Lots of cooperation with Pakistan

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: New Parkin peak-hour fees + Brics leading Dubai property investment

Good morning, wonderful people. We have a brisk issue for you this morning as we kickstart the first workweek of Ramadan.

THE BIG STORY of the day is the slew of agreements signed by the UAE and Pakistan during Abu Dhabi Crown Prince Khaled bin Mohamed bin Zayed Al Nahyan’s visit to Islamabad last week — including on logistics, mineral exploration, and financial services. We also have updates on Tabreed’s latest debt issuance, as well as investment plans from Gems Education.

PLUS- We have a special episode of our podcast Making It, featuring our friend Mashreq Group CEO Ahmed Abdelaal. We dive into his outlook on the year, where he sees Mashreq in 10 years’ time, and the corridors where he sees opportunity.

When do we eat? Maghrib is at 6:26pm today in Dubai and 6:30pm in Abu Dhabi. You’ll have until fajr prayers at 5:22am in Dubai and 5:26am in Abu Dhabi tomorrow to finish your sohour.

WEATHER- We’re in for a warm and sunny day today, according to our favorite weather app and the National Center of Meteorology’s forecast (pdf). The mercury will reach 25°C in Dubai before dropping to an overnight low of 17°C. In Abu Dhabi, temperatures will peak at 20°C and reach a low of 16°C.

PSA-

You’ll be paying less at the pump this month: The Fuel Price Committee is cutting March fuel prices down from February’s rates, according to a statement on X.

The breakdown per liter:

Super 98 is now AED 2.73, down from AED 2.74;
Special 95 is AED 2.61, down from AED 2.63;
E-Plus 91 costs AED 2.54, down from AED 2.55;
Diesel is now AED 2.77, down from AED 2.82 last month.

HAPPENING TODAY-

The Nad Al Sheba Padel Championship is kicking off today, with the semi-finals scheduled for Thursday 6 March and the final taking place on Friday 7 March at the Nad Al Sheba Sports Complex, Wam reports. The UAE team will face competition from Bahrain, Kuwait, Iran, Australia, the Netherlands, and Saudi Arabia. Also running this week are the fencing, jiu-jitsu, running, badminton, wheelchair basketball, and laser run shooting championships.

WATCH THIS SPACE-

#1- Parkin is set to roll out new peak-hour parking fees in early April, with final details currently being discussed with Dubai’s Roads and Transport Authority, Al Khaleej reports. The new pricing structure will raise rates during peak hours across public parking zones.

The new rates:

Regular Parking (65% of 184k spaces):

Peak hours (8-10am & 4-8pm, except Sundays and public holidays): AED 4 per hour in Zones A to D.
Daily rates: AED 30 in Zone B, AED 20 in Zone D.
Off-peak pricing (10 AM-4 PM & 8-10 PM): No change.

Premium Parking (35% of spaces)

Peak hours: AED 6 per hour.
Daily rates: AED 40 in Zone B, AED 30 in Zone D.

Parkin has already begun rolling out variable pricing: In mid-February, Parkin introduced event-based parking fees, applying an AED 25 per hour rate near major venues during events, including at Dubai World Trade Center, which was designated a Grand Event Zone.

#2- Brics investors to further fuel Dubai’s property boom: Investors from the Brics nations are set to dominate Dubai’s luxury property market, according to a report from Elite Merit Real Estate picked up by Trade Arabia. Favorable tax policies, geopolitical stability and strong infrastructure are drawing them in, Elite said.

Chinese and Russian investors are driving the growth, with their share of the market expected to grow by over 30% this year. A 15% increase in purchases last year put China as the emirate’s third-largest source of foreign investment, Elite said, trailing only the UK and India. Chinese investors are eyeing diversification of their property assets, whilst those from Russia are looking to properties with higher yields and rental potential.

ICYMI- This comes after a record high of AED 761 bn in real estate transactions in 2024, triggering a surge in prices as supply failed to keep pace with demand.

The increase in demand is expected to see the UAE real estate market nearly double by 2028, growing from USD 409 bn to an estimated USD 800 bn, according to Oliver Morgan, partner at Deloitte Middle East told Sky News. Morgan also noted that real estate investment returns in the UAE can reach up to 20%.

DATA POINTS-

#1- The UAE issued 200k economic licenses in 2024, bringing the total number of active companies and institutions operating in the country to over 1.1 mn, state news agency Wam reports, citing Investment Ministry data.

#2- The DFM saw some 13.7k investors open new accounts in January and February, up 37% y-o-y, Mubasher reports citing market data. The increase signals growing investor appetite for high-performing DFM-listed stocks, as the exchange works to lure more players to market.

Who’s onboarding? At the brokerage level, BHM Capital Financial Services led the pack, adding nearly 5.6k new accounts to the DFM in the last two months, followed by Emirates NBD Securities (2.5k) and Al Ramz Capital (1.9k). Other firms including Abu Dhabi Islamic Securities (1.4k accounts), Al Mashreq Securities (614), International Securities (560), and First Abu Dhabi Securities (231) also saw notable increases.

#3- Dubai’s energy demand increased 5.4% y-o-y to 59.6k GWh in 2024, driven by the emirate’s expansion and population growth, Wam reports. Meanwhile, the Dubai Electricity and Water Authority’s installed generation capacity reached 17.2 GW last year, with clean power accounting for 20% of the total installed power generation capacity.

#4- GDP from the Middle East, North Africa, and Turkey could reach USD 4 tn by the end of 2025, after growing 3.5% this year, according to HSBC Global Research (pdf).

Structural reforms have “fundamentally altered the region's investment landscape,” HSBC MENAT CEO Selim Kervanci said at the HSBC MENAT Future Forum last week. “Traditional financial centers are adapting to a world where the Middle East and Asia are driving rather than following global investment trends,” he said, citing the USD 3 tn in capital spending across the GCC as a prime example of the “recalibration” of global investment landscape.

THE BIG STORY ABROAD-

Israel has deliberately blocked all humanitarian aid from entering the Gaza strip after the six-week ceasefire came to an end yesterday. The decision is broadly perceived as a means of exerting pressure on Hamas to agree with Trump’s Mideast envoy Steve Witkoff’s proposal to extend the first phase of the ceasefire agreement instead of moving on to phase two — which would see Hamas freeing the remaining hostages in exchange for Israel’s complete withdrawal from Gaza, paving the way for a lasting ceasefire.

“There will be no free lunches,” Israeli Prime Minister Benjamin Netanyahu said at a cabinet meeting yesterday. Seemingly bolstered by the new US administration, he insisted that a ceasefire won’t proceed without a hostage release. (Bloomberg | AP | The Guardian | Wall Street Journal | Washington Post | France 24)

MEANWHILE- After Zelenskiy’s diplomatic meltdown at the White House two days ago, European leaders have agreed to present the US with a Ukraine peace plan, hoping it will push Washington to offer security guarantees. At a London summit yesterday, British Prime Minister Keir Starmer announced a “coalition of the willing” to draft the proposal. (Reuters | AP)

ALSO- The 2025 Oscars just wrapped up — here are some of the most notable highlights:

Kieran Culkin won best supporting actor for A Real Pain.
Best animated feature went to Flow, marking Latvia’s first-even Oscar win.
Sean Baker took home best original screenplay for Anora.

***

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CIRCLE YOUR CALENDAR-

The Global Islamic FinTech Forum will take place on 15 April at the Dusit Thani Hotel in Dubai, bringing together experts, investors, and regulators to discuss developments in shariah-compliant financial technology. Topics will include digital payments, peer-to-peer lending, takaful, and blockchain-based financial services.

The inaugural Public Art Abu Dhabi Biennial runs through 30 April, showcasing over 70 artists from the UAE and around the world with site-specific installations across Abu Dhabi and Al Ain, according to an Abu Dhabi Media Office statement. The second phase, launched yesterday, adds new works by Anga Art Collective, Ayesha Hadhir, Lúcia Koch, and more, along with a public program of talks, workshops, film screenings, and performances. Visitors can explore the exhibition’s eight routes by foot or car.

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

UAE expands Pakistan investments with new agreements in mining, banking, infrastructure

The UAE inked four agreements with Pakistan to enhance cooperation in natural resources, financial services, and infrastructure, as part of an effort to strengthen bilateral economic ties, according to an Abu Dhabi Media Office statement. The agreements were finalized during Abu Dhabi Crown Prince Khaled bin Mohamed bin Zayed Al Nahyan’s visit to Islamabad last week, where he met with Pakistani Prime Minister Muhammad Shehbaz Sharif.

ICYMI- The Abu Dhabi crown prince visited Pakistan for the first time last Thursday, leading a delegation of ministers and business leaders to boost investments in the country and ink several agreements and MoUs.

A rundown of the agreements:

#1- Copper and gold exploration: International Holding Company’s (IHC) mining investment arm International Resources Holding signed an agreement with Pakistani energy firm Mari Energies to explore copper and gold reserves in Balochistan’s Chagai district, one of Pakistan’s most resource-rich areas. The project aims to support local economic development and secure critical minerals for future industries.

#2- Financial sector expansion: Eve Holding RCS, a subsidiary of IHC’s 2PointZero, agreed to acquire an 82.64% stake in First Women Bank Limited, a state-owned commercial bank serving women through 42 branches across Pakistan. The acquisition, which is part of Pakistan’s privatization push, is expected to boost financial inclusion — particularly for women-led businesses — and strengthen UAE-Pakistan banking ties.

#3- Railway cooperation: Etihad Rail and Pakistan’s Railways Ministry signed MoUs to ramp up the operational efficiency of Pakistan’s rail network and explore the development of a new railway network to improve connectivity and support economic growth.

#4- SEZ development: AD Ports Group signed an MoU with the Pakistan Board of Investment to explore the development of a special economic zone (SEZ) near Karachi Port and Port Qasim to boost regional trade and economic activity.

#5- The firm also inked three separate agreements in digitalization, maritime services, and freight forwarding to expand its footprint in Pakistan’s logistics sector:

Digitalization: AD Ports Group’s Maqta Technologies and Pakistan’s PSW will partner — in collaboration with Pakistan’s Customs Services — to strengthen Pakistan’s Sing Window systems, modernize border services, and analyze cross-border systems.
Maritime services: AD Ports and Pakistani industrial development conglomerate Bahria Foundation will pair up to bolster the productivity of dredging, marine services, and vessel pooling at Karachi Port.
Freight forwarding: AD Ports’ freight forwarding subsidiary Noatum Logistics and its JV with Pakistan’s Kaheel Terminals, dubbed Karachi Gateway Terminal Multipurpose (KGTL), will partner to offer logistics solutions across air, ocean, and inland transport — including warehousing and distribution — to advance Pakistan’s existing inland trade corridors into Central Asia.

REMEMBER- AD Ports has acquired logistics businesses in Kazakhstan, Uzbekistan and Georgia — which would all strategically benefit from Pakistan serving as a middle corridor linking Asia and Europe.

AD Ports ♥️’s Pakistan: AD Ports Group inked a 25-year concession agreement last year to operate and manage more berths at the Eastern Wharf of Karachi Port, building on a 50-year concession agreement inked in 2023. AD Ports’ JV with UAE-based Kaheel Terminals, dubbed Karachi Gateway Terminal Multipurpose, will also invest some USD 175 mn in the port in seven years to boost the terminal’s capacity by 75%.

Tabreed finalizes a USD 700 mn sukuk issuance with 3.5x oversubscription at USD 2.5 bn

UAE district cooling company Tabreed has priced its USD 700 mn green sukuk, drawing strong investor demand with order books exceeding USD 2.5 bn, excluding joint lead manager interest, Zawya reports. Tabreed holds a Baa3 credit rating with a stable outlook from Moody’s and a BBB rating from Fitch with a stable outlook.

The details: The five-year senior unsecured Ijara/Murabaha instrument is priced at Treasuries plus 115 basis points, with a yield of 5.29%. The sukuk is part of Tabreed’s USD 1.5 bn Trust Certificate Issuance Program, and will be listed on the London Stock Exchange.

Background: Tabreed CFO Adel Salem Al Wahedi said last year that the company plans to issue green bonds or sukuk to refinance USD 1.2 bn in debt this year. This includes USD 500 mn in bonds maturing in October 2025 and a USD 700 mn loan due in March 2025.

What's next? Tabreed’s board will also seek shareholder approval on 25 March to issue up to USD 2 bn in an additional non-convertible issuance as part of its refinancing plans.

ADVISORS- Citi and Standard Chartered acted as joint global coordinators. Joint lead managers included Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, and Standard Chartered, with Abu Dhabi Commercial Bank serving as co-manager. Citi, FAB, and Standard Chartered structured the green certification.

Gems Education to spend USD 300 mn on growth over next few years

Gems Education to invest USD 300 mn in growth plan: Dubai-based school operator Gems Education plans to invest USD 300 mn over the next two to three years to drive growth, CEO Dino Varkey told Reuters. The company aims to expand its student headcount by 30k–35k by 2028 while considering future acquisitions.

The expansion is fueled by Dubai’s growing population and an influx of wealthy individuals, Varkey said. The UAE was a leading destination for high-net-worth individuals in 2024, with the number of m’naires projected to reach 232.1k in 2028. Tax reforms in the UK and Western Europe are prompting more affluent families to relocate to the UAE, boosting demand for premium education.

REMEMBER- The school operator secured an investment last year from Canadian asset manager Brookfield, which handed it a majority stake in the firm. The transaction could be valued at some USD 2 bn and is expected to target expanding Gems’ portfolio by undertaking new acquisitions.

The education player is expanding its footprint: The company will open the Gems School of Research and Innovation in August 2025, investing USD 100 mn in the project. Expected to be Dubai’s most expensive school, annual tuition fees could reach USD 56k. In May 2024, the company also launched a new branch of GEMS Founders School in the Dubai South Residential District.

RTA + Dubai Holding to invest AED 6 bn to expand roads and access points across

Dubai’s Roads and Transport Authority (RTA) inked a AED 6 bn agreement with Dubai Holding to expand internal roads and access points across the emirate, according to a statement. The move looks to cut down travel time and boost the capacity of key access points by 30-70% across Dubai’s communities and residential projects, Wam reports. The timeline for the project was not disclosed.

The details: New roads and bridges will be built to improve entry points for five Dubai Holding developments: Jumeirah Village Circle, Dubai Production City, Business Bay, Palm Jumeirah and the International City 3 Phase. The breakdown:

New intersections and entrances and exits at JVC will double capacity and reduce travel time by 70%;
New bridges between Sheikh Mohammed bin Zayed Road and Dubai Production City will improve traffic flow by 50%;
Integration of six acceleration and declaration lanes built along Palm Jumeriah;
Two pedestrian bridges replacing at-grade crossings to reduce travel time within the area by 40%.

The agreement will also strengthen and upgrade road infrastructure in Dubai Islands, Jumeirah Village Triangle, Palm Gateway, Al Furjan, Jumeirah Park, Arjan, Majan, Liwan 1 Phase, Nad Al Hamar, Villanova and Serena.

RTA is on a development kick: RTA awarded a contract valued at AED 798 mn (c. USD 217 mn) for the development of Al Qudra Street last week. It also rolled out three major improvements on Sheikh Zayed Road to boost road capacity and efficiency, and an AED 1.5 bn contract for the Al Fay Street Development Project in January. It also awarded an AED 696 mn contract for its Trade Center Roundabout development project back in October.

Making It: A chat with Mashreq Group CEO Ahmed Abdelaal

After more than five years at Mashreq’s helm, Group CEO Ahmed Abdelaal is a well-known face in the regional banking industry and beyond. Ahmed has led the bank through an ambitious expansion strategy that has seen it recently open Mashreq Oman, in addition to Mashreq Neo in Egypt, as well as its digital banking platform for corporate clients in Bahrain, Kuwait, and Qatar.

We recently sat down in Dubai with Ahmed to speak at length about how he and his team see the road ahead. Resilience and adaptability, he thinks, will be key in a year that’s filled with uncertainty about everything from interest rates to what the new US administration means for trade, finance, and the world order. We get into whether Arab business leaders pay enough attention to India, banking as a service, innovation in financial services, and a lot more.

As with every episode of Making It, this isn’t just a show for industry nerds: It’s part of our masterclass on leadership. We go deep into why Ahmed invites the entire bank to “scru my strategy,” how he gets his leadership team on the same page (while avoiding groupthink), as well as how he makes decisions, decides what to work on himself, and structures his org chart.

What does the year ahead look like? In a nutshell, Ahmed tells us that 2025 is “the year where we will be delivering on some of Mashreq’s key strategic objectives.” That includes “continuous innovation, regional expansion, and building state-of-the-art client experiences.” Already a major player in the corridors linking MENA to Asia, the United States, and Europe, Ahmed aims to make the bank the dominant digital player in our region, talking openly about “banking as a service” as concepts including open finance and embedded finance move toward center stage in the so-called platform economy.

However it plays out, you can be sure that client experience is at the heart of everything Mashreq has planned. “Focusing on driving client experience — and client excellence — is key,” Ahmed told us. And that goal requires Mashreq to ensure that it has the right kind of people running the show, which means that the bank’s org chart was “built for collaboration, speed of decision making, and — most importantly — innovation and efficiency.”

Being a nimble organization that’s able to execute on its key objectives also makes Mashreq well-positioned to jump on opportunities, including those that have long been underplayed, such as India. Today, the UAE has freetrade agreements with India, while “the influx of capital in and out has tremendously increased over the past few years,” Ahmed says. India is one of the many trade corridors that Mashreq is heavily interested in, and has created a “state-of-the-art solution with the biggest seven banks in India” to allow Mashreq clients to digitally open bank accounts in India, eliminating the need for physical presence in India.

Closer to home, Ahmed sees plenty of potential in sustainability and ESG, whether you’re looking at the UAE, Saudi Arabia, or Egypt. Across these three key geographies — which Ahmed maintains will continue to work together, rather than compete, for economic strength — sustainable agriculture, ESG investments, and renewable energy continue to be areas of interest. “The amount of commitments and spend, whether it's here in UAE, Saudi and Egypt, is tremendous,” Ahmed says.

In this episode of Making It, we dug into all these topics and more, including where Mashreq wants to be in 10 years’ time and other major corridors where Ahmed sees opportunity.

** Tap or click here to listen to the full episode (42:51) on Apple Podcasts | Spotify | Anghami or read the full transcript on our website.

Parkin records AED 423.5 mn net income in its first full year as a listed firm

Dubai’s public parking operator Parkin saw its net income increase by 13% y-o-y to AED 120 mn in 4Q 2024, according to its earnings release (pdf). The company’s revenue rose by 29.5% y-o-y to AED 265 mn during the quarter. CEO Mohamed Al Ali attributed the quarterly performance to “exceptional results in our core business of public parking, growth in developer parking and seasonal card sales as well as improved enforcement practices.”

On an annual basis, the company’s net income climbed by 7.5% y-o-y to AED 423.5 mn in 2024, according to its financials (pdf). The firm’s revenue rose by 19% y-o-y to AED 925.2 mn last year, with the lion’s share of revenues coming from public parking.

What’s next? Parkin expects its public parking segment to generate AED 520-550 mn in revenue for FY 2025, with its enforcement framework bringing in AED 275-305 mn in fines. The company also forecasts a 3% increase in public parking spaces, with new additions planned for the end of 2Q and 4Q 2025. At least 1.5k spaces are expected to be added to its developer parking portfolio this year.

ICYMI- Parkin will introduce variable parking tariffs in April 2025. Under the new pricing structure, 65% of its public parking spaces will be standard, while 35% will be classified as premium. Premium spaces will cost AED 6 per hour, while standard public parking will be AED 4 per hour.

Dividends: The company proposed a dividend payout of AED 0.093 per share, totaling AED 280.9 mn, for 2H 2024 to be paid in April. The proposal is pending shareholder approval at its upcoming annual general assembly meeting.

Business development head at Union Ins. resigns

The board of directors at Dubai-based Union Ins. accepted the resignation of Business Development President Usman Mohammed Khadmi, following his decision to retire, the company said in a press release (pdf). The company has not yet disclosed plans for his replacement.

The downside of Dubai’s popularity among expats? Stagnant salaries

Expats in Dubai are likely to see more modest pay packages amid rising job competition, with salaries expected to remain flat this year, Bloomberg reports, citing Cooper Fitch’s 2025 salary guide (pdf) and interviews with experts. The post-pandemic boom has faded, and job postings that once attracted 100 applicants now see over 2k vying for a single role — meaning employers no longer need to offer generous perks to attract professionals, according to recruitment experts.

Even UK expats, who have over the years seen big pay rises and other perks to moving to Dubai, are seeing salary margins narrowing between London and Dubai, said Nick Aiyegbusi, an associate director at Robert Walters Middle East specializing in legal recruitment

Beyond the job market, the cost of living has surged. Rent for villas has soared 94% since 2020, according to real estate consultancy JLL, pushing many expats to relocate to Dubai’s outskirts or other emirates. Traffic congestion and long waitlists for top schools are adding to the strain. In response, the government has introduced road projects and is offering installment plans to ease pressure on infrastructure and housing.

Still, nearly half of Cooper Fitch’s survey respondents approved pay increases for new hires in 2024, with some 44% expecting to raise salaries this year.

Plus: Resilient growth of the economy and expansion of sectors like real estate, financial services and tech are expected to continue to open up more jobs in the UAE, with more than half of the surveyed firms planning an increase in headcount this year.

Support for climate startups

STARTUPS-

UICCA + MOEC partner to support climate startups: The UAE Independent Climate Change Accelerators (UICCA) and the Economy Ministry signed an agreement to support climate-focused startups through the Circular Economy Cycle of the UICCA Launchpad Program, according to a statement.

The details: The program, launching in May 2025, will provide mentorship and resources for startups tackling waste management and circular economy challenges. The ministry will also help connect startups with investors and enhance regulations for green technologies.

If you have a startup — whether local or international — working in either of those areas, you can apply to the program here.

MEDIA-

The Creative Media Authority (CMA) signed a three-year partnership with Emirati-owned Roots Production Studios to support creative media in Abu Dhabi, according to the Abu Dhabi Media Office. Under the agreement, Roots will produce at least three projects annually in Abu Dhabi, utilizing cast and crew from CMA’s network of 800 businesses and over 1k freelancers.

The details: Roots will also train four Emirati creatives per year and conduct three workshops annually for CMA’s network, while CMA will provide Roots with office space and a studio on Yas Island, which will also offer post-production services to the broader creative community.

Background: Abu Dhabi has been making a push into the filmmaking industry, with more than 150 international productions filmed there since an incentive program was launched in 2013. The Abu Dhabi Film Commission recently raised its rebates on TV and film productions to 35%, up from 30%, as of 1 January 2025. The emirate is also building production facilities — dubbed twofour54 Studios — which it plans to open this time next year, and is investing in big industry players like VFX and animation studio DNEG and All3Media to boost its footprint in the industry.

RENEWABLES-

Amea breaks ground on Ivory Coast solar project: Dubai-based renewables firm Amea Power broke ground on the 50 MW Bondoukou solar project in Ivory Coast on Thursday, according to a press release. The USD 60 mn plant — which is being financed by the Dutch Entrepreneurial Development Bank (FMO) and German KFW subsidiary DEG — will produce 85 GWh of clean energy per year to power 358k households and offset over 52k tons of carbon emissions. The project is being built by Ivory Coast-listed project company Amea Goutougo and will be Amea’s first operational asset in the country, with another 50 MW solar project planned.

BUSINESS-

The Dubai Chamber of Commerce has launched the Indonesian Business Council to enhance trade and investment relations and promote business collaboration between Dubai and Indonesia, state news agency Wam reports. This is the 59th business council under the chamber’s umbrella.

Non-oil bilateral trade between Dubai and Indonesia exceeded AED 10 bn in 9M 2024, highlighting strong commercial ties. The number of Indonesian businesses registered with the Dubai Chamber grew 60% y-o-y in 2024 to 160.

The council held its first annual meeting at Dubai Chambers' headquarters, where members explored avenues for collaboration, market insights, and bilateral business events. The initiative builds on the Dubai International Chamber’s 2023 expansion into Jakarta, which facilitated 200 business meetings during a 2024 trade mission and hosted a Doing Business with Indonesia forum that drew 472 participants.

TELECCOMS-

#1- e& UAE deployed Ciena’s WaveLogic 6 Extreme (WL6e) on its optical network, marking a first for the Middle East and Africa, Ciena announced in a statement. The upgrade doubles data transmission capacity per wavelength to 1.6 Tb/s, enhancing 400G client infrastructure connectivity to support 10 Gb home services, business traffic, and AI-driven data center hubs.

Why it matters: The deployment optimizes 5G performance, strengthens enterprise and wholesale connectivity, and ensures scalable, energy-efficient network expansion for AI applications. Powered by 3nm silicon technology, WL6e boosts efficiency and reduces congestion—all without expanding infrastructure.

#2- TIM Group eyes Abu Dhabi for regional HQ under ADIO partnership: The Abu Dhabi Investment Office (ADIO) signed a strategic partnership with TIM Group (Telecom Italia) to explore the establishment of a regional headquarters in Abu Dhabi, according to an Abu Dhabi Media Office statement. The agreement was inked during the Italy-UAE Business Forum in Rome.

As part of its potential expansion, TIM plans to establish a Centre of Excellence focused on IoT and AI innovation, driving advancements in smart cities, smart homes, and edge computing as a service. The Abu Dhabi headquarters would oversee operations across the Middle East, North Africa, and India.

Under the partnership, TIM Group will also assess opportunities to introduce cyber and quantum communication solutions in the emirate, support the expansion of 5G and 6G networks, and deploy broadband technologies across Abu Dhabi.

AVIATION-

India’s Akasa Air boosts flights to UAE: India’s budget airline Akasa Air launched daily flights linking Abu Dhabi with Indian cities Bengaluru and Ahmedabad, according to a statement. The new connection is established under a codeshare agreement with Etihad Airways. The budget carrier started operating direct flights between Abu Dhabi and Mumbai back in July 2024, according to a separate statement.

REAL ESTATE-

GJ Properties to invest AED 4 bn by end of 2026: Ajman-based developer GJ Properties will invest AED 4 bn in projects between 2025-2026, it said in a press release. This year will see the firm launch 4.5k units through ten different projects. CEO Ali Jaber said its upcoming projects in Dubai and Ajman come as the UAE continues to enjoy a strong real estate market, with Ajman’s strategic location and more affordable property prices giving it strong investment potential.

Investors look to emerging markets for tariff-safe assets

Investors seek assets safe from US tariffs: As US President Donald Trump’s tariff agenda continues to loom large, investors are looking to emerging markets as an option to hedge their investments safely away from developed markets threatened with trade levies, Bloomberg reports. Countries non-reliant on trading with the US — and with strong domestic stories and benchmark indexes — are now seen as a safer investment.

Different economies offer various domestic market strongpoints. China’s recent AI market disruptor DeepSeek, which rattled US tech stock earlier this year, triggered an investment surge in domestic companies using homegrown AI software. Dubai’s foreign worker influx boosted its benchmark index to a record high in February, while Latin American countries like Brazil are stepping in as alternatives to trade originally coming from Mexico.

Stable emerging economies pegged to the greenback are especially attractive as they enjoy the security that comes with a strong USD peg without being exposed to any foreign exchange risk, the business news information service quotes Cheyne Capital’s Carl Tohme as saying. The UAE, Saudi Arabia and Qatar were identified as prime examples. Government backing in many of these markets also provides another layer of security, it said.

This has been going on for a while: January saw “an emerging market buying spree,” with portfolio flows to emerging markets hitting USD 35.4 bn — the majority of which came from debt flows, signaling “investor preference for the relative stability of fixed-income instruments amid persistent geopolitical uncertainty, US monetary policy risks, and global economic headwinds,” according to an Institute of International Finance report cited by Reuters earlier this year.

This comes in stark contrast to European markets which recently took a hit after Trump threatened a 25% levy on EU imports, targeting vehicles specifically, the Financial Times reported. Major auto manufacturing players including Volkswagen and Ferrari saw their stock fall by up to 7.9%.

However, this reorientated focus isn’t completely foolproof — emerging market assets saw a slump at the end of last month, an indication that even those assets are not immune to the impacts of a potential tariff escalation, Bloomberg said.

MARKETS THIS MORNING-

Asian markets are in the green this morning, with Japan’s Nikkei leading gains at 1.09%, and Hong Kong’s Hang Seng trailing closely with a 0.65% rise. South Korean markets are closed for a public holiday. Meanwhile, on Wall Street, futures are up slightly as investors await more clarity on the US’ tariff plans this week.

ADX	9,565	-0.5% (YTD: +1.6%)
DFM	5,318	-0.8% (YTD: +3.1%)
Nasdaq Dubai UAE20	4,366	-1.4% (YTD: +4.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	4.3% 1 yr
Tadawul	12,035	-0.6% (YTD: 0.0%)
EGX30	30,858	+0.8% (YTD: +3.8%)
S&P 500	5,955	+1.6% (YTD: +1.2%)
FTSE 100	8,810	+0.6% (YTD: +7.8%)
Euro Stoxx 50	5,464	-0.2% (YTD: +11.6%)
Brent crude	USD 72.81	-1.0%
Natural gas (Nymex)	USD 3.83	-2.5%
Gold	USD 2,849	-1.6%
BTC	USD 94,072	+9.3% (YTD: +0.4%)

THE CLOSING BELL-

The ADX fell 0.5% on Friday on turnover of AED 1.8 bn. The index is up 1.6% YTD.

In the green: Alef Education (+3.6%), Hayah Ins. (+3.2%) and Eshraq Investments (+1.9%).

In the red: Gulf Cement (-8.1%), RAK Co. for White Cement and Construction Materials (-6%) and Agthia (-5.4%).

Over on the DFM, the index fell 0.8% on turnover of AED 2.2 bn. The index is up 3.1% YTD.

CORPORATE ACTIONS-

#1- DFM-listed Al Ansari Financial Services is moving to fully take over its Kuwaiti operations arm in a USD 20.6 mn related party transaction, by acquiring the shares held by two of its board members, it said in two disclosures to the exchange (here, pdf and here, pdf). The parent company will tap its own reserves to finance the acquisition, which is expected to boost the group’s revenue by around 2.1%. The final agreement will be signed on Friday, 21 March, after securing shareholder approval, with the ownership transfer due to be completed by Monday, 31 March.

#2- Abu Dhabi Commercial Bank (ADCB) shareholders approved a dividend payout of AED 0.59 per share for FY 2024, totaling AED 4.3 bn, according to an ADX disclosure (pdf).

ALSO- ADCB secured shareholder approval to renew its debt issuance programs and establish new ones worth up to USD 8 bn, and allowing the bank to issue non-convertible securities, sukuk, and other instruments, including under its sustainable finance framework. ADCB also received the green light to issue up to USD 2 bn in standalone debt through conventional bonds, sukuk, and structured or collateralized instruments across listed and unlisted platforms.

The bank has also been authorized to issue up to USD 2 bn in capital instruments, including additional Tier 1 and subordinated Tier 2 securities, to support its capital adequacy.

#3- Sawaeed Holding plans to distribute AED 90 mn in dividends for 2024, according to an ADX disclosure (pdf).

#4- Sukoon Ins. approved dividends worth 20% of its share capital, equivalent to some AED 92.4 mn, according to a DFM disclosure (pdf).

#5- Ajman Bank approved distributing dividends worth 7.25 fils per share for FY 2024, amounting to AED 197.5 mn, according to an ADX disclosure (pdf).

#6- Adnoc’s retail arm Adnoc Distribution’s board will meet today to consider and approve distributing AED 1.3 bn in dividends for 2H 2024 — equivalent to 10.3 fils per share — according to a disclosure (pdf) to the ADX. This would bring the total value of dividends distributed for 2024 to AED 2.6 bn.

CALENDAR

MARCH

7 February-29 April (Friday-Tuesday): The Abu Dhabi Festival, Abu Dhabi.

2-7 March (Monday-Friday): The Nad Al Sheba Padel Championship, Nad Al Sheba Sports Complex, Dubai.

5 March (Wednesday): Final share allocation for Alpha Data’s IPO.

8 March (Saturday): Future Women Leaders Forum 2025, Taj Exotica, The Palm, Dubai

11 March (Tuesday): Alpha Data shares begin trading.

18-19 March (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

29 March (Saturday): New traffic regulations and minimum driving age to take effect.

31 March-2 April (Monday-Wednesday): Eid Al Fitr, national holiday.

Signposted to happen sometime in 1Q 2025:

The first eight fronds of the Palm Jebel Ali will be site-ready, allowing for the commencement of villa infrastructure and civil works.

APRIL

1 April (Tuesday): New ADGM employment regulations come into effect.

1 April (Tuesday): New personal status law comes into effect.

1 April (Tuesday): Cabinet to roll out new tightened merger control rules,

6-11 April (Sunday-Friday): Geo-Spatial Week, Dubai.

7-10 April (Monday-Thursday) : EFG Hermes One on One conference, Dubai.

7-9 April (Monday-Wednesday): AIM Investment Summit, Abu Dhabi National Exhibition Center

7-9 April (Monday-Wednesday): Middle East Energy, Dubai World Trade Center.

7-9 April (Monday-Wednesday): World Local Production Forum's 3rd edition, Abu Dhabi National Exhibition Center.

11-13 April (Friday-Sunday): I-Film Festival, Yas Creative Hub, Abu Dhabi.

12-13 April (Saturday-Sunday): Global Justice, Love & Peace Summit, Dubai Exhibition Centre, Expo City Dubai.

14-16 April (Monday-Wednesday): Dubai Woodshow’s 21st Edition, Dubai World Trade Center

14-16 April (Monday-Wednesday): IPS congress, Dubai World Trade Center.

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

15-17 April (Tuesday-Thursday): The Abu Dhabi Global Health Week, Adnec center, Abu Dhabi.

April 15 (Tuesday): The Global Islamic FinTech Forum 2025, the Dusit Thani Hotel, Dubai.

16-18 April (Wednesday-Friday): World Future Energy Summit,Abu Dhabi National Exhibition, Abu Dhabi.

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.

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 64th Annual Conference of the International Federation of Air Traffic Controllers’ Associations (IFATCA)

Signposted to happen sometime in April:

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

MAY

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

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

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

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.

15-18 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.

20-22 May (Tuesday-Thursday): Seamless Middle East 2025, Dubai World Trade Center.

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

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

30 May (Friday): Arafat Day.

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

Signposted to happen sometime in May:

Asean and summit, Malaysia.

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.

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

3-16 October (Friday-Thursday): Dubai Home Festival.

7-9 October (Tuesday-Thursday): The 8th 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.

17-19 October (Friday-Sunday): The International Real Estate and Investment Show, 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.

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.
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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