Aldar closes green sukuk taps + Taaleem secures funding for expansion

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Adnoc to offer concessions to secure Covestro takeover approval + Space42 to launch cloud system for autonomous mobility ops

Good morning, friends. The September news crunch has yet to abate, as conference season’s return and a rush from firms to issue and raise debt keeps our news pipeline as busy as ever.

Today’s issue is heavy on debt news: Aldar Investment Properties opened two taps for its green sukuk, raising USD 290 mn, while Taaleem secured AED 968 mn in facilities from Emirates Islamic to fund its expansion. Meanwhile, S&P Global says consumer debt is up significantly this year, and is expected to carry this momentum over the next two years.

ALSO- Abu Dhabi renewables investment firm Global South Utilities acquired a majority stake in Uzbek solar project developer Yashil Energiya.

WEATHER- Temperatures in both Dubai and Abu Dhabi peak at 37°C today, before cooling to 29°C overnight, but expect more humid conditions throughout the day.

WATCH THIS SPACE-

#1- Adnoc edges closer to EU approval for Covestro takeover: Talks over Adnoc’s EUR 14.7 bn bid for German chemicals group Covestro are making progress, with Adnoc set to put forward a commitment package to ease EU regulators’ concerns next week, Bloomberg reports, citing people familiar with the matter. Adnoc, whose investment arm XRG would own the German firm, will commit to keeping Covestro’s intellectual property in Europe and will offer concessions on an unlimited UAE state guarantee, among others.

Regulators had been pushing for a long-term expenditure plan as part of its probe, but the state oil firm refused claiming the information is a state secret, the sources said.

ICYMI- Adnoc also earlier proposed converting a planned EUR 1.2 bn capital hike at Covestro into a market-rate shareholder loan to ease subsidy concerns. The transaction — Adnoc’s largest-ever acquisition — is being reviewed under an EU probe into potential state-backed support, with the investigation being paused earlier this month as antitrust regulators reportedly wanted more time to gather information before a 2 December deadline.

REMEMBER- Adnoc’s most ambitious play yet — a USD 18.7 bn takeover bid for Australian oil and gas firm Santos — fell through last week on the back of several issues that impacted its commercial viability.

#2- Abu Dhabi is on track to see 13 new additional residential communities dedicated to Emiratis, at a total cost of AED 106 bn, state news agency Wam reports. The new developments will offer 40k new units, with some 25k units set for delivery over the next five years. The projects will be undertaken by Aldar Properties, Bloom Holding, Modon Properties, Wahat Al Zaweya Real Estate, and Imkan Properties, and will span Al Dhafra, Al Ain, and Abu Dhabi City.

#3- Space42 to launch cloud system for autonomous mobility ops: UAE space tech firm Space42 — in partnership with G42 subsidiary Core42’s Sovereign Public Cloud and Microsoft Azure — is launching the UAE’s first Sovereign Mobility Cloud, according to an ADX disclosure (pdf). The platform, which will be dedicated to powering smart mobility and autonomous vehicle operations, will enable data sharing between government and industry stakeholders. It will support key activities in the field such as HD mapping, traffic management, fleet operations, and digital twins — virtual models of real-world objects.

REMEMBER- Microsoft, which will co-invest in the system and provide expertise, recently partnered with state AI player G42 on its Map Africa project.

This comes at a crucial time for the UAE’s autonomous mobility ambitions, with Abu Dhabi Mobility expanding its self-driving taxi rollout and Dubai’s Roads and Transport Authority rolling out open-road pilot testing for driverless taxis in Jumeirah and Dubai Silicon Oasis, with a commercial launch targeted for 1Q 2026, Gulf News reports. Around 60 vehicles are currently involved — 50 from Baidu and 10 from WeRide — operating with safety drivers under RTA-issued permits.

Dubai is also planning an automated transport zone dedicated to testing in order to evaluate how driverless taxis will operate on a large scale, The National reports. The zone will be located in Festival City and Creek Harbor.

#4- Penn Med to land in AUD: The American University in Dubai (AUD) has partnered with the University of Pennsylvania’s Perelman School of Med to launch the UAE’s first American-style medical school, according to a statement. The new school will offer a Doctor of Med program with US training standards and a focus on the UAE’s healthcare priorities. Penn Med is the US’ first teaching hospital and medical school, and will replicate its model in the UAE with the aim of advancing clinical research and training.

#5- Dubai to award USD 1 mn for best AI film: Dubai’s 1 Bn Followers Summit is launching a USD 1 mn AI film award in partnership with Google Gemini, according to a press release. The award will recognize the best short film that is at a minimum 70% AI-generated and uses Google Gemini. Entries are open until 20 November, with the best film set to be unveiled at the content creator summit in January 2026.

DATA POINTS-

#1- The UAE’s outbound FDI hit USD 95 bn between 2022 and May 2025 — a 243% jump from 2015-19 levels, according to data from McKinsey & Co. Inflows, meanwhile, reached USD 17 bn, up 34% over the same period. Annual announced FDI into the UAE between 2022 and 2025 was USD 17 bn, up 34% from the 2015-19 period.

Where’s the money going? Two-thirds of outbound investment flowed to MENA neighbors, sub-saharan Africa, and emerging Asia, with a focus on low-emissions energy, real estate, and opening new corridors in developing economies.

Steady geopolitical range: Around 65% of UAE firms kept their FDI in the same geopolitical range — far more consistent than peers in the US, Japan, South Korea, and China, where only 35% did so, according to McKinsey’s report. UAE firms leaned on conventional industries and long-standing regional ties, so their shifts were less pronounced.

Big announcements, slow follow-through: Inflows into Saudi Arabia and the UAE were diversified across advanced and emerging economies, with Chinese investors channeling capital into steel, semiconductors, and other advanced manufacturing, according to the report. Announced FDI into “future-shaping” industries in the UAE rose 124% compared with 2015-19, though fewer than five of the region’s 20 biggest projects had broken ground by mid-2025.

#2- DXB tops list of regional low-cost hubs: Dubai International Airport (DXB) ranked fifth worldwide and first in the Middle East among low-cost carrier hubs, according to OAG Aviation’s Megahubs 2025 report (pdf). DXB also placed 15th globally in overall connectivity ranking — up from 16th last year — thanks to Emirates’ 38% share of flights. Budget carrier flydubai accounted for 28% of flights at the airport.

PSAs-

The Federal Tax Authority (FTA) is reminding businesses to submit their tax returns ahead of the deadline at the end of September 2025, if your business’ financial period begins in January, according to a statement. You can check EmaraTax to verify your tax period and deadline, and to submit your dues.

REMEMBER- Late payments will subject you to a AED 500 penalty for each month, or up to AED 1k each month if you’re more than a year late.

HAPPENING TODAY-

#1- FM attends UN General Assembly in New York: Foreign Minister Abdullah bin Zayed Al Nahyan is in New York for the UN General Assembly, which started yesterday and will run until next Monday, 29 September, according to a Foreign Ministry statement. The summit is expected to be dominated by discussions around the ongoing war in Gaza, with several countries — including the UK, France, and Canada — formally recognizing Palestine as a state, and Saudi Arabia and France set to co-chair meetings on the two-state solution.

#2- The Mohammed Bin Rashid Leaders Forum will take place today and tomorrow in Dubai, at the Mohammed Bin Rashid Center for Leadership Development. The forum brings together 1k government and private sector leaders for discussions, workshops, and lectures aimed at shaping future leadership models, proactive strategic thinking, and governance management.

#3- The Dubai World Congress for Self-Driving Transport is wrapping up today at the Dubai World Trade Center. Hosted by the Roads and Transport Authority, the congress will see tech experts, policy makers, investors, government officials, and international and regional autonomous mobility firms meet for two days of seminars, panels, and exhibitions.

THE BIG STORY ABROAD-

International pages are leading with news of a deadly shooting at a US immigration office — a gunman opened fire at an ICE facility in Dallas, killing one and critically injuring two others before taking his own life. FBI investigators are pointing to anti-ICE messages at the scene as evidence of a politically motivated attack. President Donald Trump pledged in a post on Truth Social an executive order to “dismantle these domestic terrorism networks.” (Financial Times | Reuters | New York Times | The Guardian | Associated Press | Bloomberg)

LOOKING TO APPLE FOR A LIFELINE- Intel has held early talks with Apple about a potential investment as part of its comeback strategy, a week after Nvidia announced an agreement that will see it invest USD 5 bn in the chipmaker, Bloomberg reports. Such a deal would be symbolically powerful: Apple abandoned Intel’s processors in its Macs five years ago but has touted big plans for US manufacturing.

ALSO WORTH NOTING THIS MORNING- Taiwan reels after deadly typhoon: At least 17 people were killed when a barrier lake burst in a Taiwan town, prompting residents to seek shelters and an inquiry into what went wrong with evacuation orders. (Reuters | BBC | New York Times | The Guardian)

***

You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.

EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq and Hassan Allam Properties.

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM UAE.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA logistics industry?

***

Global South Utilities snaps up majority stake in Uzbek renewables player Yashil Energiya

GSU enters Central Asia with majority acquisition: Abu Dhabi-based Global South Utilities (GSU) has acquired a 51% stake in Uzbek solar project developer Yashil Energiya, state news agency Wam reports. The move marks GSU’s first foray into the Commonwealth of Independent States region.

About the company: Established under a presidential decree in 2023, Yashil Energiya currently develops solar projects for commercial and industrial use, with plans to expand into the small hydropower and EV charging sectors. Its portfolio — currently at 50 MW in Uzbekistan — is set to grow by tens of MW thanks to funds from the acquisition.

Background: GSU’s ongoing international portfolio includes expanding a solar plant and commissioning another in Yemen, developing a USD 220 mn solar project in Egypt, and building a 50 MW solar plant with battery storage capacity in Madagascar.

Aldar closes USD 290 mn green sukuk taps at tightest spread for a regional real estate issuer

Aldar Investment Properties raised USD 290 mn through fresh taps of its green sukuk due 2034 and 2035, it said in a statement (pdf). The two tranches drew USD 830 mn in orders, making them 2.8x oversubscribed, with a 52% allocation to regional investors and 48% to international investors. The sukuk was structured as a senior unsecured Reg S Wakala/Murabaha.

A record spread: The taps priced at 87 bps over US Treasuries, which the issuer claims is the tightest spread yet for a Middle East real estate issuer. The 2034 notes had a yield of 4.89%, while the 2035 notes boast a 4.95% yield. This was tightened from initial price thoughts of 103.375% for the 2034 notes and 101.250% for the 2035 paper.

Where the funds will go: Proceeds will be deployed under its green finance framework, which includes refinancing certified sustainable assets.

Aldar says it now has close to AED 30 bn in liquidity, giving it “a buffer against market swings” and firepower for expansion. The new raise adds to a string of funding this year, including its USD 500 mn green sukuk in March and a record AED 9 bn sustainability-linked revolving credit facility in January.

ADVISORS- Aldar appointed First Abu Dhabi Bank (FAB) and Standard Chartered Bank as joint green structurers, with Abu Dhabi Islamic Bank, Emirates NBD Capital, FAB, JP Morgan and Standard Chartered Bank acting as joint leads and bookrunners.

Taaleem secures AED 968 mn for takeover + new Harrow school

Taaleem has secured AED 968 mn in fresh financing agreements to fund expansion, according to a press release. The DFM-listed education provider will receive two facilities from Emirates Islamic — AED 730 mn to finance its recent acquisition of a majority stake in Kids First Group, and AED 238 mn to build a new Harrow International School campus in the UAE.

ICYMI- Taleem agreed to acquire a 95% controlling stake in GCC early education provider Kids First back in June. The value of the takeover wasn’t disclosed at the time, though a disclosure said it would be financed through a mix of debt and equity, with a target of completion in 4Q of FY 2024/2025. The transaction will add a network of 34 nurseries in the UAE and Qatar to Taaleem’s portfolio.

The school operator is also building two Harrow schools in the UAE. Harrow International School Dubai is set to open next August, whilst the Abu Dhabi school is also slated to be ready for students next year. It secured the exclusive rights to operate the Harrow brand in the GCC in 2024.

Scarce supply pushes housing sales higher, squeezes office vacancies in 2Q 2025 -JLL

New supply is still tight across residential, retail, and office markets in the UAE, pushing prices and sales up in 2Q 2025, according to data from JLL.

THE OFFICE MARKET-

Vacancy is nearly vanishing in Abu Dhabi’s office market, according to JLL’s 2Q Office Market Dynamics report (pdf). Citywide vacancy stood at 1.5%, with prime space effectively full at just 0.1% vacancy. In Dubai, overall vacancy dropped to 7.7%, with prime availability down to 0.3%.

Landlords are capitalizing: Prime office rents in Abu Dhabi jumped 31.5% y-o-y to AED 2.9k per sqm, while Grade A space rose 7.8% and Grade B space 10.9%. In Dubai, prime rents reached AED 359 per sq ft, up 17.3% y-o-y, with Grade C stock seeing the sharpest climb at 22.9%.

Supply additions remain modest: Abu Dhabi added 78k sqm in 2Q, bringing stock to 4.6 mn sqm, with another 66k sqm expected to be delivered by year-end. Dubai’s stock grew by 24k sqm to reach 9.3 mn sqm, with 33k sqm more due in 2H. The next major injection of Grade A supply — 264k sqm in Dubai International Financial Center — is not expected until 2026-27.

THE RETAIL MARKET-

Retail trends diverged between the two cities. In Dubai, contract registrations rose 9% y-o-y in 2Q, led by an 11.9% increase in renewals, according to JLL’s 2Q Retail Market Dynamics report (pdf). Prime super regional malls were the standout performers, with rents climbing 15.1% y-o-y to AED 826 per sq ft and vacancies down to 3.1%.

Abu Dhabi, meanwhile, saw a 12.1% y-o-y drop in registrations as occupiers stuck with renewals. Still, vacancies eased to 9%, while prime super regional rents edged up 3.4% to AED 5.5k per sqm.

Both cities kept supply flat in 2Q: Abu Dhabi’s inventory stood at 3.2 mn sqm, with 59k sqm — mostly from a regional mall — set to arrive later this year. Dubai held steady at 4.9 mn sqm, with 39k sqm of community and neighborhood space due in 2H. Larger mall projects are penciled in for 2026 as developers wait for firmer demand signals.

THE RESIDENTIAL MARKET-

Off-plan projects kept Dubai and Abu Dhabi’s housing markets buoyant during the quarter, Wam reports, citing JLL data. Dubai’s property sales hit AED 153.7 bn in 2Q, a 44.5% y-o-y jump, while average sales prices in Abu Dhabi rose 12.1%. Developers are currently building some 32.4k units across the two cities, scheduled for delivery in 2H 2025.

Secondary market activity also picked up: Abu Dhabi recorded a 9.1% increase in overall sales, with secondary transactions surging 32.6% y-o-y. Dubai posted a 22.8% rise in total sales, driven by a 17.1% increase in secondary transactions on top of steady off-plan demand.

Rental demand stayed resilient: Abu Dhabi saw a 9.4% y-o-y rise in residential lease registrations in 2Q, while Dubai logged an 11.5% increase. Tenants largely opted to renew existing contracts, the report said.

REMEMBER- Reports have been circulating of increased speculative buying in the UAE, with some already struggling to flip unbuilt homes. Resales of off-plan units fell to 20% of total resales in July, down from a third earlier this year. Fitch Ratings sees a price correction of up to 15% as early as 2H 2025, Knight Frank forecasts 8% growth this year versus double-digit gains in 2024, while Moody’s projects a dip or stabilization over the next 12-18 months.

Consumer loans up 55% from 2021 levels this year -S&P Global

Consumer credit in the UAE is accelerating at a rapid pace, and is expected to carry this momentum over the next two years, according to an S&P Global report. The increase in activity comes amid robust economic activity, with the economy expected to grow 4.1% in 2025-2027, strong employment conditions, and a rapidly increasing population.

By the numbers: Total consumer loans in the country hit AED 540.9 bn as of June, marking a significant 55% increase from 2021-end levels and an average annual growth rate of 13.6%. “This is more than 2.5 times banks’ overall lending growth of 5.1% per year during the same period,” according to the report.

Looking ahead: S&P expects consumer lending in the UAE to continue to grow at 10-12% annually in 2025-2026, with further potential interest rate cuts seen as a tailwind. The agency now expects that the US Federal Reserve will cut rates by two more 25 basis point (bps) before the end of this year and another 50 bps in 2026, prompting the Central Bank of the UAE (CBUAE) to follow suit to maintain the peg between the USD and the AED.

REMEMBER- The US Federal Reserve delivered its first rate cut in nine months earlier this month, cutting rates by 25 bps overnight and bringing the target range down to 4-4.25%.

While elevated consumer loan growth has spurred bank profitability, it triggers some concerns regarding household debt levels and potential risks for banks, especially if the economy experiences a sudden unpredicted slowdown.

S&P Global is not too worried: “Overall, we think the risks for UAE banks are manageable and that the banking sector is well-positioned to absorb any potential increases in consumer loan defaults,” according to the report. Corporate credit still significantly outpaces consumer loans in the UAE, with the latter making up about 27% of total credit as of June-end, according to the report.

Local regulations also support healthy debt risk management: Banking regulation in the UAE already entails some limits and requirements on personal loans, with the maximum debt burden ratio being set at 50% of disposable income. Mortgage lending is also capped, enabling banks to manage any potential risks, according to the report. Al Etihad Credit Bureau’s (AECB) was also mandated by the CBUAE to collect detailed data on borrowers’ repayment behavior, boosting banks' ability to assess and manage risks associated with retail lending, as any defaults or delays are mirrored in borrowers’ credit scores.

REMEMBER-In response to a significant increase in real estate prices over recent years, banks will be required starting January 2026 to allocate an additional 0.5% to their countercyclical buffers within capital ratios. This measure aims to absorb potential imbalances.

Still, risks remain: Any deterioration in employment conditions could weigh heavily on consumer credit quality, given that expatriates represent nearly 90% of the population. “Any slowdown in job creation or potential increase in unemployment could lead to higher delinquencies,” S&P warns.

In response, the government has updated its visa programs to separate some expats from employment terms, allowing residents who become jobless to stay in the country and seek another job.

A sudden sharp dip in oil prices or escalated geopolitical tensions could also elevate credit stress for banks, given their negative impact on sentiment, GDP growth, and local employment.

The UAE has a new AED 1 bn cross-border digital B2B trade marketplace

First cross-border digital marketplace goes live in the UAE: UAE-based holding company GlobalX Group has launched Tradex, the UAE’s first digital B2B cross-border, trade-dedicated marketplace with an initial investment of AED 1 bn, according to statements here and here. The marketplace was developed in partnership with Iraq’s Qi Card.

The platform will debut its operations with a UAE-Iraq trade corridor — a market earmarked to reach some AED 243 bn by the end of the decade.

The platform is designed to ease export and import processes, simplify payments, and tighten compliance across international markets. It aligns with the Emirates’ larger plans to support innovative ventures, which aim to strengthen regional and international commerce, Dubai Customs Director General Abdulla Mohammed Busenad said.

Dentons relocates capital markets partner Victoria Wyer to Dubai + Invest Bank taps compliance, audit officers

Dentons relocates DCM partner to Dubai office: US-based law firm Dentons has relocated its debt capital markets (DCM) partner Victoria Wyer (LinkedIn) to Dubai from its London office, according to a press release. Wyer’s move to Dubai follows corporate partner Nik Colbridge’s (LinkedIn) relocation to the office last June. Wyer’s expertise includes advising on capital markets, including EUR medium-term notes, commercial paper, green bonds, liability management, and sovereign and corporate issuances.

Invest Bank taps two new execs: Invest Bank appointed Rajesh Verma (LinkedIn) as its chief audit officer and Nouwaf Al Derei (LinkedIn) as chief compliance officer, Al Khaleej reports. Verma most recently served as executive VP and chief audit officer at Al Maryah Bank, having previously held senior positions at leading banking institutions, including with our friends at Mashreq and National Bank of Oman. Al Derei has over a decade of experience in regulatory compliance, anti-money laundering, and financial crime prevention. He previously served as executive VP and head of financial crimes compliance at Rakbank.

NMC Healthcare expands in Al Ain with new clinic acquisition

HEALTHCARE-

NMC Healthcare acquires Al Ain facility: Abu Dhabi-based hospital operator NMC Healthcare acquired Orthoplus Bone and Joint Center, a multispecialty clinic in Al Ain, according to a press release. The acquisition is part of NMC’s broader plan to expand its regional capacity to offer orthopedic procedures.

Post acquisition: Orthoplus is set to be rebranded as NMC Orthoplus Bone and Joint Center. The clinic will expand its services to offer primary care and diagnostic services, as well as add new surgeons to its team. The operator has tapped Orthoplus founder Sanil Sathyadasan (LinkedIn) as medical director of NMC’s Al Ain operations.

ICYMI- NMC had planned to launch four new medical facilities in 2025, with the firm offloading its 65% stake in Fakih IVF to focus on expansion.

AVIATION-

UAE-based cargo airline SolitAir is launching eight new flight destinations in Africa, according to a press release. The new routes include Tanzania’s Dar es Salaam and Zanzibar, Kenya’s Nairobi and Eldoret, Lusaka in Zambia, Johannesburg in South Africa, Harare in Zimbabwe, and Benghazi in Libya.

DEBT-

Moody’s affirms DP World ratings: Moody’s Ratings has affirmed DP World’s long-term issuer, senior unsecured medium-term note, and senior unsecured note ratings at Baa2, according to a press release. It also kept DP World Crescent's senior unsecured notes and backed senior unsecured ratings at Baa2, and the junior subordinated rating of DP World Salaam’s perpetual reset note at Ba1. The outlook remains stable across all entities.

The rationale: The ratings were attributed to strong cashflow metrics, a healthy debt to equity ratio, and robust expansion plans, the agency said. Moody’s also pointed to a prudent financial policy that helps keep leverage low despite growth, as well as the firm’s geographically diverse port operations, which offer stable, long-term income — giving it a favorable outlook. Downsides remain through exposure to geopolitical tensions and non-core port operations.

SPORTS-

DCT Abu Dhabi, Etihad to sponsor top European basketball league: Abu Dhabi’s Department of Culture and Tourism (DCT) and Etihad Airways secured a four-year agreement to become official sponsors of Euroleague Basketball, Abu Dhabi Media Office reports. The logos of Experience Abu Dhabi — DCT’s tourism brand — and Etihad will feature across participating teams’ jerseys and also on Euroleague’s online platforms.

Yet another basketball league: Dubai-based carrier Emirates inked an agreement just last week to sponsor the Real Madrid men and women’s basketball teams.

BUSINESS-

Arini officially sets up shop in ADGM: London-based hedge fund Arini opened an office in ADGM after securing regulatory approval, according to an ADX disclosure (pdf). The USD 11 bn alternative credit manager will run its regional operations under Jeysson Abergel (LinkedIn), who is relocating from London to head the new unit. We reported earlier in June that Arini was planning the move.

LOGISTICS-

Al Ain Farms, Food Tech Valley to launch food logistics hub: Dubai government-backed food innovation center Food Tech Valley and newly formed Al Ain Farms Group signed an agreement to develop a 260k sq ft logistics hub in Dubai, according to a press release. The hub will focus on improving food security and supply chains, aiming to improve delivery times by 33% and cut distribution times. The facility is slated for completion by 1Q 2027, with construction set to start later this year.

Family offices stay the course amid volatility, lean into private equity -Citi Wealth

Family offices keep calm and hold steady as tariffs bite: Global family offices sat tight through a year of tariff tremors, inflation worries, and geopolitical noise, choosing resilience over reallocation, according to Citi Wealth’s 2025 Global Family Office report (pdf). The report surveyed 346 family offices — 23% of which are from EMEA — with an average net worth of USD 2.1 bn.

Private equity takes the crown: Allocations to private equity rose sharply, with 36% of respondents saying they boosted exposure and only 10% cutting back — a net increase of 26%. Growth equity drew the biggest share (28%) of fund allocations, followed by buyouts (21%) and venture capital (19%).

Direct transactions stayed hot: 70% of family offices said they’re active, with four in 10 stepping up activity last year. The sweet spot? Growth (52%) and early-stage companies (37%) remain the most popular targets, while secondaries (30%) outpaced pre-IPO transactions (22%), as families looked for liquidity amid a stalled IPO market.

Public equities still account for the largest share of portfolios, with a 27% average allocation, followed by private equity (20%, split between funds and direct), fixed income (15%), real estate (14%), and banknotes and equivalents (13%). Alternatives such as hedge funds (5%), private credit (3%), and commodities (1%) round out the mix. Meanwhile, digital assets are still marginal at just 1%.

EMEA families dialed up allocations to both banknotes and bonds — popular at times of volatility — signaling a more cautious stance, with fixed income allocations rising to 19% and banknote holdings up by four percentage points. Meanwhile, PE allocations stood at just 22%, the lowest of any region.

Other regional trends worth noting:

Asia Pacific offices sat on the highest liquidity buffers, with banknotes at 18% of portfolios amid tariff uncertainty;
Latin America leaned into private equity (24% allocation) and trimmed both banknotes and bonds;
North America remained equity-heavy, with public markets at 29% and real estate allocations (funds + direct) reaching 18%.

Returns? Still bullish. Nearly half of respondents expect returns of 5-10% this year, while another 30% are anticipating 10-15% returns. Larger offices are more optimistic: 10% of those with more than USD 500 mn in AUM anticipate gains above 15%. Negative return expectations were almost nonexistent across all regions. Meanwhile, only 70% of EMEA respondents expected portfolio returns above 5%, compared with nearly 90% in other regions.

Risks shift: Trade disputes and tariffs topped the worry list (60%), pushing last year’s bogeyman — interest rates — into fourth place. US-China relations (43%) and resurgent inflation (37%) rounded out the top concerns. By contrast, wars in the Middle East (14%) and Ukraine (9%) were seen as lesser risks than in 2024, suggesting investors feel markets have already priced them in.

Professionalization gap: Investment functions are getting sharper, with more family offices adopting investment committees and policy statements. But gaps remain elsewhere: 58% flagged shortcomings in risk management and cybersecurity, and nearly three-quarters still lack formal succession planning. Family unity and next-gen prep were also identified as major service gaps — despite being top-of-mind for principals.

Tech and AI edge in: Artificial intelligence is no longer hypothetical: 22% of offices said they’re already using AI for investment analysis or forecasting, and another 22% said they use it for automating operational tasks. But adoption is far from universal, with barriers ranging from lack of expertise to cybersecurity fears.

REMEMBER- Family offices surveyed by Goldman Sachs survey are rotating heavily into public equities (31%) while trimming private equity (21%), with strong exposure to AI and rising crypto holdings, particularly in APAC. Risk views also diverge, with Goldman Sachs respondents most concerned about geopolitical conflict. Overall, respondents in the Goldman Sachs survey showed a “pro-risk” tilt, while Citi’s survey respondents shifted towards boosting resilience and governance gaps.

MARKETS THIS MORNING-

Asian markets are mostly in the green this morning, save for Hong Kong’s Hang Seng, which fell marginally in early trade. Meanwhile, China’s CSI 300 was flat. Over on Wall Street, futures are little changed as investors await unemployment data set to be published today.

ADX	9,978	-1.3% (YTD: +5.9%)
DFM	5,872	-1.5% (YTD: +14.7%)
Nasdaq Dubai UAE20	4,744	-2.3% (YTD: +13.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.0% o/n	3.8% 1 yr
Tadawul	11,426	+5.1% (YTD: -5.1%)
EGX30	35,949	+1.8% (YTD: +20.9%)
S&P 500	6,638	-0.3% (YTD: +12.9%)
FTSE 100	9,250	+0.3% (YTD: +13.2%)
Euro Stoxx 50	5,465	-0.1 (YTD: +11.6%)
Brent crude	USD 69.31	+1.7%
Natural gas (Nymex)	USD 2.86	+0.2%
Gold	USD 3,744	+0.2%
BTC	USD 113,289	+1.2% (YTD: +1.2%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.7	+0.8% (YTD: +6.2%)
S&P MENA Bond & Sukuk	150.61	+0.0% (YTD: +7.6%)
VIX (Volatility Index)	16.18	-2.8% (YTD: -6.7%)

THE CLOSING BELL-

The ADX fell 1.3% yesterday on turnover of AED 1.2 bn. The index is up 5.9% YTD.

In the green: Rapco Investment (+11.9%), GFH Financial Group (+3.6%) and Rak Co. for White Cement & Construction Materials (+2.9%).

In the red: Sharjah Cement and Industrial Development Co. (-4.5%), Abu Dhabi Islamic Bank (-4.5%) and First Abu Dhabi Bank (-4.2%).

Over on the DFM, the index fell 1.5% on turnover of AED 1.1 bn. Meanwhile, Nasdaq Dubai was down 2.3%.

CALENDAR

SEPTEMBER

23-30 September (Tuesday-Tuesday): Subscription period for Alec Holding’s IPO.

24-25 September (Wednesday-Thursday): The KT UniExpo, The H Dubai.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

24-25 September (Wednesday-Thursday): Dubai World Congress for Self-Driving Transport, Dubai.

25-27 September (Thursday-Saturday): International Congress of Medical Excellence in Dermatology and Aesthetic Med, Dubai World Trade Center.

29 September-October 1 (Monday-Wednesday): African, Middle East, and Islamic Finance Aviation 100 Awards, Dubai.

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

30 September-2 October (Tuesday-Thursday): Global Rail Transport Infrastructure Exhibition and Conference, Abu Dhabi.

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

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

30 September (Tuesday): Dubai Podfest, Dubai.

OCTOBER

30 September - 1 October (Tuesday-Wednesday): IMO World Maritime Day Parallel Event, Dubai.

1 October (Wednesday): Final price for Alec Holding’s IPO to be announced.

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

2 October (Thursday): Zawya GCC Capital Markets Forum, Fairmont, Dubai.

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

4 October (Saturday): Syria Recovery and Investment Forum, Adnec Center, Abu Dhabi.

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.

9-11 October (Thursday-Saturday): European Arab Medical Congress (EAMC 2025), Abu Dhabi Energy Centre, Abu Dhabi

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.

14 October (Tuesday): Dubai Safari Park, Dubai

15 October (Wednesday): Alec Holding’s shares to begin trading on the DFM.

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

15-18 October (Wednesday-Saturday): The Future Mobility Expo & Conference, Expo Centre Sharjah.

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

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

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

23 October (Thursday): S&P Global’s annual Islamic Finance Conference, DIFC Atrium, Dubai.

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

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

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

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

29 October (Wednesday): The Brand Residences Forum, Dubai.

NOVEMBER

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

4-6 November (Tuesday-Thursday): Annual government meetings, Abu Dhabi.

4-6 November (Tuesday-Thursday): ARABAL International Aluminum Conference, Dubai

4-9 November (Tuesday-Saturday):Dubai Design Week, Dubai.

10-15 November (Monday-Saturday): SASC organizes Abu Dhabi Autonomous Week, Abu Dhabi.

11-17 November (Tuesday-Monday): International Council of Museums (ICOM) General Conference, Dubai.

12 November (Wednesday): Dubai Business Forum, Cipriani South Street, New York City.

12-17 November (Wednesday-Monday): RoboCup Asia-Pacific, Khalifa University, Abu Dhabi.

13-15 November (Thursday-Saturday): International Financial Markets (ICA) Conference and Exhibition, Conrad Dubai.

15-17 November (Saturday-Monday): Myplant & Garden Middle East Green Expo, Dubai Exhibition Center, Expo City.

17-21 November (Monday-Friday): Dubai Airshow, Al Maktoum International Airport, Dubai.

18-19 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

19-20 November (Wednesday-Thursday): Investment and Business Summit, Al Hamra International Exhibition and Convention Centre, Ras Al Khaimah

19-23 November (Tuesday-Sunday): Abu Dhabi Art, Manarat Al Saadiyat, Abu Dhabi

24-27 November (Monday-Thursday): Big 5 Global Exhibition, Dubai World Trade Center, Dubai

26-27 November (Wednesday-Thursday): DATE (Digital Acceleration & Transformation Expo), Dubai

DECEMBER

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

2-5 December (Tuesday-Friday): Sotheby’s Abu Dhabi Collectors’ Week, Abu Dhabi.

1-5 December (Monday-Friday): The World Congress of Neurosurgery, Dubai World Trade Center.

7-14 December (Sunday-Sunday): Asian Youth Para Games, APC headquarters, Dubai.

8 December (Monday): DeFi Technologies Insights Global Symposium, Emirates Palace, Abu Dhabi.

8-9 December (Monday-Tuesday): BTC Mena Conference, Adnec, Abu Dhabi.

8-9 December (Monday-Tuesday): Global AI Show 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.

9-11 December (Tuesday-Thursday): Automechanika Dubai Trade Show, Dubai World Trade Centre.

13-15 December (Saturday-Monday): Mobile Developers Week, Abu Dhabi.

18-23 December (Thursday-Tuesday): Games of the Future, Adnec, Abu Dhabi.

29-30 December (Monday-Tuesday): World Sports Summit, Dubai.

Signposted to happen sometime in 2025:

e& will complete Adnoc’s private 5G network
Executive Committee Meeting (EXCOM 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.

MARCH 2026

31 March - 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.

26-28 March (Thursday-Saturday): Social Capital Conference, Dubai.

JUNE 2026

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

Signposted to happen in 2026:

13-15 April ( Monday-Wednesday) : The International Glass Manufacturing Show, Dubai.
14-16 April: (Tuesday-Thursday): the International Property Show, Sheikh Zayed Rd, Dubai.
11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center.
The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference
Dubai Future Finance Week
Investopia Global Talks, Tashkent

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

Signposted to happen sometime in 2027:

1Q 2027: Completion of the first phase of Hassyan seawater desalination project.
Abu Dhabi’s solar and battery energy facility, combining 5.2 GW of solar capacity and 19 GWh of battery storage, is set for commissioning.

Signposted to happen sometime between 2027 and 2029:

Sibos 2029 organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Dubai.
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

Sections

About

Privacy & Support

Get EnterpriseAM daily