ADGM amends liquidity, capital floor rules for firms. Plus: Hatta hydro plant begins trial operations

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WHAT WE’RE TRACKING TODAY

THIS MORNING: UAE and Philippines’ trade agreement to be inked within weeks + Warburg Pincus secures Dubai license

Good morning and happy hump day. It’s still somewhat busy on the home turf as we edge closer to back-to-school week and the return of traffic.

THE BIG STORY here at home is ADGM’s latest amendments to liquidity and minimum capital floor requirements, as it looks to tighten oversight while adjusting liquidity rules based on firms’ risk profiles.

On the energy front, Hatta’s new hydroelectric power plant has started exporting electricity to Dubai as it kicks off trial operations, and a Masdar-led consortium secured financing for a 3 GW solar project in Saudi Arabia.

Plus: More real estate data points to a record 2Q 2025 for residential sales in Dubai, driven by a slew of new launches and sustained demand.

WEATHER- Expect a hot, partly cloudy day with the possibility of afternoon rain in the east and south, according to the National Center of Meteorology (pdf). Temperatures in Dubai and Abu Dhabi hit 41°C in, with lows of 33°C.

MORNING MUST-READS-

#1- F1 fans, this one’s for you: McLaren Racing is putting three of its upcoming competition cars under the hammer at a Sotheby’s auction in Abu Dhabi on 5 December, the company said in a press release. The sale includes a 2026 F1 World Championship car, a 2026 NTT Indycar Series car, and McLaren’s first FIA World Endurance Championship car for 2027.

The auction marks the first time a future Formula 1 car has been sold publicly before its official debut, with successful bidders set to receive delivery after the cars have competed in their respective series.

#2- Archer completes longest piloted eVTOLs flight, while Joby tests first airport-to-airport flight: US-based electric vertical take-off and landing (eVTOL) aircraft developers Joby Aviation and Archer Aviation have reached another milestone ahead of their planned launch in the UAE, with Joby running its first flight between two public US airports, and Archer seeing its longest flight yet, according to statements here and here. Joby’s flight between Marina Municipal Airport and Monterey Regional Airport lasted 12 minutes, and saw it integrate into existing air traffic and controlled air space, while Archer saw its longest piloted flight so far with its Midnight series eVTOL covering 55+ miles in 31 minutes.

Background: Both Joby Aviation and Archer Aviation have been running test flights in the UAE this summer to test their aircrafts’ resilience to the hot Gulf weather, as Archer gears up to launch its first flights later this year and Joby launches in Dubai early next year.

#3- Core42 brings OpenAI’s latest open models to the UAE: State AI firm G42’s subsidiary Core42 has rolled out OpenAI’s latest open-weight models on its AI Cloud, according to a press release. Models like the gpt-oss-20B and gpt-oss-120B are now accessible through the Core42 Compass AI and can run on multiple silicon platforms.

The launch comes amid efforts by the UAE to cement its place as a global AI power, ranking second worldwide — just behind the US — according to TRG Datacenters. The ranking puts it ahead of the likes of China, the UK, and India, with Saudi Arabia coming in third. The UAE has more than 188k AI chips, a total computing power of 23.1 mn (H100 equivalents), and a total power capacity of 6.4k MW across eight clusters, according to the Texas-based firm.

REFRESHER- The country’s AI scene received another boost last May with the unveiling of Abu Dhabi’s planned 5 GW UAE-US AI Campus during US President Donald Trump’s visit.

WATCH THIS SPACE-

#1- Santos shares slid as much as 4% in Sydney after the Australian gas producer said its USD 18.7 bn takeover by an XRG-led consortium will face further delays, Bloomberg reports. The consortium indicated it needs at least a month to secure final corporate approvals before entering a binding agreement, which is well beyond the 22 August exclusivity period deadline, potentially opening the firm up to rival suitors.

REMEMBER- The acquisition still requires approvals from regulators in Australia, Papua New Guinea, and the US, where Santos also holds assets, but the biggest hurdle is Australia's Foreign Investment Review Board, which is expected to be wary of handing over critical energy assets to foreign investors. Including net debt, the transaction would value Santos at an enterprise value of AUD 36.4 bn, positioning it as the largest allcash corporate takeover in Australian history, Reuters said citing FactSet.

The delay is triggering more uncertainty around the fate of the acquisition: “The market is telling you there's increased risk and uncertainty,” Reuters quoted James Hood, Regal Funds Management's senior energy analyst, as saying.

But it’s normal for such a big transaction to be subject to scrutiny: “This was never going to be an easy transaction to pull off with the confluence of domestic energy security and national interest considerations as well as the multitude of hard to please stakeholders involved,” the newswire reports citing Kaushal Ramesh, vice president, gas and LNG research at Rystad Energy, as saying.

#2-UAE-Philippines trade agreement incoming? The UAE and the Philippines are preparing to sign a trade and economic partnership agreement in the coming weeks, the Philippine News Agency reports, citing the UAE embassy in Manila. The agreement would be the Philippines' first with a country in the region, covering goods and services, investments, SMEs, digital trade, customs, governance, and sustainability. The two countries began trade talks in 2022.

#3- Warburg Pincus secures Dubai license? US-based private equity firm Warbur g Pincus has reportedly received full authorization to operate in Dubai after obtaining a license from the Dubai Financial Services Authority (DFSA) in late June, Financial News reports, citing regulatory filings on the DFSA website.

Background: Bloomberg had reported earlier this year that the firm is planning to expand to the Gulf, tapping Viraj Sawhney from its Mumbai office to lead operations in the region. It had already had a fundraising presence in the region, led by a Dubai executive.

DATA POINTS-

#1- Issuers from the UAE accounted for 8.7% of all emerging market (EM) USD debt in 1H 2025, trailing only behind Saudi Arabia (18.9%) and Brazil (10.6%), Fitch Ratings said in a statement. The GCC as a whole represented 35.5% of issuances, with the region’s debt capital market surpassing USD 1 tn in outstanding issuance as economic diversification strategies, incoming maturities, and financing needs drove demand for financing. Total EM USD debt, excluding China, stood at USD 2.5 tn.

Sukuk made up 21.9% of the UAE’s outstanding DCM, while across EMs sukuk accounted for 13.7% of all issuances in 1H 2025, up from 12% last year.

REMEMBER- Companies and banks in EMs, excluding China, sold about USD 250 bn in international bonds between January and July — the fastest pace since the 2021 post-pandemic boom — with sovereigns accounting for over USD 160 bn, led by Saudi Arabia. Falling borrowing costs and expectations of Fed rate cuts fueled the surge, with JPMorgan projecting issuances to reach USD 370 bn this year, just shy of the 2021 record.

#2- Some 85% of UAE retail investors are currently invested in local equities, according to eToro’s UAE Retail Investor Beat survey. The survey of 1k investors showed 39% hold Abu Dhabi stocks, 28% hold equities listed on the DFM, and 18% hold both. Confidence in the local economy is behind the figures, with some 63% of respondents saying they are “very confident” in the UAE’s current performance.

By the sector: Around 55% of investors identified real estate as the most promising sector for the next 12 months, while 48% were bullish on tech stocks, and 37% were confident in the financial services and energy sectors. Nearly half of the respondents expect strong gains in the UAE’s stock markets this year.

However, 90% expect tariffs and trade wars to significantly impact their portfolios this year, with 89% having already adjusted or planning to adjust allocations. Gold and precious metals are viewed as the most resilient assets (49%), followed by crypto (45%), which remains the most widely held asset class overall at 54%.

PSAs-

#1- No more centralized final exams? The Education Ministry has canceled centralized second semester exams for students in grades 5 to 12, in an effort to reduce stress caused by traditional assessments, Gulf News cites Education Ministry Undersecretary Mohammed Al Qasim as saying. The tests will be replaced with continuous, more holistic assessments — part of broader reforms moving away from high-pressure testing.

More schools, more AI: Nine new public schools are opening at the start of the new academic year, the news outlet quoted Education Minister Sarah Al Amiri as saying at a press conference. Some 1k teachers are also set to teach AI this year, the ministry added, as part of its move to introduce AI classes into the education system.

#2- Citizens in Dubai now have a resolution center to hash out home construction disputes: Dubai Courts is establishing a Citizens’ Home Construction Dispute Resolution Center at Al Manara dedicated to disputes between citizens and contractors over housing projects, according to Dubai Media Office. The center aims to cut litigation times and reduce court backlogs.

THE BIG STORY ABROAD-

There’s a hodge podge of stories out there this morning, none of which are dominating headlines across the international business press. Among the stories of note:

The White House is “ironing out the details” of a potential acquisition of a 10% stake in chipmaker Intel, White House Press Secretary Karoline Leavitt confirmed yesterday, following reports of the potential agreement over the past few weeks. Leavitt’s confirmation also comes after SoftBank announced earlier this week that it’s acquiring a 2% stake in the chipmaker in an agreement worth USD 2 bn. The government appears to be looking to get the stake in Intel in exchange for grants the company received under the Biden administration, with Treasury Secretary Scott Bessent saying, “The stake would be a conversion of the grants and maybe increase the investment into Intel to help stabilize the company for chip production here.” (Reuters | Financial Times)

Air Canada is gradually resuming its flight operations after reaching an agreement with flight attendants over their pay, ending a four-day strike that caused the Canadian air carrier to cancel flights and retract its full-year earnings guidance. Air Canada reportedly agreed to compensate flight attendants for their work on the ground prior to the start of a flight — including boarding passengers — and will also enact immediate pay increases for flight attendants. (CBC | Reuters)

The US and NATO are working on putting together a package of security assurances for Kyiv after the end of Ukraine’s war with Russia, after Ukraine’s Volodymyr Zelensky met with US President Donald Trump in Washington earlier this week. The package could take shape as early as this week, ahead of a potential meeting between Zelensky and Russian President Vladimir Putin. (Reuters | Bloomberg)

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OIL WATCH-

Extra Russian oil to China pressures Dubai crude: Chinese refiners have booked at least 15 cargoes of Russian Urals and Varandey crude for October and November delivery, a shift that could dent demand for Middle Eastern grades priced USD 2-3 per barrel higher, Reuters reports, citing analysts. The extra supply lands as the Dubai market is already softening on weaker seasonal demand and rising arbitrage flows.

Behind the shift: India, until now the main buyer of discounted Russian crude, has cut imports by some 600k-700k bbl/d as markdowns narrowed — prompting some refiners, including Reliance, to pivot back to MENA barrels like Abu Dhabi’s Murban. That opened space for Chinese state-owned and independent refiners, who snapped up the cargoes earlier this month. Even so, Beijing’s Russia intake remains modest at about 50k bbl/d y-t-d, as the grade is not a baseload feedstock for its majors.

CIRCLE YOUR CALENDAR-

The Spring/Summer edition of Dubai Fashion Week will run from Monday, 1 September until Saturday, 6 September at Dubai Design District (d3), ahead of the New York, London, Milan, and Paris fashion weeks. The edition will showcase more than 30 brands from the UAE, Europe, India, and beyond, with runway shows, private events, and an expanded buyers’ program.

BTC MENA Conferencewill take place on Monday, 8 December and Tuesday, 9 December at the Adnec Center Abu Dhabi. Headlined by Michael Saylor, co-founder and executive chairman of Strategy, the event will feature talks, workshops, and exhibitions focused on BTC and digital finance. Last year’s debut drew global names, including Saifedean Ammous and Eric Trump, and attracted backing from Binance, eToro, and M2.

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

ADGM tightens prudential rules with higher capital floors and new liquidity obligations

ADGM ups prudential requirements for financial firms: The ADGM Financial Services Regulatory Authority (FSRA) finalized amendments to its Prudential Rulebook (pdf) for Category 3B, 3C, and 4 firms, covering capital, liquidity, reporting, and professional indemnity ins. (PII) requirements. The rules take effect immediately, except for minimum PII cover standards, which apply from 1 January 2026.

We knew this was coming: The changes follow a FSRA consultation paper published in April that proposed raising base capital thresholds, scrapping the expenditure-based capital minimum for some firms, and easing certain reporting and PII obligations.

Capital floors raised: Category 4 firms — which include arrangers, advisers, and ins. intermediaries — now face a higher base capital requirement of USD 50k, up from USD 10k. If they operate a private financing platform and hold client assets, the threshold rises to USD 150k. Category 3C firms authorized to issue fiat-referenced tokens — stablecoins — must meet a USD 2 mn base capital requirement, aligning them with higher prudential standards for virtual asset providers.

Liquidity buffer changes: The expenditure-based safety capital buffer for Category 4 firms that don’t hold client assets or ins. money has been scrapped. Other firms in Categories 3B, 3C, and 4 must still maintain liquid assets equal to their expenditure-based capital minimum, which is detailed as follows:

Category 3C firms issuing stablecoins must hold capital equal to one year of expenses;
Firm holding crypto for clients must hold capital equal to 26/52 (or 50%) of annual expenses;
Firm that holds client money or ins. money must hold capital equal to 18/52 (or 35%) of annual expenses.
Category 3B or 3C firms with no client asset money must hold capital equal to 13/52 (25%) of annual expenses.

Reporting and risk reviews: A requirement for internal capital adequacy assessments will also be scrapped for category 3B and 3C firms, with only an internal risk assessment and supervisory review now required to fit their risk profile, the FSRA said.

Hatta hydro plant begins trial operations + exporting power to Dubai

Trial operations at Hatta hydroelectric power plant: Dubai Electricity and Water Authority (Dewa) has begun trial operations and exports of electricity from its 250 MW pumped-storage hydroelectric power plant in Hatta to Dubai, according to a statement. During the testing phase, the station generated more than 17.9 GWh of electricity.

Background: The AED 1.4 bn project, which is in its final stages of development, will have a storage capacity of 1.5 GWh and an expected lifespan of 80 years. Hatta’s peak demand stands at about 39 MW, so surplus capacity from the plant will be exported to Dubai. The project was originally set to begin clean energy exports to Dubai last April.

The facility is built around the Hatta Dam and a newly constructed upper dam, with a turnaround efficiency of 78.9%. Electricity is generated by releasing water stored in the upper dam through a 1.2 km subterranean tunnel, rotating turbines to produce power. The plant can connect to Dewa’s grid within 90 seconds when demand spikes. Clean energy from the Mohammed bin Rashid Al Maktoum Solar Park will be used to pump water back to the upper dam.

SOUND SMART- The pumped-storage system works by converting the potential energy of water into kinetic energy as it flows downhill, turning turbines to generate mechanical energy before converting it into electricity. When demand is low, electricity is used to pump the water back uphill, effectively creating a closed-loop storage system.

Masdar-led solar project in KSA reaches financial close

Masdar-led solar megaproject secures financial close: Renewables giant Masdar and its consortium partners China’s GD Power and Korea Electric Power Corporation have reached financial close on the 2 GW Al Sadawi solar project in Saudi Arabia’s Eastern Province, according to a press release. The plant is expected to operate at full capacity in early 2027, with commercial operations targeted for later the same year.

The total project cost is estimated at around USD 1.1 bn, with financing facilities secured from eight regional and international lenders — Standard Chartered Bank, Kexim, ADCB, BNP Paribas, Abu Dhabi Islamic Bank, Bank of China, HSBC, and Société Générale — covering a “substantial portion,” the statement said

REMEMBER- The consortium lined up a USD 225 mn financing from the Export-Import Bank of Korea (Kexim) in June.

The plant will be developed on a build, own, operate basis, under a 25-year power purchase agreement inked last year with the Saudi Power Procurement Company. Masdar awarded the EPC contract to Chinese power generation firm Shanghai Electric in April. GD Power Development will reportedly have a 40% stake in the project but the entire ownership structure was not disclosed.

Dubai residential sales hit record in 2Q 2025 as new project launches soar

Dubai’s residential market closed 2Q 2025 with over 50k transactions, the highest quarterly volume on record and up 21% y-o-y, according to Savills’ Dubai Residential Market 2Q report (pdf). The performance comes amid sustained population growth — forecast to surpass 4 mn by year-end — and a resilient economy. The results cap a strong 1H which saw 123.3k in total transactions, according to Dubai Land Department data.

Plenty of new launches: Developers launched around 20k units in 2Q, bringing the 1H total to 52k, a 66% y-o-y increase. Apartments represented 91% of new launches. Zone 6, which includes Jumeirah Village Circle and Dubailand, accounted for 53% of 2Q sales and nearly half of new project launches.

As for handovers: Some 6k units are estimated to have been delivered in 2Q, bringing total 1H completions to 13.5k units — slightly less than the 17.5k figure reported by ValuStrat. A further 20k units are scheduled for handover in 2H. Remember, Dubai’s real estate supply is slated to catch up with rising demand in the coming years, Fitch Ratings anticipates.

REMEMBER- The record number of new projects in the pipeline since 2023-24 are expected to add about 250k units to supply. Deliveries will spike in 2026, with the 120k units planned for handover dwarfing the 30k units delivered in 2024 and 90k in 2025, Fitch Ratings said previously. Fitch expects new units to cause an average 16% annual increase in housing supply between 2025 and 2027, outpacing expected population growth of around 5%.

Off-plan dominance: Off-plan transactions represented 70% of total transactions recorded — up from 68% in 2024. In terms of property-type, apartments continued to lead activity, accounting for 80% of sales.

Ready property transactions continued to hold steady around their yearly average, reaching 15.1k units in 2Q. Apartments made up 83% of ready transactions, while sales from both ready and off-plan villas and townhouses remained stable at around 10k transactions per quarter.

Prime market momentum: More than 2.5k homes sold for upward of AED 10 mn in 2Q, double the figure from a year earlier. Villas made up 76% of those transactions, while off-plan comprised 80%. Apartment prices in prime segments remained broadly flat.

Capital value increases skewed towards bigger houses: Average capital values for apartments remained stable y-o-y, while villas saw a 4% y-o-y increase.

DHL Supply Chain taps its first ever MEA CEO + Tecom appoints new CFO

DHL Supply Chain tapped Orkun Saruhanoglu (LinkedIn) as its first-ever CEO for the Middle East and Africa, as the logistics giant expands its regional management structure, according to a press release (pdf). The new role aims to strengthen DHL’s contract logistics operations in the region, across warehousing, aftermarket services, and sector-specific solutions. Saruhanoglu’s past roles include serving as DHL Supply Chain’s CEO for Central and Eastern Europe, where he helped establish ASMO — the Aramco-DHL logistics joint venture.

Tecom Group has named Christoph Berentzen (LinkedIn) as its new CFO, with the appointment being in effect since 18 August, according to a press release (pdf). Berentzen was previously CFO for Central Europe at Unibail-Rodamco-Westfield, where he spent nine years overseeing operations across Düsseldorf, Prague, Vienna, and Warsaw.

Parkin to install 200 ultra-fast EV chargers in Dubai

EVs-

Parkin + e&’s charge&go to launch 200 EV chargers in Dubai: Dubai’s public park operator Parkin is launching 200 ultra-fast direct current (DC) charging stations, according to a press release (pdf). Scheduled to roll out this October with an initial phase focused on 20 stations in busy locations, it will later reach 200 EV chargers by the following October. The agreement — in collaboration with charge&go, a subsidiary of e&’s Etisalat Services Holding (ESH) — will offer a park-and-charge service, bookable on Parkin’s app.

Why it matters: The new charging network will cut EV charging time to under 30 minutes. The stations will be built in public and private locations, including retail and leisure hubs, and high-population residential areas.

EV charging infrastructure is getting a boost this year: Adnoc Distribution is planning on rolling out 200 fast-charging points this year, and state-owned UAEV eyeing a network of 10k chargers by 2030.

FINANCIAL SERVICES-

#1- EIF partners with Emirati financial firms on AI: The Innovation Hub of the Emirates Institute of Finance (EIF) signed an MoU with AI firms Presight and Core42, as well as HSBC and Al Maryah Community Bank, to pilot the use of generative AI in the financial services sector, according to a press release (pdf). The firms will collaborate on research and controlled AI assessment pilots to see how AI can be used to improve operational efficiency in banking and cybersecurity capacities.

ICYMI- Last month, EIF signed another MoU with licensed financial firms including First Abu Dhabi Bank and Haifin — an e& enterprise company — to digitalize bank guarantees, it said in a press release at the time.

#2- Australia’s VT Markets secures SCA license: Australia-based global multi-asset broker VT Market secured a category 5 license from the Securities and Commodities Authority (SCA) for its Dubai branch, according to a press release. The license comes as VT Markets looks to expand its global reach, with a current presence in over 160 countries.

#3- MultiBank opens Abu Dhabi office: Global financial derivatives broker MultiBank Group is setting up a new office in Abu Dhabi to serve retail and institutional clients, according to a statement. The company serves over 2 mn clients through 25+ offices worldwide under 17 regulatory licenses, including headquarters in Dubai. The move follows its February launch of CFDs on shares listed on DFM- and ADX-listed shares via its app and MetaTrader 5. In May, it also signed a USD 3 bn agreement with local developer MAG and blockchain firm Mavryk to list real estate assets on a regulated digital assets marketplace.

CONSTRUCTION-

Dutch marine contractor Van Oord was awarded the land reclamation contract for NaïaIsland Dubai, the new 13-hectare private development off Jumeirah’s coast announced earlier this month by Shamal Holding, according to a statement. Work includes reclaiming over 28 mn cubic meters of sand, placing 4.3 mn tonnes of rock, and building marine infrastructure such as quay walls and culverts, in addition to completing coastal protection works.

The timeline: Land reclamation is due for completion in 1H 2027, with the full development set to open in 2029. Shamal and Van Oord previously collaborated on works for Dubai Harbor.

TOURISM-

Shurooq invests AED 300 mn in eco-retreats: The Sharjah Investment and Development Authority (Shurooq) invested over AED 300 mn in the Sharjah Collection, a portfolio of seven eco-retreats offering 154 units across the emirate, Wam reports. Locations span coastal mangroves, desert dunes, mountain valleys, and heritage villages, with new additions including Nomad, a 20-unit solar-powered trailer retreat in Kalba set to launch in 4Q 2025.

REMEMBER- Shurooq recently expanded its wider hospitality portfolio to AED 850 mn, with upcoming projects including the Nomad Hotel in Kalba and two Lux-operated properties in Khorfakkan and Sharjah Safari slated to open in 1H 2026. The tourism push comes as Sharjah saw an 11% y-o-y uptick in visitor numbers last year.

MENA M&A activity picks up y-o-y in 1H despite 2Q slowdown -EY

M&A momentum carried through to 1H 2025 as the MENA region sealed 425 transactions worth USD 58.7 bn in the first half of the year, marking a 31% y-o-y jump in volume and a 19% y-o-y rise in value, according to EY’s latest MENA M&A Insights report.

Activity cooled in 2Q on trade-policy uncertainty and regional tensions, but sentiment stayed upbeat as diversification drives and growth sectors kept transactions moving. This built on last year’s steady flow and early-2025 momentum, supported by regulatory reforms and a firmer macro backdrop.

The UAE led the charge in 1H, pulling in USD 25.4 bn across sectors including chemicals, technology, industrials, and real estate. Meanwhile, Saudi Arabia booked USD 2.5 bn in 1H transactions, with sovereign-backed players driving outbound activity.

Among the largest of transactions were Borealis and OMV’s USD 16.5 bn acquisition of a 64% stake in the UAE’s Borouge and Saudi Aramco’s USD 3.5 bn acquisition of South America’s Primax. The two plays were part of a broader push that saw MENA outbound activity rise 30% y-o-y to 126 transactions worth USD 24.4 bn. The UAE and KSA alone accounted for 87% of the region’s total outbound value in 1H 2025.

Cross-border activity hit a five-year high in 1H, making up 55% of the region’s total transaction volume and 78% of value. That is 233 M&As worth USD 45.9 bn. Chemicals and technology were the star sectors, contributing 67% of cross-border transactions value.

Inbound M&A into MENA rose 53% y-o-y to 107 transactions worth USD 21.5 bn, up from USD 6.4 bn last year, with the UAE capturing 50% of inbound volume and 98% of inbound value. Austria contributed 77% of inbound value into the region thanks to Borealis and OMV’s Borouge buyout.

On the domestic front, MENA logged 192 transactions in 1H, up 22% y-o-y in volume and 94% in value at USD 12.8 bn, representing 45% of total activity and 22% of overall value, led by diversified industrials and technology. The UAE’s G42 USD 2.2 bn acquisition of 40% of Khazna Data Center was the region’s largest domestic acquisition.

Government-related entities and sovereign wealth funds played an important part, with players like ADIA, PIF, and Mubadala behind USD 21 bn in transaction value across 54 transactions, underscoring their role as long-term capital allocators.

Looking ahead, “stable oil prices, ongoing infrastructure development, and a strategic focus on technology, chemicals, and industrials are creating solid foundations for sustained activity,” EY MENA M&A and ECM head Anil Menon said in the report. Throughout 2025, EY expects “intensifying competition for high-quality assets, particularly those that align with national transformation agendas and offer strategic value beyond financial returns.”

MARKETS THIS MORNING-

Asian markets are mostly in the red in early trading this morning. The Kospi is leading losses, down almost 2.0% and Japan’s Nikkei is not far behind, looking at losses of 1.6%. The Hang Seng is also in the red, while the Shanghai Composite is up 0.1%.

ADX	10,210	-0.0% (YTD: +8.4%)
DFM	6,151	+0.4% (YTD: +19.2%)
Nasdaq Dubai UAE20	5,005	+0.2% (YTD: +20.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.0% o/n	4.1% 1 yr
TASI	10.882	-0.0% (YTD: -9.7%)
EGX30	36,100	+0.8% (YTD: +21.1%)
S&P 500	6,411	-0.6% (YTD: +9.0%)
FTSE 100	9,189	+0.3% (YTD: +12.4%)
Euro Stoxx 50	5,482	+0.9% (YTD: +12.0%)
Brent crude	USD 65.76	-1.2%
Natural gas (Nymex)	USD 2.76	-0.3%
Gold	USD 3,359	0.0%
BTC	USD 113,1530	-2.9% (YTD: +21.0%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.50	+0.3% (YTD: +0.5%)
S&P MENA Bond & Sukuk	148.11	-0.1% (YTD: +5.8%)
VIX (Volatility Index)	15.57	+3.9% (YTD: -10.3%)

THE CLOSING BELL-

The DFM rose 0.4% yesterday on turnover of AED 514.5 mn. The index is up 19.2% YTD.

In the green: Ekttitab Holding Company (+14.6%), Ithmaar Holding (+8.3%) and Commercial Bank of Dubai (+4.0%).

In the red: Dubai National Ins. and Reins. (-8.2%), Chimera S&P UAE Shariah ETF - Share class B - Income (-6.2%) and Chimera S&P UAE UCITS ETF - Share Class A - Accumulating (-3.1%).

Over on the ADX, the index inched down 0.03% on turnover of AED 1.3 bn. Meanwhile, Nasdaq Dubai was up 0.2%.

CALENDAR

AUGUST

15-24 August (Friday-Sunday): Abu Dhabi International Chess Festival, Radisson Blu Hotel & Resort, Abu Dhabi Corniche.

20-24 August (Wednesday-Sunday): Dubai hosts government pavilion at Gamescom 2025, Cologne, Germany.

SEPTEMBER

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.

10-20 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.

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 Centre.

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-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.

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.

8-9 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 Hassyanseawater 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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