Al Futtaim takes big stake in Saudi Arabia’s Cenomi Retail

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WHAT WE’RE TRACKING TODAY

THIS MORNING: xAI in talks with G42 to lease data centers? + Nividia chip access stalled further…

Good morning, lovely people. Our issue today features a whole lot of love for Saudi Arabia, courtesy of Al Futtaim Group, which took a big stake in one of Saudi Arabia’s biggest retail operators, and Air Arabia, which entered a JV to launch a budget carrier in the Kingdom.

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BUT FIRST- We’re delighted this morning to welcome our friends from Hassan Allam Properties as our newest pillar sponsor here on EnterpriseAM UAE.

HAP is a developer of world-class residential communities, mixed-use developments, and vacation homes that cater to families looking for exclusive experiences and private seaside getaways in prime locations across Egypt. A three-generation family business, HAP draws on 80 years of heritage and has been Egypt’s premier boutique developer since the 1990s.

HAP’s portfolio of communities includes SwanLake Residences (NewCairo, ParkView NewCairo, SwanLake Katameya, and more) as well as destinations in West Cairo, El Gouna, Ain Sokhna, and, of course, the North Coast — 25 integrated and sub-developments across a national footprint and in partnership with leading global industry names.

Our friends at HAP share three of our most important values: Innovation, ambition, and family, and have long been our partners as the anchor sponsors of the EnterpriseAM Weekend Edition in Egypt.

HAP is pursuing new opportunities in the UAE and beyond. Whether for investment or primary use, they see significant appetite for high-quality Egyptian real estate from Emiratis, UAE residents — and, of course, from Egyptians living and working in the Emirates. HAP trusts EnterpriseAM to deliver “the quality, the reach, and the micro-selective and targeted audiences” that have marked the “brilliant success story” they’ve enjoyed with the EnterpriseAM Weekend Edition.

HAP chose EnterpriseAM UAE for our unique ability to simultaneously reach Egyptian expats, global markets, and high-profile execs across our region. “We couldn’t think of a better, more selective and targeted vehicle than EnterpriseAM — delivering the right executives and CEOs a unique early-morning report on everything that is happening economically — and in real estate, of course.”

Please join us in thanking HAP for their trust — EnterpriseAM UAE remains available without charge thanks to their generous support and that of our good friends at Mashreq.
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WEATHER- It’s going to be another hot and cloudy day with a chance of rain, according to the National Center of Meteorology, following heavy rains yesterday that hit parts of Sharjah and Al Ain. Dubai will see highs of 45°C and lows of 34°C. Abu Dhabi temperatures peak at 37°C, dipping to 34°C overnight.

**AN APOLOGY FROM ENTERPRISEAM- Many readers yesterday accidentally received EnterpriseAM Egypt in Arabic despite not having signed up for that edition. One of us made a mistake during the dispatch process — you have our apologies. When you sign up for EnterpriseAM (whether the UAE edition, Egypt, Saudi, or Logistics or all of the foregoing) our promise is to send you emails relevant only to that vertical — in the language of your choice.

MORNING MUST-READS-

#1- The fall consumer and business tech launch window is opening a lot earlier than usual — just what you’d expect from a year in which everything feels really, really accelerated:

Everything is computer: OpenAI’s ChatGPT announced a new feature (an “agent” in industry-speak) that can control an entire computer for you and carry out tasks. Its reliability is so far spotty and you have to check its work
Google will launch its Pixel 10 on 20 August, weeks earlier than usual.
Samsung’s latest foldable, the Galaxy Z Fold 7, is getting really good reviews. It’s thinner, lighter, hits just the right notes proportion-wise when closed — and costs a bloody fortune, The Verge warns.
Apple will be out with a foldable next fall, hoping to have the last word on the category and take it mainstream, Bloomberg ’s Mark Gurman writes in his weekly newsletter.

#2- There’s lots of concern about what deep interactions with AI can do to folks with mental health issues. The New York Times’ inimitable Kashmir Hill got the train rolling last month with They asked an AI chatbot questions. The answers sent them spiraling. Stepping into the breach this morning, the Wall Street Journal offers us He had dangerous delusions. ChatGPT admitted it made them worse.

WATCH THIS SPACE-

#1- Elon Musk’s firm, xAI, is in discussions with Abu Dhabi-based AI firm G42 to lease data centers, Bloomberg reports, citing sources familiar with the matter. Although specific details of the agreement remain undisclosed, the business news outlet said that xAI's team is in contact with both G42 and two other potential partners in Saudi Arabia. xAI already has ties with the UAE through state-backed Abu Dhabi investor MGX, which participated in its funding round last year.

#2- Some US officials are stalling the UAE’s access to Nvidia AI chips over national security concerns, Wall Street Journal reports, citing anonymous sources. The holdup comes as final details of the US-UAE agreement signed in May remain pending, with some Trump administration officials concerned China might get access to the technology.

REMEMBER- The UAE was set to receive some 500k Nvidia chips annually under an agreement with the US following US President Donald Trump’s visit to the UAE in May. The agreement also includes a 5 GW data center campus in Abu Dhabi, set to host US AI firms — to which most of the chips would be heading. The campus was set to include “strong security guarantees” aimed at addressing US concerns over G42’s historic ties to China.

What’s it going to take? The disagreement may take time to resolve, unless the UAE agrees to renewed terms to address the US’ security concerns, the WSJ reports. The US Commerce Department is floating the idea of blocking Abu Dhabi’s state AI firm G42 from directly accessing semiconductors, the sources said, though Commerce Secretary Howard Lutnick said he was confident the plan was going ahead as scheduled. G42 was set to receive 20% of the chips from the initial agreement.

#3- Arada set to tap Islamic debt markets next week: Sharjah-based real estate developer Arada is looking to raise up to USD 500 mn in fresh sukuk as early as next week, Reuters reports, citing sources it says are familiar with the matter. Proceeds will be used to fund the firm’s acquisition of new land, though final terms are still being hammered out. The move would see it join a growing wave of Emirati real estate players tapping Islamic debt amid a region-wide construction boom.

Arada last hit the sukuk market in 2024: The property developer completed a USD 150 mn tap into an existing USD 400 mn sukuk issuance on both the London Stock Exchange and Nasdaq Dubai in September of last year, bringing the total issuance to USD 550 mn.

#4- The EU approved the launch of talks with GCC countries over bilateral strategic partnerships, Bloomberg reports, citing people familiar with the matter. Talks are expected to begin soon on a range of issues, such as energy and security, after European affairs ministers gave the greenlight during a meeting on Friday.

Why now? The move comes as part of a broader push to reduce reliance on the US and navigate the Trump administration’s tariff threats. This latest development also builds on recent momentum between the UAE and the EU, who separately agreed to begin talks for a trade and economic partnership agreement in April.

DATA POINTS-

#1- Ajman’s property market hit AED 12.4 bn in real estate transactions in 1H 2025 — up 37% y-o-y — on the back of rising investor appetite and government efforts to upgrade the emirate’s infrastructure and regulatory framework, according to a press release.

A total of 8.9k transactions were recorded in 1H, with Ajman’s Eastern sector leading the emirate’s activity, followed by the Manama and Northern sectors. Al Helio 2 topped the list of most traded neighborhoods ahead of Al Zahia and Al Yasmeen.

#2- Foreigners invested AED 228.4 bn in Dubai’s real estate sector in 1H 2025, according to the Dubai Media Office. GCC investors contributed AED 22.6 bn worth of investments, while investors from the wider Arab region deployed AED 28.4 bn. Total real estate transactions in the emirate came in at AED 431.2 bn during the first half of the year.

#3- China’s Belt and Road Initiative (BRI) funneled USD 7 bn worth of investments into the UAE’s construction sector during 1H 2025, making it the third-largest recipient of BRI construction investments globally, according to a joint report (pdf) by Griffith University and the Beijing-based Green Finance and Development Center. Regionally, the UAE ranked second, just behind Saudi Arabia, which attracted USD 7.2 bn in construction-related flows.

The Middle East accounted for 8.2% of China’s BRI investments during the six-month period, with regional construction engagement totaling USD 19.4 bn.

REMEMBER-Several Chinese entities have been deepening their investment ties with the UAE under the Belt and Road Initiative. Masdar and China’s Silk Road Fund previously agreed to co-invest RMB 20 bn (USD 2.8 bn) in renewable energy projects across BRI countries. Meanwhile, around 40 Chinese companies plan to establish manufacturing plants at the China-UAE Industrial Capacity Cooperation Demonstration Zone (JOCIC Park) in Khalifa Industrial Zone Abu Dhabi (Kizad) as part of the initiative.

#4- More firms are pouring money into ads this year: Spending on advertising in the emirates hit AED 3.1 bn in the first half of this year, with a total of AED 6.3 bn project to be deployed by the end of the year, Al Bayan reports, citing data from Statista. Digital advertising accounts for the majority of spending, with AED 4.5 bn set to be spent this year, according to the Interregional Center for Strategic Analysis. The retail sector saw the most funds, followed by real estate, telecoms, and tech.

PSA-

SCA flags three unlicensed trading firms: The UAE’s financial regulator, the Securities and Commodities Authority (SCA), cautioned against dealing with Sigma-One Capital, Sigma Wealth World Financial, and Sigma One Cap Marketing Services, as they are not licensed to offer investment, trading, or any other regulated financial service, Khaleej Times reports, citing an X post from the authority.

The SCA’s warning follows an investigation by the news outlet, which revealed that these firms were using offshore registrations, fake offices, and shell companies to defraud UAE-based investors into investing large sums through deceptive online trading platforms and cold-calls.

THE BIG STORY ABROAD-

Two stories — one close to home and one further east — are getting plenty of attention in the foreign press this morning:

#1- Israel killed around 67 people waiting for UN aid trucks in Gaza yesterday as starvation cases rise and more people die of hunger. Hundreds of thousands of displaced Gazans were also told to evacuate Deir al Balah in central Gaza, as ceasefire talks seem to have stalled despite claims from the US that the two sides were close to agreeing a temporary 60-day truce. Talks are still ongoing in Doha between Israel and Hamas. (Reuters | Guardian | Bloomberg)

#2- Japan’s ruling coalition is projected to have lost control of the Upper House in an election yesterday, deepening political instability in the country amid rising economic concerns, according to public broadcaster NHK. The loss marks yet another blow to the Shigera Ishibu-led government, which had already lost the lower house last year. Ishibu vowed to stay on as prime minister despite the results, and said the country needs to now prioritize trade talks with the US. The country faces a 25% tariff by 1 August if it does not reach a trade agreement. (Reuters | AP | Financial Times | Wall Street Journal)

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CIRCLE YOUR CALENDAR-

The IFMA Youth World Muay Thai Championship will take place from Wednesday, 10 September until Saturday, 20 September in Al Raha Beach’s Space 42 Arena in Abu Dhabi, marking the first time it will take place in the Middle East. The championship will bring together more than 1.5k athletes from over 100 countries, state news agency Wam reports.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

Al-Futtaim takes big stake in Cenomi Retail, the struggling Saudi retail operator

Al-Futtaim sets out to buy nearly half of Saudi’s Cenomi Retail: Al-Futtaim Group is in the process of acquiring a 49.95% stake in Tadawul-listed Cenomi Retail in a transaction worth as much as SAR 2.5 bn (USD 667 mn) after inking a share purchase agreement, according to a joint statement. There’s no publicly available information about how Al-Futtaim plans to fund the acquisition. The move is pending regulatory clearance from the Saudi General Authority for Competition.

This is a good fit — what’s surprising is that it’s happening at all: Saudi has traditionally been very protective of its retail market, particularly against what it sees as incursions by UAE operators. But Cenomi Retail has long been struggling and has been mired in a start-stop turnaround bid for years now to little effect. Cenomi Retail shed a portfolio of 16 brands in 2024 and had said it was in the market to offload more than a dozen others. It had previously signaled plans to bring in a strategic investor “to overcome existing challenges.” The acquisition by Al-Futtaim formalizes adding a regional heavyweight to its shareholder base.

Al-Futtaim will loan Cenomi Retail some SAR 1.3 bn to shore up the operator’s balance sheet and give it the firepower it needs to engineer a turnaround before it can start looking at growing once again.

Who’s cashing out? Al-Futtaim is buying shares from Cenomi’s founding shareholders, including members of the Alhokair family — namely Fawaz Abdulaziz Alhokair, Abdul Majeed Abdulaziz Alhokair, Salman Abdulaziz Alhokair — as well as Saudi FAS Holding Company and FAS Real Estate Company.

A premium is the cost of growth in the Kingdom: The UAE-based conglomerate will buy shares in Cenomi Retail at SAR 44 a piece, the statement read, representing a 33% markup to its last closing price on the Saudi bourse.

The transaction could be good for Cenomi Centres, the mall operator controlled by Alhokair family, which has had a conflict of interest in having Cenomi Retail in its tenant pool. Shares of Centres closed up nearly 2% on Tadawul yesterday.

The acquisition could prove smart on Al-Futtaim’s part. The Saudi retail market is still in its infancy — try shopping for a suit there — and Cenomi Retail has leases across the Kingdom and in other markets. That sets Al-Futtaim up nicely to shuffle the portfolio with a patchwork of leases on high-traffic retail locations already in place and a handful of new (and overlapping) brands on which to build.

Cenomi Retail was on the ropes financially heading into this transaction: Sustained losses had seen shareholder equity turn negative to the tune of SAR 991 mn according to its latest financial statements (pdf), while liabilities (SAR 5.43 bn) now outweigh assets (SAR 4.42 bn) on its balance sheet. The company was cash-strapped and remains highly leveraged after it made limited progress paying down debt.

Cenomi Retail was in the black in 1Q 2025: The Saudi franchiser posted SAR 1.8 mn in net income, compared to a SAR 151.7 mn net loss over the same quarter last year. Revenues rose 11.2% y-o-y to SAR 1.3 bn during the same period.

Market reax: Cenomi Retail’s stock shed 9.95% to close at SAR 29.70 yesterday.

Al-Futtaim has a broad retail portfolio with brands including Zara, Massimo Dutti, and Bershka across the UAE, Saudi, and Egypt as well as Malaysia, Thailand, and Singapore. Cenomi Retail’s brands include Aleph, Cinnabon, Pull & Bear, Subway, and Oysho, among others and has more than 1k stores across 11 countries.

ADVISORS- Lazard is advising Cenomi on the transaction, while JP Morgan is acting for Al-Futtaim.

The story was picked up by Bloomberg and Reuters.

UAE issues new rules allowing deduction of value depreciation for investment properties

UAE firms are now able to deduct depreciation from taxable income on investment properties held at fair value, according to a ministerial decision issued by the Finance Ministry. The rule permits deductions on investment assets in tax periods starting from 1 January, 2025 onwards, and will come into effect immediately.

To qualify: Deductions can be made only if taxpayers opt for the realization basis method of accounting for such assets for the tax period starting from 1 January, 2025. Firms will have to follow accrual-based accounting to qualify for the deduction benefits and hold investment property at fair value. This option is available to taxpayers regardless of whether they owned the investment properties before or after the corporate tax law took effect.

How much exactly? The deduction is calculated from either 4% of the original cost of the assets for each tax period, or the tax written down value at the start of the financial year — depending on whichever of the two is lower. If a taxpayer’s tax period is shorter or longer than one year, or holds the property for only part of the period, the depreciation is adjusted on a pro rata basis.

The ministry is also offering a one-off window for firms using the historical method of accounting — which values assets at their acquisition cost — to select the realization basis instead to qualify for depreciation deductions.

What if the asset is transferred to a related party? Depreciation deduction might be disallowed only if the transaction does not have a clear or valid commercial basis or non-fiscal basis.

Industry reax: Real estate firms seem to be welcoming the decision. Aldar CFO Faisal Falaknaz said it will “reinforce investor confidence, attract institutional capital, and enhance the UAE’s standing as a transparent, competitive, and globally integrated investment destination” in a statement (pdf) following the announcement.

IN OTHER TAX-RELATED NEWS-

The Finance Ministry and the Federal Tax Authority introduced a tiered excise tax model for sugar-sweetened beverages, replacing the flat rate system, state news agency Wam reports. Set to take effect in 2026, the revised mechanism will link tax per liter to the sugar content per 100 ml.

The rationale: The change is aimed at curbing high sugar consumption and promoting healthier products, in line with national public health goals. The authorities said businesses will have “sufficient time to prepare” ahead of the policy shift, with awareness campaigns and further details to be rolled out before implementation.

Air Arabia enters KSA joint venture

Air Arabia joint venture to head new Saudi low-cost airline: UAE-based budget carrier Air Arabia will launch a new budget carrier in Saudi Arabia as part of a consortium, after receiving a license from Saudi Arabia's General Authority of Civil Aviation (GACA), GACA said in a statement on X. Jeddah-based Kun Investment and Saudi’s Nesma Holding are also in the consortium. Neither the investment figure nor a timeline for the launch were disclosed.

What we know: The new carrier is set to operate domestic and international flights from Dammam’s King Fahd International Airport (DMM). It aims to add 45 aircraft to its fleet and serve 24 domestic and 57 international destinations by 2030. It aims to transport up to 10 mn passengers annually by the end of the decade as well generate nearly 2.4k direct jobs. The move looks to bolster air connectivity and accessibility for the Kingdom’s Eastern region.

Empowering Emirati talent for a future-ready UAE

As one of the UAE’s most established financial institutions, we view the development of Emirati talent as a national imperative and a strategic advantage. Our commitment goes beyond simple hiring quotas – we are committed to building future leaders who will shape the banking industry and the nation’s economic future.

We embed Emiratisation into the very fabric of our organization. From our flagship graduate programmes like ACE and Pathfinders to our Elevate mentorship initiative, we ensure that Emiratis feel truly empowered with the right opportunities to grow and succeed. These programmes are designed to place young nationals in critical business units, equipping them with the skills and exposure needed to thrive in high-impact roles.

What sets Mashreq apart is our holistic approach. We offer international assignments, flexible work models - including full-time remote options, and are proud to be building a culture that deeply values mental well-being and innovation. We invite Emirati voices to challenge the status quo and co-create the future of banking, through platforms like the Global Youth Council.

Integration is key. We believe in empowering our Emirati talent with meaningful objectives and strategic roles that align with both their aspirations and the Bank’s vision. Regular engagement sessions, feedback forums, and floor-level interactions ensure we remain attuned to their needs and ambitions.

Our efforts are already bearing fruit. Two of our Emirati colleagues were recently selected for the prestigious DIFC Innovation Hub’s Dubai Financial Experts programme—an achievement that reflects both their talent and Mashreq’s unwavering support.

Challenges remain, but we continue leading with purpose. The competition for top Emirati talent is fierce. But rather than competing on compensation alone, we believe in offering our talent purpose, opportunity, and an enabling culture, because when employees feel seen, supported, and inspired, they stay and they lead.

Looking ahead, we see immense potential in leveraging AI to personalize learning, identify skill gaps, and enhance mentorship. We also aim to deepen partnerships with local universities to create tailored pathways for Emirati students into banking careers. At Mashreq, we’re working to build a legacy where Emiratis are not only participants in the financial sector but also lead in its transformation.

Hamda Al Shamali

Group Chief People and Intellectual Capital Officer at Mashreq

Mubadala, Edge eye cooperation with Hungary’s 4iG Group

DIGITIZATION-

Mubadala, e& sign MoUs with Hungary’s 4iG Group: Emirati telco e& and Mubadala Investment Company signed MoUs with Hungarian telecoms and IT firm 4iG Group to explore digital infrastructure, telecom, and investment initiatives, according to a press release. The agreements were announced during President Mohammed bin Zayed Al Nahyan’s official visit to Budapest, which focused on expanding UAE-Hungary cooperation in areas such as data centers and AI.

The details: 4iG and e& will assess developing a data center in Albania to boost subsea connectivity, as well as broader infrastructure development in Hungary and the Western Balkans.

DEFENSE-

SPEAKING OF HUNGARY’S 4iG- UAE defense group Edge signed three agreements with 4iG’s Space and Defense Technologies unit, state news agency Wam reports. The MoUs outline joint development and potential local production of unmanned aerial systems, loitering munitions, air defense platforms, and drone traffic control technologies.

Which Edge products, and where? The agreements include plans to localize Edge’s SkyKnight missile system, Shadow 25 and 50 munitions, and Vega and Orion air traffic solutions in Hungary, with joint ventures under consideration to support manufacturing and sales across Nato member states and export markets in Europe and Africa.

INVESTMENT-

UAE + Tajikistan ink new aviation, tech agreements: The UAE and Tajikistan signed a bilateral aviation pact to expand air connectivity, state news agency Wam reports. This took place at the UAE-Tajikistan Business Forum in the Tajik capital Dushanbe. Further details about the agreements haven’t been disclosed yet.

ALSO- UAE-based data firm Presight AI and Tajikistan’s Smart City initiative inked an MoU focused on digital infrastructure.

Fast fact: The UAE is currently Tajikistan’s second-largest global investor, with nearly USD 1 bn deployed between 2020 and 2024. Non-oil trade between the countries rose 33% y-o-y to reach around USD 360 mn in 2024.

ALSO- UAE, US partner to fast-track patent approvals: The UAE and the US signed a joint statement of intent to launch a bilateral cooperation program that would allow the Economy and Tourism Ministry to recognize positive patent test results from the US Patent and Trademark Office, Wam reports. The initiative aims to speed up corresponding patent approvals in the UAE, particularly for industrial property rights.

REAL ESTATE-

#1- Mubadala kicks off waterfront Abu Dhabi build: Mubadala Investment Company started construction on the Al Maryah Waterfront project in Abu Dhabi, according to a press release. The project includes a sea boardwalk extension and hospitality spaces, and will serve as a public space for leisure and cultural activities when completed.

#2- Madar launches latest AED 130 mn Tulip development: UAE-based real estate firm Madar Developments is expanding its Tulip Oasis portfolio with a new AED 130 mn residential project in Dubai’s Majan district, according to a press release. Handover is slated for September 2026 for the Tulip Oasis 11 Residences, made up of 99 apartments one- and two-bedroom apartments along with lifestyle amenities.

The AED 1 bn Tulip pipeline: This is the firm’s eleventh build in its Tulip Oasis project, with Madar most recently launching a AED 200 mn residential development in June.

Hedge funds see their best net inflows since 2014 in 2Q 2025

Global hedge funds attracted USD 24.8 bn in net inflows in 2Q 2025, the highest quarterly figure since 2Q 2014, according to the HFR Global Hedge Fund Industry Report. Hedge funds weathered early-quarter volatility, supported by an improving market risk climate amid US budget progress, stronger economic signals, trade talk developments, and easing geopolitical tensions, HFR said. Reuters also had the story.

AUM hit another record: Total hedge fund capital climbed to USD 4.7 tn in 2Q, up by USD 212.7 bn from the previous quarter, making the seventh consecutive quarterly record high. This came on the back of risk-seeking investors who targeted the largest firms.

Big is getting bigger: The majority of the new capital was directed to the industry's largest firms, as managers with over USD 5 bn in assets attracted USD 22.9 bn in inflows, while those below that mark pulled in less than USD 2 bn.

How were the returns? The HFRI Fund Weighted Composite Index gained 4.3% during the second quarter, led by gains of Equity Hedge-managed assets, up 7.6%, and Event-Driven assets, up 5.3%. Meanwhile, assets managed by Macro strategies fell by 1.4%.

For the first half of the year, hedge funds saw their strongest inflows since 2015, attracting USD 37.3 bn, significantly up from USD 7.2 bn in the same period last year. Gains for the half averaged 3.9%, trailing behind the S&P 500’s 5.5% rise.

More inflows are on the way: “Institutions are likely to continue expanding allocations to funds which have demonstrated their strategy’s ability to deliver strong, uncorrelated performance gains through the dislocation and disruptive market cycles of the first half of 2025,” said HFR President Kenneth Heinz.

MARKETS THIS MORNING-

Asian markets are trading mixed this morning, after China kept interest rates unchanged. Shanghai Composite is up 0.5%, while Japan’s Nikkei is inching down by 0.2%. Meanwhile, Wall Street futures are keeping steady as investors await for more earnings, especially from big tech.

ADX	10,262	+0.2% (YTD: +9.0%)
DFM	6,094	-0.2% (YTD: +18.1%)
Nasdaq Dubai UAE20	5,067	+0.1% (YTD: +21.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.2% 1 yr
TASI	10,965	-0.4% (YTD: -9.0%)
EGX30	34,071	+0.7% (YTD: +14.5%)
S&P 500	6,297	0.0% (YTD: +7.1%)
FTSE 100	8,992	+0.2% (YTD: +10.0%)
Euro Stoxx 50	5,359	-0.3% (YTD: +9.5%)
Brent crude	USD 69.28	-0.4%
Natural gas (Nymex)	USD 3.57	+0.7%
Gold	USD 3,358	+0.4%
BTC	USD 118,022	+0.3% (YTD: +26.1%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.62	0.0% (YTD: +1.5%)
S&P MENA Bond & Sukuk	145.72	0.0% (YTD: +4.1%)
VIX (Volatility Index)	16.41	-0.7% (YTD: -5.4%)

THE CLOSING BELL-

The DFM fell 0.2% on Friday on turnover of AED 677.2 mn. The index is up 18.1% YTD.

In the green: BHM Capital Financial Services (+3.9%), Amanat Holdings (+3.6%) and Al Ramz Corporation Investment and Development (+3.3%).

In the red: Commercial Bank of Dubai (-3.6%), Emirates NBD (-2.4%) and Emirates REIT (-2.0%).

Over on the ADX, the index rose 0.2% on turnover of AED 1.4 bn. Meanwhile, Nasdaq Dubai was up 0.1%.

CORPORATE ACTIONS-

E7 Group's board will vote on Thursday, 24 July on the distribution of an AED 800 mn special dividend to shareholders, according to an ADX disclosure (pdf). The board will also vote on the use of AED 55.05 mn from reserves to repurchase all warrants issued by the company at a maximum price of AED 2.40 per warrant. All proposals require approval at an upcoming general assembly meeting, for which the board will set the date.

CALENDAR

JULY

7-25 July (Monday-Friday): Subscription window for Al Mal Capital REIT’s follow-on offering on the DFM.

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

AUGUST

8-15 August (Friday-Friday): Expected trading window for Al Mal Capital REIT’s new units on the DFM.

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 Center.

8-19 September (Monday-Wednesday): Universal Postal Congress, Dubai World Trade Center.

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

10-20 September (Wednesday-Saturday): IFMA Youth World Muay Thai Championship, Abu Dhabi.

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.

23-24 September (Tuesday-Wednesday): MENA EV Show, The Agenda, Dubai Media City.

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 Center.

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

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 (Tuesday-Thursday): Global Future Councils, Dubai.

15-18 October (Wednesday-Saturday): Middle East Electric Vehicle Show, Expo Center Sharjah.

22-24 October (Wednesday-Friday): World Investment Conference, Expo Center 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 Center, Expo City.

17-21 November (Monday-Friday): Dubai Airshow, 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:

e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

JANUARY 2026

1 January: Client asset regime changes in Dubai International Financial Center take effect.

9-11 January (Friday-Sunday): 1 Bn Followers Summit, UAE.

28-29 January (Wednesday-Thursday): IBA Arbitration Day Conference, Abu Dhabi.

FEBRUARY 2026

3-5 February (Tuesday-Thursday): The World Governments Summit.

12-15 February (Thursday-Sunday): The Society for Incentive Travel Excellence Global Conference, Abu Dhabi.

Signposted to happen in 2026:

31 March - 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.
13-15 April ( Monday-Wednesday) : The International Glass Manufacturing Show, Dubai.
14-16 April: (Tuesday-Thursday): the International Property Show, Sheikh Zayed Rd, Dubai.
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
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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