UAE inks USD 5 bn in energy, AI, and logistics agreements in Kazakhstan

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Trump lands in Saudi Arabia today + US approves potential USD 1.3 bn arms sale to the UAE

Good morning, lovely people. US President Donald Trump has not even landed in the region yet, but the expected flood of news has already started with news of an approved USD 1.3 bn arms sale to the UAE.

The possible sale includes six CH-47F Chinook Helicopters, as well as parts and maintenance for F-16 warplanes, which will be used in “search and rescue, disaster relief, humanitarian support, and counterterrorism operations,” the statement said.

The contractors for the sale are Boeing Helicopter Aircraft Company and Honeywell Engine Company, the statement said, without mentioning the contractor for the F-16 parts sale.

REMEMBER- The UAE was designated a major defense partner to the US last year — a designation only handed so far to India — to boost defense in the Middle East, East Africa, and the Indian Ocean region.

Trump lands in Riyadh today to meet Crown Prince and Prime Minister Mohamed bin Salman, as the Riyadh investment summit gets underway along with the GCC-US Summit, which has seen the Kingdom extend invitations to leaders in Kuwait, Oman, and Bahrain. There have so far been no reports or statements indicating UAE officials’ attendance at the summit. Trump will head to Qatar on Wednesday before departing for the UAE later for the final day of his visit on Thursday.

We have the rundown of what’s at stake during his visit — including trade and investment agreements, rumored meetings with Syrian and Palestinian leaders, and the potential easing of AI exports — here.

In today’s issue, the big story of the day is the USD 5 bn in MoUs signed with Kazakhstan during Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan’s visit. Plus: S&P Global says Abu Dhabi is gearing up for a local debt issuance as the UAE government and its emirates plan some USD 18 bn in local currency issuances this year.

We also have plenty of investment news, with Arqaam Capital getting a new shareholder, Mubadala planning to invest in a South Korean taxi-hailing provider, and Amwal Capital Partners launching a USD 150 mn Sharia-compliant private credit fund. Also: Fertiglobe acquired Wengfu Australia’s distribution assets, and DFM divested one of its real estate plots.

?️WEATHER- Temperatures in Dubai will hit 42°C today before cooling to 30°C overnight, according to our favorite weather app. In Abu Dhabi, temperatures will peak at 36°C, with an overnight low of 29°C.

WATCH THIS SPACE-

#1- You can soon pay Dubai government service fees with crypto, after Dubai Finance inked an MoU with Crypto.com for the initiative during Dubai Fintech Summit, according to a statement. Individuals and business owners will be able to make payments via stablecoins, which will then be converted to AED and and transferred to Dubai Finance accounts. Crypto.com is also helping facilitate crypto payments for Emirates Petroleum Company’s (Emarat) fuel stations in a first for the MENA region.

#2- Homegrown aviation service provider dnata is eyeing acquisitions to boost its cargo and ground handling and catering capacity, CEO Steve Allen told Gulf News. The acquisitions would help boost its geographical and product capability expansion, Allen Said, adding that the company is currently conducting due diligence on several firms. The company is eyeing growth across Asia Pacific, Australasia, South America, and Europe.

#3- JMM Group eyes Vietnam expansion: UAE-based investment firm JMM Group is looking to expand into Vietnam with investments in agriculture, renewable energy, and infrastructure, Vietnam News reports. During a meeting with the Finance Ministry yesterday, the company requested support in fast-tracking licensing and banking procedures to accelerate project implementation. The firm sees strong prospects in high-tech farming and infrastructure, JMM CEO Sameer Mohamed said. The UAE currently has 45 active projects in Vietnam worth a combined USD 77.4 mn.

HAPPENING TODAY-

#1- The Dubai FinTech Summit is on its second and final day at Madinat Jumeriah in Dubai. The two-day event will explore financial sector trends, regulatory compliance, blockchain tech, AI-driven services, and digital banking, while analyzing investment flows, global economic shifts, and cross-border regulations.

#2- Cabsat is happening today and running until Thursday at the Dubai World Trade Center. The event will exhibit the latest trends and technologies in the media, entertainment, and communications sectors in the MEASA region.

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

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

#5- The Low Carbon Fuels MENA Summit 2025 will take place today and tomorrow at the Sheraton Dubai Creek Hotel & Towers. The summit will gather global experts and regional leaders to discuss the challenges and potential in the low-carbon fuel sector, and will feature exhibitions from businesses.

#6- The World Police Summit begins today and runs through until Thursday at the Dubai World Trade Center. The summit brings together over 110 police chiefs and more than 300 speakers from over 110 countries. Key topics include AI in law enforcement, cross-border cybercrime, human trafficking, and digital transformation.

HAPPENING THIS WEEK-

#1- The Economy Middle East Summit will take place on Thursday, 15 May at the ADGM in Abu Dhabi, according to a press release (pdf). The event will feature discussions on the economy, banking and finance, technology, cybersecurity, AI, hospitality and tourism, real estate, and energy.

#2- India-UAE: Partners in Progress Conclave will be held this Thursday, 15 May at Taj Exotica Resort & Spa in The Palm in Dubai. The event will bring together policymakers, business leaders, and innovators, with an aim to accelerate collaboration across trade, energy, tourism, tech, and startups.

#3- InvestopiaEurope will take place on Friday, 16 May at Palazzo Mezzanotte in Milan. Approximately 60 Emirati delegates government entities and private sector firms — including the Abu Dhabi Investment Office, Dubai’s Department of Economy and Tourism, Ras Al Khaimah Economic Zone, Invest in Sharjah, G42, ADQ, NG9, and Marjan — will engage with Italian and European business leaders to explore potential investments and partnerships.

#4- The HODL Summit — the rebranded World Blockchain Summit — will take place on Wednesday, 14 May, and Thursday, 15 May at Madinat Jumeirah in Dubai. The summit will gather stakeholders from across the Web3, blockchain, and crypto ecosystems for discussions on investment, regulation, and innovation. More than 30k C-suite attendees and 5k investors are expected, along with over 1k exhibitors and sponsors and 1.2k speakers.

#5- Integrate Middle East will be running from tomorrow until Thursday at the Dubai World Trade Center. The event will showcase advancements in audio-visual technology and media for the broadcasting, communications, and entertainment industries.

THE BIG STORY ABROAD-

Hamas released Israeli-American Edan Alexander from captivity yesterday during a brief halt of hostilities that ended later in the day. The release — framed as “a gesture of goodwill” towards the Trump administration — is widely expected to revitalize ceasefire talks, with Israel planning to send a delegation to Doha on Thursday.

A ceasefire is crucial for Gaza: The complete blockade on food and medicine by Israel for more than 70 days sent hundreds of thousands starving, pushing the enclave to the brink of full-blown famine, a UN panel said yesterday.

ALSO IN THE REGION- Kurdish separatist group PKK decided to disarm and disband, after four decades of fighting for autonomy from Turkey. The end of the conflict is expected to bolster Ankara’s ambitions in the region and free up resources to rebuild Syria’s military and civilian infrastructure.

OVER IN BUSINESS- The US and China have agreed to a 90-day pause to their trade war after two days of talks in Geneva. We have the details on this in today’s Planet Finance.

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UAE, Kazakhstan ink USD 5 bn in MoUs

The UAE and Kazakhstan have inked USD 5 bn in MoUs spanning energy, infrastructure, AI, and logistics, after Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan held official talks with Kazakhstan President Kassym-Jomart Tokayev in Astana, according to an Abu Dhabi Media Office statement. The talks came during Sheikh Khaled's visit to Kazakhstan, which started on Sunday, and the agreements were worth USD 5 bn, Foreign Trade Minister Thani Al Zeyoudi said on X.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

ENERGY-

#1- Masdar and Kazakh sovereign wealth fund Samruk-Kazyna will collaborate on a round-the-clock energy project with a base capacity of 500 MW and a battery energy storage system with a 2 GW capacity. This is not the first time Masdar links up with the sovereign wealth fund — the renewables giant signed an investment agreement last year with Kazakhstan’s government to develop a 1 GW wind farm in Kazakhstan alongside W Solar and Qazaq Green Power, owned by Samruk-Kazyna, and the Kazakhstan Investment Development Fund. The two sides also ratified the MoU for the wind farm in Jambyl during the visit.

#2- Abu Dhabi Commercial Bank (ADCB) also inked an MoU with Samruk-Kazyna to support alternative energy, infrastructure, financial services, and green transition projects.

#3- AIQ, Adnoc and G42’s AI joint venture, and Samruk-Kazyna will collaborate on improving Kazakhstan’s oil and gas sector’s efficiency. National oil company QazaqGas will also work with AIQ on knowledge sharing using AI and advanced tech to improve its operational efficiency.

AI-

AI collaboration in the works: ADX-listed data analytics firm Presight AI will deliver two Nvidia H200 superpods for a new data center in Astana to support its smart city project.

ICYMI- In February, Presight signed a USD 190 mn agreement to develop an AI-powered smart city in Astana to digitize urban infrastructure and modernize public services.

PLUS- Presight opened its first overseas office in Kazakhstan: UAE-based big data and AI firm Presight opened a regional office in Astana, Kazakhstan’s capital, the Abu Dhabi Media Office said in a statement (pdf). Located at the Astana International Financial Center, the new office marks Presight’s first outside the UAE and will serve as a regional hub for Central Asia.

The office’s focus: The national team of over 40 employees will support major national projects from the office, including plans to establish an AI Command and Control Center at Alem AI to power smart city operations across mobility, energy, public safety, and infrastructure systems.

LOGISTICS-

#1- AD Ports Group and Kazmortransflot will expand their existing collaboration on container shipping in the Caspian Sea, adding another four vessels with a capacity of 780 20-foot equivalent units to support bilateral trade.

#2- The UAE’s Terminals Holding and Kazakhstan’s Transport Ministry also signed an agreement to improve aviation infrastructure, operational efficiency, as well as increase bilateral air services.

OTHER MoUs-

The Abu Dhabi Fund for Development and the Turkestan Region Administration will build a maternity hospital in Turkestan, and the governments signed knowledge exchange and cooperation MoUs for the legal and transport sectors.

ICYMI- The UAE and Kazakhstan have been steadily deepening ties across different sectors. In April, the UAE and Kazakhstan’s central banks signed an MoU to boost cooperation on fintech, CBDCs, cybersecurity, and Islamic finance. Earlier this month, a new cross-border securities link was set up between Nasdaq Dubai and the Astana International Exchange.

Abu Dhabi readies AED-denominated debt issuance as the UAE eyes USD 8 bn in local debt this year -S&P Global

Abu Dhabi is currently readying a local currency debt issuance, as part of an ongoing effort to develop the UAE’s domestic debt capital markets, with the emirate and the UAE federal government expected to issue some USD 8 bn in AED-denominated debt in 2025 to help support “the building of a domestic yield curve,” according to a research note from S&P Global Ratings.

The UAE could see less debt issuances this year: Individual emirates and the UAE federal government are expected to issue around USD 18 bn in total debt this year, down from USD 19 bn in 2024.

Where the funds will go: Around 55% of the issuances from individual emirates and the federal government will be used for refinancing or to roll over maturing debt, S&P predicts. Sharjah is the only emirate rated by the agency that is expected to issue debt to meet a fiscal shortfall of 6.3% of GDP, while Abu Dhabi and Ras Al Khaimah are expected to maintain a surplus position this year.

This could give smaller issuers greater access to capital markets: The building of a domestic yield curve could be used in the pricing of issuances, and could help smaller issuers access capital markets while also “diversifying the funding base,” according to S&P. However, as far as corporations are concerned, the agency still expects bank funding along with access to international capital markets to remain the core funding sources for the foreseeable future.

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

In general, debt issuances this year are likely to be "opportunistic and market dependent,” with emirates expected to maintain “prudent fiscal policies and strong balance sheets.” Abu Dhabi is expected to repay some USD 6 bn in maturing debt, while Dubai is also continuing to pay back debt since the start of the year. However, the latter could see the issuance of more debt in 2026 as a means of funding the expansion of the Al Maktoum International Airport and the renovation of the rainwater drainage network, according to S&P.

The domestic debt market in the UAE has been slow so far — but it appears to be gaining momentum, according to S&P. This is especially important, the agency argues, as “capital markets are volatile in an uncertain global environment , and reliance on international capital markets could expose some issuers to higher borrowing costs,” the note reads. Meanwhile, the UAE’s highly liquid banks should provide strong lending growth in 2025.

***Editor's note: A previous version of this article incorrectly stated that AED-denominated debt issuance in the UAE this year is expected to reach USD 18 bn. The correct figure refers to total debt issuance across all currencies, not just AED-denominated instruments.

Fetriglobe to acquire Wengfu Australia’s distribution assets

Fertiglobe to acquire Wengfu Australia assets to scale Asia-Pacific fertilizer reach: Adnoc-owned urea and ammonia producer and exporter Fertiglobe has inked an agreement to acquire the distribution assets of fertilizer supplier Wengfu Australia, according to a press release (pdf).

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

The details: The asset sale and purchase agreements will see Fetriglobe pay the net values of the assets, made up of liquid inventory and net working capital, as well as a USD 8 mn premium. Its current normalized working capital is estimated to be USD 75 mn, and will be financed through pre-arranged trade and factoring facilities, with no impact on dividends and minimal effect on leverage.

The timeline: The acquisition is subject to regulatory approvals, but is expected to close soon. It is set to be earnings per share accretive, meaning the earnings per share are expected to increase following the transaction, with a 2.8% uptick expected in 2026 and 4.1% in 2027, before synergies.

What will Fertiglobe gain? Wengfu Australia’s asset portfolio includes eight warehouses spread across five ports, helping to distribute 700-800 kt of fertilizer annually. There is also capacity to scale-up production to 1.1 mn tonnes annually. The acquisition also widens Fertiglobe’s portfolio to non-nitrogen fertilizers, and increases its customer base and sourcing flexibility to the Asia-pacific region. Fertiglobe already supplies around 600 kt of urea to Australia yearly.

Barclays just recently initiated coverage on Fertiglobe, along with other Adnoc firms, with a positive overweight rating,

About Wengfu Australia: Wengfu Australia was established in 2009 and is a subsidiary of China’s Guizhou Phosphate and Chemical Group — the world’s third-largest phosphate fertilizer manufacturer. Wengfu Australia serves over 200 customers across Southeast Australia.

DFM begins divestment drive, offloads plot for AED 827 mn

The Dubai Financial Market (DFM) has kickstarted its divestment drive, selling a 10.2k sqm plot in Business Bay to Creek Views Real Estate Development for AED 826.7 mn, according to a disclosures to the DFM (here) and (here). The move is part of DFM’s strategy to reallocate capital to higher-growth prospects.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Payment terms: The transaction will come in three tranches starting with a 20% deposit, then 30% to be paid after 12 months, and the remaining 50% after 24 months. The agreement includes a deferred title structure and is expected to close by 8 May 2027.

Financial impact: DFM expects AED 499.7 mn in investment income from the transaction, which will be reflected in its 2Q 2025 results. The asset previously generated AED 4.2 mn in cash outflows.

ICYMI- Last week, the DFM signed a binding agreement to divest part of its non-core investment assets under its capital optimization strategy. While details were limited at the time, the move was said to support DFM’s push to maintain a diversified revenue stream, with investment and other income accounting for 53.9% of its AED 186.5 mn in revenues in 1Q 2025. Net income before tax rose 41.1% y-o-y to AED 134.9 mn in the quarter, supported by record trading activity and strong foreign investor participation.

Ethmar buys into Arqaam Capital

Dubai-based investment bank Arqaam Capital is bringing a new heavyweight to its shareholder roster, with an undisclosed investment from Abu Dhabi’s Ethmar International Holding (EIH), according to a statement (pdf). There’s no publicly available information about the exact size and value of the transaction.

The fresh capital injection will fuel Arqaam’s growth strategy across the MENA, the statement said. The firm is also looking to grow its share of the equity and debt capital markets, corporate brokerage, and investor relations segments, in addition to scaling its core business, which covers investment banking, asset management, principal finance, and global markets.

the statement added.

EIH joins an already impressive group of regional shareholders that includes Emirates NBD, Commercial Bank International, Qatar Ins. Co, and Kuwait’s Public Institution for Social Security, according to the statement.

Arqaam has played a key role in some of the UAE’s biggest listings, including those of Borouge, Adnoc Gas, and Adnoc Logistics & Services, and has advised on over USD 12 bn worth of ECM and M&A transactions since 2021, the statement said. The firm’s wealth and asset management business has USD 1.7 bn in AUM across advisory, fixed income, equities and alternative strategies. In 2024, the firm executed over USD 35 bn in MENA securities for more than 1.1k institutional clients across the MENA, North America, the UK, Europe, and Asia, the statement said. The firm also has offices in Egypt, Saudi Arabia, and Lebanon.

Amwal Capital Partners launches USD 150 mn Sharia-compliant private credit fund

Dubai-based asset management firm Amwal Capital Partners launched a USD 150 mn Shariah-compliant private credit fund, aimed at supporting companies offering asset-backed solutions for tech-enabled platforms, according to a statement (pdf).

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The fund plans to target 12-15 transactions over five years, primarily in Saudi Arabia and the UAE. It has already surpassed its initial funding goal, attracting prominent institutional investors from across the region, Amwal’s co-head of fixed income Sharif Eid said.

About Amwal Capital: Established in 2014, Amwal focuses on public market investments across the region, according to its website. Its clientele includes sovereign wealth funds, global institutional investors, and multi-family offices. The firm expanded with an office in Saudi Arabia in 2023.

REMEMBER- The UAE’s private credit market is growing, with Mubadala’s private credit portfolio reaching USD 20 bn last year, emerging as its top performing asset class for the third consecutive year. The Abu Dhabi Investment Authority (ADIA) also invested an additional USD 5 mn stake in Jefferies Credit Partners last month and anchored AlbaCore’s USD 1.8 bn European lending strategy in March. Private credit firms are expected to see rising demand as more medium-sized businesses grow their presence in the UAE, Golub Capital’s CEO Lawrence Golub said.

DP World to overhaul Dominican Republic port + freetrade zone for USD 760 mn

National port operator DP World and the government of the Dominican Republic have inked a USD 760 mn MoU to expand the Port of Caucedo and its freetrade zone, according to a press release published on Friday. The project is expected to catalyze USD 3.9 bn in foreign direct investment, add 300k TEUs in cargo volume per year, bolster manufacturing output by USD 4 bn, and create thousands of jobs.

The funds will be split between port and freetrade zone:

Some USD 380 mn will go toward raising cargo capacity at the port to 3.1 mn TEUs, up from 2.5 mn TEUs currently; shoring up general cargo operations; expanding the quay and breakwater to ready them for next-generation vessels; as well as installing ship-to-shore cranes, yard and security equipment;
The remaining USD 380 mn will go towards widening the 86-hectare freetrade zone by 225 hectares; installing a marketing center to solicit global tenants; and establishing a new road network and pre-built cargo units.

What they said: “By boosting capacity and enabling nearshoring opportunities, we will transform Caucedo into the most advanced logistics hub in the Caribbean, not only strengthening supply chain resilience across the Americas but also creating a powerful engine for economic growth and job creation in the Dominican Republic,” CEO Sultan Ahmed bin Sulayem noted.

Background: DP World manages both the Port of Caucedo’s marine terminal and the adjoining freetrade zone. Through its subsidiary Unifeeder, the port operator added fixed a weekly feeder service last year connecting the Dominican Republic port to other Caribbean ports. In 2023, the company added 1.2 mn TEUs in capacity for the port. The port operator also launched operations in late 2023 at its air cargo hub in Punta Cana, which comprises an air cargo logistics hub established in partnership with Punta Cana Freetrade Zone (PCFTZ).

DP World is investing in expansions here at home too: DP World is planning to expand another freezone—Jebel Ali FreeZone (Jafza)—with nearly AED 8.5 bn in investments to span the next three years to expand the zone and upgrade its infrastructure. DP World also completed developing the Philippines’ Manila South Harbor with Asia Terminals Inc for USD 100 mn last week.

Mubadala plans to invest USD 400 mn in South Korea’s Kakao Mobility via a consortium

Mubadala Investment Company plans to invest around USD 400 mn in South Korean mobility platform Kakao Mobility via a consortium led by Seoul-based private equity firm VIG Partners, investment banking sources told The Korea Economic Daily. VIG is looking to acquire a 40-49% stake in Kakao Mobility, the country’s largest taxi-hailing platform. Goldman Sachs is reportedly investing USD 300 mn through a separate vehicle.

Including Goldman’s investment, VIG plans to inject between some USD 1.4 bn into Kakao Mobility, with approximately USD 750 mn of that coming from acquisition financing. Korea Development Bank, Shinhan Bank, Woori Bank, and Kiwoom Securities are arranging the acquisition financing. The firm will also utilize its blind pool fund.

It’s not clear whether Goldman Sachs and the VIG-led consortium are co-investing or if Goldman is gunning for a separate stake.

Kakao Mobility’ current stakeholders include: Kakao Corp., which holds a 57.2% stake, as well as TPG (29%), Carlyle Group (6.17%), LG Corp. (2.46%), and Google (1.52%).

While VIG aims to close the investment by the end of May, hurdles remain. Key concerns include skepticism from investors about Kakao Mobility’s valuation—estimated at around KRW 6 tn (USD 4.3 bn)—and difficulties securing exit agreement terms with shareholders. Kakao, the operator of KakaoTalk, rejected a management buyout proposal from VIG.

Gulf sovereign wealth funds are showing increased interest in South Korean investments. The UAE committed USD 30 bn in Korean investments via Mubadala and launched a UAE-Korea Sovereign Investment Partnership with Korea Development Bank. Over in Riyadh, SVC and PIF’s Jada are backing a USD 160 mn startup fund that aims to invest in both South Korean and Saudi startups.

Al Mal Capital’s REIT to increase capital by up to AED 300 mn

Dubai-based asset manager Al Mal Capital's REIT unitholders approved a proposal to increase the fund’s capital by up to AED 300 mn, from the current AED 513.9 mn, according to a disclosure to the DFM (pdf). Al Mal is a unit of Dubai Investments.

The details: The firm will issue up to 300 mn new units, priced at AED 1.1 per unit. The units will be offered through a public offering, with an issuance fee of 2.5 fils per unit to cover professional expenses.

Background: The REIT completed a AED 180 mn capital increase from a tradable rights issue last year. The firm was looking to raise up to AED 440 mn in new capital if the rights issue was fully subscribed. The company said it would use the proceeds to execute its investment strategy, which is geared at diversifying the portfolio, with a minimum of 75% of the funds allocated in the UAE and up to 25% in the GCC and other countries

What’s next? Upon receiving approval from the Securities and Commodities Authority (SCA), detailed information about the offering will be disclosed through an official announcement on the Dubai Financial Market (DFM).

ALSO- The REIT secured unitholder approval to acquire a hospital asset in Dubai valued at AED 350 mn, according to a press release (pdf). The property is owned by a party related to both the fund manager and some of the REIT’s unitholders. The fund manager has been granted full authority to negotiate, finalize, and execute the acquisition.

1Q earnings are in for Talabat, Adnoc L&S, Dewa, Rak White Cement, Spinneys, Al Fujairah National Ins., and Arada Developments

TALABAT-

Talabat saw its adjusted net income rise 24% y-o-y to USD 99 mn in 1Q 2025, while management revenues rose 34% y-o-y to USD 846 mn, according to its earnings release (pdf). Delivery Hero’s Middle East unit adjusted its net income for “material non-recurring items to allow for a like-for-like comparison,” including an FX loss on a loan to Talabat Egypt due to the EGP devaluation in March 2024. Unadjusted, Talabat’s net income for the quarter came in at USD 103 mn, up 278% y-o-y. Gross merchandise value rose 33% y-o-y to USD 2.1 bn when adjusting for currency variations, Talabat said in its earnings presentation (pdf).

Driving the growth: “Our Groceries and Retail vertical contributed approximately one-third of GMV when including instashop for the full quarter,” Talabat CEO Tomaso Rodriguez is quoted as saying. Talabat had acquired Instashop in March.

Talabat’s adjusted EBITDA came in at USD 140 mn, rising 34% y-o-y during the quarter and equivalent to 6.7% of gross merchandise value, up 0.2 percentage points y-o-y, according to the release.

Dividends: The company’s AGM approved distributing USD 110 mn in dividends for 4Q 2024, and Talabat “remains on track to pay a minimum of USD 400 mn in dividends for the full year of 2025,” according to the presentation.

ADNOC L&S-

Abu Dhabi National Oil Company Logistics and Services (Adnoc L&S) saw its net income fall 5% y-o-y to USD 185 mn in 1Q 2025, according to an earnings release (pdf). The firm’s topline recorded a 41% y-o-y increase to USD 1.2 bn, which the firm attributed to expanded initiatives, heightened demand, enhanced operational efficiencies, and the recent Navig8 acquisition.

Future forecast: Adnoc L&S expects to see a slight y-o-y increase in returns from its integrated logistics division this year. The firm forecasts its revenue for its shipping segment to remain in the low 80% range, and it projects its services cluster to be in the double-digit percentage range.

REMEMBER- The first full financial year following the acquisition of Navig8 is expected to see a minimum 20% boost to Adnoc L&S’ earnings per share in 2025, saving some USD 100 mn per year in technical management costs and costs associated with bunkering operations. The move adds some 32 tankers to the firm’s fleet, expanding its service portfolio to include commercial pooling and bunkering.

DUBAI ELECTRICITY AND WATER AUTHORITY-

The Dubai Electricity and Water Authority (Dewa) recorded a 24% y-o-y drop in net income to AED 495.6 mn for 1Q 2025, according to its financials (pdf) issued on Monday. The company also saw revenues grow 2.83% y-o-y to AED 6 bn, marking Dewa’s highest ever 1Q revenues.

Behind the numbers: Dewa generated 10.5 TWh of energy, including 1.86 TWh of clean energy, during the period, according to an earnings release (pdf). The utility also produced 35.61 BIG of desalinated water — representing a 4.56% y-o-y increase — and commissioned two 132 kV substations and 441 11-6.6 kV substations. Dewa has now reached 3.46 GW of clean energy capacity overall.

AL FUJAIRAH NATIONAL INS.-

Al Fujairah National Ins.'s 1Q income more than triples: Al Fujairah National Ins. Company reported a 207.8% y-o-y jump in net income to AED 20.3 mn in 1Q 2025, according to its financials(pdf). The ins. firm’s revenues rose 70.5 % y-o-y to AED 144.5 mn.

SPINNEYS-

Spinneys’s net income grew 14% y-o-y to AED 85 mn in 1Q 2025, while revenues rose 11.3% y-o-y to AED 906 mn on the back of like-for-like sales growth, three new store openings, and an uptick in fresh, private label, and online sales, according to their earnings release (pdf).

Spinneys opened 10 new stores across the UAE and Saudi Arabia over the past 12 months and expects 10-12 more openings this year. Management maintains a 2025 revenue growth target of 9-11%.

ARADA DEVELOPMENTS-

Arada Developments had a good 2024: Sharjah-based and Nasdaq-listed Arada Developments reported a 66.1% y-o-y rise in net income to AED 516.6 mn in 2024, according to its financials (pdf). After accounting for foreign currency translation differences for foreign operations, the real estate developer’s bottom line rose 52.7% y-o-y to AED 474.8 mn. Revenues climbed 42.4% y-o-y to AED 3.9 bn for the year.

NymCard joins CBUAE’s Open Finance framework

PAYMENTS-

Dubai-based embedded finance platform NymCard has secured a license to offer Open Finance services under the UAE’s Open Finance regulations, making it one of the first platforms to do so, according to a press release.

The details: The license allows NymCard to embed regulated payment functionality within a broader financial infrastructure via a single modular platform. NymCard will serve fintechs, SMEs, banks, and marketplaces that want to utilize regulated financial capabilities in their operations.

ICYMI- The Central Bank’s new Open Finance regulations, introduced last year, allow licensed third-party providers (TPPs) to access financial data and services — with strict customer consent requirements and oversight from the Central Bank. Alternative payment method provider Pay10 secured authorization last month.

INVESTMENT-

Adio, Japan deepen ties with Mizuho, Itochu partnerships: The Abu Dhabi Investment Office (Adio) has signed two separate agreements with Japan’s Mizuho Financial Group and Itochu Corporation to accelerate Japanese investment in Abu Dhabi, according to Abu Dhabi Media Office statements here and here.

Mizuho will promote Abu Dhabi to its Japanese business and startup clients through tailored insights, investor seminars, and business missions, while facilitating cross-border capital flows in loans, fixed income, and equity investments. Adio will support Japanese firms looking to set up in the emirate.

Meanwhile, Itochu will work with Adio to establish and scale its portfolio companies in Abu Dhabi in sectors including advanced manufacturing, agri-tech, clean energy, and logistics, as well as explore co-investment and joint venture windows with local partners. The Itochu agreement also includes knowledge exchange and talent development initiatives to strengthen Emirati capabilities and improve domestic value chains.

FINANCE-

There’s a new advisory firm in the capital: Former Standard Chartered Managing Director of Global Real Estate Advisory and Financing Kapil Jobanputra (LinkedIn) has launched Elaeo Partners, a boutique advisory firm in Abu Dhabi, Bloomberg reports, citing a statement. The firm aims to tap into rising institutional capital flows between Asia, Europe, and the Gulf, and has already secured mandates from both regional and international clients — though specific details have not been disclosed.

What we know: The firm will focus on real estate assets, including commercial property, hospitality, and data centers, Jobanputra said. It is backed by SC Capital Partners’ Suchad Chiaranussati (LinkedIn) in Singapore and Revcap’s Andrew Pettit (LinkedIn) in London, who joined as strategic investors to boost global reach. Former Standard Chartered banker Jamie Odgers (LinkedIn) has also come on board, with plans to expand the team and open affiliate offices in London and Singapore.

CRYPTO-

#1- Bybit + Ghaf Labs partner on MENA Web3 adoption: Dubai-based crypto exchange firm Bybit and Web3 advisory firm Ghaf Labs signed an MoU for a multi-year partnership to ramp up Web3 adoption in the MENA region, according to a press release (pdf). The partnership includes no-equity grants, incubation for startups in AI, blockchain, and sustainability, and local developer bootcamps. The pair will also co-host events like the Crypto Polo Cup and Crypto Fight Night, as well as expand the use of the Bybit Card, which links digital assets with hospitality perks like hotel stays.

#2- Asian digital asset firm HashKey Group has received a Virtual Asset Service Provider (Vasp) license from Dubai’s Virtual Assets Regulatory Authority, paving the way for the launch of its regional arm, HashKey Global MENA, it said in a statement. The exchange is scheduled to go live on Monday, 19 May.

The offer: The platform will provide regulated fiat-to-crypto exchange and broker-dealer services for institutional and high-net-worth clients, supported by Standard Chartered for USD and AED transactions. It will also offer OTC trading for BTC, ETH, USDT, and USDC.

#3- Mbank, Changer.ae launch AED crypto escrow account: Abu Dhabi’s Al Maryah Community Bank (Mbank) has rolled out an AED escrow service offering regulated conversion between AED and crypto assets, according to a press release. The Central Bank of the UAE (CBUAE) greenlit the service, with crypto transactions set to be executed by ADGM-regulated virtual asset service provider changer.ae.

How it works: The fully online platform allows individuals and businesses to exchange digital assets for AED or vice versa. Escrowed funds are safeguarded by Mbank, which also received CBUAE’s approval to provide payment token services for merchants using its AEC Wallet.

REAL ESTATE-

Meraas launches 45-storey luxury tower Atelis at d3: Dubai Holding Real Estate subsidiary Meraas launched Atelis at d3, according to a press release. The 45-storey luxury residential tower in the Dubai Design District (d3) features 280 residences, including duplex sky villas and penthouses. SOM, the firm behind Burj Khalifa, designed the development which carries an AED 825 mn investment ticket and is slated to be completed in 1H 2028.

What's next? The project is part of a broader expansion into d3 that includes six Grade-A office buildings and 500k sq ft of new leasable space.

CYBERSECURITY-

The UAE Cybersecurity Council and e& UAE have signed an MoU to establish the Al Ain Innovation Center, according to a press release. The facility will be a platform for startup support, national capacity building, and applied research, and will host AI engineers and experts as well as cybersecurity professionals. It will target both public and private entities, providing support programs and developing solutions that can be deployed on a commercial level.

RETAIL-

Majid Al Futtaim joins Make it in the Emirates: UAE conglomerate Majid Al Futtaim inked an MoU with the Industry and Advanced Technology Ministry to boost visibility for locally made products under the Make it in the Emirates initiative, according to a press release. Carrefour stores operated by Al Futtaim will now dedicate shelf space to Emirati-made products in more than 126 outlets across the UAE. The move includes in-store and digital promotions, with price predictions on selected items during this month.

REMEMBER- Seven Dubai government entities agreed earlier this week to integrate in-country value (ICV) program criteria into their procurement strategies to boost spending on locally manufactured products.

Temporary respite as US-China trade war eases with 90-day truce

The US and China have agreed to a 90-day pause to their trade war after two days of talks in Geneva, with the US slashing tariffs it imposed earlier this year on Chinese goods from 145% to 30% — encompassing the 10% baseline US tariff and an additional 20% linked to fentanyl trafficking — while China lowered its tariffs on US imports from 125% to 10%, according to a joint statement out yesterday.

The agreement marks the first meaningful de-escalation since the latest round of tit-for-tat tariffs began in April, when Washington ramped up levies on Chinese goods as part of its “reciprocal tariffs” campaign, prompting an equally aggressive response from Beijing. US Treasury Secretary Scott Bessent said the recent levels had amounted to a de facto blockade of trade between the world’s two largest economies — one that neither side wanted to see hardened into a permanent rupture.

China’s public messaging struck a similarly cautious tone. A white paper published yesterday by state media underscored Beijing’s commitment to mutual respect in trade relations, while vowing to expand its toolkit to counter foreign sanctions and “long-arm jurisdiction.” At the same time, Chinese officials sought to frame the agreement as a win, with ING’s chief China economist Lynn Song noting the lack of direct concessions required of Beijing.

Bessent emphasized that Washington’s approach isn’t about wholesale disengagement. “The US is going to do a strategic decoupling in terms of the items that we discovered during Covid were of national security interests — whether it’s semiconductors, medicine, steel,” Treasury Secretary Scott Bessent told Bloomberg, underscoring the administration’s intent to maintain pressure on critical supply chains while easing tensions more broadly.

The agreement is more of a ceasefire than a lasting settlement: More Talks are expected to continue in the coming weeks, with both parties leaving the door open to extending the three-month truce if progress is made. Bessent hinted that if China were to engage more directly on curbing the fentanyl trade, further relief could be possible. Still, he described it as “implausible” that US tariffs on China would fall below the 10% mark.

Trump said upcoming talks will focus on “opening up” China to American business, noting that many of the tariffs he imposed will remain in place for now. He added that he expects to speak with President Xi Jinping later this week, but cautioned that putting a comprehensive deal on paper would take time.

HOW MARKETS TOOK ALL OF THIS-

American markets rallied on the news, with the S&P 500 jumped 3.3% by the end of trading yesterday, while the Nasdaq finished the day up 4.4% following the news. The USD gained 1.4%.

The rally came at the expense of traditional safe havens, with gold tumbling more 3.5% to USD 3,228 an ounce, pulling back from last month’s record highs, along with some safe-haven currencies.

The VIX index — Wall Street’s so-called “fear gauge” — dropped below the cutoff 20 mark yesterday for the first time since 28 March, suggesting a potential shift toward calmer market sentiment. The VIX rose to a 5-year high of 45.3 on 4 April fueled by Donald Trump’s tariff announcements. The last spike before that was in March 2020 when it reached 85.5 in reaction to Covid.

MARKETS THIS MORNING-

Asian markets are mostly in the green this morning. Japan’s Nikkei is up 1.7%, the Shanghai Composite is looking at gains of 0.2%, and Korea’s Kospi is up 0.4%. Meanwhile, the Hang Seng is down 1.3% in early trading.

ADX	9,639	+1.0% (YTD: +2.3%)
DFM	5,334	+0.4% (YTD: +3.4%)
Nasdaq Dubai UAE20	4,428	+0.1% (YTD: +6.3%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.3% o/n	4.2% 1 yr
TASI	11,489	+1.3% (YTD: -4.7%)
EGX30	31,577	+0.5% (YTD: +6.2%)
S&P 500	5,844	+3.3% (YTD: -0.6%)
FTSE 100	8,605	+0.6% (YTD: +5.3%)
Euro Stoxx 50	5,392	+1.6% (YTD: +10.3%)
Brent crude	USD 64.98	+1.7%
Natural gas (Nymex)	USD 3.65	-3.9%
Gold	USD 3,228	-3.5%
BTC	USD 102,595	-1.2% (YTD: +9.5%)
Chimera JP Morgan UAE Bond UCITS ETF	USD 3.61	+0.3% (YTD: +1.2%)
S&P MENA Bond & Sukuk	143.4	-0.1% (YTD: +2.5%)
VIX (Volatility Index)	18.39	-16.0% (YTD: +6.0%)

THE CLOSING BELL-

The ADX rose 1.0% yesterday on turnover of AED 1.3 bn. The index is up 2.3% YTD.

In the green: Aram Group (+14.1%), Al Khaleej Investment (+3.5%) and Agthia Group (+2.9%).

In the red: United Arab Bank (-10.0%), Emirates Ins. Co. (-8.8%) and Gulf Medical Projects (-2.6%).

Over on the DFM, rose 0.4% on turnover of AED 587.2 mn. Meanwhile, Nasdaq Dubai was up 0.1%.

CALENDAR

MAY

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

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

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

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

13-14 May (Tuesday-Wednesday): Global Ports Forum, 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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

30 May (Friday): Arafat Day.

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

JUNE

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

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

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

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

JULY

6-7 July (Sunday-Monday): BRICS Summit, Rio de Janeiro.

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

SEPTEMBER

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

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

12-14 September (Friday-Sunday): The International Real Estate and Investment Show, Abu Dhabi.

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

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

OCTOBER

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

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

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

7-9 October (Tuesday-Thursday): The International Symposium on the System of Radiological Protection, the Ritz-Carlton Abu Dhabi, Grand Canal.

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

27-29 October (Monday-Wednesday): Future Hospitality Summit, Madinat Jumeirah, Dubai.

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

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

NOVEMBER

15-17 November (Saturday-Monday): Myplant & Garden Middle East Green Expo, Dubai Exhibition Centre, Expo City.

17-21 November (Monday-Friday): Dubai Airshow 2025, Al Maktoum International Airport, Dubai.

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

DECEMBER

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

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

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

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

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

Signposted to happen sometime in 2025:

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

Signposted to happen sometime in the fall of 2025:

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

Signposted to happen sometime in 2026:

9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE
3-5 February (Tuesday-Thursday): The World Governments Summit.
12-15 February (Thursday-Sunday): The Society for Incentive Travel Excellence Global Conference, Abu Dhabi.
11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center.
The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

Signposted to happen sometime in 2027:

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

Signposted to happen sometime between 2027 and 2029:

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

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