Good morning, friends. We’re nearing the end of a much-needed shorter workweek, and it feels as though the news cycle is still recovering from the whiplash of events in the region earlier this week.

The country collectively let out a sigh of relief following news of the ceasefire, after a turbulent night that saw Iran strike US military bases in Qatar, and speculation rise over whether it will do the same to bases here in Abu Dhabi, and elsewhere in the region.

Middle East stocks cheered the news, with Dubai’s DFM rising 3.4%, its biggest intraday jump since December, while Abu Dhabi’s index gained 2.5%. Real estate stocks buoyed performance, with Emaar on the DFM rising 5.1% and Aldar Properties gaining 10% on the ADX.

President Sheikh Mohamed bin Zayed Al Nahyan welcomed the Iran-Israel ceasefire during a phone call with Iranian President Masoud Pezeshkian, expressing hope it would lay the groundwork for lasting regional stability, state news agency Wam reports. He reiterated the UAE’s support for efforts that promote peace and security in the Middle East.

Despite how brief the closure of the UAE’s airspace was, disruptions continued through yesterday. Long queues and hundreds of flight delays followed the temporary closure, Reuters reports. While most airlines resumed operations to the UAE, Wizz Air suspended all flights to and from the country through to 30 June, according to a statement.

Separately, IndiGo halted yesterday’s flights between India’s Bhubaneswar and Abu Dhabi, along with 13 other Middle Eastern routes including Dubai, Doha, and Riyadh, according to a post on X. The suspensions may be extended depending on security developments, as airlines continue to monitor military action between Israel and Iran.

PSA-

The ADX and DFM will close on Friday, 27 June, in observance of the Hijri new year. Trading will resume on Monday, 30 June, according to a UAE Securities and Commodities Authority (SCA) statement. The Dubai Gold and Commodities Exchange will operate as usual during this period, maintaining regular trading hours.

WEATHER- Dubai will see an afternoon high of 42°C today and an overnight low of 30°C, according to our favorite weather app. Temperatures in Abu Dhabi will reach an afternoon high of 34°C, with mostly cloudy conditions, before dipping to an overnight low of 31°C.

WATCH THIS SPACE-

#1- First, it was flights — now, you can pay for taxi rides with stablecoin: Abu Dhabi’s Tawasul Taxis and Al Maryah Community’s Bank are now allowing passengers to pay for rides digitally via Al Maryah’s AE Wallet app with AE Coin, the UAE’s AED-pegged stablecoin, according to a statement. This comes just a few weeks after Al Maryah and Air Arabia also allowed customers to pay for flights using AE Coin, becoming the first regional airline to accept stablecoin payments.

REMEMBER- The Central Bank of the UAE greenlit the launch of the AE coin back in December, making it the only authorized stablecoin in the country as of yet. IHC, ADQ, and First Abu Dhabi Bank (FAB) are reportedly planning a new new AED-backed stablecoin, while ADX-listed crypto miner Phoenix Group and cryptocurrency giant Tether — owner of the world’s biggest stablecoin, USDT — are also planning to launch an AED-pegged stablecoin.

More to come: More transport services, merchants, and retail outlets are set to allow the use of AE Coin in transactions, the statement said.

#2- Canada is in discussions with the UAE and Saudi to invest in developing its AI sector, Canadian AI Minister Evan Solomon told The Logic. Ottawa aims to create sovereign AI infrastructure through partnerships and by creating an industrial base. It will focus on developing data centers as the country aims to dial down its dependence on trade with the US.

The North American country needs hardware and capital from other countries to advance this sector, Solomon said, adding that the UAE is “a very sophisticated player along the entire value chain.” Talks are still at an early stage but are “constructive,” he added.

REMEMBER- The UAE has been strengthening its ties with Canada this year, with a delegation heading there last week to discuss boosting cooperation in trade, energy, AI, education, and sustainable development. Dubai International Chamber also launched a representative office in Toronto last week, aiming to enhance investment relations.

The UAE’s overseas AI investment ambitions are clear. The country pledged to invest USD 1.4 tn in the US through a 10-year investment framework with a focus on AI infrastructure. Last month, Abu Dhabi’s G42 and Italy’s iGenius announced a planned USD 1 bn investment to develop Europe’s largest AI compute deployment in Italy’s Puglia region. G42-backed MGX and Nvidia also joined a French consortium to build a 1.4 GW AI campus outside Paris.

#3- New global digital bank from Abu Dhabi? UAE-based omnibanking startup BipTap signed a strategic partnership agreement with Al Fardan Ventures, the family office led by tech investor Mohammed Ebrahim Al Fardan, to launch a global digital bank headquartered in Abu Dhabi, according to a press release. The core infrastructure is already built and tested, with both sides now working to secure licenses and establish UAE operations.

The details: The planned bank will offer B2B digital banking, fiat-crypto integration, and banking-as-a-service solutions for financial institutions, fintechs, and enterprises worldwide. Al Fardan will serve as regional MD, and related projects — including a crypto liquidity platform and AI trading system — are also in the pipeline.

HAPPENING TODAY-

#1- EVCharge Live Middle East is on its second and final day at the Dubai World Trade Center, spotlighting EV charging infrastructure. Event highlights include a conference with over 150 speakers, an EV and charging exhibition, and networking meetings.

#2- Solar & Storage Live is also on its second and final day at the Dubai World Trade Center. The solar energy and battery storage exhibition will see over 10k attendees meet for talks and exhibitions on technology focused on the green transition.

#3-Mobility Live Middle East is on its second and final day at the Dubai World Trade Center, spotlighting future transport. The trade event will bring together regional mobility leaders for keynotes, panel sessions, and an expo featuring autonomous tech, smart cities, and public transport.

#4- Middle East Rail runs in parallel and wraps today at Dubai World Trade Center, bringing together transport ministries, rail operators, and tech firms for discussions and exhibitions on high-speed networks, digitalisation, and transit infrastructure.

THE BIG STORY ABROAD-

The war hawks are circling once again with the headlines this morning dominated by a Pentagon report claiming that the US strikes only pushed Iran’s nuclear program back by a few months. The report from the Pentagon’s intelligence arm Defense Intelligence Agency found that Iran’s nuclear centrifuges could soon be restarted and that the country’s stockpiles of highly enriched uranium were moved out of the sites before the US moved to strike, seeming to contradict Trump’s claims that the sites had been “completely and fully obliterated.”

Trump doubled down on his earlier comments in response to the report, by trading war with Iran for war with CNN and the New York Times, who he accused of trying to “demean one of the most successful military strikes in history.” (Reuters | Bloomberg | Wall Street Journal | Washington Post | New York Times | Associated Press | CNN)

But while the world’s attention was turned to Iran, Israel continued its almost daily massacres of those seeking aid, killing at least 40 in Gaza yesterday, bringing the number of those killed in similar attacks to 500 in just the past two weeks. (Reuters | Guardian)

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CIRCLE YOUR CALENDAR-

The Middle East and North Africa Public-Private Partnership Forum will be held on 10 to 11 September at the Jumeirah Emirates Tower in Dubai. Investors, policymakers, and engineering, procurement, and construction players will meet to discuss public-private partnerships, with a focus on energy, healthcare, real estate, logistics, transport and digital transformation sectors.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

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