War disruptions strangle UAE solar imports

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WHAT WE’RE TRACKING TODAY

THIS MORNING: G42 explores raising bns of USD from outside investors + UAE and Qatar are adding LNG to ship-to-ship transfer play

Good morning, everyone. Much of today’s issue is about war — and investment. The conflict is disrupting flights (again), with UAE carriers warning of last-minute schedule changes as the US and Iran continue to exchange attacks. Meanwhile, the supply-chain squeeze it’s causing is starting to hit solar imports, even as the UAE doubles down on efforts to keep energy exports moving. Tourism operators, however, are holding the line on both employment and rates, a wager on the long-term outlook for demand.

In corporate activity, G42 is reportedly exploring raising bns of USD from outside investors as part of a bigger shift in Abu Dhabi toward tapping third-party capital. Separately, a UAE-born startup has raised USD 18.2 mn.

LNG joins the offshore handoff

The UAE and Qatar are now moving LNG — in addition to crude — through rare ship-to-ship (STS) transfers. Three cargoes loaded in the Gulf were transferred to other tankers off Oman and the UAE’s east coast in recent weeks for delivery to India and Japan, Reuters reports, citing Kpler and Vortexa data.

Why this matters: LNG is rarely moved through STS transfers because the gas must remain chilled throughout the handoff, limiting the pool of compatible tankers and equipment that can handle it. Crude, by contrast, is routinely transferred between vessels — and it has been the Gulf’s workaround for crude for weeks now.

The caveat: The shuttle trade model can be viewed as a continuity mechanism rather than new export capacity, Commodity Analyst at Oil Price Natalia Katona told EnterpriseAM recently. Scaling the model further means finding not only more available tankers and STS equipment, but a higher number of shipowners, trained crews, and insurers willing to accept the transit risk. This is particularly challenging now that Iran has blacklisted some 45 vessels, including tankers owned by Adnoc, for flouting its rules on crossing the Strait of Hormuz, threatening ships conducting STS transfers with fines, detention, or cargo confiscation.

G42 weighs a multi-bn-USD raise

Abu Dhabi AI firm G42 is exploring a multi-bn-USD capital raise from outside investors, Bloomberg reports, citing people familiar with the matter. Talks are still preliminary, with no decision yet on the size or structure of an agreement — or on how any new capital would be deployed. In addition to Mubadala, G42 is also backed by Silver Lake and Microsoft.

Why it matters: An agreement would put G42 in step with a broader shift in Abu Dhabi toward tapping third-party capital. MGX recently raised USD 49 bn for an AI-focused fund, while Mubadala Capital is preparing an external capital raise for the first time.

REMEMBER- G42’s expansion runway has been widening: Washington eased export controls in July, giving G42 and Core42 license-free access to advanced computing equipment, while G42 is building the 5 GW UAE-US AI Campus in Abu Dhabi.

UAE could add 5 GW to Nigeria’s power push

Nigeria is in talks with the UAE on proposals that could add around 5 GW of electricity generation capacity, with solar among the main areas under discussion, Nigerian Power Minister Joseph Olasunkanmi Tegbe told state news agency Wam. The talks also cover financing and technical cooperation, though no project or funding details have been disclosed.

Why it matters: Nigeria has 13.6 GW of installed capacity, but only around 5 GW is transmitted through the grid, and roughly 4 GW reaches users. Any power agreement would also deepen ties after the UAE and Nigeria signed a CEPA in January.

REMEMBER- UAE financing is already flowing into Nigeria’s infrastructure push. Nigeria drew around USD 1.5 bn in June from a proposed USD 5 bn First Abu Dhabi Bank (FAB) facility to refinance debt and fund infrastructure, after FAB earlier backed part of the Lagos-Calabar coastal highway.

Lufthansa: Dubai can wait

Lufthansa and its subsidiaries, Swiss and Eurowings, are extending flight suspensions to and from Dubai through 24 October, according to a press release. Eurowings is currently first in line for a comeback, with Dubai services scheduled to resume on 1 November. The group is, however, gradually reopening other parts of its regional network, starting with the Frankfurt-Riyadh service on 10 September.

Abu Dhabi isn't flying either: Austrian Airlines, Lufthansa, Swiss, Edelweiss, and Eurowings had already halted Abu Dhabi services through 24 October.

REMEMBER- Earlier this week Luxair announced it was keeping its Dubai route suspended until 6 February 2027, and has pushed back its Abu Dhabi launch from October to the end of 2027. British Airways has suspended Dubai flights until 25 October, and Cathay Pacific and Singapore Airlines have pushed their Dubai returns to late October.

PSA

WEATHER- Temperatures are back up again today, hitting 42°C in Dubai with an overnight low of 33°C, and 41°C in Abu Dhabi before cooling to 32°C overnight, according to our favorite weather app.

The big story abroad

As the White House pushes more international players to invest in Venezuela, oil giant Chevron announced a USD 7 bn plan to double its production in the South American nation over the next five years. The Washington-led drive for crude oil investment also saw commitments from Eni and General Electric.

Chip appetite set to rise? Semiconductor manufacturer Broadcom foresees a surge in AI chip sales over the next two years, doubling to USD 115 bn next year and USD 230 bn the year after, according to its CEO Hock Tan. The boom is fueled by demand from Google, OpenAI, and Meta, which are looking to supplement their supply from Nvidia, whose dominance in the field Broadcom hopes to challenge.

Antitrust bid to break up Google ad arm fails (again): Google will not have to divest crucial parts of its digital advertising unit, after a federal judge rejected a bid by the US Department of Justice to dismantle the search giant’s alleged monopoly. The decision — the second in as many years — ruled that, while Google operated an illegal monopoly, it did not have to sell its Chrome browser and Android operating system.

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War-driven shipping disruptions are strangling UAE solar imports, developers tell EnterpriseAM

Solar equipment is getting harder to come by in the UAE, and developers are starting to feel the pinch. “It's getting really tight,” Supply Chain Analyst at Rystad Energy Sara Sarhan tells EnterpriseAM at Middle East Energy. Tier-one suppliers are already having to “rethink and strategize,” she says, while input costs across the supply chain are up 7-15% so far. Her read: Stockpiles across the region are still healthy for the time being, but they’re increasingly stretched.

By the numbers: The UAE's average monthly solar PV imports fell from 785 MW in 2025 to just 98 MW since the war began in March — a drop of 687 MW, or nearly 88%, according to a new Rystad Energy whitepaper (pdf). This wasn’t just a UAE issue: Saudi Arabia lost a similar 580 MW, falling from 719 MW to 139 MW. Iraq, Oman, and Iran also saw declines. Egypt, Morocco, and Israel, by contrast, gained import share, given their independence from Hormuz-linked shipping routes.

Why it matters: The UAE relies on China for the bulk of its solar equipment. Only around 20-25% of its solar equipment needs are currently manufactured locally, with the rest imported, Carlos Torres Diaz, Rystad Energy's senior vice president and head of power, tells EnterpriseAM. “We rely a lot on imports for equipment — solar panels, inverters, mounting structures,” Sophia Hasnaoui, senior business development manager at renewable energy developer Yellow Door Energy, tells EnterpriseAM.

It’s been manageable so far, but the cost is where the squeeze shows up first: “There were some disturbances in terms of logistics and getting the supply, but overall, we've been able to meet our obligations despite the worsening situation,” Hasnaoui adds. Freight rates on the Asia-Mediterranean route rose 25-30% between late February and early April, per Rystad's figures, while China's removal of its VAT export rebate on 1 April added roughly 9% to module costs.

For developers, that collides with fixed-price contracts signed before the disruption began. “If it’s already procured, then you don't have much impact,” Hasnaoui says. “But some projects where you need to procure — and you still have to maintain the tariff you committed to — become a little bit tricky,” she adds. “We’re trying to be agile and find solutions around it. It's not easy, but I guess it's not easy for everyone.”

!SubHed! The UAE is working on its import dependence

The UAE is expected to account for a large share of increased local manufacturing of solar modules, alongside Saudi Arabia, Oman, and Egypt. Its pipeline is built around manufacturers Dusol Industries and Microsol International — both expanding into N-type technology — plus newer entrants, including Trina Solar, Almaden, Gstar, Nippon Energy, and Sahaj Solar. Rystad's data shows MENA's solar module manufacturing capacity on track to jump from 1 GW in 2020 to 46 GW by 2030, with the UAE, Saudi Arabia, Oman, and Egypt expected to account for the bulk of that capacity. However, Rystad flags that a meaningful share of the UAE's pipeline could still face delays or cancellation, given its reliance on Chinese partners and US re-export access.

The UAE has already invested bns in diversifying its energy mix — and it has targets to meet. Abu Dhabi utility EWEC is targeting more than 30 GW of solar PV by 2035 — about 40% of the UAE's total power generation — anchored by the Masdar-EWEC project pairing 5.2 GW of solar with 19 GWh of storage for round-the-clock clean power. The UAE currently has just over 6.5 GW of solar PV installed, 17% of MENA's total. Getting from here to there requires an uninterrupted flow of the same panels and inverters, which are now taking months longer to arrive.

!SubHed! What’s next

Rystad isn’t reading this as a UAE setback so much as a pause. In its own risk-opportunity framework, the firm places the UAE among the region’s “resilient accelerators” — low crisis exposure paired with strong pipeline momentum, in the same bracket as Saudi Arabia and Oman.

Part of that comes down to incentives. Every MW of solar or wind the UAE deploys at home frees up gas for export at wartime-elevated prices, which keeps the case for building renewables intact even as near-term shipping gets harder.

Rystad expects the region’s active pipeline to be delayed by three to 12 months overall — but for the UAE specifically, it's forecasting that the short-term hit will give way to a sharper acceleration once shipping and financing conditions stabilize.

The pressure point to watch is pricing. The region's auction market was already brutally competitive before the war, producing record-low, thin-margin bids that left developers little room to absorb new costs. With war-risk premiums and freight costs now stacking on top, EPC contractors are repricing force majeure and logistics risk directly into new bids — a squeeze that falls hardest on projects that haven't yet reached financial close, Rystad Energy says. The clearest early read on how much of that repricing shows up in the UAE specifically: DEWA's upcoming Phase 7 auction for the Mohammed bin Rashid Al Maktoum Solar Park, which will add up to 2 GW of additional capacity and feature one of the world’s largest solar-plus-storage systems.

UAE tourism jobs are falling six times slower than visitor spending

Dubai’s tourism employers are making a calculated choice: holding onto staff through the shock is cheaper than firing and rehiring them once demand returns. UAE tourism employment is on track to fall just 4.9% y-o-y this year — around 46k jobs — even as international visitor spending is forecast to drop 31% to USD 39.2 bn, per our calculations from World Travel and Tourism Council (WTTC) and Oxford Economics data. Spending is falling roughly six times faster than jobs.

That gap is what the WTTC means when it calls employment sticky. “It does not necessarily fall to the same extent as spending,” the council tells EnterpriseAM. Operators are holding onto trained staff through a shock they expect to be temporary, on the logic that letting people go and rehiring later costs more than carrying them through the downturn.

REMEMBER- We’ve also noted recently how hotels are holding rates through the same shock: Average daily rates fell just 7% y-o-y in 1H even as occupancy dropped 30.3%, and Dubai’s government stepped in with AED 2.5 bn in fee relief along the way.

Why this matters: Both lines the sector is holding run on the same clock, and Siddiqui is candid about where it stops. “Rate discipline tends to hold until it no longer can,” he tells us. “The longer demand remains subdued, the harder it becomes to protect ADR without ceding market share and eroding total revenue.” The same logic governs payrolls: hold as long as the runway lasts, then start cutting. The resilience in the jobs numbers is a wager that the shock — and the runway — outlasts the other.

Holding rates through a demand collapse protects the revenue base for the recovery — discounting to chase occupancy risks a price war that is hard to climb out of. Where demand softened and competition bit, businesses leaned on “targeted promotions and offers to stimulate demand,” Cavendish Maxwell Research Manager Ali Siddiqui tells EnterpriseAM — but only as a last resort. “This reflects a deliberate prioritization, with rates typically being the last lever operators are willing to surrender.”

Strong 2025 earnings and government support helped: “Most players entered 2026 from a position of considerable financial strength following a very strong 2025, which gives them some runway to absorb short-term pressure before making structural workforce decisions,” Siddiqui says. Government support played a critical role in Dubai, where hoteliers kept rates and rosters intact with the help of AED 2.5 bn in state stimulus. That support was delivered in two tranches: an initial AED 1 bn package in April deferring hotel fees and the Tourism Dirham (a fee the government charges per room to back the sector), followed by a larger AED 1.5 bn package suspending the Tourism Dirham and municipal fees on hotel and restaurant bills, plus waivers on selected event charges, according to Cavendish Maxwell’s report.

!SubHed! What now?

“The most immediate and trackable signal will be airline route resumptions and capacity additions,” Siddiqui tells us. “Airlift and hotel demand are correlated, and when carriers recommit to routes they have suspended or reduced, this should be an early indicator of improving hotel demand and occupancy,” he says.

REMEMBER- A lot of carriers that cut Dubai routes in 1H are scheduled to resume sometime in 2H — although some have delayed their return further amid ongoing escalation — and Emirates is already operating at roughly 85% of pre-conflict capacity. But flights returning is not the same as demand returning — hotel demand has lagged the aviation rebound, and HVS argues recovery will be driven more by confidence than connectivity. “Once confidence improves and travel patterns begin to normalize, we would expect occupancy to recover first, as operators compete to rebuild volumes. ADR recovery is likely to follow,” Siddiqui tells us.

The risk in the meantime is that the cushion gives way before the recovery comes to fruition. “In the interim, the domestic and intra-GCC demand base that has cushioned performance in 1H 2026 will need to remain resilient,” Siddiqui says. “If those buffers weaken before international demand recovers, the sector could face greater pressure in the second half of the year.” Cavendish Maxwell forecasts full-year Dubai hotel occupancy at 60.4-66.2% and ADR at AED 600-675, both pulling back from 2025’s record levels. Three things will decide where in that range the year lands: whether the Dubai fee waivers are extended or allowed to lapse, whether the 4Q winter season and route resumptions arrive together, and whether confidence returns before operators’ dry powder runs out.

The long-term investment case, for now, is holding. The development pipeline “is still moving,” Siddiqui says, pointing to Capella’s planned Dubai opening as evidence of “the enduring long-term investment case for the city.” The caution is at the front end — “some investors are taking longer to commit to new projects, reassessing feasibility assumptions,” but he frames it as “a pause rather than a reversal.”

Dubai-born Enhance raises USD 18.2 mn for US expansion

Dubai-born fitness tech platform Enhance secured USD 18.2 mn in a combined equity and venture debt round to grow its operational footprint across the US from its current 700+ locations, according to a press release (pdf). The equity tranche was led by Dubai-based VC fund Global Ventures, while the venture debt was structured by India’s Stride Ventures.

The funding rationale: Enhance is using equity to fund longer-term platform development, including rolling out its US services partnership, expanding its AI capabilities, and deploying the SaaS contracts already in hand, Enhance founder Tarek Mounir tells EnterpriseAM. Meanwhile, the venture debt tranche will finance its expansion against contracted revenue, he adds.

What Enhance does: The platform turns Enhance’s own operating playbook — eight years running personal training (PT) floors across the GCC — into enterprise software for gyms. Every US vendor treated PT as a scheduling problem, Mounir says, explaining why there was a gap in the US market for Enhance’s product — Enhance treats it as an operating one. It deploys AI to automate the program-building layer of PT while keeping trainers responsible for client relationships — a structure Mounir says should allow the company to scale without a corresponding increase in central costs.

The business model: In the US, Enhance’s entry point is enterprise SaaS — per-location licensing. Where gyms want more, it goes further: its first full-service US partnership has Enhance running personal training end-to-end, tying its revenue to the gym’s PT income rather than its software budget.

The GCC remains Enhance’s largest revenue source, where it still runs PT services end-to-end. Saudi Arabia is its fastest-growing market, with Mounir pointing to rising participation in formal fitness there, while the UAE headquarters remains the company’s “operational and product brain,” he adds.

What's next: Enhance is targeting 850 US locations by the end of 2026, with faster deployment planned for 2027 through new strategic partnerships, Mounir says.

Abu Dhabi Investment Council taps new CIO for private equity + Al Masaood taps its auto CEO as interim group boss

Adic makes another leadership appointment

Abu Dhabi Investment Council (Adic) has appointed Lori Hall-Kimm (LinkedIn) to lead its private equity business as chief investment officer, according to a LinkedIn post. Hall-Kimm previously headed global PE at the Healthcare of Ontario Pension Plan and served as MD of direct private equity at CPP Investments.

Adic has been bolstering its leadership team recently, having appointed Edward Winter as CIO for real assets last month and Ben Samild as chief strategist last year. The appointments come as the sovereign player, which manages USD 160 bn in assets, has made a series of large investments, including USD 1 bn in a London-based macro hedge fund and another USD 1 bn in Singapore-based hedge fund Dymon Asia Capital, as it pursues a more expansion-focused strategy under Saeed Al Mazrouei.

Al Masaood taps interim group MD

Al Masaood Group has named Irfan Tansel (LinkedIn) interim group managing director, adding oversight of the 56-year-old Abu Dhabi conglomerate's strategy, operations, and financial performance to the job he already holds running its car business, according to a company statement. Tansel will stay on as CEO of Al Masaood Automobiles, the authorized Nissan, Infiniti, and Renault dealer in Abu Dhabi, Al Ain, and the Al Dhafra Region, where the company credits him with record sales and aftersales numbers. In the expanded role, he'll also represent the group with government entities, banks, and business partners.

The appointment comes as Al Masaood shifts to a private joint-stock company structure, one that typically comes with tighter governance and reporting obligations and may precede a push for outside capital or a future listing. The company, founded in 1970 in Abu Dhabi, also distributes Bridgestone, MTU, Volvo Penta, Renault Trucks, and UD Trucks, and runs industrial businesses in oil and gas, marine, heavy equipment, and logistics.

Switzerland’s Adapt IMI opens Abu Dhabi office + US-based Flow comes to Dubai

More Swiss asset managers land in the UAE

Swiss derivatives manager Adapt IM has opened an Abu Dhabi office, bringing the firm closer to Middle Eastern institutional investors, according to a statement. The new base is led by Daniel Mullarkey (LinkedIn), formerly a MENA equity and derivatives specialist at Bloomberg. Founders Alexis Maubourguet (LinkedIn) and Clément Mary-Dauphin (LinkedIn) are due in the UAE during the week of 14 September to formally inaugurate the office and meet regional investors and partners.

IN CONTEXT- Adapt isn’t the first Swiss asset manager to land in the UAE this year. Finreon opened a licensed DIFC representative office in April as it targets the region’s institutional capital base.

US real estate player expands to UAE

US-based real estate firm Flow — owned by WeWork co-founder Adam Neumann — is expanding into the UAE after securing a license from the Dubai International Financial Center (DIFC), the company said in a press release. Besides the US, Flow already has a footprint in Saudi Arabia. The company has an overall portfolio of USD 2.5 bn.

Its first communities are set to open in 1Q next year in Dubai and Abu Dhabi. The firm is backed by a USD 350 mn VC investment from US venture capital firm Andreessen Horowitz (a16z), and its business model centers around acquiring, developing, and managing residential units.

Private capital in the Middle East falls to its lowest half-year total on record in 1H 2026

Private capital investment in the Middle East fell sharply in 1H 2026, down 73% y-o-y to just USD 1.7 bn, the steepest drop and the smallest half-year total of any market the Global Private Capital Association (GPCA) tracks, according to the organization’s mid-year industry data seen by EnterpriseAM. It’s a sharp reversal for a region that held up reasonably well through the last few years: Middle East private investment value peaked at USD 24.1 bn in 2022 and hit USD 21.6 bn in 2025.

This was expected: A month into the war, Jeff Schlapinski, managing director of research at GPCA, previously told us that the regional conflict had brought “a pause or a slower pace in new investments” — even as some investors were still honoring their capital calls. The VC-specific picture — though covering a broader MENA footprint than GPCA’s Middle East figures — tells a related but distinct story. Startups across the region raised USD 1.35 bn across 214 transactions in 1H 2026, according to Magnitt — down 22% y-o-y, with dealcount off 41% to its lowest half-year total since at least 2022 as foreign investors pulled back sharply.

Fintech still dominated what investments did close, capturing 47% of the region’s VC capital and 42% of VC-backed transactions in 1H, but overall momentum slowed as the conflict weighed on sentiment, per GPCA.

The good news: Since the 30 June cutoff, sovereign-scale capital has shown up in a hurry. In July alone, Blackstone, Brookfield, and KKR agreed to a USD 16 bn lease-and-leaseback transaction for Kuwait Petroleum Corporation’s pipeline network, and Brookfield announced a USD 2 bn first close for its PIF-backed regional fund. Neither transaction counts toward the 1H numbers — but together they signal that large, government-anchored capital hasn’t lost its appetite for the region.

Beyond the Middle East, the picture looked very different. Private capital across Asia-Pacific, Latin America, Africa, and Central and Eastern Europe rose 23% y-o-y to USD 94.7 bn in 1H, defying the same geopolitical and energy-supply disruptions that hit the Gulf.

China stole the show: Mega rounds for AI and robotics startups pushed 1H investment above the full-year totals for 2023, 2024, and 2025. Pure-play AI funding clustered overwhelmingly in China and, to a lesser extent, India, with DeepSeek, Moonshot AI, and Neysa helping push AI investment across GPCA markets to a record.

The picks-and-shovels trade followed close behind: Digital infrastructure investment jumped alongside AI, led by a USD 4.5 bn investment in Singapore’s Day One data-center platform. In Africa, Liquid Intelligent Technologies raised USD 660 mn in debt financing, including a USD 150 mn loan anchored by Ninety One-managed private credit funds.

Climate capital is also back on the menu: Fundraising for climate-focused strategies in 1H already topped the total raised in all of 2025 as energy disruptions revived interest in fast-to-deploy renewables. Actis held a USD 2.5 bn first close for its sixth renewable-energy fund, while BTG Pactual’s reforestation and timberland vehicles raised USD 1.6 bn combined.

Elsewhere, CEE investment value nearly tripled y-o-y, and Latin America almost doubled, with infrastructure accounting for 39% of capital deployed there. Pan-Asia funds raised USD 15.9 bn in 1H, including EQT’s record USD 15.6 bn Asia fund close.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with South Korea’s Kospi trading at a 1.2% gain, while Japan’s Nikkei was flat. Meanwhile, Wall Street equities were either flat or notching minor gains — US futures were flat across the board.

ADX	9,906	-0.7% (YTD: -0.9%)
DFM	5,815	-0.3% (YTD: -3.8%)
Nasdaq Dubai UAE20	4,733	-1.0% (YTD: -3.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.4% o/n	4.3% 1 yr
TASI	11,012	-0.8% (YTD: +5.0%)
EGX30	55,680	+0.5% (YTD: +33.1%)
S&P 500	7,667	+0.5% (YTD: +12.0%)
FTSE 100	10,756	-0.3% (YTD: +8.3%)
Euro Stoxx 50	6,362	-0.1% (YTD: +9.8%)
Brent crude	USD 95.63	+1.0%
Natural gas (Nymex)	USD 3.00	+1.6%
Gold	USD 4,434.20	+0.4%
BTC	USD 77,349	+0.2% (YTD: -11.8%)
Lunate JP Morgan UAE Bond UCITS ETF	AED 3.66	+0.8% (YTD: -2.5%)
S&P MENA Bond & Sukuk	150.82	-0.1% (YTD: -0.7%)
VIX (Volatility Index)	15.20	-7.0% (YTD: +1.7%)

THE CLOSING BELL-

The DFM fell 0.3% yesterday on turnover of AED 763.5 mn. The index is down 3.8% YTD.

In the green: Agility The Public Warehousing Company (+5.8%), Emirates REIT (CEIC) (+3.8%), Shuaa Capital (+3.8%).

In the red: BHM Capital Financial Services (-3.5%), Lunate S&P UAE UCITS ETF - Share A - ACCUMLATING (-3.4%), and Union Properties (-3.0%).

Over on the ADX, the index fell 0.7% on turnover of AED 1.1 bn. Meanwhile, Nasdaq Dubai was down 1.0%.

Etihad Energy activates 5.66% capital increase

Etihad Energy Holding is raising its capital by 5.66% to AED 3.37 bn by converting part of the mandatory convertible bonds issued to Brooge Energy into shares, according to a DFM disclosure (pdf). The company will convert AED 225.5 mn of bonds into 180.4 mn shares, with the increase taking effect after trading on 4 September. The shares issued in this conversion — and any from future conversions — will be subject to a 12-month lock-up.

IN CONTEXT- The conversion stems from Etihad Energy’s Brooge acquisition, which has already reshaped the business. The added storage assets helped lift 1H net income 277% y-o-y to AED 30.7 mn, while the company is now pushing further downstream with a planned USD 300-350 mn, 15k bbl / d refinery in Fujairah.

CALENDAR

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.

18-19 September (Friday-Saturday): EuroLeague Basketball SuperCup, Etihad Arena, Yas Island, Abu Dhabi.

28-29 September (Monday-Tuesday): Al Ain Future Business Forum, Adnec, Al Ain, Abu Dhabi.

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

OCTOBER

1-2 October (Thursday-Friday): MEIRA Annual Conference, Atlantis the Royal, Dubai.

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.

21 October (Wednesday): Reuters NEXT Gulf, St. Regis Saadiyat Island Resort, 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.

9-13 November (Monday-Friday): World Congress of Military Medicine, Adnec Center, Abu Dhabi.

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.

7-10 December (Monday-Thursday): Abu Dhabi Finance Week, Al Maryah Island, Abu Dhabi.

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

8-10 December (Tuesday-Thursday) Middle East & North Africa Business Aviation Association Show, DWC, Dubai Airshow Site.

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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