UAE GDP projected to grow 5% in 2025

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WHAT WE’RE TRACKING TODAY

THIS MORNING: UAE economy minister denies plans for income tax + Dubai retailer BFL considers IPO to fund growth

Good morning, lovely people, and happy hump day. We’ve got a packed issue this morning with some key updates. The UAE's GDP is projected to grow 5% in 2025, with insights from Emirates NBD. Abu Dhabi has also unveiled a AED 13 bn AI-driven government strategy. On the energy front, Adnoc Gas has secured a USD 10 bn agreement to supply natgas to Ewec. Plus: Adnoc, e&, and Emirates were ranked among the world’s 500 most valuable brands.

WEATHER- Expect partly cloudy and dusty conditions across the country, along with a slight and gradual drop in temperatures, according to the National Center of Meteorology (pdf). Gusts of wind could also potentially cause dust that could affect visibility over some eastern and internal areas. The mercury in Dubai will hit 25°C, with an overnight low of 17°C, while temperatures will hit 23°C in Abu Dhabi, with an overnight low of 17°C.

DISPATCH FROM DAVOS-

Economy Minister Abdulla Bin Touq Al Marri quashed rumors about the UAE introducing income taxes, saying at the World Economic Forum in Davos, “It’s not on the table. It’s not in the rooms of discussions. It’s not coming anytime soon,” Trade Arabia reports.

The minister had plenty to say on the EU: Al Marri criticized the bloc for maintaining the UAE on its blacklist for combating illicit money flows, even after the country was removed from the Financial Action Task Force’s gray list “in record time” last year. He states that the UAE is making ongoing diplomatic efforts to address the matter.

Al Marri also expressed concerns over an EU directive that penalizes imports from countries without trade unions. “You can’t dictate what other countries do with their labor systems. What works in the UAE works,” he stated. The directive could create challenges for oil and natural gas industries, as the UAE looks to expand its liquefied natural gas exports to Europe, he added. The story also got ink in Bloomberg.

WATCH THIS SPACE-

#1- Adnoc subsidiary Fertiglobe is exploring a more than USD 1 bn investment in blue ammonia, contingent on commitments from Asian buyers, CEO Ahmed El Hoshy tells Bloomberg. The company developed a proposal to upgrade the Ta’ziz low carbon ammonia project expected to kick off in 2027. Before work begins, the company plans to secure Asian buyers with a tag price of EUR 1k per tonne, with El Hoshy saying that Fertiglobe could pull the trigger on its investment plans if it’s able to lock in supply contracts with Japan and South Korea under a subsidized import scheme for climate-friendly fuels.

On a global low-carbon roll: Fertiglobe inked a EUR 397 mn contract with Hintco last August to supply Europe with green ammonia. Fertiglobe participated in the development of Egypt’s Ain Sokhna 100 MW green hydrogen and 1 mn tons/year green ammonia plants. The company also partnered with Engie to look into a “globally cost-competitive” 200 MW green hydrogen facility in the UAE to back the production of green ammonia.

#2- Adnoc L&S has transferred its tankers to Navig8 after acquiring 80% of the firm for USD 1.04 bn, and has notified its customers that Navig8 will handle its chartering operations, Reuters reports, citing a state by the company. “We are committed to minimising impact on people, however as we streamline operations there will be a small reduction in our workforce,” the firm said.

ICYMI: Adnoc L&S finalized the acquisition earlier this month, with a contractual agreement to acquire the remaining 20% in mid-2027 for between USD 335 mn and USD 450 mn. The first full financial year following the acquisition is expected to see a minimum 20% boost to Adnoc L&S’ earnings per share in 2025.

#3- Dubai-born fashion retailer Brands For Less (BFL) is mulling an IPO as part of its broader expansion strategy, CEO Toufic Kreidieh (LinkedIn) told CNBC Arabia (watch, runtime: 1:01). Kreidieh did not disclose the potential size, value, or timeline of listing, nor did he clarify which market the company could debut on. BFL operates over 100 stores, primarily in the UAE and Saudi Arabia, as well as an e-commerce business, as of November 2024.

Stores in Singapore + Malaysia: The company has recently expanded into Southeast Asia, opening its first store in Singapore, with three additional branches in Malaysia set to launch early next month, Kreidieh said.

REMEMBER- BFL is partially owned by US budget retailer TJX, which operates TJ Maxx and Marshalls. The group acquired a non-controlling, minority 35% stake in BFL for USD 344 mn back in November 2024.

#4- Budapest to block Eagle Hills’ “mini-Dubai” project? Budapest plans to use its preemptive right to purchase a prime land plot sold earlier this week to Abu Dhabi-based developer Eagle Hills, the city’s Mayor Gergely Karacsony told Bloomberg. Karacsony argues the land is worth much more than the HUF 51 bn (USD 128 mn) sale price and is urging the government to prioritize affordable housing instead of luxury real estate projects.

REFRESHER- Eagle Hills signed an agreement earlier this week with the UAE and Hungary to develop Grand Budapest, a EUR 12 bn sustainable, smart district in Budapest, dubbed mini-Dubai for its resemblance to Dubai's flashy neighborhoods. The mixed-use project, which aims to boost Hungary's GDP by 2%, will feature green buildings, renewable energy, and smart waste solutions. Eagle Hills secured the 85-hectare plot for HUF 51 bn (USD 128 mn), with the first installment due by the end of January.

#5- Dubai’s Road and Transport Authority (RTA) is committing to improving the social, environmental, and economic sustainability of Dubai’s public transport under a five-year sustainability framework, it said in a press release.

The details: The targets of this initiative include reaching zero workplace injuries by 2028, reducing road fatalities, and becoming a global leader in customer experience by 2028. The initiative will also support RTA’s goal of reaching net-zero emission public transportation in Dubai by 2050.

DATA POINTS-

#1- The UAE scored 72% on the Edelman Trust Barometer’s Trust Index, which measures the average percentage of trust in government, business, media, and NGOs, according to the US-based communications firm’s annual report (pdf). While the 2025 score puts the country two percentage points below the 2024 index, it remains within the 60-100% ballpark indicating trust, as opposed to neutrality (50-59%) and distrust (1-49%). The UAE surpassed nations like Canada, the Netherlands, Sweden, and Italy, all of which landed in the neutral category.

#2- UAE-based issuers’ total sukuk issuance volume hit USD 14.4 bn in 2024, S&P Global Ratings Managing Director and Global Head of Islamic Finance Mohamed Damak told Wam. The rating agency projects that the volume sukuk issuance in the UAE will remain steady at USD 14-15 bn in 2025, “underpinned by banks and corporate issuances.”

#3- Dubai’s taxi sector recorded 16% y-o-y growth in e-hail trips in 2024, with Hala ’s market share during peak hours increasing eight percentage points to 50% in 2024, reflecting a growing preference for e-hail services over street-hailing, according to a Dubai Media Office statement. The switch to e-hail has taken 7,600 regular vehicles off the roads daily, slashed average wasted driving by 3 km per trip, and saved 5 minutes per ride. It also cut 20k tonnes of CO2 emissions in 2024.

HAPPENING TODAY-

#1- World Economic Forum 2025 is on its third day and will wrap up on Friday in Davos, Switzerland, under the theme “Collaboration for the Intelligent Age.” The forum will gather 3k high-profile figures from over 130 countries, with 350 government leaders, including US President Donald Trump — joining via video — European Commission President Ursula von der Leyen, and Chinese Vice Premier Ding Xuexiang. The participants will discuss global challenges, including geopolitical shocks, economic growth, and advancing an inclusive energy transition.

#2- The International Conference on Pharma and Medicine runs through tomorrow at the Sharjah Research, Technology, and Innovation Park. The event offers a platform for potential collaboration in the pharma manufacturing and healthcare sectors.

#3- The Paper & Tissue Exhibition is wrapping up its final day at Adnec Abu Dhabi, following its kickoff yesterday under the theme “A Decade of Success and Innovation.” The two-day event brought together over 300 companies and more than 16k visitors from 120+ countries, showcasing the latest technological advancements and sustainable practices in the industry, with key topics including recycling, waste reduction, and improving resource efficiency.

#4- The Sharjah Real Estate Exhibition (Acres) kicks off today and runs through Saturday at the Expo Center in Sharjah. The event features networking and business prospects in the property sector, face-to-face discussions with developers and industry experts, and exploration of the latest trends in real estate.

THE BIG STORY ABROAD-

It’s another morning of the global business press being led primarily by newly-minted US President Donald Trump and his first hours in office, specifically a massive AI infrastructure investment plan — and, of course, the latest round of tariff threats for Chinese imports.

OpenAI, Softbank, and Oracle are planning a USD 100 bn investment in AI infrastructure in the US, which the three companies will execute under a new joint venture named Stargate. The JV — which Trump hailed as a “declaration of confidence in America” — could ramp up its investments to as much as USD 500 bn over the next four years, with SoftBank handling the financial responsibilities of the venture and OpenAI taking over operations. Stargate will be responsible for building out “physical and virtual infrastructure to power the next generation of advancements in AI and this will include the construction of colossal data centers,” Trump said. (Financial Times | Bloomberg | CNBC)

MEANWHILE- Trump is still considering slapping a 10% tariff on Chinese imports, saying he and his team could look to impose the new duty as early as 1 February. The tariff would be imposed due to China allegedly exporting fentanyl — a synthetic illicit drug that has caused scores of overdose-related deaths in the US — to Canada and Mexico. Trump also vowed to impose tariffs on the EU to address its skewed trade balance with the US. (Reuters | Bloomberg | CNBC)

AND- The flurry of decisions from the White House has led firms across the spectrum of industries to set up “war rooms” as executives scramble to digest their impact on their businesses and clientele, the Wall Street Journal says.

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CIRCLE YOUR CALENDAR-

Nvidia RTX AI GameCraft will take place tomorrow at Emirates Towers Boulevard in Dubai. Hosted by the Dubai Future Foundation in collaboration with Nvidia GeForce Middle East, the event will gather game developers, students, and industry professionals to create innovative games using Nvidia’s RTX AI technology. Some 15 developers will make it to the finals to compete for the top three spots.

BreakBulk Middle East will take place between 10-11 February at the Dubai World Trade Center. The event will gather over 7.5k professionals from the manufacturing, EPCs, project ownership, and transport sectors, providing ample networking prospects and driving potential customer leads.

The World Local Production Forum will take place between 7-9 April at the Abu Dhabi National Exhibition Center. The World Health Organization event will bring together global leaders to discuss sustainable local production and strategies to enhance access to quality health products.

The International Real Estate and Investment Show will take place between 17-19 October in Abu Dhabi. The event, organized by Dome Exhibitions, will bring together developers, brokers, and investors to discuss innovation and sustainability trends in the real estate sector, as well as investment prospects.

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

Emirates NBD sees UAE’s headline GDP growing by 5% in 2025

The UAE’s headline GDP is expected to grow at a 5% clip in 2025, up from an estimated 3.7% in 2024, according to an Emirates NBD Research report (pdf). The bank’s forecast is driven by its expectations of the country’s oil and non-oil sectors expanding at the same pace of 5% throughout the year.

Driving the growth for the UAE: “Easing oil production curbs will support the oil sector while expansionary budgets, major project works, and lower interest rates will give non-oil activity a boost in 2025,” the report reads.

It’s a mixed bag for the UAE’s growth prospects for the year: The World Bank recently issued a more conservative estimate of 4.0% growth in 2025, while the Arab Monetary Fund said back in July that it sees the UAE’s GDP accelerating to 6.2% in 2025. Meanwhile, the Central Bank of the UAE penciled in 4.5% growth in 2025, down from an earlier projection of 6% back in September.

ZOOMING IN ON DUBAI-

Emirates NBD penciled in 3.7% growth for Dubai this year, accelerating from an estimated 3.2% in 2024. The government’s recently approved record AED 272 bn budget for 2025-2027 — a significant portion of which will be allocated for infrastructure spending — will be a primary driver of growth for the emirate, Emirates NBD said, with size of the budget supporting the bank’s “view that growth will remain constructive over the coming years.”

Government reforms and targeted investments have boosted the emirate’s position as an attractive hub for foreign investment, Emirates NBD said, prompting expectations of further inflows into “an increasingly broad spectrum of industries supporting large levels of government investment into infrastructure.”

REMEMBER- Projected expenditure for Dubai during the 2025 fiscal year is AED 86.26 bn, with revenues expected to total AED 97.7 bn. The final spending plan sets out a 9% y-o-y increase in expenditure compared to 2024’s budget of AED 79.1 bn. The government expects to achieve an operating surplus of up to 4% of 2025’s GDP. The budget allocates 46% of spending to infrastructure, with projects including roads, tunnels, bridges, transportation systems, sewage stations, parks, renewables facilities, and a rainwater drainage network.

Abu Dhabi announces AED 13 bn AI-powered government strategy

The Abu Dhabi Government unveiled a new digital strategy, allocating AED 13 bn to establish a fully AI-driven government by 2027, according to an Abu Dhabi Media Office statement. Implemented by the Department of Government Enablement, the plan includes 100% adoption of sovereign cloud computing, complete automation of processes, and over 200 AI solutions to enhance services.

The strategy aims to create 5k jobs, support Emiratisation, and contribute AED 24 bn to GDP by 2027. Key initiatives include partnerships with Mohamed bin Zayed University of AI, ATRC, and G42 for AI infrastructure, alongside programs like TAMM 3.0 and AI for All to promote innovation, cybersecurity, and sustainability.

Adnoc Gas to supply natgas to Ewec under USD 10 bn agreement

Adnoc Gas inked a USD 10 bn flexible natural gas supply agreement with Emirates Water and Electricity Company (Ewec) during Abu Dhabi Sustainability Week 2025, according to a company statement (pdf). The 10-year natural gas sales and purchase agreement will see Adnoc Gas supplying plants in Abu Dhabi and the wider country.

The details: The supply agreement is meant to help Ewec maintain a stable supply of power to “complement and enable the large-scale integration of solar power” in its electricity system as it works to transition to cleaner energy solutions. Gas-fired plants are designed to rapidly start, stop, and adjust output in response to real-time demand and supply changes, which in Ewec’s case will help provide flexibility during peak demand periods, according to the statement.

REMEMBER- Ewec is actively seeking renewable energy partnerships to support the country’s net zero ambitions, and issued a request earlier this month for proposals for the development of a 1.5 GW Al Zarraf solar plant in Abu Dhabi’s Al Dhafra region. The company secured approvals for this project and three other renewable energy projects in the emirate last month. The projects include two more solar plants in Al Faya and Al Khazna, alongside a wind farm in Sila, which will contribute 4.5 GW of solar capacity and up to 140 MW of wind capacity to the emirate’s energy mix.

Singapore’s Ascentium is the new owner of Dubai-based Virtuzone

Singapore-based business consulting company Ascentium fully acquired Dubai-headquartered business setup and corporate services provider Virtuzone along with its subsidiaries Taxready, Next Generation Equity, and Maktabi, according to a joint statement. The value of the transaction was not disclosed.

The pitch: The transaction aims to capitalize on the “UAE’s foreign direct investment (FDI) inflows reaching USD 30.6 bn in 2023 and the Middle East’s GDP sustaining its pace to hit 3.9% [growth] in 2025,” the statement reads. The acquisition, which marks Ascentium’s entry into GCC markets, aims to help the firms “strengthen their presence in fast-growing markets” both within and beyond the region. “Ascentium's global network and expertise will enrich our service offerings both in activities and in regions covered,” Group CEO of Virtuzone George Hojeige said.

Virtuzone’s clients and partners will now have access to international growth and scaling potential, tapping into new markets including the Far East and Latin America, according to the statement. They will also benefit from improved compliance with global business regulations and access to advanced AI-driven tools that streamline operations, increase efficiency, and elevate customer experience and loyalty, the statement said.

Virtuzeon offers AI-powered tools to simplify business setup processes. These include TaxGPT, the UAE’s first corporate tax assistant powered by AI; ChatVZ, an AI chatbot for setting up a business here, and SwyftPlan, a business plan-making tool using OpenAI’s ChatGPT.

ICYMI- Last April, Virtuzone partnered with blockchain startup Mantra to launch a new incubation program for Web3 startups aiming to accelerate the real-world asset tokenization sector in the MENA region. It offers five selected projects with financial support — including a seed investment of USD 100 mn each from Mantra founder and CEO John Patrick Mullin — in addition to infrastructure, licensing, banking, and administrative services.

Ascentium supports over 20k active clients across some 25 cities and nine markets in the Asia-Pacific region. It is backed by Hillhouse Investment, a global private equity firm with USD 100 bn in assets under management (AUM) and offices in Singapore, Hong Kong, Beijing and Shanghai, New York City and London.

Further Ventures invests USD 5 mn in GRVT

Further Ventures, backed by Abu Dhabi’s ADQ, invested USD 5 mn in GRVT, a hybrid crypto exchange, The Block reports. The funding raises GRVT’s total capital to USD 14.3 mn, including previous rounds and a private token sale.

About GRVT: GRVT, built on Ethereum’s ZKsync technology, merges decentralized finance (DeFi) with centralized platforms’ compliance and usability. The exchange reports having 30k KYC-verified users, with 55 institutional clients.

Looking forward: GRVT plans to expand into new types of trading like crypto spot and options trading. It’s also working on upgrading its Bermuda license to a higher level and getting approvals to operate in the European Union, Dubai, and Abu Dhabi.

Further Ventures, managing USD 200 mn in assets, has been actively investing in blockchain companies, including Dfns, Twinstake, Tungsten, and Kemet Trading.

Palm Sports reports a net income of AED 109.2 mn in 2024

Sports Management firm Palm Sports recorded a net income of AED 109.2 mn in 2024, rising 3.9% y-o-y, according to the company’s financials (pdf). The firm reported AED 1.05 bn in revenues during the year, marking an 82.3% y-o-y increase. Palm Sports’ 2024 revenues — which mark a record for the firm — grew on the back of concluding new contracts, expanding existing programs, and performing several acquisitions and partnerships, according to its earnings release (pdf).

Seizing the moment: why strategic speed defines Mashreq’s future

In a world where digital transformation reshapes industries at breakneck speed, the luxury of time has all but disappeared. Opportunities are fleeting, competition is fierce, and hesitation can cost dearly. The question is less “Should we pursue this opportunity?” but is more like “How quickly can we move?” Markets today demand immediate action, and those who delay risk watching others take the lead and gain market share. Decisions that once took years to execute now demand execution in months, or sometimes even weeks.

At Mashreq, this pressure to move swiftly is a call to lead. The question we constantly grapple with is how to position ourselves ahead of the curve while staying true to the fundamentals that define us: operational resilience and long-term value creation. The advent of neo-banking is a prime example. These digital-first banks are no longer just an innovative concept; they are the present and future of financial services. Clients—particularly in emerging markets—are ready for the shift, demanding seamless, accessible, and cutting-edge banking experiences. The question is whether we are ready to meet them there before the competition does.

This is the crux of the challenge: balancing the need to act boldly with the responsibility to act wisely. Being first isn’t just about speed; it’s definitely also about execution. At Mashreq, we are acutely aware that growth achieved at the expense of operational strength is unsustainable. Yet, waiting too long risks forfeiting our leadership position. It’s a delicate balance, but one that must be mastered if we are to not only survive but thrive.

The stakes are high, but the rewards are immense. For Mashreq, leading the charge in digital transformation isn’t just a strategic goal; it’s a necessity. The banking landscape is undergoing a seismic shift with new agile competitors, enforced open banking and the accelerated pace of digitalization (exacerbated by AI), and the winners will be those who move quickly, adapt intelligently, and deliver value that goes beyond mere transactions. To achieve this, we must embrace the mindset that growth and resilience are not mutually exclusive. They are, in fact, interdependent.

Ultimately, the decisions we make today will define our future. Do we take the leap and solidify our place at the forefront of the industry? Or do we hesitate and allow others to shape the market in our absence? For Mashreq, the answer is clear. We choose to lead, not by default but by design. We choose to embrace the opportunities in front of us, understanding that the path to success requires boldness, precision, and an unwavering commitment to excel by innovating ourselves and our business.

Norman Tambach, Group Chief Financial Officer at Mashreq

Mashreq taps Vivek Batra as global head of transaction banking

Our friends at Mashreq appointed Vivek Batra (LinkedIn) as the new global head of transaction banking, according to a press release (pdf). Batra has experience in senior banking roles, including at MUFG, as well as a two-year stint with Boston Consulting Group as a senior advisor. In his new position at Mashreq, Batra will drive the commercialization of the Mashreq Neo Corp platform and develop business in international markets.

Proptech platform Property Finder named Jamie O’Mahony (Linkedin) as its new chief financial officer, according to a press release. O’Mahony previously served as CFO of Foodpanda in Singapore, overseeing financial operations across 11 markets and driving profitability. He also held senior financial roles at Just Eat in the UK. In his new role.

Advertising company Mada Media appointed Mohammed Ali Al Hammadi as its first CEO, Wam reports. Al Hammadi has over 15 years of experience in commercial investment, strategy and transformative initiatives across public and private sectors.

ICYMI- The company was established last September to manage and develop Dubai’s advertising sites including those previously overseen by the Roads and Transport Authority.

Mubadala’s future investments got ink in the foreign press

Mubadala’s investments are drawing attention, with CEO Khaldoon Al Mubarak talking to CNBC about the fund’s AI investments, future strategy, and upcoming plans in China (watch, runtime: 18:42). Al Mubarak highlighted the growing demand for AI infrastructure as a key component of Mubadala’s future investments. Despite potential trade tensions under a possible Donald Trump administration and China’s current economic challenges, Al Mubarak reaffirmed the fund’s commitment to investing in the country.

Sobha Realty plans 8-10 new UAE projects in 2025, eyes US and Australia expansion

REAL ESTATE-

#1- Dubai-based developer Sobha Realty plans to launch 8-10 new projects in the UAE in 2025, including a new residential development in Abu Dhabi, the company’s founder and Chairman PNC Menon told The National. Sobha also eyes expanding in the US — where it has already established an office — and Australia.

Sobha is looking to hit USD 1 bn in sales during its first year in the US and grow that figure to USD 10 bn over the next decade. Sobha is currently in talks to acquire a plot in Dallas, Texas, for a residential project, which it plans to fund through its own equity, with plans to expand to Virginia afterward.

Here at home: The developer aims to achieve a 30% y-o-y increase in overall sales this year to AED 30 bn, with its projects in Dubai accounting for AED 22 bn and those in Umm Al Quwain accounting for the remainder. Sobha achieved record sales of AED 23 bn in 2024, according to a press release.

#2- Valores Property eyes launching AED 600 mn projects this year: Valores Property Development plans to roll out AED 600 mn worth of projects in Dubai this year, including at Dubai International City Phase II, Dubai Islands, and Jumeirah Village Circle, according to a press release. The developer eyes putting 335 new units up for sale in 1Q 2025.

BANKING-

#1- Abu Dhabi Islamic Bank + Lune launches personal finance management platform:

Abu Dhabi Islamic Bank (Adib) rolled out a personal finance management platform, the Adib Money Management Tracker, in partnership with fintech company Lune, according to a press release. The tool aims to help customers manage their personal finances by tracking income and expenses.

The details: The Money Management Tracker categorizes expenses into areas such as groceries, transportation, and entertainment, allowing users to analyze their spending habits. It also provides interactive visualizations of cashflow to offer insights into financial situations.

#2- Homegrown digital Islamic community bank ruya partnered with Mastercard to introduce debit and credit card products for both individual and business customers, according to a press release. Cardholders will enjoy access to personalized offers through Mastercard’s priceless.com platform. Meanwhile, the partnership will see Mastercard, ruya’s sole partner for all card issuance, give ruya access to over 3k consultants worldwide.

TECH-

NIP Group partners with ADIO to establish global HQ in Abu Dhabi: Sweden-based NIP Group, a digital entertainment company, signed a five-year partnership with the Abu Dhabi Investment Office (ADIO) to expand its presence in the region, according to a press release.

Key details of the agreement: ADIO will provide USD 40 mn in financial and non-financial growth avenues over four years to ramp up NIP Group’s operations, while Global NIP Group will set up its global headquarters in Abu Dhabi, driving local employment and expanding key business verticals, including esports operations, creative studios, game publishing, events, and talent management.

AVIATION-

Homegrown dnata Catering & Retail broke ground on a AUD 50 mn expansion at its Melbourne Airport facility in Australia, according to the Dubai Media Office. The company will add 5.7k sqm to its existing facility, bringing it to 16k sqm and creating the largest airline catering hub in the state of Victoria. Upon completion in September 2026, the facility will have the capacity to produce 25 mn meals annually.

REMEMBER- dnata has bigger plans to expand its international footprint through several merger and acquisition transactions globally, the company’s CEO Steve Allen said back in May.

RENEWABLES-

Emerge to install solar panels in 100+ Adnoc stations: Emerge — a Masdar and EDF JV— will install solar photovoltaic (PV) panels in upwards of 100 Adnoc Distribution service stations in Abu Dhabi in the second phase of their solarization program, according to a statement. The project is expected to generate some 30k mWh annually in renewable energy and reduce annual carbon emissions by 13k tons. Emerge started solar panel installation throughout Adnoc Distribution’s stations in Dubai in 2023 in a bid to slash carbon intensity by 25% by 2030.

FINANCIAL SERVICES-

Investment platform Sky Links Capital received a financial services license from the Securities and Commodities Authority, according to a press release.

MANUFACTURING-

Homegrown waterways protection solutions firm The Marine Barrier Company (Ecocoast) opened a new factory in Saudi Arabia’s Yanbu Industrial City, according to a press release. The facility, located along the Red Sea coast, will produce a variety of marine barriers and offer turnkey marine solutions and 24/7 operational support.

INVESTMENT-

Emirates Chartered Accountants Group is now CLA Emirates: The Emirati arm of US-based accounting firm CLA Global rebranded from Emirates Chartered Accountants Group (ECAG) to CLA Emirates, according to a LinkedIn post from the company. The move aims to align the company’s identity with the global brand.

Gender gap in VC funding widens as AI companies dominate

AI is crowding out female founders: Startups with at least one female founder accounted for just 21.7% of combined value of VC investments in the US throughout 2024 — the lowest rate since 2017 — as VC funds shift their focus to AI startups, according to Pitchbook. Last year’s reversal threatens to roll back some of the gains seen in terms of female representation over the past few years.

By the numbers: Female-founded startups collectively raised USD 45.3 bn in 2024, up almost 12% y-o-y. However, Anthropic — co-founded by Daniela Amodei — accounted for USD 9.2 bn of this total. Excluding Anthropic, funding for female-founded startups drops to USD 36.1 bn, out of combined value of investments at USD 209 bn. Anthropic barely makes the cut, as Amodei is the only female among seven co-founders.

Early-stage startup funding also saw a decline: Out of more than 3.1k first financings in 2024, only 20.5% involved a female co-founder, down from 26.5% in 2020. This is particularly concerning as early-stage funding is historically more equitable and has a higher number of female investors, according to Pitchbook.

Funds targeting female founders are also “scaling back size or struggling,” further narrowing prospects for female-led startups, GP at The Artemis Fund Diana Murakhovskaya said. The closure of global nonprofit Girls in Tech after 17 years in business, and the legal block enforced on US-based Fearless Fund’s grants for Black female-owned businesses, are some of the most recent indications of dwindling resources for female entrepreneurs.

Bias is bad for everyone: Lack of diversity in VC decision-making teams leads to “market blind spots” and missed prospects, Pitchbook argues. The imbalance also risks embedding systemic gender inequities into AI systems, as they will be developed mainly by male-founded ventures.

MARKETS THIS MORNING-

Asian markets are mixed this morning, as investors analyze Trump’s comments on China tariffs starting February. Japan’s Nikkei rose 1.5%, while Hang Seng (Hong Kong) declined 1.4%, and Shanghai Composite declined 1.0%. Wall Street futures are in the green following strong gains for the S&P 500 in the first trading day after Trump’s inauguration.

ADX	9517	+0.1% (YTD: +1.0%)
DFM	5220	+0.5% (YTD: +1.2%)
Nasdaq Dubai UAE20	4303	+0.7% (YTD: +3.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	4.4% 1 yr
TASI	12,370	-0.1% (YTD: +2.8%)
EGX30	29,827	+0.7% (YTD: +0.3%)
S&P 500	6049	+0.9% (YTD: +2.9%)
FTSE 100	8548	+0.3% (YTD: +4.6%)
Euro Stoxx 50	5166	+0.03% (YTD: +5.5%)
Brent crude	USD 79.29	-1.1%
Natural gas (Nymex)	USD 3.76	-4.9%
Gold	USD 2759.20	+0.4%
BTC	USD 106,465.40	+3.8% (YTD: +13.9%)

THE CLOSING BELL-

The DFM rose 0.5% yesterday on turnover of AED 765.2 mn. The index is up 1.2% YTD.

In the green: Al Salam Sudan (+12.1%), Chimera S&P UAE UCITS ETF (+2.7%) and Emaar Development (+2.2%).

In the red: National International Holding Company (-10.0%), Sukoon Insurance (-8.9%) and National Industries Group Holding (-6.1%).

Over on the ADX, the index rose 0.1% on turnover of AED 1.2 bn. Meanwhile, Nasdaq Dubai rose 0.7%.

UAE President discusses stability and cooperation with Afghanistan's Interior Minister

UAE, Afghanistan discuss stability and cooperation: UAE President Sheikh Mohamed bin Zayed Al Nahyan met with Afghanistan's Interior Minister Sirajuddin Haqqani in Abu Dhabi, Wam reports. They discussed Afghanistan's reconstruction efforts and explored ways to enhance stability and cooperation.

Sharjah, Kerala to boost ties: The Sharjah Chamber of Commerce and Industry (SCCI) discussed ramping up economic, industrial, and tourism cooperation with India’s Kerala state yesterday, Wam reports. The talks focused on boosting collaboration in international commercial arbitration to improve the investment climate, exploring joint investment projects, and increasing investor meetings and knowledge exchange through leveraging major events.

Adnoc named the UAE’s most valuable brand once again

Three Emirati companies — Adnoc, e&, and Emirates — were named among the world’s 500 most valuable brands in London-based valuation consultancy firm Brand Finance’s latest report (pdf).

Adnoc was named the UAE’s most valuable brand for the seventh consecutive year, with the brand value rising 25% y-o-y to reach USD 18.9 bn in 2025. The energy giant now stands as the Middle East’s second most valuable brand, and sixth globally among oil and gas companies. It also climbed 23 spots to secure the 105th place in the Brand Finance Global 500.

e& is the fastest-growing telecom brand globally: e& recorded a more than 700% increase in brand value at USD 15,3 bn, making it the top fastest-growing brand in the telecom sector. The company also ranked among the top ten most valuable telecom brands in the world, managing to achieve an AAA brand strength rating in 2025.

REMEMBER- e& secured the top spot as the Middle East’s strongest brand and the world’s strongest telecoms brand, with a AAA rating in Brand Finance 2024 report.

Emirates also jumped 64 spots to secure the 280th place in the ranking.

CALENDAR

JANUARY

19-24 January (Sunday-Friday): Coling2025, Abu Dhabi.

20-22 January (Monday-Wednesday): FESPA Middle East, Dubai World Trade Centre, Dubai.

20-22 January (Monday-Wednesday): The Fiber Connect Council Conference and Exhibition, Dubai World Trade Center, Dubai.

21-23 January (Tuesday-Thursday): The International Conference on Pharmacy and Medicine, The Sharjah Research, Technology, and Innovation Park, Sharjah.

23 January (Thursday): The Nvidia RTX GameCraft, Emirates Towers Boulevard, Dubai.

22-25 January (Wednesday-Saturday): The Sharjah Real Estate Exhibition (Acres), Expo Centre, Sharjah.

27-30 January (Monday-Thursday): Arab Health Exhibition, Dubai World Trade Centre, Dubai.

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

FEBRUARY

1-6 February (Saturday-Thursday): Dubai Fashion Week, Dubai Design District.

1-8 February (Saturday-Saturday): The Mubadala Abu Dhabi Open, Zayed Sports City's International Tennis Centre.

2-3 February (Sunday-Monday): L’Etape Dubai cycling race, Dubai.

3-6 February (Monday-Thursday): Medlab Middle East, Dubai World Trade Center.

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

8-20 February (Saturday-Thursday): Dubai Games 2025, Dubai.

10-11 February (Monday-Tuesday) MRO Middle East and Aircraft Interiors Middle East, Dubai World Trade Center.

10-11 February (Monday-Tuesday): BreakBulk Middle East, the Dubai World Trade Center.

10-12 February (Monday-Wednesday): Japan Kyoto Trade Exhibition, Dubai Word Trade Center.

14 February (Friday): The deadline for the consultation period for the Securities and Commodities Authority's draft regulation on security tokens and commodity tokens.

16 February-1 March (Sunday-Saturday): Dubai Dutyfree Tennis Championships, Dubai Dutyfree Tennis Stadium in Al Garhoud.

16 February (Sunday): The International Defence Conference,The Emirates Palace, Abu Dhabi.

17-21 February (Monday-Friday): International Defence Exhibition (IDEX) in Abu Dhabi National Exhibition Center.

17-21 February (Monday-Friday): Naval Defence Exhibition (NAVDEX) in Abu Dhabi National Exhibition Center.

17-22 February (Monday-Saturday): Gulfood, Dubai World Trade Center.

19-21 February (Wednesday-Friday): International Dialogue of Civilizations & Tolerance Conference, Abu Dhabi Energy Centre.

24-25 February (Monday-Tuesday): World Passenger Experience Forum, Dubai.

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai.

28-29 February (Friday-Saturday): Investopia 2024, the St. Regis, Abu Dhabi.

28 February-29 March (Friday-Saturday): Ramadan.

Signposted to happen sometime in 1Q 2025:

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

MARCH

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

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

APRIL

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

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

6-11 April (Sunday-Friday): Geo-Spatial Week, Dubai.

7-10 April (Monday-Thursday) : EFG Hermes One on One conference, Dubai.

7-9 April (Monday-Wednesday): AIM Investment Summit, Abu Dhabi National Exhibition Center

7-9 April (Monday-Wednesday): Middle East Energy, Dubai World Trade Center.

7-9 April (Monday-Wednesday): World Local Production Forum's 3rd edition, Abu Dhabi National Exhibition Center.

14-16 April (Monday-Wednesday): Dubai Woodshow’s 21st Edition, Dubai World Trade Center

14-16 April (Monday-Wednesday): IPS congress, Dubai World Trade Center.

16-18 April (Wednesday-Friday): World Future Energy Summit,Abu Dhabi National Exhibition, Abu Dhabi.

21-25 April (Monday-Friday): The Dubai AI Week, Museum of the Future and Area 2071, Emirates Towers, Dubai.

22-24 April (Tuesday-Thursday): DOMOTEX Middle East, Dubai World Trade Center, Dubai.

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

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

Signposted to happen sometime in April:

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

MAY

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

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

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

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

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

16-18 May (Friday-Sunday): GISEC, Dubai World Trade Center.

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

20-22 May (Tuesday-Thursday): Seamless Middle East 2025, Dubai World Trade Center.

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

30 May (Friday): Arafat Day.

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

Signposted to happen sometime in May:

Asean and GCC summit, Malaysia.

JUNE

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

24-25 June (Tuesday-Wednesday): Middle East Rail, Dubai World Trade Center.

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

JULY

29-30 July (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

SEPTEMBER

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

16-17 September (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

OCTOBER

3-16 October (Friday-Thursday): Dubai Home Festival.

9-15 October (Thursday-Wednesday): IUCN World Conservation Congress, Abu Dhabi.

17-19 October (Friday-Sunday): The International Real Estate and Investment Show, Abu Dhabi.

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

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

NOVEMBER

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

DECEMBER

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

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

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

Signposted to happen sometime in 2025:

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

Signposted to happen sometime in the fall of 2025:

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

Signposted to happen sometime in 2026:

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

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