UAE to invest bns of EURs in Montenegro tourism projects

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Kenya’s USD 1.5 bn lifeline from the UAE could face delays + UAE is ranked the second safest country for 2025

Good morning, lovely people, and happy hump day. We have another packed issue for you this morning, with news of — yet another — multi-bn EUR overseas investment, this time in Montenegro, as well as several M&A updates, and rumors of a potential IPO for renewables giant Masdar. Let’s dive in.

So, when do we eat? Maghrib is at 6:36pm today in Dubai and 6:40pm in Abu Dhabi. You’ll have until fajr prayers at 4:58am in Dubai and 5:02am in Abu Dhabi tomorrow to finish your suhoor.

WEATHER- Expect another dusty, windy day, though warmer and more humid, according to our favorite weather app and the National Center of Meteorology’s forecast (pdf). Dubai will see the mercury hit 29°C, with an overnight low of 20°C, while temperatures will hit 23°C in Abu Dhabi, with an overnight low of 20°C.

WATCH THIS SPACE-

#1- Kenya’s IMF shortfall may delay USD 1.5 bn UAE loan: Kenya’s failure to meet key International Monetary Fund (IMF) targets has put a USD 1.5 bn funding package from the UAE — expected in 1H 2025 — at risk of delay, Bloomberg reports, citing S&P Global Ratings. The missed IMF disbursement also jeopardizes a USD 800 mn World Bank loan, “since IMF funding often serves as a catalyst for other official and private flows,” S&P said.

REFRESHER- The UAE planned to disburse a USD 1.5 bn loan to Kenya in a single payment by the end of February — revising earlier plans to stagger the loan in order to comply with the IMF’s USD 1.3 bn cap on commercial borrowing for the fiscal year. Kenya sought financing from the UAE last year to reduce reliance on eurobonds, bilateral lenders like China, and multilateral institutions.

However, the funding isn’t entirely off the table: Kenya is now pursuing a new IMF-backed program, which could roll over USD 800 mn left unused from the previous arrangement, Finance Minister John Mbadi told Reuters. He downplayed any tensions with the IMF, attributing the scrapped final review to time constraints rather than missed targets.

IN THE MEANTIME- More UAE-Kenya cooperation ahead? State Minister Sheikh Shakhbout bin Nahyan Al Nahyan and Investment Minister Mohammed bin Hassan Al Suwaidi met with Kenyan President William Ruto in Nairobi to explore windows for strengthening bilateral relations, Wam reports. The talks focused on expanding cooperation across priority sectors identified in their trade and investment agreement signed in January, including trade, renewable energy, technology, agriculture, health, logistics, and fintech.

#2- Fortaleza seeks ADFD support for tourism and infrastructure projects: Abu Dhabi Fund for Development (ADFD) Director-General Muhammad Saif Al Suwaidi met with Fortaleza Mayor Evandro Leitão in Abu Dhabi to explore potential investments in the Brazilian city, with a focus on tourism and infrastructure, the Brazil-Arab News Agency reports. The meeting follows earlier talks with the UAE ambassador in Brazil and highlighted Fortaleza’s development potential across key sectors. ADFD expressed interest in infrastructure projects, while Brazilian officials underscored Ceará state’s expanding tourism industry, growing air connectivity, and emerging tech hubs.

#3- Abu Dhabi Mobility expands autonomous transport after hitting 30k driverless trips: Abu Dhabi Mobility has completed 30k autonomous vehicle trips covering over 430k km and is now expanding the service to include access roads to and from Zayed International Airport, according to a press release. The rollout builds on earlier pilot phases in Yas and Saadiyat Islands and is part of a broader plan to scale up smart mobility solutions across the emirate.

The rollout, which is being carried out in partnership with Space 42 and Uber, aims to have autonomous vehicles account for 25% of all trips by 2040, while also cutting carbon emissions by 15% and road accidents by 18%. No safety incidents have been recorded to date.

To support the sector’s growth, Abu Dhabi Mobility is developing regulatory frameworks, ins. models, and cybersecurity protocols for AV integration, while working to boost public awareness and encourage adoption.

ICYMI- Abu Dhabi has been ramping up efforts to advance its smart mobility ecosystem. In 2023, it set up a Smart and Autonomous Vehicles Industry cluster — SAVI — in Masdar City to boost EV and smart transport development. In April 2024 and in January of this year, Masdar City also held trials for self-driving vehicles as part of its sustainable transport push.

#4- Ras Al Khaimah International Airport is finalizing plans for a new passenger terminal in collaboration with a consulting firm, Al Bayan reports, without disclosing further details on the terminal’s projected size or capacity. An international tender has also been launched for the construction of a private aviation terminal.

#5- Sharjah’s new business district, Al Marwan Group’s District 11, is set for launch in 2Q 2025, Al Bayan reports. The project is located on Sheikh Mohammed bin Zayed Road (E311), five minutes from Sharjah International Airport and University City. District 11 will cater to multinationals, SMEs, and startups expanding in the UAE and MENA.

The details: Announced in January at Acres, the project integrates sustainability and smart technologies, featuring eco-friendly cooling systems, EV charging stations, smart office automation, and shared meeting spaces. It will house more than 200 commercial units, fitness clubs, childcare facilities, and a business hotel for executives.

#6- Adia-backed Ardonagh eyes USD 2.5 bn funding raise: Abu Dhabi Investment Authority-backed UK ins. broker Ardonagh Group is closing in on raising up to USD 2.5 bn from investors, Bloomberg reports, citing unnamed sources with knowledge of the matter. The funds would go towards expansion and potential acquisitions, and a final agreement on the raised capital is expected this summer.

ICMYI- Ardonagh, which recently secured Stone Point Capital as an investor bringing its valuation to USD 14 bn, was also the targeted candidate for Mubadala to offload its struggling ins. tech startup Wefox to last summer, but an agreement fell through after the German startup rejected it.

DATA POINTS-

#1- UAE ranked second-safest country in the world for 2025: The UAE has been ranked the second-safest country globally for 2025, according to a new report by global statistics platform Numbeo. The country earned a safety score of 84.5 out of 100, placing just behind Andorra (84.7) and ahead of Qatar (84.2), Taiwan (82.9), and Oman (81.7). Numbeo’s safety index considers factors such as crime rates, perceived safety during the day and night, and levels of violent and property crime.

#2- Abu Dhabi’s annual inflation rose 0.5% y-o-y in 2024, after staying flat the previous year, according to data (pdf) released by the Abu Dhabi Statistics Center.

The main culprits: Prices of housing, water, electricity, gas, and other fuels — the largest component of the basket of goods and services — rose by 0.6% y-o-y, while food and beverage prices also increased by 1.4% on an annual basis. The prices of clothing and footwear saw the largest spike during the year, growing by 4.6% y-o-y. This was offset by a 2.8% decline in transport prices y-o-y, as well as a 0.9% decrease in the prices of furnishings and household equipment.

THE BIG STORY ABROAD-

Russia and Ukraine have agreed to a ceasefire in the Black Sea, following days of US-backed talks in Riyadh, according to a White House statement. Ukraine said it would begin observing the maritime truce immediately, while Russia hinged its participation on lifting sanctions on agricultural exports and reconnecting key banks to SWIFT. (Bloomberg | BBC | CNN | New York Times | Reuters)

AND- Israel strikes Syria: An Israeli airstrike killed at least six people in southern Syria on Tuesday. The strike followed a reported exchange of fire between Israeli troops and militants near the border. (Reuters | AP)

AND IN THE BUSINESS PAGES- SAP dethrones Novo Nordisk as Europe’s most valuable company: German software company SAP has become Europe’s most valuable public company, overtaking Danish drugmaker Novo Nordisk, with a market cap of USD 342.4 bn. (CNBC | Reuters | Wall Street Journal | Bloomberg)

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UAE to invest bns of EURs across several sectors in Montenegro

UAE-Montenegro strike a multi-bn-EUR investment partnership: The UAE and Montenegro signed a five-year economic agreement to boost investments across multiple sectors, with a focus on tourism and real estate, the Montenegrin news agency (Mina) reports. The partnership will be automatically renewed for another five years unless either party decides to terminate it.

The breakdown: The agreement involves establishing two major tourism projects in the north and south of the country, Montenegrin Prime Minister Milojko Spajić said. The two countries will also cooperate on other projects across several sectors, including telecommunications, aviation, infrastructure, construction, trade, agriculture, and e-government, Vijesti reports. A joint commission will be established to oversee project implementation.

What we know about the projects: The northern project will be a winter tourism-focused ski resort, including an integrated development of tourism and mixed-use real estate, according to Mina. The project is expected to witness EUR 2-3 bn in annual investments and revenues of EUR 500 mn, Montenegro Business reports.

Mohamed Alabbar’s Eagle Hills is reportedly in discussions to develop the southern tourism project, See News reports, citing Spajić. The company has submitted the highest bids for four-year leases on 20 beaches in Ulcinj’s Velika Plaza.

The proposed project, which will see some EUR 20-30 bn in investments poured into the country and generate about EUR 500 mn in annual revenue, includes:

The Adriatic’s largest marina;
An airport and hospital;
Restoration of Ulcinj’s Old Town;
and contributions to the Adriatic-Ionian highway project.

Alabbar is still contemplating his involvement in the mega-project: Alabbar could potentially relocate the project to another municipality in Montenegro, Spajić said. He is also considering moving the project to another location at a 20-km beach strip in North Africa.

More European protectionism? Some local businesses and environmental groups have raised concerns about leasing the project to a foreign company instead of local ones and the impact it could have on the economy and landscape, according to Montenegro Business. In response, Eagle Hills has pledged to lease all 20 beaches back to their original operators at the same price, See News reports.

This wouldn’t be the first of Eagle Hills’ projects to face backlash from European locals: A plan to develop a Grand Budapest high-rise development — briefly touted as a “mini Dubai” — never saw the light, after the Hungarian government granted the capital’s municipality pre-emptive rights to purchase the land due to concerns over its valuation and a need for more affordable housing rather than luxury developments.

Eagle Hills still has projects planned elsewhere in Europe: Eagle Hills is expanding in Georgia, investing USD 6 bn in projects. Developments will include homes, retail, parks, schools, and commercial spaces in Georgia’s capital, Tbilisi, and the seaside cities of Batumi and Gonio.

The UAE has been on a roll with overseas investments as of late. Recent agreements include:

A tariff-slashing trade agreement with Ukraine ;
A bilateral trade boost with the Central African Republic ;
A USD 30-50 bn investment agreement with France for AI and data centers;
Finalized trade negotiations with the five EAEU member countries: Armenia, Belarus, Kazakhstan, Kyrgyzstan, and Russia).

Capital Economics sees the UAE’s GDP growing to 4.5% in 2025

Capital Economics sees the UAE retaining its position as the fastest growing economy in the Gulf in 2025, expecting GDP growth to accelerate to 4.5% this year — up from 4.0% in 2024, Capital Economics’ James Swanston, Middle East and North Africa economist said in a research note seen by EnterpriseAM UAE. GDP growth will be driven by “a combination of stronger oil output and a thriving non-oil economy,” Swanston wrote.

On the oil front, the UAE is expected to be the “major beneficiary” of Opec+’s decision to raise oil output starting 1 April, as it will allow the country to “take advantage of its twice-raised base quota.” This is expected to raise production by 7.0% to 3.1 mn bpd by the end of 2025, boosting oil GDP by the end of the year. The UAE had kept production levels unchanged at around 2.9 mn barrels a day over the first couple of months of the year, which is expected to weigh on oil GDP growth in 1Q 2025.

REMEMBER- The UAE is set to see a higher production quota of 3.5 mn barrels per day in 2025, up from the current 2.9 mn, after the oil cartel agreed to raise its production quota last year.

The UAE’s non-oil economy is expected to experience some “headwinds” due to a tighter monetary policy, a situation expected to last over the next couple of years — thereby potentially slowing down business activity. However, credit demand in the UAE “remains solid,” while fiscal policy is expected to remain supportive due to the UAE’s strong budget surplus, which is expected to remain solid despite lower prices. This, coupled with expectations of a strong performance in the tourism, retail trade, and real estate sectors is expected to keep non-oil activity solid throughout the year.

Inflation may have already peaked: The agency sees inflation slowing to 1.5% this year, down from 1.8% in 2024, which will “soften the pinch on household incomes,” according to the note.

How CE’s growth projection compares to others: The forecast is on the optimistic end of the spectrum, only a couple of percentage points below that of the Central Bank of the UAE (CBUAE), which it upgraded to 4.7% earlier this month. S&P Global and Fitch Solutions’ research unit BMI are the most optimistic of the bunch, expecting the UAE’s real GDP to grow by 5.1% this year. On the lower end, the International Monetary Fund and the World Bank revised their forecasts for the UAE’s economy this year to 4.0%.

ALSO- S&P Global Market Intelligence sees the UAE’s non-oil economy growing 5.2% this year, driven by strong performances from the tourism, real estate, and finance sectors, among others, S&P Global Head of Middle East and Northern Africa Economics Ralf Wiegert told Khaleej Times. “Real estate will likely continue to grow and remain one of the key growth drivers in 2025. We haven’t seen signals that would point to an imminent downturn of the market, which leads us to anticipate further growth of Dubai's and, to a lesser extent, UAE's real estate market in 2025,” Wiegert is quoted as saying.

This would represent a slight slowdown from last year, when the UAE’s non-oil GDP grew by 5.4%. However, this is still a less significant slowdown than others are predicting, with both credit ratings agency Moody’s and Emirates NBD predicting non-oil growth slowing to 5.0% in 2025, while the Central Bank of the UAE (CBUAE) expects non-oil GDP to come in at 5.1% this year.

Masdar acquires a 49.99% stake in four Endesa solar plants + eyes Abu Dhabi IPO?

Masdar snaps up minority stake in Spanish Endesa’s solar plants: Renewables giant Masdar inked an agreement to acquire a strategic minority stake of 49.99% in four solar assets owned by Spanish utility firm Endesa for EUR 184 mn, according to a statement. The target assets boast a capacity of 446 MW, and have an enterprise value of EUR 368 mn. The transaction is subject to regulatory approvals. Reuters broke the news of a potential acquisition last week.

Where’s the money coming from? The acquisition will be partially funded via financing from BNPP, Santander, Intesa Sanpaolo, ADCB and FAB. Lenders were advised by Ashurst. This implies that the part of the transaction will be financed through Masdar’s internal resources.

Not the last dance? Last month, Masdar and Endesa’s owner Enel Group inked an MoU to explore potential renewable energy opportunities in Italy, Spain, and Germany, and other markets, the statement reads.

Building momentum in Spain…: In December 2024, Masdar completed the acquisition of a nearly 50% stake in EPGE Solar, a subsidiary of Endesa, for an enterprise value of EUR 817 mn and an equity value of EUR 280 mn, which gave it ownership of the energy generated by EPGE’s 2 GW solar portfolio. The two companies are also mulling a potential battery energy storage system hybridization developed on the portfolio of EPGE’s solar plants with up to 0.5 GW of additional capacity. The state-owned firm also acquired Spanish renewables firm Saeta Yield from Brookfield Renewable last year for EUR 1.2 bn, which added 1.6 GW of renewables to Masdar’s portfolio.

…and across the globe: The most recent agreement is the latest in a long line of European renewable acquisitions, as the renewables giant looks to hit its target of 100 GW of renewables by 2030. Last year also saw it acquire a 70% stake in Greece’s Terna Energy, and a 49% stake in the UK’s 3 GW Dogger Bank. Across the pond, it also bought 50% of Terra-Gen Power Holdings, a US renewable energy producer. Masdar is also said to be looking to acquire an undisclosed stake in the Portuguese renewable assets of TotalEnergies.

ADVISORS- Masdar enlisted BNPP as its advisor, Linklaters as legal advisor, UL as technical advisor, PwC as its tax advisor.

IPO plans for Masdar?

ALSO- Could an IPO be on the cards for Masdar? The renewables giant is reportedly in the early stages of considering an IPO, Reuters reports, citing three unnamed sources with knowledge of the matter. Masdar responded to the outlet’s questions, saying it “has no current plans to go public,” and wouldn’t comment on “market speculation” whilst it “[targets] continued ambitious growth.” One of the sources added that the company has held informal talks with banks.

The timeline: A potential IPO would not happen before 2026, the outlet reports citing a source. Abu Dhabi looks likely to be the chosen listing destination, however a dual listing on the New York Stock Exchange was also a possibility, another source said. Funds brought in through a public offering would go towards its renewable projects, as it looks to hit its 100 GW renewables target.

DP World now owns 100% of Swiss logistics and terminal operator Swissterminal AG

Dubai-based port operator DP World became the sole owner of Swiss logistics and terminal operator Swissterminal last week, after a successful five-year run as a minority shareholder with a 44% stake, according to a statement. There’s no publicly available information about the size of the transaction.

About Swissterminal: The company provides terminal handling, storage, and rail and barge transport. It operates in hubs that connect Switzerland, South Germany, and France to key European ports.

The pitch: “By becoming fully integrated into DP World, Swissterminal will strengthen its capabilities in offering seamless end-to-end supply chain solutions,” the statement reads. DP World also now plans to invest in infrastructure and sustainable logistics solutions across the Swiss and tri-border region in a bid to boost Swissterminal’s role in international container traffic in the region, the statement said.

New leadership: The transaction will see then-COO Matthias Dischinger (Linkedin) assume the role of CEO of Swissterminal AG with immediate effect, the statement said, adding that the Swissterminal name, brand, and all delivery and billing addresses will remain unchanged.

Emirates NBD and BlackRock to launch an alternative asset investment platform

Emirates NBD and BlackRock are partnering to launch an alternative asset-focused investment platform, offering the bank’s clients exclusive access to private markets, according to a press release. The platform will initially introduce several “evergreen offerings” tailored for the UAE’s wealth market, targeting both income and growth strategies. As part of the collaboration, BlackRock will support Emirates NBD’s expansion into private markets by providing marketing, education, training, and technology services.

The offerings will be based on BlackRock’s Alternative Investments platform, which currently exceeds USD 450 bn in assets under management, according to the statement.

BlackRock has been capitalizing on UAE-based capital, as it looks towards private markets in the region, including AI infrastructure, Middle East Head Charles Hatami previously said. It also tapped Abu Dhabi’s MGX in a partnership to back a USD 30 bn global AI infrastructure fund alongside others such as Microsoft, Nvidia, and Elon Musk’s xAI. The firm also previously launched five funds with Aditum Investment Management for UAE investors.

The UAE’s appetite for private credit has been growing, with Mubadala identifying it as its top-performing asset class for three consecutive years. The Abu Dhabi sovereign wealth fund has six private credit partnerships spanning the US, Europe, and Asia. The Abu Dhabi Investment Authority (ADIA) also serves as an anchor investor for Pemberton’s USD 1 bn financing strategy and a South Korean credit fund. Private credit firms are expected to see rising demand as more medium-sized businesses grow their presence in the UAE.

The story also got ink from Bloomberg.

Alghanim International snaps up contract for cogeneration utilities plant in Ruwais Industrial City

Ta’ziz awards USD 1 bn EPC contract: Ta’ziz — a joint venture between Adnoc and ADQ — has awarded a USD 1 bn engineering, procurement and construction (EPC) contract to Alghanim International for a cogeneration utilities plant in Abu Dhabi, according to a statement. The facility, Project Volta, will provide utilities to the petrochemicals plants located in the Ta’ziz Industrial Chemicals Zone in Abu Dhabi’s Al Ruwais Industrial City. India’s Larsen & Toubro was the only other company in the running for the EPC contract, Meed reported last month.

T’aziz has been busy awarding contracts for Ruwais: Ta’ziz has already awarded three USD 2 bn (AED 7.34 bn) contracts for infrastructure development at its chemicals and transition fuels site in Al Ruwais Industrial City. The 17 sqkm facility will produce caustic soda, ethylene dichloride, vinyl chloride monomer, polyvinyl chloride, low-carbon ammonia, and methanol, many of which will be manufactured in the UAE for the first time. Production is scheduled to start in 2027, with a target of 4.7 mn tonnes per year by 2028.

There’s more: Ta’ziz awarded Samsung E&A a USD 1.7 bn, 44-month EPC contract to build the UAE’s first green methanol plant in the complex last month. The facility will have an annual production capacity of 1.8 mn tons. Some AED 18 bn (over USD 5 bn) will be invested in the first phase of development.

Also in the pipeline: T’aziz also signed a shareholder agreement in January 2023 with Fertiglobe, Korea’s GS Energy Corporation, and Japan’s Mitsui & Co for a low-carbon ammonia factory in the UAE with an annual capacity of around 1 mn tons.

Lumi AI raises USD 3.7 mn in seed funding from ADQ, Qora71, and other investors

More UAE investors back Lumi AI’s USD 3.7 mn seed round: Abu Dhabi’s ADQ and UAE-based venture investor syndicate Qora71 have joined a USD 3.7 mn seed funding round for tech startup Lumi AI, according to a statement (pdf). The round was led by Silicon Valley-based AgFunder, with participation from Forum Ventures and other angel investors.

Where’s the capital going? Lumi will use the funding to scale its engineering and customer success teams and double down on product development.

Background: The company closed an earlier funding round in August 2023 — ahead of its official launch — led by Forum Ventures and UAE-based Annex Investments, alongside strategic angel investors. The amount raised was not disclosed.

About Lumi AI: Founded in 2023 by Ibrahim Ashqar (LinkedIn) and Tudor Boiangiu (LinkedIn), Lumi’s proprietary analytics engine allows users to query complex operational data — like inventory, procurement, and sales — through a chatbot, which the startup says helps teams slash time-to-insight from seven days to 30 seconds. Current clients include a top four consulting firm, one of North America’s largest meal-kit providers, and the MENA region’s largest luxury retailer, the statement said, without disclosing names. Lumi also has a significant presence in the UAE, a company representative confirmed in an emailed response to Enterprise.

Paul Hastings taps White & Case's Din Eshanov as new Abu Dhabi partner

Paul Hastings has appointed Dinmukhamed Eshanov (LinkedIn) as a partner for the launch of its Abu Dhabi office, according to The Global Legal Post. Eshanov previously spent nearly four years at White & Case, advising on energy and infrastructure projects in the Middle East. Before that, he worked at Akin Gump Strauss Hauer & Feld for over 13 years, starting as an associate in New York before relocating to Abu Dhabi as senior counsel, where he specialized in energy project development and financing across the region.

Al Ansari Wallet is coming in 2Q + Cord blood banking services are now more affordable

NBFS-

Al Ansari Digital Pay secures final CBUAE approval: Al Ansari Digital Pay, the fintech arm of Al Ansari Financial Services, obtained final regulatory approvals from the Central Bank of the UAE for its Stored Value Facility (SVF) and Retail Payment Services and Card Schemes (RPSCS) licenses, according to a press release (pdf). The approvals pave the way for the official launch of its digital wallet, Al Ansari Wallet, in 2Q 2025.

Licensing scope: The SVF license allows the company to offer digital accounts, while the RPSCS license enables prepaid card issuance, merchant payment facilitation, and acquiring services for online and physical retailers. The approvals follow an earlier in-principle nod from the CBUAE.

The details: The wallet will serve unbanked and underbanked users, with accessible financial services, including micro-financing solutions. Al Ansari Digital Pay forecasts AED 12 mn in revenue in its first full year. Beyond payments, Al Ansari Wallet will integrate AI and data analytics to enhance security, fraud prevention, and user experience, supporting the UAE’s transition to a cashless economy.

HEALTHCARE-

AbuDhabi Biobank launched private cord blood banking services at key hospitals in the capital, offering expecting families an affordable local option for preserving their newborn’s stem cells, according to a press release. The new service cuts costs by up to 50% compared to market rates and eliminates the need to ship samples abroad, storing them instead at a state-of-the-art facility in Masdar City for up to 30 years. Abu Dhabi Biobank has partnered with hospitals including Danat Al Emarat, Corniche Hospital, and Kanad Hospital to expand access.

The stem cells can be used to treat over 80 life-threatening diseases, such as thalassemia, sickle cell anemia, and leukemia. The initiative was launched in collaboration with the Department of Health and M42. Experts say this move could broaden access to regenerative medicine across the UAE, where clinics are also exploring stem cell therapies for aging, chronic illness, and cosmetic treatments, the National reports.

More to come: M42 is also planning to open a 2 sqkm net-zero biobank in Masdar City in partnership with the Department of Health, featuring the region’s first public cord blood bank and the largest collection of human biomaterials in the Middle East.

INS-

Moody’s upgrades Dubai Ins. Company rating to A2: Moody's ratings has upgraded Dubai Ins. Company's financial strength rating from A3 to A2, citing the insurer’s strengthened market position and diversification through its lead role in UAE government-mandated ins. programs, according to a press release (pdf). The outlook was revised to stable from positive.

Rationale and expectations: Dubai Ins. Company's management of government schemes — Workers Protection Program and Involuntary Loss of Employment — has driven a five year average combined ratio of 85.1% and return on capital of 14.5% with gross underwriting leverage of 2.9x. Growth from these programs is expected to boost earnings. However, risks remain due to the company’s reliance on government policies and a concentrated client base, the ratings agency highlighted.

Key challenges include the company's reliance on the UAE market, a high proportion of high-risk assets (86.2% of equity), and dependence on reins. for underwriting capacity. The stable outlook reflects expectations of continued underwriting discipline and strong capital buffers.

CAPITAL MARKETS-

#1- CFD broker PU Prime launched 20 new UAE-listed stocks, spanning sectors including energy, banking, construction, and healthcare, PU Prime said in a press release. Since 24 March, traders have had the chance to invest in stocks of companies like Adnoc, Abu Dhabi Islamic Bank, and Aldar Properties.

#2- Multi-asset brokerage firm ICM.com has secured a Securities and Commodities Authority (SCA) license, enabling its subsidiary, ICM MENA, to provide promotional and introductory services in the UAE, according to a press release.

#3- Chimera Investments’ Egyptian financial services firm Beltone closed the first round of its capital increase: Investors had a strong appetite for the first round of Beltone Holding’s blockbuster EGP 10.75 capital increase, according to a disclosure to the EGX (pdf). The rights issue was 92.11% covered by investors during the first phase of subscription which ended on Monday. The total increase would see Beltone’s capital rise to EGP 21.7 bn.

What’s next? Information about the second installment will be made public once the financial services firm gets the thumbs up from the Egyptian Financial Regulatory Authority, the statement reads.

This is Beltone’s second mega capital increase in as many years, after it completed a EGP 10 bn capital increase on the EGX in 2023, which was met with major demand. This came shortly after Chimera Investments acquired 56% of the company in 2022 and recruited an all-new team of senior execs, including Dalia Khorshid as CEO.

REAL ESTATE-

Alef awards AED 1.1 bn Al Mamsha Raseel contract to CC7: Sharjah-based developer Alef has appointed China National Chemical Engineering & Construction Corporation Seven (CC7) as the main contractor for its AED 1.1 bn Al Mamsha Raseel project, according to a press release. The development will deliver 1.9k residential units across 11 buildings within the Darb and Nama clusters. Part of the larger 3 mn sq ft Al Mamsha Sharjah community, the project is set for completion in December 2028. Designed as a fully walkable, community-centric development, it will feature landscaped walkways, water elements, and green spaces.

ICYMI- Last year, Alef Group secured AED 310 mn in sales for its Al Mamsha Sharjah and Hayyan projects during the 2024 Acres Real Estate Exhibition.

LOGISTICS-

#1- AD Ports Group to boost digitalization initiatives: AD Ports Group digital arm Maqta Technologies Group inked a strategic partnership with Spain-based leading aerospace tech firm Indra Group to explore joint digitalization services and solutions for ports, logistics and trade across the region, Europe and Africa, according to a statement. The pair will collaborate to share technical expertise and form solutions for smart ports as well as trade digitalization, as well as integrating advanced management systems, port community systems, and maritime and logistics single windows.

#2- Autonomous delivery robots land at Dubai's Sobha: UAE-based last-mile delivery firm Yango Group has partnered with food tech and retail firm Roots to integrate last-mile robots for the delivery of groceries in Dubai’s Sobha Hartland, according to a statement. The move is in line with Dubai’s goal to cut carbon emissions by 30% and convert 25% of transportation to autonomous modes by 2030 under its Autonomous Transportation Strategy.

ENERGY-

Emsteel + Yellow Door Energy develop largest solar rooftop project in UAE: Renewable energy developer Yellow Door Energy has partnered with Emsteel to develop the largest industrial solar PV rooftop project with 31.5 MWp capacity, according to a press release. The project will generate around 50 mn kWh of clean energy annually, offsetting some 16k metric tons of carbon over the next 25 years. Construction will begin in 2025, with completion slated for 2026.

ALSO FROM YELLOW DOOR- The solar developer signed a 24.5 MWp solar power purchase agreement (PPA) with South African Cement supplier, according to a press release. The firm would supply four of PPC’s projects with energy from its solar park in Leeudoringstad through the country’s grid. The project will generate 57.5 GWh of electricity in the first year and includes a 43 km long overhead electrical lines to connect the solar park to a substation.

HOSPITALITY-

Marriott and ADNH partner on Al Marjan development: Marriott International and Abu Dh abi National Hotels (ADNH) inked an agreement to build a luxury resort and residential development in Ras Al Khaimah’s Al Marjan Island, according to a press release. The Luxury Collection Resort will comprise 466 rooms and suites, 29 villas, business spaces, and other amenities. The partnership will also see the two develop 392 apartments, ranging between one and five bedrooms, and 55 villas. The press release did not specify a timeline or investment figure.

Retail investors pour USD 67 bn into US stocks as institutions retreat

Retail investors are still doubling down on US stocks, pouring USD 67 bn into equities y-t-d, just shy of the USD 71 bn they invested in all of 4Q 2024, the Financial Times reports, citing VandaTrack data. The surge comes even as institutional investors pull back from the market amid growing fears of Donald Trump’s tariff threats and broader political uncertainty.

It’s become second nature: “Dip-buying has been an essentially foolproof strategy for four of the past five years,” said Interactive Brokers’ Steve Sosnick. “Doing something that works remarkably well for so long means you’re conditioned to stick with it.”

… plus: FOMO. Many investors are more afraid of missing a buying opportunity than suffering further declines, noted independent strategist Jim Paulsen. Despite a 2% drop in the S&P 500 and an 8% slide in tech stocks this year, retail investors have been net sellers on only seven trading days in 2025, according to Goldman Sachs.

Familiar names still dominate: Many continue chasing last cycle’s gainers, piling into the same high-flying names that led past rallies over the past two years but have taken a hit this year. “Retail investors tend to gravitate toward well-known stocks,” said one assistant law professor. Last week alone, they snapped up USD 3.2 bn worth of Tesla shares and USD 1.9 bn in Nvidia, JPMorgan data shows.

The dip-buying strategy has yet to reap any rewards: A JPMorgan model portfolio tracking retail’s money flows in the market indicates that retail investors have lost 7% of their capital this year — nearly double the losses made by the S&P 500 so far, Bloomberg reports.

Meanwhile, institutional investors are heading for the exits. March saw their “biggest ever” retreat from US equities, according to Bank of America.

Is this a red flag? “Back in 1999, when my housekeeper started asking which stocks to buy, that’s when things started to fall apart,” quipped one strategist.

MARKETS THIS MORNING-

Asian markets are still cheering the likelihood of a softer-than-expected tariff policy from the US, with Japan’s Nikkei, South Korea’s Kospi, and Hong Kong’s Hang Seng all up. China’s CSI 300 remained flat. Over on Wall Street, futures are also pointing towards more stability after stocks continued to gain ground yesterday, recovering from last week’s losses.

ADX	9,342	-0.3% (YTD: -0.8%)
DFM	5,117	+0.0% (YTD: -0.8%)
Nasdaq Dubai UAE20	4,188	-0.4% (YTD: +0.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.3% 1 yr
TASI	11,706	-0.6% (YTD: -2.7%)
EGX30	31,762	-0.2% (YTD: +6.8%)
S&P 500	5,777	+0.2% (YTD: -2.1%)
FTSE 100	8,664	+0.3% (YTD: +0.6%)
Euro Stoxx 50	5,475	+1.1% (YTD: +11.8%)
Brent crude	USD 73.02	0.0%
Natural gas (Nymex)	USD 3.89	+1.3%
Gold	USD 3,054	0.0%
BTC	USD 87,419	-0.1% (YTD: -6.6%)

THE CLOSING BELL-

The ADX fell 0.3% yesterday on turnover of AED 1.2 bn. The index is down 0.8% YTD.

In the green: Sharjah Cement and Industrial Development Co. (+14.8%), RAK Properties (+4.0%) and Sudatel (+3.1%).

In the red: GFH Financial Group (-5.2%), Multiply Group (-4.2%) and Abu Dhabi Ship Building Co. (-4.0%).

Over on the DFM, the index remained flat yesterday on turnover of AED 771.7 mn. Nasdaq Dubai was down 0.4%, and up 0.6% YTD.

CORPORATE ACTIONS-

EshraqInvestments is looking to terminate its management agreement with Shuaa GMC due to concerns over significant discrepancies in the valuation of the Goldilocks Fund, Zawya reports. Changes in valuation methods led to a AED 497 mn reduction in the fund’s underlying assets in 4Q 2024.

REMEMBER- Eshraq reported widening losses for FY 2024, reaching 679.4 mn, up from AED 545.1 mn in 2023, according to Eshraq’s financials (pdf). The losses are driven by asset write-downs in the Goldilocks Fund, which was launched in 2015 and acquired by Eshraq in 2022. The company has taken legal action to accelerate the termination of the agreement.

ICYMI- Eshraq said back in June that it was evaluating options for the fund, including taking over full management, exiting, or co-managing it with Shuaa Capital.

Adnoc Logistics and Services’ approved a total dividend of USD 273 mn (AED 1 bn) for 2024, reflecting a 5% y-o-y increase, in line with the company’s progressive dividend policy, according to an ADX disclosure (pdf). A final dividend payment of USD 136.5 mn (AED 501.3 mn), equivalent to 6.78 fils per share, will be distributed on 3 April.

Looking ahead: Adnoc L&S expects net income growth in 2025 to be in the low double-digit range. The company anticipates revenue growth this year in the mid-to-high 40% range, with a compound annual growth rate in the low single digits between 2026 and 2029. Additionally, Adnoc L&S projects its organic investment spending to increase by at least USD 3 bn by 2029.

State-owned district cooling firm Tabreed approved distributing AED 441 mn in dividends for 2024, according to a DFM disclosure (pdf).

Trump, Al Nahyan discuss strategic ties, ceasefire in Gaza + Al Nahyan meets King Abdullah in Abu Dhabi

President Sheikh Mohamed bin Zayed Al Nahyan spoke with US President Donald Trump over the phone about boosting strategic ties, while discussing the outcome of Deputy Abu Dhabi Ruler and National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan’s US visit last week. Sharjah 24 reports. The two heads of state also discussed ongoing efforts for a ceasefire in Gaza, while Al Nahyan argued for the importance of allowing the delivery of humanitarian aid to Gazans.

REMEMBER- The visit last week saw the UAE pledge USD 1.4 tn in investments in the US through a 10-year investment framework, which will focus on sectors like AI infrastructure, semiconductors, energy, and manufacturing.

Al Nahyan also met with Jordan’s King Abdullah in Abu Dhabi yesterday, where the two discussed bilateral ties and the importance of a ceasefire in Gaza, Wam reports.

ALSO- Foreign Affairs State Minister Sheikh Shakhboot bin Nahyan Al Nahyan met Ugandan President Yoweri Museveni in State House Entebbe in Uganda as part of a state delegation, according to a press release. The two discussed areas of mutual interest, as well as regional and international issues.

CALENDAR

MARCH

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

24-28 March (Monday-Friday): Subscription period for Methaq Takaful’s rights issue on the ADX.

29 March (Saturday): New traffic regulations and minimum driving age to take effect.

30 March-1 April (Sunday-Tuesday): Eid Al Fitr, national holiday.

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.

APRIL

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

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

1 April (Tuesday): Cabinet to roll out new tightened merger control rules.

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

7-8 April (Monday-Tuesday): The International Booksellers Conference, Expo Center Sharjah.

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, Abu Dhabi National Exhibition Center.

7-9 April (Monday-Wednesday): The Fujairah International Bunkering and Fuel Oil Forum, DoubleTree by Hilton Fujairah.

8 April (Tuesday): Allocations and refunds for Methaq Takaful’s rights issue on the ADX.

8-9 April (Tuesday-Wednesday): World Crisis and Emergency Management Summit, Abu Dhabi.

11-13 April (Friday-Sunday): I-Film Festival, Yas Creative Hub, Abu Dhabi.

12-13 April (Saturday-Sunday): Global Justice, Love & Peace Summit, Dubai Exhibition Centre, Expo City Dubai.

14-16 April (Monday-Wednesday): Dubai Woodshow, Dubai World Trade Center

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

14-26 April (Monday-Saturday): Solana Economic Zone, Dubai.

15-17 April (Tuesday-Thursday): The Abu Dhabi Global Health Week, Adnec center, Abu Dhabi.

15 April (Tuesday): The Global Islamic FinTech Forum, Dusit Thani Hotel, Dubai.

16-17 April (Wednesday-Thursday): The FastBull Finance Summit, Coca Cola Arena, Dubai.

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.

22-24 April (Tuesday-Thursday): The International Conference on Education Quality,General Directorate of Identity and Foreigners Affairs Office, Dubai.

23-24 April (Wednesday-Thursday): Dubai AI Festival, Dubai International Financial Center.

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

28 April-2 May (Monday-Friday): The Annual Conference of the International Federation of Air Traffic Controllers’ Associations (IFATCA)

29 April (Monday): Deadline to send comments and feedback on the FSRA proposal.

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.

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

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.

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

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

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

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

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

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

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

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

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

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

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

30 May (Friday): Arafat Day.

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

Signposted to happen sometime in May:

Asean and 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

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.

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

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.

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

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

Signposted to happen sometime in 2025:

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

Signposted to happen sometime in the fall of 2025:

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

Signposted to happen sometime in 2026:

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

Signposted to happen sometime in 2027:

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

Signposted to happen sometime between 2027 and 2029:

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

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