MGX takes stake in TikTok alongside Oracle, Silver Lake. PLUS: Abu Dhabi returns to int’l debt markets

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Dubai’s KHDA mulls initiatives to lower private school tuition fees + ADX to add three more exchanges to Tabadul this year

Good morning, lovely people, and happy FRIDAY. We wrap the week with yet another busy issue, led by a big headline — Abu Dhabi AI investor MGX is taking a stake in TikTok, as part of a transaction greenlit by the US to keep the social media app running in the country. Also, Abu Dhabi is returning to international debt markets for the first time in over a year.

And in other debt news, Binghatti raised its debut USD 500 mn green sukuk. Meanwhile, Adnoc’s XRG finalized the acquisition of a stake in a US project, and the ADGM amended its rulebook to require fund managers to file periodic returns.

WEATHER- Except peak highs of 37°C in Dubai, while Abu Dhabi will see a high of 38°C. Both emirates will be humid tonight at 30°C.

WATCH THIS SPACE-

#1- You might soon be paying less for your kids’ private school: Dubai's Knowledge and Human Development Authority (KHDA) is planning on assessing private school cost structures to see if measures are needed to lower tuition fees, The National reports, citing KHDA Director General Aisha Abdulla.

A possible plan includes subsidizing building and land rents in exchange for reasonable tuition fees. The authority is also looking to provide cheaper housing for teachers. The move follows recurring concerns from families over high tuition fees — after KHDA approved a 5.2% hike in 2024 for the current academic year.

Demand for private education is rising in Dubai, with private school enrolment up 6% in the 2024-25 academic year, following a 12% increase the previous year. Dubai plans to introduce 100 new private schools by 2033.

#2- ADX to stretch Tabadul network to nine markets by year-end: The Abu Dhabi Securities Exchange (ADX) is set to connect three new markets — with a fourth in the pipeline — to its Tabadul platform, bringing the network to nine by year-end, CEO Abdulla Alnuaimi told Asharq Business in an interview (watch: runtime: 2:23). ADX’s cross-border trading platform currently connects the exchanges of Bahrain, Muscat, Astana, Kazakhstan, Armenia, and Abu Dhabi through licensed brokers, streamlining settlement and custody across jurisdictions and paving the way for dual listings and deeper regional liquidity.

Background: Last week, the Abu Dhabi bourse as well as the Securities and Commodities Authority inked agreements for cooperation with Hong Kong regulators covering dual listing, ETFs, and mutual fund recognition. The agreement follows ADX’s addition last year to HKEX’s list of recognized stock exchanges.

Dual listings ahead: “We are working on a dual listing with a public joint stock company from a global exchange,” he said, noting the bourse is preparing to announce both a company and an ETF listing, without naming the players involved or giving a timeline.

The ADX saw strong demand from foreign investors in 9M: Net foreign investment on the ADX rose to AED 14 bn, up from AED 9 bn, during the first nine months of the year, with foreign investors accounting for an average of 40% of trading activity on a daily basis.

#3- Tadweer launches new waste collection arm: Abu Dhabi-based waste management firm Tadweer Group has set up Tadweer Collection, or Tajmee’e, to handle waste collection across the emirate, state news agency Wam reports. The unit will use AI-powered route optimization, real-time tracking, and predictive analytics to cut emissions, boost efficiency, and improve safety. Ashly Alex (LinkedIn), a 20-year sector veteran, has been appointed CEO.

REMEMBER- Tadweer is pushing to modernize Abu Dhabi’s waste sector and cut landfill use, with a target to reduce emissions 40% by 2035. It launched four subsidiaries — one of which was Tajmee’ — last year. It recently agreed to acquire Masdar’s stake in the Sharjah Waste-to-Energy plant — making it a JV partner with Bee’ah. Earlier this year it launched an AI-integrated waste management platform, began testing a pay-for-e-waste pilot, and partnered with China’s Sfeco Group on a potential facility to turn industrial waste into building materials.

#4- Presight-Shorooq fund to back 25-30 startups: The newly launched USD 100 mn Presight-Shorooq Fund I will invest in between 25 and 30 AI and deep tech startups, with about 40% of capital reserved for late-stage funding rounds to support scaling firms, Wam reports.

ICYMI- Launched earlier this week, the fund targets AI, machine learning, and data analytics ventures in sectors including smart cities, fintech, energy, gaming, augmented and virtual reality, and Industry 4.0. It also gives portfolio firms access to Presight’s cloud, GPU, and secure data infrastructure, along with G42’s global distribution channels.

PSAs-

#1- Uber is coming to Ajman: You may now order a taxi or limousine through Uber in Ajman, after Ajman’s Transport Authority inked an agreement with Uber to roll out its services in the emirate, according to a statement.

#2- The UAE Media Council banned the non-approved use of AI to depict national symbols or public figures, Khaleej Times reports. This is soon after a social media post of an AI-generated image of a user with the UAE’s founding father Sheikh Zayed Al Nahyan was published on social media.

ICYMI-The council is also working with Presight to develop an AI media content review platform that will analyze and validate media content — including books, films, and artworks — before publication to ensure compliance with UAE laws and standards.

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 will run until next Monday, 29 September, according to a Foreign Ministry statement. The summit has so far been 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 Mohammed Bin Rashid Leaders Forum will wrap today 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.

THE BIG STORY ABROAD-

THE BIG STORY ABROAD AND AT HOME is the sale of a 45% stake in TikTok to Oracle, Silver Lake, and Abu Dhabi AI investor MGX, under a US President Donald Trump executive order, to allow the Chinese-owned social media app to continue to run in the US. We have all the details on the agreement in our news well, below.

ALSO- Trump said the US will impose a 100% tariff on branded and patented pharma products as of October, following through with earlier threats, though the expectation was that they would be phased in with a lower tariff this year and a higher one later. Pharma firms with US manufacturing plants are exempt from the tariffs.

He also plans to slap a 25% tariff on imported heavy trucks, a 50% tariff on kitchen cabinets and bathroom vanities, and a 30% tariff on upholstered furniture at the beginning of next month. This follows a probe by the government into trucks weighing more than 10k pounds as well as parts and derivatives. (Bloomberg | Financial Times | CNN | Reuters)

Across the Atlantic, former French President Nicolas Sarkozy was sentenced to five years in jail for attempts to raise campaign funding from Libya ahead of his presidency. (Reuters | Guardian | AP | New York Times)

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CIRCLE YOUR CALENDAR-

The Abu Dhabi Autonomous Summit will take place on Monday, 10 November, at the Vehicle Dynamic Area in Yas Marina Circuit, state news agency Wam reports. Organized by the Smart and Autonomous Systems Council (SASC) — as part of the inaugural Abu Dhabi Autonomous Week (ADAW) — the summit will convene global leaders to discuss the future of smart and autonomous mobility across the public transport sector.

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

MGX takes stake in TikTok alongside Oracle, Silver Lake

Abu Dhabi AI investor MGX is taking a stake in social media app TikTok, alongside Oracle and private equity firm Silver Lake, as part of a transaction greenlit by US President Donald Trump that allows TikTok to continue to run in the US by trimming Chinese ownership, CNBC and Reuters report. US Vice President JD Vance said the transaction — which was approved through an executive order by Trump — values the company at USD 14 bn. The value of the transaction — which was announced through a White House statement — was not disclosed.

The three entities will together reportedly hold a 45% stake in the firm, giving each of them a 15% stake, while TikTok’s Chinese owner ByteDance would retain a <20% stake to comply with a US law that would ban TikTok if it does not sell off its US assets. New investors would own the remaining shares.

The three firms are also set to receive board seats as part of the transaction, Bloomberg reports. Under the agreement, ByteDance would appoint one of seven board members for the new entity, while Americans will hold the remaining six seats, Reuters quotes a senior White House official as saying.

The caveat: There has yet been no confirmation from ByteDance that the transaction is happening, or that it has amended laws that would require changes in order for it to take place, CNBC said. The agreement follows talks between Trump and Chinese President Xi Jinping, out of which there were reports that the two sides had reached an agreement on the future of TikTok’s ownership.

REMEMBER- The US and the UAE are emerging as key AI partners — and MGX is at the crux of the partnership. The AI investor — which is overseen by National Security Advisor Sheikh Tahnoon bin Zayed Al Nahyan — is planning to invest USD 8-10 bn annually in AI infrastructure and companies, with a focus on the US market. Sheikh Tahnoon’s visit to Washington in March had seen the UAE commit USD 1.4 tn in investments in the US.

It’s already committed to several big US projects and transactions. The investment firm recently joined Silver Lake in acquiring a majority stake in US firm Intel’s programmable chip unit, Altera. It is also contributing to the initial USD 100 bn phase of the Stargate AI infrastructure fund, a JV formed between OpenAI, SoftBank Group, Oracle, and MGX to invest in AI infrastructure, and is backing a USD 30 bn AI infrastructure fund launched by BlackRock and Global Infrastructure Partners. It has a goal of reaching USD 100 bn in assets.

The story is getting plenty of play in the foreign press: Guardian | New York Times | Wall Street Journal | Washington Post

Abu Dhabi returns to international debt markets with a dual tranche issuance

Abu Dhabi is returning to debt markets with its first dual-tranche international bond issuance since April 2024, as part of its global medium-term note program, Bloomberg reports. The Abu Dhabi government has started marketing the bonds yesterday.

What we know: The issuance will comprise two tranches — both senior unsecured fixed-rate bonds — with tenors of five and 10 years. According to initial price guidance, the Emirati capital is targeting a five-year tranche maturing on 2 October 2028, with a spread of 40 basis points (bps) over US treasuries, while the 10-year tranche, maturing on 2 October 2035, comes with a spread of 55 bps over treasuries, the outlet reports.

Books for the bonds topped USD 10 bn as of yesterday morning, Zawya reports.

The bonds are set to be listed on both the Abu Dhabi Securities Exchange (ADX) and the London Stock Exchange, Asharq Business reports. They are rated AA by S&P Global and Fitch, and Aa2 by Moody’s, all with a stable outlook.

Abu Dhabi maintains a sovereign credit rating of AA, the same level held by the United Kingdom, France, and Qatar. This enhances the emirate's appeal to investors, especially during times of market volatility.

REFRESHER- The issuance marks Abu Dhabi’s first return to the international debt market since April 2024, when the emirate raised USD 5 bn through a three-trance eurobond offering, which was hailed as “one of the biggest from emerging markets” at the time. The offering was more than 4x oversubscribed, with investors reportedly submitting bids worth USD 22 bn. Thanks to strong investor demand, the emirate tightened the final yields compared to the initial price guidance.

Does Abu Dhabi need the money? The emirate is expected to achieve fiscal surpluses over the coming few years, with S&P seeing fiscal surpluses in the UAE averaging 3.2% of GDP until 2028. Lower oil prices and higher government spending are projected to lower the surplus to 2% of GDP this year, before averaging 3.8% over 2026-2028, bringing it below the 6.4% average for 2021-2024. The issuance is likely more of a move to strengthen its presence in international debt markets, analysts have previously said, which also help support the position of government-related entities in their debt-raising efforts.

Why now? The move comes amid a wave of debt issuances from developing markets, a rush that has not been seen in at least a decade, capitalizing on strong investor appetite for emerging market assets amid what investors describe as sharp volatility in global debt markets, according to Asharq Business.

ADVISORS- The bond sale will be managed by our friends at HSBC, Citigroup, along with First Abu Dhabi Bank, Goldman Sachs, Morgan Stanley, Standard Chartered, who will act as global coordinators, lead managers, and bookrunners. Bank of China, Emirates NBD Capital, JP Morgan, ICBC, Sumitomo Mitsui, and Abu Dhabi Commercial Bank will also act as bookrunners and lead managers.

OTHER DEBT NEWS-

The Central Bank of the UAE’s (CBUAE) AED 1.1 bn T-Sukuk auction in September was 4.6x oversubscribed, attracting AED 5.1 bn in bids, according to Wam and a Finance Ministry statement on X. The offering came in two tranches, with the first priced at a 3.64% yield and set to mature in August 2028. A second offering will mature in May 2030 and has a 3.72% yield. The yields represent a spread of 5 basis points above comparable US Treasuries.

September’s auction follows several oversubscribed auctions so far this year,, with July’s AED 1.1 bn auction nearly 5x oversubscribed, attracting AED 5.4 bn in bids, and June's AED 1.1 bn issuance seeing 5.6x demand. Earlier auctions in May and April were also well covered.

Binghatti Holding closes USD 500 mn maiden green sukuk

Binghatti Holding raised USD 500 mn in its debut sale of senior unsecured green sukuk, with proceeds earmarked for financing a number of green projects, according to a press release. Binghatti tapped banks to arrange the transaction earlier this week. The notes, which will be listed on Nasdaq Dubai and the London Stock Exchange, fall under the Dubai-based developer’s USD 1.5 trust certificate program.

The issuance saw strong demand: The three-year Reg S-compliant offering closed 4.3x oversubscribed, drawing over USD 2 bn in orders with international investors accounting for half the book. The senior unsecured notes priced at 7.75% — 416 bps over the three-year US Treasury — tightened from initial price thoughts of 8.125% on strong demand. This is also priced significantly higher than Aldar Investment Properties’ recent USD 290 mn raise through taps of its 2034 and 2035 at green sukuk, which saw yields of 4.89% and 4.95%, the tightest for a regional real estate issuer.

This is the second sukuk issuance for Binghatti in as many months: The firm sold USD 500 mn worth of five-year sukuk in August. The developer also 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 bookrunners.

XRG finalizes acquisition of stake in Rio Grande’s LNG facility

XRG closes first US acquisition: XRG, Adnoc’s international arm, has closed the acquisition of an 11.7% stake in the first phase of NextDecade’s USD 18 bn Rio Grande LNG export facility in Texas for an undisclosed sum, according to a statement. The transaction marks Adnoc’s first direct investment in US gas infrastructure.

First announced in May last year, the agreement was finalized through an investment vehicle of BlackRock’s Global Infrastructure Partners (GIP), with XRG acquiring a portion of GIP’s existing stake. XRG’s stake in the first phase includes the first three liquefaction trains in the USD 18 bn facility, which are currently under construction.

Other phases are on the way: NexDecade retained its share in the first phase alongside its shares in the fourth and fifth proposed trains, with Adnoc having the option to buy into these. Once all trains are developed, Rio Grande LNG’s potential liquefaction capacity could reach up to 48 mn tonnes per annum (mtpa), the statement said.

NextDecade also reached a final investment decision on the fourth liquefaction train earlier this month, activating Adnoc’s 20-year offtake agreement for 1.9 mtpa from the additional train. The contract, priced against the Henry Hub benchmark on a FOB basis, had been contingent on the project moving ahead.

All in on the US: State oil giant Adnoc plans to increase its US investments to USD 440 bn over the next decade. Earlier this year, Adnoc was said to be considering a USD 9 bn acquisition of US assets, to add to its existing portfolio across the pond, including a 35% stake in ExxonMobil’s proposed low-carbon hydrogen and ammonia production facility in Texas.

Adnoc established a trading desk in the US as part of its expansion plans, with XRG and Masdar opening new offices in Washington to help manage and scale its planned US investments.

ADGM’s Financial Services Regulatory Authority introduces new fund reporting regime

New rules for reporting fund returns in ADGM: ADGM’s Financial Services Regulatory Authority (FSRA) amended its Funds (pdf) and GLO (pdf) rulebooks to require fund managers to file new Periodic Fund Returns for each domestic and foreign fund they oversee, according to a statement. The new framework is intended to give the regulator consistent visibility into fund activity across all fund types.

The details: Public funds and open-ended exempt funds must now submit quarterly returns within one month of period-end, while closed-ended exempt funds, qualified investor funds, and foreign funds will report semi-annually, with a six-month filing window. Oversight officers are also required to certify the accuracy and completeness of these returns.

Next steps: FSRA said the reporting regime will be rolled out in phases and that a Dear SEO letter will be issued with further implementation details.

Abu Dhabi property hits record AED 54 bn in 1H, demand set to outpace supply through 2028

Abu Dhabi’s real estate sector recorded its strongest-ever half year in 1H 2025, with transactions hitting AED 54 bn as supply tightened in the face of increasing interest, according to Abu Dhabi Real Estate Center’s first real estate market report (pdf).

Demand is outpacing supply, with a 6% interest uptick in 2022-2025 overshadowing the 2.6% supply increase over the same period. Abu Dhabi’s total residential stock reached around 400k units in 1H 2025, growing nearly 2.6% annually since 2022.

The supply-demand gap has translated into sharp price growth, with apartment sale prices jumping 14% y-o-y in 2Q 2025, while villas and townhouses gained 11%.

Transactions hit new records: The total value of real estate transactions reached AED 54 bn in the first half, a 42% increase from 1H 2024, while transaction volumes were up 25%. Residential sales alone contributed AED 25 bn, up 38% y-o-y, with sales volumes rising by nearly a quarter.

Master-planned communities led the market. Sales from 10 areas accounted for over half of total residential sales value. Saadiyat Lagoon led with AED 5.7 bn in transactions, with Hudayriyat Island and Bloom living also performing well.

Rental market follows upward trend: Lease values totaled AED 8.2 bn in 1H 2025, up 6% y-o-y, with a smaller 3% uptick in volumes pointing to tightened supply in the rental market. Apartment rents climbed 14%, while rental prices for villas and townhouses saw a more muted 5% increase.

Residential stock is expected to rise about 4.6% by 2028, equivalent to 45k-55k units, and still lagging behind demand. Around 25k of those will be concentrated in investment zones, with Yas, Saadiyat, and Al Reem islands, along with Madinat Al Riyad and Zayed City, set to see 56% of the pipeline.

ICYMI- ValuStrat reported in 2Q that villa prices rose 10.1% y-o-y and apartment rents 12.5%, expecting sustained growth with just 33k new units due by 2030. Knight Frank said average prices rose by 6.4% q-o-q during 2Q, and similarly forecasts 33.1k new homes by 2029, mostly apartments. Data from the Abu Dhabi Municipalities and Transport Department’s Dari platform showed transactions up 40% y-o-y to AED 52 bn in 1H, driven by launches that sold out within days.

Mashreq NEO CORP is setting a new standard for corporate digital banking

Mashreq is leading from the front with NEO CORP, a digital banking platform that is focused on delightful client experiences, driven by a vision of the future of transaction banking. All Mashreq's Trade clients and most Cash clients have migrated to NEO CORP.

We designed NEO CORP so that most client tasks can be accessed within zero clicks or one click from the landing page. All applications, including cash, trade, payments and analytics, are in one unified interface, backed by intuitive workflows. We built predefined user personas such as cash manager, trade officer, authorizer etc — which provide a personalized dashboard experience. More granular personalization and drag-and-drop customization will follow in rapid succession.

One of the standout developments is Service Hub: a digital self-service layer that eliminates the need for traditional manual queries. From obtaining balance confirmations to downloading statements, corporate clients can now bypass delays and friction points entirely. This type of automation, common in retail banking, has long lagged in the corporate world. Mashreq is bridging that gap.

Our architecture, built on microservices, APIs, and cloud-native infrastructure, enables real-time data and analytics, host-to-host integrations, and ecosystem interoperability. Clients can embed banking into their ERP, supply chain or e-commerce platforms seamlessly.

This is where digital transformation becomes tangible for corporates: fast, frictionless, and fundamentally future-oriented.

Vivek Batra, Global Head of Transaction Banking at Mashreq

Veeam taps new EMEA lead to strengthen partner network

Veeam taps new EMEA head in Dubai: US-based Veeam Software has appointed Kinda Baydoun (LinkedIn) to lead its Europe, Middle East, and Africa (EMEA) partner organization, based out of Dubai, according to a press release. Baydoun has spent four years at Veeam, leading partner engagement across the EMEA region and contributing to key regional initiatives including promoting the firm’s Veeam Data Cloud among top partners. Prior to joining the company, Baydoun held leadership positions at Hewlett Packard Enterprise and HP.

DP World renews operations contract for Brazil’s Santos port

LOGISTICS-

#1- DP World, Hapag-Lloyd renew Brazil port pact: UAE port operator DP World has extended its agreement with global shipping line Hapag-Lloyd over container handling operations in Brazil’s Port of Santos for 10 more years, according to a press release. The agreement is a foundation for future expansions at the port by both parties, the release said.

DP World + Santos go way back: The company first landed in Santos in 2010 with the construction and expansion of its terminal for container and general cargo. The company has since invested in the port to expand its capacity and diversify the types of cargo handled. Last year, the Emirati giant signed an agreement with Brazil’s leading railway operator Rumo to establish a new terminal for grains and fertilizers at Port Santos — aiming to boost the port’s handling capacity by some 12.5 mn tons per year, including 9 mn tons of grain and 3.5 mn tons of fertilizer.

#2- Americold opens largest regional cold storage hub in Jafza: US-based cold chain giant Americold opened its cold storage hub in Dubai’s Jebel Ali Freezone (Jafza), according to a press release. The facility is its largest in the Middle East and was developed through its RSA Cold Chain JV, in collaboration with DP World.

REMEMBER- RSA Cold Chain is a joint venture between Dubai-based RSA Global and Americold. It began construction of its facility in Dubai's Jafza in May 2024. The site includes 40k pallet positions, bonded and non-bonded storage, 27 docks, and rooftop solar, and will serve GCC markets with multi-temperature food logistics. The hub targets grocery retailers, quick commerce, and quick service restaurants.

#3- Abu Dhabi key port in new MSC route: Mediterranean Shipping Company (MSC) is launching a new shipping route servicing the Persian Gulf, with Abu Dhabi serving as a major transhipment hub, according to a press release. The service, set to launch in October, will connect the emirate to east Asia and South America, including ports like Singapore, Shanghai, Buenos Aires, and Santos.

AUTOMOTIVE-

GM + Space42 to roll out UAE map for self-driving cars: ADX-listed space tech firm Space42 and Dynamic Map Platform (DMP) inked a long-term agreement to provide US automotive giant General Motors (GM) with high-definition map data to supply its Super Cruise system in the UAE, according to an ADX disclosure (pdf). GM’s Super Cruise provides road users with handsfree driving systems.

Details: Under the agreement, Space42 will provide light detection and ranging data for satellite and 3D road visualization, which DMP will process into HD maps to support the launch of the system. It will also provide road updates on possible construction and infrastructure changes across the Emirates' road network.

ICYMI- Space42 just launched the UAE’s first Sovereign Mobility Cloud — a platform to support smart mobility and autonomous vehicles. Abu Dhabi Mobility is expanding its self-driving taxi services rollout, and Dubai has started pilot testing for driverless taxis.

M&A WATCH-

Julphar to sell more retail units: Emirati drugmaker Julphar has accepted a binding offer from UAE-based Al Batha Healthcare Group for it to acquire parts of Julphar’s retail and distribution business, according to an ADX disclosure (pdf). The sale covers Julphar’s Health First pharmacy chain in the UAE and the Scientific Pharmacy chain and distribution channel in Oman — both owned by its subsidiary Planet Pharmacies. The filing did not disclose the transaction value.

Timeline: The transaction is expected to close in 4Q 2025, pending a final agreement and regulatory approvals, with the financial impact set to be reflected in Julphar’s 2025 results.

REMEMBER- The divestment is part of Julphar’s strategy to shed non-core assets and focus on specialty pharma in the MENA region, with plans to invest AED 300 mn in the UAE’s pharma sector over the next five years. The firm previously sold its insulin API unit DiabTec to Mubadala, and agreed last year to sell its Saudi retail subsidiary Zahrat Al Rawdah Pharmacies for SAR 444.1 mn.

SECURITY-

E7 to expand gov’t tech with 7I Holding: Commercial printing and security solutions provider E7 Group partnered with 7I Holding, the UAE affiliate of Swiss secure-tech firm SICPA, to expand into government-to-government contracts covering revenue mobilization, identity verification, brand protection, and fraud prevention, according to a statement. The agreement includes securing offtake for up to 6 bn tax stamps a year from E7’s Abu Dhabi facility, starting end-2025, alongside joint R&D on digital identity and authentication solutions.

REMEMBER- Last year, E7 said it would invest AED 182 mn to expand its E7 Security unit, boosting passport production capacity fivefold and moving into digital tax stamps by 2026.

REAL ESTATE-

Dubai’s first JW Marriott Residences to launch in 2028: Marriott International has partnered with CG Developers Global to launch the first JW Marriott Residences on Dubai Islands, according to a press release. The project, slated for early-2028 completion, consists of 115 luxury residential units — a mix of one-, two-, and three-bedroom residences with ocean views and access to amenities, Gulf News reports.

BACKGROUND- Marriott International is also developing a residential project on Al Marjan Island, after inking an agreement with UAE-based Dalands Holding in May.

Global economy’s to remain resilient amid turbulence in the year ahead, economists say

Chief economists’ outlook on the economy is subdued amid ongoing trade and geopolitical tensions, with risks tilted to the downside, according to the World Economic Forum’s (WEF) latest Chief Economists’ Outlook (pdf). A majority of 72% of the leading chief economists surveyed anticipate global economic conditions to deteriorate in the year ahead, especially across advanced economies, while emerging markets are seen as the main growth engines.

“The global economy is undergoing a period of profound transformation, marked by persistent short-term disruption and heightened uncertainty as well as long-term structural change,” according to the report.

Economists were the most bullish on East Asia, South Asia, the Pacific, and the Middle East, where the majority of respondents expected moderate growth next year and a significant number expect strong growth. Around 48% see the Middle East showing moderate growth next year, while 34% see it exhibiting strong growth — the highest share across regions.

REMEMBER: The global economy is expected to grow 3% this year, according to the International Monetary Fund, which upgraded its latest forecast on the back of lower-than expected tariffs and a weaker USD. The fund also predicts a slight growth acceleration to 3.1% in 2026, revising up its previous estimate by 0.1 percentage point.

KEY HEADWINDS-

Accelerating geoeconomic fragmentation — and a realignment of supply chains — is seen as the key challenge to global growth, with 82% of the survey respondents expecting it to intensify in the year ahead, hammered by the US’ ongoing tariff spree, the report reads.

Inflationary pressures also remain elevated, especially in the US, where 59% of chief economists anticipate higher inflation next year. Meanwhile, deflation is seen as a major headwind to the Chinese economy.

Debt sustainability is also a growing concern, namely in advanced economies, where 80% of economists anticipate elevated debt vulnerabilities.

Political instability and societal fragmentation topped the frequently cited inhibitors across both advanced and developing countries, with 68% of chief economists flagging this as a greater threat for advanced economies than for developing economies.

Weak or inflexible institutions came in second place among the top challenges, with 58% of respondents considering it as the top constraint for developing economies, which remain well below advanced economies in terms of governance indicators. However, 44% of chief economists surveyed also see institutional rigidity as a headwind in advanced economies, where regulatory complexity is regularly cited by SMEs as their greatest barrier.

Trade barriers and limited global integration was the third obstacle, affirming the need to resolve disputes and enhance openness.

POTENTIAL GROWTH DRIVERS-

Trade openness and market access, as well as resolving trade disputes, was flagged as a top priority, with respondents seeing it a key growth driver for both advanced and developing economies.

AI could also be a key growth driver: Some 68% of respondents expect AI to become commercially disruptive within the next year, up from 45% in April. It’s seen as the main growth driver for advanced economies. Meanwhile, access to capital and resources are seen as crucial growth inputs in developing economies.

Human capital development is seen as the second growth driver overall. It is seen as extremely important for developing markets, with almost two-thirds of the income gap between advanced and developing economies being attributed to disparities in human capital.

MARKETS THIS MORNING-

Asian markets are in the red on news that the US is slapping new tariffs on a host of products, including pharma, with Asian pharma stocks seeing the brunt of the damage. Pharma stocks across Hong Kong’s Hang Seng and Japan’s Topix saw significant declines, while Japan’s Nikkei was flat.

Over on Wall Street, futures are hovering near the flatline as investors await inflation data out today, after a losing session for all three indices yesterday.

ADX	9,946	-0.3% (YTD: +5.6%)
DFM	5,817	-1.0% (YTD: +12.7%)
Nasdaq Dubai UAE20	4,702	-0.9% (YTD: +12.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.0% o/n	3.7% 1 yr
TASI	11,308	-1% (YTD: -6%)
EGX30	35,671	-0.8% (YTD: +19.9%)
S&P 500	6,605	-0.5% (YTD: +12.3%)
FTSE 100	9,214	-0.4% (YTD: +12.7%)
Euro Stoxx 50	5,445	-0.4% (YTD: +11.2%)
Brent crude	USD 69.61	+0.3%
Natural gas (Nymex)	USD 2.93	+0.9%
Gold	USD 3,776.8	+0.2%
BTC	USD 109,281	-3.5% (YTD: +15.7%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.7	0.0% (YTD: +6.2%)
S&P MENA Bond & Sukuk	150.63	+0.0% (YTD: +7.6%)
VIX (Volatility Index)	16.74	+3.5% (YTD: -3.5%)

THE CLOSING BELL-

The DFM fell 0.1% yesterday on turnover of AED 921 mn. The index is up 12.7% YTD.

In the green: Taaleem Holdings (+2.8%), Al Salam Sudan (+1.5%) and Aramex (+1.5%).

In the red: BHM Capital Financial Services (-5.1%), Dubai Refreshment Company (-4.2%) and GFH Financial Group (-3.4%).

Over on the ADX, the index fell 0.3% on turnover of AED 1.1 bn. Meanwhile, Nasdaq Dubai was down 0.9%.

My Morning Routine: Hesam Rahi, group CEO of Farzana

Hesam Rahi, group CEO of Farzana: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Hesam Rahi (LinkedIn), group CEO of Farzana. Edited excerpts from our conversation:

My name is Hesam, and I’m the group CEO of Farzana, which is a 60+ year-old company. We import and distribute fresh fruits and vegetables, as well as poultry and dry foods. We distribute to different channels, including retail and food service. We also re-export to the GCC and Middle East. We also have subsidiaries in India, Saudi Arabia, and Turkey, and we import from pretty much everywhere — Europe, South America, Australia, China, and the US, among others.

We’re a major importer in the UAE — among the top five in terms of bulk imports. We have more than 800 employees, and more than 150 reefer tracks, covering all of the UAE. We work 24/7, and we have exclusive agreements with farmers, producers, and growers globally.

With fresh produce, availability is key — we have to have fruit throughout the year, which involves [extensive] storage capacity that allows us to manage season to season.

The most important thing for us is to be agile as a team, with very fast processes and decision-making in moving products, because we're dealing with perishables. It’s critical to act fast in this business when it comes to storage, handling, and delivery.

Strong IT infrastructure is also critical, and we pride ourselves in being leaders in implementing IT systems. We have everything — from procurement to HR — on one system. These are two areas in which we invest heavily — IT and our employees, to make sure they are agile enough and have the tools they need to work from anywhere, anytime.

I wake up at 7am. I check what happened overnight around the world, and do a quick review of stock markets. I also check my emails in the morning. I try to only check it once or twice throughout the day; once in the morning and once in the afternoon. We usually also plan meetings with key executives throughout the week at the end of the previous week. Each day would be dedicated to a specific segment — one day could be with sales, another with international offices.

My door is almost always open. We have to be a lean organization in this business, because you can’t afford delays; if you’re delayed, you’ll be out of the market. Problems like stuck containers or damaged ships or urgent matters like that require quick action. We also try to avoid too many approvals or having a complex hierarchy, so we all work very closely with each other and we can move quickly if anything urgent or unplanned happens.

I dedicate some time in my day for strategy and thinking, usually after 5pm. This is pure focus time, where I can have open discussions with key stakeholders.

The one exception is unplanned and urgent matters, for which I always make time. One rule we have at our company is to always answer your phone. No matter what happens or what time it is, I will pick up the phone. Because we’re a global company, and when it’s 7pm or 8pm here, it's morning in Ecuador or in the US.

I also use task management tools that help me organize my tasks. I have a lot of projects and delegations that I need to assign and track, so I use ClickUp for that. Time management, for me, is very important, and I’m very strict with deadlines.

The nature of our work requires flexibility. There’s a lot of traveling, and a lot of changes from year to year. It's dynamic, and you have to be fast. You can plan, but you still need to be flexible.

My goal for Farzana is to grow in the double digits every year. We grew from a AED 150 mn AED company 10 years ago to close to AED 1 bn in turnover today. The goal is to make the company more international and globally known, and to be a leader in the food supply and distribution industry in the region and globally. I think we can achieve that.

On a personal level, I think it’s important to improve yourself everyday. The way we work is changing every year. If you don't change with it, you will be outdated or you won’t be able to keep up with the growing scale of the company. I work on myself everyday by spending a lot of time reading and researching.

I’m currently reading Reflections on Happiness and Positivity by Sheikh Mohammed bin Rashid Al Maktoum. I also enjoy books about trade, international stock markets, management, leadership, and commodity trends.

The best piece of advice both for your personal life and for work is to maintain a healthy balance, and keep your body healthy. That is very hard to do sometimes because of the fast pace of change, especially in modern cities like Dubai, but if you don’t do that and you forget to pay attention to other aspects of your life, you’ll end up with a lot of regrets.

CALENDAR

SEPTEMBER

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

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.

2 October (Thursday): Zawya GCC Capital Markets Forum, Fairmont, Dubai.

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.

9-11 October (Thursday-Saturday): European Arab Medical Congress (EAMC 2025), Abu Dhabi Energy Centre, Abu Dhabi

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.

10 November (Monday): SASC organizes The Abu Dhabi Autonomous Summit, 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

26-27 November (Wednesday-Thursday): DATE (Digital Acceleration & Transformation Expo), 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.

13-15 January (Tuesday-Thursday): FESPA Middle East, Dubai Exhibition Centre, Dubai

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.

MARCH 2026

31 March - 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.

26-28 March (Thursday-Saturday): Social Capital Conference, Dubai.

JUNE 2026

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

Signposted to happen in 2026:

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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