More India-UAE cooperation in the cards as DP World expands further in India

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WHAT WE’RE TRACKING TODAY

THIS MORNING: European airlines suspend flights to the GCC amid US-Iran tensions + Ruwais project to kick off operations ahead of schedule?

Good morning, friends. It’s finally the last workweek of January — is it just us or has the month gone by at an excruciatingly slow pace? — and the events calendar continues to grow and bring more traffic to both Dubai and Abu Dhabi. This week’s culprit for the excess Dubai traffic? Gulfood.

Over the weekend, Emirati firms have both expanded further abroad while others have taken a step back. DP World is pushing further into India, with a new inland logistics hub planned in Madhya Pradesh, just as the two countries plan to broaden their partnership and double trade, while Global South Utilities on the other hand has withdrawn from Yemen.

Meanwhile, ADX-listed Orascom Construction and OCI Global’s merger, which would lead to a new Abu Dhabi-based infrastructure and investment platform if approved, was cleared by Orascom Construction’s shareholders, leaving the ball squarely now in two independent directors’ court, after a Dutch court mandated their appointment due to concerns over conflicts of interest.

Plus: We look again into our crystal ball and ask what’s in the cards for the ADX and the DFM this year, as new headwinds are set to impact both energy and financials stocks, while an ongoing property boom could continue to support real estate stocks into 2026.

PSA

Heads up, flyers — Beijing-Abu Dhabi just got another direct flight: Air China has launched the first Chinese-operated direct route between the two capitals, flying four times a week on a Boeing 787, state news agency Xinhua News reports. The service shortens travel on a key China-UAE corridor and supports trade and travel links under the Belt and Road framework.

Speaking of flying… some European flights have suspended flights to GCC amid US + Iran tensions: A number of European airlines have suspended flights to Dubai and other GCC destinations following escalating geopolitical hostility between the US and Iran, after the Pentagon said it was deploying naval assets to the region, as well as continued threats of launching airstrikes on Iran due to its violent crackdown on protestors.

Which airlines? KLM Royal Dutch Airlines halted flights to Dubai, Dammam and Riyadh in Saudi Arabia, and Tel Aviv, and is avoiding flying through regional airspace until further notice, according to a statement. Luxembourg’s Luxair, British Airways, and Dutch carrier Transavia are also among those suspending flights to the emirate. Air France temporarily canceled flights between Paris and Dubai on Friday, but resumed services on Saturday.

WEATHER- Expect slightly clearer conditions after a rainy day in Dubai and Abu Dhabi, with conditions set to be mostly sunny and temperatures peaking at 24°C in Dubai and 25°C in Abu Dhabi. Dubai will see a low of 17°C overnight, while Abu Dhabi will see lows of 15°C.

Watch this space

LNG — The Ruwais LNG facility could open ahead of schedule, state news agency Wam reports. Work on the plant, which is set to double Adnoc Gas’ current LNG production to 15 mn tonnes once commissioned, is moving faster than planned, meaning it could launch earlier than its initial 2H 2028 target.

REMEMBER- The state-owned player, which agreed to acquire a 60% stake in the plant, has been securing sales agreements for the plant with international firms including Shell, Indian Oil Corporation, Germany’s Sefe, German energy infrastructure firm EnBW, Malaysia’s state-owned oil and gas firm Petronas, and Japan’s Jera and Osaka Gas. Some 80% of planned production is now already allocated.

ENERGY — The UAE and Cyprus inked an MoU for a comprehensive strategic partnership in the energy sector, as part of Cypriot Foreign Affairs Minister Constantinos Kombos’ visit to the UAE, according to a press release. Beyond energy, the two sides discussed expanding cooperation across trade, investment, renewable energy, and technology. Collaboration across desalination and advanced tech was also on the table, Cypriot newspaper Politis reports, citing Kombos.

Background: Cyprus is among the nations expected to have its electricity grid linked to the GCC via the GCC interconnection project. Bilateral energy cooperation was also discussed during an official meeting last June, and back in 2024 Adnoc was reportedly exploring investments in Cyprus’ natural gas sector.

Data point

88.7% — that’s the y-o-y surge in Sharjah’s industrial real estate transaction value in 2025, as transactions jumped to AED 9.2 bn, state news agency Wam reports, citing data released by the Sharjah Real Estate Registration Department. The emirate saw 4.4k industrial properties trade hands during the year, reflecting a sharp rise in investor appetite for factories, warehouses, and integrated industrial assets.

In context: Officials attribute the jump to flexible regulation, expanding industrial infrastructure, and Sharjah’s growing role in regional supply chains. The emirate now hosts around 40% of the Emirates’ industrial establishments and more than 2.8k factories across 21 industrial zones, reinforcing its position as a logistics and manufacturing hub as industrial land tightens elsewhere.

Happening this week

Gulfood is back — and this time it’s taking place in two different venues: Dubai World Trade Center and Dubai Exhibition Center in Expo City. The massive F&B event will gather food distributors, producers, government officials, and investors and startups alike under, now, two roofs.

Abu Dhabi is hosting the International Bar Association’s (IBA) Annual Arbitration Day Conference on Wednesday and Thursday at the Rosewood Abu Dhabi. Law professionals and international industry players will meet for panel discussions on trends in the arbitration practice globally.

Plus: The World Customs Organization’s Technology Conference is on from Wednesday to Friday at the Adnec Center in Abu Dhabi.

Our fellow photo nerds in the UAE will want to circle 29 January to 4 February on their calendars. This year’s Xposure, the global celebration of visual storytelling, features a who’s who of talented photographers — including our friend Romany Hafez, whose haunting analog work explores memory, presence, and sacred spaces. Romany will be giving a talk on Saturday, 31 January headlined Between Memory and Light. Don’t miss it if you love black and white photography as much as we do.

The big story abroad

It’s a quiet Monday morning in the global business press, with a single story dominating the headlines — another fatal shooting of a US citizen by federal agents in Minneapolis, the second of its kind this month. The resulting backlash from Democrats and wavering enthusiasm from Republicans signals the possibility of another government shutdown, as well as raising the stakes for the year’s midterm elections.

AND IN MARKETS- Gold hits fresh high: Gold jumped past the USD 5k mark for the very first time as investors and central banks look to the safe haven asset amid geopolitical tensions. The metal has been steadily rising for some time now, jumping 8% last week alone, its largest spike since the 2008 financial crisis.

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Market watch

India continues Gulf oil spree: India’s top refiner picked up 1 mn barrels of Abu Dhabi’s Murban from Shell, and 2 mn of Upper Zakum from Mercuria for March loading, alongside other grades, Reuters reports, citing trade sources. The purchase comes as Indian refiners cut Russian intake to a two-year low, tilting back toward Middle East and Atlantic Basin barrels to stay sanctions-clean and protect re-export flows.

Circle your calendar

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

DP World to build inland logistics hub in India’s Madhya Pradesh

Logistics giant DP World is moving into the central Indian state of Madhya Pradesh to capture cargo flows through a new rail-linked inland logistics hub, according to a statement. The Emirati player inked an agreement with the state’s government at the World Economic Forum in Davos.

Project details: The logistics hub will integrate rail, warehousing, cold chain, and cargo aggregation, linking central India directly to Nhava Sheva Port along India’s western coast to accelerate exports of manufactured and agri-goods. Nhava Sheva is the country’s largest container port, where DP World owns two terminals.

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Why this matters

The hub should cut transit times by 30-40% and reduce post-harvest agricultural losses, which would in turn improve export margins for Indian producers and throughput volumes for Gulf-owned logistics infrastructure.

For DP World, which already controls critical nodes in India’s maritime gateways and 26% of its container traffic as of last spring, the move into the inland state — which recorded USD 7.8 bn in exports last year — seems a play to secure cargo at the source and transport it along its own inland rail networks to its maritime export links. It’s also part of a wider strategy to move upstream into more remote logistics operations to bolster trade corridors linking global markets.

The bigger picture: At the end of last year, DP World committed to investing another USD 5 bn in India to boost its supply chain network. The news also comes just a week after the UAE and India agreed to broaden the scope of their trade and economic partnership and double their annual trade to USD 200 bn.

Abu Dhabi’s GSU exits Yemen, transfers solar capacity to state utility

Abu Dhabi-based Global South Utilities (GSU) completed the handover of two major solar power plants in Yemen to the state-run Public Electricity Corporation, after Yemeni authorities requested all Emirati companies withdraw from the country, Reuters reports, citing a statement.

BACKGROUND- The withdrawal comes weeks after the UAE pulled its remaining military f orces from the country amid escalating tensions between the Saudi-backed government in Yemen and the separatist Southern Transition Council, which was in the past backed by the UAE, as well as the cancellation of a bilateral defense pact.

What moved: The transfer included the 120 MW Aden solar plant and 53 MW Shabwa facility. GSU said both assets were handed over while operating at full technical capacity, with operations and maintenance teams withdrawn through a formal process, responding to suggestions of an abrupt shutdown.

A full 180: Just a few m onths ago, GSU said it was planning on expanding the Aden plant to make it the largest solar power project in Yemen once completed in 2026, as well as commissioning the Shabwah plant.

The move has also put a stop to the future pipeline. The exit freezes GSU’s planned USD 1 bn Ye men energy portfolio, which was set to exceed 1 GW of capacity alongside transmission and distribution upgrades. The company confirmed multiple projects were halted following its departure.

Zooming out

Despite the exit from Yemen, GSU is continuing to deploy capital in Africa and Asia, where it is expanding solar, wind, and hybrid assets. Most recently, it acquired a 51% stake in renewables platform 40Capital, gaining control of a pipeline of run-of-the-river hydropower projects in Kyrgyzstan. GSU also opened a 50 MW solar plant in Chad and inked an MoU with Madagascar to develop renewable projects.

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Orascom Construction shareholders approve OCI takeover, but the seller can’t sign yet

Orascom Construction shareholders gave its board the green light to proceed with the acquisition of OCI Global’s construction business, the ADX and EGX-listed company disclosed following a general assembly meeting (pdf) on Thursday. The only snag? The seller is currently barred by a Dutch court from signing on the dotted line.

Orascom Construction and OCI Global want to merge, creating what they’re billing as a “global infrastructure and investment platform.” The merged entity would have a USD 14 bn backlog and decades of experience managing projects across Egypt, the GCC, the United States, Europe, and emerging markets. The transaction would see Netherlands-listed OCI Global shareholders swap into Orascom Construction, after which OCI would be liquidated and delisted from the Euronext Amsterdam.

A show of readiness: Orascom Construction’s general assembly convened just three days after a Dutch court blocked OCI Global from voting on the merger on its own side. Here’s what shareholders agreed on:

98.01% of voting shares approved the potential transaction;
Shareholders authorized a capital increase to USD 207.4 mn, nearly doubling paid-in capital, to facilitate the share swap;
The board received approval to issue 0.4634 new Orascom Construction shares for every OCI share and to seek approval to list them on the ADX.

What it means: By pushing ahead with the vote, Orascom Construction has signaled that the transaction has effectively cleared every hurdle that matters in MENA. The vote came as shareholders of Orascom Construction and OCI Global look to combine the two businesses.

What’s next

The next move now lies entirely with OCI Global — or more precisely, with the two soon-to-be appointed independent directors, who the court ruling has granted the power to oversee and veto any merger.

Egyptian bn’aire Nassef Sawiris, who backs both Orascom Construction and OCI, could push to either rework the structure to satisfy the Dutch court — potentially through concessions such as a dual-listing or enhanced investor access — or abandon the current framework altogether. Until then, the long-planned merger looks effectively on hold.

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Headwinds are coming for banking and energy stocks, but the DFM and ADX could still have a good year

UAE equities are entering 2026 on firm footing — but global volatility, lower interest rates, and an expected oil surplus threaten to introduce new headwinds to heavyweight sectors that have in the past offered plenty of upside to investors. Energy and financial services equities could start dipping slightly amid a lower interest rate and volatile oil price environment, following a strong rally in 2025.

Still, with a positive macro backdrop and strong fundamentals underpinning equities, the outlook is positive for both the DFM and ADX, according to two separate reports from Marmore MENA Intelligence here (pdf) and here (pdf).

Along with strong earnings growth, attractive valuations, and robust fundamentals, the UAE was widely viewed as a “safe haven” market in 2025. As investors diversified their portfolios amid geopolitical uncertainties in the US, the UAE emerged as a “tariff-safe” option offering stable returns.

That safe haven standing might not be as straightforward this year, George Khoury, head of global research at CFI Financial Group Holding, told EnterpriseAM UAE. “While regional stability, regulation, and market development continue to support the UAE, much of the inflow-driven upside has already been captured.” This means that future returns will come more from selectivity than broad market exposure, he added.

Geopolitical issues and uncertainty from US President Donald Trump could impact risk sentiment, which could trickle down to UAE markets, Century Financial’s Chief Investment Officer Vijay Valecha said in an emailed note.

So what will drive inflows this year?

Much like last year, it’s most likely down to earnings growth, Marmore says, and the outlook there remains constructive. On the DFM, corporate earnings are expected to have grown around 15.8% in FY 2025, moderating slightly to 10% growth this year, according to Marmore. As for the ADX, earnings growth normalized to 3.2% in FY 2024 after a post-pandemic surge, but is set to re-accelerate to 13.2% in 2025 and settle at a more sustainable 9.4% in 2026.

Yes, but… the sectors driving growth might be changing

The banking engine is sputtering: With the Fed (and subsequently the CBUAE) expected to resume its rate-cutting cycle, net interest margins are compressing, despite an increase in lending. Financial services stocks on the DFM are expected to see earnings growth slow to just 1.3% this year, down from 11.1% last year, while ADX equities in the sector are expected to fare slightly better with 5% projected growth, though that’s down from a massive 33.4% forecast growth in 2025.

Energy will likely be a drag: Usually the heavy hitters, Abu Dhabi’s energy giants are potentially facing a contraction in earnings, with Marmore expecting a 1.4% y-o-y dip. Oil prices are expected to average around USD 55 / bbl in 2026 due to global oversupply, putting pressure on names like Adnoc Gas and Adnoc Distribution.

Still, the two sectors remain relevant mainly because of their defensive nature and income profile, Khoury said, explaining that UAE investors are generally more income-focused and less aggressive than investors in markets like the US, placing a higher value on dividends and lower volatility.

Real estate must carry the load: With banks nearly flat and energy down, the burden of growth falls squarely on real estate. The good news is that the real estate sector in both Dubai and Abu Dhabi has been benefiting from a years-long boom amid strong demand and population growth. The momentum is likely to continue to prop up earnings growth: in Dubai, the sector is projected to see earnings jump 20% this year, while in Abu Dhabi, the forecast is even more aggressive at 23.5% growth.

A large portion of the expected earnings growth in real estate is supported by real activity, Khoury tells us, noting that handovers are scheduled to accelerate from 1H 2026 through 2H 2027, and these should be followed by meaningful banknote inflows as payment schedules progress. “That said, headline earnings may still benefit from accounting effects, and growth beyond this handover cycle may not be as strong. This makes the timing and sustainability of earnings an important factor when assessing valuations,” Khoury said.

This is especially because real estate carries substantial weighting in both indices, and with limited alternatives of a similar scale, it would be difficult for other sectors to absorb a material disappointment in real estate, he added.

Real estate could also be impacted by volatility, and it’s not immune to a potential risk-off sentiment resulting from lower interest rates down the line, Valecha said, adding that utilities and infrastructure-linked stocks could also be affected.

The bottom line? “While real estate offers stronger growth potential, it also comes with higher volatility and execution risk,” Khoury noted, so selective exposure to real estate, along with banks and energy to stabilize portfolios, makes sense.

One thing that could drive more upside? Dividends

DFM offers a dividend yield of nearly 5.0%, providing a massive cushion against volatility, while the ADX offers a lower yet steady 3% yield, Marmore said. Meanwhile, valuations are still attractive. Price-to-earnings ratios are hovering below historical averages (15.5x for ADX and 10.5x for DFM).

“Recent performance has not been driven by excessive valuation re-rating,” Marmore Intelligence notes. This means that both Dubai and Abu Dhabi have benefited from “a blend of growth-oriented companies alongside relatively lower multiple stocks.”

The questions on everyone’s mind

With Saudi valuations looking cheaper, could we see more capital rotating to Riyadh in early 2026? “Short-term rotation toward Saudi Arabia is possible, especially after last year’s correction,” said Khoury, while sticking with the view that the UAE continues to hold structural advantages that support longer-term capital inflows. “These include the growth of crypto-related activity, the expansion of ETFs and investment funds, and the recent launch of the UAE treasury sukuk, all of which strengthen the UAE’s capital-market ecosystem and keep it attractive to both regional and international investors.”

The bottom line

If offered a fixed 5% return on banknotes today, would investors do better pouring that into UAE stocks? “Yes, but not without selectivity and volatility,” said Khoury. “Beating a [fixed] 5% return will not come from owning the market broadly. It will require careful stock selection, disciplined timing, and a balance between income-generating names and growth [prospects].”

(** Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

MGX’s exec on board of new TikTok JV + Mubadala CEO to lead WEF’s business council

David Scott, chief strategy and safety officer at MGX, has joined the board of TikTok’s spunout US unit, established with US and Chinese government approval to avoid a TikTok ban in the country, according to a press release. Scott will represent MGX on the board and oversee data privacy, cybersecurity, and algorithm governance.

Tiktok USDS? ByteDance, the Chinese owner of TikTok, recently said it was setting up a new JV with a revised, foreign-led ownership structure to avoid US President Donald Trump banning the app in the US. The new company will keep US users’ data secure and implement cybersecurity measures. ByteDance will hold a 19.9% share, and the remaining 80.1% is for US and international investors — with MGX, Oracle, and Silver Lake all set to each take a 15% holding. The JV will retrain and update its recommendation algorithm for US users.

The new board: We first caught wind of this last December, when it was announced that the new entity would be overseen by a seven-member, majority-American board. TikTok CEO Shou Chew is a director, along with Oracle executive VP Kenneth Glueck and Silver Lake co-CEO Egon Durban.

WEF appoints Mubadala CEO Khaldoon Al Mubarak as IBC chair: The World Economic Forum (WEF) tapped Mubadala chief Khaldoon Al Mubarak as chair of its International Business Council (IBC), state news agency Wam reports. Al Mubarak will serve a two-year term and the appointment marks the first time the role has been held by a regional figure.

The IBC is the WEF’s business leadership body, focusing on integrating private sector perspectives into international business policies.

In his role, Al Mubarak will chair discussions among more than 120 chief executives and chairpersons on global economic risk, long-term growth, and the private sector’s role in addressing systematic challenges such as the energy transition, technology governance, and geopolitical fragmentation.

Deep-pocketed customers and buoyant economy make UAE jewelry hub

The UAE is fast becoming a global growth engine for fine jewelry. The New York Times flags Abu Dhabi and the wider GCC as standout demand markets as the US and China cool — pointing to the USD 8.8 mn sale of a 31.68-carat diamond at a recent Sotheby’s auction in Abu Dhabi as a signal moment. “There’s definitely a big [window] there,” said Emma Paleschi, Sotheby’s global head of jewels, adding the emirate is “at the center of the growth we see for the coming years.” Abu Dhabi’s sovereign wealth fund took a minority stake in the UK-based auction house in 2024.

Zoom out: GCC luxury markets are forecast to grow about 6% annually to exceed USD 15 bn by 2027, according to Chalhoub Group’s Mo Shadman.

Why it’s holding up: “Favorable economic conditions, strong consumer confidence, and sustained investment in physical retail and tourism infrastructure, particularly in the UAE and Saudi Arabia,” are underpinning demand, Shadman said, reinforced by currency stability and inflows of high-spending tourists and residents.

Demand is skewing premium: Designers say Middle Eastern buyers are gravitating toward the very top end. Greek jeweler Nikos Koulis pointed to a “persistent desire for one-of-a-kind designs” in Dubai, adding, “they’re jewelry connoisseurs.”

Mubadala invests in AI again + Emirati real estate players enters Indonesia

Another AI play from Mubadala

Mubadala continues to ramp up its AI portfolio: Mubadala Investment’s MENA Venture Capital Fund led a pre-Series B funding round in Abu Dhabi-based startup Applied AI, alongside global VC firm Arbor Ventures, according to a press release. The funding will support the global expansion of its enterprise AI platform, Opus, built for mission-critical operations.

It’s all part of a bigger plan: Mubadala recently said it is looking to ramp up its investments in AI and robotics, with the fund focusing on prospects involving both sectors as well as their application in industry and manufacturing. The sovereign entity was the top state-owned AI spender in 2025, with around USD 4.9 bn invested.

Ayedh Dejem Group invests in Indonesia

UAE real estate developer digs into Indonesia’s new capital with USD 238 mn project: Dubai-based real estate developer Ayedh Dejem entered Indonesia’s smart urban development market with a planned USD 238 mn mixed-use project in the country’s new capital Nusantara (IKN), Reuters reports. The development will include a shopping center, an office complex, a commercial area, and prayer spaces. Construction is slated to start in mid-2027.

The details: The group inked a non-disclosure agreement with the IKN authority last May to develop a 10-hectare mixed-use project, according to a post on LinkedIn and a separate press release. The group’s CEO Zed Ayesh said the project will be carried out in phases and that Aydeh committed to an additional four-hectare land purchase.

About Ayedh Dejem: The group is a privately held diversified business initially established in Saudi Arabia and now headquartered in Dubai. It operates in the UAE, Saudi Arabia, Egypt, Turkey, and the UK.

Mining stocks are winning as AI boosts demand for metals

Mining stocks are riding the AI wave to new heights: The MSCI Metals and Mining Index has notched a nearly 90% gain since the start of 2025, significantly outperforming semiconductors, global banks, and the Magnificent Seven. Demand for metals is increasingly decoupling from traditional economic cycles, driven instead by the boom in AI, EVs and robotics, according to Bloomberg.

Copper leads the charge: Copper has increased 50% over the same period, while analysts are also bullish on aluminum, silver, nickel, and platinum. Copper is increasingly viewed as a strategic asset, with JP Morgan forecasting a refined copper deficit of roughly 330k tons in 2026.

Gold and silver mirrored the bullish trend, benefiting from safe-haven demand amid geopolitical fragmentation and US fiscal policy concerns. Gold reached an all-time high of USD 4.9k per ounce last week, with Goldman Sachs raising its end-2026 forecast to USD 5.4k per ounce. Silver also breached the USD 100 per ounce mark a few days ago as private-sector buyers and emerging-market central banks diversify away from traditional reserve assets.

The high demand changed the reputation of mining stocks from a “boring defensive sleeve” to an “essential portfolio anchor,” Pepperstone Group’s research strategist Dilin Wu told Bloomberg.

The sector remains fundamentally undervalued even now, with the Stoxx 600 Basic Resources index trading at a 20% discount to its long-term forward price-to-book ratio, Bloomberg says. This valuation gap has triggered a “buy over build” trend among industry giants, Morgan Stanley analysts told the business information service, with major transactions, including Anglo American’s acquisition of Teck Resources and a potential Rio Tinto-Glencore merger.

Looking ahead: For 2026, the sector’s momentum will likely be dictated by the gigawatt ceiling — the physical capacity of power grids to handle the AI and energy transition build-out. While downside risks remain from potential economic surprises in China or selling pressure in precious metals, the structural demand from semiconductors and data centers makes it likely that mining stocks will remain the primary market darlings for the foreseeable future.

MARKETS THIS MORNING-

It’s looking like a turbulent week for markets as investors brace for the Federal Reserve’s interest rate decision later this week and a wave of Big Tech earnings. Asia-Pacific markets are a sea of red this morning, with the Nikkei in the lead after the JPY saw significant gains after the government said it would take steps against speculative moves. It’s more or less the same for US stocks, which are set to open in the red.

ADX	10,286	-0.2% (YTD: +2.9%)
DFM	6,484	-0.2% (YTD: +7.2%)
Nasdaq Dubai UAE20	5,193	-0.3% (YTD: +6.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.5% o/n	3.7% 1 yr
TASI	11,268	+1.2% (YTD: 7.4%)
EGX30	46,858	+0.9% (YTD: +12.0%)
S&P 500	6,916	0.0% (YTD: +1.0%)
FTSE 100	10,143	-0.1% (YTD: +2.1%)
Euro Stoxx 50	5,948	-0.1% (YTD: +2.7%)
Brent crude	USD 65.88	+2.8%
Natural gas (Nymex)	USD 5.28	+4.6%
Gold	USD 5,017	+1.4%
BTC	USD 86,810	-2.9% (YTD: -0.8%)
Chimera JP Morgan UAE Bond UCITS ETF	USD 3.74	-0.5% (YTD: -0.3%)
S&P MENA bond & sukuk	151.61	+0.2% (YTD: -0.2%)
VIX (Fear gauge)	16.09	+2.9% (YTD: +7.6%)

THE CLOSING BELL-

The ADX fell 0.2% on Friday on turnover of AED 1.2 bn. The index is up 2.9% YTD.

In the green: Ins. House (+5.2%), Commercial Bank International (+3.8%), and Agility Global (+3.1%).

In the red: E7 Group PJSC Warrants (-7.0%), Hayah Ins. Company (-4.9%), and Sharjah Islamic Bank (-2.9%).

Over on the DFM, the index fell 0.2% on turnover of AED 532.7 mn. Meanwhile, Nasdaq Dubai was down 0.3%.

CALENDAR

JANUARY

26-30 January (Monday-Friday): Gulfood, Dubai Exhibition Center and Dubai World Trade Center.

28-29 January (Wednesday-Thursday): IBA Arbitration Day Conference, Abu Dhabi.

28-30 January (Wednesday-Friday): World Customs Organization Technology Conference, Adnec Center, Abu Dhabi.

31 January – 7 February (Saturday-Saturday): Mubadala Abu Dhabi Open, International Tennis Center, Zayed Sports City.

FEBRUARY

Signposted to happen sometime this month: Investopia, Lagos, Nigeria.

3-5 February (Tuesday-Thursday): The World Governments Summit, Dubai.

4 February (Wednesday): Ministerial dialogue for Pax Silica members, Washington, DC.

4 February (Wednesday): Investors Summit, ADGM, Abu Dhabi.

4-5 February (Wednesday-Thursday): PropTech Connect Middle East, Grand Hyatt Dubai.

4-5 February (Wednesday-Thursday): MRO Middle East, Dubai World Trade Center, Dubai.

4-6 February (Wednesday-Friday): Arab Actuarial Conference, Millennium Plaza Downtown Hotel, Dubai.

11 February (Wednesday): Family Office Summit, Park Hyatt Dubai, Dubai.

12-15 February (Thursday-Sunday): The Society for Incentive Travel Excellence Global Conference, Abu Dhabi.

9-12 February (Monday-Friday): World Health Expo (WHX), Dubai.

10-11 February (Tuesday-Wednesday): Top Advisors and Investors Summit, Abu Dhabi.

MARCH

31 March – 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.

26-28 March (Thursday-Saturday): Social Capital Conference, Dubai.

28-29 March (Saturday-Sunday): Emirates International Congress on AI & Visionary Leadership in Transforming Healthcare, Adnec Center Abu Dhabi.

30 March – 2 April (Monday-Thursday): IAAPA Middle East Exhibition and Conference, Adnec Center, Abu Dhabi.

APRIL

7-9 April (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.

13-15 April (Monday-Wednesday): AIM Congress, Dubai World Trade Center.

13-15 April (Monday-Wednesday): The International Glass Manufacturing Show, Dubai.

14-16 April: (Tuesday-Thursday): the International Property Show, Sheikh Zayed Rd, Dubai.

21-23 April (Tuesday-Thursday): UITP Public Transport Summit, Dubai.

MAY

11-15 May (Monday-Friday): Dubai Future Finance Week, Dubai.

11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center.

19-20 May (Tuesday-Wednesday): Capital Market Summit, Madinat Jumeirah, Dubai.

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

JUNE

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

JULY

31 July (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

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

DECEMBER

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

Signposted to happen in 2026:

The UAE to host the Arab Competition Forum;
Investopia Global Talks, Tashkent.

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;
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;
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 2029:

Sibos 2029 organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Dubai;
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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