Good morning, friends, and happy FRIDAY. The news cycle has slowed to a crawl as we head into the weekend, but we’re not complaining.

A handful of stories are worth your attention this morning: Sharjah’s property market continued to grow in 1H 2025; we now have a bankruptcy court in Abu Dhabi; and Emirates NBD and Du posted their earnings.

WEATHER- No reprieve from the heat: Dubai will see a high of 46°C today, before cooling to 34°C overnight, while Abu Dhabi will reach 44°C during the day and dip to 35°C later at night.

PSA-

You might not be getting any OTPs today: Banks in the UAE will begin phasing out one-time passwords (OTPs) sent via SMS and email for digital transactions starting today, and replace them with in-app authentication features, according to an official document seen by Emarat Al Youm and banking sources who spoke to EnterpriseAM. The change follows CBUAE directives and applies to all types of financial transfers — both domestic and international — as well as other online banking transactions.

WATCH THIS SPACE-

#1- US to ease AI exports? US President Donald Trump unveiled a plan to become an “AI export powerhouse” by easing AI exports to the US’ allies as part of a new AI blueprint aimed at coming out on top in the AI race. The president signed an executive order directing the Secretary of Commerce to implement an AI exports program to allow the deployment of full-stack export packages, including hardware, software, AI models, and cybersecurity measures, according to a White House statement.

The UAE’s ambassador to the US Youssef Al Otaiba welcomed the news, saying that the UAE is “ready to fast-track” its partnership with the US, and that they are working closely to adopt US technology and scale it in the UAE, in a statement. 

The move marks a diversion from former president Joe Biden’s policy to restrict global access to American AI tech over security concerns and fears it will reach China. The restrictive policies have slowed down progress in the UAE’s partnerships with the US, holding up big projects like the USD multi bn agreement to build one of the world’s largest AI data center hubs in Abu Dhabi. The US and the UAE had agreed on a chip export agreement that will see 500k Nvidia chips a year exported to the UAE for the project, though this has been stalled over security concerns, with ideas like blocking G42’s direct access from the chips floated.

#2- Masdar City firms could soon be allowed to own land, property in Dubai: The Dubai Land Department (DLD) signed a memorandum of cooperation with Masdar City to allow firms operating in Masdar City’s freezones to own land and properties in Dubai under the emirate’s freehold system, according to a statement. The two will collaborate on defining eligibility criteria, and administration and legal mechanisms, as they look to boost investment by diversifying ownership options.

Dubai has been easing rules for freezones: The Dubai Freezone Council launched its One Freezone Passport system earlier this week, enabling cross-freezone operations under a single license. The council approved another resolution this year to allow freezone companies to operate across Dubai after obtaining a permit from the Economy and Tourism Department. Non-DIFC-registered businesses can also expand to other emirates subject to local regulations.

#3- Sidara might lower its bid for Wood Group as talks stretch on: UAE-based engineering and infrastructure consulting firm Sidara is reportedly mulling reducing its bid for UK engineering firm Wood Group on the back of an ongoing probe into its financials, the Financial Times quotes sources in the know as saying. The firm is concerned about legal exposure that could result from the UK’s Financial Conduct Authority’s probe into Wood Group, which has been ongoing for over a month and requires the firm to restate its accounts for 2022 and 2023 following an auditor review.

This has been going on for a while: The company has been the subject of an on-again, off-again takeover bid from Dubai-based Sidara for over a year. After initially scrapping the bid, it returned to talks later and extended the deadline to submit a formal bid several times, with the latest extension giving them until 28 July. Sidara’s latest allcash offer values Wood at USD 318.4 mn with a USD 450 mn debt package, and has been described by Wood’s board as a “better option” for shareholders — though it marks a sharp drop from earlier proposals that valued the firm at GBP 1.6 bn before financial governance issues surfaced.

#4- Arada launches sukuk buyback linked to new debt issuance: Sharjah-based real estate developer Arada initiated a tender offer to repurchase up to USD 100 mn of its USD 500 mn outstanding sukuk due in 2027 from holders, according to a bourse disclosure (pdf). The offer has a purchase price of 102.75% and will remain open until Thursday, 31 July. Earlier this week we reported that the developer was looking to raise up to USD 500 mn in fresh sukuk.

The move will help “optimize Arada’s cost of funding and its balance sheet whilst providing liquidity to investors,” it said in the disclosure.

Advisors: Emirates NBD and Standard Chartered are serving as transaction managers for the operation.

MORNING MUST-READ-

We now have an Arab genome database: Researchers at Mohammed Bin Rashid University of Medicine and Health Sciences (MBRU) developed the first Arab Pangenome Reference, according to the Dubai Media Office. The study analyzed DNA from 53 people from different Arab backgrounds, and identified 110 mn novel DNA base pairs and 235k structural variants.

Why does this matter? Arab populations have previously been underrepresented and a bit of a blind spot in global genomic databases. This study detected that a gene duplication of TAF11L5 was particularly common in the screened individuals, however it’s basically absent from global studies. The research will help precision medicine programs in the UAE and the wider region, and can help better understand disease risk and develop more targeted treatments from a database that reflects the Arab population more accurately.

THE BIG STORY ABROAD-

Powell in the clear? US President Donald Trump visited the Federal Reserve’s construction site yesterday, that — save for one comical bickering incident — seems to have helped dissipate tensions, with Trump saying he does not think it’s necessary to fire Fed Chair Jerome Powell. Despite a televised argument over the cost of the Fed’s renovation of its buildings (watch, runtime: 1:41), Trump said he had talked to him about interest rates and that he believes Powell will “do the right thing.” Trump and his allies have been putting pressure on Fed boss Jay Powell to cut interest rates, even suggesting a probe into the Fed itself earlier this week. (Wall Street Journal | Financial Times | Reuters | Bloomberg)

REMEMBER- The Fed will be meeting next week to decide its next move on interest rates. It is widely expected to hold them steady.

ALSO- Paramount and Skydance’s USD 8.4 bn merger has been approved by the US Federal Communications Commission, in a move that will see CBS merged under Paramount with Paramount Pictures and Nickelodeon. The move also comes after Paramount paid USD 16 mn to settle a lawsuit filed by Trump and after the cancellation of Stephen Colbert’s late show, which has caused controversy amid concerns over freedom of speech. (Reuters | Guardian | Bloomberg)

CLOSER TO HOME- A ceasefire in Gaza seems to be off the table for now after the US and Israel recalled their negotiators from talks yesterday, blaming Hamas for not acting in good faith, despite Hamas’ claims that they have been open to reaching an agreement. (Reuters | Guardian | WSJ)

ALSO- French President Emmanuel Macron said France would recognize Palestine as a state in September on the sidelines of the next annual gathering of the United Nations General Assembly amid a recent push from Europe to end the war in Gaza. France joins 11 other EU countries in recognizing Palestine, including Spain, Romania, Sweden, Ireland and Bulgaria. (Bloomberg | Politico | AP | New York Times)

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