{"id":101757,"date":"2025-03-18T00:00:00","date_gmt":"2025-03-18T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/this-morning-fed-kicks-off-interest-rate-meeting-borouge-proposes-2-5-share-buyback\/"},"modified":"2025-03-18T00:00:00","modified_gmt":"2025-03-18T00:00:00","slug":"this-morning-fed-kicks-off-interest-rate-meeting-borouge-proposes-2-5-share-buyback","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/03\/18\/this-morning-fed-kicks-off-interest-rate-meeting-borouge-proposes-2-5-share-buyback\/","title":{"rendered":"THIS MORNING: Fed kicks off interest rate meeting + Borouge proposes 2.5% share buyback"},"content":{"rendered":"

Good morning, lovely people. <\/strong>We have another busy issue for you this morning, with plenty of investment news, a new listing on the ADX in the cards, and a new regulation making it easier for businesses to expand in Dubai. <\/p>\n

The big story of the day is a new resolution allowing businesses in Dubai\u2019s freezones to expand to the mainland <\/strong>more easily with one-year renewable licenses \u2014 expanding a practice that is currently in place in several freezones across the emirate. Also worth your attention:<\/strong> Emaar<\/strong> plans to invest AED 65 bn over the next five years, Hong Kong-based ESG tech firm Diginex<\/strong> is planning an ADX listing as a dual listing alongside Nasdaq, and Emirates Islamic<\/strong> tapped banks for a sukuk issuance. <\/p>\n

?<\/strong>WEATHER-<\/strong> We\u2019re in for a sunny day that gets humid by night<\/strong>, according to our favorite weather app and the National Center of Meteorology\u2019s forecast (pdf)<\/a>. Dubai<\/strong> will see the mercury hit 29\u00b0C today, with an overnight low of 19\u00b0C, while temperatures will hit 24\u00b0C in Abu Dhabi<\/strong>, with an overnight low of 19\u00b0C.<\/p>\n

So, when do we eat?<\/strong> Maghrib is at 6:32pm today in Dubai and 6:36 pm in Abu Dhabi. You\u2019ll have until fajr prayers at 5:07am in Dubai and 5:11am in Abu Dhabi tomorrow to finish your suhoor.<\/p>\n

PSA- <\/p>\n

Public sector workers to get three days off for Eid al Fitr: <\/strong>The Federal Authority for Government Human Resources (FAHR) confirmed that public sector workers will be getting the first three days of Shawwal \u2014 the 10th month in the Islamic calendar succeeding Ramadan \u2014 as a holiday for Eid Al Fitr, it said in a post on X<\/a>. Work will resume on 4 Shawwal, which could land on Wednesday, 2 April, or Thursday, 3 April, depending on the moon sighting at the end of Ramadan. <\/p>\n

HAPPENING TODAY- <\/p>\n

#1- The US Federal Reserve kicks off its Open Market Committee meeting today. <\/strong>The Fed will likely make its interest rate decision tomorrow, followed by Gulf countries \u2014 which mirror the Fed\u2019s moves on the back of the peg to the USD. Fed funds futures are currently pricing in a 99% probability that the Fed will hold rates steady, CNBC<\/a> reports, citing CME\u2019s FedWatch tool.<\/p>\n

#2- <\/strong>The <\/strong>Augmented Humans International Conference<\/a><\/strong> is on its third day and is running unti<\/strong>l Thursday <\/strong>at Mohamed bin Zayed University of Artificial Intelligence in Abu Dhabi. The event brings together over 100 experts to explore advancements in brain-machine interfaces, wearable technology, exoskeletons, and augmented reality across healthcare, sports, and security. The event features speakers from MIT Media Lab, the University of Tokyo, and the German Research Center for AI.<\/p>\n

WATCH THIS SPACE- <\/p>\n

<\/a> #1- <\/strong>Emirates <\/strong>NBD has reportedly enlisted Matouk Bassiouny to act as its leg<\/strong>al counsel on its <\/strong>potential acquisition of Banque du Caire,<\/strong> Al Shorouk<\/a> reports, citing unnamed sources it says have knowledge of the matter. The Emirati lender also appointed an undisclosed financial advisor, according to the sources. We reported last week<\/a> that Emirates NBD has kicked off due diligence for the acquisition of a 45% stake on offer for USD 1.2 bn. Al Shorouk had earlier reported that CI Capital is the financial advisor on the sale. <\/p>\n

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<\/a> #2- Standard Chartered subsidiary sees the UAE\u2019s econo<\/strong>my growing by up to 6% this ye<\/strong>ar: <\/strong>The UAE\u2019s economy could grow between 5-6% in 2025, with a significant portion of this growth coming from the non-oil sector \u2014 particularly from small and medium-sized enterprises (SMEs), Standard Chartered subsidiary SC Ventures\u2019 Lead for the Middle East Mohamed Fairooz told Al Etihad<\/a>. SMEs, which already contribute up to 63.5% of the UAE\u2019s non-oil GDP, are expected to see even more growth over the next three years, driven by government policies, financing, and the global digital transformation, which will significantly accelerate overall growth rates, Fairooz said.<\/p>\n

How this prediction compares to others:<\/strong> S&P Global sees<\/a> the UAE\u2019s real GDP growing by 5.1% in 2025, a prediction that is in line with that of Fitch Solutions\u2019 research unit BMI, which recently revised<\/a> its forecast for the UAE\u2019s economy this year to 5.1%, slightly down from 5.2% predicted in October. Meanwhile, the International Monetary Fund<\/a> and the World Bank<\/a> revised their forecasts for the UAE\u2019s economy this year to 4.0%, while the Central Bank of the UAE (CBUAE) penciled in<\/a> a higher growth estimate of 4.5% in 2025 in December.<\/p>\n

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<\/a> #3-<\/strong> Borouge <\/strong>proposes 2.5% share buyback: <\/strong>Borouge is seeking shareholder approval for a share buyback of up to 2.5% of its issued share capital, according to an ADX disclosure (pdf)<\/a>. The buyback would be conducted through open-market transactions, with execution subject to market conditions and other factors. Shareholders will vote on the proposal at the company\u2019s annual general meeting on 7 April 2025.<\/p>\n

ALSO- Borouge proposed <\/strong>a final 7.94 fils per share dividend payout, bringing the total 2024 payout to USD 1.3 bn<\/strong>, equivalent to 15.9 fils per share. The dividend represents a 6.8% yield \u2014 one of the highest on the ADX.<\/p>\n

REMEMBER- <\/strong>Adnoc and Austria\u2019s OMV earlier this month agreed terms of an agreement to merge their polyolefins businesses<\/a> in a UAE-based joint venture, creating a USD 60 bn global polyolefins player set to be the world\u2019s fourth largest. The merged entity will be jointly owned by Adnoc and OMV, with each owning a c.47% stake. The remainder of the shares will be freefloat, after the company lists on the ADX. <\/p>\n

Borouge\u2019s shares were up 4.3% to AED 2.45 on the news<\/strong>, after falling to a low of AED 2.30 on 11 March from its peak of AED 2.66 on 4 March, following news of the merger. <\/p>\n

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<\/a> #4- Pundits pitch the UAE as an investment safe haven amid gl<\/strong>obal trade uncertainty: <\/strong>Global investment management firm Ninety One<\/a> is increasing its exposure to UAE stocks, viewing them as a safer option that is less exposed to Trump's tariffs, Bloomberg<\/a> reports. The firm\u2019s EM team has been ramping up exposure to UAE equities since November last year, including shares of property giant Emaar and First Abu Dhabi Bank, as well as the recently listed Talabat<\/a>.<\/p>\n

The rationale: <\/strong>\u201cUAE is doing the opposite to what the US is doing, signing agreements with trading partners and opening its borders to immigration,\u201d said Varun Laijawalla, co-portfolio manager for EM equities at Ninety One. He highlighted the UAE's strong, government-backed economy, pegged-currency, and openness to immigration as key attractions.<\/p>\n

The numbers speak for themselves: <\/strong>The Ninety One Emerging Markets Equity Fund delivered a 13% return over the past year, outperforming 95% of peers with performance data compiled by Bloomberg. The firm is 3% overweight the UAE compared with the benchmark MSCI Emerging Markets index, Laijawalla said, making it \u201cone of our larger overweight exposures.\u201d UAE stocks have the fifth largest weighting in the MSCI benchmark index outside Asia, the business information service added.<\/p>\n

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<\/a> #6- <\/strong>Dubai\u2019s <\/strong>property market is on track for a record year for handovers <\/strong>in 2025<\/strong>, with developers expected to deliver approximately 72.4k units, a 171% increase from the previous year, Khaleej Times<\/a> reports, citing undisclosed reports. The surge comes as developers race to meet soaring demand, with around 1.2k projects currently under construction and 325k residential units in development.<\/p>\n

REMEMBER- <\/strong>The influx of new properties is expected to stabilize market prices.<\/strong> Knight Frank previously projected an 8%<\/a> price increase, down from double-digit growth in 2024, while Moody\u2019s forecasted<\/a> a dip or stabilization over the next 12\u201318 months due to rising construction costs and potential delays. A Deloitte report<\/a> similarly suggested that residential price and rent growth may slow by year-end as new supply enters the market.<\/p>\n

But it\u2019s not a shoo-in: <\/strong>Developers are preparing to deliver 182k units<\/a> in Dubai between 2025 and 2026, but construction capacity constraints could lead to delays, tightening supply and supporting short-term price increases, according to a previous S&P Global report. ValuStrat data has indicated that only 58%<\/a> of projected supply was delivered last year, marking the lowest completion rate in six years with just 27k homes completed, while Knight Frank noted<\/a> that historical trends indicate a 30% delay in actual completions.<\/p>\n

#7- <\/strong>Dewa <\/strong>reissues tender for AED 85 mn pumping station project: <\/strong>The Dubai Electricity and Water Authority (Dewa) reissued a tender for the construction of the Ghafat Idah Reservoir Complex Pumping Station (PS6) and the Endurance Road Pumping Station (PS21) Phase 1 Stream A project, Zawya<\/a> reports. The scope includes the stations\u2019 construction electro-mechanical works, and the development of supervisory control and data acquisition systems. Bids are due by 11am on Thursday 15 May 2025. <\/p>\n

In context:<\/strong> The project was initially tendered in August 2024, attracting eight bids<\/a>, with the lowest at AED 85 mn. The reissue aims to finalize the contract for the 30 MIGD capacity stations.<\/p>\n

DATA POINT- <\/p>\n

National <\/strong>Bonds\u2019 sukuk investors ramped up investments by 22% y-o-y to AED 15.8 b<\/strong>n in 2024<\/strong>, state news agency Wam<\/a> reports. The growth was driven by a 51% rise in regular savers and the adoption of digital solutions, which led to a 41% y-o-y surge in digital savings. The company distributed about AED 588 mn in returns to sukuk holders last year, with some categories receiving returns of up to 4.75%. The average return amounted to 4.02%. <\/p>\n

What\u2019s next? <\/strong>The company plans to launch its new Maktabi Tower project within six months, CEO Mohamed Al Ali told CNBC Arabia (watch, runtime: 6:09<\/a>). It also aims to develop real estate projects worth USD 1.5 bn<\/a> over the next five years, and is eyeing potential investments in the education, health, and the oil and gas sectors. <\/p>\n

THE BIG STORY ABROAD- <\/p>\n

Israel breaks ceasefire agreement:<\/strong> Israel launched several strikes across Gaza earlier this morning, breaking the fragile ceasefire agreement. The attacks killed at least 44 and marked the \u201cmost violent air attacks\u201d since mid January when the ceasefire came into effect. The Israeli army and the Shin Bet said in a joint statement that they kicked off attacks on what they claimed to be Hamas targets.<\/p>\n

Hamas and Israel won\u2019t see eye to eye: <\/strong>Hamas on Monday accused Israel of violating the agreement \u2014 brokered by Egypt,Qatar, and the US \u2014 and failing to hold its end in the first phase. Israeli Prime Minister Benjamin Netanyahu\u2019s office said that resuming the war came after \u201cHamas refused time and again to release our hostages and rejected all the proposals it has been given by US envoy Steve Witkoff and by the Qatari and Egyptian mediators.\u201d (Bloomberg<\/a> | Reuters<\/a> | Axios<\/a> | AP<\/a>)<\/p>\n

AND- Trump threatens Iran over Houthi attacks:<\/strong> US President Donald Trump warned that any further Houthi attacks will be seen as an Iranian assault, vowing to hold Iran responsible. \u201cEvery shot fired by the Houthis will be looked upon, from this point forward, as being a shot fired from the weapons and leadership of Iran,\u201d Trump said in a post on his social media platform Truth<\/a>, vowing that Iran will \u201csuffer the consequences, and those consequences will be dire.\u201d (Bloomberg<\/a> | Reuters<\/a> | AP<\/a>)<\/p>\n

ALSO MAKING HEADLINES- Trump to discuss Ukraine ceasefire with Putin today:<\/strong> Trump is set to speak with his Russian counterpart Vladimir Putin about a potential ceasefire in Ukraine. \u201cWhat's happening in Ukraine is not good, but we're going to see if we can work a peace agreement, a ceasefire and peace, and I think we'll be able to do it,\u201d Trump told reporters yesterday. The talks come after Ukraine accepted a 30-day, US-backed ceasefire proposal last week. (Reuters<\/a> | New York Times<\/a> | BBC<\/a> | The Guardian<\/a> | Washington Post<\/a> | AP<\/a>)<\/p>\n

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MARKET WATCH- <\/p>\n

American<\/strong> multinational investment bank<\/strong> Goldman Sachs<\/a><\/strong> lowered its Brent crude <\/strong>forecast for December 2025 to USD 71 per barrel<\/strong>, down USD 5 from its previous estimate, citing slower US growth on the back of tariffs and increased Opec+<\/a> production, Bloomberg<\/a> reports. Meanwhile, West Texas Intermediate (WTI) is expected to reach USD 67 per barrel. Analysts expect Brent to trade between USD 65 and USD 80 per barrel, averaging USD 68, in 2026. The bank also cut its global oil demand growth forecast by 18% to 900k barrels per day, reflecting concerns over a weaker US economy and a looser oil market balance.<\/p>\n

SOUND SMART-<\/strong>Lower oil prices may impact fiscal revenues for GCC oil-exporting economies, such as the UAE, which relies on higher energy prices to support economic diversification initiatives.<\/p>\n

CIRCLE YOUR CALENDAR- <\/p>\n

The <\/strong>second edition of <\/strong>Dubai AI Festival<\/a><\/strong> will take place on Wednesd<\/strong>ay, 23 April and <\/strong>Thursday 24 April <\/strong>at the Dubai International Financial Center as part of the inaugural Dubai AI Week. Organized by Dubai AI Campus, the festival aims to position Dubai as a leader in the global digital economy, with a focus on responsible AI deployment, transparency, and the future of work, offering key insights into AI\u2019s impact and ethical challenges. The event will feature AI innovations, a start-up showcase, the FutureTech World Cup, and the Global FutureTech Innovation Program to highlight emerging talent.<\/p>\n

D<\/strong>ubai <\/strong>Chambers<\/strong> will host the Dubai Business Forum in Hamburg, German<\/strong>y on <\/strong>Tuesday, 20 May<\/strong>, as part of its efforts to attract foreign investment, according to the Dubai Media Office<\/a>. The event \u2014 hosted in partnership with the Hamburg Chamber of Commerce \u2014 will showcase potential investments in Dubai across sectors like technology, finance, logistics, manufacturing, and sustainability. It will also foster cooperation between German and Dubai firms. <\/p>\n

Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"

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