Good morning, friends. Our issue today is the busiest since the start of Ramadan, with some important Emirates-wide updates: JPMorgan is phasing us out of its flagship emerging market bond index as the UAE continues to push beyond wealth thresholds, and the Emirates’ pharma distribution and storage industry is set to open up for competition.

Plus: We have some updates from Presight and Shorooq on who they’re backing through their AI fund.

Meanwhile, Burjeel is reportedly eyeing debt markets for a debut USD sukuk, work is underway on a new LPG hub at Khalifa Port, and Invictus Investment is carrying its Africa acquisition strategy into the new year.

WEATHER- It’s another warm day, with the mercury peaking at 31°C in Dubai and 32°C in Abu Dhabi. Dubai will see an overnight low of 18°C, while the capital will see a low of 17°C.

Watch this space

DEBT — ADX-listed healthcare provider Burjeel Holdings is reportedly looking to pull the trigger on its debut USD sukuk issuance and is engaging with international and regional investors to assess demand, Bloomberg reports, citing people it says are familiar with the matter. The IHC-backed company has been holding meetings with fund managers as part of an early-stage roadshow, aiming to introduce its business and address investor concerns about the healthcare sector following the collapse of former peer NMC Health.

The backstory: Healthcare issuers in the Middle East have largely stayed out of hard-currency debt markets since NMC entered administration in 2020, following revelations ofbnsof USD in undisclosed liabilities.

ICYMI- A reason for a possible dip into debt markets wasn’t specified. However, Burjeel was on somewhat of an expansion drive last year, acquiring 100% of Riyadh-based PhysioTrio and 80% of Dubai’sAdvancedCare Oncology Center. It also launched a new mental health and well-being platform and rolled out several specialized centers across the Emirates.

CYBERSECURITY — US targets UAE firm with cyber-related sanctions: The US Treasury Department imposed sanctions on UAE-based Special Technology Services, which it says is affiliated with entities that acquire and distribute cyber tools harmful to US national security.

Data point

1.38 mn — that was the number of tenancy contracts registered in Dubai in 2025, up 6% y-o-y, with total rental value climbing 17% to AED 126.4 bn, according to Dubai Land Department data. More than 513k were new leases, up 10%, while renewals edged 3% higher to 514k — a sign of steady churn, but firmer inflows.

The uptick wasn’t limited to leases: Sold units rose 25% to 147.5k, with transaction value up 30% to AED 280 bn, while villa values rose 12% despite lower volumes — a tilt toward higher-ticket products. Projects under construction climbed 25% to 937, while newly registered real estate offices more than doubled to 4.1k, taking the active total to 10.2k, reading less as a rental spike and more like a market widening its base.

REMEMBER- Momentum is set to normalize ahead: ValuStrat sees capital gains easing to around 10% this year after prices have jumped roughly 70% over the past five years, reflecting a normalizing property market. Rental growth is expected to flatten as affordability ceilings bite, even as villa prices continue to outperform on persistent undersupply.

PSA

Shorter winter break ahead: The UAE approved a three-year academic calendar for public and most private schools — excluding Indian, Bangladeshi, and Pakistani curriculum institutions — through 2028-2029, the Education Ministry said on X. The headline change? Winter break is trimmed back to three weeks after last year’s four-week stretch. For 2026-2027, classes begin 31 August, with the winter holiday running from 14 December to 3 January.

No early check-outs: Schools must follow the designated midterm break, with some flexibility for certain private operators (Sharjah excluded). Final assessments will stretch through the last week of term, closing the door on premature holiday departures except for international exam cohorts.

The big story abroad

The Netflix-Paramount-Warner Bros saga is once again in the headlines, with Warner Bros confirming that Paramount’s sweetened bid of USD 31 a share could beat out Netflix’s effort. If Paramount’s bid is deemed superior to Netflix’s, the streaming giant will have four business days to match it — so it is still anyone’s game. Paramount is also offering a USD 0.25 per share “ticking fee” for every quarter the transaction does not close after September 2026.

US President Donald Trump is still giving his State of the Union address as we’re hitting send. So far, the speech lacks any substance, with the president touting his own success in bringing inflation down, creating jobs, and securing fresh investments. In typical Trump fashion, the speech had its fair share of inaccuracies and exaggerations, which NBC News fact-checked in real time. Markets are hoping the speech brings some tariff clarity.

Making waves in the tech world this morning is a new agreement between Meta and Advanced Micro Devices. Meta is buying USD 60 bn worth of computing power, which will power its AI infrastructure over a five-year stretch starting 2H 2026. AMD issued Meta a warrant for up to 160 mn shares — approximately 10% of the company — at a strike price of just USD 0.01 per share, contingent upon Meta hitting specific milestones and AMD hitting a set stock price threshold.

ALSO WORTH READING THIS MORNING- A Harvard-led study found that a machine-learning algorithm can predict 71% of mutual-fund trading decisions after training it on data between 1990-2023. It appears that the algorithm has learned how managers react to trends, flows, and activity from their peers. That said, the algorithm failed to predict activities that fell outside the routine, which represents most of the value to be secured on the market.

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