{"id":115506,"date":"2026-04-16T00:00:00","date_gmt":"2026-04-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?p=115506"},"modified":"2026-04-16T02:52:17","modified_gmt":"2026-04-16T02:52:17","slug":"this-morning-emirates-to-develop-usd-2-3-bn-railway-project-for-jordan-dfm-saw-a-rally-yesterday","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2026\/04\/16\/this-morning-emirates-to-develop-usd-2-3-bn-railway-project-for-jordan-dfm-saw-a-rally-yesterday\/","title":{"rendered":"THIS MORNING: Emirates to develop USD 2.3 bn railway project for Jordan + DFM saw a rally yesterday"},"content":{"rendered":"

Good morning, lovely people. <\/strong>Parents can rejoice now that schools and nurseries will resume operations next Monday across the country, according to an Education Ministry X post<\/a>. Private schools can still opt for a hybrid model \u201cwhen needed,\u201d the ministry said, while some nurseries will be using the home-based model still. <\/p>\n

U<\/strong>niversities<\/strong> are also back<\/strong>:<\/strong> All public and private higher education institutions will see students and staff return to in-person learning next Monday, state news agency Wam<\/a> reports. Some universities will be able to implement hybrid and distance learning models based on situational needs.<\/p>\n

Today\u2019s issue is heavy on the diplomacy front<\/strong>, as we look at what Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan\u2019s recent visit to Beijing \u2014 and the investment agreements signed as an outcome \u2014 mean for UAE-China ties \u2014 and what the timing of the visit signals for both countries. Also on the diplo front: The UAE and Azerbaijan just signed off on a trade and economic partnership agreement.<\/p>\n

AND- A UAE and Iranian official spoke for the first time since the outbreak of the war. <\/strong>UAE Vice President Sheikh Mansour bin Zayed Al Nahyan phoned Iran\u2019s parliament speaker Mohammad Baqer Qalibaf, where they discussed de-escalating tensions in the region, Wam<\/a> reports. Qalibaf is a key negotiator in ongoing negotiations between Iran and the US in Pakistan. <\/p>\n

Plus:<\/strong> Dubai\u2019s office market might finally see a reprieve this year. <\/p>\n

In more good news\u2026<\/strong><\/p>\n

<\/a> Dubai <\/strong>stocks rallied 2.56% yesterday <\/strong>\u2014 their strongest showing since the Iran war broke out \u2014 notching a second straight close in the green and outperforming regional peers<\/a>. The DFM benchmark saw AED 1.5 bn in turnover, as investors shook off war caution following reports that the US and Iran could meet again for negotiations in Pakistan this week. The ADX also closed in the green, climbing a more modest 0.53%.<\/p>\n

Are we seeing a flight back to previously risk-on names? <\/strong>DFM-listed maritime shipping firm Gulf Nav (+15%) \u2014 which can be seen as a proxy for Strait of Hormuz risk \u2014 was yesterday\u2019s standout performer, followed by ins. company Aman (+14.9%) and National Cement Company (+9.5%). Meanwhile, blue-chip bellwether developer Emaar (+3.2%) led the market in value terms, signaling that investors may already be pricing in a de-escalation, with Emirates NBD also posting a 2.5% gain.<\/p>\n

REMEMBER-<\/strong> High-beta real estate and financial stocks are typically the first to take a hit during times of geopolitical unrest, with banks and property names serving as the initial exit point in risk-off moves, Arqaam Capital\u2019s Rawad Kassouf told EnterpriseAM earlier last month<\/a>.<\/p>\n

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It's official. MENA+ is live.<\/strong><\/p>\n

Our new regional flagship covers the flows of capital, people, and ideas across the Middle East \u2014 and beyond it.<\/strong> MENA+ covers AI and tech \u2014 and geopolitics, the war for talent, which BSD is on top (and who's gunning for them), the changing energy economy, new corridors to India and China, and much, much more.<\/p>\n

What's with the \u201c+\u201d in MENA+?<\/strong> We think one of the most powerful stories in the region is the *export* of ideas and capital not just to neighboring regions (Asia, the Stans) but to international financial centers. MENA countries are jockeying for position in the new global economy now taking shape, and we're going to shape that conversation.<\/p>\n

Delivered to your inbox every Monday, Wednesday, and Friday<\/strong> before 12pm UAE.<\/p>\n

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WEATHER- The pleasant weather is still here for a little while. <\/strong>Look for a high of 30\u00b0C in both Dubai and Abu Dhabi, along with a low of 21\u00b0C, according to our favorite weather app. <\/p>\n

Watch this space <\/p>\n

<\/a> TRADE \u2014 We\u2019re still on a Cepa roll:<\/strong> The UAE and Azerbaijan\u2019s Comprehensive Economic Partnership Agreement, also known as Cepa, has gone into force, after initially being signed in July<\/a>, state news agency Wam<\/a> reports. The two countries already have strong ties across sectors like energy<\/a>, critical minerals, and AI<\/a>, which the Cepa is expected to help streamline. It will also eliminate or reduce tariffs on a \u201cmajority of goods and services,\u201d according to Wam.<\/p>\n

The UAE\u2019s Cepa program has helped solidify the country as one of the major trade hubs in the region<\/strong> and helped it secure a spot as one of the top 10 goods exporters<\/a> for the first time last year. The Emirates signed off on one with Ecuador in March<\/a>, with a USD 3 bn project pipeline, while another is currently in the works with Japan<\/a>. Agreements with Gabon<\/a> and Congo<\/a> have also been inked recently.<\/p>\n

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<\/a> INVESTMENT \u2014 UAE on track to develop USD 2<\/strong>.3 bn railway project for Jordan:<\/strong> The UAE and Jordan inked agreements to push ahead with the USD 2.3 bn Aqaba railway project<\/a> connecting Jordan\u2019s port of Aqaba with the Al Shidiya and Ghor es-Safi mining regions, state news agency Wam<\/a> reports. The partnership will see the establishment of the UAE-Jordan Railway Company to develop and operate the 360-km railway project.<\/p>\n

About the project: <\/strong>The project is intended to shift bulk mineral transport from road to rail, cutting transportation costs and streamlining logistics. The network \u2014 designed for a capacity of around 16 mn tons a year \u2014 is expected to transport about 13 mn tons of phosphate and 2.6 mn tons of potash annually. Financial close is expected in early 2027, and construction is estimated to take five years.<\/p>\n

The agreement is part of a bigger UAE-Jordan capital push:<\/strong> Jordan\u2019s Investment Ministry said the railway is part of a broader USD 5.5 bn package<\/a> agreed with the UAE in late 2023.<\/p>\n

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Data point<\/p>\n

<\/a> 63% \u2014 that\u2019s how much<\/strong> ESG sukuk issuance dropped in 1Q 2026<\/strong>, amounting to just USD 1.6 bn in total, marking the weakest quarter for the debt instrument in nearly five years as geopolitical risk premiums pushed spreads to five-year highs, according to a Fitch Ratings report seen by EnterpriseAM. Fitch noted that issuance activity shifted further east to Malaysia after the war started.<\/p>\n

The pullback marks <\/strong>a sharp reversal from last year<\/a><\/strong>, when ESG sukuk volumes rose 50% here at home, with the Emirates\u2019 outstanding ESG debt up 18.6% to USD 29 bn.<\/p>\n

ICYMI- The slowdown tracks a wider pause in GCC debt markets<\/strong>, with rising spreads and volatile conditions making it difficult to build order books without offering meaningful concessions, Zeina Rizk, partner and portfolio manager at Amwal Capital, previously told EnterpriseAM<\/a>. \u201cThere\u2019s still liquidity, but it doesn\u2019t make sense to tap the market right now,\u201d she said.<\/p>\n

Early movers locked in better pricing: <\/strong>ESG bond issuance in core Islamic markets \u2014 namely the UAE, Saudi Arabia, and Indonesia \u2014 rose 76% y-o-y to nearly USD 3 bn in 1Q, with January seeing the lion\u2019s share of issuances.<\/p>\n

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The iconic Burj Al Arab will shut its doors to the public<\/strong> for 18 months while it undergoes a phased renovation of its interiors<\/strong>, led by French interior architect Tristan Auer, its operator Jumeirah said in a post<\/a>. <\/p>\n

\n

The big story abroad<\/p>\n

The US-Iran ceasefire lives another day with no news of a breakthrough<\/strong>. White House officials signaled confidence<\/a> that a diplomatic resolution is within reach. Talks brokered via Pakistan are \u201cproductive and ongoing,\u201d White House press secretary Karoline Leavitt said, but denied reports that Washington formally asked to extend the truce. <\/p>\n

Stocks went on a tear yesterday, suggesting traders think that the end of the war is nigh. <\/strong>The S&P 500 closed nearly 1% higher yesterday, hitting a new all-time high as it extended a two-week rally that began just before the current ceasefire came into effect. CNBC has some color<\/a> here.<\/p>\n

And <\/strong>oil steadied<\/a><\/strong> in response to unconfirmed reports a ceasefire extension<\/strong>, with Brent crude settling near USD 95. <\/p>\n

In less-welcome news: US President Donald Trump <\/strong>renewed his threat<\/a><\/strong> to sack Federal <\/strong>Reserve Chair Jay Powell. <\/strong>Trump wants Powell out on 15 May, when his term as Fed chair comes to an end, even if Kevin Warsh \u2014 who Trump has named as Powell\u2019s successor \u2014 hasn\u2019t been confirmed by Congress by that date. Tradition would have Powell stay on until a success is in place. <\/p>\n

Trump also said he\u2019s not going to call off a Justice Department probe of Powell<\/strong>\u2019s renovation of the Fed\u2019s DC headquarters. Folks are also holding their breath to see if Powell steps down from the board when he exits as chair \u2014 while his term at the head of the table runs out on 15 May, he isn\u2019t required to leave the board until January 2028. <\/p>\n

Also in the US of A: JPMorgan Chase, Goldman Sachs, and Citigroup are all doing <\/strong>large<\/a><\/strong>share buybacks<\/a><\/strong>, as are Bank of America and Morgan Stanley. The biggest US banks have spent a combined USD 33 bn on the buybacks, the FT reports, amid strong 1Q earnings. <\/p>\n

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Circle your calendar<\/p>\n

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

Plus: Another Cepa comes into effect + schools and universities are back in-person next 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