TWG Global takes stake in Mubadala Capital + ADQ, DP World, and Omniyat rush to debt markets

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Fuel prices are up slightly in May + Two new potential IPOs in the cards

Good morning, lovely people, and welcome to the start of a new month. This past April has probably been the most eventful on record for global markets and news, so here’s hoping for a bit more stability and calm in May.

We have a handful of big stories today — including a rush to debt markets from ADQ, DP World, and Omniyat, as market conditions begin to improve, and a landmark transaction which sees PE firm TWG take a 5% stake in Mubadala Capital in return for an anchor investment. Plus: Abu Dhabi asset manager Lunate bought into wealth management firm Azura, which will now move its HQ to the emirate.

WEATHER- Dubai’s midday heat will reach 40°C, with nighttime lows offering modest relief at 28°C. Abu Dhabi will see slightly milder conditions, peaking with afternoon highs at 34°C before settling at 28°C overnight.

WATCH THIS SPACE-

#1- Trump’s son is optimistic about the UAE’s prospects in the wake of US tariffs: The UAE’s “service-oriented, capital-intensive economy” leaves it less exposed to tariff ramifications, the US president's son Eric Trump said in an interview with Reuters on Tuesday. “Dubai, like the entire world, thrives on a healthy, safe world, and that's what President Trump wants," he said, adding that the entire Gulf region is dependent on a “strong America.” Trump is in the UAE for the launch of Trump Tower and to speak at crypto conference Token2049 in Dubai.

REMEMBER- US President Donald Trump is set to visit the UAE, Saudi Arabia, and Qatar this month to discuss further Gulf investment commitments. The UAE has pledged USD 1.4 tn in investments in the US in March to be rolled out over the next decade, in a move to expand the UAE’s investments in key US sectors, including AI infrastructure, semiconductors, energy, and manufacturing.

#2- Israel is looking to deepen trade ties with the UAE, particularly Dubai, as part of a broader strategy to grow exports from USD 150 bn to USD 1 tn over the next 15 years, its Economy and Industry Minister Nir Barkat told Bloomberg during a visit to the emirate. To support the push to revive its economy following its 18-month long war on Gaza, Israel has deployed sector-specific cluster managers across industries such as climate, health, defense, and technology to help companies tap into regional markets.

The rationale: Barkat described Dubai as a key trade and innovation hub central to Israel’s long-term economic plans. He said around 600 Israeli companies have “very successfully” launched in the UAE since the 2020 Abraham Accords, with many now selling goods and services across the Gulf, including in Saudi Arabia, despite the absence of formal ties.

#3- There’s two new potential IPOs in the cards for the UAE: PIF-backed California firm CloudKitchens is reportedly eyeing an IPO in Saudi and/or the UAE for its Middle East unit, while Dubai-based grocery ecommerce platform Kibsons International plans to IPO in the next few years.

Ghost kitchen startup CloudKitchens — cofounded by Uber’s former CEO Travis Kalanick — tapped Goldman Sachs to work on its potential debut, Bloomberg reports, citing people it says are familiar with the matter;
Meanwhile, Kibsons is eyeing an IPO after achieving higher operational stability and growth, CEO Halima Jumani told CNBC (watch, runtime: 8:19), citing a positive outlook thanks to a growing ecommerce industry and its large market share in the fresh produce segment.

#4- ADGM proposes new cyber risk rules: The ADGM’s Financial Services Regulatory Authority (FSRA) has issued a consultation paper (pdf) proposing new cyber risk management rules for regulated firms. The proposed framework would require firms to establish and maintain a cyber risk management framework integrated into their overall risk systems, with mandatory governance controls, incident response plans, and ongoing monitoring. The FSRA is accepting public comments on the proposal until Wednesday 11 June.

The details: The proposed rules introduce a requirement to report cyber incidents within 24 hours — including weekends and public holidays — and would apply to both authorized persons and recognized bodies. Amendments would be made across several rulebooks to standardize cyber risk obligations. Firms would have six months to comply once the rules take effect.

DATA POINT-

Dubai International Airport (DBX) welcomed 23.4 mn passengers in 1Q 2025, up 1.5% y-o-y, according to the Dubai Media Office. January alone set a record with 8.5 mn passengers — DXB’s highest-ever monthly traffic — and the airport recorded 111k flight movements in 1Q, a 1.9% rise from last year. Dubai International Airport is projected to handle 96-97 mn travelers in 2025.

India remained DXB’s top destination market with 3 mn passengers, followed by Saudi Arabia and the UK. More passengers are now staying in the emirate rather than passing through, and the “global centricity of Dubai” is set to keep flows into Dubai steady, even if circulation recalibrates amid global trade disruptions, Dubai Airports CEO Paul Griffiths told CNBC (watch: runtime: 6:14).

Meanwhile, Sharjah airport handled over 4.5 mn travellers in 1Q 2025, an 8% y-o-y increase, Al Etihad reports. The airport also recorded more than 27k aircraft movements, 52k tons of cargo, and 3k tons of combined air-sea freight operations.

US tariffs have added volatility to international tourism, but the Middle East has largely maintained its visitor numbers, Griffiths told Reuters. He attributed the region’s resilience to the steady return of Chinese tourists post-pandemic. While overall passenger volumes remain stable, demand patterns—particularly from the US—are shifting.

PSAs-

#1- Average fuel prices will see a slight uptick this month: The Fuel Price Committee increased May gas prices from April's rates, but diesel prices will see a slight decline, according to an X post.

The new breakdown per liter:

Super 98 is now AED 2.58, up from AED 2.57;
Special 95 is AED 2.47, up from AED 2.46;
E-Plus 91 is AED 2.39, up from AED 2.38;
Diesel is AED 2.52, down from AED 2.63 last month.

#2-ADGM warns of fake Telegram investment scam: ADGM’s Financial Services Regulatory Authority (FSRA) has warned the public about a fraudulent Telegram channel impersonating the ADGM and promoting fake investment schemes, it said in a statement. The channel falsely offers sure returns on investment packages ranging from AED 1k to 15k, with payouts of up to AED 700k.

ADGM clarified it does not operate a Telegram channel and never directly offers such investment packages. Individuals are urged to verify communications and check the FSRA public register before engaging with any firm claiming ADGM affiliation.

HAPPENING TODAY-

#1- It’s the final day of the Arabian Travel Market at the Dubai World Trade Center. The event convenes all travel sectors and verticals, addressing industry challenges for tourism businesses and offering networking sessions. The conference’s program focuses on hospitality, investment, sustainability, marketing, and technology.

#2- It’s the second and final day of crypto conference Token2049 in Dubai. The crypto event, taking place in Madinat Jumeirah, is headlined by industry figures like Binance CEO Richard Teng, OKX’s founder and CEO Star Xu, and Donald Trump’s son, Eric Trump.

#3- The International Federation of Air Traffic Controllers' Associations (IFATCA) conference is happening this week at the Adnec Center in Abu Dhabi. The conference brings together air traffic control professionals to discuss the air traffic management sector, focusing on capacity building, emerging technologies, and solutions to challenges faced by the industry.

#4- The Fujairah International Conference of Adventures Tourism is on until Friday at the Fujairah Adventures Centre. The event will spotlight investment, sustainability, and innovation in adventure tourism. The agenda includes panel discussions, MoU signings, site tours, and the launch of the region’s first standardized framework for adventure tourism.

#5- The Behavioral Exchange 2025 Conference (BX2025) is wrapping up today at New York University Abu Dhabi. The event will gather global experts, policymakers, and researchers to discuss behavioral insights and their application in tackling complex societal challenges.

#6- The Financial Media Forum will take place today in Dubai, Wam reports. Media professionals, financial experts, and government officials will convene to discuss the latest developments in the financial sector, the role of media in public financial awareness, and the future role of financial media and literacy in shaping economic growth.

#7- It’s the final day of the Ajman Real Estate Investment Exhibition, which runs until tomorrow. The exhibition brings together real estate developers, investors, and industry experts to showcase the emirate’s evolving property market.

THE BIG STORY ABROAD-

The US is grabbing most headlines in the global business press. The biggest story of the day: The US’ economy contracted by an annual 0.3% for the first time in three years last quarter, as President Donald Trump’s trade war spurred a rush to imports. (Financial Times | Bloomberg | Reuters | Wall Street Journal | Politico | AP)

Wall Street surprisingly shrugged off the news, with the S&P 500 recovering from earlier losses of 2% as investors bought the dip, anticipating intervention from the US Federal Reserve to bolster the economy. The Nasdaq slid 0.1%. (Bloomberg | FT | CNBC)

Stocks are expected to extend their gains into tomorrow with futures rising on the back of a strong set of earnings from Microsoft — which beat analyst estimates on good Azure cloud performance and gave positive guidance for the rest of the year — and Meta, which also beat estimates as it pledged to double down on capital spending in AI infrastructure, shrugging off the impact of tariffs. (CNBC | Reuters)

PLUS- The US and Ukraine inked an economic partnership that will give the US access to the Eastern European country’s natural resources, following weeks of negotiations that stalled amid tensions over a US-Russia ceasefire agreement the US is trying to broker. (Bloomberg | Reuters | FT | NYT)

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UAE issuers are rushing into debt markets as investors remain bullish on the UAE amid tariff headwinds

UAE issuers — alongside others in the region like Saudi sovereign wealth fund PIF — are taking advantage of positive market conditions following weeks of instability with fresh issuances. Abu Dhabi sovereign wealth fund ADQ is selling a USD 1 bn dual-tranche bond, while DP World has priced a USD 1.5 bn sukuk, and Omniyat Holdings issued its debut USD 500 mn sukuk.

The rationale: “Markets were volatile in the first two weeks of April. Spreads widened as US tariff policy uncertainty weighed on sentiment,” Basel Al-Waqayan, Bloomberg Intelligence’s fixed-income strategist for the Middle East and Africa, told Bloomberg. “Now primary markets are more constructive on the back of US Treasury rates rallying back — so issuers can price competitively.”

#1- ADQ prices dual tranche issuance at USD 1 bn: ADQ has priced its USD 1 bn dual tranche five- and 10-year benchmark senior unsecured notes after they received strong investor interest, with books exceeding USD 7 bn, Zawya reports, citing investor information it has seen.

The details: The five year-tranche has a coupon rate of 4.50%, with a 4.635% yield and a spread of 85 basis points above US Treasuries of similar maturities. The 10-year tranche has a coupon rate of 5%, yield of 5.129%, and a spread of 95 basis points above US Treasuries. The notes’ spreads tightened overnight following strong demand from investors on Tuesday, narrowing from initial price thoughts of 115 basis points above US Treasuries for the five-year notes and 125 for the 10-year notes.

A vote of confidence: The order book interest for the issuance “signals robust investor confidence in Abu Dhabi’s economic fundamentals and sovereign-linked credit quality,” National Bank of Kuwait’s Issa Hijazeen told EnterpriseAM. “This issuance comes only a few days after Adnoc’’s first ever issuance of Islamic sukuk of USD 1.5 bn, pointing to the confidence in the UAE economy despite mounting headwinds,”

Refresher: The 144A and Reg S notes will be listed on the London Stock Exchange, with settlement scheduled for 6 May. Proceeds from the latest issuance will be used for general corporate purposes, ADQ said previously.

The participants: Active joint lead managers and active bookrunners include Abu Dhabi Commercial Bank (ADCB), Barclays, Citibank, Emirates NBD Capital, HSBC, Industrial and Commercial Bank of China (ICBC), and IMI Intesa Sanpaolo. First Abu Dhabi Bank acted as passive bookrunner.

IN CONTEXT- This is the third dual-tranche issuance under ADQ’s Global Medium Term Note Program, which was launched in 2024 as the sovereign fund sought to diversify its funding sources for future acquisitions. The program debuted with a USD 2.5 bn dual-tranche issuance last May, which was 4.4x oversubscribed with over USD 11 bn in orders, followed by a USD 2 bn two-part offering in September that attracted USD 8 bn in bids.

#2- DP World also priced a USD 1.5 bn sukuk, drawing some USD 3.6 bn in orders, Bloomberg reported, citing sources in the know. The sukuk will be issued on 8 May, Zawya reports. The 144A Reg S sukuk attracted orders exceeding USD 3 bn, including a joint lead manager interest of USD 151. The initial price guidance was set at 175 basis points above US Treasuries. DP World’s special purpose entity, DP World Crescent, held investor calls for this issuance earlier this week, Zawya reported earlier.

The debt instrument will be under DP World’s USD 7.5 mn trust certificate issuance program and will be a manafae structure. The proceeds of this issuance will go towards general corporate purposes. The sukuk are set to be listed on the London Stock Exchange and Nasdaq Dubai.

ADVISORS- Our friends at Mashreq, along with ADCB, Citi, Deutsche Bank, DIB, Emirates NBD, FAB, HSBC, JP Morgan, Société Generale, and Standard Chartered Bank will act as joint bookrunners.

REMEMBER- DP World issued the Mena region’s first blue bond worth USD 100 mn back in December 2024. It was also looking to raise at least USD 1 bn from a 10-year USD-denominated green sukuk issuance in 2023.

#3- Dubai-based developer Omniyat Holdings maiden USD 500 mn green sukuk issuance was 3.6x oversubscribed, according to a press release. The issuance was upsized from USD 400 mn initially and priced at a yield of 8.375%, slightly tightened from early guidance in the 8% range.

Why it matters: The issuance marks Omniyat’s shift from private loan markets to public debt, and signals rising demand for green-labelled instruments from UAE real estate players. It also adds to the momentum in regional ESG debt issuance.

ADVISORS- Our friends at Mashreq, along with Citi, ADCB, DIB, ENBD Capital, JP Morgan, and Standard Chartered Bank are the joint global coordinators. Mashreq, Citi, ADCB, Ajman Bank, Bank of Sharjah, CBD, DIB, ENBD Capital, FAB, JP Morgan, Kamco Invest, RAKBANK, Sharjah Islamic Bank, Standard Chartered and Warba Bank are joint lead managers and joint book runners.

B’naire-led PE firm TWG Global takes stake in Mubadala Capital in return for multi-bn USD investment

TWG, Mubadala Capital tie up in multi-bn USD investment pact: US-based investment firm TWG Global, which is led by Guggenheim Partners Founder Mark Walter and financier Thomas Tull, acquired a 5% stake in Mubadala Capital for USD 2.5 bn, according to a statement. TWG also has an option to increase its stake as the partnership evolves, a Mubadala spokesperson told Bloomberg. In return, Mubadala Capital will anchor a USD 10 bn syndicated investment in TWG—part of the latter’s larger USD 15 bn equity raise.

REMEMBER- This marks only the second time ever that Mubadala Capital has taken on outside equity investors. The first was during its 42% stake in Silver Rock Financial, which brought in three new equity owners: Silver Rock CEO Carl Meyer, Co-founder Michael Haberkorn, and M-Cor Capital, the investment arm of the Milken Family Office. Sovereign wealth funds—especially those based in the UAE—rarely give up equity, making this transaction with TWG a rare move in an otherwise tightly held space.

Where’s the money going? TWG plans to deploy the fresh capital into proprietary investment opportunities, TWG’s Mark Walter said. “We are strengthening our joint abilities to access and scale high-quality investment opportunities globally,” said Mubadala Capital CEO Hani Barhoush.

What’s next? TWG and its partners are eyeing an additional USD 20 bn in long-term capital commitments to deepen the partnership.

SOUND SMART- The landmark transaction is also an indicator of a change in dynamics between sovereign wealth funds and private equity firms — which were historically straightforward: Private equity firms would raise funds from SWFs, who acted as limited partners. The reversal is a sign that SWFs are shedding their roles as passive investors chasing returns, and turning into “dynamic builders of asset management empires,” Global SWF said in a note commenting on the transaction.

The acquisition also gives Mubadala exposure to a host of assets in the sports and leisure sector: TWG Global’s portfolio includes the LA Dodgers, Lakers, and Chelsea FC, as well as stakes in Guggenheim Investments and Palantir-related AI ventures. Mubadala itself has been investing in sports assets for a while, including in US-based sports broadcaster YES Network, through its MIC Capital Partners Fund III. It was also in talks to buy a stake in Brazilian soccer league Libra a few years back.

Asset manager Lunate buys into Azura Partners

Lunate buys into Azura Partners: Abu Dhabi alternative asset manager Lunate nabbed an undisclosed stake in wealth management firm Azura Partners, marking its entry into the wealth management space, according to a joint statement. While the financial terms of the transaction were not disclosed, the acquisition will help Azura scale its assets under management, broaden its product suite, hire top talent, and roll out advanced tech.

Abu Dhabi — the new Monaco? The agreement will see Azura relocate its headquarters from Monaco to Abu Dhabi. Post-acquisition, the firm’s founder and team will retain control of the company, and its operations will remain independent from Lunate’s.

IN CONTEXT- Abu Dhabi is pitching itself as a magnet for global wealth offering a low-tax environment and an increasingly sophisticated regulatory setup. “[The emirate] has become a home for ultra-high net worth individuals and a hub for family offices,” Azura Founder, Chairman and CEO, Ali Jamal said. “Its emergence as a leading financial center presents immense opportunities,” he added.

Lunate’s play: The investment gives Lunate exposure to the fast-growing wealth management space and a way to deepen its presence across the private capital stack. Azura offers direct access to high-net-worth individual clients and a platform to distribute alternative investment products.

About Azura: Founded in 2019, the wealth management firm has USD 5 bn in AUM with a global footprint spanning seven offices, namely Monaco, London, New York, Geneva, Miami, Singapore and Dubai. The firm offers investment management, advisory, and private wealth solutions to ultra-high-net-worth individuals, entrepreneurs, and single-family offices.

The story was also picked up by Bloomberg.

Africa-focused trading house Atmin to be set up in Dubai

Afreximbank backs new Dubai-based trade house: Top traders from oil giant Shell group are set to to launch a Dubai-based Africa-focused trading house — dubbed Africa Trading Minerals (Atmin) — in a move backed by African Export–Import Bank (Afreximbank), two trading sources familiar with the transaction told Reuters.

What we know: Dubai-based Atmin — set to hire 15 employees to run its operations — will begin by focusing on crude and then expand into other oil products and minerals. Afreximbank will operate as Atmin’s controlling shareholder, sources said, while employees will retain around 15% of the company. The exact investment figure Afreximbank is plugging into the venture was not disclosed by the bank.

What they said: “Afreximbank-affiliated trading entity Atmin will… participate actively in the trading and financing activities of the leading African oil trading companies with long-term relationships with Afreximbank who are also expected to support this effort,” the bank noted.

Who’s behind the venture? The trade house will be headed by Shell’s 17-year veteran Ajay Oommen (LinkedIn), who headed the firm’s low sulphur crude desk, a department which oversaw the trade of some 1.5 mn barrels per day of oil, the sources said. It will also include Vikram Thakur (LinkedIn), who headed business development at Shell and spent 18 years at the firm. It will also tap Joseph Kanaan (LinkedIn) — who brings his 11 years of experience as a trader at Shell.

The bank’s push into African oil trade: Afreximbank just launched a USD 3 bn revolving intra-African oil trade financing program to support the purchase of refined petroleum products by African and Caribbean oil buyers, the bank noted in a statement. The figure is earmarked to provide trade finance to oil traders, banks, and governments. Africa spends some USD 30 bn annually on fuel imports — and Afreximbank’s revolving facility is forecasted to fund some USD 10 bn to USD 14 bn in Intra-African petroleum imports.

In context: The continent is witnessing a drop in oil and gas production due to under-investment, as Western banks and major oil players shy away from Africa. That said, the continent’s bns of oil and gas barrels are at risk of sitting idle, as global producers sprint to extract as many resources as possible in the wake of the energy transition capping demand for fossil fuels.

Khazna to build 100 MW data center in Türkiye as part of regional expansion drive

Dubai-based Khazna Data Centers is entering the Turkish market with plans to build a 100 MW AI-ready data center in the Başkent Organized Industrial Zone in Ankara, according to a company statement. The facility will support AI, cloud, and other high-density computing workloads, and more Khazna investments in Turkey will follow.

We saw this coming: CEO Hassan Al Naqbi said last October that Khazna was pursuing regional expansion, with ongoing projects in Egypt and Saudi Arabia, and potential entries into Turkey and Southeast Asia.

The timeline: The Ankara facility will be built in phases, beginning with a cloud-focused design to be scaled up. Khazna plans to appoint a general contractor in 2Q 2025. The project will include solar panels, low-GWP refrigerants, wastewater reuse systems, and generators compatible with HVO fuel.

Why Turkey… and why now? Turkey has seen a 198% increase in AI talent concentration since 2016, according to Stanford’s 2025 AI Index. The project also follows more than USD 50 bn in UAE-Turkey strategic agreements signed in 2023 covering energy and technology cooperation.

Khazna’s not alone: UAE-based Damac’s data center arm Edgnex and Vodafone Turkey are jointly developing a USD 100 mn, 6 MW facility in Izmir which is due online this year.

Meanwhile, back home: Khazna is expanding its UAE footprint with two new 30 MW data centers — AUH4 in Mafraq and AUH8 in Masdar City — set to come online by 2H 2026. Its 100 MW QAJ1 Ajman facility is also expected to be completed in December 2026. All three are designed for AI workloads and will include liquid cooling and automated energy systems.

What’s next: The company is advancing construction in Saudi Arabia, where it aims to capture 25% of the local market, and is finalizing a location for a USD 250 mn data center in Egypt, due by 2026. Development is also underway in Kenya. Khazna is backed by a USD 5.5 bn valuation following a shareholder reshuffle involving MGX and Silver Lake.

Enterprise Explains: Open finance in the UAE

Last year, the Central Bank of the UAE (CBUAE) issued open finance regulations for the country, with the rules setting up a framework to license and supervise Open Finance operations in the UAE’s financial sector. Last week saw the first fintech — Pay10 — go live under the framework, allowing it to launch payment initiation services.

Enterprise had a chat with Executive Vice President and Head of Digital for Mashreq’s Retail Banking Group Corey Thompson to explain what open finance is, what the regulations mean, and how ready major institutions in the UAE are for the framework rollout.

Open finance is essentially the sharing of financial data and services by financial institutions with third-party providers (also known as TPPs). These third parties can be other banks, fintech companies, or even non-financial entities.

While the concept of open finance is broad, in the UAE, it’s being implemented through a specific regulatory framework. This framework enables financial institutions to share data and services with other financial or non-financial institutions that have been licensed under the new Open Finance regulations.

Many people are familiar with “open banking,” which has been present in Europe for some time. Open finance is an extension of this concept. Open banking was limited to the sharing of ‘banking’ data and services, while open finance encompasses a wider range of financial institutions, including insurers, wealth managers, and exchange houses.

In practice, what does that mean? Open finance involves two main activities — data sharing and service initiation. Data sharing includes sharing transaction histories, which can be used for various purposes like aggregating accounts across banking relationships, generating insights on spending patterns to help customers save, supporting credit decisions, or identifying financial needs for customers. On the service initiation side, this is primarily focused on payments and allows third-party providers to initiate payments on behalf of a customer, either as a one-off transaction or on a recurring basis.

What are the benefits of open finance? The Central Bank is introducing open finance to drive innovation. By enabling the sharing of financial data and services, it aims to facilitate the creation of new financial products and services by banks, non-banks, fintech companies, and other institutions.

Customers can benefit through greater financial transparency, simplicity and reduced friction. Customers can view their accounts across multiple banks in a single app, eliminating the need to log in to each bank separately. Businesses can also use open finance to receive payments from customers without requiring them to use a credit card. For example, a subscription service could directly debit a customer’s account. This could also be used to streamline payments to merchants.

Open finance is expected to foster a broader range of innovative financial services and products, and increase competition in the market, as money becomes more mobile.

While data privacy is often a concern when the question of data sharing comes into play, open finance is tightly regulated to address data privacy risks. A common misconception is that open finance allows fintech companies or aggregators to freely access customer data, which is not the case, Thompson says. “A fundamental principle of open finance is customer consent. Customers must explicitly authorize a third-party provider (TPP) to access their data or initiate services on their behalf.” This consent is provided to the customers’ bank and must be specific, time-bound, and scenario-specific. “For instance, a customer would need to grant specific permission for a TPP to access their data from a particular bank for a defined purpose

and duration,” he explains.

In the UAE, TPPs must be licensed under the Central Bank’s open finance regulations. This is a key difference from open banking in Europe, where such licensing is not always required. This licensing regime ensures that TPPs adhere to strict data privacy and security standards. They must demonstrate this adherence to obtain a license and will be supervised by the Central Bank, to ensure ongoing compliance.

Some players in the ecosystem are better-positioned than others to adapt to the new regulations. “In the case of Mashreq, we’re already well progressed with the modernization of our tech stack and some aspects of open finance converge well with our existing digital roadmap. There is extra work for us to do — it’s not trivial. But we’re also looking at this as an opportunity to improve the overall customer experience, and performance for the bank holistically,” Thompson says.

“As a bank, Mashreq is regulated to be a ‘supplier’ to open finance — making data sharing and payment services available for Open Finance — but we also could participate as a TPP, on the other side of open finance,” he said. “So, a question that we’re looking at is: If we were a TPP, how can we leverage open finance to complement Mashreq’s existing digital capabilities, like advanced analytics and AI, to deliver a superior experience for our customers.”

More 1Q earnings: Mashreq | Borouge | Americana | DAE | Alef Education

MASHREQ-

Our friends at Mashreq reported a net income after tax of AED 1.8 bn in 1Q 2025, marking a 12.2% y-o-y decline, while net income before tax came in at AED 2.1 bn, according to its financial statements (pdf). Revenues came in at AED 3.1 bn for the quarter, down 0.7% y-o-y. The bank’s “client asset growth and healthy client margins helped cushion the impact of the 100 bps reduction in the UAE Central Bank’s interest rate,” according to its earnings release (pdf).

Driving the performance: The lender saw a 14% y-o-y jump in loans and advances, a 10% rise in customer deposits, and double-digit growth in non-interest income. Total assets reached AED 273 bn, up 9% y-o-y.

What they said: “These results reflect the continued strength of our diversified business model and our disciplined execution, even amid a more measured interest rate environment,” CEO Ahmed Abdelaal said.

Looking ahead: “We remain focused on scaling our Banking-as-a-Service model, deepening embedded finance capabilities, and accelerating the deployment of AI-driven solutions to deliver seamless, hyperpersonalized client experiences,” Abdelaal said.

BOROUGE-

Adnoc petrochemicals JV Borouge reported a 2.9% y-o-y rise in net income to USD 281 mn in 1Q 2025, driven by increased production and a 10.3% y-o-y uptick in total sales volume to 1.3 mn tonnes, according to its earnings release (pdf). Revenues came in at USD 1.4 bn, up 9.1% y-o-y, supported by a 13.2% volume growth in polypropylene and gains of 7.6% in polyethylene, according to figures in a separate management report (pdf).

Borouge continued to outperform its pricing benchmarks, with average premiums of USD 224 per tonne for polyethylene and USD 154 for polypropylene, and an asset utilization rate of 98% helped production reach an all-time high in March.

Looking ahead:A planned turnaround at Borouge 3 is expected to cut 2Q 2025 output by 320k tonnes, but the company reaffirmed its pricing outlook and focus on high-margin products and regional allocation. Two newly signed contracts aim to boost capacity beyond 6.6 mn tpa by 2028, with expected annual EBITDA of AED 600-730 mn once operational. Borouge is also executing a 2.5% share buyback, having repurchased 64 mn shares to date.

Dividends: The company plans on an annual dividend distribution equal to 16.2 fils per share between 2025 and 2030. Following the expected completion of the USD 60 bn merger with Borealis and Nova Chemicals in 1Q 2026, Borouge is targeting an annual dividend of USD 2.2 bn — implying a 6.3% yield at current share prices.

AMERICANA RESTAURANTS INTERNATIONAL-

UAE-headquartered restaurant giant Americana Restaurants International saw its bottom line grow 19.8% y-o-y in 1Q 2025, reaching USD 31.9 mn, according to its financials (pdf). The company’s revenues also surged by 16.2% y-o-y to USD 573.4 mn in 1Q.

Americana’s growth was mainly fueled by higher sales and the company’s expansion of its store footprint, which now totals 2.6k outlets across 12 countries, according to a separate earnings release (pdf). The company’s growth in net income attributable to the parent company shareholders, up 16.5% y-o-y to USD 32.6 mn, was supported by its strong topline and improved gross margins through cost-cutting measures.

DUBAI AEROSPACE ENTERPRISE-

Dubai Aerospace Enterprise (DAE) recorded a 26.5% y-o-y growth in its bottom line to USD 85.8 mn in 1Q 2025, which the firm attributed to increased operating net income largely counterbalanced by high net finance costs and income tax expenses during the quarter, according to an earnings release (pdf). The firm’s topline increased by 15.2% y-o-y to USD 395.9 mn during the same period. The company onboarded 13 owned and six managed aircraft in 1Q as well as sold 11 owned and four managed aircraft.

ALEF EDUCATION-

Alef Education reported a 2% y-o-y increase in net income to AED 115.3 mn in 1Q 2025, according to its financial statements (pdf). The bottom-line performance was supported by effective cost management and scalable growth, according to its earnings release (pdf). Revenues rose 1.7% y-o-y to AED 179.7 mn, driven by strong performance in its education solutions segments, while the support and services segment delivered stable revenue.

Dividends: Alef Education reiterated its plan to distribute AED 135 mn in dividends for FY 2025, equivalent to around 10 fils per share for free float shareholders.

UAE, Egypt to cooperate on space projects

SPACE-

The UAE Space Agency and the Egyptian Space Agency have signed an MoU to boost cooperation in space activities for peaceful purposes, state news agency Wam reports. The agreement, signed on the sidelines of NewSpace Africa and the Arab Space Cooperation Group meeting, sets a long-term framework for collaboration on scientific research and development, technology exchange, and joint space projects in areas such as Earth observation, navigation, and space situational awareness.

PORTS-

#1- Hutchinson offers container services at Saqr Port: Saqr Port Authority-managed Ras Al Khaimah Ports (RAK Ports) has inked an extension agreement with Hong Kong-based Hutchison Port Holdings to continue to offer its container terminal services at Saqr Port until 2037, according to a statement. The agreement should help further boost links between Saqr Port — the region’s biggest bulk-handling port — and Asian markets.

#2- Dubai’s Ports, Customs, and Free Zone Corporation launched its new arm Digital Zero 4, a digital window specializing in smart transformation in business operations, according to a statement. The platform will serve as a commercial front for integrating technological and AI supported solutions in the logistics sector, including commercial licensing, civil engineering, port security, maritime operations, and advanced customs processing.

CRYPTO-

Gate Group secures full crypto license in Dubai: Gate Dubai, part of global crypto player Gate Group, has obtained a virtual asset service provider (VASP) license from Dubai’s Virtual Assets Regulatory Authority to provide crypto exchange services to institutional, qualified, and retail investors, the company said in an announcement. The firm is now ramping up local hiring and preparing to launch its platform offering crypto-to-crypto and fiat-to-crypto trades.

CONSTRUCTION-

JA Sports & Shooting Club launches AED 300 mn Dubai complex: Construction is underway on Dubai’s JA Sports & Shooting Club, a multi-sport complex with an investment ticket of over AED 300 mn, according to a press release. The complex will open over several phases starting from the end of this summer. The facility includes six international-standard football pitches, a cricket oval, a 15k sqm indoor shooting range, and integrated cycling and jogging tracks linked to the group’s hotels.

M&A-

#1- Dubai-based real estate and private equity firm Sweid & Sweid acquired Aurora Tower, a 27-story office building in Dubai Media City, for an undisclosed sum, according to a press release. The 223k sq ft Grade-A asset — home to tenants including Spotify, Universal Music Group, Nielsen, and The Economist Group — marks the firm’s fourth project in the district.

ICYMI- The firm recently secured an AED 460 mn amortizing term loan from Arab Bank to finance Sweid One, its 500k sq ft Grade-A office tower in Jumeirah Lakes Towers. The project, which the developer unveiled in 2023 in partnership with Dubai Multi Commodities Center, is scheduled for completion in 2026.

#2- Tadawul-listed Walaa ins. inches closer to acquiring 88% of Dubai-based AspireUnderwriting Agency for SAR 68 mn after it had lined up approval from the Ins. Authority, it said in a filing to Tadawul. The transaction, which is still pending approval from the Dubai Financial Services Authority, is part of Walaa’s strategy to expand its inbound reins. footprint.

#3- Janikin Energy, a global engineering staffing firm, acquired a stake in Dubai-based Diverse Resourcing, aiming to enhance its recruitment capabilities in the UAE, Khaleej Times reports. The partnership will focus on job placement, workforce mobility, and regulatory support in technical fields. Janikin is also in talks with local institutions to explore workforce development collaborations.

REAL ESTATE-

Damac Properties partnered with Chelsea FC to launch Chelsea Residences, a football-themed real estate development in Dubai Maritime City, Gulf Business reports. The project will feature over 1.4k residential units with seafront views and Chelsea-branded amenities focused on health, fitness, and wellbeing. The full development timeline and specifications are expected to be announced later this year.

Investors flee Wall Street turmoil for gold, EMs, and niche markets

Investor exodus from Wall Street spurs search for alternative safe havens: US policy shocks are driving investors out of Wall Street to niche and previously riskier assets, including emerging markets, Latin American currencies, and gold.

Where is the money going? Banknotes and emerging markets are the top choices for investors looking for a refuge from Wall Street’s volatility, according to a JP Morgan survey of the IMF and World Bank’s spring meetup attendees, cited by Reuters. Some investors are also turning to regions with stronger outlooks, including Saudi Arabia, after strong gains for stocks in the past three weeks, and India, which enjoys good trade ties with the US.

Emerging markets are also gaining favor: Investors with large portfolios are turning to volatile emerging markets and esoteric credit, considering them relatively safe for the time being. Emerging market bonds are among assets that can now be considered “attractive risk-adjusted opportunities,” Principal’s Mike Goosay told the newswire.

Many smaller, higher-risk markets outperformed in April, with Mexican equities up 14% and Latin American currencies gaining 3%. This comes at a time when US stocks posted a third monthly loss, and the greenback hit a three-year low over the same period.

BUT- The sheer volume of capital exiting the US seems to be overwhelming safe havens, Goshawk Asset Management’s Simon Edelsten told Reuters. The JPY was pushed up over 4% this month, while Germany’s 10-year bond yield slumped to nearly 200 basis points below US treasuries. Gold — the traditional safe haven — also bounced to a record USD 3.5k per ounce on April 22.

Europe has also been hit hard: After briefly benefiting from US outflows, European markets are now under pressure as the EUR’s sharp rise threatens export competitiveness. The currency has climbed 10% in two months, stalling equity gains and prompting Bank of America to warn of a possible 10% further decline in European stocks.

MARKETS THIS MORNING-

Asian markets are mostly on the rise this morning, with Hong Kong’s Hang Send up 0.5%, and Japan’s Nikkei up 0.4%, while Shanghai Composite is slightly inching down 0.2%. Meanwhile, Wall Street futures are signalling a higher open for US markets, after Microsoft and Meta earnings beat analyst expectations.

ADX	9,534	+0.1% (YTD: +1.2%)
DFM	5,307	+1.3% (YTD: +2.9%)
Nasdaq Dubai UAE20	4,344	+0.2% (YTD: +4.3%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4% o/n	4.2% 1 yr
TASI	11,672	-0.6% (YTD: -3.0%)
EGX30	32,126	+0.3% (YTD: +8.0%)
S&P 500	5,569.06	+0.2% (YTD: -5.3%)
FTSE 100	8,494.85	+0.4% (YTD: +3.9%)
Euro Stoxx 50	5,160.22	-1.7% (YTD: +5.4%)
Brent crude	USD 63.12	-1.8%
Natural gas (Nymex)	USD 3.5	+0.8%
Gold	USD 3,275.36	-0.4%
BTC	USD 94,210.36	-0.1% (YTD: -0.3%)

THE CLOSING BELL-

The ADX rose 0.1% yesterday on turnover of AED 1.7 bn. The index is up 1.2% YTD.

In the green: Aram Group (+6.6%), Al Khaleej Investment (+5.3%), and Adnoc Logistics and Services (+4.8%)..

In the red: Rapco Investment (-6.1%), National Bank of Umm Al Qaiwain

(-3.1%) and Gulf Medical Projects (-3.0%).

Over on the DFM, the index rose 1.3% on turnover of AED 2.3 bn. Meanwhile, Nasdaq Dubai was up 0.2%.

CORPORATE ACTIONS-

Al Ain Ahlia Ins. approved the distribution of AED 30 mn in dividends for 2024, equivalent to 20% of the company’s retained earnings, according to an ADX disclosure (pdf).

Nn

Talabat approved the distribution of AED 404 mn in dividends for 4Q 2024, equivalent to 1.7 fils per share, according to a DFM disclosure (pdf).

Americana Restaurants International’s general assembly approved distributing AED 466 mn in dividends for 2024, equivalent to 75.4% of the share capital, according to an ADX disclosure (pdf).

e7 Group’s shareholders approved a dividend payout of AED 147.1 mn for 2024, or 7.36 fils per share, according to a press release (pdf). This represents 70% of its annual distributable net income, exceeding the group’s minimum payout threshold of 50%.

Cooperation on renewables with Ecuador and Austria? + UAE president meets Lebanese counterpart in Abu Dhabi for the first time

President Mohamed bin Zayed Al Nahyan met with Ecuadorian President Daniel Noboa to discuss boosting cooperation in economy, trade, renewable energy, sustainability, investment, tourism, and agriculture, state news agency Wam reports.

The president also met with Lebanese President Joseph Aoun in Abu Dhabi in his first visit since his inauguration, to enhance bilateral cooperation and address regional and international issues, Wam reports.

Meanwhile, Industry Minister Sultan Ahmed Al Jaber met with several Austrian officials in Vienna to discuss boosting bilateral economic and technological collaboration, Wam reports. Talks focused on investments in industry, technology, energy, and collaboration in renewables, petrochemicals, digital transformation, and infrastructure.

During his visit, Masdar and OMV inked a letter of intent to partner in producing green hydrogen, sustainable synthetic fuels, and chemicals in the UAE, Austria, and Central and Northern Europe. Both companies previously signed a Heads of Terms agreement to develop a large-scale green hydrogen plant back in 2023.

CALENDAR

APRIL

25 April-11 May (Friday-Sunday): Dubai Esports and Games Festival, Dubai World Trade Center.

26 April-5 May (Saturday-Monday): Abu Dhabi International Book Fair (ADIBF), Adnec Center, Abu Dhabi.

28 April-1 May (Monday-Thursday): The Arabian Travel Market, Dubai World Trade Center

28 April-2 May (Monday-Friday): The International Federation of Air Traffic Controllers' Associations (IFATCA) conference, Adnec Center Abu Dhabi.

29-30 April (Tuesday-Wednesday): Ajman Real Estate Investment Exhibition, Emirates Hospitality Center, Ajman.

30 April-2 May (Wednesday -Friday): Fujairah International Conference of Adventures Tourism, Fujairah Adventures Centre

Signposted to happen sometime in April:

Abu Dhabi Autonomous Racing League, Yas Marina Circuit in Abu Dhabi

MAY

30 April - 1 May (Wednesday-Thursday): The Behavioral Exchange 2025 Conference (BX2025), the New York University Abu Dhabi.

1 May (Thursday): The UAE-Iraq Business Forum, Dubai.

1 May (Thursday): ) The Financial Media Forum, Dubai.

5-6 May (Monday-Tuesday): The Governance of Emerging Technologies Summit (GETS 2025), St. Regis Saadiyat Island Resort, Abu Dhabi.

6-7 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

6-7 May (Tuesday-Wednesday): The Capital Market Summit, Madinat Jumeirah, Dubai.

6-7 May (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

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

6-8 May (Tuesday-Thursday): GISEC, Dubai World Trade Center.

9-10 May (Friday-Saturday): BNI UAE EXPO 2025, at the JAFZA One Convention Centre, Dubai.

12 May (Monday): EU regulators to make a decision on Adnoc’s Covestro takeover.

12-13 May (Monday-Tuesday): Dubai FinTech Summit, Madinat Jumeirah, Dubai.

13-16 May (Tuesday-Friday): International Union for Health Promotion and Education Conference, Abu Dhabi.

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

13–14 May (Tuesday-Wednesday): Low Carbon Fuels MENA Summit, Sheraton Dubai Creek Hotel & Towers, Dubai.

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 May (Thursday): Dewa tender for pumping stations bids deadline.

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

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.

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.

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.

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:

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
9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE

Signposted to happen sometime in 2027:

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

Signposted to happen sometime between 2027 and 2029:

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

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