Good morning, lovely people. The newsflow is picking up as conference season has yet to abate, with more updates on the M&A front, as well as trade finance and real estate news.

THE BIG STORY OF THE DAY is the latest in the long drawn out saga with Wood Group and Dubai’s Sidara, which looks set to end soon after Wood Group recommended Sidara’s latest offer. Plus: Real estate tokenization is getting further impetus with a new JV between Abu Dhabi’s Inovartic Investments and Briky Land Technologies launch blockchain-powered real estate tokenization venture in Abu Dhabi.

⛅WEATHER- It’s a cloudy (and dusty) day today, though the heat has yet to let up. The mercury will peak at 38°C in Dubai before cooling to 26°C overnight, while in Abu Dhabi, temperatures will reach 31°C before cooling to 26°C.

WATCH THIS SPACE-

#1- Flights between the UAE and Syria are set to resume, with coordination currently underway, the General Civil Aviation Authority said, according to state news agency Wam. Most countries had suspended flights to Syria, but many have resumed them after the ouster of former president Bashar Al Assad. A Syrian Airlines flight to Sharjah was the first to take off from Damascus International Airport in January.

ICYMI- This comes following Syrian President Ahmed Al Sharaa’s visit to the UAE, where he aimed to boost ties in a meeting with President Sheikh Mohamed bin Zayed Al Nahyan.

#2- Dubai Holding-backed Beirut-based lifestyle retailer Azadea Group — which operates Zara and Virgin Megastores in the region — put its planned IPO on hold to focus on expanding operations across the region, Bloomberg reports, citing sources it says are familiar with the matter. The decision is unrelated to recent market volatility driven by the US’ new sweeping tariff policies, they said, adding that the group is prioritizing entry into new markets and growth in existing ones before revisiting a public listing. Azadea had previously invited banks to pitch for roles on the listing, which was expected to be one of the region’s higher-profile offerings

Background: Dubai Holding acquired a minority stake in Azadea Group back in 2018 in a transaction that valued the retailer at USD 1 bn. The state-owned investment vehicle had weighed the sale of its stake in Azadea in September 2023, tapping JPMorgan and Rothschild as advisors. Dubai Holding is separately planning to float two of its property portfolio units.

#3- Could Dubai’s real estate market face a slowdown amid global market turmoil? Dubai’s housing market, which saw residential values soar nearly 70% since late 2020, could be facing its biggest test yet amid global economic headwinds, Bloomberg reports. Prices have already begun to moderate, rising at 16% in 2024 — down from 20% the year before — while February saw price growth slow in the emirate.

Oil, tariffs, and global fears: The recent dip in oil prices to below USD 65 per barrel, combined with Opec+’s supply boost and Trump’s new tariffs on the region’s biggest oil buyer, China, is clouding the outlook for Gulf economies. Past property crashes in 2014 and 2020 were closely linked to oil slumps, and a downturn in government projects and hiring resulting from less oil revenues in state coffers could weaken demand in Dubai’s real estate market, according to Oracle Financial’s Mohammed Ali Yasin. The proportion of international investment in the emirate could also make it vulnerable to global economic tensions, JLL’s Taimur Khan said.

Developers still bullish… for now: Despite the pressure, Binghatti Properties says it completed all planned sales last week, while Betterhomes CEO Louis Harding believes new residency incentives like golden visas will help offset Dubai weather any downturn. A weakened greenback could also work to foreign buyers’ advantage.

But real estate stocks are facing the brunt of the sell-off: Dubai’s biggest developer, Emaar Properties, is down more than 10% since the announcement of the tariffs. Aldar has also lost more than 5%.

#4- AlAnsari Exchange is set to open 15 new branches in the UAE in 2025, subject to regulatory approvals, as part of its plans to better serve the 70% of customers with lower income who need “physical branches,” Al Ansari CEO Rashed Al Ansari told CNBC (watch, runtime: 6:19). The firm is also looking to expand its digital offerings.

Regional and global expansion: Al Ansari is looking to replicate its successes in the UAE across its other markets, with a focus on the GCC and India, and is targeting using digital solutions and AI to manage and scale up operations and efficiency. Future acquisitions in the GCC are also in the cards, following its recent acquisition of Bahraini forex firm BFC Group Holdings.

Post-BFC acquisition: Al Ansari’s acquisition of BFC makes the company the largest currency exchange service in the UAE and Bahrain, and the third largest in Kuwait. The move is expected to increase revenues by 20% and income by 13%, with the effect set to be seen from 2Q 2025. The rebranding of BFC will be a gradual process over several years.

PSA-

FinMin issues requirements for audited financial statements for corporate tax: The Finance Ministry has exempted companies from having to submit standalone financial statements for corporate tax purposes, maintaining only the requirement for audited special purpose aggregated financial statements for corporate tax purposes, state news agency Wam reported.

The gov’t has been working to ease corporate tax requirements for investors: The Finance Ministry recently introduced a number of new amendments that exempt Qualifying Investment Funds (QIFs) and Qualifying Limited Partnerships (QLPs) from paying corporate tax under certain conditions, with the decision coming as part of efforts to attract more investments and promote economic growth. The ministry also issued amendments in November to ease administrative and tax compliance requirements for domestic businesses, foreign partnerships, and family foundations.

DATA POINT-

Dubai International Airport has been named the world’s busiest international airport in 2024 once again by the Airports Council International (ACI), according to a statement. International travelers grew nearly 6.1% y-o-y to 92.3 mn during the period, with PIF-backed London Heathrow Airport following closely in second-place, with international passengers up 5.7% y-o-y at 79.1 mn. The total volume of passengers globally rose by 9% y-o-y to 9.5 bn.

#2- Dubai approved just shy of 1.2k new restaurant licenses in 2024, according to the annual Dubai Gastronomy Industry Report (pdf) from the Economy and Tourism Department. Online searches for its dining scene jumped 23.5% y-o-y to 741.5k between January and July, and the emirate was runner up to Paris as a gastronomy capital.

#3- Dubai, Abu Dhabi in global rankings for attracting individual and corporate wealth: Dubai and Abu Dhabi have claimed the top two spots for attracting high-net-worth individuals (HNWIs), according to the Savills Dynamic Wealth Indices. Abu Dhabi also ranked among the top five destinations for corporate relocations, thanks to its tax and regulatory environment, and strong levels of foreign direct investment. The UAE’s economic diversification efforts were also cited as a factor in drawing in more individual and corporate wealth.

OIL WATCH-

Opec cut its global oil demand forecast for 2025 by 150k barrels a day (bbl / d) to 1.3 mn bbl /d in its latest Monthly OilMarket Report (MOMR) (pdf), citing the impact of the US tariffs. Demand in Organization for Economic Co-operation and Development (OECD) countries is projected to rise by just 0.04 mn bbl / d, while non-OECD demand is forecast to grow by 1.25 mn bbl / d. The outlook for 2026 was also revised down to 1.3 mn bbl / d, with OECD demand expected to increase by 0.1 mb/d and non-OECD demand by 1.2 mn bbl / d.

Emirates NBD revises down oil futures forecast: Emirates NBD has adjusted its price forecast for Brent futures down to USD 68 per barrel from USD 73, and WTI futures down to USD 65 from USD 71 in its latest market report (pdf).

The rationale: The forecast comes as oil markets are being hit with increased supply from Opec+ production hikes and amid the threat of decreased demand following US President Donald Trump’s tariff agenda. A breakdown in Opec+ cooperation could be in the cards, after some national oil companies — including Aramco — cut selling prices, which could lead to a further decline in prices, the report said.

What this means: While the direct impact of tariffs on most of the GCC economies is limited, given that oil and natural gas are exempt from duties, the revised lower price forecast means weaker fiscal and external positions across the region.

ICYMI- Oil markets have plunged since early April, driven by fears that escalating tariffs will spark a global slowdown and reduce oil demand growth. Brent crude briefly fell below USD 60 a barrel, its lowest since 1Q 2021, before recovering after the US delayed tariffs on several countries for 90 days.

HAPPENING TODAY-

#1- It’s day two of the IPS Congress at the Dubai World Trade Center, which is running until Wednesday. The event brings together international delegates and stakeholders from the global real estate and investment scene to showcase projects, engage in discussions, and network. This year’s edition will also cover the future of urban planning, design, and technology through IPS Future Cities, IPS Design, IPS Services, and IPS PropTech Startups.

#2- The Abu Dhabi Global Health Week is kicking off today and will continue until Thursday at the Adnec Center in Abu Dhabi. The event will gather global and regional stakeholders to promote collaboration and investment in healthcare solutions. Key topics include health longevity, health system resilience, healthtech and AI, and life sciences.

#3- The Dubai Wood Show is also on its penultimate day at the Dubai World Trade Center. The three-day event will welcome more than 680 international exhibitors from 132 countries, showcasing the latest trends and technologies in the global wood and woodworking machinery sector.

#4- It is also the second day of the Solana Economic Zone in Dubai. The two-week event will run until Saturday, 26 April and focus on blockchain innovation, providing a platform for founders, builders, and investors looking to set up crypto and blockchain businesses in Dubai.

#5- Al Shifaa Summit for Integrative Medicine starts today and will wrap up on Thursday as part of Abu Dhabi Global Health Week. The event gathers policymakers, healthcare leaders, researchers, and practitioners for discussions, knowledge exchange booths, and exhibitions focusing on medical regulation, research, education, and patient access.

#6- The Global Islamic FinTech Forum begins today at the Dusit Thani Hotel in Dubai. Experts, investors, and regulators will discuss developments in shariah-compliant financial technology, digital payments, peer-to-peer lending, takaful, and blockchain-based financial services.

HAPPENING THIS WEEK-

#1- The FastBull Finance Summit will take place on Wednesday and Thursday at the Coca Cola Arena in Dubai. The event will cover global finance, the foreign exchange market, and blockchain financial technology, with economist Jim Rogers set to deliver a keynote speech.

#2- The Abu Dhabi Sustainable Business Leadership Forum is happening on Wednesday and Thursdayat the Four Seasons Hotel in Abu Dhabi. This year’s edition, under the theme Collaboration for Impact: Harnessing Artificial Intelligence for Sustainable Business Practices, will bring together global leaders in sustainability, technology, and business for panel discussions and workshops on using AI in sustainable supply chains, waste reduction, and energy efficiency.

#3- Commvault’s Shift Roadshow event will take place on Thursday at Dubai’s Museum of The Future, gathering cyber-resilience leaders, IT experts, and C-suite executives to discuss how businesses can safeguard against the growing threat of AI-driven cyber attacks. Attendees can expect keynote sessions, expert panels and insights from industry giants like Microsoft, AWS, and IDC.

#4- A summit on the role of Designated Non-Financial Businesses and Professions (DNFBPs) in combating financial crimes will be held this Wednesday and Thursday in Dubai. Organised by the Economy Ministry and the Executive Office for Control and Non-Proliferation, the event will focus on raising awareness about customer due diligence, verification procedures, and the sector’s role in preventing terrorism financing and arms proliferation.

THE BIG STORY ABROAD-

What else could it be? Tariffs are still top of mind for the global press — with US President Donald Trump laying down the foundation for a levy on chips and pharma, after launching a probe into the industries. The probes began at the start of the month and could take months to conclude, though Trump and other officials have said it could end quickly, with Trump even suggesting tariffs on imported chips could come as soon as next week. (Bloomberg | FT | Reuters | NYT)

PLUS- Trump also signaled he could modify the 25% tax on foreign auto parts, saying he’s a “flexible guy” and that automakers need some time. (AP)

Market reax: Auto shares rose on the news, with General Motors closing 3.5% higher and Ford closing 4.1% higher. Big Tech also seems to still be cheering the temporary reprieve from the tariffs, with Apple now up 2.2% after losing more than 9% over the past two weeks.

ALSO GETTING ATTENTION- Meta CEO Mark Zuckerberg took the stand yesterday in an antitrust trial that accuses it of building a social media monopoly and could force the company to sell off Instagram and WhatsApp. (AP | WSJ | NYT)

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CIRCLE YOUR CALENDAR-

The IMF and World Bank’s spring meetup will kick off in six days’ time against the backdrop of mounting trade tensions and tariff escalations. The six-day 2025 Spring Meetings of the IMF and World Bank Group will bring together policymakers, central bankers, economists, private sector leaders, and more to discuss what the year ahead holds.

We’re yet to hear who will be representing the UAE at the meetings, but we’re expecting some of the most senior members of the cabinet to soon be jetting off to Washington DC for the event. Last year saw a delegation led by State Minister for Financial Affairs Mohamed Hadi Al Hussaini attend the meetings.

You can check out the full schedule on the event’s official website.

The Behavioral Exchange 2025 Conference (BX2025) will take place on Wednesday, 30 April and Thursday, 1 May at New York University Abu Dhabi. The event will bring together global experts to explore how behavioral science can inform public health, climate adaptation, digital governance, and early education.

The Dubai FinTech Summit will be held on Monday, 12 May and Tuesday, 13 May at Madinat Jumeriah in Dubai. The event will address financial sector trends, regulatory compliance, blockchain tech, AI-driven services, and digital banking, while analyzing investment flows, global economic shifts, and cross-border regulations.

The Water, Energy, Technology and Environment Exhibition (WETEX) will take place from Tuesday, 30 September to Thursday, 2 October at the Dubai World Trade Center. This year’s event will bring together thousands of global companies, policymakers, and experts to explore innovations that support the UAE’s Net Zero 2050 Strategy and Dubai’s clean energy ambitions.

The Low Carbon Fuels MENA Summit 2025 will take place on Tuesday, 13 and Wednesday, 14 May at the Sheraton Dubai Creek Hotel & Towers. The summit will gather global experts and regional leaders to discuss the challenges and potential in the low-carbon fuel sector, and will feature exhibitions from businesses.

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