Mubadala is big on Bitcoin

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WHAT WE’RE TRACKING TODAY

THIS MORNING: New visa rules for Indian nationals + Dubai Smart Rental Index makes 90-day notice period for rent hikes a requirement

Good morning, lovely people, and welcome to the start of a new workweek. We have a brisk issue for you this morning after a whirlwind of a week last week, though we don’t expect this to last too long as we kick off a diplomacy- and event-heavy week.

SPEAKING OF- Brace yourselves for a week of intense traffic as the world’s biggest food show returns to Dubai, while two major defense exhibitions hit Abu Dhabi.

ALSO- We’ll be at the Saudi Tadawul Group’s Capital Markets Forum in Riyadh from Tuesday to Thursday. If you’re going to be there too, drop us a line at awahid@enterprisemea.com — we’d love to grab a coffee and chat about the latest in the industry.

THE BIG STORIES OF THE DAY include news that Mubadala is now a major holder of BTC ETF shares, with a USD 437 mn stake in BlackRock’s iShares Bitcoin Trust (IBIT) ETF. Also: Adnoc Drilling plans to refinance some USD 1 bn in debt this year.

PLUS: The Dubai Financial Market rose to its highest level in 11 years on Friday as it extended gains from Thursday as stocks rallied on the back of a strong batch of earnings. Salik was among the biggest risers, rallying 3.4%, while Air Arabia’s shares rallied 4.4% after the two companies reported their 2024 earnings. We have coverage of their earnings — and more — in the news well, below.

?️WEATHER- We are in for a cloudy and possibly rainy few days — at least until Tuesday, despite an increase in temperatures, the National Center of Meteorology forecasts (pdf). Expect some rain to hit Dubai today, though temperatures will hit an unseasonably warm 30°C during the day, with an overnight low of 20°C, while Abu Dhabi is expected to see highs of 25°C and an overnight low of 21°C.

PSAs-

#1- Indian nationals with a valid visa, residence permit, or green card from select countries can now obtain a visa-on-arrival, state news agency Wam reports. The new rules, effective from last Thursday, apply to those with documentation from Singapore, Japan, South Korea, Australia, New Zealand, or Canada, along with a passport valid for at least six months. This is in addition to previously eligible documentation from the US, UK, and the European Union.

#2- Rolling road closures will take place in Madinat Zayed, Al Dhafra, today as the UAE Tour cycling event begins, according to a statement. Closures will run from 12:50pm to 4:30pm, with Sheikha Salama Bint Butti Road closing first, followed by sections near Liwa Palace and Liwa Hospital. The race will complete two round laps around Tal Moreeb before finishing in Liwa. The UAE Tour runs until Sunday, 23 February, covering 1k km across seven stages.

HAPPENING TODAY-

#1- Ukrainian President Volodymyr Zelenskiy arrived in the UAE yesterday ahead of planned talks between Russian and US officials in Saudi Arabia, the president said on X. The goal from the visit to the UAE includes “[bringing] even more of our people home from captivity, as well as investment and economic partnership [and] a large humanitarian program,” he said.

Background: The UAE is a key mediator between Russia and Ukraine during the war, facilitating several prisoner exchanges for the countries since the war began. The UAE was also rumored as a potential venue for a peace summit between Kyiv and Moscow that could potentially see the attendance of both Zelenskiy and Putin, though this has yet to be confirmed.

#2- Gulfood is back: The world’s largest annual food and beverage event, Gulfood, kicks off today and runs until Friday, 21 February at the Dubai World Center. The event brings together over 5k exhibitors with some 1 mn food to source, with this year’s event focusing on sustainability and food security.

#3- The International Defence Exhibition (Idex) and Naval Defence and Maritime Security Exhibition (Navdex) return to the Abu Dhabi Exhibition Center today and until Friday, 21 February. The events will see policymakers, contractors and OEMs descend on the capital, with the events including roundtable discussions and a Navdex startup zone. Manufacturers like Calidus are set to ink supply and manufacturing agreements at the event, Wam reports.

HAPPENING THIS WEEK-

#1- US State Secretary Marco Rubio is set to make a stop in the UAE as part of a wider Middle East tour, which also includes Saudi Arabia, with the focus being advancing the second phase of the Gaza ceasefire, discussing Iran and addressing Hamas’ US hostages, according to a statement. The tour kicked off yesterday in Israel, the Associated Press reports.

REMEMBER- Rubio’s Middle East tour comes as Arab leaders push back against US President Donald Trump’s proposal to relocate Gaza’s Palestinian population and redevelop the territory under US ownership. Rubio is expected to face diplomatic resistance in the UAE and Saudi Arabia, both of which have publicly opposed forced displacement.

WATCH THIS SPACE-

EGA eyes Indonesia’s clean energy sector: Emirates Global Aluminium (EGA) is set to explore alternative clean energy developments in Indonesia, the country’s Economic Affairs Ministry said in a statement.

ICYMI- Last week, EGA denied reports that it plans to build a 5 GW nuclear plant in North Sumatra to enhance aluminium smelting capacity, confirming instead that it is interested in exploring other clean energy developments in Indonesia.

#2- Update to Dubai smart rental index implements notice period for rent hikes: The Dubai Land Department’s AI-driven Smart Rent Index has introduced stricter rules for rent increases, aiming to curb inflation and stabilize rental prices, according to the Dubai Media Office. Under the new system, landlords must notify tenants of rent hikes at least 90 days before lease expiration, and the increase is subject to approval by the Smart Rent Index. If the 90-day notice is missed, no increase will be allowed even if the property is deemed eligible. Contracts renewed in 2025 will adhere to the new mechanism, while contracts renewed before 2025 are exempt.

REFRESHER- Dubai launched its smart rental index last month, using AI and big data analytics to deliver real-time insights into rental trends and valuations, with plans to expand it to commercial properties. Abu Dhabi also rolled out its rental index last year and plans to update it quarterly, while Sharjah said it was exploring its own index during the Acres real estate exhibition in January.

#3- AOI in talks with UAE investors for new factories: The Arab Organisation for Industrialization is negotiating with Emirati investors to establish three factories focused on defense and civilian industries, Chairman Mukhtar Abdel Latif told state news agency Wam.

The proposed projects include a tire manufacturing plant, a facility producing MDF wood from palm fronds, and an advanced defense industry factory.

#4- Cheyne Capital to double down on UAE equities: British asset manager Cheyne Capital is ramping up its UAE equity exposure, fund manager Carl Tohme told Bloomberg. Tohme cited “continuing reforms, growing population, no FX risk, visible earnings for some companies, and attractive dividend yields” as key advantages in an era of global market uncertainty. Tohme also emphasized the UAE’s currency peg to the USD as a key factor (and its ability to maintain it), providing stability for local equity gains compared to other emerging markets prone to currency fluctuations.

Cheyne’s EMEA hedge fund delivered a 13.1% return last year, doubling the MSCI regional benchmark, riding a USD 73 bn stock-market rally driven by economic growth and government support. Tohme highlighted Salik and Emaar Properties as top performers and remains bullish on Adnoc Gas and Aldar Properties, citing the UAE’s expanding population and sustained economic momentum.

#5- Dana Gas is set to restart energy exploration in Egypt after receiving some of its outstanding dues from the government, two unnamed sources told Asharq Business. The Emirati energy giant will begin exploration in March under a previously announced USD 100 mn program inked with the Egyptian General Petroleum Corporation. The investment includes the drilling of 11 new wells, and is expected to add 80 bn cubic feet of gas reserves.

Outstanding arrears have long been a sticking point for Dana Gas, with the company announcing in November that is putting on hold its USD 100 mn project to develop production until it receives USD 24 mn out of a total USD 59 mn of outstanding dues owed by the government. The company received USD 20 mn in December, according to Asharq Business’ sources.

DATA POINTS-

#1- The global ESG sukuk market surpassed USD 50 bn in 2024, with Saudi Arabia, Malaysia, and Indonesia accounting for 67% of the total, Zawya reported, citing data from the London Stock Exchange. ESG sukuk issuances grew 14.5% y-o-y to USD 15.2 bn last year, accounting for 1.8% of total ESG bonds and 6.2% of total sukuk issuances. Sustainability sukuk nearly doubled during the year, comprising 69% of all ESG sukuk.

Financial institutions issued 55% of ESG sukuk in 2024, with 93% coming from GCC-based banks. Two Emirati banks were among the top 10 issuers of ESG sukuk in 2024: Dubai Islamic Bank (USD 1 bn) and Emirates Islamic Bank (USD 750 mn).

#2- UAE warehouse rents are projected to rise between 5-10% in 2025 amid supply chain constraints, director of logistics and industrial assets fund Manrre REIT Kunal Lahori told Zawya Projects. The rise in rent prices comes on the heels of heightened demand from local and global logistics giants, manufacturing companies, and e-commerce firms, and increasing demand for Jebel Ali’s 40 mn sq ft warehouses. While supply chain constraints remain an issue due to a shortage in warehouses and industrial land, Lahori forecasts an improvement in supply for warehouse facilities within 12 to 18 months with stabilized rent growth rate at 10%.

REMEMBER- Warehouse facilities in the UAE witnessed robust demand back in 2023, with the UAE recording a 98% warehouse occupancy rate in most Light Industrial Units (LIU).

THE BIG STORY ABROAD-

It’s an unusually calm morning in the international press, while regional and international leaders anticipate the ramifications of the new US administration’s approach to Gaza, Ukraine and the international economy.

US Secretary of State Marco Rubio started his Middle East tour in Israel, where he stood next to Prime Minister Netanyahu to affirm their shared goals of “eradicating” Hamas and preventing the emergence of a nuclear Iran. Netanyahu called US President Donald Trump’s forcible displacement plan “the only viable plan to enable a different future.” Rubio will head next to Saudi Arabia and the UAE. (AP | CNN)

MEANWHILE- Top EU leaders are gathering in Paris today to discuss a unified response to the US’ unilateral rapprochement with Russia and the future of European defense. It remains unclear whether EU or Ukrainian representatives will be included in anticipated US-Russia negotiations to end the war in Ukraine. (FT | AP | BBC)

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Mubadala emerges as major Bitcoin ETF holder

Abu Dhabi sovereign wealth fund Mubadala picked up a USD 437 mn stake in BlackRock’s iShares Bitcoin Trust (IBIT) ETF, CoinDesk reports, citing a 13F filing to the US Securities and Exchange Commission (SEC). Mubadala now holds 8.23 mn shares of IBIT — making it the seventh largest holder of shares in the ETF, Bloomberg Analyst James Seyffart said on X.

What we know: The disclosure — which was published on Friday — reflects data as of 31 December 2024, indicating that Mubadala acquired the stake some time last year — sometime between the previous reporting period (October 2024) and this one.

An institutional vote of confidence: The investment marks a significant institutional endorsement of spot Bitcoin ETFs, which have become a major entry point for traditional investors into the crypto market. It also reflects Abu Dhabi’s growing appetite for digital assets and crypto-linked investments.

Is the bulge bracket warming to BTC? Mubadala’s move follows a trend in institutional adoption of crypto-related products, with banking heavyweights Barclays, Goldman Sachs and JP Morgan also raking up Bitcoin ETF holdings in recent months.

Adnoc Drilling looks to raise USD 1 bn to refinance debt, drive expansion

Abu Dhabi National Oil Company (Adnoc) Drilling plans to raise USD 1 bn in financing this year to refinance maturing debt, support expansion, and fund dividends, CFO Youssef Salem told Bloomberg (watch, runtime: 4:11). The company has USD 750 mn in debt due in 4Q 2025, Salem said later at a press briefing, Bloomberg reports, with plans for “refinancing and up-sizing to fund our growth,” he added.

We knew refinancing was on the cards for Adnoc Drilling this year: Salem previously said that the company aimed to refinance USD 2 bn in term debt in 4Q 2025 through a global syndicate of lenders, including European, American, Japanese, Middle Eastern, and Chinese lenders. The CFO also said that the firm plans to invest some USD 750 mn in oilfield services technology acquisitions through Enersol, Adnoc Drilling’s JV with Alpha Dhabi, while distributing USD 5 bn in dividends over the next five years — equivalent to 20% of its market cap.

Adnoc Drilling will fund about half of its planned acquisition spree, with joint venture partners covering the rest. Salem confirmed that the company has strong debt-raising capacity and can leverage cash flows for acquisitions. This year, it aims to acquire two drilling technology companies worth at least USD 700 mn as part of a broader strategy to enhance efficiency through technology and AI, the business information service reports.

ICYMI- Acquisitions were a key pillar of Adnoc Drilling’s 2024 strategy. Last year, its JV Enersol acquired stakes in four firms, including NTS Amega, Gordon Technologies, Deep Well Services, and EV Holdings.

Regional expansion is also on the horizon: Adnoc Drilling could also explore acquisitions of rigs or drilling businesses in Kuwait and Oman, after being pre-qualified for operations in both markets. Drilling in these countries is set to begin this year, Salem said.

OTHER DEBT NEWS-

Bank of Sharjah leads USD 155 mn loan for Daewoo E&C: The Bank of Sharjah served as mandated lead arranger and bookrunner for a USD 155 mn, three-year club loan facility for South Korean firm Daewoo Engineering & Construction Co, along with regional banks, state news agency Wam reports. The facility will support Daewoo’s working capital and global project pipeline.

More earnings roll in…

AD PORTS-

Abu Dhabi state-owned port operator AD Ports Group saw an increase of 73% y-o-y in net income in 4Q 2024 to record AED 494 mn, according to a preliminary earnings release (pdf). Net income was supported by a AED 195 mn dividend from the c.10% stake in NMDC, partly offset by deferred income and end-of-year provisions. The company’s revenues rose 28% y-o-y to AED 4.6 bn for the same period.

In FY2024, AD Ports’ bottom line grew 31% y-o-y to AED 1.8 bn, while overall revenues jumped 48% y-o-y to AED 17.3 bn. The strong returns were driven by solid double-digit growth in the company’s five business segments — logistics, ports, maritime & shipping, economic cities and free zones, and digital. It also cited contributions from recent mergers and acquisitions, including Dubai-based Global Feeder Shipping (GFS), Karachi Multipurpose Terminal, Dubai Technologies, TTEK, Noatum & KGTL.

Raising the stakes globally: AD Ports undertook a number of acquisitions in 2024, acquiring 100% of APM Terminals Castellón, obtained 81% ownership in a JV set to run Angola’s Luanda Multiport Terminal, and secured a majority stake in Egypt’s Safina and Tbilisi Dry Port.

EMPOWER-

EmiratesCentral Cooling Systems Corporation (Empower) reported a 5.6% y-o-y increase in revenues, reaching AED 809 mn in 4Q 2024, according to its earnings release (pdf).

For the full year, net income declined 5.4% y-o-y to AED 908.2 mn, while revenues rose 7.4% to AED 3.3 bn, according to the company's financial statements (pdf). Empower attributed the growth to portfolio expansion and an increase in end-users.

TABREED-

District cooling firm Tabreed’s net income rose 32% y-o-y to AED 570.2 mn in 2024, according to its financial statements (pdf). Tabreed’s revenues remained relatively flat in 2024 at AED 2.4 bn, up 0.7% y-o-y from the previous year. Installed capacity reached 1.3 mn RT with 23.8k new RT customer connections in the UAE, India, Egypt, and Oman, according to a separate earnings release. Consumption volumes increased 5% y-o-y.

Dividends: The board has proposed full-year dividend payouts of 15.5 fils per share, matching the record set in 2024, the firm said.

SALIK-

Salik records AED 1.2 bn in profits: Toll gate operator Salik saw its bottom line increase by 6.1% to reach AED 1.2 bn at the end of FY 2024, according to its preliminary financial results (pdf). Salik’s revenues stood at AED 2.3 bn, up 8.7% y-o-y in 2023.

Behind the results: Increased toll usage and the establishment of two new gates boosted revenue generating trips by 8% and drove the revenue growth, while a reduction in concession fees imposed by the Roads and Transportation Authority in April buoyed its bottom line.

AIR ARABIA-

Air Arabia saw its bottom line rise 56% y-o-y to AED 351 mn in 4Q 2024 on the back of an increase in passenger numbers, according to an earnings release (pdf). The cost-friendly carrier reported a 7% y-o-y increase in revenues to AED 1.7 bn.

On an annual basis, Air Arabia saw its net income decline 5.1% y-o-y to AED 1.5 bn in 2024, according to the company's financial statements (pdf). The carrier saw its topline rise 11% y-o-y to AED 6.6 bn. The carrier attributed the growth to increased operating capacity, the launch of new routes, and continued network expansion.

Air Arabia's board of directors proposed a dividend distribution of 25% of share capital, which is equivalent to 25 fils per share. The dividends are still subject to approval by Air Arabia's shareholders at the upcoming Annual General Meeting.

JULPHAR-

Gulf Pharma Industries (Julphar) turned to the black in 2024 with a net income of AED 40.5 mn, compared to a net loss of AED 98.5 mn in 2023, according to the company’s preliminary financials (pdf). Julphar’s net operating income amounted to AED 79.7 mn last year, compared to a net operating loss of AED 19.5 mn in 2023.

SALAMA-

Ins. provider Salama turned to the black in 2024, reporting a net income of AED 24.6 mn, after a net loss of AED 139.3 mn in 2023, according to the company’s preliminary financials (pdf). The firm’s revenues decreased 5.8% y-o-y to AED 1 bn during the year.

WATANIA INTERNATIONAL HOLDING-

WataniaInternational Holding’s net income rose 10.1% y-o-y to AED 14.6 mn in FY 2024, according to its preliminary financial results (pdf). Takaful revenues were down, however, dipping 8.9% to AED 869.6 mn.

UNITED FOODS COMPANY-

UnitedFoods Company saw a 0.6% y-o-y increase in its net income in 2024 to AED 30.8 mn, according to its financial statements (pdf). Meanwhile, the company’s revenues saw a 2.1% increase, reaching AED 577.2 mn. The company recorded AED 601.7 mn in sales for 2024, a 2.1% y-o-y increase.

The company proposed AED 30.2 mn in dividends for the year, equivalent to 100% of its paid-up capital.

GULF CEMENT-

Gulf Cement narrowed its net losses in 2024 to AED 41.5 mn, compared to AED 51.6 mn in 2023, according to its preliminary financials (pdf). The firm’s net operating loss also declined to AED 34.4 mn last year, compared to AED 50.1 mn in 2023. Gulf Cement’s revenue rose 3.9% y-o-y to AED 480.8 mn in 2024.

WAHA CAPITAL-

Waha Capital saw its net income decline by 17.2% y-o-y to AED 679.4 mn in 2024, according to the company’s financials (pdf). The firm’s net operating income fell by 3.8% y-o-y to AED 1.2 bn last year. Waha Investment’s total third-party assets under management grew 25% to AED 6.9 bn during the year, according to its earnings release (pdf).

Dividends: The company’s board of directors proposed a 10 fils per share dividend for 2024, pending shareholder approval during the annual general meeting, representing a robust 5.7% yield.

GFH FINANCIAL GROUP-

GFH Financial Group saw its net income attributable to shareholders rise 15.2% y-o-y to USD 118.5 mn in 2024, according to the company's financial statements (pdf). The group reported a 39.9% y-o-y growth in revenue to USD 675.8 mn.

GFH’s board recommended an increase in the proposed cash dividend from 5.50% to 6.20% on par value subject to the general assembly’s approval, according to a separate earnings release (pdf).

FIDELITY UNITED-

Fidelity United reported a net loss of AED 66.2 mn, down from a loss of AED 17.4 mn according to an earnings release (pdf). The ins. provider saw its revenues rise 7.2% y-o-y to AED 607 mn.

IHC’s 2PointZero acquires EHC stake

M&A-

ADX-listed IHC restructures its energy infrastructure units: IHC subsidiary and smart city solutions provider 2PointZero acquired a “significant stake” in Abu Dhabi energy distributor Enterprise Holding Investment (EHC), according to a joint statement. This is a related party transaction given that EHC is also a unit of IHC, and comes in a bid to boost 2PointZero’s energy platform, EPointZero.

What’s next? Under the acquisition, 2PointZero will roll out advanced smart grid technologies, AI-powered analytics, and advanced monitoring systems to boost energy distribution efficiency across the country.

REAL ESTATE-

#1- Emaar to invest AED 7.3 bn in Egypt’s residential development New Mivida: Emaar Properties’ Egyptian arm Emaar Misr Properties partnered with Midar Investment to set up the EGP 100 bn (AED 7.3 bn) New Mivida residential project in New Cairo, according to a statement (pdf). The project will include 2.9k apartments and villas, a school, and a sports club. Emaar has already invested an initial USD 80 mn in the project, founder Mohamed Ali Alabbar told Asharq Business. Midar is expected to complete construction on half of the project within three years, CEO Ayman Elkousey said.

#2- Reportage to invest AED 1 bn in Pakistan: Reportage Properties’ Pakistani arm Reportage Properties Pakistan has partnered with Ruda and CBD to invest AED 1 bn in Pakistan’s real estate sector, according to an announcement. This partnership will focus on developing towers and townhouses in Lahore, Islamabad, and Karachi. The first project under this agreement will be the residential Reportage Skyline Towers in Lahore, which will be launched on 22 February, ProPakistani reports.

#3- Dugasta Properties has launched four Dubai residential projects valued at over AED 1 bn — Teraa Tower, Moonsa 2, Al Haseen-3, and Al Haseen-4 — according to a press release.

AGRICULTURE-

Al Dahra to develop 200k acres of farmland in Kenya: ADQ-backed agribusiness Al Dahra Agriculture inked an MoU with the Kenyan government to operate and manage up to 200k acres of irrigated farmland in Galana Kulalu under a usufruct agreement, according to Kenya’s National Irrigation Authority. The project, valued at USD 800 mn, will be implemented in multiple phases over the next decade following technical studies and infrastructure development, Al Bayan reports.

The goal: The initiative, part of the Kenya-UAE Comprehensive Economic Partnership Agreement (pdf), aims to boost Kenya’s local food production by cultivating major crops, reducing reliance on imports, and supporting sustainable agricultural practices.

REFRESHER- Dahra began negotiations on this agreement with the Kenyan government last December.

TECH-

Presight to develop USD 190 mn AI smart city in Astana, Kazakhstan: AI-powered data analytics company Presight AI Holding inked a USD 190 mn, six-year agreement with Astana’s municipal government (Akimat) to develop an AI-powered smart city, it said in an ADX disclosure (pdf). The project will digitize urban infrastructure, boost traffic management, and modernize public services using sensors and IoT technology to create a digital twin of the city. Expected benefits include reduced congestion, faster emergency response, and improved livability and safety.

HEALTHCARE-

Abu Dhabi’s Malaffi + Latvia partner on healthcare digitalization: Abu Dhabi Health Information Exchange (Malaffi) inked a partnership with Latvia’s Health Ministry to facilitate exchange of digital healthcare and medical knowledge, Wam reports. The agreement focuses on integrating AI and other advanced technologies into the healthcare system.

AVIATION-

Etihad Airways is flying to Sochi: ADQ’s Etihad Airways is launching three weekly flights between Zayed International Airport (AUH) and Sochi International Airport (AER) next summer, according to a p ress release.

Trump’s reciprocal tariff drive is throwing international firms for a loop

US President Donald Trump’s push for reciprocal tariffs has sent businesses scrambling to assess the fallout on supply chains and costs, The New York Times writes. While Trump argues the policy is about fairness — matching tariffs imposed on US exports with equivalent duties on imports — it is also a harbinger of significant uncertainty for businesses and policymakers alike.

Where Trump’s tariffs stand so far: Trump has already imposed a 10% tariff on USD 450 bn worth of Chinese goods and 25% tariffs on steel and aluminum imports and vowed to impose reciprocal tariffs matching those imposed by other US trade partners. He has also threatened to impose 25% tariffs on US imports from Mexico and Canada, with the measures on hold until 1 March as the neighboring countries continue to negotiate over border security.

Sidelining the WTO: Trump’s reciprocal tariff policy is not just a shift in trade policy — it’s a fundamental challenge to the World Trade Organization’s (WTO) role in global trade governance. For decades, the WTO has facilitated trade through multilateral agreements, ensuring that all member nations receive equal tariff treatment. Trump’s approach upends this system, pushing for country-to-country negotiations instead. The shift could have far-reaching consequences, as it erodes the global rules-based trading order and replaces it with a fragmented system of one-on-one trade deals based on direct negotiations.

It also introduces more uncertainty for multinational companies, which must now navigate a patchwork of differing tariff agreements instead of a standardized global framework. “For every widget, every tariff classification, you can have 150 different duty rates,” said law firm Sidley Austin’s Ted Murphy. It is bound to expose businesses to increased compliance costs and introduce uncertainty into global supply chains.

Businesses brace for the fallout: Trump’s latest tariff frenzy has forced international companies to rethink supply chains and investment strategies. Retailers like Walmart have already shifted sourcing from China to India and Mexico, while Columbia Sportswear and MedSource Labs have been exploring factory sites in Central America. However, Trump has now put those regions on notice as well.

The automotive sector is particularly vulnerable, as more than a quarter of US imports are components and raw materials essential for manufacturing. This means that higher tariffs could make American production more expensive, undermining domestic job creation rather than supporting it in direct contradiction to Trump’s stated rationale for the tariffs. “A 25% tariff across the Mexico and Canadian border will blow a hole in the US industry that we have never seen,” Ford CEO Jim Farley warned last week.

A strategy or a high-stakes gamble? While many see Trump’s tariff threats as a blunt protectionist measure, some analysts believe they could serve as a negotiation tactic. “There are a lot of ways this can go very badly for us… But if he can get other countries to open up their markets, there is a narrow path where this could end up promoting trade,” said former US Treasury official Christine McDaniel.

The unpredictability of Trump’s trade moves is leaving businesses and investors in limbo. “We take Trump seriously, but not necessarily literally,” said trade lawyer Ted Murphy. “He talks in broad strokes, but we have to watch what actually emerges.”

MARKETS THIS MORNING-

Asian markets are mostly in the green in early trading this morning, with Japan’s Nikkei looking at gains of 0.1%, the Hang Seng up 0.2%, and the Kospi up 0.8%.

ADX	9,626	-0.3% (YTD: +2.2%)
DFM	5,362	+0.8% (YTD: +3.9%)
Nasdaq Dubai UAE20	4,429	-0.4% (YTD: +6.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	4.4% 1 yr
TASI	12,372	-0.1% (YTD: +2.8%)
EGX30	30,444	+1.5% (YTD: +2.4%)
S&P 500	6,115	0.0% (YTD: +4.0%)
FTSE 100	8,732	-0.4% (YTD: +6.8%)
Euro Stoxx 50	5,493	-0.1% (YTD: +12.2%)
Brent crude	USD 74.74	-0.4%
Natural gas (Nymex)	USD 3.73	+2.7%
Gold	USD 2,901	-1.5%
BTC	USD 96,307	-1.3% (YTD: +2.9%)

THE CLOSING BELL-

The DFM rose 0.8% on Friday on turnover of AED 680.3 mn. The index is up 3.9% YTD.

In the green: Air Arabia (+4.4%), Shuaa Capital (+3.8%) and Emaar Development (+3.7%).

In the red: International Financial Advisors (-8.8%), National Cement Company (-6.8%) and Emirates Investment Bank (-6.3%).

Over on the ADX, the index closed down 0.3% on turnover of AED 893.7 mn. Meanwhile Nasdaq Dubai closed down 0.4%.

UAE signs agreements to boost, protect investments with Sri Lanka, Eswatini + financial cooperation with KSA

UAE signs agreements with KSA, Eswatini, Sri Lanka: The UAE inked a financial cooperation agreement with Saudi Arabia and two investment protection and promotion agreements with Eswatini and Sri Lanka during the World Governments Summit, according to a press release. The UAE-Saudi MoU focuses on policy exchange, governance improvements, and financial data transparency, reinforcing economic integration between the two nations. Meanwhile, the investment agreements aim to strengthen economic ties between UAE, Eswatini, and Sri Lanka by ensuring stable, investor-friendly environments.

The UAE also inked agreements with Kyrgyzstan and Barbados under its public administration modernization program during the World Governments Summit, according to a UAE Media Office statement.

ALSO- UAE and Russia talk cooperation: Vice President, Deputy Prime Minister, and Chairman of the Presidential Court Sheikh Mansour bin Zayed Al Nahyan met with First Deputy Prime Minister of the Russian Federation Denis Manturov to discuss strengthening UAE-Russia relations across various sectors, state news agency Wam reports.

CALENDAR

FEBRUARY

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

8-20 February (Saturday-Thursday): Dubai Games 2025, Dubai.

16 February-1 March (Sunday-Saturday): Dubai Dutyfree Tennis Championships, Dubai Dutyfree Tennis Stadium in Al Garhoud.

17-21 February (Monday-Friday): International Defence Exhibition (IDEX) in Abu Dhabi National Exhibition Center.

17-21 February (Monday-Friday): Naval Defence Exhibition (NAVDEX) in Abu Dhabi National Exhibition Center.

17-22 February (Monday-Saturday): Gulfood, Dubai World Trade Center.

19 February (Wednesday): Invest UAE seminar, V Hotel Dubai.

19-20 February (Wednesday-Thursday): The International Conference on Reprographic Rights, Sharjah.

19-20 February (Wednesday-Thursday): Meetings Arabia & Luxury Travel (MALT) Congress, Abu Dhabi Convention & Exhibition Bureau.

19-20 February (Wednesday-Thursday): The IDC Middle East CIO Summit, the Grand Hyatt Dubai.

19-21 February (Wednesday-Friday): International Dialogue of Civilizations & Tolerance Conference, Abu Dhabi Energy Centre.

19-23 February (Wednesday- Sunday): Dubai International Boat Show, Dubai Harbour.

20-25 February (Thursday-Tuesday): Subscription period for retail and institutional investors for Alpha Data’s IPO.

24-25 February (Monday-Tuesday): World Passenger Experience Forum, Dubai.

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai.

26-27 February (Wednesday-Thursday): Affiliate World Dubai 2025, Dubai World Trade Center.

26 February (Wednesday): Final price announcement for Alpha Data’s IPO.

26-27 February (Wednesday-Thursday): Investopia 2025, the St. Regis, Abu Dhabi.

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

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

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

Signposted to happen sometime in 1Q 2025:

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

MARCH

1 March (Saturday): Start of Ramadan.

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

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

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

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

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

APRIL

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

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

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

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

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

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

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

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

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

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

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

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

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

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

21-25 April (Monday-Friday): The Dubai AI Week, Museum of the Future and Area 2071, Emirates Towers, Dubai.

22-24 April (Tuesday-Thursday): DOMOTEX Middle East, Dubai World Trade Center, Dubai.

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

28 April-1 May (Monday-Thursday): The Arabian Travel Market, Dubai World Trade Center

28 April-2 May (Monday-Friday): The 64th Annual Conference of the International Federation of Air Traffic Controllers’ Associations (IFATCA)

Signposted to happen sometime in April:

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

MAY

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

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

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

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

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

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

16-18 May (Friday-Sunday): GISEC, Dubai World Trade Center.

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

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

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

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

30 May (Friday): Arafat Day.

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

Signposted to happen sometime in May:

Asean and summit, Malaysia.

JUNE

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

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

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

JULY

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

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

SEPTEMBER

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

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

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

OCTOBER

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

7-9 October (Tuesday-Thursday): The 8th International Symposium on the System of Radiological Protection, the Ritz-Carlton Abu Dhabi, Grand Canal.

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

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

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

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

NOVEMBER

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

DECEMBER

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

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

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

Signposted to happen sometime in 2025:

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

Signposted to happen sometime in the fall of 2025:

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

Signposted to happen sometime in 2026:

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

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