Slew of defense agreements signed at Idex + Huda Beauty spins off Kayali

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: FlyDubai eyes JV in India + Damac taps advisors for potential sukuk

Good morning, friends. We knew it would get busy as the week kicks off with Idex and Navdex and Gulfood, as well as multiple diplomatic meetings taking place in the UAE — but it’s even busier than we thought it would be.

Besides the more than AED 4 bn in defense contracts inked at Idex, and the economic partnership agreement inked with Ukraine, we also have news of Huda Beauty finally spinning off its fragrance unit Kayali, Mubadala investing in Apleona, and Abu Dhabi issuing a resolution on the establishment of endowment entities.

?️WEATHER- The weather is still unstable today, with showers expected in Dubai towards the evening and temperatures dropping slightly to highs of 26°C and an overnight low of 21°C. Meanwhile, Abu Dhabi will be mostly cloudy and could see some rainfall late in the evening, with temperatures peaking at 22°C and reaching an overnight low of 20°C.

WATCH THIS SPACE-

#1- Abu Dhabi Investment Authority-backed Haryana-based eyewear retailer Lenskart is gearing up for a blockbuster USD 1 bn IPO on both India’s NSE and BSE, with plans to file its draft prospectus by May 2025, sources told the Economic Times. The company — which is also backed by Japan’s SoftBank Vision Fund and Singapore’s state-owned Temasek — is said to have tapped Morgan Stanely and Kotak Mahindra Bank as underwriters for the IPO, which could take place any time this year. Lenskart is reportedly seeking a USD 10 bn valuation at listing — nearly double the initial potential amount — after it raised USD 200 mn in a secondary funding round last year.

The Abu Dhabi sovereign wealth fund is Lenskart’s largest shareholder. Adia bought a 10% stake in the Indian company back in 2023 in a USD 500 mn purchase agreement comprising new and existing shares. Other investors in the company — namely Fidelity and Kedaara Capital — were also said to be mulling participation in the planned IPO.

#2- FlyDubai eyes entry into India’s aviation market via Busy Bee bid for Go First: Homegrown budget airline FlyDubai is exploring a potential foray into India’s domestic aviation market through a JV with India’s Busy Bee Airways, which is seeking to acquire the intellectual property for the now-bankrupt airline Go First, Moneycontrol reports. The move would make way for the creation of a new low-cost carrier in India, leveraging Go First's intangible assets — think trademarks, flying rights and airport slots — while excluding its physical assets, such as land holdings in Mumbai’s Thane District.

It’s still early: The total size of the transaction, post-collaboration ownership structure and potential timeline for the move remain under wraps. Still, Busy Bee is reportedly offering roughly USD 115.1 mn for Go First’s licenses and digital assets in a bid that’s pending approval from the National Company Law Appellate Tribunal (NCLAT) after Go First was ordered into liquidation by the National Company Law Tribunal (NCLT) last month.

#3- Shuaa Capital’s shareholders approved the issuance of its AED 425.5 mn mandatory convertible bonds (MCB) and their conversion into shares, increasing its capital by the same value, according to a DFM disclosure (pdf). The company secured binding commitments for the first tranche of its MCBs last week, valued at up to AED 150 mn. Albaher Real Estate Development, United Motors and Heavy Equipment Company, and Eshraq Investments subscribed to the offering through private placements.

REFRESHER- Shuaa Capital had said it plans to issue a total of AED 642.5 mn in mandatory convertible bonds as part of its capital optimization efforts, after it underwent restructuring last year following substantial losses in 2023. The latest issuance comprises a first tranche that includes bonds valued at up to AED 150 mn offered to institutional investors, set to be converted into shares at a rate of AED 0.32 per share, and a follow-up issuance with a maximum value of AED 275.5 mn offered to existing bondholders.

#4- Damac taps advisors for potential sukuk offering: Damac Real Estate Development has tapped advisors to organize fixed income investor calls that may be followed by a 3.5-year benchmark Reg S, USD-denominated, senior unsecured sukuk offering, Zawya reports, citing the International Financing Review. Damac reportedly received a Ba2 rating from Moody’s with a positive outlook and a BB rating from S&P with a stable outlook.

SOUND SMART- A USD-denominated Reg S issuance is a subordinated USD-based financial instrument offered to non-US investors. The fact that it’s benchmark-sized means the issuance will be at least USD 500 mn.

REMEMBER- Damac previously said it would rely on borrowing from banks, financial institutions, or bonds to finance 60-70% of its planned USD 20 bn data center.

ADVISORS- Emirates NBD Capital, HSBC, and JP Morgan were appointed as joint global coordinators and joint bookrunners, and our friends at Mashreq, alongside Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Goldman Sachs International, and Warba Bank as joint bookrunners.

#5- Sobha Realty’s parent company, PNC Investments, is considering issuing new sukuk upon the maturity of its current issuance in 2028, rather than tapping into an existing sukuk, Chief Financial Officer Nikunj Patel said during a global investor call, Business Outreach reports. While Sobha is not planning additional sukuk or eurobond issuances for now, the company is closely monitoring market conditions and may raise debt based on future opportunities, such as land acquisitions.

ICYMI- Last September Sobha extended its overall sukuk issuance to USD 500 mn by tapping an existing sukuk.

#6- Lulu to expand across the UAE: UAE-based Lulu Retail Group is set to open 15 new hypermarkets and express stores across Dubai and the Northern Emirates, focusing on the outskirts of major cities, Khaleej Times reports. “We are in discussions with several developers. We have 30 projects under consideration in the UAE, but none have been finalized yet,” said Lulu Retail CEO Saifee Rupawala.

… and in the KSA: The group is also expanding in Saudi Arabia, with plans to open 37 additional stores to reach 100 locations by 2028.

#7- Asian Infrastructure Investment Bank (AIIB) is mulling investments in the Gulf rail connection project, AIIB President Jin Liqun told Asharq Business, adding that the bank was in talks with regional finance ministers. The bank is also looking to support the development of regional infrastructure projects and drive a transition to carbon neutrality in the Gulf, he added.

SOUNDS FAMILIAR? A feasibility and traffic study for the 2.1k km railway linking Kuwait, Saudi Arabia, the UAE, Oman, Bahrain, and Qatar was first completed back in 2023, with the project set to wrap up by December 2030. The initiative aims to link all Gulf states, enhance intra-regional trade, and improve movement.

The UAE is already working on its portion of the railway: Etihad Rail, Mubadala, and Oman’s Asyad Group launched a new entity — Hafeet Rail — to work on a railway connecting the UAE to Oman. The rail link is set to cut travel between Abu Dhabi and Sohar to 100 minutes, with freight trains moving at 120 km/h and passenger trains carrying up to 400 people at 200 km/h. The UAE is also planning a high-speed train project connecting Abu Dhabi and Dubai will cut travel time between the two emirates to 30 minutes.

HAPPENING TODAY-

#1-Ajman’s Department of Tourism Development launched 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 will take place in Beijing and Shanghai today and 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, and are set to highlight potential investments across sectors including technology, finance, and energy. A separate Business Connect – Abu Dhabi-Shanghai event tomorrow will further strengthen business-to-business ties.

#3- Gulfood is back: The world’s largest annual food and beverage event, Gulfood, is on its second 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.

#3- The International Defence Exhibition (Idex) and Naval Defence and Maritime Security Exhibition (Navdex) are on their second 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.

THE BIG STORY ABROAD-

Anxiety and anticipation continue to set the tone in the foreign press this morning, as negotiations over Ukraine, Gaza, and Lebanon dominate headlines.

Ukraine summit stokes EU disagreements: The Paris-hosted crisis meeting saw European leaders clash over a suggestion put forward by UK Prime Minister Keir Starmer earlier to send peacekeeping troops to Ukraine. German Chancellor Olaf Scholz called the discussion “an incomprehensible debate at the wrong time,” while Italian PM Georgia Meloni doubted the measure’s effectiveness.

EU leaders are scrambling to get on the Ukraine peace train, as senior US and Russian officials are reportedly set to meet in Riyadh today to lay the groundwork for a Trump-Putin summit aimed at ending the Ukraine war, with meetings potentially taking place as early as this month. (FT | Axios)

MEANWHILE- US, China butt heads over Taiwan: The US state department website removed the phrase “We do not support Taiwan independence” from its website earlier this week in what it said was a “routine” update. The removal elicited a rebuke from Beijing, which called it a “serious regression” on the issue, urging the US to “immediately correct its mistakes” or risk “further serious damage.” (Semafor | CNN)

CLOSER TO HOME- Israel will remain in five “strategic” spots inside Lebanon, in what Beirut deems a violation of the withdrawal mandated by the ceasefire agreement, due today. Israel, on the other hand, claims truce commitments including disarming Hezbollah were not fulfilled. (Bloomberg)

***

You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.

EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq. Tap or click here to get your own copy of EnterpriseAM UAE.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA climate and logistics industries?

***

MARKET WATCH-

Is Opec+ mulling another delay of supply hikes? Opec+ is mulling another delay of a series of monthly supply increases that are set to begin in April, with some fearing that global markets are too unstable to absorb a production increase, Bloomberg reports, citing unnamed delegates. A final decision is expected in the coming weeks. Another decision to postpone the 120k bbl / d production increase would mark the fourth time that the group has decided to put off rolling back production caps which first came into effect in 2022, the business news information service said.

Russia denies prospects of another delay: Russia’s Deputy Prime Minister Alexander Novak insisted that Opec+’ plan to restore a total of 2.2 mn bbl / d through monthly increases extending into late 2026 “remains the same,” Bloomberg said.

It’s not just Russia: Three unnamed Opec+ delegates told Reuters that so far there have been no talks on delaying the increase, with one adding that oil markets will be braced to absorb extra supply starting April due to the tightening of sanctions and increasing demand from China. Meanwhile, Morgan Stanley and other analysts expect Opec+ to increase output levels.

REMEMBER- Opec+ began withholding 5.85 mn bbl / d, or 5.7% of global supply, via a series of cuts beginning in 2022 with the aim of supporting markets. The latest extension of output cuts through 1Q 2025 delayed production increases until April. The UAE was also allowed an increase of its production by 300k bbl / d from April 2025 instead of the beginning of the year as previously agreed.

Huda Beauty spins off fragrance line Kayali to co-founder Mona Kattan

Huda Beauty spins off fragrance line Kayali to co-founder Mona Kattan, General Atlantic: Dubai-based beauty giant Huda Beauty is planning to sell its fragrance brand Kayali to co-founder Mona Kattan and New York-based private equity firm General Atlantic, they said in a joint statement. Following the transaction, which is pending regulatory approvals, Mona Kattan will “jointly own” the fast-growing fragrance brand alongside General Atlantic. Kattan will also continue to serve as company CEO, with Kayali operating independently. The financial terms of the transaction were not disclosed.

The goal for Kayali now is to “expand our global presence and continue disrupting the fragrance industry with bold innovation,” CEO Kattan said.

The transaction will allow Huda Beauty’s owners to buy back the stake held by TSG Consumer Partners since 2017, marking a return to full founder ownership — a rare move in the beauty sector.

We knew this was coming: Reports of a potential sale of Kayali emerged in September last year.

About Huda Beauty: Founded in 2013 by sisters Huda, Mona and Alya Kattan, Huda Beauty has grown into a powerhouse with a valuation of over USD 1 bn. Kayali, helmed by Mona Kattan, features about two dozen fragrances available at major retailers such as Sephora and Walgreens.

ADVISORS- Huda Beauty appointed Goldman Sachs as its financial advisor for the move with Gibson Dunn providing legal counsel, while Skadden, Arps, Slate, Meagher & Flom serve as Mona Kattan’s legal advisors. General Atlantic tapped Raymond James as its financial advisor, with Latham & Watkins providing counsel.

OTHER M&A NEWS-

ADQ appoints co-lead managers for Aramex takeover bid: ADQ appointed EFG Hermes UAE and International Securities as co-lead managers alongside Emirates NBD Capital for its voluntary conditional cash offer to acquire up to 100% of Aramex, according to a DFM disclosure (pdf).

ICYMI: ADQ’s subsidiary Q Logistics Holding offered to acquire all Aramex shares not already owned by AD Ports, another ADQ subsidiary that currently holds a 22.69% stake. Shareholders have until 14 March to accept or reject the AED 3 per share offer, valuing the logistics firm at AED 4.4 bn. The transaction is expected to close in 3Q 2025.

Space42, Edge’s Fada to build UAE’s first sovereign EO hub

Space42, Edge’s Fada to build UAE’s first sovereign EO hub: ADX-listed AI-powered space tech firm Space42 and Edge’s space unit Fada have inked an MoU to establish a joint venture focused on developing the UAE’s first sovereign Earth Observation (EO) ecosystem, according to an ADX disclosure (pdf). The venture will operate multi-sensor, dual-use EO satellites for government and commercial applications.

The details: The joint venture will create a dedicated hub for EO satellite manufacturing, deployment, and operation, integrating Space42’s AI-powered geospatial analytics with Edge’s defense tech expertise. It will also expand satellite manufacturing through Space42’s assembly, integration, and testing facilities, supporting defense, urban planning, and environmental monitoring.

Beyond the UAE, Space42 and Edge aim to commercialize EO solutions globally, targeting emerging markets.

The bigger picture: The move aligns with the UAE Space Strategy 2030, which focuses on in-country manufacturing and economic diversification. The country had invested AED 40 bn in its space sector as of December, with R&D spending rising 14.8% y-o-y and private sector contributions reaching 44.3% on the back of 29% y-o-y growth in the number of companies operating in the sector.

Satellites play a key role: The UAE recently launched MBZ-SAT and Thuraya 4 , while Bayanat and Yahsat plan to launch eight synthetic aperture radar (SAR) satellites over the next three years. Space42 also secured an AED 18.7 bn contract with the UAE government to extend its services by 17 years, including AED 3.7 bn in advance payments for the construction of Al Yah 4 and Al Yah 5, set to launch in 2027 and 2028.

More than AED 4 bn defense agreements inked on day one of Idex, Navdex

The first day of defense exhibits Idex and Navdex 2025 saw firms ink some 13 defense contracts worth nearly AED 4 bn, state news agency Wam reports. State defense firm Edge secured multiple contracts, with more set to come during Idex, which ends on Friday.

Domestic defense partnerships took the cake, with nine local contracts inked worth AED 3.8 bn. These include:

An AED 1.8 bn contract secured by local defense firm Calidus Land Systems for multi-role MTAV 4x4 vehicles;
An AED 399.4 mn contract for data provisioning and smart services inked by Edge Group and a EUR 500 mn maintenance support contract for the UAE navy for Maestral, a shipbuilding JV between Edge and Italy’s Fincantieri
Two contracts for International Golden Group, including a AED 685.8 mn agreement for ammunition and AED 309 mn for aviation equipment;
Thales’ UAE arm Thales Emarat Technologies landed an AED 110.5 mn contract to purchase spare parts and materials and for maintenance and technical support, while contractor Al Masaood and Global Aerospace Logistics landed similar agreements worth AED 20 mn and AED 53 mn;
NMDC also landed a AED 299.2 mn contract to develop unmanned platforms;
and Abu Dhabi’s Injazat Data Systems was awarded a contract to provide digital transformation services valued at AED 138.7 mn.

ALSO FROM IDEX-

#1- Katim and Indra partner up on secure military communication: Edge's subsidiary Katim and Spain’s Indra Sistemas teamed up to develop advanced secure communication systems for Nato and Spanish markets, according to a press release.

#2- Edge and ELT eye JV: Edge and Italy's ELT Group signed a MoU to assess the creation of a UAE-based joint venture focused on electronic warfare and cyber electromagnetic applications, according to a press release. The agreement aims to develop advanced electronic warfare systems for integration across air, land, maritime, and space operations.

The details: Potential projects include embedding ELT’s electromagnetic spectrum technologies into maritime platforms built by Edge subsidiaries Abu Dhabi Ship Building Company and Maestral. The proposed JV would prioritize locally developed solutions for UAE defense needs while targeting exports in non-Nato markets.

#3- Defense cooperation with Qatar to come? The strategic investment arm of Qatar’s Defense Ministry, Barzan Holdings, will sign its first-ever agreement with an Emirati company, inking an MoU with UAE state-owned defense giant Edge Group at Idex, Reuters reports, citing statements from Barzan Group CEO Abdullah Al Khater. The agreement will cover co-development programs and future production, without disclosing further details.

The deal follows Barzan’s MoU with Saudi defense firm Sami last year, which marked the first such Gulf defense partnership. Al Khater noted that GCC countries are shifting toward localizing military production, reducing reliance on imports, and developing domestic defense capabilities.

Mubadala backs Europe’s Apleona

Mubadala eyes slice of German facility manager Apleona: Abu Dhabi sovereign wealth fund Mubadala inked an agreement to acquire a minority stake in German-born integrated facility management firm Apleona for an undisclosed sum, according to a press release. Mubadala’s investment was made alongside a consortium led by Bain Capital’s private equity team in Europe. The exact size and value of the stake were not disclosed.

The move — which is still pending customary and regulatory clearances — is set to fuel Apleona’s expansion across Europe and its digital transformation. This includes investing in AI-driven technologies, such as data-based control systems for heating, ventilation, and air conditioning (HVAC) and predictive maintenance solutions for building management systems.

About Apleona: Founded in 2016, the company operates in over 30 countries including the UAE and Egypt. Apleona offers a wide range of real estate and facility management services, interior fit-outs, and building technology.

Abu Dhabi rolls out regulatory framework for endowment institutions

Abu Dhabi introduces licensing law for endowment institutions: The Abu Dhabi Department of Economic Development, in collaboration with the Endowments and Minors’ Funds Management Authority (Awqaf Abu Dhabi), has introduced a new regulatory framework for the establishment and licensing of endowment institutions in the emirate, according to an Abu Dhabi Media Office statement. The resolution, the first of its kind in the UAE, is designed to enhance governance, support family-owned businesses, and strengthen the role of endowments in economic development.

What’s new? The new law grants legal recognition to various types of endowments, including private (family-owned), charitable, and joint endowments. These institutions will be allowed to manage endowed assets and engage in commercial activities aimed at maximizing both financial returns and social impact.

Awqaf Abu Dhabi’s approval is required for all applications to ensure compliance with existing laws and the objectives of the grant. The law also introduces oversight measures to strengthen accountability and risk management.

Bigger picture: The move aligns with Abu Dhabi’s push for sustainable investment and is expected to attract capital in key sectors such as manufacturing, education, healthcare, agriculture, trade, and innovation, Awqaf Abu Dhabi Director General Fahad Abdulqader Al Qassim said in the statement.

Mashreq and Neopay offer POS lending to SME merchants

Mashreq and Neo Pay launch POS lending for merchants: Our friends at Mashreq partnered with Neo Pay to introduce a point-of-sale (POS) lending solution tailored for Neo Pay’s SME merchants, according to a press release (pdf).

The new program enables SMEs to secure financing based on their sales data, offering “instant in-principle” loan approvals, Mashreq’s Head of Business Banking Rajeev Chalisgaonkar said. Loan amount can be increased based on the company’s sales growth and expansion plans, allowing access to financing for inventory, marketing and expansion, the statement said.

ICYMI- Mashreq sold a 65% stake in its payment subsidiary Neo Pay to a consortium including asset manager Arcapita Group Holdings and Turkish fintech Dgpays for USD 385 mn last month, retaining a sizable minority stake.

POS lending is gaining traction in the UAE, with payment solutions provider Magnati and Ajman Bank introducing an embedded finance solution that allows SME merchants to use real-time point of sale transaction data to access various financing options from Ajman Bank. Magnati has also teamed up with Aafaq Islamic Finance to launch a similar financial solutions platform.

e&, ADNH, Binghatti Holding and more report 2024 earnings

e&-

e&’s net income attributable to owners rose 4.3% y-o-y to AED 10.8 bn in 2024, according to its preliminary financials (pdf). The company’s revenue increased by 10.1% y-o-y to AED 59.2 bn last year, driven by strong growth in its telecommunications and digital verticals. This was supported by increased contributions from international markets, the UAE’s economic development, and a high demand for digital services.

REMEMBER- The company is accelerating its international expansion, with the acquisition in October of a controlling stake (50% + 1 share) in PPF Telecom Group to consolidate its assets and operations in Central and Eastern Europe under a new holding company e& PPF Telecom. e& PPF is also set to fully acquire cable television and broadband internet service provider Serbia Broadband (SBB).

ABU DHABI NATIONAL HOTELS-

ADNH records net profits of AED 1.3 bn: Abu Dhabi National Hotels (ADNH) saw its bottom line jump by 216% to AED 1.3 bn in 2024, according to its financial statement (pdf). Revenues were also up by 77% y-o-y to AED 2.9 bn.

Breakdown: The largest revenue boost came from ADNH's catering segment, which recorded a 100% increase, reaching AED 1.3 bn, according to its earnings release (pdf ). This surge was attributed to the company’s acquisition of Compass' remaining 50% stake in their joint venture, ADNH Compass, in March 2024 as part of a strategic revenue-boosting plan.

ICYMI: The hospitality group capped off 2024 with an IPO of its catering arm, ADNH Catering, which raised AED 864 mn.

BINGHATTI HOLDING-

Dubai-based real estate developer Binghatti Holding saw its net income rise 151.7% to AED 1.8 bn in 2024, according to its financials (pdf). The company’s revenue rose 197.6% y-o-y AED 6.4 bn last year.

REMEMBER- The developer launched the AED 5 bn Binghatti Skyrise in Business Bay area in October, a AED 4 bn project in Dubai's Al Jaddaf area, and an AED 600 mn residential project in Jumeirah Village Circle in September.

EMIRATES NBD REIT-

ENBD REIT’s bottom line rises 65% y-o-y to USD 30.3 mn: ENBD REIT, Emirates NBD's Shariah-compliant real estate investment trust, reported a 65% y-o-y increase in net income to reach USD 30.3 mn for the third quarter ending 31 December, 2024, according to its latest financial results (pdf). The growth was driven by strategic leasing initiatives, efficient cost management and operating processes, and strong performance from its office assets. Robust tenant demand kept occupancy high at 95%.

AL SAGR NATIONAL INS. COMPANY-

AlSagr National Ins.Company recorded a net loss of AED 114.9 mn in FY 2024, according to its preliminary financial results (pdf), compared to a net profit of AED 6.4 mn in FY 2023. The company’s revenues rose 6.5% y-o-y to AED 976.5 mn. The company said last December that it was set to proceed with a capital reduction to offset accumulated losses.

AL BUHAIRA NATIONAL INS.-

Al Buhaira Ins. reported a net loss of AED 33.9 mn in FY 2024 compared to a net loss of 132.8 mn in FY 2023, according to an earnings release (pdf). The ins. provider saw its revenues rise 21.7% y-o-y to AED 1.5 bn during the year.

Network International appoints Murat Cagri Suzer as group CEO + Invest Bank taps new department heads

Digital payments firm Network International appointed Murat Cagri Suzer (LinkedIn) as its group CEO, succeeding Nandan Mer (LinkedIn), according to a press release (pdf). Suzer was previously a senior advisor at Brookfield Asset Management – Asia Pacific and, before that, served as EVP of Corporate and Investment Banking and Global Markets at Garanti BBVA in Turkey.

InvestBank tapped four new executives to lead its core departments, according to a p ress release. Venkatesh Srikantan (LinkedIn) will lead the retail banking division — he previously served as head of Consumer Banking UAE for Barclays. Humaida Al Khalsan (LinkedIn) joins as head of corporate affairs & marketing, while Brian Jamieson (LinkedIn) has been appointed head of digital. Finally, Krishnakumar Venkatraman (LinkedIn) joins as head of operations, following a 12-year tenure at First Abu Dhabi Bank.

Masdar, Adnoc partner up with French firms for renewables initiatives in Africa + Asia

SUSTAINABILITY-

#1- Masdar, Adnoc link up with French firms for renewables initiatives: Emirati and French firms inked green partnership agreements at the UAE-France High-Level Business Council in Paris, according to a press release. The breakdown:

Masdar, TotalEnergies, and International Holding Company’s investment subsidiary 2PointZero agreed to work on delivering sustainable electricity and modernizing energy systems in Africa, and exploring new solar, wind, and storage projects in Southeast Asia, with the two latter firms also exploring renewable energy projects in India, according to a press release.
Adnoc and French waste and water management company Veolia will also cooperate to increase water consumption efficiency through water recycling, consumption minimization, emissions reductions, and establishing a framework targeting water loss reduction.

Background: In February 2024, the UAE and France signed an MoU to launch the UAE-French Bilateral Platform for Climate Investment to boost joint projects and investments in clean energy, especially in decarbonising hard-to-abate industries. The platform includes Masdar, Adnoc, TotalEnergies, Bpifrance, and CMA CGM. Masdar had also signed an agreement with Total to develop renewable energy projects in developing markets in Africa and Central Asia, and an agreement with CMA CGM to provide long-term supply of green alternative fuels with a focus on e-methanol the month prior.

INVESTMENT-

#1- Partizia expands to Middle East with Abu Dhabi office: Real asset investment management company Patrizia is setting up shop in the region with an Abu Dhabi office, after securing approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market, according to a press release. This approval allows the firm to offer investment advice in real estate and infrastructure in the UAE and marks its 26th global location. JC Klein (LinkedIn), head of global client solutions for MENA & Australia and New Zealand was appointed to lead the office.

#2- ASB Capital Launches in Dubai with USD 4.5 bn: Al-Salam Bank-backed asset manager ASB Capital has launched operations at the Dubai International Financial Center, with USD 4.5 bn in assets under management, according to a press release (pdf).

The details: The firm aims to bridge regional and global investment opportunities, offering wealth and asset management services across public and private markets, as well as investment banking. It targets high-net-worth individuals, family offices, and institutional investors seeking exposure to high-growth GCC sectors and international markets.

HEALTHCARE-

#1- EHS partners with Dell: Emirates Health Services (EHS) inked an MoU with Dell Technologies to enhance the UAE’s healthcare infrastructure using advanced AI and cybersecurity technologies, according to a press release. The partnership aims to improve service quality, efficiency, and accessibility across EHS facilities. Key aspects of the agreement include targeted workshops, specialized training, and consulting services to support AI-driven healthcare innovations and strengthen digital security in the sector.

#2- PureHealth rebrands AHS to SEHA CLINICS: ADX-listed healthcare player PureHealth rebranded its subsidiary Ambulatory Healthcare Services (AHS) to Seha Clinics, fully integrating it into the Seha network, according to an Abu Dhabi Media Office statement. Seha Clinics plans to open 10 more clinics by 2025 across Abu Dhabi.

CAPITAL MARKETS-

Kazakhstan Stock Exchange joins ADX’s Tabadul: The Kazakhstan Stock Exchange (Kase) has joined the Abu Dhabi Securities Exchange’s (ADX) Tabadul, making it the sixth stock market to join the platform, according to a press release.The move allows investors in Kazakhstan to trade securities listed in Tabadul, including those on ADX, Bahrain Bourse, and the Muscat Stock Exchange. Tabadul now has eight exchanges and provides access to around 490 listed companies across multiple sectors.

We knew this was coming: ADX agreed to add the Kazakhstan Stock Exchange and the Kase Clearing Centre to ADX’s Tabadul last August.

BUSINESS-

National Foods shuts down Sharjah subsidiary: National Foods DMCC, a Dubai-based subsidiary of Pakistan’s National Foods Limited (NATF), has completed the liquidation and closure of its Sharjah-registered subsidiary National Foods (FZE), according to a disclosure (pdf) filed with Pakistan’s Stock Exchange. The company said the move was part of its restructuring strategy, Business Recorder reports.

ICYM: In January 2024, NATF established its first overseas manufacturing facility in Sharjah, securing a UAE manufacturing license through its Dubai-based subsidiary, National Foods DMCC, which had established FZE.

M&A-

India-based asset manager InCred Group snapped up Dubai boutique financial services firm Arrow Capital for an undisclosed sum, bringing its total assets under management to USD 2 bn, according to a press release. The acquisition, which integrates Arrow Capital into InCred’s global operations, is set to boost InCred’s presence in the MENA region, extending its reach across wealth management, investment banking, and asset management. InCred has offices in Dubai, Singapore and London, despite having only been operational for three years.

What they said: “The Middle East represents one of the fastest-growing wealth markets globally. I am excited to have Rohit lead and grow our existing efforts in the region, with a focus on expanding into new markets, attracting talent, and further broadening and deepening our platform, driving us towards our goal of being the most respected financial services firm in the region,” InCred CEO Srikantan Selvamani said.

FINTECH-

Checkout.com is rolling out Visa Direct Push-to-Card solutions in the UAE, allowing for faster cross-border and domestic transactions, according to a press release. This new option is designed to simplify remittances, peer-to-peer (P2P) payments, and merchant payouts. The UAE, known for its advanced digital payments ecosystem, is seen as a key market for the offering, with Account Funding Transactions helping reduce fraud risks and lower transaction costs.

CRYPTO-

Austria’s Bitpanda launches Mena hub in Dubai: European crypto and digital asset platform Bitpanda has launched its Mena regional office in Dubai, marking its first expansion outside Europe, according to a press release.

The firm’s regional headquarters will be based at the DMCC Crypto Centre, where it aims to build partnerships and integrate its trading infrastructure with local financial institutions. The fintech firm is in the final stages of securing a local financial services provider license, with plans to offer trading infrastructure for banks, fintech firms, and brokerage platforms.

About Bitpanda: Founded in Vienna in 2014, Bitpanda serves 4.5 mn users and offers over 2.8k digital assets, including crypto, stocks, ETFs, and commodities. It already partners with leading European banks and aims to replicate this model in the UAE once it completes regulatory approvals.

TELECOMS-

#1- e& enterprise partners with PayPal: e& enterprise has inked a three-year agreement with PayPal to integrate its digital payment platform into e& enterprise payments gateway, according to a press releas e. By enabling PayPal integration through e& enterprise’s unified API, the partnership simplifies the adoption process for businesses, which improves their transaction success rates and expands their international reach, the statement says.

#2- du partnership to bring submarine cable system to UAE: State-owned telecom operator du is partnering with submarine cable network infrastructure provider Peace Cable International Network to extend Peace’s open-access submarine cable system to the UAE, according to a press release. The Peace Gulf Extension will improve the connection speed for du’s wholesale and enterprise customers and will integrate them into Peace’s 22k km network across Europe, Asia, and Africa. The project is slated to be operational by 2H 2025.

Bondholders push back against the IMF’s Ethiopia debt assessment

Is the IMF undermining Ethiopia’s creditors in negotiations over the country’s defaulted USD bond? A group of investors holding Ethiopia’s defaulted USD 1 bn bond is accusing the IMF of downplaying the country’s economic recovery as a means to force the country’s creditors to offer Ethiopia a larger haircut on its debt, the Financial Times and Reuters report. The investors argue that a rise in gold and coffee exports has significantly strengthened Ethiopia’s financial position, making the IMF’s assessment of the country’s debt outlook unnecessarily pessimistic.

IN CONTEXT- Ethiopia went into default in December 2023 after skipping a USD 33 mn coupon payment on its only international government bond, which came amid a period of intense financial strain related to the country’s two-year civil war that ended in 2022 and the Covid pandemic. The country received a USD 3.4 bn IMF bailout in July 2024 to help with its default, with the key stipulations that the country liberalize its exchange rates and reduce its debt levels in line with its exports.

The IMF’s export estimates lie at the core of the current dispute: The bondholder committee — which represents investors holding some 40% of the defaulted USD bonds — says the IMF has “significantly undervalued” Ethiopia’s export rebound following the country’s currency devaluation last year. The Fund’s economic forecasts, they argue, “artificially imply a solvency issue which requires Ethiopia to seek greater concessions from its stakeholders in order to meet the IMF’s lending criteria,” essentially forcing lenders to accept a haircut on their payout.

It’s true that Ethiopia’s export numbers show signs of a recovery: Ethiopia’s exports more than doubled in 2H 2024 after the devaluation, reaching USD 3 bn off the back of a 60% rise in coffee exports to nearly USD 1 bn and a 700% jump in gold exports to USD 1.3 bn. Meanwhile, imports dipped slightly to USD 8.6 bn over the same period.

Still, the IMF has concerns about long-term debt sustainability: IMF staff have acknowledged that exports are ticking up, but insist that medium- to long-term growth will remain at 9-10% of GDP, leaving Ethiopia’s debt still “unsustainable and in distress,” according to a January press release (pdf). Because the IMF’s USD 3.4 bn bailout for Ethiopia requires the government to cut debts relative to exports, slower estimated export growth has provided the Ethiopian government a rationale to ask creditors to take larger losses on its defaulted bonds.

Ethiopia’s creditors, for their part, are refusing to take a haircut on the country’s debt. Last year, bondholders rejected the Ethiopian government’s offer to take an 18% haircut on its outstanding debt, arguing that the country's recovery didn’t warrant such a deep loss. However, debt advocacy groups — including Debt Justice, the Horn Economic and Social Policy Institute, and the African Forum and Network on Debt and Development — argue that bondholders turned down an “extremely generous” offer that would have still yielded returns of about a third on the bondholder’s investment.

The clash over Ethiopia’s debt highlights a growing divide in resolving sovereign defaults, with investors pushing back against the IMF’s influence on restructuring efforts from Sri Lanka to Zambia, the salmon-backed paper highlighted. While the Fund doesn’t involve itself in debt restructuring negotiations directly, its economic forecasts set their tone, shaping creditor expectations and — investors argue — tilting the balance toward deeper writedowns.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning — Japan’s Nikkei is up 0.4% and the Hang Send is looking at gains of 1.0%, meanwhile the Shanghai Composite is down 0.3% and the Kospi is down 0.1%.

ADX	9,557	-0.7% (YTD: +1.5%)
DFM	5,383	+0.4% (YTD: +4.4%)
Nasdaq Dubai UAE20	4,394	-0.8% (YTD: +5.5%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.3% o/n	4.4% 1 yr
TASI	12,266	-0.9% (YTD: +1.9%)
EGX30	30,437	0.0% (YTD: +2.3%)
S&P 500	6,115	0.0% (YTD: +4.0%)
FTSE 100	8,768	+0.4% (YTD: +7.3%)
Euro Stoxx 50	5,520	+0.5% (YTD: +12.7%)
Brent crude	USD 75.28	+0.7%
Natural gas (Nymex)	USD 3.60	-3.3%
Gold	USD 2,911	+0.4%
BTC	USD 96,129	-1.1% (YTD: +2.8%)

THE CLOSING BELL-

The ADX fell 0.7% yesterday on turnover of AED 970.4 mn. The index is up 1.5% YTD.

In the green: Rapco Investment (+12.9%), Sudatel Telecommunications Group (+9.9%) and E7 Group (+5.9%).

In the red: Burjeel Holdings (-9.7%), Umm Al Qaiwain General Investment (-6.4%) and Mair Group (-5.5%).

Over on the DFM, the index rose 0.4% on turnover of AED 962.2 mn. Meanwhile Nasdaq Dubai closed down 0.8%.

CORPORATE ACTIONS-

Burjeel mulls share buyback: Healthcare services provider Burjeel Holdings will evaluate the feasibility of a share buyback during its board meeting on 20 February, according to an ADX disclosure (pdf). The buyback would be contingent on shareholder and regulatory approvals.

UAE and Ukraine ink an economic partnership to remove customs on most traded goods

UAE + Ukraine ink CEPA: The UAE and Ukraine have inked a comprehensive economic partnership agreement (CEPA) slashing tariffs on nearly all traded goods, state news agency Wam reports. The agreement removes customs duties from 99% of Ukrainian imports of UAE goods and 97% of Ukrainian exports to the UAE. Negotiations for the agreement wrapped up in April 2024.

The economic impact? By 2031, the agreement is projected to boost the UAE’s GDP by USD 369 mn and Ukraine’s by USD 874 mn. The partnership will focus on infrastructure, heavy industry, aviation, aerospace, and IT.

Background: The UAE’s non-oil foreign trade soared 14.6% y-o-y to AED 3 tn last year, with CEPAs contributing AED 135 bn to non-oil exports. The UAE is pushing to hit AED 4 tn in annual foreign trade by 2031, with 75% of that goal already locked in.

Meanwhile, President Mohamed bin Zayed Al Nahyan met with Ukrainian President Volodymyr Zelenskyy to strengthen ties in investment, renewable energy, and food security, Wam reports. They also touched on the UAE’s role in mediating prisoner exchanges between Ukraine and Russia, with one exchange taking place earlier this month.

UAE Deputy PM and Interior Minister Saif bin Zayed Al Nahyan engaged in key security talks with various Arab and international counterparts on the sidelines of the Council of Arab Interior Ministers in Tunisia, including:

Libyan Acting Interior Minister Major General Imad Al-Tarabulsi to discuss enhancing bilateral security cooperation. (Wam)
Jordanian Interior Minister Mazen Al Faraya to explore expanding security coordination. (Wam)
Bahraini Interior Minister Lieutenant General Sheikh Rashid bin Abdullah Al Khalifa to discuss security coordination, joint efforts against regional threats, and supporting sustainable development. (Wam)
Egyptian Interior Minister Major General Mahmoud Tawfik on counterterrorism, intelligence sharing, and joint security initiatives. (Wam)
Portuguese Interior Minister Margarida Blasco on enhancing Arab-European security relations, focusing on organized crime and law enforcement knowledge exchange. (Wam)
Kuwaiti Defense Minister Sheikh Abdullah Ali Al Sabah to discuss regional security developments and strengthen Gulf defense coordination. (Wam)

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.

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

Sections

About

Privacy & Support

Get EnterpriseAM daily