The US military said it had “successfully defeated” a wave of Iranian missile and drone attacks targeting Gulf states and civilian shipping overnight, while also carrying out what it described as self-defence strikes on Iran’s Qeshm Island.

In a statement on Wednesday, the US Central Command (CENTCOM) said Iran launched ballistic missiles toward Bahrain and Kuwait, while also deploying drones targeting US forces and commercial vessels in regional waters.

CENTCOM rejected Iranian claims that the headquarters of the US Navy’s Fifth Fleet in Bahrain had been hit.

“Iran launched several ballistic missiles toward regional neighbours; however, all failed to hit their intended targets,” CENTCOM said.

According to the US military, two missiles fired toward Kuwait either fell short or broke apart during flight, while three missiles aimed at Bahrain were intercepted by US and Bahraini air defence systems.

American forces also shot down three so-called “one-way attack drones” launched toward civilian shipping routes in the Gulf.

Later on Wednesday morning, CENTCOM said an additional wave of Iranian drones targeting US forces in Kuwait had also failed, with multiple drones intercepted before reaching their intended targets.

The US military said it subsequently carried out “self-defence strikes” on an Iranian military ground control station on Qeshm Island, located near the strategically critical Strait of Hormuz.

Iran’s Islamic Revolutionary Guard Corps (IRGC), meanwhile, claimed it had attacked the US Fifth Fleet headquarters and an airbase in the region using missiles and drones in retaliation for what it described as an earlier US strike on a communications tower south of Qeshm Island.

Iranian state-linked media also reported that the IRGC navy targeted a vessel identified as Panaya with missiles, claiming the move was in response to an alleged US attack on an Iranian tanker near the Strait of Hormuz that reportedly damaged its engine room.

“Disrupting the security of the Strait of Hormuz will carry a heavy price for the US military,” Iranian media quoted the IRGC as saying.

Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, the Crown Prince of Dubai, Deputy Prime Minister and Minister of Defence of the UAE, and Chairman of The Executive Council of Dubai, has issued Executive Council Resolution No (13) of 2026 regulating the use of cameras in documenting violations and the execution of judicial judgments, decisions and orders, in accordance with applicable legislation and under the supervision of the competent judge.

The resolution aims to strengthen professional conduct among enforcement officers in Dubai, enhance transparency and integrity, protect individual rights, ensure legal compliance, and support the use of technology to verify procedures.

It establishes rules for the use of cameras to record enforcement officers and to manage violation and execution procedures, including what may be recorded and where recording is permitted.

It requires all recordings to be stored securely using encrypted systems, protected from unauthorised access or tampering, and managed in accordance with Dubai laws and the requirements of the Dubai Electronic Security Center for retention and handling.

The resolution also requires compliance with the Dubai Electronic Security Centre’s information security and business continuity policies, as well as its procedures for handling and transferring recordings.

Government entities must maintain a database of authorised users and access levels, and ensure that all staff and authorised personnel comply with privacy protection standards.

Responsibilities and restrictions

It defines the responsibilities of enforcement officers, stating that cameras must be used only for official purposes and in accordance with instructions from the relevant authority.

It prohibits recording in highly private locations, including homes, places of worship, and changing rooms, and requires individuals to be informed when recording is taking place.

Officers must keep recordings confidential and may only share them with the government entity they represent or authorised persons. They are prohibited from copying, storing, or transferring recordings onto personal devices or unauthorised systems, or using them for personal or unlawful purposes.

The resolution requires government entities to provide training to enforcement officers before granting them judicial enforcement powers.

Training must cover application of the resolution, documentation of violations and enforcement actions, secure handling and transfer of recordings, and the legal and ethical responsibilities related to body camera use, particularly privacy protection requirements.

Resolution outlines obligations for private companies

Executive Council Resolution No (13) of 2026 also outlines obligations for private companies contracted by government entities or assigned statutory functions, requiring compliance with the same standards in handling and protecting recordings.

Recordings must be stored electronically by government entities, kept confidential under Dubai Electronic Security Centre rules, and may only be accessed, used, or shared with written approval and for specified purposes under Dubai laws.

Except for decisions issued by the chairman of the Supreme Committee of Legislation in Dubai, the head of the relevant government entity may issue implementing decisions within their jurisdiction. Any provisions that conflict with other resolutions are repealed.

The resolution is effective from the date of its publication in the Official Gazette.

Read: Sheikh Mohammed issues new govt services law in Dubai: Details revealed

AD Ports Group has agreed to acquire Brazil’s leading independent agri-bulk port terminal operator Corredor Logística e Infraestrutura (CLI) for an enterprise value of Dhs3.1bn ($835m), marking its entry into the Latin American market and its largest acquisition to date.

The Abu Dhabi-listed ports and logistics group agreed to acquire CLI from joint owners Macquarie Asset Management and IG4 Capital, expanding its presence in the global agricultural commodities supply chain and strengthening its international footprint.

The transaction, which is expected to close in the second half of 2026, subject to customary regulatory and antitrust approvals, gives AD Ports Group ownership of a platform that handled 17m tonnes of agri-bulk cargo in 2025 and generated revenue of Dhs 654m ($178m) and EBITDA of Dhs360m ($98m).

São Paulo-based CLI operates two major agri-bulk export terminals under long-term concessions. These include CLI Sul at the Port of Santos, Brazil’s leading sugar export terminal and a key export gateway for corn and soybeans, and CLI Norte at the Port of Itaqui, a major grains terminal located in the country’s rapidly growing “Arc of the North” agricultural export corridor.

CLI owns 100 per cent of CLI Norte and 80 per cent of CLI Sul.

The acquisition positions AD Ports Group among South America’s leading independent agri-bulk terminal operators and provides access to opportunities across its maritime, shipping, logistics, economic cities and digital services businesses.

“The purchase of CLI is a game-changer for AD Ports Group. The transaction extends our Group’s international reach for the first time into Latin America, and deepens our growing agrifoods activities, one of our core verticals,” said Captain Mohamed Juma Al Shamisi, MD and group CEO of AD Ports Group.

“Under the wise guidance of our leadership in the UAE, AD Ports Group is committed to enabling trade in one of the world’s most important, fastest-growing agricultural commodities markets, which will not only benefit the group’s global clients, including those in Brazil, but also strengthen the AD Ports Group global network,” he added.

Brazil is the world’s largest sugar exporter and one of the world’s largest grain exporters, with the ports of Santos and Itaqui serving as critical gateways linking agricultural production regions to global markets.

East-West trade corridor

AD Ports Group said Brazil would support its plans to develop a major East-West trade corridor linking South America’s largest economy with the Indian subcontinent, East Africa and Southeast Asia.

The acquisition also comes as the United Arab Emirates advances negotiations with Mercosur, the South American trade bloc that includes Brazil, on a Comprehensive Economic Partnership Agreement.

CLI’s existing senior management team will remain in place following completion of the transaction.

Fernando Lohmann, head of Macquarie Asset Management in Brazil, said the country’s agricultural export sector continued to demonstrate resilience and remained a critical component of global commodity markets.

“As a long-term investor in the country, Macquarie remains committed to acting as a responsible custodian of essential infrastructure assets that help drive economic development, improve connectivity and support Brazil’s role in global trade, and we believe AD Ports Group is ideally positioned to support CLI’s next phase of growth,” he said.

Paulo Todescan L Mattos, co-founder, managing partner and CEO of IG4 Capital, said AD Ports Group was well-positioned to build on the platform’s development.

“We believe AD Ports Group is the right strategic owner to build on this foundation, bringing global trade expertise, infrastructure capabilities, and a long-term vision that will support CLI’s continued growth and development,” he said.

A landmark acquisition

The purchase represents AD Ports Group’s largest acquisition, surpassing its Dhs 2.65bn ($720m) acquisition of Spain’s Noatum in 2023 and its Dhs1.9bn ($510m) purchase of a 51 per cent stake in Dubai-based Global Feeder Shipping in 2024.

The deal also advances the group’s strategy of expanding its agrifood logistics portfolio. Recent investments include a long-term agricultural bulk handling project at Karachi Port in Pakistan, a $30m investment in Kazakhstan’s Sarzha Grain Terminal, and a 30-year concession to operate Jordan’s Aqaba multipurpose port.

AD Ports Group was advised by BTG Pactual on the transaction, while Macquarie Asset Management and IG4 Capital were advised by Citi.

The UAE’s real estate market showed diverging trends in Q1 2026 as regional disruptions weighed heavily on hospitality, while residential and industrial sectors demonstrated resilience, according to a report released by property consultancy JLL.

The report said recent geopolitical tensions affected transaction activity across the country’s property market, although strong underlying demand and investor confidence continued to support key sectors.

“The first quarter presented a clear divergence in the UAE’s real estate market, with sharp challenges for hospitality and resilience in the living, industrial and logistics sector,” said Taimur Khan, head of Research, Middle East and Africa at JLL.

“While government incentives and agile strategies are easing the pressure in the short-term, strong market fundamentals and investor confidence position the wider economy for continued stability and a firm rebound as conditions normalise. This transition phase is a period of strategic adjustment, not a structural decline.”

In the residential sector, Dubai experienced a sharp initial slowdown, with weekly transaction values declining by nearly 50 per cent following the onset of geopolitical tensions before moderating and showing resilience.

Dubai’s off-plan residential market outperformed the secondary market during the quarter. Off-plan sales increased 9.5 per cent year-on-year, while secondary market sales fell 8.2 per cent.

In Abu Dhabi, new project launches pushed transaction volumes to more than double year-on-year during the first quarter, despite an 11.8 per cent decline in transactions recorded in March.

Residential prices in Dubai continued to rise, although annual appreciation moderated to between 8 per cent and 12 per cent, compared with 16 per cent to 19 per cent previously.

JLL said investor-focused properties were facing greater pricing pressure than owner-occupier stock.

Rental activity

Rental activity reflected increased caution among tenants. In Abu Dhabi, total registrations fell 8.4 per cent, although new contracts rose 13.4 per cent as tenants relocated in search of better terms.

Dubai’s registrations remained broadly stable during the quarter but fell 19.7 per cent in March as tenants became more reluctant to commit to long-term leases.

JLL forecasts around 59,000 residential units will be delivered across Abu Dhabi and Dubai during the remainder of 2026, with nearly 92,000 additional units expected in 2027, although supply chain disruptions could affect delivery schedules.

Hospitality hit hard

The hospitality sector faced the strongest headwinds as regional tensions and disruptions to air connectivity affected travel demand.

According to the report, daily UAE flight volumes had nearly halved by the end of the first quarter compared with levels before the disruptions in late February.

The country’s hotels recorded weaker performance as a result. Dubai’s occupancy rate fell by 39.4 percentage points in March compared with the same month a year earlier, while revenue per available room (RevPAR) declined 65.6 per cent.

Nationally, RevPAR declined 10.8 per cent, with Dubai recording the largest drop at 12.4 per cent. Ras Al Khaimah showed relative resilience in average daily rates (ADR), posting an 11 per cent year-on-year increase in March despite a 36.3 percentage point decline in occupancy.

JLL said the services sector, particularly hotels and restaurants, is forecast to contract by 10.8 per cent year-on-year during the adjustment period.

Development activity in hospitality remained active, with major projects continuing to progress and investors refining strategies, including delaying some openings until conditions stabilise.

Incentives to support sectors

The UAE government’s Dhs1bn economic incentives package has helped support hotel liquidity through fee deferrals, while operators have sought to offset lower occupancy by accelerating renovations and promoting domestic staycation offers.

The industrial and logistics sector remained one of the strongest performers.

Dubai’s industrial market recorded rental growth of 12.8 year-on-year in the first quarter, with average rents reaching Dhs48 per square foot. Abu Dhabi achieved rental growth of 18.2 per cent, with average rents reaching Dhs486 per square metre.

Rental contract renewals in Dubai rose 3.4 per cent during the quarter, indicating continued tenant confidence, although new leasing transactions fell 9.1 per cent as some occupiers reassessed expansion plans.

JLL said demand linked to essential goods sectors, including food distribution, pharmaceuticals, medical supplies and critical commodities, is expected to remain strong despite ongoing uncertainties.

The report added that near-term performance is likely to vary between facilities serving essential goods and those focused on discretionary or export-dependent sectors.

India has tightened restrictions on silver imports by adding grain and powder forms to the list of restricted categories and mandating prior valid import authorisation, as the world’s biggest consumer of the metal tries to rein in shipments and ease pressure on the rupee.

Imports of silver in the form of grains, powder, other forms and where content is 99.9 per cent silver are restricted, according to a government order issued on Tuesday, and importers would need to secure a valid import authorisation from the Directorate General of Foreign Trade (DGFT).

Last month, India had placed imports of silver bars with 99.9 per cent purity and all other semi-manufactured forms of silver under the restricted category.

It had also raised import tariffs on gold and silver to 15 per cent from 6 per cent as part of efforts to reduce overseas purchases of the metals and ease pressure on foreign exchange reserves caused by higher oil prices.

The South Asian country spent a record $12bn on silver imports in the financial year ended March 2026, compared with $4.8bn a year earlier.

In April, India’s silver imports jumped 157 per cent from a year earlier to $411m, trade ministry data showed.

“The government has made it harder for the bullion industry to bring in silver. Importers now need approval first, and there is no clear idea if they will get it or how long it will take,” said a Mumbai-based bullion dealer with a private bank.

Silver is used in India for jewellery, coins, bars and industrial applications ranging from solar energy to electronics.

Over the past year, demand has been driven more by investment buying than traditional jewellery and silverware consumption, with inflows into silver ETFs climbing to a record high.

India imports silver mainly from the UAE, Britain and China.