Good morning, friends. Despite July being a mixed bag for markets, Dubai regulators aren’t waiting around for sentiment to turn.
Abu Dhabi bucked the trend of an otherwise rough month for Gulf equities and debt markets, emerging as the only major GCC market to post a meaningful monthly gain, as investors become more selective.
Over in Dubai, regulators are putting the DIFC in more direct competition with the Cayman Islands and the British Virgin Islands for the SPV and family-wealth structuring business. More earnings are rolling in, with Alpha Dhabi and Dubai Residential REIT turning in their results, and settlement of federal service fees through Aani and Jaywan is on the way.

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PSAs
You’ll soon be able to pay federal service fees and fines using Aani and Jaywan, after the Finance Ministry adopted the Central Bank of the UAE’s (CBUAE) instant payment platform and domestic card scheme as official collection channels, according to a ministry statement.
REMEMBER- The move comes as financial institutions have started integrating the CBUAE’s national payment architecture into their banking infrastructure. Last month, the CBUAE said that every licensed bank and financial institution in the country will start using Jaywan, which aims to keep payment data onshore and reduce reliance on international card networks. Some banks, including Dubai Islamic Bank, have started integrating Jaywan into their systems, and Majid Al Futtaim has recently started accepting payments made via the card across its physical network.
WEATHER- We’ll again see a high of 46°C today in Dubai and Abu Dhabi, with a low of 36°C, according to our favorite weather app.
Data point
348.1 mn — that was the number of people who used Dubai’s public transport in 1H, as average daily ridership reached nearly 1.9 mn, Dubai Media Office reports, citing Dubai’s Roads and Transport Authority. The figures mark an 11.9% dip, largely reversing last year’s 9% growth for 1H. The metro proved most popular, carrying 136.5 mn passengers, followed by buses with 85.1 mn and tram services with 3.8 mn. 88.9 mn passengers opted for taxi services, and 25.7 mn chose shared mobility options.
IN CONTEXT- Dubai has recently been focused heavily in transport infrastructure — including for a AED 34 bn to metro expansion, developing the Dubai Loop, and approving a five-year plan to expand its mobility network —- just as the regional war weighs on footfall, especially from tourism, with the results starting to show through on the income statement of firms like Dubai Taxi Company.
The big story abroad
Conflicting accounts over the US-Iran war are taking the lead today, as US President Donald Trump claims that talks with Tehran are underway and that the Strait of Hormuz would imminently reopen. Iranian Foreign Ministry spokesperson Esmaeil Baghaei denied ongoing talks with Washington, stating instead that Tehran is discussing shipping administration in the contested waterway with Oman.
As the regional conflict continues to strain oil supply, Trump has chastised ExxonMobil and Chevron for reaping gigantic windfalls over rising oil prices. The energy giants have earned as much as USD 318 mn per day in 2Q, a more than threefold y-o-y jump. Trump urged the companies to “give some of that back to the public” and trim prices at the pump.
Apple issued a new challenge to the UK government’s attempt to gain backdoor access to encrypted user data, a push the government defends as essential for protecting the public from terrorism and serious crime. The government’s prior demand called for access to data from UK and US customers, which triggered a diplomatic brawl between London and Washington last year.
JPMorgan Chase will plug USD 750 bn into US housing through 2035 as part of its American Dream Initiative, which aims to construct or preserve 1 mn affordable housing units and help 500k customers acquire homes.
Visa is acquiring Israeli fraud detection startup BioCatch for USD 2.4 bn, continuing the payment player’s expansion into cybersecurity amid a flood of AI-powered scams. Under the agreement, Visa will acquire the startup's behavioral biometrics platform, which analyzes user interaction data to detect scammers and bots.
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