UAE growth forecast slashed by S&P, though credit ratings were affirmed

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Regional oil players slash production amid Hormuz closure + Airspace opens up over the weekend

Good morning, everyone. The war has shown no signs of letting up over the weekend, with the UAE seeing a number of Iranian strikes, and the Foreign Ministry issuing a statement saying the country was “in a state of defense in response to the brutal and unprovoked Iranian aggression.”

Multiple safety alerts were sent to our phones over the weekend, and a strike hit a tower in Dubai Marina, while a separate interception resulted in debris falling onto a vehicle and the death of a Pakistani man. Reports and videos of smoke near Dubai International Airport were also posted on X shortly before Emirates temporarily suspended flights on Saturday, though the Dubai Media Office denied any incidents at DXB.

It wasn’t just Dubai: The Fujairah Oil Industry Zone saw another fire caused by falling debris after air defenses intercepted an Iranian drone and the emirate saw another fire early this morning from falling shrapnel. As of yesterday, Iran had launched 1.4k drones against the UAE — 1.3k of which were intercepted while 80 landed — as well as eight cruise missiles that were all intercepted.

In the rest of the Gulf, Iran continued to widen the scope of its attacks, striking vital infrastructure across the region from water desalination plants to airports and oil storage:

Saudi Arabia reported its first fatalities, along with 12 injuries, after a military projectile hit a residential area in Al Kharj, south of Riyadh;
A desalination plant was hit in Bahrain, causing damage, though no disruptions were reported;
Fuel tanks at Kuwait International Airport were also targeted in a drone attack.

In today’s issue: Our Big Story Today brings a mixed outlook from S&P Global, which still believes the UAE’s economy can withstand current geopolitical tensions and disruptions — though not without a hit to GDP growth.

Less positive news is coming from a BMI note on the region’s banking sector, which claims the UAE is among the most exposed due to its reliance on expats.

Plus: We look at the other elephant in the room: real estate, with Fitch looking into how developers might respond to the potential cooling in buyer sentiment. Let’s dive in.

Getting easier to Get Out of Dodge?

Most UAE carriers are resuming flights after airport disruptions caused by an Iranian drone attack near the main terminals of Dubai International Airport (DXB) on Saturday.

Emirates is returning to full flight capacity from DXB in the coming days, according to a post on X ;
Etihad Airways has also restarted a limited flight schedule operating from Abu Dhabi’s Zayed International Airport between 6-19 March, according to a post on X ;
Flydubai resumed flights on Saturday;
Air Arabia also resumed operating flights between Sharjah, Abu Dhabi, Ras Al Khaimah, and several international destinations over the weekend.

Other airlines have also resumed flights to and from the UAE, including Egypt's flag carrier EgyptAir, according to a statement seen by EnterpriseAM.

Not everyone is leaving

We’re not yet seeing a massive, panicked exodus of capital or talent from Dubai or elsewhere, several analysts tell us, confirming what we reported last week on a large number of businesses and individuals maintaining a “wait-and-see” approach. Most investors are taking a watchful stance on Middle East funding, with risks of liquidity outflows becoming more acute the longer Iranian strikes continue, Director of Country Default and Banking Risk at S&P Global Alyssa Grzelak told EnterpriseAM.

So far, the corporate response has been hesitant. “It will depend on the duration of the conflict. For now, we don’t see companies moving their activities, but opting for optional work-from-home policies,” Jaap Meijer, head of research at Arqaam Capital, also told us.

One likely scenario: An acceleration of the dual-hub reality between the UAE and Saudi Arabia. Instead of one-way capital migration, “the practical outcome is a multi-hub model: meaningful presence in both the UAE and Saudi Arabia, aligned to where demand, regulation, and talent best fit their strategy,” Meijer notes.

PSA

Some UAE lenders are temporarily scrapping a range of banking fees to ensure customers can access funds and move money more easily amid regional disruptions. Dubai’s Emirates NBD has waived several retail banking charges through 31 March, including GCC-wide ATM withdrawal fees and domestic/overseas debit card replacement and delivery fees, Gulf News reports.

Other banks are rolling out similar measures: First Abu Dhabi Bank announced a suite of temporary relief measures active through 31 March, according to a post on X. The bank will waive fees for international remittances made via its mobile app and for all domestic ATM withdrawals. It will also refund branch-based remittance charges and exempt customers from loan installment deferral fees.

WEATHER- There’s a chance of rain this morning in Dubai, while Abu Dhabi will have a cloudy day. Both will see a high of 28°C and a low of 22°C.

Oil watch

Crude surges beyond USD 100 per barrel mark as blockage tightens: Global oil markets are reaching a critical tipping point, with the Strait of Hormuz effectively closed to tankers. Last week alone, crude oil surged 30% — its biggest price jump in six years — and it was going for USD 117 / bbl in early trading this morning. Abu Dhabi’s Murban hit USD 103 / bbl on Friday.

Regional nations have already felt the brunt of this, with Iraq cutting its oil production by 60% due to export disruptions, Bloomberg reports.

Abu Dhabi National Oil Company (Adnoc) also hinted at having to reduce offshore production levels to “address storage requirements,” according to a statement picked up by state news agency Wam. Nonetheless, it confirmed operations are going ahead despite current regional tensions, and that it is using export capacity that bypasses the Strait of Hormuz alongside its global storage network, without disclosing any specifics.

Adnoc is likely referring to its Habshan-Fujairah pipeline, which has a 1.5 mn bbl / d capacity — roughly half of the UAE’s total oil production — and bypasses the strait entirely. Saudi Arabia is also diverting crude to the Red Sea to bypass the chokepoint.

South Korea, for example, is reportedly still getting more than 6 mn barrels of crude from the UAE. Two South Korean tankers will head to an Emirati port that does not require passage through the Strait of Hormuz to lift some 4 mn barrels directly. The remaining 2 mn barrels will come from a joint UAE-South Korea stockpile stored inside the Asian country.

BACKGROUND- Korea National Oil Corp (KNOC) has a storage agreement with Adnoc that allows the Abu Dhabi-based company to store crude in Korean strategic reserves. The logic is that Adnoc gets storage access in Northeast Asia, while South Korea gets priority access to those barrels during emergencies. KNOC also has a similar agreement with Aramco.

The crisis intensified following President Donald Trump’s weekend warning that the US may widen its target range in Iran. The impact is being felt more acutely in import-reliant Asia and Europe, where jet fuel prices have hit an all-time high. Analysts at ING Group warn that a full three-month disruption could send oil prices to record levels through 2Q, as shipowners demand full naval escorts.

As for disruptions in the Strait, the US has a solution: It rolled out a maritime reins. initiative — including war risk — which will cover losses of up to USD 20 bn “on a rolling basis” for vessels in the Arabian Gulf, according to a statement released Friday by the country’s International Development Finance Corporation. For now, the coverage will focus on hull, machinery, and cargo.

Let’s break it down: The owners of ships currently stuck in the Arabian Gulf have said that naval escorts would not persuade them to transit while combat operations continue. Protecting the high volume of tankers transiting the region is viewed as impractical, as it would require a massive deployment of warships and other military assets.

It’s not just oil…

SUPPLY CHAINS — Airspace disruption may soon reroute gold: Ghana is drawing up contingency plans to send artisanal gold elsewhere if the UAE’s airspace disruptions persist, Reuters reports, citing sources briefed on the matter. It’s an early sign that disrupted Gulf skies are starting to interfere with one of Dubai’s quieter specialties of managing global gold flows.

Why Ghana cares: Dubai’s trade role isn’t just about passengers and shopping bags — it’s also a high-value cargo artery that much of Africa quietly depends on. About 80% of Ghana’s artisanal output lands in the UAE for refining.

A silver lining for Dubai? The fallback comes with a bigger bill: Shanghai and Indian refiners are emerging as alternatives, but traders say neither is cheap. Higher rerouting costs could help maintain Dubai as the preferred destination once skies clear.

WEALTH MANAGEMENT — The instability has also prompted high-net-worth individuals from Asia to consider moving their wealth out of Dubai, with Reuters reporting that the regional war has got investors thinking twice about setting up in the Emirates.

So, how bad is it? One Singapore-based wealth manager said 6-7 of his 20 Dubai-based customers were interested in moving their assets, around USD 50 mn each, out of the emirate. Others seemed more confident, with GrandWay Family Office’s Jeremy Lim stating that only the UAE becoming directly involved in the conflict would scupper its Abu Dhabi office plans.

DIPLOMACY — Australia has asked the families of UAE-based diplomats to leave the country, Reuters reports. Some 1.7k Australians have left the Emirates since the conflict began as the security situation in the region continues to deteriorate, Australian Foreign Minister Penny Wong said, advising Australians not to travel to the UAE.

The big story abroad

Leading today’s global news cycle is the appointment of a new supreme leader in Iran. Mojtaba Khamenei — Ayatollah Ali Khamenei’s son — is taking on the role after the killing of his father, according to Iranian state media. The decision was taken by a group of clerics known as the Assembly of Experts. US President Donald Trump had previously characterized the appointment of the former supreme leader’s son as “unacceptable.”

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The UAE and Abu Dhabi’s sovereign credit ratings haven’t taken a hit yet, but growth forecasts have

S&P Global Ratings gave the UAE a vote of confidence by affirming its AA/A-1+ sovereign credit rating both on the federal level and for Abu Dhabi, with a stable outlook. The agency noted that the country’s massive fiscal and external reserves act as a critical shock absorber, even as Iranian military actions are expected to dampen short-term growth.

These reserves will provide the necessary “policy maneuvering during adverse geopolitical developments or unfavorable hydrocarbon sector dynamics, including disruption in oil production or exports,” the report stated.

The agency did, however, slash its growth forecast for the year to 2.2% for both the UAE and Abu Dhabi. This is down from 5.3% growth last year for Abu Dhabi, and from a previous forecast of 4.7% growth for the UAE this year. The current account surplus is also expected to narrow to 8% from about 11% in 2025.

Despite the volatility, the oil sector remains a pillar of stability, with production forecast to average 3.3 mn bbl / d through 2027, up from 3.14 mn bbl / d in 2025 — providing a necessary floor for economic growth. While the effective closure of the Strait of Hormuz is causing shipping lines to pull the plug on voyages due to spiking ins. costs, Abu Dhabi’s strategic ace remains the Habshan-Fujairah pipeline, which bypasses the strait to deliver 50% of the emirate's oil exports directly to the Gulf of Oman.

S&P projects the government will post fiscal surpluses averaging 3.8% of GDP through 2029, underpinned by a Brent price assumption of USD 65 / bbl. While surging crude prices are a net positive for the UAE as a major producer, the agency warns that “disruptions to the country’s critical infrastructure [add] further risks” to the outlook.

On the lending front, UAE banks are entering the crisis from a position of strength. Their “strong net external asset positions” mean the sector is well-capitalized and prepared to weather potential capital flight or outflows triggered by regional friction.

The outlook: The agency expects the war to recede within a few weeks, allowing for a period of recovery bolstered by the authorities’ strong balance sheet and their commitment to restoring stability. However, tourism, trade, and financial services are bracing for the heaviest impact this year, as the conflict “eats away at investor and consumer confidence.”

It’s not the UAE alone

S&P also slashed its forecast for the region over the next two years. The agency revised its real GDP growth forecast to an average of 2.5% over the two years, a significant drop from its previous 4.2% estimate. This slowdown is expected to be driven by a potential exodus of expats, thinning tourism receipts, and cooling demand in the real estate market.

GCC banks face up to USD 260 bn in outflows, with the UAE among the most exposed

The GCC banking sector could face between USD 111-260 bn in outflows, as the US-Iran conflict escalates toward a broader regional crisis with a credible threat to the Strait of Hormuz, according to a recent Bloomberg Intelligence report picked up by Asharq Business and an article by Fitch Solutions’ research unit BMI. This again confirms what we’ve reported on the UAE potentially seeing moderate outflows as the war shakes expat confidence in the Emirates’ safe-haven label.

Trade and travel disruptions are putting the “safe haven” assertion to the test. While elevated energy prices are providing a fiscal cushion for some, the physical disruption of trade and travel is forcing a sharp sell-off among some regional bourses and testing the GCC’s long-standing narrative as a global safe haven, BMI explains.

The UAE is particularly exposed to banking volatility due to its high expat population — representing roughly 85-88% of the total — which has been a primary driver of banking liquidity since 2021, according to Bloomberg Intelligence. Non-resident deposits, meanwhile, constitute about 8% of total liquidity inflows, exposing roughly half of retail deposits to extreme volatility.

Still, UAE banks collectively possess a significant liquidity surplus of USD 87 bn, which is sufficient to cover 30% of anticipated retail withdrawals over a three-month period.

Emirates NBD and Abu Dhabi Islamic Bank are currently the best positioned to weather the storm. On the other hand, smaller players like Commercial Bank International and United Arab Bank are showing negative three-month cashflows, signaling a potential tightening of liquidity.

Developers could scale back expansion plans amid war-induced cooldown, Fitch Ratings says

Developers to prioritize cashflow over big gains in the near-term: In the midst of regional instability, UAE real estate developers will likely take a defensive approach, hitting the brakes on project expansions and prioritizing cashflow to navigate a sudden cooling in buyer sentiment, according to Fitch Ratings. Capturing the 20% endprofit margin could be sidelined to ensure sufficient liquidity for land and future projects.

This comes amid expectations of a slowdown in the sector. Dubai’s real estate engine “would face a slowdown if foreign buyers lose confidence in the safety of the location,” Ralf Wiegert, head of MENA economics at S&P Global Market Intelligence, tells EnterpriseAM.

As expected, immediate property viewings have fallen, Fitch Ratings said. Despite that, a backlog of pre-sales and funds held in escrow provides a near-term safety net for rated firms.

Enter authorities? To prevent a deeper downturn, UAE authorities are expected to step in to interfere, Fitch says. Potential interventions include land payment deferrals, escrow flexibility, and new purchaser financing schemes. However, Fitch warns these measures could increase the debt burden on developers, as seen before.

The demand gap: The primary vulnerability of the UAE market is its heavy reliance on expats and overseas demand, with local residents comprising only 40% of Dubai buyers. Meanwhile, the other 60% are international investors who often pull back during signs of conflict.

Regional expansion could also take a pause, as developers prioritize protecting their home operations.

Background

Emirati developers have been riding the property boom wave over the past few years with frequent major project launches and plenty of expansion abroad. Emaar has been scaling its presence across the region, with new projects in Egypt and Saudi Arabia, while Modon has pledged bns of USD in investments in Egypt’s Ras El Hekma. Meanwhile, Arada has been eyeing an entry into Saudi Arabia and an expansion of its presence in London.

Al Nahyan, Al Ketbi families anchor healthtech funding round

Emirati families pour funds into digital healthcare: The Emirati Al Nahyan and Al Ketbi families anchored UAE-based TruDoc Healthcare’s USD 15 mn pre-series B funding round, alongside participation from Dubai-based private equity firm Pulsar Capital, according to an announcement on LinkedIn.

Where will the money go? The funding will allow the firm to expand its hospital-at-home critical care services, grow its at-home care network, and scale operations across the UAE and Saudi Arabia, according to a press release.

About the company: Founded in 2011 by Raouf Khalil (LinkedIn), TruDoc Healthcare provides virtual-first healthcare, operating across primary care, chronic disease management, home diagnostics, pharmacy, and at-home critical care to help reduce hospital visits.

Another twist in the Telegraph saga…

Abu Dhabi’s RedBird IMI makes clean exit from the Telegraph as Axel Springer swoops in: German media giant Axel Springer struck a GBP 575 mn allcash agreement with RedBird IMI — a JV between US private equity firm RedBird Capital and Abu Dhabi’s IMI — to acquire the UK’s Telegraph Media Group, according to a joint press release.

ICYMI- The move, which signals a preference for a swift exit over a protracted regulatory battle, scraps a prior GBP 500 mn arrangement that would have seen Daily Mail owner DMGT buy the broadsheet along with RedBird IMI and which was still undergoing regulatory probes. The structure emerged after the Abu Dhabi-backed JV was forced to shift from being a bidder to a seller following a regulatory block on foreign state-backed ownership of UK newspapers.

ADVISORS- LionTree is acting as financial advisor to Axel Springer, while Freshfields is providing counsel.

A short-lived Hormuz squeeze could be a boon for some GCC economies and a curse for others

The war between the US/Israel and Iran has fundamentally shifted the economic calculus for the GCC. While the headlines scream “oil shock,” the reality on the ground is a decoupling of price benefits from volume risks for some GCC countries, resulting in different scenarios across regional economies, according to a Goldman Sachs report seen by EnterpriseAM.

How is that possible? For countries capable of rerouting their oil exports, oil prices — which have surged beyond USD 100 / bbl — are going to offset the downside from lower export volumes, Goldman Sachs explains. Even blockaded countries are seeing better-than-expected budget balances because the price of the oil they can get out is so high. However, Goldman Sachs cautions that this scenario does not factor in expenditure forecasts, as they “may increase due to an adoption of anti-cyclical policy and/or increased spending on defense.”

The diverters: Saudi Arabia, the UAE, and Oman are the most insulated. Saudi Arabia is successfully diverting 3 mn bbl / d — about two-thirds of its Strait of Hormuz exports — via Red Sea pipelines, meaning a mere 1% drop in exports. The UAE is rerouting approximately 1 mn bbl / d, resulting in a negligible 2% drop in oil exports, while Oman’s loading facilities sit safely outside the Strait, Goldman Sachs notes.

Yes, but: This is based on an assumption of just a one-week-long disruption in shipping through the Strait of Hormuz, before a gradual return to full capacity.

IN CONTEXT- The Strait of Hormuz typically accounts for around 25% of global seaborne oil trade and some 20% of global LNG trade, according to a recent research note from Deutsche Bank seen by EnterpriseAM. However, oil flows through the chokepoint have now collapsed to just 10-15% of their normal volume, according to Goldman Sachs.

The blockaded: Kuwait, Bahrain, and Qatar have zero capacity to divert shipments. The report shows that Kuwait and Bahrain are now expected to see their economies contract this year, with oil exports falling by 5%.

Global exposure: Despite the EU and China being the world’s biggest energy importers, the impact of oil price volatility is potentially limited due to their declining dependence on fossil fuels, according to Deutsche Bank. Crucially, the EU’s energy import markets are diversified, resulting in a diminished reliance on Middle Eastern energy supplies.

The outlook: Future forecasts depend entirely on how long the Strait of Hormuz remains closed. Under the base case scenario of a “short-lived” disruption where volumes recover over 28 days, global growth would shrink by 0.1 percentage points, according to another Goldman Sachs report seen by EnterpriseAM. However, if the closure persists and oil stays above USD 100 / bbl, global growth would be dragged down by 0.4 percentage points, the report warns.

MARKETS THIS MORNING-

Asia-Pacific markets are down sharply in early trading this morning, with South Korea’s Kospi down 7.8% and Japan’s Nikkei down 7.0%, after oil jumped above USD 100 / bbl for the first time in years. Over on Wall Street, it is shaping up to be a turbulent start to the week with futures in the red.

ADX	9,903	-1.4% (YTD: -0.9%)
DFM	5,917	-3.2% (YTD: -2.2%)
Nasdaq Dubai UAE20	4,865	-3.0% (YTD: -0.5%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.4% o/n	3.6% 1 yr
TASI	11,007	+2.1% (YTD: +4.9%)
EGX30	46,774	-1.6% (YTD: +11.8%)
S&P 500	6,740	-1.3% (YTD: -1.5%)
FTSE 100	10,285	-1.2% (YTD: +3.6%)
Euro Stoxx 50	5,710	-1.1% (YTD: -1.2%)
Brent crude	USD 116.80	+26.0%
Natural gas (Nymex)	USD 3.19	+6.1%
Gold	USD 5,159	+1.6%
BTC	USD 66,520	-1.1% (YTD: -24.1%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.73	-0.5% (YTD: -0.5%)
S&P MENA Bond & Sukuk	151.78	-0.3% (YTD: -0.1%)
VIX (Volatility Index)	29.49	+24.2% (YTD: +97.3%)

THE CLOSING BELL-

The DFM fell 3.2% on Friday on turnover of AED 1.2 bn. The index is down 3.2% YTD.

In the green: Agility The Public Warehousing Company (+14.6%), Al Salam Sudan (+6.4%), and Takaful Emarat (+5.0%).

In the red: Dubai Electricity & Water Authority (-5.0%), Commercial Bank of Dubai (-5.0%), and Chimera S&P UAE UCITS ETF - Share Class A - Accumulating (-4.9%).

Over on the ADX, the index fell 1.4% on turnover of AED 1.5 bn. Meanwhile, Nasdaq Dubai was down 3%.

CALENDAR

MARCH

19-20 March (Thursday-Friday): Eid Al Fitr, public holiday.

26-28 March (Thursday-Saturday): Social Capital Conference, Dubai.

28-29 March (Saturday-Sunday): Emirates International Congress on AI & Visionary Leadership in Transforming Healthcare, Adnec Center Abu Dhabi.

30 March - 2 April (Monday-Thursday): IAAPA Middle East Exhibition and Conference, Adnec Center, Abu Dhabi.

31 March - 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.

31 March-2 April (Tuesday-Thursday): Investopia, Abu Dhabi.

APRIL

6-9 April (Monday-Thursday): Dubai AI Week, Dubai.

7-8 April (Tuesday-Wednesday): Dubai AI Festival, Dubai World Trade Center, Dubai.

7-9 April (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.

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

13-15 April (Monday-Wednesday): AIM Congress, Dubai World Trade Center.

13-15 April (Monday-Wednesday): The International Glass Manufacturing Show, Dubai.

14-16 April: (Tuesday-Thursday): International Property Show, Sheikh Zayed Rd, Dubai.

21-23 April (Tuesday-Thursday): UITP Public Transport Summit, Dubai.

28-29 April (Tuesday-Wednesday): Innovation Summit Middle East & Africa, Abu Dhabi.

29 April (Wednesday): Digital Transformation Summit, Sofitel, Abu Dhabi.

MAY

4-8 May (Wednesday-Saturday): Make It in the Emirates, Adnec Center, Abu Dhabi.

8-24 May (Saturday-Sunday): Dubai Esports and Games Festival, Dubai.

11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center, Abu Dhabi.

11-15 May (Monday-Friday): Dubai Future Finance Week, Dubai.

12-14 May (Tuesday-Thursday): Airport Show, Dubai World Trade Center, Dubai.

19-20 May (Tuesday-Wednesday): Capital Market Summit, Madinat Jumeirah, Dubai.

19-22 May (Tuesday-Friday): Abu Dhabi Water and Energy Week, Adnec Center, Abu Dhabi.

20-21 May (Wednesday-Thursday): Arab Competition Forum, Dubai.

JUNE

3-4 June (Wednesday-Thursday): Annual MENA Investor Conference, Ritz-Carlton DIFC, Dubai.

15 June - 15 September (Monday-Thursday): Dubai Mallathon, Dubai.

JULY

31 July (Friday): Large businesses achieving annual revenues equal to or above AED 50 mn must appoint an accredited service provider for e-invoicing implementation.

OCTOBER

4-10 October (Sunday-Saturday): World Space Week, Abu Dhabi.

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

NOVEMBER

9-10 November (Monday-Tuesday): Annual government meetings, Abu Dhabi.

10-12 November (Tuesday-Thursday): Dubai International Electric Vehicle Exhibition & Conference, Dubai World Trade Center.

DECEMBER

2-4 December (Wednesday-Friday): UN Water Conference, UAE.

Signposted to happen in 2026:

Investopia Global Talks, Tashkent.

Signposted to happen sometime in 2027:

1 January: Deadline for large businesses to implement e-invoicing;
1Q 2027: Completion of the first phase of Hassyan seawater desalination project;

1-3 February (Monday-Wednesday): World Governments Summit.
31 March: Small businesses with annual revenues of less than AED 50 mn are obliged to contract with an accredited service provider for e-invoicing implementation;
31 March: Government entities are required to appoint an accredited service provider for e-invoicing implementation;
1 July: Deadline for small businesses to implement e-invoicing;
1 October: Deadline for governments to implement e-invoicing;
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 in 2028:

Artificial Intelligence Summit.

Signposted to happen sometime in 2029:

Sibos 2029 organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Dubai;
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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