FAB issues the MENA region’s first digital bond. PLUS: Non-oil sector sees demand slump on regional tensions

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WHAT WE’RE TRACKING TODAY

THIS MORNING: EU antitrust regulators resume the review of Adnoc’s Covestro bid + ADIA eyes a minority stake in utilities firm Aggreko

Good morning, friends, and happy FRIDAY. It has been a particularly busy week as far as local news is concerned, and today is no exception. We close out the week with a slew of debt, M&A, maco, and capital markets updates.

A handful of big stories are vying for your attention this morning:

The UAE’s non-oil sector was hit by a demand slump following the escalation of regional tensions, but it maintained its growth trajectory;
Abu Dhabi’s GDP grew 3.4% in 1Q 2025, propelled by the non-oil sector;
First Abu Dhabi Bank is issuing the MENA region’s first ever digital bond, with the help of our friends at HSBC and ADX;
and Burjeel Holdings acquired a Riyadh-based physiotherapy center as part of its ongoing expansion drive.

^^ We have everything on these stories and more in the news well, below.

WEATHER- Dubai will see a high of 42°C, before cooling to 31°C overnight. Temperatures in Abu Dhabi will hit 35°C, before cooling to an overnight low of 32°C.

WATCH THIS SPACE-

#1- EU antitrust regulators have resumed their review of Adnoc’s EUR 14.7 bn acquisition of chemicals firm Covestro and pushed the deadline for its decision to 28 July, Reuters reports, citing an update on the European Commission website. Regulators had suspended the review earlier in June as it awaited additional information from the two companies, which it has now received.

REMEMBER- The pending acquisition, which was approved under EU merger rules in May, is now being reviewed under the bloc's foreign subsidies regulation, which examines potentially unfair government support to companies

#2- The Abu Dhabi Investment Authority (ADIA) and PE firms KKR and CVC are among several parties eyeing a minority stake in utilities firm Aggreko in a transaction that could value it at some USD 12 bn, Bloomberg reports, citing people familiar with the matter. Aggreko’s owners, TDR Capital and I Squared Capital, are looking to sell up to 30% of the firm, though talks are still at early stages. The firm is the world’s biggest supplier of modular power, heating, and cooling equipment, which it provides to energy and construction firms, as well as events. It has some 9.6 GW in fleet capacity.

It’s not clear if ADIA would approach the potential acquisition as part of a consortium with the PE firms or independently, though it would not be the first time ADIA partners up with either firm. Alongside CVC, it acquired UK Hargreaves Lansdown for GBP 5.4 bn as part of a consortium with Nordic Capital; and attempted a EUR 14 bn takeover of DB Schenker, the logistics subsidiary of Germany's Deutsche Bahn. It also teamed up with KKR for a USD 1.5 bn investment in India’s Reliance Retail’s warehousing assets.

#3- French multinational aerospace and defense firm Thales is in talks to open an artificial intelligence research center in Abu Dhabi, the firm’s International Development vice-president Pascale Sourisse told The National. This would be the French defense group’s first AI center in the Middle East. The centers, dubbed cortAIx labs, come as the firm works on the construction of a UAE-based Ground Master radar factory announced in, set to launch operations in 2027.

#4- Flying taxis coming to Ajman next? Ajman’s Transport Authority has inked an agreement with UK-based eVTOL infrastructure provider Skyports Infrastructure to explore smart air mobility solutions, including flying taxi services, Wam reports. The agreement covers collaboration on research, infrastructure planning , site identification, and drone applications in critical sectors.

The UAE is on an eVTOL roll, with Joby Aviation and Dubai’s Roads and Transport Authority completing the region’s first Joby air taxi test flight earlier this week. The Abu Dhabi Investment Office also tested their passenger eVTOL aircraft last month, and Archer Aviation completed the first test flight for its Midnight eVTOL aircraft set to launch in Abu Dhabi soon. The GCAA granted design approval for the country’s first hybrid heliport at the Abu Dhabi Cruise Terminal in Zayed Port back in April and passed regulations for the shared use of infrastructure by helicopters and eVTOLs.

#5- New proptech hub lands in DIFC: Dubai International Financial Center (DIFC) and Dubai Land Department (DLD) have launched the region’s first PropTech hub at the DIFC Innovation Hub, according to the Dubai Media Office. The Dubai PropTech Hub will support over 200 start-ups and scale-ups, create over 3k jobs, and attract more than USD 300 mn in investment by the end of the decade.

A closer look: The hub will offer flexible licenses, physical workspace, and end-to-end support from concept to commercialization — including venture building, regulatory sandbox access, pilot programmes, and early-stage incubation — as it looks to bring more startups and investment to the proptech market. The hub will also include a multi-stakeholder collaboration model, including investors, regulators, and developers, and founding partners like Binghatti, Majid Al Futtaim, Sobha Realty, and Union Properties are already exploring collaboration with DIFC Innovation Hub-led pilots.

PSA-

New social media rules for UAE student visa applicants: UAE residents applying for F, M, or J class US visas must now set all social media profiles to public before their appointments, the US Embassy in the UAE said in a statement.

Why? The move follows a US State Department directive mandating “comprehensive and thorough vetting” of applicants’ entire online presence — not just on social media — to flag potential derogatory content or signs of “hostile attitudes” toward the US, Reuters reports. It comes ahead of the resumption of student and exchange visa scheduling, which had been paused since late May under orders from the Trump administration.

It could be harder to get an appointment: Visa officers have been instructed to reduce appointment volumes if needed due to heavier vetting workloads, with priority given to certain medical exchange programs and students heading to US universities with less than 15% international enrollment, Khaleej Times reports.

THE BIG STORY ABROAD-

US President Donald Trump’s “big, beautiful bill” is officially on its way to his office for ratification after the House narrowly passed it ahead of their Friday deadline. The bill marks a massive victory for Trump, who is using it to fund his domestic agenda, which includes new military spending plans, tax cuts, and a crackdown on illegal immigration. It will also see cuts to spending on healthcare and a reversal of most of former president Joe Biden’s clean energy subsidies and breaks.

The bill is set to add some USD 3.4 tn in debt to the economy, raising concerns over the US’ fiscal trajectory. The debt ceiling will be raised by USD 5 tn to avoid a default. (Bloomberg | Reuters | Wall Street Journal | Financial Times | New York Times)

PLUS- Trump says he will begin to notify countries of their reciprocal tariff rates today ahead of the 9 July deadline when the 90-day pause on the tariffs expires. The UAE, along with the rest of the GCC, will see a 10% tariff slapped on their exports to the US. (Bloomberg)

Closer to home, Israel is reportedly ramping up airstrikes on Gaza and ordering more mass evacuations as a potential 60-day ceasefire hangs in the balance. Israel has already accepted the proposal, Trump said previously, with the proposal now with Hamas, who is reportedly looking to secure guarantees that the ceasefire will pave the way for a permanent end to the war. Yesterday’s attacks have killed at least 60. (Bloomberg | Reuters)

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Non-oil sector sees marginal growth in June as demand dips on regional tensions

The UAE’s non-oil private sector saw a slight improvement in June despite a slowdown in demand on the back of regional tensions, with the S&P Global PMI (pdf) edging up to 53.5 from 53.3 in May. The uptick was driven by stronger output and a stabilization in inventories, though new order growth slowed to its weakest pace in 45 months, while export growth was softer than domestic demand, according to a note (pdf) from Emirates NBD.

REMEMBER- The all-important 50.0 mark is the threshold separating contraction from growth. Anything above 50 denotes expansion, while anything below indicates contraction.

Firms cited client hesitation amid ongoing instability following the conflict between Iran and Israel, though some were able to cushion the impact through promotions and by expanding customer bases. “The UAE non-oil sector showed signs of a minor setback in June due to the conflict between Israel and Iran,” S&P Global’s David Owen said, adding that the impact, however, was “negligible” considering the expansion in output.

On the bright side, backlogs increased at the slowest pace in 17 months, as companies worked to clear long-standing capacity pressures. Purchasing activity also recovered modestly, while softer inflation in input prices — easing to an almost two year low — allowed firms to lower selling prices marginally for the first time in six months, in a bid to remain competitive.

June also saw a slight uptick in employment, though growth slowed in comparison to the rest of the quarter. Firms continued to recruit for workload management, though some flagged difficulty sourcing skilled labor.

Business confidence has not been impacted by the escalation in regional tensions, though, with confidence at its highest in seven months, attributed to projected sales growth and hopes of regional stability. “[A] rebound in sales growth is wholly possible in the coming months should regional tensions ease,” Owen said.

MEANWHILE IN DUBAI-

Conditions in Dubai weakened further in June, with the emirate’s PMI falling to a four year low on the back of a slowdown in new orders after 45 months of growth. Output also slowed with firms citing weaker demand in tourism following regional tensions, as well as heightened competition. June also saw the emirate record an uptick in overall business activity.

Employment and pricing trends remained muted, with employment growth continuing for the third straight month but at only a marginal pace. Output prices continued to rise, albeit marginally as input inflation eased to an 18-month low.

The story got ink from Reuters and Bloomberg.

ELSEWHERE IN THE REGION-

Saudi Arabia’s non-oil sector seemed to shrug off concerns over regional tensions and low oil prices, with the PMI ticking up (pdf) to 57.2 in June, up from 55.8 in May.

Abu Dhabi's GDP grows 3.4% as non-oil sector hits record share

Abu Dhabi's GDP grew 3.4% y-o-y in 1Q 2025 to reach AED 291 bn, compared to a 3.3% uptick in the same period last year, according to data from the Abu Dhabi Statistics Center. The non-oil economy grew 6.1% y-o-y to AED 163.6 bn, accounting for 56.2% of total GDP and marking an all-time high for 1Q results. Meanwhile, the oil sector’s share contributed AED 127.4 bn.

ICYMI- Abu Dhabi’s economy expanded by 3.8% last year to reach an all-time high of AED 1.2 tn, with the manufacturing and construction sectors leading the results.

By the sector: Once again, the manufacturing sector led non-oil growth with AED 28.5 bn in value added during the quarter, representing 9.8% of total GDP and showing 5% y-o-y growth on the back of new industrial licenses and more developed production stages. The construction sector followed in a close second, with a 10.2% growth bringing it to AED 27.5 bn.

Also recording growth was the financial and ins. sector, which was valued at AED 19.6 bn after expanding 9.1% y-o-y, bolstered by a 43% rise in registered financial institutions in the ADGM. Wholesale and retail trade expanded 3.6% to AED 16 bn, while professional services grew 10.3%, arts and entertainment grew 8.4%, transportation was up 7.5%, real estate by 6.7%, and healthcare expanded 5.2%.

Projections for the year ahead: Fitch sees Abu Dhabi’s GDP growing 6.3% in 2025 and 4% for 2026, while the IMF sees Abu Dhabi’s economy growing at a faster pace than Dubai’s this year, projecting 4.2% growth for the former and 3.3% for the latter.

The MENA region is getting its first USD 100 mn digital bond, courtesy of FAB, HSBC, and ADX

FAB issues Mena’s first blockchain-based bond: First Abu Dhabi Bank is issuing a three-year, USD 100 mn floating rate digital bond, the first of its kind in the Middle East, a spokesperson from HSBC, the coordinator and lead manager and bookrunner on the issuance, told EnterpriseAM UAE. The distributed ledger technology-based bond is currently being priced, according to a statement (pdf).

The bond will be accessible through HSBC’s Orion platform, the bank’s digital assets platform, which is operated by Hong Kong’s Central Moneymarkets Unit (CMU). It can be accessed through Orion directly, or through a custodian or accounts held with CMU, Euroclear, and Clearstream.

The ADX is integrating the bond with existing post-trade infrastructure, the statement said, without disclosing further details on the exact listing date.

SOUND SMART- Digital bonds are set to revolutionize the bond market with lower operating costs and near-instant settlement times — a big shift from what has historically been a burdensome and time-consuming process. The market is still nascent, with regulatory frameworks still in the process of being put into place — but more issuers are turning to blockchain for the transparency and efficiency it offers.

What’s next? The bond lays “the foundation for a broader class of tokenized assets — including green bonds, sukuk, and real estate-linked products,” ADX Group CEO Abdulla Salem Alnuaimi said.

REMEMBER- The Securities and Commodities Authority (SCA) issued draft rules for tokenized assets in January. The regulation covers contracts on a DLT, token transfers and cancellations, and gives the SCA enforcement power over violations.

Eurasian Development Bank issues debut AED 200 mn private placement bond in the UAE

In other good news for local debt markets, the Eurasian Development Bank has issued an AED-denominated private placement bond, valued at AED 200 mn, on the local capital market, according to a statement. It comes as the bank looks to boost cross-border trade using local currencies other than the USD, and just a few days after the UAE inked a trade and economic partnership agreement with the Eurasian Economic Union.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

It also marks the bank’s debut local private placement bond, after it placed its first ever AED-denominated bonds on the Astana International Exchange (AIX) earlier this year, becoming the first issuer of AED-denominated bonds in Kazakhstan.

Where will the funds go? The bank will use the funds for “high-impact initiatives" across its member states, spanning regional infrastructure, trade, and industrial projects, the statement said.

ADVISORS- First Abu Dhabi Bank arranged the bond alongside the Abu Dhabi Fund for Development.

Burjeel acquires Riyadh-based physiotherapy center PhysioTrio

Burjeel grows PhysioTherabia network with Riyadh acquisition: ADX-listed healthcare group Burjeel Holdings acquired a 100% stake in Riyadh-based PhysioTrio Physiotherapy Center through its subsidiary Burjeel Arabia, according to a press release (pdf). Burjeel will integrate the center — which specializes in sports rehabilitation and has contracts with the Sports Ministry — into its PhysioTherabia network in Saudi Arabia.

Background: Burjeel launched PhysioTherabia in 2023 in partnership with Saudi’s Leejam Sports Company. Its network includes centers offering sports rehabilitation and physical therapy services in Saudi Arabia. The takeover means PhysioTherabia now operates across 30 centers in the kingdom, with the firm inaugurating eight new PhysioTherabia centers in Riyadh, Jeddah, Dammam, Al Khobar, and Yanbu last year.

Also in the Saudi portfolio: Its Saudi subsidiary, Burjeel KSA, also fully acquired Makkah-based Specialist Physiotherapy Center for SAR 6.5 mn earlier this year.

More to come? The firm wants to grow its PhysioTherabia network to 60 facilities, a spokesperson from Burjeel told EnterpriseAM in response to emailed questions. Outside of the Kingdom, Burjeel is also planning a new hospital in Dubai, as well as new medical centers in Al Ain, Fujairah, and Riyadh City, the spokesperson said.

The healthcare firm has been on an expansion drive: Just last month Burjeel Holdings launched Alkalma, a regional mental health and wellbeing platform, after integrating four specialist centers across Dubai, Abu Dhabi, and Riyadh. It also launched a Genetics and Rare Disease Center at Burjeel Medical City, an oncology center in Sharjah, and a specialized blood disorder center in Abu Dhabi. It also acquired an 80% stake in Dubai’s Advanced Care Oncology Center (ACOC) for AED 92 mn earlier this year.

Tourist arrivals to hit 28.9 mn in 2025

The UAE is on track to welcome 28.9 mn tourists in 2025, up 7.2% y-o-y, with total overnight stays projected to reach 111.2 mn and hotel occupancy rising to 80% from 77.2% in 2024, according to Fitch Solutions’ research unit BMI. That momentum is expected to continue through to 2029, when the number of inbound visitors is forecast to reach 33 mn and hotel occupancy is slated to climb to 84.4%.

Upping capacity: The number of hotels in the Emirates is set to grow to 1.7k, up from a little over 1.5k currently, by 2029, while available rooms will reach 264.9k in 2025 and 294.1k by 2029.

ICYMI- The tourism sector brought in AED 257.3 bn to the UAE’s overall GDP in 2024. Abu Dhabi alone is expected to see growth of 13% y-o-y this year, while hotel revenues are expected to see a 13% uptick to reach AED 8.6 bn.

Ras Al Khaimah is also playing a big role: More international brands are flocking to the emirate, with the latest being Fairmont Hotels and Resorts, which is developing a 769-key resort in Ardee Al Marjan island in partnership with UAE-based Ardee Developments and. The Fairmont Al Marjan Island Hotel and Residences is slated for completion in late 2028, and includes 250 hotel rooms and 519 branded residences. The project joins an expanding pipeline on Al Marjan Island, which already includes hospitality projects like the mega USD 3.9 bn Wynn Al Marjan Island gaming resort as well as projects from Nobu and Marriott.

Sharjah opens property market further to investment funds + introduces new reg plate regs

Sharjah opens up real estate investment to funds: Sharjah’s Executive Council issued guidance on investment funds operating in the real estate sector and approved a new framework to regulate the auction of special vehicle plate numbers, according to a statement.

Under the new decision, Emirati- and GCC-owned investment funds registered with the Securities and Commodities Authority (SCA) can now own real estate in Sharjah. Private and public investment funds owned by Emirati and GCC nationals can own real estate in the emirate and use them for projects approved for usufruct sales.

Yes, but: Real estate funds with units owned by non-Emiratis and non-GCC nationals will be restricted to specific real estate projects, which will be flagged for foreigners.

Cracking down on vehicle plate auctions: The council also moved to regulate the process for auctioning special vehicle registration places, whereby the Sharjah Police General Command will manage everything from setting up and organizing auctions, establishing rules and regulations, liaising with firms, and specifying types of registration plate categories.

AD Ports and China’s Ningbo Zhoushan Port partner on auto logistics

AD Ports expands China trade ties with Ro-Ro partnership: AD Ports Group signed a preliminary agreement with China's Zhejiang Provincial Seaport Investment and Operation Group (Ningbo Zhoushan Port) to develop an integrated automotive logistics network connecting Chinese manufacturing to markets in the Middle East, Central Asia and Africa, according to a press release.

The details: The partnership will establish roll-on, roll-off (ro-ro) and automotive terminals at both AD Ports’ hubs and the deepwater Ningo Zhoushan Port. United Global Ro-Ro (UGR), a joint venture between AD Ports’ Noatum Maritim and Erkport, will serve as the designated ro-ro carrier. Technology like real-time visibility and predictive analysis will be integrated to improve operational efficiency.

The goals: The agreement aims to expedite turnaround times, work with larger vessels, and improve vehicle handling capacity. AD Ports and Zhejiang will also look into creating a multimodal transport network, integrating inland rail routes as well.

Ruya invests in Saudi fiber plant + freight platform Trukker

Abu-Dhabi based private fund manager Ruya Partners has poured funds into two Saudi ventures: a fiber production facility and digital freight platform TruKKer.

#1- Ruya invested USD 55 mn to finance AlShair Group’s new hygiene nonwoven fiber production plant in Yanbu, Saudi Arabia, according to a press release.The investment was completed as part of a consortium with another undisclosed fund. The project aims to boost local production of raw materials used in hygiene products.

The details: The facility, owned by Al Shair Group, will supply raw materials to United Saudi Company, Saudi Arabia's sole dry-laid hygiene nonwoven manufacturer. It will support Al Shair’s vertical integration by bringing the full nonwoven supply chain inside the Kingdom. The facility is expected to begin operations within two years with an initial production capacity of 30k metric tons, expanding to 50k tons in a later phase.

#2- Ruya has also closed a USD 15 mn (SAR 55 mn) private credit investment in TruKKer, the region’s largest digital freight platform, according to a press release. The financing — executed through Ruya Private Capital I, the firm’s flagship credit fund — will support TruKKer’s regional growth and tech upgrades. With this transaction, the fund is now 90% deployed, with five of its six investments backing Saudi-based companies.

TruKKer? Founded in 2016, TruKKer operates a real-time freight marketplace connecting over 60k transporters to 1.2k enterprise clients across nine countries. Its platform enables truck owners to manage dispatch, scheduling, and documentation through one tech layer.

ICYMI- Ruya also invested USD 15.5 mn in UAE-based Epik Foods last year through its Private Capital I, LP fund to back its Saudi expansion.

Mashreq ranked the top-performing in the UAE by The Banker + G42 makes it to TIME’s 200 most influential companies list

Our friends at Mashreq claimed the top spot in The Banker’s ranking of banks’ performance in the UAE, in what it said was a “highly competitive” ranking, as part of its top 1000 world banks report. UAE banks in general outperformed GCC peers on the back of a supportive macroeconomic environment, with GDP growing 4% in 2024.

Mashreq ranked first in performance metrics including leverage, liquidity, and return on risk. The bank also led regional peers in return on assets and capital ratios.

Rounding out the top five: Dubai Islamic Bank ranked second, ranking highest in profitability; Emirates NBD, the largest by Tier 1 capital, dropped to third despite leading in asset quality; Abu Dhabi Commercial Bank rose to fourth, topping growth metrics; and First Abu Dhabi Bank ranked fifth, leading in operational efficiency. All five banks increased core capital and total assets during the review period.

G42 named in TIME's 2025 100 most influential companies list: G42 has been included in TIME’s 2025 list of the 100 Most Influential Companies, becoming the first UAE-headquartered company to ever be included in the list. The magazine named it a “rising AI power” and name-checked its work on the 5 GW AI campus it is developing alongside OpenAI, Oracle, Nvidia, and Cisco.

ALSO- Real estate developer Emaar was named the world’s fastest growing real estate brand by Brand Finance, with its brand value rising 58% to USD 4 bn in 2025. The Emirates account for 17.7% of real estate brand value in the world, according to the consultancy.

Enoc taps Hussain Lootah as acting CEO + ICC UAE appoints new sec-gen

Emirates National Oil Company (Enoc) has named Hussain Sultan Lootah (LinkedIn) as acting CEO, succeeding Saif Humaid Al Falasi who held the role for over a decade, according to a press release. Lootah brings with him over 30 years of experience in the oil and gas sector, spanning financial strategy, project execution, and national workforce development.

ICC UAE taps Salem Al Shamsi as Secretary General: The UAE’s International Commerce Chamber (ICC) appointed Salem Al Shamsi as its new secretary general, Al Khaleej reports. Al Shamsi currently serves as vice president of international relations at Dubai Chambers, and succeeds Hassan Al Hashemi (LinkedIn), who completed a 10-year tenure in the role.

Nasdaq-listed DeFi Technologies lands in DMCC

CRYPTO-

DeFi Technologies sets up shop in Dubai: Nasdaq-listed fintech firm DeFi Technologie s established DEFI DMCC in Dubai's Jumeirah Lake Towers as part of its GCC and MENA expansion, according to a press release (pdf). The company's subsidiary Valour, an ETF product issuer, also opened a trading desk at the Dubai Multi Commodities Center (DMCC) to serve institutional digital asset demand in the region.

About DeFi Technologies: DeFi Technologies connects traditional capital markets with decentralized finance through its subsidiaries. Alongside Valour, it operates Stillman Digital for institutional trading services, Reflexivity Research for market analysis, Neuronomics for quantitative strategies, and DeFi Alpha for arbitrage operations.

LOGISTICS-

New air cargo service connects Tanzania and Dubai: Tanzania’s Xerin Group launched a weekly cargo flight between Dar es Salaam and Dubai, The Citizen reports. The service operates a B737-800 freighter with a 20 tonne capacity per trip, and it could run more regularly if demand increases. This comes as Tanzania’s government looks to position the city as a regional logistics hub, upgrading its airport's cargo terminal and freight capacity.

AI-

G42 rolls out AI procurement tool built by Inception: State AI giant G42 launched an AI-powered procurement platform developed by its portfolio company Inception, becoming the first in Abu Dhabi to implement artificial intelligence in enterprise procurement, Wam reports. The system, called (In)Business Procurement, uses large language models and integrates with existing systems to support supplier discovery, autonomous sourcing, contract management, and spending analytics.

The benefits: The tool aims to shorten sourcing and contract cycles by up to 40%. G42 says it has already cut its procurement turnaround time from three months to 10 days, and the platform is set to cut costs by between 7-10%.

Hong Kong reclaims IPO crown as Chinese firms flood market with dual listings

Hong Kong is on track to overtake Nasdaq and the New York Stock Exchange as the world’s top IPO venue this year, as Chinese companies fuel a dramatic rebound in equity fundraising on the exchange, CNBC reports. Listings surged eightfold to USD 14 bn in 1H 2025 on the Hong Kong Stock Exchange — the highest since 2021 — as firms rushed to tap resurgent investor demand, according to Dealogic data.

The momentum will likely continue into 2H: Some 90-100 IPOs are expected to bring in upwards of USD 25.5 bn in proceeds in 2025, according to PwC.

Secondary listings from China are fueling the rebound: Much of the momentum stems from a wave of secondary listings by mainland firms, seeking to diversify funding sources, with at least 40 of the 200+ IPO candidates already listed on Chinese exchanges, according to Wind data. In May, Chinese battery giant CATL raised over USD 5 bn in a Hong Kong secondary listing — the largest such transaction globally this year.

Hong Kong’s rally and the influx from mainland China is also fueled further by the arrival of DeepSeek at the start of the year. Paired with stilted growth from China’s CS1 300, mainland investors have increasingly looked to better returns on equities in Hong Kong instead.

Beijing’s regulatory push is another key tailwind: Officials have fast-tracked offshore IPO approvals for qualified tech firms, while Hong Kong’s new Tech Enterprises Channel, launched in May, accelerates listings for AI and biotech companies. These policies “have provided a much-needed shot in the arm,” Dealogic’s Perris Lee said. Hong Kong is now seen as more “inclusive” of emerging sectors, BNP Paribas’ Wei Li added, making it a draw for firms with global ambitions.

It’s also benefitting from the shift away from the US amid geopolitical tensions and delisting risks. Despite this, New York’s exchanges — NYSE and Nasdaq — were bigger than Hong Kong overall in 1H, with some USD 16.2 bn in listings, according to PwC.

A sharp reversal from 2024: In December, Hong Kong’s Hang Seng stock market dropped 1.4% amid a sea of red across Asian indices, with China’s CSI 300 down 0.9% and Japan’s Nikkei off 1.2%, as investors weighed Beijing’s stimulus pledges against sluggish growth.

MARKETS THIS MORNING-

Asian markets are mostly in the red this morning, with the exception of Japan’s Nikkei, which is up 0.04%, bucking a wider trend that saw a rally across Wall Street and European markets, following a positive jobs report in the US and the passing of US President Donald Trump’s “big, beautiful bill.”

Over on Wall Street, markets will be closed for the 4 July holiday after the S&P 500 and Nasdaq hit fresh records yesterday.

ADX	9,981	+0.6% (YTD: +6.0%)
DFM	5,748	+1.4% (YTD: +11.4%)
Nasdaq Dubai UAE20	4,766	+1.9% (YTD: +14.5%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.3% o/n	4.1% 1 yr
TASI	11,244	+1.0% (YTD: -6.7%)
EGX30	32,821	+0.4% (YTD: +10.3%)
S&P 500	6,279	+0.8% (YTD: +6.8%)
FTSE 100	8,823	+0.6% (YTD: +8%)
Euro Stoxx 50	5,343	+0.5% (YTD: +9.1%)
Brent crude	USD 68.82	+0.0%
Natural gas (Nymex)	USD 3.41	-0.0%
Gold	USD 3,339.3	-0.1%
BTC	USD 110,017.42	+0.8% (YTD: +16.5%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.56	-0.8% (YTD: -0.2%)
S&P MENA Bond & Sukuk	145.94	+0.0% (YTD: +4.3%)
VIX (Volatility Index)	16.38	-1.6% (YTD: -5.6%)

THE CLOSING BELL-

The ADX rose 0.6% yesterday on turnover of AED 1.2 bn. The index is up 6.0% YTD.

In the green: Commercial Bank International (+7.9%), Presight AI Holding (+6.0%) and Space42 (+4.3%).

In the red: Gulf Pharma (-2.7%), Fujairah Cement Industries (-2.2%) and Alef Education Holding (-1.9%).

Over on the DFM, the index rose 1.4% on turnover of AED 1.0 bn. Meanwhile, Nasdaq Dubai was up 1.9%.

My Morning Routine: Obediah Ayton, chairman of the Family Office Summit

Obediah Ayton, chairman of the Family Office Summit: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Obediah Ayton (LinkedIn), chairman of the Family Office Summit. Edited excerpts from our conversation:

My name is Obediah Ayton and I moved to the UAE in 2017, bought my laptop and set up a bunch of businesses. I own two accounting companies here — one is an audit company regulated by the Finance Ministry, and the other one is regulated by the Federal Tax Authority. I’ve also founded the Family Office Summit, which started off as a marketing company that I eventually turned into an event brand.

I’ve never had a proper job. I went to university and never even created a CV, but I met a few people along the way that I shadowed and worked with a bit. They were family businesses, and I actually met them on the golf course, so I started to build a social brand around the concept of the “family office” because that’s what I was learning about and took a vested interest in.

The family office brand was quite niche at the time, though now it’s grown to be quite large. There is a growing number of entrepreneurs that have had successful exits, typically in tech, so the increase of family offices has gone through the roof.

I think a lot of companies, rather than investing in digital ads, should invest a little bit more in people. I think we’ve gotten a little bit lost in the world of “digital” and we’ve forgotten to invest in hosting. I decided to start building a community by just paying for people’s food and drinks, and funny enough, we started building a community quite fast.

I was nervous about building a brand around family offices, because the whole purpose of a family office is to be discreet. I thought about it for years and then went for it in 2022. The turning point, for me, was a need for international attention, because everything I was doing up until then was very local.

Our most recent event was in Abu Dhabi. We do events in both Dubai and Abu Dhabi. The main difference between the two is Abu Dhabi is a little bit more institutional with all of its sovereign wealth funds — I call it a little bit more suit and tie, as opposed to Dubai’s polo shirts and trousers.

At this past event, I wanted to understand how the next generation sees the future — everybody wants to understand this, because Mom and Dad — and Grandma and Grandpa — have become successful in almost every industry in this country now, so what’s left for the next generation? So the main topic was, of course, technologies. And the main question is: Is there anything left locally, or is what’s next all international?

I think there’s also more pressure around regulation now. A family structure is now under pressure to become more public because it has to disclose certain records to the regulator. It's under pressure to hire different people for different divisions. It's under pressure to give certain assets to sons and daughters because the taxman wants to start charging corporate tax. They’re also under pressure from international brands and firms coming in and competing in industries in which they’re already dominating.

But the good thing about regulation is, from a foreign direct investment standpoint, if the books are public and all the accounts are filed and audited, assets that might previously have not been viewed as investable become investable. I think a lot of families have had a lot of assets in their portfolio that were not investable because there's never been any kind of public disclosure. There is a bit of a battle between the private and public world when it comes to family offices, still.

We do three or four events a year, and I also have my other businesses running in the background. My Whoop will tell me that I sleep very badly on a Sunday, because all I’m thinking about is my to-do list.

I’m usually woken up by my two rescue cats to tell me they want food. I usually jump straight to work because I’m more efficient between 6am and midday — I can get most of the day done then. Like anybody, I’m on and off on the fitness side of things, but it does help me get through the week.

The issue I have is the events business is very personable, and the reason we’re doing so well is because I speak to everybody. I’m the point of contact for all the speakers — around 250 people come to our events — and I’m the person who designs the topics and moderates the panels.

It’s not because I want to — I actually don’t particularly like being center-stage, but I care about the people, and these people have jobs they want to protect. Going on stage could threaten that, so I have to understand the person, as well as what to ask and what not to ask. I also care about the quality of the audience — I’ve been to a lot of events that take loads of money and don’t deliver, because they just care about how many sponsors they have and how many people they get through the door. I care a lot about giving value, so we actually cap the amount of partners we have, and we invite people one by one.

So my weeks are chaotic, but I’m very UAE-focused, because I think the opportunity is here and now, and I have to make the most of it. I’m not just trying to build a business, I’m also trying to make a bit of a difference, and in doing that, you have to put yourself out there.

One thing I do everyday is I call my mom. It's kind of the only time I stop. If it's not my mom, it's one of my brothers or my dad or little sister. That allows me to refresh and come back and get on with things.

I’m also one of those crazy golf people. I play in July. The good thing about it is you actually get to know the people around you, and when business arises, that’s great.

Another way I like to switch off is — weirdly — watching videos of people playing computer games. I also love cooking.

Dubai puts you under that pressure to be sociable, but I wouldn’t say I’m very sociable. When starting your own business — you kind of embed it in yourself that when you have spare time, you work on your business. You have a vested interest in it and it changes you as a person.

One of the biggest learnings for me also came from the golf course, when I was with a high net-worth gentleman and he asked if I could bring him a chocolate croissant. I went and asked one of the workers inside to get it, and it never arrived. He asked me later if I had handed the request to another person, and it was kind of a message for me to take full responsibility and never rely on other people.

CALENDAR

JULY

6-7 July (Sunday-Monday): BRICS Summit, Rio de Janeiro.

29-30 July (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

SEPTEMBER

1-6 September (Monday-Saturday): Dubai Fashion Week, Dubai Design District.

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

8-19 September (Monday-Wednesday): WHX-Tech Expo, Dubai World Trade Centre.

10-11 September (Wednesday-Thursday): Mena Public-Private Partnership Forum ,Dubai.

12-14 September (Friday-Sunday): The International Real Estate and Investment Show, Abu Dhabi.

16-17 September (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

24-25 September (Wednesday-Thursday): The KT UniExpo, The H Dubai.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

24-25 September (Wednesday-Thursday): Dubai World Congress for Self-Driving Transport, Dubai.

OCTOBER

1-2 October (Thursday-Friday):World Green Economy Summit (WGES), Dubai World Trade Centre.

30 September - 2 October (Tuesday-Thursday): The Water, Energy, Technology, and Environment Exhibition (WETEX), Dubai World Trade Centre.

3-16 October (Friday-Thursday): Dubai Home Festival.

7-9 October (Tuesday-Thursday): The International Symposium on the System of Radiological Protection, the Ritz-Carlton Abu Dhabi, Grand Canal.

9 October (Thursday): Family Office Summit, Park Hyatt, Dubai.

9-15 October (Thursday-Wednesday): IUCN World Conservation Congress, Abu Dhabi.

14-16 October (Wednesday-Friday): Global Future Councils, Dubai.

22-24 October (Wednesday-Friday): World Investment Conference, Expo Centre Sharjah.

27-29 October (Monday-Wednesday): Future Hospitality Summit, Madinat Jumeirah, Dubai.

27-29 October (Monday-Wednesday): Asia Pacific Cities Summit, Dubai Exhibition Center.

28-29 October (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

NOVEMBER

11-17 November (Tuesday-Monday): International Council of Museums (ICOM) General Conference, Dubai

12-17 November (Wednesday-Monday): RoboCup Asia-Pacific, Khalifa University, Abu Dhabi.

15-17 November (Saturday-Monday): Myplant & Garden Middle East Green Expo, Dubai Exhibition Centre, Expo City.

17-21 November (Monday-Friday): Dubai Airshow 2025, Al Maktoum International Airport, Dubai.

18-19 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

DECEMBER

1-3 December (Monday-Wednesday): Eid Al Etihad (UAE National Day).

1-5 December (Monday-Friday): The World Congress of Neurosurgery, Dubai World Trade Center.

7-14 December (Sunday-Sunday): Asian Youth Para Games, APC headquarters, Dubai.

8-9 December (Monday-Tuesday): BTC Mena Conference, Adnec, Abu Dhabi.

8-10 December (Monday-Wednesday): BRIDGE media summit, Abu Dhabi.

9-10 December (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

18-23 December (Thursday-Tuesday): Games of the Future, Adnec, Abu Dhabi.

29-30 December (Monday-Tuesday): World Sports Summit, Dubai.

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.
Universal Postal Congress 2025, Dubai.

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

Signposted to happen sometime in 2026:

1 January: Client asset regime changes in Dubai International Financial Center take effect.
9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE.
28-29 January (Wednesday-Thursday): IBA Arbitration Day Conference, Abu Dhabi.
3-5 February (Tuesday-Thursday): The World Governments Summit.
12-15 February (Thursday-Sunday): The Society for Incentive Travel Excellence Global Conference, Abu Dhabi.
11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center.
The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE
The first edition of Dubai Future Finance Week
Investopia Global Talks, Tashkent

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

Signposted to happen sometime in 2027:

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 between 2027 and 2029:

Sibos 2029 organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Dubai.
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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