{"id":111867,"date":"2026-01-23T00:00:00","date_gmt":"2026-01-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?p=111867"},"modified":"2026-01-23T03:24:57","modified_gmt":"2026-01-23T03:24:57","slug":"this-morning-eu-uae-trade-pact-to-come-within-months-damac-secures-us-land-for-data-centers","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2026\/01\/23\/this-morning-eu-uae-trade-pact-to-come-within-months-damac-secures-us-land-for-data-centers\/","title":{"rendered":"THIS MORNING: EU, UAE trade pact to come within months? + Damac secures US land for data centers"},"content":{"rendered":"<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Good morning, friends, and happy FRIDAY. <\/strong>We\u2019re closing out this uncharacteristically chilly week with a brisk but still meaty issue.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The big story of the day will be good news for tech startups and fruit and vegetable traders looking to expand in or into Dubai:<\/strong> Tech freezone Dubai Silicon Oasis is undergoing a major AED 12.8 bn expansion, while the Aweer market is set to double in size.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Plus: Masdar is eyeing another round-the-clock solar and battery storage project<\/strong>, this time in Uzbekistan.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>And earnings season continues with Sobha and Arada\u2019s financials showing the fruits of last year\u2019s property boom<\/strong>, plus Sharjah Islamic Bank posted double-digit y-o-y growth.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>**EDITOR\u2019S NOTE- We\u2019re sorry yesterday\u2019s markets in Planet Finance were incomplete <\/strong>\u2014 we had a technical glitch to deal with that has since been resolved.<\/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>Also happening today:<\/strong><\/p>\n<ul>\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- It\u2019s going to be another chilly day across the country<\/strong>, with Dubai seeing a high of 21\u00b0C and a low of 13\u00b0C, while Abu Dhabi will see a high of 22\u00b0C and an overnight low of 13\u00b0C, with mostly cloudy conditions.<\/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> CAPITAL MARKETS \u2014<\/strong> <strong>F<\/strong><strong>oreign investors ended 2025 as net buyers of UAE <\/strong><strong>equities, even as flows turned <\/strong><strong>choppier toward year-end<\/strong>, according to Kamco Invest\u2019s latest <a href=\"https:\/\/ent.news\/internal\/111864.pdf\" target=\"_blank\" rel=\"noopener\">GCC Trading Activity report (pdf)<\/a>. Abu Dhabi emerged as one of the region\u2019s top foreign capital magnets, with USD 3.4 bn in net inflows into the ADX over the year, second only to Saudi Arabia at USD 5.5 bn. The DFM also closed the year in positive territory, attracting USD 1.3 bn of net foreign buying.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>ICYMI- <\/strong>With just three <a href=\"https:\/\/enterpriseam.com\/uae\/2026\/01\/09\/uae-capital-markets-entered-their-mature-era-in-2025\/\" target=\"_blank\" rel=\"noopener\">IPOs in 2025<\/a>, foreign inflows were likely absorbed by USD 4.75 bn worth of follow-on offerings, turning secondary sell-downs into a key channel for deploying capital.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>That support softened into the final stretch of the year.<\/strong> In 4Q, net foreign outflows from the ADX hit USD 1 bn, reversing USD 798.7 mn of net buying in 3Q, with Dubai also seeing foreign selling through October and November before flows flipped back to net buying in December.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>ZOOM OUT- <\/strong>Kuwait recorded USD 1.5 bn of net buying in 2025, with Qatar also closing the year in positive territory, posting USD 171.0 mn of net foreign inflows. Oman was the clear outlier, registering the region\u2019s largest full-year net foreign selling at USD 440.8 mn, followed by Bahrain with USD 10.3 mn of outflows.<\/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\"><a id=\"wwtt1\"><\/a> <strong>DATA CENTERS \u2014 Damac secures land for US data center <\/strong><strong>push<\/strong><strong>:<\/strong> Damac has secured USD 12 bn worth of land and power capacity for AI data centers in the US \u2014 roughly 1 GW \u2014 putting it more than halfway toward the USD 20 bn investment it flagged last year, <a href=\"https:\/\/www.agbi.com\/ai\/2026\/01\/damac-secures-capacity-worth-12bn-for-us-ai-data-centres\/\" target=\"_blank\" rel=\"noopener\">Arabian Gulf Business Insights<\/a> cites chairman Hussain Sajwani as saying at Davos.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>A quick refresher:<\/strong> Damac committed <a href=\"https:\/\/enterpriseam.com\/uae\/2025\/01\/08\/damac-properties-to-invest-usd-20-bn-in-us-data-center-expansion\/\" target=\"_blank\" rel=\"noopener\">USD 20 bn<\/a> to US data centers in early 2025 through its digital infrastructure arm Damac Digital \u2014 formerly Edgnex \u2014 with scope to double it if demand holds. Sajwani now says reaching that initial USD 20 bn target would take two to four years.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Location-wise<\/strong>, sites in Ohio and New Jersey are already secured, with Texas under evaluation, pointing to a strategy centered on grid-ready locations.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>ZOOM OUT- <\/strong>The US push is part of a broader global buildout. As we\u2019ve reported, Edgnex plans to invest USD 5-7 bn globally over the next few years, including in Southeast Asia, which is seeing the firm pour some <a href=\"https:\/\/enterpriseam.com\/uae\/2024\/12\/05\/damac-group-to-invest-usd-3-bn-in-southeast-asias-data-center-expansion\/\" target=\"_blank\" rel=\"noopener\">USD 3 bn<\/a> in investments anchored by a <a href=\"https:\/\/enterpriseam.com\/uae\/2025\/06\/18\/damac-backed-edgnex-to-invest-usd-2-3-bn-into-new-indonesian-data-center\/\" target=\"_blank\" rel=\"noopener\">USD 2.3 bn<\/a>, 144 MW, AI-focused project in Indonesia; <a href=\"https:\/\/enterprise.news\/ksa\/en\/news\/story\/422651fb-d176-4872-8d79-8205368005cd\/a-snapshot-of-saudi%25e2%2580%2599s-data-center-industry-as-we-angle-for-regional-leadership\" target=\"_blank\" rel=\"noopener\">Saudi Arabia<\/a>, and Europe. It\u2019s also currently <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\">mulling a USD 1 bn project<\/a> in the Philippines, as we reported last week.<\/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>TRADE \u2014 Negotiations on a <\/strong><strong>trade<\/strong><strong> agreement with the EU are <\/strong><strong>in their final stretch<\/strong>, with most technical issues resolved and a possible breakthrough expected within months, Foreign Trade Minister Thani bin Ahmed Al Zeyoudi told CNBC Arabia (<a href=\"https:\/\/www.cnbcarabia.com\/147968\/2026\/22\/01\/%D9%88%D8%B2%D9%8A%D8%B1-%D8%A7%D9%84%D8%AA%D8%AC%D8%A7%D8%B1%D8%A9-%D8%A7%D9%84%D8%AE%D8%A7%D8%B1%D8%AC%D9%8A%D8%A9-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA%D9%8A-%D9%84%D9%80-CNBC-%D8%B9%D8%B1%D8%A8%D9%8A%D8%A9:-%D8%A7%D9%84%D8%A5%D9%85%D8%A7%D8%B1%D8%A7%D8%AA-%D8%AB%D8%A7%D9%86%D9%8A-%D8%A3%D9%83%D8%A8%D8%B1-%D8%B4%D8%B1%D9%8A%D9%83-%D8%AA%D8%AC%D8%A7%D8%B1%D9%8A-%D9%84%D8%A5%D9%8A%D8%B1%D8%A7%D9%86\" target=\"_blank\" rel=\"noopener\">watch, runtime: 7:09<\/a>) on the sidelines of Davos. The two launched talks <a href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/3f5c1260-e0e3-4838-bc8a-e89f8b8078e2\/this-morning:%253cmark%253e-uae%253c%2Fmark%253e-launches-strategic-partnership-talks-with-the-eu-%2B-corporate-tax-credit-refunds,-explained\" target=\"_blank\" rel=\"noopener\">last spring<\/a>.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>High ambitions: <\/strong>The EU is already the UAE\u2019s third-largest trading partner, with trade nearing USD 70 bn. Abu Dhabi is targeting more than USD 100 bn in trade with the block within five years, using the trade agreement not just to cut tariffs but also mitigate trade policy volatility through diplomatic avenues.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The EU talks sit within a much broader push:<\/strong> The UAE has now finalized 33 economic partnership agreements \u2014 including two signed <a href=\"https:\/\/enterpriseam.com\/uae\/2026\/01\/14\/two-more-cepas-in-the-bag\/\" target=\"_blank\" rel=\"noopener\">this month<\/a> with Nigeria and Philippines \u2014 with 15 in force, and is working toward its goal of up to 38 as agreements with Japan, Ecuador, and Rwanda near completion.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>It\u2019s showing in the numbers:<\/strong> Non-oil trade came in about 25% higher y-o-y in 2025 and is expected to reach roughly AED 3.5 tn, putting the UAE\u2019s longer-term AED 4 tn target potentially years ahead of schedule.<\/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>Several big business stories are making the rounds in the foreign business press this morning: <\/strong><\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>#1- US President Donald Trump has <\/strong><strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-01-22\/trump-sues-jpmorgan-dimon-for-5-billion-over-alleged-debanking?srnd=homepage-middle-east\" target=\"_blank\" rel=\"noopener\">sued JP Morgan Chase<\/a><\/strong><strong> and its CEO Jamie Dimon<\/strong>, seeking at least USD 5 bn in damages after accusing them of closing his accounts unfairly for political reasons in 2021. While Trump claims the bank debanked him because \u201cthe political tide at the moment favored him doing so,\u201d the bank has so far dismissed the claims and said it only closes accounts when they <a href=\"https:\/\/www.jpmorganchase.com\/newsroom\/press-releases\/2026\/jpmc-statement-regarding-president-trumps-lawsuit\" target=\"_blank\" rel=\"noopener\">pose regulatory or legal risks<\/a> for them.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The move comes as just the latest in several feuds Trump has sought out with perceived political enemies.<\/strong> He has already sued Capital One for similar claims.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>#2- Venezuela\u2019s national assembly <\/strong><strong><a href=\"https:\/\/www.ft.com\/content\/e78a8e53-3997-47a2-8812-261a19e14d6a\" target=\"_blank\" rel=\"noopener\">is backing a new law<\/a><\/strong><strong> that opens up its hydrocarbons sector to the private sector<\/strong>, paving the way for foreign investments into the country\u2019s oil industry after the US' capture of Venezuela\u2019s President Nicol\u00e1s Maduro.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>#3- Trump said yesterday the US <\/strong><strong><a href=\"https:\/\/www.reuters.com\/world\/europe\/trumps-greenland-climbdown-triggers-relief-way-forward-unclear-2026-01-22\/\" target=\"_blank\" rel=\"noopener\">will gain total access<\/a><\/strong><strong> to Greenland as part of a framework agreement with NATO<\/strong>, even as the country\u2019s leader and other EU allies say they remain in the dark on the details of the agreement. The agreement provided respite after EU-US ties were deteriorating on the US\u2019 threats of tariffs on EU countries who opposed his plan to take over Greenland.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>#4- The US has also <\/strong><strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-01-22\/trump-launches-his-board-of-peace-despite-discord-from-allies?srnd=homepage-middle-east\" target=\"_blank\" rel=\"noopener\">officially launched<\/a><\/strong><strong> his Board of Peace at Davos<\/strong>, despite some concerns and controversy, and on the same day <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/us-pitches-new-gaza-development-plan-israeli-fire-kills-five-palestinians-2026-01-22\/\" target=\"_blank\" rel=\"noopener\">announced plans for what he calls a \u201cNew Gaza\u201d,<\/a> which his son-in-law Jared Kushner presented as a master plan with data centers, residential developments, and industrial cities.<\/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.<\/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\"><a id=\"wwtt4\"><\/a> <strong>Dubai cuts price of crude:<\/strong> The official selling price (OSP) for April-loading Dubai crude will trade at a markdown of USD 0.30 \/ bbl to Oman, with the final OSP determined by applying the differential to the average daily settlements of the front-month April Oman contract at the end of February, <a href=\"https:\/\/www.reuters.com\/ar\/business\/2BR5WEITDBLULISCDH63RNODOA-2026-01-22\/\" target=\"_blank\" rel=\"noopener\">Reuters<\/a> reports.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Why this matters:<\/strong> Small differentials are now decisive in Asia\u2019s buying decisions, where competition stays tight. Asian refiners started <a href=\"https:\/\/enterpriseam.com\/uae\/2026\/01\/20\/this-morning-imf-sees-mena-growing-3-9-in-2026\/\" target=\"_blank\" rel=\"noopener\">ditching<\/a> Murban after its premium over Dubai hit USD 2.24 \/ bbl, pushing buyers toward cheaper alternatives, while Upper Zakum narrowed to a slim USD 0.10 premium.<\/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: Foreign investors ended 2025 as net buyers of UAE equities<\/p>\n","protected":false},"author":1,"featured_media":111868,"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":[29,1464,7,2003,266,2288,6],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-111867","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-capital-markets","tag-data-center","tag-enterpriseam-uae","tag-european-union","tag-oil-and-gas","tag-uae-eu-relations","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"f765e30e-de57-4a0f-ad9c-7a22424ac703","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2024\/2\/1893.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS MORNING: EU, UAE trade pact to come within months? + Damac secures US land for data centers","related_issue":[111865],"teaser":"Plus: Foreign investors ended 2025 as net buyers of UAE equities","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: EU, UAE trade pact to come within months? + Damac secures US land for data centers - 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\/23\/this-morning-eu-uae-trade-pact-to-come-within-months-damac-secures-us-land-for-data-centers\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS MORNING: EU, UAE trade pact to come within months? 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