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New rules for contracts, asset ownership, and buyer protection

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Fuel prices slashed for January + Minimum wage hiked for Emiratis

Good morning, lovely people, and happy new year. We hope you had the chance to celebrate with your loved ones and recuperate ahead of the back-to-school season.

Our first issue of the year is regulation and legislation-heavy, with several new regulations taking effect as of the start of the month, including a wider plastics ban and a new minimum wage for Emiratis in the private sector — as well as new federal decree laws that set new rules for business contracts, asset management, and buyer protections. We have more in the news well, below.

WEATHER- The first few days of 2026 have brought warm weather and sunny skies — and the theme is set to continue throughout the week. Expect a high of 26°C and a low of 18°C in Dubai, along with a high of 25°C and a low of 16°C in Abu Dhabi. The National Center of Meteorology also warns of foggy conditions in the early morning.

PSAs-

New month, new fuel prices: The Fuel Price Committee has set January’s fuel prices, with all categories dropping sharply from December, according to a post on X.

The breakdown per liter:

  • Super 98 will cost AED 2.53, down from AED 2.70 (-6.3%);
  • Special 95 is AED 2.42, down from AED 2.58 (-6.2%);
  • E-Plus 91 is AED 2.34, down from AED 2.51 (-6.8%);
  • Diesel will be AED 2.55, down from AED 2.85 (-10.5%).


BANKING — Have you heard from your bank about OTPs? You’re not alone. Several major UAE banks have begun notifying customers that they will stop using one-time passwords (OTPs) starting tomorrow, switching to app-based authentication to approve online card purchases and other electronic transactions, Gulf News reports. Some banks had already started phasing out OTPs earlier last year.

What if you still prefer getting OTPs via SMS? While some banks could still offer this as an option, Gulf News says it will require a written agreement that would ensure liability for potential fraud is shifted to the customer.


SUSTAINABILITY — Your iced coffee drink and cutlery for to-go orders will look different now: The third phase of the UAE’s phased plastics ban has now entered into force, with plastic beverage cups and lids, plastic or styrofoam-based food containers, plates, and straws and stirrers all prohibited as of the start of the month. This follows the first phase of the ban, which started in 2024, and targeted single-use plastic bags, as well as polystyrene cups, plates and containers, stirrers, cotton buds, table covers and straws.


REGULATION Higher minimum wage for nationals in private sector: The Human Resources and Emiratization Ministry will raise the minimum wage for Emiratis in the private sector to AED 6k per month, with the decision taking effect on 1 January 2026, according to a statement. The requirement applies to new and renewed work permits, and employers have until 30 June to update existing contracts.

The move is part of a phased climb — from AED 4k, to AED 5k, and now AED 6k — in private sector wages, as the government shifts its focus to compensation packages in addition to mere quotas.

More pay pressure ahead? Firms will need to shell out on pay to secure Emiratis in specialist and mid-senior roles, even as overall annual increases cools toward 1.6% in 2026, Cooper Fitch CEO Trefor Murphy recently told us.

Data point: Capital markets

17.2% — the amount gained by the DFM in 2025, while Abu Dhabi’s ADX was up 6.1%, according to Kamco Invest’s latest GCC Equity Markets 2025 report (pdf).

The comparison: The gains bucked a weak regional trend, with GCC equities down about 7% overall, leaving UAE markets ahead of the pack — and well clear of Saudi Arabia, where the Tadawul fell 12.8%.

The big story abroad

All eyes are still set firmly on the situation in Venezuela, as the US clarifies its position moving forward, with US Secretary Marco Rubio explaining that the US plans to dictate policy in the country rather than physically run or occupy it, as was previously suggested by US President Donald Trump. Trump issued a warning to Venezuela’s current de facto leader, Delcy Rodríguez, of a “big price” to pay if she does not comply with the conditions the US has set in order for the country to avoid any further attacks by the US. Those include: That the oil industry be “run for the benefit of the people”; an end to drug trafficking and “gang problems”; as well as the removal of Colombian militant groups and that the government not “cozy up” to “Hizbollah and Iran.”

Rodríguez has so far been “gracious” and open to meeting the US’ conditions, Rubio said.

In the meantime, the US plans to continue to block the entry and exit of oil tankers as “leverage” over Maduro’s successor. “We are going to make our assessment on the basis of what they do, not what they say publicly,” Rubio added.

^^The must-read on the topic: Donald Trump warns Venezuelan rulers as Washington prepares to dictate policy

MEANWHILE- Thousands of travelers were stranded for hours on Sunday in both Greece and Italy, as a collapse of radio frequencies hit air traffic communications in Greece and technical issues with the landing guidance system and poor visibility affected an airport in Milan that is mainly a hub for Ryanair flights, Reuters reported separately here and here. Flights have begun to resume after the issues were resolved.

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Market watch

Opec+’s core group is holding the line — at least for now. The eight producers, which are implementing voluntary production adjustments, agreed to maintain current production levels, reaffirming the decision taken in November to pause output hikes through 1Q 2026, according to a press release. The decision will uphold 3.24 mn bbl/d of production cuts, or 3% of global demand, after successive output increases between April and December.

Geopolitics crowds the room: Supply decisions aren’t being driven purely by demand, but rather by political uncertainty, with analysts suggesting that Opec+ is opting for stability over action at a time when tensions are at a peak.

Background: Tensions flared last week between Saudi Arabia and the UAE after the former launched airstrikes in southern Yemen against the separatist STC, which has been backed by the UAE in the past. Russia’s exports are under pressure from US sanctions over the war in Ukraine, while Iran is facing protests and US threats of intervention. The cherry on top was the kidnapping and detention of Venezuelan President Nicolas Maduro by the US. Analysts reckon that even if US oil majors invest USD bns in the oil rich country, a meaningful boost to Venezuelan crude output is unlikely for years, Reuters said.

An update on the situation in Yemen: Saudi Arabia has called for dialogue to end the ongoing military escalation, and the STC has welcomed the initiative, Reuters reports. This came hours after Yemen’s Saudi-backed government said it had retaken control of Mukalla, the key eastern port and capital of Hadramout, from the STC, who had seized it last month.

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THE BIG STORY TODAY

New rules for contracts, asset ownership, and buyer protections set under new federal decree laws

The UAE has started 2026 with a reset to the rules governing how business gets done. A slate of new federal decree laws rewires civil transactions, company mechanics, and capital market oversight, tightening the legal plumbing behind the economy, Wam reports here and here.

Contracts, from handshake to courtroom

The most consequential shift kicks in before contracts are even signed. A new Civil Transactions Law now mandates that pre-contract negotiations are explicitly disclosed, meaning silence that once sat in buyer-beware territory can now trigger liability.

The law also formally recognizes framework agreements, giving long-term or recurring relationships a proper legal backbone. Businesses running master services agreements, supply frameworks, or rolling mandates can lock in core terms upfront and execute follow-ons with less friction.

Plus: New provisions for “contracts of works” — primarily used in construction and engineering — allow courts to adjust or terminate contracts if “unforeseen circumstances” disrupt the “contractual equilibrium.” This essentially provides a legal safety net for operators hit by black swan events (like a pandemic or extreme commodity price volatility).

Companies + continuity

Cleaner exits: Corporate provisions were updated to better align civil law with commercial legislation, clarifying what happens when partners exit or businesses wind down. The framework explicitly accommodates single-person companies, tightening certainty around ownership, continuity, and liquidation — long-standing pressure points in disputes.

Judges, prosecutors, court officials, and attorneys will also be prohibited from taking shares or interest in disputed shares while a case is active, according to Wam.

It also requires nonprofits to reinvest earnings to achieve their objectives, and includes added provisions for work and ins. contracts.

Also: What happens to foreigners’ assets if they have no heir under the new law? They become charitable endowments.

More buyer protections

Remedies for defective goods have been made clearer, with options for buyers to reject defective goods, accept them with price reduction, or requesting a defect-free substitute.

The limitation period for defect claims has also been extended to a year, instead of six months. Courts can award fuller compensation where fixed assessments fall short. Disclosure failures now cost more, and fixes come later.

Younger entrepreneurs?

The law now allows minors as young as 15 years old, down from 18, to seek judicial authorization to manage their own assets. The move lowers the barrier for “teen-preneurs” and young founders to legally control capital and enter into binding agreements.

Capital markets, with sharper tools-

A stronger referee: On the markets side, two federal decree laws overhaul the framework governing the Capital Market Authority (CMA) and the regulation of capital markets, reinforcing the watchdog’s independence and expanding its remit.

The key update is timing. The CMA can now intervene early when licensed firms show signs of stress — well before problems become systemic.

More bite: The regulator’s toolkit includes recovery plans, extra capital or liquidity requirements, management changes, or direct intervention, with the CMA acting as a resolution authority in distress scenarios. Enforcement will also be harsher, with fines of up to 10x net incomes gained or losses avoided, plus the option to impose sanctions.

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

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M&A WATCH

Adnoc Drilling finalizes entry into Oman, Kuwait

Adnoc Drilling’s first step outside is official: Adnoc Drilling finalized its USD112mn agreement to acquire a 70% stake in the land drilling business of US oil and gas well drilling company Schlumberger Middle East (SLB) in Kuwait and Oman, according to a disclosure (pdf). This is the company’s first major inorganic expansion outside the UAE aside from one rig in Jordan, the initial agreement for which was signed in May.

(** 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: The transaction established a joint venture with SLB, called SLDC Holdings, and grants the state-owned oil company immediate operational control of eight active rigs — two in Kuwait and six in Oman — already under long-term contracts with national oil companies. The rigs are fully operational, and the contracts extend into 2028.

Why this matters: These are contract-heavy, national oil company-led, and operationally familiar markets. That makes them ideal for a first move, with rigs already working and revenue flowing.

Eyes are firmly set on the GCC for expansion: “We will continue to expand in the GCC across the drilling and oilfield services space,” Adnoc Drilling’s CFO Youssef Salem told EnterpriseAM, adding that this will be done through Adnoc Drilling’s own operations as well as JVs with SLB and Oman’s MB Petroleum Services, of which it agreed to snap up 85% last November.

Expansion beyond the region could take a different form: “We will also continue to expand globally in the energy technology solutions space through Enersol,” Salem added, pointing to the export of a UAE-manufactured measurement-while-drilling system to Azerbaijan. The new tech is a result of a tie-up between Enersol, its JV with Alpha Dhabi, and US oil engineering firm Gordon Technologies.

This year, the firm plans to focus on exporting locally manufactured technology to enhance in-country value through local manufacturing, improving margins through vertical integration in the UAE, and entering new segments, Salem told us. The company expects to operate more than 151 rigs by 2028 and reach USD 5 bn in revenue in FY 2026.

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M&A WATCH

e&-backed Pakistani telco now owns 100% of Telenor Pakistan

Pakistan’s PTCL Group — which is 23.4% owned by the UAE’s e& — has completed the 100% acquisition of Telenor Pakistan, according to a press release(pdf). The transaction, which merges Telenor’s operations into Ufone, PTCL’s mobile arm, effectively consolidating the market in Pakistan, valued the operator at PKR 108 bn on a cash-free, debt-free basis. It was financed through debt raised by PCTL.

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

The rationale: Consolidating the two networks allows Ufone to expand coverage and service quality without duplicating capex, while cutting operational overheads.

Why it matters to e&: This is a material boost to the UAE group’s books. Even as a minority shareholder in PTCL, e& expects the consolidation to lift its international revenue by c. 6% and EBITDA by 5%.

By the numbers: PTCL is absorbing a solid balance sheet. Telenor Pakistan generated PKR 133.7 bn in revenue during the first nine months of 2025, with an EBITDA margin of 42.6% (PKR 57 bn).

Zoom out: The transaction is the latest in e&’s aggressive pivot to scale its international footprint. In Europe, the group’s joint venture, e& PPF Telecom, recently saw its unit O2 Slovakia acquire broadband operator UPC Slovakia for EUR 95 mn. The company is also advancing talks on data centers in Uzbekistan and just launched a wholesale connectivity hub in Miami to service the Americas.

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MOVES

Agility appoints Ahmed Al Banna as new CEO

Makhazen passes the pallet jack: DFM-listed Agility Public Warehousing (Makhazen) has moved quickly to steady the ship, appointing Ahmed Al Banna (LinkedIn) as CEO, effective 31 December 2025, according to a disclosure (pdf). The move follows former CEO Tarek Sultan’s (LinkedIn) resignation for personal reasons.

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

Who’s stepping in? A 23-year Agility veteran, Al Banna most recently served as senior vice president, and his expertise spans real estate development, project and property management, and government relations.

Tags:

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ALSO ON OUR RADAR

Oson expands into MENA region with DIFC HQ

Oson sets up shop in DIFC

Oson taps DIFC for its regional HQ: Uzbekistan-based fintech Oson rolled out its regional headquarters in Dubai International Financial Centre (DIFC) as it prepares to launch a multi-currency wallet in the MENA region, according to a press release. The firm secured in-principle approval to operate in the DIFC in October as it prepares for its first investment round.

(** 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: Oson is looking to tap into the cross-border payment market between Central Asia and the Middle East, as well as regulatory compliance markets. The firm, which is active in Kyrgyzstan and Tajikistan, processed over 30 mn transactions in 9M last year.

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PLANET FINANCE

Oil markets remain unshaken by Maduro overthrow

Global oil markets yawned at the US’ attack on Venezuela, with prices remaining more or less stable as markets had already priced in “a conflict with Venezuela that would impact exports,” CNBC says. While a military intervention like the US’ would traditionally trigger a spike in crude prices, Brent fell as much as 1.2% in intraday trading before paring back losses and is now up less than 1%, according to Bloomberg.

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

Venezuela may have vast oil reserves, but its actual production has been falling over the past several years, and the majority of the country’s output is exported to China. The International Energy Agency (IEA) is already forecasting a 3.8 mn bbl / d surplus for 2026. With Venezuela currently producing just 500k bbl / d (1% of global output), there isn’t enough “live” production to lose to cause a price shock.

A USD 100 bn (very) long play: A US-led, USD 100 bn plan to revive Venezuela’s oil infrastructure is expected to eventually ramp up the country’s oil production again, but analysts are wary that this will be a “years-long” process, Bloomberg says. The plan hinges on US oil majors, including Exxon Mobil, Chevron, and ConocoPhillips to invest some USD 10 bn per year — a roadmap that the White House seemingly has not yet discussed with these private sector players, and one which would hinge on the companies seeing more stability in Venezuela before pouring in more money. It also remains unclear whether markets will actually want the additional oil output that would result from bringing Venezuela’s production back up to historical levels, analysts tell CNBC.

Meanwhile, traders are flocking to haven assets: Gold and silver prices surged as haven demand following the news of the US’ capture of Venezuelan President Nicolás Maduro. Gold prices rose sharply — rising above the USD 4,400 mark for the first time in history — as investors scrambled for geopolitical hedges, a move mirrored across silver markets.

MARKETS THIS MORNING-

Markets are starting off the new year in the green, with defense stocks pushing up Asia-Pacific markets in early trading. Japan’s Nikkei, South Korea’s Kospi, Hong Kong’s Hang Seng Index, and mainland China’s CSI 300 are all firmly trading up. Wall Street is likely to follow suit when trading begins later today — futures indicate the S&P 500 and Nasdaq are set to open in the green, while Dow Jones futures are trading flat.

ADX

9,995

+0.0% (YTD: +0.0%)

DFM

6,114

+1.1% (YTD: +1.1%)

Nasdaq Dubai UAE20

4,889

+0.7% (YTD: +17.4%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

3.7% o/n

3.6% 1 yr

Tadawul

10,364

-1.8% (YTD: -1.2%)

EGX30

40,898

-2.2% (YTD: -2.2%)

S&P 500

6,858

+0.2% (YTD: +0.2%)

FTSE 100

9,951

+0.2% (YTD: +0.2%)

Euro Stoxx 50

5,850

+1.0% (YTD: +1.0%)

Brent crude

USD 61.02

+0.4%

Natural gas (Nymex)

USD 3.46

-4.4%

Gold

USD 4,406

+1.8%

BTC

USD 91,725

+0.4% (YTD: +4.1%)

Chimera JP Morgan UAE Bond UCITS ETF

AED 3.78

+0.8% (YTD: +0.8%)

S&P MENA Bond & Sukuk

151.69

-0.1% (YTD: -0.1%)

VIX (Volatility Index)

14.51

-2.9% (YTD: -2.9%)

THE CLOSING BELL-

The DFM rose 1.1% on Friday on turnover of AED 464.6 mn. The index is up 1.1% YTD.

In the green: Al Salam Sudan (+6.0%), Emaar Development (+3.0%), and Emirates NBD (+2.7%).

In the red: Al Mazaya Holding Company (-5.8%), Dubai Islamic Ins. and Reinsurance Co. (-3.0%), and Aramex (-2.2%).

Over on the ADX, the index remained flat on turnover of AED 532.6 mn. Meanwhile, Nasdaq Dubai was up 0.7%.

!_Subhed_! Corporate actions

SCA approves Salama’s AED 483 mn capital reduction plan: Islamic Arab Ins. Company (Salama) received approval from the Securities and Commodities Authority (SCA) to move forward with a plan to reduce its share capital from AED 939.6 mn to AED 483 mn, according to a DFM disclosure (pdf).

The AED 456.6 mn capital reduction plan will be implemented through two phases, including eliminating AED 443.9 mn in accumulated losses by cancelling 439.7 mn shares, 16.8 mn treasury shares, and by using AED 4.1 mn from its statutory reserve. The last trading date before the reduction and price adjustment will be on Tuesday, 6 January, with trading set to begin again on Friday, 9 January.

REFRESHER- The share reduction plan was scheduled for December, with the company’s board approving the required documents to send to the SCA in November. In October, Salama also approved an AED 175 mn mandatory convertible sukuk issuance to strategic investors to help restore solvency and meet capital requirements.


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.

4-6 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:

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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