Good morning, friends. We have a busy issue for you this morning, led by a slew of debt and M&A news.

We have a new AT1 issuance, courtesy of the National Bank of Ras Al Khaimah, and another sustainable financing facility from our friends at Mashreq, this time for Arabian Gulf Steel Industries. Plus: Emirates Driving acquires a stake in Mwasalat, and Condé Nast brings Wired Middle East under its wing.

ALSO- Twenty-two people onboard a commercial vessel have been rescued by an AD Ports-operated ship following a distress call, after it came under attack by the Houthis in the Red Sea, state news agency Wam reports. The vessel — Magic Seas — was attacked by gunfire, rockets, and explosive-laden remote-controlled boats, and the Houthis claimed it had sunk following the attack, Reuters reports.

The incident marks the end of a period of calm following a series of Houthi attacks that had disrupted shipping last year, with this being the first known attack this year.

WEATHER– Dubai will see a high of 40°C, cooling to 31°C overnight. In Abu Dhabi, the mercury will reach 35°C before cooling to 30°C after dark.

WATCH THIS SPACE-

#1- The UAE and other Brics countries are working to forge a new intra-Brics tourism agreement, UAE’s Deputy Sherpa to Brics Khamis Al Shemaili told CNBC Arabia (watch, runtime: 01:52). The relevant authorities across member states will convene soon to lay the groundwork for a multilateral framework.

Brics economies are expected to heavily influence global growth over the next 25 years, Foreign Trade Minister Thani Al Zeyoudi told CNBC Arabia (watch, runtime: 03:19). The UAE’s non-oil trade with Brics now makes up 30% of its total, and a comprehensive economic partnership agreement with Mercosur is set to be finalized within two months, he added.

#2- UAE launches new AI-driven federal planning cycle: The UAE kicked off a new strategic planning cycle for federal entities that shortens timelines and embeds artificial intelligence in decision-making, Prime Minister and Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum announced in a post on X that was picked up by Wam. The three-year cycle replaces the traditional five-year model and is designed to help ministries and agencies respond faster to global volatility. The new cycle involves 38 federal entities and prioritizes integrated planning across strategy, finance, and innovation teams.

UPDATE-

We have more details on Terex’s cross-border investment initiative: UAE startups will take part in Terex Ventures’ USD 200 mn investment initiative to link investors with growth-stage AI firms, Terex CEO Priyanka Madnani told EnterpriseAM. Over 100 startups from the UAE, India, and Japan have expressed interest so far. These companies span a broad range of sectors including deeptech, generative AI, fintech, healthtech, fashion tech, and AI-powered enterprise solutions.

Who will fund these investments? The initiative will be funded in partnership with multiple stakeholders across the three countries. Strategic limited partners (LPs) include family offices, institutional investors, and high-net-worth individuals (HNWIs).

The timeline: “The first round of capital deployment is slated for 4Q 2025, with investments rolled out in tranches over a 36-month cycle,” Madnani said. While the current geographic focus remains on the UAE, India, and Japan, Terex is also exploring expansion into Southeast Asia (Singapore, Indonesia) and Europe (Germany, Nordic countries) in 2026.

The initiative aims to help Indian and UAE startups entering the Japanese market through regulatory and compliance support, localization services, market mentoring and distribution access, and partnerships with Japanese firms, Madani told us. Terex Ventures is cooperating with an AI community in Japan, Tokyo AI, to share resources as part of the initiative and support the startup ecosystem across the UAE, India, and Japan.

DATA POINT-

ADX sees increased activity in 1H 2025: The Abu Dhabi Securities Exchange (ADX) saw total trading value rise 33.5% y-o-y to AED 179.5 bn, state news agency Wam reports. Average daily trading value increased to AED 1.5 bn, up from AED 1.1 bn in 1H 2024. The exchange also saw foreign net investment reach AED 13.6 bn in 1H 2025, up 99.5% y-o-y,

This follows a strong 1Q for foreign investment for the index, which saw net foreign inflows climb 151% y-o-y in the first quarter of 2025 to reach AED 8.5 bn. Foreigners made up 42% of market activity during the period, with the uptick coming on the back of modernization measures in February with the ADX improving the way trades are cleared, settled, and stored on the exchange.

Despite a sell-off in April that hit most indices following the announcement of the US’ tariff program, trading rebounded later in 2Q 2025 and is currently up 6.2% YTD.

PSAs-

#1- Fines for late contributions for GCC workers incoming: The General Pension and Social Security Authority (GPSSA) will start penalizing employers who delay contributions for employees who are GCC nationals under the unified protection extension system, effective from the start of this month, Wam reports. Contributions for the previous month’s obligations must be paid between the first and 15th of each month. Payments received after this timeframe will be subject to a 0.1% daily penalty.

#2- Emirati students looking to study abroad will have new restrictions: The Higher Education Ministry implemented new standards for Emirati students enrolling in foreign universities, according to a statement. Institutions must rank among the top 50 globally in the student’s chosen field, regardless of location.

For US and Australian universities, institutions must rank in the top 100 both in the field of study and overall. Students planning to attend a university in other English-speaking countries will need to pick one in the top 200 rankings in both categories, while those in non-English-speaking countries must rank in the top 300.

HAPPENING TODAY-

Al Mal Capital REIT’s follow-on public offering on the DFM began subscriptions yesterday, aiming to raise up to AED 242 mn by selling up to 220 mn new units priced at AED 1.125 each, according to a disclosure (pdf). The offering is open to retail and institutional investors across the UAE and GCC and runs through till 25 July. The offering includes a green shoe option, which could see an additional 20 mn units offered if demand is high.

What’s next: Unit holders on record as of 26 June will receive priority allocation, while new investors are assured at least 2k units each, subject to availability. The new units are set to be allocated between 1-8 August, with trading expected to begin between 8-15 August.

ICYMI- The REIT first announced the capital raise in May, with plans to issue up to 300 mn units. Last month, it confirmed it would offer 200 mn units at AED 1.10 to raise AED 220 mn, boosting its capital to AED 713.9 mn from AED 513.2 mn, without the green shoe option. Proceeds will go toward acquiring income-generating assets in the healthcare, education, and industrial sectors, the statement said.

THE BIG STORY ABROAD-

Most of the attention has returned to the revival of US President Donald Trump’s trade war, as the US began sending countries letters, including Japan and South Korea — two of the US’ biggest trade partners — with their reciprocal tariffs, with the two Asian countries getting hit with a 25% tariff as of 1 August. Others like Kazakhstan, Myanmar, and Laos were slapped with a 40% tariff.

The letters reportedly hinted at the potential for trade talks to resume, possibly even beyond the 1 August deadline, but also threatened a tariff hike in case tariffs are raised on US exports. (Reuters | Bloomberg | Financial Times | CNN)

ALSO- Trump threatens 10% tariff on Brics-aligned nations: Trump said that countries aligned with the “anti-American policies of Brics” will face an extra 10% in tariffs with “no exceptions” in a post on Truth Social. The warning followed a joint statement (pdf) by Brics leaders criticizing tariff hikes, deeming them a threat to global trade and inconsistent with World Trade Organization regulations. A source familiar with the matter later downplayed the threat, saying it’s not a blanket threat against Brics nations, but on any of the countries agreeing policies deemed “anti-American.” (Reuters)

Meanwhile, Israeli Prime Minister Benjamin Netanyahu was hosted by Trump at the White House, with talks focusing on the potential ceasefire Trump hinted could be reached this week. (Reuters)

AND- The death toll from the floods in Texas — now deemed one of the deadliest in the country’s history — has exceeded 100 as search efforts continue. (Guardian | Wall Street Journal | New York Times)

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MARKET WATCH-

Goldman Sachs expects eight Opec+ members to increase oil production quotas by 550k bbl / d in September, completing the reversal of the 2.2 mn bbl / d voluntary cuts, Reuters reports, citing a note from the bank. The move would bring the group’s production to some 33 mn bbl / d by September, and would follow the group’s decision to raise production by 548k barrels per day in August.

The bank kept its Brent crude forecast unchanged at USD 59 a barrel for 4Q this year and USD 56/bbl for next year. The forecast reflects a balancing act between lower-than-expected supply from producers like Russia and shrinking spare capacity — both supportive of prices — against downside pressures from a potential rollback of the 1.65 mn bbl / d Opec+ post-pandemic cuts and a 30% probability of a US recession.

Goldman also flagged upside risks to demand, projecting global oil consumption to increase by 600k bbl / d this year and by 1 mn bbl / d next year. Key drivers include strong demand from China, sustained global economic momentum, and further depreciation of the greenback.

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