AI takes orbit

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WHAT WE’RE TRACKING TODAY

THIS MORNING: USD bns worth of agreements incoming from UAE-Germany + DP World locks in Mombasa land grab

Good morning, everyone. If there’s a theme running through today’s issue, it’s the UAE writing cheques faster than it’s cashing them in. Abu Dhabi is pushing its space ambitions into orbit-based AI infrastructure, with Marlan Space and Loft Orbital leading a USD 1 bn consortium — backed by France’s Mistral and US-based BlackSky — to build a 50-satellite constellation, and IHC tightening its grip on the project just as it scales. Later today, the UAE and Germany are expected to unveil their own agreements worth USD bns, spanning investment, AI, and energy, building on a bilateral relationship already worth some USD 15.5 bn.

The money is moving in plenty of other directions too: IHC’s Alpha Wave Global is joining a roughly USD 1 bn raise for Adani Airport Holdings and Azizi is unveiling an AED 30 bn mega-project in Sharjah — the fourth AED 30 bn+ launch from a heavyweight developer since May. FAB, meanwhile, found investments well ahead of what it needed: its USD 500 mn bond was more than 2x oversubscribed, with pricing tightening 25bp from initial guidance to land tighter than the war’s March peak.

Here’s the irony: All this outbound dealmaking comes as the UAE’s own FDI haul shrinks. Our Planet Finance story this morning shows inflows into the UAE falling 46% y-o-y in 1H 2026, even as Egypt and India pull further ahead as the region’s FDI winners. UAE firms, meanwhile, sent an estimated USD 11 bn abroad in the same period — double what came in. More on all of that below.

UAE, Germany to team up on USD bns

Agreements worth USD bns are set to be announced later today between the UAE and Germany, Reuters reports, citing UAE State Minister Lana Nusseibeh. The two are set to ink agreements spanning investment, AI and tech cooperation, and energy and the energy transition, to build on an existing bilateral relationship that currently stands at roughly USD 15.5 bn, excluding the oil sector.

The wheels were already turning earlier this year when the two countries inked a slate of MoUs covering energy, security, clean power, and industrial supply chains during a state visit by German Chancellor Friedrich Merz to Abu Dhabi in February. LNG was a key focus, with Adnoc and Germany’s utility RWE agreeing to provide up to 1 mtpa of LNG for up to 10 years to Germany and other European markets. Masdar and RWE also inked an MoU to look into battery energy storage systems, and Covestro and Fertiglobe are set to explore cooperation in ammonia and sustainable materials.

A vote of confidence from Jefferies

Jefferies is adding a new index dedicated to tracking the 30 most liquid listed firms across the GCC, it said in a press release. The investment banking firm is targeting institutional clients for the benchmark and cites the region as hosting a substantially more favorable risk profile compared to other emerging markets, helped by the greenback peg providing stability.

The rationale: Despite the conflict, Jefferies cites ambitious economic transition agendas, growing non-oil activity contribution to GDP, consistently strong FDI inflows, and the USD 4 tn of assets held by GCC sovereign wealth funds, which make it “one of the world’s most concentrated pools of strategic capital.”

On the diversification front, it also flags AI agendas in the UAE and KSA as further proof that international tech players are doubling down on the reach as “a strategic priority.”

UAE banks see assets rise 1.3% in July

Gross bank assets rose 1.3% m-o-m to AED 5.7 tn at the end of July, according to the Central Bank of the UAE’s (CBUAE) latest monetary and banking developments report (pdf). Gross credit grew 1.5% to AED 2.8 tn, with domestic credit up 1.4% to AED 2.2 tn and foreign credit up 1.8% to AED 592.9 bn. The domestic increase came mainly from individuals, whose lending rose 2.3% by AED 13.9 bn, and corporates, whose credit climbed 1.1% by AED 10.9 bn. Government lending also rose 1.7% by AED 4.2 bn.

Deposits kept pace: Total bank deposits rose 1.1% to AED 3.5 tn, with resident deposits up 0.5% to AED 3.2 tn and non-resident deposits jumping 6.8% to AED 311.4 bn. Private-sector deposits rose 0.7% to AED 2.34 tn, while government-related entity deposits gained 3.7% to AED 347.3 bn.

Wizz Air is back — and United Airlines isn’t

The airline-return story keeps splitting in two directions. United Airlines has pushed its Newark-Dubai restart to 27 March 2027 — despite resuming flights to Tel Aviv earlier in the week. It joins Luxair (February), Air Canada (mid-January), and Virgin Atlantic (winter 2027) in pushing the full return to 2027; KLM and British Airways are both still working toward set October dates rather than flying yet, while Air France is monitoring the situation and intermittently suspending flights.

Wizz Air is moving the opposite way. The budget carrier says Dubai and Abu Dhabi are among four cities — alongside Jeddah and Amman — “coming back” to its network, promising 12 routes and 49 weekly flights, though it hasn't yet said which routes or when they will start.

That's a scale-up more than a return from scratch: Wizz Air shut down its locally based Abu Dhabi joint venture entirely in September 2025, citing operational challenges and engine reliability issues in the Gulf heat, but kept flying into Abu Dhabi on a thinner schedule through its European brands — Wizz Air Hungary and Wizz Air Malta have continued serving the capital from cities including Budapest, Larnaca, Krakow, and Katowice. Dubai, however, has had no Wizz Air service since the shutdown.

DP World doubles down on Kenya

DP World is locking in its Mombasa land grab: The UAE port operator and Kenya-based GulfCap Africa signed a shareholders' agreement to advance the 222-hectare Mombasa Industrial Park — a planned economic zone near the Port of Mombasa, according to a statement. The first phase will cover 40 hectares, and more than 60 local and international companies have already expressed interest in taking space in the development.

The real prize is still the port concession: DP World first announced the project in August, with the site located less than 20 km from Mombasa's port. The company has spent years trying to secure a concession at the port itself but has yet to publicly re-enter Kenya's revived concession process. The industrial park gives it another route into the gateway economy — through warehousing, distribution, customs services, cargo consolidation, and inland logistics.

PSA

WEATHER- Temperatures will hit 42°C in both Dubai and Abu Dhabi today, with an overnight low of 32°C, according to our favorite weather app.

The big story abroad

In the absence of a major story dominating the front pages today, we’re diving into three of the most notable developments in the business press.

Washington steps up debt housekeeping: The US Treasury Department announced it will buy back up to USD 6 bn of government debt to keep bond markets functioning, resulting in yields rising to their highest level in almost three years. This move—part of an operation to halt rising borrowing costs—marks an increase from the Treasury’s previous pledge to “at least” double its long-term bond acquisitions to USD 4 bn.

Meet the new iPhone: In a launch event yesterday, Apple announced the iPhone Duo — its first foldable smartphone — among a spate of new products, including the iPhone 18 Pro, Airpods 5, and Apple Watch Series 12. Its latest lineup sees a USD 100 price increase for the iPhone 18 Pro and Max, while the foldable Duo starts at USD 2k.

From the world of AI: Google will invest USD 15 bn in AI infrastructure in Finland over the next two years to develop three data centers, along with a 22-year agreement to purchase up to half the power generated by one of the country’s two nuclear plants. This marks the search-engine operator’s first nuclear energy agreement outside the US and its biggest European investment.

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Abu Dhabi scales Altair into a USD 1 bn, 50-satellite AI infrastructure play

Abu Dhabi is scaling Altair from a satellite constellation into AI infrastructure in orbit: UAE-based Marlan Space and Loft Orbital are leading a consortium investing USD 1 bn in France to build Altair-Next Gen, a 50-satellite AI-enabled constellation, according to a press release (pdf). The first 10 satellites are already in production in Abu Dhabi, with the first slated to launch this October.

IN CONTEXT- The UAE has been vocal about its space sector ambitions in recent months, with an ambitious target of doubling space economy revenues in the sector, which is already backed by over AED 44 bn in investments. Localization has been a key part of the strategy, with the UAE building out sovereign infrastructure through the Eshara segment and a national Earth-observation hub.

It also puts more meat on a plan we’ve been tracking for months. We reported in May that Orbitworks was targeting around USD 1 bn of investment through 2031, with its first satellite due in October and a wider buildout toward 50 satellites. Last month, we also flagged that Altair would be the UAE’s first homegrown commercial satellite, part of Abu Dhabi’s push to move from buying space capabilities to manufacturing them locally.

Altair’s idea is to process the data before it ever comes back to Earth: The satellites will combine radar, optical, and other sensors with onboard computing, analyzing events in orbit and transmitting alerts within seconds rather than sending raw imagery down for ground processing.

Initial applications include: Maritime monitoring, wildfire and disaster response, and protecting ports and critical infrastructure, with the system targeting French, European, and Emirati government users alongside commercial customers.

More international players are involved: French AI firm Mistral will deploy its models alongside the satellites’ sensors, allowing them to interpret what they see and be tasked using natural language. US space-intelligence firm BlackSky is joining as a high-resolution optical provider, while France’s MaiaSpace has been tapped as the preferred launch partner once its services become commercially available.

Most of the hardware still starts in Abu Dhabi. Orbitworks — the Marlan-Loft JV — will manufacture the satellites at its Kezad facility, which has capacity to scale production from the initial 10 to the full 50-satellite fleet. The infrastructure itself will sit within a dedicated French company, pairing UAE capital and manufacturing with European suppliers and space infrastructure.

And IHC is tightening its grip just as the project scales. The holding company agreed this week to acquire an 80% stake in Marlan through International Tech Group, turning a long-standing affiliation into direct ownership. The new constellation pushes that investment beyond satellite manufacturing into the higher-value layer — owning the infrastructure, onboard computing, and services that turn imagery into usable intelligence.

FAB priced its USD 500 mn five-year bond 25bp tighter than IPT — most of the way back to pre-war levels

The UAE’s biggest lender, First Abu Dhabi Bank, priced its USD 500 mn five-year senior unsecured bond at US Treasuries plus 90 basis points, Zawya reports. The bond carries a 5.456% coupon. Orders topped USD 1 bn, excluding joint lead manager interest, making it more than 2x oversubscribed. Pricing tightened 25bp from Tuesday's T+115bp initial price thoughts — a spread that is wider than the war’s March peak of 108bp.

The final pricing is good news for borrowers. The final print, at 90bp, is tighter than the war peak and most of the way back toward January's 79bp — the tightest UAE corporate spreads have been all year.

Why it matters: A single issuance doesn't reprice the whole UAE curve, but a 25bp compression on 2x-plus demand suggests an appetite recovery, even if the posted curve hasn’t caught up yet.

ADVISORS- Arab Bank, BofA Securities, Citi, FAB, HSBC, and ICBC Standard Bank are running FAB's book as joint lead managers and bookrunners, with Citi as the billing and delivery bank.

What's next: Mashreq and DP World, which have also tapped markets for their own issuances, haven't priced yet. If either clears with similar tightening, that's a positive signal that the post-summer debt rush could draw strong investor appetite. The Fed's 16 September decision is another big swing factor for where the curve heads from here, and we’ll be keeping an eye on it.

IHC backs Adani Airports' USD 1 bn expansion raise

Another UAE cheque is headed into Indian aviation: Adani Airport Holdings is raising INR 98.2 bn (c. USD 1 bn) in primary equity from a consortium that includes UAE's International Holding Company (IHC) subsidiary Alpha Wave Global, alongside Premji Invest, Temasek, and BlackRock-managed funds, the company said in a press release.

BACKGROUND- Valuation was the holdup — for a while. The latest raise follows talks in May, when Alpha Wave Global and Temasek were weighing a potential USD 1.3 bn investment in Adani Airports but had not yet agreed on a valuation. Adani was reportedly seeking more than USD 20 bn.

Where’s the money going? The group plans to use the proceeds to modernize and expand its airport network, scale ground handling and other non-aeronautical businesses, and push annual passenger capacity toward 200 mn. It will also fund the first 22 mn sq ft of its Airport City developments — mixed-use districts to bring in more revenue beyond the core aviation business.

Why it matters: The raise could be the first piece of a much bigger financing push. The group's portfolio spans eight airports, including Mumbai and Navi Mumbai, which together give the group exposure to roughly 23% of India’s passenger traffic. It is also pushing ahead with a major expansion program, with INR 400 bn (c. USD 4.8 bn) of planned capex through FY 2027, as strong traffic growth prospects continue to support investor appetite despite higher leverage and balance-sheet pressure.

Azizi Developments is entering Sharjah with a bang, launching an AED 30 bn master community

Sharjah gets its own mega-community: Azizi Developments will unveil its latest project, the AED 30 bn Azizi Florence, in Sharjah — its first in the emirate — at a Dubai launch event today, according to a press release. The development will include 1.1k villas, more than 6k townhouses, and 3.5k apartments.

That's the fourth AED-30-bn-plus master-planned launch from a heavyweight developer since May. Majid Al Futtaim (MAF) broke ground on an AED 62 bn Dubai South community that month; Aldar followed in July with Marsa Al Saadiyat, an AED 100 bn Abu Dhabi waterfront project — its third major launch since May; and Emaar launched an AED 200 bn Dubai project in June. Add Azizi's AED 30 bn, and that's roughly AED 392 bn (c. USD 107 bn) in single-project gross development value announced by four different developers across three emirates in under five months.

The difference this time around: Those three are the institutionally backed names that experts told us in July would be doubling down on fewer, larger, phased launches, while smaller developers pull back. Azizi, on the other hand, is privately held, without the same balance-sheet backing as Emaar, Aldar, or MAF, but is still launching mega-developments despite softening demand — notably in a new market outside Dubai, which is much less crowded and has less supply.

MAF posts record EBITDA, with decline in retail revenue on the back of the conflict, eyes Syria for expansion

Majid Al Futtaim (MAF) reported record first-half EBITDA of AED 2.5 bn, up 11% y-o-y, with net operating income after tax rising 25% to AED 1.8 bn, according to its earnings release. Revenue rose 1.4% y-o-y to AED 17.5 bn, with earnings growing well ahead of the top line as higher-margin development, malls, cinemas, and digital businesses made up a larger share of the mix. Net income came in at AED 1.1 bn, down 24.7% y-o-y, according to its financials (pdf).

Retail revenue fell 6% y-o-y, driven mainly by non-food categories. MAF attributes this to more challenging consumer conditions, particularly in the UAE, as well as “deliberate actions taken as part of the ongoing transformation,” which it says have created some near-term impact as the business repositions for what it calls sustainable, profitable growth. Markets outside the GCC grew retail revenue 4% y-o-y, led by Egypt and Kenya.

Elsewhere in the portfolio: Shopping mall revenue rose 12% y-o-y on strong leasing activity and tenant performance, helping offset softer tourism demand in the hotels business during 2Q 2026. Net revenue across the wider asset management portfolio grew 4% to AED 2.3 bn. Development remained the largest growth engine, with revenue up 38% on construction activity in Dubai and Cairo. Its development pipeline now exceeds AED 100 bn, with AED 2.8 bn in contracts awarded to date. Cinema revenues grew 3%, and lifestyle revenue grew 5%.

MAF's release cites the regional conflict as a factor affecting the operating environment during 2Q, without breaking out the impact by business line. Separately, CEO Ahmed Galal Ismail told The National that the GCC saw supply-chain disruption and inflationary pressure tied to the conflict, while operations in East Africa, Egypt, and Georgia were unaffected. However, group-wide mall footfall was running roughly flat y-o-y, which he says is a sign of resilience.

Looking ahead: The firm is considering expanding into Syria, Ismail said, noting that it’s “keeping a close eye” on the country and that it has an existing land bank there. MAF would be one of several UAE developers investing in the country, including Arada, which signed an USD 7 bn agreement with the Syrian Sovereign Fund for a 4 mn sqm development in the New Damascus area earlier this month, and Mohamed Alabbar’s USD 18 bn investment through Abu Dhabi-based Eagle Hills, which will include a mixed-use development in Damascus and a beachfront project in Latakia.

Borouge International taps new commercial chief

Borouge International has a new commercial chief. Roland Janssen (LinkedIn), currently senior vice president for global sales and marketing, becomes chief commercial officer, replacing Stefan Doboczky, effective 1 October, the company said (pdf). Janssen has spent more than a decade at Borealis and Borouge, with stints across Europe, the Middle East, Asia, and the Americas.

BACKGROUND- The move follows the formation of Borouge Group International — a USD 60 bn platform combining Borouge, Borealis, and Nova Chemicals — in April, after their merger was completed. The platform is headquartered in Vienna, with a regional base in Abu Dhabi. Borouge itself remains separately listed on the ADX for now; it will convert into Borouge International shares once a planned tender offer completes, expected in 2027, subject to UAE Capital Market Authority approval.

Dubai Holding hands out record contract, DP World joins Cochin Shipyard in JV, BlueFive wraps up Porsche stake takeover, DDSC rolled out at PoS locations, Umm Al Quwain and Sri Lanka eye freezone cooperation

Dubai Holding hands CSCEC ME its biggest-ever building contract

Dubai Holding awarded China State Construction Engineering Corporation Middle East (CSCEC ME) an AED 5 bn contract to build its new headquarters and Jumeirah Residences Emirates Towers, state news agency Wam reports. The award is the largest construction contract Dubai Holding has issued to date.

The details: The headquarters is slated to open in 2029, while Jumeirah Residences Emirates Towers will deliver 754 branded homes across two towers, with handover scheduled for 2030. We first flagged the residential project last year, when Jumeirah said work had begun on the 754-unit development.

CSCEC ME is also no stranger to Dubai Holding’s portfolio. Meraas previously awarded the contractor an AED 1 bn contract to build the 678-unit Bluewaters Bay project.

DP World joins Cochin Shipyard in ship-repair JV

DP World is digging deeper into India's ship-repair market: DP World's subsidiary Drydocks World approved a proposal to form a 50/50 JV with Cochin Shipyard to take over the International Ship Repair Facility in Kochi. The facility will be transferred to the JV for at least INR 18 bn (c. USD 189 mn), with Cochin Shipyard receiving half of the consideration as a direct payment and the other half through shares in the new company, CNBC TV reports. The transaction still requires regulatory and shareholder approvals, with completion targeted before the end of FY 2027.

The agreement puts the yard into expansion mode: The roughly 30-hectare ISRF, built for INR 9.7 bn and operational since August 2024, will add 10 more workstations to its existing six, on top of a 6k-ton ship lift and 1.4 km of berthing space that already let it handle up to six vessels at once and up to 82 ships a year. The JV will handle dry-docking, maintenance, repair, and overhaul of commercial and naval vessels — though equal ownership won't mean equal control: Drydocks World will nominate three of the JV's five directors, versus two for Cochin Shipyard, plus the right to name senior management, including the CEO, CFO, and COO.

BACKGROUND- This follows a head-of-terms agreement between Drydocks World and Cochin Shipyard signed last October to build what they called India's first vessel repair cluster at the same Kochi site, itself a follow-on to an earlier MoU to develop repair clusters in both Kochi and Vadinar (we covered it at the time). It also sits inside a broader push of UAE capital into India's shipbuilding and ports sector: around the same time, Abu Dhabi Ports Group, the Abu Dhabi Investment Office, and Maharashtra's ports department separately agreed to steer up to USD 2 bn into shipbuilding, ship-breaking, and port infrastructure in the state, as the two countries work to widen their bilateral trade pact to cover new sectors, including logistics.

BlueFive capital completes EUR 1 bn Porsche stake takeover

Abu Dhabi-based investment firm BlueFive Capital has completed its takeover of a 30% stake in Bugatti Rimac for EUR 1 bn, it said in a press release (pdf). The move makes the investment firm the second biggest shareholder in Bugatti Rimac, after Rimac Group, as the largest investor within the consortium leading the acquisition. We now also have a transaction size, with the takeover worth EUR 1 bn, according to a press release — previous reports had estimated it at the USD 1.2 bn mark.

ICYMI- In April, the investment player was part of a consortium led by US-based HOF Capital that took over Porsche’s stake in Bugatti, giving HOF a 45% share in JV Bugatti Rimac alongside Rimac Group, which held 55%.

DDSC rolled out at PoS locations

AED-backed stablecoins can now be used for PoS transactions after Dubai-based payments firm Network International rolled out the service with AED-backed stablecoin DDSC, according to a press release. Clients with a DDSC wallet can pay for transactions at certain Network International PoS locations through a QR code mechanism.

BACKGROUND- DDSC, developed by IHC, FAB, and Sirius International Holding, secured the green light from the Central Bank of the UAE (CBUAE) to become available to Vara-regulated trading platforms in July. The UAE is currently moving to create AED-backed stablecoins for use for a range of purposes. Zand Bank and Rakbank are both developing their own, after AE Coin was the first CBUAE-licensed stablecoin.

Umm Al Quwain + Sri Lanka freezones eye cooperation

Investment and business ties between the UAE and Sri Lanka may be about to expand. Umm Al Quwain Freetrade Zone has teamed up with Sri Lanka’s special economic zone Port City Colombo to explore increasing cooperation across investment and business, according to a press release. Investor events, business delegations, and joint roadshows are all on the cards for now.

Egypt and India propped up the region's rising share of global FDI in 1H 2026

It’s been a good FDI year so far for Egypt and India, but not so much for the UAE, Saudi Arabia, and Turkey. The five markets together, however, saw greenfield investment remain broadly flat in 1H 2026, even as global activity fell 38% to USD 538.2 bn, lifting their share of global FDI to 10.5% from 6.5% a year earlier, according to Emirates NBD Research (pdf).

Fewer projects, bigger cheques: Average project value across the five economies rose to USD 56 mn from USD 33 mn, driven by AI infrastructure in India and Chinese and Gulf megaprojects in Egypt.

India was one of the clearest winners: Greenfield FDI rose 23% y-o-y to USD 32.8 bn, doubling its share of global flows to 6.1%. Data centers did much of the lifting, with AWS alone accounting for around 40% of recorded inflows after announcing a USD 8.3 bn investment in Maharashtra.

Egypt had the fastest growth: Egypt’s investment plans surged 77% to USD 12.4 bn even as project announcements moderated. China became the country’s largest source of greenfield FDI at USD 4.9 bn, while UAE commitments rose almost tenfold to USD 4.3 bn, helped by Majid Al Futtaim’s USD 3.1 bn Cairo development. The China number is only going up from here, it seems — during Xi’s Cairo visit earlier this month, we saw agreements for a third-phase expansion of the Teda industrial zone and a widening cluster of Chinese tire manufacturers in Sokhna.

Not everyone bucked the slowdown: UAE inflows fell 46% y-o-y to USD 5.3 bn, with activity dipping in March before picking up through the second quarter to nearly triple its March level. The country counted the highest number of project inflows after India, at 360, with Dubai accounting for around seven in 10 projects. Saudi inflows also dropped 59% to USD 3.8 bn, with investments shifting towards industrial supply chains and away from service projects. Meanwhile, Turkey recorded a 39% slowdown in inward investment to USD 2.1 bn.

BACKGROUND- The UAE drop is a sharp reversal from the record USD 48.24 bn the country pulled in for all of 2025 — and it’s close to what UNCTAD warned about back in July, when it flagged energy and infrastructure investment — the same categories driving the UAE’s prior boom — as the most exposed if the war dragged into 2026. Saudi Arabia’s own Gastat data also showed net FDI cooling through 1Q.

There is a disclaimer, though: “First-half 2026 figures probably understate total cross-border deals: data aggregators append deals over time, and comparable figures from the first half of last year were later revised up by around a quarter,” the report explains. That means that the full-year data might still come in higher.

The Gulf story is increasingly outbound: UAE companies poured an estimated USD 11 bn of greenfield investment abroad, roughly double the USD 5.3 bn flowing into the country, led by renewables and real estate — though it’s still “far below” its outbound FDI in 1H 2025 of USD 92 bn, suggesting UAE companies pulled back on overseas investment as hard as foreign investors pulled back on the UAE, if not harder. Saudi Arabia was the only market tracked where outbound investment increased, rising 90% to USD 3.3 bn as renewables developers pushed into Spain and Italy.

MARKETS THIS MORNING-

Asian stocks fell in early trading, with South Korea's Kospi down 1.4% and Japan's Nikkei down 1%. The losses track Wall Street performance, as surging oil prices stoked inflation concerns and as Treasury yields rose.

ADX	10,107	+0.9% (YTD: +1.1%)
DFM	5,927	-0.3% (YTD: -2.0%)
Nasdaq Dubai UAE20	4,876	+0.3% (YTD: -0.3%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.3% o/n	4.5% 1 yr
TASI	11,016	-0.2% (YTD: +5.0%)
EGX30	56,501	+0.6%(YTD: +35.1%)
S&P 500	7,636	-0.5% (YTD: +11.6%)
FTSE 100	10,670	-1.3% (YTD: +7.4%)
Euro Stoxx 50	6,312	-1.6% (YTD: +8.9%)
Brent crude	USD 101.21	+3.4%
Natural gas (Nymex)	USD 2.81	-0.6%
Gold	USD 4,449	+0.1%
BTC	USD 77,965	-0.9% (YTD: -11.2%)
Lunate JP Morgan UAE Bond UCITS ETF	AED 3.60	-1.1% (YTD: +0.7%)
S&P MENA Bond & Sukuk	150.68	-0.0% (YTD: -0.8%)
VIX (Volatility Index)	16.46	+4.7%(YTD: +13.4%)

THE CLOSING BELL-

The DFM fell 0.3% yesterday on turnover of AED 569.6 mn. The index is down 2% YTD.

In the green: Agility The Public Warehousing Company (+10.8%), Takaful Emarat (+4.0%), and Commercial Bank of Dubai (+3.3%).

In the red: Dubai Electricity & Water Authority (-2.9%), Al Mal Capital REIT (-1.9%), and Emirates Central Cooling Systems Corporation (-1.9%).

Over on the ADX, the index rose 0.9% on turnover of AED 1.3 bn. Meanwhile, Nasdaq Dubai was up 0.3%.

CALENDAR

SEPTEMBER

12-13 September (Saturday-Sunday): Emirates International Congress on AI & Visionary Leadership in Transforming Healthcare, Adnec Center Abu Dhabi.

14-17 September (Monday-Thursday): Arabian Travel Market, Dubai World Trade Center, Dubai.

15-16 September (Tuesday-Wednesday): Federal Open Market Committee (FOMC) meeting.

16 September (Wednesday): Altinvest, St. Regis, Downtown Dubai, Dubai.

17-19 September (Thursday-Saturday): International Real Estate & Investment Show (IREIS), Adnec, Abu Dhabi.

18-19 September (Friday-Saturday): EuroLeague Basketball SuperCup, Etihad Arena, Yas Island, Abu Dhabi.

28-29 September (Monday-Tuesday): Al Ain Future Business Forum, Adnec, Al Ain, Abu Dhabi.

29-30 September (Tuesday-Wednesday): AFCM Annual Conference, Abu Dhabi.

OCTOBER

1-2 October (Thursday-Friday): MEIRA Annual Conference, Atlantis the Royal, Dubai.

4-10 October (Sunday-Saturday): World Space Week, Abu Dhabi.

5-7 October (Monday-Wednesday): AI Everything Global, Adnec Center, Abu Dhabi.

12-14 October (Monday-Wednesday): Airport Show, Dubai World Trade Center, Dubai.

14-15 October (Wednesday-Thursday): Sharjah Investment Forum, Jawaher Reception and Convention Center, Sharjah.

13-15 October (Tuesday-Thursday): Annual Meeting of Global Future Leaders, Dubai.

20-22 October (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.

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

27-28 October (Tuesday-Wednesday): Arab Competition Forum, Dubai.

27-28 October (Tuesday-Wednesday): Federal Open Market Committee (FOMC) meeting.

30 October (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 sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

NOVEMBER

2-6 November (Monday-Friday): Dubai Future Finance Week, Dubai.

4 November (Wednesday): Digital Transformation Summit, Sofitel, Abu Dhabi.

9-10 November (Monday-Tuesday): Annual government meetings, Abu Dhabi.

9-12 November (Monday-Thursday): EMEA Council on Hotel, Restaurant and Institutional Education Conference, Dubai College of Tourism, Dubai.

9-13 November (Monday-Friday): World Congress of Military Medicine, Adnec Center, Abu Dhabi.

10-12 November (Tuesday-Thursday): Dubai International Electric Vehicle Exhibition & Conference, Dubai World Trade Center.

16-18 November (Monday-Wednesday): World Police Summit, Dubai World Trade Center, Dubai.

18-19 November (Wednesday-Thursday): Touchdown Middle East 2026, Conrad Abu Dhabi Etihad Towers, Abu Dhabi.

25-26 November (Saturday-Sunday): Doers Summit, Dubai Silicon Oasis, Dubai.

DECEMBER

2-4 December (Wednesday-Friday): UN Water Conference, UAE.

4-6 December (Friday-Sunday): Formula 1 Abu Dhabi Grand Prix, Abu Dhabi.

8-9 December (Tuesday-Wednesday): Capital Market Summit, Madinat Jumeirah, Dubai.

8-9 December (Tuesday-Wednesday): Federal Open Market Committee (FOMC) meeting.

7-10 December (Monday-Thursday): Abu Dhabi Finance Week, Al Maryah Island, Abu Dhabi.

8-10 December (Tuesday-Thursday): Abu Dhabi Water & Power Week, Adnec Center, Abu Dhabi.

8-10 December (Tuesday-Thursday) Middle East & North Africa Business Aviation Association Show, DWC, Dubai Airshow Site.

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;
1-3 February (Monday-Wednesday): World Governments Summit;
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;
21-22 April (Wednesday-Thursday): Token2049, Dubai;
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 in 2028:

Artificial Intelligence Summit.

Signposted to happen sometime in 2029:

Sibos 2029 organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Dubai;
Annual Meetings of the World Bank Group and the International Monetary Fund, Abu Dhabi;
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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