Arada acquires stake in London developer as property boom fuels expansion

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Signs of cracks in Dubai’s property market start to show? + A flurry of debt activity with issuances from Aldar, Binghatti

Good morning, friends. It’s a busy morning here at home, with several big-ticket M&As announced along with reports on FDI pouring into Dubai in 1H 2025, and the state of the UAE’s construction pipeline. There’s also a big real estate theme in today’s issue, with Arada acquiring a London developer, Binghatti and Aldar Properties lining up fresh issuances, and more.

Plus: Masdar is developing a new solar plant in Oman as part of a consortium, and Nvidia is opening up its first Middle East AI Technology Center in the UAE as part of a partnership with the Technology Institute of Innovation. Let’s dive in.

BUT FIRST- As we inch closer to the end of the year, speculation around the trajectory of property prices in Dubai is only growing louder. Several have forecast a modest correction in prices as soon as this year, and there are signs that the property market is already showing cracks.

Speculative investors are struggling to offload unfinished homes bought for quick resale, brokers told the Financial Times. Resales of unbuilt units slid to 20% of total resales in July, down from about a third earlier this year, according to Property Monitor data picked up by FT. Some investors have gone months without a single bid, with analysts warning many were sold “a false promise of easy money.”

Prices are now 25% above their 2014 peak — with the emirate set to surpass its longest ever bull run — with 57 consecutive monthly increases — in just a few weeks if October figures show more signs of growth. But supply is swelling fast, with some 93k new units — mostly apartments — entering the market so far this year, and another 250k expected by 2027. Fitch projects a 15% drop in prices in 2H 2025, while Moody’s sees a modest correction beginning in 2026.

ALSO- The region’s first thematic ETF hit the ADX yesterday, courtesy of Lunate. Boreas Solactive Quantum Computing Ucits ETF, the first thematic ETF in the region, rang the opening bell on the ADX yesterday under the ticker QUANTM, according to a press release (pdf). Launched by ADGM-based asset manager Lunate, the fund tracks an index of 25 global quantum computing firms including Alphabet, Amazon, IBM, Microsoft, and Nvidia. The index has delivered 29.4% in compounded annual growth since 2017.

DATA POINT- The listing brings the total number of ETFs on ADX to 17 and is only the second to debut on the exchange this year. The market cap attributed to ADX-listed ETFs has doubled y-o-y to about AED 1.7 bn by end-August.

WEATHER- Temperatures are on their way down, with the mercury set to peak at 36°C in Dubai, before cooling to an overnight low of 30°C. Abu Dhabi is still on the warmer side, with the mercury rising to 40°C before cooling to 29°C overnight.

WATCH THIS SPACE-

#1- Binghatti lines up banks for fresh green paper: Dubai-based developer and IPO-hopeful Binghatti Holding tapped banks for a planned USD-denominated Reg S-compliant senior unsecured green sukuk with a three-year tenor, Zawya reports. The sale will be issued under Binghatti’s USD 1.5 bn trust certificate program. Investor calls and roadshows are already underway.

ICYMI- Just last month, the firm, rated Ba3 by Moody’s and BB- by Fitch, sold USD 500 mn worth of five-year sukuk that was listed on Nasdaq Dubai and the London Stock Exchange. The developer closed two sukuk issuances last year raising a total of USD 500 mn.

ADVISORS- Our friends at Mashreq are the sole green structurer, and are quarterbacking the transaction as global coordinators alongside Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, and JP Morgan. Meanwhile, Abu Dhabi Commercial Bank, Ajman Bank, Arqaam Capital, Crédit Agricole CIB, First Abu Dhabi Bank, Rakbank, Sharjah Islamic Bank and Warba Bank are serving as joint leads and bookrunners.

ALSO FROM DEBT MARKETS- #2- Aldar Investment Properties is reopening two of its outstanding green sukuk, with two taps of USD 145 mn each for its USD 500 mn green trust certificates for 2034 and 2035, Zawya reports. The sukuk, structured as senior unsecured Reg S Wakala/Murabaha, was priced yesterday, with some USD 1 bn in orders coming in, IFR reports. The pricing has not yet been made public, but it was likely tightened from initial price thoughts of 103.375% for the 2034 notes and 101.250% for the 2035 paper, given the strong demand.

The notes will be listed on Euronext Dublin and the ADX. Aldar is rated Baa1 with a stable outlook by Moody’s.

Aldar last tapped the debt market in March, selling a USD 500 mn green sukuk at a 5.25% coupon in an offering that was 7.2x oversubscribed. That came shortly after the group closed a record AED 9 bn sustainability-linked revolving credit facility in January, the largest syndicated loan of its kind secured by a MENA developer.

ADVISORS- Aldar appointed First Abu Dhabi Bank (FAB) and Standard Chartered Bank as joint green structurers, with Abu Dhabi Islamic Bank, Emirates NBD Capital, FAB, JP Morgan and Standard Chartered Bank acting as joint leads and bookrunners.

#3- G42-backed Kenya data center delayed: A USD 1 bn geothermal-powered data center in Kenya — announced in 2024 by Abu Dhabi’s G42 and Microsoft — has yet to break ground, Semafor reports, citing a tech infrastructure financier involved in the project. The Olkaria facility was due to go live in May 2026, but remains untouched as developers struggle to find a viable business case and demand for Microsoft’s cloud services. The agreement came together “in a very geopolitical way,” rather than on commercial logic, the financier said,

REFRESHER- G42 and Microsoft launched the project last year to drive digitalization and AI adoption in East Africa. It was to serve as a new East Africa cloud region offering Microsoft Azure within two years of signing definitive agreements.

This isn’t the only G42-linked project facing delays: The planned 5 GW AI campus in the UAE — centerpiece of a USD 200 bn US-UAE investment pact — is also “far from finalized,” with security concerns over Chinese tech access slowing progress. The first phase, Stargate UAE, is due in 2026 and would host American-managed services powered by Nvidia’s GB300 chips, with Dubai’s Khazna Data Centers building next-gen data halls to support the Blackwell architecture.

#4- India’s ClearTax plans to be among the first e-invoice providers in the UAE: Indian fintech ClearTax will invest AED 184 mn to get involved in the first phase of the UAE’s electronic invoicing system, which is set to be rolled out in July 2026, Al Khaleej quotes CEO Arshat Gupta as saying. It is targeting more than 600k VAT-registered companies in the UAE, as well as nearly 1.5 mn firms in the wider region.

REMEMBER- The Finance Ministry has been gearing up to launch an e-invoicing system in 2026 after amending tax and VAT regulations. Businesses will be required to issue invoices and credit notes electronically and maintain digital records as part of a phased rollout.

About the company: ClearTax specializes in providing AI-powered tax and compliance solutions to large enterprises, such as e-invoicing, tax filing, digital payments, accounts automation, and supply chain financing. It serves more than 5k enterprises worldwide, processing over USD 500 bn in invoices annually.

DATA POINT-

Gross bank assets grew 1.0% m-o-m to AED 5.0 tn in July, according to the Central Bank of the UAE’s latest monetary and banking developments report (pdf). Gross credit rose 1.4% to AED 2.4 tn, supported by AED 21 bn in domestic credit and AED 10.9 bn in foreign credit. Within domestic credit, lending to the government sector increased by 5.2%, while government-related entities saw lending grow 1.5%, and the private sector saw lending increase by 0.5%. Lending to non-banking financial institutions grew 2.5%.

Total bank deposits increased 1.1% m-o-m to AED 3 tn, as resident deposits rose 1.1% to AED 2.8 tn and non-resident deposits grew 1.0% to AED 259.7 bn. Within resident deposits, deposits from government-related entities climbed 5.0%, government deposits rose 2.9%, and private sector deposits increased 0.7%, while deposits from non-banking financial institutions fell 11.1%.

PSA-

Emirates cancelled several flights to Hong Kong and Shenzhen in China as the cities are set to be hit by a cyclone today and tomorrow, according to a travel update. So far, flights today, tomorrow, and on Thursday have been cancelled, with other regional and international airlines also stopping flights in anticipation of the extreme weather.

HAPPENING TODAY-

#1- FM attends UN General Assembly in New York: Foreign Minister Abdullah bin Zayed Al Nahyan is in New York for the UN General Assembly, which started yesterday 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 kicked off yesterday and runs 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.

#3- The MENA EV Show is taking place today and tomorrow 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.

#4- The Future Food Forum is on today and tomorrow at Le Méridien Dubai Hotel and Conference Center. Organized by the UAE Food and Beverage Manufacturers Group, the event brings together government officials, global food producers, and industry leaders to discuss supply chain resilience, trade windows under the UAE’s economic agreements, and adopting new technologies in food manufacturing.

HAPPENING THIS WEEK-

#1- The Mohammed Bin 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.

#2- 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-

One story is on every single front page this morning: Nvidia will invest up to USD 100 bn in OpenAI in a potential transaction executives hailed as the “next leap forward” in artificial intelligence — the two sides announced the letter of intent last night. If the transaction proceeds as planned, it would mark the largest-ever investment in a private company. As part of the agreement, OpenAI will buy 10 GW-worth of Nvidia AI processors to power its AI infrastructure and train its next generation of models. Nvidia shares closed up 3.9% following the announcement. (Bloomberg | Reuters | The Guardian | BBC | CNBC | New York Times | Financial Times)

ALSO MAKING HEADLINES- Russian President Vladimir Putin said that Moscow could continue to adhere to the New START nuclear accord beyond its February 2026 expiry — but only if Washington reciprocates — offering what he called “voluntary, self-imposed restrictions.” The treaty caps each side at 1.55k deployed nuclear warheads and 700 delivery vehicles, and its approaching expiration date has raised fears of an arms race. (Reuters | New York Times | Washington Post | Bloomberg)

PLUS- Jimmy Kimmel Live will return to ABC tonight after nearly a week off the air, ending a suspension that sparked fierce debate over political pressure on broadcasters. Disney said it spent several days in talks with Kimmel before reversing course. (Axios | BBC | Associated Press | CNBC | New York Times | The Guardian | Reuters)

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Dubai first globally for greenfield FDI volumes in 1H

Dubai tops greenfield FDI volumes globally in 1H 2025: Dubai ranked as the top city globally for the number of greenfield foreign direct investment (FDI) projects in 1H 2025 for the eighth time in a row, according to data from Financial Times’ Ltd’s fDI Markets picked up by the Dubai Media Office. The emirate saw 643 greenfield projects during 1H, making it the highest number recorded by fDI Markets for a six-month period and putting it 478 projects clear of the second-ranking city.

Placing high for capital, jobs, and HQs: The emirate took second place in terms of capital values, rising from fourth place in 1H 2024, after it brought in roughly USD 11 bn in capital during 1H — up 62% from the year before, according to Dubai FDI Monitor data. It also moved from fourth to third place this year for the number of jobs created through FDI. An increasing number of firms also chose to set up their headquarters from Dubai, with a 60% rise in HQ FDI projects putting it in first place.

By the sector: In terms of sectors, business services contributed 31.3% of capital inflows, followed by construction (28.6%), retail (10.7%), logistics, distribution and transportation (7.8%), and manufacturing (7.5%). For project volumes, retail functions accounted for 36.6% of total projects, followed by business services (30.7%), sales, marketing and support (21.3%), HQ (2.9%), and logistics (2.4%).

Leading the region: The emirate placed first regionally in terms of greenfield FDI capital values and job creation. It accounted for 56% of projects in the Middle East and 8% globally.

Who’s buying in? 35% of capital FDI inflows came from the US, followed by the UK with 10.6% and France and India with 8.9% each. Saudi Arabia rounded out the top five with 5.2%.

The wider FDI picture: Aside from greenfield projects which made up 52.4% of investments in the emirate, novel investment types accounted for 36.1% and reinvestments made up 4%.

The FDI success isn’t just limited to Dubai, with the Emirates securing USD 5.4 bn in greenfield FDI, which Emirates NBD had estimated to come from 613 projects during the first six months of this year. It also estimated that Dubai accounted for USD 3 bn worth of investments across 526 projects. Sharjah followed in second place with USD 1.5 bn — a 361% y-o-y surge in value.

Arada acquires majority stake in London developer

Arada ventures into London with Regal buyout: Sharjah-based Arada bought a 75% stake in British developer Regal, with an initial investment of AED 2.5 bn earmarked for its expansion, it said in a press release. It bought the stake from a UK-based private family office, the Financial Times reports. The transaction — which marks Arada’s entry into the UK market — will see Regal rebranded as Arada London.

In case you don’t know: Arada is owned by Sharjah deputy ruler Sheikh Sultan bin Ahmed Al Qasimi and Prince Khaled bin Alwaleed bin Talal, the son of a b'naire Saudi investor.

The acquisition hands Arada control of a 10k-unit pipeline across 11 London projects, with plans to more than triple that over the next three years. Regal has delivered some 4k homes and 1 mn sq ft of commercial space, with offices in Abu Dhabi, Hong Kong, and Shanghai. Its existing management team will stay on after the acquisition, the statement said. Its 2024 accounts showed short-term debts of GBP 252 mn and investment property worth GBP 196 mn as of March last year, the salmon-colored paper wrote.

The move marks Arada’s second international acquisition, and comes a little over a year after Arada launched its first office in Australia with a AED 6 bn Sydney pipeline. Arada’s projects in the UAE and Australia have a combined value exceeding AED 95 bn, encompassing more than 42k units, of which over 10k have already been delivered.

The UAE’s property boom has been pushing local developers to expand beyond home soil. Emaar Properties is also weighing acquisitions in the US, India, China, and parts of Europe, as the board considers an acquisition-led global strategy to drive expansion abroad. Abu Dhabi’s Modon has also been pursuing a global push, acquiring Spanish developer La Zagaleta, and investing in London through the acquisition of a 50% stake in a London skyscraper earlier in January. Its subsidiary, Adnec’s Excel London, also recently acquired London’s BDCG Holdings, while Aldar Properties also acquired London developer London Square in 2023.

The timing also coincides with a UK policy push. The UK government pledged to deliver 1.5 mn new homes within five years, though analysts warn that rising borrowing costs and softer demand may undermine that goal, FT wrote.
Emirati developers are also opening outposts in the UK, with developers like Binghatti, Danube, Damac, and Sobha establishing London offices or development arms there.

Plenty of developers are also looking to tap public markets, with Arada saying it plans to IPO by 2028.

ADVISORS- Rothschild & Co quarterbacked the transaction as Regal’s sole financial and strategic adviser. There’s no publicly available information about the buy-side advisors.

The story was also picked up by Bloomberg, Reuters, and The Times.

Sawiris-backed Orascom, OCI Global plan Abu Dhabi-based merger to form infrastructure and investment giant

Sawiris-backed Orascom, OCI Global tee up a cross-border merger: Egypt’s Orascom Construction and Dutch-listed fertilizer player OCI Global — both backed by Egyptian bn’aire Nassef Sawiris — are exploring a potential merger that would combine the two firms to create a single global infrastructure and investment platform based out of Abu Dhabi, according to a joint statement (pdf). Sawiris had said in in February 2024 that he was weighing a full overhaul of OCI, and has since been selling off its assets as it winds down its industrial activity.

The pitch: The idea is to bring together Orascom Construction’s USD 14 bn backlog of projects and strong track record in execution with OCI’s expertise in managing investments and allocating capital. Together, they’d have the balance-sheet muscle to take on major infrastructure projects — financing them through equity, credit, and operations and maintenance. The partnership would target sectors ranging from digital and aviation to power, water, and transport, with projects spanning the US, Egypt, the GCC, and Europe.

The proposal would see ADX and EGX-listed Orascom Construction absorb OCI Global, which will in turn liquidate and delist from Euronext Amsterdam. Sawiris owns 38.8% of OCI Global as of August 2024, and 42.4% of Orascom as of January.

How it will work: Under the agreement, OCI shareholders will swap their stock for newly-issued shares in Orascom Construction at a ratio that will be decided after the parties wrap up due diligence and agree on fair value. The move is still pending board and shareholder clearances as well as regulatory approvals.

What Sawiris said: Sawiris framed the merger as a way to pivot from fertilizers and chemicals toward global infrastructure, leveraging Orascom’s project-delivery record and the more than USD 1 bn in proceeds sitting on OCI’s balance sheet. “We want to focus the next stage of our business on the area we see the biggest [prospects], which is infrastructure,” Sawiris told the Financial Times. Meanwhile, the bn’aire said he plans to invest as much as USD 50 bn into US infrastructure over the next decade, with data centers among the key targets.

OCI Global has been paring back its industrial portfolio through a string of high-profile divestments. In 2023, it agreed to sell its controlling stake in Fertiglobe, its JV with Adnoc, to the Abu Dhabi energy giant for USD 3.62 bn, and offloaded its wholly-owned subsidiary Iowa Fertilizer Company (IFCo) to Koch Ag and Energy Solutions for USD 3.6 bn. A year later, Australia’s Woodside Energy struck a USD 2.35 bn agreement to acquire OCI’s blue ammonia project in Texas, one of the world’s largest such facilities under construction. Later in September, OCI announced the sale of its methanol business in the US and Europe to Methanex in a USD 2.1 bn transaction.

Market reax: Shares of Orascom Construction were up 3.8% on the ADX to close at AED 35.

ICYMI- Orascom Construction made its ADX debut this month, transferring its shares from Nasdaq Dubai. The contractor is the first Egyptian company to pursue a dual listing in Abu Dhabi and Cairo, giving Orascom access to deeper institutional liquidity.

Masdar-led consortium to build USD 400 mn solar plant in Oman

A Masdar-led consortium has signed an agreement with Oman’s Nama Power and Water Procurement Company to develop the 500 MW Ibri III solar plant and 100 MWh BESS system in Oman, according to a statement. The project, to be developed alongside local partner Al Khadra Partners and Korea Midland Power, has an investment ticket of some OMR 115 mn (c. USD 300 mn), according to a separate statement.

About the plant: The 500 MW solar facility is scheduled to come online in 1Q 2027, and will span around 10 mn sqm. Adjacent to the existing Ibri 2, Ibri 3 will offset some 505k tons of CO2 emissions annually at full capacity.

REMEMBER- Oman’s Nama received four bids for the development of the 500 MW Ibri III solar project in Al Dhahirah in February. Bidders included an Acwa-TotalEnergies consortium, an alliance consisting of EDF Renewables and Korean Western Power, and an independent proposal from Singapore’s Sembcorp Utilities.

Energy for all: The GCC Interconnection Authority (GCCIA) signed a USD 500 mn interim financing agreement with Oman’s Sohar International Bank earlier this month to fund a new 530-km electricity interconnection between the UAE and a new Ibri station in Oman.

TII, Nvidia to launch AI + robotics lab in UAE

Abu Dhabi’s TII, Nvidia launch AI + robotics lab: Abu Dhabi’s Technology Innovation Institute (TII) has partnered with US chipmaker Nvidia to open the Middle East’s first Nvidia AI Technology Center in the UAE, according to a press release. The joint research lab will be dedicated to developing next-gen AI models and robotics platforms for real-life application.

The details: Research will span developing and integrated large language models (LLMs), including TII’s own models, and robotic learning which will be tested at scale. Currently, the institute’s areas of research include humanoids, robotic arms, and four-legged robots.

New chip access: The center will be able to access Nvidia’s Thor chip, which is designed to enable advanced robotic systems development, TII CEO Najwa Araj told Reuters. The UAE has been looking to secure better access to Nvidia chips, and could be able to import up to 500k Nvidia chips following an agreement earlier on in the year.

BACKGROUND- The UAE has invested bns of USD in recent years to position itself as a global AI hub. G42’s Khazna Data Centers is also partnering with Nvidia to develop data centers across the region, and other US-UAE tech collaboration includes a planned 5 GW data center complex in Abu Dhabi — part of a wider USD 200 bn worth of bilateral agreements inked during US President Donald Trump’s visit to the UAE in May.

UAE construction output climbs in 1H 2025, pipeline hits USD 478.7 bn -Knight Frank

The UAE recorded USD 39.7 bn in construction contract values in 1H 2025, with the sector on track to hit USD 130.8 bn in output value by 2029, according to Knight Frank’s 1H 2025 Construction Landscape report (pdf). Output growth, set to rise 4% annually through 2029, is underpinned by government diversification agendas and population growth, the firm said in a separate press release.

Pipeline swells: The construction pipeline now stands at USD 478.7 bn, accounting for 62% of all planned projects nationwide, far ahead of transport (12%) and power (7%). Mixed-use projects account for the majority of future projects at 42%, followed by residential real estate (28%), data centers (9%), and hospitality (4%).

Dubai in the lead: In Dubai, three-quarters of contract awards are in the construction sector, compared to 23% in Abu Dhabi, where oil and gas dominate. Dubai’s pipeline includes Palm Jebel Ali, The Oasis by Emaar, Marsa Al Arab, and the 15-km Blue Line metro expansion. The emirate also has 8.2 mn sq ft of office space under construction, due for delivery by 2028.

Abu Dhabi builds transport + housing: Major construction projects in the capital include a 150-km, high-speed rail to Dubai and a 131-km metro network, both slated for completion by 2030. Around 33k residential units are under construction for delivery by 2029, 71% of which are apartments. Office supply is also set to surge in 2027, with nearly 175k sqm scheduled to come online.

Costs: As of mid-2025, residential construction costs range from AED 4.2k per sqm for standard villas to AED 11k for high-end, while commercial builds average AED 5.5k-7.3k per sqm. In 1Q 2025, Dubai’s Construction Cost Index rose 0.8% y-o-y on higher equipment hire and wages, while Abu Dhabi saw a 0.8% q-o-q increase, driven mainly by labor costs.

Following on from previous momentum: The UAE awarded USD 121 bn in contracts in 2024, led by real estate (USD 66 bn) and oil and gas (USD 33.3 bn), according to BNC Network. The country also held a 31.6% share of GCC project awards in 2Q 2024, with USD 856.9 bn in ongoing or upcoming projects. Since 2020, contracts have totaled USD 328.7 bn, 85% of which were in Dubai (USD 129.9 bn) and Abu Dhabi (USD 151 bn), according to Knight Frank.

Shariah-compliant brokerage startup eyes 100k customers by year-end

A new fintech startup in ADGM is banking on shariah-compliant investors in the region, and wants to be their go-to brokerage by offering access to some 40k stocks across 20 exchanges worldwide. Tabadulat, which secured in-principle approval from the ADGM’s Financial Services Regulatory Authority (FSRA), is awaiting its full license, after which it will roll out the platform in the GCC.

The platform will provide fractional trading, a zakat calculator, and shariah screening, and is built around what founder and CEO Samy Mohamed (Linkedin) calls “full-stack shariah compliance.” The platform’s transaction fees will start at 0.25%.

The target market is younger GCC professionals seeking to invest in a shariah-compliant way. “The way your money is handled, all of our client money accounts, the execution, the market connectivity — everything is overseen and approved by our Shariah Supervisory Board,” Mohamed said. The point is to help investors preserve and grow wealth in a shariah-compliant way, as opposed to encouraging leverage or day trading, he added.

The focus is on helping investors make gains in a compliant way — without carrying risk. The platform will not give users access to things like derivatives or options to minimize risk, Mohamed said.

It plans to track markets that offer liquidity and demand: “Markets like Saudi and the UAE are really important because they list a large number of shariah-compliant stocks,” Mohamed said, warning that US-only investors would miss out on exposure to Islamic banks. Indonesia and other exchanges are also on the cards for inclusion.

In the long term, Tabadulat wants to democratize sukuk. “The average ticket size for a sukuk is USD 100-200k per sakk,” Mohamed explained. Fractionalizing and allowing investors to hold smaller portions would be “huge” for liquidity and price discovery,” he said.

Partnerships will be central to growth: “Integrating with a bank that has over 100k customers at once is a quick way to maintain competitiveness and make sure the sharia-compliant investor doesn’t have to pay extra,” he said, adding that its clients’ funds will be held with some of the largest banks in the UAE, including First Abu Dhabi Bank. The firm is also “very strongly” considering offering US trades at no cost if exchange reimbursements allow.

Momentum looks strong. “Our waitlist has been growing at almost 50% a month,” Mohamed said, with signups now near 1k. The firm is targeting 100k customers by year-end across both direct and B2B channels.

Funding so far totals USD 2.3 mn from a friends-and-family round closed in June. “We haven’t taken any outside professional investment to date,” Mohamed said. “We’re disciplined on capital expenditure, and most of our cashburn will go toward growth and customer acquisition. We’ll only go for an institutional round once we have traction.”

Mubadala Bio taps four new team leads

Mubadala Bio taps four new execs: Mubadala Investment’s new pharma arm, Mubadala Bio, has hired four new senior executives, according to a press release.

Essam Mohamed (LinkedIn) will oversee the firm’s operations as the new CEO. Mohamed’s three-decade career in the pharma industry includes senior positions across global and regional organizations, including Julphar. He has spearheaded the establishment of several startups within the life sciences industry, with expertise in corporate transformation and regulatory compliance. Hamad Husein Al Marzooqi (LinkedIn) joins him as deputy CEO, bringing with him over two decades of experience spanning the UAE, Brazil, Russia, and the UK, as well as a previous tenure at Mubadala.

Other appointments: The firm tapped Atif Azeem (LinkedIn) as chief financial officer following on from senior leadership positions overseeing financial operations, mergers, and divestments. Khalid Abdallah Al Kaf takes on the role of general manager of pharma logistics. He has over two decades of experience in operations management, IT, and digital transformation.

Dragon Oil expands Iraqi footprint with new agreements

ENERGY-

Emirates National Oil Company’s subsidiary Dragon Oil has inked multiple agreements with players in Iraq’s oil sector to expand its presence in the country, according to a statement. The agreements include an MoU with China’s Anton Oilfield Services and Iraq’s Nohadh Al-Benaa for General Trading & Oilfield Contracting Services.

That’s not all: The company also inked an MoU with Sohol Al-Salam Oil Services, part of Iraq’s Al-Amal Group, to explore projects in oilfield development and services last month, Wam reported. The cooperation covers technical services, engineering, procurement, construction, and operational support, with scope for joint investments in Iraq’s oil and gas sector.

REMEMBER- Dragon Oil has been in discussions with the governments of Egypt, Iraq, and Turkmenistan to begin operating new oil fields within four years as a part of the company’s strategy to grow its daily production to 300k bbl / d by 2026 and reach 450k bbl/d by 2029.

AVIATION-

The UAE and Egypt inked five MoUs to boost collaboration in the aviation sector, the Egyptian cabinet said in a statement. Here’s a rundown of the agreements:

Abu Dhabi’s Royal Jet signed an MoU with Egyptian Airports to develop private aviation facilities at Egypt’s New Administrative Capital Airport, along with local private aviation training;
Abu Dhabi-based MRO firm Global Aerospace Logistics signed an MoU with EgyptAir Maintenance and Engineering to enhance logistics services and supply spare parts for airports and airlines. The two will also look to establish a regional spare parts hub in Egypt to serve local, regional, and international markets;
Abu Dhabi-based cargo carrier Maximus Air Cargo inked an MoU with EgyptAir Cargo to launch new cargo routes and develop a new integrated logistics system;
Etihad Engineering inked an MoU with EgyptAir Maintenance and Engineering to enhance technical cooperation, boost knowledge transfer, and improve the regional MRO supply chain;
EgyptAir Training Academy and Abu Dhabi Aviation Training Center also agreed to develop technical training programs for EgyptAir staff.

INS.-

Fitch upgrades Union Ins.: Fitch Ratings raised Union Ins.’s Insurer Financial Strength rating to BBB+ from BBB with a stable outlook, citing stronger profitability and solvency, according to an ADX disclosure (pdf). Union posted a bottom line of AED 23 mn in 1H 2025, up from AED 13 mn a year earlier, helped by exiting unprofitable business lines in 2023.

REMEMBER- Union trimmed its capital by 30.5% to AED 230 mn in June to erase AED 142.7 mn in accumulated losses. The move involved canceling 100.94 mn shares, with part of the losses offset through reserves.

AUTOMOTIVE-

Al Habtoor + India’s JBM to roll out e-buses: UAE automotive distributor Al Habtoor Motors is partnering with India’s JBM Electric Vehicles to introduce next-generation electric buses to the UAE market, according to a press release. The electric buses are set to be used on urban city routes, school and staff transport, and intercity travel. Al Habtoor Motors will serve as the primary importer and distributor of JBM buses.

Not the first green bus investment: Dubai’s Roads and Transport Authority inked an agreement with Swaidan Trading Co. and China’s Zhongton Bus Co. for green buses, while Abu Dhabi bus routes are set to integrate electric and hydrogen-powered buses.

REAL ESTATE-

Bhatia’s Sol to build AED 2.2. Bn project in Dubai: Sol Properties — Bhatia Group’s premier real estate arm — has launched Sol Luxe, an AED 2.2 bn mixed-use development on Dubai’s Sheikh Zayed Road, according to a press release. Construction on the 280-meter high, 62-floor project is already underway, with the project slated for handover in 4Q 2028.

CONSTRUCTION-

Mulk International + Egypt’s Marses set up robotics JV for construction: UAE-based Mulk Holdings’ subsidiary, Mulk International, launched a robotics joint venture — Mulk Marses Robotics — with Egyptian AI and robotics company Marses, Trade Arabia reports. The companies plan to launch factories in the UAE, the US, and Europe to produce high-efficiency tech, including robotically manufactured wall panels, pods, and modular housing systems. The two are also set to establish the Construction Automation Training Academy in a bid to secure a talent pipeline.

LOGISTICS-

DP World partners with Kenya’s eCitizen to digitalize customs clearance: DP World will integrate its Cargoes Customs system into Kenya’s Electronic Citizen Solutions (eCitizen) platform under a long-term agreement — a move that aims to digitalize Kenyan trade and upgrade the country’s customs clearance processes, according to Dubai Media Office.

Blackstone sees private credit swelling to USD 30 tn as investors chase yield

Razor-thin corporate bond spreads are accelerating the migration into private debt, Michael Zawadzki, chief investment officer of Blackstone’s credit and ins. group, told Bloomberg (listen, runtime: 44:01) on a podcast. With high-grade spreads over Treasuries also dipping to their narrowest since the late 1990s, investors are shifting to private markets that can still deliver 150-200 bps more than traded debt.

Private markets have been front and center in recent months. Wealthy individuals poured USD 48 bn into US private credit funds in 1H 2025 — on track to beat last year’s total — as institutions pulled back. BlackRock also flagged infrastructure and private credit among the few areas still offering attractive returns as traditional anchors weaken in its latest outlook.

Blackstone’s take: “We see excess spread in private credit. That’s a really attractive thing for our clients around the world,” Zawadzki said. He expects sovereign wealth funds, pensions, and Asia-based insurers — where allocations remain around 5% — to drive flesh inflows.

The private credit market could swell to USD 30 tn, up from about USD 2 tn today, Blackstone predicts, with much of the growth in asset-based finance and private investment-grade lending. Data center buildouts for AI are also a key driver, with JPMorgan estimating some USD 150 bn of permanent financing will be required for US facilities in 2026-27. A revival in M&A is also seen as a near-term catalyst for new lending.

Not everyone is convinced. DoubleLine’s Jeffrey Gundlach has warned of “overinvestment,” arguing private credit has thrived in a strong economy and will be tested in a downturn. Zawadzki countered that defaults across Blackstone’s 2k non-investment grade borrowers remain below 50 basis points, pointing to solid fundamentals.

MARKETS THIS MORNING-

Asian markets are mostly in the green, tracking Wall Street gains on news of Nvidia’s USD 100 bn investment in OpenAI. The only outlier is Hong Kong’s Hang Seng, which is down 0.3%. Japan’s markets are closed for a holiday. Over on Wall Street, futures slid marginally after the three indices closed at all-time highs yesterday.

ADX	10,137	+0.1% (YTD: +7.6%)
DFM	6,027	+0.1% (YTD: +16.8%)
Nasdaq Dubai UAE20	4,899	+0.2% (YTD: +17.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	3.7% 1 yr
TASI	10,877	+0.6% (YTD: -9.6%)
EGX30	35,211	-0.1% (YTD: +18.4%)
S&P 500	6,694	+0.4% (YTD: +13.8%)
FTSE 100	9,227	+0.1% (YTD: +12.9%)
Euro Stoxx 50	5,442	-0.3% (YTD: +11.2%)
Brent crude	USD 66.57	-0.2%
Natural gas (Nymex)	USD 2.80	-0.1%
Gold	USD 3,782	+0.2%
BTC	USD 112,708	-2.2% (YTD: +20.4%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.64	+0.6% (YTD: +4.5%)
S&P MENA Bond & Sukuk	150.45	-0.1% (YTD: +7.5%)
VIX (Volatility Index)	16.10	+4.2% (YTD: -7.2%)

THE CLOSING BELL-

The ADX rose 0.1% yesterday on turnover of AED 1.0 bn. The index is up 7.6% YTD.

In the green: National Bank of Fujairah (+14.3%), GFH Financial Group (+5.5%) and Gulf Medical Projects Company (+4.4%).

In the red: Rapco Investments (-8.3%), Hayah Ins. Company (-5.6%) and Al Khaleej Investment (-5.5%).

Over on the DFM, the index rose 0.1% on turnover of AED 463.7 mn. Meanwhile, Nasdaq Dubai was up 0.2%.

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.

23-24 September (Tuesday-Wednesday): Future Food Forum 2025, Le Meridien Dubai Hotel and Conference Center.

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

30 September - 1 October (Tuesday-Wednesday): IMO World Maritime Day Parallel Event, Dubai.

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

1-2 October (Wednesday-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.

29 October (Wednesday): The Brand Residences Forum, Dubai.

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:

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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