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Emirates NBD leads GCC market reopening with $750m capital issuance

The issuance forms part of Emirates NBD’s broader capital optimisation strategy and reinforces its position as a benchmark issuer

Rajiv Pillai
Rajiv Pillai

29 April, 2026

Emirates NBD leads GCC market reopening with $750m capital issuance
Image: Getty Images

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Emirates NBD, a banking group in the Middle East, North Africa and Türkiye (MENAT) region, has successfully priced a $750m Additional Tier 1 (AT1) capital issuance, marking the first debt capital markets transaction from a Gulf Cooperation Council (GCC) issuer since late February 2026.

The issuance follows the bank’s recent call of a previous $750m instrument earlier this month and highlights its active capital management strategy amid evolving market conditions.

As the first public issuance since the recent period of heightened uncertainty, the transaction signals a reopening of regional capital markets, with strong investor demand reflecting confidence in both Emirates NBD’s credit profile and the broader United Arab Emirates (UAE) and GCC financial ecosystem.

The AT1 issuance attracted robust demand from a diversified base of global institutional investors across Asia, Europe, the United Kingdom and the Middle East. The deal was more than three times oversubscribed, underscoring continued appetite for high-quality regional issuers despite ongoing volatility.

Strong investor interest enabled Emirates NBD to price the issuance within guidance, achieving a tightening of around 50 basis points and a final coupon of 6.25 per cent.

Ahmed Al Qassim, group head of Wholesale Banking at Emirates NBD, said: “This landmark issuance underscores the strong global confidence in Emirates NBD’s credit fundamentals, the resilience of our franchise and the compelling strength of the UAE’s economic story. The depth and quality of investor demand enabled us to achieve competitive pricing despite a dynamic market backdrop, reflecting both the robustness of our fundamentals and the strong recognition of the Emirates NBD brand. Importantly, this transaction also marks a meaningful reopening of regional capital markets, reinforcing growing momentum and highlighting investor faith in leading UAE institutions.”

Ammar Al Haj, group treasurer and head of Global Markets at Emirates NBD, added: “We are very pleased with the outcome of this AT1 issuance. The strong investor response reflects sustained appetite for high quality UAE issuers and underscores Emirates NBD’s consistent access to global liquidity pools. This successful return to the market has helped reopen and reinforce confidence in the UAE capital markets at a pivotal time, providing a constructive signal to investors following recent geopolitical uncertainty. The strong demand highlights Emirates NBD’s ability to play a leading role in supporting market normalisation, while strengthening our capital base and reinforcing the UAE’s position as a credible and accessible capital markets hub.”

The transaction was supported by a syndicate of regional and international banks, including Abu Dhabi Commercial Bank, Barclays, Citi, Emirates NBD Capital, First Abu Dhabi Bank, HSBC and J.P. Morgan, acting as Joint Lead Managers and Bookrunners.

Clifford Chance served as Issuer Counsel, while Linklaters acted as Dealer Counsel. The securities will be listed on Euronext Dublin and Nasdaq Dubai and include a six-year non-call period.

The issuance forms part of Emirates NBD’s broader capital optimisation strategy and reinforces its position as a benchmark issuer, while signalling renewed investor confidence and improving access to global capital markets for regional institutions.

Read more: Emirates NBD dollar bond sale kicks off as Gulf markets test recovery

Dubai Healthcare City breaks ground on $354m expansion with 2 key projects

The two projects are part of a Dhs1.3bn development programme aimed at expanding infrastructure in the emirate’s healthcare sector

Neesha Salian
Neesha Salian

29 April, 2026

Dubai Healthcare City breaks ground on $354m expansion with 2 key projects
Image courtesy: DHCC

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Dubai Healthcare City Authority (DHCA) has broken ground on two projects, PIXEL DHCC and IBN SINA+, as part of a Dhs1.3bn ($354m) development programme aimed at expanding infrastructure in the emirate’s healthcare sector.

The projects, due for completion by November 2027, are a key step in the first phase of the programme and are intended to support Dubai’s push to position itself as a global hub for healthcare investment, the authority said in a statement.

PIXEL DHCC, designed by P&T Architects and Engineers, will be a LEED platinum-certified office building, the first of its kind within Dubai Healthcare City.

The nine-storey development will span 13,000 square metres and include office units and ground-floor commercial space.

IBN SINA+, designed by Design and Architecture Bureau, will be a purpose-built medical complex covering 5,800 square metres across five floors.

PIXEL DHCC and IBN SINA+ are scheduled for completion by November 2027 copy
PIXEL DHCC and IBN SINA+ are scheduled for completion by November 2027. Image: DHCC

The shell-and-core facility is planned to house surgical, diagnostic, outpatient and medical office spaces, and will extend the existing IBN SINA facility.

The announcement was made during a ceremony attended by DHCA chief executive Issam Galadari and representatives from project partners, including International Foundation Group, along with other officials and stakeholders.

Developments to help strengthen the Dubai Healthcare City’s ecosystem

Galadari said the developments would help strengthen the free zone’s integrated ecosystem and attract investment, including foreign direct investment, while aligning with the emirate’s economic and sustainability strategies.

The authority added that it is also developing supporting infrastructure to improve accessibility and cater to the needs of the growing Dubai Healthcare City community.

Will UAE fuel prices drop in May after OPEC exit?

The UAE has already seen a significant surge in fuel prices heading into April, driven by global crude market volatility and geopolitical tensions

Rajiv Pillai
Rajiv Pillai

29 April, 2026

Will UAE fuel prices drop in May after OPEC exit?
Image: Getty Images/Image for illustrative purpose

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With the UAE set to exit the Organization of the Petroleum Exporting Countries and OPEC+ from May 1, attention is now turning to a more immediate question for businesses and consumers: what happens to fuel prices in the UAE when May rates are announced.

The answer, based on current market dynamics, is far from straightforward.

A sharp rise already priced in

The UAE has already seen a significant surge in fuel prices heading into April, driven by global crude market volatility and geopolitical tensions.

Fuel prices for April 2026 were set at:

Super 98: Dh3.39 per litre (up from Dh2.59 in March)
Special 95: Dh3.28 (from Dh2.48)
E-Plus 91: Dh3.20 (from Dh2.40)
Diesel: Dh4.69 (from Dh2.72)

This marked one of the steepest month-on-month increases in recent years, reflecting a surge in global oil prices amid regional conflict and supply disruptions.

In effect, much of the geopolitical premium — including disruptions in the Strait of Hormuz and inventory drawdowns — has already been priced into April rates.

Short-term outlook: limited immediate relief

Despite the UAE’s decision to leave OPEC, most analysts suggest that May fuel prices are unlikely to see a sharp drop.

This is because UAE fuel prices are linked to global crude benchmarks rather than domestic production policy alone. Monthly pricing is set by the UAE Fuel Price Committee based on international oil trends, exchange rates and supply-demand dynamics.

Global conditions remain tight, with crude markets are still dealing with:

  • Disrupted supply flows due to regional conflict
  • Depleted commercial and strategic inventories
  • Strong demand for stockpile replenishment

As a result, even if the UAE gains more flexibility to increase production outside OPEC quotas, the global market — not domestic policy — will continue to dictate pump prices in the near term.

Dr Sahitya Chaturvedi, Secretary General of the Indian Business and Professional Council Dubai under the Dubai Chamber of Commerce, noted that UAE’s exit from OPEC comes at a time of elevated oil prices and significant global supply disruptions.

“The move comes amid elevated market conditions, with Brent crude at $111–113/bbl and WTI above $100/bbl, alongside a global supply disruption of over 10 million bpd. While this may drive short-term volatility, it also enhances future supply responsiveness,” he said.

Market signals suggest that prices could either:

  • Remain elevated (if supply disruptions persist), or
  • Ease marginally (if crude stabilises after April’s spike)

But a sharp correction appears unlikely in the immediate term.

Ole Hansen, head of commodity strategy at Saxo Bank, said that several Gulf producers may take time to restore output to pre-war levels due to infrastructure damage and logistical challenges, while demand for replenishing depleted stockpiles is expected to remain strong.

“Against that backdrop, the UAE has seized the opportunity to exit OPEC, removing the production quota straitjacket that for years frustrated the oil-rich nation and limited its ability to fully utilise a steadily expanding production capacity,” he added.

According to Hansen, the market is likely to absorb additional UAE barrels in the near term, supported by depleted inventories and the need to rebuild reserves. However, he cautioned that the longer-term implications could be more significant.

Read: Analysts weigh UAE OPEC exit as supply dynamics shift

Analysts weigh UAE OPEC exit as supply dynamics shift

The UAE’s departure from OPEC is seen as a strategic move to unlock production capacity, but analysts caution it may reshape global oil market dynamics over time

Rajiv Pillai
Rajiv Pillai

29 April, 2026

Analysts weigh UAE OPEC exit as supply dynamics shift
Image: Getty Images

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The UAE’s decision to exit the Organization of the Petroleum Exporting Countries (OPEC) and the broader OPEC+ alliance from May 1, 2026, is prompting measured but closely watched reactions across global energy markets, with analysts pointing to both short-term resilience and longer-term uncertainty.

While the immediate price impact appears muted due to ongoing geopolitical disruptions and tight supply conditions, market participants are increasingly focused on the structural implications of a major producer stepping outside the quota-based system that has underpinned oil market stability for decades.

Ole Hansen, head of commodity strategy at Saxo Bank, said the move comes at a critical moment for global energy markets already strained by conflict-related disruptions.

“The UAE … pursues a strategic realignment in the wake of the Iran war. A conflict that has not only severely disrupted regional energy flows but also drained global commercial and strategic crude inventories, leaving the market facing a prolonged rebuilding phase once hostilities end,” he said.

Hansen noted that several Gulf producers may take time to restore output to pre-war levels due to infrastructure damage and logistical challenges, while demand for replenishing depleted stockpiles is expected to remain strong.

“Against that backdrop, the UAE has seized the opportunity to exit OPEC, removing the production quota straitjacket that for years frustrated the oil-rich nation and limited its ability to fully utilise a steadily expanding production capacity,” he added.

Ole Hansen, head of commodity strategy at Saxo Bank

According to Hansen, the market is likely to absorb additional UAE barrels in the near term, supported by depleted inventories and the need to rebuild reserves. However, he cautioned that the longer-term implications could be more significant.

“If other producers begin prioritising market share over quota discipline, OPEC’s ability to manage orderly markets through coordinated supply adjustments may increasingly be called into question,” he said.

Similar concerns around market balance and volatility were echoed by Madhur Kakkar, founder and CEO of Elevate Financial Services, who described the move as a “significant shift in global oil dynamics.”

Kakkar pointed to a combination of strategic and structural drivers behind the decision, including the UAE’s long-term energy ambitions and the constraints imposed by production quotas.

“The move also reflects national interests amid heightened geopolitical volatility, alongside quota constraints that have limited output,” he added.

Madhur Kakkar, founder and CEO of Elevate Financial Services

From a market perspective, Kakkar said the UAE’s spare capacity — among the highest globally alongside Saudi Arabia — could reshape supply dynamics over time.

“In the short term, oil price effects appear muted due to ongoing Hormuz disruptions and strong demand for stock replenishment. However, over the longer term, this could introduce greater volatility and potential price corrections if UAE production increases meaningfully,” he said.

Dr Sahitya Chaturvedi, Secretary General of the Indian Business and Professional Council Dubai under the Dubai Chamber of Commerce, highlighted both the scale of the shift and its broader economic implications.

“The UAE’s decision to exit OPEC, ending a 59-year membership, reflects a strategic shift toward greater production flexibility, with ADNOC capacity already at 4.85 million bpd and targeting 5 million bpd by 2027,” he said.

Chaturvedi noted that the move comes at a time of elevated oil prices and significant global supply disruptions.

“The move comes amid elevated market conditions, with Brent crude at $111–113/bbl and WTI above $100/bbl, alongside a global supply disruption of over 10 million bpd. While this may drive short-term volatility, it also enhances future supply responsiveness,” he said.

He added that for key energy importers such as India, the development reinforces the importance of bilateral energy ties with the UAE, supporting long-term supply stability.

Sam North, market analyst at eToro, said the decision marks a deeper geopolitical shift beyond immediate supply considerations.

Sam North, market analyst at eToro

“For markets, this is about more than one country wanting to pump more oil. The UAE has spent heavily to lift production capacity toward 5 million barrels per day, and OPEC+ quotas had increasingly looked like it was stifling a growing economy. Leaving gives Abu Dhabi more room to monetise those investments,” he said.

North added that the timing of the move reflects mounting regional pressures, including tensions around Iran and the Strait of Hormuz, as well as broader concerns around energy affordability and supply security.

Analyst reactions suggest that while the UAE’s exit may not immediately disrupt oil markets, it introduces a new layer of strategic uncertainty. As the country moves to leverage its growing production capacity outside the OPEC framework, the longer-term question will be whether this signals a broader shift toward competitive production strategies — and a more volatile era for global oil markets.

UAE blocks 13,667 violating websites in just 3 months: Here’s why

This brings the total number of websites blocked since the launch of the InstaBlock Lab in February 2025 to 47,667, highlighting the scale and speed of the ongoing crackdown

Nida Sohail
Nida Sohail

29 April, 2026

UAE blocks 13,667 violating websites in just 3 months: Here’s why

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Ministry of Economy & Tourism in UAE blocked 13,667 violating websites in the first quarter of 2026, underscoring a sharp escalation in enforcement efforts, according to an official report. The figure represents a year-on-year increase of nearly 400 percent, reflecting a significantly intensified regulatory push.

This brings the total number of websites blocked since the launch of the InstaBlock Lab in February 2025 to 47,667, highlighting the scale and speed of the ongoing crackdown.

Read more-Abu Dhabi warns of fake social media accounts used in scams targeting residents

The campaign, part of the InstaBlock initiative, uses artificial intelligence to enable real-time monitoring and rapid processing of copyright infringement reports across creative content and digital broadcasting, a WAM report said.

Dr Abdulrahman Hassan Al Muaini, assistant undersecretary for the Intellectual Property Sector, said the initiative demonstrates “the effectiveness of the national approach to protecting intellectual property and fostering a secure digital environment.”

Ramadan sees spike in violations

Authorities coordinated with the Telecommunications and Digital Government Regulatory Authority and major stakeholders, including media networks and global streaming platforms. Enforcement saw a notable surge during Ramadan, a period typically associated with increased content consumption.

Records show immediate blocks during the holy month rose sharply from 62 sites in 2023 to 5,677 in 2026.

Beyond enforcement, the campaign also aims to raise public awareness about accessing content through licensed platforms. Officials stressed that the initiative aligns with the “We the UAE 2031” vision, supporting a knowledge-based economy and strengthening global competitiveness.

Dubai Civil Aviation Authority rolls out passenger rights framework, complaint platform

The directive sets out passenger rights and the obligations of airlines and licenced travel agents, while establishing the authority’s role as a mediator to resolve disputes

Neesha Salian
Neesha Salian

29 April, 2026

Dubai Civil Aviation Authority rolls out passenger rights framework, complaint platform
Image: Getty Images/ For illustrative purposes

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Dubai’s aviation regulator has introduced a new framework to strengthen passenger rights and formalise how complaints are handled across the sector, as the emirate continues to position itself as a global travel hub.

The Dubai Civil Aviation Authority (DCAA) said it has launched the Aviation Consumer Welfare Directive, alongside a dedicated service that allows passengers to submit and track complaints online.

The directive sets out passenger rights and the obligations of airlines and licensed travel agents, while establishing the authority’s role as a mediator to resolve disputes, aiming to ensure fairness and alignment with international best practices.

Passengers can access the service through the authority’s official website, where they can lodge complaints and provide feedback, a move designed to improve transparency and the overall customer experience.

Aviation Consumer Welfare Directive to improve service quality, says Dubai’s DCCA

“The launch of the Aviation Consumer Welfare Directive and its related service represents a strategic step that reflects DCAA’s commitment to strengthening passenger rights and advancing Dubai’s civil aviation ecosystem,” said Mohammed Abdulla Lengawi, DG of the authority.

He added that the initiative aims to create an advanced regulatory environment, improve service quality and strengthen customer confidence in the sector.

The authority also called on airlines and licensed travel agents to support the initiative and help raise awareness among passengers, as part of efforts to enhance efficiency across Dubai’s aviation ecosystem and improve the overall travel experience.

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