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Monday, 22 Sep 2025

What We’re Tracking Today
Crypto
Debt Watch
Capital Markets
Spotlight
Earnings Watch
Moves
Also On Our Radar
Planet Finance
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UAE to adopt OECD’s crypto tax reporting framework in 2027

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Today at a glance

1

CRYPTO

UAE to adopt OECD’s crypto tax reporting framework in 2027.
2

WHAT WE’RE TRACKING TODAY

Emirates Global Aluminium taps banks for IPO.
3

WHAT WE’RE TRACKING TODAY

Mubadala is weighing a complete exit from Turkish delivery company Getir.
4

DEBT WATCH

Emirates NBD’s DenizBank issues USD 270 mn green bond.
5

CAPITAL MARKETS

BHM Capital doubles share capital from oversubscribed rights issuance.
6

SPOTLIGHT

Why Asia is the next frontier for Gulf sovereign wealth funds.
7

EARNINGS WATCH

Investcorp’s bottom line dips 22.9% to USD 81 mn in FY 2025.
8

DIPLOMACY

More bilateral cooperation with Georgia.

Monday, 22 Sep 2025

What We’re Tracking Today
Crypto
Debt Watch
Capital Markets
Spotlight
Earnings Watch
Moves
Also On Our Radar
Planet Finance
Diplomacy
Calendar
1

WHAT WE’RE TRACKING TODAY

THIS MORNING: EGA taps banks for IPO + Mubadala weighs exit from Turkish delivery startup Getir

Good morning, lovely people, and welcome to the official start of fall. Temperatures are cooling down slightly and conference season (along with traffic) is back in full swing.

It’s a relatively quiet morning, as is usual for Mondays, but we have a mixed bag of news for you to dig your teeth into this morning. Leading our newswell is news that the UAE will be adopting the OECD’s crypto reporting framework in 2027, with a public consultation open until November. Meanwhile, Emirates NBD’s Turkish unit has issued a USD 270 mn green bond, and BHM Capital doubled its share capital through a rights issue to pursue an expansion drive.

ALSO- We have a long read on Gulf sovereign wealth funds’ increased interest in Asia, as the region offers returns in strategic sectors like renewables, technology, and infrastructure, while the West faces headwinds.

^^We have the details on this and more in the news well, below.

Were you traveling this weekend? If you’ve faced some disruptions, it may have been due to a cyberattack on aerospace solutions provider Collins Aerospace, which hit check-in and boarding systems across Europe. Etihad Airways reported unusually long check-in times at certain airports, Gulf News reported on Saturday, citing a statement from the carrier. Emirates said its operations were not significantly hindered.

Major hubs like London’s Heathrow Airport, Brussels Airport, and Berlin Airport reported the cancellation of 29 arrivals and departures, Reuters reported on Sunday.

WEATHER- The mercury is set to reach 37°C in Dubai, with an overnight low of 30°C, while Abu Dhabi will see a high of 41°C and a low of 30°C, according to our favorite weather app.

WATCH THIS SPACE-

#1- Emirates Global Aluminium (EGA) tapped banks to arrange its potential IPO, which could value it at USD 10-15 bn, Bloomberg reports, citing people it says are familiar with the matter. The venue and timeline of the offering remain under wraps. The firm is in talks with Citigroup, Goldman Sachs, Emirates NBD Capital, and First Abu Dhabi Bank (FAB) to lead the transaction, the sources said. Rothschild & Co advising.

Background: EGA has been weighing a public listing for nearly a decade, shelving earlier attempts in 2018 and 2021 despite signals from owners — which include Mubadala and the Investment Corporation of Dubai — that a float was on the table. The IPO would come as the company faces some headwinds, including newly imposed USaluminium tariffs and the loss of a key mining concession in Guinea, even as it presses ahead with a USD 4 bn smelter in Oklahoma and eyes fresh African bauxite projects.

ALSO IN THE PIPELINE-

#2- Mubadala is weighing a complete exit from Turkish delivery company Getir, including its grocery delivery, financing (Getir Finans) and car-rental arm (Getir Arac), sources told Reuters. Mubadala first took a stake in Getir in 2021 and last year led a USD 250 mn funding round for the company, handing it controlling shares in most of its subsidiaries.

Potential buyers are lining up: Talks on selling Getir Arac are at an advanced stage with Turkish car-sharing rival Tiktak. Multiple buyers are reportedly circling the core delivery unit, including US-based DoorDash, though discussions remain ongoing.

ICYMI- In January, Getir’s independent directors backed a Mubadala-proposed restructuring plan that would make it the sole owner of the firm, which co-founder Nazim Salur had at the time denounced as an “illegal coup,” but an Amsterdam court dismissed the founders’ appeal.

#3- UAE targeting 2 mn SMEs, 10 unicorns by 2031: The UAE is hoping to be home to 10 unicorns by 2031, as well as more than 2 mn SMEs, Economy Minister Abdulla bin Touq Al Marri told Wam. So far, there are five unicorns — startups valued at more than USD 1 bn —- in the Emirates. SMEs accounted for 63.5% of the country’s non-oil GDP by mid-2022.

#4- OMV exec accused of spying for Russian state: An executive at Austria’s OMV, the chemicals firm set to merge its polyolefins business with Adnoc, was fired following allegations of spying for the Russian state, Reuters reports, citing a report from Profil. The employee had also been temporarily transferred to work at Adnoc before having their contract terminated, and had reported on both firms to a Russian diplomat in Austria who has since been summoned.

ICYMI-The merger of Adnoc and OMV’s polyolefins’ businesses is set to create a USD 60 bn company when completed in 1Q 2026. Adnoc also currently holds a 25% in the Austrian chemicals firm, which is set to inject some EUR 1.6 bn into the new entity.

DATA POINT-

DIEZ trade sees 19% uptick in 2024: Total trade from zones under the Dubai Integrated Economic Zones Authority (DIEZ) rose 19% y-o-y to reach AED 336 bn last year, according to the Dubai Media Office. The zones accounted for 13.7% of Dubai’s 2024 non-oil trade — its highest share so far, and marking the fourth year of consecutive growth.

The volume of goods traded in the zones, which include Dubai Airport Freezone, Dubai Silicon Oasis, and Dubai CommerCity, rose 28% y-o-y to 444.3k tons.

Machinery doing the heavy lifting: The machinery, electrical, and electronics sectors accounted for 72% of the zones’ total trade — up 17% y-o-y. Meanwhile, the precious stones, metals, jewelry, and ornaments sector saw a 33% yearly uptick, leading it to contribute 22% of the total.

HAPPENING TODAY-

#1- FM attends UN General Assembly in New York: Foreign Minister Sheikh Abdullah bin Zayed Al Nahyan is in New York for the UN General Assembly, which starts today and will run until next Monday, 29 September, according to a Foreign Ministry statement. The summit is expected to be dominated by discussions around the ongoing war in Gaza, with several countries — including the UK, France, and Canada — formally recognizing Palestine as a state, and Saudi Arabia and France set to co-chair meetings on the two-state solution.

#2- The South African State-Owned Enterprises Investment and Cooperation Summit is kicking off today and running until Wednesday at the Waldorf Astoria in Dubai International Financial Center. The three-day summit — which is hosted by African bank Standard Bank — will connect South African state-owned enterprises with investors in the UAE and wider Gulf region, as well as sovereign wealth funds and large corporations, in a bid to boost the country’s trade and infrastructure development.

HAPPENING THIS WEEK-

#1- The MENA EV Show is taking place on Tuesday and Wednesday at The Agenda in Dubai Media City. The show will connect stakeholders in the global EV value chain — from small startups to investors, governments, and auto manufacturers — to showcase the EV industry’s latest technologies.

#2- The MohammedBin Rashid Leaders Forum will take place on Wednesday and Thursday in Dubai, at the Mohammed Bin Rashid Center for Leadership Development. The forum brings together 1k government and private sector leaders for discussions, workshops, and lectures aimed at shaping future leadership models, proactive strategic thinking, and governance management.

#3- Dubai World Congress for Self-Driving Transport is also happening on Wednesday and Thursday at the Dubai World Trade Center. Hosted by the Roads and Transport Authority, the congress will see tech experts, policy makers, investors, government officials, and international and regional autonomous mobility firms meet for two days of seminars, panels, and exhibitions.

THE BIG STORY ABROAD-

It’s relatively calm in the foreign press this morning, with one story dominating headlines. Canada, the UK, Australia, and Portugal announced their formal recognition of a Palestinian state yesterday, signalling a break with Washington and deepening Israel’s diplomatic isolation. UK Prime Minister Keir Starmer said the decision is meant “to revive the hope of peace and a two-state solution,” while Canadian Premier Mark Carney stressed it aligned with “principles of self-determination and fundamental human rights.” France, Belgium, Malta and other European states are expected to follow suit this week during the UN General Assembly.

What’s next? President Donald Trump — who had threatened Canada with trade consequences over its position and publicly clashed with Starmer over the matter — is set to meet Arab and Muslim leaders on the sidelines of the general assembly to discuss Gaza. Diplomats from the recognizing countries have been working to limit fallout with Washington. (Reuters | Bloomberg | New York Times | The Guardian | BBC | Associated Press | Politico)

ALSO MAKING HEADLINES- Syria will hold its first parliamentary elections since the fall of Bashar Al Assad on 5 October, as President Ahmed Al Sharaa moves to rebuild state institutions and consolidate power after years of conflict. (Reuters | Bloomberg)

***

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2

CRYPTO

UAE to adopt OECD’s crypto tax reporting framework in 2027

UAE signs OECD crypto reporting framework: The UAE plans to adopt OECD’s crypto-asset reporting framework, which requires crypto exchanges and brokers to report customer transactions, in 2027, state news agency Wam reports. The framework will also require governments to share this data with each other in a system akin to the OECD’s common reporting standards for bank accounts.

Next steps: A public consultation opened on 15 September and will run until 8 November, seeking feedback from exchanges, custodians, traders, and other crypto-sector stakeholders. The UAE will implement CARF in 2027, with the first information exchanges scheduled for 2028.

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3

DEBT WATCH

Emirates NBD’s DenizBank issues USD 270 mn green bond

DenizBank issues USD 270 mn green bond: DenizBank, Emirates NBD’s Turkish unit which it acquired in 2019, has issued a five-year USD 270 mn green bond, according to a press release (pdf). The International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), and French development finance firm Proparco all participated in what the bank said is a first for a green bond issuance in Turkey.

The breakdown: Both the IFC and EBRD invested USD 100 mn each, according to separate statements (here and here).

Where the funds will go: Proceeds from the green bond will finance sustainability and renewable energy projects that look to address the climate issues that Turkey is facing, including “extreme weather events, food security threats, water scarcity, and biodiversity loss,” the statement read.

This is not DenizBank’s first green bond: The bank raised several tranches that, with this latest bond, total to USD 350 mn.

ICYMI- Green bonds were the most popular sustainable bond issuances last year, in the UAE, with prominent names tapping the sustainable debt instruments including Taqa with a USD 1.75 bn dual-tranche issuance and First Abu Dhabi Bank which raised USD 800 mn in green Formosa bonds.

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4

CAPITAL MARKETS

BHM Capital doubles share capital from oversubscribed rights issuance

BHM Capital doubles paid-up capital in oversubscribed rights issue: DFM-listed brokerage BHM Capital Financial Services doubled up its paid-up capital to AED 400 mn through an oversubscribed rights issue, according to a bourse disclosure (pdf). The new shares will be allocated this Thursday, 25 September, with trading set to begin the following day.

REFRESHER- The raise, priced at AED 1.0 per share, was launched earlier in July to fund BHM’s regional expansion, scale up its market-making and liquidity operations, and invest in AI-driven upgrades. Management has forecast a 25-30% annual ROI over the next three years, underlining its ambitions to deepen operations in the UAE while breaking into new markets including Egypt, Armenia, Kazakhstan, Iraq, and Jordan, alongside recent expansions in Bahrain and Oman.

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5

SPOTLIGHT

Why Asia is the next frontier for Gulf sovereign wealth funds

GCC sovereign wealth funds (SWFs) are pivoting east as Asia’s growth story outpaces mature Western markets, Sovereign Wealth Fund Leader at Deloitte Middle East Julie Kassab told EnterpriseAM. As some of the world’s biggest spenders — Mubadala was the biggest-spending SWF in 2024 — Gulf funds are increasingly looking at Asian economies that offer a “compelling mix of higher growth potential, younger demographics, and expanding consumer markets,” she said.

Despite domestic investments being important for most Gulf SWFs, Asia remains a priority, Kassab said, adding that Gulf SWFs will aim to “optimize their portfolios, balancing domestic priorities with strategic international investments.”

Asia still accounts for a small portion of Gulf SWFs’ portfolios, but allocations are steadily growing. Adia’s portfolio in 2024 is predominantly allocated to North America at 45-60%, while emerging markets get 10-20% and developed Asia gets 5-10%. This year, Adia has gone big on Asia, particularly India. It invested USD 200 mn in medical manufacturer Micro Life Sciences, took a 5.1% stake in IDFC First Bank for around USD 310 mn, and joined the USD 395 mn IPO of Anthem Biosciences and HDB Financial Services’ 3.4k crore (c. AED 1.5 bn) pre-IPO funding round. Meanwhile, PIF secured an exemption from India’s foreign ownership rules.

Meanwhile, Mubadala currently allocates 12% of its portfolio to Asia, though it plans to more than double its Asia exposure to 25%. Recent commitments from Mubadala include India’s Manipal Health Enterprises, South Korea’s LG Chem, a USD 150 mn investment in Hong Kong-based FWD Group’s IPO, and PAG’s renewable energy fund PAG REN I. It also formed a USD 1 bn private credit partnership with Goldman Sachs last year to invest in Asia-Pacific prospects.

Approaches differ by fund: “Abu Dhabi Investment Authority is a pure financial investor without offices overseas, so they will always try and leverage partners on the ground,” López said. “Mubadala is different, it has significant offices in both Moscow and Beijing and it seeks economic advancement of the UAE, besides financial returns. And PIF is just getting started in Asia, after getting a qualified foreign institutional investor (QFII) license only a few years ago, and just recently opening in Hong Kong and Beijing,” he added.

Asia’s priorities align well with the Gulf’s: Gulf funds are chasing Asia’s energy transition and digital push, as they continue to prioritize diversifying their economies and portfolios away from oil. Kassab pointed to the continent’s expansion in renewables, advanced manufacturing, and tech innovation, which create both attractive investment prospects and platforms for knowledge transfer. Rapid urbanization and infrastructure growth also fit neatly with SWFs’ long-term horizons.

Western markets, meanwhile, are losing some shine. North American assets “present high volatility and uncertainty,” while European assets “lack significant growth,” Global SWF Founder and Managing Director Diego López told us. Kassab added that stronger government-to-government ties are also giving Gulf funds access to previously restricted sectors such as infrastructure.

Gulf SWFs are not pouring investments in a vacuum — they’re strategic in their choices. “Sovereign funds are helping create stronger business and trade links between the Middle East and Asia,” Lopez said. “The corridor Middle East-Asia is getting busier and SWFs are playing an important role in making it happen,” he added. Investments are taking place alongside a major diplomatic push for closer ties with the region. The UAE has trade and economic partnership agreements with India, Vietnam, Indonesia, and Malaysia, Azerbaijan, and Turkey and is gearing up for an agreement with the Philippines.

Who’s in the spotlight? India and China dominate the agenda. “Major Asian economies such as India and China remain central to Gulf SWF strategies due to their scale, innovation ecosystems, and robust consumer markets,” Kassab said. Top focus areas include renewables, technology, infrastructure, healthcare, and consumer goods, Kassab said. Advanced manufacturing and real estate are also gaining momentum, she added

Each country offers prospects in key strategic sectors: In China, UAE SWFs are targeting EVs, data infrastructure, and advanced manufacturing, while Saudi funds are focusing on “strategic partnerships and co-investments, particularly in transformative sectors like renewables and technology,” she said. “In China, it may be more technology and innovation; in India it may be more renewables and toll roads; and in Indonesia it may be more healthcare and consumer,” López said.

The next frontier: Southeast Asia is becoming a bigger part of the mix. López noted that while China, India, and Indonesia have traditionally been the big three, “other smaller economies such as Vietnam or Malaysia [offer great prospects] too.”

Kassab also name-checked Vietnam, Malaysia, and Bangladesh as among the smaller nations in Asia who are gaining traction, due to their resource strengths and growing middle-class populations, Kassab said. Vietnam and Bangladesh in particular show promise in renewables, logistics, and consumer technology, she added.

Not every partnership has delivered as expected: Mubadala had to unwind its private credit venture with BlackRock in Asia after struggling to source transactions that met return targets.

What’s still missing? Success requires “calibrated entry strategies,” Kassab said, suggesting that SWFs could strengthen their approach by “expanding regional partnerships, establishing local offices, and collaborating with development finance institutions.” She also flagged underexplored areas including healthcare infrastructure, agri-tech, edtech, and climate adaptation as promising frontiers for Gulf capital.

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6

EARNINGS WATCH

Investcorp’s bottom line dips 22.9% to USD 81 mn in FY 2025

Investcorp Capital bottom line dips in FY 2025: ADX-listed private equity firm Investcorp Capital posted a net income of USD 81 mn in FY 2025, down 22.9% y-o-y, according to its financials (pdf). The decline was attributed to higher financing costs tied to borrowings for new investments, the company said in a separate earnings release (pdf).

Revenues: Gross operating income fell 6.1% y-o-y to USD 124 mn — as a 15.8% y-o-y dip in revenue from capital deployment (to USD 64 mn) offset a 10.2% rise in capital financing services (to USD 54 mn) amid stronger origination and syndication activity. Operating expenses increased 25% to USD 10 mn, leaving a cost-to-income ratio of 8%.

Total assets rose 9% y-o-y to USD 1.9 bn, supported by USD 1.3 bn in acquisitions and USD 1.1 bn in realizations.

REMEMBER- Investcorp Capital has been exiting mature assets to recycle capital into new transactions. In May, the firm announced a USD 550 mn sale of 12 US multifamily properties — after carrying out a USD 360 mn exit from its US industrial portfolio in April and a full divestment from Indian budget fashion chain Citykart, which delivered a 4x return. More exits are expected from its Indian portfolio.

On the buy side, it expanded into Italy with the takeover of payments firm Epipoli and also invested in PKF O’Connor Davies, Miebach Consulting, Student Housing V, Industrial Fund II, and a USD 257 mn structured product.

Dividends: The board is recommending USD 112 mn in dividends for FY 2025, half of which (USD 56.3 mn) was paid in March. The payout reflects an annualized dividend yield of around 11% as of 30 June.

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7

MOVES

Dubai Crown Prince taps new CEO for Dubai’s RERA

Dubai crown prince appoints new CEO for Dubai’s RERA: Dubai Crown Prince Hamdan bin Mohammed bin Rashid Al Maktoum appointed Abdullah Al Shehhi as executive director for the Real Estate Regulatory Agency (RERA), according to the DubaiMediaOffice. He previously worked at the Mohammed bin Rashid Housing Establishment.

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8

ALSO ON OUR RADAR

Work underway on AD Ports’ USD 250 mn Angola port upgrade

LOGISTICS-

AD Ports Groups broke ground on its project to modernize and expand Angola’s Noatum Ports Luanda Terminal, according to a press release. The project looks to increase exports, reduce import costs, and bring new shipping lines to the port by way of infrastructure and tech upgrades. The group is investing an initial USD 250 mn for the first three years, a figure expected to reach USD 380 mn over the 20-year concession period.

ICYMI- AD Ports secured a 20-year concession agreement last year to operate and upgrade the port — which handles 76% of Angola’s general cargo volumes — and tapped two firms in April to work on the improvements. The upgrades, set to wrap up in 1Q 2027, will cover 192k sqm, boosting the terminal’s container capacity to 350k TEUs from 25k, while RoRo volumes will surpass 40k vehicles.

AI-

Presight inks two MoUs on AI with Azerbaijan: G42-backed data analytics firm Presight has inked two MoUs with the Azerbaijani government to advance the country’s artificial intelligence development, according to an ADX disclosure (pdf).

The details: An MoU with Azerbaijan’s Digital Development and Transport Ministry will see Presight provide AI strategy consulting to support the deployment of advanced AI technologies, digital government initiatives, and AI talent and startup development. A second MoU with the Science and Education Ministry will focus on developing Azerbaijani language models, AI tutors for students, and AI assistants for educators.

BACKGROUND- The two countries recently inked MoUs to strengthen cooperation across a range of sectors, with sovereign wealth funds ADQ and Azerbaijan Investment Holding signing an agreement to collaborate on financial services and market connectivity.

CRYPTO-

Bybit + Abu Dhabi Blockchain Center to develop Vietnam’s digital asset landscape: Dubai-based crypto exchange Bybit inked an MoU with Da Nang City Council, the Abu Dhabi Blockchain Center, and VeriSense Network Security to enhance Vietnam’s digital asset ecosystem, according to a press release. The partnership aims to develop Da Nang, one of Vietnam’s largest cities and economic centers, into a hub for international finance and innovation.

More details: The partners will focus on three core pillars: digital asset liquidity for global financial market connectivity, ecosystem connectivity to link Vietnam with leading international finance hubs, and infrastructure security to ensure a risk-controlled environment for blockchain innovation.

STARTUPS-

UAE launches youth training drive: The UAE cabinet launched a national campaign to train and develop around 10k young entrepreneurs, Dubai Ruler Mohammed bin Rashid Al Maktoum said in a post on X. Backed by more than 50 public and private entities, the initiative aims to expand business incubation, create 30k jobs over the next five years, and open new avenues for economic growth, Khaleej Times reports.

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9

PLANET FINANCE

BlackRock stays pro-risk as AI, infrastructure power equity rebound despite sticky inflation

BlackRock sticks to pro-risk stance: BlackRock is remaining risk-on as it looks ahead towards the resumption of Fed’s easing cycle after last week’s rate cut, which is expected to support US stocks and spur ongoing gains across the AI sector, according to its latest investment note.

Investors who stayed the course through April’s tariff-driven sell-off have been rewarded, with global equities staging a sharp rebound, BlackRock says. The firm argues that “immutable economic laws” — as supply chains remain to an extent intact — curbed the fallout from trade tensions, paving the way for risk assets to rally.

US stocks have led the charge, recovering from the tariff-induced sell-off at the start of the year. The S&P 500 is up 14% y-t-d, the Nasdaq 17%, and the Russell 2000 has broken past its 2024 peak after the Fed’s rate cut last week, the Financial Times reports. The MSCI All Country World index has hit a record, while emerging markets have outperformed developed peers.

Credit has joined the party, with spreads on high-grade US corporates now at their tightest since 1998. In Europe, some French companies are borrowing more cheaply than their government, underscoring just how far investors have chased yield. “It’s fair to say you’ve never been paid less to take risk,” one asset manager told the FT.

AI boom offsetting spending slowdown: BlackRock points to AI buildout and infrastructure as “mega forces” offsetting a slowdown in consumption and anchoring returns, with the tech sector accounting for over 40% of total return and a similar share of earnings growth, according to LSEG data. Corporate investment in data centers and chip plants is supporting US GDP growth, even as household spending cools. These durable shifts, the firm says, are replacing traditional macro anchors.

But valuations are stretched: Nvidia, Alphabet, and other AI giants have powered the gains, raising concerns over concentration risk. BlackRock cautions that further upside will hinge on productivity-driven earnings growth, not multiple expansion. “Earnings, not valuations, will drive equities higher,” the report (pdf) says.

Bond markets are flashing warning signs: Long-term yields have jumped to multi-decade highs in Japan, France, and the UK as fiscal concerns dominate. In the US, the yield curve has steepened despite Fed cuts, with investors focused on the tension between taming inflation and containing ballooning debt.

The inflation picture is equally complicated: Goods prices are rising again as tariffs feed through. BlackRock sees a “lucky alignment” — where — equities broaden beyond AI while yields ease on a softer labor market — as its baseline scenario, but warns the Fed faces tough trade-offs if inflation stays high.

Private markets are playing a bigger role in this landscape, with companies looking to them for funding as IPOs are pushed back. BlackRock highlights infrastructure equity and private credit as areas where investors can still capture attractive returns relative to public markets.

Tactically, the firm is overweight on US and Japan equities, and favors emerging markets over developed peers on select exposures. It remains underweight on global investment-grade credit, given wafer-thin spreads, but likes infrastructure credit and short-term, inflation-linked bonds as hedges against tariff-fueled price pressures.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with Japan’s Nikkei leading gains as it extends a rally, and Chinese shares flat after its central bank kept loan prime rates unchanged. Over on Wall Street, futures point to another strong open after a rally across all three indices last week.

ADX

10,128

+0.3% (YTD: +7.5%)

DFM

6,023

+0.7% (YTD: +16.7%)

Nasdaq Dubai UAE20

4,888

+0.5% (YTD: +17.4%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

4.0% o/n

3.8% 1 yr

TASI

10,809

+0.3% (YTD: -10.3%)

EGX30

35,247

-0.4% (YTD: +18.5%)

S&P 500

6,664

+0.5% (YTD: +13.3%)

FTSE 100

9,217

-0.1% (YTD: +12.8%)

Euro Stoxx 50

5,458

0.0% (YTD: +11.5%)

Brent crude

USD 66.85

+0.3%

Natural gas (Nymex)

USD 2.93

+1.3%

Gold

USD 3,724

+0.5%

BTC

USD 115,289

-0.4% (YTD: +23.3%)

Chimera JP Morgan UAE Bond UCITS ETF

AED 3.62

0.0% (YTD: +3.9%)

S&P MENA Bond & Sukuk

150.45

-0.1% (YTD: +7.5%)

VIX (Volatility Index)

15.45

-1.6% (YTD: -11.0%)

THE CLOSING BELL-

The DFM rose 0.7% on Friday on turnover of AED 990.6 mn. The index is up 16.7% YTD.

In the green: Al Mal Capital REIT (+12.0%), Gulf Navigation Holding (+6.8%) and Depa (+6.3%).

In the red: Unikai Foods (-10.0%), Dubai Residential REIT (-4.5%) and Taaleem (-2.3%).

Over on the ADX, the index rose 0.3% on turnover of AED 2.9 bn. Meanwhile, Nasdaq Dubai was up 0.5%.

CORPORATE ACTIONS-

Al Ansari Financial Services’ board of directors approved an interim dividend of AED 148.5 mn for 1H 2025, representing 70% of the company’s net income after tax, according to a DFM disclosure (pdf). Dividends will be distributed on 15 October.

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10

DIPLOMACY

President discusses bilateral cooperation with Georgia amid Europe tour

UAE + Georgia discuss bolstering Cepa, make headway on real estate projects: President Mohamed bin Zayed Al Nahyan met with Georgian Prime Minister Irakli Kobakhidze in the Georgian capital Tbilisi to discuss bilateral ties under the countries’ comprehensive economic partnership agreement (Cepa), state news agency Wam reports. The two leaders discussed expanding collaboration across key sectors, including investment, the economy, agriculture, renewable energy, and sustainability.

Term sheet signed for USD 6.5 bn Eagle Hills project: During the visit, the Georgian Economy and Sustainable Development Ministry and Abu Dhabi-based real estate investment company Eagle Hills signed a term sheet for the development of two real estate projects in Georgia, according to a press release.

What we know: The projects will see over USD 6.5 bn in investments, and will contribute more than USD 7 bn to Georgia’s GDP over the next decade, creating over 31k new jobs and attracting USD 10 bn in FDI. One of the projects will be the Tbilisi Waterfront, while the other, Gonio Yachts & Marina, will be a luxury marina destination in Batumi.

REMEMBER- The real estate developer — Emaar Properties founder Mohamed Al Abbar’s international venture — inked an MoU to invest USD 6 bn in Georgia earlier this year. The projects were set to include the construction of homes, retail facilities, parks, schools, and commercial spaces in Georgia’s capital, Tbilisi, and the seaside cities of Batumi and Gonio.

A UAE delegation was also in Belgium to discuss bilateral cooperation in energy, water, and sustainability, Wam reported. Assistant Foreign Affairs Minister for Energy and Sustainability met with several officials, including Belgian Energy Minister Mathieu Bihet, as part of the visit.

President Mohamed bin Zayed Al Nahyan also touched down in Serbia on Friday, Wam reported separately.

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CALENDAR

SEPTEMBER

22-24 September (Monday-Wednesday): South African State-Owned Enterprises Investment, Waldorf Astoria, DIFC

23-24 September (Tuesday-Wednesday): MENA EV Show, The Agenda, Dubai Media City.

23-30 September (Tuesday-Tuesday): Subscription period for Alec Holding’s IPO.

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.

29 September-October 1 (Monday-Wednesday): African, Middle East, and Islamic Finance Aviation 100 Awards, Dubai.

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

30 September-2 October (Tuesday-Thursday): Global Rail Transport Infrastructure Exhibition and Conference, Abu Dhabi.

30 September-2 October (Tuesday-Thursday): The Water, Energy, Technology, and Environment Exhibition (Wetex), Dubai World Trade Center.

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

30 September (Tuesday): Dubai Podfest, Dubai.

OCTOBER

1 October (Thursday): Final price for Alec Holding’s IPO to be announced.

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

3-16 October (Friday-Thursday): Dubai Home Festival.

4 October (Saturday): Syria Recovery and Investment Forum, Adnec Center, Abu Dhabi.

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.

14 October (Tuesday): Dubai Safari Park, Dubai

15 October (Wednesday): Alec Holding’s shares to begin trading on the DFM.

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

15-18 October (Wednesday-Saturday): The Future Mobility Expo & Conference, Expo Centre Sharjah.

15-18 October (Wednesday-Saturday): Evolve Future Mobility Show, Expo Centre 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.

4-6 November (Tuesday-Thursday): Annual government meetings, Abu Dhabi.

4-6 November (Tuesday-Thursday): ARABAL International Aluminum Conference, 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.

19-20 November (Wednesday-Thursday): Investment and Business Summit, Al Hamra International Exhibition and Convention Centre, Ras Al Khaimah

19-23 November (Tuesday-Sunday): Abu Dhabi Art, Manarat Al Saadiyat, Abu Dhabi

24-27 November (Monday-Thursday): Big 5 Global Exhibition, Dubai World Trade Center, 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.

9-11 December (Tuesday-Thursday): Automechanika Dubai Trade Show, Dubai World Trade Centre

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:

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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