{"id":114833,"date":"2026-04-02T00:00:00","date_gmt":"2026-04-02T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?p=114833"},"modified":"2026-04-02T03:06:11","modified_gmt":"2026-04-02T03:06:11","slug":"this-morning-reports-circle-of-ega-selling-off-alumina-stock-of-a-trump-linked-defense-firm-selling-systems-to-uae","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2026\/04\/02\/this-morning-reports-circle-of-ega-selling-off-alumina-stock-of-a-trump-linked-defense-firm-selling-systems-to-uae\/","title":{"rendered":"THIS MORNING: Reports circle of EGA selling off alumina stock + of a Trump-linked defense firm selling systems to UAE"},"content":{"rendered":"<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Good morning, friends. <\/strong>As we ease into 2Q 2025, we look back at the first quarter of the year, from capital markets to the property market. On the property front, it\u2019s good news: The market has held up due to a phenomenal start to the year, but on capital markets, it\u2019s less so: Dubai and Abu Dhabi are still seeing foreign outflows, with the two indices ending March in the red.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><a id=\"wwtt4\"><\/a> <strong>In other bad news\u2026. The GCC is likely to slip <\/strong><strong><a href=\"https:\/\/enterpriseam.com\/ksa\/2026\/03\/11\/saudis-gdp-growth-to-see-lowest-drag-in-the-region-oxford-economics\/\" target=\"_blank\" rel=\"noopener\">into<\/a><\/strong><strong> a war-induced recession this year, wit<\/strong><strong>h GDP now projected to contract <\/strong><strong>by 0.2%<\/strong>, according to a recent <a href=\"https:\/\/www.oxfordeconomics.com\/resource\/iran-war-set-to-push-gcc-economies-into-recession\/\" target=\"_blank\" rel=\"noopener\">research note<\/a> from Oxford Economics. The forecast represents a massive 4.6 percentage point downgrade from pre-war estimates as the Iran war enters its second month and reshapes the region's economic outlook.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The UAE is anticipated to bear the brunt of the downturn, as the regional conflict exposes a critical reliance on the Strait of Hormuz<\/strong>, the note explains. The Emirates' limited capacity for rerouting hydrocarbon exports would mean halting production as domestic storage facilities reach capacity. The fallout is also likely to deliver a long-term blow to tourism and domestic demand, with recovery expected to be gradual and closely tied to how the security situation evolves, the note said.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>On the ground<\/strong>, attacks continued yesterday, with one fatality in Fujairah of a Bangladeshi national, state news agency <a href=\"https:\/\/www.wam.ae\/en\/article\/175e429-competent-authorities-fujairah-responding-incident\" target=\"_blank\" rel=\"noopener\">Wam<\/a> reports.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>WEATHER- <\/strong>Expect a high of 27\u00b0C today and lows of 19-20\u00b0C in Dubai and Abu Dhabi, according to our favorite weather app.<\/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>WAR<\/strong><strong> \u2014 <\/strong><strong>The US is \u201cvery close\u201d to ending the war on Iran<\/strong> \u2014 that\u2019s the main takeaway from US President Donald Trump\u2019s <a href=\"https:\/\/www.wsj.com\/livecoverage\/iran-war-news-trump?mod=WSJ_home_mediumtopper_pos_1\" target=\"_blank\" rel=\"noopener\">address<\/a> early this morning. While we were expecting some grand announcement \u2014 a ceasefire agreement or a ground invasion \u2014 the speech didn\u2019t provide any of that.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Trump shifted his tone regarding reopening the Strait of Hormuz<\/strong>, <strong>downplaying <\/strong><strong>Washington\u2019s role. <\/strong>Instead, he said, the operation should be led by countries that \u2014 unlike the US \u2014 rely heavily on the strait for oil imports, adding that the waterway will \u201copen up naturally\u201d after the war ends. This runs counter to Trump\u2019s <a href=\"https:\/\/enterpriseam.com\/egypt\/2026\/03\/16\/egypt-freezes-electricity-prices-for-now\/\" target=\"_blank\" rel=\"noopener\">call on NATO allies<\/a> to help Washington revive traffic in the waterway last month.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Trump also reiterated his timeline of continuing strikes on Iran for the next two to three <\/strong><strong>weeks<\/strong>, threatening to target its energy infrastructure if \u201cthere\u2019s no deal.\u201d <strong>He also thanked US allies in the region \u2014 including the UAE and Saudi Arabia \u2014 and vowed that Washington would \u201cnot let them get hurt.\u201d<\/strong><\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Market reax: <\/strong>Oil and equities tumbled following the speech, which investors hoped would bring news of a de-escalation. Following the speech, Brent crude futures rose 5% to USD 106.42, and Asian markets opened in the red, with Japan\u2019s Nikkei and South Korea\u2019s Kospi looking at steep losses. Wall Street also is looking at a volatile day of trading, with futures down.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>AND- <\/strong><strong>In another sign of <\/strong><strong><a href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/25\/this-morning-iran-linked-institutions-in-the-uae-are-under-scrutiny-millennium-management-eyes-up-relocating-regional-staff\/\" target=\"_blank\" rel=\"noopener\">closer alignment with US policy<\/a><\/strong>, some Emirati airlines are refusing to carry Iranian nationals either to or through the UAE. <a href=\"https:\/\/www.emirates.com\/english\/before-you-fly\/visa-passport-information\/visa-passport-information-results\/?widgetheader=visa&amp;nationality=ir&amp;destination=ae\" target=\"_blank\" rel=\"noopener\">Emirates<\/a> posted a notice on its site seen by EnterpriseAM UAE earlier to this effect and <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-01\/emirates-says-iranians-barred-from-entering-the-uae\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a> reports that Flydubai and Etihad will be following suit.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>However, there are exemptions<\/strong>, including for Golden Visa holders, bank execs, doctors, engineers, investors, and the children of female UAE nationals or spouses of citizens. The decision to keep the door slightly ajar points to an effort to strike a balance between taking a diplomatic stance while accommodating the 500k Iranian expats living in the Emirates and the UAE\u2019s status as <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-01-14\/uae-assesses-supply-impact-of-trump-s-iran-tariff-threat\" target=\"_blank\" rel=\"noopener\">Iran\u2019s second-largest trading partner<\/a>. The UAE also recently said it was <a href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/25\/this-morning-iran-linked-institutions-in-the-uae-are-under-scrutiny-millennium-management-eyes-up-relocating-regional-staff\/\" target=\"_blank\" rel=\"noopener\">upping scrutiny<\/a> on Iranian state-linked institutions.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Iranians are <\/strong><strong>welcome, Foreign Ministry says: <\/strong>Contrary to some reports, a statement from the Foreign Ministry affirms the Iranian community\u2019s value to the UAE, dismissing \u201cinaccurate media claims\u201d regarding the residency status of expats, state news agency <a href=\"https:\/\/www.wam.ae\/en\/article\/175g95d-uae-affirms-embrace-iranian-community-integral-its\" target=\"_blank\" rel=\"noopener\">Wam<\/a> reports.<\/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>INDUSTRY WATCH<\/strong><strong> \u2014<\/strong> <strong>Emirates<\/strong><strong> Global Aluminium (<\/strong><strong>EGA) has so far kept quiet<\/strong><strong> about the extent of damage at its <\/strong><strong>Kezad facilities <\/strong><strong><a href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/30\/attacks-hit-industry-threatening-higher-commodity-prices-and-investor-caution\/\" target=\"_blank\" rel=\"noopener\">following weekend attacks<\/a><\/strong>, but the impact is apparent nonetheless. EGA is reportedly selling large volumes of raw aluminum, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-01\/uae-aluminum-smelter-seeks-to-sell-feedstock-after-plant-hit\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a> reports, citing sources familiar with the matter, with another source <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-01\/top-gulf-aluminum-producer-ega-halted-smelter-after-iran-strike\" target=\"_blank\" rel=\"noopener\">telling the news outlet<\/a> production has stopped at the Al Taweelah facility altogether.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>What this might mean: <\/strong>The move suggests its facilities sustained enough damage to make selling and offloading volumes directly, rather than waiting for repairs, the best move. The shipment offers are reportedly running through to June, offering little solace to those hoping the damage would be a quick fix.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>ICYMI- <\/strong><strong><a href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/31\/aluminum-market-reels-after-strikes-on-ega-and-alba\/\" target=\"_blank\" rel=\"noopener\">As we previously reported<\/a><\/strong><strong>, the aluminum market has already felt the impact<\/strong> of the strikes, which also targeted another regional heavyweight, Aluminium Bahrain. Prices increased almost 5% directly afterwards and have continued to climb, according to <a href=\"https:\/\/www.lme.com\/metals\/non-ferrous\/lme-aluminium#Price+graphs\" target=\"_blank\" rel=\"noopener\">London Metal Exchange data<\/a>. A worst-case scenario could see them reach as high as USD 4k per ton, just shy of the USD 4.1k record high that followed Russia\u2019s invasion of Ukraine, and would also cause significant disruption to downstream sectors in auto, construction, and packaging.<\/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>DEBT WATCH \u2014 Nigeria shops for cheaper money in the UA<\/strong><strong>E: <\/strong>Nigeria is weighing a USD 5 bn total return swap with First Abu Dhabi Bank (FAB) as higher global yields begin to price frontier issuers out of traditional markets, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-01\/nigeria-weighs-5-billion-swap-deal-with-uae-bank-as-costs-rise\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a> reports, citing a letter from President Bola Tinubu. The agreement is priced at roughly 395-400 bps over SOFR and backed by collateral worth 133% of the loan.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The rationale? If public markets are too expensive, tap Gulf balance sheets instead. <\/strong>The structure is designed to undercut eurobond costs at a time when Nigeria\u2019s 2034s are yielding close to 8%. The terms are \u201cconsidered competitive relative to prevailing eurobond yields for Nigeria,\u201d according to a Senate committee report, with a six-year tenor, a three-year break clause, and annual rollover provisions.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>The UAE is already an active lender in Nigeria: <\/strong>As we previously reported, FAB backed a <a href=\"https:\/\/enterpriseam.com\/uae\/2026\/01\/06\/fab-afreximbank-offer-usd-1-bn-for-nigeria-coastal-road\/\" target=\"_blank\" rel=\"noopener\">USD 626 mn<\/a> slice of the Lagos-Calabar Coastal Highway alongside Afreximbank, while Dubai-based Maser Group is eyeing <a href=\"https:\/\/enterpriseam.com\/uae\/2026\/02\/10\/electronics-manufacturer-maser-group-deepens-uae-presence-in-africa-with-usd-1-6-bn-investment\/\" target=\"_blank\" rel=\"noopener\">USD 1.6 bn<\/a> in investments across the country.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Where it goes:<\/strong> Proceeds would fund roads and ports while refinancing pricier debt, even as Abuja pushes ahead with a 17% expansion in its 2026 budget.<\/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>DEFENSE<\/strong> <strong>\u2014<\/strong> <strong>Ongoing Iranian strikes<\/strong> <strong>have already <\/strong><strong><a href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/05\/iranian-drone-attacks-show-gcc-needs-to-rethink-air-defense\/\" target=\"_blank\" rel=\"noopener\">triggered a rethink<\/a><\/strong><strong> of the UAE\u2019s defense infrastructure<\/strong>, and it now seems the Emirates has already got the ball rolling, holding talks with US-based and Trump-backed drone firm Powerus about buying weapons systems, <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-01\/drone-firm-backed-by-trump-sons-is-pitching-uae-on-weapons-deal\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a> reports. The discussions are still early, with no agreement finalized. Such cooperation with a Trump-linked firm wouldn\u2019t be the first, following the reported <a href=\"https:\/\/enterpriseam.com\/uae\/2026\/02\/02\/quiet-uae-us-crypto-agreement\/\" target=\"_blank\" rel=\"noopener\">Emirati stake in World Liberty Financial<\/a>.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>ICYMI- The UAE <\/strong><strong><a href=\"https:\/\/enterpriseam.com\/uae\/2026\/03\/05\/iranian-drone-attacks-show-gcc-needs-to-rethink-air-defense\/\" target=\"_blank\" rel=\"noopener\">has faced more than 1k Iranian attacks<\/a><\/strong><strong> since the start of the conflict<\/strong>, including 800 drones, and the issue with the current defense system is cost. A single Shahed drone can run as little as USD 20k-100k, while interceptors like Patriot or THAAD can cost USD 3-12 mn per shot.<\/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>CAPITAL MARKETS \u2014 Brooge<\/strong><strong> takeover lands GulfN<\/strong><strong>av on institutional radars: <\/strong>DFM-listed maritime company Gulf Navigation (GulfNav) joined the S&amp;P UAE BMI Liquid 20\/35 Capped Index late last month, according to a <a href=\"https:\/\/ent.news\/internal\/106792.pdf\" target=\"_blank\" rel=\"noopener\">bourse filing (pdf)<\/a>. Stronger turnover and liquidity pushed the stock into the index\u2019s eligibility range. The listing allows GulfNav to attract broader investor interest and opens new trading windows for its shares, while serving as a seal of approval for its core fundamentals.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>Behind the move: <\/strong>GulfNav\u2019s inclusion comes four months after <a href=\"https:\/\/enterpriseam.com\/uae\/2025\/11\/28\/gulfnav-finally-seals-aed-3-2-bn-acquisition-of-brooges-assets\/\" target=\"_blank\" rel=\"noopener\">it acquired Brooge Energy assets<\/a> in a AED 3.2 bn transaction, which turned the business into an integrated model spanning maritime logistics and energy infrastructure.<\/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>Apart from Trump\u2019s address (which we dive into in the news well, above), space is a big theme on the front pages this morning. <\/strong>Elon Musk\u2019s SpaceX has confidentially filed for an IPO, which could value the firm at above USD 1.75 tn, sources close to the matter told <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-04-01\/spacex-is-said-to-file-confidentially-for-ipo-ahead-of-ai-rivals?srnd=homepage-middle-east\" target=\"_blank\" rel=\"noopener\">Bloomberg<\/a>. A confidential filing allows the satellite and AI company to seek feedback from the Securities and Exchange Commission and make changes before any information goes public.<\/p>\n<p style=\"padding: 0;margin: 0;line-height: 1.15;text-align: left\"><strong>To infinity and beyond: <\/strong>NASA\u2019s first crewed mission to the moon in more than 50 years <a href=\"https:\/\/www.reuters.com\/science\/nasa-counts-down-first-crewed-lunar-mission-half-century-2026-04-01\/\" target=\"_blank\" rel=\"noopener\">took<\/a><a href=\"https:\/\/www.reuters.com\/science\/nasa-counts-down-first-crewed-lunar-mission-half-century-2026-04-01\/\" target=\"_blank\" rel=\"noopener\">off yesterday<\/a>. The Artemis II launched from Florida and will take four astronauts around the side of the moon \u2014 the furthest humans have ever traveled from Earth. The move signals that Washington aims to cement its leadership in space exploration amid tough competition from China.<\/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>Were you forwarded this email?<\/strong> <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 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GDP<\/p>\n","protected":false},"author":1,"featured_media":114834,"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":[1400,1125,871,7,65,20,6],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-114833","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-defense","tag-donald-trump","tag-emirates-global-aluminium","tag-enterpriseam-uae","tag-first-abu-dhabi-bank","tag-gdp","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"92bf285f-5bd7-457c-8a9f-21d584bd06b9","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2026\/4\/78.jpg","photo_position":"above","homepage_title":"","full_issue_title":"THIS 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