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.

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