Mubadala was the top sovereign spender in 2025

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Health Ministry transfers licensing, meds registration services to Emirates Drug Establishment + Emirates SkyCargo eyes boosting capacity in 2026

Good morning, friends. It’s only the second workday of the year but the news cycle has already picked up pace after the holiday lull.

Leading our news well this morning is Global SWF’s annual report, which shows Mubadala has maintained its position as the biggest sovereign spender (excluding PIF’s massive EA Sports transaction) in 2025. Meanwhile, the Abu Dhabi Investment Authority is starting the year strong with an investment in a Chinese USD 770 mn continuation vehicle.

Plus: Emirates NBD and Aldar Properties are the first to sound out investors for debt issuances this year. And First Abu Dhabi Bank is underwriting a USD 1.1 bn facility for a Nigerian coastal road project.

WEATHER- Expect another warm day in Dubai and Abu Dhabi, with a high of 25°C and a low of 16°C in the former, and a high of 26°C and a low of 16°C in the latter, along with foggy conditions in the early morning.

WATCH THIS SPACE-

REGULATION — The UAE is finally taking steps towards creating a fully operational federal pharma regulator, after the Health and Prevention Ministry transferred key regulatory and licensing capacities to the Emirates Drug Establishment (EDE), according to a statement. From pricing drugs to registering medical products and issuing certificates of export, the EDE is now responsible for around 44 services that were previously part of the ministry’s remit.

Some services have only been “partially” transferred, meaning they will be jointly managed by both the ministry and the EDE. Why? Because they relate more to the retail, patient-facing side of operations, rather than the industrial and manufacturing processes of pharma and medical device manufacturers. Things like licensing of pharma facilities, advertising, and the approval of emergency drugs will still be co-managed with the ministry, while others like narcotics and high-sensitivity controlled substances will remain under the ministry’s remit.

Background: The move comes after the UAE issued a federal decree in 2024 giving the EDE authority to monitor and license all pharma manufacturing facilities, medical warehouses, pharma consulting firms and labs, and marketing firms, as well as to supervise the advertising, import, export, and re-export of medical products.

PRIVATE EQUITY — Dubai-based private equity firm Gulf Islamic Investments (GII) is looking to triple its assets to USD 10 bn by 2030, Bloomberg quotes co-founder Mohammed Alhassan as saying — a clear sign that homegrown PE players are looking to capture as much opportunity as possible as global giants like Brookfield and KKR muscle their way into the region. “Our aim is to become the Blackstone of the Middle East,” Alhassan said.

M&As + an IPO in the pipeline: The firm is exploring ways to raise up to USD 400 mn in the near term through a combination of a capital raise and shariah-compliant debt sales. GII, which has deployed north of USD 1 bn over the last four years, is also weighing acquisitions, including a potential tie-up with a regional, shariah-compliant mortgage provider, and is keeping the door open to an IPO before the end of the decade.

What’s already in motion: GII is eyeing a USD 180 mn minority investment in Dubai-based industrial packaging group Hotpack and plans to raise a USD 250 mn Saudi-focused private debt fund, with 2-3 transactions expected to be announced in 1Q, according to Alhassan.

FINANCE — Hedge fund Melqart to set up shop in Dubai: London-based Melqart Asset Management is applying for an operating license in Dubai International Finance Center (DIFC), aiming to capitalize on Dubai’s expanding hedge fund landscape, Bloomberg reports, citing people familiar with the matter. The asset manager expects to roll out an office in 2Q this year, deploying both investment and non-investment staff on site, the business news information service reports. The firm currently manages about USD 1.4 bn and logged 45.1% in returns for one of its funds last year.

They’re not alone: At least five senior portfolio managers from top hedge funds are in the process of rolling out UAE-based entities, mainly driven by favorable tax climates, regulatory frameworks, and access to sovereign and family office investors. DIFC’s 102 registered hedge funds put it among the top five hedge fund hubs worldwide.

AVIATION — Emirates SkyCargo eyes boosting capacity in 2026 with 10 new freighters: Emirates’ cargo arm Emirates SkyCargo said it will add 10 Boeing 777 freighters to its fleet this year, pushing its total active freighter fleet to 21 aircraft by December, Gulf News quotes Badr Abbas, divisional senior vice president at Emirates SkyCargo, as saying.

The cargo carrier has been focused on expanding its fleet, both through aircraft acquisitions and conversions of existing Emirates passenger aircraft, the first of which is set to begin operations as a full freighter in 2026, in order to plug the gap left by delays in deliveries from Boeing.

Data point

#3 — that’s Dubai’s global ranking on Multipolitan’s Startup Friendly Cities Index 2026(pdf), placing it behind only San Francisco and Zürich — and ahead of Singapore, New York, and London — with a composite score of 0.5645.

What’s behind it: The index points to a founder-first setup, combining fast company foundation, streamlined regulation, and strong global connectivity, alongside a relatively light corporate tax load and strong average broadband speeds of 412 Mbps.

The big story abroad

The chatter about the kidnapping of Venezuelan President Nicolás Maduro has shifted to the US’ energy agenda and what it stands to gain from the move and from dictating policy in the country. US President Donald Trump clearly thinks there’s plenty to gain — saying there’s a “tremendous amount of wealth” up for grabs for American oil firms in Venezuela. He also said in an interview with NBC that the US could start offering subsidies to energy firms in a bid to encourage them to rebuild Venezuela’s oil industry, which has seen production fall to less than 1 mn barrels a day, down from 3.7 mn in 1970 on the back of mismanagement, corruption and sanctions.

Shares in the US’ top refiners have also surged since the capture of Maduro on expectations that US Gulf Coast refiners could snap up hefty volumes of Venezuelan crude now that Trump is looking to ease sanctions and revive production.

^^ The must-read on the topic: What is Trump’s plan for Venezuelan oil?

This all comes as Maduro made his first court appearance, pleading not guilty to charges of narco-terrorism, cocaine importation conspiracy and possession of machine guns and destructive devices.

Meanwhile, Nvidia CEO Jensen Huang said the company’s new generation of chips, Rubin, are now in full production. The chips can deliver up to five times the AI computing strength of its predecessor, Blackwell. Huang also touted other software the firm is working on, including networking switches that can link several machines as one, and self-driving car software. (Reuters)

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CIRCLE YOUR CALENDAR-

PropTechConnect Middle East will run from Wednesday, 4 February until Thursday, 5 February at the Grand Hyatt Dubai. Hosted by Dubai Land Department, the two-day summit will focus on the intersection between tech and the property market, from artificial intelligence and data analytics to blockchain.

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

Mubadala deploys USD 32.7 bn in 2025, leads globally in AI investments

Mubadala maintained its role for the second consecutive year as the biggest state-owned spender in 2025 — if we exclude Saudi’s Public Investment Fund’s (PIF) acquisition of EA Sports, which accounted for 80% of its USD 36.2 bn total. The Abu Dhabi investor deployed a record USD 32.7 bn across 40 transactions in 10 different countries, according to Global SWF’s annual report.

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

Who were the other top regional spenders? The Abu Dhabi Investment Authority (Adia) ranked as the seventh top sovereign spender with USD 12.9 bn spent throughout the year, while ADQ came in 10th with USD 10.9 bn. On the regional front, Qatar Investment Authority (QIA) ranked sixth (USD 16.6 bn), and Kuwait Investment Authority (KIA) came in 13th (USD 6.5 bn).

Mubadala was big on AI, emerging as the top spender on AI during the year, with some USD 4.9 bn spent. These include a USD 1.4 bn Series E funding round in US-based AI infrastructure company Crusoe and a USD 150 mn funding round for AI tools provider Anaconda. Meanwhile, the Abu Dhabi Investment Authority spent some USD 1.2 bn on AI, while ADQ invested USD 1 bn.

Other top sectors for capital: Of the USD 276 bn deployed by sovereign investors in 2025, infrastructure and energy dominated the allocation landscape, capturing 33% of the total investment value. Real estate accounted for 24%, while consumer made up 15%, and technology accounted for 12%.

Private equity was still a big area of focus for Gulf SWFs, with Mubadala deploying USD 23 bn into PE transactions, while PIF remained the largest global contributor at USD 33.1 bn. Adia and ADQ each committed at least USD 5 bn to the asset class.

UAE sovereigns also led the region in private credit: Adia ranked second globally with USD 23.7 bn worth of allocations in private credit, making up 2% of its portfolio, and Mubadala was seventh at USD 20 bn (making up 5.6% of its portfolio).

Our take: GCC SWFs are stepping into private credit as banks and Western lenders pull back to reduce risk, manage balance sheets, and cope with higher funding costs. This allows them to fill financing gaps and secure higher yields, especially as competition thins. In private equity, the same retreat has created windows for GCC sovereigns to deploy large-scale capital at more attractive valuations, allowing them to back buyouts and growth investments.

In terms of AUM

The UAE cemented its place as the wealthiest sovereign hub in the MENA region last year, with its state-owned investors (SOI) managing USD 2.93 tn in assets, accounting for the lion’s share of the region’s USD 8.7 tn assets and taking the fourth global spot. Regionally, Saudi Arabia placed second with USD 2.2 tn and Kuwait came in third with USD 1.2 tn.

The breakdown: Adia led the pack with USD 1.2 tn in assets under management, followed by the Investment Corporation of Dubai (ICD) with USD 429 bn, Mubadala (USD 358 bn), and ADQ (USD 251 bn). Smaller UAE SOIs include the Emirates Investment Authority (USD 116 bn), Dubai Investment Fund (USD 80 bn), Dubai Holding (USD 72 bn), and Sharjah Asset Management (USD 3.6 bn).

Zooming out

Global SWFs invested USD 180.3 bn across 324 transactions in 2025, marking a 35% y-o-y increase. The Gulf’s biggest SWFs (PIF, Mubadala, Adia, ADQ, ICD, KIA, and QIA) accounted for 43% of the total — up 43% y-o-y.

What’s next?

USD 22.4 tn by 2030: Global SWF assets are projected to reach USD 22.4 tn by 2030, up from USD 15.2 tn today, driven by market performance, oil prices, and the emergence of new funds. Regional heavyweights are set to claim a larger share of this total, as Adia is forecast to reach USD 1.67 tn, followed by ICD at USD 602 bn, and Mubadala at USD 500 bn.

As AI demand reshapes energy markets and rising debt burdens squeeze traditional returns, SWFs will increasingly rely on “policy due diligence” and political buy-in to secure transactions, which will show up in new cross-border collaborations, Ziemba Insights founder Rachel Ziemba told the data platform. This is especially the case as they navigate a fragmented global trade landscape and parallel US-China tech supply chains in 2026.

Adia was lead investor in Chinese CDH Investments’ USD 770 mn continuation vehicle

Adia pivots eastward to provide liquidity to Chinese PE: An Abu Dhabi Investment Authority (Adia) subsidiary acted as lead investor in a USD 770 mn continuation vehicle (CV) for Beijing-based alternative asset manager CDH Investments’ fifth flagship fund, according to a press release (pdf). The vehicle aims to acquire a portfolio of mid-large-cap assets, primarily focused on China. CDH Investments manages upwards of USD 20 bn in assets.

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

Uh, Enterprise, what’s a continuation vehicle? CVs allow PE firms to sell portfolio companies to themselves by transferring them to another of its internal funds. Investors can either cashout or roll ownership over into the new vehicle; in theory, giving them more time to realize value. The structures have been gaining traction in private equity (PE) by providing liquidity when traditional exits such as IPOs or M&A are difficult. Roughly one in five PE exits used the structure last year, and as much as USD 107 bn worth of assets were funnelled through them.

Our take

Adia’s focus on Chinese assets highlights GCC sovereign wealth funds’ growing interest in Asia thanks to its high growth potential, expanding consumer markets, and young population, Sovereign Wealth Fund Leader at Deloitte Middle East Julie Kassab told us last year.

The Western decoupling from China is only helping matters: American and European investors’ reduced exposure to China — the World Economic Forum reported record lows from the US last year — is opening avenues to invest in proven Chinese market leaders amid weaker competition.

Adia has several transactions in motion in China: The sovereign entity is reportedly set to anchor the USD 600 mn Hong Kong IPO of Chinese AI startup MiniMax, and previously committed up to USD 1.5 bn to Singapore-based GLP, which plans to expand its data center footprint and operations in China.

ADVISORS- Fairview Capital Group acted as financial advisor to CDH, while Debevoise & Plimpton served as counsel. Freshfields acted as counsel for Adia.

Emirates NBD, Aldar scout investors for first debt issuances of the year

Big Emirati issuers are ringing in the new year with fresh debt issuances — and they’re continuing a trend that was also evident last year as they look to diversify their capital, and that’s a shift away from vanilla bonds and towards more sophisticated, thematic instruments.

Emirates NBD eyes dual-tranche blue + green bond offering

Emirates NBD has kicked off a roadshow for a dual-tranche, USD-denominated bond offering made up of a five-year green bond tranche and a three-year blue bond, Zawya reports. Both are unsecured fixed-rate notes, and come as part of Emirates NBD’s USD 20 bn Euro Medium Term Note Program. They will be listed on Nasdaq Dubai and Euronext Dublin.

Blue bond? A blue bond is a type of debt instrument issued to finance projects that protect, restore, or sustainably manage oceans, marine ecosystems, and freshwater resources. These bonds fund initiatives such as marine conservation, sustainable fisheries, clean shipping, coastal resilience, and port decarbonization. DP World was the first to issue a blue bond in the region in 2024, followed by First Abu Dhabi Bank last year.

ADVISORS- The bank, rated A1 by Moody’s and A+ by Fitch with a stable outlook, has mandated a joint team of lead managers and bookrunners, including Citi, Emirates NBD Capital, HSBC, Mizuho, Société Générale, and Standard Chartered Bank. Citi and Emirates NBD Capital are also serving as joint sustainability structurers.

Aldar Properties taps the bond market again with a hybrid offering

Aldar Properties is sounding out the market for a benchmark hybrid debt offering, as it lines up an issuance of USD-denominated resettable subordinated notes, Zawya reports. The Reg S conventional notes are set to carry a 30.25-year tenor, and have been assigned a Baa3 rating from Moody’s.

The Abu Dhabi-based developer tapped a roster of regional and international banks to arrange global investor calls and a series of fixed-income meetings as of yesterday.

Aldar had close to AED 30 bn in liquidity as of last September, after a string of capital raising last year, including a USD 500 mn green sukuk in March and a record AED 9 bn sustainability-linked revolving credit facility in January.

ADVISORS- Citigroup is acting as sole structuring advisor, global coordinator, and joint bookrunner, alongside Abu Dhabi Commercial Bank, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, IMI-Intesa Sanpaolo, JPMorgan, Mashreq, Rakbank, and Standard Chartered.

**This story was amended to remove mention of Bank of China as one of the bookrunners, as well as the 7.25 non-call period.

FAB, Afreximbank offer USD 1 bn for Nigeria coastal road

First Abu Dhabi Bank (FAB) and Afreximbank have closed the funding gap on Nigeria’s Lagos-Calabar Coastal Highway with a USD 1.1 bn facility that allows construction to proceed on the critical link to Lekki Deep Sea Port, according to a statement from Nigerian President Bola Tinubu.

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

The details: FAB will underwrite USD 626 mn while Afreximbank will cover USD 500 mn. The capital is ring-fenced to build section two of the first phase of the highway.

The de-risking mechanism: The project benefits from a credit ins. wrapper from the Islamic Corporation for the Ins. of Investment and Export Credit (ICIEC) — allowing commercial lenders like FAB to bypass standard Nigerian sovereign risk ratings, effectively importing a higher credit rating into the transaction.

Why this matters

The transaction could offer a blueprint for how UAE capital enters Africa. The structure — pairing a UAE commercial heavyweight (FAB) with a multilateral anchor (Afreximbank) and an ICIEC risk wrapper — creates a replicable model for the India-MENA-Africa corridor. It allows Gulf capital to capture the upside of African infrastructure development while insulating the balance sheet from direct sovereign volatility.

Adnoc L&S taps CFO, Lenovo appoints regional lead

A new CFO for Adnoc L&S

Adnoc L&S taps new CFO: Adnoc Logistics and Services (Adnoc L&S) appointed Hugh Baker (LinkedIn) as its new chief financial officer (CFO), as of yesterday, according to a press release (pdf). This comes a few months after the departure of former CFO Nicholas Gleeson.

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

Baker previously served as principal at debt advisory services outfit Ellsworth Maritime and as CFO at Eneti, where he led the firm’s financial strategy, oversaw capital markets activity, and headed investor relations.

Lenovo taps new META president

Lenovo names new SVP and META president: Tech giant Lenovo tapped Tareq Alangari (LinkedIn) as the firm’s new senior vice president (SVP) and president of its Middle East, Turkey, and Africa (META) operations, according to a press release. Effective as of yesterday, Alangari is heading up META operations from Lenovo’s regional HQ in Saudi Arabia.

Alangari’s 25 years of expertise in the tech, telecom, cloud, and digital industries include a tenure as CEO of e& enterprise Saudi Arabia.

Over in Egypt: Dana Gas gets paid and Drake and Scull gets contracted

Another payment in for Dana Gas in Egypt

Sharjah’s Dana Gas has received a USD 50 mn (c. AED 184 mn) payment from Egypt, easing overdue receivables and supporting its upstream program, the company said in an ADX disclosure (pdf).

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

In context: The payment supports Dana’s USD 100 mn, two-year drilling program targeting 80 bcf in added reserves — a campaign that had been held up by unpaid dues before a December 2024 consolidation agreement revised fiscal terms and helped restart payments. Operations picked back up after Egypt repaid a portion of the arrears in February 2025.

**REMEMBER- Four out of 11 wells have been drilled so far, with the fifth expected this week. Catch up on our previous coverage here.

Drake and Scull taps Egypt’s water push

Dubai-listed Drake and Scull International has landed a EUR 17 mn (c. AED 73 mn) sub-contract in Egypt via its German unit Passavant Energy & Environment, deepening its exposure to the country’s water and environmental infrastructure buildout, according to a DFM disclosure (pdf). It marks Passavant’s first contract this year, following major wastewater and water-treatment contracts in Jordan and India in 2025.

What’s in scope: Passavant will deliver the design, engineering, installation, and commissioning of electromechanical systems and piping at the Tanta wastewater treatment plant under a 27-month construction phase, followed by two years of operations. The rebuild lifts capacity to 100k cbm/d.

GFH channels Asia capital into UAE logistics

Investors are gaining another route into one of the UAE’s tightest real estate segments. Hong Kong-based investment management firm Gaw Capital Partners and GFH Partners — the Dubai-based asset management arm of Bahrain’s GFH Financial Group — have formed a JV to build a UAE-focused industrial and logistics development platform, targeting already-chosen assets across Dubai, Abu Dhabi, and Ras Al Khaimah, according to a statement.

How it’s set up: Gaw Capital will hold a majority stake, with development led by Manrre Developments — a JV between GFH and Dubai developer Palmon Group — and focused on infrastructure-ready sites to speed up delivery and reduce execution risk as rents and occupancy remain elevated. The platform aims to tap into Asian capital and investor appetite for Emirati projects.

A new route into UK industrial

More pathways into UK industrial real estate are also opening up. Dubai-based, DFSA-regulated advisory firm Arzan Wealth has launched a UK industrial portfolio, targeting an average yield of 8% as it expands into one of Europe’s most defensive property segments, according to a press release.

What’s in the box: The portfolio is seeded with assets focusing on light industrial and multi-let properties in Cardiff and the UK Midlands’ “Golden Triangle,” known for its key logistics links with access to the rest of the country. Arzan plans to scale the platform to around GBP 200 mn as it executes its acquisition pipeline.

AI investment drives stock and bond records while rising costs pose inflation risk

Investors banking on AI growth and falling rates may be overlooking AI’s inflationary risk. The data center construction boom has ignited rallies across stocks and bonds, but the surge in demand for electricity, chips, and skilled labor is pushing prices higher. As “AI-flation” threatens to keep the Federal Reserve cautious, markets are heading into a year where the price of building the future could test today’s valuations.

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

By the numbers: The S&P 500 climbed 16% in 2025, lifted by monetary easing and enthusiasm for AI. However, the rally was unusually narrow. Just seven major tech groups generated half of all market earnings, pulling European and Asian equities — and US Treasury bonds — to record highs alongside them, Bloomberg data shows.

The inflationary feedback loop

While investors expect falling interest rates, the AI build-out could stall the easing cycle — or push rates higher. Hyperscalers including Microsoft, Meta, and Alphabet are locked in a USD multi-tn data center race. Capital spending is projected to hit USD 4 tn by 2030, with USD 440 bn next year alone, Deutsche Bank and Bloomberg estimate. This spending strains real-world resources — energy and advanced chips — creating bottlenecks and price pressures, analysts told Reuters, keeping US inflation above the Fed’s 2% target through 2027, Morgan Stanley predicts.

A pickup in inflation and tighter money as a result could be the “pin that pricks the bubble,” Royal London Asset Management Head of Multi Asset Trevor Greetham warns. Higher rates would hit speculative tech stocks hardest, raising funding costs while squeezing margins across the AI supply chain.

The strain is already visible in corporate earnings, where Oracle shares fell late last year after revealing soaring spending, Broadcom slid after warnings that high margins would be squeezed, and HP Inc. expects net income pressure in late 2026 as memory chip costs rise with data center demand.

AI’s bond market bonanza

The AI boom is also reshaping credit markets. To fund massive data center projects, tech firms and utilities are issuing record columns of high-grade debt, Bloomberg reports. This wave pushed corporate bond trading to record levels in 2025, averaging USD 50 bn a day, up from USD 46 bn in 2024.

As new AI-linked bonds flood the market, investors are rotating aggressively, selling older debt to make room for fresh paper. This has fueled a growing secondary market for private credit, which Morgan Stanley’s Rehan Latif called “the biggest single opportunity coming into 2026.” However, rising use of credit default swaps suggests that investors are quietly hedging against an AI unwind.

Is it a bubble?

With valuations stretched, comparisons to past bubbles are growing louder. The top 10 stocks now account for 40% of the S&P 500 — a level unseen since the 1960s — while the Shiller P/E ratio, a long-term, inflation-adjusted valuation gauge, trails only the highs of the early 2000s. However, today’s tech giants show stronger balance sheets and real bottom line growth.

The boom has a circular quality that unsettles skeptics. OpenAI’s USD 1 tn infrastructure pledge largely flows back to the same listed tech giants funding it, creating a closed revenue loop that magnifies both gains and risks.

Still, Wall Street expects the stock market can secure a fourth consecutive year of gains in 2026, following double-digit increases from 2023 through 2025. However, the mood is one of cautious optimism, according to the Wall Street Journal. While analysts generally predict upward movement, they acknowledge the path forward will be tighter and more difficult than the torrid rallies of previous years.

MARKETS THIS MORNING-

Yesterday’s global stock rally pushed Asia-Pacific stocks to a broadly positive start to trading today, with virtually all markets — except South Korea’s Kospi index — in the green. Wall Street futures, meanwhile, are trading flat after the Dow Jones closed yesterday at an all-time high, driven by energy, financial, and defense stocks.

ADX	9,944	-0.5% (YTD: -0.5%)
DFM	6,130	+0.3% (YTD: +1.4%)
Nasdaq Dubai UAE20	4,870	-0.4% (YTD: -0.3%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.7% o/n	3.6% 1 yr
Tadawul	10,325	-0.4% (YTD: -1.6%)
EGX30	40,677	-0.5% (YTD: -2.8%)
S&P 500	6,902	+0.6% (YTD: +0.8%)
FTSE 100	10,005	+0.5% (YTD: +0.7%)
Euro Stoxx 50	5,924	+1.3% (YTD: +2.3%)
Brent crude	USD 61.56	-0.3%
Natural gas (Nymex)	USD 3.47	-1.7%
Gold	USD 4,451	0.0%
BTC	USD 93,883	+1.0% (YTD: +6.8%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.75	-0.8% (YTD: 0.0%)
S&P MENA Bond & Sukuk	151.69	-0.1% (YTD: -0.1%)
VIX (Volatility Index)	14.90	+2.7% (YTD: -0.3%)

THE CLOSING BELL-

The ADX fell 0.5% yesterday on turnover of AED 948.1 mn. The index is down 0.5% YTD.

In the green: Al Khaleej Investment (+2.6%), Abu Dhabi National Hotels Co. (+1.9%), and Abu Dhabi National Ins. Company (+1.6%).

In the red: Aram Group (-6.5%), Gulf Cement Co. (-5.2%), and United Arab Bank (-4.7%).

Over on the DFM, the index rose 0.3% on turnover of AED 628.7 mn. Meanwhile, Nasdaq Dubai was down 0.4%.

CALENDAR

JANUARY

9-11 January (Friday-Sunday): 1 Bn Followers Summit, UAE.

11-12 January (Sunday-Monday): IRENA Assembly, Adnec Center, Abu Dhabi.

11-15 January (Sunday-Thursday): Abu Dhabi Sustainability Week, Adnec Center, Abu Dhabi.

11-15 January (Sunday-Thursday): ADSW Dialogues, Adnec Center, Abu Dhabi.

11-15 January (Sunday-Thursday): WiSER Forum, Adnec Center, Abu Dhabi.

12-15 January (Monday-Thursday): Dubai International Project Management Forum, Madinat Jumeirah, Dubai.

12-15 January (Monday-Thursday): SteelFab, Expo Center, Sharjah.

13-15 January (Tuesday-Thursday): World Future Energy Summit, Adnec Center, Abu Dhabi.

13-15 January (Tuesday-Thursday): FESPA Middle East, Dubai Exhibition Center, Dubai.

14 January (Wednesday): Global South Utilities Forum, Adnec Center, Abu Dhabi.

15 January (Thursday): Global Climate Finance Center Annual Meeting, Adnec Center, Abu Dhabi.

15 January (Thursday): Green Hydrogen Summit, Adnec Center, Abu Dhabi.

21-24 January (Wednesday-Saturday): Acres Real Estate Exhibition, Expo Center, Sharjah.

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

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

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

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

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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