More debt for Omniyat

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Secondary share sales eclipse IPO proceeds + near triple 2024 volumes

Good morning, wonderful people. After a couple of rather busy days, it appears the news cycle is deciding to take a bit of a breather with just a handful of big stories to take note of this morning. Leading our newswell is Omniyat Holdings tapping debt capital markets with another sukuk issuance, marking its second issuance in less than six months. We also have the latest real estate market figures for Abu Dhabi, courtesy of ValuStrat, as well as reports that Mubadala could be investing in New York-based private investment group Aquarian.

WATCH THIS SPACE-

#1- Lazard to add staff to new Abu Dhabi office: Financial advisory and asset management firm Lazard plans to add around six bankers to its newly opened Abu Dhabi office as part of CEO Peter Orszag’s push to double revenue, Orszag told Bloomberg. The hires will join a dozen dealmakers already in Riyadh, with the firm eyeing mandates from sovereign wealth funds and state energy companies in the region.

ICYMI- Lazard opened a new Abu Dhabi office to be its main UAE advisory hub in April, naming former HSBC banker Hussain Altajir as CEO for UAE operations. The firm first entered the Gulf through Dubai before the 2008 global financial crisis.

Global banks are also ramping up in the Gulf: JPMorgan is planning to add over 100 staff across its Middle East operations, while Cantor Fitzgerald recently tapped our friend Ali Khalpey to lead its regional business from Abu Dhabi and Dubai, with plans to build a 25-50 person team.

#2- Northern Ireland trade mission eyes Gulf mega-projects: Nine Northern Ireland (NI) companies will join a trade mission to the UAE and Saudi Arabia from 15-19 September, according to an Invest NI statement. The delegation will stop in Abu Dhabi, Ras Al Khaimah, and Riyadh for site tours and meetings linked to giga-projects, as they eye collaboration across construction and sustainability initiatives.

NI ❤️ the Gulf: Exports from Northern Ireland to the two countries totaled GBP 162.4 mn (c. USD 219.8 mn) in the 12 months to March 2025, led by machinery, transport equipment, and manufactured goods. The UAE’s construction sector — forecast to expand to USD 53 bn by 2030, up from USD 43 bn in 2025 — is expected to fuel further demand, the statement read.

#3- China firms are also doubling down on GCC: Nearly 90% of Chinese companies plan to expand in the Middle East, with the UAE and Saudi Arabia ranking as the top destinations, PwC’s latest survey shows. Some 44% of the 136 firms surveyed have already formalized business plans — with 79% of respondents targeting the UAE and 84% eyeing Saudi Arabia. Egypt came in third for top investment destinations.

The rationale: Profitability is on the rise, with 40% of firms reporting positive returns from regional operations, while the share of loss-makers has fallen to 15%. Companies are also moving from representative offices to full-scale entities — 77% now operate through local entities — with growing interest in digital tech, renewables, AI, and biopharma.

What they want: Nearly three-quarters of surveyed firms called for clearer and more efficient regulations, while 72% are seeking tax incentives outside freezones, PwC said.

#4- Goldman Sachs’ Russian unit buyer expands into Middle East: Former hedge-fund manager and buyer of Goldman Sachs’ Russian subsidiary, David Amaryan, is expanding his firm’s presence in the Middle East, targeting a USD 500 mn real estate and infrastructure portfolio, Bloomberg reports. The firm — which was among those hit by a USD 18 mn fine from the US Securities and Exchange Commission in 2016, following insider trading allegations — will focus on private markets.

The presence so far: Amaryan’s firm, Balchug Capital, opened an office in Dubai last year and signed an agreement to develop warehouses at Abu Dhabi airport — expected to close in 1Q 2026. He is also pursuing projects in Saudi Arabia across commercial real estate, logistics facilities, and data centers.

#5- CBUAE to offer AED 14 bn in next M-bills auction: The Central Bank of the UAE (CBUAE) will offer up to AED 14 bn in monetary bills at its upcoming auction on Tuesday, 16 September, according to a statement (pdf). The offering includes a 28-day tap issuance worth up to AED 4.1 bn, a 56-day tap issuance of up to AED 2.1 bn, a 84-day AED 3.2 bn tap issuance, and a final 252-day tap issuance worth as much as AED 7.1 bn. All bills will settle on 17 September.

Decoding central bank speak: M-bills are short-term, zero-coupon securities issued in AED with typical maturities of one to 12 months. They are sold via competitive tenders to licensed dealers and are not listed for public trading. A tap issuance allows the CBUAE to reopen an existing line to manage liquidity without launching a new series.

DATA POINTS-

#1- Emirati companies raised nearly USD 4.75 bn from follow-on offerings so far this year, almost tripling 2024 volumes and far outpacing IPO proceeds of just USD 905 mn over the same period, Bloomberg reports. The rally, led by state-linked players, reflects a bid to broaden investor bases, secure global index inclusion, and lock in international capital, bankers told the business news service.

September puts an end to the summer lull: Abu Dhabi-based sovereign wealth fund Mubadala’s debt issuing arm Mamoura was the latest to act through the follow-on run with a USD 920 mn secondary stake sale in DFM-listed telco Du. This comes days after state-backed energy giant Adnoc trimmed its holding in both its logistics and gas units via follow-on sales earlier this year. This is in addition to state AI firm G42 which is offloading about 2% of its stake in data analytics firm Presight AI via an accelerated offering to qualified institutional investors.

#2- Hotel establishments in the Emirates generated AED 26 bn in revenue during 1H 2025, up 6.3% y-o-y, Wam reports, quoting Economy and Tourism Minister Abdulla bin Touq Al Marri at the Emirates Tourism Council’s latest meeting. Occupancy stood at 80.5% over the same period.

REMEMBER- Supply incoming: Dubai is set to see 19 new hotels open in 2H 2025, adding 5k rooms and around 7.5k jobs.

HAPPENING TODAY-

Orascom Construction will start trading on the ADX today under the ticker ORAS, moving its primary listing from Nasdaq Dubai to the Abu Dhabi bourse, it said in a statement (pdf). At the opening bell, the contractor’s shares will be dually traded on the ADX and the EGX. Orascom’s ADX debut price was pegged to yesterday’s EGX close of EGP 394.5 per share, converted into AEDs at the UAE Central Bank’s official rate.

REMEMBER- Orascom is the first Egyptian contractor to pursue a dual-list in Abu Dhabi and Cairo, a move that underscores the ADX’s growing pull as a regional liquidity center. For the contractor, the shift away from Nasdaq Dubai opens access to deeper institutional flows, while for other Egyptian corporates it could set a precedent on where to anchor secondary listings.

The UAE’s Universal Postal Congress is running until Friday at the Dubai World Trade Center. The union’s 192 member countries will meet to set policies and strategy for the coming year, with this year’s congress looking to adopt advanced tech under the theme “Leading the Change, Creating the Future.”

The International Government Communication Forum is wrapping up today at Expo Centre Sharjah. Hosted by the Sharjah Government Media Bureau, the two-day event will feature 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.

The MENA Public-Private Partnership Forum is also on its final day at Jumeirah Emirates Towers in Dubai. Stakeholders from the finance, government, industry, and development sectors will meet to discuss public-private partnerships with a focus on industries like renewables, digital infrastructure, and healthcare.

TheInternational Renewable Energy Agency Council convenes in Abu Dhabi today, gathering over 400 officials from 169 countries and the EU to set strategic direction for the global energy transition. Discussions will focus on energy security, resilient supply chains — particularly in solar PV — and advancing sustainable aviation fuel investments.

HAPPENING THIS WEEK-

TheInternational Real Estate and Investment Show Abu Dhabi is taking place from Friday until Sunday in Abu Dhabi. The conference brings together global developers and investors for insights into investment and market trends in the Middle East, Europe, and Asia Pacific regions.

THE BIG STORY ABROAD-

There’s only one story leading the conversation in the international press this morning: Prominent pro-Trump conservative influencer and co-founder of Turning Point USA Charlie Kirk was assassinated last night — shot dead while speaking at a Utah university. The 31-year-old, credited with mobilizing youth and minority voters for President Donald Trump’s second-term victory, was struck in the neck moments after taking a question on gun violence.

ON THE MARKETS FRONT- Oracle’s blowout quarter briefly made chairman Larry Ellison the world’s richest person yesterday, overtaking Elon Musk after the software giant’s shares jumped 36%. Ellison’s net worth hit a peak of USD 386 bn before easing back by market close, while Oracle’s market value surged to USD 922 bn on the back of huge cloud contracts tied to OpenAI and other AI leaders. (Financial Times | Bloomberg | The Guardian | BBC | Axios | Washington Post | Reuters)

CLOSER TO HOME- Israel launched airstrikes on Yemen — killing 35 and injuring over 100 — after the Houthis launched a drone attack that hit an Israeli airport. The attack comes one day after Israel launched an attack on Qatar. (AP | New York Times | Reuters | Bloomberg)

ALSO WORTH NOTING THIS MORNING-

#1- Poland has become the first NATO member to fire on suspected Russian drones during the war in Ukraine, after 19 objects crossed into its airspace overnight during a Russian air attack on Ukraine. Prime Minister Donald Tusk called the incident a “large-scale provocation” and activated Article 4 of the NATO treaty, requesting emergency consultation with allies. (Reuters | Associated Press | The Guardian | BBC | New York Times)

#2- Life on Mars? NASA scientists say new rock samples collected from an ancient riverbed on Mars could hold the strongest evidence so far of ancient microbial life — though they stress much more analysis is needed. (Associated Press | CNN)

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MARKET WATCH-

Global crude oil inventories are set to expand by more than 2 mn bbl / d through the first quarter of 2026, the US Energy Information Administration (EIA) said in its latest short-term energy outlook (pdf). The agency had previously expected the surplus in 4Q 2025, but revised its view as supply growth outpaces demand. The updated forecast doesn’t yet factor in the additional production that Opec recently agreed to roll out.

The accumulation of inventories is expected to weigh on prices, with Brent seen averaging USD 51 / bbl next year — well below its current USD 66.50 / bbl, according to the EIA outlook. The agency added that the market imbalance could force Opec+ and other producers to dial back output later in 2026 to stabilize prices.

Some forecasts see prices in the 50s: Goldman Sachs also expects an oil surplus in 2026, revising its estimate to 1.9 mn bbl / d, and sees Brent averaging USD 56 / bbl in 2026. S&P Global is also projecting weaker crude prices by year-end, with dated Brent seen falling toward USD 55 / bbl as Opec continues to release additional supply.

Can China help? China’s stockpiling of crude oil, which absorbed surplus supply throughout this year, is expected to persist at a comparable pace into 2026, Reuters reported citing Gunvor head of research Frederic Lasserre.

Omniyat taps markets with USD 400 mn sukuk under USD 2 bn program

Omniyat taps debt capital market for second time in less than six months: Dubai-based developer Omniyat Holdings priced a USD 400 mn Reg S three-year sukuk at 7.25%, payable semi-annually, Zawya reports. The senior unsecured sukuk is rated in line with Omniyat (S&P: BB-, Fitch: BB-, Stable) and issued under a USD 2 bn trust certificate program. Settlement is due on Tuesday, 16 September.

The transaction drew orders topping USD 800 mn, excluding joint lead manager interest, allowing the issuer to price the issuance at par, tightening from initial guidance in the 7.625% area. This follows the developer’s maiden USD 500 mn green sukuk issued in May and priced at 8.375%.

Leaning into public markets: The notes will be listed on both the London Stock Exchange’s International Securities Market and Nasdaq Dubai as the luxury developer leans more into public markets after it was said to have secured a USD 100 mn private loan from Japanese investment bank Nomura Holdings in February to support the development of one of its ultra-luxury projects in the emirate.

ADVISORS- Our friends at Mashreq acted as joint global coordinators, alongside Abu Dhabi Commercial Bank (ADCB), Dubai Islamic Bank, Emirates NBD Capital, JP Morgan and Standard Chartered. Mashreq, ADCB, Arab African International Bank, Commercial Bank of Dubai, DIB, Emirates NBD Capital, JP Morgan and Standard Chartered also served as joint lead manager and bookrunner.

Mubadala in talks to back Aquarian’s USD 3 bn Brighthouse takeover

Mubadala reportedly in talks to back Acquarian’s Brighthouse takeover: New York-based private investment group Aquarian is in late-stage talks with Mubadala Capital, the Qatar Investment Authority, and other investors to secure more than USD 3 bn in equity to support its planned acquisition of US ins. provider Brighthouse Financial, the Financial Times reports, citing people with knowledge of the matter.

Where we’re at: The private capital group has faced delays in raising equity amid a lengthy diligence process, but has already lined up debt financing from banks led by RBC, Nomura, and Société Générale. Aquarian is now preparing to submit a final offer and is looking to secure equity commitments as the last step.

The target: Brighthouse has nearly USD 120 bn in assets and a market cap of USD 2.5 bn. Despite this, it has drawn muted interest on public markets amid profitability struggles. Previous big names eyeing a takeover bid, like Blackstone and Apollo, have all pulled out.

IN OTHER M&A NEWS-

Sweid and Sweid makes AED 350 mn US exit: Dubai-based real estate development and investments group Sweid and Sweid announced the AED 350 mn sale of River Park 10 — a 825k sq-ft Class A industrial facility located in Atlanta, Georgia, according to a press release. Georgia Power, the state’s largest public utility company, is acquiring the property.

The move aligns with Sweid and Sweid’s broader investment plans in the US and Dubai. This latest exit brings the firm’s tally of completed projects across the US’ Sun Belt region to three over the past year. It also launched the first phase of its 3.3 mn sq ft Terralogix project — slated to be the emirate’s largest privately owned logistics park when operational in 3Q 2026.

Abu Dhabi home prices climb 8.1% y-o-y in 2Q 2025 as supply lags

Abu Dhabi’s property market extended its rally in 2Q 2025, with residential prices and rents both accelerating on limited new supply, according to ValuStrat’s latest report (pdf). The ValuStrat Price Index for the capital’s residential sector rose 2.2% q-o-q and 8.1% y-o-y, marking the strongest annual gains since 2022.

Villas led the surge, up 10.1% y-o-y, while apartments climbed 5.9% — the highest annual growth rate for flats in three years. Saadiyat Island posted the steepest villa price gains at 21.2%.

Rents also moved higher: Apartment rents jumped 12.5% y-o-y, outpacing the rate of increase in villas’ rents, with citywide gross yields averaging 8.1%. Occupancy remained robust at 88.1%, underpinning strong end-user demand despite limited handovers.

Supply came in short: Only 7.1% of the 2025 residential pipeline was delivered in 1H, though 33k new units are scheduled by 2030.

Sales activity rebounded after a subdued start to the year. Off-plan transactions rose 53.1% q-o-q but were still down 51.8% y-o-y amid fewer project launches. Still, average off-plan ticket sizes reached AED 3 mn, on the back of prices rising by 38.1% y-o-y.

Meanwhile, ready-home sales climbed 6.4% q-o-q and 3% y-o-y, with ticket sizes averaging AED 2.4 mn — a 6.4% y-o-y price increase. Mortgage-backed agreements accounted for half of all sales, totaling AED 8.3 bn.

HOW THE OFFICE, INDUSTRIAL, HOSPITALITY, AND RETAIL MARKETS FARED-

In the office market, asking rents in central districts surged 28.3% y-o-y and 6.1% q-o-q on 90.5% occupancy. Masdar City Square added 50k sqm of new supply, pushing total stock to 3.9 mn sqm. Industrial real estate also posted gains, with asking prices up 15.9% y-o-y and rents rising as much as 20.2%.

Hospitality saw another strong quarter: Hotel occupancy reached 83.7% for the first four months of the year, with revenue per available room up 26.8% y-o-y. Abu Dhabi now counts more than 34k hotel keys, with supply set to exceed 50k by 2030. A planned Disney resort on Yas Island is expected to further lift demand.

Meanwhile, in the retail sector, shopping center stock stood at 1.95 mn sqm for 2Q — with Yas Mall maintaining a 98% occupancy rate. The redevelopment of Al Jimi Mall is set to expand its footprint to nearly 91k sqm by year-end, while Majid Al Futtaim plans to open more than 30 new stores across the GCC this year, including in Abu Dhabi.

ICYMI- The property market entered 2025 on strong footing, with 1Q marking the steepest capital gains in three years. Residential prices rose 7.2% y-o-y, apartment rents surged 11.6%, and office and hotel segments also posted double-digit growth.

VentureSouq’s FinTech Fund II secures backing from Abu Dhabi sovereign wealth fund Mubadala

Mubadala invests in VentureSouq’s latest fund: Abu Dhabi sovereign wealth fund Mubadala invested in GCC-based venture capital firm VentureSouq’s FinTech Fund II, according to a press release. The value of Mubadala’s investment ticket value wasn’t disclosed. The second fund’s other backers include Saudi Arabia’s Jada Fund of Funds, Saudi Venture Capital (SVC), Saudi Awwal Bank (SAB), Takamol Holding, Krafton, and Jordan’s Innovative Startups and SMEs Fund (ISSF).

The fund in focus: The new capital will target investments in early-stage fintech and SaaS startups in the MENA region across different sectors including payments infrastructure, digital banking, proptech, alternative credit, personal financial management, and ins. tech.

Fund II follows on from a strong track record, with VentureSouq previously backing startups like Tabby, which had a market cap of USD 3.3 bn in June, as well as Huspy, Yassir, and Salla. Established in 2017, the VC firm has invested in over 200 companies globally, with around USD 250 mn in assets under management.

IN OTHER STARTUP NEWS-

Pollen Street backs UAE’s CredibleX: UK-based Pollen Street Capital extended a USD 100 mn senior secured lending facility to Abu Dhabi fintech CredibleX, Bloomberg reports. The funding marks Pollen’s first agreement in the country after opening an Abu Dhabi office earlier this year. It will be used to expand the startup’s SME loan book in the UAE.

CredibleX? Founded in 2023 by Anand Nagaraj (LinkedIn), Ahmad Malik (LinkedIn), and Hassan Reda (LinkedIn), CredibleX provides SMEs with working capital, receivables and payables financing, and short-term loans.

Strategic comms firm Kekst taps new Abu Dhabi partner

Kekst CNC appoints new partner in Abu Dhabi: Strategic communications firm Kekst CNC named Luciana Blackwell (LinkedIn) as partner in its Abu Dhabi office, according to a statement. Blackwell has over 20 years of experience in digital, corporate, and financial communications, with previous roles at The National, Adnoc, Abu Dhabi’s Department of Culture and Tourism, Masdar, and FGS Global.

Adnoc L&S, NMDC partner on offshore rig services

ENERGY-

Adnoc L&S + NMDC partner on offshore EPC support: Abu Dhabi-based National Marine Dredging Company (NMDC) inked a three-year partnership agreement with Adnoc Logistics and Services (Adnoc L&S) to deliver maritime services to offshore engineering, procurement, and construction (EPC) projects in Abu Dhabi, according to an ADX disclosure (pdf).

More offshore moves- The logistics’ firm’s the parent company’s, Adnoc, recent moves in the offshore segment include a USD 806 mn contract to build three newbuild island rigs as well as a separate USD 1.15 bn contract to operate two jack-up rigs.

INFRASTRUCTURE-

Dubai’s RTA awards AED 104.4 mn road contract to CGC: The Dubai branch of Kuwait-based Combined Group Contracting (CGC) secured an AED 104.4 mn contract from Dubai’s Roads and Transport Authority (RTA) to construct internal roads in Wadi Al Amardi, according to a press release. Road works — including mobilization — are expected to wrap up within 14 months.

GCG’s other work in the UAE: CGC secured a AED 685 mn tender from the UAE’s Energy and Infrastructure Ministry in July for its subsidiary to upgrade a section of Emirates Road, a separate press release read.

TECH-

Indian web hosting company NetForChoice launched its first GCC data center in Dubai, according to a statement (pdf). The facility will deliver hosting, cloud, and cybersecurity services with 99.95% uptime, integrating security operations center and network operations center support. It is designed to handle workloads from enterprise resource planning platforms to AI model training, targeting clients across BFSI, healthcare, and other regulated industries.

BUSINESS-

Greenstone obtains license to operate in DIFC: Dubai-based capital-raising firm Greenstone Capital Partners secured a Category 4 license from Dubai Financial Services Authority (DFSA) to expand its operations into Dubai International Financial Center (DIFC), according to a press release. The firm will target DIFC-based family offices and ultra-high-net-worth individuals (UHNWIs) through the new license.

The portfolio: The firm has worked with over 1.5k UHNWIs and family offices, as well as 200 institutional investors. Greenstone-represented funds have raised over USD 100 bn across alternative investment sectors including venture capital, private equity, hedge funds, real estate, and infrastructure.

Sovereign secures DIFC license: International corporate and trust services manager Sovereign has obtained a license to operate in the Dubai International Financial Center (DIFC), according to a statement. The license enhances Sovereign’s capacity to provide specialized corporate and compliance solutions, building on its seven existing UAE licenses — including in ADGM, Ras Al Khaimah International Corporate Center, and Dubai Multi Commodities Center.

REGULATION-

DFSA, Hong Kong’s SFC ink cross-border supervision pact: The Dubai Financial Services Authority (DFSA) and Hong Kong’s Securities and Futures Commission (SFC) signed an MoU to strengthen oversight of collective investment scheme managers active in both markets, according to a statement. The agreement establishes a framework for consultation, information exchange, and joint supervision of cross-border investment management and advisory activities.

The two regulators already worked together this year, including on a high-level meeting and a jointly hosted roundtable with asset managers in Hong Kong.

REAL ESTATE-

Taraf to build residential community in Masdar City: Taraf — Yas Holding’s luxury real estate arm — will develop a 1.4 mn sqm residential community in Abu Dhabi’s sustainable urban hub Masdar City through a joint venture, according to a press release. The development will feature a mix of two- to six-bedroom villas and townhouses together with 1k+ single-family homes.

AVIATION-

Budget carrier flydubai partnered with Romanian national carrier Tarom to offer passengers access to 15 destinations on Tarom’s network, according to a press release. The interline agreement will include destinations such as Athens, Madrid, and Paris, simplifying travel itineraries. Flydubai is also set to launch a second Romanian destination, Iași, from 19 September.

Adnoc Adnoc Logistics and Services ALSO ON OUR RADAR Data center debt Dubai Financial Services Regulatory Authority Emsteel energy Hong Kong infrastructure investment MANUFACTURING National Marine Dredging Company NMDC oil and gas Real estate regulation Roads and Transport Authority Taraf tech UAE-India relations

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PLANET FINANCE

Fitch lifts 2025 global growth forecast as China and eurozone improve, but warns of US slowdown

Fitch Ratings revised upward its 2025 world growth forecasts to 2.4% from 2.2% in June, citing stronger 2Q data in China and the eurozone, according to its global economic output report (pdf). However, the agency warned that global activity is still set to slow sharply from 2.9% in 2024, with evidence of a US deceleration now emerging in hard data.

China’s growth projection was raised to 4.7% from 4.2%, helped by a weaker exchange rate, falling export prices, and fiscal easing that has cushioned exports from the US tariff shock. However, Fitch warned that domestic demand is softening and deflation is “increasingly entrenched.”

The eurozone outlook was also upgraded to 1.1% from 0.8% after better-than-expected 1H trade data, though Fitch cautioned that much of the strength reflected front-running US tariffs. With consumer momentum fading, the bloc is unlikely to expand in 2H, though German fiscal support should add some cushion in 2026.

While the US’ growth forecast was lifted slightly to 1.6% from 1.5%, this is still below trend and significantly below the 2.8% growth rate recorded last year. Fitch flagged weaker consumption and hiring as tariffs, rising inflation, and tighter immigration squeeze growth. Consumer spending has already slowed, job growth has decelerated, and more inflationary pressure is likely to kick in soon. Fitch expects the Fed to respond with two more cuts this year and three in 2026.

Tariffs are set to weigh on near-term growth…: Fitch estimates the average US effective tariff rate at 16% — among the highest in the world. While pass-through CPI has so far been modest, inflationary effects are expected to intensify later this year, further weighing on household incomes. “Greater clarity about US tariff hikes does not alter the fact that they are huge and will reduce global growth,” said Brian Coulton, Fitch’s chief economist.

… and into 2026: The agency sees global growth slowing to 2.3% in 2026, well below trend. Long-term bond yields in the US, UK, Germany, and Japan remain under upward pressure, reflecting concerns about supply and fiscal sustainability, while the European Central Bank is unlikely to cut rates further, limiting chances of a near-term USD rebound.

MARKETS THIS MORNING-

Early morning trading is mixed in Asia-Pacific markets today, with Japan’s Nikkei hitting a fresh high on the back of tech investment group Softbank’s shares rising nearly 10% since markets opened. South Korea’s Kospi is also in the green, but Hong Kong’s HSI and mainland China’s CSI are both trading down. Meanwhile, Wall Street futures are trading mostly flat, after the S&P 500 hit another all-time high at market close yesterday, while the Dow Jones closed down.

ADX	9,927	-0.3% (YTD: +5.4%)
DFM	5,923	-0.6% (YTD: +14.8%)
Nasdaq Dubai UAE20	4,747	-0.7% (YTD: +14.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	3.9% 1 yr
TASI	10,498	-0.3% (YTD: -12.9%)
EGX30	34,670	+0.8% (YTD: +16.6%)
S&P 500	6,532	+0.3% (YTD: +11.1%)
FTSE 100	9,225	-0.2% (YTD: +12.9%)
Euro Stoxx 50	5,361	-0.1% (YTD: +9.5%)
Brent crude	USD 67.58	+0.1%
Natural gas (Nymex)	USD 3.03	-0.1%
Gold	USD 3,682	0.0%
BTC	USD 113,954	+2.1% (YTD: +21.8%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.62	-0.8% (YTD: +3.9%)
S&P MENA Bond & Sukuk	149.77	-0.1% (YTD: +7.0%)
VIX (Volatility Index)	15.35	+2.1% (YTD: -11.5%)

THE CLOSING BELL-

The ADX fell 0.3% yesterday on turnover of AED 869.3 mn. The index is up 5.4% YTD.

In the green: Aram Group (+8.2%), Abu Dhabi National Takaful Co. (+3.1%) and Abu Dhabi Ship Building Co. (+2.5%).

In the red: Ins. House (-7.7%), Abu Dhabi National Co. for Building Materials (-3.8%) and E7 Group (-2.7%).

Over on the DFM, the index fell 0.6% on turnover of AED 504.8 mn. Meanwhile, Nasdaq Dubai was down 0.7%.

Mohammed bin Zayed meets with Qatar’s emir for bilateral talks

UAE President visits Doha after Israeli strike: President Mohammed bin Zayed Al Nahyan landed in the Qatari capital to meet with Emir Tamim bin Hamad Al Thani, a day after Israel conducted a strike in Qatari territory, Wam reports. The two leaders discussed strengthening bilateral ties, while President Al Nahyan reaffirmed support for all measures taken to protect Qatar’s sovereignty and territorial integrity following the strike.

The president also met with Bahrain’s King Hamad bin Isa Al Khalifa during a visit to the kingdom, Wam reports. The two leaders discussed strengthening bilateral ties and condemned the Israeli strike on Qatar, describing it as a threat to regional security and a violation of international law.

CALENDAR

SEPTEMBER

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.

25 September- 8 October (Thursday- Wednesday): Big Bad Wolf Book Sale, Ajman Youth Centre.

1 September-5 October (Monday-Sunday): DMCC Web3 Unleashed applications

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.

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

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

23 October (Thursday): S&P Global’s annual Islamic Finance Conference, DIFC Atrium, Dubai.

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.

13-15 December (Saturday-Monday): Mobile Developers Week, Abu Dhabi

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.

JUNE 2026

15 June-15 September (Monday-Thursday): Dubai Mallathon, 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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