Adnoc’s EUR 14.7 bn Covestro takeover hit with anti-subsidies probe

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Abu Dhabi to invest in major tourism project in Oman + EGA Eyes Ghana’s bauxite project

Good morning, friends. Looks like we’re back to business as usual with the news cycle kicking into high gear after a temporary lull.

We have a mixed bag of news for you this morning, led with the latest snag in Adnoc’s EUR 14.7 bn takeover of German chemicals firm Covestro, after the EU launched an anti-subsidies probe into the acquisition. Also, Etihad Airways’ IPO could be pushed to 2026, according to sources cited by Zawya, and DIFC saw a record number of firms join its ranks in 1H 2025. Plus: Khalifa Port is getting a AED 2 bn grain storage and processing facility, courtesy of Emirates Food Industries

ALSO- THIS JUST IN: The Abu Dhabi Fund for Development is investing AED 764.5 mn into a tourism complex in Salalah, Oman, state news agency Wam reports. The first phase of the project includes a 120-room luxury resort, a marina, the rehabilitation of coastal and beachfront areas, and other infrastructure works.

WEATHER– Another textbook summer scorcher: Dubai will see daytime highs of 46°C, cooling slightly to 35°C overnight. In Abu Dhabi, temperatures will also peak at 46°C before settling at 34°C overnight.

WATCH THIS SPACE-

#1- EGA eyes Ghana bauxite project: Emirates Global Aluminium (EGA) is in the running to develop Ghana’s Nyinahin Hills bauxite deposit following the government’s termination of a USD 1.2 bn lease with local firm Rocksure International, Reuters reports citing sources familiar with the matter. Ghana’s state-owned aluminum company has been negotiating with possible partners, including EGA and several Chinese firms, the source said.

IN CONTEXT- The Dubai-based aluminium producer signed an MoU with Ghana’s state-owned Ghana Integrated Aluminium Development Corporation in June to explore mining projects in the West African nation.

From Guinea to Ghana: EGA’s potential entry into Ghana comes as the company is on the hunt for new projects after losing a concession agreement in Guinea. EGA is interested in jointly developing bauxite projects in the West African nation and is now carrying out technical and commercial assessments, the company told Reuters.

#2- Egypt’s dual-listed Orascom eyes move to ADX and Nasdaq exit: Nasdaq Dubai and EGX-listed Orascom Construction is taking a major step toward repositioning itself within the region’s capital markets, with its board approving the migration of its primary listing from Nasdaq Dubai to the Abu Dhabi Securities Exchange (ADX), according to a disclosure (pdf). The listing shift comes as the ADX continues to assert itself as one of the region’s capital markets heavyweights, offering deeper liquidity and stronger institutional flows via entities like sovereign wealth funds ADQ and Mubadala.

What’s next? The decision now awaits shareholders’ approval and regulatory clearance. Shareholders will be able to vote on the proposed changes on 12 August.

MEANWHILE- The firm’s board also approved the transfer of the company’s incorporation from the Dubai International Financial Center (DIFC) to ADGM. It will also distribute an interim dividend of USD 0.25 per share on 13 August to its shareholders, according to a separate disclosure (pdf).

#3- Adia-backed Lenskart prepares USD 1 bn IPO filing: Abu Dhabi Investment Authority (Adia)-backed Indian eyewear retailer Lenskart Solutions is preparing to file for a USD 1 bn initial public offering as early as this week, Bloomberg reports, citing people familiar with the matter. The company, also backed by Japan’s SoftBank Vision Fund and Singapore’s state-owned Temasek, is finalizing valuation details ahead of submitting draft prospectus documents to Indian market regulators.

ICYMI- We first got wind of a public listing earlier this year, with reports that the firm was eyeing an IPO on both India’s NSE and BSE, and was seeking a USD 10 bn valuation at listing.

#4- DFM-listed BHM Capital Financial Services’s AED 200 mn rights issue will be open for subscriptions between 8-18 September, according to a disclosure (pdf). The capital increase, which will double its paid-up capital to AED 400 mn, will see new shares priced at AED 1.0 a pop.

The company says proceeds from the offering will be deployed to support its regional expansion, scale its market-making and liquidity capabilities, upgrade technology infrastructure with a focus on AI, and enhance overall trading efficiency. BHM Capital is forecasting an annual return on investment of 25–30% over the next three years, positioning the rights issue as a strategic play to accelerate long-term growth.

Background: We reported in May that the company plans to expand into new markets, including Egypt, Armenia, Kazakhstan, Iraq, and Jordan, while also growing its presence in markets like Bahrain and Oman, where it recently expanded operations.

#5- Abu Dhabi startup eyes launching data centers in space: Abu Dhabi-based space startup Madari Space is looking to launch data centers in low earth orbit, with demo missions set to begin in 3Q 2026, CEO Shareef Al Romaithi told Bloomberg (watch, runtime: 5:38). The startup hopes to create alternative facilities in space that aren’t as energy-intensive as those on earth to cater to growing demand, Al Romaithi said. Madari is targeting businesses with existing space operations and governments seeking backup data storage options, he added.

DATA POINTS-

#1- The UAE is expected to outperform the rest of the region this year with GDP growth of 4.8%, while next year should see 4.6% growth, according to a Reuters poll of economists. This is higher than the forecast in its April poll, which saw growth coming in at 4.5% this year and 4.2% next year. Economists agreed that increased oil production and diversification efforts will help boost growth across the bloc compared to last year, with Saudi Arabia seen growing 3.8%, Qatar expected to grow 2.7%, and Oman seeing 2.8% growth. Also, Kuwait will see 3% growth and Bahrain — the only outlier — will see growth ease to 2.9%, from 3% last year.

How this compares: The forecast is more or less in line with others’, only slightly more optimistic than the World Bank, which raised its GDP growth forecast for the UAE to 4.6% in 2025, also citing increased oil production and non-oil momentum. Meanwhile, the Central Bank of the UAE had revised down in June its growth forecast for the UAE this year to 4.4% in 2025. Fitch’s BMI also sees growth coming in at 4.3%, while the IMF maintained its UAE-wide growth forecast, leaving it unchanged at 4% for 2025, among the highest in the GCC.

#2- Foreign investors are doubling down on Abu Dhabi real estate: Abu Dhabi logged 890 FDI property transactions worth AED 3.4 bn in 1H 2025, up 3.3% y-o-y, according to the Abu Dhabi Media Office, which cited data from the Abu Dhabi Real Estate Center. Some 85 different nationalities invested in the sector, up 10% from last year, with buyers from Russia, China, the UK, France, Kazakhstan, and the US leading demand.

Saadiyat Island topped the emirate’s real estate hotspots, pulling in over AED 9.1 bn in transactions during the first six months of the year. Yas Island followed with AED 5.9 bn, while Al Bahia saw AED 4 bn.

ICYMI- Abu Dhabi’s real estate transactions surged 40% y-o-y to AED 52 bn in 1H 2025. The emirate is expected to deliver around 11.9k new residential units during the rest of the year.

#3- It’s a good time to be a broker in Dubai: Real estate brokers in Dubai generated over AED 3.2 bn in commission in 1H 2025, according to the Dubai Media Office. This marks a 99% growth compared to the AED 1.6 bn recorded in 1H 2024. The uptick came as 6.7k new brokers were licensed by the Dubai Land Department (DLD) during the period — bringing the total to 29.6k — and as they executed some 42.2k transactions.

#4- ADCCI closes out 1H with over 158k members: The Abu Dhabi Chamber of Commerce and Industry (ADCCI) saw its membership base grow 4.9% y-o-y in 1H 2025, surpassing 158k members, according to a press release. Sectors seeing strong increases in membership included the agriculture (+21%), arts and entertainment (+13%), and ICT (+10%), and scientific services (+10%) sectors.

Traditional sectors held steady: Real estate-related activities and admin services each rose 8%. Meanwhile, construction, manufacturing, and finance saw steady 3% increases. Retail posted a 4% rise, and accommodation and food services edged up 2%.

PSA-

UAE banks will reportedly increase international credit and debit card transaction fees to 3.14% starting 22 September, several local news outlets report (here, here, and here), citing a notice to clients from one bank. The surcharge marks an increase from the previous 2.09%.

What’s next? Financial institutions across the country are reviewing their service fees as part of regular operational adjustments to make sure fees reflect banking cost structures.

THE BIG STORY ABROAD-

The EU is already souring on the trade agreement it reached with the US a day earlier. The EUR dropped the most in over two months against the USD yesterday, falling more than 1% after having risen to a three-year high last week amid hopes for an agreement. German Chancellor Friedrich Merz said the agreement would have knock-on effects across the bloc, even possibly extending to the US, while French Prime Minister Francois Bayrou criticized the EU’s “submission.” The agreement secured a 15% tariff on the EU’s exports to the US.

Negotiators are still expected to hammer out the details of the agreement for a non-binding text that could take weeks to complete. This means volatility is still on the table, chief Germany economist at Oxford Economics said in a note. (Bloomberg | Financial Times)

Meanwhile, officials from the US and China met yesterday in Stockholm to begin talks to resolve disputes and either extend the 90-day truce on tariffs agreed in May for another three months or reach a permanent agreement ahead of a 12 August deadline. (Reuters)

Speaking of deadlines… US President Donald Trump is giving Russian President Vladimir Putin a tighter deadline for a ceasefire in Ukraine, telling him he now has 10-12 days to do so or face additional economic pressure from the US. (Wall Street Journal | Reuters | Bloomberg)

ALSO- Trump went against Israeli Prime Minister Benjamin Netanyahu’s recent statements and said that many were starving in Gaza, and that the US will work on opening food centers “with no fences or boundaries to ease access.” (Reuters | Bloomberg)

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MARKET WATCH-

OPEC+ quota violators told to fall in line: The Opec+ Joint Ministerial Monitoring Committee has asked member countries that have not met their output quotas to submit updated compensation plans by 18 August, reiterating the “critical importance” of full conformity and catch-up cuts, according to an official statement following its meeting.

IN CONTEXT- The committee — which does not have authority to set production levels — met to assess compliance and market conditions ahead of a separate 3 August meeting where eight Opec+ members are expected to decide on a 548k bbl/d output increase for September. This would mean that the cartel would fully unwind the latest 2.2 mn bbl/d production cut, and the UAE would have delivered its 300k bbl/d quota increase ahead of schedule.

Adnoc’s EUR 14.7 bn takeover of Covestro to face in-depth anti-subsidies EU probe

Brussels takes hard look at Adnoc’s Covestro buy: The European Commission launched an in-depth probe into Abu Dhabi National Oil Company’s (Adnoc) EUR 14.7 bn planned buyout of German chemicals maker Covestro, citing concerns that foreign subsidies from the UAE government may distort competition within the the bloc, it said in a statement. The commission has until Tuesday, 2 December to clear, block or impose remedies on the takeover.

REMEMBER- The potential takeover has been under review for the past few months, after it was briefly suspended in June and resumed earlier this month.

Breaking down the jargon: The probe focuses on whether UAE state support gives Adnoc an unfair edge, first by enabling it to outbid unsubsidized rivals in the acquisition process, and second by potentially allowing the combined Adnoc-Covestro entity to compete on terms not available to EU-based peers, thereby distorting the internal market post-acquisition.

The move underscores an increasingly cautious stance by EU regulators towards large, state-backed acquisitions from the Middle East. Emirates Telecommunications Group (e&) was also subject to an EU probe last year for its acquisition of a controlling stake in PPF Telecom, which later saw the transaction cleared after the telco committed to scrapping an unlimited state guarantee and to not funnel any state funding into PPF’s EU operations without EU review.

This is in a bid to uphold fair competition standards: The probe is an application of the EU’s new Foreign Subsidies Regulation (FSR), which came into effect in July 2023 to ensure a level playing field for companies operating in the bloc.

Adnoc is not too concerned: “While we respect the European Commission’s process, we contest the preliminary findings of the Commission and are confident that when the facts are fully examined there will be no reason to hold up clearance of a transaction that will add great value for all stakeholders and stimulate European industry,” an Adnoc spokesperson said in a statement cited by Bloomberg. The commission has yet to outright block a transaction under the FSR.

What’s next? arm XRG and Covestro are in constructive talks with the European Commission to work towards a conclusion of the review, Covestro said in an emailed statement to Bloomberg.

Background: The state-owned oil giant’s investment arm XRG secured a 91.3% stake in Covestro following an extended acceptance period that ended in December of last year. Adnoc ultimately aims to gain full ownership of the German chemicals company, with the transaction structure enabling a potential squeeze-out of remaining minority shareholders once all regulatory approvals are in place. The acquisition, which secured Covestro management support in November, was due to close in 2H 2025.

The story also got ink in Reuters.

Could Etihad Airways’ highly anticipated IPO be pushed again to 2026?

Etihad Airways is reportedly set to delay its planned USD 1 bn IPO on the ADX to early 2026, according to sources cited by Zawya. The firm has been ready to list, but is waiting on shareholders to pull the trigger, CEO Antonoaldo Neves said in April, who added that they don’t “need” liquidity right now. Etihad was expected to kick off the IPO of a 20% stake in early March, following a roadshow that took place in February to sound out investors.

Waiting for new businesses to reflect in the books? “Etihad has done well signing JVs with partner airlines this year, and it now needs to deliver on these for its investors. While coming to market is not an issue, it just makes better business sense to push the IPO to early 2026,” the source said. In March, Etihad Airways entered into a strategic partnership with Ethiopian Airlines to enhance connectivity between their networks in the Middle East, Africa, and Asia. In May, it invested USD 14.5 bn with Boeing and GE Aviation to purchase 28 US-made Boeing aircraft.

Lesson learned from Flynas, Wizz Air: Some sources also took note of muted sentiment towards aviation stocks in light of recent geopolitical tensions and their knock-on effects on regional air traffic. Saudi budget airline Flynas saw a disappointing public market debut last month, with shares dipping 3.4%, and is now 10.7% down from the IPO price. The move also comes on the heels of Wizz Air’s decision to exit the Abu Dhabi market from 1 September — a shift that opens up fresh room for Etihad and other regional carriers to expand in the budget travel segment.

REMEMBER- The UAE could see between three to five IPOs before year-end, Citi Managing Director and head of MENA equity capital markets Rudy Saadi was quoted as saying recently. The pipeline includes firms like Dubizzle, Five Holdings, Alec Engineering, and IHC’s 2PointZero. While fewer privatizations may give the impression of a quieter market, Saadi said investor appetite remains strong, and remains optimistic about activity in 2H and 1H 2026.

ADVISORS- The firm reportedly tapped Citigroup, HSBC, and First Abu Dhabi Bank for the IPO.

Record number of firms join DIFC in 1H

Dubai International Financial Center (DIFC) logged its strongest-ever first half in 2025, with a 25% y-o-y jump in active companies to 7.7k, according to Dubai Media Office. The number of professionals working in DIFC rose to nearly 48k, up 9% y-o-y, while regulated entities under the Dubai Financial Services Authority climbed 17% to 980.

Banking and capital markets took the top spot: The segment grew 17% y-o-y to 289 firms, while DIFC’s wealth and asset management cluster expanded to 440 firms, up 19% y-o-y.

The center is now home to more than 85 hedge funds, including 69 managing over USD 1 bn each, with total funds managed or marketed from DIFC now exceeding 10k. Meanwhile, ins. and reins. continued to expand, with 135 active firms and a 35% y-o-y uptick in gross written premiums to USD 3.5 bn in 2024. At the end of the period, 1.4k fintechs were operating in the DIFC — up 28% y-o-y.

Who joined? Among the biggest new entrants in 1H: Pimco, Cambridge Associates, Bluecrest Capital, ABK Capital, National Bank of Kuwait, and China International Capital Corporation.

Family office activity surged: The number of entities linked to family businesses rose 73% y-o-y to 1k, while foundations in DIFC grew 54% to 842. This comes as an increasing number of family offices are looking to set up shop in the UAE.

SEPARATELY, IN THE CAPITAL-

Activity also reached record highs in ADGM in 2024, with a record 272 authorized financial services providers operating in the center — up 30% y-o-y, according to the Financial Services Regulatory Authority ’s (FSRA) annual report (pdf). The FRSA issued 77 new market authorizations and 91 in-principle approvals over the year — marking the highest y-o-y increase on record.

Firms in the asset and wealth management sector continued to dominate, growing to 120 firms from 98 in 2023, followed by financial advisors and arrangers which climbed to 72 from 47.

Adia named the strongest sovereign wealth fund brand globally by Brand Finance

The Abu Dhabi Investment Authority (Adia) was ranked as the strongest sovereign wealth fund (SWF) brand globally, earning a Brand Strength Index (BSI) score of 64.1 out of 100 and an A+ rating, according to a Brand Finance report (pdf). The Public Investment Fund (PIF) came in second with a BSI score of 62.9, followed by Norges Bank Investment Management in third place with a score of 58.3.

The details: Adia performed strongly in brand awareness, with a score of 8.75, “indicating a strong presence and familiarity within the industry and among key stakeholders.” It also scored the highest under the purpose pillar, receiving a rating of 8.54 for both supporting the local community and offering an “appealing investment strategy.”

Adia was also ranked the fourth most valuable sovereign wealth fund brand, with a brand valuation of USD 579 mn, a 3% y-o-y increase. The fund’s performance was attributed to its long-term diversified investment strategy, growing allocation to private markets, and integrating AI and technology into its investment processes.

The SWF is currently ranked as the fifth largest SWF globally, with over USD 1.1 tn in assets under management, according to the latest Global SWF rankings. It was also placed 27th globally in terms of 10-year annualized returns among state-owned investors with a 6.9% return. In Global SWF’s 2025 Governance, Sustainability, and Resilience rankings, Adia landed in 12th place globally with a score of 56%.

On the regional front, Saudi’s PIF was named the most valuable sovereign wealth fund brand globally in 2025, with its brand valuation rising 11% y-o-y to USD 1.2 bn. PIF also came in seventh globally in brand value-to-assets under management ratio, Arab News reports.

Emirates Food Industries to develop AED 2 bn grain storage and processing complex at Khalifa Port

AD Ports tapped for grain storage + processing plant: Emirates Food Industries Group — a member of National Holding Group — inked a 50-year land lease agreement with AD Ports Group to develop a AED 2 bn grain storage and processing complex at Khalifa Port’s South Quay, according to a statement.

Starting with silos…: The firm will initially set up grain silos at the port, with the facility — spanning some 100k sqm — slated to have a storage capacity of around 150k metric tons. The complex will have direct access to deep-water berths, in a bid to streamline the journey from vessel to silo.

…and a processing plant later down the line? The firm is expected to launch a grain processing plant at the port complex at a later stage, the statement said, without disclosing a timeline.

The move will boost the UAE’s storage capacity for strategic food commodities — in turn supporting national food security. “The access to Khalifa Port’s world-class facilities will enable us to optimize our supply chain, expand our storage capacity, and ensure a consistent flow of essential food products to meet the growing regional demand,” Emirates Food Industries Group CEO Joseph Abdo said.

Khalifa Port’s been getting a lot of attention: Oylz Terminals is also building a 600k cbm petroleum storage facility at the port, while flour producer Al Ain Mills will establish a grain storage and processing facility at Khalifa Port’s South Quay after inking an agreement in February.

Emirates Driving sees double-digit bottom line growth in 2Q + Mubadala’s Moeve hit by blackouts in 1H

EMIRATES DRIVING COMPANY-

Emirates Driving’s top and bottom line jump in 2Q: Multiply subsidiary and driving institute Emirates Driving Company saw its net income increase 90.8% y-o-y to AED 90.1 mn in 2Q 2025, according to its financials (pdf). During the quarter revenues also saw a sharp rise, jumping 117.4% y-o-y to AED 186.2 mn.

On a six-month basis, the company’s net income rose 33.2% y-o-y in 1H 2025 to AED 158.9 mn. Revenues more than doubled during the half — up 101% y-o-y to AED 353.3 mn — driven by the acquisition of a new subsidiary, as well as improved operational efficiency, increased demand, and expansion, according to its discussion and analysis report (pdf). Last year it acquired a 51% stake in Excellence Premier Investment for AED 153 mn.

MOEVE-

Mubadala’s Moeve posts muted 1H results: Mubadala-owned Spanish oil company Moeve’s bottom line dipped 47% y-o-y EUR 96 mn in 2Q 2025, according to the company’s quarterly report (pdf). Revenues saw a bigger dip of 17% to EUR 5.7 bn. The firm attributed the decline primarily to a major April power blackout in Spain and Portugal that forced temporary shutdowns at its two refineries, costing approximately EUR 50 mn, according to a separate earnings report (pdf). Scheduled maintenance and lower refining margins of USD 6 per barrel further impacted results. The financial results also got ink from Reuters.

During 1H 2025, the firm reported a 19% y-o-y drop in adjusted net income to EUR 324 mn as EBITDA fell 33% to EUR 733 mn. On the other hand, revenues saw a 12.9% y-o-y increase to EUR 11.8 bn.

Investcorp Capital, Aliph tap new heads + HSBC appoints new co-head of CM and advisory

ADX-listed private equity firm Investcorp Capital appointed Sana Khater (LinkedIn) as CEO, effective from 1 September 2025, according to a press release (pdf). She will take over from current interim CEO Mohamed Aamer and brings with her over 35 years of financial leadership experience. Her previous roles include serving as executive finance director at Aldar and chief financial officer at Waha Capital.

Private equity firm Aliph Group appointed Hanadi Al Ali (LinkedIn) as managing director to lead its expansion in Saudi Arabia, according to a press re lease. She was previously vice-president of placement and advisory at Malaz Capital, a Saudi-based investment management company, and has more than 25 years of experience in the financial services, investment, and wealth management sectors.

HSBC has appointed Mohammed Fannouch (LinkedIn) as co-head of capital markets and advisory for the Middle East, North Africa, and Turkey, pending regulatory approvals, according to a press release (pdf). Fannouch is currently the managing director of investment banking advisory at HSBC Saudi Arabia and has over 20 years of experience in the investment banking sector in Saudi Arabia and the wider region. He will continue to be based in Riyadh, and will work alongside Samer Deghaili (LinkedIn).

UAE hotel groups expand luxury footprint across Africa

Gulf hospitality groups are investing heavily in Africa’s tourism sector, with Blo omberg reporting on firms targeting both ultra-luxury and mid-market segments on the continent. The investment focus comes amid growing consumer demand for wellness experiences and adventurous travel. Africa is also seeing an increasing focus from Gulf nations as traditional sources of lending, like China, the US, and Europe, pull back.

Major investors include Dubai’s Jumeirah Group, which launched its Privé collection with a USD 50k/night private island resort in Tanzania’s marine reserve. Qatar’s Kasada Capital Management also has holdings in 19 hotels on the continent.

DAE secures 10 Boeing amid fleet reshuffle + Enec eyes international nuclear projects with Hyundai

AVIATION-

DAE snaps up 10 newbuilds: Dubai Aerospace Enterprise (DAE) has onboarded 10 new Boeing 737-9 aircraft from United Airlines under a purchase-lease back agreement, according to a statement. The carriers are scheduled for delivery between August 2025 and February 2026. The move brings DAE’s fleet to a total of 750 carriers valued at USD 22 bn — following its acquisition of Ireland-based Nordic Aviation Capital for an enterprise value of USD 2 bn in May. The value of the investment was not disclosed.

DAE has been working to upgrade its fleet: DAE inked agreements to offload 75 air carriers — with US-based aircraft lessor Azzora taking over 49 jets back in May. Prior to this, the aircraft-leasing company acquired 17 used aircraft for USD 1 bn in March. DAE is committed to acquiring a further 100 aircraft from the likes of Airbus, Boeing, and ATR.

The aircraft lessor also signed a USD 300 mn three-year unsecured term loan with the Bank of China last month to support liquidity as it looks to maintain an efficient fleet.

ENERGY-

Enec + Hyundai to explore nuclear energy collaboration: The Emirates Nuclear Energy Company (Enec) and South Korea’s Hyundai Engineering and Construction inked an MoU to explore international nuclear energy projects, according to a press release. Hyundai E&C was the lead contractor in the construction of the Barakah Nuclear Energy Plant.

Enec is in the process of global expansion, having been in talks to develop projects worldwide — currently focused on the US, the Global South, Europe, and the Philippines. It inked an MoU this week with US-based nuclear power firm Westinghouse Electric to assess collaboration on advanced nuclear energy projects in the US.

FINTECH-

Lean secures CBUAE preliminary approval for Open Finance Framework: The Central Bank of the UAE (CBUAE) granted in-principle approval to Saudi-based fintech infrastructure provider Lean Technologies to operate under its Open Finance Framework, according to a press release (pdf). Lean will provide instant account-to-account payments, lending solutions, and financial management tools through its platform.

Lean’s been expanding its UAE footprint, partnering with Egyptian fintech startup MoneyHash back in May for account-to-account (A2A) payments for UAE digital and e-commerce businesses, and with Abu Dhabi Islamic Bank’s Adib Ventures last year.

ICYMI- Pay10 was the first firm to be authorized under the CBUAE’s Open Finance Framework in April, with the regulation aiming to standardize secure cross-sector data sharing and transactions.

CRYPTO-

OKX launches crypto offerings for retail investors: Global crypto exchange OKX launched its regulated retail derivative products in the UAE — including futures, perpetual contracts, and options — through a pilot framework regulated by Dubai’s Virtual Assets Regulatory Authority (Vara), according to a press release.

Why this matters: This marks the first time that regulated crypto retail derivatives are being offered to retail investors in the UAE under a regulated system. OKX secured a virtual asset service provider from Vara last year.

REAL ESTATE-

#1- Amaal partners with IOPn on property tokenization: Ayana Holding’s real estate development arm Amaal partnered up with blockchain firm IOPn to develop tokenized property solutions, according to a press release. The firm confirmed its inaugural tokenization project will involve the AED 1.8 bn Mansory Residences development, currently scheduled for completion in 4Q 2028.

Tokenization’s been gaining traction in the UAE property market, after Dubai Land Department launched the pilot phase of its real estate tokenization project in March. Ripple partnered with Ctrl Alt earlier this month to provide custody infrastructure for the project, while Toyow partnered with India’s Nisus Finance to tokenize some USD 500 mn worth of real estate assets. Damac Group also announced plans in January to tokenize at least USD 1 bn worth of assets in partnership with Mantra.

#2- Binghatti launches AED 2.1 bn Dubai residential project: Dubai-based real estate developer Binghatti Properties has launched a new AED 2.1 bn residential development in Dubai’s Jumeriah Village Triangle, Arabian Business reports. The Binghatti Flare development will consist of two residential towers containing 1.4k units, and will include Dubai’s first artificial sandy beach and more than 20 amenities including infinity pools, sports facilities, and family areas.

BUSINESS-

Baron Capital set up shop in DIFC: New York-based asset management firm Baron Capital established a new office in the Dubai International Financial Center operating under a DFSA securities license, according to a press release. The firm appointed Rabih Sultani (Linkedin) as senior executive officer for its first regional office, which will provide investors with direct access to Baron Capital’s investment products and services. The firm also plans to further expand across Gulf countries in coming years.

TECH-

Abu Dhabi police taps Presight for AI solutions: G42-backed data analytics firm Presight AI inked a strategic cooperation agreement with the Abu Dhabi Police General HQ to develop artificial intelligence platforms, according to a press release. Abu Dhabi Police will use Presight’s AI-policing suite, which uses data analytics, generative AI, and AI agents in its systems. The tie-up will use the suite for digital forensics, real-time threat detection, and predictive analytics, the statement read.

US trade policy grinds down global corporate investment, with less impact on financial markets

“Sands in the wheels” of global trade and capital spending: While financial markets project an image of stability, the global economy is showing deepening scars from Washington’s trade policies, with companies worldwide freezing investments and living with slimmer margins to absorb the fallout from the highest US tariff rates since the 1930s, Bloomberg reports. The economic pressure is set to intensify as another one of President Donald Trump’s tariff deadlines goes into effect this Friday.

How bad are the tariffs, actually? The average US tariff has increased to almost 13.5% from 2.5% last year before Trump took office, with that number expected to rise further to 16% after the latest agreement with the EU is implemented, according to Bloomberg Economics estimates. Tariffs act like “a tax that puts sand in the wheels of supply chains and global trade,” even if they are not as high as previously feared, Daniel Harenberg of Oxford Economics said.

Trump’s “America First” policies could cost the global economy USD 2 tn by 2027, according to projections by Bloomberg Economics. Business investment forecasts for 2026 have been lowered across all G7 nations and nearly halved for the US, Canada, Japan, and Italy specifically. Uncertainty from the trade war has led companies to delay major investments amid the highest US tariff rates in decades, and some investments that have been announced are mainly geared towards restructuring supply chains to work around tariffs, UNCTAD said in its annual World Investment Report.

Reality check: Despite Trump’s claims of a “booming” economy, tariffs continue to erode corporate net income. Treasury Secretary Scott Bessent celebrated the investment rebound as “CapEx Comeback;” however, it is largely an artificial pre-tariff surge that has since stalled.

The global macroeconomic picture stands in contrast with a rally on Wall Street pushing stock valuations to near-record highs, but the “euphoric” conditions are sparking fears of a market bubble, the Financial Times reports. The S&P 500 hit record peaks, Nvidia became the first USD 4 tn public company, “meme stocks” reappeared, and BTC rose past USD 120k. This is a “dangerous set up,” showing parallels to the dot-com boom, as investors, relieved by recent trade agreements, drive markets higher despite underlying risks,” Pimco CIO Dan Ivascyn warns.

MARKETS THIS MORNING-

It’s a sea of red in Asian markets, with Japan’s Nikkei, South Korea’s Kospi, China’s Shanghai and the Hang Seng Index all down in early morning trading as investors are in wait-and-see mode with ongoing US-China trade talks. The picture is only slightly rosier over on Wall Street, where futures indicate the Dow Jones, S&P 500, and Nasdaq will all open just barely in the green later today.

ADX	10,362	+0.2% (YTD: +10.0%)
DFM	6,168	+0.3% (YTD: +19.5%)
Nasdaq Dubai UAE20	5,148	+0.1% (YTD: +23.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.3% o/n	4.2% 1 yr
TASI	10,885	-0.7% (YTD: -9.7%)
EGX30	34,076	-1.4% (YTD: +14.6%)
S&P 500	6,390	0.0% (YTD: +8.6%)
FTSE 100	9,081	-0.4% (YTD: +11.1%)
Euro Stoxx 50	5,338	-0.3% (YTD: +9.0%)
Brent crude	USD 70.18	+2.5%
Natural gas (Nymex)	USD 2.99	-3.9%
Gold	USD 3,367	-0.8%
BTC	USD 118,259	-0.8% (YTD: +26.4%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.6	+1.4% (YTD: +1%)
S&P MENA Bond & Sukuk	146.2	0.0% (YTD: +4.5%)
VIX (Volatility Index)	15.03	+0.7% (YTD: -13.4%)

THE CLOSING BELL-

The DFM rose 0.3% yesterday on turnover of AED 765.6 mn. The index is up 19.5% YTD.

In the green: Sukoon Takaful (+14.5%), United Foods Company (+13.5%) and Commercial Bank of Dubai (+4.6%).

In the red: Dubai Refreshment Company (-7.8%), National General Ins. Company (-4.4%) and International Financial Advisors (-2.4%).

Over on the ADX, the index rose 0.2% on turnover of AED 1.4 bn. Meanwhile, Nasdaq Dubai was up 0.1%.

CALENDAR

JULY

29-30 July (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

AUGUST

8-15 August (Friday-Friday): Expected trading window for Al Mal Capital REIT’s new units on the DFM.

SEPTEMBER

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

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.

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.

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.

7-9 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.

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.

27-29 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

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.

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.

8-10 December (Monday-Wednesday): Bridge media summit, Abu Dhabi.

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.

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.

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:

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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