Adia joins USD 2.34 bn takeover of grocery-anchored REIT

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WHAT WE’RE TRACKING TODAY

THIS MORNING: UAE is lining up another USD 25 bn in investment for India + regional crude exports on track for strongest month since war began

Good morning, everyone. Today’s issue sees UAE investors looking westwards to the Americas, with Adia investing in a USD 2.34 bn takeover of Toronto-listed REIT Slate. The move can be read as a broader rotation for the fund as it continues to trim aging direct holdings in certain geographies while adding fresh exposure in other markets.

Dubai developer Sobha, meanwhile, is planning a USD 600 mn investment to build 700 homes over five years, in a USD-denominated hedge at a time when Dubai's own residential values have slipped roughly 10% since February. Not ones to miss out, Shorooq and Presight are also making a US investment, backing Santa Clara-based robotics startup Maven.

That investment theme is also stretching through to India. The UAE is lining up another USD 25 bn investment in the South Asian country, with energy security moving up the bilateral relations agenda.

On the energy front, Dewa has refinanced Noor Energy 1, the world’s largest single-site concentrated solar plant, for USD 2.7 bn — swapping out construction-era debt now that the 950 MW plant is fully operational and cheaper to finance.

We’re excited to welcome Karim Awad as a guest speaker at the 2026 EnterpriseAM Egypt Forum.

Karim Awad is group CEO, chairman of the executive committee, and a member of the board of directors of EFG Holding S.A.E., a financial institution with a universal bank in Egypt and the leading investment bank in the Middle East and North Africa. With over 25 years at EFG Hermes, Awad rose from the Investment Banking division to CEO of the Investment Bank in 2012, then group CEO in 2013.

Under his leadership, EFG Holding has transformed into a MENA-focused financial solutions house, expanding across Egypt, the UAE, KSA, and Kuwait, building out structured products and non-bank financial services through EFG Finance, and completing its shift into a universal banking platform with the 2021 acquisition of Bank NXT. The firm's revenues reached EGP 26.0 bn and profits EGP 4.1 bn in 2025.

Awad has been ranked among the Forbes Middle East Top 100 CEOs for five consecutive years and serves on both the Egyptian President's Economic Council and the Prime Minister's Macroeconomy Advisory Committee.

Join us on 5 October in Cairo. Attendance is by invitation only, and we've reached full capacity.

Request your invitation here to join the waitlist.

Netanyahu visited Sunday

Israeli Prime Minister Benjamin Netanyahu met with Emirati President Sheikh Mohamed bin Zayed Al Nahyan in the UAE on Sunday and discussed “bilateral relations and ways to strengthen ties,” state news agency Wam reports. The Israeli delegation included the heads of the National Security Council and Mossad, along with Netanyahu’s military secretary and the foreign policy adviser. The meeting lasted six hours and focused on Iran, three senior Israeli officials told Reuters.

Cutting the red tape for heliports

The UAE cut the approval time for domestic heliports from as much as 135 days to just two working days, with the General Civil Aviation Authority (GCAA) replacing mandatory certification with a simpler registration process, Wam reports. The faster regime applies to domestic heliports only — international facilities and sites that still require certification remain under the existing framework.

Why it matters: The GCAA says the shift should lower the regulatory burden on lower-risk domestic operations and support investment in vertical-aviation infrastructure. It also lands as the UAE builds out the backbone for commercial eVTOL and air-taxi services. We reported last year that the GCAA approved a framework allowing eVTOL aircraft and helicopters to share facilities. Meanwhile, Abu Dhabi announced in November that it is developing more than 10 vertiports and Dubai’s first air-taxi station was completed in April 2026.

Another USD 25 bn for India?

The UAE is lining up another USD 25 bn investment in India “in the near future,” Commerce Minister Piyush Goyal said (watch, runtime: 24:45) following an India-UAE Investment Task Force meeting in Mumbai. The UAE has already invested USD 25 bn in the country, with the longer-term ambition of taking that number to USD 100 bn, Goyal added.

Energy is moving up the agenda: India and the UAE are studying greater UAE investment in India’s strategic petroleum reserves — and are looking into making the UAE a larger source of LNG and LPG. Subsea pipelines are also being considered to transport and potentially store gas in India while building more sturdy energy supply chains.

IN CONTEXT- India became Adnoc Gas’ largest LNG customer after it inked a binding 10-year LNG supply pact with Hindustan Petroleum Corporation during President Mohamed bin Zayed’s January visit to New Delhi. Adnoc signed more than USD 20 bn of LNG contracts with Indian buyers over the past two years.

Ports will also be in the spotlight going forward as India looks to double port capacity to keep up with economic growth. Goyal highlighted the UAE as a key investment partner for expanding India’s existing ports and developing new ones, specifically citing Odisha on India’s east coast — a state that has already seen joint UAE-India infrastructure collaboration.

The bigger picture: The two countries aim to double bilateral trade to USD 200 bn by 2032, after it crossed USD 100 bn following their 2022 CEPA.

AI rollout comes to Abu Dhabi courts

The Abu Dhabi Judicial Department (ADJD) rolled out phase one of its AI judicial platform, according to a press release. The first phase launches a judicial assistant that can draft judgments and make recommendations to judges based on past proceedings and precedent. The full platform will be rolled out over 18 months, with the aim of easing procedural bottlenecks.

Yes, but: ADJD stressed that final decisions still rest with judicial authority members and that the AI tool won’t interfere with judicial independence.

IN CONTEXT- The move is part of a wider UAE push to speed up how disputes are resolved, including more resolution committees tailored to specific types of disputes. Courts are also working out where the limits lie: ADGM Courts previously ruled on the misuse of AI in court filings — a decision seen as an early signal of how the freezone will treat AI use in practice.

Barrel rebounds

Middle East crude exports are on track for their strongest month since disruptions began. Seven major producers are set to ship 12.8 mn bbl / d in September, led by Saudi Arabia and the UAE, Reuters reports, citing Kpler data. That is still some 6 mn bbl / d below February levels.

By the barrel: Saudi exports are on track for 5.4 mn bbl / d, while an earlier Kpler reading put UAE shipments at 3.2 mn bbl / d by mid-September. Iraq’s Oil Ministry put its own September export average at 2.6 mn bbl / d, while Kuwait was exporting around 1 mn bbl / d in early September.

Most of these barrels change hands at sea: Producer-operated and other risk-tolerant tankers take crude through the Strait of Hormuz, and buyers pick it up in ship-to-ship transfers off Fujairah and Sohar. The UAE, Qatar, Iraq, and Kuwait have all offered crude for collection outside the strait. Saudi started leaning on shuttling after its East-West pipeline was targeted and temporarily closed. Last week, 19 Saudi supertankers carrying some 2 mn barrels each left the strait, and shipments from Ras Tanura on the east coast have jumped to c. 3.6 mn bbl / d from 929k bbl / d.

Exports are also still making their way to Asia, as both Adnoc and Kuwait Petroleum Corp. are increasing their naphtha deliveries via the ship-to-ship transfer method, Reuters reports, citing shipping data and industry sources. The two shifted 14 mn barrels of naphtha in the past two months, marking a sizable jump from the 700k tons shipped during the first two months of the conflict. In the UAE, exports are moving across land to Fujairah, which has already become the UAE’s primary oil export route — before being shipped onward.

Emirates NBD goes green in CHF

Emirates NBD is sounding out investors for a five-year, CHF-denominated green bond, with an issuance expected to follow soon, according to IFR data cited by Zawya. The senior notes are expected to carry an A1 rating from Moody’s and an A+ from Fitch. The size and pricing of the paper haven’t been disclosed yet.

ADVISORS- BNP Paribas, Emirates NBD Capital, and UBS Investment Bank are arranging the investor outreach.

Another currency, same green push: Emirates NBD has already tapped both USD and EUR green debt markets this year. It raised USD 1 bn through blue and green bonds in January, including a USD 700 mn, five-year green tranche, before pricing a EUR 500 mn, five-year green bond in February. A CHF transaction would add a third currency to that sustainable-funding run this year.

A diplomatic visit

UAE Deputy Prime Minister Sheikh Mansour bin Zayed Al Nahyan will visit Saudi Arabia today at the invitation of Saudi Arabian Defense Minister Khalid bin Salman, Wam reports. The purpose of the visit has not been disclosed.

PSA

Etihad Rail’s Dubai passenger services start on Wednesday: Bookings are open on Etihad Rail’s website for trains from Dubai, which begin running on Wednesday, 30 September. There are five direct trips a day each way between Dubai and Abu Dhabi, each taking just over an hour, with Comfort fares from AED 39 and Premium from AED 109. A daily service to Fujairah takes 70 minutes, with fares starting at AED 29, though prices vary by date. Trains leave from Al Yalayis Station in Jumeirah Golf Estates.

WEATHER- Dubai will see highs of 40°C today as the mercury hits 41°C in Abu Dhabi, before cooling to 29°C overnight in both emirates, according to our favorite weather app.

The big story abroad

A landmark Wall Street play is taking up space on the front pages. Nvidia raised its share buyback ‌authorization by a record USD 150 bn, surpassing Apple’s USD 110 bn move two years ago. The tech company expects to use its expanded USD 235 bn buyback authority through fiscal year 2028, wagering heavily on its own stock amid intense AI-chip competition.

Elsewhere in the AI world: Major global semiconductor and hardware player AMD will acquire AI startup World Labs for USD 8.2 bn in an all-stock transaction, taking over the San Francisco-based firm established by computer scientist and AI pioneer Fei-Fei Li. World Labs specializes in spatial-intelligence models that build and simulate interactive 3D environments directly from text, image, or video prompts.

AI safety fears have consequences: OpenAI has nixed the launch of the GPT-6.1 Astra model due to safety worries raised during internal testing, following months of widespread reports of AI systems going rogue. The model regressed in human alignment compared to its predecessor and deceived users by failing to accurately report its own actions.

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Adia joins USD 2.34 bn takeover of US grocery-anchored REIT

Adia is getting a slice of a USD 2.34 bn US shopping center takeover. A wholly owned subsidiary of the Abu Dhabi Investment Authority (Adia) will invest as a strategic investor alongside private investment firm Everview Partners as Everview and NYSE-listed shopping center owner Brixmor Property Group acquire Slate Grocery REIT, according to a statement from the buyers. Adia’s investment size and stake were not disclosed.

What exactly is Adia buying into? Slate is a Toronto-listed REIT that owns grocery-anchored shopping centers across major US metro markets, and the acquisition will take it private and off the Toronto Stock Exchange. The buyers see room to squeeze more out of the portfolio: in-place rents across both portfolios average 32% below Brixmor’s existing portfolio, and Brixmor has identified around USD 100 mn of redevelopment and outparcel prospects across the 23 centers it’s buying directly. Everview is wagering that grocery-anchored, open-air retail will keep benefiting from limited new supply and durable tenant demand.

The breakdown: The transaction covers 115 grocery-anchored shopping centers totaling roughly 15 mn sq ft. Brixmor will buy 23 of them, mostly in Florida, Georgia, and the Carolinas, for USD 636 mn. A new Brixmor-Everview JV will take the remaining 92 for USD 1.71 bn, with Everview holding 80% of the common equity and Brixmor 20%. Brixmor will also put about USD 174 mn of preferred equity into the JV and manage and lease the portfolio.

Slate holders get a cash exit: Unitholders will receive USD 13 per unit in cash, Slate said in a separate statement. That’s a roughly 20% premium to its closing price on 23 September, the last trading day before it suspended distributions, and 13% above its price before it launched a strategic review in May. The review was triggered by an unsolicited proposal from affiliates of Slate Asset Management, the REIT’s external manager and largest investor, and ended in a competitive auction. Slate Asset Management will receive a fixed USD 50 mn payment to end its management agreement when the transaction closes.

What’s next

The transaction is expected to close in 1Q 2027, subject to approval from Slate unitholders and the Ontario Superior Court. It isn’t subject to any financing conditions. Slate’s special committee and board have backed the acquisition, and Slate’s trustees and its manager, who together hold around 5.9% of outstanding units, have agreed to vote in favor.

ADVISORS- RBC Capital Markets is lead financial adviser to Brixmor and the buyer JV, with Wells Fargo Securities also advising. RBC and Wells Fargo are providing the acquisition’s financing. Evercore advised Slate’s independent special committee, while CIBC provided a separate fairness opinion.

Zoom out

Adia may be trimming property, but it hasn’t stopped shopping: The fund cut its real estate allocation range to 2-7% from 5-10% in 2025, but absolute exposure remained steady as other asset classes grew faster, as we reported earlier this month. It continued adding exposure to US senior housing and other targeted property strategies, while North America remained its largest geographic allocation at 45-60%.

It’s increasingly a game of rotation: Adia has been pruning mature direct holdings, including a potential exit from a decade-old Hong Kong hotel investment and earlier sales of UK and Chinese properties. Earlier this year, it also partnered with Ardian on a real estate secondaries platform. The Slate acquisition adds US grocery-anchored retail to that mix.

Sobha commits USD 600 mn to Texas housing, eyes Houston and Austin next

Sobha plans USD 600 mn US investment: Dubai-based developer Sobha Realty plans to invest USD 600 mn to build around 700 single-family homes in the Dallas-Fort Worth area over five phases and five years, Sobha Realty US CEO Vipin Das told The National. The company has acquired some 105 hectares across Celina (64 hectares) and Frisco (40 hectares). Sales of the first 34 homes in Celina are set to begin next year, priced at USD 1-1.5 mn each.

The funding: We’ve previously reported that the land would be bought with Sobha’s own equity, and Das now says the projects will be funded through a mix of debt and equity, with the first development loan already secured from Bank7 and CCB last week. The size of the facility hasn’t been disclosed. EnterpriseAM could not reach Sobha Realty in time for dispatch.

What’s next: Sobha is “seriously exploring” Houston and Austin, with Nashville, Phoenix, and Florida also on the list as it builds a “national presence.” It has also acquired land in Brisbane and the Gold Coast in Australia, with construction slated to begin next year.

A scaled-back ambition? Last year, founder PNC Menon told The National that Sobha was aiming for USD 1 bn in US sales in its first year and USD 10 bn over a decade, with Virginia pegged as the next stop after Dallas. By our math, the full 700-home Texas program at the quoted price range comes to roughly USD 0.7-1.05 bn in gross sales, spread over five years. That’s about what the company had targeted for year one. For context, Sobha is pitching premium move-up homes at roughly three to four times the Texas average sale price of USD 342.9k in June, by our math.

A tough patch to launch into: Sobha’s homes will be priced at three to four times the Texas average in a suburb where prices are falling. Celina’s median sale price fell 9.3% y-o-y in the three months to August, according to Redfin. The high end is softening too: homes in upmarket Mustang Lakes now take around 100 days to sell, up from 64 a year ago. The upside is demand from corporate relocations to North Dallas, including Goldman Sachs and AT&T.

Why now? USD-denominated revenue is an obvious hedge at a time when the market at home cools. Dubai residential values are down around 10% since late February, per ValuStrat, and 2Q transactions fell 19% q-o-q as a near-record wave of handovers landed, according to Savills. Sobha has felt it: 1H net income fell 8% y-o-y to AED 1.8 bn on revenue down 8.9% to AED 6.6 bn. Still, it’s moving full steam ahead with its expansion plans, with AED 90 bn in new Dubai and Abu Dhabi projects in the works.

Dewa refinances Noor Energy 1 for USD 2.7 bn as the world’s biggest CSP plant trades construction risk for cheaper money

Dubai Electricity and Water Authority (Dewa) refinanced Noor Energy 1 for USD 2.7 bn, replacing the construction-era debt on the world’s largest single-site concentrated solar power (CSP) plant, state news agency Wam reports. Dewa CEO Saeed Mohammed Al Tayer said the transaction closed well ahead of its target date and will cut financing costs over the 950 MW plant’s life. Dewa hasn’t disclosed the lenders, the interest rate, the tenor, or the value of the savings.

Why it matters: The new loan replaces the debt that built the plant. Noor Energy 1 borrowed in 2019, when it was still a construction site. It is now fully connected to Dubai’s grid, according to Dewa’s 2025 financial statements. Banks charge less to lend to a working plant than to a building site, which is the likeliest source of the savings Dewa is touting.

BACKGROUND- The plant sells its power to Dewa at a fixed 7.3 US cents per kWh under a 35-year power purchase agreement, a record low for CSP when the contract was awarded in 2017. Its 950 MW combines 700 MW of CSP with 250 MW of photovoltaic panels, and up to 15 hours of thermal storage lets it keep supplying power through the night. Dewa owns 51% of the project company, with the rest held by Saudi Arabia’s Acwa and China’s Silk Road Fund. Noor Energy 1 is the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park, which is slated to reach 5 GW by 2030.

Shorooq and Presight take a slice of US robotics startup Maven’s USD 100 mn round

Abu Dhabi-based investment firm Shorooq and G42-owned Presight have invested in Santa Clara-based Maven Robotics, according to a statement (pdf). The investment was made through two Shorooq-managed vehicles: the Presight-Shorooq AI and Bedaya funds. The size of their ticket wasn’t disclosed.

This isn’t a new round: Maven emerged from stealth on 10 September with a USD 100 mn Series A led by RoboStrategy, with LocalGlobe, Vine Ventures, and XTX Ventures participating. The Abu Dhabi investors were among the unnamed “others” at the time. The new capital will fund 250 third-generation robots and the design of a fourth-generation platform.

About Maven: Founded in 2024 by brothers Hamza (LinkedIn) and Khalid Derbas (LinkedIn), Maven builds wheeled, two-armed robots for warehouses and factories. It started with mixed-case palletizing — rebuilding a single store’s pallet from goods shipped in by several factories, work that’s still done manually — and tote handling, which it estimates is a USD 80 bn market. It’s still early days: as many as eight robots are deployed at a Fortune 250 consumer goods company. Maven says they run 16-hour shifts at 99%+ uptime.

About the funds: Presight and Shorooq launched the USD 100 mn Presight-Shorooq Fund I in September 2025, hosted in ADGM, pitching startups on access to Presight’s compute, GPU resources, and secure data environments alongside capital. The fund planned to back 25-30 AI and deep tech startups and hold 40% of its capital in reserve for follow-on rounds. It invested in five companies within its first 120 days — Nodeshift, Candid, Hebbia, Blue, and Crunched — co-investing alongside firms including Andreessen Horowitz, Index Ventures, and GV. Meanwhile, Bedaya Fund II, which targeted USD 150 mn, was set up to back pre-seed to Series A startups across MENAP, primarily in fintech, software, platforms, and digital assets.

Seviora and FAB link up, another Chinese bank expands to DIFC, and AÏZA raises funds for Saudi expansion. Plus: More warehousing capacity at Kezad

Singapore money eyes Abu Dhabi's wealthy

Temasek’s asset manager wants a spot on FAB’s wealth shelf: Seviora, the main asset management platform of Singapore state investor Temasek, signed an MoU with First Abu Dhabi Bank (FAB) under which the bank will look at distributing Seviora-managed strategies to its wealth clients, the two said in a statement. They’ll also explore co-investing. Seviora manages c. USD 76 bn in assets through affiliates including Fullerton Fund Management and SeaTown, and it opened an Abu Dhabi office only last year. It also inked a partnership agreement in 2024 with Mubadala Capital to boost cooperation and explore new investments.

Another Chinese investment bank to land in DIFC

China Securities sets up shop in DIFC: Beijing-based investment bank China Securities received a license from the Dubai International Financial Center Authority (DIFCA) and authorization from the Dubai Financial Services Authority (DFSA) to open a regional office in DIFC, according to a statement. The office will serve as a base for its work with clients and investors across the Middle East, aiming to connect Chinese, UAE, and international capital markets. It joins DIFC’s cluster of Chinese lenders and brokers, including Bank of China, ICBC, China Construction Bank, and CICC. China’s five largest banks account for more than 30% of total assets in DIFC’s banking and capital markets sector.

Dubai beauty brand AÏZA raises USD 5 mn to expand into Saudi

Amaani raises USD 5 mn to take AÏZA across the GCC: Dubai-based Amaani, the company behind beauty brand AÏZA, raised a USD 5 mn Series A led by Beco Capital, with Homegrown Ventures and Peak XV’s Surge also taking part, according to a statement. The round brings the firm’s total funding to USD 8 mn. The new capital will fund expansion into Saudi Arabia, where it launches at Ulta Beauty stores in Jeddah and Riyadh at the end of September, followed by Kuwait and Qatar in 4Q.

BACKGROUND- AÏZA makes skincare and haircare products using ingredients associated with the region, such as dates, black seed, and frankincense. The company says its net revenue grew more than 9x y-o-y in 1H 2026 as the brand moved from online sales into retail.

More warehousing capacity at Kezad

JD.com is on its third Gulf agreement in about 14 months. Kezad Group signed an agreement with Jingdong Property, JD.com’s infrastructure arm, to develop a 150k sqm logistics facility at Kezad Al Ma’mourah in Abu Dhabi, due for delivery in 2028, state news agency Wam reports. The site will offer warehousing and logistics services to local and international companies.

Kezad joins an airport JV in Abu Dhabi and a delivery business in Saudi. Jingdong Property formed a JV with Abu Dhabi Airports last year to develop more than 70k sqm of bonded and non-bonded warehouses at Abu Dhabi Airports Freezone Logistics Park. JD Logistics also launched its own B2C delivery service in Saudi Arabia — JoyExpress — and plans to build warehouses, transfer and sorting centers, and delivery stations across the Kingdom.

Are 2007-level bond yields here to stay?

The return of sovereign bond yields to 2007 levels could be here to stay as investors continue to shun longer-dated paper amid stubborn fiscal deficits and sticky inflation, compounded by a Big Tech borrowing boom crowding the market, according to Bloomberg. The average yield on sovereign debt globally has now hit 4%, a level last seen in 2007.

A worldwide issue: Last month the yield on the 30-year US Treasury reached its highest level since 2007, before a continued sell-off then pushed borrowing costs for the same dated debt to peaks not seen since the middle of 2004. The 10-year Treasury has also broken above 5%, its highest in almost two decades, even after Treasury Secretary Scott Bessent expanded buybacks of long-dated debt in August to cool what he called a “fever” in the market. The first tranche came in smaller than expected. Elsewhere, Japan’s 10-year yield crossed 3% for the first time since 1996 earlier this month, and UK 10-year gilts hit their highest level since mid-2007.

Why the safe haven has lost its shine: Long-dated bonds are the most exposed to inflation and rising rates, since both eat into the real value of coupons and principal over a longer stretch of time. That risk is now live: the Fed raised rates this month for the first time in three years, and a majority of FOMC members projected another hike this year. As a result, the term premium investors demand to hold 30-year US debt is up more than 3 percentage points from its 2020 low, according to a Bloomberg Economics model.

More supply, fewer buyers: Governments are borrowing more to fund everything from defense to the energy transition. The US alone carries over USD 40 tn in debt, and the CBO expects its annual deficit to reach USD 2.1 tn. At the same time, central banks are shrinking their bond holdings, foreign appetite has weakened, and changes to pension systems have thinned the pool of traditional long-term buyers. The debt is increasingly held by more price-sensitive private investors, who want to be paid more to lock their money up for decades.

Big Tech is crowding in too: Governments are also competing with hyperscalers borrowing to fund the AI buildout. Notable transactions this year include USD 37 bn from Amazon and USD 25 bn from Meta. JPMorgan estimated in June that AI-linked debt financing could reach USD 4.1 tn by 2030, with some USD 2.1 tn in data center financing coming from high-grade bonds.

The playbook — and its risks: Many debt offices are tilting issuance toward shorter maturities where yields are lower. The OECD flagged this trend earlier this year, warning that many countries are rebalancing their issuance toward shorter maturities to limit exposure to higher long-term borrowing costs, although this increases refinancing risks. The lasting fix is convincing investors that inflation and deficits are under control, which likely means unpopular tax hikes or spending cuts.

What it means for the Gulf: Gulf borrowers are being squeezed from two sides. Regional USD bonds and sukuk are priced as a spread over US Treasuries, so when Treasury yields climb, Gulf debt gets more expensive too — and those spreads have widened since the war started as well. Abu Dhabi’s 10-year yield rose to around 5.2% by late August from roughly 4.5% in January, while UAE corporate spreads were wider than at the war’s March peak. That makes the Gulf an outlier, as EM debt has otherwise held up well during the selloff. Saudi paper faces an extra supply problem of its own, with heavy issuance from the government, Aramco, and PIF weighing on its long-dated bonds. Some analysts think the problem is mostly geopolitical risk, while Franklin Templeton’s Mohieddine Kronfol says it’s largely a Treasury story.

Not all bad news: Savers benefit, and some analysts argue the moves reflect a resilient economy returning to pre-crisis norms, after the financial crisis pushed yields to near zero. As Wells Fargo economists put it, the better description is “normal for longer.”

MARKETS THIS MORNING-

Asian markets were in the red in early trading, with Japan’s Nikkei down 0.9% and South Korea’s Kospi down 0.8%. The performance tracked overnight losses seen across Wall Street and led by Nasdaq.

ADX	10,159	-0.4% (YTD: +1.7%)
DFM	5,998	+0.3% (YTD: -0.8%)
Nasdaq Dubai UAE20	4,993	+0.6% (YTD: +2.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.7% o/n	5.1% 1 yr
TASI	10,579	-1.0% (YTD: +0.8%)
EGX30	52,469	-1.1% (YTD: +25.4%)
S&P 500	7,684	-0.8% (YTD: +12.2%)
FTSE 100	10,685	-0.1% (YTD: +7.6%)
Euro Stoxx 50	6,301	+0.0% (YTD: +8.7%)
Brent crude	USD 105.28	+0.9%
Natural gas (Nymex)	USD 3.14	+1.2%
Gold	USD 4,155	-0.3%
BTC	USD 83,458	-1.2% (YTD: -4.7%)
Lunate JP Morgan UAE Bond UCITS ETF	AED 3.59	+0.0% (YTD: -1.0%)
S&P MENA Bond & Sukuk	147.61	-0.3% (YTD: -2.8%)
VIX (Volatility Index)	16.07	+8.1% (YTD: +7.5%)

THE CLOSING BELL-

The ADX fell 0.4% yesterday on turnover of AED 1.0 bn. The index is up 1.7% YTD.

In the green: National Bank of Fujairah (+10.4%), Aram Group (+4.4%), and E7 Group Warrants (+3.3%).

In the red: Al Buhaira National Ins. Company (-4.7%), Gulf Cement Co. (-4.0%), and Hayah Ins. Company (-3.9%).

Over on the DFM, the index rose 0.3% on turnover of AED 588.8 mn. Meanwhile, Nasdaq Dubai was up 0.6%.

CALENDAR

SEPTEMBER

26 September-1 October (Saturday–Thursday): UN Congress on Crime Prevention and Criminal Justice, Adnec Center, 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

2-5 November (Monday-Thursday): Adipec, Adnec Center, Abu Dhabi.

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;
31 May-2 June (Monday-Wednesday): RailX Dubai, Dubai World Trade Center, 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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