No more reliance on the Strait of Hormuz, Trade Minister says

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WHAT WE’RE TRACKING TODAY

THIS MORNING: DP World eyes a return to the US + Dubai Islamic Bank taps debt markets again

Good morning, friends. The US and Iran have confirmed the peace agreement is now in effect, meaning we can all collectively breathe a sigh of relief — with eyes firmly set on the Strait of Hormuz for signs that supply chain disruptions might ease soon.

Agreement or not, the UAE is making it abundantly clear it will not make the same mistake twice. It’s now making plans for “zero reliance” on the Strait, with plans to build more Eastern harbors, pipelines, and road and rail infrastructure — all of which are undergoing feasibility studies, as we explain in this morning’s Big Story Today.

In debt news, Dubai Islamic Bank is tapping debt markets once again, this time raising USD 750 mn in Islamic financing, and we’re a few daya away from the UAE’s first retail T-sukuk offering.

The other big theme of the day is energy and AI: Abu Dhabi is placing a long bet on fusion with an investment in the US’ Commonwealth Fusion Systems, while BlueFive Capital is back at it, co-leading an investment alongside Abu Dhabi’s AI71 in Arabic AI startup CNTXT AI.

Plus: DP World is edging back into the US for the first time in 20 years, Edge is deepening its partnerships across Europe for a bigger stake in the global defense manufacturing industry, and Revolut has cleared its last regulatory hurdle ahead of a UAE consumer launch.

WEATHER- Look for a high of 42°C in Dubai today, before it cools down to 32°C overnight, while in Abu Dhabi the mercury will reach 39°C before cooling to 29°C.

DIB taps debt markets, again

Dubai Islamic Bank is back in debt markets for the second time this month, this time raising USD 750 mn via a three-year senior unsecured Islamic financing, Zawya reports.

The lender is once again jumping on the chance while spreads recover. DIB just last week priced a USD 1 bn AT1 sukuk — drawing a book of over USD 2.3 bn in a single-day roadshow. The issuance priced at 6.25%, tightening from initial price thoughts of 6.625%, with MENA investors taking 83% of the book.

This comes as analysts tell us spreads for investment-grade names are already back at pre-war levels, though a slight premium is still there for some banks and real estate firms, as well as for GCC sukuk, according to Fitch Ratings.

ADVISORS- Our friends at HSBC, along with Mizuho and Standard Chartered, are the mandated lead arrangers and bookrunners.

Coming soon: Revolut

Global neobank Revolut has received both its Stored Value Facilities and Retail Payment Services licenses from the Central Bank of the UAE, completing the regulatory process it began last year that saw it receive in-principle approval, according to a statement. The licenses clear the last formal hurdle before a full consumer launch: the Mubadala-backed neobank says its focus now turns to building out the local product ahead of going live, without clarifying an exact timeline.

New Sharjah-Dubai road links?

Sharjah is spending AED 750 mn to cut new corridors into Dubai — a tunnel on Al Taawun Road and a parallel surface route, Noor Road, both feeding into Al Nahda Bridge, according to a statement by Sharjah Ruler Sultan Al Qassimi. The tunnel runs as a dual carriageway beneath the existing roundabout, while Noor Road branches off Al Orooba Street.

Noor Road is due to open by end of year — the near-term marker to watch. The tunnel follows later. Together, the two routes are designed to take pressure off a corridor that’s been running well past capacity for years.

DP World’s return to the US?

DP World is in exclusive talks to operate a new container terminal at the Port of Corpus Christi in Texas, which would be its first US container-port operation in 20 years, with the Dubai-based ports giant set to design and build the facility if the agreement is finalized, Bloomberg reports, citing a press release.

Why wasn’t DP World in the US to begin with? DP World was forced out of US ports in 2006 after security concerns were raised by lawmakers. It has maintained logistics operations in Pennsylvania and North Carolina since, with Vancouver as its main North American cargo gateway via rail to Chicago and inland markets — but no container terminals on US soil.

Corpus Christi gives DP World a Gulf Coast container play as nearshoring reshapes US trade flows. The Texas port handles more overall tonnage than most US peers, though mainly on energy, chemicals, and bulk cargo rather than containers. DP World says the new terminal would help it capture rising container demand as manufacturers diversify supply chains away from Asia — a trend that has made Gulf Coast capacity a strategic priority.

The taxman cometh

The UAE's taxman had a good year last year: The Finance Ministry says more than AED 46 bn in VAT and excise tax revenues were distributed to federal and local governments in 2025, up 15% from around AED 41 bn a year earlier, state news agency Wam reports. The increase highlights the growing contribution of non-oil revenues to public finances, helping support an AED 17.4 bn federal budget surplus in 2025.

Data point

96.7k cbm — that’s how much marine fuel was sold in Fujairah in May, a record low amid continued disruption to Gulf shipping routes, Reuters reports, citing Fujairah Oil Industry Zone data published by S&P Global Commodity Insights. Low-sulphur marine fuel saw the steepest decline, tumbling 27% m-o-m to 65k cbm, while high-sulphur bunkers saw a 15% drop to 31.6k cbm, giving it a larger slice of the market.

The May numbers land just as Hormuz is notionally reopening — but don’t expect aquick snapback at Fujairah. Shipowners say they will wait until the agreement is “material” and visible inside the strait before resuming crossings, and mine-clearing alone could take approximately 40-50 days. Even then, tankers are likely to move first, with container lines last — meaning the vessels that bunker at Fujairah in the highest volumes will be slowest to return.

The big story abroad

Your regularly scheduled update on the US-Iran war agreement is the story dominating front pages this morning: US and Iranian officials have confirmed they’ve already digitally signed the agreement, the contents of which were made public earlier yesterday (if you need a refresher: there’s a USD 300 bn package for Iran, an agreement to release frozen Iranian funds and assets and lift all sanctions, and lift the blockade).

The agreement is already in effect, US and Iranian officials have confirmed, meaning all eyes are now turning to the Strait of Hormuz for signs that the blockade has officially ended. (But remember, as we’ve reported: The lifting of the Strait will not be straightforward and won’t happen overnight; it will need to be measured and gradual.)

ALSO- Apple products are getting pricier: Apple CEO Tim Cook confirmed in a Wall Street Journal interview that price increases are “unavoidable” across its product lineup — the culprit being AI-driven demand for data centers, which has forced consumer electronics into fierce competition for dwindling memory chip supplies.

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Market watch

We could be in for a sharp oil glut next year as Gulf producers start to revive shuttered fields after the US-Iran peace agreement, according to the International Energy Agency’s monthly report. The agency said flows would resume gradually this year, before surging by 8 mn bbl / d to 110 mn bbl / d in 2027, outpacing the expected 2 mn bbl / d rise in global demand.

A surplus is not a bad thing: A supply overhang would offer markets a chance to rebuild depleted inventories and strategic reserves after stocks have eroded this year due to the blockade of the Strait of Hormuz, with OECD stocks now at their lowest in decades.

The UAE will likely end up driving an increase in non-Opec+ supply, Reu ters cites the IEA report as saying. The agency penciled in a jump of as much as 730k bbl / d to reach 5.2 mn bbl / d in output from the Emirates by 2027, following its decision to leave Opec earlier this year as it looked to untie itself from quota limits.

State-owned firms have been vocal about expansion efforts, with Adnoc lining up AED 200 bn in project awards until 2028, and analysts predicting that the oil and gas investment push could eventually bring capacity as high as 6 mn bbl / d.

Circle your calendar

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

The ultimate bypass?

The UAE is zeroing in on maintaining zero reliance on the Strait of Hormuz — peace agreement or not. Foreign Trade Minister Thani Al Zeyoudi told Bloomberg the UAE is working on a new harbor to sit alongside the Eastern ports of Dibba, Fujairah, and Khor Fakkan, along with new pipelines and wider rail and road networks to eliminate its dependence on the strait.

What we already know: Adnoc is fast-tracking a second pipeline to double the amount of crude via Fujairah by 2027, building on the Habshan-Fujairah line that has been the backbone of the UAE’s Hormuz bypass during the war. Borouge and AD Ports are also exploring building an alternative export hub for petrochemical shipments on the east coast, centered around Fujairah and other eastern port facilities.

What’s new: The UAE is now planning a third petroleum pipeline, Al Zeyoudi said, as well as investing in infrastructure like the new harbor and rail and road projects. The projects are still in their planning phase, with feasibility studies underway, but the main goal is “having zero Hormuz dependency,” as Al Zeyoudi puts it.

Abu Dhabi’s long fusion trade

Abu Dhabi is placing a wager on fusion: Government-owned early-stage fund Plynth Energy acquired a minority stake in US-based Commonwealth Fusion Systems (CFS), one of the world’s best-funded fusion startups, with nearly USD 3 bn raised to date, Nuclear Engineering International reports. Axios reported the stake was worth more than USD 100 mn, though terms have not been officially disclosed.

What caught our eye? The investment is as much about the supply chain as the power itself. Plynth is targeting areas including precision manufacturing, advanced materials, and diagnostic systems while gaining exposure to CFS’s SPARC fusion reactor in Massachusetts and its planned ARC fusion commercial power plant in Virginia.

The agreement fits into a broader UAE-US push around frontier technologies. The UAE joined the US-led Pax Silica initiative earlier this year, with both countries identifying advanced manufacturing, energy systems, and fusion among their strategic priorities.

No bang for the buck just yet: Commercial fusion remains years away. But governments and investors are already jockeying for position around the technologies and supply chains expected to emerge around the sector. CFS is expecting its SPARC project to produce first plasma — the milestone marking initial electrically charged gas generation — either this year or next, but production on a commercial scale for grids could still take at least 10 years.

IN CONTEXT- The UAE has been increasing its exposure to the US energy scene recently. Mubadala took part in a USD 9.75 bn financing package backing a US-based gas and LNG platform last month, while Adnoc has recently said its lining up tens of bns of USD for a gas push in the US.

Lower thresholds for gov’t retail T-sukuk drive

The UAE’s retail T-sukuk program is finally going live: The Finance Ministry is readying the first sovereign retail T-sukuk issuance, allowing citizens and residents to invest directly in government-backed sukuk through an IPO-style subscription process for the first time, according to a statement.

The good news is: The threshold to invest has been lowered to AED 1k, instead of the AED 4k threshold previously outlined by the ministry, pointing to the government looking to cast the participation net as wide as possible. The sukuk will also be tradable on Nasdaq Dubai after listing.

REMEMBER- The initiative was first unveiled last October as part of a push to broaden participation in government investment instruments and encourage long-term saving and investing. The move builds on the UAE’s wider T-sukuk program, which is consistently oversubscribed.

ADVISORS- Emirates NBD will act as lead receiving bank, alongside our friends at Mashreq, Emirates Islamic, ADIB, and Ajman Bank as receiving banks.

Watch this space: Details of the first issuance — including the coupon rate, tenor, and subscription period — are expected within a week. Fitch Ratings’ Bashar Al Natoor previously told EnterpriseAM the program could eventually be opened up to international retail investors if local demand proves strong.

BlueFive Capital, AI71 back CNTXT AI with USD 60 mn series A round

Arabic AI startup Cntxt AI raised USD 60 mn in a Series A round co-led by private equity firm BlueFive Capital and AI71, a subsidiary of Abu Dhabi’s Advanced Technology Research Council, according to a press release. The round is one of the larger early-stage raises in a Gulf AI startup this year, and will allow the startup to develop its products and expand into new markets.

The investors are heavyweights: AI71 is Abu Dhabi's applied AI company focused on sovereign, domain-specialized AI, which means CNTXT AI now has its largest enterprise client also sitting on its cap table. BlueFive Capital, meanwhile, is quickly becoming the Gulf’s most active investor — leading two major founding rounds this month, including CNTXT AI’s and a USD 250 mn funding round for CargoX, while acquiring stakes in several mobility firms over the past couple of months.

PLUS- AI71 and CNTXT AI’s Mohammad Abu Sheikh are no strangers: Abu Sheikh previously founded LocAI, which built applications on top of the large language models, and which was later acquired by AI71.

CNTXT AI's core product is a data sovereignty pitch. The company works with Oracle, Nvidia, and Amazon Web Services, and has supported several major global AI developers on large language model initiatives. Its flagship product, Munsit, billed as the most accurate Arabic voice AI, has processed over 1 mn minutes of speech and serves more than 250 enterprises and 150k users.

Swvl doubles down on GCC

Swvl carried its 2025 momentum into the new year, with revenues growing 68% y-o-y to USD 8.2 mn in 1Q 2026, according to its earnings release. The Dubai-based enterprise mobility company also saw its operating loss narrow 71% to USD 0.2 mn — not yet at breakeven, but close.

The Gulf is doing the heavy lifting. GCC revenue more than doubled — up 111% y-o-y to USD 3.6 mn — driven by accelerating enterprise demand across the region. Egypt, still the larger market by revenue at USD 4.6 mn, grew a more measured 45% y-o-y.

The revenue mix continues to improve: Recurring revenue — the long-duration enterprise contracts that give Swvl predictable cashflows — rose to 88% of total revenue, up from 86% a year earlier. USD-pegged revenue grew 111% to USD 3.6 mn, now accounting for 44% of total revenue versus 35% in 1Q 2025. That matters for a company with significant Egypt exposure: more USD-linked contracts mean less vulnerability to EGP fluctuations.

Net USD retention (an indicator for expanded customer spend) was at 114% — another sign the startup is focusing on sustainable growth, a major shift from its growth-at-all-costs strategy from a few years back. We recently spoke to Swvl’s current CFO, Ahmed Misbah, about the restructuring the startup went through, the steps they’re taking to comply with Nasdaq’s listing guidelines, and their expansion strategy, here.

Edge deepens partnerships home and abroad, fresh investments from Investcorp and Dubizzle, and more pharma localization

Edge is taking its non-lethal defense push deeper into Europe

State defense firm Edge is back at it, this time with a new Hungary-based JV with 4iG Space and Defense Technologies, focusing on the development of non-lethal defense systems like ammunition and smart defense tech, it said in a press release. The two sides inked a preliminary agreement through Edge subsidiary Condor, building on an MoU from last year. They also plan to set up a regional testing and expertise center serving military, law enforcement, and public organizations in Europe.

We also have more details about a planned JV with Italian aerospace and defense company Leonardo focused on advanced defense sensors and systems, Wam reports. The JV will develop and manufacture products for Leonardo’s M-346 trainer aircraft and other defense products, targeting customers in Europe and international markets. Edge says the JV has a potential pipeline of more than EUR 4 bn over the next five years.

Refresher: The two firms are also building a tech center in Abu Dhabi, and had been planning an Abu Dhabi-based JV focused on developing defense systems including sensors, integration systems, and platforms for both UAE and international clients.

PLUS- It finalized plans for a UAE-based JV supplying remote weapon systems to the UAE and other markets with Spain’s EM&E Group, Wam reports. The JV — whose commercial pipeline is now valued at USD 1.7 bn, up from USD 1.5 bn — is expected to be operational in 4Q.

Edge’s Europe ties are growing deeper: Edge agreed to establish two JVs with French aerospace and defense firm Safran on weapons, munitions, and launch systems for unmanned aerial vehicles earlier this week. It has also recently established its European HQ in Paris as the UAE’s investment in its defense sector gains momentum.

InvestCorp is backing Metra

Global alternative asset manager Investcorp acquired a strategic stake in UAE-based Metra, marking the first time the tech and IT distributor has brought in an outside investor, according to a press release. Investcorp says the investment gives it exposure to some of the fastest-growing corners of enterprise technology, including AI, cybersecurity, data centers, computing devices, and digital marketplaces. It forms Investcorp’s fourth investment through its Saudi Pre-IPO Growth fund.

Who’s Metra? The family-owned distributor recorded over USD 1 bn in sales last year and has distributor partnerships with some 40 global IT brands, including Cisco, Dell, HP, and Lenovo. The GCC market, especially the UAE and saudi, serves as its main revenue engine, accounting for 70% of top-line inflows.

Dubizzle backs UAE rent-rewards startup Tern

Classifieds group Dubizzle acquired a strategic stake in Tern, a platform that lets UAE tenants pay rent by credit card and earn rewards redeemable on travel, lifestyle, and retail, according to a press release (pdf). Tern launched operations in May 2025 and says it has processed over AED 150 mn in annualized rent payments since.

Tern’s reward features will be integrated into Dubizzle and Bayut’s platforms as the competition between UAE proptech players to own the post-search layer of the rental journey — spanning payments, rewards, and property management — heats up.

Another pharma localization agreement lands in Abu Dhabi

More drugs are set to be localized at home: UAE-based pharma manufacturer Adcan Pharma partnered with Spanish pharma firm Galencium to manufacture and batch release some of the latter’s products in the UAE, according to a press release. The specific products were undisclosed, but the companies say the agreement is intended to improve medicine availability and reduce supply-chain risks.

Why it matters: The agreement adds to a broader push to build domestic drug manufacturing capacity, after Adcan inked a similar agreement with Italian pharma and diagnostics company Menarini earlier this week. LifePharma also recently partnered with AD Ports on a AED 700 mn manufacturing platform in Kezad, while Novo Nordisk signed an MoU with the Emirates Drug Establishment covering manufacturing, supply-chain resilience, talent development, and research collaboration.

A new Fed era

Kevin Warsh's first FOMC meeting as Fed chair ended where markets expected: rates on hold at 3.5%-3.75%, the fourth consecutive meeting without a move. What markets certainly did not expect: A massive overhaul of the way Fed delivers news of its interest rate decision every six weeks and how it communicates with the public.

The statement was the first signal. The FOMC released a noticeably shorter statement than it has in the past — removing what Warsh called “outdated language” and eliminating forward guidance entirely. The statement, instead, was boiled down to three paragraphs essentially saying: economic activity is expanding at a solid pace, inflation remains elevated partly due to energy supply shocks from the Middle East conflict, and the committee will deliver price stability. It contained no signals for what the Fed might do next.

Sitting out the dot plot: Nine of the 18 FOMC participants projected the federal funds rate ending 2026 above its current range — implying at least one hike — and the dot plot appeared to be missing one submission. Warsh confirmed it was his, and hinted there might be a whole new framework for the Fed’s public communications by the end of the year.

Warsh said there would be five task forces — covering the Fed's communications, its balance sheet, its reliance on existing data sources, productivity and jobs, and its inflation framework — most of which he hopes will conclude by fall or year-end. Everything is on the table: the dot plot, the quarterly Summary of Economic Projections, FOMC meeting minutes and transcripts, even the post-meeting press conference. Warsh signalled he may hold fewer of those too: “When you have one, you want to make sure you have something important to say,” he was quoted as saying.

His argument: When financial markets simply reflect back what the Fed has said, the Fed loses its most important source of information. He wants markets watching data, not watching the Fed watching data.

Markets did not love any of this. The S&P 500 closed down 1.2% and the Nasdaq fell 1.3%. The 10-year Treasury yield shot to nearly 4.5%. Traders were also pricing better than a 90% chance of a rate hike by October, with many pricing in a hike as soon as September.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with Japan’s Nikkei jumping to a fresh record while Hong Kong’s Hang Seng fell, and mainland China’s CSI 300 was flat. Wall Street futures, meanwhile, are on the rise as traders digest the outcome of the FOMC yesterday.

ADX	9,996	+0.3% (YTD: +0.0%)
DFM	6,116	+1.0% (YTD: +1.1%)
Nasdaq Dubai UAE20	4,858	+1.7% (YTD: -0.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.4% o/n	4.1% 1 yr
TASI	11,115	-0.3% (YTD: +6.0%)
EGX30	52,622	+1.1% (YTD: +25.8%)
S&P 500	7,420	-1.2% (YTD: +8.4%)
FTSE 100	10,509	+0.1% (YTD: +5.8%)
Euro Stoxx 50	6,300	+0.7% (YTD: +8.8%)
Brent crude	USD 79.55	+0.8%
Natural gas (Nymex)	USD 3.16	+0.5%
Gold	USD 5,294.8	-2%
BTC	USD 64,277	-2.2% (YTD: -27.6%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.73	+1.1% (YTD: +1.7%)
S&P MENA Bond & Sukuk	152.09	-0.0% (YTD: +0.2%)
VIX (Volatility Index)	18.44	+12.4% (YTD: +23.3%)

THE CLOSING BELL-

The DFM rose 1.0% yesterday on turnover of AED 1.5 bn. The index is up 1.1% YTD.

In the green: Al Firdous Holdings (+14.8%), Agility The Public Warehousing Company (+11.9%), and Ekttitab Holding Company (+8.9%).

In the red: Al Salam Sudan (-1.7%), Emirates Reem Investments Company (-1.5%), and Islamic Arab Ins. Company (-1.2%).

Over on the ADX, the index rose 0.3% on turnover of AED 1.7 bn. Meanwhile, Nasdaq Dubai was up 1.7%.

CALENDAR

JUNE

22-24 June (Monday-Wednesday): The International Glass Manufacturing Show, Dubai.

JULY

28-29 July (Tuesday-Wednesday): Federal Open Market Committee (FOMC) meeting.

SEPTEMBER

1-3 September (Tuesday-Thursday: Middle East Energy, Dubai World Trade Center, Dubai.

7-9 September (Monday-Wednesday): AIM Congress, Dubai World Trade Center.

7-9 September (Monday-Wednesday): International Property Show, Dubai World Trade Center, Dubai.

12-13 September (Saturday-Sunday): Emirates International Congress on AI & Visionary Leadership in Transforming Healthcare, Adnec Center Abu Dhabi.

14-17 September (Monday-Thursday): Arabian Travel Market, Dubai World Trade Center, Dubai.

15-16 September (Tuesday-Wednesday): Federal Open Market Committee (FOMC) meeting.

29-30 September (Tuesday-Wednesday): AFCM Annual Conference, Abu Dhabi.

OCTOBER

4-10 October (Sunday-Saturday): World Space Week, Abu Dhabi.

5-7 October (Monday-Wednesday): AI Everything Global, Adnec Center, Abu Dhabi.

12-14 October (Monday-Wednesday: Airport Show, Dubai World Trade Center, Dubai.

20-22 October (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.

27-28 October (Tuesday-Wednesday): Arab Competition Forum, Dubai.

27-28 October (Tuesday-Wednesday): Federal Open Market Committee (FOMC) meeting.

30 October (Friday): Large businesses achieving annual revenues equal to or above AED 50 mn must appoint an accredited service provider for e-invoicing implementation.

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

NOVEMBER

2-6 November (Monday-Friday): Dubai Future Finance Week, Dubai.

4 November (Wednesday): Digital Transformation Summit, Sofitel, Abu Dhabi.

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

9-12 November (Monday-Thursday): EMEA Council on Hotel, Restaurant and Institutional Education Conference, Dubai College of Tourism, Dubai.

10-12 November (Tuesday-Thursday): Dubai International Electric Vehicle Exhibition & Conference, Dubai World Trade Center.

16-18 November (Monday-Wednesday): World Police Summit, Dubai World Trade Center, Dubai.

DECEMBER

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

4-6 December (Friday-Sunday): Formula 1 Abu Dhabi Grand Prix, Abu Dhabi.

8-9 December (Tuesday-Wednesday): Capital Market Summit, Madinat Jumeirah, Dubai.

8-9 December (Tuesday-Wednesday): Federal Open Market Committee (FOMC) meeting.

8-10 December (Tuesday-Thursday): Abu Dhabi Water & Power Week, Adnec Center, Abu Dhabi.

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;
1-3 February (Monday-Wednesday): World Governments Summit;
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;
21-22 April (Wednesday-Thursday): Token2049, Dubai;
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 2028:

Artificial Intelligence Summit.

Signposted to happen sometime in 2029:

Sibos 2029 organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Dubai;
Annual Meetings of the World Bank Group and the International Monetary Fund, Abu Dhabi;
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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