Ras Al Khaimah issues USD 1 bn sukuk + DWTC sets up JV with Informa

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Gulf Capital plans to sell its fertility business Art Fertility

Good morning, friends, and happy FRIDAY. We’ve finally made it to the end of the first workweek of Ramadan (which felt more like a year) — and are very much looking forward to the sweet relief of the weekend.

We have a busy issue with which to cap off the week, led by Ras al Khaimah closing its USD 1 bn sukuk issuance after receiving USD 4.4 bn in orders. On the M&A front, Talabat closed its acquisition of Instashop, and Dubai World Trade Center is merging its B2B events business with Informa’s Dubai-based B2B unit.

ALSO- Ever wondered what an ex-pro basketball player and special forces officer would do a few years down the line? Start a fintech in Dubai, apparently. Idriss Al Rifai, CEO and co-founder of Dubai-based fintech Flow48, dives into his unconventional background and his trials and tribulations with entrepreneurship in this week’s My Morning Routine, below.

☀️WEATHER- Brace yourselves for the hottest day of the year yet, with Dubai seeing highs of 34°C during the day, before cooling to 24°C overnight, according to our favorite weather app and the National Center of Meteorology’s forecast (pdf. Temperatures will hit highs of 29°C in Abu Dhabi during the day, and a low of 22°C at night.

So, when do we eat? Maghrib is at 6:27pm today in Dubai and 6:31pm in Abu Dhabi. You’ll have until fajr prayers at 5:18am in Dubai and 5:22am in Abu Dhabi tomorrow to finish your sohour.

WATCH THIS SPACE-

UAE-based private equity firm Gulf Capital is looking to sell its fertility clinic business, Art Fertility, Bloomberg reports, citing sources familiar with the matter. Several buyers are interested in the sale, which Moelis & Co are advising Gulf Capital on, the sources said. EnterpriseAM UAE did not hear back in time from a Gulf Capital representative to comment on the sale of the business, which has clinics in Abu Dhabi, Al Ain, and Dubai, as well as in India.

ICYMI- We interviewed Gulf Capital’s CEO Karim El Solh last year, who spoke at the time about expanding the company’s healthcare ventures through Art Fertility further into the Indian market. Gulf Capital acquired the firm from fertility group IVI RMA in 2020, after which it invested USD 30 mn to expand it to India.

#2- German m’naires eye UAE as a relocation destination amid economic and political shifts: The UAE is emerging as a key relocation destination for German high-net-worth individuals (HNWIs), with 11% of German m’naires considering a move to the country in the next 12 months, Khaleej Times reports, citing a recent study by investor migration consultancy Arton Capital.

Why are m’naires leaving? The survey, conducted between 24 February and 3 March 3, 2025, polled 1k German m’naires with a net worth of at least EUR 1 mn. It found that economic stagnation, high taxes, and the rise of far-right politics are prompting HNWIs to seek alternative residency options. Armand Arton, CEO of Arton Capital, also pointed to geopolitical instability, safety, and rising energy costs as key drivers of the trend, adding that many German HNWIs invest in UAE real estate for personal use or investment.

Why the UAE? The country’s zero income tax, security, and strong real estate market make it an attractive destination for wealthy investors. The UAE ranked seventh among the top destinations for German m’naires , following Canada, Australia, the US, New Zealand, Spain, and the Netherlands.

REMEMBER– The UAE was among the top destinations for HNWIs with assets of USD 1 mn or more in 2024, alongside the US and Italy, according to Henley & Partners estimates. The country’s golden visa programs, pro-crypto policies, and modern infrastructure made it a preferred choice. Globally, 134k m’naires emigrated last year, with 142k more projected to relocate in 2025 — which would mark the largest wealth migration in history.

KUDOS-

The Central Bank of the UAE (CBUAE) has become the first central bank in the Arab world to adopt the FX Global Code, state news agency Wam reports. The FX Global Code sets ethical and professional standards for market participants to improve transparency and stability in the foreign exchange market. The CBUAE is advising licensed financial institutions in the UAE to align with the Code and issue statements pledging commitment.

PSA-

Abu Dhabi Islamic Bank is waiving fees on deferments of personal finance installments during Ramadan, Emarat Al Youm reports.

HAPPENING TODAY-

#1- The Forbes 30/50 Summit is on its third day and runs until Saturday in Abu Dhabi. Coinciding with International Women’s Day, the event brings together influential leaders from entertainment, sports, business, and activism, including Reddit cofounder Alexis Ohanian, Iraqi para table tennis player Najlah Imad, Syrian swimmer Yusra Mardini, and Saudi race car driver Reema Juffali.

#2- Ajman Entrepreneurship Week is on its third day and runs until Sunday in Al Jurf Park and Mushairif Market, bringing together entrepreneurs, investors, and innovators. Organized by the Ajman Department of Economic Development, the event includes the Dakkakin Initiative to support SMEs.

THE BIG STORY ABROAD-

US President Donald Trump backtracked on his plan to implement a 25% tariff on goods from Canada and Mexico, saying that goods under the trade agreement signed between the three countries would be exempt from the levy. This marks the second u-turn on his aggressive trade policy this week, after he granted a 30-day exemption for vehicles that comply with the United States Mexico Canada Agreement (USMCA) yesterday. (Reuters | FT | WSJ)

US stocks — which have had a volatile week on the back of whipsawing policy — failed to recover from their early losses despite the reprieve, with the S&P 500 down 1.8% and the Nasdaq confirming it is in correction territory.

ON GAZA- The Trump administration said that Egypt’s USD 53 bn reconstruction plan “does not fulfill the requirements, the nature of what President Trump was asking for,” State Department spokeswoman Tammy Bruce said yesterday, adding that Hamas must not be a “factor in Gaza” in order for there to be a way forward.

IN BUSINESS NEWS- US pharma giant Walgreens will be taken private by private equity firm Sycamore Partners in a USD 10 bn transaction, after nearly a century of public trading, as the company loses market share to cheaper rivals like Amazon and Walmart. (Reuters | CNBC | WSJ)

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MARKET WATCH-

Adnoc executes first trades with Platts pricing process for Dubai crude: Abu Dhabi National Oil Company (Adnoc) has completed its first trades using S&P Global Platts’ pricing process for Middle East benchmark Dubai crude, Reuters reports, citing traders. Adnoc purchased two partials — each 25k barrels — from BP and Trafigura at USD 70.25 per barrel as part of the 42 partials traded during the Platts Market on Close process.

This is a rare move for a Middle Eastern oil producer, who rarely participate in trades that influence regional crude pricing. The Middle East continues to be a leading crude supplier, exporting 17 mn barrels per day in 2024, which accounted for 42% of global crude shipments, according to data from Kpler.

S&P Global Platts determines crude oil benchmark prices through its Market on Close process, which reflects real-time trading activity, according to an S&P Platts report (pdf). The Dubai crude benchmark, widely used for Middle East oil pricing, is based on these trades and influences global crude contracts and pricing formulas.

Ras Al Khaimah issues USD 1 bn sukuk, which was 4.4x oversubscribed

RAK completes USD 1 bn sukuk issuance: The Government of Ras Al Khaimah’s Investment and Development Office (IDO) has successfully closed its offering of a 10-year USD-denominated 1 bn senior unsecured sukuk at a profit rate of 5.038%, state news agency Wam reports. The Reg S benchmark sukuk comes as part of the RAK Government’s USD 2 bn Trust Certificate Issuance program, which was signed on 28 February, according to Wam.

The details: The issuance, which had initial price thoughts at Treasuries +120 bps, saw a final pricing of 10-year Treasuries +80 bps after having received strong investor demand and an orderbook of over USD 4.4 bn. Sukuk trustee RAK Capital’s program received a rating of A from S&P Global Ratings’ and an A+ rating from Fitch.

Who bought in: The sukuk saw subscriptions from global investors, including 57.8% from MENA, 35% from the UK/continental Europe and 7.2% from Asia and other countries.

What they said: “The New Issue Concession priced into the [issuance] was -10 bps, which is a clear recognition of Ras Al Khaimah’s strong credit position and a stamp of approval from the international investor community for the Emirate’s remarkable growth and success story,” an official spokesperson for the Government of Ras Al Khaimah told Wam.

ADVISORS- Abu Dhabi Commercial Bank, Citi, Emirates NBD Capital, First Abu Dhabi Bank, The National Bank of Ras Al Khaimah (Rakbank), and Standard Chartered are acting as global coordinators. Citi and Emirates NBD Capital are serving as Sukuk Structuring Agents.

Part of a wider wave of issuances: The RAK sukuk marks the first government issuance from the UAE this year, amid a surge in sukuk and Reg S bond issuances by banks and corporates. First Abu Dhabi Bank (FAB) and real estate developer Damac also took to market their USD 750 mn sukuk issuances in the past couple of months. Meanwhile, Sharjah Islamic Bank is preparing a USD 500 mn Reg S five-year sukuk, while Emirates NBD plans to issue a USD 1 bn Reg S additional tier 1 capital security.

Total sukuk issuance volume from UAE-based issuers reached USD 14.4 bn in 2024, with S&P Global Ratings projecting a steady USD 14-15 bn in 2025, primarily driven by bank and corporate issuances.

DWTC, Informa merge their B2B events business in a new venture

DWTC + Informa will launch a joint venture in Dubai: Dubai Wo rld Trade Center (DWTC) will merge its B2B events business with UK-based Informa Group ’s B2B events business in Dubai and “connected partner markets,” according to a company statement. The B2B events-focused joint venture will be headquartered in Dubai and is expected to be fully operational by 4Q 2025.

Informa takes majority stake: Informa will hold a 52% stake in Informa International, Informa said in a press release (pdf). The agreement, structured as a “merger of equals,” where two similar-sized businesses merge to create a new entity, involves no upfront payment. The new entity is expected to generate some USD 700 mn in revenues.

Informa International will focus on the MICE (Meetings, Incentives, Conferences, and Exhibitions) sector across the Middle East, South Asia, and Africa. The company will oversee more than 40 leading events, including Gulfood in the food sector, GITEX in the information and communication technology sector, World Health Expo in the healthcare sector, GISEC in the cybersecurity sector, Dubai Airshow in the aviation sector, and Middle East Energy in the energy sector.

REMEMBER- DWTC is expanding amid Dubai’s events boom: DWTC tapped UK-based Mace Group last October to oversee the first phase of the AED 10 bn Dubai Exhibition Center expansion, set for completion by 2026. The full project, part of Dubai’s 2040 urban plan, will be finished by 2031, doubling exhibition space and event capacity.

Talabat acquires 100% of Instashop from parent company Delivery Hero as part of restructuring push

DFM-listed Talabat acquired 100% of Dubai-based on-demand grocery delivery marketplace Instashop in a related-party transaction from its Berlin-based parent company and majority shareholder Delivery Hero as part of a restructuring push, it said in a statement (pdf). Instashop will continue to operate as an independent brand under Talabat’s grocery and retail vertical. The sale and purchase agreement was inked (pdf) in September 2024.

Talabat paid USD 32 mn for the company from its internal reserves, with the amount reflecting Instashop’s capital amount rather than its fair value, the statement reads. The company was valued at USD 360 mn — USD 270 mn paid upfront, with the rest deferred and tied to Instashop’s future performance — when it was bought by Delivery Hero in 2020 — making it a favorable acquisition for Talabat’s shareholders. Instashop operates in the UAE and Egypt.

REMEMBER- Talabat listed a 20% stake on the DFM in a USD 2 bn IPO last December.

It’s all about creating synergies: Talabat expects the transaction to result in operational and technology synergies across both businesses, with streamlined delivery and product operations once integration, which is currently underway, is complete.

The acquisition put Talabat’s gross merchandise value — the total value of all goods sold — in 2024 at USD 2.5 bn on a pro forma basis. Instashop’s GMV rose 16% y-o-y to USD 631 mn last year, equivalent to 8% of talabat’s 2024 GMV, with positive and improving EBITDA margins, according to the statement.

Market reax: Talabat’s stock closed down 0.7% yesterday to trade at AED 1.53.

Emirates NBD’s Liv adds crypto trading to digital bank Liv

Dubai’s Emirates NBD launches crypto trading via Liv X App: Dubai’s largest bank, Emirates NBD, partnered with Aquanow, a global digital asset infrastructure provider, to introduce cryptocurrency trading through its digital banking arm, Liv, according to a statement. The launch allows users to buy, sell, and trade crypto directly via the Liv X app.

How it works: Zodia Custody, an affiliate of Standard Chartered, will handle custody services, while Aquanow — licensed by Dubai’s Virtual Assets Regulatory Authority — powers the trading platform, Bloomberg reports, citing a statement.

The UAE is leading the region in crypto adoption, with 72% of UAE crypto users investing in BTC as of last April, contributing to a 166% jump in the number of daily traders in the region to 500k. “With the highest crypto adoption rate in the UAE, we are keen to launch our own virtual asset offering to capitalize on this trend,” said Marwan Hadi, Emirates NBD’s group head of retail banking and wealth management.

ICYMI- Last month, Aquanow partnered with Hubpay, a UAE-based cross-border payment platform, to introduce the UAE’s first fully regulated crypto payment facility for businesses and SMEs. The partnership allows businesses in real estate, manufacturing, and general trading to accept cryptocurrency securely alongside traditional fiat transactions.

M&A activity was up 3% y-o-y in 2024, led by Emirati and Saudi sovereign wealth funds

The MENA region saw 701 M&A transactions last year, totaling USD 92.3 bn, with the GCC accounting for the bulk of activity, with 580 transactions totaling USD 90 bn, according to EY’s latest MENA M&A insights report. This marks a 3% increase in transaction count and a 7% rise in value y-o-y, likely fueled by capital market reforms, policy shifts, and growing interest from foreign investors, the report reads.

Emirati and Saudi sovereign wealth funds (SWFs) remained the key drivers of dealflow in the region, with Abu Dhabi’s Mubadala Investment (along with two USA-based PE firms) clinching the heftiest cash-based M&A last year, in the acquisition of an 80% stake in USA-based fifth largest ins. player Truist Ins. USD 12.4 bn in February 2024. Abu Dhabi Investment Authority (Adia) and Mubadala were also part of a consortium that acquired a 60% stake in China’s Zhuhai Wanda Commercial Management Group for USD 8.3 bn, estimated to be the region’s third largest transaction last year.

Cross-border transactions topped the M&A league table, making up 52% of the total volume, and 74% of the total value of transactions.

Meanwhile, domestic M&As accounted for 48% of total activity in the region last year with 339 transactions worth USD 24.4 bn, up only slightly from 333 in 2023. Technology and consumer products led the charge, accounting for a combined 35% of the total domestic count.

Outbound investments accounted for the lion’s share of total consolidated transaction value (61%) with 199 transactions worth USD 56.6 bn.

Inbound investments totaled USD 11.4 bn, up 42% y-o-y, across 143 transactions, up 18% y-o-y.

KSA + UAE captured the bulk of inbound + total M&As: The UAE stood out as the foreign investors’ preferred M&A market in the region, locking in the highest count (96) of inbound transactions, and the highest value (USD 7.6 bn), at around 67% of the total. Combined, the UAE and Saudi Arabia were home to 318 M&A transactions worth a total of USD 29.6 bn last year.

The US was the biggest bidder into the MENA region last year, logging 48 transactions worth USD 4.6 bn. The capital flowed both ways, with MENA investors also making the US their prime destination in 2024, with 41 M&As valued at USD 19.9 bn.

The technology sector led inbound investments in the region last year, accounting for 23% of total inbound and domestic deal-volume. The UAE’s tech sector alone captured 35 transactions.

Dubai home prices jumped 19.1% in 2024 as listings fell 30%

Dubai’s property market wrapped up 2024 with solid price growth as listings fell amid rising demand, with average residential values climbing 2.7% q-o-q in 4Q 2024, according to Knight Frank’s latest quarterly Dubai Residential Market Review (pdf). This brings the total increase in value for the year to 19.1%, with villas appreciating 20.2% and apartments up 18.9%, and pushes overall prices 13.3% above their 2014 peak.

Supply tightened further, with the number of residential listings down 30%, while prime segment listings dropped 52%, Faisal Durrani, Knight Frank’s head of research for MENA, told Khaleej Times.

End users are starting to dominate the market: “We have noted a rise in genuine end users, rather than speculative purchasers that have defined previous cycles,” said Faisal Durrani, partner and head of research for Mena at Knight Frank.

Ultra-luxury homes priced over USD 25 mn saw an 85% drop in listings, driven by growing demand from m’naires and ultra high net worth individuals relocating to Dubai, Durrani said.

ICYMI- Dubai maintained its global lead for home sales over USD 10 mn for the second consecutive year, with 435 transactions in 2024, including a record 153 sales in 4Q, according to a previous Knight Frank report. Limited supply also continued to support the market, with listings of properties over USD 10 mn declining by 40%.

This won’t last too long: Some 302k units are under construction for delivery by 2029, with apartments making up 80% of the pipeline, according to Knight Frank. However, historical trends indicate a 30% delay in actual completions, with just over half of the 60k units expected in 2024 making it to market, according to Knight Frank.

We know the sector is in for a price correction soon: Knight Frank previously forecast prices to grow 8% this year, while Moody’s forecasted a dip or stabilization in Dubai’s property market over the next 12 to 18 months, as developers face rising construction costs and potential delivery delays, alongside a large pipeline of pre-sales set for completion over the next two to three years. A Deloitte report similarly projected that residential price and rent growth may slow by year-end as new supply enters the market.

UAE’s mega investment plan in Turkey loses momentum

The UAE’s USD 51 bn investment pledge in Turkey is facing setbacks as Ankara’s stronger economic position complicates negotiations, Bloomberg reports. Initially announced in July 2023 after President Recep Tayyip Erdogan’s reelection, the pledge was meant to boost Turkey’s recovery and reconstruction efforts. However, with Turkey stabilizing its foreign reserves and securing alternative financing, companies have been reluctant to accept lower valuations, dampening momentum for UAE-backed agreements.

In context: Several high-profile agreements have fallen through, including AD Ports Group’s failed acquisition of Alsancak Port, First Abu Dhabi Bank’s bid for Yapi Kredi Bankasi, and Masdar’s talks to acquire Fiba Yenilenebilir Enerji, with valuation disputes cited as a major sticking point. So far, ADQ’s acquisition of Odeabank remains the only major transaction to close.

Despite these setbacks, Turkish officials remain optimistic. Burak Daglioglu, who heads Turkey’s Presidential Investment Office, recently expressed confidence that investment flows between the two countries will continue to expand under the Comprehensive Economic Partnership Agreement between the countries.

Other projects could still go through: The UAE has reportedly been in talks with Turkey to grant the Turkish government a loan to finance the railway project across Istanbul’s Bosphorus Strait.

Arada awards AED 604 mn contract for first phase of Sharjah’s new business district

REAL ESTATE-

Arada awards AED 604 mn contract for first phase of Sharjah’s new business district: Sharjah-based developer Arada awarded a AED 604 mn contract to Modern Building Contracting Company for the construction of the first phase of Arada Central Business District (CBD) — the commercial hub of the AED 35 bn Aljada megaproject, according to a statement. Construction will commence immediately, with completion targeted for 1Q 2027. The first phase will feature over 812k sq. ft. of Grade A office space across two clusters of eight buildings, designed to attract leading businesses and startups.

FINANCE-

Canada-headquartered investment bank Canaccord Genuity is opening an office in the Dubai International Financial Center (DIFC), Wealth Briefing reports, citing a statement by Senior Executive Officer Richard Burden. The office will operate under a Category Four Investment Advisor License, following Canaccord’s recent acquisition of investment manager Brooks MacDonald International.

Behind the move: The move aligns with Canaccord’s strategy to expand in high-growth markets. “We already have strong relationships with intermediaries and clients in the region,” Burden said. Dubai’s DIFC continues to attract global financial firms, with 1.8k new companies registering last year, contributing to AED 1.3 bn in revenues in 2024.

CRYPTO-

Tungsten Custody Solutions secured regulatory approval from Abu Dhabi’s Financial Services Regulatory Authority to provide custody services for Toncoin, according to a press release. The ADGM-regulated custodian will now support institutional clients holding the digital asset. The approval follows the Toncoin DLT Foundation establishing its base in ADGM.

DIGITIZATION-

Smiles partners with Tencent Cloud: e& UAE’s Smiles supe rapp is integrating Chinese Tencent Cloud ’s super app as a service (TCSAS), according to a press release. This move positions Smiles as the first in the region to implement this technology, allowing businesses to establish a presence within the app as “mini apps” instead of creating separate applications. The partnership expands Smiles into a broader digital marketplace, offering consumers access to a variety of services across industries like food, retail, home services, travel, and entertainment.

AGRICULTURE-

ADAFSA launches program to detect crop diseases: The Abu Dhabi Agriculture and Food Safety Authority (ADAFSA) introduced a program to enhance early detection of plant diseases and pests as part of its strategy to safeguard agricultural sustainability and food security, according to the Abu Dhabi Media Office. The program will involve training personnel, expanding plant disease monitoring through field surveys, and updating legislation.

AGRICULTURE-

Dubai-based fintech xCube is now officially a trading and clearing broker and market-maker on the ADX after securing the necessary approvals, it said in a press release. The company has already been providing these services on the DFM. The move will also see xCube offer price stabilization services to new issuers by stepping in to buy shares if prices drop, preventing excessive volatility.

HEALTHCARE-

Abu Dhabi’s Department of Health explored strategic partnerships with Russia’s healthcare institutions during its visit to the country, Wam reports. The discussions delved into conducting clinical trials for a new cancer vaccine and collaborating in genomics, precision medicine, oncology, and combating communicable diseases. The countries are also considering the opportunities for academic exchanges, joint research initiatives, advanced treatment protocols, and developing rehabilitation services and mental healthcare.

M&A-

IHC trims Adani stake, while Envestcom ups its holding: Abu Dhabi’s International Holding Company (IHC) offloaded a 0.73% stake in Indian tycoon Gautam Adani’s Mumbai-listed flagship firm Adani Enterprises, netting USD 210 mn in an open-market transaction, Zawya reports, citing market data from the Bombay Stock Exchange. Meanwhile, Abu Dhabi-based Envestcom Holding which also holds stakes in Adani Total Gas and Adani Energy Solutions, acquired 8.44 mn shares in Adani Enterprises for INR 2.2k apiece.

IN CONTEXT- The move comes as Adani Group continues to face scrutiny, following a US court indictment in November of last year alleging bribery to secure electricity contracts — a charge the conglomerate has dismissed.

CAPITAL MARKETS-

DFM-listed BHM Capital was tapped as the official liquidity provider for ICE MSCI Equity Index Futures on ICE Futures Abu Dhabi (IFAD), it said in a disclosure (pdf) to the bourse. It will support trading in ICE Micro MSCI UAE, GCC, Qatar, and India Index Futures. “With this offering tailored for the Gulf region, ICE is connecting local and global investors, providing enhanced opportunities for strategic trading and risk management in equity markets and broadening ICE Futures Abu Dhabi to this new equity asset class,” said Gary King, President of ICE Futures Abu Dhabi.

Global dividends reached USD 1.8 tn last year

Global dividends increased by 6.6% y-o-y to reach USD 1.8 tn in 2024, according to the latest edition of asset manager Janus Henderson ’s Global Dividend Index (pdf). On a quarterly basis, dividends were up by 7.3% in 4Q 2024.

Big payouts from Meta, Alphabet, and Alibaba drove one-fifth of global dividend growth. Alibaba’s USD 5.1 bn payout helped lift China’s total to a record USD 62.7 bn.

The world’s largest dividend payers in 2024, ranked by total payouts, were Microsoft, Exxon Mobil, HSBC, Apple, China Construction Bank, PetroChina, China Mobile, JPMorgan Chase, Chevron, and Johnson & Johnson. Together, they distributed USD 145.9 bn in dividends

Growth by sector: While dividend growth was broad-based, the financial sector led the way, with banking dividends rising USD 36.4 bn, aided by one-off special payments. Other sectors, including telecoms, construction, insurance, consumer durables, and leisure, saw gains exceeding 10%. Media companies, led by Meta and Alphabet, doubled their dividends, while Alibaba bolstered retail payouts. On the downside, mining and transport experienced a combined USD 26 bn drop, and dividends in the oil, gas, and energy sector declined by 4.1% to USD 166.2 bn.

The US led global distributions with payouts reaching USD 651.7 bn, followed by the UK with USD 90.6 bn and Japan with USD 86.0 bn.

Emerging markets saw a 9% increase in payouts y-o-y, driven by record distributions of USD 62.7 bn from China and USD 30.6 bn from India. Saudi Arabia contributed USD 16.9 bn.

Dividends to rise this year: The firm expects dividends to rise 5% to USD 1.83 tn in 2025, though a stronger USD may weigh on headline growth. The Trump administration could boost US firms but also heighten inflation risks, potentially triggering market volatility. However, corporate earnings are still expected to grow by over 10%.

MARKETS THIS MORNING-

Asian markets are tracking Wall Street losses, with the Nikkei down 1.8% after Japan saw bond yields rise to a high not seen since the 2008 financial crisis. South Korean and Chinese indexes are also down. Over on Wall Street, futures are pointing to a stronger open after US President Donald Trump pulled back further from his aggressive trade policy.

ADX	9,533	-0.3% (YTD: +1.2%)
DFM	5,274	-0.7% (YTD: +2.2%)
Nasdaq Dubai UAE20	4,338	-0.8% (YTD: +4.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.4% 1 yr
TASI	11,811	-0.7% (YTD: -2.0%)
EGX30	30,947	+0.2% (YTD: +4.1%)
S&P 500	5,739	-1.8% (YTD: -2.4%)
FTSE 100	8,683	-0.8% (YTD: +6.2%)
Euro Stoxx 50	5,521	+0.6% (YTD: +12.8%)
Brent crude	USD 69.46	+0.2%
Natural gas (Nymex)	USD 4.27	-0.7%
Gold	USD 2,917.40	-0.3%
BTC	USD 90,542	+0.4% (YTD: -4.1%)

THE CLOSING BELL-

The ADX fell 0.3% yesterday on turnover of AED 1.2 bn. The index is up 1.2% YTD.

In the green: Union Ins. (+14.9%), Sharjah Cement and Industrial Development (+4.5%) and Hayah Ins. (3.8%).

In the red: Adnoc Drilling (-6.0%), Borouge (-4.0%) and Lulu Retail Holdings (-3.7%).

Over on the DFM, the index fell 0.7% on turnover of AED 561.4 mn. Nasdaq Dubai was down 0.8%, and up 4.2% YTD.

CORPORATE ACTIONS-

Shareholders of ADX-listed United Arab Bank (UAB) signed off on the company’s AED 1.03 bn rights issue, which would see the company increase its capital to AED 3.09 bn, it said in a filing (pdf) to the bourse. This is in a bid to shore up the lender’s financial position and boost its growth plans. UAB’s share price closed down 0.72% yesterday to trade at AED 1.38.

Dubai Ins. is proposing the distribution of 80% of its capital as dividends during its board meeting, according to a DFM disclosure (pdf). The decision is pending the approval of the company’s shareholders at the annual general meeting.

NMDC Energy will distribute an AED 700 mn dividend for 2024 on 4 April, equivalent to 14 fils per share, following the approval of its shareholders at the annual general meeting, according to an ADX disclosure (pdf).

The UAE and Central African Republic ink a CEPA

The UAE and Central African Republic inked a comprehensive economic partnership agreement, aiming to boost bilateral trade from AED 925 mn last year to over AED 3.7 bn during the next five to seven years, Wam quotes Foreign Trade Minister Thani bin Ahmed Al Zeyoudi as saying. The agreement is expected to facilitate market access for local products in both nations by decreasing or removing tariffs and eliminating non-tariff trade barriers.

The details: The agreement will grant the Central African Republic a 98% tariff removal on its exports to the UAE, while the African country will extend a 99.5% tariff removal for UAE exports. The UAE mostly exports consumer goods such as food products, textiles, and electronics, as well as machinery and pharma products to the Central African Republic.

The partnership will also see them boost investments across key sectors including telecommunications, hospitality, logistics, financial technology, agriculture, and infrastructure. It will also focus on boosting trade and investment in aluminum, ceramics, petrochemicals, iron, silver, gold, food products, and textiles.

The countries also agreed to explore cooperation in investment protection and promotion, double taxation avoidance, infrastructure, mineral resources, and education, among others.

REMEMBER- The UAE’s non-oil foreign trade grew 14.6% y-o-y to AED 3 tn in 2024, with non-oil goods exports driving this growth by increasing 27.6% y-o-y to AED 561.2 bn last year. The country is working towards its target of reaching AED 4 tn in annual foreign trade by 2031.

My Morning Routine: Idriss Al Rifai, co-founder and CEO of Flow48

Idriss Al Rifai, co-founder and CEO of Flow48: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Idriss Al Rifai (LinkedIn), co-founder and CEO of Flow48. Edited excerpts from our conversation:

I’m Idriss — I’m half French, half Iraqi, born and raised in France. I have a bit of a non-traditional background. I used to be a professional basketball player; I played pro for a few years. I played for the French under 21 national team, and that was like the golden generation of France — 10 out of the 12 players made it to the NBA. I tried and I failed, but I played professionally for three years in Paris.

I later joined the French special forces for three years. I was sent to 13 countries, and was involved in 16 missions and nine black ops. I got about 40 or 50 medals. Since it was a lot of fact-finding missions, I became the personal advisor to the French Minister of Defense, and did that for two years, which was quite fun. I traveled to over 40 countries. After that, I got my MBA at the University of Chicago, built my first company and sold it, then moved to the Middle East and worked for two years with BCG to try to prove to everyone I was normal and I could do a normal job [laughs].

I later left to build my second company, which grew quite big — it became the second unicorn in the Middle East, with around 5k employees. That was Fetchr — it was in the e-commerce logistics space, and we saw a lot of ups and downs. I then moved to Glovo in Barcelona, where I took over technology, data, and strategy. We expanded the company from eight countries to 25. We ended up selling the company for USD 2.2 bn to Delivery Hero three years ago. That’s when I started building my fourth company — and my first fintech — Flow48.

There’s a trade finance gap in all emerging markets. Typically, SMEs represent 80% of job creation and 60% of GDP across many markets, but only 5-10% of bank lending, so there is a fundamental discrepancy. We know from Dubai Vision 2030 and Saudi 2030 that SMEs are critical for economic growth, and that SMEs are at the core of the economy, but despite that, banks don’t know how to assess them, and therefore don’t give them loans.

That’s what we’re trying to solve. We’re doing two things. One is a pure data play — we’re aggregating data from up to 50 different data sources, allowing us to have a 360 degree view on the SME market. The second thing is we’re putting money where our mouth is, and we’re acting like a small SME bank and giving loans to the best performing companies.

That’s the logical side of why I built the company, but there’s also the passionate side — anything that tries to address unfairness drives me. You have two companies that are exactly the same; they have the same P&L, but one is based in New York and one is owned by a minority in Dubai. One of them will be financed at a 6% interest rate and in three days. The other one has a 98% chance of not being financed, and if financed, it will be at 28% interest. That’s fundamentally unfair, and so we’re trying to bridge that gap.

One of the things that creates the problem is information asymmetry. You fear what you don’t know, and since a lot of banks don’t know how to assess SME risks, their assessment is erroneous and overestimates the risk. We ultimately want to reduce that information asymmetry, and by doing that, not only attract more capital, but allow SMEs to create more jobs.

We’re not here to compete with others. This is a space that is extremely big; we’re talking about hundreds of bns of USDs. There will be multiple unicorns in this space — I hope we’ll be one of them — and I think maybe even a decacorn.

I travel a lot — about two thirds of my time — so trying to stick to a daily routine is not easy. I believe in work-life balance, and not working 14-hour days, seven days a week. It’s not good to postpone happiness and assume you’ll be happier when you raise funds or when you expand your company — you have to manage your time and achieve a balance. The other side of it is you have to be doing something you love, while still being able to carve out some time to be a human being rather than just a business owner.

What I do is I try to manage my energy. One of the things that drove me crazy when I was in consulting is that I could not go to the gym at 3pm — because that, for me, is the time when I need that energy boost, not 7am.

I wake up typically fairly early at 7am, and start work around 8am. I then try to carve out some time in the afternoon to replenish energy. I also try to manage my meeting schedule so that meetings where I need to be active and energetic are scheduled at hours where my energy is at its peak. I also do not accept meetings that run longer than 30 minutes. I try to push to have 15-minute meetings as well, especially because we’re all very remote due to the nature of the job, so 15-minute alignments can do wonders. I’d always choose that over an hour-long meeting once a week.

In terms of long-term goals, I believe that overnight success happens after 10 years of work. You have to always work to be ready so that when something presents itself, you’re able to jump into the spotlight. Long-term plans don’t work; I’ve been wrong about a lot of things in the past, like thinking my company would IPO and then ending up selling the company sooner. So for me, in five years, I just want to have built something that I’m proud of.

I really enjoy The Diary of a CEO. I enjoy podcasts that are long and dive deep into certain topics. And it’s not really about the CEO, it’s more about health and longevity. I’ve also recently gotten into random history topics, and could watch 45-minute videos on things like the Hundred Years’ War.

There are two pieces of advice that I cherish — one is from experience and one that somebody told me. From my experience, I learned how important it is to really enjoy the journey and not postpone your happiness. The early days of building a company and the energy of that 5- or 10-person team is amazing.

The other one I got from my mom, and it was after I built a company that was worth nearly USD 1 bn and then everything crumbled in three weeks. I lost USD 700 mn of value, and all my personal net worth, so it really brought me down. My mom found the best words to put things in perspective for me. She said: It’s like you won the Olympics twice, and you’re pissed off you didn’t win it three times. That really resonated, because it’s true — you ride so much and then you fall, but you still achieved something that so many people would have loved to do.

CALENDAR

MARCH

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

2-7 March (Monday-Friday): The Nad Al Sheba Padel Championship, Nad Al Sheba Sports Complex, Dubai.

5-8 March (Wednesday-Saturday): The Forbes 30/50 Summit, Abu Dhabi.

5-9 March (Wednesday-Sunday): Ajman Entrepreneurship Week 2025, Al Jurf Park and Mushairif Market.

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

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

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

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

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

Signposted to happen sometime in 1Q 2025:

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

APRIL

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

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

1 April (Tuesday): Cabinet to roll out new tightened merger control rules,

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.

13-14 May (Tuesday-Wednesday): The Annual HR Tech MENA, Dubai.

14-16 April (Monday-Wednesday): Dubai Woodshow, 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.

April 15 (Tuesday): The Global Islamic FinTech Forum 2025, the Dusit Thani Hotel, Dubai.

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)

6-8 May (Tuesday-Thursday): Airport Show, Dubai World Trade Centre.

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.

12-14 September (Friday-Sunday): The International Real Estate and Investment Show, Abu Dhabi.

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 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.

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

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

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

NOVEMBER

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

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

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

DECEMBER

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

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

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

Signposted to happen sometime in 2025:

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

Signposted to happen sometime in the fall of 2025:

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

Signposted to happen sometime in 2026:

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

Signposted to happen sometime in 2027:

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

Signposted to happen sometime between 2027 and 2029:

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

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