euro Stoxx 50	4,961.5	+0.5% (YTD: +1.3%)
Brent crude	USD 67.4	+1.8%
Natural gas (Nymex)	USD 3.04	+1.0%
Gold	USD 3,340.15	-1.2%
BTC	USD 92,859.30	+6.5% (YTD: -0.7%)

THE CLOSING BELL-

The ADX fell 0.2% yesterday on turnover of AED 1.1 bn. The index is down 1.7% YTD.

In the green: Aram Group (+5.9%), Multiply Group (+4.1%) and Invictus Investment Company (+3.7%).

In the red: National Bank of Umm Al Qaiwain (-4.4%), Gulf Medical Projects (-3.5%), and Presight (-3.2%).

Over on the DFM, the index rose 0.6% on turnover of AED 434.5 mn. Meanwhile, Nasdaq Dubai was up 0.2%.

CORPORATE ACTIONS-

The board of Abu Dhabi-based Union Ins. has approved an AED 101 mn capital reduction, cancelling shares to bring its capital to AED 230 mn to offset the firm’s accumulated losses, according to an ADX disclosure (pdf).The company also released funds from its legal and special reserves to help write off accumulated losses.

Emirates Ins. has approved a dividend distribution of AED 75 mn for FY 2024, equivalent to 50 fils per share, according to an ADX disclosure (pdf). The dividends represent 50% of the company’s paid up capital.

BHM Capital approved a dividend distribution equal to 15.3% of its current paid-up capital via the issuance of 26.6 mn bonus shares, increasing its capital to AED 200 mn from AED 173.4 mn, according to a DFM disclosure (pdf).

Agthia Group will distribute AED 89.1 mn in dividends for 2024, representing 10.7% of the company’s share capital, according to an ADX disclosure (pdf).

Union Properties approved a 33.4% capital reduction to AED 2.9 bn to offset accumulated losses, according to a DFM disclosure (pdf). The reduction will be executed by lowering the nominal value of each share to AED 0.7.

CALENDAR

APRIL

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

21-23 April (Monday-Wednesday): The Electric Vehicle (EV) Innovation Summit, Adnec Center Abu Dhabi.

21-23 April (Monday-Wednesday): GOTECH 2025, Dubai World Trade Center.

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

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): 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.

Sections

About

Privacy & Support

Get EnterpriseAM daily