Investors placed orders for 5x more than was on offer in UAE Islamic treasury auction.

Good morning, wonderful people. It’s another week in the books for us all, and the message from the UAE two months into this senseless war is that wallah, wallah it’s BAU. Extra BAU, in fact:

Exhibit #1: The fanfare yesterday about the 42 km, AED 34 bn Gold Metro line expected to open by September 2029, which will come into service at around the same time that the AED 20.5 bn Blue Line extension does.

Exhibit #2: “Voices of Pride: Messages of hope and progress from UAE business titans.”

Exhibit #3: From a press release we will not be “running,” thank you: “Uber places ‘Pass It On’ notebooks in vehicles for Dubai riders to share messages of solidarity and appreciation for the UAE.”

Better to simply let the facts speak for themselves: Investors placed orders for 5x more than was on offer in the UAE’s AED 1.1 bn Islamic treasury sukuk auction yesterday, as we note in this morning’s Opinion piece, below. That’s how you close a week. –Patrick