UAE-Germany energy ties getting deeper as UAE puts its investment pledge to work

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WHAT WE’RE TRACKING TODAY

THIS MORNING: UAE, Iran signal turning a new leaf in bilateral relations + is Abu Dhabi rethinking its 5 GW data center campus?

Good morning, everyone, and happy Monday. It’s a mostly good-news type of morning, with signs that the UAE and Iran are getting closer to restoring ties, though a key meeting on Iran’s Strait of Hormuz plan has been postponed.

The UAE’s EUR 40 bn Germany pledge is taking shape, with Adnoc, XRG, and Masdar signing agreements that could unlock more than EUR 5 bn in gas, chemicals, offshore wind, and battery storage investment.

Meanwhile, we spoke with head of Mashreq Private Bank Vipul Kapur to discuss what is set to be the bank’s strongest performance in five years, after it expanded its team by 30% despite earlier concerns about HNWI outflows. Kapur tells us the UAE’s wealth infrastructure isn’t the kind of thing that gets reversed by short-term turbulence. More on that below.

However, the long-term fallout from the war is harder to ignore. The UAE is reportedly reconsidering its flagship 5-GW AI data center campus, weighing a more dispersed network of facilities — plus air defenses and underground sites — after the war exposed the risks of concentrating critical digital infrastructure in one place. Al Maktoum International Airport is also getting a design rethink to help protect it against possible attacks.

The EnterpriseAM Egypt Forum is less than a month away — and here's some of what’s shaping up on the agenda:

Where AI fits on the list of topics keeping CEOs awake at night
What AI means for your company, your team, your job, and your family
What's the AI opportunity for Egypt
Building the AI infrastructure

And more panels to come.

Join us on 5 October in Cairo. Attendance is by invitation only, and seats are filling up quickly.

Request your invitation here.

A UAE-Iran detente?

A UAE-Iran discussion on the sidelines of the Brics summit could be the biggest sign yet of a possible restoration of ties between the countries. Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan met with Iran’s President Masoud Pezeshkian during the summit, according to state news agency Wam. The two discussed efforts to ease regional instability and tensions and promote de-escalation, the state news agency said. The move marks a rare meeting between officials from the two countries since the war began.

Another positive sign came from Anwar Gargash, diplomatic adviser to the UAE president, who noted in an X post that Pezeshkian had expressed “balanced and rational positions during the protracted crisis.” The UAE and Iran were also among those inking a joint statement calling for de-escalation in the regional war, Reuters reports.

And from Iran’s president himself: Pezeshkian said the two countries wanted to “turn the page on the past and look to the future,” BBC Arabic reports.

The stances would suggest a warming of ties between the UAE and Iran, after the Emirates severed trade and financial ties with Iran just last month, following the first direct attack on UAE territory in months — something that Tehran has denied involvement in.

Where things stand: This comes as a regional meeting set to take place in Salalah today — where Iran was set to update GCC countries on an agreement to allow more traffic through the strait — has been postponed. That said, Iran has stopped short of suggesting a full reopening and is also looking to retain control over who can actually pass through, Bloomberg reports. Hormuz became all the more important over the weekend after a Houthi strike on Saudi Arabia’s East-West oil pipeline temporarily shut down what was a key export lifeline for the Kingdom amid the Hormuz disruption.

Distributing the risk

The UAE is weighing replacing its planned 5 GW Abu Dhabi AI mega-campus with a network of data centers spread across the country after the Iran war exposed new infrastructure risks, Reuters reports, citing sources it says are familiar with the matter. Authorities are also considering ways to better defend the facilities, including through air defenses and underground facilities. G42’s line? “The project's specifics are subject to continuous review in line with the security, resilience, and operational standards expected of critical infrastructure at this scale” — and the group insists — construction is proceeding as planned.

REFRESHER- The 5 GW UAE-US AI Campus was unveiled during US President Donald Trump’s May 2025 visit to the UAE as the centerpiece of a USD 200 bn bilateral investment package and was set to become the largest data center complex outside the US. G42 is leading the build, with the first USD 30 bn, 1 GW Stargate UAE cluster being developed with US tech partners.

What changes — and what doesn’t: The first 1 GW Stargate UAE phase is still expected to proceed at its existing site, with its first 200 MW due online this year. The bigger shift is in the remaining 4 GW, which would likely be spread across multiple locations and built with tougher security measures. Reuters could not determine whether the redesign would change the overall cost or timeline.

The rethink has been building: We flagged in March that strikes on regional data centers during the peak of the Iran conflict earlier this year exposed the risks of concentrating critical digital infrastructure. Iran later explicitly identified Stargate UAE as a potential target, while two AWS data centers in the UAE were damaged in March attacks.

Bunker mentality

Dubai is redesigning DWC for the missile age: Al Maktoum International Airport (DWC) could bury fuel tanks underground and reinforce other infrastructure against drone and missile strikes, Dubai Airports CEO Paul Griffiths told the Financial Times. “Certain bits of the infrastructure may need to be a bit hardened against possible future activity, to make them more resilient,” he said, adding that Dubai Airports’ long-term strategy and timeline for expanding the airport remains unaffected.

Dubai now knows exactly what an airport under attack needs to do: Dubai International Airport fielded 111 alerts of ballistic activity during the war, but only 17 became actual strikes. Real-time coordination with the UAE military let the airport shift passengers to underground locations at short notice, with as little as 10 minutes between an alert and the all-clear. One of those 17 strikes hit above-ground fuel tanks, briefly halting operations before flights resumed within about an hour.

ICYMI- More than AED 55 bn of contracts for Al Maktoum International are due to be awarded this year, with the first phase of commercial operations slated for 2032. At full buildout, the USD 35 bn airport is designed to handle more than 260 mn passengers and 12 mn tons of cargo annually.

Germany pushes UAE-EU trade talks forward

Germany is backing a faster conclusion to the UAE-EU Comprehensive Economic Partnership Agreement (CEPA) talks. Foreign Trade Minister Thani Al Zeyoudi and German Economy Minister Katherina Reiche signed a joint declaration calling on negotiators to narrow the remaining gaps and reach an agreement quickly, state news agency Wam reports. The push comes as ties deepen: The UAE pledged EUR 40 bn (USD 46.5 bn) of investment into Germany just days earlier, targeting industry, AI, digital infrastructure, and energy.

IN CONTEXT- The EU agreement has been one of the slower-moving pieces of the UAE’s CEPA push, with Al Zeyoudi saying in July that talks were progressing more slowly than expected. The talks also go beyond tariffs, spanning services, investment, digital trade, energy, procurement, and sustainable development.

The UAE is also pushing on the UK front: A GCC-UK trade agreement is awaiting signature, while Abu Dhabi and London have already begun discussing a possible bilateral UAE-UK CEPA.

PSA

WEATHER- Temperatures will be hitting 41°C in Dubai today, before cooling to 31°C overnight, according to our favorite weather app. In Abu Dhabi, the mercury is reaching 42°C with lows of 30°C overnight.

Happening today

King Abdullah of Jordan arrived in the UAE yesterday, according to state news agency Wam. He met with President Mohamed bin Zayed Al Nahyan during a visit in Abu Dhabi and was joined by Jordan’s Prime Minister Jafar Hassan, Crown Prince Al Hussein, and other senior officials.

The big story abroad

US President Donald Trump has downplayed AI safety fears after tech CEOs voiced concern about the risk of rapid AI development. Trump emphasized the need to maintain Washington’s technological edge over Beijing. Last week, Anthropic researcher Jacob Coxon resigned from his position and warned that top developers believe AI poses a near-term existential threat.

Claude-maker to stay in the black: Anthropic reportedly told investors that it will sustain its profitability this quarter, addressing worries about the heavy spending of frontier AI firms prior to its major IPO. The company — which chose Nasdaq for its anticipated listing — has reportedly achieved gross profit margins exceeding 80% before accounting for distribution partner revenue shares and model training expenses.

A stalemate in Stockholm: Early results show Sweden’s election is in a deadlock between left-wing opposition and the right-wing governing coalition. Public broadcasting reports the opposition holds a lead of just 20k votes. The margin sets the stage for weeks of political uncertainty and intense coalition talks in the Nordic region’s largest economy.

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UAE’s EUR 40 bn Germany pledge starts taking shape with EUR 5 bn of new energy and industry agreements

The UAE’s EUR 40 bn Germany pledge is starting to get an industrial backbone: Abu Dhabi state energy giant Adnoc, its international energy investment arm XRG, and UAE renewables developer Masdar signed agreements that could enable more than EUR 5 bn of investment across gas, chemicals, offshore wind, battery storage, and AI in Germany, according to an Adnoc statement.

The investments signal a changing shape to the UAE and Germany’s relationship: Abu Dhabi used to sell Germany gas and buy minority stakes in German renewables. Now the two sides are co-investing: Adnoc is restructuring gas ties into infrastructure partnerships rather than cargo sales, Masdar is moving from passive stakes to joint wind bids, and — the clearest sign of how far this has moved — German technology and ownership are being used to build a chemicals plant in Abu Dhabi, not the other way around.

The catch: Most of that EUR 5 bn is still potential rather than committed spending. The package is largely made up of MoUs, letters of intent, and collaboration agreements, meaning several projects still need commercial agreements, feasibility work, or approvals before capital starts moving.

IN CONTEXT- This is part of a EUR 40 bn investment package the UAE unveiled for Germany last week, spanning industry, AI, digital infrastructure, and energy. MBZ’s visit also produced 29 business agreements worth more than EUR 9.36 bn, plans for 1 GW of German data center capacity, and a UAE-Germany Investment Council tasked with identifying projects and clearing investment hurdles.

Gas does the heavy lifting

Adnoc and German energy group RWE signed a letter of intent toward up to two long-term LNG sales agreements, with deliveries starting in the early 2030s from Ruwais, Das Island, and projects in the US, Mozambique, and Argentina — serving Germany, wider Europe, and Asian buyers. That builds on February talks reported at the time for up to 1 mtpa of supply.

BACKGROUND- Adnoc already has 1.6 mtpa in long-term deals with Germany, enough for more than 3.5 mn households. Separately, Adnoc and XRG signed an MoU with German state energy group SEFE — already an Adnoc customer — to explore gas infrastructure, logistics, and portfolio optimization.

Covestro is becoming an industrial bridge

Not every agreement here points toward Germany. Ta'ziz — Adnoc and ADQ's chemicals venture — and Covestro (the German polymer maker XRG bought outright for EUR 14.7 bn last year) agreed on next steps toward a world-scale methylene diphenyl diisocyanate (MDI) plant in Abu Dhabi, with a decision expected within months.

Background: We reported in July that the project could produce up to 600k tons of MDI a year. It would be the UAE's first domestic MDI plant and pushes Ta’ziz further into higher-value chemicals used in insulation, construction, and autos. It sits within a 14-chemical pipeline that could attract up to USD 10 bn if approved.

Ammonia gets a German outlet too: Covestro, Fertiglobe, and Hamburg's MB Energy signed an MoU on low-carbon ammonia supply chains, building on February talks between the same players.

Renewables and tech widen the scope

Masdar is adding more wind and storage to the mix: The UAE renewables developer and RWE agreed to consider jointly bidding in future German offshore wind auctions, while Masdar separately partnered with German energy-transition investor Luxcara to explore offshore wind and battery storage investments in Germany and wider Europe.

Neither is new — Masdar and RWE already work together on UK offshore wind, agreeing in February to explore 1 GW of German battery storage by 2035, and Masdar owns 49% of Germany's 476 MW Baltic Eagle wind farm. AI is the thinnest part of the package: Adnoc signed collaboration agreements with Siemens Energy, Siemens Industrial, and Bosch Middle East to explore use cases, with no projects, sums, or timelines attached — for now this reads more like an extension of the digital-infrastructure push than a standalone investment.

What’s next

Adnoc, XRG, and Masdar say they've already put more than EUR 20 bn into Germany's energy and industrial base — this slate builds on that, assuming the MoUs convert. Watch the FID timing on the Ta’ziz-Covestro MDI plant, and how the new UAE-Germany Investment Council decides which of these projects gets capital first.

Mashreq Private Bank says UAE wealth-outflow fears are overblown — and it's betting on a generational handoff instead

Mashreq Private Bank is on track for one of its strongest years in the past five years, according to its head, Vipul Kapur, despite earlier concerns about high-net-worth individuals leaving the UAE as geopolitical tensions challenged the country's safe-haven reputation. Confident in the business outlook and growth trajectory, the bank expanded its private banking team by 30% this year, adding both investment specialists and relationship managers to support rising client demand.

Kapur’s read? Years of Golden Visa-driven inflows, a maturing product shelf, and a regulatory framework built around long-term wealth holders cannot easily be “reversed,” Kapur says. Other established wealth hubs like Singapore, London, and Zurich have all weathered turbulence in their own backyards before, he argues, and the UAE's current test looks more like those than a systemic shock.

The families that have set up family offices in the UAE run trusts and foundations with 20- to 100-year time horizons, not two-to-three-year ones, Kapur says. They’ve made the decision to relocate here for several reasons. “They're looking at the place having the right kind of regulations, strong infrastructure, and [global connectivity],” he explains. “You can't take away from the fact that this is still a taxfree hub, and that it’s a place where living is easy, the infrastructure is fantastic, and it continues to grow.”

Regulatory changes have also done a lot of work bringing people in. Regulatory measures and changes like the UAE law now allowing non-Muslims to write their own wills and trusts, a break from a system that was until recently shariah-dominated by default for everyone, provide a strong backbone and a positive outlook for those families, he says. Combined with DIFC and ADGM's common-law frameworks, that has turned the UAE into a jurisdiction long-horizon capital can actually plan around.

The UAE has already become one of several key markets families seek to include in their multi-jurisdiction portfolios, Kapur explains. This is the same distinction Henley & Partners drew when we spoke to them back in April — between families adding residency options and families actually reallocating wealth. Experts told us at the time that people who are reviewing other residency options are likely hedging and diversifying their portfolios, as opposed to making a decision to leave permanently.

Not everyone who banks in the UAE actually lives in the UAE anyway. Roughly 40% of Mashreq Private Bank's client base doesn't reside in the UAE at all, but treats it, in Kapur's words, as close to a second home, because they visit it often and do business there.

That’s where Mashreq’s corridor strategy comes in. Mashreq has built private banking teams inside its existing corporate-banking footprint in places like Hong Kong, the UK, Qatar, and Egypt. Africa is another important corridor where, despite having no branches there, Mashreq serves people who have residencies or business interests in the UAE. That means its clientele is global — it’s not limited to those who reside in the UAE.

Mashreq's identity as a local bank also does real work against international competitors. “We are fortunate that as a local private bank, we have the ability not only to offer your standard mutual funds, bonds, and discretionary mandates, but we can also allow them to get in on local equity trading, invest in local sukuk, and even real estate,” Kapur explains.

As the UAE has drawn more people in along the spectrum of wealth, they’ve also been asking for a more diverse (and longer-term) set of products. “People are increasing their allocation in things like discretionary portfolios and private markets, and things like pre-IPO offerings, which earlier was not the case,” he explains. That’s why Mashreq partnered with Goldman Sachs Asset Management for discretionary portfolio services last year, an initiative that has “done very well,” according to Kapur.

!SubHed! The next wave of demand

The next wave of demand, in Kapur's view, is going to come from the USD 5-10 tn (excluding the US) in wealth expected to change hands from one generation to the next over the next decade, and the UAE has its own share of that coming due. The number that should worry every incumbent private bank, Kapur says, is the adviser-churn rate that comes with it: “It is estimated that every time wealth moves from the older, the last generation onto the new ones, they change their advisors 80 to 90% of the time,” he says.

That’s a retention risk on the clients banks already have, and an acquisition opportunity on everyone else's book at the same time. How Mashreq is preparing for that new reality: Building a diverse proposition that adds products like equity trading and crypto management to what used to be a fairly conservative product set; building digital solutions that allow a more tech-savvy generation of wealth managers to access their information instantly; and having a holistic relationship spanning wealth, corporate, and consumer banking rather than wealth management alone, since younger heirs inheriting businesses are increasingly looking for capital-raising and structured agreement support, not just portfolio management.

The AI build that targets the younger generation is already here: The bank is combining client information and behavioral data with near-real-time market data to build what Kapur describes as individually structured AI agents for each client, a shift from the one-size-fits-all research notes that private banks have relied on for decades. That build is currently in internal “friends and family” pilot testing, with the first client-facing use cases expected to roll out later this year. That’s alongside their wealth app, which they’re frequently developing.

Crucially, Kapur doesn't frame agents as a replacement for the relationship manager — he frames it as the thing that makes the relationship manager's job possible at the pace clients now expect. Mashreq's model is explicitly hybrid: a client's activity on the wealth app feeds directly to their relationship manager, so a client who's been researching a product on the app doesn't have to re-explain it on a call. It cuts time and helps the conversations become more direct and the client more informed.

Tabreed turns interim CEO into a done deal

UAE district cooling firm Tabreed has appointed Yousif Al Hammadi (LinkedIn) as CEO, the company said in a press release (pdf). Al Hammadi had been serving as interim CEO since the start of the year, taking the reins from his predecessor, Khalid Al Marzooqi, who retired in November.

REFRESHER- Al Hammadi has been with Tabreed since 2014 and has held roles including chief asset management officer and senior roles in the projects and business development department. Prior to this, he was vice president of Mubadala’s construction management division and sits on Pal Cooling’s board. Tabreed acquired the district cooling arm in 2025.

Brics’ bank lists USD 1.75 bn on Nasdaq Dubai, Dubai Healthcare City gets an AED 3 bn residential wager, flydubai launches its dedicated cargo operations

Brics’ bank lists USD 1.75 bn on Nasdaq Dubai

Brics is doubling down on finance as a key focus, with the bloc’s New Development Bank (NBD) listing a USD 1.75 bn, three-year benchmark bond on Nasdaq Dubai, state news agency Wam reports. The listing came under NBD’s USD 50 bn Medium-Term Note (EMTN) program and carried a 4.375% coupon.

IN CONTEXT- The listing is part of the lender’s mandate to back international development projects in emerging markets. It also comes hot on the heels of the recent Brics summit in New Delhi, where financial links between member states took center stage. India has been pushing Brics central banks to link up their digital currencies, while Brazil has historically called for a unified currency to challenge USD dominance.

The demand breakdown: The order book closed out with over USD 3.2 bn worth of demand. 65% of orders came from Asia-Pacific-based investors, 32% hailed from EMEA, and 3% from the Americas.

ICYMI- NBD holds significant capital, having deployed USD 42.9 bn in financing for projects as of May. The EMTN program initially went live at the end of last year.

Dubai Healthcare City gets an AED 3 bn residential wager

Dubai Healthcare City (DHCC) is set to add more than 1.4k homes to Phase 2 by 2030 through the AED 3 bn Dubai Creek Gardens development, where construction has now begun, according to a Dubai Media Office statement. The 127k sqm project by Global Partners will devote 70% of its area to green and wellness space and include the UAE’s first Westin- and Renaissance-branded residences, adding to Dubai’s broader branded-residence push.

DHCC is putting skin in the game: Dubai Healthcare City Authority has become a founding shareholder in Global Partners Property Fund II, the investment vehicle backing the project.

REMEMBER- Phase 2 is also adding healthcare capacity, with a specialist gastroenterology hospital being developed with South Korea’s Asan Medical Center.

Flydubai launches its dedicated cargo operations

Flydubai is moving into dedicated cargo: UAE’s budget carrier Flydubai is set to launch dedicated freighter operations on 1 October with three Boeing 737-800 freighters wet-leased from SolitAir, according to a press release. The carrier plans to use its dedicated freighters to grow volumes across pharma, perishables, aerospace components, express shipments, live animals, and dangerous goods, complementing the cargo capacity already carried across its passenger network.

Why this matters: The move marks Flydubai’s first dedicated freighter fleet, with cargo previously carried exclusively in the belly holds of its 98 passenger aircraft. Each freighter can carry up to 23k kg per flight and will be based at Al Maktoum International Airport.

MENA PE stays near record pace in 1H — but exits are heading for their weakest year since 2017

MENA private capital is still getting transactions done — getting out is the harder part. Private equity (PE) transaction value reached USD 8.6 bn across 102 transactions in 1H 2026, only marginally behind last year’s record pace despite the Iran war. If that run rate holds, 2026 would still be the region’s second-strongest PE year of the past decade, according to PitchBook (pdf).

The war has rattled confidence without freezing deployment: PitchBook says disruption through Hormuz has weighed on transaction confidence, exit timing, and allocator appetite, but it is still too early to say that long-term PE flows have materially weakened.

A caveat on the headline: Global Private Capital Association (GPCA) data we covered earlier this month showed Middle East private capital investment falling 73% y-o-y to a record-low USD 1.7 bn in 1H. The datasets are not directly comparable — PitchBook covers the broader MENA region and puts PE activity alone at USD 8.6 bn — but both show capital becoming more concentrated in larger transactions.

Cross-border money is still doing most of the work. USD 6.4 bn was invested across 61 cross-border PE transactions, accounting for 74.3% of total PE value. That included a USD 250 mn investment by Blackstone and partners to establish the UAE gaming platform ADGT, one of Blackstone’s first UAE investments since the war began.

Turkey took the PE crown — with some Saudi help: Scopely’s USD 1 bn acquisition of Loom Games helped put Turkey on top by PE value. Scopely is owned by PIF-backed Savvy Games Group, while PIF remains MENA’s most active PE investor since 2020, with 51 regional transactions, ahead of ADQ’s 30 and Mubadala’s 29.

Venture capital (VC) is following the same “fewer, but bigger” script: Just 287 rounds closed in 1H versus 824 during all of 2025, but investment value still reached USD 2 bn. MAGNiTT data we covered in July showed the 10 largest rounds absorbing 58% of MENA funding, while two transactions alone accounted for roughly 36%.

The UAE has pulled decisively ahead in venture: UAE startups raised USD 1.3 bn in 1H — already more than in all of 2025 and equivalent to roughly two-thirds of MENA VC value. The three largest rounds went to UAE-based Cadena, CargoX AI, and Mal, while the UAE logged 106 transactions, nearly double Saudi Arabia’s 55.

But the exit door is barely open: PE and VC exits generated just USD 2.7 bn across 27 transactions in 1H, putting 2026 on course for the lowest exit value since 2017. That is largely what we were watching for in March, when GPCA said new investments were slowing rather than stopping. PitchBook now points to geopolitics, valuation gaps, AI disruption, and public-market fears as the main drags.

IPOs have gone from exit engine to rounding error: Public listings accounted for just 8.9% of PE exit value in 1H, down from 60.8% in 2025. Last year’s number was boosted by the flynas IPO at a USD 3.3 bn valuation; its market cap had fallen to around USD 2.2 bn by late August, which PitchBook says could weigh on appetite for future listings.

Fundraising is also concentrated: MENA private-market funds raised USD 5.4 bn in 1H, putting the region on track to exceed 2025’s USD 9.6 bn — but through just 53 closes versus 174 last year. PE accounted for USD 4.6 bn, or 85.6% of the total, while VC funds raised only USD 190.1 mn. BlueFive Capital’s USD 3 bn Onyx Fund I alone made up more than half of all capital raised.

MARKETS THIS MORNING-

Early trading across Asian markets saw declines, with South Korea’s Kospi dropping 3.3% and Japan’s Nikkei slipping 1.8%. The drop coincides with supply worries over crude oil alongside investor anticipation of potential interest rate increases in both Japan and the US this week.

ADX	10,113	+0.0% (YTD: +1.2%)
DFM	5,941	+0.6% (YTD: -1.8%)
Nasdaq Dubai UAE20	4,907	+0.5% (YTD: +0.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.4% o/n	4.7% 1 yr
TASI	10,865	-1.3% (YTD: +3.6%)
EGX30	55,665	-1.1% (YTD: +33.0%)
S&P 500	7,657	+0.9% (YTD: +11.9%)
FTSE 100	10,650	+0.4% (YTD: +7.2%)
Euro Stoxx 50	6,325	+0.9% (YTD: +9.1%)
Brent crude	USD 107.71	+3.0%
Natural gas (Nymex)	USD 2.87	+1.3%
Gold	USD 4,375	-0.8%
BTC	USD 77,387	+0.1% (YTD: -11.7%)
Lunate JP Morgan UAE Bond UCITS ETF	AED 3.54	-0.8% (YTD: -6.1%)
S&P MENA Bond & Sukuk	149.33	-0.2% (YTD: -1.7%)
VIX (Volatility Index)	15.84	-11.2% (YTD: +6.0%)

THE CLOSING BELL-

The DFM rose 0.6% on Friday on turnover of AED 562.3 mn. The index is down 1.8% YTD.

In the green: BHM Capital Financial Services (+11.2%), Islamic Arab Ins. Company (+6.8%), and National General Ins. Company (+4.7%).

In the red: Agility The Public Warehousing Company (+4.6%), National Central Cooling Co. (-2.1%), and Shuaa Capital (-1.8%).

Over on the ADX, the index remained flat on turnover of AED 1 bn. Meanwhile, Nasdaq Dubai was up 0.5%

CALENDAR

SEPTEMBER

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

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

16 September (Wednesday): Altinvest, St. Regis, Downtown Dubai, Dubai.

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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