Wrapping up

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Paramount’s WBD takeover is pushed back + Dewa looks to overseas collaboration

Good morning, everyone. The UAE’s trade diplomacy machine keeps humming along, with our big story today covering news that the UAE and Canada have wrapped up Cepa negotiations in record time. Both sides are targeting investment flows in sectors like agri-food, data centers, LNG, and critical minerals.

Elsewhere, ADGM businesses running sales or promotions now need to check whether they require a permit before launching. On the earnings front, while Emirates Islamic posted a modest rise in 2Q net income, the weight of regional instability sat heavy on DTC’s results.

Over in Hollywood, Paramount's USD 110 bn takeover of Warner Bros. Discovery has had its closing deadline pushed to June 2027 on the back of an antitrust lawsuit, with the delay costing Paramount a hefty USD 7 mn per day.

WEATHER- The mercury will reach 39°C in Abu Dhabi today, before cooling to 29°C overnight, while Dubai is in for a 41°C high and a low of 31°C.

L’imad-backed Paramount takeover put in limbo till June 2027

Paramount’s L’imad-backed USD 110 bn Warner Bros. Discovery (WBD) buyout is getting its closing deadline pushed to June 2027, after a federal judge in Oakland approved a delay tied to a lawsuit filed by California and several other states seeking to block the agreement, according to a New York State Attorney General press release. The two sides are expected to submit proposed trial schedule recommendations by the end of July, with Paramount likely to push for a timeline that allows a verdict well before the June deadline.

Paying the price for delay. Under the terms of the acquisition agreement, Paramount is on the hook for roughly USD 7 mn per day in payments to WBD shareholders, meaning the tab could exceed USD 1.6 bn by the time the agreement closes. This comes on top of the USD 2.8 bn it already paid Netflix to walk away. Paramount could also be staring down a USD 7 bn termination fee to WBD if the agreement falls apart at next year’s June deadline.

ICYMI- This is a direct outcome of a move earlier this month by 12 US states to file an antitrust lawsuit claiming that the proposed merger would hamper competition and harm cinemas and television distributors.

Dewa takes its operating model overseas

The Dubai Electricity and Water Authority’s (Dewa) international arm began laying the groundwork for cross-border infrastructure plays with a London investor push, following Dewa International’s Chairman Saeed Al Tayer’s visit to London to meet with ING and Actis, according to state news agency Wam.

Also on the international drive: Dewa International met with representatives of European energy heavyweights, including TotalEnergies, Engie, and EDF, Gulf Today reports.

REMEMBER- Dewa set up a new growth engine for expanding globally last month, launching the wholly owned subsidiary Dewa International to develop conventional and clean-energy projects overseas and export the emirate’s energy and water infrastructure services.

Britain’s first state school heads to Dubai

Dubai is about to welcome a different kind of British school. Queen Elizabeth’s School in Barnet, one of the UK’s top-performing state schools, will open its first overseas campus in the emirate next month, becoming the first government-funded British school to expand internationally, the Financial Times reports. Annual tuition at QE Dubai will cost just under GBP 28k, slightly higher than Harrow International School Dubai.

The overseas expansion is designed to generate new revenue as UK public funding comes under pressure. Since state money cannot be used, the Dubai campus is being launched through the school’s charitable foundation in partnership with UK education company GEDU Global Education.

Headmaster Neil Enright said Dubai was a natural choice given its strong demand for British education, large Indian community, and growing network of QE alumni living in the UAE. He added that several other UK state schools have already expressed interest in pursuing similar international expansion.

The UAE topped the world in international trade

The UAE ranked first globally in both international trade and economic performance in the IMD World Competitiveness Yearbook 2026, state news agency Wam reports.

The rest of the GCC also secured top positions. Qatar ranked second worldwide for labor market performance under the business efficiency pillar, while Bahrain placed third for price stability, reflecting its success in containing inflation. Saudi Arabia came third globally for basic infrastructure. Kuwait ranked third for public finance under the government efficiency pillar, while Oman placed sixth globally for tax policy.

Fuel price increases are leading to higher school bus fees

UAE families are facing another increase in education-related costs as school bus fees rise, with some schools upping costs by 3-5%, Arabian Business reports. GEMS Winchester School and Delhi Private School Dubai are among those that have raised transport costs so far.

Background: The rise in school bus fees comes amid broader inflationary pressures across the UAE, with higher operating costs, including fuel and transportation expenses, affecting businesses and service providers.

ChatGPT is back up after outage

ChatGPT users will be happy to learn the service is back up and running after a temporary outage across different regions, including the UAE, Gulf News reports. OpenAI later said it was investigating the reason for the disruption.

The big story abroad

Last night marked the second consecutive day of quiet following a nearly two-week Campaign of US strikes on Iran. US President Donald Trump reportedly halted the assault to rekindle diplomatic talks, with advisors citing the shortage of viable targets and a growing strain on Washington’s arsenal. Negotiations reportedly involve efforts from Oman and Qatar.

Iran’s response? Tehran will also hold fire as long as the US does not renew its assault, a senior Iranian official told Reuters, reiterating that the Islamic Republic's policy remains “attack for attack.”

Houston, we have a rival: Europe’s The Exploration Company is seeking at least USD 300 mn in funding — a round that could push its value to USD 2 bn — to build reusable space capsules capable of challenging Elon Musk’s SpaceX. Among the suitors is the European Commission-backed Scaleup Europe Fund. Talks remain ongoing and no final decisions have been made.

Private equity’s brewing showdown: Bain Capital and Carlyle are the final bidders vying to acquire wealth management and advisory firm Wealth Enhancement, whose owners are targeting a valuation of around USD 7 bn. As a leading PE-backed registered investment adviser, Wealth Enhancement is riding a wave of industry consolidation as it competes with banks to manage portfolios of wealthy clients.

Chinese memory chipmaker CXMT’s shares jumped 472% on their Shanghai debut this morning, following the company’s IPO — the second-largest in China’s history — that raised CNY 66.6 bn. The company is the world’s fourth-largest maker of dynamic random-access memory, possibly serving as China’s ticket to reducing its reliance on foreign suppliers.

Destination Sahel is back for a second edition — and this year, it's not just about the beach.

Gulf sovereign wealth funds are pouring billions into the North Coast, Gulf buyers keep showing up despite regional headwinds, and a new 400km master plan could reshape the whole coastline before summer’s out.

Over this season’s series, stay tuned to see who's really buying Sahel, where the money's coming from, and what could still go wrong.

Plus, the hotels, restaurants, and openings worth checking out this summer.

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UAE + Canada cap off fastest CEPA talks on record

The UAE and Canada wrapped up talks on a Comprehensive Economic Partnership Agreement (CEPA) in record time, according to a press release from the Canadian government. The talks were the fastest on record since the UAE launched its CEPA program back in 2021, state news agency Wam reports.

Up next: The agreement now heads toward ratification, after which it will cut tariffs, remove bureaucratic barriers, and widen market access for both sides. UAE Foreign Trade Minister Thani bin Ahmed Al Zeyoudi has already met with Canadian business leaders, flagging a shared economic focus on the agri-food, financial services, and advanced manufacturing sectors, Wam reports separately.

The agreement lands on an already fast-growing trade relationship. UAE-Canada non-oil bilateral trade reached USD 4.2 bn in 2025, up 21% y-o-y. Once implemented, the CEPA is expected to boost bilateral trade by unlocking investment flows into targeted sectors like agri-food, aerospace, ports, mining, data centers, LNG, and critical minerals, according to Wam.

ICYMI- The Emirates has already put real weight behind its investment relationship with Canada, inking a USD 50 bn investment framework last year targeting sectors like AI, logistics, and mining. However, none of those funds had actually been deployed as of earlier this month.

REMEMBER- The UAE has now signed 37 CEPAs — with 18 already in force — and plans to finalize another five to seven agreements by year-end. While Al Zeyoudi recently flagged slow progress on EU trade talks, the UAE is also pushing for a bilateral CEPA with the UK, separate from the wider GCC-UK agreement.

ADGM to roll out permit permission for promos

Businesses running sales or promotions from premises in ADGM now need to check whether they require a permit before launching, according to a statement and new guidance (pdf). That covers campaigns run directly or through agencies or event contractors, with responsibility staying with the ADGM-licensed business or the non-ADGM entity holding a temporary commercial permit.

What needs checking: Permits may be required for temporary sales reductions, clearance reductions, prize campaigns, product launches, and promotional stands. The stricter bits: temporary reductions cannot run for more than 30 days, clearance sales must be tied to stock genuinely being cleared, and pop-ups and booths outside a business’ usual premises are more likely to need approval.

What likely does not: Permanent price cuts, same-for-everyone giveaways, online-only product announcements, and new products displayed inside an existing store will not usually trigger the permit requirement. Online promotions only need a permit if they are linked to activity from ADGM premises.

Plan earlier: Applications must be submitted through the Access ADGM portal before the activity starts, and businesses cannot launch while approval is pending. Major changes to location, duration, format, or activities may require a fresh application.

Financing growth lifts Emirates Islamic’s income + regional tensions weigh on DTC’s results

Emirates Islamic sees bottom line tick up

Emirates Islamic’s net income edged up 1.2% y-o-y to AED 864.3 mn in 2Q 2026, even as total operating income rose 9.1% to AED 1.6 bn, according to its financials (pdf). Income from financing receivables and investment products was nearly flat at AED 1.2 bn during the quarter, while net fee and commission income rose 1.8% to AED 181.8 mn. Meanwhile, other operating income streams brought in AED 289.3 mn, up from AED 161.8 mn the year before.

On a 1H basis, the bank posted an 8% y-o-y dip in net income to AED 1.7 bn, while total income climbed 7.8% to AED 3.2 bn, according to its earnings release. Operating income rose 10% y-o-y to AED 2.2 bn as expenses increased at a slower 3% pace, bringing its cost-to-income ratio to 29.1.

The balance sheet did the heavy lifting: Customer financing grew 9.1% since the start of the year to AED 97 bn, slightly outpacing the 8.3% rise in deposits to AED 110.6 bn. Low-cost current and savings accounts made up 65% of deposits, helping support a 3.1% net income margin.

A glimpse of that growth: Emirates Islamic extended a AED 250 mn sustainability-linked facility to Brands for Less in May and earlier structured USD 500 mn in funding for a 1.7 GW hydrogen-ready power plant in Romania. Asset quality remained stable despite the larger financing book, with its non-performing financing ratio at 2.5%.

Regional tensions weigh on DTC earnings

Dampened tourism demand on the back of regional instability weighed on Dubai Taxi Company’s (DTC) 2Q results. Net income for 2Q 2026 fell 90.1% y-o-y to AED 10.4 mn, while revenue declined 22.5% to AED 484.5 mn, according to its latest financials (pdf) and a separate earnings release.

Behind the results: Weaker airport and tourism-related demand hit its core taxi and limousine business, which were down 24.4% y-o-y in the quarter; however, the decrease in activity moderated from April through June, it said. The bus segment bucked the trend, with revenue rising 2.3% y-o-y to AED 32 mn on the back of long-term government contracts. Delivery bikes remained the standout performer, with revenue jumping 53.1% to AED 27.9 mn as demand for on-demand delivery services continued to grow.

In 1H, net income fell to AED 61.1 mn, down from AED 189 mn the year before, while revenue came in at just over AED 1 bn, down from AED 1.2 bn in 1H 2025. The company said the decline reflected a strong start to the year in January and February before softer demand from the outbreak of the war.

No interim dividend this year: Breaking with its usual practice, DTC’s board said it will consider any FY 2026 shareholder distribution at year-end instead of paying a semiannual dividend, saying the move gives it greater flexibility to preserve financial resilience while funding long-term growth initiatives.

DeepSeek halts its USD 74 bn round weeks after a record raise

DeepSeek reportedly paused the second fundraising round that would have valued it at roughly USD 74 bn, telling prospective backers over the weekend they won’t be signing the agreements they expected in the coming days, Bloomberg reported Saturday. The company says talks may resume.

The timing is the tell. DeepSeek didn’t need the money in a hurry: it closed its first outside round only in June, raising USD 7 bn at about USD 50 bn in one of China's largest-ever startup financings, backed by Tencent, battery maker CATL, and a state-run national AI fund. The follow-on, targeting a pre-money valuation of at least CNY 480 bn, opened weeks later at a step-up aggressive even by US megaround standards, then stalled almost as fast.

The trigger, Bloomberg’s sources say, was founder Liang Wenfeng’s frustration over leaked online accounts of his remarks to first-round investors. In a transcript neither DeepSeek nor Bloomberg has authenticated, Liang reportedly argued that China’s real gap with the US in AI is computing power, not talent, and dwelt on the sector’s dependence on Nvidia chips.

The pause is a wobble, not a wall. DeepSeek is preparing an IPO on Shanghai's STAR Market, possibly this year, giving it a route to capital that runs through neither private backers nor another leaked-transcript risk.

What to watch: Whether DeepSeek revives the raise, presses ahead with the listing, or lets both ride while it builds out compute. It was chasing the follow-on to fund data centers and chips as its push into AI agents lifts demand, so the money still has somewhere to go.

MARKETS THIS MORNING-

Asia-Pacific markets traded lower this morning, signaling a volatile week ahead as investors await key interest rate decisions from the Federal Reserve, Bank of Japan, and Bank of England. A wave of big tech earnings is also on deck, with investors watching closely for clear returns on massive AI infrastructure spending.

ADX	9,828	-0.1% (YTD: -1.7%)
DFM	5,787	-0.2% (YTD: -4.3%)
Nasdaq Dubai UAE20	4,674	-0.4% (YTD: -4.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.4% o/n	4.2% 1 yr
TASI	10,767	-0.3% (YTD: +2.6%)
EGX30	53,418	-1.0% (YTD: +27.7%)
S&P 500	7,412	+0.1% (YTD: +8.3%)
FTSE 100	10,736	+0.9% (YTD: +8.1%)
Euro Stoxx 50	6,281	+1.1% (YTD: +8.4%)
Brent crude	USD 91.06	-5.9%
Natural gas (Nymex)	USD 2.81	-2.1%
Gold	USD 4,149	+0.5%
BTC	USD 65,473	+1.7% (YTD: -25.3%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.65	-0.3% (YTD: -0.2%)
S&P MENA Bond & Sukuk	150.20	+0.2% (YTD: -1.1%)
VIX (Volatility Index)	18.58	-0.6% (YTD: +24.3%)

THE CLOSING BELL-

The ADX fell 0.1% on Friday on turnover of AED 814.8 mn. The index is down 1.7% YTD.

In the green: Gulf Cement Co. (+9.5%), Ins. House (+8.4%), and Invest Bank (+3.6%).

In the red: Gulf Medical Projects Company (-4.5%), Phoenix Group (-3.9%), and Hayah Ins. Company (-3.2%).

Over on the DFM, the index fell 0.2% on turnover of AED 445.8 mn. Meanwhile, Nasdaq Dubai was down 0.4%.

CALENDAR

JULY

28-29 July (Tuesday-Wednesday): Federal Open Market Committee (FOMC) meeting.

SEPTEMBER

1-3 September (Tuesday-Thursday): Middle East Energy, Dubai World Trade Center, Dubai.

7-9 September (Monday-Wednesday): AIM Congress, Dubai World Trade Center.

7-9 September (Monday-Wednesday): International Property Show, Dubai World Trade Center, Dubai.

12-13 September (Saturday-Sunday): Emirates International Congress on AI & Visionary Leadership in Transforming Healthcare, Adnec Center Abu Dhabi.

14-17 September (Monday-Thursday): Arabian Travel Market, Dubai World Trade Center, Dubai.

15-16 September (Tuesday-Wednesday): Federal Open Market Committee (FOMC) meeting.

17-19 September (Thursday-Saturday): International Real Estate & Investment Show (IREIS), Adnec, Abu Dhabi.

29-30 September (Tuesday-Wednesday): AFCM Annual Conference, Abu Dhabi.

OCTOBER

4-10 October (Sunday-Saturday): World Space Week, Abu Dhabi.

5-7 October (Monday-Wednesday): AI Everything Global, Adnec Center, Abu Dhabi.

12-14 October (Monday-Wednesday): Airport Show, Dubai World Trade Center, Dubai.

14-15 October (Wednesday-Thursday): Sharjah Investment Forum, Jawaher Reception and Convention Center, Sharjah.

13-15 October (Tuesday-Thursday): Annual Meeting of Global Future Leaders, Dubai.

20-22 October (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.

27-28 October (Tuesday-Wednesday): Arab Competition Forum, Dubai.

27-28 October (Tuesday-Wednesday): Federal Open Market Committee (FOMC) meeting.

30 October (Friday): Large businesses achieving annual revenues equal to or above AED 50 mn must appoint an accredited service provider for e-invoicing implementation.

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

NOVEMBER

2-6 November (Monday-Friday): Dubai Future Finance Week, Dubai.

4 November (Wednesday): Digital Transformation Summit, Sofitel, Abu Dhabi.

9-10 November (Monday-Tuesday): Annual government meetings, Abu Dhabi.

9-12 November (Monday-Thursday): EMEA Council on Hotel, Restaurant and Institutional Education Conference, Dubai College of Tourism, Dubai.

10-12 November (Tuesday-Thursday): Dubai International Electric Vehicle Exhibition & Conference, Dubai World Trade Center.

16-18 November (Monday-Wednesday): World Police Summit, Dubai World Trade Center, Dubai.

18-19 November (Wednesday-Thursday): Touchdown Middle East 2026, Conrad Abu Dhabi Etihad Towers, Abu Dhabi.

25-26 November (Saturday-Sunday): Doers Summit, Dubai Silicon Oasis, Dubai.

DECEMBER

2-4 December (Wednesday-Friday): UN Water Conference, UAE.

4-6 December (Friday-Sunday): Formula 1 Abu Dhabi Grand Prix, Abu Dhabi.

8-9 December (Tuesday-Wednesday): Capital Market Summit, Madinat Jumeirah, Dubai.

8-9 December (Tuesday-Wednesday): Federal Open Market Committee (FOMC) meeting.

8-10 December (Tuesday-Thursday): Abu Dhabi Water & Power Week, Adnec Center, Abu Dhabi.

Signposted to happen sometime in 2027:

1 January: Deadline for large businesses to implement e-invoicing;
1Q 2027: Completion of the first phase of Hassyan seawater desalination project;
1-3 February (Monday-Wednesday): World Governments Summit;
31 March: Small businesses with annual revenues of less than AED 50 mn are obliged to contract with an accredited service provider for e-invoicing implementation;
31 March: Government entities are required to appoint an accredited service provider for e-invoicing implementation;
21-22 April (Wednesday-Thursday): Token2049, Dubai;
1 July: Deadline for small businesses to implement e-invoicing;
1 October: Deadline for governments to implement e-invoicing;
Abu Dhabi’s solar and battery energy facility, combining 5.2 GW of solar capacity and 19 GWh of battery storage, is set for commissioning.

Signposted to happen sometime in 2028:

Artificial Intelligence Summit.

Signposted to happen sometime in 2029:

Sibos 2029 organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Dubai;
Annual Meetings of the World Bank Group and the International Monetary Fund, Abu Dhabi;
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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THIS MORNING: Paramount’s WBD takeover is pushed back + Dewa looks to overseas collaboration

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UAE + Canada cap off fastest CEPA talks on record

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Financing growth lifts Emirates Islamic’s income + regional tensions weigh on DTC’s results

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DeepSeek halts its USD 74 bn round weeks after a record raise

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