TODAY: DataVolt’s Riyadh data center finds its anchor tenant + More cargo for EGA at Khalifa Port

Good morning, wonderful people. It's a brisk read this morning — DataVolt is closing in on USD 500 mn for its Riyadh data center now that it has landed its anchor tenant, and AD Ports and EGA are thinking bigger (ships, that is) at Khalifa Port.

DAE goes shopping

Dubai Aerospace Enterprise (DAE) is targeting up to USD 3 bn (AED 11 bn) in aircraft acquisitions this year as it looks to expand its global leasing portfolio, doubling down on continued strong demand for commercial aircraft and sustained growth in international air travel, CEO Firoz Tarapore told Al Bayan. The company is expecting to take delivery of more than 30 new aircraft in 2026 from its orderbook with Boeing, Airbus, and ATR.

A diversified growth strategy: DAE acquired more than 300 aircraft over the past three years through M&A alongside direct purchases from manufacturers, Tarapore said, as airlines’ appetite for newer, more fuel-efficient aircraft continues to underpin demand for lessors, he added.

Why it matters: The expansion comes as aircraft lessors continue to benefit from a prolonged supply shortage caused by production constraints at Boeing and Airbus, which has kept lease rates elevated and extended the economic life of existing fleets.

CPTPP trade pact

The UAE has moved a step closer to joining one of the world’s biggest trade blocs. Members of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) agreed to kick off preparatory discussions with the UAE, opening the door to what could eventually become formal accession talks, according to a statement (pdf).

Next up, senior officials will launch preliminary discussions and report back to ministers. However, the process is still in its early stage, and any future accession would still require unanimous backing from all CPTPP members.

IN CONTEXT- The UAE has been on a drive in recent years to expand its trade ties, aiming to reach AED 4 tn in total foreign trade by 2031 after already hitting 75% of that target in 2024. The Emirates’ ever-expanding CEPA network has been a major driver of growth, with several agreements already secured so far this year, including with Ecuador, Nigeria, and the Philippines.

Emirates’ carbon crunch

A looming carbon credit shortage could cost Emirates USD 8 bn by 2035, wiping out a fifth of its 2025 operating revenue and hitting the carrier harder than any other airline, the Financial Times reports, citing a report by MSCI Carbon Markets. The carrier is likely to be the largest user of carbon credits owing to its focus on long-haul flights through Dubai.

A better-case scenario? While a surge in airline demand could drive carbon credit prices up eightfold to USD 100 a ton by 2035, a more optimistic outlook limits Emirates’ total compliance cost to an estimated USD 2 bn over the same period, MSCI said.

Market watch

Oil prices eased this morning — set for a monthly loss ahead of possible US-Iran talks, despite a fragile ceasefire, Reuters reports. Brent crude futures declined USD 0.64 to USD 72.51 / bbl by 03.56 GMT, while West Texas Intermediate (WTI) fell USD 0.39 to USD 70.36 / bbl.

The Baltic Index extends its slide: The Baltic Exchange’s dry bulk index — which tracks rates for the capesize, panamax, and supramax vessel segments — fell 1.4% to 2,490 points on Monday. The capesize index declined 2.5% to 3,538 points, while the panamax index rose 0.7% to 2,124 points. The smaller supramax index slipped 0.1% at 1,668 points.

Data point

SAR 90.5 bn — that’s Saudi Arabia’s merchandise trade surplus in 1Q 2026, up 43.7% y-o-y and 60% q-o-q. Total trade rose 4.5% y-o-y to SAR 535.1 bn, with merchandise exports reaching SAR 312.8 bn and imports at SAR 222.3 bn. Re-exports grew 32.9% y-o-y to more than SAR 38 bn — up from SAR 28.8 bn in 1Q 2025 — while China remained Saudi Arabia's largest export market, receiving SAR 44.8 bn worth of goods.

PSA

CMA CGM resets Med-Gulf and Red Sea rates: CMA CGM will apply new container freight rates from Mediterranean origins to Gulf and Red Sea ports from 6 July. West Med and Adriatic shippers will pay USD 6.1-6.3k per 20-40-ft container, rising to USD 6.6-6.8k from East Med and USD 6.7-6.9k from the Black Sea. Red Sea rates will range from USD 2.1-2.3k (East Med) to USD 3.2-3.4k (Black Sea) per 20-40-ft container.

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