{"id":111808,"date":"2026-01-22T00:00:00","date_gmt":"2026-01-22T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?p=111808"},"modified":"2026-01-22T03:02:53","modified_gmt":"2026-01-22T03:02:53","slug":"this-morning-uae-bond-yields-spike-amid-global-bond-rout-abu-dhabis-limad-is-now-the-owner-of-mclaren-stake","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2026\/01\/22\/this-morning-uae-bond-yields-spike-amid-global-bond-rout-abu-dhabis-limad-is-now-the-owner-of-mclaren-stake\/","title":{"rendered":"THIS MORNING: UAE bond yields spike amid global bond rout + Abu Dhabi\u2019s L\u2019Imad is now the owner of McLaren stake"},"content":{"rendered":"<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Good morning, friends. <\/strong>We have a mixed bag of news for you this morning, but the headline stories are outlook pieces, as analysts look into their crystal balls for what\u2019s to come in 2026.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>First off:<\/strong> Dubai\u2019s property market looks like it\u2019s (finally) headed towards normalization, with ValuStrat forecasting 10% capital gains, and rents expected to stay flat for the first time in a long time.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Plus: Regional national oil firms are set to spend more than their international counterparts<\/strong> as they continue to expand production and diversify into more low-carbon alternatives.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>ALSO- Earnings season has officially kicked off<\/strong>, and as usual, it\u2019s the banks that have gotten us started. We unpack Abu Dhabi Islamic Bank and Commercial Bank of Dubai\u2019s financials in the news well, below.<\/p>\n<p class=\"tag-border-left\">Happening today<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>It\u2019s Davos week: <\/strong>World leaders, bankers, and global business leaders are in Switzerland this week for the World Economic Forum Annual Meeting, which runs through tomorrow. You can go deeper on the meeting\u2019s microsite <a href=\"https:\/\/www.weforum.org\/meetings\/world-economic-forum-annual-meeting-2026\/\" target=\"_blank\" rel=\"noopener\">here<\/a>.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The UAE is sending what it says is the fifth biggest delegation at Davos this year<\/strong>, with some 100 officials, ministers, and senior executives from major private companies set to attend, according to <a href=\"https:\/\/www.wam.ae\/en\/article\/byaghvz-uae-participates-world-economic-forum-2026-with\" target=\"_blank\" rel=\"noopener\">Wam<\/a>. Dubai Culture and Arts Authority Chairwoman Latifa bint Mohammed bin Rashid Al Maktoum is leading the delegation.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Besides a pavilion<\/strong> that is set to host a series of sessions, meetings, and media engagements, several officials are taking the stage for panels throughout the week. Keep an eye out for Damac\u2019s Founder and Chairman <strong>Hussain Sajwani<\/strong>, who takes the stage alongside other regional leaders today for a session focused on the \u201cProsperity Agenda for the Middle East.\u201d<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Also happening today:<\/strong><\/p>\n<ul>\n<li><strong><a href=\"https:\/\/www.umexabudhabi.ae\/en\" target=\"_blank\" rel=\"noopener\">Umex Abu Dhabi<\/a><\/strong>, which wraps today at Adnec Center Abu Dhabi;<\/li>\n<li><strong>The Abu Dhabi Department of Economic Development-led <\/strong><strong><a href=\"https:\/\/www.wam.ae\/en\/article\/1713sit-abu-dhabi-italy-strengthen-strategic-partnership\" target=\"_blank\" rel=\"noopener\">delegation<\/a><\/strong><strong> to Italy<\/strong>, which also wraps up today;<\/li>\n<li><strong>The <\/strong><strong><a href=\"https:\/\/acresme.com\/\" target=\"_blank\" rel=\"noopener\">Sharjah Real Estate Exhibition<\/a><\/strong><strong> (also known as Acres)<\/strong>, which runs until Saturday at Expo Center Sharjah.<\/li>\n<\/ul>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>WEATHER- Is this what winter\u2019s like? <\/strong>We\u2019re continuing a run of cooler weather, with the mercury reaching a high of just 20\u00b0C in Dubai, with a chilly overnight low of 13\u00b0C, while Abu Dhabi will see temperatures peak at 23\u00b0C with an overnight low of 12\u00b0C.<\/p>\n<hr style=\"height: 2px;border-width: 0;color: gray;background-color: gray\" \/>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><a id=\"wwtt1\"><\/a> <strong>DEBT \u2014<\/strong><strong> Middle East bonds have not been immune to this week\u2019s bond rout. <\/strong> A rapid <a href=\"https:\/\/enterpriseam.com\/uae\/issues\/emirates-nbd-clears-hurdle-for-takeover-in-india-while-oci-orascom-merger-faces-hurdles-in-the-netherlands\/#111753\" target=\"_blank\" rel=\"noopener\">sell-off in Japanese and US government bonds<\/a> earlier this week has left regional markets momentarily oversupplied as global yields spike, with yields on UAE 2034 USD-denominated government bonds rising 5 bps to 4.385% overnight, according to an Emirates NBD <a href=\"https:\/\/ent.news\/2026\/1\/842.pdf\" target=\"_blank\" rel=\"noopener\">research note (pdf)<\/a>. Saudi and Turkish bonds also saw yields rise, while a GCC-wide index tracking regional credit is down 0.4% YTD, exceeding the 0.3% drop seen in broader emerging markets.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The underperformance is primarily a supply story rather than a signal of deteriorating credit health<\/strong>, Emirates NBD explains. The GCC primary market has been exceptionally active, issuing USD 28.4 bn in new debt in the first three weeks of 2026 \u2014 which already represents 15% of the total volume issued in 2025.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Strong fundamentals mean that the overall credit position<\/strong> <strong>of countries like the UAE and Saudi Arabia remains a buffer against further dips<\/strong>, with investors expected to pivot back to the GCC\u2019s high yields and strong credit, keeping spreads near record lows as conditions normalize.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Plus: Yields on US debt are already falling<\/strong> as geopolitical tensions seem to be easing, with US President Donald Trump saying he\u2019s reached a framework agreement on Greenland (read more below).<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>IN OTHER DEBT NEWS- <\/strong><strong>H<\/strong><strong>SB<\/strong><strong>C topped the<\/strong><strong> MENA debt capital market leagues in 2025 for the second consecutive <\/strong><strong>year<\/strong>, snapping up an 11% market share of bond bookrunning for the year, <a href=\"https:\/\/www.zawya.com\/en\/capital-markets\/bonds\/hsbc-tops-mena-dcm-league-table-expects-more-saudi-abu-dhabi-and-sharjah-issuances-rvaszft3\" target=\"_blank\" rel=\"noopener\">Zawya<\/a> reports, citing LSEG data. The bank\u2019s performance was anchored by its role in sovereign, Public Investment Fund, and corporate transactions in a year where the UAE trailed only Saudi Arabia as the world\u2019s most active jurisdiction.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>What to look for this year:<\/strong> HSBC expects Abu Dhabi and Sharjah to drive the 2026 pipeline alongside Saudi Arabia. \u201cDubai appears to be focused on deleveraging and is unlikely to tap the market in the near term unless it shifts its capex program toward a more expansionary stance,\u201d Samer Deghaili, HSBC co-head of capital markets and advisory in MENAT, is quoted as saying.<\/p>\n<p class=\"tag-border-left\">Watch this space<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>AGRITRADE \u2014 Al Dahra focuses on production as it retires trading business: <\/strong>ADQ-backed agribusiness Al Dahra is looking to refocus its efforts on its European, US, and African farming operations as it plans to withdraw from the third-party grains and oilseeds trading market, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-01-20\/uae-s-al-dahra-to-exit-grain-trading-plans-pivot-to-farming\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a> reports, citing an emailed statement from the company. Cultivating and selling produce from its 250k acres of farmland is now a main priority as the firm \u2014 like other regional players in the sector \u2014 looks to secure food supply chains.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Al Dahra ha<\/strong><strong>s been dipping out elsewhere: <\/strong>The shift follows the company\u2019s <a href=\"https:\/\/enterpriseam.com\/uae\/2025\/12\/10\/this-morning-mubadala-eyes-brazils-will-bank-adnoc-top-bidder-for-russian-stake-in-serbian-oil-industry\/\" target=\"_blank\" rel=\"noopener\">recent exit<\/a> from Romania\u2019s grain trading market, a trading hotspot for Al Dahra following struggles amid increasing competition for a shrinking grain supply in the Black Sea market, in the wake of Russia\u2019s invasion of Ukraine. The Emirati player posted three consecutive years of financial losses, opting to withdraw from trading in Romania while keeping its in-country farming and fertilizer business.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>A good time to get out? <\/strong>Trading conditions in the region continue to fluctuate as Ukraine\u2019s grain exports declined sharply in December, with <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-01-08\/ukraine-grain-exports-slumped-in-december-as-strikes-intensified\" target=\"_blank\" rel=\"noopener\">volumes dropping 16% y-o-y<\/a> due to a major escalation in Russian strikes on its main port infrastructure.<\/p>\n<hr style=\"height: 2px;border-width: 0;color: gray;background-color: gray\" \/>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><a id=\"wwtt2\"><\/a> <strong>INVESTMENT \u2014<\/strong> <strong>Abu Dhabi is corralling its mobility plays: <\/strong>The UAE has folded state-owned mobility investor Cyvn Holdings into its newest sovereign platform, L\u2019imad Holding, consolidating high-profile stakes \u2014 including McLaren Racing and Chinese EV manufacturer Nio \u2014 under one umbrella, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-01-21\/mclaren-stake-hints-at-broad-remit-for-abu-dhabi-s-newest-fund-l-imad\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a> reports, citing people familiar with the matter.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Cyvn brings real heft: <\/strong>As we\u2019ve reported, Cyvn took full control of McLaren Racing alongside Bahrain\u2019s Mumtalakat in a <a href=\"https:\/\/enterpriseam.com\/uae\/2025\/09\/03\/cvyn-holdings-acquires-remaining-stake-in-mclaren-racing-alongside-mumtalakat-taking-full-control-of-the-racing-unit\/?repeat=w3tc\" target=\"_blank\" rel=\"noopener\">transaction<\/a> valuing the team at more than GBP 3 bn last year, and holds an 18% stake in Nio, which established the UAE as its MENA base <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/10\/chinese-ev-manufacturer-nio-to-set-up-shop-in-the-uae-before-the-end-of-the-year\/\" target=\"_blank\" rel=\"noopener\">in 2024<\/a>.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>This fits L\u2019imad\u2019s mandate: <\/strong>When the fund appointed its board <a href=\"https:\/\/enterpriseam.com\/uae\/2026\/01\/13\/new-abu-dhabi-investor-on-the-block-limad-appoints-board\/\" target=\"_blank\" rel=\"noopener\">earlier this month<\/a>, it named urban mobility as a priority sector alongside infrastructure and real estate, financial services, advanced industries, and smart cities.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>AND- Mubadala is aiming to ramp up its investments in AI and robotics<\/strong>, <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/mubadala-targets-opportunities-ai-robotics-ceo-says-2026-01-20\/\" target=\"_blank\" rel=\"noopener\">Reuters<\/a> quotes CEO Khaldoon Al Mubarak as saying. The fund is keen on ventures involving both sectors, as well as their application in industry and manufacturing, he said. It will also focus on other sectors including biotech, healthcare, and life sciences, while expanding its Africa portfolio, which includes <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/03\/07\/mubadala-and-frances-bpifrance-invest-in-partech-africa-ii\/\" target=\"_blank\" rel=\"noopener\">an Africa-focused joint venture capital fund<\/a> with France\u2019s Bpifrance.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The focus is o<\/strong><strong>n the here and now<\/strong>, with rapid developments in the sector making it tricky to see just five years ahead, where once the fund opted for a 10-year strategy, he added.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The proof is in the paper trail.<\/strong> The sovereign fund was the <a href=\"https:\/\/enterpriseam.com\/uae\/2026\/01\/06\/mubadala-was-everywhere-in-2025\/\" target=\"_blank\" rel=\"noopener\">largest state-owned spender<\/a> on AI in 2025, with about USD 4.9 bn deployed. The fund has made more recent plays into <a href=\"https:\/\/enterpriseam.com\/uae\/2025\/05\/30\/mubadala-taqa-complete-acquisition-of-majority-stakes-in-uzbekistan-power-plant\/\" target=\"_blank\" rel=\"noopener\">energy<\/a>, <a href=\"https:\/\/enterpriseam.com\/uae\/2026\/01\/16\/this-morning-adnoc-eyes-venezuelan-oil-national-bank-of-canada-sets-up-shop-in-dubai\/\" target=\"_blank\" rel=\"noopener\">oil and gas<\/a>, North American <a href=\"https:\/\/enterpriseam.com\/uae\/2026\/01\/15\/mubadalas-ci-financial-snaps-up-cad-26-bn-in-assets\/\" target=\"_blank\" rel=\"noopener\">financial services<\/a> and <a href=\"https:\/\/enterpriseam.com\/uae\/2025\/12\/18\/adia-doubles-down-on-indias-icici-prudential-while-mubadala-acquires-a-us-building-automation-firm\/\" target=\"_blank\" rel=\"noopener\">assets<\/a>, and private equity and credit.<\/p>\n<hr style=\"height: 2px;border-width: 0;color: gray;background-color: gray\" \/>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><a id=\"wwtt4\"><\/a> <strong>INDIA \u2014<\/strong> <strong>The<\/strong><strong> UAE government and the Indian state of Telangana hav<\/strong><strong>e agreed to collaborate on the development of Bharat Future City<\/strong>, a planned greenfield urban project near Hyderabad, according to a <a href=\"https:\/\/x.com\/TelanganaCMO\/status\/2013601049379250609\" target=\"_blank\" rel=\"noopener\">post on X<\/a> by the Telangana Chief Minister\u2019s Office.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Project scope: <\/strong>Telangana has positioned Bharat Future City as a net-zero greenfield smart city spread across about 30k acres, with planned zones covering technology, education, healthcare, industry, and residential development. Discussions with the UAE included a proposal to form a joint task force to support implementation.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>UAE-India relations are set to deepen <\/strong>after a visit by President Mohamed bin Zayed Al Nahyan to New Delhi this week <a href=\"https:\/\/enterpriseam.com\/uae\/2026\/01\/20\/uae-india-agreement-blitz\/\" target=\"_blank\" rel=\"noopener\">culminated in a commitment to double trade<\/a> and ramp up investments, including across AI, space, and defense. The UAE is already set to be involved in the development of the Dholera Special Investment Region, a smart city development in Gujarat.<\/p>\n<hr style=\"height: 2px;border-width: 0;color: gray;background-color: gray\" \/>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><a id=\"wwtt3\"><\/a> <strong>BANKING \u2014 Two pieces of FAB news are making the rounds: <\/strong><\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>#1- FAB now has a fitness tracking payment ring: <\/strong>First Abu Dhabi Bank is launching its own answer to wearable payments tech with a new fitness payment ring, in partnership with Mastercard, French defense tech and cybersecurity firm Thales, and Hong Kong-based wearable payment tech firm Tappy, according to a <a href=\"https:\/\/ent.news\/2026\/1\/829.pdf\" target=\"_blank\" rel=\"noopener\">press release (pdf)<\/a>.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>How it works: <\/strong>The ring allows users to tokenize their FAB-Mastercard debit and credit cards for tap-to-pay transactions. It uses a miniaturized secure chip from Thales to replace sensitive card details with Tappy\u2019s tokenization technology for security.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>#2- FAB opened a representative office in Istanbul<\/strong>, joining other UAE lenders like Emirates NBD, Mashreq, and Dubai Islamic Bank in expanding there, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-01-21\/fab-joins-uae-lenders-turkey-push-with-ex-hsbc-banker-hire\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a> reports. Tolga Kisakurek (<a href=\"https:\/\/www.linkedin.com\/in\/tolga-kisakurek-21b9374\/\" target=\"_blank\" rel=\"noopener\">LinkedIn<\/a>), who was formerly executive vice-president at Istanbul-based Dogan Investment Bank and has held director roles at HSBC and Citigroup, was tapped as managing director of the representative office.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Background: <\/strong>FAB had been trying to venture into Turkey through the <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/06\/03\/fab-and-yapi-kredi-terminate-takeover-talks\/\" target=\"_blank\" rel=\"noopener\">acquisition of a majority stake in Turkish bank Yapi Kredi<\/a>, but talks fell through last year due to disagreements over pricing.<\/p>\n<hr style=\"height: 2px;border-width: 0;color: gray;background-color: gray\" \/>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>BANKING \u2014 Another African lender is planting a flag in Dubai: <\/strong>CRDB Bank, Tanzania\u2019s largest bank, <a href=\"https:\/\/dailynews.co.tz\/crdb-sets-foot-in-dubai-financial-hub\/\" target=\"_blank\" rel=\"noopener\">opened a representative office<\/a> in Dubai International Financial Center (DIFC), aiming to channel trade finance and investment flows between East and Central Africa and the Gulf.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>We knew this was coming: <\/strong>CRDB secured approval from the Dubai Financial Services Authority <a href=\"https:\/\/enterpriseam.com\/uae\/2025\/11\/26\/gcc-interconnection-authority-awards-contracts-for-uae-oman-electricity-link-expansion\/\" target=\"_blank\" rel=\"noopener\">in November<\/a>, after quietly setting up its Dubai presence <a href=\"https:\/\/enterpriseam.com\/uae\/2025\/10\/06\/this-morning-binghatti-taps-banks-for-ipo-opec-agrees-to-another-production-hike-in-november\/\" target=\"_blank\" rel=\"noopener\">a month earlier<\/a> as it courted Emirati capital.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>CRDB joins a growing African banking cluster in Dubai: <\/strong>As we\u2019ve reported, South Africa\u2019s third largest bank Absa\u2019s corporate and investment banking arm <a href=\"https:\/\/enterpriseam.com\/uae\/2025\/04\/03\/this-morning-uae-slapped-with-a-10-tariff-as-trump-triggers-global-trade-war\/?repeat=w3tc\" target=\"_blank\" rel=\"noopener\">plans<\/a> to open a representative office in 1Q 2026, while South African bank Investec established a DIFC office <a href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/e73c8a9c-dc3c-451a-9e28-6acfa6e37c12\/this-morning:-more-family-offices,-lenders-set-up-shop-in-dubai-%2B-kenya-eyes-usd-1.5-bn-bailout-from-the-uae\" target=\"_blank\" rel=\"noopener\">in 2024<\/a>. Standard Bank, Rand Merchant Bank, and Nedbank are already on the ground \u2014 cementing Dubai\u2019s role as a financial gateway to Africa.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Bigger picture: <\/strong>The banking inflow mirrors a fast-deepening UAE-Africa trade and investment corridor. This week, the UAE signed <a href=\"https:\/\/enterpriseam.com\/uae\/2026\/01\/20\/uae-congo-ink-energy-mining-infrastructure-mous-gsu-buys-into-40capital-and-adib-adopts-open-finance\/\" target=\"_blank\" rel=\"noopener\">16 MoUs<\/a> with the Democratic Republic of Congo across mining, energy, infrastructure, agriculture, and digital transformation, following a <a href=\"https:\/\/enterpriseam.com\/uae\/2026\/01\/14\/two-more-cepas-in-the-bag\/\" target=\"_blank\" rel=\"noopener\">newly inked<\/a> trade partnership with Nigeria.<\/p>\n<p class=\"tag-border-left\">Data point<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>AED 65.6 bn \u2014 that was the total trading value of Sharjah\u2019s real estate sector in 2025<\/strong>, surging 64.3% y-o-y, <a href=\"https:\/\/www.wam.ae\/en\/article\/bybncv4-sharjah-real-estate-hits-record-aed656-billion\" target=\"_blank\" rel=\"noopener\">Wam<\/a> reports. The growth marks the highest annual performance, underpinned by a 26.3% increase in total transaction volumes to 132.7k. Sharjah\u2019s 2024 transactions came in at <a href=\"https:\/\/enterpriseam.com\/uae\/2025\/10\/20\/sharjah-property-market-breaks-record\/?repeat=w3tc\" target=\"_blank\" rel=\"noopener\">AED 40 bn overall<\/a>.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The breakdown: <\/strong>Sales were up 38.4% y-o-y on the back of high demand for residential units, stable prices, and competitive rental yields. Mortgage values also rose 45.1% y-o-y to reach AED 15.5 bn, while ownership certificate transactions were up 17.6% y-o-y to 47.5k. While UAE nationals dominated the market, accounting for AED 33.6 bn in sales, some AED 18.5 bn came in from non-Arab investors, and non-Emirati Arab nationals accounted for AED 9.8 bn in sales.<\/p>\n<p class=\"tag-border-left\">The big story abroad<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>US President Donald Trump\u2019s about-turn on Greenland and a potential detente betw<\/strong><strong>een the US and the EU is dominating headlines everywhere<\/strong>, after he said the US has <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-01-21\/trump-holding-off-on-greenland-tariffs-citing-framework-deal?srnd=homepage-middle-east\" target=\"_blank\" rel=\"noopener\">agreed on a framework for a future deal<\/a> on the Danish country after meeting with NATO Secretary General Mark Rutte. Trump had earlier threatened to impose tariffs on eight European countries who had opposed his plans to take over Greenland, and the EU bloc was mulling ways to <a href=\"https:\/\/enterpriseam.com\/uae\/2026\/01\/20\/this-morning-imf-sees-mena-growing-3-9-in-2026\/\" target=\"_blank\" rel=\"noopener\">retaliate<\/a>.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Market reax:<\/strong> US stocks rallied on the news, while the USD recovered from an earlier slump this week.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>ALSO- More Middle East countries have joined the US\u2019 Board of Peace<\/strong>, following the lead of the UAE, including Saudi Arabia, Egypt, Turkey, Jordan, Kuwait, and Qatar. The board is set to begin executing Trump\u2019s 20-step Gaza peace plan, and then reportedly address other global conflicts. (<a href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/saudi-arabia-turkey-egypt-jordan-indonesia-pakistan-qatar-uae-join-trumps-board-2026-01-21\/\" target=\"_blank\" rel=\"noopener\">Reuters<\/a>)<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>In AI news, OpenAI CEO Sam Altman has been meeting with investors in the Middle East, including state-backed funds in Abu Dhabi<\/strong>, ahead of a new investment round that could see the ChatGPT maker raise up to USD 50 bn, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-01-21\/openai-s-altman-meets-mideast-investors-for-50-billion-round?srnd=homepage-middle-east\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a> reports.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>ALSO- Siri is set to be revamped and turned into<\/strong> <strong>an AI chatbot<\/strong> as Apple looks to move ahead in the AI race. (<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-01-21\/ios-27-apple-to-revamp-siri-as-built-in-iphone-mac-chatbot-to-fend-off-openai\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a>)<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">Get <b style=\"font-weight: bold\">Enterprise<\/b> daily<\/h4>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p><a class=\"btn-green px-3 d-flex align-items-center\" href=\"\/egypt\/en\/user\/NewsLetters\" target=\"_blank\" rel=\"noopener\">Subscribe here<\/a><\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">***<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>You\u2019re reading EnterpriseAM UAE<\/strong>, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We\u2019re out Monday through Friday by 7am UAE time.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>EnterpriseAM UAE is available without charge <\/strong>thanks to the generous support of our friends at Mashreq and Hassan Allam Properties. <a href=\"https:\/\/enterprise.news\/uae\/en\/user\/news-letters\" target=\"_blank\" rel=\"noopener\">Tap or click here<\/a> to get your own copy of EnterpriseAM UAE.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? <\/strong>Reach out to us on <a href=\"mailto:UAE@enterpriseAM.com\" target=\"_blank\" rel=\"noopener\">UAE@enterpriseAM.com<\/a> .<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>DID YOU KNOW that we also cover <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\" target=\"_blank\" rel=\"noopener\">Egypt<\/a><\/strong><strong>, <\/strong><strong><a href=\"https:\/\/enterprise.news\/ksa\/en\" target=\"_blank\" rel=\"noopener\">Saudi Arabia<\/a><\/strong>, and the MENA <a href=\"https:\/\/enterprise.news\/logistics\/en\" target=\"_blank\" rel=\"noopener\">logistics<\/a> industry?<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">***<\/p>\n<p class=\"tag-border-left\">Market watch<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>T<\/strong><strong>he Inter<\/strong><strong>national Energy Agency (IEA) sees global oil demand rising further this year<\/strong> to 930k bbl \/ d, up from 850k bbl \/ d in 2025, with growth coming from non-OECD markets as global economic conditions normalize following last year\u2019s tariff-induced volatility, according to its <a href=\"https:\/\/www.iea.org\/reports\/oil-market-report-january-2026\" target=\"_blank\" rel=\"noopener\">monthly oil report<\/a>. The pickup reflects normalization after last year\u2019s tariff shock. On the supply side, the IEA projects a 2.5 mn bbl \/ d rise to 108.7 mn bbl \/ d in 2026, down from the 3 mn bbl \/ d increase seen in 2025. Non-Opec+ delivers 1.3 mn bbl \/ d of this year\u2019s growth.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The gap:<\/strong> The IEA now expects global supply to exceed demand by 4.25 mn bbl \/ d in 1Q, when refinery maintenance curbs crude runs and seasonal demand softens, according to <a href=\"https:\/\/www.reuters.com\/business\/energy\/global-oil-demand-growth-rise-2026-iea-says-2026-01-21\/\" target=\"_blank\" rel=\"noopener\">Reuters<\/a> \u2019 calculations. For the full year, the agency sees an implied surplus of 3.69 mn bbl \/ d, slightly narrower than the 3.84 bbl \/ d penciled in last month\u2019s report.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Opec still holds its no surplus argument:<\/strong> Opec <a href=\"https:\/\/enterpriseam.com\/logistics\/2026\/01\/19\/today-libya-locks-in-usd-2-7-bn-for-misurata-port-expansion\/\" target=\"_blank\" rel=\"noopener\">expects<\/a> global oil demand to rise by 1.39 mn bbl \/ d this year, while demand for Opec crude looks stable at 43 mn bbl \/ d. If Opec holds this rate through 2026, supply would sit some 170k bbl \/ d below demand.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>IEA has not published its 2027 forecast yet<\/strong> \u2014 it will do so in April\u2019s edition, per the agency\u2019s <a href=\"https:\/\/www.iea.org\/data-and-statistics\/data-product\/oil-market-report-omr\" target=\"_blank\" rel=\"noopener\">timetable<\/a>.<\/p>\n<p class=\"tag-border-left\">Circle your calendar<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>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":"<p>Plus: FAB expands to Turkey, and into wearable payments tech<\/p>\n","protected":false},"author":1,"featured_media":111809,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1543],"tags":[398,610,159,7,65,248,2437,2446,1343,1813,98,1390,6],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-111808","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-agriculture","tag-artificial-intelligence","tag-banking","tag-enterpriseam-uae","tag-first-abu-dhabi-bank","tag-hsbc","tag-india-uae","tag-international-energy-agency-iea","tag-mubadala","tag-oil-gas","tag-real-estate","tag-sharjah","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"49cf4fb2-f323-442b-bec9-4b08cd1645bf","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/8\/434.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: UAE bond yields spike amid global bond rout + Abu Dhabi\u2019s L\u2019Imad is now the owner of McLaren stake","related_issue":[111806],"teaser":"Plus: FAB expands to Turkey, and into wearable payments tech","photo_link":"","related_sponsor":"","voice_url":"","en_translation_ref_id":"","section_story_id":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS MORNING: UAE bond yields spike amid global bond rout + Abu Dhabi\u2019s L\u2019Imad is now the owner of McLaren stake - UAE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/01\/22\/this-morning-uae-bond-yields-spike-amid-global-bond-rout-abu-dhabis-limad-is-now-the-owner-of-mclaren-stake\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" 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