THIS MORNING: Dubai-based Apparel eyes listing for its Indian business + DMCC rolls out an incentive package for firms

Good morning, friends. This morning brings somewhat positive news on the non-oil sector, which recovered slightly in May, likely helped by the positive sentiment around a potential US-Iran agreement — though softening demand was still weighing on some firms.

Plus: As IPO markets remain muted at home, firms are looking overseas. Dubai-based Apparel Group is lining up a potential Mumbai listing of its India arm, a move that would crystallize a decade of expansion across 300+ stores and brands from Victoria’s Secret and Aldo to Tim Hortons and Nike Littles.

Closer to home, DMCC rolled out another round of fee cuts and renewals relief as freezones stack stimulus to cushion firms from regional volatility, while the Abu Dhabi Investment Authority anchored Kotak Alternate Asset Managers’ latest India real estate fund with more than USD 675 mn, extending one of its longest-running partnerships and reinforcing the UAE’s deepening exposure to India’s property cycle.

PSA- Another national holiday is coming up soon, with UAE authorities confirming that federal government bodies and private sector entities will be off on Monday, 15 June, to celebrate the Hijri New Year, according to a post on X. Employees will return to work on Tuesday, 16 June.

WEATHER- We’re deep into the summer heat now, with a high of 41°C in Abu Dhabi today, along with a low of 31°C. Over in Dubai, look for a high of 40°C and a low of 29°C.

Apparel Group eyes Mumbai listing

Dubai-based Apparel Group is eyeing up India’s IPO market to potentially float its Indian retail business. The fashion and lifestyle retailer has started preliminary discussions with banks about a possible Mumbai listing of Apparel Group India, Bloomberg reports, citing people familiar with the matter. The offering could come later this year or in early 2027.

The India play: Apparel Group India gives the Dubai retailer exposure to India’s consumer and retail market through more than 300 stores across over 50 cities and more than 20 brands, including Victoria’s Secret, Aldo, Crocs, Charles & Keith, Tim Hortons, and Nike Littles.

Timing will be the main test, with India’s IPO market cooling as companies delay listings amid Iran-war-linked volatility and foreign investor outflows from the equity market.

GLP-1 pills are here

The UAE is set to become the first country outside the US to offer the Wegovy pill after Danish drugmaker Novo Nordisk picked the country for the first international rollout of the oral version of its GLP-1 weight-loss drug, according to a statement. Unlike its traditional injectable format, which is already commercially available across several major markets, the pill version is just beginning its global expansion. Estimates project the GLP-1 industry could be worth as much as USD 254.2 bn by 2034.

Why the UAE? Novo Nordisk said the decision was driven by strong patient demand and a mature healthcare ecosystem. The treatment has also been cleared by the Emirates Drug Establishment.

Another support package lands

The Dubai Multi Commodities Center (DMCC) rolled out incentives for new and existing firms in the hub, it said in a statement. Companies looking to join the DMCC can now get a 10% reduction on one-year licensing and 20% on longer licenses. Firms already registered within the DMCC will see fees of up to AED 5k waived for late lease and license renewals, with renewal and expansion fees slashed by 15-25%.

IN CONTEXT- The DMCC is the latest freezone to be offering a helping hand to firms that are feeling the strain of the regional war as hubs move to boost business sentiment. Dubai South and Qashio have rolled out support measures targeting SMEs, while more broadly, Dubai introduced two stimulus packages in March and May to prop up affected sectors.

The big story abroad

We have a slew of updates on the regional conflict. A Republican-controlled US House of Representatives has voted to block President Donald Trump from launching further strikes on Iran unless congressional approval is obtained. This is the House’s fourth attempt to curb Trump’s military actions and still requires approval from the Senate.

Is headway being made? Trump has said that Tehran has “already agreed” not to have nuclear weapons, adding that it can still change its mind. Iran’s Foreign Ministry declined to weigh in while an unnamed government source said the president’s comments were misleading.

More strikes: Kuwait International Airport was targeted yesterday in a strike that injured several people and forced flight cancellations. While regime-affiliated media reported that Iranian authorities have denied responsibility and blamed US interceptor rockets, the US military rejected those claims.

ALSO- Lebanon and Israel have agreed to a ceasefire. The truce — brokered by Washington — is contingent on a complete halt to Hezbollah fire and the total evacuation of its operatives from the South Litani Sector.

Meanwhile, Uber is reportedly plugging some USD 500 mn into Nuro, a self-driving startup. The startup — backed by Nvidia and Soft Bank — aims to license its software to carmakers and is expected to launch later this year.

SpaceX’s IPO isn’t the only offering making headlines: Anthropic has reportedly tapped Morgan Stanley and Goldman Sachs to lead its highly-anticipated IPO this year, which could take place as early as October.

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