{"id":112221,"date":"2026-03-05T00:00:00","date_gmt":"2026-03-05T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?p=112221"},"modified":"2026-03-05T03:21:38","modified_gmt":"2026-03-05T03:21:38","slug":"this-morning-the-uaes-non-oil-pmi-hit-a-12-month-high-in-feb-firms-signal-business-as-usual-amid-ongoing-conflict","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2026\/03\/05\/this-morning-the-uaes-non-oil-pmi-hit-a-12-month-high-in-feb-firms-signal-business-as-usual-amid-ongoing-conflict\/","title":{"rendered":"THIS MORNING: The UAE\u2019s non-oil PMI hit a 12-month high in Feb + firms signal business as usual amid ongoing conflict"},"content":{"rendered":"<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Good morning, wonderful people.<\/strong> It\u2019s day six of the conflict, and while attacks on the UAE have seemed to slow, the impact of the disruptions is starting to feel more stark. As of today, a total of 78 people have been <a href=\"https:\/\/www.facebook.com\/modgovae\/posts\/the-ministry-of-defence-announced-that-uae-air-defence-systems-successfully-inte\/1222199096764481\/\" target=\"_blank\" rel=\"noopener\">injured<\/a> since the start of the attacks.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The (listed) business community has a message for you: It\u2019s BAU: <\/strong>Nearly every issuer on ADX and DFM filed a disclosure yesterday to reassure investors that business continuity plans are in place and everything is operating as normal.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>From Adnoc\u2019s subsidiaries to Du and the country\u2019s port operators, everyone emphasized <\/strong><strong>\u201cfinancial resilience\u201d and stability.<\/strong> AD Ports even <a href=\"https:\/\/ent.news\/2026\/3\/260.pdf\" target=\"_blank\" rel=\"noopener\">pointed to potential tailwinds (pdf)<\/a> as it said shifting trade routes could increase volumes across its global maritime network, clarifying that most of its 122-vessel maritime and shipping clusters operate outside the Strait of Hormuz.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Also checking in <\/strong>with customers and shareholders:<\/p>\n<ul>\n<li><strong>DP World\u2019s terminals at Jebel Ali Port are operating normally<\/strong>, state news agency <a href=\"https:\/\/www.wam.ae\/en\/article\/bz190lh-all-jebel-ali-terminals-are-operating-normally\" target=\"_blank\" rel=\"noopener\">Wam<\/a> reports. The port operator has rolled-out enhanced security measures. DP World had <a href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/02\/adx-dfm-are-closed-today-and-tomorrow-as-regulatory-body-assesses-the-situation\/\" target=\"_blank\" rel=\"noopener\">suspended operations<\/a> at the facility earlier this week.<\/li>\n<li><strong>Taqa has confirmed that operations across the nation continue as normal<\/strong>, including power generation, desalination, transmission, distribution, and wastewater services, <a href=\"https:\/\/www.wam.ae\/en\/article\/173s8nv-taqa-confirms-operations-across-its-uae-entities\" target=\"_blank\" rel=\"noopener\">Wam<\/a> adds.<\/li>\n<\/ul>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Outside the UAE, some regional heavyweights have invoked force majeure in their <\/strong><strong>contracts<\/strong>, including QatarEnergy and Aluminium Bahrain, a sign that the war is hitting the commodities industry hard.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Still, there was a selloff in equities<\/strong>, with most names on the DFM and ADX falling at the opening bell. Markets closed the day lower \u2014 and each settled short of the -5% limit officials imposed before the day began.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\">^^ We have the rundown on yesterday\u2019s trading and thoughts on what to expect when markets again later this morning in this morning\u2019s Big Story Today.<\/p>\n<p class=\"tag-border-left\">PSA<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><a id=\"wwtt1\"><\/a> <strong>School<\/strong><strong> is out early: Spring break starts this coming Monday. <\/strong>The Education Ministry and Higher Education Ministry have fast-tracked the 2026 spring break to start on Monday, 9 March, according to a <a href=\"https:\/\/x.com\/uaemediaoffice\/status\/2029176720084103494?s=48&amp;t=joiBqcgDVUSTYywZ4_DCaA\" target=\"_blank\" rel=\"noopener\">post on X<\/a>. The holiday, <a href=\"https:\/\/www.khaleejtimes.com\/uae\/education\/uae-public-private-schools-calculate-term-2-grades-assessments-projects-assignments\" target=\"_blank\" rel=\"noopener\">originally scheduled to start on 16 March<\/a>, applies to all private and public schools and universities in the UAE. The two-week break will last until Sunday, 22 March, with all students and staff set to return on Monday, 23 March.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>WEATHER- <\/strong>Look for a high today of 27\u00b0C in Dubai and 26\u00b0C in Abu Dhabi along with overnight lows in the 22-23\u00b0C range.<\/p>\n<p class=\"tag-border-left\">How to get out of Dodge<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>#1- <\/strong><strong>Some people are still in \u201cGet out of Dodge\u201d mode despite the relative calm. <\/strong>The road from the UAE to Oman is jammed with traffic, prompting <a href=\"https:\/\/x.com\/omanair\/status\/2029195031513579929?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Etweet\" target=\"_blank\" rel=\"noopener\">Oman Air<\/a> to advise a 12-hour buffer for people arriving in Oman from the UAE for a flight.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>#2- <\/strong><a id=\"kix.mdotc1k8u450\" target=\"_blank\" rel=\"noopener\"><\/a> <strong>Some visa application services have reopened:<\/strong> Operations at Dubai\u2019s VFS Global center are partially resuming. New visa applications are still suspended for most countries, but the UK started accepting new applications yesterday, with online appointment booking and rescheduling enabled. Germany, France, Austria, and the Netherlands are now returning passports they already had in hand. Customers with existing appointments will be contacted to reschedule.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>#3- <\/strong><strong>Stranded <\/strong><strong>travelers are exempt from delayed departure fines: <\/strong>The Federal Authority for Identity, Citizenship, Customs, and Ports Security has written off any late-departure fines for individuals who were unable to travel since 28 February, <a href=\"https:\/\/www.wam.ae\/en\/article\/bz190lg-federal-authority-for-identity-citizenship-waives\" target=\"_blank\" rel=\"noopener\">Wam<\/a> reports. This applies to folks with visit, tourist, and exit visas as well as folks who cancelled their residency permits.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>#4- The Abu Dhabi-Saudi passenger line <\/strong><strong><a href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/04\/this-morning-schools-still-out-markets-open-today-for-the-first-time-since-the-war-hit\/\" target=\"_blank\" rel=\"noopener\">trial<\/a><\/strong><strong> just became operational: <\/strong>National passenger railway operator Etihad Rail confirmed it carried 350 passengers on a service between Al Ghuwaifat on the Saudi border and Al Faya in Abu Dhabi, according to a <a href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/exceptional-operation-transports-more-than-350-passengers-between-al-ghuwaifat-and-al-faya-vv5drcv5\" target=\"_blank\" rel=\"noopener\">press release<\/a>. Etihad ran a test on the route earlier this week.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>BACKGROUND- <\/strong>The rail service hasn\u2019t officially launched, but the operator announced it had completed a full set of stations <a href=\"https:\/\/enterpriseam.com\/uae\/2026\/01\/09\/this-morning-new-seven-stations-announced-for-etihad-rail-apollo-go-gets-driverless-trial-permit-in-dubai\/\" target=\"_blank\" rel=\"noopener\">in January<\/a>. It is set to connect 11 cities this year and add seven new stations in later phases.<\/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=\"wwtt4\"><\/a> <strong>REAL<\/strong><strong> ESTATE \u2014 Ongoing war sends shockwaves through global real estate <\/strong><strong>markets: <\/strong>Speakers from sovereign wealth funds including Mubadala and the Qatar Investment Authority withdrew from this week\u2019s Pere Asia Summit, Singapore\u2019s most prominent real estate conference, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-04\/real-estate-executives-say-deals-at-risk-from-middle-east-crisis\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a> reports. You can thank the suspension of flights.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The conflict has frozen expansion plans into the Gulf<\/strong>, with La Caisse Managing Director Josephine Yip confirming that the Canadian pension giant is temporarily pausing its exploration of Middle East real estate projects.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Investor sentiment is also wavering<\/strong>, with BlackRock\u2019s Asia-Pacific real estate head Hamish MacDonald noting that no new agreements are being finalized. A drawn-out conflict could drive up inflation and borrowing costs, with incoming Fed Chairman Kevin Warsh warning that the US-Israel-Iran conflict has added a new level of uncertainty.<\/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>DEBT \u2014 Chinese financial institutions are scaling back their exposure to Middle <\/strong><strong>Easter<\/strong><strong>n debt <\/strong>and keeping their eye on their regional portfolios, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-04\/chinese-bank-halts-abu-dhabi-loan-as-creditors-cut-mideast-risk\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a> reports. Regulators in Beijing and Hong Kong have reportedly directed lenders to audit their exposure to Middle Eastern sovereign and state-linked bonds, including those from heavyweights such as Saudi Aramco.<\/p>\n<p><strong>The impact: <\/strong>A major Chinese bank recently restricted a drawdown on a bilateral loan for an Abu Dhabi government entity, a source said, while others are reportedly trying to offload portions of ADQ\u2019s USD 4 bn syndicated facility from last year.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><a id=\"wwtt3\"><\/a> <strong>MEANWHILE- The <\/strong><strong>UAE is projected to lead GCC loan growth<\/strong> <strong>at 12%<\/strong>, as well as average operating net income at 3.4%, according to <a href=\"https:\/\/www.fitchratings.com\/research\/banks\/gcc-banks-are-well-buffered-against-iran-conflict-credit-risks-03-03-2026\" target=\"_blank\" rel=\"noopener\">Fitch Ratings<\/a>. This suggests that despite regional tensions, the UAE banking sector is still aggressively deploying capital. However, its Stage 3 (non-performing) loans remain at 3%, higher than the KSA and Kuwait averages.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>REMEMBER-<\/strong> GCC banks have seen <a href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/04\/capital-outflows-to-be-expected-in-the-near-term-as-war-dents-the-uaes-safe-haven-status-analysts-say\/\" target=\"_blank\" rel=\"noopener\">modest outflows<\/a> so far.<\/p>\n<p class=\"tag-border-left\">Oil watch<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Traffic through the Strait of Hormuz has dropped by more than 95% since the outbreak of <\/strong><strong>the conflict<\/strong>, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-04\/hormuz-tracker-traffic-comes-to-a-near-halt-amid-signal-fog\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a> reports, with the waterway now rife with signal jamming and disabled transponders. Over 140 ships are <a href=\"https:\/\/enterpriseam.com\/logistics\/2026\/03\/04\/iran-vows-to-attack-any-vessel-transiting-hormuz-gcc-energy-infrastructure-targeted\/\" target=\"_blank\" rel=\"noopener\">sitting idle<\/a> in the strait. One tanker did make it through to the UAE's Jebel Dhanna port yesterday, per <a href=\"https:\/\/www.reuters.com\/world\/middle-east\/tanker-heads-uae-port-via-strait-hormuz-load-oil-sources-say-2026-03-04\/\" target=\"_blank\" rel=\"noopener\">Reuters<\/a> \u2014 it smells more like a one-off than a signal that we\u2019re returning to normal. A vessel off Fujairah was struck by a projectile of unknown origin shortly after, per <a href=\"https:\/\/www.ukmto.org\/-\/media\/ukmto\/products\/20260304-ukmto_warning_010-26.pdf\" target=\"_blank\" rel=\"noopener\">UKMTO<\/a>.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The blockade is already backing up the system:<\/strong> Fujairah bunker suppliers have declared force majeure, <a href=\"https:\/\/www.argusmedia.com\/en\/news-and-insights\/latest-market-news\/2796111-uae-s-fujairah-bunker-suppliers-declare-force-majeure\" target=\"_blank\" rel=\"noopener\">Argus<\/a> reports, after drone debris hit the Fujairah Oil Industry Zone <a href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/04\/attacks-continued-to-hit-the-uae-on-day-four-of-the-us-israel-iran-war-but-officials-urged-calm\/\" target=\"_blank\" rel=\"noopener\">earlier this week<\/a> \u2014 jeopardizing the UAE's only bypass around Hormuz.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Regional oil storage is filling fast<\/strong> and JPMorgan has warned that the UAE and Saudi Arabia may have to slash production within weeks, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-04\/oil-storage-is-filling-fast-in-middle-east-with-hormuz-blocked\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a> reports. <strong>Iraq is already there:<\/strong> it paused production at its biggest field and is suspending crude shipments through the Kirkuk-Ceyhan pipeline to Turkey, pulling c.200k bbl \/ d from global markets. The UAE\u2019s Dana Gas has suspended production at Iraq\u2019s Khor Mor field due to security concerns, it said in a <a href=\"https:\/\/ent.news\/2026\/3\/268.pdf\" target=\"_blank\" rel=\"noopener\">statement (pdf)<\/a>.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>What to watch:<\/strong> Dubai crude <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-04\/middle-east-oil-prices-soar-after-platts-excludes-gulf-loadings\" target=\"_blank\" rel=\"noopener\">benchmark prices<\/a> spiked after Platts excluded Arabian Gulf loadings from its pricing. TotalEnergies bid for May-loading Dubai oil at USD 12 \/ bbl above benchmark on Platts' market-on-close platform \u2014 versus USD 1 \/ bbl a week earlier. <strong>Asian buyers including Japan, South Korea, and India <\/strong><strong><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-04\/asian-energy-buyers-under-stress-as-middle-east-war-drags-on\" target=\"_blank\" rel=\"noopener\">are already feeling it<\/a><\/strong> even though physical crude and LNG flows haven\u2019t been fully severed yet. Analysts expect strategic stockpiling and a push to renegotiate contracts with more flexibility to swap cargoes if regional transit stays untenable.<\/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 is <\/strong><strong><a href=\"https:\/\/www.wsj.com\/livecoverage\/iran-us-israel-conflict-2026?mod=WSJ_home_supertoppertop_pos_1\" target=\"_blank\" rel=\"noopener\">\u201cactively considering\u201d<\/a><\/strong><strong> his administration\u2019s role in Iran <\/strong><strong>after the war<\/strong>, as the Senate turned down a resolution geared toward limiting his military operations in the Islamic Republic. It is not yet clear what this role will be upon the completion of the campaign, which is going \u201cvery well,\u201d Trump said.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The war in the region has thrown a <\/strong><strong><a href=\"https:\/\/www.cnbc.com\/2026\/03\/04\/iran-israel-us-war-middle-east-conflict-oil-gas-lng-surge-central-banks-inflation-risk.html\" target=\"_blank\" rel=\"noopener\">wrench in the policymaking<\/a><\/strong><strong> of central banks<\/strong>, which must now reckon with resurgent inflation risks and soaring crude prices. Asian economies remain especially vulnerable, as most crude shipped via the Strait of Hormuz is Asia-bound.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>MEANWHILE- <\/strong>China <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-03-04\/china-softens-gdp-goal-to-range-of-4-5-to-5-as-growth-slows\" target=\"_blank\" rel=\"noopener\">has penciled in<\/a> growth of 4.5-5% for 2026, a step down from last year\u2019s 5% and its most modest growth target in more than three decades.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>AND- <\/strong>Apple <a href=\"https:\/\/www.apple.com\/newsroom\/2026\/03\/say-hello-to-macbook-neo\/\" target=\"_blank\" rel=\"noopener\">unveiled<\/a> its most affordable laptop ever \u2014 the MacBook Neo. The lightweight device is the company\u2019s first low-cost offering in more than a decade, with prices starting at USD 599.<\/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 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