Adnoc wraps Adnoc L&S share sale. PLUS: Sidara acquires Wood Group

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WHAT WE’RE TRACKING TODAY

THIS MORNING: New trade bloc on the horizon? + Fuel prices up in September

Good morning, lovely people, and welcome to the start of a new month. September brings with it plenty of news, a ton of events, and lots of DIFC traffic as people head back to the office.

We kick off the month with a busy issue, filled with plenty of moves abroad from the likes of DP World, which is expanding in Pakistan and Canada, as well as from the government, which is set to take on operations of Islamabad International Airport. Plus: Adnoc wrapped its sale of a 3% stake in Adnoc Logistics and Services, which raised AED 1.2 bn, and Sidara is finally acquiring the UK’s Wood Group after year-long negotiations.

WEATHER– Dubai will see a high of 40°C today, dipping to 31°C overnight, while the mercury in Abu Dhabi is forecast to reach 37°C with a low of 32°C. Humidity will make conditions feel hotter, rising to 73% in Dubai and 78% in the capital.

PSA-

Fuel prices rise slightly in September, while diesel drops: The Fuel Price Committee increased prices for fuel and lowered diesel’s price for September, according to a post on X. The increase comes after fuel prices dipped slightly in August, while diesel was up 5.7% from the previous month.

Here’s the new breakdown per liter:

Super 98 petrol now costs AED 2.70, up from to AED 2.69 in August (+0.4%);
Special 95 petrol is now AED 2.58, up from AED 2.57 (+0.4%);
E-Plus 91 petrol is now AED 2.51, up from AED 2.50 (+0.4%);
Diesel is AED 2.66, down from AED 2.78 (-4.3%).

WATCH THIS SPACE-

#1- UAE + other small nations to launch trade bloc: The UAE is preparing for the launch of a new trade bloc focused on “trade openness and international trade rules” with other small and medium-sized World Trade Organization (WTO) members, one official involved in the talks told the Financial Times. The group — which aims to focus on rules-based international trade — is expected to be launched in November via a virtual meeting, with an in-person event to follow next July.

Who’s involved? The new group — to be named the Future of Investment and Trade Partnership (FIT-P) — is set to be made up of 10 countries, including the UAE, Singapore, and New Zealand standing out as core founding members. Other members could potentially include Morocco, Rwanda, Malaysia, Uruguay, Costa Rica, Panama, Paraguay, and Norway, officials and diplomats involved told the news outlet. The final sign-up sheet for the group has yet to be confirmed.

What’s their common ground? The FIT-P is tapping smaller countries with the aim of developing a tight-knit forum brought together through common understandings on areas like digital documents, e-signatures, and regulation on electronic trade, an official told FT. The group will take a focus on digitizing trade, pushing to place equal importance on paper and digital-based trade documents. The alliance comes as the US continues to roil global trade with the introduction of reciprocal tariffs, which have hit Asian and African countries the hardest.

#2- Americana eyes regional acquisitions: Americana Restaurants, the Middle East’s largest fast-food franchise operator, is looking to acquire and grow homegrown brands in a bid to diversify away from a focus on Western brands amid local boycotts, Chairman Mohamed Alabbar told the Financial Times.

In context: Americana’s US-linked chains have been hit by consumer boycotts after Israel’s war on Gaza, sending FY net income down nearly 40% y-o-y in 2024. Revenues rose 15.6% in 1H 2025, but remain below 2023 levels despite network expansion. The situation “strengthened our belief that we need to go and nurture and buy […] Middle Eastern brands and grow them,” Alabbar said, adding that the group has “heavily” cut costs to absorb weaker margins.

The company is in talks with “a lot of” targets, he said without mentioning details, though he mentioned a lot of “beautiful brands” in Kuwait, Saudi Arabia, the UAE, Egypt, and Lebanon. Raising capital for the M&A push is also on the cards thanks to its low leverage position, he added.

REMEMBER- The company is already making moves: Americana recently signed an exclusive franchise agreement with Greek F&B brand carpo in July covering Kuwait and Qatar, with further rollout planned in Bahrain and Saudi Arabia. It was also in talks to acquire a stake in Dubai-based Cravia, the MENA operator of Five Guys, Cinnabon, and Zaatar w Zeit.

#3- Orascom Construction will switch from Nasdaq Dubai to the Abu Dhabi Securities Exchange (ADX) on Thursday, 11 September, the company said in a statement. The move will see the company delist from Nasdaq Dubai and shift its primary listing to ADX, while maintaining its secondary listing on the Egyptian Exchange (EGX). Shareholders signed off on the migration last month, approving resolutions to move the listing and to transfer the company’s incorporation from the Dubai International Financial Center (DIFC) to ADGM.

Trading transition dates: Shares will trade on Nasdaq Dubai until Wednesday, 3 September, at which point trading and share transfers between Nasdaq Dubai and EGX will be halted. The Nasdaq Dubai listing will be canceled on Wednesday, 10 September, with ADX trading commencing the next day under the ticker ORAS. The opening price on ADX will be set at Orascom’s last EGX close on 10 September, converted into AED using the Central Bank of the UAE’s published rate.

HAPPENING TODAY-

#1- The annual Abu Dhabi International Hunting and Equestrian Exhibition is running till Sunday at the Adnec Center. The event, organized by the Adnec Group in cooperation with the Emirates Falconers’ Club, gathers local and international participants from 15 different sectors, including hunting tools, outdoor gear, equestrianism, conservation, arts, and heritage, according to a press release.

#2– The UAE is presiding over an Arab League Council session of permanent representatives in Cairo today, ahead of Thursday’s foreign ministers’ meeting, state news agency Wam reports. The agenda will cover the Gaza war, including state recognition efforts and reconstruction, alongside regional security and economic coordination.

#3- The Spring/Summer edition of Dubai Fashion Week will run from Monday, 1 September until Saturday, 6 September at Dubai Design District (d3), ahead of the New York, London, Milan, and Paris fashion weeks. The edition will showcase more than 30 brands from the UAE, Europe, India, and beyond, with runway shows, private events, and an expanded buyers’ program.

THE BIG STORY ABROAD-

Trade news is dominating the global front pages this morning after India and China agreed to stabilize relations previously disrupted by tensions over their Himalayan border. Chinese President Xi Jinping and Indian Prime Minister Narendra Modi agreed that their nations are “partners not rivals” and to strengthen trade ties amid US tariff pressures on India and shifting global economic conditions. (Reuters | FT | AP | NYT | Bloomberg | CNN)

What do improved relations between the two countries mean? The two sides agreed to resume direct flights between the two countries, which have been suspended since 2020, and ease tourist visa restrictions. China had previously agreed to lift export restrictions on rare earths, fertilizers, and tunnel-boring machines.

MEANWHILE- Stocks are bracing for the September blues after posting strong gains in August. While September is usually the worst-performing month for stocks, with the S&P 500, Dow Jones, and tech-heavy Nasdaq incurring their worst losses during the month, some market experts are optimistic about what’s to come. UBS Global Wealth Management’s Mark Haefele expects “an economic soft landing, solid corporate earnings, and lower interest rates to support markets over the next 12 months.” CNBC has the story.

IN OUR NECK OF THE WOODS- Israel said it killed Hamas spokesman Abu Obeida on Saturday. Israeli Defense Minister Israel Katz said in a post on X that forces have “eliminated” the masked spokesman. Hamas is yet to confirm or deny the news. (Bloomberg | Washington Post | NYT | Wall Street Journal)

Also making headlines: Over 1 mn people were evacuated in Pakistan’s Punjab province due to severe flooding submerging more than 1.4k villages and damaging key grain crops, Reuters reports.

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CIRCLE YOUR CALENDAR-

The International Government Communication Forumis happening on Wednesday, 10 and Thursday, 11 September at Expo Center Sharjah. Hosted by the Sharjah Government Media Bureau (SGMB), the two-day forum will include panel discussions, workshops, and keynote speeches focused on using strategic communication to develop five global priorities: food security, public health, education, environmental sustainability, and green economy.

TheWater, Energy, Technology and Environment Exhibition will run from Tuesday, 30 September to Thursday, 2 October at the Dubai World Trade Center, according to the Dubai Media Office. The exhibition — organized by Dubai’s Supreme Council of Energy and the Dubai Electricity and Water Authority — will bring together industry leaders, investors, and government officials to discuss water, energy, smart cities, green mobility, artificial intelligence, and digital transformation.

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

Adnoc raises AED 1.16 bn from oversubscribed Adnoc L&S share sale, lifting freefloat and paving way the for MSCI inclusion

Adnoc raised AED 1.2 bn from the secondary sale of a 3% stake in Adnoc Logistics & Services (Adnoc L&S), according to a statement. The sale was priced at AED 5.25 per share for institutional investors, which it says is the tightest discount for a secondary stake sale in the region.

The sale attracted AED 8.1 bn in orders, nearly 7x the offering size, through an accelerated bookbuilding process, making it one of the most heavily oversubscribed follow-on offerings in the region. Adnoc said the strong appetite was driven by the unit’s record financial performance and growth trajectory since its 2023 IPO.

Paving the way for MSCI inclusion: The transaction lifts Adnoc L&S’ freefloat to 22% from 19%, a move expected to enhance trading liquidity and open the door for the company’s potential inclusion in the MSCI Emerging Markets Index. Adnoc, which retains majority control of the company, has committed to a six-month lock-up on unsold shares.

The bigger picture: This is Adnoc’s latest move to deepen liquidity and attract global capital to Abu Dhabi’s equity market. The company made similar moves with other listed subsidiaries: earlier this year, it raised USD 2.8 bn from a secondary sale in Adnoc Gas that boosted freefloat and helped it secured MSCI and FTSE index inclusion. Past secondary offerings in Adnoc Distribution and Adnoc Drilling also led to sharp increases in trading activity and foreign ownership.

ADVISORS- First Abu Dhabi Bank, JP Morgan Securities, International Securities, BOCI Asia, and CICC Hong Kong Securities acted as joint global coordinators and bookrunners.

Sidara to acquire UK’s Wood Group in GBP 216 mn

Dubai-based Sidara will acquire UK-listed John Wood Group for GBP 216 mn, through a recommended allcash offer of GBP 0.30 per share, according to two separate documents here (pdf) and here (pdf). The acquisition values Wood at c. GBP 262 mn, slightly higher than the GBP 207.6 mn calculated by Reuters last week. Sidara expects to complete the transaction in 1H 2026 via a court-sanctioned scheme of arrangement.

Rescue package attached: The transaction includes a USD 450 mn capital injection from Sidara to shore up Wood’s liquidity. Of this, USD 250 mn will be made available after shareholder approval, with the remaining USD 200 mn released after the completion of the acquisition. In parallel, Wood also secured fresh support from its existing lenders: an extension of debt maturities to October 2028, a USD 60 mn interim facility, a USD 200 mn new money facility, and a USD 400 mn guarantee facility.

Wood’s board backs the offer: Wood’s directors unanimously intend to recommend the offer at the court meeting and general meeting, calling it the best option for shareholders, creditors, and other stakeholders. Directors representing 1.4 mn shares (0.2% of the total) have provided irrevocable undertakings to vote in favor.

REMEMBER- Wood has not generated sustainable free-cashflow since 2017, posting USD 1.5 bn of outflows in 2017-2024, driven by regulatory fines, loss-making turnkey contracts, litigation, and restructuring charges. The group’s gross debt stands at about USD 1.6 bn and liquidity is stretched. Wood’s board said alternative refinancing options would likely deliver “materially less, and potentially zero” value to shareholders.

This has been a long time coming: The company was subject to another takeover bid in 2023 from private equity group Apollo that fell through, but had valued it at GBP 1.66 bn. Sidara’s initial bid for Wood Group was also at a significantly higher GBP 2.3 per share, valuing the company at up to GBP 1.59 bn — but it later scrapped the bid and restarted talks this year, by which time the company’s shares had taken an even bigger plunge.

Sidara plans to make Wood its dedicated energy and materials division. The Wood brand will be retained, with Sidara citing its technical talent, global client base, and healthy order book. Sidara said the transaction will strengthen Wood’s client relationships and create a platform to grow its renewables, hydrogen, decarbonization, and carbon capture capabilities.

The offer is still subject to exceptional conditions including publication of Wood’s audited FY 2024 accounts by 31 October 2025; an audit opinion on the balance sheet; no acceleration of debt facilities above USD 20 mn; and formal effectiveness of the amendment and extension agreement by 31 December 2025.

What’s next? A scheme document with full details and shareholder meeting dates will be published within 28 days.

ADVISORS- Sidara is advised by Goldman Sachs and Greenhill, with Allen and Overy Shearman Sterling, White and Case, and Dickson Minto as counsel. Saranac Partners and RB&A Partners acted as debt advisers. Wood is advised by Europa Partners, Rothschild and Co, JPMorgan Cazenove, and Morgan Stanley, with Slaughter and May and Burness Paull as counsel, and FTI Consulting as PR adviser.

The news was picked up by Reuters and Bloomberg.

DP World earmarks USD 400 mn for new freight corridor in Pakistan + eyes new terminal in Canada

DP World invests in Pakistani freight corridor: DP World is set to funnel USD 400 mn into a freight corridor running from Pakistan’s Karachi Port to Pipri Marshalling Yard under a joint agreement with Pakistan Railways and state-run National Logistics Corporation (NLC), Arab News reports, citing a statement from NLC.

A long-time coming: The government of Dubai signed two investment framework agreements last year worth USD 3 bn with Pakistan to cooperate on railways, an economic zone at Port Qasim, and infrastructure. The agreements cover the development of a dedicated rail-based freight corridor, multi-modal logistics park, and freight terminals.

Karachi’s been getting a lot of attention from top UAE players: DP World and NLC also last week completed the first commercial cargo delivery to Tajikistan through Karachi in just 16 days. AD Ports Group also inked a 25-year concession agreement for more berths at a bulk and general cargo terminal at Karachi Port with Pakistan’s federal government agency Karachi Port Trust last year. The JV will invest USD 75 mn in the first two years in port infrastructure and equipment, with a planned USD 100 mn to be invested within five years to boost the terminal’s capacity by 75%.

IN OTHER NEWS FROM DP WORLD-

DP World eyes control of another container terminal in Canada: Port operator DP World is in advanced talks to operate a new container terminal in Canada’s Québec, Bloomberg quotes DP World Canada CEO Officer Douglas Smith as saying. Construction on the USD 1.2 bn (AED 4.4 bn) terminal project — located in Contrecœur, along the St. Lawrence River in northeast of Montréal — could begin as soon as this month, with completion scheduled for 2029.

About the project: The new terminal will feature two berths, a container handling yard with about 1.2 mn TEUs capacity, an intermodal linkage yard, as well as industrial services facilities. It is projected to boost the port’s handling capacity to another 1.15 mn containers annually, up from 2.1 mn TEUs expected to be fully reached by 2030.

Why now? Expanding Montréal Port’s capacity is critical for Canada’s supply chain resiliency amid trade volatility with the US. Without expansion, the port could quickly reach its full handling capacity if only 6% of US-bound exports are diverted elsewhere. By expanding port infrastructure in Eastern Canada, the country would be able to get ahead of future congestion while cutting costs for regional businesses, which would otherwise be forced to transport their goods to be handled at ports elsewhere.

REMEMBER- The port operator has strong ties to Canada: Canadian investment group Caisse de Dépôt et Placement du Québec holds stakes in DP World’s Canadian assets — including a 45% share in DP World Canada. The Dubai-based port operator heads several projects in Canada, including in Vancouver, Nanaimo, Prince Rupert, and Fraser Surrey, according to its website.

UAE to take over operations at Pakistan’s Islamabad International Airport?

In other Pakistan news…. Pakistan’s federal government has greenlit a decision to transfer operations of Islamabad International Airport to the UAE under a government-to-government model, state news agency Associated Press of Pakistan (APP) reports. The move to shake up management comes in a bid to foster foreign investment and enhance infrastructure, Pakistani media outlet Dunya News reports. The investment ticket and timeline for the transfer were not disclosed.

The rationale: The agreement comes as part of Pakistan’s plans to privatize or outsource management for a variety of state-run projects — a condition of the International Monetary Fund’s (IMF) USD 7 bn bailout reform agenda that was agreed to last September. The country has also been looking to sell a 51% to 100% stake in its flagship carrier Pakistan International Airlines (PIA), Reuters reported earlier.

What’s next? A negotiations committee has been formed to iron out the details of the transfer agreement — set to be headed by Pakistan’s adviser on privatization to the Prime Minister Muhammad Ali.

About Islamabad International Airport: The airport — launched in 2018 at a cost of USD 1 bn — has an annual passenger handling capacity of 15 mn and is designed for future expansion to 25 mn.

Abu Dhabi sees biggest earnings growth in the region in 2Q, while earnings in Dubai were down

Abu Dhabi outpaces Dubai in 2Q earnings: Abu Dhabi-listed companies posted an 18.3% y-o-y rise in net income to USD 10.3 bn in 2Q 2025, while Dubai-listed firms saw profitability fall 5.7% y-o-y to USD 6.5 bn, according to Kamco Invest’s latest GCC Corporate Earnings report (pdf). This makes Abu Dhabi the region’s best performer during the quarter in absolute terms.

Abu Dhabi’s earnings expansion was underpinned by a strong performance from the banking sector, which saw its profitability rise 23.1% y-o-y to USD 3.2 bn. Within the sector, FAB led with earnings of USD 1.5 bn (+29.3%), boosted by higher non-interest income and lower impairments. ADCB added USD 699 mn (+11%), while Adib rose 12% to USD 457 mn.

Non-financials also contributed to Abu Dhabi’s gains. The F&B sector surged 65.8% to USD 1.1 bn, powered almost entirely by IHC, which booked a 55.3% bottom line increase. Energy earnings were broadly flat, rising just 1.9% y-o-y to USD 2.3 bn, but bottom line growth at Adnoc Gas and Adnoc Drilling) offset a 32.7% decline at Taqa. Real estate and telecoms also added modest gains.

The contraction in Dubai came mainly from the banking and capital goods sectors, which made up 50.7% of total earnings. The banking sector’s bottom line fell 6.4% y-o-y to USD 3.2 bn. Emirates NBD weighed on the index, reporting a 9% decline in 1H net income to USD 3.4 bn, driven by higher impairments and non-interest expenses. By contrast, Commercial Bank of Dubai delivered a 15% jump in 2Q net income to USD 236 mn, underpinned by resilient loan growth and balance-sheet expansion.

Non-financials provided some relief, with Dubai’s real estate sector surging 40.8% y-o-y to USD 1.6 bn, on the back of gains from Emaar Properties and Tecom Group. Utilities were another bright spot, with aggregate earnings reaching USD 727.8 mn — up 19.4% y-o-y. Dewa ’s bottomline rose 21.4% to USD 615 mn, while Empower and Tabreed also reported growth.

1H snapshot: Dubai-listed firms saw net income edge up 2.4% y-o-y to USD 12.6 bn, supported by real estate and utilities despite weaker banking. Abu Dhabi posted 3.4% growth to USD 19.3 bn during the period, underpinned by banks and Adnoc Gas.

THE REGIONAL PICTURE-

GCC earnings under pressure: Aggregate net income for GCC-listed firms fell 8.7% y-o-y to USD 56.7 bn in 2Q 2025. Softer oil and petrochemical prices were the main drag, with lower Brent crude prices resulting in energy earnings falling 18% y-o-y to USD 25.5 bn. 1H 2025 earnings across the GCC slipped a milder 3.4% y-o-y to USD 115.4 bn.

The main offset came from banking, where net income hit a record USD 16.6 bn, up 10.3% y-o-y. Gains were broad-based across six of seven exchanges, lifted by higher net interest (+6.9%) and non-interest income (+25%), which outweighed a 42% rise in impairments.

Saudi drives the drop: Saudi Arabia alone accounted for the bulk of regional contraction, with listed company earnings’ falling to USD 33 bn — down from USD 39.4 bn the year before. Energy was the main culprit, with Aramco’s bottom line fell 19%, though banking (+18%) and telecoms (+18%) posted double-digit growth.

Eshraq taps acting CEO and Al Futtaim’s EV arm appoints MD

Eshraq’s CEO steps down: ADX-listed private equity firm Eshraq appointed former chief strategy officer Tanvir Haque (LinkedIn) as acting CEO as of 1 September following the resignation of former CEO Mohamed Al Hashimi (LinkedIn), according to disclosures to the ADX (here and here). The disclosure didn’t specify a reason for Al Hashimi’s departure, but Al Hashimi will take on a role as an advisor to the board.

Haque brings over two decades of experience in executive leadership and growth strategy, with a background spanning financial services, telecom, real estate, ins., and aviation. His previous roles include serving as CSO of Expresso Telecom and overseeing risk and resilience governance at Abu Dhabi Airports, and he has also worked at the likes of Standard Chartered and PwC.

Al Futtaim Electric Mobility appoints new MD: UAE-based EV dealership Al Futtaim Electric Mobility — a subsidiary of conglomerate Al Futtaim — tapped Lucas Bellieud (LinkedIn) as its new managing director, according to a press release. His mandate includes focusing on growth across the firm’s portfolio, which includes brands like BYD and Polestar.

Bellieud has over 25 years of experience in international automotive leadership and has held a number of leadership positions at Renault across its operations in Europe, Africa, and the Middle East.

GSU set to expand two solar power plants in Yemen

ENERGY-

GSU to expand solar power plants in Yemen: UAE-based Global South Utilities (GSU) plans to expand Yemen’s Aden Solar Power Plant, and has commissioned its Shabwah Solar Power Plant, state news agency Wam reports. The Shabwah plant will now supply 330k households with clean electricity, with a current capacity of 53 MW — plus a 15 MWh storage system. It is expected to generate 118.6k MWh of clean electricity annually, helping reduce Yemen’s reliance on fuel imports.

Meanwhile, the Aden facility — which was initially set up last month and now in its second phase — is slated for a 240 MW capacity — making it the largest solar power project in Yemen. The plant will power 687k households upon completion in 2026.

Background: GSU also recently got involved in a project to set up a USD 220 mn solar project in Egypt.

LOGISTICS-

Australia’s Toll Group breaks ground on Dubai South hub: Australian freight company Toll Group has started building a 25k sqm distribution center at Dubai South’s Logistics District, according to a Dubai Media Office statement. Scheduled for completion in August 2026, the facility will function as a regional hub for third party logistics, stock management, value-added services, and cross-border transport. It will feature palletized cargo zones, temperature-controlled storage, and office space, with capacity for more than 30k pallets.

REMEMBER- Dubai South is adding more logistics hubs: International freight forwarder UPS is due to open a new site in the Logistics District by year-end, while Aldar is developing logistics facilities under a JV agreement.

Domestic money powers China rally as overseas investors hold back

One of the many emerging markets benefiting from a global rally this year is China, which is outpacing European, US, and Japanese peers in local currency terms, the Financial Times reports. The CSI 300 benchmark has climbed 14.3% YTD after a sharp rebound since June, though doubts persist over the rally’s staying power.

Local investors are driving the surge, as they push into equities amid falling bond yields, lower deposit rates, and the collapse of property as a preferred asset class. Margin trading has jumped 19% in two months to RMB 2.2 tn (c. USD 308 bn) — the highest since 2015, though analysts say leverage is more contained than during the bubble that ended in a crash a decade ago.

Policy has laid the groundwork: State-backed funds staged coordinated share purchases earlier this year to stabilize valuations, and more market support followed after Beijing ordered insurers to boost equity exposure. Analysts say this liquidity backdrop is the key driver of the rally, even as deflation weighs on earnings, with producer prices falling 3.6% y-o-y in July.

But foreign investors remain on the sidelines, with Ping An Asset Management’s Vincent Che saying there has been no significant impact from foreign flows. These investors have favored Japan and Europe where FX-adjusted gains have been stronger. “I would much rather be focused on an earnings-driven market,” Lombard Odier’s Asia CIO John Woods said.

Derivatives markets also signal caution: The Hang Seng China Enterprises Index, which tracks mainland firms listed in Hong Kong, has rebounded 23% from its April low, Bloomberg reports. Yet implied volatility on ETFs tied to the gauge has dropped to a four-year low, showing little appetite to chase the rally.

Options pricing underlines the divide: Upside calls remain expensive, while downside hedges on the FTSE China A50 are “rarely” this cheap, according to Bank of America. Traders are also positioning for the expiry of the 90-day US-China trade truce, shifting to call spreads rather than taking an outright bullish approach.

MARKETS THIS MORNING-

Asian markets are mixed this morning, led by losses in Japan as the Nikkei fell 1.8%. On the flip side, Hong Kong’s Hang Seng Index is up 1.9%, while mainland China’s CSI 300 is flat, following a Shanghai Cooperation Organization regional security bloc meeting that saw China and India agree to become development partners.

ADX	10,095	-0.2% (YTD: +8.3%)
DFM	6,064	-0.3% (YTD: +17.7%)
Nasdaq Dubai UAE20	4,887	-0.5% (YTD: +17.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.4% o/n	4.1% 1 yr
TASI	10,697	-0.3% (YTD: -11.1%)
EGX30	35,148	-1.6% (YTD: +18.2%)
S&P 500	6,460	-0.6%% (YTD: +9.8%)
FTSE 100	9,187	-0.3% (YTD: -12.4%)
Euro Stoxx 50	5,352	-0.8% (YTD: +9.3%)
Brent crude	USD 67.48	-0.7%
Natural gas (Nymex)	USD 3.00	+1.8%
Gold	USD 3,516	+1.2%
BTC	USD 108,087	-1.2% (YTD: +15.7%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.56	+1.1% (YTD: +2.2%)
S&P MENA Bond & Sukuk	148.41	-0.2% (YTD: +6.1%)
VIX (Volatility Index)	15.36	+6.4% (YTD: -11.5%)

THE CLOSING BELL-

The DFM fell 0.3% on Friday on turnover of AED 498.9 mn. The index is up 17.7% YTD.

In the green: Sukoon Ins. (+14.3%), Watania International Holding (+5.6%) and Al Ramz Corporation Investment and Development (+5.1%).

In the red: BHM Capital Financial Services (-5.5%), Agility The Public Warehousing Company (-4.1%) and Emirates Central Cooling Systems Corporation (-2.9%).

Over on the ADX, the index fell 0.2% on turnover of AED 890.3 mn. Meanwhile, Nasdaq Dubai was down 0.5%.

UAE eyes industrial cooperation with India

UAE + India look to optimize Cepa agreement: Foreign Trade Minister Thani bin Ahmed Al Zeyoudi met with Indian Industry and Commerce Minister Piyush Goyal in Mumbai to discuss ways to strengthen the two countries’ trade and economic partnership agreement, state news agency Wam reports. The minister met with Indian business leaders and stakeholders from key sectors including logistics, technology, agriculture, and healthcare — and attended a business roundtable led by Indian business groups, to look at boosting industrial cooperation and fostering private sector collaboration.

REMEMBER- The talks come as India looks to diversify its export markets after being hit by an additional 25% US tariff — and as the two countries work towards reaching their target USD 100 bn in annual bilateral trade. The two countries saw bilateral trade rise 33.9% y-o-y to USD 37.6 bn in 1H 2025.

CALENDAR

SEPTEMBER

30 August-7 September (Saturday-Sunday): Abu Dhabi International Hunting and Equestrian Exhibition, Adnec Center, Abu Dhabi.

1-6 September (Monday-Saturday): Dubai Fashion Week, Dubai Design District.

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

9 September (Tuesday): Envision 2025, Atlantis, The Royal, Dubai.

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.

10-11 September (Wednesday-Thursday): Annual International Government Communication Forum, Expo Center Sharjah.

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.

17-18 September (Wednesday-Thursday): SHRM MENA hosts its Annual Conference + Expo, Madinat Jumeirah, Dubai.

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 Center.

30 September (Tuesday): Africa Debate Conference, Dubai.

30 September (Tuesday): Dubai Podfest, Dubai.

OCTOBER

1-2 October (Thursday-Friday): World Green Economy Summit (WGES), Dubai World Trade Center.

30 September-1 October (Tuesday-Wednesday): MENA Investment Congress (MENA ICON), Abu Dhabi.

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 October (Tuesday): Enterprise Egypt Forum 2025.

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 October (Monday): The UAE Africa Tourism Investment Summit, Dubai.

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.

10-15 November (Monday-Saturday): SASC organizes Abu Dhabi Autonomous Week, Abu Dhabi.

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).

2-5 December (Tuesday-Friday): Sotheby’s Abu Dhabi Collectors’ Week, Abu Dhabi

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 December (Monday): DeFi Technologies Insights Global Symposium, Emirates Palace, Abu Dhabi.

8-9 December (Monday-Tuesday): BTC Mena Conference, Adnec, Abu Dhabi.

8-9 December (Monday-Tuesday): Global AI Show 2025, Abu Dhabi.

8-10 December (Monday-Wednesday): Bridge media summit, Abu Dhabi.

8-11 December (Monday-Thursday): Abu Dhabi Finance Week, Al Maryah Island.

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.

28-30 January (Wednesday-Friday): World Customs Organization Technology Conference, Adnec Center, 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:

1Q 2027: Completion of the first phase of Hassyan seawater desalination project.
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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