Abu Dhabi sovereign wealth funds return to debt markets. PLUS: Freezone firms can now expand to mainland Dubai

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Gold and diamonds to be tokenized by VARA and DMCC + Riyadh Air to launch Dubai route next month

Good morning, friends. Our issue today is somewhat of a mixed bag — and heavy on Abu Dhabi news. ADQ and Mubadala are returning to debt markets, ADX-listed Multiply is acquiring a stake in Italian luxury packager ISEM, and Adnoc-listed units are planning some AED 158 bn in dividends by 2030.

Meanwhile, in Dubai, freezone companies can now apply for permits to expand to the mainland — a move that is set to give a significant boost to cross-jurisdiction activity.

WEATHER- Temperatures in Dubai are set to peak at 37°C, before cooling to an overnight low of 28°C, while Abu Dhabi will see a high of 40°C, and a low of 26°C.

WATCH THIS SPACE-

#1- Next up in Dubai’s tokenization drive: Gold and diamonds. Dubai Multi Commodities Center (DMCC) and Dubai’s Virtual Assets Regulatory Authority (Vara) are developing infrastructure to tokenize physical commodities — like gold and diamonds — and integrate them into blockchain-powered financial systems, according to Dubai Media Office.

Riding the tokenization wave: More firms have been looking to tokenize real-world assets, with blockchain firm Mavryk and MultiBank recently securing USD 10 mn for their USD 3 bn real estate-focused initiative, Dubai Land Department launching its own real estate tokenization drive, and Dubai-based Fasset launching an app that uses tokenization to offer fractional ownership of gold.

#2- Dubai International Airport (DXB) is expected to hit its max capacity of 115 mn passengers by 2031, Dubai Airports CEO Paul Griffiths told Gulf News. The airport will then integrate into the Al Maktoum International Airport (DWC), which is currently undergoing expansion, by 2032, with an eye to handle an expected 124 mn passengers by that year's end.

Squeezing capacity to the last bit: To achieve maximum capacity before transitioning into DWC, Dubai Airports will work on ramping up processing speed via new tech at DXB and install more midfield parking slots to “accommodate more aircraft and check-in facilities,” Griffiths said.

Flydubai will be one of the first airlines to relocate to DWC, using its existing terminal while construction continues, as DXB “runs out of slots,” Griffiths added.

#3- Arab-built satellite 813 ready for launch: The Arab Space Cooperation Group’s jointly developed satellite 813 has completed final lift-off preparations, with launch now expected later this year, The National reports. The 260-kg Earth observation satellite will orbit at 550-650 km altitude to gather data on agricultural conditions, natural resources, and environmental monitoring using a hyperspectral imaging system.

Satellite 813? First announced in 2019, the satellite was built by engineers from 12 Arab countries — including the UAE, Saudi Arabia, Egypt, Jordan, and Kuwait — at UAE University’s National Space Science and Technology Center in Al Ain. It was originally slated for launch aboard a Chinese rideshare rocket in June.

#4- CBUAE to offer AED 24.5 bn in next M-bills auction: The Central Bank of the UAE (CBUAE) will offer up to AED 24.5 bn in monetary bills at its upcoming auction next Monday, 13 October, according to a statement (pdf). The offering includes a 28-day tap issuance worth up to AED 3.5 bn, an 84-day new issuance of up to AED 3.5 bn, a 168-day new issuance of up to AED 4 bn, and a 336-day new issuance worth up to AED 13.5 bn. All bills will settle on 15 October.

Decoding central bank speak: M-bills are short-term, zero-coupon securities issued in AED with maturities ranging from one to 12 months. They are sold through competitive tenders to licensed dealers and are not publicly traded. A tap issuance allows the CBUAE to reopen an existing line to manage liquidity without launching a new series.

DATA POINT-

Gold reserves top AED 30 bn: The Central Bank of the UAE’s gold reserves surpassed AED 30 bn for the first time, reaching a record AED 30.3 bn at the end of August, state news agency Wam reports. The milestone reflects a 32% y-t-d increase from the AED 23.0 bn worth of reserves held at the end of 2024.

PSAs-

#1- University students get complimentary access to Google’s Gemini Pro for one year: University students aged 18 and above can now register for 12 months of complimentary access to Gemini 2.5 Pro under a partnership between Google and the UAE government, Wam reports. The offer includes advanced AI tools like Deep Research, NotebookLM, and Veo 3, along with 2 TB of cloud storage across Google products. Registration is open until 9 December 2025.

REMEMBER- AI is being woven into public services: OpenAI and G42 are integrating ChatGPT Plus into public services like education and healthcare as part of Stargate UAE, a USD 500 bn AI infrastructure initiative, though personal subscriptions to ChatGPT Plus remain at USD 20 per month.

#2- Air Arabia Abu Dhabi is launching a new route to Damascus, with three direct flights operating weekly between Abu Dhabi’s Zayed International Airport and Damascus International Airport, according to a press release. The first flight will take off on 28 October, with flights operating on Tuesdays, Thursdays, and Saturdays.

ICYMI- The airline resumed its Sharjah-Damascus route earlier this summer. Other airlines are also restarting routes to Syria following the ousting of former president Bashar Al Assad earlier this year, with Etihad Airways set to begin flying to Damascus next year, and Emirates and flydubai already operating services to the capital.

#3- Riyadh Air to hit Dubai skies soon: Saudi’s highly-anticipated PIF-backed airline Riyadh Air is on track to launch its second route in Dubai next month, after launching with its first route ever to London on 26 October, CEO Tony Douglas told the Financial Times. The carrier will debut tickets to airline and PIF staff family members — relying on the airline’s technical spare jets as it awaits the delivery of its first fully commissioned Boeing aircraft.

HAPPENING TODAY-

#1- The International Conference on Climate Action and Sustainability is on today at the UAEU campus in Al Ain. The event, which started on Tuesday and will run until Friday, gathers over 200 international experts, policymakers, researchers, and students to collaborate on solutions addressing key issues like clean energy, green materials, AI for sustainability, and climate-resilient infrastructure.

#2- Quantum Maritime Conference wraps today in Mussafah, Abu Dhabi. The conference convenes maritime executives, policymakers, and technology specialists to examine digital transformation in shipping, port automation, and sustainable fleet management, with sessions dedicated to decarbonization, cybersecurity, and AI-led operational efficiency in maritime logistics.

#3- The Abu Dhabi Investment Forum takes place today on Thursday in London. The event follows the Abu Dhabi-London Business Connect event, which took place yesterday, followed by Commerce and Industry, ADGM, and Abu Dhabi Investment Office are holding twin investment forums, convening senior representatives from the government and the private sector to spotlight Abu Dhabi’s investment landscape, explore partnerships with UK counterparts, and support local businesses seeking to scale in new markets.

#4- The Family Office Summit will take place today at Park Hyatt in Dubai. The event brings together family office executives, private capital investors, and wealth management professionals for panels and roundtable discussions focusing on the upcoming USD 1 tn generational wealth transfer.

#5- The European Arab Medical Congress is also taking place today and running until Saturday at the Abu Dhabi Energy Center. The congress convenes clinicians, researchers, and policymakers from around the world to discuss neurohabilitation, mental health, and patient-centered care. The event aims to develop real world solutions and strategies to strengthen rehabilitation med. and patient-centered approaches.

#6- The IUCN World Conservation Congress will also kick off today and run until Wednesday, 15 October in Abu Dhabi. The congress gathers government officials, academics, and members of the civil society to discuss the challenges facing sustainability and nature conservation, as well as the policy decisions influencing the conservation agenda. The event will be divided into three components — a forum, exhibition, and a members’ assembly to address how businesses should integrate sustainability into their strategies.

THE BIG STORY ABROAD-

Israel and Hamas have reached an agreement on the first phase of US President Donald Trump’s peace plan, paving the way for a ceasefire and for hostages and prisoners to be exchanged within 72 hours. The breakthrough in talks — which took place over three days in Sharm El Sheikh in Egypt, and were brokered by the US and Qatar — should also see Israel withdraw its troops to an “agreed upon area,” and the resumption of humanitarian aid to Gaza.

Hamas confirmed the agreement had taken place, and thanked the brokers, including Trump, in a massive shift in tone, while Israel is set to convene its government today to ratify the agreement. Trump could also be coming to the region to celebrate the breakthrough, sources said.

The caveats are still there: Earlier ceasefires have broken down due to Israel’s ongoing attacks in Gaza, so Hamas will be looking for clearer timelines and assurances of Israel’s withdrawal. The question of Hamas’ disarmament — which was one key point in Trump’s plan — and the interim government of technocrats, chaired by Trump, are still contentious, and will need time to iron out.

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OIL WATCH-

Adnoc raises November Murban crude price: Abu Dhabi National Oil Company (Adnoc) raised the November selling price of its flagship crude Murban to USD 70.22 / bbl, up from October’s price of USD 70.10 / bbl, Reuters reports. The company also disclosed the prices of its other crude grades per bbl, including Umm Lulu (USD 70.22), Das (USD 69.67), and Upper Zakum (USD 69.92), the outlet r eported elsewhere.

CIRCLE YOUR CALENDAR-

Global Food Week will take place from Tuesday, 21 October to Thursday, 23 October at the Adnec Center in Abu Dhabi. Experts and industry leaders from the agriculture, food manufacturing, food security, and hospitality sectors will meet for discussions, exhibitions, and networking sessions focusing on showcasing solutions to improve global food security and sustainability. Last year’s event saw AED 6.2 bn worth of agreements signed.

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

ADQ issues USD 5 bn loan, and Mubadala issues 10-year bond

Abu Dhabi sovereign wealth funds are returning to debt markets, with ADQ raising a USD 5 bn dual-tranche loan amid strong demand, and Mubadala launching a USD benchmark 10-year bond.

#1- Abu Dhabi’s ADQ secured a USD 5 bn senior unsecured dual-tranche term loan, upsized from USD 4 bn following strong demand from 33 banks in general syndication, Zawya reports, citing data from LSEG Loan Connector. The proceeds will be used for general corporate purposes.

Who’s involved? Chinese lenders took the lion’s share — the Agricultural Bank of China (DIFC branch) and ICBC (DIFC branch) each put in USD 420 mn, while Bank of China (Dubai branch) followed with USD 370 mn.

The details: The senior unsecured facility was initially launched at USD 4 bn, split into three-year and five-year tranches. The three-year tranche was priced at an interest margin of 70 basis points (bp) over the Secured Overnight Financing Rate (SOFR), leading to an all-in pricing of 85 bps, while the five-year tranche carried a margin of 85 bps over SOFR, resulting in an all-in pricing of 100 bps.

ADVISORS- China (ICBC) DIFC branch, JP Morgan Securities, and Standard Chartered Bank Hong Kong acted as mandated lead arrangers, bookrunners, and global coordinators. Meanwhile, the Agricultural Bank of China (DIFC branch), Bank of Communications (DIFC branch), China Construction Bank (DIFC branch), CMB International Finance, and Industrial Bank Hong Kong branch participated as MLABs.

This marks ADQ’s second major debt raise this year. The fund sold USD 2 bn in bonds earlier in 2025 and previously tapped markets twice in 2024, raising USD 2.5 bn in May and another USD 2 bn in September.

#2- Mubadala’s MDGH to issue a USD benchmark 10-year bond: Mubadala’s debt issuing arm Mamoura Diversified Global Holding (MDGH) launched a USD benchmark 10-year senior unsecured bond, Zawya reports. The issuance falls under MDGH’s Global Medium Term Note Program, with IPTs set around 90 bps over US Treasuries

Pricing and returns breakdown: Books opened on Wednesday, with settlement scheduled for 16 October 2025. The notes, maturing on 16 October 2035, carry a fixed semi-annual coupon calculated on a 30/360 basis and feature a three-month par call option and a change-of-control put option.

The details: The issuance is structured under Rule 144A / Regulation S and will list on the London Stock Exchange. MDGH is rated Aa2 by Moody’s, AA by S&P, and AA by Fitch), all with stable outlooks. An AA rating from both S&P and Fitch is expected for the issuance.

ADVISORS- Abu Dhabi Commercial Bank, Citi, First Abu Dhabi Bank, and Standard Chartered Bank acted as joint global coordinators. Bank of China, Deutsche Bank, Goldman Sachs International, Mizuho, and Santander joined as joint lead managers and bookrunners. Standard Chartered also handled billing and delivery.

REMEMBER- MDGH has been an active issuer in recent years. It sold a USD 1 bn 10-year sukuk in May, a five-year AED 1 bn sukuk at a 4.6% yield in October 2024, and a USD 1bn 10-year sukuk at 70 bps over US Treasuries in March 2024.

Adnoc units to distribute AED 158 bn in dividends by the end of the decade + Adnoc Gas lands AED 147 bn Ruwais LNG feedstock agreement

Adnoc-isted firms to distribute AED 158 bn in dividends through 2030: The six Abu Dhabi National Oil Company (Adnoc)-listed subsidiaries — Adnoc Gas, Adnoc Drilling, Adnoc Distribution, Adnoc Logistics & Services (L&S), Fertiglobe, and Borouge — will pay out AED 158 bn (USD 43 bn) in dividends through 2030, nearly doubling the distributions made since the first Adnoc unit IPOed in 2017, according to an ADX disclosure (pdf). The group also confirmed that Adnoc Gas, Distribution, and L&S will shift to quarterly dividend payouts starting next year.

The breakdown:

Adnoc Distribution has proposed to extend its dividend policy by two years to 2030, bringing its target up to AED 18 bn, from AED 12.9 bn earlier;
Adnoc Drilling is increasing its dividend distribution floor to AED 25 bn by 2030, and 27% y-o-y in 2025 to AED 3.7 bn, with a dividend set to be paid out after Adnoc’s Investors Majlis;
Adnoc Gas is now targeting AED 90 bn in dividends through 2030;
Adnoc Logistics & Services hiked its target to AED 8.1 bn through 2030, including guidance of a AED 1.2 bn dividend payout this year;
Fertiglobe is planning to pay out AED 367 mn in dividends in 2H 2025, after paying AED 459 mn in 1H 2025, representing an annualized yield of 5%.

ALSO- Adnoc Gas signed a 20-year gas supply agreement worth AED 147 bn (USD 40 bn) to secure feedstock supply for its Ruwais LNG project. The facility, which is set to kick off operations in 2028, will double Adnoc’s LNG capacity. The firm has already secured offtake agreements for over 8 mn tonnes per year of LNG from the facility, out of its 9.5 mtpa capacity.

Meanwhile, Adnoc and Austria’s OMV secured AED 56.6 bn (USD 15.4 bn) in financing from international lenders for the planned Borouge-Borealis merger under Borouge Group International, expected to close in 1Q 2026.

Background: Adnoc and OMV announced in July 2023 their plan to merge their plastic units — Borouge and Borealis — in a JV potentially worth some USD 60 bn. Adnoc also currently holds a 25% in the Austrian chemicals firm, which is set to inject some EUR 1.6 bn into the new entity.

The story got ink from Reuters.

Multiply Group to nab 60.8% of Italian luxury packager ISEM

Abu Dhabi-listed Multiply Group is acquiring a 60.8% stake in Italy-based ISEM Packaging Group, according to a statement (pdf). The remaining 39.2% will be held by Peninsula Capital and minority investors. The transaction — which is still pending regulatory approvals — marks the launch of Multiply’s fifth consumer-focused vertical, extending its reach beyond its existing beauty and apparel portfolio.

This is Multiply’s second European transaction this year and its sixth global partnership since listing on the ADX in 2021 — part of the group’s broader plan to build a diversified global portfolio of consumer-focused assets.

Peninsula will reinvest in the firm through its latest flagship fund to support ISEM’s international expansion alongside Multiply, the statement said.

The acquisition gives Multiply exposure to one of Europe’s top luxury packaging producers. Founded in 1949 and headquartered in Bologna, ISEM operates 11 manufacturing plants spanning more than 100k sqm and serves global names including LVMH, Kiko, Gucci, L’Oréal, Puig, and Coty Lancaster. The company produces rigid boxes, folding cartons, silk paper, and dust bags.

The vertical will complement Multiply’s existing beauty and apparel businesses, with the company’s 3x revenue and 4x EBITDA growth from 2021–2024, blue-chip client base, and automated industrial footprint in the packaging space offering several avenues for cooperation, Multiply CEO Samia Bouazza said.

Market reax: Multiply’s stock shed 0.33% yesterday to close at AED 3.0.

AI fintech Dubai-based Optasia eyes USD 375 mn South Africa IPO

Dubai-based AI fintech Optasia plans to raise at least USD 375 mn through an IPO on the Johannesburg Stock Exchange (JSE), according to its intention-to-float (ITF) document (pdf). The company is eyeing a hybrid private-placement IPO, comprising a USD 75 mn primary issuance to fund organic growth and potential acquisitions, and a secondary sale of at least USD 300 mn by existing shareholders.

The transaction will also include a 15% overallotment option, made up entirely of secondary shares. The offer will be made only to qualified investors under private placement exemptions.

About the company: Founded in 2012, Optasia operates in 38 emerging markets across Africa, the Middle East, and Asia. Its AI-led platform provides microfinancing and airtime credit services through distribution partners and financial institutions, giving it access to 860 mn mobile subscribers. The firm serves around 121 mn monthly active users, processing over 32 mn daily loan transactions and distributing more than USD 23 bn in value since 2016.

Optasia reported USD 151.2 mn in revenues in FY 2024 and adjusted EBITDA of USD 75.1 mn, while 1H 2025 revenues surged 90% y-o-y to USD 117.2 mn and EBITDA rose 91% y-o-y to USD 53.8 mn. The company, which has remained profitable and cashflow positive since inception, said it plans to start paying dividends in 2027, targeting a 20% payout ratio of headline earnings per share thereafter.

ADVISORS- Standard Bank, Morgan Stanley, and Investec are joint global coordinators on the offering, while Moelis & Company is acting as independent financial adviser. Webber Wentzel and Milbank LLP are legal counsel to the company, with Bowmans and Linklaters LLP advising the managers.

The news was picked up by Reuters.

New permit allows Dubai freezone firms to expand to the mainland

Dubai Department of Economy and Tourism (DET) has launched a freezone mainland operating permit, allowing freezone companies to directly conduct business in mainland Dubai under a unified regulatory framework, according to Dubai Media Office. DET expects more than 10k freezone firms to apply for the license — in turn leading to a 15-20% increase in cross-jurisdiction activity within the first year of the initiative.

How it works: Freezone firms holding a Dubai Unified License can apply for the permit via the Invest in Dubai platform. The permit costs AED 5k, renewable every six months for another AED 5k. Freezone firms that choose to expand into the mainland will be subject to 9% corporate tax on their mainland activities, and will have to keep separate financial records under Federal Tax Authority rules. The new permit also grants access to government tenders and contracts.

In its first phase, the permit will only apply to non-regulated sectors such as technology, professional services, consultancy, design, and trading. Regulated sectors are set to fall under the permit’s extended scope later on.

We knew this was coming: In March, Dubai Crown Prince Hamdan bin Mohammed bin Rashid Al Maktoum approved a resolution allowing all freezone companies — except those in DIFC — to expand anywhere in Dubai. The move extended earlier dual-licensing models at Dubai Airport Freezone, Dubai Design District, and DIFC to all 26 freezones in Dubai.

Gulf Mercantile Exchange taps two new executives

GME names new executives: Middle East-based international commodities exchange Gulf Mercantile Exchange (GME) has appointed James Martin (LinkedIn) as chief growth officer and Kevin O’Reilly (LinkedIn) as head of commodities, as part of wider push to expand its footprint across regional and global markets, according to a press release.

Martin has over 25 years of experience in capital market development spanning the Middle East, Asia, and Europe. He previously served as chief development and investment officer at the Astana International Financial Center as well as general manager for Nasdaq in Europe, the Middle East, and Africa.

Meanwhile, O’Reilly joins GME with two decades of experience in energy, carbon, and commodities trading, having held senior roles at Morgan Stanley and Goldman Sachs. His background includes managing trading desks and structuring complex finance products.

Mira to build AED 55 bn community on Abu Dhabi-Dubai highway

REAL ESTATE-

Mira plans AED 55 bn mixed-use community: Real estate developer Mira Developments plans to build a AED 55 bn (USD 15 bn) mixed-use community along the Abu Dhabi-Dubai highway, CEO Timur Mamaikhanov told The National. The “full-scale small city” project will be financed using Mira’s equity in tandem with funds from Switzerland, he said.

The plan: The project will include 14k apartments, 1.7k villas, 1k townhouses, three hotels, schools, universities, offices, a 200-bed hospital, a mall, and leisure facilities. Construction is due to begin within 12 months and the development is set to be completed by 2035.

BACKGROUND- Earlier this week, AD Ports Group sold AED 2.5 bn worth of land in Al Mamoura to Mira Developments for the project — one of Abu Dhabi’s largest planned community developments. It’s one of several mega projects along the corridor, including a USD 10 bn project from Egypt’s Ora Developers and a AED 4.5 bn beachfront project from Ohana Development.

EDUCATION-

Taaleem to build school in MAF’s Ghaf Woods: Education provider Taaleem Holdings is acquiring a plot of land to build a school in Majid Al Futtaim’s AED 15.4 bn Ghaf Woods residential project in Dubai, according to a press release (pdf). The planned campus will span 23k sqm and is set to accommodate up to 1.8k students. The transaction is still subject to regulatory approval.

Taaleem has been on an expansion drive as of late: The school operator secured AED 968 mn in financing agreements last month to fund its majority stake takeover of Kids First Group and build a new Harrow International School campus in the UAE. It also acquired land and property assets last year in Emirates Hills in Dubai to develop a new campus for its Dubai British School - Emirates Hills.

Meanwhile, Majid Al Futtaim is also planning a mall complex for Ghaf Woods, and was recently tapped for a Saudi Vision 2030 project.

SPORTS-

Emirati soccer team Al Jazira Club will begin construction on its new Zayed City stadium in Abu Dhabi in 2026, according to a statement. The venue will seat 24k fans, expandable to 30k, and is expected to be completed within three years. It will feature air-conditioned seating, a retractable pitch, and hospitality facilities including restaurants and lounges open beyond match days. The stadium will host both sports and non-sports events throughout the year.

Background: Last month, ADX-listed investment firm Mair Group and Al Jazira Club signed an MoU to develop 80k sqm around the Mohammed bin Zayed Stadium, its current home ground, into a mixed-use commercial hub through a JV led by Makani Real Estate.

TRADE-

AD Ports, UNDP sign pact on digital trade and smart logistics: AD Ports Group will work with the United Nations Development Program (UNDP) to develop digital platforms using AI to improve supply chain operations, customs activities, trade finance, and port operations, according to a press release. The partnership also includes joint research and policy work to boost efficiency and sustainability in global supply chains.

AVIATION-

MBRAH boosts line maintenance capacity: Dubai South’s aerospace platform Mohammed Bin Rashid Aerospace Hub (MBRAH) expanded its line maintenance units (LMUs) to a total of 11 facilities spanning 76k sq ft, Dubai Media Office reports. The LMUs offer aviation operators services like warehouses for storage and maintenance, engineering support, tooling, and direct access to clients. Expansion is set to be completed by 3Q 2026.

Gold shatters USD 4k barrier on US gov’t shutdown, Fed policy, and weak USD

Spot gold shattered the USD 4k an ounce barrier the first time on Wednesday, hitting a record of USD 4,059 as the US government shutdown pushed its rally to a peak. The precious metal is up more than 50% this year, and 20% since July with its returns now outperforming equities since the start of the century, Bloomberg reported yesterday.

The current US government shutdown is seen as the immediate catalyst, compounding market anxiety from tariffs and geopolitical risks, UBS Global Wealth Management’s commodity analyst Giovanni Staunovo told The Associated Press. The metal’s appeal is also fueled by Federal Reserve interest rate cuts, a weakening USD, and strong, long-term purchasing from central banks worldwide. The US and Western allies’ move in 2022 to freeze about USD 300 bn in Russian foreign assets was the “trigger point” for the gold rally, Staunovo added.

The metal’s rise also reflects growing concerns over government debt, geopolitical risks, and declining confidence in national currencies, Bridgewater Associates founder Ray Dalio told Bloomberg.

Gold-backed ETFs saw their largest inflows in over three years in September, signaling a shift away from overvalued equities toward diversification, Saxo strategist Charu Chanana told Bloomberg. “Gold breaking USD 4k isn’t just about fear — it’s about reallocation,” she said, noting that easing real yields and stretched AI-heavy stocks are fueling renewed investor interest. Dalio echoed this sentiment, describing gold as “a very excellent diversifier” and advising that an optimal portfolio should include around 15%.

Forecasts remain bullish, with strategists at Goldman Sachs raising their 2026 price target to USD 4.9k an ounce from USD 4.5k, citing a “structural shift in reserve management behavior.” Dalio declared gold as “certainly” more of a safe haven than the USD, comparing its recent record-setting rally to the 1970s, when the metal surged amid high inflation and economic instability.

While gold is widely viewed as a hedge against inflation, some analysts urge caution. Staunovo noted that despite its safe-haven reputation, gold remains highly volatile, with price swings of 10-15%. The Commodity Futures Trading Commission also warned that during periods of economic uncertainty, sellers tend to benefit more than buyers.

MARKETS THIS MORNING-

Japan’s Nikkei is leading the gains this morning among Asian markets, inching up 1.3% in early trading after SoftBank’s stock soared on sealing the agreement to buy ABB robotics for USD 5.4 bn. The Shanghai Composite is also inching up 0.6%, while Hong Kong’s Hang Seng is going in the other direction, down 0.3%. Meanwhile, Wall Street futures are unchanged after S&P 500 logged another all-time high yesterday.

ADX	10,130	+0.5% (YTD: +7.6%)
DFM	5,960	+0.3% (YTD: x+15.5%)
Nasdaq Dubai UAE20	4,833	+0.4% (YTD: +16.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.9% o/n	3.9% 1 yr
TASI	11,559	-0.2% (YTD: -4.0%)
EGX30	37,377	+0.8% (YTD: +25.7%)
S&P 500	6,754	+0.6% (YTD: +14.8%)
FTSE 100	9,549	+0.7% (YTD: +16.9%)
Euro Stoxx 50	5,650	+0.6% (YTD: +15.4%)
Brent crude	USD 65.68	-0.9%
Natural gas (Nymex)	USD 3.32	-0.4%
Gold	USD 4,046.20	-0.6%
BTC	USD 123,134	+1% (YTD: +30.4%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.77	+1.3% (YTD: +8.2%)
S&P MENA Bond & Sukuk	150.67	-0.1% (YTD: +7.7%)
VIX (Volatility Index)	16.3	-5.5% (YTD: -6.1%)

THE CLOSING BELL-

The ADX rose 0.5% yesterday on turnover of AED 2.3 bn. The index is up 7.6% YTD.

In the green: Aram Group (+14.9%), Umm Al Qaiwain General Investment Co. (+10.0%) and Hayah Ins. Company (+8.3%).

In the red: Rapco Investment (-5.6%), Presight AI Holding (-2.6%) and Burjeel Holdings (-2.2%).

Over on the DFM, the index rose 0.3% on turnover of AED 848.2 mn. Meanwhile, Nasdaq Dubai was up 0.4%.

CALENDAR

OCTOBER

7-9 October (Tuesday-Thursday): The International Symposium on the System of Radiological Protection, the Ritz-Carlton Abu Dhabi, Grand Canal.

9 October (Thursday): The Abu Dhabi Investment Forum (ADIF), London.

8-9 October (Wednesday-Thursday): Quantum Maritime Conference, Mussafah, Abu Dhabi

9 October (Thursday): Family Office Summit, Park Hyatt, Dubai.

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

9-15 October (Thursday-Wednesday): IUCN World Conservation Congress, Abu Dhabi.

12-15 October (Sunday-Wednesday): Expand North Star, Dubai Harbor.

13-17 October (Monday-Thursday): GITEX Global, Dubai World Trade Center, Dubai

14-16 October (Tuesday-Thursday): Global FutureCouncils, 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 and Conference, Expo Center Sharjah.

15-18 October (Wednesday-Saturday): Evolve Future Mobility Show, Expo Center Sharjah.

21-22 October (Tuesday-Wednesday): HR Summit and Expo, Dubai World Trade Center, Dubai

21-23 October (Tuesday-Thursday): Global Food Week, Adnec Center, Abu Dhabi

21-23 October (Tuesday-Thursday): International Family Med. Conference and Exhibition, Dubai World Trade Center.

21-23 October (Tuesday-Thursday): Annual Radiology Meeting (ARM), Dubai World Trade Center, Dubai

21-23 October (Tuesday-Thursday): Healthcare Future Summit, Dubai World Trade Center, Dubai

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

22-23 October (Wednesday-Thursday): Alternative Investment Summit, Jumeirah Emirates Towers, Dubai.

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.

10-15 November (Monday-Saturday): RoboCup Asia-Pacific (RCAP), Adnec Center, 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 Center, 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 and 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, Abu Dhabi.

8-10 December (Monday-Wednesday): The Bridge Summit, Adnec Center, 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 Center.

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) 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 Center, 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.

APRIL 2026

13-15 April (Monday-Wednesday): AIM Congress, Dubai World Trade Center.

JUNE 2026

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

JULY 2026

31 July (Friday): Large businesses achieving annual revenues equal to or above AED 50 mn must appoint an accredited service provider for e-invoicing implementation.

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:

1 January: Deadline for large businesses to implement e-invoicing.
1Q 2027: Completion of the first phase of Hassyan seawater desalination project.
31 March: Small businesses with annual revenues of less than AED 50 mn are obliged to contract with an accredited service provider for e-invoicing implementation
31 March: Government entities are required to appoint an accredited service provider for e-invoicing implementation.
1 July: Deadline for small businesses to implement e-invoicing.
1 October: Deadline for governments to implement e-invoicing.
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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