OpenAI in talks for free ChatGPT Plus for all UAE Residents!
Negotiations are underway between the UAE and OpenAI that may make the company’s ChatGPT Plus artificial intelligence chatbot available to all residents free of charge, though a final deal has not been reached.
UAE News:
Negotiations are underway between the UAE and OpenAI that may make the company’s ChatGPT Plus artificial intelligence chatbot available to all residents free of charge, though a final deal has not been reached.
UAE plans to invest AED 40bn (as part of the broader Operation 300bn), and expand its industrial base, in a bid to become a hub for advanced manufacturing over the next five years. According to the UAE Minister of Industry and Advanced Technology, industrial exports from the UAE rose to AED 197bn in 2024, up nearly 70% when compared to 2021.
Dubai Holding increased its Residential REIT IPO to 15% of issued unit capital, up from the previously announced 12.5%. The IPO was oversubscribed over 26 times and investors are expected to get paid twice a year, starting Sep 2025: the payment size for 2025 will be higher by AED 1.1bn and an amount equal to 80% of profit for the period before changes in fair value of investment property.
ADNOC signed agreements with 12 UAE companies to manufacture critical industrial equipment under the “Make it in the Emirates” initiative: valued at AED 6bn, the agreements are estimated to create up to 1,300 skilled private sector jobs.
Abu Dhabi Investment Office and Space42 launched the region’s first satellite manufacturing facility to build local remote sensing capabilities. The facility will build SAR satellites used for earth observation and securing space-based intelligence.
Student enrolment in Dubai’s Private Higher Education Sector jumped by 20% to 42,026 Students in the 2024-2025 Academic Year. There are 41 private higher education institutions in Dubai, of which 37 are international campuses. International students accounted for 35% of the overall number currently, in line with the target of a 50% share by 2033.
Dubai SME is targeting to support 8,000 new Emirati businesses by 2033, raising the total number to 27k from 19k at end-2024. The Acting CEO of Dubai SME disclosed that access to funding and high operating costs were the main challenges faced by small businesses.
MENA News:
Bahrain’s total inward FDI stock grew by 5.7% YoY to BHD 17.3bn in 2024. Financial and insurance activities accounted for close to two-thirds of Bahrain’s inward FDI stock in 2024 (65.8%), followed by manufacturing (13.5%); by country of origin of investment, Kuwait, Saudi Arabia and the UAE topped the list – each with a share of 35.2%, 23.5% and 9.8% respectively of total FDI stock.
Egypt’s PM revealed, following a meeting with the IMF, that growth was up 3.9% in July-December, supported by a 17% increase in FDI and an 80% surge in private sector investment. He stated that the budget deficit had dropped to 6.5% over the past 10 months, and non-oil exports grew by 33% in July-March. The IMF commended Egypt’s reforms, leading to positive results. The PM also stated that the government is drafting a long-term national economic strategy that will extend to 2030 – looking beyond the IMF program that ends by late 2026/ early 2027.
Trade between Egypt and Arab countries grew by 16% YoY to USD 30.5bn in 2024, according to CAPMAS data. Egypt’s exports to Arab nations increased by 18% to USD 16.2bn, while imports grew by 14% to USD 14.3bn. Arab investments in Egypt soared to USD 41.5bn in the fiscal year 2023-2024 (vs USD 7.3bn in FY 2022-2023). Remittances from Egyptians in Arab countries declined by 3.5% YoY to USD 13.8bn in the FY 2023-2024.
The CEO of Egypt’s General Authority for Investment and Free Zones disclosed that about 2,800 Chinese firms operated in the country, attracting more than USD 8bn in investments.
Kuwait’s plan to “re-price” its public services fees is estimated to generate KWD 500mn (USD 1.6bn) in non-oil revenue annually, reported Al-Rai daily, citing government sources.
Oil and gas exports accounted for around two-thirds of Oman’s overall exports in Q1 2025 (65.2% vs 69.5% in Q1 2024). Exports fell by 10.4% YoY to OMR 5.66bn (as oil exports plunged by 15.9% YoY to OMR 3.7bn). Imports increased by 10.8% to OMR 4.3bn) – resulting in a narrower trade surplus (OMR 1.35bn vs OMR 2.4bn in 2024). UAE was Oman’s largest non-oil trade partner: non-oil exports to UAE grew by 25.5% YYy to OMR 259mn in Q1 2025, while re-exports were OMR 126mn. Oman’s imports originated mainly from the GCC: UAE was Oman’s largest source of imports (OMR 995mn, or 23.1% of total).
Hotel revenues in Oman (from three- to five-star hotels) increased by 10.6% YoY to OMR 79.43mn by end-March, thanks to a 2.3% rise in the number of hotel guests (to 610k) and a higher occupancy rate (59.5%). Domestic tourists declined (-9.1% to 171,809) while guests from the GCC surged by 18.2% to 37,646.
Invest Qatar launched a USD 1bn programme to attract investment inflows, offering financial packages covering up to 40% of expenses for five years. The minimum investment required to access the fund’s capital will be QAR 25mn in addition to job creation targets.
The number of FDI projects in Qatar stood at 241 in 2024, a record-high & more than double the number of projects in 2023. Greenfield projects accounted for close to three-fourths of the total by number (& 96% by capex). The country received more than USD 2.7bn last year, with Japan the top international investor (almost USD 1.4bn).
Qatar Investment Authority plans to “more than double” the value of its US investments over the next decade, disclosed its CEO at a conference in Doha. During President Trump’s visit, the fund had pledged to invest USD 500bn into the US over the next decade. Separately, QIA received approval to acquire a 10% stake in China Asset Management Co. – this would make QIA the third-largest shareholder in the Chinese asset manager.
The tourism sector in Qatar contributed QAR 55bn to GDP in 2024 (around 8% of total economic output), up by 14% YoY, according to the Chairman of Qatar Tourism. International visitor arrivals surged 25% YoY to 5mn last year, with in-destination spending rising to nearly QAR 40bn.
Travel and Tourism Sector in Qatar is projected to contribute QAR 124.2bn to the economy in 2025, as per estimates from the World Travel & Tourism Council (WTTC), and rise further to QAR 166.6bn by 2035. International visitors will spend QAR 98.8bn in 2025, while domestic spending will be around QAR 12.6bn.
GCC is home to projects worth approximately USD 1.54trn (at the pre-execution stage), with Saudi Arabia accounting for 52.1% of the total (or USD 801.2bn). In Q1, the value of contracts awarded in the GCC declined by 26.8% yoy to USD 52.4bn (the lowest in eight quarters) according to MEED data.
Saudi Arabia’s budget airline Flynas' IPO price was set at SAR 80 per share, after the institutional tranche was oversubscribed more than 100 times. Retail subscription for 10.3mn shares will close on 1 June.
The PIF aims to double European investments to 170bn by 2030 by opening its first subsidiary company office in France.
Air passengers travelling through Saudi Arabia grew by 15% YoY to 128mn in 2024, with 69mn international travellers. Saudi aims to touch 330mn annual passengers by 2030 – a tough ask considering delays in aircraft deliveries.
Global News:
New trade and tariff threats from US President Trump, along with a US credit rating downgrade earlier in the week, resulted in weekly dips across equities markets globally and Vix jumped to a more than 2-week high. Calls for 50% tariffs on EU imports and a 25% tariff on imported Apple iPhones saw all major US indices end in the red last week, along with the Stoxx 600. Regional markets were mixed, with Saudi posting the largest drop, while Dubai touched an all-time high last week on strong Q1 earnings (it ended the week slightly up, +0.2% from a week ago). The dollar weakened over debt fears, the euro gained versus the greenback, and safe-haven currencies (JPY, CHF) benefitted. While oil prices were down by more than 2% last week amid concerns of weaker demand, gold prices ticked up to a 6-week high on safe-haven demand.
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SOURCE:
Nasser Saidi & Associates