Abu Dhabi on track for 3-4% y-o-y growth in 2Q. Plus: India is now Adnoc’s biggest LNG customer

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WHAT WE’RE TRACKING TODAY

THIS MORNING: US imposes anti-dumping duties on UAE exports of corrosion-resistant steel + UAE-New Zealand trade and economic partnership enters into force

Good morning, lovely people. The pace of news is still on a steady rise as we inch closer to the end of August and a shorter workweek.

It’s a mixed bag of news this morning, with an LNG supply agreement for Indian Oil, Global South Utilities signing an agreement for a solar component complex in Egypt; and a new direct listing on the ADX, courtesy of 2PointZero SPV Sagasse Investments. On the macro front, preliminary estimates show that Abu Dhabi's economy grew 3-4% y-o-y in 2Q 2025.

WEATHER- Temperatures will reach 42°C in Dubai and 43°C in Abu Dhabi, feeling hotter in the capital with an expected humidity of around 75%. Lows of 32°C are expected in both cities, with a chance of rain in eastern and southern areas, according to the National Center of Meteorology (pdf).

WATCH THIS SPACE-

#1- Corrosion-resistant steel exports from the UAE to the US will be hit with an anti-dumping duty of 7.2% to 16.4%, according to a statement. The decision — which comes after a year-long anti-dumping probe — is expected to impact some USD 2.9 bn in imports from the UAE, Turkey, Taiwan, Australia, Brazil, Canada, Mexico, the Netherlands, South Africa, and Vietnam.

The steel industry is a red line for the US: A 50% tariff on all steel imports into the US entered into effect last June, after the US administration cited Section 232, allowing it to impose tariffs on a national security basis pending investigations. Despite the signing of several trade agreements lowering tariffs with several trading partners, steel was often singled out from these reduced rates. Only the UK secured a lower rate of 25% for its steel exports — still much higher than the 10% granted to other UK products.

#2- BlueFive Capital’s newly-formed joint private equity (PE) fund with China-based CICC Capital has a target size of USD 500 mn, BlueFive Capital CEO Hazem Bin Gacem told Asharq Business in an interview (watch, runtime: 11:49). The fund will be the first GCC-origined PE platform to be launched in CNY, Bin Qasim said.

What we know: The 10-year fund will target 10-12 investments, of which two-thirds will be in Chinese firms looking to enter the GCC markets, while the rest will be allocated towards Gulf companies expanding into China and the broader Asia, Bin Gacem said without disclosing the names of the companies.

Background: The fund, which was formally launched earlier this week, is designed to back China’s “new economy” sectors from tech and green energy to advanced manufacturing and consumer goods. BlueFive recently closed its USD 2 bn debut fund and aims to grow into a USD 25 bn platform within five years, with the USD 5 bn milestone expected to be reached by November, Bin Gacem said. It was earlier reported to be eyeing some USD 500 mn worth of assets in China.

#3- The UAE-New Zealand trade and economic partnership agreement has entered into force, with annual bilateral trade projected to reach over USD 5 bn by 2032, according to a press release. Signed in January, the trade and economic partnership agreement will eliminate tariffs on UAE imports and minimize tariffs on imports from New Zealand, expedite customs procedures, and strengthen private-sector collaboration between the two. New Zealand will provide 100% dutyfree access to UAE imports, while the UAE will grant 98.5% access.

REMEMBER- The UAE has signed 28 trade and economic partnership agreements since 2021, with partners including India, Turkey, Australia, and South Korea.

DATA POINT-

Indian firms accounted for the largest share of new companies joining the Dubai Chamber of Commerce in 1H 2025, with over 9k Indian companies registering, up 14.9% y-o-y, according to the Dubai Media Office. Pakistan followed with almost 4.3k new companies (+8.1% y-o-y), while Egypt came third with 2.5k (+8.3% y-o-y). Bangladesh came fourth, recording the fastest growth with 1.5k companies (+37.5% y-o-y), and the UK ranked fifth with nearly 1.4k new companies (+11.1% y-o-y).

By the sector: Wholesale and retail trade, and real estate, renting, and business services each made up 35% of new members. Construction accounted for 17.3%, while transport, storage, communication, and social and personal services each represented 7.6%.

PSA-

Dubai’s Roads and Transport Authority is rolling out five new public bus routes — and expanding nine existing ones — to address rising demand, according to a press release. The new routes will operate starting tomorrow. Here’s the rundown:

Route 31 will connect Dubai Silicon Oasis to Dubai Outsource City;
Routes 62A will link Al Qusais Industrial Area to Al Qusais Metro Station, while Route 62B will run between Al Qusais Metro Station and Ras Al Khor-Samari Residences;
Route F26A will facilitate passenger movement within Al Quoz Industrial Area 4;
Route X91 will operate as an express route, running between Al Ghubaiba Bus Station and Jebel Ali Bus Station.

HAPPENING THIS WEEK-

The annual AbuDhabi International Hunting and Equestrian Exhibition kicks off from Saturday, 30 August till Sunday, 7 September at the Adnec Center, and is expected to be the largest since the exhibition’s launch in 2003. The event, organized by the Adnec Group in cooperation with the Emirates Falconers’ Club, will attract local and international participants from 15 different sectors, including hunting tools, outdoor gear, equestrianism, conservation, arts, and heritage, according to a press release.

THE BIG STORY ABROAD-

Nvidia beat analyst expectations yesterday, with revenue increasing 56% y-o-y to USD 46.7 bn in the second quarter of FY2026, while net income was also up 59% to USD 26.4 bn. The company expects growth to remain above the 50% level this quarter too, with USD 54 bn in sales.

BUT- The chipmaker’s stock price slipped 1.5% in extended trading despite the bumper quarter, as data center revenue came short of analyst expectations, declining 1% q-o-q.

OVER IN THE WHITE HOUSE- US and Israeli officials met yesterday to discuss “post-war Gaza,” with President Trump set to chair a separate meeting for a “comprehensive plan” for the next day, US envoy Steve Witkoff said. The meetings come amid a stall in negotiations and an imminent planned evacuation of Gaza City that is expected to compound the humanitarian situation and famine in the strip.

ALSO WORTH READING-

TikTok-owner ByteDance is reportedly eyeing a USD 330 bn valuation in the latest employee share buyback, citing sustained revenue growth. (Reuters)
How China’s electric vehicle juggernaut is reshaping the global car market. (CNBC)

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OIL WATCH-

Goldman Sachs expects Brent crude futures to slide into the low USD 50s / bbl by late 2026, citing a widening oil surplus that could average 1.8 mn bbl / d between 4Q 2025 and 4Q 2026, Reuters reports, citing a client note. The surplus could lead to an estimated 800 mn bbl rise in global stocks by the end of next year.

Chinese demand could drive growth: A potential increase in Chinese stock growth to 800k bbl / d — up from 400k bbl / d so far this year — would lift its 2026 Brent forecast by USD 6 / bbl to USD 62 / bbl.

REMEMBER-Goldman lowered Brent crude forecasts by USD 2-3 a barrel to average USD 60 / bbl for this year and USD 56 / bbl in 2026. This came before Opec’s decision to fully unwind its voluntary cuts by September.

CIRCLE YOUR CALENDAR-

The MENAInvestment Congress (MENA Icon) is returning on Tuesday, 30 September and Wednesday, 1 October to Abu Dhabi. Hosted by CFA Society Emirates, the two-day event will see over 30 speakers — including b’naire hedge fund manager Ray Dalio, as well as C-level executives, regulators, asset managers, family offices, venture capitalists, and academics — discuss how AI, macroeconomic and geopolitical shifts, and private capital are reshaping economies and investments globally, according to a press release (pdf).

The Abu Dhabi edition of DeFiTechnologies Insights Global Symposium will take place on Monday, 8 December at Emirates Palace. The session brings together institutional investors, regulators, and innovators to explore how digital assets and the convergence of decentralized and traditional finance are redefining capital markets, according to a press release (pdf).

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

Abu Dhabi GDP poised to grow 3-4% y-o-y in 2Q 2025

Abu Dhabi’s GDP is estimated to grow 3.0- 4.0% y-o-y in 2Q 2025, mainly underpinned by strong growth in the non-oil sector, according to preliminary data (pdf) from the Abu Dhabi Investment Office (Adio). This builds on a strong 1Q performance which saw the emirate's real GDP grow 3.4% y-o-y to reach AED 291 bn.

This momentum also follows a full-year growth of 3.8% in 2024, a sign of consistent post-pandemic economic recovery, according to the report.

The primary engine of growth: The non-oil economy is firing on all cylinders and is estimated to have expanded by 4-6% during the second quarter this year. The sector grew 6.1% in 1Q this year, and accounted for a decade-high 56.2% of the total GDP. “This continues a structural shift in Abu Dhabi’s economic base and highlights the success of diversification efforts,” the report noted.

Inflation prospects: Adio estimates that inflation in the emirate has held steady within the 1-2% range in 2Q 2025, allowing the Central Bank of the UAE (CBUAE) to keep monetary conditions flexible. This also reflects softer global commodity prices and the strength of the AED’s peg to the USD. Abu Dhabi’s consumer price index continued its downward path in June, falling a further 0.7% y-o-y, following a 0.6% dip in May.

ALSO- Oil prices averaged between USD 60-75 per barrel during the second quarter this year, according to the report. This boosted fiscal revenues without provoking inflationary pressures. Earlier this month, Opec+ approved an oil production increase of 547k barrels per day (bbl / d) for September, wrapping its supply restoration strategy ahead of schedule. The hike reverses the bloc’s 2.2 mn bbl / d cut instituted in 2023, and also allows the UAE a 300k bbl / d quota increase ahead of schedule.

Abu Dhabi's economic outlook is promising: “The emirate’s economic outlook is not only stable but increasingly [prospect] rich,” the report noted. “Its performance in 1H 2025 provides further evidence that it is building a future-oriented economy with the resilience and dynamism to compete globally,” the report read.

The bigger picture: TheIMF sees Abu Dhabi’s economy growing 4.2% this year, and a further 5.8% in 2026. The wider UAE economy is anticipated to expand by 4.0% this year, while the MENA region's 2025 growth comes in at 2.6%. Meanwhile, the CBUAE now sees real GDP growing by 4.4% in 2025 — up from 4.0% in 2024 — before accelerating further to 5.4% in 2026. Meanwhile, Fitch Solutions’ research unit BMI recently lowered its GDP growth forecast for the UAE to 4.3% in 2025, down from its earlier prediction of 4.6% but still faster than the 4% recorded last year.

India to become Adnoc’s biggest LNG customer, after latest 15-year agreement

Adnoc signed a 15-year sales agreement with Indian Oil Corporation for the supply of liquefied natural gas (LNG), according to a statement. Adnoc will supply up to 1 mn tons per annum (mtpa) of LNG from its Ruwais LNG project. This agreement formalizes a previously signed Heads of Agreement in September.

Doubling down: The two signed a 14-year liquefied natural gas (LNG) supply agreement for up to 1.2 mtpa of LNG from Adnoc’s Das Island liquefaction facility earlier this year, with deliveries slated to start in 2026. Indian Oil will be Adnoc’s largest LNG offtaker with a total capacity of 2.2 mpta starting 2029.

Adnoc? India: Adnoc Gas signed a 10-year LNG supply agreement with India’s Hindustan Petroleum Corporation for 0.5 mpta of LNG earlier this month, and another 10-year SPA with Indian state-owned natural gas company Gail for 0.52 mpta of LNG last year.

REMEMBER- Adnoc broke ground on its LNG project in Al Ruwais Industrial City in Al Dhafra region in November. The oil giant plans to start exporting from the Ruwais site in 2028, with a target of 4.8 mn tons per year. The project is expected to more than double Adnoc’s LNG production capacity in the UAE to 15 mn tons per year. Adnoc Gas is set to acquire a 60% stake in the project from its parent group Adnoc in 2H 2028 for an estimated USD 5 bn.

Ramping up LNG agreements: The company has been converting Heads of Agreements into sales agreements over the past year, with similar ones agreed with Germany's SEFE, German energy infrastructure firm EnBW, Malaysia’s state-owned oil and gas firm Petronas, as well as a Japan’s Jera and Osaka Gas. Meanwhile, its potential USD 18.7 bn takeover offer for Australian gas player Santos could add 7.5 mn tons of annual LNG capacity to its roster.

Global South Utilities to set up USD 220 mn solar component complex in Egypt alongside partners

Emirati resources investment firm Global South Utilities is among several players developing a USD 220 mn industrial complex for solar energy components in Egypt’s China-Egypt Teda industrial zone, after they inked the land usufruct agreement yesterday, according to a statement. The zone is located in the Suez Canal Economic Zone.

The details: The industrial complex — dubbed Atom Solar Egypt — will include three factories with a combined production capacity of 2 GW of solar cells, all of which will be exported; 2 GW of solar modules, which will feed the domestic and regional markets; and a 1 GWh energy storage systems plant. The project will be completed within three years and will create 841 jobs.

Who’s doing what? Chinese manufacturer of solar components JA Solar will act as technical investor, while Bahraini PE firm Infinity Capital and Egyptian AH Group’s roles were not disclosed.

We had an idea this was coming: GSU inked an MoU with JA Solar in November to establish two solar power factories — a solar cells plant and a solar panels plant. The complex comes as part of Egypt’s broader strategy to localize 12 strategic industrial components, which includes solar cells, alongside electric motors, control panels, elevators and others. The strategy aims to not only reduce the country’s import bill — and the resulting strain on FX resources — but to also export these components.

The story got ink from the foreign press: Reuters.

Dubai is among the top three prime residential markets globally in 2025

Dubai was among the top three prime residential markets in 1H 2025, stacking up alongside the likes of Berlin and Seoul, with capital value growth exceeding 5%, according to a Savills Research report (pdf). In comparison, global prime residential capital values grew 0.7%.

Meanwhile, prime residential rental values rose 2.9% in the six-month period, bringing the annual growth rate to 13.3% in the year to June 2025 — and surpassing global markets’ average rental growth rates of 2%.

The outlook for 2H: Dubai’s performance — supported by strong immigration flows and investor confidence — is projected to raise capital market values by an extra 4-5.9% in 2H 2025. “Lower costs associated with buying and selling property compared to global peers, and further headroom for price growth, mean that Dubai’s appeal on an international scale is still very strong,” The National quotes Andrew Cummings, head of residential agency at Savills Middle East, as saying.

REMEMBER- Despite a steady growth rate and a positive trajectory, Fitch previously offered a more cautious view, forecasting a 15% drop in Dubai’s property prices 2H 2025. This outlook is driven by concerns over potential oversupply in property projects, with an estimated 250k units expected for delivery in 2026.

In Savills’ view, new supply will continue to be limited in Dubai, Berlin, and Seoul, as heightened construction costs and interest rates “continue to suppress development pipelines,” the report said.

2PointZero’s Sagasse will start trading on the ADX today, marking the first direct listing of the year

Shares of Sagasse Investment will debut on the ADX’s Growth Market today through a direct listing, the bourse said in a statement (pdf). The 2PointZero-owned strategic-investment SPV set a reference price of AED 7.50, with shares to trade without limits for the first three sessions before standard caps kick in. The last companies to list directly on the ADX were Mair Group and Agility Global.

SOUND SMART- The ADX Growth Market allows companies to debut on the exchange through direct or technical listings, where existing shares are admitted to trading and priced according to supply and demand. A reference price is set for the first session to track performance, but the process does not involve bookbuilding or underwriters.

Glimpse into its earnings: Sagasse Investments reported USD 312.8 mn in net income in 2023, according to its financials (pdf). The company booked USD 325.4 mn in interest income against USD 3.6 mn in expenses.

REMEMBER- 2PointZero is lining up its own IPO on the ADX. In February, IHC-backed 2PointZero’s CEO Maryam Almehri said the firm was looking to go public as early as this year. IHC is also lining up other units, including International Technology Holding (ITH) and Sirius International Holding, for possible debuts on the exchange. ITH was said to potentially hit the bourse last year, while Sirius was planned for a listing in 2025.

Emirates REIT + Orascom Construction triple 1H net income

EMIRATES REIT-

Emirates REIT triples 1H bottom line: Emirates REIT’s net income rose 2.9x y-o-y to USD 184.6 mn in 1H 2025, according to its earnings report (pdf) and a separate release (pdf). Its performance was supported by stronger occupancy reaching 95%, higher rental rates, lower finance costs, and USD 177 mn in unrealized revaluation gains.

Total property income stood at USD 39.2 mn, down 3.1% y-o-y but up 24% on a like-for-like basis, excluding two assets divested in 2024. Meanwhile, net asset value climbed 57% y-o-y to USD 886 mn, while the financing-to-value ratio halved to 20% from 40% a year earlier.

Finance costs dropped 57% y-o-y to USD 12 mn following sukuk refinancing and debt repayments last year, helping funds from operations swing to a positive USD 7 mn from a USD 1.5 mn loss in the same period last year.

REMEMBER- Emirates REIT sold Trident Grand Mall and Office Park last year, using the proceeds to pare debt, and later issued a USD 205 mn sukuk due in 2028.

Dividends: REIT declared and paid a USD 7 mn dividend during the period.

ORASCOM CONSTRUCTION-

Orascom Construction saw its net income rise nearly threefold, coming in at USD 57.6 mn in 2Q 2025, up 198.4% y-o-y, according to its latest earnings release (pdf). Revenues rose 55.9% y-o-y to USD 1.1 bn during the same period on robust activity across its core markets.

The breakdown: Revenues from Middle East and Africa operations nearly doubled y-o-y, rising 98.1% to USD 636.6 mn, while revenues from US operations grew 21.0% to USD 471.7 mn. New awards in the quarter rose 69.2% y-o-y to USD 1.8 bn, bringing the consolidated backlog to USD 9.6 bn.

On a 1H basis, revenues were up 32.4% y-o-y to USD 2.0 bn, while net income rose 26.5% y-o-y to USD 82.7 mn. New awards increased 106.0% y-o-y to USD 3.4 bn, pushing up the company’s backlog up 24.0%.

UAE buyers are snapping up real estate in London

More Emiratis and UAE-based expats are buying prime property in London, the Financial Times reports. UAE nationals made up 3% of overseas buyers in prime central London in the year to July, up from 0.6% the year before, the FT cites data from Knight Frank as saying.

The pull: “London is looking cheaper than it was,” said James Forbes, co-founder of Forbes Gilbert-Green, citing depressed property values and a new four-year tax break on foreign income for new arrivals and long-term returnees — giving fresh buyers a window of lighter taxation. Prices in Kensington and Chelsea fell to their lowest since 2013 this May.

REMEMBER- The same reforms ended indefinite non-domicile status and tightened rules on trusts, pushing many long-term residents to leave. The Treasury expects around a quarter of non-domiciles to exit, with the UK forecast to see a record net outflow of 16.5k high-net-worth individuals this year — the largest globally.

But some are saying the exodus has been exaggerated, with some tax lawyers saying they are seeing British expats in Dubai moving back to the UK to take advantage of the four-year regime.

Botim adds O Gold feature, becoming first MENA fintech to offer in-app gold trading

INVESTMENT-

Botim rolls out O Gold’s gold investment feature: O Gold, the UAE’s fractional gold and silver ownership app, has integrated its fractional gold investment service into fintech and communications app Botim, according to a press release (pdf). The feature lets Botim’s 8.5 mn UAE users buy and sell digital gold from as little as 0.1g, with an annual yield of 3% in grams under O Gold’s leasing program. This makes Botim the first MENA fintech to offer in-app gold trading.

REMEMBER- O Gold rolled out a micro gold leasing program in February with US-based Monetary Metals, lowering the entry point to 0.1g and offering up to 16% annual returns with monthly gold payouts and flexible withdrawals.

The move is the latest in a series of upgrades for Botim: Backed by Astra Tech, the app previously partnered with Mbank to issue the UAE’s Jaywan cards, teamed up with 7X to add payroll, remittances, and AI verification tools, and rolled out products including SME payroll, National Bonds investment services, and send now, pay later remittances — as it evolves into a superapp.

AUTOMOTIVE-

Al Futtaim + Ashok Leyland partner on commercial vehicle distribution in Qatar: UAE-based conglomerate Al Futtaim sealed an agreement with Indian automotive manufacturing giant Ashok Leyland — a flagship of the Hinduja Group — to distribute its vehicles in Qatar, according to a press release. Famco Qatar, a subsidiary of Al Futtaim, will bring the brand’s lineup, including buses and heavy-duty trucks, to the market.

HOSPITALITY-

UAE’s Leva Hotels to redevelop Zimbabwe landmark: Dubai-based Leva Hotels signed an agreement with Revitus Property Opportunities REIT to redevelop Harare’s Chester House into a 117-key hotel — Ekono by Leva, according to a press release. The project, which marks Leva’s first entry into Southern Africa, will convert the 10-story building into a three-star property.

IN CONTEXT- Listed on the Zimbabwe Stock Exchange since December 2023, Revitus is looking to grow its portfolio with Chester House as its first property slated for redevelopment.

TECH-

Borouge pilots AI control room with Yokogawa: Petrochemicals firm Borouge is working with Yokogawa UAE Industry on a proof-of-concept to introduce AI-powered autonomous control room operations at its Ruwais petrochemicals complex, according to a company statement. The project will use AI to analyze plant data, predict anomalies, and reduce unplanned shutdowns, with the aim of boosting operational efficiency.

Bigger picture: The initiative is part of Borouge’s wider digitalization and technology program, which targets USD 575 mn in value generation in 2025. By mid-year, the company said it had already delivered USD 307 mn toward that goal.

BUSINESS-

UAE, Angola set up joint business council: The UAE Chambers of Commerce and Industry and Angola’s Chamber of Commerce and Industry signed an MoU to establish the UAE-Angola Business Council during a delegation visit to Luanda, Wam reports. The council will promote investment and trade ties, with plans to organize joint exhibitions, trade missions, and programs in priority economic sectors identified by both sides.

ICYMI- The move follows the trade and economic partnership agreement signed with Angola earlier this week, which saw several MoUs with UAE firms including Dubai Investments, Space42, and AD Ports in logistics, manufacturing, and space.

Trump’s battle with the Fed could reshape financial markets for years to come

While markets barely blinked when US President Donald Trump said he was going to fire Fed Governor Lisa Cook, the damage may already be done, Wall Street Journal Chief Economics Commentator Greg Ip warned in his weekly — and EnterpriseAM fan favourite — Capital Account column. Analysts cited by Ip say that the attempt — the first of its kind in the Fed’s 111-year history — may be a turning point. If Trump succeeds, he would effectively draw the curtains on the central bank’s independence from presidential control, a principle that has underpinned US monetary policy since 1951.

The markets “are not properly priced for what increasingly seems likely to be a rupture in Fed independence,” Evercore ISI analysts noted. So far, optimism around rate cuts has helped keep stock markets buoyant, driven by Fed Chair Jerome Powell’s recent comments stating that tariffs are unlikely to stoke sustained inflation.

But if the Fed becomes more beholden to political pressure, investors will quickly have to adapt to a very different economic future. Trump’s broader strategy seems aimed at stacking the Fed board with loyalists, with the purpose of letting future rate decisions be informed not just by data, but by campaign cycles, potentially diluting the Fed’s core focus on inflation.

If Cook is successfully replaced off the back of fraud allegations — a topic Trump has a lot of experience in — Trump appointees would hold four of seven governor seats, giving him leverage over monetary policy even without directly removing Fed Chair Jerome Powell. “Once we have a majority, housing is gonna swing and it’s gonna be great,” Trump said on Tuesday.

Trump’s current and prospective Fed nominees are openly political — a major break from past practice. His candidates now signal clear policy stances aligned with his administration. Take Stephen Miran, who, while serving as an investment strategist last year, warned against cutting rates with inflation around 3%. Now, however, as chair of Trump’s Council of Economic Advisers and a contender to Powell, Miran has embraced Trump’s view that rates are too high. Another potential appointee by Trump, former World Bank president David Malpass, has recently written that the Fed should cut rates to support the USD, even though, by his logic, the greenback’s steady decline this year impedes such cuts.

MARKETS THIS MORNING-

Major Asian benchmarks are mostly in the green in early trading this morning, with the Nikkei, Shanghai Composite, and Kospi all in the green, and the Hang Seng in the red, down almost 1%.

ADX	10,182	+0.1% (YTD: +8.1%)
DFM	6,127	+0.4% (YTD: +18.8%)
Nasdaq Dubai UAE20	4,966	+0.3% (YTD: +19.3%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.2% 1 yr
TASI	10,808	-0.6% (YTD: -10.2%)
EGX30	35,676	+0.9% (YTD: +20.0%)
S&P 500	6,481	+0.2% (YTD: +10.2%)
FTSE 100	9,256	-0.1% (YTD: +13.2%)
Euro Stoxx 50	5,393	+0.2% (YTD: +10.2%)
Brent crude	USD 68.05	+1.2%
Natural gas (Nymex)	USD 2.87	+5.5%
Gold	USD 3,452	+0.1%
BTC	USD 111,203	-0.5% (YTD: +18.9%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.55	+1.4% (YTD: +1.9%)
S&P MENA Bond & Sukuk	148.30	-0.1% (YTD: +6.0%)
VIX (Volatility Index)	14.85	+1.6% (YTD: -14.4%)

THE CLOSING BELL-

The DFM rose 0.4% yesterday on turnover of AED 531.2 mn. The index is up 18.8% YTD.

In the green: BHM Capital (+5.2%), Takaful Emarat (+5.2%) and Sukoon Takaful (+5.1%).

In the red: Amanat (-1.8%), Al Salam Sudan (-1.1%) and du (-0.9%).

Over on the ADX, the index rose 0.1% on turnover of AED 888.9 mn. Meanwhile, Nasdaq Dubai was up 0.3%.

CALENDAR

SEPTEMBER

30 August-7 September (Saturday-Sunday): Abu Dhabi International Hunting and Equestrian Exhibition (ADIHEX 2025), ADNEC Center, Abu Dhabi

1-6 September (Monday-Saturday): Dubai Fashion Week, Dubai Design District.

7 September (Sunday) Opec+ meet to discuss production policy for October.

9 September (Tuesday): Envision 2025, Atlantis, The Royal, Dubai.

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

8-10 September (Monday-Wednesday): WHX-Tech Expo, Dubai World Trade Center.

8-19 September (Monday-Friday): Universal Postal Congress, Dubai World Trade Center.

8-18 September (Monday-Thursday): BHM Capital Financial Services’s AED 200 mn rights issue will be open for subscriptions.

10-11 September (Wednesday-Thursday): MENA Public-Private Partnership Forum, Dubai.

10-11 September (Wednesday-Thursday): Annual International Government Communication Forum, Expo Center Sharjah.

10-20 September (Wednesday-Saturday): IFMA Youth World Muay Thai Championship, Abu Dhabi.

12-14 September (Friday-Sunday): The International Real Estate and Investment Show, Abu Dhabi.

17-18 September (Wednesday-Thursday): SHRM MENA hosts its Annual Conference + Expo, Madinat Jumeirah, Dubai.

16-17 September (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

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

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.

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

30 September (Tuesday): Dubai Podfest, Dubai.

OCTOBER

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

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

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

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

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.

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

20 October (Monday): Reuters NEXT Gulf Summit, The St. Regis Saadiyat Island Resort, Abu Dhabi.

22-24 October (Wednesday-Friday): World Investment Conference, Expo Center Sharjah.

27 October (Monday): The UAE Africa Tourism Investment Summit, Dubai.

27-29 October (Monday-Wednesday): Future Hospitality Summit, Madinat Jumeirah, Dubai.

27-29 October (Monday-Wednesday): Asia Pacific Cities Summit, Dubai Exhibition Center.

28-29 October (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

NOVEMBER

1-2 November (Saturday-Sunday): Women's Empowerment Convention (WE Convention), Atlantis The Royal, Dubai.

4-9 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.

DECEMBER

1-3 December (Monday-Wednesday): Eid Al Etihad (UAE National Day).

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.

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.

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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