Report Summary

The global backdrop remains relatively calm, with Federal Reserve concerns in the spotlight and fresh tariff pressures emerging from the U.S. on trade partners with Iran. Locally, the UAE markets have not seen major trend changes, and participants are watchful of new government-related entities reshaping investments. Meanwhile, fixed income opportunities are expanding through corporate and government issuances across the region. Key buying ideas from today’s discussion include Aldar Sukuk, Al Rajhi Sukuk, and a new issuance from See Holding offering higher yields for investors seeking diversification and potential steady returns.

UAE Markets

Weekly Fixed Income Overview: GCC Primary Market Surge

Robust Market Activity: The first week of 2026 saw a high volume of primary issuance with 14 deals coming to market, primarily from established regional names in the UAE, Saudi Arabia, and Kuwait.
Yield Landscape: Yields to Maturity (YTM) for these seasoned issuers—including Emirates NBD, Saudi Government, and FAB—range between 4% and 6%, representing "fair value" rather than significant discounts.
High-Yield Opportunity: UAE developer See Holding is debuting a 3-year Green Sukuk with an expected YTM of 8.25–8.75%; as a first-time, B+ rated issuer, they are pricing attractively to build investor confidence, similar to the successful Binghatti issues of 2025.
Analysis of Highlighted Issues: The Aldar Properties PJSC (5.967% YTM) and Al Rajhi Tier 1 Sukuk (6.02% YTM) represent the upper end of the investment-grade value spectrum; we recommend these for investors seeking stable carry from familiar, reputable names.
Next Steps: To participate in these new issues or for further details on fixed income, please contact your Relationship Manager or the BHM Fixed Income Team via email fixedincome@bhmuae.ae

L'IMAD Holding - Company Profile

Established in late 2024 as a cornerstone of "Abu Dhabi Inc.," L'IMAD Holding serves as a sovereign platform designed to consolidate and accelerate the emirate's most ambitious economic mandates.

Sovereign Pillar & Governance: Wholly owned by the Abu Dhabi Government, L'IMAD was formalized in January 2026 with a Board of Directors chaired by H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, placing it at the highest level of the UAE’s strategic investment hierarchy.
Controlling Stake in Modon: The entity’s primary operational engine is Modon Holding PSC, in which L'IMAD holds a dominant 84.76% stake following the acquisition of shares from IHC, ADQ, and Alpha Dhabi to centralize the region’s largest real estate and infrastructure projects.
High-Impact Sector Mandate: Beyond urban development, the group is mandated to manage a diversified global portfolio across financial services, advanced technology, urban mobility, and smart cities, acting as a specialized vehicle for high-growth, technology-driven assets.
Latest Board Appointment (Jan 12, 2026): The Supreme Council for Financial and Economic Affairs (SCFEA) recently issued a formal resolution appointing a powerhouse leadership team including H.E. Khaldoon Khalifa Al Mubarak and H.E. Jassem Mohamed Bu Ataba Al Zaabi (as MD and CEO) to steer the company’s multi-sector expansion.

Global Markets

A Record-Breaking Comeback: After a scary start where prices fell sharply, the S&P 500 and the Dow Jones recovered to finish the day at their highest levels ever. The Nasdaq (which tracks many tech companies) also went up as big-name technology stocks saved the day.
Political Drama Stirs the Pot: Investors were nervous early on due to two big headlines: the government starting an investigation into the head of the Federal Reserve, and a proposal by President Trump to put a 10% limit on credit card interest rates. This caused stocks for banks and credit card companies like Capital One to drop significantly.
Tech and Gold Shine: While banks struggled, Google (Alphabet) reached a massive milestone, becoming worth $4 trillion for the first time ever after teaming up with Apple on new AI tools. Because of the general uncertainty, many people also bought Gold, pushing its price to a record high of over $4,600.

News

PureHealth has launched the Abu Dhabi Health Research Center, a new division that brings together all medical research and data analysis from its 16 hospitals and various clinics into one central hub.

Investment Recommendations

Dubai Investments (DIC): Buy at 3.52, target at 3.60, stoploss below 3.48.