MIITE marked an inflection point for the UAE’s industrial strategy, as IP, tech transfer, and supply chains take precedence

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Wynn confirms RAK resort delay + Archer Aviation is a step closer to air taxi launch

Good morning, lovely people, and happy back-to-school day for all the parents celebrating. Despite reports of ongoing attacks from Iran, with the UAE saying it intercepted two drones yesterday and a ship attacked on its way from Abu Dhabi to Qatar, the UAE seems to be back to BAU. No phone alerts have been sent out and traffic is pretty close to normal levels.

Oh, and DIFC? It’s pretty much as busy as ever, with restaurants fully booked days in advance and banks like Standard Chartered and Citi resuming operations from all branches after brief suspensions earlier in the conflict.

The uncertain environment is still weighing on some parts of the economy: Bloomberg reports that M&As and IPOs — as we’ve also said before — are likely to be delayed, or possibly even pulled altogether, while megaprojects like Wynn Resorts are facing delays due to supply chain disruptions.

A lot of the pain the economy is seeing will be due to logistics and supply chain disruptions — making this year’s Make It in the Emirates, which wrapped last week, a critical chance for the government to breathe new life into its localization drive and make it much more ambitious than before, from defense to the petrochemicals sector. We take a look at the importance of the agreements signed at the event and the broader policy shift they signal in this morning’s news well below.

And those supply chain disruptions we’re talking about? They’re also making themselves evident in logistics firms’ earnings, with both Aramex and Gulf Marine Services earnings taking a hit due to the war.

PSA

Classrooms across the UAE are set to fill back up today after the Education Ministry confirmed the return to in-person learning for students, teachers, and administrative staff at public and private schools and nurseries nationwide, according to a post on X. The decision follows a brief disruption last week after the UAE reported attacks from Iran on Monday.

WEATHER- Temperatures are still on the cooler side — at least by GCC summer standards — with highs of 36-37°C in Dubai and Abu Dhabi and lows of 25-26°C.

Watch this space

TOURISM — Wynn Resorts confirms delay in RAK resort: Wynn Resorts’ CEO Craig Billings confirmed that the launch of its USD 5.1 bn Wynn Al Marjan Island project in Ras Al Khaimah (RAK) will be pushed back from its planned opening date of early 2027, Zawya reports, citing comments made by Billings during the firm’s 1Q 2026 earnings call.

So, when? While he didn’t specify a new opening date, Billings described the shift as a “modest delay” following logistics disruptions and shipping constraints on the back of the regional war. Tensions had forced rerouting of materials and alternative sourcing, which he said has added to costs. “I use the word modest very, very intentionally because that’s what we believe it will be,” he added, saying that visibility on timing will only firm up once conditions stabilize.

ICYMI- Last week, Bloomberg had reported that the firm was eyeing pushing back the opening, after development work had already briefly paused following the outbreak of war. Rival MGM Resorts’ Dubai mega-project is still on track for a 3Q 2027 opening, despite MGM Resorts CEO Bill Hornbuckle saying visitor activity to the region was likely to dip around 15%.

AVIATION — Archer Aviation is a step closer to rolling out its air taxi operations after securing a restricted type certificate program from the UAE’s General Civil Aviation Authority, the firm said in a statement. The new license puts Archer on an established route to rolling out its Midnight series. The firm is already planning to set up more than 10 vertiports across Abu Dhabi, in a move that will place the UAE capital among the first cities worldwide to host eVTOL transport on a commercial scale.

ICYMI- At the end of last year, there were reports of Archer’s planned 2025 launch being delayed as the company waited on approval from local authorities, meaning launch plans were pushed to 2026. Flying taxis are on course to hit Dubai’s skies this year, with electric aircraft developer Joby Aviation initially said to be targeting an early 2026 launch.

TAX — More time to appoint ASP: Companies now have an extra three months — until 30 October 2026 — to appoint accredited service providers (ASP) to handle the transmission of electronic invoices, according to a statement from the Finance Ministry. So far, 32 ASPs have been approved to operate.

DIVE DEEPER- Check out our explainer of the UAE’s upcoming phase-in of e-Invoicing. Voluntary adoption of the system will start in July 2026, followed by a hard mandate from January 2027 for businesses with annual revenues exceeding AED 50 mn. The requirement will include smaller firms in later stages.

Data point

AED 6.2 bn — that’s how much support the Central Bank of the UAE (CBUAE) has shelled out for both businesses and individuals affected by the regional disruption so far, in the form of tools like loan deferrals, interest relief, fee waivers, and access to financing, according to a statement (pdf).

So far, a total of 65.4k beneficiaries have tapped the support line, primarily individuals at 60.6k, followed by 4.3k SMEs, and 485 corporates. The CBUAE said hospitality, transport, and entertainment sectors had priority in the scheme, as they’ve been the most exposed so far to the war.

BACKGROUND- The central bank is drawing attention to the UAE’s ongoing economic stabilization push, which has been rolled out in stages since the regional conflict began. The CBUAE launched a resilience package for the banking sector relatively early on, while more recently the UAE set up an AED 1 bn national fund focused on localization and supply-chain resilience. Help is also on the way for the healthcare, SME, tourism, and postal sectors, along with a dedicated package for Dubai’s private sector.

Riyadh to Mumbai. Abu Dhabi to Singapore. Dubai to London. Cairo to Shenzhen.

The most important business stories in MENA aren’t happening inside MENA anymore — they’re happening at the edges, where regional capital meets global ambition.

EnterpriseAM MENA+ is our new flagship newsletter, built to cover the flows of capital, people, and ideas across the Middle East — and beyond it. AI, geopolitics, the war for talent, sovereign wealth strategy, the changing energy economy, and the new corridors reshaping global trade.

Tap or click here to get your own copy delivered to your inbox every Monday, Wednesday, and Friday at 12pm UAE | 11am KSA | 11am Egypt.

The big story abroad

The US-Iran stalemate crowds the front pages once again. President Donald Trump dismissed Iran’s response to Washington’s latest proposal, calling the demands “totally unacceptable.” Tehran reportedly floated moving a portion of its highly enriched uranium reserves to a separate nation and refused to decommission its nuclear infrastructure — this account was later denied by Iran’s semi-official outlet Tasnim.

Pakistan-Iran talks seem to have made some headway, with Qatar managing to export its first LNG cargo — bound for a Pakistani port — through the Strait of Hormuz since the conflict started. Islamabad reportedly expects three more vessels to ship Qatari LNG through the waterway in the coming days.

The regional conflict is set to dominate the agenda during Trump’s summit with Chinese President Xi Jinping in Beijing later this week. Both leaders have good reasons to resolve the Iran war, as it is taxing Trump’s domestic popularity and straining Beijing’s reliance on low-cost Iranian oil. Washington’s worries over AI and a proposed new dialogue with China are also reportedly on the table.

Meanwhile, in the world of AI: Alphabet has rapidly evolved into an AI powerhouse, significantly narrowing the valuation gap with chipmaking giant Nvidia. Analysts suggest that the strength of the Gemini model, combined with Google Search, Cloud, YouTube, and Waymo, positions the company as the primary contender to lead the next era of tech growth.

In a retrospective piece on the outgoing Federal Reserve Chair, Bloomberg chronicles Jerome Powell’s long battle to maintain the institution’s independence. Powell’s term saw heavy criticism from Trump, a probe from the Justice Department, and an unusual decision to stay on after his successor stepped up to assume the mantle.

***

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 and Hassan Allam Properties.

Were you forwarded this email? 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 logistics industry?

***

Circle your calendar

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

The most important MIITE thus far?

MIITE couldn’t have come at a more critical time: This year’s Make it in the Emirates (MIITE) — as ever — saw big-ticket industrial investments, new manufacturing facilities, and procurement agreements, but the difference this year? The backdrop of regional tensions and supply chain disruptions meant that domestic manufacturing and localization have now become a matter of existential importance and a national priority.

The shift can be seen most starkly in the defense industry, but it cuts across others as well, including energy and petrochemicals. With a potential USD 10 bn chemicals expansion in Al Ruwais Industrial City at stake, a new Graphene Park in Sharjah, an expanded ICV program and AED 200 bn worth of local procurement prospects courtesy of Adnoc, the focus was squarely on localizing critical industrial inputs and bringing technical expertise, technology, and inputs on the ground.

For the defense industry particularly, the event marked an “inflection point” as the country moves beyond localization alone toward a more integrated ecosystem spanning manufacturing, technology, supply chains, and export capability.

We spoke with Malcolm Lyne (LinkedIn), director of defense and national security consulting at EY Middle East, to break down the biggest signals from MIITE 2026, how geopolitical disruption is reshaping industrial policy in the UAE, and where the country’s defense push is headed next. Edited excerpts from our conversation:

EnterpriseAM UAE: Which MIITE 2026 agreements mattered most from an industrial strategy perspective?

Malcolm Lyne: Although there were a number of significant agreements, the most important signal was the strategic shift in direction. The UAE is clearly moving beyond just local assembly or procurement, and pushing towards owning the full ecosystem (components, IP, supply chains, and tech transfer). We’re also seeing a strategic shift from buying off the shelf to building capability and managing the end-to-end supply chain.

Probably the most tangible defense move was the UAE signing for 10 Embraer C-390 Millennium aircraft, with options for 10 more. They’ll replace the older C-130 fleet — so a real operational upgrade, but also a shift away from US company Boeing. The agreement includes local MRO and support, which is key, [while the] full local testing and evaluation process shows a more independent procurement approach and detailed regional application.

The Tawazun-LIG South Korea MoU is another signal of moving toward true co-development, not just buying equipment. It covers R&D, production, MRO, and supply chains and requires an actual UAE presence, not just a representative office. It highlights a broader diversification strategy beyond traditional Western suppliers, too.

Al Selmiyyah Defense Industrial Freezone — a joint initiative between Tawazun Council and AD Ports Group to create a proper defense industrial cluster — is a big structural step. It’s designed to bring global players into the UAE long term, and spans everything including licensing, manufacturing, logistics, and exports. Think of it more like a full ecosystem similar to aerospace clusters in Europe.

The benefits? Long-term sustainable employment [that helps] keep employees “in the industry” and reduces the risk of brain drain, alongside stronger innovation and co-development support and a “one-stop shop” for academia to channel into.

Edge Group stood out: Edge Group used MIITE less to announce and more to prove delivery, which is telling. More than 80% of its systems are now made in the UAE, with around USD 8 bn in orders, including exports, alongside a major push into Industry 4.0 and workforce upskilling.

Its logisticsagreementwith Etihad Airways also shows how the UAE is thinking end-to-end — not just manufacturing, but supply chain control.

E: How much are geopolitical tensions and supply-chain disruption speeding up the UAE’s localization push?

LM: Quite a lot, but in a more structural way than before. The foundations have been building for a while. However, current events have greatly accelerated thinking and reshaped priorities.

The recent disruption really exposed supply chain gaps, especially around critical inputs [for defense]. Even officials acknowledged that while some resilience came from earlier localization efforts, including some Edge air defense capabilities, 30-40% import dependency is still an issue in areas like Patriot and Thaad systems. The key concerns driving this are export restrictions from suppliers, delays during crisis scenarios, and limited access to critical technologies.

That’s now a priority to fix or at least to better balance. As a result, this isn’t being framed as economic diversification anymore but is much more about sovereignty and sovereign capabilities. Localization is now tied directly to operational readiness, and the UAE wants to ensure readiness is never out of its control.

We’re seeing a lot more policy weight behind this as well: Operation 300bn, ICV programs, new resilience funds, real-time data and supply chain tracking, and large-scale procurement commitments exceeding AED 180 bn. The recent crisis is a prime example of why this is necessary and why demand is high.

E: Can the UAE turn today’s localization drive into globally competitive, advanced manufacturing industries?

LM: I believe so, yes. There’s a strong precedent globally for defense being a launchpad for industrial capability — the US, Israel, Korea, and Turkey are all examples of that.

The UAE has some solid advantages: Strong funding support, centralized procurement through the Tawazun Council, a national champion in Edge, and an increasing focus on IP and partnerships.

But there are real constraints, including the need for deeper IP ownership and export markets to make the economics work, and the regulatory and political challenges in defense exports.

The window is in targeted areas, not everything: Where it does look realistic is in capabilities that align with the UAE’s wider aspirations for AI/AGI and advanced technology adoption — particularly UAVs and autonomous systems, cyber and AI-enabled defense, and niche high-tech segments.

E: Which parts of the UAE’s industrial and defense ecosystem are likely to see the strongest growth?

LM: A few areas stand out pretty clearly.

AI and digital defense are becoming central — not just in defense, but across industry. The UAE is positioning itself as a regional AI hub, with civilian infrastructure like data centers and cloud platforms feeding defense use cases. There’s also increasing overlap between commercial and military technology.

Autonomous systems are probably the most dynamic segment. UAVs, USVs, and robotics are transforming modern warfare and align well with the UAE’s traditionally small but highly trained and well-equipped military. The segment also benefits from faster innovation cycles and fewer export restrictions relative to traditional defense platforms.

Aerospace and MRO are another area gathering momentum: Agreements like the Embraer C-390 Millennium aircraft agreement are creating local maintenance ecosystems, supply chain localization, and spillover into civilian aviation.

Cyber and electronic warfare is becoming a major global priority, and the UAE has a window to accelerate rapidly as it’s a relatively new domain, so the playing field across industry is even. The appeal lies in its lower capital cost but high strategic value, increasingly software-driven nature, and strong alignment with recent operational lessons.

E: So what becomes the real test for the UAE’s industrial push from here?

LM: Going forward, the big question isn’t whether the UAE can do this but rather how quickly it can scale IP and exports, which is where the real challenge lies.

Bosta's last mile with Beltone

Beltone VC and Citadel are offloading Bosta stakes at 75% IRR — just as the logistics player eyes the EGX. Beltone Venture Capital and UAE-based Citadel International Holdings have exited their stake in Egyptian last-mile logistics player Bosta, netting a 75% internal rate of return, Beltone said (pdf). The buyer and valuation weren't disclosed.

Why it matters: A 75% IRR is a real number in a climate where the devaluation has eaten through a lot of returns over the past three years. It also comes at a useful moment for Beltone VC, which has now booked five exits since its 2023 launch and two from its joint fund with Citadel.

What's next: Bosta is reportedly preparing for a USD 170 mn IPO on the EGX later this year. Worth watching whether the unnamed buyer is positioning ahead of that listing, or whether this is a clean pre-IPO secondary.

War hits logistics firms’ earnings but construction firm Alec held its ground

GMS earnings took the war hit

GMS earnings take a hit on the back of fleet suspension: Gulf Marine Services (GMS) saw its revenue slip 10% to USD 38 mn in 1Q 2026, as conflict in the Gulf led to a temporary suspension of part of its fleet, according to its financial release.

Fleet trimmed, revenues squeezed: The company’s operations were heavily affected by the ongoing regional war, with average fleet utilization dropping to 74% (from 89% a year earlier) after GMS temporarily evacuated four vessels from a GCC country as a precautionary measure. Despite the war drag, the group continued to expand its footprint, acquiring a new mid-class vessel in January and lifting its total fleet to 15. The purchase was partly financed through a USD 37.4 mn bridge loan, underscoring a strategy of selective growth even amid heightened operational disruption.

A strong start to the year offsets war disruption for Aramex

A strong start to the year helped Dubai-based logistics firm Aramex offset the disruption that hit regional trade flows in March, according to an earnings release (pdf). Net income came in at AED 17 mn, dipping just 1% y-o-y, while revenues rose 2% to AED 1.6 bn after momentum in January and February helped cushion the impact of weaker activity in the quarter.

Growth was led by domestic express revenues, which climbed 11% y-o-y, alongside a 9% rise in logistics revenues and 7% growth in freight forwarding. That helped offset weaker international express revenues, which fell 9% during the quarter.

Behind the results: Aramex said January and February had exceeded their expectations across key products and markets before the outbreak of regional conflict disrupted parts of its network and weighed on business activity across the Gulf. In March, some trade lanes faced temporary constraints, though the company maintained operational continuity by rerouting shipments and activating alternative gateways.

Geographically, the GCC and the Indian subcontinent still accounted for the lion’s share of revenues with 46%.

Alec’s 1Q net income more than doubles

A ramp-up in major projects across the UAE and Saudi Arabia led to a sharp income jump at Dubai-based construction firm Alec Holdings in 1Q 2026, according to its financials (pdf) and a separate earnings release (pdf). Net income more than doubled y-o-y to AED 230 mn, while revenues climbed 87% to AED 4.6 bn as the company converted more of its backlog into active project delivery across its building, energy, and specialist business lines.

The company said growth was supported by “steady project execution and delivery” across both markets, with its building and construction division remaining the largest contributor with revenues surging 116% y-o-y to AED 2.9 bn. Energy services revenues rose 74% to AED 1.5 bn, while related businesses grew 155% to AED 1.3 bn, helped by rising demand for specialized skills.

The company reiterated plans to distribute AED 500 mn in dividends for FY 2026, in line with its existing dividend policy.

The five-layer governance architecture

At Mashreq, every AI initiative begins with defined ownership and measurable impact. Risk and compliance controls are aligned before production. Independent validation confirms regulatory, security, and model standards are met prior to release.

Control does not end at deployment. Human oversight remains mandatory where customer, financial, or reputational impact is material. Continuous monitoring and auditability ensure performance remains aligned as models evolve.

This layered architecture enables responsible speed. Innovation advances within structured guardrails, preserving institutional resilience while allowing systems to scale.

In regulated industries, governance is operational infrastructure. When embedded structurally, it strengthens innovation rather than slowing it.

Xi Liang, Head of AI, Mashreq

Standard Chartered taps Michelle Swanepoel for MEA financing and securities role

Standard Chartered is handing Michelle Swanepoel (LinkedIn) a bigger regional mandate, naming her head of financing and securities services for the Middle East and Africa from 1 July 2026, as veteran banker Scott Dickinson exits the group after decades with the lender, according to a press release.

Her background: Swanepoel joined the bank in 2017 as regional head of business account management for the Middle East and Africa before taking over as head of securities services for Africa in 2019. In 2024, she was appointed head of markets for South Africa. Prior to her tenure at Standard Chartered, Swanepoel worked at Standard Bank Group for 18 years.

Kezad set to welcome new graphene plant and drink line + DP World lands contract extension in Thailand

Graphene production is coming to Kezad

There’s more graphene news in the Emirates, after UAE-based NanoCarbonX and UK manufacturer Graphene Star agreed to set up a graphene manufacturing plant in Abu Dhabi’s Khalifa Economic Zones (Kezad), according to a press release. Initial manufacturing is set for 2Q 2027, and the plant will have a capacity of up to 960 tons a year. Production is slated to go to key industries like battery and energy storage, construction, and polymers within the UAE economy.

Sound familiar? During the MIITE conference, we reported on another UAE-UK graphene tie-up, with Dana Gas and Levidian planning to develop the Sharjah Graphene Park, a USD 50 mn-backed manufacturing plant that breaks down methane into hydrogen and solid graphene.

… as is another drinks line

Kezad adds a drinks plant to the mix: Abu Dhabi Refreshment Company is investing AED 300 mn in a new beverage production and distribution facility at Khalifa Economic Zones (Kezad) under a long-term land lease with the Abu Dhabi industrial zone. The facility will span around 32.5k sqm, building on the zone’s existing food and beverage manufacturing base, which already houses PRAN’s 42k sqm facility.

And DP World holds on to its Thai gateway

DP World’s Laem Chabang International Terminal (LCIT) secured a five-year extension to operate the B5 container berth at Thailand’s largest container hub, Laem Chabang Port — extending the contract from May 2026 through April 2031, according to a statement.

Why this matters: Intra-Asia shipping has become one of the most contested container markets. Vietnam, Thailand, and Indonesia are now pushing port upgrades to handle bigger vessels and rising cargo volumes, positioning Laem Chabang’s next phase — and DP World’s renewed berth position — within a wider regional upgrade cycle. Laem Chabang’s next phase is designed to increase the port’s container capacity to 18 mn TEUs annually from 11 mn TEUs.

The regional buildout is already underway: The Laem Chabang extension fits a wider DP World push across Southeast Asian gateways. In Indonesia, the port operator is expanding Belawan New Container Terminal to 1.4 mn TEUs and building a new 3 mn TEU terminal with Maspion Group in East Java, alongside an industrial and logistics park. Meanwhile, in Vietnam, DP World operates Saigon Premier Container Terminal and has added a domestic coastal logistics service with VIMC Lines, tying port capacity more directly to manufacturing zones.

It’s a chip off the Abu Dhabi block

The largest US tech IPO of 2026 — a UAE-backed AI chipmaker — will price an already overflowing book this week. Cerebras’ offering of 30 mn shares is already 20x covered, with the California-based business expected to raise its price range by USD 35 per share to USD 150-160 as early as today, Reuters reports, citing people it says are in the know. The top of the rumored range implies a market cap of roughly USD 34 bn at listing (up from USD 23 bn in February) and IPO proceeds of about USD 4.8 bn (up from USD 3.5 bn originally), by our math.

Read this as the moment US capital markets put a number on Abu Dhabi's AI thesis. UAE entities make up 86% of the AI chipmaker’s revenue. Mohamed bin Zayed University of AI, the research anchor of the UAE's entire AI strategy, accounted for 62% of the firm's 2025 top line, and Abu Dhabi-backed AI firm G42 accounted for 24%, according to the prospectus. G42 alone drove 85% of Cerebras’ revenue in 2024.

ICYMI- The AI chipmaker first filed to go public in 2024, but the Committee on Foreign Investment in the US opened a formal investigation into G42’s minority position over concerns that G42’s ties to Chinese tech companies could undermine US export controls and give Beijing access to advanced AI chips. The move was ultimately cleared after Cerebras restructured G42’s equity stake into non-voting shares with no board influence, following some diplomatic lifting by UAE national security advisor Tahnoun bin Zayed Al Nahyan.

The commercial tie-up runs deeper than any shareholding anyway. The semiconductor firm is also deploying AI infrastructure inside the UAE’s Stargate project — the cluster being built alongside Nvidia, OpenAI, and Oracle, which is set to be operational this year with an initial 200 MW capacity, ITP reports, making the case for Cerebras as the compute backbone of a sovereign AI strategy.

The pitch? Cerebras is a credible Nvidia alternative with wafer-scale chips, backed by OpenAI compute demand and AWS. The business printed headline net income last year — driven by a non-operating accounting gain — with its top line up 20-fold in three years, according to ITP. Whether the market is right to price in a smooth transition to a more global revenue mix — implied by the OpenAI and AWS agreements but not yet visible in the financials — is the open question underneath the 20x book.

A live test case for the model: If Cerebras’ IPO prices well and trades above offer, it validates Abu Dhabi's early wager on AI infrastructure and gives the UAE-backed play a clean read-through in public markets, ITP’s Pavneet Kaur argues. It also sets the “template” moving forward that GCC participation comes with tighter guardrails around control and access to sensitive US tech.

ADVISORS- Morgan Stanley, Citigroup, Barclays, and UBS are quarterbacking the transaction, among others.

MARKETS THIS MORNING-

Asia-Pacific markets are mixed in early trading this morning as investors try to digest rising geopolitical tension and rising crude prices. The Nikkei is down over 0.3%, while South Korea’s Kospi is looking at gains that pushed it to fresh highs. It remains unclear how Wall Street will open, with futures fluctuating between gains and losses.

ADX	9,840	-0.4% (YTD: -1.6%)
DFM	5,902	-0.5% (YTD: -2.4%)
Nasdaq Dubai UAE20	4,711	-0.8% (YTD: -3.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.3% o/n	4.0% 1 yr
TASI	11,115	+0.8% (YTD: +6.0%)
EGX30	54,629	+1.9% (YTD: +30.6%)
S&P 500	7,399	+0.8% (YTD: +8.1%)
FTSE 100	10,233	-0.4% (YTD: +3.0%)
Euro Stoxx 50	5,912	-1.0% (YTD: +2.0%)
Brent crude	USD 105.06	+3.7%
Natural gas (Nymex)	USD 2.76	-0.4%
Gold	USD 4,529	-0.1%
BTC	USD 81,636	+1.3% (YTD: -6.8%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.71	+0.8% (YTD: -1.1%)
S&P MENA bond & sukuk	151.88	-0.1% (YTD: 0.0%)
VIX (Volatility Index	17.19	+0.6% (YTD: +15.0%)

THE CLOSING BELL-

The ADX fell 0.4% on Friday on turnover of AED 946 mn. The index is down 1.5% YTD.

In the green: Phoenix Group (+7.1%), Abu Dhabi Ship Building Co. (+5.3%), and Ins. House (+2.6%).

In the red: Hily Holding (-5.0%), E7 Group (-5.0%), and Bank of Sharjah (-4.7%).

Over on the DFM, the index fell 0.5% on turnover of AED 595.3 mn. Meanwhile, Nasdaq Dubai was down 0.8%.

CALENDAR

MAY

12-14 May (Tuesday-Thursday): Abu Dhabi Infrastructure Summit, ICC Hall, Adnec Center, Abu Dhabi.

15-17 May (Friday-Sunday): Art Dubai, Madinat Jumeirah, Dubai.

19-22 May (Tuesday-Friday): Abu Dhabi Water and Energy Week, Adnec Center, Abu Dhabi.

22 May-7 June (Friday-Sunday): Dubai Esports and Games Festival, Dubai.

JUNE

3-4 June (Wednesday-Thursday): MENA Investor Conference, Ritz-Carlton DIFC, Dubai.

3-4 June (Wednesday-Thursday): MENA Desalination Forum, Conrad Abu Dhabi Etihad Towers, Abu Dhabi.

15 June - 15 September (Monday-Thursday): Dubai Mallathon, Dubai.

17 June (Wednesday): Investopia Global Talks, Tashkent, Uzbekistan.

22-24 June (Monday-Wednesday): The International Glass Manufacturing Show, Dubai.

AUGUST

17-20 August (Monday-Thursday): Arabian Travel Market, Dubai World Trade Center, Dubai.

SEPTEMBER

1-3 September (Tuesday-Thursday: Middle East Energy, Dubai World Trade Center, Dubai.

7-9 September (Monday-Wednesday): AIM Congress, Dubai World Trade Center.

7-9 September (Monday-Wednesday): International Property Show, Dubai World Trade Center, Dubai.

12-13 September (Saturday-Sunday): Emirates International Congress on AI & Visionary Leadership in Transforming Healthcare, Adnec Center Abu Dhabi.

29-30 September (Tuesday-Wednesday): AFCM Annual Conference, Abu Dhabi.

OCTOBER

4-10 October (Sunday-Saturday): World Space Week, Abu Dhabi.

5-7 October (Monday-Wednesday): AI Everything Global, Adnec Center, Abu Dhabi.

12-14 October (Monday-Wednesday: Airport Show, Dubai World Trade Center, Dubai.

20-22 October (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.

27-28 October (Tuesday-Wednesday): Arab Competition Forum, Dubai.

30 October (Friday): Large businesses achieving annual revenues equal to or above AED 50 mn must appoint an accredited service provider for e-invoicing implementation.

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

NOVEMBER

2-6 November (Monday-Friday): Dubai Future Finance Week, Dubai.

4 November (Wednesday): Digital Transformation Summit, Sofitel, Abu Dhabi.

9-10 November (Monday-Tuesday): Annual government meetings, Abu Dhabi.

10-12 November (Tuesday-Thursday): Dubai International Electric Vehicle Exhibition & Conference, Dubai World Trade Center.

16-18 November (Monday-Wednesday): World Police Summit, Dubai World Trade Center, Dubai.

DECEMBER

2-4 December (Wednesday-Friday): UN Water Conference, UAE.

8-9 December (Tuesday-Wednesday): Capital Market Summit, Madinat Jumeirah, Dubai.

Signposted to happen sometime in 2027:

1 January: Deadline for large businesses to implement e-invoicing;
1Q 2027: Completion of the first phase of Hassyan seawater desalination project;
1-3 February (Monday-Wednesday): World Governments Summit;
31 March: Small businesses with annual revenues of less than AED 50 mn are obliged to contract with an accredited service provider for e-invoicing implementation;
31 March: Government entities are required to appoint an accredited service provider for e-invoicing implementation;
21-22 April (Wednesday-Thursday): Token2049, Dubai;
1 July: Deadline for small businesses to implement e-invoicing;
1 October: Deadline for governments to implement e-invoicing;
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 in 2028:

Artificial Intelligence Summit.

Signposted to happen sometime in 2029:

Sibos 2029 organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Dubai;
Annual Meetings of the World Bank Group and the International Monetary Fund, Abu Dhabi;
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

Sections

About

Privacy & Support

Get EnterpriseAM daily