Non-oil sector hit by the war as input costs rise, demand falls

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WHAT WE’RE TRACKING TODAY

THIS MORNING: EGA could need a year to restore full production at Al Taweelah + The UAE is now the 9th top goods exporter

Good morning, lovely people. It’s been a relatively quiet few days for most of us in Dubai — though it largely depends on where you are — but the impact of Iranian attacks is still being felt.

As schools remain online and many offices are shuttered, Iran is upping the ante of attacks, using weekends to target industrial facilities and, for the first time, a US company. We have everything on the events of the past weekend in this morning’s War Watch, below.

Bright spots remain, from a slight opening up of the Strait of Hormuz to a ramping up of operational capacity among UAE carriers, but there’s also bad news on the macro front.

The non-oil sector was hit hard by the war last month, with S&P Global’s Purchasing Managers’ Index falling to a near five-year low, with indications of rising prices, major supply chain disruptions, and falling demand. We have more in our Big Story Today, below.

On a brighter note… Moody’s stood firm on its credit rating for the UAE, while maintaining a stable outlook, though it still warned of a major downside risk if the war sees further escalation.

WEATHER- It’s a warm day across the country, with highs of 29-30°C in Dubai and Abu Dhabi, and a low of 22°C, according to our favorite weather app.

Watch this space

DISRUPTION WATCH — Emirates Global Aluminium (EGA) said it could take up to a year to restore full production at the Al Taweelah facility, after severe damage caused by Iranian strikes last week, state news agency Wam reports. The site remains under emergency shutdown.

Aluminum prices rose 5% after the attacks on EGA and the Aluminum Bahrain complex in Bahrain, and prices could rise as high as USD 4k per ton in a worst-case scenario, analysts told us earlier. Manufacturing industries — including auto, aerospace, construction, and packaging — are poised to face the biggest supply chain bottlenecks. Since the onset of the war, global aluminum prices rose over 10% in March.

DEBT — Pakistan will return USD 3.5 bn in matured loan deposits to the UAE, the Express Tribune reports, citing unnamed senior government officials. The country’s Foreign Ministry said the debt repayment was “a routine financial transaction” that will be repaid through the State Bank of Pakistan, according to a statement on X.

IN CONTEXT- The UAE had agreed earlier this year to roll over a USD 2 bn deposit until 17 April, after offering multiple rollovers in previous years. The repayment terms were not disclosed, but the purpose of the roll over was to negotiate the repayment period and interest rate.

How much has the UAE deposited in Pakistan? The UAE had also extended a USD 450 mn loan to Pakistan in 1996 which matured in 30 years, the Express Tribune quotes a senior government official as saying. Another USD 1 bn deposit was made in 2023 to help Pakistan meet funding requirements for an IMF bailout.

INVESTMENT WATCH — Gulf investors backing Paramount’s Warner Bros’ takeover are expected to put pen to paper as soon as today, people familiar with the matter told the Wall Street Journal. Abu Dhabi’s government-owned firm L’imad, Saudi Arabia’s Public Investment Fund, and the Qatar Investment Authority are committing some USD 24 bn to Paramount, with PIF putting down the lion’s share — around USD 10 bn.

REMEMBER- The battle for Warner Bros Discovery reached a dramatic end in February, with Netflix walking away from its bid for the Hollywood studio and streaming giant, paving the way for Paramount to acquire the firm.

Data point

The UAE was one of the world’s top 10 goods exporters for the first time in 2025, according to the World Trade Organization, The National reports, citing recent figures from the WTO. The value of non-oil exports increased 45% to AED 813 bn, driving a trade surplus of AED 584 bn.

The total value of trade in goods and services hit AED 6 tn in 2025, with goods in the lead at AED 4.6 tn. Services surpassed the AED 1 tn benchmark for the first time, with digital services hitting USD 33 bn, accounting for 17% of total service exports. The UAE contributed 3.3% of total exported goods globally and 2% of services.

IN CONTEXT- A big part of the credit goes to the UAE’s comprehensive economic partnership agreements (CEPAs), the most recent being with Ecuador in March, with a USD 3 bn project pipeline, and another is currently in the works with Japan. The country also secured a CEPA with Gabon and Congo in February, as well as a services and investment accord with Armenia to widen market access and boost bilateral capital flows. The UAE has concluded agreements with 35 countries.

The big story abroad

It’s a pretty quiet morning in the global front pages, with the latest threats from Trump getting top billing.

US President Donald Trump has once again threatened to destroy Iran’s power infrastructure. Should Tehran keep the Strait of Hormuz shut, Trump has vowed to target civilian infrastructure — power plants and bridges — in a TruthSocial post leading to some critics pointing out that this would constitute a war crime.

Oil jumped following the President’s ultimatum. Brent futures rose 1.6% to USD 110.74 a barrel earlier today, while US West Texas Intermediate futures gained 0.6% to trade at USD 112.25.

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Oil watch

Opec+ decided to boost oil output by 206k bbl / d for May yesterday, with the UAE alone contributing 18k bbl / d, according to a statement from the organization. The hike may only take effect on paper as key nations remain unable to raise production amid the US-Iran conflict, Reuters reports.

The move indicates a willingness to raise output once the Strait of Hormuz reopens, sources in the eight-member bloc told Reuters. The hike — which only amounts to 2% of the supply disrupted by Iran’s closure of the waterway — is expected to add “very few barrels to the market,” former Opec official Jorge Leon told Reuters.

The organization “expressed concern regarding attacks on energy infrastructure, noting that restoring damaged energy assets to full capacity is both costly and takes a long time, thereby affecting overall supply availability.”

Circle your calendar

Amid an uncharacteristic dearth of events for this time of year due to the ongoing war, Abu Dhabi is still making plans for April:

The Abu Dhabi Global Entrepreneurship Festival will run from Monday, 20 April until Wednesday, 22 April at the Abu Dhabi Energy Center, the Abu Dhabi Media Office said in a post on X

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

War hits non-oil sector

Growth in the UAE’s non-oil private sector slowed to a significantly more subdued pace in March, as the war in the Middle East undercut customer demand, snarled supply routes, and pushed input prices higher, according to S&P Global’s latest Purchasing Managers’ Index (PMI) report (pdf). The country’s seasonally adjusted PMI slipped to 52.9, down from 55.0 in February, marking the joint‑weakest reading since June 2021.

The slowdown was expected. A major factor could be the “gradual departure of foreign investors and foreign labor — particularly Europeans, Americans, and workers from other Western countries — from the UAE,” MENA Economist Hamzeh Al Gaaod tells EnterpriseAM. While the reading is still above the 50.0 neutral threshold, the conflict has “accelerated the build‑up of slowing growth momentum during March,” Al Gaaod added.

Where the biggest impact shows: “Anecdotal comments suggested that sectors such as tourism, retail and logistics were the most affected, whereas segments such as technology and construction signalled a softer, but still notable impact,” S&P Global’s Senior Economist David Owen noted in the report.

None of that is surprising. Tourism and retail were among the sectors hit the hardest by the slower footfall — uncharacteristic for this time of year — as many expats flew back home and tourists canceled plans to visit the country as the war dragged on. Logistics has also suffered due to the disruptions to the Strait of Hormuz and the targeting of ports.

Dubai’s upturn also cools: Dubai’s non-oil PMI also fell to its weakest reading in nine months at 53.2 in March, down from 54.6 in February, though it was slightly higher than the general UAE level of growth. Growth in both output and new business softened, with Dubai-based companies expressing their lowest level of confidence in future output since late 2020.

Supply chain snarls are also to blame

Besides the hit to demand, firms reported that the war constrained output, as it disrupted both supply chain routes and end-market demand, though many still noted resilient order books and ongoing project work, which kept the PMI above the expansion threshold.

The suppliers’ delivery times index recorded its largest monthly fall since the series began a decade‑and‑a‑half ago, while vendor performance deteriorated for the first time since September 2021. The disruption of key supply routes, including reported bottlenecks around the Strait of Hormuz, has translated into significantly longer wait times for critical inputs.

Brace for higher prices…

In a bid to protect margins, UAE firms hiked average selling prices at the fastest pace in around 11.5 years, as input price pressures accelerated in March, with the war pushing up costs for logistics, ins., fuel, energy, steel, technology equipment, and machinery. The rate of increase in purchase prices was the fastest since July 2024, prompting many firms to pass on costs.

The outlook is… not so rosy

Firms’ expectations for activity over the next 12 months fell to a 61‑month low amid deep uncertainty over the war’s depth and duration. However, Owen noted that firms “took comfort from strong long-term growth projections, high demand in tech and other sectors, and fiscal spending plans including Abu Dhabi’s Economic Vision 2030.” A sharp increase in backlogs also suggests a sales pipeline exists if new orders taper.

The bottom line: The outlook hinges entirely on regional stability. “The more the war continues, and the closure of the strait persists, the more companies — especially those producing and exporting products — will suffer,” Al Gaaod tells us.

Industrial and oil and gas facilities targeted over the weekend + Oracle building also sees minor damage

Iran once again used the weekend as an opportune time to target industrial facilities — and also, a US tech firm, as it said it would earlier. Air defenses are still holding, but the knock-on effects are also still hitting infrastructure on the ground.

The latest target? Borouge’s petrochemicals plant in Al Ruwais, which was forced to suspend operations yesterday after fires broke out following falling debris, the Abu Dhabi Media Office said.

Borouge’s disruption lands at a sensitive moment. Just days before the incident, Adnoc’s investment at XRG and Austria’s OMV completed the creation of Borouge International, which combines Borouge, Borealis, and Nova Chemicals into a single USD 60 bn polyolefins platform.

Separate incidents saw debris strike the Oracle office building in Dubai Internet City and a separate building in Dubai Marina, with no injuries reported, according to Dubai Media Office on X here & here. The IRGC had said earlier in the week that it would target 18 US tech and defense firms — including Oracle — claiming that these corporations are actively enabling US and Israeli military targeting operations, pointing to defense contracts and data processing capabilities as justification for the strikes.

The Habshan gas facilities were also once again affected by falling debris from an intercepted projectile, resulting in the death of an Egyptian individual and injury of four others, Wam reports elsewhere.

Falling debris in Khor Fakkan Port resulted in four injuries last night, according to the Sharjah Media Bureau. Fire broke out at the port after debris hit the port following the interception of incoming attacks. The fire has since been contained and cooling operations are underway.

Hormuz traffic edges up, but remains under tight control

There are tentative signs of movements in the Strait of Hormuz, with a seven-day average of vessel traffic climbing to its highest level since the conflict began, Bloomberg reports. A total of 13 ships were tracked crossing since Friday morning, 10 outbound and three inbound.

There are early signs that some non-aligned players are testing the waters, quite literally. A French container ship and a Japanese-owned LNG tanker both made crossings, potentially the first of their kind since the conflict began, though it’s unclear whether this reflects state-level diplomacy or private arrangements.

And some are getting exemptions: Iran has moved to exempt Iraq from Hormuz shipping restrictions, in what could reopen a key supply channel if it holds, Bloomberg reports. On paper, the move could allow as much as 3 mn bpd of Iraqi crude to return to seaborne markets. In practice, it’s far from straightforward. Shipping companies still need to be willing to enter the strait, ins. constraints remain in play, and it is not yet clear how broadly the exemption applies, Bloomberg added, citing an Iraqi official.

The data: Iraqi exports collapsed by roughly 97% in March to around 99k barrels per day, with flows rerouted through the Turkey pipeline to Ceyhan as Gulf routes shut down.

Even with the exemption, restarting volumes will take time, and hinges on whether the risk calculus for shippers actually changes.

UAE carriers ramp up capacity

There are also early signs of recovery in aviation flows. Three UAE carriers — Emirates, Etihad Airways, and flydubai — have recorded their highest number of flights since the conflict began over the weekend, as operations gradually stabilize.

Emirates is leading the rebound, operating 384 flights to and from Dubai on 4 April, according to Flightradar24, followed by Etihad Airways with 212 flights, and flydubai with 151 flights.

Another vote of confidence

In more positive news, Moody's Ratings has affirmed the UAE’s Aa2 issuer and senior unsecured ratings with a stable outlook following a periodic review, according to a statement seen by EnterpriseAM.

The reason? “The economy's high per-capita income, robust institutions, and effective policymaking that underpin ongoing progress on economic diversification, and the federal government's very low debt burden,” Moody’s added.

Buffers remain strong: Despite near-term pressures, the federal government’s balance sheet is well insulated, supported by years of fiscal surpluses and access to sovereign wealth through the Emirates Investment Authority. Moody’s assumes full financial backing from Abu Dhabi — whose government financial assets exceed 300% of GDP as of the end of 2025 — in the event of stress.

Scorecard breakdown: The UAE’s economic strength is assessed at “aa3,” underpinned by high per-capita income levels, a diverse economy, and vast hydrocarbon reserves, Moody’s noted. The UAE institutions and governance are rated “a2,” reflecting a track record of effective policymaking and a relatively strong institutional framework. Fiscal strength comes in at “aa1,” driven by a very low federal debt burden and a history of balanced budgets, while susceptibility to event risk is rated “ba,” mainly driven by regional geopolitical tensions.

Regional geopolitical tensions are — unsurprisingly — the main downside risk. Other pressures include global carbon transition challenges and gaps in data transparency and disclosure.

Still — conflict impact is manageable: While there is a risk, Moody’s notes that the UAE is better positioned than some peers to handle logistical shocks. The Habshan-Fujairah pipeline allows the UAE to bypass the Strait of Hormuz, carrying roughly 1.8 mn bbl / d, or about two-thirds of Abu Dhabi’s pre-conflict exports.” This is also why the ratings agency maintains a stable outlook on the UAE.

Yes, but: The bigger problem is with the non-oil sector (read: The Big Story Today). “The conflict is also hindering non-oil economic activities and sectors sensitive to confidence, negatively affecting the UAE's overall economy,” Moody’s said in its review.

Growth outlook has been slashed: Under Moody’s baseline scenario, real GDP is expected to remain flat in 2026, a sharp downgrade from a pre-conflict growth projection of around 4.5%, as both oil and non-oil activity face headwinds. It’s not alone: S&P Global — which also affirmed the UAE’s rating in March — also revised downwards its growth forecast for the UAE, though it penciled in 2.2% growth at the time. Others like Goldman Sachs are much more pessimistic — expecting a full-on contraction of 5% if the war lasts through the end of April.

What could move the rating? Faster progress on economic diversification, improved transparency and data disclosure, easing geopolitical tensions, or a rating upgrade for Abu Dhabi could exert upward pressure. On the downside, an escalation of the current conflict — especially if critical oil infrastructure is damaged — or any weakening of Abu Dhabi’s financial support would weigh on the sovereign’s credit profile.

More oil and gas investments in Egypt, Dubai makes AED 150 mn EV charging push, and DP World, AD Ports work on Nigerian shipping

Arcius Energy inks agreement to develop Harmattan gas field in Egypt

The Egyptian Natural Gas Holding Company (Egas) inked a final investment decision (FID) with XRG’s Arcius Energy to develop the Harmattan gas field in the Mediterranean, according to a statement from the Oil Ministry.

The USD 500 mn project is expected to go online in 2028 and will produce around 150 mn cf/d of gas and 3.3k barrels of condensates per day, with plans to ramp production to 200 mn cf/d and 4.4k barrels of condensates. Enppi was appointed as the general contractor for the project.

REMEMBER- Arcius Energy — a JV between BP and Adnoc’s investment arm XRG — first acquired the field from Shell and BP in November under a concession transfer agreement with Egas that grants it full rights to the El Burg offshore block. The company said it is planning to drill up to three wells, install a fixed offshore platform, and build a 50 km pipeline to onshore processing facilities near Port Said.

Dubai plans 600 EV supercharging stations

Dubai is rolling out 600 electric vehicle supercharging stations across parking spaces under a AED 150 mn project with state-owned Emarat EV Charging Stations Company (UAEV), state news agency Wam reports.

The details: The EV stations will be installed across neighborhood parks, public beaches, and recreational facilities, as part of the emirate’s broader push to cut down on carbon emissions and scale up EV adoption. The first phase of the project will see 75 charging stations installed across 150 parking spaces over the next two years.

IN CONTEXT- The UAE is targeting 50% EV adoption by 2050 under its National Electric Vehicles Policy and is rapidly scaling up its infrastructure. UAEV also targeted the installation of over 500 public EV chargers by the end of last year, and 10k chargers by 2030. Furthermore, Adnoc Distribution had around 200 chargers across the country in 2024 and is targeting 500 by 2028, while Abu Dhabi Mobility is rolling out 1k Charge AD stations under PPPs.

DP World and AD Ports to help boost Nigeria’s maritime capacity with new shipping line

Nigeria tapped port operators DP World and AD Ports Group for its new planned national shipping line. Nigeria has been looking to reduce reliance on foreign carriers, retain more maritime value for its domestic economy, and create local shipping jobs. The initiative is part of a wider push to boost maritime capacity, improve cargo handling, and reduce congestion at ports.

Tokenization could amplify market risks, IMF says

The global push to put traditional finance on the blockchain just got a flashing warning light, from none other than the International Monetary Fund.

What’s happening? Big players like the New York Stock Exchange are already testing infrastructure to trade tokenized stocks and exchange-traded funds around the clock. Nasdaq is pushing the US SEC to allow tokenized stock trading, and SEC Chair Paul Atkins appears supportive.

BUT- A new IMF report (pdf) warns that this isn't just a marginal tech upgrade. “Tokenization constitutes a structural reallocation of trust within the financial system,” the author argues.

Why it matters

The big selling point of tokenization is instant, constant settlement — what the industry calls “atomic settlement.”

The problem? The traditional financial system relies on delays. The lag time gives institutions a chance to net their claims and gives central banks a window to step in before a market hiccup turns into a full-blown meltdown. If trades settle instantly by design, we lose that temporal buffer.

This rewiring of market infrastructure creates several major systemic headaches:

Liquidity strains: Because end-of-day netting is eliminated, institutions must maintain liquidity continuously, sharply increasing intraday liquidity needs.
Algorithmic fire sales: As the IMF notes, “automated margin calls triggered by price movements can force rapid asset sales, reinforcing procyclical dynamics.”
Outdated backstops: Central bank emergency lending facilities currently operate on standard business hours and are insufficient in a 24/7 tokenized environment.
Private money risks: Privately issued stablecoins are increasingly used to settle these digital trades. However, the IMF warns that today's stablecoins resemble money market funds and “could be vulnerable to confidence-driven runs in adverse conditions.”

For emerging and developing economies in the region, this structural shift is especially risky. Frictionless digital finance could lead to wild swings in capital flows and the erosion of monetary sovereignty. Money could flood out of a developing economy during a panic before policymakers can react. The report explicitly warns that this continuous settlement could accelerate outflows during stress episodes, “limiting the effectiveness of traditional capital flow management measures.”

What comes next

The IMF is telling global regulators they need to adapt their crisis playbooks immediately. To avoid a fragmented market or a system dominated by private stablecoins prone to bank runs, governments need to provide the underlying digital cash.

That likely means a faster rollout of wholesale central bank digital currencies (wCBDCs), to anchor the system in safe public money.

“Tokenization does not diminish the role of the public sector, but it reshapes it,” the report said, warning that “the window for shaping the architecture of the tokenized financial system is open, but it will not remain so indefinitely.”

MARKETS THIS MORNING-

Asia-Pacific markets are up in early trading this morning, as investors seemingly brush off Trump’s latest threats to destroy Iranian power plants and bridges if it doesn’t open up the Strait of Hormuz. Japan’s Nikkei is up over 1.6% and South Korea’s Kospi is looking at gains of 2.2%. Despite the early rally, it’s anyone’s guess how the week will unfold with war developments and upcoming data releases potentially pushing markets in either direction.

ADX	9,601	+0.2% (YTD: -3.9%)
DFM	5,485	+0.5% (YTD: -9.3%)
Nasdaq Dubai UAE20	4,523	-0.6% (YTD: -7.5%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.5% o/n	3.7% 1 yr
TASI	11,272	0.0% (YTD: +7.5%)
EGX30	47,276	+1.9% (YTD: +13.0%)
S&P 500	6,583	+0.1% (YTD: -3.8%)
FTSE 100	10,436	+0.7% (YTD: +5.1%)
Euro Stoxx 50	5,693	-0.7% (YTD: -1.7%)
Brent crude	USD 109.03	+7.8%
Natural gas (Nymex)	USD 2.80	-0.7%
Gold	USD 4,680	-2.8%
BTC	USD 67,369	0.0% (YTD: -23.1%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.66	+1.1% (YTD: -2.4%)
S&P MENA Bond & Sukuk	149.14	-0.3% (YTD: -1.8%)
VIX (Volatility Index)	23.87	-2.7% (YTD: +59.7%)

THE CLOSING BELL-

The ADX rose 0.2% Friday on turnover of AED 491.6 mn. The index is down 3.9% YTD.

In the green: Ooredoo (+14%), Commercial Bank International (+9.5%), and Gulf Financial Holding (+6.9%).

In the red: Invest Bank (-4%), National Bank of Umm Al Quwain (-3.8%), and Emirates Driving (-2.8%).

Over on the DFM, the index rose 0.5% on turnover of AED 253.3 mn. Meanwhile, Nasdaq Dubai was down 0.6%.

CALENDAR

MARCH

31 March-2 April (Tuesday-Thursday): Arab Media Summit, Dubai.

APRIL

6-9 April (Monday-Thursday): Dubai AI Week, Dubai.

7-8 April (Tuesday-Wednesday): Dubai AI Festival, Dubai World Trade Center, Dubai.

20-22 April (Monday-Wednesday): Abu Dhabi Global Entrepreneurship Festival, Abu Dhabi Energy Center, Abu Dhabi

21 April (Tuesday): FAO Regional Conference for the Near East (NERC38), Al Ain.

28-29 April (Tuesday-Wednesday): Innovation Summit Middle East & Africa, Abu Dhabi.

MAY

4-8 May (Wednesday-Saturday): Make It in the Emirates, Adnec Center, Abu Dhabi.

8-24 May (Saturday-Sunday): Dubai Esports and Games Festival, Dubai.

11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center, Abu Dhabi.

11-15 May (Monday-Friday): Dubai Future Finance Week, Dubai.

12-14 May (Tuesday-Thursday): Abu Dhabi Infrastructure Summit, ICC Hall, Adnec Center, Abu Dhabi.

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.

20-21 May (Wednesday-Thursday): Arab Competition Forum, Dubai.

JUNE

3-4 June (Wednesday-Thursday): MENA Investor Conference, Ritz-Carlton DIFC, Dubai.

15 June - 15 September (Monday-Thursday): Dubai Mallathon, Dubai.

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

AUGUST

17-20 August (Monday-Thursday): Arabian Travel Market, Dubai World Trade Center, Dubai.

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.

OCTOBER

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

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

NOVEMBER

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

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

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

DECEMBER

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

Signposted to happen in 2026:

Investopia Global Talks, Tashkent;
Investopia, 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;
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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Today at a glance

THIS MORNING: EGA could need a year to restore full production at Al Taweelah + The UAE is now the 9th top goods exporter