Multiply Group, Ambrosia make overseas acquisitions + e& divests stake in Khazna

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Etihad Airways to kick off IPO this week? + Adnoc Logistics and Services upgraded to FTSE Large Cap Index

Good morning, lovely people. We have a packed issue for you this morning with tons of capital markets updates — from a market overhaul at the ADX to not one, but two major overseas acquisitions from local players Multiple Group and Ambrosia Investments. Plus: e& divested its stake in Khazna, with MGX and PE firm buying in. Let’s dive in.

WEATHER- Expect a mostly cloudy day today and a humid night, according to our favorite weather app and the National Center of Meteorology’s forecast (pdf). The mercury in Dubai will hit 24°C, with an overnight low of 19°C, while temperatures will hit 19°C in Abu Dhabi, with an overnight low of 19°C.

Abu Dhabi’s Adnoc Logistics and Services secures a spot in the FTSE big leagues: Energy giant Adnoc Logistics and Services was upgraded to the large-cap index of FTSE Russell in its semi-annual review (pdf), reflecting its growing market dominance. Previously classified as a mid-cap stock, the reclassification underscores its expanding scale and liquidity, making it even more attractive to institutional investors tracking the global index.

On the flip side: Americana Restaurants has been downgraded to the Mid Cap Index. The company has been struggling with a slowdown in consumer demand on the back of regional tensions, and the impacts of unfavorable foreign exchange rates. Its net income attributable to shareholders fell 38.8% y-o-y in 2024.

Other joiners: DFM-listed Parkin and Space42 were upgraded to the Mid Cap Index, up from the Small Cap Index previously, and Abu Dhabi National Hotels and Gulf Navigation Holding were added to the Small Cap Index, as well as the All Cap. The micro-cap index also saw the addition of: Bank of Sharjah, Deyaar Development, ESG Stallions Emirates, Julphar, Investcorp Capital, Invictus Investment, RAK Ceramics, Taaleem Holding, and Waha Capital.

The changes will come into effect on Monday, 24 March.

WATCH THIS SPACE-

#1- Abu Dhabi’s flagship carrier Etihad Airways is set to pull the trigger on one the region’s most anticipated IPOs this week, in what would be the GCC’s first offering of a major airline in nearly two decades, Reuters reports, citing sources it says are familiar with the matter. The IPO should see Etihad’s sole owner — Abu Dhabi sovereign wealth fund ADQ — rake in some USD 1 bn in proceeds from the sale of a 20% stake by selling new shares on the ADX. The move would give the airline an implied market cap of USD 5 bn at listing.

Etihad reportedly kicked off a roadshow last month, to sound out investors for its proposed IPO. While the offering was initially planned for last year, the airline’s FY 2024 results — which were published late last week — along with geopolitical uncertainties were said to have weighed on the timing. The ADQ-backed carrier’s net income tripled last year to AED 1.7 bn, while revenues were up 25% to AED 25.3 bn.

ADVISORS- ADQ reportedly tapped Abu Dhabi Commercial Bank, Bank of America, BNP Paribas, and Morgan Stanley as joint bookrunners for the IPO, with HSBC Holdings, First Abu Dhabi Bank (FAB) and Citigroup said to be acting as financial advisors.

#2- The UAE is exploring investments in key sectors in Kerala, including healthcare, tourism, food processing, and technology, Economy Minister Abdulla bin Touq Al Marri said during the Invest Kerala Global Summit, Business Standard.

Meanwhile, UAE-based logistics firm Sharaf Group will invest INR 5k crore (c. AED 2.1 bn) in logistics and shipping in the next five years in Kerala, The Economic Times reports, citing the group’s Vice Chairman Sharafuddin Sharaf. The investments will go into two dry ports, with the locations to be determined after discussions with the state’s government.

REMEMBER- India and UAE plan to expand their 10-year trade agreement to include eight new sectors, as they aim for upwards of USD 100 bn in annual bilateral trade. The new sectors will include AI, financial services, digital technologies, and logistics. Last year, India and the UAE inked several agreements on bilateral trade, including setting up a multi-modal trade corridor and increasing investment and cooperation across major sectors including energy and technology.

#3- Mubadala-owned Spanish oil company Moeve returned to the black in 2024, reporting a net income of EUR 92 mn after a EUR 233 mn loss in 2023, Reuters reports. The rebound was driven by a 75% earnings surge in its energy division and a 14% rise in chemicals, fueled by higher demand for products like acetone.

The company has been shifting toward low-carbon energy under a EUR 8 bn transition plan, selling 70% of its oil production assets since 2022. Strong cash generation enabled Moeve to more than double its sustainable capex to advance key projects, including a EUR 1.2 bn biofuels plant and a 2-GW green hydrogen initiative, CEO Maarten Wetselaar said.

#4- Dewa invites proposals for new solar and BESS project: The Dubai Electricity and Water Authority (Dewa) has invited expressions of interest (EOI) for the 1.6 GW seventh phase of the Mohammed Bin Rashid Al Maktoum Solar Park, along with a 1 GW battery energy storage system (BESS), according to a public notice (pdf) on Tuesday. Dewa will purchase power from the project — which will be developed under an Independent Power Project model — under a long-term power purchase agreement (PPA). The deadline for EOI submissions is 21 March and commissioning is slated for August 2027.

ICYMI- The company appointed a Deloitte-led consortium as the consultant for the project last week, which will handle the tender documents, design, submissions management, commercial negotiations, financial structuring, and PPAs, as well as reaching financial close.

#5- FAB’s End of Service Benefits Funds get the final green light: First Abu Dhabi Bank (FAB) has received final approval from the Human Resources and Emiratization Ministry and the Securities and Commodities Authority to launch its FAB End of Service Benefits (EOSB) Funds, state news agency Wam reports. These funds will be available to all private-sector entities, enabling businesses to invest and improve employees’ EOSB under the UAE’s new Alternative EOSB Savings Scheme. FAB received its preliminary approval from the UAE’s government in November 2024.

The bank has introduced a digital platform integrated with the UAE Savings Scheme that allows businesses to manage EOSB contributions and track investments. It partnered with several companies to develop the platform, including Apex Group for fund administration, Aurem for technology, and Deutsche Bank Securities for custody services.

FAB’s EOSB currently offers two capital-protected investment options managed by FAB Asset Management. The options include conventional investment in money market instruments and investments that adhere to Islamic finance principles. Additional risk-based investment options, including both conventional and Sharia-compliant strategies, will be introduced soon.

PSAs-

#1- There’s a new taxi booking service in Sharjah: Sharjah Asset Management launched the pilot phase of the emirate’s first digital taxi booking service, available through the Yango app, according to a social media post. The testing stage will see 500 Sharjah taxis available for booking on the platform, Al Etihad reports.

#2- The minimum you can top up your Nol Card at vending machines will be upped to AED 20 from 1 March, up from AED 5 previously, Dubai’s Roads and Transport Authority (RTA) said in a post on X.

HAPPENING TODAY-

#1- The CleanTech Innovators Exhibition’s second cycle will wrap today at the Sustainability and Innovation Center of Dubai Electricity and Water Authority (DEWA), as part of UAE Innovates 2025, which started at the beginning of the month. The event will showcase the latest technologies in green hydrogen, sustainability, digital transformation, AI, solar power, and energy storage.

#2- A Dubai government delegation is on its four-day visit to Shenzhen, China, organized by the emirate’s executive office and Dubai Chambers, state news agency Wam reports. The group will meet public and private sector leaders and tour institutions specializing in technology, innovation, digital economy, urban planning, and sustainability.

The agenda includes meetings with officials from the Shenzhen Stock Exchange to boost financial cooperation; a meeting with Shenzhen Capital Group to strengthen SME ties; one with Tencent to explore digital transformation cooperation; and another with Huawei to discuss smart government solutions and BYD. It will also aim to attract Chinese multinationals and unicorns to Dubai.

#3- Connecting Hydrogen MENA will wrap up today at Madinat Jumeirah Conference Center in Dubai. The event features more than 50 sessions and 200 speakers, set to discuss clean hydrogen and ammonia. It includes networking activities and a MENA hydrogen exhibition showcasing technologies.

#4- The Dubai Stem Cell Congress, organized by the First Stem Cell and Genomics Laboratory (FSG) with the support of the Dubai Health Authority, is on its second and final day today at the Ritz-Carlton, Dubai International Financial Center. The event brings together up to 500 delegates, including medical professionals, technologists, oncologists, and specialists, as well as 25 international speakers. This year’s theme is Bridging the Future, focusing on the latest advancements in stem cell research and regenerative medicine.

#5- Investopia 2025will kick off today and wrap up tomorrow at the St. Regis Saadiyat in Abu Dhabi. The event features over 100 speakers, including government officials, investors, entrepreneurs, economists, and major investment funds from 20 countries. It will host 2k participants and representatives from global financial and economic institutions.

THE BIG STORY ABROAD-

Ukraine has reportedly agreed to a framework for an economic agreement that will see the US tap its revenues from rare minerals. US President Trump — who pushed hard for the agreement with personal attacks on his counterpart Volodymyr Zelensky — had earlier hinted the Ukrainian President could arrive in Washington as soon as Friday to sign the agreement.

Trump is active as usual: The US president also signed an order yesterday to examine tariffs on copper, and said he will introduce a “gold card” visa program that provides a route to US citizenship for the low price of USD 5 mn. Meanwhile, his controversial USD 4.5 tn tax cut plan narrowly passed the House.

ALSO WORTH NOTING-

Israel and Hamas will exchange four dead Israelis for hundreds of Palestinians, temporarily saving the ceasefire. (Associated Press)
Tesla shares dropped 8%, with its market cap falling below USD 1 tn, wiping most gains since Trump’s election. (CNBC)

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ADX launches new market infrastructure with two clearance and depository subsidiaries

ADX overhauls market infrastructure with new group + post-trade units: Abu Dhabi Securities Exchange (ADX) launched a new holding structure, ADX Group, to oversee its capital markets’ infrastructure, in a bid to modernize the way trades are cleared, settled and stored on the exchange, it said in a statement. This includes the launch of two new post-trade units: its clearinghouse, Abu Dhabi Clear (AD Clear), and its settlement hub Abu Dhabi Central Securities Depository (AD CSD). The move aims to deepen market liquidity, attract foreign institutional capital, and streamline market operations.

Who’s who? AD Clear will function as the ADX’s central counterparty clearinghouse with the aim of reducing counterparty risk and facilitating settlement mechanisms, while AD CSD will manage and run the securities depository and custody services for the exchange along with processing corporate actions.

What they said: “Our enhanced trading system aims to increase resilience and performance by 400%, reinforcing the emirate’s position as a global financial hub,” the group’s CEO Abdulla Salem Alnuaimi said.

ADX tapped Nasdaq for the upgrade: Nasdaq is delivering a core platform upgrade (CPU) responsible for modernizing the ADX’s trading, clearing and post-trade services. The upgrade integrates multiple asset classes (including ETFs, debt instruments, and derivatives) into a single platform and introduces new order types for greater flexibility. The ADX has also introduced new messaging protocols, a new customer management system, an upgraded corporate website, and a mobile app.

The launch comes amid surging trading volumes on the ADX, with daily transactions rising 27.5% YTD, Alnuaimi said in a separate statement to state news agency Wam. The exchange has also recorded a 30% increase in the number of investors since the start of 2025, reflecting growing confidence in the UAE’s capital markets.”We have the most active ETF market in the region and the most active derivatives market in the region, which saw a significant 150% increase last year,” he added.

The ADX aims to be among the top ten stock exchanges globally in the next few years in terms of market value, Alnuaimi said whilst speaking to Al Etihad. It currently sits at 18th in the rankings with a AED 2.9 tn in market value. The new group, along with profitability of listed companies, active trading activity, and streamlined operations, put the exchange in good stead for its goal, he said.

REMEMBER- The ADX has a strong IPO pipeline this quarter, with Etihad Airways likely pulling the trigger on its highly anticipated IPO this week, while Alpha Data is set to start trading on the bourse in March.

Ambrosia acquires 50% of Allied’s Mali gold mines

UAE-based investment fund Ambrosia Investments will acquire a 50% stake in Canadian gold mining firm Allied Gold Corporation’s operations in Mali, it said in a press release (pdf). The agreement had an aggregate value of USD 500 mn, including a USD 250 mn upfront cash-consideration, and will go towards the expansion of Allied Gold’s Sadiola mine in Mali and the development of the Kurmuk project in Ethiopia.

The details: The partnership will see Allied issue Ambrosia 46 mn shares — approximately 12% of its issued and outstanding shares — on a private placement basis at CAD 3.40 (c. USD 2.40) apiece. The aggregate proceeds of CAD 156.6 mn (ca. USD 190.5 mn) will be used to fund Sadiola’s expansion. Some USD 375 mn will go towards the acquisition of a stake in a joint venture with Allied to govern the mine, while USD 110 mn will go towards acquiring a 12% stake in the parent company.

ALSO- Emirati firm ATGC will also provide energy to the Allied’s Sadiola gold mine in Mali starting next summer and for the next 12 years.

Allied’s ambitions: The investment comes as Allied looks to expand extraction from the Sadiola mine to 400k ounces per year, and open the Kurmuk gold mine in Ethiopia which is set to be operational during the middle of next year and produce 290k ounces of gold per year during the first four years.

Behind the partnership: The acquisition came on the back of “the commitment of the government of The United Arab Emirates in Africa at large,” Allied CEO Peter Marrone said. The development is a vote of confidence for Mali mines after government policy caused difficulties for extracting companies in the country, the Financial Times reports.

Allied is eyeing a listing on the New York Stock Exchange this year, and is expecting a decision on its application during 1H this year, Bloomberg reports citing CEO Peter Marrone. The business information service noted a trend of gold equity players looking to the city on the back of big ticket agreements.

Mining has drawn increasing Emirati interest recently, with the formation of the ADQ-Orion USD 1.2 bn JV last month and Abu Dhabi’s International Resources Holding upping production by 32% at its Zambian mining site.

ADVISORS- Stifel Nicolaus Canada and National Bank Financial were Allied’s financial advisors, whilst Cassels Brock & Blackwell and Hogan Lovells International provided legal counsel. Ambrosia tapped SCP Resource Finance for financial advice and A&O Shearman and McCArthy Tétrault for legal counsel.

Multiply acquires 67.9% of Spanish retail group

Abu Dhabi-based investment firm Multiply Group acquired a 67.91% stake in Spanish fashion retail group Tendam, they said in a joint statement. Multiply acquired the stake in Castellano Investments, Tendam’s parent company, through a capital increase. The acquisition marks its first major investment in Europe, according to the statement.

It is now the majority shareholder along with CVC Funds and PAI Partners, however the value of the acquisition, which is subject to regulatory approval, was not disclosed in the company statement. Spanish outlet Expansion said the company — which owns brands like Women’s Secret, Springfield, and Cortefiel — was valued at EUR 1 bn in the transaction. CVC and PAI previously owned nearly 50% of the company each, Reuters reports.

What’s next? Post-acquisition, Multiply will be the anchor for Tendam’s international expansion and development of an omnichannel system. The statement said Tendam has been growing its market footprint, bringing in sales of EUR 1.4 bn y-o-y at the end of last month, though Tandem postponed plans last summer for an IPO scheduled for last month due to the effect of political instability on the stock market and market uncertainty, Reuters reported.

Multiply embarked on an acquisition spree last year, acquiring a 51% stake in Excellence Premier Investment through its subsidiary in July, 100% of The Grooming Company Holding (TGCH) in June, and 100% of advertising company BlackLite Media at the start of the year.

ADVISORS- Greenhill, Hogan Lovells and KMPG advised Multiply, whilst Uria Menendez advised Castellano Investments. Ramón Hermosilla, Abogados and Lathan & Watkins were legal advisors.

OTHER M&A NEWS-

UAE-based food and beverage group Epik Foods acquired Dubai-based deli 1762, it said in a press release. The acquisition comes within Epik Foods’ expansion and diversification trajectory which includes plans to add 20 more locations to its existing 50 strong location footprint, operating over 60 brands. 1762 will retain its branding and Epik Foods will provide operational and strategic support.

ICYMI- Epik Foods secured USD 15.5 mn in private capital funding from Ruya Partners last November to scale its operations. It also expanded its operations into Saudi Arabia earlier that year.

e& sells stake in Khazna, while MGX buys in

e& sells Khazna stake for USD 2.2 bn: Telecom company e&’s board approved the sale of its stake in Khazna Data Centers for USD 2.2 bn in a binding agreement with state AI firm and Khazna majority shareholder G42, it said in a statement (pdf). The proceeds, estimated at USD 1.4 bn before tax, will reduce e&’s debt and strengthen its credit profile.

Not completely out: The telecoms giant will continue to be a “strategic partner” and a major tenant of Khazna’s, the statement said.

Who’s in? Abu Dhabi’s AI fund MGX and private equity firm Silver Lake now own minority stakes in the company, alongside majority shareholder G42, the company confirmed in a LinkedIn post. The transaction is set to close before the end of March.

Background: In 2022 e& acquired the 40% equity stake in the data center designer and operator, which has ambitions to develop the UAE’s largest data center in Ajman with a 100 MW capacity.

Separately, e&’s board approved plans to distribute AED 3.6 bn in dividends for 2024, according to a disclosure (pdf).

Emirates NBD to become sole owner of EIB ahead of delisting the Islamic bank from DFM

Emirates NBD plans DFM delisting of EIB: Dubai’s largest bank by assets Emirates NBD is set to become the sole owner of Emirates Islamic Bank (EIB) and delist it from the DFM after offering to acquire the remaining 0.11% free-float stake for AED 11.95 apiece in an AED 70 mn transaction, according to a disclosure (pdf) to the exchange. The offer closes on Tuesday, 27 March. The lender said it plans to enlist a financial advisor.

It’s business as usual for EIB: Despite the delisting, EIB will continue to operate independently, retaining its commercial registration and trade name, the parent company confirmed. EIB’s business operations will also remain unchanged following the transaction. No foreigners are allowed to hold shares in EIB, according to the DFM website.

Market reax: EIB shares remained unchanged at AED 11.95 apiece on yesterday’s close.

OTHER ENBD NEWS-

Emirates NBD’s shareholders approved the establishment of a new debt program worth up to USD 10 bn, allowing the bank to diversify its funding sources and enhance liquidity management, according to a DFM disclosure (pdf). The program will enable the issuance of bonds, sukuk, and other debt instruments across multiple markets, supporting expansion and capital optimization efforts. The program may also include up to USD 2 bn in capital instrument issuances.

Meanwhile, EmiratesIslamic’s shareholders agreed to up the size of the bank’s sukuk program to USD 4 bn, up from USD 2.5 bn previously, according to a separate DFM disclosure (pdf).

The update allows EIB to issue shariah-compliant instruments, including sukuk and structured certificates, under new and existing funding frameworks. The bank also secured authorization to establish special purpose vehicles for sukuk issuance and undertake liability management exercises, such as buybacks and exchange offers.

UAE, Italy strengthen investment ties with three new MoUs

The Investment Ministry signed three new MoUs with Italy to expand cooperation in pharma, minerals, and digital infrastructure, particularly in data centers and AI, state news agency Wam reports. The agreements are part of the UAE’s recent USD 40 bn investment pledge in Italy, and aim to boost investment collaboration, innovation, and economic diversification in both countries.

ICYMI- Earlier this week, UAE President Mohamed bin Zayed Al Nahyan met with Italian Prime Minister Giorgia Meloni in Rome, where the UAE committed USD 40 bn in investments across key sectors. The two nations signed over 40 agreements spanning data centers, AI, energy, critical minerals, defense technology, cybersecurity, and healthcare.

A rundown of the new agreements:

#1- Pharma and biotechnology: The UAE and Italy will enhance cooperation in biotechnology, vaccine production, R&D, and regulatory policy—with a focus on oncology, cardiovascular diseases, immunology, and rare diseases. AI will play a key role in optimizing drug testing and production.
#2- Sustainable minerals development: A five-year MoU will drive collaboration in sustainable mining, covering exploration, extraction, processing, recycling, and workforce training. The agreement promotes responsible mineral sector governance and seeks to attract investment across the mineral value chain.
#3- Data centers and AI expansion: The UAE and Italy will invest in green data centers — targeting up to 2 GW of capacity — and explore Virtual Data Embassies to strengthen cross-border data resilience. Leading companies MGX, G42, Khazna, and Eni will drive investment in cloud services, AI infrastructure, and talent development in high-performance computing.

ALSO- More renewables cooperation ahead: Italy’s state-owned export credit agency Sace signed USD 350 mn worth of agreements with two UAE firms to support renewable energy, water infrastructure, and sustainability projects in Africa, Zawya reports. Signed at the Italy-UAE Business Forum in Rome, the agreements will boost Italian exports to Africa and the UAE while supporting Italian companies’ global expansion.

The details: Amea Power will receive USD 250 mn for renewable energy production, desalination, green ammonia, and green hydrogen projects, while Metito Utilities will get USD 100 mn for water supply, desalination, wastewater treatment, irrigation, and waste-to-energy initiatives across Africa, the UAE, and other key markets.

AND- Sharjah Research, Technology, and Innovation Park (SRTI Park) inked three MoUs with leading Italian institutions to attract 100 Italian startups and SMEs to its ecosystem by 2028, Wam reports. The agreements include:

Kilometro Rosso will support 20 startups and 10 research projects in robotics, new materials, and health sciences.
Italiacamp will help more than 50 mature tech startups expand in healthcare, sustainability, and advanced manufacturing.
Andersen Italy will bring 30 SMEs focused on AI, waste management, food security, and automation.

Flow48 raises USD 69 mn Series A funding round to expand SME lending

Fintech startup Flow48 secured USD 69 mn in a Series A funding round to expand its revenue-based financing platform for small and medium-sized enterprises (SMEs) in emerging markets, according to a statement (pdf). The round was a combination of debt and equity, and was led by French VC firm Breega, with participation from 212, Speedinvest, Daphni, Endeavor Catalyst, Evolution Ventures, and Plus VC.

Where the money’s going: Flow48 will use the fresh funds to further scale in the UAE and South Africa, while also expanding into Saudi Arabia. The company will also invest in enhancing its platform, adding new features, integrating alternative data sources, and refining risk assessment tools to offer more tailored financial solutions to SMEs.

What does Flow 48 do? Co-founded in 2022 by Idriss Al Rifai (LinkedIn) and Karim Khattar (LinkedIn), Flow48 offers alternative financing solutions for SMEs, using payment data, operational behaviors, and sector insights to convert future revenues into immediate working capital — without requiring equity dilution or traditional collateral.

OTHER STARTUP NEWS-

Data management and marketing firm Journify secured USD 4 mn in funding, according to a press release. The funding round was led by VC firm Silicon Badia, with participation from RZM and other investors. The investment will be used to support the company’s efforts to grow its customer base.

About Journify: Founded in 2023 by Taoufik El Jamali (LinkedIn), Omar Al Shoubaki (LinkedIn), and Amine Chouki (LinkedIn), Journify is a SaaS company that uses AI and data analytics to understand consumer behavior and provide marketing solutions to businesses.

ADSB appoints new senior hires + FAB eyes former Citi vice chair, DFSA appoints new CEO

Edge Group’s naval arm Abu Dhabi Ship Building (ADSB) made three executive appointments, it said in a press release (pdf). Francesco Lo Monaco (LinkedIn), previously acting CTO, now takes the helm as CTO, bringing over 20 years of experience in the maritime and defense industries. Maktoom AlShehhi, (LinkedIn) formerly director of MRO services, steps in as COO, bringing his expertise in maintenance, repair, and operations. Abdelrahman Al Rousi (LinkedIn), who served as director of mission systems, is now director of business development.

The Dubai Financial Services Authority appointed Mark Steward (LinkedIn) as its new CEO, it said in a press release. He was previously an executive director at the UK’s Financial Conduct Authority, and has over 30 years experience of regulation in the financial sectors in Australia, the UK and Hong Kong. Steward will begin the three-year term from 19 May 2025, and succeeds Ian Johnston (LinkedIn) who held the position for two terms.

PLUS- FAB eyes former Citigroup vice chairman: First Abu Dhabi Bank (FAB) is in talks to hire Linos Lekkas (LinkedIn), former vice chairman and managing director at Citigroup, Bloomberg reports, citing sources familiar with the matter. Lekkas, who left Citigroup in May 2024, previously held senior roles at Credit Suisse and Bank of America Merrill Lynch.

Burjeel secures AED 225 mn contracts for UAE, Sudan and Chad healthcare facilities

HEALTHCARE-
Burjeel Holdings secured AED 225 mn in operations and management healthcare contracts, according to an ADX disclosure (pdf). The agreements cover Abu Dhabi Judicial Department (ADJD) Clinics, Khalifa Bin Zayed Al Nahyan Foundation Hospitals, and Adnoc Das Hospital.

The details: Burjeel will operate five ADJD clinics in Abu Dhabi and Al Ain, including the construction of a new Al Wathba Clinic. It will also oversee field hospitals in South Sudan (100 beds) and Chad (50 beds) under the Khalifa Foundation, as well as 20 beds at Adnoc Das Hospital on Das Island, providing comprehensive medical services for Adnoc’s workforce.

REAL ESTATE-

#1- PalmaDevelopment launched Serenia District in Jumeirah Islands, a AED 5 bn residential community spanning 600k sq ft with a built-up area of 3.5 mn sq ft, according to a press release. The project comprises six integrated towers and lifestyle zones, including the Serenia Signature Clubhouse. The first phase, West Residence, introduces a 46-story tower featuring 419 upscale homes with scenic views.

#2- Richmind enters UAE market: Property developer Richmind, a business vertical of RichMind Holdings, is entering the Emirati market with 1k units set to be delivered this year, it said in a press release. The first project is set to be at the Al Marjan Island in Ras Al Khaimah, and developed in collaboration with Zaha Hadid Architects.

CRYPTO-
#1- AFS partners with Ternoa to enable stablecoin payments in GCC: Bahraini digital payment solutions provider Arab Financial Services (AFS) partnered with PayFi network Ternoa Blockchain to introduce stablecoin payments for merchants across the UAE and the wider Gulf Cooperation Council (GCC) region, according to a company statement.

The details: The partnership will leverage Ternoa’s Athar, a decentralized consumer finance protocol, to facilitate secure and cost-efficient cryptocurrency transactions at point-of-sale (POS) terminals.

#2- Circle’s USDC and EURC gain regulatory approval in DIFC: Payment technology company Circle Internet Financial secured approval from the Dubai Financial Services Authority (DFSA) to have its USDC and EURC stablecoins recognized as crypto tokens in the Dubai International Financial Centre (DIFC), according to a press release.

Why it matters: This is the first time stablecoins have been approved under the DIFC’s crypto token regime, opening the door for banks and fintechs to integrate them into payments, treasury management, and more.

SOUND SMART- Stablecoins are cryptocurrencies designed to maintain a steady value by pegging to assets, like a fiat currency (like the USD) or a commodity (such as gold). Their stability makes them ideal for payments, remittances, and finance—without the volatility of traditional crypto.

#3- Tokinvest + DSG group partner on tokenized investments: Dubai-based real-world asset tokenization marketplace Tokinvest partnered with New Zealand’s DSG Group to develop blockchain-powered fractional ownership opportunities, starting with racehorses, stables, and siring rights, the company announced in a press release.

Why it matters: Traditionally, investments in racehouses have been limited to high-net-worth individuals or small investment syndicates. Tokenization aims to make the market more accessible.

PAYMENTS-

Network International partners with South Africa’s MTN Fintech: Dubai-based Network International has been appointed as a payment processor and issuing partner for MTN Group Fintech, a South African mobile financial services provider, according to a company statement.

Why it matters: The partnership will drive financial inclusion by rolling out card issuance products across key African markets, starting with Rwanda, followed by Uganda, Ivory Coast, and Nigeria. Network International will provide transaction processing, card management, and online fraud prevention.

TRANSPORT-

Dubai partners with Amadeus to drive travel tech innovation: The Dubai Department of Economy and Tourism signed an MoU with global travel tech firm Amadeus to create a city-wide ecosystem for rapid prototyping of travel technology solutions, according to a Dubai Media Office statement. The collaboration aims to enhance Dubai’s status as a hub for travel innovation and build on the record 18.72 mn international visitors the city welcomed in 2024.

The details: As part of the agreement, Amadeus will establish a Center of Excellence in Dubai, focusing on biometric technologies, airport experience optimization, touchless payments, and air capacity development. It will also support startups and travel intelligence reporting for the hospitality sector.

AVIATION-

Flydubai adds Antalya to its summer network: Flydubai will launch daily flights to Antalya, Turkey, starting June 5, 2025, as part of its seasonal summer operations, Khaleej Times reports. The Dubai-based airline will also resume flights to Bodrum and Trabzon between June and September, expanding its Turkish network to six destinations.

The summer schedule: Antalya joins Flydubai’s 2025 summer schedule, which includes 11 seasonal routes, such as Al Alamein, Batumi, Corfu, Dubrovnik, Mykonos, and Santorini.

F&B-

Pakistan’s Bisconni lands in Kezad: Khalifa Economic Zone Abu Dhabi (Kezad) inked a 50-year land lease agreement with Pakistan’s Ismail Industries snack subsidiary Bisconni to develop an AED 110 mn (c. USD 30 mn) manufacturing facility in Kezad Al Ma’mourah, according to a statement. The 37k sqm hub — which aims to manufacture biscuits and confectionery goods — is part of the Pakistani firm’s plans in bolstering its global footprints in international markets.

INFRASTRUCTURE-

Data analytics company Presight partnered with Albania’s Interior Ministry to develop a nationwide AI-driven smart city project in the European country, according to a press release. The project will introduce an AI-driven traffic management platform for urban monitoring and an advanced command center to centralize public services and emergency response operations. Covering 20 cities, the initiative aims to modernize infrastructure, enhance public services, improve healthcare access, and accelerate Albania’s digital transformation.

DEBT-

A potential credit rating upgrade for Masdar: Credit rating agency Moody’s said it is reviewing Masdar ’s A2 long-term issuer and senior unsecured credit ratings for an upgrade, Al Etihad reports, citing an article by Moody’s. Its medium-term note program may also be upgraded depending on the review. Its current outlook is stable.

The rationale: Commitment and funding from both Masdar’s shareholders and the Abu Dhabi government have put Masdar in a strong position, Moody’s said. The clean energy player’s aim of reaching 100 GW of renewable energy capacity by 2030 makes further funding and investment likely, as it continues to benefit from its credit linkages to the government, the agency said, adding that the rating will go up if Masdar’s support base is revised upwards.

INVESTMENT-

Daman Investments is partnering with Société Générale to develop sustainable investment opportunities, according to a press release. This initiative incorporates strict sustainability criteria, aligning with global ESG frameworks. Further details weren’t disclosed.

JPMorgan reclassifies Qatar and Kuwait as developed markets

Qatar, Kuwait reclassified as developed markets: JPMorgan Chase has reclassified Qatar and Kuwait as developed markets, with the bank set to remove the two countries from its Emerging-Markets Bond Index (EMBI) over a six month period starting with the month-end rebalancing on March 31, JPMorgan’s Global Index Research team said in a statement seen by Bloomberg.

What this means: New bond issuances from Qatar and Kuwait won’t be included in JP Morgan’s EM index, including the two benchmark-sized sovereign USD-denominated bonds Qatar will sell on Thursday. For Qatar, “the reclassification may potentially spark flows into the country from developed-market bond investors,” according to Bloomberg.

The UAE could be next: The United Arab Emirates’ cost of living ratio has exceeded the EM index threshold for two years in a row — and, if it does so for a third consecutive year, the country would no longer be eligible for the EMBI series, and will be reviewed for a removal from the index.

Investors would also be looking for a higher yield to invest in EM sovereign bonds, with the extra yield investors demand to own EM sovereign bonds set to widen by 11 bps. The bank’s index is tracked widely by those investing in treasures across the world, and the loss of both countries could potentially “increase the average risk in the asset class,” according to Bloomberg. In the EMBI Global Diversified grouping, Qatar and Kuwait hold a weight of 3.2% and 0.6%, respectively. With the potential exit of the UAE — which accounts for 4.1% — the collective exit of the three countries would lead to capital outflows from EMs, and would “narrow the opportunities for bond traders.”

“As investors we were waiting for this to happen,” Anders Faergemann, co-head of EM global fixed income at Pinebridge Investments told Bloomberg. “On paper, the investor base for Qatar and Kuwait will narrow by taking them out of the EM indices but we can still invest in both countries off benchmark.”

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning — Japan’s Nikkei is down 1.2%, the Shanghai Composite is looking at gains of 0.5% and the Hang Seng is up 2.2%. Meanwhile, South Korea’s Kospi is flat.

ADX	9,612	+0.2% (YTD: +2.0%)
DFM	5,342	+0.1% (YTD: +3.6%)
Nasdaq Dubai UAE20	4,418	+0.5% (YTD: +6.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.4% 1 yr
TASI	12,301	-0.2% (YTD: +2.2%)
EGX30	30,655	-0.9% (YTD: +3.1%)
S&P 500	5,955	-0.5% (YTD: +1.3%)
FTSE 100	8,669	+0.1% (YTD: +6.1%)
Euro Stoxx 50	5,448	-0.1% (YTD: +11.3%)
Brent crude	USD 73.02	-2.4%
Natural gas (Nymex)	USD 4.15	-0.5%
Gold	USD 2,931	+0.4%
BTC	USD 89,021	-2.7% (YTD: -4.8%)

THE CLOSING BELL-

The ADX rose 0.2% yesterday on turnover of AED 1.3 bn. The index is up 2% YTD.

In the green: Al Wathba National Ins. (+14.8%), Abu Dhabi Commercial Bank (+4.3%) and Aghtia Group (+2.9%).

In the red: Gulf Medical Projects (-6.0%), Rak Co. for White Cement & Construction Materials (-5.2%) and Eshraq Investments (-4.7%).

Over on the DFM, the index rose 0.1% on turnover of AED 543.2 mn. Meanwhile Nasdaq Dubai closed up 0.5%.

CORPORATE ACTIONS-

Sharjah-based Dana Gas has proposed an AED 385 mn dividend for 2024, equivalent to 5.5 fils per share, it said in an ADX disclosure (pdf). The recommendation is pending shareholder approval at the annual general meeting on 16 April 2025.

CALENDAR

FEBRUARY

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

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

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

25-26 February (Tuesday-Wednesday): The Dubai Stem Cell Congress, The Ritz-Carlton, Dubai International Financial Center.

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.

MARCH

1 March (Saturday): Start of Ramadan.

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

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

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.

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.

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): Future Hospitality Summit, Madinat Jumeirah, Dubai.

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

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

NOVEMBER

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

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

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

DECEMBER

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

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

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

Signposted to happen sometime in 2027:

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

Signposted to happen sometime between 2027 and 2029:

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

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