Non-oil economy to grow 5% this year, according to Emirates NBD

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Emirates NBD is prepping an AT1 issuance + Flydubai, Etihad Airways eye aircraft acquisitions

Good morning, friends, and happy hump day. It’s still busy here at home as conference season kicks into full gear, with tons of news from day two of Idex and Navdex signaling a boom in the country’s defense manufacturing sector. Also worth reading: Burjeel Holdings acquired Advanced Care Oncology Center, and Emirates NBD projects 5% growth for the UAE’s non-oil economy this year.

⛅WEATHER- We’re in for a mostly sunny day today after yesterday’s rain, along with a slight drop in temperatures the National Center of Meteorology forecasts (pdf). The mercury will reach 26°C in Dubai before dropping to an overnight low of 18°C. Meanwhile, in Abu Dhabi, temperatures will peak at 22°C and drop to a low of 19°C — with some potential for light rainfall later in the day.

WATCH THIS SPACE-

#1- Emirates NBD is prepping an AT1 issuance: Emirates NBD set the initial price thoughts (IPTs) for its perpetual AT1 capital securities issuance at 6.75%, Zawya reports. The issuance, expected next week, will be listed on both the Nasdaq Dubai and Euronext Dublin. The USD-denominated perpetual bond will have a six-year non-call period, though the value of the issuance has not been disclosed.

Last year saw several AT1 issuances from local banks: Our friends at Mashreq issued a USD 500 mn AT1 bond which saw USD 2.3 bn in orders for the offering. The issuance held an annual coupon rate of 7.125% — the lowest coupon for AT1 bonds set by a bank in the UAE in the past three years. Dubai Islamic Bank also issued USD 500 mn AT1 sukuk, while the National Bank of Fujairah issued USD 275 mn AT1 bonds. AT1 bonds allow banks to raise tier-one capital without diluting shareholder ownership and have no fixed maturity date.

ADVISORS- Abu Dhabi Commercial Bank, BofA Securities, Citi, Emirates NBD Capital, First Abu Dhabi Bank, and Standard Chartered Bank are joint lead managers and bookrunners for Emirates NBD’s issuance.

#2- Adnoc Distribution to open its first service station in Egypt: UAE fuel distributor and convenience store operator Adnoc Distribution plans to open its first flagship service station in Egypt in 2025, located in New Cairo, according to a press release. The station will offer fuel retail, car care, and an expanded Adnoc Oasis convenience store. It will be the largest Adnoc-branded service station in Egypt, providing more services than the 11 existing stations operating under the company’s brand.

Beyond fuel retail, Adnoc Distribution plans to expand its aviation fuel operations in Egypt, CEO Bader Saeed Al Lamki told Asharq Business. The company, which currently provides services at Cairo and Marsa Allam airports, intends to grow its footprint in Egypt’s aviation sector as part of a wider strategy to invest USD 250-300 mn across its markets in 2025 and add 40-50 new service stations. Adnoc Distribution started manufacturing motor oil in Egypt at the end of 2024.

#3- Middle Eastern airlines including Flydubai and Etihad Airways are planning to acquire at least 500 jets from Boeing and Airbus this year amid record demand for jets, Bloomberg reports, citing sources in the know. Flydubai is considering an order for 200 jets with an additional 100 options, evaluating both Boeing 737s and Airbus A320s. Meanwhile, Etihad Airways is in talks to purchase up to 40 widebody aircraft as part of its five-year plan to double its fleet ahead of a potential IPO.

Emirates still struggling with delivery delays: Emirates has not announced any new orders but has over 200 Boeing 777X jets on order. However, the airline faces delivery delays, with the first aircraft now expected no earlier than 2Q 2027. Emirates last confirmed purchases at the Dubai Air Show 2023, securing a batch of Airbus A350-900s.

#4- Abu Dhabi steel firms petition Bombay High Court over scrap import violations: Three UAE-based steel companies — Shattaf Steel, Emirates Steel, and Arabian Gulf Steel Industries — have approached the Bombay High Court with allegations of illegal imports of steel scrap from the UAE to India, The Times of India reports.

They claim the imports violate the UAE-India economic partnership agreement and evade the UAE’s AED 400 per unit export fee imposed in 2023. The petition urges Indian customs to investigate fraudulent practices, warning of economic and environmental risks, including non-compliance with India’s sustainability standards.

#5- Space42 is gearing up to kickstart partial satellite manufacturing in the UAE this year, with full-scale production scheduled for 2026, Hasan Al Hosani, CEO of Space42 subsidiary Bayanat Smart Solutions, told Wam (watch, runtime: 03:07). The company has signed a strategic partnership with ICEYE, a synthetic aperture radar (SAR) satellite specialist, to facilitate technology transfer and knowledge exchange.

Background: Space42 and Edge’s space unit Fada inked an MoU earlier this week to establish a joint venture focused on developing the UAE’s first sovereign Earth Observation (EO) ecosystem. The venture will operate multi-sensor, dual-use EO satellites for government and commercial applications, with plans to commercialize EO solutions globally, targeting emerging markets. Space42 also recently launched two satellites — Foresight-1 and Thuraya 4 — and kicked off the second phase of its Foresight satellite constellation, with plans to launch eight SAR satellites over the next three years.

#6- Airbus is in advanced talks with UAE firms Strata Manufacturing and Ammroc to localize production of its A400M military transport aircraft, aiming to secure the Middle East’s first order for the airlifter, The National reports. The plan would see Strata produce fuselage sections for the A400M.

The UAE could order 8-10 aircraft to replace its aging C130 fleet by 2028, while Saudi Arabia may require 15-20 units. “We intend to localize part of the primary production system here, bringing complex jobs and advanced manufacturing to the UAE,” Gerd Weber, head of Airbus’s A400M program said. Airbus is also in talks to establish a “re-export model” for UAE-made components, Airbus’ Africa and Middle East president Gabriel Semelas said.

The initiative builds on Strata’s 15-year role as a Tier 1 supplier for Airbus commercial jets, with potential for MRO collaboration involving Ammroc and EPI. Gabriel Semelas,

#7- Dubai is being considered as a hub in the World Bank’s global decentralization push: The World Bank is weighing Dubai as a primary hub for relocating regional management teams as part of a major operational overhaul to decentralize decision-making and accelerate responses to client countries’ needs, Reuters reports. The shift, driven by President Ajay Banga, aims to place two-thirds of the bank’s operations staff closer to the regions they serve, with Singapore and Nairobi also under consideration.

DATA POINTS-

#1- The Emirates upheld its position as the third most-attractive emerging market globally, unchanged from last year, in Kuwaiti logistics giant Agility’s annual Emerging Markets Logistics Index (pdf). The UAE is also the highest-ranked country in the Middle East and North Africa region, followed very closely by Saudi Arabia, which rose in the rankings two places this year to settle in fourth place. China and India maintained their position in the top two spots in the ranking, while Myanmar and Venezuela are the lowest-ranked countries.

How it’s measured: The index surveys 830 executives from the logistics industry to assess the performance of 50 emerging markets based on four criteria: Domestic logistics potential, international logistics potential, business fundamentals, and digital readiness.

Strong fundamentals across the board: The country ranked first globally for best business fundamentals and came in second – behind China – in the digital readiness category. The UAE sustained its position in fifth place in the domestic potential subindex, while rising up a spot to rank in sixth in terms of international potential.

#2- Dubai hotel revenues hit AED 18.1 bn in 2024, marking a 4.7% y-o-y increase, Al Bayan reports, citing data from the Dubai Department of Economy and Tourism. The average return on a hotel room also rose 2% y-o-y to AED 421. The increase comes on the back of the number of international tourists to Dubai rising to 18.7 mn in 2024.

HAPPENING TODAY-

#1- Ajman’s Department of Tourism Development is on a promotional tour across the UK to establish strategic partnerships and attract more British visitors to the emirate, state news agency Wam reports. Running until 21 February, the tour will cover Edinburgh, Newcastle, Reading, and London.

The UK is among Ajman’s top 10 tourism markets, with a 9% increase in visitors in 2024 and a 36% rise in average stay duration.

#2- The Abu Dhabi Department of Economic Development (ADDED) is leading a 140-member delegation to China, aiming to deepen investment and trade ties, stat -news agency Wam reports. The delegation, headed by ADDED Chairman Ahmed Jasim Al Zaabi, will visit Beijing, Shanghai, Shenzhen, and Hong Kong, meeting top Chinese officials and business leaders.

On the agenda: As part of the visit, an Abu Dhabi Investment Forum is taking place in Beijing and Shanghai until Thursday, 20 February, offering Chinese investors direct engagement with Abu Dhabi’s economic leaders. Key Abu Dhabi entities like ADGM, Abu Dhabi Investment Office, Adnoc, Mubadala, and Kezad are participating, highlighting potential investments across sectors including technology, finance, and energy. A separate Business Connect – Abu Dhabi-Shanghai event today will further strengthen business-to-business ties.

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

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

#5- The International Conference on Reprographic Rights Management will take place today until 20 February in Sharjah. The event will feature panel discussions on creative rights and their collective management, as well as the impact of artificial intelligence and technology on creative works.

#6- Meetings Arabia & Luxury Travel (MALT) Congress 2025 kicks off today and runs until 20 February at the Abu Dhabi Convention and Exhibition Bureau, connecting buyers and suppliers to discuss the future of incentive travel, corporate events, and high-end hospitality.

#7- IDC Middle East CIO Summit 2025 will kick off today and runs until 20 February at the Grand Hyatt, Dubai, under the theme “architecting an AI-fueled business.” The event will bring together C-suite executives, industry leaders, and technology providers to explore AI’s impact on businesses. e& enterprise has been named the official host partner.

#8- The Invest UAE seminar will take place today at V Hotel Dubai, offering insights into the country’s dynamic business ecosystem. Organized by Gulf News, the event will bring together entrepreneurs, startups, SMEs, and multinational corporations to discuss the UAE’s business growth strategies across different industries.

#9- Step Dubai 2025 is set to take place today and tomorrow at Dubai Internet City. The event will bring together over 8k attendees, 200 speakers, and a USD 9 bn funding presence to spotlight key advancements in investment, AI, real estate, and fintech.

#10- Dubai International Boat Show 2025 will run today until 23 February at Dubai Harbour, featuring luxury yachts, superyachts, and marine innovations. It will bring together global industry leaders and water sports enthusiasts.

THE BIG STORY ABROAD-

Talks on the Russia-Ukraine war held in Riyadh are in the spotlight this morning, as senior delegates from the US and Russia agreed to start laying the groundwork for an agreement that ends the war.

Saudi Arabia hosted talks between senior US and Russian officials yesterday, spearheaded by US Secretary of State Marco Rubio and Russian Foreign Minister Sergei Lavrov. The two sides agreed to chart a way towards normalizing their diplomatic missions and ending the Ukraine war.

Europe is trying to catch up: The EU — notably missing from the talks — is set to join the table “at some point” to iron out details regarding sanctions on Russia, Rubio said.

Ukraine is not on board: “Nobody decides anything behind our back,” Ukrainian President Volodymyr Zelensky said in a press conference after the US-Russia meeting was concluded. Zelensky, who was due in Saudi today for a separate trip, postponed his visit to the Kingdom in a move to avoid “any coincidences.” US President Donald Trump signaled he wants to see elections in Ukraine once the war ends, and said that Ukraine’s leadership “allowed a war to go on that should have never happened.” (Reuters | Associated Press | EC | Semafor | FT)

MEANWHILE IN GAZA- Israel confirmed negotiations on the second phase of the ceasefire agreement will begin this week, after securing an agreement in Cairo that will see Hamas release six living captives instead of three next Saturday. Israeli Foreign Minister Gideon Saar said Israel will reject any arrangements that do not involve disarming Hamas and all other factions, adding that rule in Gaza will not be transferred to the Palestinian Authority. (Bloomberg | Reuters)

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CIRCLE YOUR CALENDAR-

Affiliate World Dubai 2025 will take place on 26-27 February at Dubai World Trade Center. It will gather experts in affiliate marketing, e-commerce, and digital advertising for two days of networking.

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

Non-oil economy to grow 5% this year -Emirates NBD

Growth in the GCC is expected to see a significant rise in 2025: Emirates NBD sees headline growth in the GCC accelerating to 3.5% y-o-y this year, up from an estimated 1.6% in 2024 on the back of the continued strength of the non-oil sectors of GCC countries — particularly that of the UAE and Saudi Arabia, the bank said in its Global Investment Outlook report (pdf).

UAE & KSA are leading the growth: The GCC’s non-oil economy is seen growing by 4.3% this year, up from an estimated 4.0% in 2024, primarily driven by non-oil sector growth in the UAE — expected to hit 5% this year — and Saudi Arabia, which could see growth reach 4.5%. “Both countries are benefitting from growing populations, strong levels of project developments from both the public and private sectors, expanding tourism industries, and the growth of nascent tech industries,” the report reads.

How the forecast compares: Emirates NBD’s forecast is only slightly more optimistic than that of the World Bank, which penciled in a prediction of 3.4% growth for the bloc this year, and 4.1% growth in 2026. Of the GCC economies, Fitch Solutions’ research unit BMI sees the UAE’s economy growing at the fastest rate, penciling in a forecast of 5.1% growth for the economy this year — a more optimistic prediction than the IMF and World Bank’s forecasts of 4% growth this year.

Interest rates are also expected to fall, which would help increase household consumption, expand business investment, and support expansionary budgets.

Opec+ cuts could keep budgets restrained: The recent decision to extend Opec+ production cuts into 1Q 2025 is expected to keep budgets in the GCC restrained, with the bank predicting the cuts to come in tandem with a 9% drop in brent futures to USD 73 per barrel, down from an expected USD 79.9 per barrel in 2024. However, the bank sees GCC governments continuing to spend despite slowed oil revenues, causing a fiscal deficit across the bloc in 2025.

Still, the UAE and Qatar are expected to record budget surpluses this year — albeit smaller than the one seen in 2024. The UAE was expected to see a budget surplus of 4.3% in 2024, Capital Intelligence predicted, while Oxford Economics’ ICAEW Economic Insight report saw the budget surplus coming in at 4.1% of GDP this year.

Overall inflation to remain unchanged across the bloc: Emirates NBD sees inflationary pressures remaining constant in 2025, predicting an average 2.1% inflation rate for the second consecutive year across the bloc. The drivers of inflation across the GCC are different, with Dubai and Saudi Arabia seeing considerable increases in their housing prices — averaging almost 7% and 9% respectively between January and November of last year — while the effects of disruptions to supply chains through the Red Sea and Suez Canal were more apparent in smaller economies including those of Bahrain and Kuwait.

Idex and Navdex 2025 Day 2: bns worth of agreements signed

Defense exhibits Idex and Navdex 2025 saw some 18 contracts worth AED 9.7 bn inked on their first two days, including five new agreements from the UAE Tawazun Council, the defense and security acquisitions authority for the UAE armed forces and Abu Dhabi police, worth AED 5.8 bn, state news agency Wam reports. The exact investment ticket for each project was not disclosed.

Local defense partnerships took the lead on the second day with three contracts worth AED 5.6 bn. These include:

An AED 3.7 bn contract for Calidus Aerospace to procure Heda Missile System (Phase 1);
An AED 492 mn contract for ammunition procurement for International Golden Group;
A AED 1.3 bn contract for 50-meter marine boats for DTEC Industries.

Other agreements spanning emergency response infrastructure, electromechanical systems, manufacturing and maritime operations, cybersecurity, and aircraft maintenance include:

MANUFACTURING-

#1- Tawazun, Kaman, and Kintsugi to launch proximity sensor production in TIP: Tawazun Council partnered with Kaman Precision Products and Kintsugi Holdings to establish a manufacturing facility for proximity sensors in the Tawazun Industrial Park (TIP), state news agency Wam reports. The sensors will be designed for use with laser-guided bombs, and will serve customers in the UAE and the wider region.

#2- EPI to develop its electromechanical capabilities: State defense firm Edge Group’s engineering subsidiary EPI inked an MoU with US-based General Atomics-Systems Integration for the development of EPI’s electromechanical systems at a new facility, according to a press release. No further details were disclosed.

#3- Local defense firm Calidus Group will expand its manufacturing operations under a new MoU with Tawazun Industrial Park (TIP), state news agency Wam reports. The partnership will enable TIP to provide one-stop-shop and industrial real estate services for the Alhada missile factory and Calidus’ manufacturing facilities which will be built in the Park.

#4- Caracal expands global footprint with Malaysian manufacturing pact: UAE-based small arms firm and an Edge Group subsidiary Caracal inked an agreement with Malaysia’s Ketech Asia to locally assemble and manufacture its CAR 816 assault rifle in Malaysia, according to a press release. The agreement upgrades a 2023 reseller partnership, enabling Ketech Asia to produce critical components at its new Pahang factory.

#5- ADSB and ASRY to develop maritime vessels: Edge Group’s maritime vessel producer Abu Dhabi Ship Building (ADSB) partnered with the maritime repair and fabrication facility Arab Shipbuilding and Repair Yard (ASRY) to build new naval auxiliary vessels and port crafts, state news agency Wam reports.

#6- Turkish Aerospace Industries (TAI) tentatively agreed with Abu Dhabi-based Calidus to jointly develop the Hurkus training aircraft, Turkey Today reports, citing TAI’s CEO Mehmet Demiroglu. The UAE is looking into acquiring Turkey’s ATAK 1 helicopters and ANKA-3 combat aircraft, and participating in developing the KAAN aircraft prototype, Demiroglu said. The two countries are also discussing establishing a new air platform together.

DEFENSE TECH-

#1- Edge and Lockheed Martin partner on chiplet tech for defense systems: Edge Group and Lockheed Martin signed a letter of intent to co-develop localized chiplet-based processors for single-board computers, according to a press release. The collaboration, led by Edge’s smart weapons subsidiary Halcon, will advance the UAE’s Chiplet Ecosystem Program to diversify and expand domestic electronics production.

Sound smart: Chiplet processors enable advanced targeting, guidance, and real-time sensor data processing, enhancing precision and situational awareness in defense systems.

#2- Edge Group inked an agreement with Italy’s Leonardo focusing on airborne radar systems, anti-tactical ballistic missile defense, counter-drone technology, naval combat management, radio communications, and optronics, according to a press release. The agreement will also see them work on marketing these solutions to governments worldwide, shared intellectual property development, and future design innovations.

#3- Edge Group and General Motors’ GM Defense signed a MoU to explore light tactical vehicle projects targeting customers in the Middle East, Africa, Malaysia, and Indonesia, according to a press release.

MAINTENANCE-

#1- Sanad and Pratt & Whitney to build MRO facility in Al Ain: Mubadala’s aerospace maintenance arm Sanad Group tapped technology firm Pratt & Whitney for an aircraft engine maintenance, repair, and overhaul (MRO) services facility in Al Ain, marking the first such center in the Mena and South Asia regions, state news agency Wam reports. Tawazun Council will also invest in the project.

#2- Safran and Abu Dhabi Aviation Group ink military MRO alliance: Safran Aircraft Engines and Abu Dhabi Aviation Group (ADA) — through its subsidiaries GAL and Advanced Military Maintenance, Repair, and Overhaul Center (Ammroc) — will work to bolster military aviation MRO services, state news agency Wam reports.

CYBERSECURITY-

#1- Tawazun Council and Lockheed Martin inked a letter of intent to establish a cybersecurity center of excellence, state news agency Wam reports. The center will focus on advanced research, specialized training, and industry collaboration in cybersecurity. The project will involve establishing a security operations center, cyber valleys across the UAE, and a platform to bolster national security.

#2- GPS-free drone tech to counter rising navigation threats: Abu Dhabi’s Adasi is deploying two new autonomous systems by VentureOne — Perceptra and Saluki — to enable drones and aircraft to operate securely without satellite reliance, according to a press release.

The partnership integrates two systems developed by Abu Dhabi’s VentureOne, the commercialization arm of Abu Dhabi’s Advanced Technology Research Council (ATRC). Perceptra is a vision-based navigation tool that replaces GPS by analyzing visual data to operate in environments where satellite signals are blocked, while Saluki is a flight controller using Zero Trust security and AI to manage missions. Perceptra enables drones to navigate without GPS for tasks like surveillance or urban logistics, while Saluki’s architecture defends against cyberattacks and coordinates multiple drones using PX4 software and high-speed processing.

INFRASTRUCTURE-

Edge, ADCDA, and Kintsugi to level up Abu Dhabi’s emergency response infrastructure: State defense firm Edge Group partnered with the Abu Dhabi Civil Defense Authority (ADCDA) and Abu Dhabi-based Kintsugi Holding to develop Abu Dhabi’s emergency response infrastructure, according to a press release. The partnership will focus on enhancing early warning systems, emergency and response systems, and end-to-end platform integration.

OTHER EDGE NEWS-

Edge reported a revenue of USD 5 bn in 2024, 20% of which was generated from exports, state news agency Wam reports. The company is currently focused on expanding its operations in Africa, followed by Latin America and Asia, CEO Hamad Al Marar told Wam.

Burjeel Holding buys into Advanced Care Oncology Center

ADX-listed healthcare group Burjeel Holding acquired an 80% stake in Dubai’s Advanced Care Oncology Center (ACOC) for AED 92 mn on a cash-free, debt-free basis, according to a press release (pdf). The move comes as part of Burjeel’s broader strategy to establish a network of radiation oncology centers across the GCC in response to rising demand for specialized cancer care.

With an option to upsize: The agreement also grants Burjeel the right to acquire the remaining 20% stake in ACOC, paving the way for full ownership.

Who owns what now? ACOC’s Founder and CEO Bashir Abou Raslan and the only other existing shareholder Raphael Khlat Middle East each retained a 10% interest in the company, with Burjeel raking in the rest.

The pitch: “By building on ACOC’s legacy of excellence, we will bring accessible, high-quality radiation oncology services closer to patients, significantly enhancing cancer care outcomes across the region. This network will not only support early intervention and treatment but will also connect seamlessly with the Burjeel Cancer Institute for advanced therapies,” group CEO John Sunil said.

About ACOC: Founded in 2017, ACOC is an oncology center in Dubai specializing in radiation therapy, nuclear medicine, and chemotherapy services. The center holds multiple international accreditations, including Gold Accreditation from Accreditation Canada and is the only facility in the UAE with PET/CT EARL Accreditation from the European Association of Nuclear Medicine. ACOC logged AED 64 mn in revenues in 2024.

Market reax: Burjeel’s stock was up 0.6% at market close yesterday to trade at AED 1.59 following news of the acquisition. The company is also awaiting BoD approval on a possible share-buyback that could be impacting share performance.

IN OTHER M&A NEWS-

Dubai-based classifieds giant DubizzleGroup took over Egyptian online car marketplace Hatla2ee, according to a statement (pdf). The move will see Dubizzle fold Hatla2ee’s platform into its operations in Egypt — which already include Dubizzle and Bayut — thereby expanding its footprint in the country’s fast-growing automotive market and digital classifieds scene. The financial terms of the takeover and post-acquisition leadership lineup were not disclosed.

A win-win for both sides: The agreement is set to boost Dubizzle’s reach in a market where online automotive sales are gaining traction, positioning it to compete with local and regional players. Hatla2ee CEO Samy Swellam said joining Dubizzle offers the company access to advanced technology and will allow it to create a better experience for its users.

About Hatla2ee: Founded in 2016, Hatla2ee has become one of Egypt’s leading platforms for new and used car sales, amassing over 2 mn monthly visitors on its website and mobile application.

Blum secures USD 5 mn to scale AI-powered crypto trading on Telegram

Blum raises USD 5 mn in pre-seed and seed funding: Dubai-based Blum, a decentralized trading platform operating via Telegram, raised USD 5 mn in pre-seed and seed funding to expand its AI-driven crypto trading tools, according to a post on X. Led by gumi Cryptos Capital, the funding round also saw participation from YZi Labs, Spartan Capital,OKX Ventures, Wintermute, No Limit Holdings, and Bitscale.

The startup is gearing up for a token listing in 1Q 2025 and an upcoming airdrop — which is when crypto firms distribute tokens to wallet addresses at no charge.

About Blum: Founded by Gleb Kostarev (Linkedin) and Vladimir Smerkis (Linkedin), Blum is a UAE-based decentralized trading platform on Telegram, which created an AI-powered “trade to earn” model that has attracted over 1 mn users and a 32 mn-member Telegram community. The platform simplifies crypto trading via a Telegram bot, enabling users to manage assets and earn rewards through active participation.

DIFC revenue surges 37% in 2024 as tech firms, hedge funds fuel record growth

DIFC revenue jumps a record 37% in 2024: Dubai International Financial Center (DIFC) reported a 55% y-o-y increase in operating income to AED 1.3 bn and a 37% y-o-y surge in combined revenues to AED 1.8 bn in 2024, marking its strongest growth since its inception, the freezone said in a press release.

DIFC saw a record 1.8k new company registrations, bringing total active companies to 6.9k, a 25% y-o-y increase. The number of technology and innovation firms grew 38% y-o-y to 1.2k, while job creation expanded DIFC’s workforce 10% to 46k employees.

Behind the performance: Dubai’s post-covid rebound, business-friendly policies, and neutral political stance have helped cement DIFC’s position as the region’s top financial hub, attracting businesses and wealthy individuals despite rising competition from Abu Dhabi, Riyadh, and Doha. Private wealth and hedge funds remain key drivers, with DIFC now home to 75 hedge funds, including 48 managing over USD 1bn.

What’s next? “We will continue collaborating with our clients and industry, develop infrastructure, evolve laws and regulations, and nurture innovation,” DIFC Authority CEO Arif Amiri said. To meet growing demand, DIFC plans to add 1.6 mn sq ft of new commercial space, with its properties already at 99.8% occupancy.

Shelf Drilling taps Arabian Drilling rigs in new global offshore expansion pact

OIL AND GAS-

Shelf Drilling partners with Arabian Drilling: Dubai-headquartered offshore drilling contractor Shelf Drilling signed an MoU with Saudi Arabia’s Arabian Drilling to form a strategic alliance aimed at expanding their international offshore operations, according to a press release (pdf). The partnership will allow Shelf Drilling to use Arabian Drilling’s high-specification jack-up rigs to fulfill contract demands across key markets, including the Middle East, Southeast Asia, India, West Africa, and the Mediterranean.

RENEWABLES-

Ohmium launches new Abu Dhabi operations hub: US-based Ohmium International — which designs and manufactures Proton Exchange Membrane (PEM) electrolyzers — has opened a Rapid Response Service Center in Abu Dhabi, according to a press release from last week. The center will provide maintenance and refurbishment services to the UAE market, allowing targeted repairs that can have individual parts of its PEM system fixed and returned to the center within three days rather than four to five weeks. On top of reducing repair time, Ohmium’s local office will speed up project expansion and scalability and reduce operational bottlenecks.

Ohmium is not new to the UAE: The hydrogen solutions firm partnered with Emirates Steel Arkan and Abu Dhabi’s Khalifa University in December 2023 to develop a green hydrogen-focused research and development program for decarbonizing the UAE’s steel industry. Emirates Steel Arkan planned to build on the research to produce Direct Reduced Iron and expand in the green steel sector.

BANKING-

Invest Bank partners with Veefin Solutions for supply chain finance: Sharjah’s Invest Bank partnered with Veefin Solutions to integrate advanced supply chain finance solutions aimed at optimizing cashflow, improving capital efficiency, and streamlining receivables and payables for businesses across the UAE, according to a press release. The system replaces manual processes with an automated platform, offering businesses more flexibility in managing payments and real-time insights into financial risks. The partnership is part of Invest Bank’s broader effort to expand its digital services.

REAL ESTATE-

UAQ Properties and Deyaar to develop beachfront projects in Umm Al Quwain: Umm Al Quwain (UAQ) Properties inked an agreement with Dubai’s property developer Deyaar Development to develop new projects along the emirate’s coast, according to a press release (pdf).

TELECOMS-

du has become the UAE’s first telecom operator to commercially roll out 5G Voice over New Radio (VoNR) and to receive full certification for its 5G Standalone Access (5G SA) network from “leading handset manufacturers,” according to a press release. VoNR keeps calls entirely on 5G, enabling faster connections, superior audio quality, and lower power consumption. 5G SA operates independently of 4G, offering ultra-low latency, improved efficiency, and enhanced speeds for voice and data.

AI-

UAE and Scotland to establish the region’s first Robotarium: Expo City Dubai signed an MoU with Scotland’s Heriot-Watt University Dubai to launch the Middle East’s first Robotarium, a research center for robotics and AI, according to a press release. The initiative will foster collaboration between academia, industry, and government, supporting startups and commercializing emerging technologies.

MANUFACTURING-

India’s Bikanervala to establish manufacturing facility at NIP: Indian sweets, snacks, and vegetarian cuisine giant Bikanervala will invest AED 33.7 mn to develop a 161k sqft manufacturing facility at National Industries Park (NIP), expanding exports to the GCC, Africa, East Asia, and Europe, according to a press release. Set to begin operations in late 2026, the facility will supply Bikanervala’s restaurants, cloud kitchens, and retail partners. It will initially produce 1.3k metric tonnes annually, with capacity expected to double to 2.7k metric tonnes by 2030. The first phase will create 200 jobs, with the workforce projected to double by the end of the decade as production scales.

FINTECH-

#1- Mamo partnership targets SMEs: Local fintech Mamo partnered with global issuer processor Paymentology to provide virtual Visa prepaid cards to Emirati SMEs, according to a press release. The partnership will enhance Mamo’s existing services by introducing credit and debit cards, multi-currency functionality, up to 2% cashback, and streamlined expense management workflows.

#2- Mastercard, Tamara partner to launch Sharia-compliant split payment card: Mastercard and GCC fintech platform Tamara teamed up to introduce a virtual card in the UAE, enabling customers to split purchases into four interest-free, Sharia-compliant payments or pay in full, according to a press releas e.

DIGITIZATION-

Sharjah is getting a Cyber Security Centre, which will operate under the Sharjah Digital Department, Wam reports. The center is responsible for strengthening cybersecurity in the emirate by developing policies and guidelines, raising awareness, training personnel, and ensuring compliance among government agencies. It will be led by Abdul Nasser Obaid Ibrahim Bu Khater.

INS.-

Orient Ins. can now operate in Kuwait: Dubai-based Orient Ins. secured approval from the Central Bank of the UAE to establish a branch in Kuwait, according to a DFM disclosure (pdf). The ins. provider will now seek final licensing from Kuwaiti regulators to operationalize the expansion, marking a strategic step to grow its regional footprint in the Gulf.

The S&P 500 hits fresh high

Tuesday was a good day for global markets, with both the S&P 500 and the Euro Stoxx 600 closing at all-time highs following a turbulent few weeks triggered by US President Donald Trump introducing new tariffs. The benchmark S&P 500 closed up 0.2% at a record 6,130 and the Euro Stoxx 600 closed at 558.

The rationale: “I think people are still trying to digest everything going on with not only tariffs and how that could impact things but also general valuations … We feel like the market is pretty expensive,” Villere & Co’s Sandy Villere told Reuters.

Investors are keeping an eye out for the Federal Reserve’s next move. The odds of a rate cut took another hit after inflation came in hotter than expected in January, with the consumer price index rising 3% y-o-y, the highest increase since June.

“You’ve got not only the tariff situation, which I think is going to be more sabre-rattling and negotiating than anything long-term; the other thing is inflation that could be a little more stubborn than people think and I don’t think the Fed can cut interest rates as fast as originally expected,” Villere added.

What about European markets? It wasn’t just the pan-European index that hit a fresh record yesterday, German’s benchmark index also hit a new record high after rising 0.2% — banking and defence stocks drove the rally, Reuters writes, adding that investors are hopeful peace talks between Russia and Ukraine will likely increase military spending.

MARKETS THIS MORNING-

It’s another morning with Asian markets mixed in early trading — Japan’s Nikkei is down 0.4%, the Hang Seng is down 0.4%, meanwhile the Kospi is looking at gains of 1.8% and the Shanghai Composite is up 0.5%.

ADX	9,619	+0.7% (YTD: +2.1%)
DFM	5,375	-0.2% (YTD: +4.2%)
Nasdaq Dubai UAE20	4,441	+1.1% (YTD: +6.7%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	4.4% 1 yr
TASI	12,334	+0.6% (YTD: +2.5%)
EGX30	30,588	+0.5% (YTD: +2.9%)
S&P 500	6,130	+0.2% (YTD: +4.2%)
FTSE 100	8,767	0.0% (YTD: +7.3%)
Euro Stoxx 50	5,534	+0.3% (YTD: +13.0%)
Brent crude	USD 75.82	+0.8%
Natural gas (Nymex)	USD 4.01	+7.6%
Gold	USD 2,955	+1.9%
BTC	USD 94,942	-1.6% (YTD: +1.5%)

THE CLOSING BELL-

The DFM fell 0.2% yesterday on turnover of AED 703.2 mn. The index is up 4.2% YTD.

In the green: National International Holding Company (+10.7%), Emirates Islamic Bank (+5.7%) and National Industries Group (+3.9%).

In the red: Depa (-10%), Salik Company (-5.2%) and Orascom Construction (-3.8%).

Over on the ADX, the index rose 0.7% on turnover of AED 1 bn. Meanwhile Nasdaq Dubai closed up 1.1%.

CORPORATE ACTIONS-

Amlak’s board greenlit plans to sell select investment properties, including plots in Dubai’s Ras Al Khor area, pending regulatory and shareholder approvals, according to a DFM disclosure (pdf). The board will convene a shareholders’ meeting to finalize the divestment.

Russia, UAE sign double taxation agreement + More potential investments in Ukraine?

UAE, Russia strengthen financial cooperation with new tax agreement: UAE State Minister for Financial Affairs Mohamed Bin Hadi Al Hussaini hosted the first UAE-Russia Strategic Financial Dialogue in Abu Dhabi on Tuesday, where he signed a double taxation avoidance agreement with Russian Finance Minister Anton Siluanov, Wam reports.

The agreement aims to boost trade, attract investment, and foster a more transparent tax environment. The forum also explored key financial topics, including budget planning, public-private partnerships, and international tax cooperation.

PLUS- UAE, Ukraine discuss potential investments under CEPA: UAE Foreign Trade Minister Thani bin Ahmed Al Zeyoudi hosted a business roundtable with First Deputy Prime Minister and Economy Minister of Ukraine Yuliia Svyrydenko, bringing together government officials, UAE businesses, and investment groups to explore potential investments in Ukraine, state news agency Wam reports. Discussions focused on infrastructure, agriculture, and technology investments under the UAE-Ukraine economic partnership inked earlier this week.

Al Zeyoudi noted Ukraine’s potential EU accession enhances its investment appeal, while Svyrydenko highlighted private sector opportunities in energy, logistics, healthcare, and manufacturing.

The meeting also explored privatization opportunities for large Ukrainian state-owned enterprises, as well as logistics and transport projects requiring significant capital investment.

ALSO- Dubai Crown Prince, Deputy Prime Minister, and Defense Minister Hamdan bin Mohammed bin Rashid Al Maktoum held a series of high-level meetings with defense officials on the sidelines of the International Defense Exhibition in Abu Dhabi.

He met with:

Kazakh Defence Minister Ruslan Zhaksylykov to discuss strengthening defense ties, exchanging expertise, and military training collaboration. (Statement)
Tatarstan President Rustam Minnikhanov, focusing on deepening bilateral cooperation, particularly in defense. (Statement)
Kuwaiti Defence Minister Abdullah Ali Abdullah Al Sabah to discuss Gulf security, military training, and efforts to foster regional peace and stability. (Statement)
Malaysian Defence Minister Mohamed Khaled Nordin to explore defense technology transfers and intelligence-sharing. Both sides affirmed their commitment to regional security and the promotion of global stability. (Statement)

UAE remains among the world’s most trusted nations

The UAE remains one of the most trusted countries, according to the 2025 Edelman Trust Barometer Global and UAE report (pdf), which surveyed some 33k respondents across 28 countries. While trust in institutions has stagnated globally, the UAE stands out with high confidence in government, business, and international bodies.

The UAE government remains the most trusted institution, with 82% approval, well above the global average of 52%. All institutions in the country are perceived as competent and ethical, with NGOs (69%) and media (59%) both scoring higher than global averages. Trust in news sources sits at 62%.

Confidence in business and industry: Some 76% of UAE respondents trust businesses to do what is right, compared to 62% globally. Most international businesses based in the UAE also benefit from this trust. Teachers (85%) are the most trusted professionals, followed by fellow citizens and scientists (79%). Journalists (58%) rank lowest at 58%.

All industry sectors in the UAE are trusted, with airline, education, and technology industries leading at 86% each, while social media ranks lowest at 65%.

Optimism for the future: Some 60% of UAE residents believe the next generation will be better off, nearly double the global average of 36%. Concerns about job security include globalization threats, such as international trade conflicts (68%), foreign competition (64%), and offshoring (63%), alongside economic pressures like a potential recession (67%).

Divided on tech: Technology also poses challenges, with lack of training (64%) and automation (63%) being major concerns. Still, 67% of UAE respondents trust AI, while 57% are comfortable with AI in the workplace.

CALENDAR

FEBRUARY

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

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

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

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

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

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

18-20 February (Tuesday-Thursday): Abu Dhabi Investment Forum, Beijing and Shanghai, China.

19 February (Tuesday): Business Connect – Abu Dhabi-Shanghai, Shanghai, China

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

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

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

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

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

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

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

21-25 February (Friday-Tuesday): Made in Russia Festival & Fair, Yas Bay Waterfront, Yas Island, Abu Dhabi.

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

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

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

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

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

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

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

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

Signposted to happen sometime in 1Q 2025:

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

MARCH

1 March (Saturday): Start of Ramadan.

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

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

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

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

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

APRIL

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Signposted to happen sometime in April:

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

MAY

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

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

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

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

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

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

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

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

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

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

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

30 May (Friday): Arafat Day.

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

Signposted to happen sometime in May:

Asean and summit, Malaysia.

JUNE

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

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

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

Closing of XRG’s acquisition of Covestro

JULY

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

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

SEPTEMBER

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

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

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

OCTOBER

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

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

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

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

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

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

NOVEMBER

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

DECEMBER

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

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

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

Signposted to happen sometime in 2025:

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

Signposted to happen sometime in the fall of 2025:

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

Signposted to happen sometime in 2026:

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

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