Breaking records

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Adnoc’s dark-mode LNG shuttle is back + Dragon Oil reportedly eyeing Egypt concession

Good morning, everyone. We have a logistics-heavy issue for you today, reporting on the likes of Adnoc, DAE, DP World, and Fertiglobe.

But first, our big story today is news that UAE sovereigns and corporates have been issuing USD and EUR-denominated debt at a record pace this year. Some M&A developments have crossed the finishing line, namely for DAE and Dubai Investments, and it’s also a busy day on the earnings front.

And the Hormuz workarounds just keep coming, and this time it’s Fertiglobe’s turn as it eyes leaning further into truck and rail routes to keep fertilizer exports moving if disruption in the strait continues.

RATE WATCH- The Central Bank of the UAE held the Overnight Deposit Facility rate at 3.65%, in line with the US Federal Reserve’s move, according to a statement (pdf). The interest rate applicable to borrowing short-term liquidity was also kept steady at 50 basis points above the base rate.

WEATHER- The mercury will hit 45°C in Dubai today, with an overnight low of 33°C, and 46°C in Abu Dhabi before cooling to an overnight low of 33°C, according to our favorite weather app.

Moving in the dark

Adnoc’s dark-mode LNG shuttle is back: An empty LNG carrier owned by Adnoc L&S appeared inside the Arabian Gulf on Wednesday after crossing the Strait of Hormuz with its AIS switched off, Bloomberg reports. Satellite imagery shows a tanker berthed at Adnoc Gas’ Das Island export terminal earlier this week, without broadcasting its position near the facility.

One tanker isn’t the whole story: Three other LNG carriers owned by or on long-term charter to Adnoc also stopped transmitting on Friday while waiting off the UAE’s east coast, potentially before entering Hormuz empty to load at Das Island.

BACKGROUND- Das Island is currently the UAE’s only LNG export plant — with a capacity of 6 mtpa. Earlier constraints had pushed output at the facility to very low levels, while restricted LNG and liquids exports helped drive a 20% y-o-y drop in Adnoc Gas’ export and traded-liquids volumes in 1Q.


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Spot crude spree

Adnoc keeps clearing spot crude at a premium: Adnoc sold at least 12 mn barrels of spot crude in its latest tender, Reuters reports, citing trade sources. The awards bring Adnoc’s sales across seven tenders issued since the beginning of June to more than 86 mn barrels, roughly a full month of the UAE’s pre-war crude exports. The country shipped 103 mn barrels in January and 95 mn barrels in February before the war blocked Hormuz.

Asian buyers pile in: China’s Unipec, PetroChina, and Sinochem each bought 2 mn bbl of Upper Zakum for September and October delivery at premiums of around USD 3-4/bbl over September’s Dubai benchmark. Indian Oil and Japan’s Idemitsu Kosan were also among the buyers. It remains unclear whether any Murban cargoes were awarded, with Adnoc reportedly seeking a premium of around USD 10 per barrel for the grade.

The Dubai shift is already taking shape: Adnoc first floated moving Upper Zakum, Das, and Umm Lulu away from Murban-linked pricing earlier this month, then used Dubai-linked prices for August cargoes collected by term buyers at Fujairah. This tender extends that migration to another round of spot sales, putting more offshore crude on a Dubai basis before any formal overhaul of Adnoc’s official pricing system.

Fertiglobe eyes rerouting away from Hormuz

Fertiglobe is diversifying UAE export routes to maintain fertilizer shipments during a prolonged Hormuz closure, CEO Ahmed El Hoshy told Bloomberg. “We still expect to export through Hormuz, but we want flexibility to continue producing and moving products if it is closed,” El Hoshy said.

REMEMBER- El Hoshy previously said that the company continued operations by trucking fertilizer cargoes overland to ports outside Hormuz before loading into ships — a workaround involving “double handling” and higher transport costs.

Rail could be next: Fertiglobe is working with Etihad Rail as it explores using trains alongside trucks and alternative ports to strengthen its export network, El Hoshy said. The talks remain at the exploratory stage, with no MoU or binding agreement disclosed. The fertilizer producer can export all of its Egyptian production through the Mediterranean, avoiding both Hormuz and the Red Sea, while its Algerian shipments remain unaffected.

Keeping the barrels — or rather, the bags — moving: The company exported volumes equivalent to 56% of its UAE production during 2Q despite the logistical constraints. It avoided disruption-related shutdowns by expanding storage across several locations, with production interruptions limited to scheduled and critical maintenance.

Dragon Oil joins race for BP’s Egypt gas assets

Dubai’s Dragon Oil is among the companies expected to submit bids this week for a stake in BP’s West Nile Delta natural gas assets in Egypt as the British energy major presses ahead with plans to streamline its portfolio and cut debt, Reuters reports.

The UAE-backed company joins private equity firm Carlyle Group, Energean, and Artemis Energy in the bidding process. Details of the offers have not been disclosed, with bids expected by the end of the week.

BP invested more than USD 35 bn in Egypt over the past six decades. Its gas production in the country fell to 518 mmcf / d last year, down around 40% from 2024 and nearly 60% from 2023. Despite the decline, the company continues to expand its upstream presence, announcing a gas and condensate discovery offshore Egypt in April and securing two new offshore exploration concessions earlier this year.

Data point

AED 228 bn — that’s the current value of Dubai’s retail sector, the Dubai Department of Economy and Tourism was quoted as saying by Al Bayan.

The big story abroad

The start-stop nature of the regional war has intensified after Iran and the US exchanged attacks in the early hours of the morning. Iran renewed its missile attacks on US forces in the Middle East before Washington responded with fresh strikes on the Islamic Republic, the US Central Command said.

Grant Thornton closed the largest accounting takeover seen in years, moving to acquire longtime rival CBIZ for USD 5 bn in an allcash transaction. The move cements Grant Thornton’s rank as the largest US audit and consulting firm, excluding the Big Four, marking a culmination of an acquisition streak kicked off two years ago.

Standard Chartered has unveiled a USD 1 bn share buyback plan, coinciding with imminent cost cuts, which will include scaling down back-office jobs and intensifying AI use. The move is backed by higher 2Q income, with pre-tax earnings rising 2% y-o-y to USD 2.3 bn — exceeding analysts’ expectations.

Meanwhile, in the banking world: Goldman Sachs is mulling a potential USD 5.4 bn debt offering — split between secured bonds and a term loan — to help raise funds for a Microsoft-tied data center backed by Blackstone. The planned bond issuance would have a five-year maturity, whereas the loan would be due in seven years.

***

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2

THE BIG STORY TODAY

UAE borrowers tap int’l debt markets at a record clip

UAE sovereigns and corporates are tapping international debt markets at a record pace, selling USD 30.3 bn worth of USD- and EUR-denominated bonds through 28 July, according to Bloomberg. Sales are up one-third y-o-y so far this year.

For reference, that’s up USD 3.7 bn from the record set during the same period six years ago.

Investor confidence remains resilient despite heightened geopolitical volatility since late February, with recent issuances heavily oversubscribed and cleared at tighter spreads than initial guidance.

Among the issuances were a USD 500 mn AT1 issuance from Mashreq, a USD 600 mn bond from Rakbank, USD 500 mn five-year sukuk at 7.125% from Burjeel Holdings, and Ajman Bank tapped banks for a USD-denominated AT1 capital sukuk.

ICYMI- The UAE’s recent reclassification to developed-market status in JPMorgan’s emerging market bond index triggered a temporary, four-month phased selloff, expanding UAE sovereign spreads to around 77 bps over US Treasuries.

Portfolio managers view this wider spread as compelling value for AA-rated credit risks, especially given the country’s broader economic momentum, Arqaam Capital’s Fady Gendy told the newswire.

There was also some private placement action too, with Abu Dhabi raising USD 2.5 bn from private issuances a few months ago, in what experts told us was a move to bypass the price volatility of public markets. Lenders like our friends at Mashreq, FAB, and ENDB had also raised funds through private placements.

What’s next: With borrowing costs remaining broadly unchanged from pre-war levels, local issuers will likely continue frontloading liquidity needs into 2H 2026 to fund post-turmoil expansion and secure long-term capital while global demand remains locked in.

Summer lull incoming? Analysts previously told us that the usual summer slowdown in July and August could put the brakes on the recent debt markets restart, but much will depend on market conditions.

3

M&A WATCH

Dubai Investments + DAE wrap up recent acquisitions

Dubai Investments finalized the buyout of Clemenceau Medical Center Dubai (CMC Dubai), bringing its total stake to 100% after acquiring the remaining 80%, according to a DFM disclosure (pdf).

Inside the transaction: The provisional fair value of the acquired assets stands at AED 694 mn, while that of acquired liabilities is AED 719 mn, pending final external audit review, according to another DFM disclosure (pdf). Executed through its wholly owned subsidiary Dubai Investments Industries, the transaction makes the hospital a fully owned group subsidiary as Dubai Investments pursues deepening control over high-growth assets.

REMEMBER- The takeover buys out the remaining equity previously held by UAE-based Khansaheb Investments and CMC, closing a transaction made earlier this month while expanding the original 20% stake it acquired back in 2018.

The buyout builds on Dubai Investments’ ongoing push into the regional healthcare space. The group’s healthcare portfolio already includes stakes in King’s College Hospital London, Globalpharma, and Global Fertility Partners. Last year, Global Fertility Network, in which Dubai Investments holds a 34.3% stake, acquired a majority stake in Saudi-based HealthPlus Fertility Center.

IN OTHER M&A NEWS- DAE seals Macquarie takeover

DAE joins the mega-lessor tier: Dubai Aerospace Enterprise (DAE) completed its full acquisition of Macquarie AirFinance (MAF) at an enterprise value of around USD 9 bn, according to a press release. The combined business now holds roughly 1k owned, managed, and committed aircraft worth USD 35 bn, making DAE the world’s third-largest aircraft lessor by fleet value and by number of owned and managed jets.

BACKGROUND- DAE initially agreed to acquire the Dublin-based lessor in February in an allcash transaction carrying a USD 7 bn enterprise value. The transaction follows its USD 2 bn acquisition of Nordic Aviation Capital, which added 252 aircraft and helped DAE more than double its leasing franchise in around 18 months.

Doubling down: The lessor is pairing large-scale acquisitions with institutional-capital platforms that allow it to buy and manage more aircraft without funding every asset itself. Its Mustang Aerospace platform with Neuberger Specialty Finance is targeting around USD 6 bn across multiple investment vehicles following the launch of its Equator platform with Blackstone, which targets around USD 1.6 bn in annual aircraft investment.

4

EARNINGS WATCH

Ghitha, DAE, Americana, Emirates REIT, Sukoon report earnings

Robust core business performance helped Abu Dhabi-listed agriculture and food platform Ghitha Holding post revenue growth of 34% y-o-y in 2Q 2026, reaching AED 1.7 bn, it said in a press release. In 1H, revenue was up 28% y-o-y to AED 3.4 bn, while net income steadily climbed 11% y-o-y to AED 666.2 mn.

Ghitha continued to expand its fresh food platform through its subsidiary NRTC’s acquisition of fresh produce player Taaza. Meanwhile, Al Ain Farms and NRTC signed an MoU in 2Q to launch Al Ain Taaza, an integrated juice platform targeting a 2026 rollout.

IN CONTEXT- Ghitha merged with Multiply and 2PointZero last year, with the new company focusing on expanding its energy and consumer divisions.

A rougher quarter for DAE

Dubai Aerospace Enterprise had a rougher 2Q, reporting a 75.7% y-o-y dip in net income to USD 86 mn in 2Q 2026, according to its financial release (pdf). Revenue declined 8.3% to USD 410.4 mn during the period.

On a six-month basis: DAE’s bottom line dropped 57.3% y-o-y to USD 188.2 mn in 1H 2026, which it attributed to ins. recoveries recorded in the previous year. Meanwhile, the firm’s top line rose 2.6% to USD 865.9 mn — driven by higher lease income from newly acquired aircraft, partly offset by weaker engineering maintenance revenue.

Americana Restaurants 1H net income jumps on sales growth

Like-for-like sales growth and procurement efficiencies pushed Americana Restaurants’ 1H 2026 net income up 59.2% y-o-y to USD 147.2 mn, according to the F&B giant’s latest earnings release (pdf). Revenues for the six-month period rose 12.1% y-o-y to USD 1.4 bn, driven by a 6.3% rise in like-for-like sales and ongoing store expansion.

Expanding footprint, tapping M&A: Americana added 108 net new restaurants over the last 12 months, bringing its total footprint to 2.7k locations across 12 markets as of the end of 1H. Growth momentum is set to accelerate in 2H following its takeover of Malak Al Tawouk.

Dividends: Supported by strong liquidity, Americana’s board approved an interim dividend distribution of USD 100.8 mn — or USD 0.012 per share — for 1H, scheduled for 30 June 2026.

Emirates REIT’s 1Q property income rises 10%

Stronger rental rates lifted earnings from property income for Dubai-listed Emirates REIT, with 1Q total property income hitting USD 21.2 mn, up 10% y-o-y, per an earnings release (pdf). The REIT’s bottom line fell 77% y-o-y to AED 35.2 mn, reflecting the unrealized revaluation gain seen in 1Q 2025.

Portfolio occupancy edged up 1 percentage point y-o-y to 96% during the quarter, while net property income increased 16% y-o-y to USD 19 mn. Operating income nearly doubled, rising 90% y-o-y to USD 13 mn as the REIT reduced expenses by 37% y-o-y. Meanwhile, the trust’s loan-to-value ratio fell further to 19%, and it closed out the quarter with AED 1.3 bn in assets, up 6.3% y-o-y.

A shift in dividends: The REIT also announced plans to transition to quarterly dividend distributions, beginning with a USD 7 mn payout in September, subject to approvals.

Sukoon Ins. 2Q income jumps 51.6%

Sukoon Ins. posted another quarter of double-digit income growth, with net income climbing 51.6% y-o-y to AED 137 mn in 2Q 2026, according to its financials (pdf). Revenue reached AED 1.8 bn, up from AED 1.6 bn the year before. Higher gains from equity investments and a dip in reins. contract expenses boosted its bottom line.

1H performance: First-half earnings reached AED 258.8 mn, up 34.9% y-o-y, while revenue hit AED 3.5 bn, up from AED 3 bn in 1H 2025, also buoyed by a dip in reins. contract expenses.

5

ALSO ON OUR RADAR

DP World builds out Saudi network + Epic Markets raises USD 10 mn

DP World opens its first multi-user Saudi warehouse: DP World kicked off operations at a 15.25k sqm facility in Riyadh’s Al Mashael Logistics Hub, its first multi-client third-party logistics warehouse in the Kingdom, Al Bayan reports. The non-bonded site offers more than 17k pallet positions alongside scalable storage, inventory management, import consolidation, and distribution. It is designed to handle goods after customs clearance so that inventory can move straight into domestic distribution.

Another node in DP World’s Saudi network: The Riyadh warehouse will integrate with the company’s existing logistics operations in Dammam and its port-led investments in Jeddah — including the USD 250 mn, 415k-sqm Jeddah Logistics park and the expansion of the South Container Terminal. DP World is also adding 700 trucks across the GCC, capable of supporting up to 35k trips a month.

Fintech player Epic Markets raises USD 10 mn pre-seed

UAE-based fintech Epic Markets secured USD 10 mn in a pre-seed funding round from London-based investor Karatage, according to a press release. Founded earlier this year, the Dubai-based startup is building a multi-asset brokerage platform targeting retail customers with institutional-grade trade capabilities and smaller retail investors. Capital will be going toward product development and tech expansion ahead of the platform’s launch.

6

PLANET FINANCE

Fed keeps rates steady after divided meeting

The Fed has run out of room to cut, and Wednesday made that official. The US Federal Reserve held its benchmark rate at 3.5% to 3.75% for the fifth consecutive meeting, voting nine to three, with three regional Fed presidents dissenting in favor of a 25 bps hike.

It was one of the closest calls in years. The rate has sat at its lowest level since November 2022 for five straight meetings.

The year opened with markets pricing at least one cut in 2026. They are now pricing a hike, possibly as soon as September. What flipped the bias is inflation, which the Fed ties, in part, to “the conflict in the Middle East,” compounded by a rebound in oil.

The bind? The pressure is energy- and supply-driven, and higher rates do little to touch it, which leaves the committee holding a restrictive stance against inflation its own tools cannot reach.

The dissent came from Cleveland’s Beth Hammack, Minneapolis’ Neel Kashkari, and Dallas’ Lorie Logan, all of whom wanted to tighten as inflation has run above the 2% target for more than five years. New Chair Kevin Warsh, in his second meeting since succeeding Jerome Powell in May, called the split “a good family fight,” and has been dismantling the Fed’s forward guidance, telling markets to read developments directly rather than wait for the committee to signal its next move. President Trump renewed his push for lower rates.

The plumbing is already tightening without the Fed lifting a finger. The 30-year Treasury yield climbed more than 9 basis points to 5.193% after the decision. Morgan Stanley reads it the other way: it expects a hold through 2026 and two cuts in 2027, arguing markets have already tightened conditions by the equivalent of four 25 bps hikes since the Iran conflict began.

What’s next: The 15-16 September meeting will come following updated economic projections and two rounds of inflation and jobs data before then. June’s dot plot already split the committee: nine officials saw at least one hike by year-end, eight saw no change, one saw a cut. Warsh declined to submit a projection of his own.

MARKETS THIS MORNING-

Asia-Pacific markets opened higher in early trading following the Fed’s rate decision. South Korea’s Kospi is leading gains, with Japan’s Nikkei, the Shanghai Composite, and the Hang Seng all trailing behind. But it isn’t just the Fed’s decision that pushed the Kospi higher — “the Korean stock market underwent a strong deleveraging phase since mid-June. Now, it has entered a phase of attractive and low valuations and momentum,” JP Morgan says.

ADX

9,840

+0.1% (YTD: -1.5%)

DFM

5,797

+0.1% (YTD: -4.1%)

Nasdaq Dubai UAE20

4,686

-0.1% (YTD: -4.2%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

3.6% o/n

4.3% 1 yr

TASI

10,514

-1.5% (YTD: +0.2%)

EGX30

53,627

-0.2% (YTD: +28.2%)

S&P 500

7,316

-1.5% (YTD: +6.9%)

FTSE 100

10,908

+0.3% (YTD: +9.8%)

Euro Stoxx 50

6,249

-0.7% (YTD: +7.8%)

Brent crude

USD 90.74

+7.9%

Natural gas (Nymex)

USD 2.72

0.0%

Gold

USD 4,135

+0.9%

BTC

USD 64,011

+0.4% (YTD: -26.9%)

Chimera JP Morgan UAE Bond UCITS ETF

AED 3.65

-1.1% (YTD: -2.7%)

S&P MENA Bond & Sukuk

150.63

+0.2% (YTD: -0.8%)

VIX (Volatility Index)

20.66

+13.5% (YTD: +38.2%)

THE CLOSING BELL-

The DFM rose 0.1% yesterday on turnover of AED 427.5 mn. The index is down 1.5% YTD.

In the green: Nation Cement Company (+7.6%), Emirates Investment Bank (+5.2%), and Etihad Energy Holding (+4.2%).

In the red: Al Mal Capital REIT (-4.3%), Al Salam Sudan (-2.8%), and Dubai Islamic Ins. and Reinsurance Co. (-2.0%).

Over on the ADX, the index rose 0.1% on turnover of AED 776.7 mn. Meanwhile, Nasdaq Dubai was down 0.1%.


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:

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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