{"id":115902,"date":"2026-04-23T00:00:00","date_gmt":"2026-04-23T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/?p=115902"},"modified":"2026-04-23T03:09:51","modified_gmt":"2026-04-23T03:09:51","slug":"this-morning-uae-korea-partnership-to-come-into-effect-in-may-salama-hikes-capital-in-two-act-survival-play","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2026\/04\/23\/this-morning-uae-korea-partnership-to-come-into-effect-in-may-salama-hikes-capital-in-two-act-survival-play\/","title":{"rendered":"THIS MORNING: UAE-Korea partnership to come into effect in May + Salama hikes capital in two-act survival play"},"content":{"rendered":"

Good morning, friends. <\/strong>News of the extended ceasefire seems to have done little to comfort investors, with the DFM and ADX both losing ground yesterday. Dubai\u2019s index was down 1.1%, while Abu Dhabi\u2019s ADX lost 0.8%. <\/p>\n

Why? <\/strong>The ongoing drama around the Strait of Hormuz is keeping investors jittery, especially since the outlook for the next round of US-Iran talks seems murky, with Iran not yet confirming its plans to attend. Iran fired on three ships<\/a> in the Strait again yesterday, making the situation even more alarming. <\/p>\n

<\/a> The ongoing disruptions are keeping us all guessing how this will impact the Gulf\u2019s economies<\/strong>, with every week that the Hormuz blockade continues causing worse knock-on effects.<\/p>\n

One of those is the disruption to export routes for the Gulf, which could disrupt FX inflows <\/strong>\u2014 hence reports of a currency swap with the US. But the UAE has denied the need for \u201cfinancial backing.\u201d \u201cAny suggestion that the UAE requires external financial backing misreads the facts,\u201d the UAE\u2019s ambassador to the US Youssef Otaiba said on X<\/a>, in response to media claiming the US is considering a financial backstop to help the UAE following comments from US President Donald Trump. <\/p>\n

\u201cThe UAE is one of the world\u2019s most financially resilient economies<\/strong>, underpinned by more than USD 2 tn in sovereign investment assets,\u201d Otaiba said, adding that \u201cwe very much appreciate President Trump\u2019s recognition of the UAE as one of America\u2019s most important economic [and] trade partners.\u201d <\/p>\n

Crucially<\/strong>, the currency swap<\/a> that was said to be on the table wouldn\u2019t exactly mean the UAE needs a bailout. Ryan Lemand, founder and CEO of wealth manager NeoVision, explained it in a recent LinkedIn post<\/a>: \u201cNo one is giving anyone money. It's a currency loan, secured by a currency deposit, with no credit risk on either side. The Fed has standing swap lines with the European Central Bank, Bank of Japan, Bank of England, Saudi National Bank, and Bank of Canada, and opened temporary ones in 2008 and 2020. None of those counterparties were receiving \u2018aid\u2019.\u201d<\/p>\n

Plus: US officials didn\u2019t really say the UAE needs any help<\/strong> \u2014 but that it would be there in the very unlikely case it does. \u201cIf \u200cthe \u2060UAE had a problem \u2014 I find it hard to believe \u2014 but if they had a problem, we would be there for them,\u201d Trump was quoted<\/a> as saying. Otaiba also noted that the Central Bank of the UAE currently has more than USD 300 bn in foreign currency reserves. <\/p>\n

For now, the issue the UAE is facing is more of a disrupted inflow of FX due to trade disruptions <\/strong>\u2014 but this is more of a \u201cliquidity mismatch\u201d and a timing-related issue than a solvency-related one, Lemand wrote.<\/p>\n

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Despite the disruptions of the war<\/strong>, there\u2019s a lot that\u2019s still business as usual. Dubai just announced plans for an AED 34 bn Metro line \u2014 yes, other than the Blue Line \u2014 connecting its historic center to the suburbs, and e-invoicing is set to begin its phased rollout in a couple of months. We look at what the shift to e-invoicing means for SMEs and business, as well as M&A transactions and due diligence, and much more in this morning\u2019s news well, below. <\/p>\n

Plus: We speak with the CEO of a Mubadala-backed, Abu Dhabi-based AI startup<\/strong> that has now ventured into Asia. <\/p>\n

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WEATHER- It\u2019s looking a lot less like a heatwave and a lot more lik<\/strong>e\u2026 summer is here. <\/strong>We\u2019re in for a high of 37\u00b0C in Abu Dhabi today, along with a low of 25\u00b0C, while Dubai will see a high of 34\u00b0C and a low of 26\u00b0C.<\/p>\n

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Meet EnterpriseAM MENA+<\/strong>, our new flagship newsletter covering the flows of capital, people, and ideas across the Middle East \u2014 and beyond it. 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\u2019s 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

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<\/a> <\/p>\n

Watch this space <\/p>\n

<\/a> <\/p>\n

<\/a> TRADE \u2014 <\/strong>The<\/strong> comprehensive economic partnership agreem<\/strong>ent between the UAE and South Korea comes into force from 1 May<\/strong>, opening the door to easier trade flows and fewer barriers across key sectors, according to a Dubai Customs\u2019 customs notice (pdf)<\/a>. Customs authorities are already moving to implement the agreement.<\/p>\n

What changes? <\/strong>Starting 1 May, most customs duties will be scrapped and restrictions across sectors including energy, resources, and advanced industries will be eased. <\/p>\n

REMEMBER- The agreement had been <\/strong>in the works for some time<\/a><\/strong>, with officials previously expecting it to come into force by the end of 2025 following final stages of negotiation. Both sides had also signed a series of cooperation agreements covering nuclear energy, oil and gas, investment, finance, and artificial intelligence.<\/p>\n

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<\/a> CAP<\/strong>ITAL MARKETS \u2014<\/strong> Salama <\/strong>completes two-act survival play: <\/strong>DFM-listed Islamic Arab Ins. Company (Salama) is moving to hike its capital by 69.8% to AED 820 mn following a mandatory conversion of its AED 350 mn sukuk<\/a> into equity, it said in a bourse filing (pdf)<\/a>. The conversion \u2014 effective Friday, 24 April \u2014 lifts the ownership stakes of Salama shareholders Eshraq Investments and Humana Holding, the original sukuk holders who funded its February lifeline. Their new holdings will be locked up for a year.<\/p>\n

Back from the brink:<\/strong> The move is part of a two-step reset we\u2019ve been tracking since late last<\/a>year<\/a>, which first saw Salama wipe out its accumulated losses and reduce its capital base<\/a> to meet tighter regulatory thresholds. The ins. firm then raised a mandatory convertible sukuk to bridge liquidity and buy time, and is now completing the cycle by converting that debt into equity to restore its capital position.<\/p>\n

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PSA<\/p>\n

<\/a> <\/p>\n

<\/a> No more WhatsApp convos with your RMs:<\/strong> The Central Bank of the UAE (CBUAE) has ordered all banks and licensed financial institutions to immediately stop using instant messaging platforms such as Whatsapp for delivering services or collecting customer information, according to a notice seen by Khaleej Times<\/a>. <\/p>\n

What the ban includes:<\/strong> Banks can no longer use messaging apps to request or share customer data, confirm or initiate transactions such as transfers, payments, loans, or account changes, or send authentication details like passwords, PINs, or one-time passwords. Exchanging documents containing personal or financial information is also barred.<\/p>\n

Institutions must confirm compliance and outline corrective steps by 30 April<\/strong>, Khaleej Times says. Non-compliance could trigger supervisory action or financial penalties. <\/p>\n

AND- <\/strong>Ajman tightens screws on price gouging:<\/strong> The Ajman Department of Economic Development has ordered suppliers, wholesalers, retailers, and other businesses in the emirate to notify the Economy and Tourism Ministry in advance \u2014 with documented economic justifications \u2014 before raising prices on basic commodities, state news agency Wam<\/a> reports. The rule covers 29 strategic goods tied to consumers\u2019 daily needs.<\/p>\n

The move comes as authorities tighten oversight of food inflation and supply disruption <\/strong>risks: <\/strong>The ministry recently launched<\/a> an Essential Goods Prices Platform to track staple prices across major retailers. Abu Dhabi also moved against<\/a> alleged price gouging after reports of unjustified hikes as wartime supply chains came under pressure.<\/p>\n

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Diplomacy<\/p>\n

S<\/strong>yria\u2019s President<\/strong> Ahmed Al Sharaa<\/strong> met with<\/a><\/strong> President Sheikh Mohamed bin Zayed Al Nahyan yesterday<\/strong> after he landed in the UAE as part of a wider Gulf tour that included Saudi Arabia and Qatar. The two leaders discussed regional security, and Al Sharaa affirmed Syria\u2019s support for the UAE following Iran\u2019s attacks this year. It remains unclear whether he is still in town. <\/p>\n

ICYMI- <\/strong>This is Al Sharaa\u2019s third visit to the UAE, following a visit last July<\/a> and another visit in April<\/a>. Previous talks focused on economic cooperation and getting more UAE firms to invest in post-Assad Syria. State-owned logistics giant DP World was among the first to do so, with a USD 800 mn agreement<\/a> to develop and operate Syria\u2019s Tartous port.<\/p>\n

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Happening today<\/p>\n

Mawarid Fi<\/a><\/strong>ntech and Innovation Summit<\/a><\/strong> kic<\/strong>ks off<\/strong> at Grand Hyatt <\/strong>Dubai<\/strong>, bringing together more than 1k leaders and experts from across the financial technology sector. The event will focus on digital payments, AI-driven platforms, blockchain applications, and the expansion of open finance frameworks.<\/p>\n

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The big story abroad<\/p>\n

US forces <\/strong>have attacked<\/a><\/strong> at least three Iranian-flagged tankers in Asian waters<\/strong>, signaling that Washington\u2019s naval blockade is active despite its ongoing ceasefire with Tehran. Partly laden with crude, the vessels were rerouted from their locations off the coasts of India, Sri Lanka, and Malaysia.<\/p>\n

Meanwhile, in the Strait of Hormuz<\/strong>, traffic halted after Tehran attacked three ships<\/a>, escorting two of them into Iranian waters. The attacks do not constitute violations of the truce, since the vessels were not flying US or Israeli flags, White House Press Secretary Karoline Leavitt said. <\/p>\n

Oil jumped in early trading amid maritime turmoil<\/strong>, with Brent crude rising above<\/a> the USD 100 per barrel mark, reaching USD 101.91 per barrel \u2014 up 3.5% from Tuesday\u2019s closing price.<\/p>\n

With Hormuz still mired in conflict<\/strong>, Panama Canal transit charges have hit record highs<\/a> as Asian buyers scramble for oil and gas amid the regional conflict. Daily auction bids have surged fivefold.<\/p>\n

AND IN BUSINESS NEWS- <\/strong>Tesla\u2019s 1Q results offered a mixed bag<\/a>, with income topping analysts\u2019 forecasts, despite revenues falling short of expectations. <\/p>\n

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Plus: Syrian leader Ahmed Al Sharaa landed in the UAE 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