Emirates Global Aluminum to revive IPO plans?

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WHAT WE’RE TRACKING TODAY

THIS MORNING: UAE, Russia to double trade + Dubai-licensed crypto firms can now service other emirates

Good morning, friends, and happy FRIDAY. We close out the week with a busy issue, with several big stories to dig your teeth into. Leading the way is Emirates Global Aluminum reportedly tapping banks to revive its IPO plans, potentially paving the way for what could be one of the largest IPOs in the region. Also: The National Investment Corporation is developing a USD 2 bn metro project in Damascus, Syria.

Earnings season has also yet to slow down: We have 2Q figures from Adnoc Distribution, Parkin, Spinneys, and more in today’s issue.

PLUS- Featuring in our My Morning Routine this morning: A woman who has spent nearly three decades at sea, and is now leading shipyard and servicing facilities at Gulf Craft, one of the top manufacturers of superyachts in the world, right out of the UAE. Read more about Captain Patricia Caswell below.

WEATHER- This weekend could bring more rain to some areas of the country, with dusty winds at times, according to the National Center of Meteorology (pdf). Temperatures peak at 41°C in Dubai today, with a 33°C overnight. Abu Dhabi hits 40°C, before cooling to 34°C

WATCH THIS SPACE-

#1- The UAE aims to double trade with Russia and other Eurasian countries over the next five years, Russian news agency Tass reports, citing comments made by President Mohamed bin Zayed Al Nahyan during talks with Russian President Vladimir Putin in Moscow. Trade turnover with Russia has reached USD 11.5 bn, while trade with Eurasian countries totaled USD 30 bn.

The two countries signed a Trade in Services and Investment Agreement (TISIA), which is set to boost investments in fintech, healthcare, transport, logistics, and services, and comes on the heels of the UAE’s trade and economic partnership with the Eurasian Economic Union, state news agency Wam reports.

REMEMBER- Al Nahyan began a working visit to Moscow yesterday to discuss expanded cooperation in trade, energy, and investment.

ALSO- Putin floated the UAE as a potential venue for an upcoming meeting with US President Donald Trump aimed at brokering a breakthrough in the Ukraine war, the Associated Press reports. The Kremlin said a summit between Putin and Trump could take place in the coming days, as Washington pushes Moscow toward a ceasefire agreement. Trump later said he’d be open to meeting Putin even if Ukrainian President Volodymyr Zelenskyy does not meet him.

#2- Dubai-licensed crypto firms can now service other emirates: The UAE’s Securities and Commodities Authority (SCA) and Dubai’s Virtual Assets Regulatory Authority (Vara) have agreed to recognize virtual asset licenses across each of their jurisdictions, marking the implementation of a 2024 MoU, Cointelegraph reports, citing an announcement they’ve seen. This means Vara-licensed firms can more easily offer their services in emirates other than Dubai, though not without caveats.

It’s not automatic passporting: The agreement allows a VASP licensed by one authority to be recognized by the other — but they will still be subject to coordination protocols and regulatory checks. The partnership does, however, introduce a shared registration framework, real-time data sharing, cross-jurisdictional AML/CFT coordination, and joint supervisory protocols to streamline the process.

The rationale: A Vara spokesperson said the agreement eliminates the need for “separate, potentially conflicting” approval processes and lowers operational risk for crypto firms looking to operate nationally. “It also strengthens the UAE’s global appeal as a credible, innovation-first jurisdiction with a unified approach to virtual asset oversight,” they added. The SCA also approved the formation of a Legislative Review Committee with Vara to refine the UAE’s crypto regulations in line with global standards.

#3- Mubadala Energy closed its acquisition of a 24.1% stake in US-based, Kimmeridge-owned Caturus, formerly known as SoTex HoldCo, according to a statement. The transaction was part of a broader capital raise led by Kimmeridge to help fund growth across Caturus’ upstream operations and its planned LNG export terminal.

Meet Caturus: The company rebranded from SoTex as it pushes ahead with plans to become a fully integrated, independent natural gas and LNG platform. It recently surpassed 600 mn cubic feet equivalent per day (MMcfe/d) in production, with targets of hitting 1 Bcfe/d by 2029 and 3 Bcfe/d in the long term. The bulk of its LNG output is expected to come from the Commonwealth LNG terminal in Louisiana, which is eyeing a final investment decision later this year.

REFRESHER- Mubadala first announced plans to acquire the SoTex stake in April, marking its North American debut and advancing its strategy to build exposure across the gas and LNG value chain. The transaction was structured through equity, with new shares issued to Kimmeridge shareholders.

#4- Ewec opens registration for CEC: Emirates Water and Energy Company (Ewec) has opened registration for the 3Q auction of Abu Dhabi’s Clean Energy Certificate Scheme, with applications accepted through 16 September, according to a press release. Those looking to participate can register here.

The scheme, introduced by Abu Dhabi’s Department of Energy, allows companies and individuals to verify their use of clean energy — solar, wind, and nuclear — through tradable 1 MWh certificates aligned with International Renewable Energy Certification standards. The 2Q auction was among the largest since the program’s inception.

#5- Sharjah has established a Family and Community Council, a new umbrella body replacing the former Supreme Council for Family Affairs, state news agency Wam reports. The move consolidates oversight of family-, youth-, and community-focused institutions under a single authority to streamline strategy, improve integration, and boost service delivery.

The details: Chaired by Sheikha Jawaher bint Mohammed Al Qasimi, the council will coordinate policy across newly established affiliated entities, including:

Sharjah Hospitality Group, which will oversee the Sharjah Ladies Club and Al Jawaher Reception and Convention Center, and steer strategy for hospitality and wellbeing services;
Sharjah Family Development, tasked with advancing social cohesion, supporting family stability, and addressing modern social challenges;
Child Safety, focused on child protection awareness and services, and supervising the new Kanaf Child Center for abuse survivors.

THE BIG STORY ABROAD-

The US Federal Reserve is once again making it into the top business headlines this morning, after US President Donald Trump said he would nominate Council of Economic Advisers Chairman Stephen Miran as a governor to fill a newly vacant position for the rest of the year. Miran, a close advisor of Trump’s, is a supporter of lower interest rates and has been outspokenly critical of the Fed, arguing for drastic reforms that would limit the Fed’s remit.

The main message from the news: We’re likely heading into the Fed’s easing cycle with Miran on board, with now not one, not two, but three dissenting governors. The Fed’s next policy meeting is on 16-17 September.

The news is front and center across the business press: Bloomberg | Reuters | Financial Times | Wall Street Journal

ALSO- Trump is calling on Intel’s CEO Lip-Bu Tan to resign, sending its shares falling 3% in early trading, after alleging he has ties with the Chinese Communist Party. (WSJ | Guardian | Axios)

AND- OpenAI has now launched GPT-5, a major upgrade to its large language model powering ChatGPT which the company says is the “best model in the world” at coding, writing, and mathematics. Anyone using ChatGPT will now have access to the upgraded LLM, though if you have non-premium access, there is a cap to how many prompts you can use with it before it falls back on the older, less powerful version. The new model is set to be much faster, smarter, and outscored Anthropic’s latest model on SWE-bench Verified, an industry-wide test for coding capabilities. (Financial Times | Reuters | The Verge)

IN OTHER BUSINESS NEWS-

Trump signed an executive order that will broaden 401(k) assets to include crypto, real estate, and private equity — a big boon for alternative asset managers, who could tap a USD-tns’ worth retirement market they previously had no access to. (Reuters | CNBC)
Paramount and Skydance closed their USD 8.4 bn merger following plenty of controversy that had culminated in the settling of a lawsuit Trump had filed against Paramount, after which the merger was cleared. (Reuters | Variety)
The US’ new reciprocal tariffs came into force yesterday, with countries like India hammered with a 50% rate. (Semafor)

CLOSER TO HOME- Israeli Prime Minister Benjamin Netanyahu said he wants full military control over Gaza, before handing governance to other Arab countries, as Israel faces increased pressure amid a looming famine and worsening humanitarian crisis in Gaza. (Reuters | Bloomberg | WaPo)

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Emirates Global Aluminium weighs multi-bn USD share sale after years of delays

Emirates Global Aluminium (EGA) could be reviving plans for a potential initial public offering that could rank among the region’s largest, Bloomberg reports, citing people familiar with the matter. The UAE aluminium producer sent requests for proposals to banks, with Rothschild & Co. advising, the sources said. No clear timeline was given for the potential IPO.

Long time coming: Backed by Mubadala and the Investment Corporation of Dubai, EGA has explored going public multiple times over the past decade, including in 2018 and 2021, but shelved those plans. Mubadala CEO Khaldoon Al Mubarak said in 2023 that a listing could happen “maybe this year,” though no decision was made.

Where things stand: The company is “exploring potential requirements to ensure readiness” with the final call still in shareholders’ hands. The choice of venue — Abu Dhabi or Dubai — will be a key factor as both push state-backed firms to list locally.

SOUND SMART- The ADX has a deeper capital base, with a market cap of more than AED 3 tn, and features heavyweights like Adnoc’s subsidiaries, Abu Dhabi’s IHC, and more, while the DFM is smaller, but boasts a diversified roster of firms in sectors ranging from tech to telecoms and real estate. While most Abu Dhabi-backed firms usually take the ADX route, EGA’s affiliation with Dubai could throw that into question.

No numbers yet: An offering could raise several bn USD, though no size has been confirmed. A previous valuation pegged EGA at over USD 15 bn.

The backdrop: The potential IPO comes as EGA faces operational headwinds, including newly imposed US aluminium tariffs and a recent setback in Guinea, where it lost a key mining concession. At the same time, it’s pushing ahead with its US expansion plans, including a planned USD 4 bn plant in Oklahoma, and is in the running to develop Ghana’s Nyinahin Hills bauxite deposit, after signing an MoU in June with Ghana’s state-owned aluminium development firm.

REMEMBER- The UAE could see between three to five IPOs this year:. The pipeline includes firms like Dubizzle, Five Holdings, Alec Engineering, and IHC’s 2PointZero, while a highly anticipated IPO from Etihad Airways could be delayed to 2026. Dubai Investments also said it could IPO one of its subsidiaries this year. Meanwhile, Abu Dhabi Investment Group (ADIG) is eyeing listings for its financial unit and energy subsidiary

UAE’s National Investment Corporation to develop USD 2 bn Damascus Metro

UAE backs Syria’s new Damascus Metro project: Abu Dhabi developer and investor the National Inv estment Corporation inked a USD 2 bn agreement with Syria’s Transportation Ministry to develop a new metro system in Damascus, the Washington Post and Reuters report, citing Syrian news agency Sana. The new metro network is slated to have a carrying capacity of 750k passengers per day. No timeline was disclosed for the project.

IN CONTEXT- Syria inked nearly USD 14 bn worth in agreements with international companies for 12 infrastructure projects, Syrian investment authority head Talal Al Halili said this week. Among those are a USD 4 bn expansion of Damascus International Airport, for which it tapped Qatar-based UCC Holdings, as well as another USD 2 bn project for the construction of 60 residential tower blocks — with some 20k housing units — in the works with an Italian firm.

Not the UAE’s first venture into Syria: State-owned logistics giant DP World inked a 30-year concession agreement with Syria's General Authority for Land and Sea Ports (GALSP) to develop and operate Tartous Port in Syria last month. Under the agreement, DP World will invest USD 800 mn over the concession’s duration to boost the port’s infrastructure in a bid to facilitate trade across Europe, the Middle East, and North Africa.

Why the sudden interest? The agreement came shortly after US President Donald Trump lifted long-standing sanctions in place against Syria during the first leg of his regional tour in Riyadh in May. The move brings in much-needed investments to the country, helping restore its infrastructure and revive its economy. Saudi Arabia has also been pitching in, with USD 6.4 bn in agreements inked last month for the reconstruction of infrastructure in the country.

UAE saw second-highest value of issuances in the GCC in 1H 2025 -report

The UAE ranked second in GCC primary issuances in 1H 2025: UAE entities claimed the second-highest value of issuances across the region, raising USD 24 bn through 69 issuances during 1H this year, accounting for 26% of the total value of issuances in the Gulf region, a recent report (pdf) by Kuwait Financial Centre (Markaz) showed.

This marks a significant jump from USD 19.6 bn in the first half of last year. Coming first is Saudi Arabia, which accounted for 52% of the total regional value, with the Kingdom raising USD 47.9 bn across 71 bonds and sukuk issuances during the period.

DISCLAIMER- Markaz’s figures fall slightly below those picked up by Kamco Invest, which showed in July that debt market activity in the UAE edged higher in the first half of the year, hitting USD 32.9 bn, up 3.8% y-o-y. This could be due to the fact that Markaz excludes specific transactions like those involving 144A securities and carrying less than a one-year maturity.

How did the rest of the Gulf perform? Qatari entities came in third place, with USD 10 bn raised across 58 issuances, a slight dip from 1H 2024, while Bahraini entities raised USD 5.6 bn through seven issuances. Then come Kuwaiti entities with USD 3.39 bn from four issuances, followed by Omani entities with less than USD 1.1 bn across six issuances.

More issuances at a smaller value: While the region saw 215 sovereign and corporate issuances during 1H of this year, compared to 152 during the same period last year, the total value raised dropped 5.5% y-o-y to USD 92 bn. This is also below Kamco Invest’s figures, which noted that the total GCC issuances came in at USD 100.3 bn in the first half this year, down 22% y-o-y. This was primarily attributed to a dip in issuances from governments, which halved their issuances to USD 36.6 bn.

Meanwhile, total corporate primary issuances jumped by 67% y-o-y during the period to reach USD 60.2 bn. Government-related entities accounted for 12% of the total, issuing USD 11.2 bn worth of debt.

Conventional issuances in the region saw a 7.8% y-o-y rise to USD 51.6 bn in 1H 2025, according to Markaz’s report. However, Kamco Invest findings showed conventional bond sales holding flat y-o-y at USD 60.9 bn. Meanwhile, sukuk issuances fell 18% y-o-y during the period to USD 40.4 bn.

It’s peak earnings season, with earnings from Adnoc Distribution, Parkin, Spinneys, and more

ADNOC DISTRIBUTION -

Adnoc Distribution posted an 8.6% y-o-y growth in its net income to AED 677 mn in 2Q 2025 as fuel volumes grew, with sales rising by a record 10.3% y-o-y, according to its analysis report (pdf). Net income was also buoyed by lower finance costs. The firm’s 2Q revenues fell 1.7% y-o-y to AED 8.6 bn due to a global decline in crude oil prices, though it was partially offset by the growth in fuel volumes and bigger contributions from its non-fuel retail segment.

In 1H 2025, the company recorded a double-digit bottom line growth of 12.2% y-o-y to AED 1.3 bn, while revenues declined by 2.4% y-o-y to AED 17.1 bn. Adnoc Distribution also reported its highest first-half EBITDA at AED 2.1 bn with a y-o-y growth of 10%.

Looking ahead: Adnoc’s fuel retail arm now expects to add 60-70 new stations to its regional network by year-end, after adding 47 stations and achieving its earlier full-year guidance in 1H 2025, the report said.

Dividends: The company is set to pay AED 1.3 bn in dividends for 1H 2025 in October, subject to the board’s approval.

SPACE42-

ADX-listed space tech firm Space42 reported a normalized net income of USD 53 mn in 1H 2025, flat y-o-y, with margins improving by 4 percentage points to 23%, according to its earnings presentation (pdf). Revenues for the half dropped 17% y-o-y to USD 226 mn, which it attributed to the underperformance of its business unit, Smart Solutions, due to the timing of multi-year contracts, it said in a separate earnings release (pdf).

New funding avenues: Contracted future revenues currently stand at USD 6.8 bn, with the company signing a five-year MoU with Microsoft and Esri to map all 54 African nations using AI. The firm already secured USD 695.5 mn in July.

Space Services to drive 2H momentum: The AI-powered firm’s Space Services posted 2% y-o-y revenue growth in 2Q 2025, reaching USD 100 mn, with expansion into the oil and gas sector, according to the earnings release. The Thuraya-4 satellite is also expected to begin commercial operations in 2H, while progress has been made on its direct-to-device messaging and IoT solution, with key milestones set to be announced in 2H 2025.

SPINNEYS-

Retail giant Spinneys saw its net income rise 18.5% y-o-y to AED 85.1 mn in 2Q 2025, while revenues grew 16.2% y-o-y to AED 909.7 mn, according to an earnings report (pdf). In 1H 2025, net income grew 16.2% y-o-y to AED 170.2 mn, while revenues increased 13.7% to AED 1.8 bn, on the back of increased like-for-like sales from new stores across the UAE and Saudi Arabia. Sales were also buoyed by a new private label range, as well as higher online penetration.

More to come: After six new stores in 1H 2025, the retailer plans to add at least four to six more by the end of the year, the report said. It expects annual revenue growth to come in between 9-11%.

Dividends: Spinneys’ board approved an AED 120 mn interim dividend for 1H 2025.

BURJEEL-

Health services provider Burjeel saw net income surge 128.9% y-o-y to AED 148 mn in 2Q 2025, according to its earnings release (pdf). Revenues climbed 18.7% to AED 1.4 bn during the quarter, driven mainly by a 12% rise in patient footfall and increase in high value services like advanced oncology and mental wellness initiatives.

Revenues from its oncology segment expanded by 36% y-o-y in 2Q. Its hospitals contributed 89% to total 2Q revenues, followed by medical centers, which added AED 121 mn to the top line.

1H 2025: Burjeel’s bottom line for 1H rose by 10.6% y-o-y to AED 187 mn in the first half of the year. Revenues expanded by 12.1% y-o-y to AED 2.6 bn in 1H.

PARKIN-

Dubai parking operator Parkin saw its net income increase 56% y-o-y to AED 148.4 mn, while revenues also increased 56% y-o-y to AED 320 mn as Parkin’s new variable parking tariff policy took effect, according to its earnings release (pdf). Transaction volumes were also up 15% y-o-y, as were sales cards, while Parkin continued to expand its parking coverage across the emirate, adding 11.1 new spaces to its portfolio.

In 1H 2025, its revenues grew 41% y-o-y to AED 593.3 mn, while net income came in at AED 285 mn, up 43% y-o-y.

Looking ahead: The firm has inked contracts with the Islamic Affairs & Charitable Activities Department and Dubai Holding to expand its parking portfolio further to a total of c.31.7k space. It now expects to add another 2.5ks spaces before year’s end.

ARAMEX-

Aramex’s profitability hit by shifts in global trade: Regional logistics giant Aramex saw its normalized net income — excluding one-off expenses associated with restructuring and its acquisition by AD Ports — rise 87% y-o-y to AED 5.4 mn, according to its earnings release (pdf). On a non-normalized basis, it turned a loss of AED 9.3 mn. The logistics firm’s revenues remained flat at AED 1.5 bn, as the company shifted its product mix amid a broader nearshoring trend, which has hit its international business but boosted its domestic segment.

In 1H 2025, normalized net income came in at AED 32.9 mn, down 34% y-o-y, while revenues inched up 1% y-o-y to AED 3 bn.

Breaking it down: Revenues from domestic operations were up 12% y-o-y in 2Q, and 13% y-o-y in 1H 2025. Meanwhile, international revenues fell 16% y-o-y during the quarter, and 15% y-o-y in 1H 2025.

Adnoc is the sixth most valuable energy brand

Adnoc ranks 6th most valuable oil and gas brand globally: Adnoc climbed to sixth place in Brand Finance’s 2025 Energy 100 ranking of the world’s most valuable names in energy, overtaking BP and TotalEnergies, according to a press release. The company’s brand value, estimated at USD 19 bn, grew 25% y-o-y, with its brand also retaining its position as fifth strongest brand.

Adnoc Group’s CEO, Sultan Al Jaber, was also named best CEO — or “brand guardian” — in the global energy sector, Brand Finance added.

Middle Eastern brands dominate: Middle East-based energy brands saw a 22% increase in brand value in 2025, 10x that of the global average, according to a separate press release. Aramco retained its second spot globally, with a brand value of USD 41.7 bn, while Saudi Electricity Company, Kuwait Petroleum Corporation, and Qatar Energy made it into the top 50.

PLUS- Our friends at Mashreq took home the Ins. Product Innovation of the Year award for the UAE at the 2025 Asian Banking and Finance Retail Banking Awards for its mobile-first travel protection solution, Travel Plus, according to a statement. The app-based product offers instant quotes and global coverage, aimed at streamlining how customers access travel ins.

DP World opens 2.6 mn sqm vehicle yard at Jebel Ali as auto imports surge + Egypt’s Thndr now allows retail trading for ADX

LOGISTICS-

DP World has launched a new 2.6 mn sqm vehicle storage yard at Jebel Ali Port’s Terminal 4, aimed at boosting vehicle capacity amid heightened demand, according to a statement. The new yard expands storage capacity by 13k CEUs — increasing the port’s total capacity to 75k CEUs. The project also features an 800-meter quay with a capacity of up to three RoRo vessels at a time.

Adjusting for rising demand: Jebel Ali handled some 545k vehicles at the port in 1H 2025, up 28% y-o-y. Imports made up a 65% share of the total, with the majority coming from China, Japan, Thailand, India, and South Korea.

REMEMBER- DP World is also set to build a 20 mn sqft car market — set to be the largest in the world — in Dubai, as it looks to attract more automotive players to the emirate.

CAPITAL MARKETS-

ADX taps Thndr as first remote retail trading member: The Abu Dhabi Securities Exchange (ADX) onboarded Cairo-born investment app Thndr as its first remote retail trading member, state news agency Wam reports. The move will allow more than 4 mn users on Thndr to trade ADX-listed stocks and ETFs directly via its mobile platform, without requiring physical presence in the UAE. Thndr handled over USD 13 bn in trading volume in 2024 and currently offers access to markets in the UAE, Egypt, and the US.

We knew this was coming: ADGM granted Thndr a license to operate in the UAE in May 2024, with initial plans to offer local users access to US equities and expand its product range over time.

REAL ESTATE-

Arada awards AED 618 mn contract for Anantara Sharjah project: Sharjah-based real estate developer Arada appointed Intermass Engineering and Contracting to build the Anantara Sharjah Resort and Residences under an AED 618 mn contract, as per a press release.

The details: The project includes a luxury hotel and 128 branded residences on Al Heera Beach, ranging from one-bed units to duplex penthouses. The contract covers a 24-month construction period, with early works already in progress. The project is Anantara’s first in Sharjah.

RENEWABLES-

Emerge, EDB to co-develop UAE solar projects: Emerge — a JV between Masdar and France’s EDF — and Emirates Development Bank (EDB) signed an MoU to identify and finance solar energy projects across the UAE, according to a press release. Emerge will scout for investment windows, while EDB will evaluate them and offer tailored funding where viable.

European earnings falter in 2Q as US counterparts power ahead

European companies’ earnings are lagging behind their US counterparts in 2Q after a strong start to the year for European stocks, the Financial Times reports. While the US had begun to lose favor amid US President Donald Trump’s unpredictable policy environment, European stocks rallied to start the year, marking their best performance against US stocks in nearly a decade. Allocations to Eurozone stocks were at a four-year high at the beginning of this year, according to a Bank of America survey of fund managers showed, while funds have been flowing out of the US and into Europe amid bigger fiscal stimulus packages and lower interest rates in Europe, and a lack of predictability in the US.

A short-lived spell: Despite this, US stocks have quickly regained favor with strong earnings from US mega cap firms buoying stock performance, while in Europe, the region’s stock rally began to lose momentum, the salmon colored writes. Around half of the companies listed on Stoxx Europe 600 have already reported their 2Q earnings, and they imply the index will stay flat in terms of earnings growth on an annual basis, the FT said. On the other hand, the S&P 500 is on track to see a 9% y-o-y increase in average earnings growth, the FT cites BofA as saying.

Exporters, especially automakers, were among the biggest of Europe’s earnings disappointments, with carmakers seeing the sharpest downward revisions to 2025 earnings forecasts of any sector. Volkswagen, Stellantis, and Mercedes-Benz all issued warnings over the potential impact of Trump-era tariffs.

The financials sector is still a bright spot: Banks like Deutsche Bank, UBS, and BNP Paribas have consistently outperformed expectations, with strong performance from their trading businesses helping them all post earnings that topped analyst forecasts.

The EUR is not helping: The EUR gained c. 12% against the greenback this year, which is good for investors allocating to European equities, but not for many European companies who make their earnings in USD, senior equities strategist at Goldman Sachs Sharon Bell said. Earnings transcripts found that more than 80% of Stoxx 600 companies flagged currency fluctuations as a drag on their earnings.

The US is where the money is at: Analysts say Europe still lacks the big, leading businesses the US has. “You have to back it up with earnings and profits and economic growth,” said Grant Bowers, senior vice-president at investment firm Franklin Templeton. “You need the corporations to follow through — and Europe struggles to have these leading businesses.”

Things could be even more challenging in 2H: The direct tariff impact for European companies is currently “extremely small”, Bell said, adding that full impact will materialize in 2H.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with Japan’s Nikkei and Topix in the green — and the Topix even notching a record high — as South Korea’s Kospi and Chinese and Hong Kong stocks dipped in early trade. Meanwhile, Wall Street futures are up slightly after the S&P 500 fell yesterday.

ADX	10,317	-0.1% (YTD: +9.5%)
DFM	6,133	-0.4% (YTD: +18.9%)
Nasdaq Dubai UAE20	5,101	-0.3% (YTD: +22.5%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.2% 1 yr
TASI	10,930	-0.2% (YTD: -9.2%)
EGX30	35,809	+0.9% (YTD: +20.4%)
S&P 500	6,340	-0.1% (YTD: +7.8%)
FTSE 100	9,101	-0.7% (YTD: +11.4%)
Euro Stoxx 50	5,332	+1.3% (YTD: +8.9%)
Brent crude	USD 66.38	-0.1%
Natural gas (Nymex)	USD 3.07	+0.2%
Gold	USD 3,502	+1.4%
BTC	USD 117,272	+1.9% (YTD: +24.2%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.59	+0.8% (YTD: +3.1%)
S&P MENA Bond & Sukuk	147.79	-0.0% (YTD: +5.6%)
VIX (Volatility Index)	16.57	-1.2% (YTD: -4.5%)

THE CLOSING BELL-

The DFM fell 0.4% yesterday on turnover of AED 745.7 mn. The index is up 18.9% YTD.

In the green: National Cement Company (+12.2%), Dubai Refreshment (+6.6%) and BHM Capital (+4.8%).

In the red: Sukoon Takaful (-10%), Depa (-6.3%) and National International Holding (-3.8%).

Over on the ADX, the index fell 0.1% on turnover of AED 1 bn. The Nasdaq Dubai was down 0.3%.

My Morning Routine: Captain Patricia Caswell, general manager of Super Yacht Service Center (SYSC)

Captain Patricia Caswell, general manager of Super Yacht Service Center: 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 Captain Patricia Caswell (LinkedIn), general manager of Super Yacht Service Center (SYSC) and vice chair of the Leisure Marine Association for 2025. Edited excerpts from our conversation:

I’m Captain Patricia. I’ve been at sea full-time for the past 29 years of my life. I spent my junior year sailing, then moved over to superyachts and began to travel around the world. I was 21 or 22 when I got my first captain's license. In the early 2000s, I moved overseas and started doing it internationally, so I crossed over to the dark side of motorboats after sailing, and I was working and going to a maritime college in the UK. By the time I was 30, I got my Master 3000 ton license and was able to really take off around the world.

I crossed over to more land-based work with Gulf Craft about four years ago, where I am now the general manager of the Super Yacht Service Center. I get to drive and test the boats that we manufacture in our production facility, and now I'm also operating and constructing our new superyacht service and refit facility in Ajman, which should open its doors in late September.

Before Gulf Craft, I was working for an Emirati family that had a fleet of yachts, so I've been out here about 10 years now. I started out with Gulf Craft at their manufacturing facility in Umm Al Quwain as a test captain and quality control manager, driving all the new boats and all the prototypes.

Gulf Craft is actually one of the top 10 manufacturers of superyachts in the world; we have 40+ years of manufacturing experience. What we realized is when you build a yacht, that's only the start of the yacht's life. You need to be able to service it, maintain it, and refit it down the line. What we're working on is setting a benchmark in the region for service and refit facilities. There's nowhere around here that really will be able to give that full white glove, trusted service to look after yachts.

The UAE is really becoming a superyacht hub. I cruised down here multiple times over the years, and the growth that I've seen in the region as a cruising destination and as a cruising base has been exponential. This is why I’ve realized we need to be able to support not only visiting yachts but also all the local yachts we have here.

The Leisure Marine Association has been very cool to be a part of. We have a working group every month and we do a lot of workshops and meet with a lot of regulatory bodies, trying to help develop local regulations and see how we can make things easier for maritime users in the region, including visiting and cruising yachts.

I get one or two days at sea every week, testing different boats. The rest of the time is just working on training our staff, like our junior captains.

One thing I really enjoy is being able to put that practical, operational experience back into the boats. We have an amazing design and engineering team here, so I love to sit with them and put back a bit of practical knowledge into what they're doing so that we get a good crossover of look and function.

In October and towards the end of the year, we'll be focusing on the grand opening of the new facility and showcasing it to partners, engineers, and superyacht owners in the region. We currently have boats coming from Kuwait, Qatar, Bahrain, and Saudi Arabia all ready to do work with us.

I usually start my day with a coffee and the weather forecast to see what mother nature has in store for us. I look at the synoptic charts and see how things are looking across the region and how it's going to affect us. I also look at the movements of boats that are in the region or boats that we look after as well, just to check in on how they're being affected and what they're doing.

SYSC also takes care of the warranty side of the vessels once they leave, so we want to make sure that we are really taking care of the products, the owners, the captains, and the crew. That type of follow-up support is important for us, so if they're cruising in the Caribbean or they're up in the Mediterranean during their season, we need to see what's going on up there and make sure and check in with everyone.

I'm currently training for an offshore ocean sailing race around the world, so I’m trying to take the time to train and turn my phone off for an hour at least so I can focus. It's good for the soul as well.

The race runs for 11 months but I'll be joining it for three months. I'll be joining the Southern Ocean leg from South America all the way around South Africa and across to eastern Australia. That's the area of the oceans that I haven't been across yet, and I decided before I turned 50, it was time to go sail across there and get to experience that while I'm still fit and young enough to be able to.

I'm currently reading an interesting book called A Voyage for Madmen. It’s about the first ever solo, round-the-world sailing race and how it actually came about and the mental fortitude that these sailors needed to become the first people to race around the world on their own, non-stop.

One piece of advice I think is important is about the importance of understanding how valuable everyone's time is, whether you’re dealing with clients or with your own time. That was drilled into me by one of my earlier captains when I was a chief mate on board. The other one is just the importance of giving back what you’ve been taught. I've been lucky enough to have amazing mentors in my career, so it’s so important to give that back as well as as you move into the next phases of your life or your career. And the advice for the younger generations is: Lean on mentors and seek them out because it will help you grow and learn the different tricks of the trade.

CALENDAR

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.

7 September (Sunday) Opec+ meet to discuss production policy for October.

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

8-10 September (Monday-Wednesday): WHX-Tech Expo, Dubai World Trade Center.

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

8-18 September (Monday-Thursday): BHM Capital Financial Services’s AED 200 mn rights issue will be open for subscriptions.

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.

25-27 September (Thursday-Saturday): International Congress of Medical Excellence in Dermatology and Aesthetic Med, Dubai World Trade Centre.

30 September (Tuesday): Africa Debate Conference, 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.

12–15 October (Sunday-Wednesday): Expand North Star, Dubai Harbor.

14-16 October (Tuesday-Thursday): Global Future Councils, Dubai.

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

20 October (Monday): Reuters NEXT Gulf Summit, The St. Regis Saadiyat Island Resort, Abu Dhabi.

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

1-2 November (Saturday-Sunday): Women's Empowerment Convention (WE Convention), Atlantis The Royal, Dubai.

4-9 November (Tuesday-Saturday):Dubai Design Week, Dubai.

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

12 November (Wednesday): Dubai Business Forum, Cipriani South Street, New York City.

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

13-15 November (Thursday-Saturday): International Financial Markets (ICA) Conference and Exhibition, Conrad Dubai.

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.

8-11 December (Monday-Thursday): Abu Dhabi Finance Week, Abu Dhabi's International Financial Center.

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.

9-13 February (Monday-Friday): The World Health Expo (WHX), Dubai.

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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