Trump lands in Abu Dhabi today, with chip agreement and USD 1.4 tn investments on the cards

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Trump lands in Abu Dhabi today, with chip agreement and USD 1.4 tn in investments on the cards

Good morning, friends. The news flow has slowed slightly ahead of what’s going to be a big day for news here at home, as US President Donald Trump heads to Abu Dhabi for the final leg of his regional tour.

We’re on the lookout for more specifics for the USD 1.4 tn investment pledge made during Deputy Abu Dhabi Ruler and National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan’s visit to Washington, and for an agreement to expand the UAE’s access to advanced chips.

Speculation in the foreign press so far have pointed to a potential agreement that could give the UAE access to mns of Nvidia chips, with only a portion going towards state AI firm G42, and the rest going towards US firms looking to expand in the UAE.

Among the companies who could be getting chips to expand? OpenAI, Oracle, and Microsoft. All three are said to be eyeing more data center capacity in the UAE, and will need to secure chips to make that happen.

STAY TUNED- We’ll have all the details from the US president’s visit to the capital of capital in tomorrow’s issue.

In today’s issue, the big story at home is Adnoc’s low-carbon investment arm XRG securing a stake in a gas block in Turkmenistan. ALSO- We have more debt issuances, this time from Sobha Realty and Masdar, and more companies added to MSCI’s indexes.

🌤️WEATHER– Expect a slight decrease in temperatures today and for the coming week. Temperatures in Dubai will hit a high of 41°C before cooling to 29°C overnight, according to our favorite weather app. In Abu Dhabi, temperatures will peak at 35°C, with an overnight low of 27°C.

WATCH THIS SPACE-

#1- The UK is planning to allow state-owned investors to own up to 15% of British newspapers in a move that could allow Abu Dhabi-backed RedBird IMI to maintain its ownership of The Telegraph, Reuters reports. A 15% stake owned by foreign sovereign wealth funds or state pension funds would be “targeted exceptions” and would help sustain British media while limiting foreign influence, the newswire cites the UK government as saying.

So what’s next? US private equity firm RedBird — which owns a 25% stake in RedBird IMI — was looking to form a consortium to dilute IMI’s stake to a level acceptable by government and take control of the newspaper.

REMEMBER- The UK’s previous administration had banned foreign state-owned investors from owning stakes in British newspapers, capping foreign investment at 5%, after RedBird IMI had taken control of The Telegraph and its sister magazine The Spectator. They later withdrew their bid and put both magazines up for sale, selling The Spectator to b’naire and founding partner of Marshall Wace, Paul Marshall.

#2- FAB eyes India’s GIFT City expansion: First Abu Dhabi Bank (FAB) is in talks to open a branch in India’s Gujarat International Finance Tec-City (GIFT City), Bloomberg reports, citing people familiar with the matter. The bank is engaging with the UAE regulator to secure approvals. If successful, FAB would be the second Middle East lender in the low-tax zone after Qatar National Bank, joining a growing list of global banks using the hub for cross-border financing and acquisition lending.

REMEMBER- The UAE has been ramping up investments in India: In February 2024, the Abu Dhabi Investment Authority received regulatory approval to establish a local subsidiary and launch a USD 4-5 bn fund in GIFT City. In October, the UAE and India also announced a USD 2 bn food corridor initiative and agreed to set up joint investment offices in both countries. The two sides were also in talks to raise UAE foreign direct investment in India to USD 100 bn, up from around USD 75 bn in existing commitments.

#3- Envirol eyes waste-to-biofuel plant in Uzbekistan: UAE-based waste management company Envirol met with Uzbekistan’s Investments, Industry and Trade Minister Laziz Kudratov to discuss the possibility of constructing a waste-to-biofuel plant in Uzbekistan, according to a statement. The plant would be the first in Central Asia.

UAE-based telecom group e& is also in talks with the Uzbek government on joint investments in telecommunications infrastructure and data centers, according to a separate statement from Uzbekistan’s Investment Ministry. The discussions come as Uzbekistan continues to liberalize its telecommunications sector. The two sides agreed to advance work on potential joint projects.

e& would be joining the ranks of other Emirati firms working in Uzbekistan, including Taqa, which will develop a USD 545 mn water infrastructure project, and Masdar, which inaugurated a 500 MW windfarm in Zarafshan last December.

PSAs-

#1- The UAE is allowing 180-day multiple entry for individuals applying for the blue residency visa, Gulf News reports. Issued by the Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP), the visa enables applicants abroad to enter the UAE and complete procedures tied to their blue residency bid.

REFRESHER- Rolled out in February, the 10-year Blue Visa residency program is designed for members of international organizations, environmental NGOs, award-winning sustainability advocates, researchers, and corporate leaders who have made significant contributions to environmental work.

#2- Hong Kong passport holders can now enter the UAE and Qatar without a visa for up to 30 days, according to a government statement from Hong Kong Chief Executive John Lee. The changes took effect today, replacing the previous visa-on-arrival arrangement.

HAPPENING TODAY-

#1- Cabsat is on its third and final day today at the Dubai World Trade Center. The event will exhibit the latest trends and technologies in the media, entertainment, and communications sectors in the MEASA region.

#2- The HODL Summit — the rebranded World Blockchain Summit — is on its second and final day today at Madinat Jumeirah in Dubai. The summit will gather stakeholders from across the Web3, blockchain, and crypto ecosystems for discussions on investment, regulation, and innovation. More than 30k C-suite attendees and 5k investors are expected, along with over 1k exhibitors and sponsors and 1.2k speakers.

#3- The inaugural SATExpo Middle East is on its third and final day at the Dubai World Trade Center. Spun off from CABSAT, the new satellite and space-focused exhibition will bring together over 140 exhibitors and 80k professionals across the aviation, maritime, government, telecom, energy, and emergency response sectors, according to a press release. The event offers networking sessions for businesses, governments, and investors in the MEASA region.

#4- The IUHPE World Conference on Health Promotion is on its third day and continues until tomorrow at the Adnec Center in Abu Dhabi. The conference will bring together over 2k global health leaders, policymakers, and advocates to address planetary health challenges, including non-communicable diseases, digital health, precision health, and emergency preparedness.

#5- The World Police Summit is on its third and final day at the Dubai World Trade Center. The summit brings together over 110 police chiefs and more than 300 speakers from over 110 countries. Key topics include AI in law enforcement, cross-border cybercrime, human trafficking, and digital transformation.

#6- The Economy Middle East Summit will take place today at the ADGM in Abu Dhabi, according to a press release (pdf). The event will feature discussions on the economy, banking and finance, technology, cybersecurity, AI, hospitality and tourism, real estate, and energy.

#7- India-UAE: Partners in Progress Conclave will be held today at Taj Exotica Resort & Spa in The Palm in Dubai. The event will bring together policymakers, business leaders, and innovators, with an aim to accelerate collaboration across trade, energy, tourism, tech, and startups.

#8- Integrate Middle East is on its second and final day today at the Dubai World Trade Center. The event will showcase advancements in audio-visual technology and media for the broadcasting, communications, and entertainment industries.

HAPPENING THIS WEEK-

Investopia Europe will take place tomorrow at Palazzo Mezzanotte in Milan. Approximately 60 Emirati delegates government entities and private sector firms — including the Abu Dhabi Investment Office, Dubai’s Department of Economy and Tourism, Ras Al Khaimah Economic Zone, Invest in Sharjah, G42, ADQ, NG9, and Marjan — will engage with Italian and European business leaders to explore potential investments and partnerships.

THE BIG STORY ABROAD-

US President Donald Trump headed to Qatar yesterday on the second leg of his regional tour, where he met with Emir Tamim bin Hamad. The visit saw the signing of USD 243 bn in agreements (per the White House’s tally), including defense purchases for drone and counter-drone capabilities from US companies, Qatari investments at Al Udeid Air Base, and a tall, USD 96 bn order for up to 210 Boeing jets.

The president is set to land in the UAE today for the third and last stop, which is set to conclude his four-day Middle East trip.

ALSO- Trump met with Syrian President Ahmed Al Sharaa earlier yesterday, just before the GCC summit in Riyadh, while Turkey’s President Erdogan joined over the phone. Trump urged Al Sharaa to join the so-called Abraham Accords, while the latter invited American companies to invest in Syria’s oil and gas, the US Press Secretary said.

AND- Trump and Russia’s Vladimir Putin will be skipping the first direct Russia-Ukraine peace talks to be held in Turkey today, with Russia opting to send a group of technocrats instead. The talks — proposed by Putin — are unlikely to see a breakthrough in the absence of the two leaders.

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MARKET WATCH-

Opec maintained its global oil demand forecast for 2025 at 1.3 mn barrels a day in its latest Monthly Oil Market Report (MOMR) (pdf). Demand in Organization for Economic Co-operation and Development (OECD) countries is projected to rise 0.1 mn bbl / d, while non-OECD demand is expected to grow by nearly 1.2 mn bbl / d. The outlook for 2026 also remains unchanged from last month at 1.3 mn bbl / d, with OECD demand projected to increase by 0.1 mn bbl / d and non-OEC demand by 1.2 mn bbl / d.

Meanwhile, it expects supply to rise by some 800k bbl / d, down from its earlier forecast of 900k bbl / d, on the back of lower capital spending due to a decline in oil prices. The oil cartel is set to hike supply by 411k bbl / d in June for the second month in a row.

Adnoc’s XRG snaps up stake in Turkmenistan gas block

XRG expands into Turkmenistan: Adnoc’s low-carbon investment unit XRG, Malaysia’s Petronas, and Turkmenistan’s state entities have signed a new production sharing contract (PSC) for Turkmenistan’s Block I gas and condensate fields in the Caspian Sea, alongside a long-term gas sales agreement with Turkmengas, Petronas said in a statement.

The agreement: Petronas will operate the block with a 57% stake, while XRG, recently cleared for a EUR 14.7 bn Covestro takeover, will hold 38% and Hazarnebit 5%. The concession currently produces 400 mn cubic feet per day of natural gas and holds over 7 tn cubic feet of resources, with the potential for expansion.

XRG and Petronas also signed a long-term Gas Sales Agreement (GSA) with State Concern Turkmengas as part of the transaction, the statement said.

REMEMBER- We recently reported that XRG — Adnoc’s USD 80 bn low-carbon investment arm — will soon begin to deploy capital — including in the US — after fine-tuning its internal strategy. It is already close to securing a 91.3% stake in Covestro after EU antitrust regulators gave it the all-clear, and is eyeing bns of investments in the US’ energy sector, including through USD 9 bn worth of acquisitions of natural gas assets.

Adnoc Gas, Dewa, Salik join MSCI Emerging Markets Index + Apex Investment, Bank of Sharjah added to Small Cap Index

Global index builder MSCI added a total of five UAE companies to two of its indexes in its latest rebalancing of key GCC indexes. The changes will all come into effect after market close on Friday, 30 May. The rebalancing — which happens every three months in February, May, August, and November — did not see any UAE equities removed from the indexes.

The regional picture: Across the rest of the region, a total of seven Saudi companies were added and another three were removed across two different indexes, while in Oman a total of two companies were added and three were removed from the indexes. Additions from our neck of the woods are primarily focused in construction, energy, and public utilities.

REFRESHER- MSCI indexes are widely used benchmarks for global equity markets and stakeholders including institutional investors, portfolio managers, and financial advisors. Investors use the indexes as gauges of market performance, as benchmarks against which to compare other stocks or markets, and to build index tracking funds, among other purposes. To be added, a company must first be listed in an MSCI-designated Emerging Market country, meet minimum market cap thresholds, and boast strong liquidity (with an annualized traded value ratio of at least 15%); without having major restrictions on foreign ownership.

Adnoc Gas + Salik + Dewa join emerging markets index: ADX-listed Adnoc Gas, DFM-listed Dubai Electricity and Water Authority (Dewa), and Dubai’s toll gate operator Salik were all added to the MSCI Emerging Markets Index (pdf ). Adnoc Gas’ inclusion makes it the third Adnoc subsidiary to join the index, after Adnoc Distribution joined the index in 2021 and Adnoc Drilling followed last year. Its inclusion follows the secondary sale of a 4% stake in the firm to institutional investors in February, which raised its freefloat to 9%, up from 5%.

Why it matters: While getting added to the MSCI indexes attracts investor attention to the company’s stocks, being excluded isn’t necessarily a sign for concern given that it could be based on not meeting specific index criteria, including a change to the company’s structure, amongst other things. Adnoc Gas’ addition to the index could boost passive inflows by USD 300-500 mn, as well as “drive greater liquidity” to its stock, the company said in a statement (pdf). For Dewa, the inclusion is expected to bring “increased visibility, enhanced trading liquidity, and passive inflows from index-linked investment products,” with analysts suggesting that it could also see “notable inflows from global asset managers,” according to a statement (pdf).

MEANWHILE- Apex Investment and Bank of Sharjah were also added to the MSCIGCC CountriesSmall Cap Index(pdf). No UAE companies were removed from the index.

Sobha Realty’s USD 500 mn sukuk issuance was 3x oversubscribed

Dubai real estate developer Sobha Realty closed a Reg-S compliant USD 500 mn sukuk under its USD 1.5 bn trust certificate issuance program, it said in a press release. The paper will be listed on the London Stock Exchange (LSE) and Nasdaq Dubai. Bloomberg reported last month that proceeds from the debt issuance will be used to fund land acquisitions.

Strong demand: The offering, which matures in 2029, was 3x oversubscribed with total orders valued at USD 1.5 bn, allowing the issuer to tighten the effective yield to 8%, down from initial price thoughts of c. 8.4%. Some 61% has been allocated to local investors, while 39% was allocated to international investors. The offering is expected to achieve a Ba2/stable rating by Moody’s and BB/stable rating by S&P, the statement said.

Sobha’s parent company recently received a rating upgrade: Moody’s upgraded Sobha Realty’s parent company PNC Investments’ (PNC) to Ba2 with a stable outlook, up from a previous Ba3 rating, on the back of robust sales, improved credit metrics, strong construction activity, and a backlog of over AED 23 bn. The sukuk is expected to achieve a Ba2/stable rating from Moody’s and a BB/stable rating from S&P.

ADVISORS- Our friends at Mashreq are acting as lead managers and bookrunners on the transaction, along with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Arqaam Capital, Dubai Islamic Bank, Emirates NBD Capital, JP Morgan, Rakbank, Sharjah Islamic Bank, Standard Chartered and Warba Bank. Clifford Chance and Dentons acted as legal counsels, and Grant Thornton as financial auditor.

IN CONTEXT- Emirati real estate players are loading up on Islamic FCY debt. Just last month, Dubai-based luxury developer Omniyat closed its maiden USD 500 mn green sukuk issuance. Aldar Investment Properties also tapped global markets with a USD 500 mn 10-year green sukuk back in March, while Damac returned in February with its first benchmark issuance in a year and a half — a USD 750 mn 3.5-year sukuk.

Masdar launches benchmark FCY-denominated green bond

State-owned renewables player Masdar has started selling a benchmark USD-denominated dual-tranche green bond issuance with five- and 10-year tenors, set to be listed on the London Stock Exchange, according to a stabilization notice. The issuance is yet to be priced. This is nearly a year after Masdar raised USD 1 bn from a similar issuance that carried yields of 4.875% and 5.25%.

What we know: The issuance is reportedly valued at USD 1 bn, and Initial price thoughts (IPTs) were set in the area of 115 bps above US Treasuries for the 5-year notes, and 125 bps above US Treasuries for the 10-year notes, Zawya reports. This is part of the company’s USD 3 bn EUR Medium Term Note (EMTN) Program, the news outlet said.

Proceeds will be earmarked for eligible green projects, in line with Masdar’s Green Finance Framework, Zawya reports, citing an investor document it had seen. Interest will be paid semi-annually on 21 May, and 21 November, the news outlet said.

Masdar’s credit rating was recently upgraded: Masdar last month was upgraded to an A1 credit rating by Moody’s, with a stable outlook, up from a previous A2 rating. The upgrade came on the back of strong backing from the Abu Dhabi government and shareholders as the company pursues its 100 GW renewable energy capacity target by 2030.

ADVISORS- Masdar mandated Abu Dhabi Commercial Bank, Bank of China, BNP Paribas, Crédit Agricole CIB, DBS Bank, First Abu Dhabi Bank, IMI–Intesa Sanpaolo, ING, and JP Morgan as joint lead managers and bookrunners.

Fortress, Kimmeridge open offices in Abu Dhabi ahead of Trump’s visit

US asset managers set up shop here ahead of Trump’s visit: US-based alternative asset manager Fortress Investment Group and energy-focused PE firm Kimmeridge Energy Management opened regional bases in ADGM yesterday, in a bid to scale their presence in the Gulf, and deepen ties with Abu Dhabi sovereign wealth giant Mubadala.

Mubadala is a backer of both firms: The wealth fund acquired a majority stake in Fortress last May in a USD 3 bn transaction, and last month Mubadala Energy bought a 24.1% stake into Kimmeridge’s natural gas unit SoTex Holdco.

The game plan: Fortress says it’s looking to ramp up transactions in corporate credit, real estate, and asset-backed investments, the firm said in a statement. The company received a financial services permit from ADGM’s Financial Services Authority, and will use its new office as a “regional gateway to Fortress’s global investment capabilities,” the statement said.

REMEMBER- Mubadala is also committing USD 1 bn to a new strategic partnership with Fortress, with the funds set to be deployed across Fortress’ credit and special situation strategies.

MEANWHILE- Kimmeridge is sticking to US plays, but has its eyes on Asia’s energy sector, Bloomberg quotes Kimmeridge co-founder Ben Dell as saying. The PE firm wants to develop LNG trading by 2027, and will start hiring traders in Abu Dhabi.

Kimmerdige also inked an MoU with Mubadala Energy yesterday to pave the way for future collaboration, state news agency Wam reports. The Middle East office will be headed by Fayçal Benjelloun (LinkedIn), who was formerly at Mubadala Capital.

More 1Q 2025 earnings pour in

LULU RETAIL.-

Lulu Retail saw its net income rise 15.8% y-o-y to USD 69.7 mn in 1Q 2025, according to its earnings release (pdf). Revenue for the quarter was up 7.3% y-o-y to USD 2.1 bn, which Lulu Retail attributed to Ramadan helping to drive like-for-like sales growth of 3.6%, along with “new store openings and high-volume growth across certain product categories, particularly in fresh food and lifestyle products.”

Revenue by market: Lulu said its revenue growth was driven by healthy performance across its footprint, with Saudi Arabia and Oman emerging as its two biggest contributors to revenue growth. Revenue in Saudi Arabia rose 10.3% y-o-y — which Lulu says was primarily due to new store openings, including two in 1Q 2025 — while in Oman revenue was up 7.8%. UAE revenue growth came in at 5.2%.

AL ANSARI FINANCIAL SERVICES-

Al Ansari Financial Services reported a 10.2% y-o-y increase in net income to AED 108.9 mn in 1Q 2025, supported by a 7.1% rise in operating income to AED 294.2 mn, according to its financials (pdf) and earnings release (pdf). Growth was driven by solid performance across core segments, including remittances, which saw a 4% yearly uptick, banknotes, which increased 7% y-o-y, and business from the Wage Protection System, up 26% y-o-y. Digital transaction volumes jumped 16% y-o-y, making up 24% of total outward remittances.

REMEMBER- Al Ansari is gearing up for an active 2Q: The recently closed acquisition of BFC Group will be reflected in 2Q results, while the launch of Al Ansari’s digital wallet is slated for later this quarter. The firm also expects to finalize its acquisition of Al Ansari Exchange in Kuwait by 2Q, with synergies to begin contributing in 3Q.

AMANAT HOLDINGS-

Amanat Holdings reported an 8% y-o-y drop in net income to AED 44.4 mn in 1Q 2025, according to its financials (pdf). Its revenues were up 12.8% y-o-y to AED 240.7 mn, with growth driven by the education segment, where revenues rose 23% y-o-y to AED 152.1 mn, supported by record enrollments and beneficiary growth, the company said in a separate earnings release (pdf).

What weighed on earnings? Healthcare revenue dipped 2% y-o-y to AED 88.6 mn, with growth in Saudi Arabia offset by the wind-down of Covid-related programs in the UAE. Profitability was also impacted by ramp-up and pre-opening costs at new post-acute care facilities in Jeddah and Khobar, and newly launched special education daycare centers.

Looking ahead: Amanat has exercised its option to sell a UAE-based education real estate asset post-period, generating a return above book value. The company said it remains focused on monetization windows and expanding its post-acute care footprint in Saudi Arabia.

DEYAAR DEVELOPMENTS-

DFM-listed real estate developer Deyaar posted a 52.8% y-o-y increase in its bottom line to AED 111.5 mn in 1Q 2025, according to the developer’s financial statements (pdf). Deyaar also saw a 32% y-o-y rise in its top line to AED 433 mn.

Driving growth: Deyaar linked consistent growth to strategic project launches and their ability to identify strong market prospects across emirates, according to a separate earnings release (pdf). Its debut venture in Umm Al Quwain, Aya Beachfront Residences, launched in February, expanding the company’s operations to the emirate.

ABU DHABI SHIP BUILDING-

Abu Dhabi Ship Building (ADSB) posted a net income of AED 1 mn in 1Q 2025, a 91.8% y-o-y decrease, according to the company’s financials (pdf). The drop is attributed to delays in revenue recognition, costs linked to the IDEX and NAVDEX exhibitions, and accumulated accounts receivables of AED 20 mn which should be consolidated in 2Q or 3Q of this year, according to a separate earnings release (pdf).

Its contract revenues fell 8.4% to AED 253.1 mn, with ongoing work including the Falaj 3 contract to build four new maritime patrol vessels.

EMSTEEL-

UAE steel manufacturer Emsteel’s net income dropped some 33% y-o-y to AED 86.3 mn in 1Q 2025, according to an earnings release (pdf). The company’s revenues increased roughly 1% to AED 2.2 bn from AED 2.1 bn the year prior. The results come on the back of “challenging market conditions” that led to export challenges on the back of rising freight costs affecting demand and pricing.

TABREED-

Abu Dhabi’s National Central Cooling Company (Tabreed) reported a 3% y-o-y jump in net income to AED 115 mn in 1Q 2025, according to its earnings release and financial report (pdf). The company’s revenues dipped slightly to AED 465.9 mn. Cooling consumption volumes were down 7% due to colder weather compared to the same period last year. Tabreed still managed to hit 1.3 mn RT of connected capacity, including 4.6k RT of new customer connections in the UAE.

NATIONAL GENERAL INS.-

National General Ins. has reported a net income of AED 35.6 mn in 1Q 2025, up 17.4% y-o-y, according to its financials (pdf). The company’s ins. revenues rose 5.4% y-o-y, reaching AED 229.4 mn for the quarter. Meanwhile, total investment income dipped to AED 10.5 mn, down 54.8% from AED 23.2 mn in 1Q 2024.

ADNIC-

Abu Dhabi National Ins. Company posted an 18.5% y-o-y net income increase to AED 119.6 mn in 1Q 2025, according to the company’s financials (pdf). The ins. provider reported a 30% rise in ins. revenues to AED 2 bn, which it attributed to strong underwriting performance, a 27.4% y-o-y growth in gross written premiums to AED 3.9 bn, and contributions from its Saudi unit.

Adnic finalized the integration and rebranding of Allianz Saudi Fransi Cooperative Ins. Company (ASF), following its 2024 acquisition of a 51% stake in the company. ASF now operates as Mutakamela Insurance Company and Mutakamela’s financial results are fully consolidated into Adnic’s reporting, according to a bourse disclosure (pdf).

MAIR GROUP-

Mair Group’s bottom line fell 25.9% y-o-y, reaching AED 51.5 mn in 1Q 2025, according to its financials (pdf). Revenues also dipped to AED 539.9 mn during the quarter, down 9% y-o-y, on the back of a dip in revenues from retail customer contracts.

UNION INS.-

Union Ins. reported a 10.8% y-o-y increase in net income to AED 13.1 mn in 1Q 2025, according to the company’s financials (pdf). The ins. provider saw a 3.5% y-o-y decline in revenues to AED 144 mn.

FIDELITY UNITED-

Fidelity United reported a net loss of AED 11.3 mn in 1Q 2025, reversing a AED 3 mn profit in the same period last year, according to the company’s financials (pdf). The decline was primarily due to higher-than-expected claims in the commercial and consumer segments, based on a separate disclosure (pdf). The firm’s 2024 earnings showed an AED 66.2 mn net loss.

Ins. revenue dropped 16.7% y-o-y to AED 134 mn, in line with the company’s strategy to shift focus toward preferred and profitable segments..

The company’s accumulated losses reached AED 102.3 mn as of March. The board said in its earnings release that recovery efforts are underway and it expects results to improve by 3Q or 4Q 2025.

EMIRATES INS.-

Emirates Ins. Company’s net income declined 17.1% y-o-y to AED 33.8 mn in 1Q 2025, on the back of lower investment income and higher expenses, according to the company’s financials (pdf). The drop came despite a 14.9% y-o-y increase in total ins. income to AED 13.2 mn, buoyed by improved claims performance and higher premiums in motor, property, engineering, and casualty lines. Total ins. revenues rose 20.3% y-o-y to AED 371.4 mn.

Standard Chartered and Emirates NBD partner on financial services

FINTECH-

SC Ventures, Emirates NBD partner on financial service innovation: Standard Chartered’s fintech arm SC Ventures has inked an MoU with Emirates NBD to assess avenues for collaboration in the MENAT region, according to a press release. The agreement aims to identify regional ventures to support using the two sides’ portfolios and market expertise. The partnership will focus on digital innovation, venture co-creation, and strategic alliances in financial services.

TRADE-

UAE-Jordan CEPA kicks in: The Comprehensive Economic Partnership Agreement (CEPA) between the UAE and Jordan came into effect today, marking the UAE’s first CEPA with an Arab country, state news agency Wam reports. The agreement aims to increase bilateral non-oil trade to more than USD 8 bn by 2032, up from USD 5.6 bn in 2024. The agreement will help boost cooperation in renewable energy, pharma, logistics, and tourism.

Another four to six CEPAs are set to be finalized this year, Foreign Trade Minister Thani Al Zeyoudi told CNBC Arabia, including with Egypt following ministerial intervention to resolve outstanding issues “within days.” Agreements with Ukraine and the Eurasian Economic Union will be ratified in the coming months, while one with Nigeria could be completed before the year-end, he added. Negotiations with the Mercosur bloc and the EU, well as with Tunisia, are underway.

REAL ESTATE-

#1- Real estate developer Ohana Development launched an AED 4.7 bn project in Al Jurf, between Dubai and Abu Dhabi, according to a press release. The Jacob & Co Beachfront Living development features 457 units including sea-view apartments, villas, penthouses, and sky mansions, with prices starting from AED 22 mn and reaching AED 77 mn (and higher) for sky mansions. Completion is set for 2Q 2028.

#2- MAAIA targets AED 5 bn in UAE sales for this year: Global real estate developer MAAIA is planning on bringing in AED 5 bn in sales from the UAE market in 2025, following the launch of two new Dubai residential projects — La Vue in Nad Al Sheba Gardens and La Cle in Al Furjan, according to a press release. The developer’s pipeline includes a major master-planned community in Falcon City.

The detals: The company aims to deliver 2.5 mn sq ft of gross floor area this year, with nearly 5k units planned over the next three years and a total development pipeline of AED 10 bn. La Cle will feature 56 apartments starting from AED 1.1 mn and slated for handover in 4Q 2026, while La Vue is expected to be finished in 2Q 2027 and its residences carry a minimum price tag of AED 1.7 mn.

#3- German luxury brand Brabus has launched its first branded residential project — Brabus Island — in Abu Dhabi’s Al Seef District, in collaboration with Cosmo Developments and Reportage Group, according to a press release. The development features four towers with 352 high-end units. The group saw strong investor demand, generating AED 4.2 bn in sales through April 2025.

#4- Wasl unveils Jumeriah Golf Estates masterplan: Real estate development and management company Wasl has launched “The Next Chapter” for Jumeriah Golf Estates, a 4.7 mn sqm project with 51.7k residences connecting the under-construction Etihad Rail station and Dubai Metro, according to a press release. The plan includes six lifestyle districts, a central park, and infrastructure facilities.

INFRASTRUCTURE-

Smart Cities Council and IFZA launch two new smart city ventures: The Smart Cities Council (SCC) and Dubai-based International Freezone Authority (IFZA) have set up two new joint ventures, Smart Cities Council Middle East and the Smart Cities Academy, state news agency Wam reports.

One builds, one teaches: Smart Cities Council Middle East will act as a regional hub to support the deployment of smart urban solutions. Smart Cities Academy will focus on education and training programs on smart cities.

IFZA has also launched Scale360 — a Dubai-based platform built in collaboration with Plug and Play — aiming to link startups with corporate partners and capital.

HEALTHCARE-

Burjeel Holdings opens specialized blood disorder center in Abu Dhabi: Homegrown private healthcare group Burjeel Holdings has opened the Thalassemia and Sickle Cell Center at Abu Dhabi’s Burjeel Medical City (BMC), according to the Abu Dhabi Media Office. The facility offers outpatient services and a seven-day transfusion unit, as well as lifelong management for transfusion-dependent thalassemia, non-transfusion-dependent thalassemia, and sickle cell disease.

Wall Street’s rebound cools as investors await new data

Global stocks were mostly up on Wednesday as the US-China tariff truce continued to support risk appetite — though gains were modest as traders waited for new data and clarity on the Federal Reserve’s next moves.

Markets at a glance: The S&P 500 rose 0.1% for its sixth consecutive day in the green, extending this week’s rally and adding slightly to its YTD gains after wiping out year-to-date losses on Tuesday. The Nasdaq was up 0.6%, while the Dow Jones slipped 0.2%.

USD finds footing after recent slide — and yields edge higher: The greenback strengthened against a basket of major currencies and US Treasury yields ticked higher as investors await retail and producer price data.

Gold tumbles as safe-haven demand fades: Gold prices fell to a one-month low as easing trade tensions weighed on demand for the yellow metal. Spot gold dropped 2% to USD 3,182 an ounce, while US gold futures fell 1.8% to USD 3,188.

Cautious optimism sets in — but doubts remain: “It’s all about the change in risk appetite,” Danske Bank’s Lars Skovgaard told Reuters. “I have a hard time seeing that we’ll go back to this extreme political noise.” However, Gavekal Research’s Wei He argued that “there’s still plenty of uncertainty about the outlook,” pointing to the fact that US tariffs on Chinese goods remain significantly higher than pre-2025 levels.

All eyes on the Fed and April’s data: With inflation easing but trade policies still in flux, the Fed has signaled it will wait and assess the full impact before moving on rates. Vice Chair Philip Jefferson said yesterday that the CPI data showed progress toward the Fed’s 2% target, but noted the risk that new import levies could drive prices higher. Fed Chair Jerome Powell is expected to speak today, markets will also be on the lookout for April’s producer price index and retail sales data, both of which are due later today.

MARKETS THIS MORNING-

Asian markets are in the red in early trading this morning. Japan’s Nikkei is down 1.2%, the Shanghai Composite is looking at losses of 0.4%, the Hang Seng and Korea’s Kospi are both down 0.2%.

ADX	9,621	-0.1% (YTD: +2.2%)
DFM	5,360	-0.1% (YTD: +3.9%)
Nasdaq Dubai UAE20	4,419	-0.6% (YTD: +6.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.2% 1 yr
TASI	11,532	+0.0% (YTD: -4.3%)
EGX30	31,828	+0.4% (YTD: +7.0%)
S&P 500	5,893	+0.1% (YTD: +0.2%)
FTSE 100	8,585	-0.2% (YTD: +5.0%)
Euro Stoxx 50	5,403	-0.2% (YTD: +10.5%)
Brent crude	USD 65.84	-1.2%
Natural gas (Nymex)	USD 3.49	-4.3%
Gold	USD 3,188	-1.8%
BTC	USD 103,501	-0.8% (YTD: +10.6%)
Chimera JP Morgan UAE Bond UCITS ETF	USD 3.60	0.0% (YTD: +1%)
S&P MENA Bond & Sukuk	143.0	0.0% (YTD: +2.2%)
VIX (Volatility Index)	18.62	+2.2% (YTD: +7.3%)

THE CLOSING BELL-

The ADX fell 0.1% yesterday on turnover of AED 1.8 bn. The index is up 2.2% YTD.

In the green: Space42 (+10.0%), Gulf Medical Projects Company (+9.9%) and Presight AI Holding (+7.1%).

In the red: Al Khaleej Investment (-7.0%), Gulf Cement Co (-3.2%), and Abu Dhabi Islamic Bank (-3.1%).

Over on the DFM, the index fell 0.1% on turnover of AED 664.5 mn. Meanwhile, Nasdaq Dubai was down 0.6%.

Big day for Saudi-UAE cooperation as Abu Dhabi Crown Prince attends Gulf-US Summit

Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan attended the Gulf-US Summit yesterday in Riyadh, alongside other GCC leaders and US President Donald Trump, according to a statement. The summit focused on GCC-US cooperation and regional security, with the Crown Prince commending Trump for the US’ mediation of a ceasefire between India and Pakistan, and for its talks with Iran, as well as highlighting key areas of cooperation with the US, including economic development, energy, and technological advancement.

ALSO- The Crown Prince met with Saudi Crown Prince and Prime Minister Mohammed bin Salman to discuss ways to strengthen bilateral cooperation, according to a separate statement.

AND- President Sheikh Mohamed bin Zayed Al Nahyan also sat down with Saudi Defense Minister Prince Khalid bin Salman bin Abdulaziz Al Saud to discuss boosting cooperation, state news agency Wam reports.

IN OTHER DIPLOMACY NEWS- UAE, Luxembourg deepen finance and fintech ties in Dubai talks: Finance Minister Maktoum bin Mohammed bin Rashid Al Maktoum met with Luxembourg’s Finance Minister Gilles Roth to explore deeper collaboration in finance, trade, education, and technology, state news agency Wam reports. Talks tackled cross-border investment, fintech cooperation, and sustainable finance.

CALENDAR

MAY

13-15 May (Tuesday-Thursday): World Police Summit, Dubai World Trade Center.

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.

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

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

13-20 May (Tuesday-Tuesday): Dubai Holding REIT subscription period.

14-15 May (Wednesday-Thursday): HODL Summit, Madinat Jumeirah, Dubai.

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

15 May (Thursday): Deadline to submit bids for Dewa’s tender for pumping stations.

15 May (Thursday): The India-UAE Partners in Progress Conclave 2025, Taj Exotica, Palm Jumeirah, Dubai.

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

16 May (Friday): InvestopiaEurope, Palazzo Mezzanotte, Milan, Italy.

19-20 May (Monday-Tuesday): Arqaam Capital MENA Investor Conference 2025, Four Seasons Hotel Abu Dhabi.

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

20 May (Tuesday): Dubai Business Forum, Hamburg, Germany.

20-21 May (Tuesday-Wednesday): The International Real Estate Investment Summit (IREIS 2025), Al Hamra International Exhibition and Conference Centre in Ras Al Khaimah.

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

21 May (Wednesday): The AWS Summit, the Dubai World Trade Center.

21 May (Wednesday): Dubai Holding REIT final offer price and allocation of units announcement.

21-22 May (Wednesday-Tuesday): The CryptoExpo Dubai, the Dubai World Trade Center.

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

23 April (Wednesday): The HIMSS Executive Summit 2025, Jumeirah Emirates Towers.

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

28 May (Wednesday): The Dubai Residential REIT will ring the bell.

27-29 May (Tuesday-Thursday): INDEX, Workspace, and The Hotel Show, Dubai World Trade Center.

28-31 May: The Emirates Agriculture Conference and Exhibition, Adnec Center Al Ain, Abu Dhabi.

30 May (Friday): Arafat Day.

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

JUNE

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

17-18 June (Tuesday-Wednesday): Abu Dhabi Infrastructure Summit, Abu Dhabi Energy Centre.

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.

8-19 September (Monday-Wednesday): WHX-Tech Expo, Dubai World Trade Centre.

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

1-2 October (Thursday-Friday):World Green Economy Summit (WGES), Dubai World Trade Centre.

30 September – 2 October (Tuesday-Thursday): The Water, Energy, Technology, and Environment Exhibition (WETEX), Dubai World Trade Centre.

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.

8-9 December (Monday-Tuesday): BTC Mena Conference, Adnec, Abu Dhabi.

8-10 December (Monday-Wednesday): BRIDGE media summit, Abu Dhabi.

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:

9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE
3-5 February (Tuesday-Thursday): The World Governments Summit.
12-15 February (Thursday-Sunday): The Society for Incentive Travel Excellence Global Conference, Abu Dhabi.
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
The first edition of Dubai Future Finance Week.

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

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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