Good morning, friends, and welcome to a new week. It’s a relatively calm Monday morning, with a handful of stories to stay on top of as you shake off the weekend cobwebs.

Leading our newswell this morning is Dubai’s inflation reading accelerating again in September after a brief reprieve in August that saw the emirate’s rate of inflation cooling off. The acceleration is being pushed primarily by the transport sector, where prices are showing lower deflation. We also have the latest from DP World, which set up a new joint venture with Uzbekistan’s Tashkent City for a logistics terminal, as well as Taaleem’s FY 2024-25 results.

WATCH THIS SPACE-

1- UAB to sell USD 800 mn in bad debt? United Arab Bank (UAB) is considering selling around USD 800 mn in non-performing loans as it looks to strengthen its balance sheet, sources familiar with the matter told Bloomberg. The bank has reportedly appointed Rothschild & Co. to advise as it weighs up the move, though discussions remain at an early stage and no set decision has been reached yet. UAB declined to comment, Bloomberg added. The move would place UAB among a growing number of UAE lenders offloading bad debt portfolios.

REMEMBER- Abu Dhabi Commercial Bank (ADCB) sold around USD 1.4 bn in non-performing loans to Davidson Kempner Capital Management earlier this month, marking their second such transaction. At the start of the year, First Abu Dhabi Bank sold soured loans worth USD 800 mn to Deutsche Bank.

#2- Dubai has a new financial strategy: Dubai approved its financial sector strategy (DFSS) — a new roadmap designed to double the financial sector’s contribution to GDP and increase assets under management, according to Dubai Media Office.

The strategy will roll out 15 programs over the next three years, targeting key verticals including capital markets, asset and wealth management, SME financing, fintech, and virtual assets. It looks to increase the listing of family businesses and startups, attract new asset managers, and develop alternative financing models targeting SMEs.

#3- UAE extends 10% customs duty on steel rebar and coils: The UAE extended the customs duty on reinforcing steel and iron coils to 10%, from the previous 5%, until 12 October 2026, according to a Dubai Customs statement (pdf). The decision extends the higher tariff first introduced in 2023 to support the domestic steel industry.

#4- Negotiations for the UK-GCC FreeTrade Agreement have reached an “advanced stage,” Country Director for Saudi Arabia at the UK’s Department for Business and Trade Pete Ashby told EnterpriseAM. The parties have made progress across a number of areas, including goods, services, and investment, Ashby said.

No rush: The focus remains on reaching the right terms for an agreement that serves shared interests and long-term growth, rather than getting it done by a specific date, he added. Talks over the draft agreement — which began in 2022 — resumed back in September 2024.

#5- Abu Dhabi brings air taxis to Egypt: Abu Dhabi Aviation has launched Egypt’s first air taxi service in partnership with the Egyptian Air Force, with investments worth EGP 5 bn (c. USD 105.6 mn), Asharq Business reports. The project currently operates four aircraft, with plans to expand to eight next month. Fares start at USD 200 for short trips within Cairo and reach USD 1.5k for longer routes to Sharm El Sheikh, Hurghada, and El Gouna. The service targets tourists and business travelers, with future plans to expand into air medical transport and express cargo.

DATA POINTS-

#1- Dubai high-end home transactions up 24% y-o-y: Dubai’s luxury real estate market recorded 103 home sales valued at over USD 10 mn in 3Q 2025, up 24% y-o-y, according to a press release from Knight Frank citing its latest data. Total high-end transactions were also on the up, rising 54% on a yearly basis to over USD 2 bn. In the ultra-luxury market, the average transaction size rose 23.8% y-o-y to more than USD 19.4 mn.

The luxury segment drove the results, doubling y-o-y to see 17 transactions over USD 25 mn during the quarter. Palm Jumeirah recorded the highest activity in prime residential transactions, accounting for 34% of the deals.

So far in the year: During 9M 2025, the emirate has seen 357 agreements for sales over USD 10 mn, up 26% from the same period last year.

#2- UAE targets 10k AI firms by 2030: The UAE plans to expand the number of companies offering full AI solutions by over 500%, reaching 10k by 2030 from about 1.5k currently, Khaleej Times cites AI Minister Omar Sultan Al Olama as saying.

PSAs-

#1- Eligible citizens in Abu Dhabi can now express their interest in government housing projects across the emirate through a new service on the Iskan Abu Dhabi app, courtesy of the Abu Dhabi Housing Authority, according to an Abu Dhabi Media Office statement. Users can compare options by location, completion date, and unit size before submitting their interest.

Who’s eligible? The first phase targets citizens with housing purchase loans, deferred repayment loans, or housing grants. The rollout begins in Al Ain, followed by Abu Dhabi and Al Dhafra, and the second phase will open up to citizens with approved construction loans and grants for residential land plots.

#2- Emirates cancels Madagascar flights amid unrest: Emirates halted service to Antananarivo, Madagascar’s capital, until further notice due to civil unrest, Khaleej Times reports. The suspension affects EK707/708, which operates between Dubai and Antananarivo via the Seychelles.

HAPPENING TODAY-

#1- The IUCN World Conservation Congress kicked off last week and is on until Wednesday in Abu Dhabi. The congress gathers government officials, academics, and members of the civil society to discuss the challenges facing sustainability and nature conservation, as well as the policy decisions influencing the conservation agenda. The event will be divided into three components — a forum, exhibition, and a members’ assembly to address how businesses should integrate sustainability into their strategies.

ExpandNorth Star is on its second day at Dubai Harbour and will run until Wednesday. The exhibition brings together over 2k startups, 1k investors, and accelerators from across over 100 countries to explore trends shaping the global startup ego system.

GITEXGlobal kicks off today and will be running until Friday at the Dubai World Trade Center. The tech expo gathers major industry players including from OpenAI and G42, government officials, and innovators under one roof to showcase developments in AI, cloud computing, cybersecurity, quantum technologies, and digital infrastructure.

HAPPENING THIS WEEK-

TheGlobal Future Councils annual meet kicks off tomorrow in Dubai and will run until Thursday. Hosted by the UAE government in collaboration with the World Economic Forum, the annual summit convenes leaders, ministers, and industry experts to shape policy frameworks on global issues, including energy transition, future cities, and the governance of emerging technologies.

The Evolve Future Mobility Show is running from Wednesday until Saturday at the Expo Center in Sharjah. The event will host 200 international exhibitors as well as industry leaders, policymakers, and entrepreneurs, to explore the use of EV technology in key sectors of sustainable mobility.

THE BIG STORY ABROAD-

Trump heads to the Middle East to finalize ceasefire agreement: US President Donald Trump is en route to Egypt and Israel to mark the US-brokered ceasefire and hostage exchange agreement between Israel and Hamas. The visit comes as the first phase of the agreement — including hostage releases and a partial Israeli withdrawal from Gaza — is being implemented. Trump will first visit Israel to meet with Israeli officials and address parliament before attending a Gaza-focused summit in Sharm El Sheikh which he will be co-hosting with Egyptian President Abdel Fattah El Sisi. (Associated Press | New York Times | BBC)

Meanwhile in Europe, Macron faces political turbulence: French President Emmanuel Macron announced a new cabinet as he and reappointed Prime Minister Sebastien Lecornu face pressure to form a stable government and prevent another collapse. Lecornu, who stepped down last week before being reappointed Friday, now needs to rally support from centrist allies to survive looming no-confidence votes in parliament. With Macron’s popularity slipping and his coalition reduced to a weak minority, both opposition and allied parties have criticized him for refusing to scale back his agenda. (Bloomberg | Financial Times | Reuters | AP | France 24)

And, tensions are rising between Washington and Beijing: China has accused the US of escalating the trade war after Trump announced plans to impose a 100% tariff on Chinese exports and widen export control starting November, the Financial Times reports. China’s Commerce Ministry criticized the US for blacklisting Chinese firms and abusing national security measures, warning it would take “corresponding measures” if the tariffs proceed.

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MARKET WATCH-

An incoming wave of liquified natural gas (LNG) supply by the end of the decade could unlock long-term demand, Adnoc Gas CEO Fatema Al Nuaimi tells Bloomberg. “When price-sensitive markets tap into LNG, they don’t go back because they invest in terminals and infrastructure, [creating demand],” Al Nuaimi said. The remarks echo the International Energy Agency’s outlook, which sees record gas demand next year driven by economies in Asia, Africa, and the Middle East, Bloomberg added. However, it remains uncertain whether price-conscious countries will anchor future consumption as their uptake would depend on multiple factors, Bloomberg added.

Global LNG prices are widely expected to ease as several major projects come online in the coming years, including Adnoc’s planned Ruwais LNG plant, which will more than double the company’s export capacity, set to kick off operations in 2028.

REMEMBER- Adnoc Gas has been converting Heads of Agreements into sales agreements for its Ruwais LNG plant over the past year, with Indian Oil Corporation, Germany’s SEFE, German energy infrastructure firm EnBW, Malaysia’s state-owned oil and gas firm Petronas, as well as a Japan’s Jera and Osaka Gas. The firm has already secured offtake agreements for over 8 mn tonnes per year of LNG from the facility, out of its 9.5 mtpa capacity.

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