Good morning, lovely people, and welcome to the start of a new workweek. It’s a slow start to the week, though that’s not unusual for a Monday, but expect things to get busier next week as those on vacation return home in time for the new school year.

While there’s no single big story today, we have more data out on Dubai and Abu Dhabi’s office sectors indicating sustained strong demand — and a look at how UAE-listed REITs are benefitting from the strong performance. Plus: The UAE continues to build out a global food security platform with investments in Kurdistan, and Shuaa Capital returns to the black in 1H 2025.

WEATHER- The National Center of Meteorology forecasts (pdf) partly cloudy conditions, with a chance of light rainfall in eastern and southern areas. Temperatures today will hit 41°C in Dubai, with an overnight low of 33°C, and 40°C in Abu Dhabi, before also cooling to an overnight low of 33°C.

WATCH THIS SPACE-

#1- Hatta Dam is open for business: Hatta launched 14 new commercial spaces — including four restaurants, four retail outlets, and six F&B kiosks — at the Hatta Sustainable Waterfalls project, state news agency Wam reports. Dubai Municipality will allocate the spaces without charge for one year to Emiratis residing in Hatta, in a bid to support small businesses and tourism. Dubai Municipality has started accepting applications from businesses for local cafes, gift shops, and other initiatives supporting the local culture.

The initiative marks the first commercial activity at the Hatta Dam area and aligns with the Hatta Master Development Plan, a regional development project with 65 ongoing initiatives worth AED 3.6 bn.

#2- UAE investors caught in UK’s Seventy Ninth Group collapse: UAE investors are trying to recover funds placed with UK-based asset manager Seventy Ninth Group, which was placed into administration and has been under investigation by the City of London Police on suspicion of fraud since March, The National reports. Individual investors in the UAE are saying they lost sums of up to several AED mns, with some investors reporting the case to Action Fraud in the UK and escalating complaints to Sanadak, the Central Bank of the UAE’s ombudsman.

IN CONTEXT- The company offered structured loan notes secured against property, promising annual returns of 15-18%, but defaulted on payouts. Its Dubai office, opened in 2023 in the Dubai Multi Commodities Center, has since shut down after failing compliance checks.

The prospects of getting the money back look “grim,” one Dubai-based investor told the outlet, adding that administrators view the firm as holding a “zero balance or negative balance book.” Lawyers suggest potential collective action against advisers or third parties who marketed the products locally.

#3- UAE, Mali eye closer trade ties: The UAE and Mali are set to sign an MoU to establish a joint business council connecting the private sectors of both countries, Wam reports. The council will prioritize cooperation in agriculture, food security, energy, and mining as part of broader efforts to expand bilateral trade and investment.

More sectors on the table: On the sidelines of the UAE-Mali Business Forum in Sharjah, a Malian trade delegation visited the UAE last week and presented investment projects in renewable energy, infrastructure, transport, manufacturing, and healthcare.

DATA POINTS-

#1- The Abu Dhabi Chamber of Commerce and Industry recorded a 10.3% y-o-y increase in certificates of origin in 1H 2025, a marker of the emirate’s growing variety of non-oil exports, state news agency Wam reports. Chemicals, metals, and engineering were the leading sectors, while SMEs also boosted exports.

REMEMBER- Abu Dhabi’s non-oil foreign trade rose 34.7% in 1H 2025, with exports jumping 64%, re-exports 35%, and imports 15%.

#2- The UAE’s ins. sector saw profitability jump 54% y-o-y to reach AED 2 bn in 1H 2025, recovering from heavy losses caused by the unprecedented April 2024 rains, Khaleej Times reports, citing Badri Management Consultancy. Ins. firms managed to mitigate losses with gains from investment income, the consultancy said. Revenues rose 19% to AED 24.2 bn, supported by higher premiums and better risk-based pricing, especially in motor and medical ins.

The top five insurers contributed AED 1.3 bn of the results, up 31% y-o-y — signaling an increase in market concentration. Among listed players:

• Union Ins.’ net income rose 76% to AED 22.7 mn;
• Abu Dhabi National Ins. Company’s net income increased 14.7% y-o-y to AED 235.3 mn on higher gross written premiums;
• Salama posted AED 8.3 mn in 1H net income, driven by a strong 2Q.

Looking ahead: Badri noted that profitability will depend on maintaining underwriting discipline and solvency buffers. Insurers face potential headwinds from higher reins. costs and the delayed impact of treaty renewals, even as the Central Bank of the UAE’s tighter oversight supports margins.

THE BIG STORY ABROAD-

There’s no single story leading the conversation in the international business press this morning, but the global business community pushing ahead with “return to office” orders can be seen in a handful of stories on JPMorgan Chase preparing to move into headquarters in New York and London. The bank is “stepping up planning” for a new tower in London as it begins to outgrow its current headquarters as it expands in the UK, while across the pond in Manhattan its new USD 3 bn Midtown tower is expected to be ready for move-in in October. The Wall Street Journal and the Financial Times have more.

ALSO- Air Canada delayed restarting its operations, after striking flight attendants refused to obey a government order on a labor dispute between the flight attendants and the airline. The flight attendants — who went on strike over the weekend over pay issues — and the Canadian Union of Public Employees are pushing the airline to “negotiate a fair [agreement]” to settle the dispute. The airline intends to resume flying this evening. (Wall Street Journal | Reuters)

Meanwhile, the disjointed conversations over ending the Russia-Ukraine war are still getting plenty of ink across digital front pages, as Ukrainian President Volodymyr Zelensky is due to meet with Donald Trump in Washington later today. Zelensky — who insists his country will not cede more territory to Russia — will be accompanied by the NATO secretary general and several other European leaders. (Politico | BBC | Financial Times | Reuters)

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