World Bank upgrades the UAE’s growth forecast

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Omniyat taps banks for debut green sukuk + UAE-Qatar road link coming?

Good morning, friends, and happy FRIDAY. We’re wrapping up a busy week of news with another packed issue filled with news on everything from debt and green financing, to real estate, more (positive) macro projections, and updates on the UAE’s open finance framework and rising interest in private credit.

The big story of the day is the World Bank’s upgrade of its forecast for the UAE’s growth in 2025 despite global headwinds. But we also have: Mubadala investing USD 1 bn in Fortress’ private credit strategies; Emicool securing a c.AED 2 bn green facility; Egypt’s Ora Developers launching a USD 10 bn coastal development in Ghantoot; and the first fintech going live under the Open Finance Framework.

PLUS- Ever wondered what keeps a top government technology advisor up at night, and how they go about their day? Our My Morning Routine today with G42 subsidiary and big data firm Presight’s government technology advisor Martin Yates has everything from how “superintelligence” can change the global order, to the potential impacts of quantum computing, and what AI could mean for DJs.

***

Take our 4.5-day workweek survey: We’re taking the pulse on the level of adoption of the 4.5-day workweek, and on how employees and employers alike feel about it — especially now that Dubai has piloted an even shorter 4-day workweek for public sector workers in the summer, and is exploring more flexible working regulations. Take a few minutes to fill out our short survey. We’ll be back with the results in a few weeks’ time.

***

WEATHER- It’s another hot day in the UAE, with afternoon highs in Dubai reaching 37°C before cooling to nighttime lows of 27°C. Temperatures are cooler over in Abu Dhabi, with afternoon highs reaching 30°C and nighttime lows at 25°C.

WATCH THIS SPACE-

#1- Dubai’s luxury developer Omniyat Holdings has appointed banks for its inaugural USD-denominated green sukuk issuance, Zawya reports. The three-year benchmark Reg S senior unsecured sukuk will follow global investor calls. While specific use of proceeds has not been disclosed, the green label suggests alignment with sustainability-focused initiatives.

Omniyat, which holds a BB- credit rating with a stable outlook from both S&P and Fitch, is seeking to tap the debt markets with its debut Islamic bond, potentially as early as this quarter, to fund its portfolio of ultra-luxury developments.

ADVISORS- Citi acts as the sole green structurer for Omniyat's sustainability finance framework. The joint global coordinators for the sukuk are our friends at Mashreq, ADCB, Citi, ENBD Capital, JP Morgan, and Standard Chartered, with Ajman Bank, CBD, DIB, FAB, Kamco Invest, Rakbank, and Warba Bank serving as joint lead managers and bookrunners.

#2- Multiple UAE-listed ins. firms have fallen below solvency requirements, with potential regulatory steps needed to ensure stability, Zawya quotes S&P’s Director of Financial Services and Ins. Emir Mujkic as saying.

Regulators may intervene if insurers fail to restore solvency buffers and ensure they can continue their activities, Mujkic said. Price competition between takaful and conventional insurers poses challenges to the 21 ins. firms listed on UAE indices.

In context: Four of 10 listed takaful providers have reported losses exceeding 25% of capital, including two with losses over 50%. ADX-listed Fidelity United reported a solvency deficit of AED 5.1 mn, leading to its CEO’s resignation last year, while Dubai Islamic Ins. and Reins. (Aman) auditors withheld approval of its recent financials due to issues regarding solvency capital deficits.

#3- Etihad Rail launched the procurement process for a 40 km UAE-Qatar road link, Meed quoted sources close to the matter as saying. The project — West Link — looks to build two lane-road starting near Abu Dhabi’s Ras Ghumays and extending to a ferry terminal on Makasib island which will connect to Qatar. The move looks to reduce travel time between the two countries, which at present requires passing through some 125 km of Saudi Arabia.

Who’s involved? Multiple local and international firms submitted early contractor involvement (ECI) tenders earlier this month. Those selected will submit methodologies for the project, a design proposal and budget estimates during the early stages of procurement, sources close to the project said. The potential investment figure for the project was not disclosed.

#4- UAE will send free-of-charge portable desalination plants to Cyprus, the Associated Press reports, citing statements from Cypriot Agriculture and Environment Minister Maria Panayiotou to the state broadcaster. The tourism-reliant island’s water needs have become critical ahead of the peak in summer tourism since a fire stopped operations at one of its five desalination plants. The plants from the emirates will provide 15k cubic meters of clean water daily.

#5- Adnoc Gas received bids for a gas processing train at the Abu Dhabi-based Habshan complex earlier this month, sources told MEED. The selected contractor would proceed with the project’s front-end engineering, design verification, technical reviews and the procurement of long-lead goods. UK-based engineering consultancy Wood Group performed a concept study and initial engineering design for the project, they added.

Adnoc Gas is looking to commission the new train in 2029, as parent company Adnoc looks to increase production to 5 mn barrels a day by 2027. The complex’s current output capacity is 6.1 bn cubic feet per day. The complex comprises five trains and 14 processing units that receive gas feedstock from onshore and offshore fields in Abu Dhabi.

#6- Cafu eyes stake sale: Dubai fuel-delivery startup Cafu is in early discussions to sell a stake in the company, its first such fundraising move, Bloomberg reports, citing people familiar with the matter. The firm tapped Lazard as an advisor, but no final decisions have been made and talks remain preliminary.

Business model shift: Cafu has also started charging tiered delivery fees, reversing its prior no-charge fuel delivery model, a company spokesperson told Gulf News. This marks a return to its 2018 structure, which initially included fees or subscriptions before it shifted to no-fee deliveries.

How much will it cost you? Priority service, with delivery within 20 minutes, costs AED 20, while standard delivery within 2 hours will cost AED 16 and overnight delivery between 12pm and 6am will set you back AED 12.

#7- Emirates received four Airbus A350 carriers this month, and is expecting to uptake four more in May and one or two June, COO Adel Reda told CNBC (watch, runtime: 8:40). The airline's current carriers on-order from Boeing are forecasted to be delivered by the end of next year, he added.

More to come: The carrier expects to receive between 12-15 Airbus A350s in the summer of 2025, The National reports, citing chief commercial officer Adnan Kazim. The company will receive a second tranche of this model later this year which will be used for long routes. The airline plans to increase the number of its retrofitted Boeing and Airbus planes from 51 to 87 by the end of 2025.

REMEMBER- Dubai’s flagship carrier tapped HSBC to act as its sole senior arranger and original lender to finance the purchase of the four additional Airbus A350-900 jets last month. Emirates has invested nearly USD 5 bn to upgrade its existing aircraft — including Airbus A380 jumbo and Boeing’s 777 — to circumvent delays for new aircraft models on order. The airline plans to invest USD 80-90 bn to expand its fleet with 315 new aircraft by 2032, comprising 240 Boeing 777X/787s, 65 Airbus A350s, and 10 cargo planes.

An update on travel demand: Bookings to global destinations including the US are strong despite the tariff war, Kazim said, while Reda added that it is seeing more than 80% occupancy in flights.

DATA POINTS-

#1- Hub71’s startups raised a record USD 2.2 bn in funding in 2024, marking a 44.7% y-o-y increase, according to a press release. The tech ecosystem’s startups inked 91 agreements with government and private sector partners, valued at USD 28 mn. Notable raises included Climatetech startup 44.01, which landed USD 37 mn in a Series A funding and fintech startup FlapKap raising USD 34 mn in a pre-Series A funding round.

#2- Dubai’s commercial vehicles registrations rose by 43% y-o-y to 71k in 2024, Kha leej Times reports. The number of rental companies also jumped 33% to over 3.4k.

#3- Dubai recorded a 3% y-o-y increase in international visitors in 1Q 2025, state news agency Wam reports, citing the CEO of the Dubai Corporation for Tourism and Commerce Marketing Issam Kazim. The emirate hosted 18.7 mn international tourists in 2024, up 9% from 2023.

PSAs-

#1- Dubai's crypto regulator warned against entities falsely claiming to be part of the pilot phase of the Dubai Land Department's (DLD) real estate tokenization project in a joint statement by Dubai’s Virtual Assets Regulatory Authority (Vara) and DLD. The pilot, launched last month, is limited to pre-approved participants, and unauthorized claims of participation violate Dubai’s virtual asset laws and can incur penalties, Vara said. The authority did not name any firms, but said that the public should check official channels before participating with platforms claiming to be involved with the scheme, Vara said.

#2- UAE-India flights may face delays and longer travel times as Pakistan shuts its airspace to Indian-owned and operated airlines, following an escalation of tensions between the two countries in the wake of an attack on Kashmir, Air India said in a statement to Khaleej Times. Indian carriers operating in the UAE could be forced to reroute over the Arabian Sea or via longer southern paths, adding up to two hours of flight time. While UAE-based airlines are not directly affected, knock-on effects like air traffic congestion and slot rescheduling may still cause some disruptions.

HAPPENING TODAY-

#1- It’s day five of the IMF and World Bank’s spring meetup, taking place as the global economy grapples with mounting trade tensions and tariff escalations. The six-day 2025 Spring Meetings of the IMF and World Bank Group will bring together policymakers, central bankers, economists, private sector leaders, and others to discuss what the year ahead holds.

On the agenda today: IMF’s Middle East and Central Asia Department Director Jihad Azour will participate in a discussion on navigating market and global uncertainty. There will also be a discussion on developing domestic capital markets to unlock growth, and making financial sectors resilient through using AI.

#2- Sharjah’s ruler Sultan bin Mohammed Al Qasimi arrived in Muscat and is set to meet Oman’s Sultan Haitham bin Tariq during his visit, state news agency Wam reports.

#3- Dubai AI Week is on its final day at the Museum of the Future, Area 2071, and the Emirates Towers in Dubai. The week-long event will feature talks, workshops, and showcases from global and local AI leaders, entrepreneurs, and policymakers.

#4- The Dubai Esports and Games Festival is on this weekend and will run through to Sunday, 11 May at the Dubai World Trade Center. The festival features GameExpo, with interactive gaming zones and esports tournaments, alongside industry discussions on AI and Web3. The event includes networking sessions, workshops, and initiatives to support gaming talent development.

#5- The Entrepreneurship Makers forum kicked off today at the Al Khawaneej Majlis in Dubai, state news agency Wam reports. Organized by the General Directorate of Identity and Foreigners Affairs, the forum promotes entrepreneurship among young people and highlights government services supporting business ventures. The event includes decision-makers, entrepreneurs, and influencers, focusing on creating a structured environment for entrepreneurship.

#6- The Solana Economic Zone is happening in Dubai. The two-week event runs until Saturday, 26 April and focuses on blockchain innovation, providing a platform for founders, builders, and investors looking to set up crypto and blockchain businesses in Dubai.

HAPPENING NEXT WEEK-

#1- The Arabian Travel Market is happening from Monday, 28 April to Thursday, 1 May at the Dubai World Trade Center. The event convenes all travel sectors and verticals, addressing industry challenges for tourism businesses and offering networking sessions. The conference’s program focuses on hospitality, investment, sustainability, marketing, and technology.

#2- The International Federation of Air Traffic Controllers' Associations (IFATCA) conference will run from Monday, 28 April to Friday, 2 May at the Adnec Center in Abu Dhabi. The conference brings together air traffic control professionals to discuss the air traffic management sector, focusing on capacity building, emerging technologies, and solutions to challenges faced by the industry.

#3- The Fujairah International Conference of Adventures Tourism is running from Wednesday, 30 April to Friday, 2 May at the Fujairah Adventures Centre. The event will spotlight investment, sustainability, and innovation in adventure tourism. The agenda includes panel discussions, MoU signings, site tours, and the launch of the region’s first standardized framework for adventure tourism.

The Behavioural Exchange 2025 Conference (BX2025) will be on Wednesday, 30 April and Thursday, 1 May at New York University Abu Dhabi. The event will gather global experts, policymakers, and researchers to discuss behavioural insights and their application in tackling complex societal challenges.

THE BIG STORY ABROAD-

It’s a mixed bag in the global press this morning, with Alphabet’s earnings getting most of the attention of the business press, and some of US President Donald Trump’s he said, she said on China (and a rare rebuke to Russia) getting some ink.

Google parent Alphabet beat earnings estimates with a 46% growth in net income in 1Q 2025, driven mostly by its search advertising business and increased demand for its cloud offerings. The company also announced a USD 70 bn share buyback program, and said it would boost dividends by 5% — boosting shares more than 4% after hours. (Bloomberg | Financial Times | Reuters)

On the flip side, Intel’s weak forecast for 2Q revenues to investors pushed shares down 5% in afterhours trading, though the new CEO, Lip-Bu Tan promised radical changes in operations, including layoffs, to boost innovation at the company. (Reuters)

Over in Trump Land, the US president wrote “Vladimir, STOP” in a post on his social media app Truth in response to fresh attacks on Kyiv that killed 12 people, a rare move as he looks to clinch a ceasefire agreement, reportedly ahead of his 100th day in office on 30 April.

Trump also told reporters the US is engaging in trade talks with China, despite China denying those claims earlier, the Guardian reports.

***

You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.

EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq. Tap or click here to get your own copy of EnterpriseAM UAE.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA climate and logistics industries?

***

World Bank upgrades growth forecast for the UAE, citing increased oil production and non-oil momentum

The World Bank raised its GDP growth forecast for the UAE to 4.6% in 2025 and 4.9% in 2026 in its April Mena Economic Update (pdf). The bank had previously forecast 4.0% growth for the UAE in 2025 and 4.1% for 2026.

The rationale: The upgrade reflects stronger non-oil momentum and a gradual unwinding of Opec+ oil output cuts, which are expected to boost hydrocarbon activity across the region.

REFRESHER- Opec+ is moving ahead with its planned supply hikes, citing a positive market outlook, but has left room to pause or reverse course if needed. The UAE is set to benefit from a raised production quota of 3.5 mn barrels per day in 2025, up from 2.9 mn.

Manufacturing muscle: The UAE’s industrial sector — a key pillar of its diversification strategy — is expected to remain a strong growth driver, the World Bank notes. Alongside Bahrain and Oman, the UAE exports manufactured goods worth more than 20% of GDP despite being a major oil producer. The country also ranks among the region’s leading manufacturing exporters, with a diversified profile of exports accounting for almost 30% of GDP in 2022.

A Reuters poll of economists was slightly less optimistic, forecasting 4.5% growth for the UAE — a downward revision from 5% earlier in January, though still the fastest in the region.

REMEMBER- Earlier this week, the International Monetary Fund (IMF) maintained its UAE forecast at 4% for 2025 — also the highest forecast across the GCC — noting resilient non-oil momentum and a projected 4.5% expansion in non-hydrocarbon GDP. The UAE Central Bank expects a stronger 4.7% GDP growth, while S&P Global and Fitch Solutions’ research unit BMI had previously forecast 5.1% growth this year.

THE REGIONAL PICTURE-

The broader MENA region is forecast to expand 2.6% in 2025 and 3.7% in 2026, marking sharper downgrades from earlier forecasts of 3.4% and 4.1%. The downward revisions reflect tighter global financial conditions, as well as a projected fall in remittances, and a worsening of external balances amid capital outflows on the back of dampened consumer confidence and investor sentiment leading to capital outflows.

GCC economies will fare better: The GCC as a whole is now projected to grow 3.2% in 2025 and 4.5% in 2026, with both 2025 and 2026 figures revised down by just 0.1 percentage points from the World Bank’s January estimates. Gulf economies are expected to outperform thanks to resilient non-oil sectors such as tourism, construction, and financial services.

Mubadala doubles down on private credit with USD 1 bn Fortress tie-up

Mubadala Investment Company is committing USD 1 bn to a new strategic partnership with US-based asset manager Fortress Investment Group, with a focus on private credit, asset-based lending, and real estate strategies, according to a statament. The funds will be deployed across Fortress’ credit and special situation strategies.

Background: Mubadala acquired a controlling stake in Fortress via its asset management arm Mubadala Capital last May, with Fortress management retaining board control and operational independence.

Mubadala has been doubling down on private credit: Private credit has been Mubadala’s top-performing asset class for three straight years, and it currently boasts several private credit partnerships across the US, Europe, and Asia.

Fortress is a sought-after credit powerhouse: The firm has deployed over USD 100 bn in credit transactions over the past two decades. It recently drew interest from European private equity giant CVC Capital Partners, which reportedly held acquisition talks with Mubadala last month, but discussions broke down over valuation differences.

UAE Central Bank’s Open Finance Framework debuts with first fintech authorization

Pay10 is the first fintech live on CBUAE’s Open Finance Framework: Alternative payment method provider Pay10 has secured authorization under the Central Bank of the UAE’s (CBUAE) Open Finance Framework, according to a press release (pdf). This makes Pay10 the first fintech to operate under the framework. The move allows it to launch payment initiation services, including variable recurring payments, and enable real-time bank account connectivity.

It will take some time for it to pay dividends: “The broader impact of the Open Finance framework will be realized as licensed banking partners complete their integration into the ecosystem,” the statement said.

The license is Pay10’s third from the Central Bank, alongside its existing retail payment services and card schemes license and a stored value facilities license.

Open Finance Framework? The CBUAE issued the Open Finance regulation last year ahead of a full roll-out of open finance this year, as part of its Financial Infrastructure Transformation Program. The regulation standardizes secure cross-sector data sharing and transactions through a trust framework, an API hub, consumer consent protocols, and infrastructure services to support cross-sectoral data sharing and transaction initiation.

Emicool goes green with AED 1.95 bn funding

Emicool secures AED 1.95 bn in first-ever green financing: Utility firm Emicool — a joint venture between Dubai Investments and London-based infrastructure-focused private equity giant Actis — has landed its first green financing worth just short of AED 2 bn, as part of a broader AED 2.3 bn syndicated facility, Asharq Business reports, citing a statement.

The details: Dubai Islamic Bank and Abu Dhabi Commercial Bank provided the funds, which will support energy-efficient district cooling projects. The 12-year facility includes a five-year grace period and aims to reduce emissions compared to traditional cooling systems.

REMEMBER– In 2022, Actis acquired a 50% stake in Emicool from Dubai Investments, forming a joint venture aimed at expanding sustainable district cooling services in the MENA region. This transaction was highlighted as one of the largest in the district cooling industry in the region.

OTHER DEBT NEWS-

Ajman Bank’s debut USD 500 mn sukuk attracted over 100 investors with 35% of the transaction allocated to international investors, and the remainder to regional investors, according to a press release. Investors included fund managers, banks, pension funds, and insurance companies.

ICYMI- Strong global demand prompted the bank to launch the sukuk just one day after appointing arrangers, generating an orderbook exceeding USD 2.7 bn — a 5.4x oversubscription. The issuance was priced at a profit rate of 5.125%, with a credit spread of 130 basis points over five-year US Treasuries, tightened from initial price thoughts of 165 bps. The sukuk is expected to be rated BBB+ by Fitch.

ADVISORS- Our friends at Mashreq, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, KFH Capital, QNB Capital, Sharjah Islamic Bank, Warba Bank, and Citi acted as joint lead managers and bookrunners. Meanwhile, Emirates NBD Capital, Standard Chartered Bank, First Abu Dhabi Bank, and JP Morgan acted as joint global coordinators.

Egyptian b’naire Naguib Sawiris’ Ora Developers launches USD 10 bn project in the UAE, eyes IPO in 3-4 years

Egyptian real estate firm Ora Developers — led by b’naire Naguib Sawiris as chairman and CEO — has launched its flagship project in the UAE, a coastal 4.8 mn sqm development between Dubai and Abu Dhabi named Bayn at a launch event yesterday. The project will cost some USD 10 bn to develop, Sawiris told EnterpriseAM UAE.

What we know: The development stretches over a 1.2km coastline, and will include a marina, business park, sports club, and several other amenities, in addition to a low-density masterplan of townhouses and villas. Bayn is located approximately 35 minutes away from Downtown Dubai and 45 minutes away from Abu Dhabi’s city center.

Bayn will be rolled out in phases, with the launch of the second phase expected to come sooner than initially planned due to the strong demand from buyers, Sawiris told us. The launch of the second phase was planned for after the summer.

REMEMBER- The developer just opened its UAE headquarters in Dubai, with plans to triple its workforce by the end of the year. Besides Bayn, the firm is also building a family luxury community with US operator Discovery Land Company with a private 18-hole golf course, we reported previously.

All eyes on Ghantoot for now: The developer will wait until at least 30% of Bayn is complete before launching other projects, Sawiris said, adding that it needs to build a name for itself in the UAE. Sawiris noted that while higher inflation at Ora’s home base in Egypt has hit margins and profitability, the UAE is much less exposed to economic headwinds, and support from leadership has made its expansion to the UAE a very smooth process.

A UAE IPO is in the cards: Ora Developers is eyeing a listing in three or four years in the UAE, Sawiris confirmed.

Real estate transactions up 35% in 1Q in Abu Dhabi

Abu Dhabi’s property market recorded AED 25.3 bn in real estate transactions in 1Q 2025, up 34.5% y-o-y, according to Abu Dhabi Real Estate Center data picked up by the Abu Dhabi Media Office.

Volumes up: Some 6.9k transactions were completed during the quarter, up from the 5.7k in 1Q 2024 which brought in AED 18.2 bn. Buy and sell transactions rose 26.7% y-o-y to AED 15.5 bn, while mortgages were up 49% to AED 9.8 bn. Foreign direct investment also saw a boost, with 384 transactions by investors from 68 nationalities totaling AED 1.6 bn.

Location-wise, Saadiyat Island saw the most transactions, followed by Yas Island and Mohammed Bin Zayed City.

This follows a strong 2024 for Abu Dhabi’s real estate market, which recorded AED 96.2 bn in transactions in 2024, up 24.2% in volume and 10.5% in value y-o-y. Sales made up the bulk at AED 58.5 bn, while mortgages hit AED 37.7 bn. FDI more than doubled to AED 7.9 bn from 2.3k investors across 105 countries. The year also saw 38 new off-plan launches and 12 project completions.

It’s been a good quarter for the Emirates, with Sharjah and Dubai also posting strong real estate growth in 1Q 2025. Sharjah recorded AED 13.2 bn in transactions , up 31.9% y-o-y, with residential properties leading the activity and foreign investor participation rising 25.3% to total 3.7k buyers from 94 nationalities. Dubai saw a 29.2% jump in transaction values to AED 114.1 bn, fueled by off-plan sales, which hit 24.9k transactions.

Dubai Islamic Bank reports a net income of AED 1.8 bn in 1Q 2025

It’s still a slow start to earnings season, but we have reports from Dubai Islamic Bank and Palms Sports for you to sift through.

DIB-

The UAE’s largest Islamic bank Dubai Islamic bank saw its bottom line rise 8% y-o-y to AED 1.8 bn in 1Q 2025, according to its financials (pdf). The lender’s total operating income inched down 1.7% y-o-y to AED 5.5 bn. Meanwhile, customer deposits rose to AED 265 bn with the current and savings accounts representing 37% of total deposits, according to its earnings release (pdf).

PALMS SPORTS-

Sports training provider Palms Sports, a subsidiary of International Holding Company, reported an 18% y-o-y rise in net income before tax to AED 20 mn in 1Q 2025, according to an earnings release (pdf). The company saw its revenues increase 7% y-o-y to AED 276 mn.

Aramex appoints its CFO as acting group CEO + EFG Dubai gets new chair

Logistics and transportation provider Aramex’s board of directors has appointed its Chief Financial Officer Nicolas Sibuet (LinkedIn) as acting group CEO effective 24 April. This comes following the resignation of former CEO Othman Al Jeda (LinkedIn) for personal reasons, according to a press release (pdf). Sibuet was previously a drilling industry expert at Boston Consulting Group, and later served as CFO at Abu Dhabi Airports. He is currently a member of Dubai Angel Investors and Saudi Angel Investors.

Private banking group EFG Dubai tapped Soha Nashaat (LinkedIn) as its new executive chair, effective 1 May, according to a press release. Based in Dubai, Nashaat will lead EFG’s strategic growth efforts across the region and steer expansion into new markets. She brings over 30 years of experience in the wealth management industry, previously serving as CEO of Barclays Wealth Middle East and as Offshore Middle East Head at Merrill Lynch.

Ayu Life Sciences to develop a AED 33 mn medical facility in Jafza

MANUFACTURING-

Ayu Life Sciences to build AED 33 mn medical facility in Jafza: Medical device and cell therapy company Ayu Life Sciences will construct an AED 33 mn 13.5k sqm medical manufacturing facility in Dubai’s Jebel Ali Freezone (Jafza), according to a press release. The first phase of the facility will launch in late 2025, with full operations expected by 2027. The plant will produce wound care products and surgical treatments, including Velgraft, an artificial skin substitute for tissue regeneration, Velvert, a dressing specializing in speeding up healing and stopping infection, and VelNez, a nasal and ear dressing.

ENERGY-

NMDC Energy extended its long-term partnership with Aramco to provide engineering services to the Saudi oil giant, according to a press release. Under the agreement, NMDC Energy will provide services including detailed engineering, material procurement, fabrication, transportation, installation, and pre-commissioning of offshore facilities for projects in Saudi Arabia’s territorial waters.

CRYPTOCURRENCY-

Shariah-compliant virtual assets now available on ruya app via Fuze partnership: Homegrown digital Islamic community bank ruya rolled out a new shariah-compliant virtual asset investment service in partnership with Abu Dhabi-based digital asset infrastructure startup Fuze, making it the first Islamic bank to offer crypto trading through an app, according to a press release. The move taps into the UAE’s fast-growing digital asset space, which saw over USD 30 bn in inflows and 42% y-o-y growth as of June 2024 — nearly quadruple the regional average.

LOGISTICS-

The UAE gets a new vehicle shipping service to Libya: Shipping giant Mediterranean Sea Company (MSC) and AD Ports subsidiary Noatum Maritime launched a new shipping service linking Jebel Ali Port to Libya’s Jiliana Port in Benghazi in just one day, Libya Alhadath TV reports (watch, runtime: 02:40). A dual-fuel cargo vessel, dubbed UGR Al Samha, will be operating the service, with a total area of 59k sqm and carrying capacity exceeding 7k car equivalent units.

AI-

DCAI launches global AI investment hub: Dubai Center for Artificial intelligence (DCAI) partnered with the South African Artificial Intelligence Association and European partners to launch a cross-continental AI trade and investment hub, according to a press release. The initiative looks to connect startups with investors, support business expansion, and strengthen emerging AI ecosystems across Africa, the Middle East, and Europe.

MENA fixed income outperform as global risks loom

1Q 2025 saw Mena fixed income markets off to a strong start, according to Mashreq Capital’s latest quarterly outlook (pdf), even as risk sentiment takes a hit globally. The Bloomberg MENA USD Aggregate Bond Index climbed 2.6% in 1Q 2025, reversing a 2.6% drop in the previous quarter and outperforming broader emerging market (EM) debt.

The main draw: Gains were driven by a 40 bps drop in US 10-year treasury yields and steady appetite for the long-duration, high-grade regional bonds. With an average duration of 6.1 years and an A credit rating, MENA bonds continue to offer value, with yields close to 6%, about 100 bps above their five-year average, even as spreads remain tight by historical standards.

Gulf heavyweights did most of the lifting: Saudi Arabia, the UAE, and Qatar drove fixed income gains in 1Q, together contributing 211 bps to overall performance. Sovereigns and government-related entities delivered most of the returns across MENA, accounting for 220 bps in total.

New debt looks to be pouring into the region: Issuance across MENA is picking up speed, with 40% of the total USD 120 bn expected this year already completed by the end of 1Q. Saudi Arabia and the UAE — both at a federal level and from Abu Dhabi — are expected to contribute the lion’s share of supply, whilst Kuwait is set to return to international markets after passing its long-delayed debt law.

Equities underperformed, but the flows didn’t stop: Mena stocks lagged EM peers by 57 bps last quarter, weighed down by soft oil prices. Still, foreign capital continued to flow in: Kuwait surged nearly 10%, Dubai rose 1.7% on the back of strong performance from real estate and bank stocks, and Saudi’s Tadawul gained 0.6%. Abu Dhabi was only up marginally as Adnoc stocks came under pressure.

Mashreq Capital has a more cautious stance for 2Q: The firm remains neutral on Mena fixed income but has trimmed risk, cutting high-beta names and adding modest duration through investment-grade bonds. The shift comes amid rising global volatility, with US trade tariffs and weakened Brent oil prices flagged as key downside risks.

The big picture: The UAE, Qatar, and Oman are expected to outperform thanks to low fiscal breakeven oil prices and solid external positions, according to the report. Oman and Morocco are on upgrade watch, while Bahrain and Sharjah remain underweight amid debt concerns and weaker fundamentals.

It is also backing sectors tied to domestic demand, including infrastructure, real estate, and tech, in markets like the UAE, Saudi Arabia, and increasingly Oman. The firm says structural reforms and policy follow-through are anchoring long-term investor interest in these economies.

MARKETS THIS MORNING-

Asian markets are still riding the Wall Street rally, with Japan’s Nikkei, Hong Kong’s Hang Seng, and South Korea’s Kospi all up around 1%. China’s CSI 300 was up 0.3%. Over on Wall Street, futures suggest another strong open as tech earnings continue to boost the indices.

ADX	9,425	+1.1% (YTD: +0.1%)
DFM	5,196	-0.2% (YTD: +0.7%)
Nasdaq Dubai UAE20	4,245	+0.9% (YTD: +1.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.0% o/n	4.2% 1 yr
TASI	11,764	+0.7% (YTD: -2.3%)
EGX30	31,640	+2.7% (YTD: +6.4%)
S&P 500	5,485	+2.0% (YTD: -6.8%)
FTSE 100	8,407	+0.1% (YTD: +2.9%)
Euro Stoxx 50	5,115	+0.3% (YTD: +4.5%)
Brent crude	USD 66.6	+0.7%
Natural gas (Nymex)	USD 2.92	-0.5%
Gold	USD 3,354.21	+0.1%
BTC	USD 93,894.65	+0.2% (YTD: -0.6%)

THE CLOSING BELL-

The ADX rose 1.1% yesterday on turnover of AED 2 bn. The index is up 0.1% YTD.

In the green: Gulf Pharma Industries (+14.4%), Burjeel Holdings (+9.7%) and Abu Dhabi National Co. for Building Materials (+7.5%).

In the red: Emirates Ins. Co. (-9.9%), Aram Group (-6.2%) and Hayah Ins. (-5.6%).

Over on the DFM, the index fell 0.2% on turnover of AED 626.2 mn. Meanwhile, Nasdaq Dubai was up 0.9%.

CORPORATE ACTIONS-

Al Wathba National Ins. approved a FY 2024 dividend of AED 41.4 mn, or AED 0.20 per share, representing 20% of its share capital, according to an ADX disclosure (pdf).

Abu Dhabi National Takaful has greenlit the distribution of AED 21 mn in dividends for FY 2024, representing 20% of paid-up capital, according to an ADX disclosure (pdf).

Dubai National Ins. approved a 15% dividend for FY 2024, totalling AED 17.3 mn, up from AED 11.5 mn last year, according to a press release.

Takaful Emarat appointed BHM Capital as the liquidity provider for its shares, according to a DFM disclosure (pdf).

Lulu Retail Holdings approved a dividend of AED 309.9 mn for 2H 2024, equivalent to 3 fils per share, according to an ADX disclosure (pdf).

UAE, Philippines sign security cooperation agreement

UAE and Philippines sign security pact: UAE Deputy Prime Minister and Interior Minister Sheikh Saif bin Zayed Al Nahyan has signed a security cooperation agreement with the Philippines, paving the way for greater intelligence sharing, joint initiatives, and law enforcement collaboration, the Philippines Foreign Affairs Ministry said in a statement. The agreement aims to strengthen efforts against transnational and organized crime, including cybercrime, drug trafficking, and human trafficking.

OTHER DIPLOMACY NEWS-

UAE and Mexico discuss strengthening ties: President Sheikh Mohamed bin Zayed Al Nahyan and President Claudia Sheinbaum of Mexico discussed enhancing bilateral relations in a phone call, with a focus on sectors such as trade, technology, and renewable energy. (Wam)
Deputy Prime Minister Sheikh Abdullah bin Zayed Al Nahyan met with Nepalese President Ram Chandra Paudel during his visit to Kathmandu to discuss ways to strengthen bilateral ties, focusing on economic, commercial, investment, and development sectors. (Wam)
UAE President Sheikh Mohamed bin Zayed Al Nahyan and Austrian Chancellor Christian Stocker discussed boosting bilateral relations during a phone call. (Wam)

My Morning Routine: Martin Yates, Government Technology Advisor at Presight

Martin Yates, Government Technology Advisor at Presight: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Martin Yates (LinkedIn), government technology advisor at Presight. Edited excerpts from our conversation:

I work at Presight, which is a fast-growing Abu Dhabi-listed tech AI and big data company. It was created right here in the UAE a few years ago, and is a G42 company. I'm a member of the C-suite and I act as the steering and sounding board on technology strategies. At the same time, I'm a client advisor and I provide some practical support on how to build innovation in different products and services.

Presight is more of the end user-application side of the G42 group, so we will often be seen internationally. Presight has been working in many different areas of machine learning, artificial intelligence, and delivering outcomes, whether that’s for building smarter cities or public services, or financial services. AI has been a part of this acceleration of technology for at least a decade — it’s just that it didn't really surface itself to the general users. We talk a lot about AI, but AI doesn't do anything unless you have big data analytics, and Presight’s been at the forefront of providing big data and delivering that into the different use cases.

All industries have tremendous potential for adopting the latest technologies. AI accelerates AI, which is why we’ve quickly gone from machine learning to generative AI, and now agentic. Ultimately, everyone knows it is only a matter of time before we reach some sort of level of superintelligence. It’s a question of when, and what it will look like when superintelligence is in the market.

I think that’s going to be the next huge leap, which is why all around the world today, governments are racing to be able to not fall behind, because those who do have that ability and knowledge suddenly have a huge economic power. It’s like a replay of the 1950s and 1960s, when there was the space race. Right now, we have the new space race called the AI race.

Another area that’s very exciting is one that’s not been spoken of as often as others — and that’s quantum computing. Quantum computing will offer a whole new level of ability to unleash a new kind of algorithms and mathematics that can be done in seconds, as opposed to hundreds or thousands of years with supercomputers we have today. Imagine the impact of that on precision medicine, drug development, modeling and simulation. It's going to be quite incredible where AI meets quantum computing and they work together.

I'm not scared about AI, but I'm tuned in to its impact. It's not like in the past where I could look at a technology and plan out its potential development for three years with some degree of accuracy. Technology is rapidly developing, so you need to always be prepared for change — and not just change in the scope of a year, but months or even weeks now. So to me, the scary part is the speed of change itself and knowing that you always need to be on edge, ready and agile to make that change.

Being a technology advisor will bring you change every day, so I don't think I can truly establish what I call a routine. This is not a routine type of job — instead there’s a new technology announcement or a new breakthrough on a random day, or a new opportunity to look at a startup and see if we should invest in it or partner with it.

My routine often starts with having breakfast while starting up some of the latest subscriptions I have on YouTube to tune into what's happening not only in technology and AI — because that can change on a daily basis — but also what's happening in the world in general. The only routine I can find is to learn something every morning while I’m still receptive before I get into the stress of the day.

I also try to go to my balcony and pick up some dumbbells or bars and do a bit of exercise. When the weather is good, I like to run a few kilometers around our buildings just to feel that I'm staying healthy and connected and to get that mental clarity. It's easy to become a couch potato absorbing information and forgetting that the only reason you exist is your body's keeping you there.

My switch-off is what’s the latest on Netflix. I think a series that has been inspirational for me — if also a little dark — is Black Mirror. We're on season seven now, and it continues its theme of the dark side of technology. The writers have this ability to look into the future and make amazing predictions on how technology can be implemented, and we see so much good now — for example, we’ve seen implants in Black Mirror — again, the darker side of it — but we’ve seen implants in real life that have allowed human beings to interact with the outside world again, if they’d been paralyzed. That’s the interesting side of it — the yin and the yang of technology. And if you put a positive spin on the technologies in Black Mirror, it’s really interesting to see what kind of value they could bring to human society.

I also love to catch up on LinkedIn a little bit, find out what everyone's been doing, and comment on posts of people I know.

This weekend I’ve also dusted off my Pioneer music mixer because I love mixing music. I love the creativity that you can get from that. I’d like to think if I wasn’t in technology, I’d be a top DJ — we can all dream — but with AI doing the DJ job so well now, I’m not sure it would’ve been a great career for me [laughs].

I've learned so much over the decades in both technology and leading teams of people. Looking back at my career, I’ve been really lucky. I've been a chief, I've been a team leader across many different industries, whether that was Mercedes-Benz, or at Shell Oil and Gas. I was also the Dell Technologies’ global CTO for smart cities. These have all given me incredible experiences and learnings that I would love to give back and share to others who can benefit through more mentorship.

The advice that comes to mind often is what I get from listening to my inner self and from the experiences that I've gone through. For me, what has resonated recently is thinking of my legacy and the impact I’ll have left on the world and on people when I’m gone. The older you get, the faster life runs out, and I think it’s really important to embrace your dream and start planning and doing it. Also, it’s important to find the right partner that grows with you in your shared life journey, because life's going to get hectic. My final word: Don’t forget to keep up with AI.

CALENDAR

APRIL

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

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

25 April (Friday): The Entrepreneurship Makers, Al Khawaneej Majlis, Dubai.

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

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

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

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

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

Signposted to happen sometime in April:

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

MAY

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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

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

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

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

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

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

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

30 May (Friday): Arafat Day.

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

JUNE

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

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

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

JULY

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

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

SEPTEMBER

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

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

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

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

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

OCTOBER

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

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

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

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

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

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

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

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

NOVEMBER

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

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

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

DECEMBER

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

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

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

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

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

Signposted to happen sometime in 2025:

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

Signposted to happen sometime in the fall of 2025:

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

Signposted to happen sometime in 2026:

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

Signposted to happen sometime in 2027:

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

Signposted to happen sometime between 2027 and 2029:

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

Sections

About

Privacy & Support

Get EnterpriseAM daily