More appetite for UAE sukuk as Adnoc taps Islamic debt markets for the first time

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Khazna Data Centers eyes KSA expansion + Shurooq expands tourism, hospitality portfolio with two new projects

Good morning, lovely people. We have a busy issue for you this morning, led by Adnoc’s bumper debut USD 1.5 bn sukuk, which was over 2x oversubscribed — and an update on Omnityat’s debut sukuk. Plus: There’s major news for crypto, as ADQ, IHC, and First Abu Dhabi Bank team up on an AED-pegged stablecoin.

The crypto theme continues with more details on MGX’s investment plans, which include pouring some USD 8-10 bn a year in investments, with a focus on the US. Let’s dive in.

WEATHER- Time to say goodbye to the outdoors for good? Dubai's mercury hits 42°C during the day with overnight lows of 30°C. In Abu Dhabi, afternoon temperatures will reach 37°C and will cool down overnight to 28°C.

WATCH THIS SPACE-

#1- Dubai-based Khazna Data Centers is planning an expansion drive in Saudi Arabia, aiming to capture at least 25% of the kingdom’s growing data center market, CEO Hassan Alnaqbi told Bloomberg. Khazna controls about 71% of the UAE’s existing data center capacity, and, in addition to European expansion plans, its 12 data centers under construction include sites in Turkey and Kenya.

What we know: The firm has picked two sites for expansion where local Saudi firms don’t have the capacity required by the increasing number of US hyperscalers — large cloud service and data center providers — that are looking to the Gulf’s cheap energy and real estate for expansion.

IN CONTEXT- Backed by an implied USD 5.5 bn valuation following a stake sale to private equity firm Silver Lake and AI fund MGX, Khazna is positioning itself as a sector heavyweight just as Saudi Arabia mandates local data storage for personal and financial data in a bid to bring international companies’ data facilities to the kingdom.

#2- Sharjah Investment and Development Authority (Shurooq) is expanding its tourism and hospitality portfolio with two new projects, set to boost its portfolio to a value of AED 850 mn, CEO Ahmed Al Qaseer told CNBC Arabia (watch, runtime: 2:44).

The details: Among the upcoming launches is the Nomad Hotel, a 25-cabin development in the Kalba mountains that is set to be finished within two months. Shurooq is also partnering with global operator Lux to open two hotels, Lux Khorfakkan with a 40-room capacity and another 35-room hotel inside Sharjah Safari, both set to open in 1H 2026. Shurooq is also currently developing the Mleiha National Park.

DATA POINTS-

#1- Ras Al Khaimah Economic Zone (Rakez) recorded 3.7k new business registrations in 1Q 2025, marking a 23% y-o-y increase, state news agency Wam reports. Service-oriented businesses, accounting for 38% of total registrations, commercial activities at 26%, and general trading at 13% were the sectors driving the growth. Foreign investors to the economic zone came primarily from India, Pakistan, the UK, Egypt, and France.

#2- Ras Al Khaimah Department of Economic Development (RAKDED) issued 644 new licenses in 1Q 2025, marking a 15.6% y-o-y increase, according to Director of the Commercial Affairs Department Amina Qahtan Al Shehhi, Wam reports.

The breakdown of new licenses included professional licenses at 24.4%, industrial licenses at 15.4%, and commercial licenses at 8.9%. The total capital of new licenses reached AED 286.8 mn in 1Q 2025, a 27.8% y-o-y increase. Notably, industrial licence capital surged 7.7x, reaching AED 25.5 mn.

PSA-

RTA rolls out new Dubai-Sharjah bus service: Dubai’s Road Transport Authority (RTA) has launched a new intercity bus service — dubbed Route E308 — that will link Dubai’s Stadium Bus Station to Sharjah’s Al Jubail Bus Station, according to a statement. The service — which will go live on 2 May — has a set one-way journey fare of AED 12.

HAPPENING TODAY-

#1- The Arabian Travel Market is running until Thursday, at the Dubai World Trade Center. The event convenes all travel sectors and verticals, addressing industry challenges for tourism businesses and offering networking sessions. The conference’s program focuses on hospitality, investment, sustainability, marketing, and technology.

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

HAPPENING THIS WEEK-

#1- The Fujairah International Conference of Adventures Tourism is running from Wednesday until Friday at the Fujairah Adventures Centre. The event will spotlight investment, sustainability, and innovation in adventure tourism. The agenda includes panel discussions, MoU signings, site tours, and the launch of the region’s first standardized framework for adventure tourism.

#2- The Behavioral Exchange 2025 Conference (BX2025) will be on Wednesday, 30 April and Thursday, 1 May at New York University Abu Dhabi. The event will gather global experts, policymakers, and researchers to discuss behavioral insights and their application in tackling complex societal challenges.

THE BIG STORY ABROAD-

It’s a busy day in the foreign press this morning as Canadian voters look on track to allow Mark Carney’s Liberals to form a new government, a mysterious power outage hits Spain and Portugal, and US President Donald Trump moves to alleviate some of the pressure of tariffs on automakers.

Former central bank governor and incumbent prime minister Mark Carney is projected to form a new government after one of the most consequential elections in Canadian history, as the country faces uncertainty from Trump’s tariffs and threats of annexation. The question: Will it be a minority or majority government? Either way, it would be the Liberals’ fourth consecutive term in office, a political turnaround that was unthinkable just a few months ago when former Prime Minister Justin Trudeau led the party. (Bloomberg | Reuters | BBC | AP)

In the latest tariff-related news, Trump has eased some of the levies on auto parts for domestically manufactured cars, and prevented duties on foreign-made cars from stacking on top of other tariffs like those on steel and aluminum. (WSJ)

Across the pond, Spain declared a state of emergency after a power outage across the Iberian peninsula left tens of mns without power for hours. Half of the country has seen power restored, with Spanish Prime Minister Pedro Sánchez saying he aims to restore power across the country today. There is no clear cause for the outage, though Portugal has blamed it on extreme temperature variations. (FT | Guardian | Reuters)

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Adnoc closes USD 1.5 bn debut sukuk

State oil giant Adnoc closed its maiden sukuk sale yesterday, raising USD 1.5 bn for general corporate purposes, Reuters reports, citing a document it has seen. The offering saw strong demand, with investors booking USD 3.85 bn in orders. Bloomberg also took note of the sale.

The details: Adnoc issued the 10-year senior unsecured notes through its primary debt vehicle Adnoc Murban, fixing the spread at 60 bps over US Treasuries. The Wakala-structured sukuk will be listed on the London Stock Exchange, offering fixed semi-annual payments, Zawya reports.

The taps may stay open: Murban is expected to raise up to USD 10 bn over the next few years, Fitch reported late last year. The global rating agency assigned Adnoc Murban’s Global Medium Term Note program (pdf) a final senior unsecured rating of AA.

UAE issuers are loving sukuk right now: The UAE emerged as the world’s top-performing sukuk market since Trump’s return to the White House, as investors look towards EMs with strong fundamentals for tariff-safe assets. Our friends at Mashreq and Ajman Bank were the latest to tap the USD sukuk markets, closing USD 500 mn sales each.

ADVISORS- Standard Chartered Bank is the sole global coordinator and joint sukuk structuring bank on the transaction, with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Morgan Stanley and MUFG acting as book runners. Emirates NBD Islamic provided the Shariah compliance certification.

Abu Dhabi powerhouses plan AED-backed stablecoin

IHC, ADQ, and First Abu Dhabi Bank (FAB) plan to launch a new AED-backed stablecoin, according to an ADX disclosure (pdf). The new stablecoin will be issued by FAB and fully regulated by the Central Bank of the UAE (CBUAE). It will operate on the ADI blockchain, developed by the ADI Foundation.

SOUND SMART- Stablecoins are digital currencies pegged to fiat currencies, making them less volatile alternatives to BTC and ETH.

“This stablecoin will be used as a reliable digital currency across a wide range of everyday scenarios — by citizens and consumers, businesses and institutions- by citizens and consumers, businesses and institutions,” the statement said. “It will also support emerging digital use cases such as machine-to-machine and AI.”

REMEMBER- AE Coin became the UAE’s first AED-pegged stablecoin to receive final approval from the CBUAE for launch in December 2024, following the issuance of a regulatory framework by the Financial Services Regulatory Authority (FSRA) for stablecoin issuance in the ADGM.

The involvement of three big powerhouses gives further impetus to the burgeoning crypto sector in the UAE, and shows signs of stablecoin adoption becoming more mainstream — especially as traders and consumers alike look for ways to bypass traditional systems and speed up payments. Other recent votes of confidence: ADX-listed crypto miner Phoenix Group and cryptocurrency giant Tether — owner of the world’s biggest stablecoin, USDT — are planning to launch an AED-pegged stablecoin, while AI investment firm MGX invested a bumper USD 2 bn via stablecoin in Binance earlier this year.

The story got ink in Reuters and Bloomberg

Adnoc’s Borouge looks to boost production capacity to 6.6 mn tonnes by 2028

Borouge to amp up its production capacity: Adnoc petrochemicals JV Borouge has inked two contracts for expansion projects that aim to boost its production capacity to over 6.6 mn per tonnes per annum (tpa) by 2028, according to a statement (pdf). The projects are poised to generate between AED 600 mn and AED 730 mn in annual EBIDTA. The investment tickets for the two projects were not disclosed.

Upgrading its ethane unit: Borouge awarded German gas optimization engineering firm Linde Engineering with a contract for front-end engineering design services to advance its second ethane unit (EU2) with an additional capacity of 230k tpa. The project is set to boost the EU2 crackers’ follow through by 15% and is set to be completed by 4Q 2028. State-owned Adnoc Gas and Adnoc Refining supplies the ethane used to feed Borouge’s EU2 cracker.

Refurbishing its Polyethylene facilities: The firm signed an engineering, procurement, and construction (EPC) contract with homegrown Target Engineering Construction Company to upgrade and expand its polyethylene PE4 and PE5 production units. The project is expected to bolster the unit’s capacity to 700 tpa, up from 540k tpa each, and is slated to be ready for operation in 1Q 2027.

This comes amid rising demand for petrochemicals: “The expansions of our ethylene and polyethylene capabilities will enable Borouge to meet growing market demands, unlock new revenue streams, and further strengthen our global market position,” CEO Hazeem Sultan Al Suwaidi said. Adnoc has been doubling down on petrochemicals with several acquisitions, including the USD 3.62 bn acquisition of OCI Global's 50%+1 stake in chemical producer Fertiglobe in October. It also secured a majority stake in German chemicals company Covestro in what is the biggest acquisition of a European firm by a Middle Eastern buyer in 16 years.

REMEMBER- Adnoc and Austria’s OMV agreed terms of an agreement to merge their polyolefins businesses after years of negotiations last month. The move created Borouge International — a USD 60 bn global polyolefins player set to be the world’s fourth largest. The merged business, based in Austria with a regional HQ in the UAE, will have a capacity of 13.6 mn tonnes per year across Europe, the Middle East, and North America. The companies also acquired Abu Dhabi sovereign wealth fund Mubadala’s Nova Chemicals for USD 13.4 bn, including debt, with the acquisition set to be financed by a bridge loan.

Borouge at a glance: Borouge has a current capacity of 5 mn tpa — standing out as one of the top five polyolefin producers in the Middle East and Asia Pacific. The company’s net income increased 24% y-o-y in 2024 to USD 1.2 bn, driven by record production and sales volumes — which reached 5.3 mn tonnes — on the back of strong customer relationships and expansion into high-growth markets in Asia, the Middle East, and Africa.

MGX to invest USD 8-10 bn in AI per year with a US focus

Abu Dhabi’s AI fund MGX plans to invest USD 8-10 bn a year in AI infrastructure and companies, Semafor cites Chief Investment Officer Ali Osman as saying at its World Economic Summit. MGX will invest USD 1-2 bn per transaction, with a focus on the US, Osman said.

Uh, how deep are MGX’s pockets? Although MGX has not publicly disclosed its total fund size, estimates put it at around USD 100 bn, Semafor reports.

Pushing ahead despite uncertainty: Weighing up the AI sector’s potential against short-term economic uncertainty, Osman said, “[W]hether you're bullish or bearish in the space, you're still looking at capital formation to the tune of [tns of USD],” adding that MGX is “deploying capital in order to support that build-out growth.”

REMEMBER- MGX is also part of the AI Infrastructure Partnership, a platform it co-founded alongside Blackrock and Microsoft, which now also includes NVIDIA and Elon Musk’s xAI. The group is looking to raise USD 30 bn from investors and deploy up to USD 100 bn, including from debt, into AI data centers and related infrastructure systems.

MGX has invested at least USD 2 bn so far this year in Binance, while also picking up a stake in data center operator Khazna. It is also set to provide initial investments for a planned USD 30-50 bn data center and AI campus in France

It’s a long-term strategy: MGX is taking a five- to 10-year view on its investments, despite uncertainty. “We remain optimistic that the technology will revolutionize the way we create value in the economy,” Osman said.

Demand for AI infrastructure is heating up: MGX is putting its money where it sees sustained global demand, with Osman predicting that global data center capacity — currently around 60 GW — will need to rise to 200-300 GW over the next five years.

Omniyat Holdings to issue its green sukuk on 6 May with IPT around 8%

Omniyat Holdings’ USD-denominated green sukuk issuance is expected to launch on 6 May with initial price thoughts in the high 8% area, according to a press release. The Dubai-based developer mandated banks earlier this week to arrange the issuance, which is set to be listed on the London Stock Exchange’s International Securities Market and Nasdaq Dubai, to finance eligible green projects.

ICYMI- The three-year benchmark senior unsecured Reg S sukuk will follow global investor calls. Omniyat previously announced plans to tap the debt market with its debut Islamic bond, potentially as early as this quarter, to support its portfolio of ultra-luxury developments.

ADVISORS- Citi is acting as the sole green structurer for Omniyat's sustainability finance framework. The joint global coordinators for the sukuk are our friends at Mashreq, ADCB, Citi, ENBD Capital, JP Morgan, and Standard Chartered. Ajman Bank, CBD, DIB, FAB, Kamco Invest, Rakbank, and Warba Bank serving as joint lead managers and bookrunners.

Dubai gets a new law to regulate its land plot allocation to public entities

Dubai gets a new law to define land plot allocation to public entities: Prime Minister Sheikh Mohammed bin Rashid Al Maktoum issued a new law to regulate the allocation of government land plots to public entities in Dubai, state news agency Wam reports.

The law outlines specific criteria for land allocation, including the urgency of the land’s need based on economic, security, social, and service factors. It also considers land availability and the importance of the proposed use.

Dubai Municipality is tasked with overseeing land allocation. Its responsibilities include receiving and assessing land allocation requests, determining the location and size of the plots, and issuing site maps. The Municipality also maintains a registry of land data and has the authority to reclaim allocated plots, change their location, or remove any constructions if conditions specified in the law are met.

True Gamers, Zest Equity, and Hushday raise funds for expansion

It’s a busy day for startup funding, with local startups raising over USD 10 mn in early-stage rounds set to boost their expansion here at home and abroad.

TRUE GAMERS-

True Gamers secures USD 5 mn seed round to fuel MENA, Europe expansion: Gaming club operator True Gamers has raised USD 5 mn in a seed round to expand its franchise network across MENA and Europe, according to a press release (pdf ). The new funding brings its total investment to date in the UAE to USD 15.5 mn, supporting plans to scale its brand, tech stack, and footprint. The startup did not disclose who the participating investors were.

The gameplan: True Gamers currently operates 14 gaming cafes in the UAE, with 10 more under development across the UAE, Morocco, Saudi Arabia, Jordan, Germany, and France. The company is targeting a 10% market share in the US, European, and MENA gaming cafe markets by 2030, as it scales up through franchising and venture capital.

REMEMBER- True Gamers announced plans last year to build a USD 1 bn e-sports island in Abu Dhabi. The company was targeting USD 280-300 mn in initial funding, and as of last March was in talks with investors. The proposed site is located between Al Bandar and Al Dana in Al Raha Beach.

The big leagues: The UAE’s video gaming sector brought in revenues of over AED 1.5 bn last year, and Wynn Resorts has invested USD 514.4 mn so far in its Marjan gaming resort. Globally, the gaming market is set to reach USD 522.5 bn by 2029, the press release said, citing Statista.

ZEST EQUITY-

Zest Equity secures USD 4.3 mn in pre-Series A funding: Dubai-based Zest Equity, a fintech platform providing digital infrastructure for private market transactions, secured USD 4.3 mn in pre-Series A funding, according to a press release (pdf). Prosus Ventures led the funding round, which also saw participation from Morgan Stanley Inclusive & Sustainable Ventures.

Where will the money go? The funds will go towards expanding operations in the UAE and Saudi Arabia, recruiting specialized talent, developing new products, and scaling its digital infrastructure to handle larger and more complex transactions.

About Zest Equity: Founded in 2021 by Zuhair Shamma (Linkedin) and Rawan Baddour (Linkedin), Zest Equity digitizes private market transactions and is currently focusing on transactions under USD 100 mn. Its platform streamlines processes like fundraising via special-purpose vehicles, and it has digitized USD 155 mn in transactions across more than 115 executions to date. In 2023, it secured USD 3.8 mn in a seed funding round that was led by Middle East Venture Partners, and saw participation from the Dubai Future District Fund (DFDF) and Dash Ventures.

HUSHDAY-

UAE-based e-commerce platform Hushday raised USD 550k in a pre-seed funding round from undisclosed investors, Wamda reports. The company plans to use these funds to launch a new channel for luxury and premium brands in the UAE, with plans to expand to Saudi Arabia, Qatar, and Kuwait.

About Hushday: Founded this year by Jennifer Cohen Solal (LinkedIn) and Riad Djabri (LinkedIn), Hushday runs an invitation-only marketplace that sells excess inventory from luxury and premium brands. The platform allows brands to control pricing and protect their brand image while reaching younger, price-sensitive customers.

More 1Q earnings (plus: Emirates REIT reports 2024 earnings)

MULTIPLY GROUP-

Multiply Group turned to the black in 1Q 2025 with a net income of AED 210.2 mn, compared to a net loss of AED 4.2 bn in 1Q 2024, according to its financial statements (pdf). The top line performance was driven by strong performance across business verticals, including beauty and wellness and media and communications, CEO Samia Bouazza said, according to its earnings release (pdf). The group’s revenues increased by 49.5% y-o-y to AED 585.1 mn during the quarter.

This was fueled by a series of acquisitions last year, including of The Grooming Company, Excellence Driving, and BackLite Media. It continued this year with the acquisition of Spanish retail group Tendam.

UNITED ARAB BANK-

United Arab Bank (UAB) reported a net income of AED 101.6 mn for 1Q 2025, up 48.8% y-o-y, boosted by “improved operating performance and robust recoveries, leading to lower net impairment charges,” according to the bank’s earnings release (pdf). The bank’s operating income rose by 1.2% y-o-y to AED 165.4 mn in this quarter, according to its financial statements (pdf). Meanwhile, the total assets grew by 9.2% compared to December 2024 to AED 23.4 bn during the quarter, driven by an 8% rise in loans, advances, and Islamic financing, and a 13% increase in investments.

EMIRATES DRIVING-

Emirates Driving’s net income rose 7.5% y-o-y to AED 68.8 mn in 1Q 2025, according to the company’s management discussion report (pdf). Revenues climbed 85.4% y-o-y to AED 167.1 mn during the quarter, driven by the acquisition of a new subsidiary, expansion into new markets, improved operational efficiency, and higher student enrollment. The firm acquired a 51% stake in Excellence Premier Investment last year.

EMIRATES REIT-

Equitativa’s Emirates REIT had a solid 2024: Emirates REIT’s bottom line rose 64% y-o-y to USD 208.5 mn in FY 2024, driven by USD 159.2 mn in unrealized valuation gains due to increased investments, stronger leasing activity, and gains from divestments, according to its annual report (pdf). Total property income climbed 79.1% y-o-y to USD 133.2 mn, supported by higher rental rates and an increase in total occupancy to 94%. The divestment of Trident Grand Mall and Office Park also helped optimize the capital structure, contributing USD 54 mn in net gains.

NATIONAL BANK OF UMM AL-QAIWAIN-

The National Bank of Umm Al Qaiwain saw its net income increase by 5.7% y-o-y to AED 185.8 mn in 1Q 2025, according to its financial statements (pdf). The lender’s net interest income and income from Islamic products declined by 16.2% y-o-y to AED 147.3 mn during the same period. The bank’s customer deposits rose 37% y-o-y to AED 12.2 bn, while net loans and advances rose 6% y-o-y during the quarter, according to its earnings release (pdf). Net income before tax increased 5% y-o-y to AED 199 mn driven by the “diversification of income sources and the implementation of effective cost optimization strategies”.

Deliveroo’s Middle East operations transition to new leadership

British online food delivery company Deliveroo has tapped Nicholas Price (LinkedIn) to be its general manager for the Middle East, according to a press release. Price was previously the general manager of Deliveroo Hong Kong, and succeeds Anis Harb (LinkedIn), who served as the general manager for the region for nearly a decade. He also founded the firm’s Middle East business and oversaw its expansion across the Emirates and to Kuwait and Qatar.

S1 project to become solely a flexible natural gas-based power plant

SUSTAINABILITY-

S1 to become solely a flexible natural gas-based power plant: Emirates Water and Electricity Company (EWEC), Taqa, electric utility company Engie, and trading company Sumitomo inked a power purchase agreement to transform The Shuweihat 1 (S1) power project, according to an ADX disclosure (pdf). The plant will shift from its current cogeneration power and water desalination role to become a dedicated power plant to support increased integration of renewable energy sources.

The details: As part of this transformation, the water desalination operations will be decommissioned, and S1 will be reconfigured into a natural gas-fired open-cycle power plant. The newly configured plant will provide 1.1 GW of flexible reserve supply for 15 years, with commercial operations set to begin in 2027.

Will the ownership structure change? S1 has been operating under a Power Purchase Agreement for 20 years, with the original contract set to conclude this year. Under the new terms, Taqa will retain a 60% stake in the plant, while Engie and Sumitomo will each hold 20%. The three companies will continue to manage operations and maintenance of the plant, with Taqa owning 30% of the O&M company, while Engie and Sumitomo each hold 35%.

HEALTHCARE-

UAE gets world’s first surgical proctology center with SRC accreditation: Saudi German Hospital Dubai has launched its Center of Excellence in Surgical Proctology, which holds an accreditation from the Surgical Review Corporation (SRC), making it the only facility worldwide to hold the designation, according to a press release.

CRYPTO-

BitGo Custody MENA gets VASP license: BitGo Custody MENA, the Dubai subsidiary of US-based digital asset provider BitGo, has secured a virtual asset service provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority (VARA), according to a press release. The VASP license will allow the firm to roll out its cold storage custody products and staking services to institutional and individual clients in Dubai.

ICYMI- The new licence comes following preliminary approval received at the start of the year. Founded in 2013, BitGo provides operational infrastructure to over 1.5k institutions across 50 countries, and currently has USD 48 bn in assets staked.

TECH-

Teleperformance opens innovation center in Dubai: French business process outsourcing company Teleperformance (TP) has opened its first Middle East innovation center in Dubai Internet City, according to a press release. The TP Innovation Center is the first in a planned series of hubs across the GCC, supporting the company’s move from traditional service delivery to scalable AI solutions.

The center aims to accelerate talent development and digital competitiveness, and is designed as a co-creation space featuring design thinking labs and workshops targeting industries like government, banking, healthcare, travel, and retail. The hub is equipped with a 3D screen and interactive platforms to showcase real-world AI use cases, and will facilitate public-private collaborations.

DEBT-

Mashreq leads Azerbaijan bank’s debut MENA syndicated financing: Our friends at Mashreq acted as sole coordinator, initial mandated lead arranger and bookrunner, and documentation agent for the International Bank of Azerbaijan’s (ABB) inaugural syndicated financing in the Middle East, with a value of USD 200 mn, according to a post on X. The transaction saw strong demand, achieving a 266% subscription rate, after attracting significant interest from regional and international investors during a Mashreq-organized nondeal roadshow in November 2024.

CONSTRUCTION-

Majid Al Futtaim taps UNEC for AED 736 mn Tilal Al Ghaf contract: Majid Al Futtaim has appointed construction firm Unec as the main contractor for the Plagette 32 and Amara residential neighborhoods within its Tilal Al Ghaf development in Dubai, according to a press release. The AED 736 mn contract covers the construction of 148 luxury villas, interior finishes, structural work for the beach club, landscaping, gates, auxiliary buildings, and integrated infrastructure.

ICYMI- The conglomerate has been steadily handing out major contracts for its flagship development, awarding AED 3 bn worth of contracts to Innovo Build and UNEC for two of its neighborhoods last year. Innovo Build was later also tapped as the main contractor for the AED 1.2 bn Elysian Mansions project, and, earlier this month, Ducto Construction secured an AED 1.6 bn contract for the Serenity Mansions development.

HOSPITALITY-

Ishraq Hospitality partners with Egypt’s Samco Holding on two Egyptian hotels: Ishraq Hospitality, part of Dubai-based family business Mohamed & Obaid Almulla, has signed an agreement with Egyptian real estate firm Samco Holding to develop two hospitality projects in Egypt’s New Administrative Capital, according to a press release.

The first project, Holiday Inn Express Cairo New Capital, will offer 125 rooms in the city’s business and residential district, and will include flexible workspaces and public areas targeting business and leisure travelers.

The second, The Five Hotel Apartments, will provide 100 serviced apartments for long-term stays, with co-working zones and wellness facilities. It will be part of Samco’s mixed-use development The Five and will be located close to commercial and government hubs.

TELECOMS-

du joins FreeMove Alliance to expand global telecom services: State-owned telecom operator du has joined the FreeMove Alliance — a global mobile telecommunications group made up of Deutsche Telekom, Orange, Telia, and TIM — to expand its service offering for multinational corporations, according to a press release. The alliance gives the operators’ clients access to a broader network of tier-one providers across Europe, the US, and other major markets. Du is the first operator in the region to join.

So, how does FreeMove work? The FreeMove Alliance is a mobile telecom partnership that helps multinationals streamline mobile connectivity by providing global access to roaming services, enterprise mobility solutions, and centralized account management through a single point of contact across more than 125 countries.

BANKING-

MoHRE and ADIB roll out the first phase of their digital wallet service: The Human Resources and Emiratization Ministry (MoHRE) and Abu Dhabi Islamic Bank (ADIB) have introduced a digital wallet for corporate clients, enabling them to settle fees and financial obligations for ministry services instantly, according to a press release. The tool integrates MoHRE’s systems with ADIB accounts.

How it works: Corporate users can register through MoHRE’s electronic wallet and can start using the service following approval from Adib. The ministry is planning on expanding the wallet’s compatibility with other banks at a later stage.

INFRASTRUCTURE-

Drake & Scull subsidiary wins wastewater contract in Jordan: Drake and Scull’s subsidiary Passavant Energy & Environment has been awarded a JOD 41.5 mn (c. AED 215 mn) contract by Jordan’s Water Authority to design, build, and operate the North Balqa Wastewater treatment plant with an initial capacity of 36k cubic meters per day, according to a press release (pdf). The project – financed by Agence Française de Développement and the European Union’s Neighborhood Investment Platform– covers the full EPC scope and a year of maintenance and operations. No timeline for the project was disclosed.

REAL ESTATE-

#1- Arabian Hills Real Estate Development’s Arabian Hills Estate will replace the stalled Wahat Al Zaweya project, according to a press release. Arabian Hills Estate will offer residential plots ranging from 12l to 132 sq.ft., along with schools, healthcare facilities, and entertainment venues. The project is scheduled for completion between 1Q and 4Q 2027.

REMEMBER- The Judicial Department in Abu Dhabi ordered real estate developer Wahat Al Zaweya to refund AED 702 mn in deposits to buyers in the Wahat Al Zaweya project as part of the first phase of settling 822 lawsuits. The judicial body ordered the termination of contracts and the deposit of refunds directly into claimants’ bank accounts. Meanwhile, Arabian Hills Real Estate Development launched the second phase of the project valued at AED 22 bn, and awarded its infrastructure works contract back in June 2024.

#2- Dubai Holding’s subsidiary Jumeirah aims to launch a luxury hotel and two residential projects in Dubai, according to a press release. The Jumeirah Al Sora Bay Hotel will feature 103 rooms and suites, along with 20 villas. The Jumeirah Residences Asura Bay, developed in partnership with Meraas, will offer 29 luxury units, including apartments, penthouses, and villas. Additionally, the company has begun work on the Jumeirah Residences Emirates Towers, a residential project with 754 apartments.

TRANSPORT-

Abu Dhabi Mobility partnered with Kintsugi Holding subsidiary Autogo to expand the autonomous RoboTaxi service in the emirate, according to an Abu Dhabi Media Office statement. The pilot phase is a step toward a full service launch planned for 2026. The initiative also involves a partnership with Apollo Go, a subsidiary of China’s Baidu, and supports Abu Dhabi’s smart mobility vision.

Debt pressures to pile up on emerging markets amid trade uncertainty, World Bank economist says

Debt pressure is piling up on developing countries and emerging markets from rising trade uncertainty, adding to their woes from high debt levels and sluggish growth, Reuters reports, citing the World Bank Chief Economist Indermit Gill.

About half of the developing countries are now at risk of default or rapidly approaching that point, double the 2024 rate, Gill warned. For emerging markets, net interest payments now account for 12% of their GDP, up from 7% in 2014.

The situation is even worse in poorer countries, where 20% of their GDP goes to debt services, double the rate a decade ago. This is forcing governments to cut back on vital services like healthcare and education.

REMEMBER- The IMF revised its global growth forecast for 2025 to just 2.8%, a 0.5 percentage point cut from its January estimate, warning that further trade tensions would drag growth further down. With decade-high uncertainty indices, global economists expect the World Bank to announce significant cuts to both growth and trade forecasts in June, Gill added.

Global trade is expected to grow by just 1.5%, a significant decrease from the 8% seen in the 2000s. Meanwhile, foreign direct investment now accounts for only 1% of the developing countries’ GDP, a drop from the 5% seen during more prosperous periods, further hindering emerging markets, according to Gill.

The way out? Trade agreements with the US would ease the pressure on emerging markets through tariff reductions and their extension to other countries. “Doing so now made sense,” said Gill, highlighting the World Bank’s models that predict a significant boost to growth with such agreements. Unlike other crises, this one is driven by government policies, which could be reversed, he added.

MARKETS THIS MORNING-

Asian markets are mostly in the green this morning, as Hong Kong’s Hang Seng is up 0.5%, while Japan’s Nikkei is inching up 0.4%. Meanwhile, Wall Street futures remain flat after a day of modest gains for S&P 500, Nasdaq and the Dow.

ADX	9,468	+0.8% (YTD: +0.5%)
DFM	5,216	+1.0% (YTD: +1.1%)
Nasdaq Dubai UAE20	4,291	+1.4% (YTD: +3.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.3% o/n	4.2% 1 yr
TASI	11,785	+0.2% (YTD: -2.1%)
EGX30	32,015	+0.5% (YTD: +7.7%)
S&P 500	5,529	+0.1% (YTD: -6.0%)
FTSE 100	8,417	+0.02% (YTD: +3.0%)
Euro Stoxx 50	5,170	+0.3% (YTD: +5.6%)
Brent crude	USD 65.62	-1.9%
Natural gas (Nymex)	USD 3.17	+7.9%
Gold	USD 3347.70	+1.5%
BTC	USD 94,520.80	+0.2% (YTD: +1.0%)

THE CLOSING BELL-

The ADX rose 0.8% yesterday on turnover of AED 1.7 bn. The index is up 0.5% YTD.

In the green: Americana Restaurants International (+5.0%), Adnoc Logistics & Services (+5.0%) and Hayah Ins. Company (+5.0%).

In the red: Umm Al Qaiwain General Investment Co. (-8.3%), Julphar (-3.5%) and Phoenix Group (-2.9%).

Over on the DFM, the index rose 1.0% on turnover of AED 544.2 mn. Meanwhile, Nasdaq Dubai was up 1.4%.

CORPORATE ACTIONS-

Alliance Ins. approved the distribution of AED 30 mn in dividends for 2024, representing 30% of its paid-up capital, according to a DFM disclosure (pdf). The payment is expected to be completed within one month.

UAE explores strengthening economic ties with Australia and Kuwait

UAE and Australia explore deepening their bilateral relations: President Sheikh Mohamed bin Zayed Al Nahyan met with Australian Governor-General of the Commonwealth Sam Mostyn AC, state news agency Wam reports. The leaders discussed boosting bilateral cooperation, particularly in sectors like trade, investment, sustainability, culture, education, food security, and technology.

REMEMBER- The UAE and Australia signed an economic partnership agreement in November 2024, marking Australia’s first trade agreement with a country in the Mena region.

UAE and Kuwait discuss strengthening trade and economic ties: Chairman of Sharjah Chamber of Commerce and Industry Abdallah Sultan Al Owais met with the Consul General of Kuwait in Dubai, Khalid Abdulrahim Al-Zaabi, and other Kuwaiti delegation members, Wam reports.The discussions included the exchange of trade missions and joint business events to promote mutual investments and information sharing.

CALENDAR

APRIL

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

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

28 April-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 Behavioral Exchange 2025 Conference (BX2025), the New York University Abu Dhabi.

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

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

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

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

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

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

6-8 May (Tuesday-Thursday): GISEC, Dubai World Trade Center.

9-10 May (Friday-Saturday): BNI UAE EXPO 2025, at the JAFZA One Convention Centre, Dubai.

12 May (Monday): EU regulators to make a decision on Adnoc’s Covestro takeover.

12-13 May (Monday-Tuesday): Dubai FinTech Summit, Madinat Jumeirah, Dubai.

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

13-14 May (Tuesday-Wednesday): The Annual HR Tech MENA, Dubai.

13–14 May (Tuesday-Wednesday): Low Carbon Fuels MENA Summit, Sheraton Dubai Creek Hotel & Towers, Dubai.

13-15 May (Tuesday-Thursday): Cabsat Middle East and Satellite Middle East, Dubai World Trade Center.

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

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

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

19-22 May (Monday-Thursday): Make it in the Emirates, Adnec, Abu Dhabi.

20 May (Tuesday): Dubai Business Forum, Hamburg, Germany.

20-21 May (Tuesday-Wednesday): The International Real Estate Investment Summit (IREIS 2025), Al Hamra International Exhibition and Conference Centre in Ras Al Khaimah.

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

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

23 April (Wednesday): The HIMSS Executive Summit 2025, Jumeirah Emirates Towers.

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

27-29 May (Tuesday-Thursday): INDEX, Workspace, and The Hotel Show, Dubai World Trade Center.

28-31 May: The Emirates Agriculture Conference and Exhibition, Adnec Center Al Ain, Abu Dhabi.

30 May (Friday): Arafat Day.

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

JUNE

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

24-25 June (Tuesday-Wednesday): Middle East Rail, Dubai World Trade Center.

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

JULY

6-7 July (Sunday-Monday): BRICS Summit, Rio de Janeiro.

29-30 July (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

SEPTEMBER

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

8-19 September (Monday-Wednesday): WHX-Tech Expo, Dubai World Trade Centre.

12-14 September (Friday-Sunday): The International Real Estate and Investment Show, Abu Dhabi.

16-17 September (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

OCTOBER

1-2 October (Thursday-Friday):World Green Economy Summit (WGES), Dubai World Trade Centre.

30 September - 2 October (Tuesday-Thursday): The Water, Energy, Technology, and Environment Exhibition (WETEX), Dubai World Trade Centre.

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

7-9 October (Tuesday-Thursday): The International Symposium on the System of Radiological Protection, the Ritz-Carlton Abu Dhabi, Grand Canal.

9-15 October (Thursday-Wednesday): IUCN World Conservation Congress, Abu Dhabi.

27-29 October (Monday-Wednesday): Future Hospitality Summit, Madinat Jumeirah, Dubai.

27-29 October (Monday-Wednesday): Asia Pacific Cities Summit, Dubai Exhibition Center.

28-29 October (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

NOVEMBER

15-17 November (Saturday-Monday): Myplant & Garden Middle East Green Expo, Dubai Exhibition Centre, Expo City.

17-21 November (Monday-Friday): Dubai Airshow 2025, Al Maktoum International Airport, Dubai.

18-19 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

DECEMBER

1-3 December (Monday-Wednesday): Eid Al Etihad (UAE National Day).

1-5 December (Monday-Friday): The World Congress of Neurosurgery, Dubai World Trade Center.

8-9 December (Monday-Tuesday): BTC Mena Conference, Adnec, Abu Dhabi.

8-10 December (Monday-Wednesday): BRIDGE media summit, Abu Dhabi.

9-10 December (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.
Universal Postal Congress 2025, Dubai.

Signposted to happen sometime in the fall of 2025:

2025 Games of the Future, Dubai.
ICOM General Conference 2025, Dubai

Signposted to happen sometime in 2026:

3-5 February (Tuesday-Thursday): The World Governments Summit.
12-15 February (Thursday-Sunday): The Society for Incentive Travel Excellence Global Conference, Abu Dhabi.
11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center.
The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE
9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE

Signposted to happen sometime in 2027:

Abu Dhabi’s solar and battery energy facility, combining 5.2 GW of solar capacity and 19 GWh of battery storage, is set for commissioning.

Signposted to happen sometime between 2027 and 2029:

The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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