Good morning, friends. Looks like we’re back to business as usual with the news cycle kicking into high gear after a temporary lull.

We have a mixed bag of news for you this morning, led with the latest snag in Adnoc’s EUR 14.7 bn takeover of German chemicals firm Covestro, after the EU launched an anti-subsidies probe into the acquisition. Also, Etihad Airways’ IPO could be pushed to 2026, according to sources cited by Zawya, and DIFC saw a record number of firms join its ranks in 1H 2025. Plus: Khalifa Port is getting a AED 2 bn grain storage and processing facility, courtesy of Emirates Food Industries

ALSO- THIS JUST IN: The Abu Dhabi Fund for Development is investing AED 764.5 mn into a tourism complex in Salalah, Oman, state news agency Wam reports. The first phase of the project includes a 120-room luxury resort, a marina, the rehabilitation of coastal and beachfront areas, and other infrastructure works.

WEATHER– Another textbook summer scorcher: Dubai will see daytime highs of 46°C, cooling slightly to 35°C overnight. In Abu Dhabi, temperatures will also peak at 46°C before settling at 34°C overnight.

WATCH THIS SPACE-

#1- EGA eyes Ghana bauxite project: Emirates Global Aluminium (EGA) is in the running to develop Ghana’s Nyinahin Hills bauxite deposit following the government’s termination of a USD 1.2 bn lease with local firm Rocksure International, Reuters reports citing sources familiar with the matter. Ghana’s state-owned aluminum company has been negotiating with possible partners, including EGA and several Chinese firms, the source said.

IN CONTEXT- The Dubai-based aluminium producer signed an MoU with Ghana’s state-owned Ghana Integrated Aluminium Development Corporation in June to explore mining projects in the West African nation.

From Guinea to Ghana: EGA’s potential entry into Ghana comes as the company is on the hunt for new projects after losing a concession agreement in Guinea. EGA is interested in jointly developing bauxite projects in the West African nation and is now carrying out technical and commercial assessments, the company told Reuters.

#2- Egypt’s dual-listed Orascom eyes move to ADX and Nasdaq exit: Nasdaq Dubai and EGX-listed Orascom Construction is taking a major step toward repositioning itself within the region’s capital markets, with its board approving the migration of its primary listing from Nasdaq Dubai to the Abu Dhabi Securities Exchange (ADX), according to a disclosure (pdf). The listing shift comes as the ADX continues to assert itself as one of the region’s capital markets heavyweights, offering deeper liquidity and stronger institutional flows via entities like sovereign wealth funds ADQ and Mubadala.

What’s next? The decision now awaits shareholders’ approval and regulatory clearance. Shareholders will be able to vote on the proposed changes on 12 August.

MEANWHILE- The firm’s board also approved the transfer of the company’s incorporation from the Dubai International Financial Center (DIFC) to ADGM. It will also distribute an interim dividend of USD 0.25 per share on 13 August to its shareholders, according to a separate disclosure (pdf).

#3- Adia-backed Lenskart prepares USD 1 bn IPO filing: Abu Dhabi Investment Authority (Adia)-backed Indian eyewear retailer Lenskart Solutions is preparing to file for a USD 1 bn initial public offering as early as this week, Bloomberg reports, citing people familiar with the matter. The company, also backed by Japan’s SoftBank Vision Fund and Singapore’s state-owned Temasek, is finalizing valuation details ahead of submitting draft prospectus documents to Indian market regulators.

ICYMI- We first got wind of a public listing earlier this year, with reports that the firm was eyeing an IPO on both India’s NSE and BSE, and was seeking a USD 10 bn valuation at listing.

#4- DFM-listed BHM Capital Financial Services’s AED 200 mn rights issue will be open for subscriptions between 8-18 September, according to a disclosure (pdf). The capital increase, which will double its paid-up capital to AED 400 mn, will see new shares priced at AED 1.0 a pop.

The company says proceeds from the offering will be deployed to support its regional expansion, scale its market-making and liquidity capabilities, upgrade technology infrastructure with a focus on AI, and enhance overall trading efficiency. BHM Capital is forecasting an annual return on investment of 25–30% over the next three years, positioning the rights issue as a strategic play to accelerate long-term growth.

Background: We reported in May that the company plans to expand into new markets, including Egypt, Armenia, Kazakhstan, Iraq, and Jordan, while also growing its presence in markets like Bahrain and Oman, where it recently expanded operations.

#5- Abu Dhabi startup eyes launching data centers in space: Abu Dhabi-based space startup Madari Space is looking to launch data centers in low earth orbit, with demo missions set to begin in 3Q 2026, CEO Shareef Al Romaithi told Bloomberg (watch, runtime: 5:38). The startup hopes to create alternative facilities in space that aren’t as energy-intensive as those on earth to cater to growing demand, Al Romaithi said. Madari is targeting businesses with existing space operations and governments seeking backup data storage options, he added.

DATA POINTS-

#1- The UAE is expected to outperform the rest of the region this year with GDP growth of 4.8%, while next year should see 4.6% growth, according to a Reuters poll of economists. This is higher than the forecast in its April poll, which saw growth coming in at 4.5% this year and 4.2% next year. Economists agreed that increased oil production and diversification efforts will help boost growth across the bloc compared to last year, with Saudi Arabia seen growing 3.8%, Qatar expected to grow 2.7%, and Oman seeing 2.8% growth. Also, Kuwait will see 3% growth and Bahrain — the only outlier — will see growth ease to 2.9%, from 3% last year.

How this compares: The forecast is more or less in line with others’, only slightly more optimistic than the World Bank, which raised its GDP growth forecast for the UAE to 4.6% in 2025, also citing increased oil production and non-oil momentum. Meanwhile, the Central Bank of the UAE had revised down in June its growth forecast for the UAE this year to 4.4% in 2025. Fitch’s BMI also sees growth coming in at 4.3%, while the IMF maintained its UAE-wide growth forecast, leaving it unchanged at 4% for 2025, among the highest in the GCC.

#2- Foreign investors are doubling down on Abu Dhabi real estate: Abu Dhabi logged 890 FDI property transactions worth AED 3.4 bn in 1H 2025, up 3.3% y-o-y, according to the Abu Dhabi Media Office, which cited data from the Abu Dhabi Real Estate Center. Some 85 different nationalities invested in the sector, up 10% from last year, with buyers from Russia, China, the UK, France, Kazakhstan, and the US leading demand.

Saadiyat Island topped the emirate’s real estate hotspots, pulling in over AED 9.1 bn in transactions during the first six months of the year. Yas Island followed with AED 5.9 bn, while Al Bahia saw AED 4 bn.

ICYMI- Abu Dhabi’s real estate transactions surged 40% y-o-y to AED 52 bn in 1H 2025. The emirate is expected to deliver around 11.9k new residential units during the rest of the year.

#3- It’s a good time to be a broker in Dubai: Real estate brokers in Dubai generated over AED 3.2 bn in commission in 1H 2025, according to the Dubai Media Office. This marks a 99% growth compared to the AED 1.6 bn recorded in 1H 2024. The uptick came as 6.7k new brokers were licensed by the Dubai Land Department (DLD) during the period — bringing the total to 29.6k — and as they executed some 42.2k transactions.

#4- ADCCI closes out 1H with over 158k members: The Abu Dhabi Chamber of Commerce and Industry (ADCCI) saw its membership base grow 4.9% y-o-y in 1H 2025, surpassing 158k members, according to a press release. Sectors seeing strong increases in membership included the agriculture (+21%), arts and entertainment (+13%), and ICT (+10%), and scientific services (+10%) sectors.

Traditional sectors held steady: Real estate-related activities and admin services each rose 8%. Meanwhile, construction, manufacturing, and finance saw steady 3% increases. Retail posted a 4% rise, and accommodation and food services edged up 2%.

PSA-

UAE banks will reportedly increase international credit and debit card transaction fees to 3.14% starting 22 September, several local news outlets report (here, here, and here), citing a notice to clients from one bank. The surcharge marks an increase from the previous 2.09%.

What’s next? Financial institutions across the country are reviewing their service fees as part of regular operational adjustments to make sure fees reflect banking cost structures.

THE BIG STORY ABROAD-

The EU is already souring on the trade agreement it reached with the US a day earlier. The EUR dropped the most in over two months against the USD yesterday, falling more than 1% after having risen to a three-year high last week amid hopes for an agreement. German Chancellor Friedrich Merz said the agreement would have knock-on effects across the bloc, even possibly extending to the US, while French Prime Minister Francois Bayrou criticized the EU’s “submission.” The agreement secured a 15% tariff on the EU’s exports to the US.

Negotiators are still expected to hammer out the details of the agreement for a non-binding text that could take weeks to complete. This means volatility is still on the table, chief Germany economist at Oxford Economics said in a note. (Bloomberg | Financial Times)

Meanwhile, officials from the US and China met yesterday in Stockholm to begin talks to resolve disputes and either extend the 90-day truce on tariffs agreed in May for another three months or reach a permanent agreement ahead of a 12 August deadline. (Reuters)

Speaking of deadlines… US President Donald Trump is giving Russian President Vladimir Putin a tighter deadline for a ceasefire in Ukraine, telling him he now has 10-12 days to do so or face additional economic pressure from the US. (Wall Street Journal | Reuters | Bloomberg)

ALSO- Trump went against Israeli Prime Minister Benjamin Netanyahu’s recent statements and said that many were starving in Gaza, and that the US will work on opening food centers “with no fences or boundaries to ease access.” (Reuters | Bloomberg)

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MARKET WATCH-

OPEC+ quota violators told to fall in line: The Opec+ Joint Ministerial Monitoring Committee has asked member countries that have not met their output quotas to submit updated compensation plans by 18 August, reiterating the “critical importance” of full conformity and catch-up cuts, according to an official statement following its meeting.

IN CONTEXT- The committee — which does not have authority to set production levels — met to assess compliance and market conditions ahead of a separate 3 August meeting where eight Opec+ members are expected to decide on a 548k bbl/d output increase for September. This would mean that the cartel would fully unwind the latest 2.2 mn bbl/d production cut, and the UAE would have delivered its 300k bbl/d quota increase ahead of schedule.

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