Good morning, wonderful people. We have a brisk issue for you this morning, filled with plenty of India-related news — including our friends at Mashreq receiving in-principle approval to set up a unit in India’s financial hub, GIFT City, and Indian firms setting up shop in Dubai to boost steel cooperation.

Plus: A new real estate program targets first-time home buyers (and new investors) in Dubai, and the General Civil Aviation Authority is out with regulations allowing helicopters and eVTOLs to share the same infrastructure.

WEATHER- The mercury will reach 41°C in Dubai today, before cooling to 30°C overnight. Abu Dhabi will see a high of 34°C — though it will feel more like 42°C — and an overnight low of 32°C.

FROM THE RUMOR MILL-

India’s RBL Bank has denied reports of a minority stake sale to Dubai-based Emirates NBD, CNBCTV18 reports, citing a company statement. The Economic Times reported on Tuesday that Emirates NBD was in advanced negotiations to acquire a minority stake in RBL Bank. RBL Bank denied the report, describing it as “incorrect and speculative in nature,” CNBCTV18 reports, citing the statement.

This is not the first time Emirates NBDhas been tied to a potential acquisition of a stake in an Indian bank. It was reportedly in talks in May to acquire a majority stake in IDBI Bank, and was said to be shortlisted among the final bidders for the stake in August. India’s central bank also granted the bank in-principle regulatory approval to set up a wholly-owned subsidiary. Last year, the Dubai-based bank was looking to buy a stake in Yes Bank.

WATCH THIS SPACE-

#1- Three international universities are coming to Dubai next academic year, according to the Dubai Media Office. Lebanon’s American University of Beirut and Saudi Arabia’s Fakeeh College for Medical Sciences will open their campuses in the coming academic year, as other major universities continue discussions to open their own campuses and others pending final approval, the statement said. The Indian Institute of Management Ahmedabad — a management school ranking 27th on the QS World University Rankings for business schools — will also offer a one-year MBA at its Dubai International Academic City campus in September while its own campus is being built.

Dubai already hosts 41 international education providers, two of which are ranked among the top 100 by QS. The three new campuses aim to bolster the city’s reputation as a global education hub, according to the press release.

#2- More private equity firms eye Abu Dhabi: Private market firms including Sweden’s EQT, with upwards of USD 300 bn in assets under management, France’s Eurazeo, managing USD 40 bn, and UK-based Pollen Street Capital, overseeing USD 7 bn, are looking to set up shop in Abu Dhabi, Bloomberg reports citing sources familiar with the matter. They join a long list of firms — including Brookfield, KKR, and Brevan Howard Asset Management — drawn by access to USD 3 tn in sovereign and private wealth, a low tax environment, and time zone advantages.

What we know: EQT plans to set up shop and start working on transactions in the region, while Eurazeo is also planning to invest locally as well as fundraise after it sets up shop this year. HarbourVest Partners, which manages some USD 147 bn in assets, is also looking to set up shop in Abu Dhabi.

#3- Archer begins eVTOL test flights in Abu Dhabi: Archer Aviation’s Midnight electric vertical take-off and landing (eVTOL) aircraft completed its first test flight at Al Bateen Executive Airport, the company said in a statement. The trials aim to assess performance in high heat, humidity, and dust ahead of a planned commercial launch, and are part of Archer’s Launch Edition program with Abu Dhabi Aviation to roll out air taxi services in the emirate, potentially this year. More regional testing is expected as certification progresses.

It’s been a busy week for air taxis: Joby Aviation and Dubai’s Roads and Transport Authority carried out the region’s first Joby air taxi test flight earlier this week, targeting a 2026 commercial debut.

DATA POINT-

The UAE ranked second in Kearney’s 2025 Emerging Markets Foreign DirectInvestment Confidence Index with a score of 1.86, trailing only China (1.97) and ranking ahead of Saudi Arabia (1.76), Brazil (1.59), and India (1.53). The ranking reflects strong investor confidence in the UAE’s macroeconomic outlook and its investments in infrastructure.

The UAE also placed ninth in Kearney’s overall global index — making it one of only two emerging markets to make the top 10 alongside China — though it slipped one place since last year. It recorded a 42% net investor optimism score, the second-highest worldwide after the US and up 4% y-o-y, driven by its perceived policy stability and business-friendly environment.

PSAs-

#1- Drone operations shift to centralized digital platform: The UAE’s General Civil Aviation Authority (GCAA) will no longer be providing direct drone services, after directing all applications to the official UAE drones portal, according to a notice (pdf) on its website. The portal facilitates pilot registration, real-time airspace monitoring, mission planning, post-flight reports, and instant approvals for controlled airspace operations, Khaleej Times reports. The website lists three certified training providers, links for commercial and recreational drone use, and usage guidelines.

Regulatory context: Earlier this year the UAE partially lifted its drone ban on recreational drone use — except in Dubai where the Dubai Civil Aviation Authority has jurisdiction — allowing drones to operate under strict safety conditions. The GCAA later rolled out new regulations on standards for drone service providers in March, while cybersecurity guidelines came in May. Abu Dhabi Mobility later introduced the new unified platform for drones in January.

#2- You can now use your Amex card for taxi payments, after American Express Middle East partnered with five Dubai taxi operators to enable card payments for 13k RTA-licensed taxis, Arabian Business reports. The participating companies are National Taxi, Arabia Taxi, Kabi Taxi, Dubai Taxi, and Metro Taxi, and the payment option will be available to both local and international cardholders.

THE BIG STORY ABROAD-

It’s somewhat of a mixed bag in the foreign press this morning, with US President Donald Trump’s “big, beautiful bill” — which includes a trove of tax cuts, immigration measures, and a phase-out of clean energy subsidies — still getting plenty of play as the House races to vote ahead of Trump’s Friday deadline. House Speaker Mike Johnson said he expects the vote to take place later today, though many are still unhappy with the USD 3.4 tn deficit it adds to the US’ ballooning debt, while others are concerned about cuts to healthcare programs. (Reuters | Bloomberg | Wall Street Journal | Financial Times)

In other US news, the country struck a trade agreement with Vietnam ahead of the resumption of sweeping reciprocal tariffs next week as the 90-day pause expires. Vietnam will drop levies on US products, while a 20% tariff will be placed on Vietnamese exports to the US, with a 40% levy on goods that are transshipped through the country, Trump said in a social media post. (Bloomberg | CNBC | FT | Reuters )

ALSO GETTING PLENTY OF ATTENTION- The high-profile Sean Diddy trial has wrapped with the jury finding him guilty of only two of five charges, including a racketeering charge and [redacted] trafficking. He will remain in jail and is set to see a maximum of 10 years in prison. (Reuters | Guardian | FT | NYT)

***

You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.

EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq. Tap or click here to get your own copy of EnterpriseAM UAE.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA climate and logistics industries?

***

Tags: