Lunate invests USD 1.5 bn alongside QIA in Jared Kushner’s Affinity Partners

WHAT WE’RE TRACKING TODAY

THIS MORNING: Adia’s acquisition of Malaysia airports deemed “reasonable” + New Year’s Day off for public, private sector

Good morning, lovely people. The holidays are nearly upon us, but we’re not seeing much signs of a news slowdown just yet…

We have news of Lunate investing more funds in Jared Kushner’s private equity firm, Affinity Partners; AD Ports’ refinancing and upsizing a revolving credit facility; and Masdar completing its acquisition of Spain’s Saeta.

ALSO- We have a day off next week: The Federal Authority for Government Human Resources and the Human Resources and Emiratization Ministry have confirmed that next Wednesday, 1 January 2025 will be a public holiday for all federal government entities and the private sector.

☁️WEATHER- We’re in for a cloudy (and possibly rainy) start to the week: The National Center of Meteorology forecasts (pdf) partly cloudy conditions, with a chance of light rainfall in northern and coastal areas. Temperatures today will hit 25°C in Dubai, with an overnight low of 18°C, and 21°C in Abu Dhabi, before cooling to an overnight low of 20°C.

IN TOMORROW’S ISSUE- The IMF released a comprehensive report (pdf) on the economic outlook and policy challenges for GCC countries. The report dives into the region’s fiscal and monetary policies, energy strategies, and banking systems, and sheds light on economic diversification efforts and key reforms that could shape the region’s future. You can find an in-depth breakdown of what the IMF had to say about the region — and the UAE specifically — in tomorrow’s issue.

WATCH THIS SPACE-

#1- Advisors deem Malaysia Airports acquisition “not fair,” but “reasonable”: The Abu Dhabi Investment Authority and Global Infrastructure Partners’ USD 4.1 bn takeover bid for Malaysia Airports was deemed viable by the transaction’s financial adviser Hong Leong Investment Bank (HLIB), Reuters reports. “The offer is ‘not fair’ but ‘reasonable’,” HLIB said. While the offer undervalues the company, it provides shareholders with a chance to exit in the absence of competing bids, it added.

Not completely cleared: Some directors of Malaysia Airports recommended rejecting the bid, citing concerns over valuation and the company’s growth prospects.

Background: Adia submitted a formal conditional offer in May to take over the remaining shares of Malaysia Airports as part of a consortium with Malaysian sovereign wealth fund Khazanah Nasional Berhad, Malaysian pension fund Employees Provident Fund, and Global Infrastructure Partners. The consortium plans to upgrade infrastructure and boost connectivity and services, arguing that privatization would better support these goals.

#2- Sharjah greenlights 2025 budget: The Sharjah Consultative Council approved the draft budget for 2025 during its latest session, Wam reports. While the budget’s specific size was not disclosed, its priorities include modernizing financial management systems and promoting good governance, in line with the directives of Sharjah Ruler Sheikh Sultan bin Mohammed Al Qasimi.

REMEMBER- The Federal National Council approved the UAE’s largest ever national budget in November, bringing the total to AED 71.5 bn in both revenues and expenditures and linking the Union General budget and independent federal entities’ budgets for 2025.

#3- UAE investments in Belarus? Investment Minister and ADQ managing director Mohamed Hassan Alsuwaidi met with Belarusian President Aleksandr Lukashenko during his UAE visit, Wam reports. The dialogue focused on strengthening trade and economic collaboration, investment, as well as addressing humanitarian issues and other areas of mutual interest.

#4- Chinese private equity firm Hillhouse Investment Management is in discussions to set up an office at the ADGM, unnamed sources with knowledge of the matter told Bloomberg. Founded in 2005, the firm now has USD 73.3 bn worth of assets under management and operates East Asia, Southeast Asia, North America, and Europe.

REMEMBER- Nineteen new companies also revealed plans to set up shop in ADGM during Abu Dhabi Finance Week, including Chinese asset manager CPE.

DATA POINTS-

Indirect taxes contribute AED 10-11 bn annually to UAE’s coffers, a significant chunk of the country’s federal budget, which came in at AED 65 bn last year, Undersecretary of the Finance Ministery Younis Haji Al Khoori told Wam.

PSAs-

You’re going to pay less if you book a bus in Business Bay: Dubai’s Roads and Transport Authority (RTA) reduced fares for the Bus-On-Demand service in the Business Bay area to AED 2 from AED 5, it said in a statement. The service operates through an app that allows passengers to book small public buses within selected areas. Users can customize their route from starting point to destination and pay through the app.

The service will expand to cover 10 areas by the end of 1H 2025, supported by a fleet of 41 buses.

ALSO- The RTA opened a new 1km two-lane bridge on Hessa Street to improve traffic flow to Al Khail Road. The development aims to cut travel time to 3 minutes from 15 minutes, according to the Dubai Media Office.

The details: The Hessa Street development project is currently 54% complete and includes upgrades to four major intersections, which are expected to be operational by 4Q 2025. The total cost of the project is estimated at AED 689 mn.

THE BIG STORY ABROAD-

It appears that the Christmas news slowdown has come early this year, with things pretty quiet in the western press this morning — among the few headlines worth noting:

President-elect Donald Trump is once again making headlines this time for threatening to reassert US control over the Panama Canal, demanding Panama reduces the canal fees. During a speech late last night, Trump vowed he “would not let the canal fall in the wrong hands.”

Panamanian President Jose Raul Mulino rejected the comments, defending Panama’s sovereignty and the fairness of the rates. The canal has been under Panamanian control since 1999 after the US gave up control, with international law providing no basis for the US to reclaim its control over the canal. (Reuters | Wall Street Journal | AP | BBC)

AND- The suspect in the recent Magdenburg Christmas market attack has been identified as Taleb A., a 50-year-old psychiatrist from Saudi Arabia who was arrested at the scene of the crime, and is now facing multiple charges, including murder and attempted murder. Authorities have not yet determined the motive behind the attack. (Reuters | BBC | AP)

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Lunate, QIA invest USD 1.5 bn in Jared Kushner’s Affinity Partners

Lunate invests in Jared Kushner’s PE firm: Abu Dhabi-based alternative asset manager Lunate Capital and the Qatar Investment Authority (QIA) invested an additional USD 1.5 bn in Affinity Partners, the private equity firm founded by Donald Trump’s son-in-law Jared Kushner, Bloomberg cited Kushner as saying on a podcast episode. It’s not clear how much Lunate and QIA each invested.

What we know: Lunate and QIA — existing investors in Affinity — committed to the extension following discussions Kushner held with investors earlier in February about potentially raising additional capital. The fresh funds bring Affinity’s total assets under management to USD 4.6 bn, ensuring Affinity does not need to raise capital during Trump’s four years in office to “avoid any conflicts,” Kushner claimed.

The investment extends the debut fund’s investment period by two years, to 2029. Investors appreciated that Affinity “went slow” during its first two years, which facilitated the extension, Kushner said.

Kushner was quick to dismiss the funds had anything to do with the US presidential elections. “I made very clear to them that in the event that Trump was elected, that they should not expect anything from me,” he said.

About Affinity: The private equity firm, whose investors also include Saudi Arabia’s Public Investment Fund, has committed over USD 2 bn for investments in companies including Dubai-based Dubizzle Group, and Brazilian fast-food operator Zamp, in which Affinity reportedly invested USD 200 mn alongside Mubadala Capital in April.

AD Ports upsizes revolving credit facility to USD 2.1 bn amid strong banking interest

AD Ports Group refinanced and upsized its revolving credit facility to USD 2.1 bn, up from USD 1 bn, with two equal tranches denominated in AED and USD, according to a statement. The maturity of the facility was extended from 2026 to 2028, with an option for further extension until 2030.

The new facility was 2.5x oversubscribed after receiving interest from a wide range of local, regional, European, Asian, and international banks. The new facility also doubles AD Ports’ banking pool from nine to 18 banks.

This is the second refinancing for AD Ports this year: AD Ports signed agreements with two UAE banks in September to refinance its syndicated loan of USD 2.25 bn, in a bid to take advantage of the interest rate easing cycle.

It also comes on the heels of another rate cut: The Central Bank of the UAE cut interest rates by 25 bps in line with the US Federal Reserve in its meeting last week. The base rate applicable to the overnight deposit facility is now at 4.4%, while the interest rate applicable to borrowing short-term liquidity from the CBUAE has been kept at 50 bps above the base rate for all standing credit facilities.

The firm has a good credit rep: AD Ports is rated A+ and gcAAA by S&P, and AA- with a stable outlook by Fitch. Earlier this month, Moody’s assigned AD Ports an initial A1 credit rating with a stable outlook, marking the first time the agency has rated the group. The agency noted the group’s strong infrastructure, business resilience, and prudent financial policies.

OTHER DEBT NEWS-

Investment platform Shuaa Capital finalized an agreement with its senior creditor to restructure AED 208 mn in outstanding facilities, according to a p ress release (pdf). The agreement introduces a 12-month temporary waiver for principal installments, followed by an amendment and extension of the existing loan terms, with prepayments linked to specific triggers. The company has addressed over AED 1.2 mn in liabilities since the beginning of 2024, Shuaa Capital CEO Wafik Ben Mansour said in the statement.

In context: Shuaa had said it reached an agreement with one of its main creditors last week. The firm anticipates additional key agreements to be finalized this month, in preparation for its planned issuance of AED 642.5 mn in mandatory convertible bonds.

DIFC’s regulator tightens guidelines for risk management

DFSA rolls out new risk management requirements: The Dubai Financial Services Authority (DFSA) issued new amendments (here (pdf) and here (pdf)) updating rules for risk management, according to a statement. The new guidelines aim to boost financial stability amid financial risks, while also promoting consistent Basel III standards in line with global practices.

Background: DFSA released a consultation paper (pdf) in May seeking feedback on proposed updates to its Prudential — Investment, Ins. Intermediation, and Banking (PIB) Module.

Risk appetite statement requirements: According to the guidelines, authorized firms must maintain a documented risk appetite statement defining the levels of risk they are willing to take in achieving their objectives. The statement must include actionable measures for breaches, such as escalation processes and disciplinary actions. It should also be communicated across relevant teams, and regularly reviewed to account to shifts in market or economic conditions.

Interest rate risk management: Firms are now also required to evaluate and measure Interest Rate Risk in the Banking Book (IRRBB), focusing on impacts to both economic value and earnings under six stress scenarios, including parallel and non-parallel interest rate shocks. Evaluations must also measure risk exposures for each material currency exceeding 5% of total non-trading book assets or liabilities.

Threshold for alarm: The DFSA must be notified if a sudden interest rate change results in a decline in economic value exceeding 15% of Tier 1 Capital, a reduction from the previous 20% threshold.

Both the risk appetite statement and IRRBB frameworks must be DFSA-approved. Firms must conduct quarterly stress tests to ensure ongoing compliance and submit results to the DFSA.

UAE was the GCC’s second biggest issuer of fixed-income instruments in 2024 -Kamco

The UAE was the second biggest issuer of fixed-income instruments in the GCC region this year, with aggregate bonds and sukuk rising 41.3% y-o-y to USD 61 bn, coming second to Saudi Arabia’s USD 84 bn, according to a recent report (pdf) by Kuwait-based financial firm Kamco Invest. The country led the region in the issuance of green instruments in 2024, with USD 3.2 bn in issuances.

The country is expected to witness bond maturities of USD 153.2 bn between 2025 and 2029, only behind Saudi Arabia’s expected maturities of USD 168 bn, with the lion’s share of maturities coming from instruments issued by corporates at USD 120 bn.

UAE banks will have the region’s largest maturities over the next five years at USD 69.3 bn. Combined with Qatar’s maturities of USD 25.9 bn, this figure accounts for 40.5% of the total corporate maturities in the GCC. Meanwhile, the country’s real estate maturities will lead the GCC over the next five years at USD 7.2 bn.

MEANWHILE, IN THE WIDER GCC REGION-

The GCC saw total fixed-income issuances climb 57.3% y-o-y to a record-high USD 182.7 bn in 2024. This growth was driven by a surge in corporate issuances, which rose by 48.5% y-o-y to USD 105.4 bn in 2024.

GCC sovereign maturities are projected at USD 232.3 bn over the next five years (2025–2029), slightly below corporate maturities, which total USD 235 bn. Bond and sukuk maturities are expected to remain elevated throughout this period before gradually declining in the subsequent years, Kamco says, citing Bloomberg data.

What the pundits are saying: Shifting US bond yields and evolving global conditions signal challenges for fixed-income markets, according to the report. However, the GCC’s strong fiscal standing, low external borrowing, and sovereign wealth funds position it ahead of debt-laden emerging markets, ensuring resilience amid uncertainty, the report said.

Masdar finalizes Saeta acquisition

Masdar completes EUR 1.2 bn acquisition of Saeta: Renewables giant Masdar has completed its acquisition of Spanish renewables firm Saeta Yield from Brookfield Renewable, an affiliate of Canada-based investment firm Brookfield, for EUR 1.2 bn, according to a Friday press release. The acquisition adds a 1.6 GW renewables pipeline to Masdar’s portfolio.

More details: Saeta will also come with an operating portfolio of 745 MW, including 538 MW and 144 MW wind assets in Spain and Portugal, respectively, and 63 MW solar PV assets in Spain. The acquisition excludes a 350 MW portfolio of concentrated solar power assets Brookfield will retain and continue to operate.

This is the second Spanish acquisition for Masdar this year, with the renewables firm saying in September it is “ very keen on the Spanish market” and that it is looking to expand in the country through new acquisitions. In July, Masdar agreed to acquire a 50% stake in Spanish power firm Endesa’s solar power installations subsidiary EPGE Solar for AED 3.3 bn (c. EUR 818 mn). The acquisition will make Masdar a partner in 2.5 GW of renewable energy assets in Spain with the transaction set to close in 4Q 2024.

The company is expanding in Europe more broadly as part of its plan to reach its 100 GW target for global capacity by 2030. It also finalized the acquisition of a 70% stake in Greece’s Terna Energy last month.

There’s more planned: Masdar — along with the Abu Dhabi Investment Authority (Adia), the Canada Pension Plan Investment Board, and founder Sumant Sinha — submitted a bid to take

Nasdaq-listed Indian clean energy firm Renew Energy Global private. The group — which collectively owns 64% of the company — is offering to purchase Renew Energy at USD 7.07 per share, representing an 11.5% premium to the stock’s last close. The offer values the company at USD 2.82 bn, and would see Japan’s Jera, which owned 11.7% of Class A shares in the company, exit the firm.

Phoenix appoints Munaf Ali as GCEO, eyes international listing in 2025

Phoenix taps new CEO ahead of potential dual listing: Crypto miner Phoenix Group has named Munaf Ali (Linkedin) as its new group CEO, replacing current CEO Seyed Mohammad Alizadehfard, according to a disclosure to the ADX (pdf). Ali is the co-founder of the firm, and was previously managing director. Alizadehfrad will remain a majority shareholder in Phoenix, according to a separate statement.

WATCH THIS SPACE- The company is mulling a potential dual listing, including potentially on Nasdaq, in 2025. The group has yet to detail the timeline or specific steps for the listing.

REMEMBER- Appetite was strong for Phoenix’s IPO on the ADX, which raised some AED 1.36 bn last year. The retail portion was 180x oversubscribed, while the offering to institutional investors was 22x oversubscribed.

CBUAE, Hong Kong Monetary Authority to streamline cross-border debt issuance

CAPITAL MARKETS-

CBUAE partners with Hong Kong to boost cross-border debt issuance: The Central Bank of the UAE (CBUAE) signed an MoU with the Hong Kong Monetary Authority (HKMA) to streamline cross-border debt securities issuance by connecting debt capital markets and related infrastructure in the UAE and Hong Kong, Wam reports. The agreement aims to formalize a cooperation framework between both parties following initial discussions that took place in May 2023.

REGULATION WATCH-

Interior Ministry + FSRA team up to boost anti-money laundering efforts in the virtual assets sector: The Interior Ministry inked an MoU with the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market to boost collaboration on combating money laundering crimes tied to virtual assets, according to a statement from the ministry.

REMEMBER- Developing stricter regulatory frameworks in sustainable finance and digital assets has been a top priority for the FSRA, leading to its removal from the Financial Action Task Force (FATF)’s “graylist,” after being listed in 2022 on suspicions of money laundering and terrorism financing.

ENERGY-

Al Nasr Contracting lands Abu Dhabi’s first petroleum product trading permit: Al Nasr Contracting Co. secured the first petroleum products trading permit issued by Abu Dhabi Petroleum Products Trading Regulatory Committee, an Abu Dhabi’s Energy Department (DoE) body, Wam reports.

REFRESHER- The DoE revealed plans in October to tighten regulation of non-Adnoc petroleum products and gas-related activities in the emirate in 4Q 2024. The regulations were first introduced in August in a bid to set blanket safety standards for the petroleum products sector, with plans to create a mandatory register of all certified gas companies and operators.

AVIATION-

Air Arabia adds flights to Poland, Austria: Sharjah-based budget airline Air Arabia launched its first direct routes to the capitals of Poland and Austria, Wam reports. The Warsaw, Poland route will operate five times a week between Sharjah International Airport and Warsaw Chopin Airport. Meanwhile, the route to Vienna International Airport will operate four times a week.

PHARMA-

Hoechst Pakistan to launch a UAE subsidiary: Pharma company Hoechst Pakistan received board approval to launch a wholly-owned UAE subsidiary, the company said in a disclosure (pdf) to the Pakistan Stock Exchange. The UAE arm will focus on commercial trading, including import, export, distribution, and warehousing activities. Hoechst did not disclose a timeline or estimated investment for the expansion.

FINANCE-

Etihad Credit Bureau partnered with Bahraini fintech firm Benefit to establish a framework for exchanging credit bureau information, according to a press release.

TRANSPORT-

Juma Al Majid, the exclusive distributor of Hyundai in the UAE, delivered two hydrogen fuel cell buses for public transport in Abu Dhabi, according to a press release. The newly introduced Hyundai models, Elec City FC and Universe FC, will operate on City Route 65 and Regional Route 160, respectively.

IN CONTEXT- The move is part of the Integrated Transport Center’s Green Bus Program, which aims to integrate electric and hydrogen-powered buses into the emirate’s public transport system.

REAL ESTATE-

Ras Al Khaimah-based Aark Developers broke ground on the AED 40 bn Sora Beach Residences on Al Marjan Island, according to a press release. The project features one- to four-bedroom apartments and villas with access to a 1k-ft private beach. The timeline of the project has not been disclosed.

MANUFACTURING-

Dubai-based Subsea Cable Assets (SCA) will manufacture cable carousels production at the Fabtech yard for Sumitomo Electric ’s cable factory in Scotland, after tapping Dutch offshore engineering firm Enersea for designs for the six carousels, it said in a statement. The carousels will be ready for shipping in 2Q 2025.

HOUSING-

The Mohammed Bin Rashid Housing Establishment (MBRHE) and Wasl Group partnered to develop sustainable housing projects, according to the Dubai Media Office. The partnership will implement these projects on MBRHE-provided land, utilizing Wasl Group’s subsidiaries to ensure efficient use of resources. It also grants Wasl Group priority access to future housing-related investment opportunities. Joint task forces from both entities will be established to create detailed implementation strategies.

Chinese sovereign bond yields drop to their lowest since 2009 amid demand slowdown and as property market crisis enters fifth year

China’s short-term bond yields — which move inversely to prices — have fallen to levels not seen since the global financial crisis in 2009 amid rising expectations of further rate cuts next year due to weak domestic demand, the Financial Times reports. Ten-year bond yields also fell by 0.03 percentage points to 1.74.

Driving these shifts is a combination of heightened demand for bonds and sluggish consumer activity. Domestic consumption growth has been underwhelming, with retail sales falling short of expectations and imports declining more than predicted last month, the Financial Times reports separately. The decline in yields also comes on the back of increased bond purchases from banks and ins. firms, one analyst told the FT.

The property crisis is also yet to let up: Developers in the country have defaulted on USD 130 bn bonds since the crisis began — including USD 15 bn in defaults this year alone, Bloomberg reports. Just this month, the banking regulator has asked insurers to report their financial exposure to China Vanke Co. to assess how much support China’s fourth-largest developer by sales needs to avoid default.

The Chinese government is pushing back: The People’s Bank of China last week gathered some banks that it says have engaged in “aggressive” trading of sovereign bonds to caution them against illegal trading and advise them to be more “prudent.” The People’s Bank of China also decided to hold its benchmark lending rates steady this month in line with the US Federal Reserve, though it plans to make further cuts next year as part of a shift towards more aggressive support and stimulus in a bid to stimulate the economy, which includes propping up the property market. Authorities have also been slashing purchasing costs and easing restrictions on developers, while also providing state guarantees for bond sales by more stable developers.

It could take a year or two before we see results: While measures have slowed the decline, one analyst estimated that it could take another year or two before the real estate sector bottoms out, with more defaults expected next year.

MARKETS THIS MORNING-

Asian markets are in the green, with Japan’s Nikkei up 1%, South Korea’s Kospi gaining 1.3%, and Hong Kong’s Hang Seng rising 0.7%, boosted by news of a potential merger of Honda, Nissan and Mitsubishi. Meanwhile, Wall Street is heading for a positive open ahead of a holiday-shortened trading week.

ADX	9,351	+0.8% (YTD: -2.4%)
DFM	5,057	+0.2% (YTD: +24.6%)
Nasdaq Dubai UAE20	4,117	+0.2% (YTD: +7.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.4% 1 yr
TASI	11,849	-0.4% (YTD: -0.7%)
EGX30	30,373	-0.5% (YTD: +22.0%)
S&P 500	5,931	+1.1% (YTD: +24.3%)
FTSE 100	8,085	-0.3% (YTD: +4.5%)
Euro Stoxx 50	4,862	-0.3% (YTD: +7.5%)
Brent crude	USD 72.94	+0.1%
Natural gas (Nymex)	USD 3.75	+4.6%
Gold	USD 2,645	+1.4%
BTC	USD 94,419	-1.7% (YTD: +124.6%)

THE CLOSING BELL-

The DFM rose 0.2% on Friday on turnover of AED 1.2 bn. The index is up 24.6% YTD.

In the green: Emirates Central Cooling Systems Corporation (+3.9%), Dubai Taxi Company (+3.0%) and Shuaa Capital (+2.4%).

In the red: Dubai Refreshment Company (-10.0%), Commercial Bank of Dubai (-3.3%) and Ithmaar Holding (-3.0%).

Over on the ADX, the index closed up 0.8% on turnover of AED 1.1 bn. Meanwhile Nasdaq Dubai rose 0.2%.

Calendar

DECEMBER

13 December – 4 January (Friday-Saturday): Liwa International Festival, Al Dhafra, Abu Dhabi.

19-22 December (Thursday-Sunday): Rise Investment Festival for Young Entrepreneurs (RICH), Dubai.

6 December-12 January: Dubai Shopping Festival.

Signposted to happen sometime in December:

JANUARY 2025

1 January (Wednesday): ADGM to slash licensing fees for retail and non-financial firms, and hike fees for finance firms.

1 January (Wednesday): Health ins. to become mandatory for employees across the UAE.

7-9 January (Tuesday-Thursday): The Arab Plast International Trade Fair for Plastics, Recycling, Petrochemicals, Packaging and Rubber Industry, Dubai International Convention and Exhibition Center, Dubai.

9-13 January (Thursday-Monday): International Renewable Energy Agency Youth Forum, Abu Dhabi.

11-13 January (Saturday-Monday): International Renewable Energy Agency Assembly, Abu Dhabi.

11-13 January (Saturday-Monday): The 1 Bn Followers Summit, Dubai.

14-16 January (Tuesday-Thursday): World Energy Summit, Abu Dhabi.

14-16 January (Tuesday- Thursday): The Light + Intelligent Building Middle East exhibition, Dubai.

14-16 January (Tuesday- Thursday): Intersec, Dubai World Trade Center, Dubai.

19-24 January (Sunday-Friday): Coling 2025, Abu Dhabi.

20-22 January (Monday-Wednesday): FESPA Middle East, Dubai World Trade Centre, Dubai.

22-25 January (Wednesday-Saturday): The Sharjah Real Estate Exhibition (Acres), Expo Centre, Sharjah.

27-30 January (Monday-Thursday): Arab Health Exhibition, Dubai World Trade Centre, Dubai.

28-29 January (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

FEBRUARY 2025

1-6 February (Saturday-Thursday): Dubai Fashion Week, Dubai Design District.

1-8 February (Saturday-Saturday): The Mubadala Abu Dhabi Open, Zayed Sports City’s International Tennis Centre.

2-3 February (Sunday-Monday): L’Etape Dubai cycling race, Dubai.

3-6 February (Monday-Thursday): Medlab Middle East, Dubai World Trade Center.

10-12 February (Monday-Wednesday): Japan Kyoto Trade Exhibition, Dubai Word Trade Center.

16 February-1 March: Dubai Dutyfree Tennis Championships, Dubai Dutyfree Tennis Stadium in Al Garhoud.

17-21 February: International Defence Exhibition (IDEX) in Abu Dhabi National Exhibition Center.

17-21 February: Naval Defence Exhibition (NAVDEX) in Abu Dhabi National Exhibition Center.

24-25 February (Monday-Tuesday): World Passenger Experience Forum, Dubai.

24-26 February (Monday-Wednesday): Connecting Hydrogen MENA, Dubai.

28-29 February (Friday-Saturday): Investopia 2024, the St. Regis, Abu Dhabi.

28 February-29 March (Friday-Saturday): Ramadan.

Signposted to happen sometime in 1Q 2025:

MARCH 2025

18-19 March (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

31 March-2 April (Monday-Wednesday): Eid Al Fitr, national holiday.

APRIL 2025

6-11 April (Sunday-Friday): Geo-Spatial Week, Dubai.

7-10 April (Monday-Thursday) : EFG Hermes One on One conference, Dubai.

7-9 April (Monday-Wednesday): AIM Investment Summit, Abu Dhabi National Exhibition Center

14-16 April (Monday-Wednesday): Dubai Woodshow’s 21st Edition, Dubai World Trade Center

14-16 April (Monday-Wednesday): IPS congress, Dubai World Trade Center.

16-18 April (Wednesday-Friday): World Future Energy Summit, Abu Dhabi National Exhibition, Abu Dhabi.

21-25 April (Monday-Friday): The Dubai AI Week, Museum of the Future and Area 2071, Emirates Towers, Dubai.

25 April-11 May (Friday-Sunday): Dubai Esports and Games Festival, Dubai World Trade Center.

28 April-1 May (Monday-Thursday): The Arabian Travel Market, Dubai World Trade Center

Signposted to happen sometime in April:

MAY 2025

6-7 May (Tuesday-Wednesday): Global Ports Forum, Dubai.

6-7 May (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

19-22 May (Monday-Thursday): Make it in the Emirates, Adnec, Abu Dhabi.

26-28 May (Monday-Wednesday): Arab Media Summit, World Trade Center, Dubai.

30 May (Friday): Arafat Day.

31 May-2 June (Saturday-Monday): Eid Al Adha.

JUNE 2025

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

27 June (Friday): Islamic New Year.

Signposted to happen sometime in 2H 2025:

JULY 2025

29-30 July (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

SEPTEMBER 2025

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

16-17 September (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

OCTOBER 2025

3-16 October (Friday-Thursday): Dubai Home Festival.

27-29 October (Monday-Wednesday): Asia Pacific Cities Summit, Dubai Exhibition Center.

28-29 October (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

NOVEMBER 2025

18-19 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

DECEMBER 2025

1-3 December (Monday-Wednesday): Eid Al Etihad (UAE National Day).

9-10 December (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

Signposted to happen sometime in 2025:

Signposted to happen sometime in the fall of 2025:

Signposted to happen sometime in 2026:

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