Arada wraps USD 450 mn sukuk. PLUS: ADGM tightens cyber risk rules

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WHAT WE’RE TRACKING TODAY

THIS MORNING: G42 in line for compute from Northern Data? + Dubai Land Department eyes wider rollout of tokenization program this fall

Good morning, friends, and happy hump day. It’s another busy newsday on the home front, with a new sukuk issuance from Sharjah developer Arada, Space42 inking an agreement to map Africa with Microsoft and Esri, and ADGM issuing new cyber risk management rules.

Plus: New data from Knight Frank on industrial and logistics space in Dubai shows a big dip in demand in 1H 2025, as rents continue to climb and supply remains limited.

WEATHER- It’s still hot out there: Daytime highs will hit 42°C in Dubai before dipping to 34°C after dark. Abu Dhabi will see a daytime high of 44°C, with nighttime lows of 33°C.

WATCH THIS SPACE-

#1- State AI firm G42’s cloud computing arm Core42 is close to securing compute from Germany’s Northern Data as it looks to expand in Europe, Bloomberg reports, citing people familiar with the matter. The firm would get data center capacity and access to 23k Nvidia GPUs, the sources said, though the details of the agreement could still change.

Northern Data? The German firm operates data centers in the US, Sweden, Norway and Portugal, and was previously offering computing capacity to cryptocurrency miners but has more recently pivoted to AI powerhouses amid rising demand from that sector.

REMEMBER- G42 recently launched a UK and Europe-focused subsidiary headquartered in London, as it looks to expand its AI infrastructure footprint across the region.The firm already has big plans in Europe, including a planned USD 1 bn investment to develop Europe’s largest AI compute deployment in Italy’s Puglia region, while G42-backed AI investor MGX is helping fund a 1.4 GW AI campus outside Paris.

#2- DLD eyes wider trading, digital currency payments for tokenization project: The Dubai Land Department (DLD) is preparing to expand its real estate tokenization project by allowing investors to participate using digital currencies, Al Khaleej quotes DLD Real Estate Policy and Innovation Director Mahmoud Al Burai as saying.

DLD aims to roll out the feature by the end of this year, and is working with Dubai’s Virtual Assets Regulatory Authority, the Central Bank of the UAE, and the Dubai Future Foundation on a regulatory framework. The law already allows tokenized real estate purchases using crypto, provided the funds are converted into stablecoin and then into AED.

There’s more: Secondary trading of tokenized shares will be available from September to investors in the project’s pilot phase, which launched in March but restricted resale activity. Dubai will also expand the model to off-plan properties and allow non-residents to participate globally.

#3- Dubai Courts is now offering judicial services from Dubai Hub London, marking the first time that the emirate’s judicial authority is operational outside the UAE, according to a post on X. The move aims to help businesses and investors looking to set up shop in the emirate.

REFRESHER- Launched in mid-July by Dubai Chambers as its first services center, the London location now hosts a suite of services from different entities, including the Dubai Land Department, the Economy and Tourism Department, and Dubai Courts — covering property registration, licensing, judicial, and administrative processes. More services are expected in future phases.

#4- New working group to bring investment to Ajman: Ajman Crown Prince Ammar bin Humaid Al Nuaimi has formed a working group of stakeholders from key investment entities in Ajman to attract funds to the emirate, state news agency Wam reports. The group will collaborate with both local and federal authorities.

The agenda: The group is tasked with identifying and promoting key markets and sectors — including infrastructure, tech, digitization, and manufacturing — to both regional and international investors. It will also develop legislative and regulatory initiatives to facilitate capital inflows from investors, and organize outreach programs and a marketing campaign.

#5- Abu Dhabi expands autonomous taxi rollout: Abu Dhabi Mobility has expanded its autonomous taxi services to include Al Reem and Al Maryah Islands, according to a statement. The project is set to be spearheaded by Abu Dhabi Mobility in collaboration with autonomous driving solutions firm WeRide, Uber, and local operator Tawasul Transport, operating under the nation’s Smart and Autonomous Systems Council’s (SASC) strategy.

Autonomous taxis are already operational in Al Saadiyat and Yas Islands, and routes to Zayed International Airport. The inclusion of Al Maryah and Al Reem expands autonomous taxi services to nearly half of Abu Dhabi’s core areas — in line with the city's goal to transition 25% of trips in the country to rely on smart transportation by 2040.

DATA POINTS-

#1- Dubai International Airport (DXB) handled 46 mn guests on 22k flights in 1H 2025, a 2.3% increase compared to 1H 2024, according to a statement. Some 22.5 mn passengers passed through the airport in 2Q 2025, up 3.1% growth y-o-y. During this period, DXB handled 1 mn tons of cargo, only marginally up 0.1%.

The majority of passengers hailed from India, with 5.9 mn passengers passing through DXB, followed closely by Saudi Arabia with 3.6 mn, the UK with 3 mn, Pakistan with 2.1 mn, and 1.6 mn from the US. London emerged as the top destination, with 1.8 mn passengers heading there, followed by Riyadh with 1.5 mn and Mumbai with 1.2 mn.

The airport will likely see more footfall in 2H: The airport’s CEO, Paul Griffiths, now expects 96 mn passengers to come through for the year due to a late-summer rush as schools re-open, and on the back of Dubai Airshow in November.

Slowing growth: After a few years of quick growth, averaging 57.7% annually between 2021 and 2023 — on the back of a post-pandemic surge — passenger growth has slowed down as global air travel returns to normal, according to a research note from Emirates NBD. However, tourist arrivals in Dubai will continue to drive growth in numbers, with 8.7 mn overnight visitors recorded in 1H 2025, it said.

#2- The global ESG sukuk market is set to surpass USD 60 bn outstanding by the end of 2026, according to Fitch Ratings. The market reached USD 50 bn in 1H 2025, up 12% y-o-y, with the GCC accounting for more than half of this and the UAE and Saudi Arabia being responsible for the majority of outstanding issuances within the GCC.

The outlook for the rest of the year: Fitch expects a seasonal slowdown in 3Q before a rebound for the final quarter of this year — in line with trends in the wider sukuk market. Potential headwinds including geopolitical risks, oil price volatility, and greenwashing concerns could affect issuance.

The broader picture: Global sukuk issuance fell 15% y-o-y to USD 101.3 bn during the first six months of this year, according to an S&P Global report. However, foreign currency sukuk saw a 9% uptick to USD 41.4 bn, and the agency expects sukuk to be a major source of financing for countries reliant on oil revenues next year.

PSA-

There’s a new directory of family business advisors in Dubai: The Dubai Center for Family Businesses has launched a dedicated directory of family business advisors to make consulting services more accessible for family offices, according to Dubai Media Office. The directory will allow family businesses to connect with 56 different advisors, with detailed profiles listed and categorized as either professionals with practical experience in family office advising, or certified consultants.

HAPPENING TODAY-

The US Federal Reserve’s Open Market Committee wraps up its two-day meeting today, which analysts expect will see the Fed staying the course and hold rates steady despite continued pressure from US President Donald Trump. The Fed is broadly expected to gradually begin reducing interest rates starting in September.

THE BIG STORY ABROAD-

It’s relatively calm in the foreign press this morning, as we gear up for a much busier few days heading into the weekend.

What to watch out for: Today’s Fed decision and indicators for future rates decisions; a slew of corporate earnings, including from Meta and Microsoft later today and Apple and Amazon tomorrow; and a potentially big day for markets on Friday, when higher US tariffs are set to take effect.

For now, the story getting the most attention in the foreign press: The US and China have wrapped their trade talks in Stockholm with no agreement in sight yet, though US President Donald Trump said Treasury Secretary Scott Bessent felt “good” about the talks. Trump would have to give final approval on any agreement, Bessent confirmed. The 90-day pause on tariffs is set to expire on 12 August, after which Chinese exports could be subject to up to a 125% tariff — as floated by Trump earlier in the year. (Bloomberg | CNBC | Reuters | Guardian)

Speaking of tariffs: Procter & Gamble is forecasting a USD 1 bn hit on the back of US tariffs, and said it would hike prices “moderately” in the US as part of its long-term strategy. (Financial Times)

Also getting ink: AI firm Anthropic is eyeing a USD 170 bn valuation with a USD 5 bn new funding round set to be led by Iconiq Capital, with potential investments from the the Qatar Investment Authority and Singapore’s sovereign fund GIC. This comes shortly after a note to staff from Anthropic CEO Dario Amodei said he’s looking towards the region for funding despite still holding it in contempt. (Bloomberg | CNBC)

ALSO- The UK said it would recognize Palestine if Israel does not end the war by September, British Prime Minister Keir Starmer said yesterday, following in the footsteps of French President Emmanuel Macron, who said France will recognize the Palestinian state at the United Nations General Assembly in New York in September. (DW | BBC | NPR)

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Arada wraps up USD 450 mn sukuk issuance

Arada closes USD 450 mn sukuk issuance: Sharjah-based real estate developer Arada closed a Reg S USD 450 mn, 5-year sukuk issuance, which has been listed on the Nasdaq Dubai and the London Stock Exchange, according to a statement. Arada was reportedly looking to raise USD 500 mn from the sukuk.

The details: The issuance was priced with an annual investment yield of 7.150%, which is lower than the initial price guidance of 7.625 - 7.750%, and 317 basis points over US Treasury bonds. This represents the narrowest reoffer spread Arada has ever achieved. The issuance received a rating of BB- from Fitch and B1 from Moody's credit rating agency.

The issuance was 4x oversubscribed: The subscription book came in at over USD 2 bn for the issuance, approximately 4x the offer size, with participation from regional and international investors including banks, asset managers, investment funds, and hedge funds from Europe, the Middle East, and Asia.

Arada last hit the sukuk market in 2024: The property developer completed a USD 150 mn tap into an existing USD 400 mn sukuk issuance on both the London Stock Exchange and Nasdaq Dubai in September of last year, bringing the total issuance to USD 550 mn.

Where will the new funds go? Last week, Arada said it was set to launch a tender offer to buy back up to USD 100 mn of its existing sukuk due in 2027. The offer had a purchase price of 102.75% of the nominal value and will remain open until Thursday, July 31. The remaining amount will be allocated for the company's general corporate purposes.

ADVISORS- Arab Bank, Arqaam Capital, Bank ABC, Rakbank, Sharjah Islamic Bank, and Warba Bank acted as joint lead managers and bookrunners. Our friends at Mashreq, Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, and Standard Chartered Bank acted as joint global coordinators for the issuance.

ADGM tightens cyber risk rules

ADGM firms must now integrate cyber risk into their core risk systems: The Financial Services Regulatory Authority (FSRA) has issued a new cyber risk framework, mandating that all authorized persons and recognized bodies integrate cyber risk management into their overall enterprise risk frameworks, according to a press release (pdf). The regulation will take effect from 31 January 2026, giving firms a six-month transition period to comply.

We knew this was coming: FRSA had first floated the proposal in May, publishing a consultation paper that laid out the planned amendments and opened the door for public feedback.

The regulatory amendments (pdf) introduces new compliance and incident response obligations, starting with a cyber risk management framework that firms will need to set up to assess cyber risks and determine response plans for day-to-day operations as well as cyber threats. The framework must be reviewed and updated on an annual basis, be proportionate to the scope and scale of the firm’s activities, and be able to protect its ICT assets.

Scoping out external partners: They’ll also have to conduct due diligence on their IT and cybersecurity service providers, and ensure outsourcing arrangements do not weaken their ability to manage cyber threats.

Monitoring and reporting: Firms will have to make sure a system is in place to regularly test the resilience of their IT systems, and report material cyber incidents — where financial losses or operational disruptions and compromised data are involved — to the FRSA within 24 hours of identification. They’ll also be obliged to keep an inventory of ICT assets, classified according to their level of confidentiality, along with an assessment of how at risk each asset is.

Who is responsible? Senior management and boards are now explicitly accountable for overseeing cyber risk and making sure the cyber risk management framework is properly implemented. They will also have to make sure they are aware of and trained for developments in the field of cybersecurity, maintain up-to-date anti-malware software, and ensure that only the lowest level of access is granted for tasks in order to mitigate risk as much as possible.

Demand for industrial, logistics space in Dubai drops by a third in 1H 2025 as rents climb amid limited stock

Demand for industrial and logistics space in Dubai dipped by nearly a third y-o-y to 11.5 mn sq ft, as supply limitations and high rents dampened demand, according to Knight Frank's Dubai and Abu Dhabi Industrial and Logistics Markets Review (pdf). This follows a record 2024, which saw demand for 40.6 mn sq ft in industrial and logistics space throughout the year.

The combination of increased rents and limited supply led many occupants to stay in their existing facilities and delay their expansion plans by two to four years, when more supply is set to come online, the report said. Rents in Al Quoz were still the highest across the emirate, with grade A rents coming in at AED 85 per sq ft — up 31% y-o-y. Dubai Investments Park follows with average rents of AED 60 per sq ft, up 33% y-o-y.

Three core sectors continued to dominate demand in Dubai, with logistics accounting for 27% of required space during 1H 2025. The manufacturing sector was next with 17%, and retail and trading made up 14%.

Over in Abu Dhabi, rents in certain areas saw significant upticks. Kezad Mussafah recorded average price rises of 57% y-o-y to AED 500 per sqm, while Abu Dhabi Airports Freezone held the top spot with AED 625 per sqm.

Tight market conditions in Dubai and Abu Dhabi are prompting firms to look to northern emirates like Umm Al Quwain instead — though perhaps this will not be a safe option for long, with rents there climbing 40% y-o-y on average. Firms are also increasingly opting for mid-sized units, which overtook larger spaces to become the most in-demand.

The outlook: Dubai’s supply shortage is expected to continue this year, with only 780k sq ft of new stock expected — almost half of which will come from Radius Group’s planned 355k sq ft development in Dubai Investments Park 2. The medium-term outlook appears more positive, with 7.2 mn sq ft of industrial and logistics space currently under development through 2028. Market analysts expect the market to gradually transition from its current landlord-favorable conditions to a more balanced environment.

What they said: “While the current tapering in demand reflects a recalibration after an extraordinary growth phase, the structural drivers for the sector remain intact,” the report said. “We expect demand to remain resilient, albeit more selective, in the coming quarters as the market adjusts to a new equilibrium, underpinned by a shortage of stock.”

Two major projects are helping ease the 2026 pipeline, with the 550k sq ft Terralogix Phase 1 scheduled for completion in 3Q 2026, and Aldar and DP World's joint National Industries Park development set to add 1.6 mn sq ft from mid-2026.

Space42, Microsoft, Esri partner to map Africa using AI

Space42 partners with Microsoft + Esri on Africa mapping initiative: AI-powered space tech firm Space42 signed a five-year MoU with Microsoft and geographic information multinational Esri to create high-resolution base maps of Africa, according to a press release (pdf). The Map Africa Initiative will cover all 54 African countries.

The project looks to address data gaps in infrastructure, investment, and development planning to support economic growth. It also aims to strengthen spatial collaboration between the UAE and Africa, and comes as Emirati investment flows to the continent reached USD 44 bn last year — making the UAE Africa’s biggest source of FDI, the statement read.

Four target sectors: The initiative will help the logistics and ports sector, renewable energy projects, and urban planners with planning and site selection. Meanwhile, governments will be able to monitor border security more effectively and better coordinate disaster response capabilities. National governments will be the first to get a data license, followed by local startups.

Who is doing what: Space42 will manage fundraising and project execution, provide satellite data, and lead on the research and development side. Esri will oversee production workflows and local training programs, and Microsoft will provide cloud infrastructure for data processing.

What’s next? National Mapping Agencies will license and maintain the data, which will be stored in G42 and Microsoft’s data centers in Africa, long-term.

Mashreq, Multiply, Modon, Aldar, DTC, and Al Seer turn in earnings

MASHREQ-

Our friends at Mashreq saw their operating income climb to AED 6.2 bn in 1H 2025, up 1% y-o-y on the back of increased lending and strong contributions from both investment and non-interest incomes, according to their management analysis & discussion report (pdf). Net income after tax dipped 14% y-o-y to AED 3.5 bn. The group’s core banking operations as well as its strategic investments and expansion across Oman, Turkey, and Pakistan continued to drive growth.

Non-interest income rose 17% y-o-y reaching AED 2.2 bn, while investment income grew 55% to AED 213 mn.

On a quarterly basis, Mashreq’s net income after tax fell 16% y-o-y to AED 1.7 bn, though net interest income ticked up 1% q-o-q to AED 2 bn, as prudent asset pricing offset cumulative rate cuts of 100 bps since 2024. Loans and advances grew 21% y-o-y with more lending for residential mortgages, construction, manufacturing, and financial institutions. Customer deposits saw a 15% y-o-y uptick to AED 117 bn.

What they said: Group CEO Ahmed Abdelaal said the strong results were attributed to “strong client activity, a diversified earnings profile, and our unwavering commitment to innovation, efficiency, and value creation.” He referenced investments and upgrades in their technology infrastructure, balanced with “strict cost discipline” as key parts of the bank’s investment strategy.

MODON HOLDING-

ADQ-backed developer Modon Holding’s net income more than doubled y-o-y in 2Q 2025 to AED 881.1 mn, increasing by 167.9% y-o-y, according to its financials (pdf). Revenues for the quarter also saw a 78% y-o-y jump to AED 2.9 bn.

Modon’s results for 1H were similarly strong, with revenues rising 199.1% to AED 6.5 bn over the period. Its bottom line saw a 75.7% dip y-o-y to AED 2.1 bn due to an acquisition gain in 1H 2024, though without the one-off gain, it came in at 4.2x higher than the year before. It also recorded AED 231.3 mn in investment gains, reversing an AED 243.2 mn loss the year before.

Income from its real estate segment led top line growth, with the firm booking AED 10 bn in sales in 1H 2025, according to a separate earnings release (pdf). Robust operational efficiency across its core segments, which currently have an AED 33 bn backlog, helped its bottom line performance. Its asset and investment management sector saw a revenue boost from expansion in the UK as well as the launch of its infrastructure platform, Gridora, with ADQ and IHC.

ALDAR PROPERTIES-

Real estate developer Aldar Properties reported AED 2.2 bn in 2Q 2025 net income, up 25% y-o-y, with revenues rising 46% y-o-y to AED 7.7 bn, the company said in its earnings release (pdf).

Aldar’s 1H 2025 net income rose 24% y-o-y to AED 4.1 bn on AED 15.5 bn in revenues, up 42% y-o-y. The 1H performance was buoyed by sales rising 31% y-o-y to AED 18.3 bn, which Aldar attributed to “high demand for existing inventory and five new UAE launches: two projects on Fahid Island, Waldorf Astoria Residences Yas, Manart Living III, and the Wilds in Dubai.” Aldar’s development backlog is now sitting at a record AED 62.3 bn — AED 53.4 bn of which is in the UAE.

Sustained sales momentum at home + abroad: Aldar Development saw its revenues increase 54% y-o-y in 2Q 2025 to AED 5.6 bn, coming in just below its 1Q 2025 revenue figure of AED 5.7 bn. On a 1H basis, revenues were up 50% to AED 11.3 bn, which the company said was primarily “driven by successful execution of the revenue backlog from new and existing projects.” Group-wide development sales grew 22% y-o-y to AED 9.4 bn in 2Q and 31% to AED 18.3 bn in 1H, with UAE sales hitting AED 9.0 bn during the second quarter and AED 17.5 bn across the first six months of the year.

Meanwhile, Aldar Investment contributed AED 1.9 bn in revenues during the quarter, and AED 3.8 bn during the six-month period. The performance was buoyed by strong occupancy rates across its portfolio and strategic acquisitions, with its assets now reaching AED 47 bn.

MULTIPLY GROUP-

Abu Dhabi-based investment firm MultiplyGroup’s net income dropped by 46.4% y-o-y to AED 532.1 mn during the second quarter of this year, according to its financials (pdf). On the other hand, revenues rose 39.3% y-o-y to AED 503.3 mn in 2Q, driven by growth across the board from its verticals, according to a separate earnings report (pdf). The drop in 2Q’s net income was largely due to an AED 132 mn loss from its JV with Kaylon Enerji, which saw foreign exchange losses following the revaluation of EUR-denominated loans as the EUR strengthened. Without this, EBITDA rose 38% y-o-y during the quarter.

Results for 1H told a more cheery story, with Multiply’s bottom line reaching AED 742.3 mn, compared to a net loss of AED 3.3 bn last year. Revenues in 1H climbed 47.7% y-o-y to AED 1 bn. The swing to the black in 1H came as the firm recorded AED 185.6 mn in fair value gains from investments in financial assets, reversing an AED 4 bn loss the year before.

DUBAI TAXI-

DubaiTaxi recorded AED 105.4 mn in net income for 2Q, up 32.8% y-o-y, according to its financials (pdf). Revenues for the period rose 17.7% y-o-y to AED 625.1 mn, driven by an uptick in the number of completed trips and fleet expansion, according to a separate earnings release (pdf). Its bottom line grew 0.9% y-o-y in 1H 2025 to AED 189 mn, while revenues rose 11.4% to AED 1.2 bn during the period.

The company’s board approved an interim dividend of AED 160.7 mn for 1H 2025, in line with its policy to distribute at least 85% of annual net income in semi-annual payouts.

AL SEER MARINE-

IHC subsidiary Al Seer Marine reported an 82% y-o-y net loss of AED 296 mn in 1H 2025 on the back of a dip in the fair value of its investments, according to an e arnings release (pdf). Its top line was up 20.2% y-o-y to AED 698 mn, driven by operational expansions and growth. The firm attributed the revenue boost to its diversification strategy across several sectors, including its operation of six new MR tankers and the development of a new JV.

Amea’s Cox inks EUR 250 mn agreement for desalination and wind power in Morocco + DIB, Emirates NBD lend to firms overseas

UTILITIES-

Amea-backed Cox signs EUR 250 mn transaction for Morocco desalination and wind farm project: Amea Power-backed Spanish energy and water utility company Cox signed a EUR 250 mn agreement with Moroccan authorities to expand the country’s Agadir desalination plant, according to a press release. It’s not clear whether Amea Power — which holds a 3.76% stake in Cox — is directly involved, but it said last December that it was lining up plans to invest at least USD 100 mn in a desalination project in Morocco through Cox. The two also formed a JV in May to co-develop and manage water and energy infrastructure projects across the Middle East, Africa, and Asia.

The details: The project will increase capacity by 125k cubic meters per day, bringing total output to 400k cubic meters daily by 2027. The expansion will provide 2 mn people with drinking water and irrigation for 13.6k hectares of agricultural land in the water-scarce region. As part of the project, Cox will construct a 150 MW wind farm, set to be operational in 2027, to power the desalination operations.

ENERGY-

Dubai Municipality has signed an MoU with Dubal Holding's subsidiary BiOD Technology to convert used cooking oils (UCO) and fats into biodiesel, according to a statement. The agreement allows BiOD to collect waste UCO, fats, oils, and grease across the emirate and process them into B100 biodiesel, a cleaner-burning fuel. The initiative aims to reduce pollution in sewer systems and cut the cost of wastewater treatment.

What is B100? Biodiesel B100 is pure biodiesel made from vegetable oils, recycled cooking oil, or animal fats. It's produced through transesterification, a chemical process that removes glycerin to create fatty acid methyl esters, which can be used in existing diesel engines as a renewable fuel.

Not the Emirates’ first: IFFCO Group’s Noor Oil and Bee’ah launched a recycling campaign to recycle cooking oil into biodiesel last year. Emarat Petroleum and Lootah Biofuels also signed an MoU to conduct feasibility studies to look into a collection system through Emarat’s retail stations to convert used cooking oil into biofuels and introduce Lootah’s Biodiesel B5 at Emarat stations.

DEBT-

#1- Emirates NBD is providing Indian jewelry retailer Joyalukkas with a AED 500 mn working capital facility to support its expansion plans, according to a press release. The financing will support the company’s plans to expand in markets including the UK, US, Canada, and Australia. The revolving facility allows Joyalukkas flexible access to funds for inventory financing and operational liquidity.

#2- DIB strikes Islamic finance agreement with Turkish carrier: Dubai Islamic Bank (DIB) has signed a 12-year Islamic finance lease agreement with national carrier Turkish Airlines to finance its purchase of a new Airbus A350-941, according to a press release. This marks the first shariah-compliant finance agreement signed by Turkish Airlines and also DIB’s first in the aviation industry.

TECH-

Yango opens another office in Côte d’Ivoire: Dubai-based tech firm Yango Group opened a new office in Abidjan, Côte d’Ivoire, which will serve as a continental HQ to coordinate the company's growing Africa operations, according to a press release. Yango’s existing Côte d’Ivoire office, which opened in 2018, was its first overseas office. It was followed by an expansion into 16 other African countries.

CRYPTO-

Rakbank offers crypto exchange: The National Bank of Ras Al Khaimah’s (Rakbank) mobile app is now offering Bitpanda’s crypto trading platform to retail customers, making it the first traditional UAE bank to do so, according to a press release. The app will enable access to Austrian digital asset trader Bitpanda’s crypto trading platform, allowing investors to buy, sell, and swap AED-denominated cryptocurrencies. The service will initially be invitation-only with plans to roll out access in the coming months.

CONSTRUCTION--

Developer Expo City Dubai has tapped landscaping firm Proscape to develop the Expo Valley nature reserve, according to Dubai Media Office. Expo Valley, a gated community slated for a 2026 launch, will include a 10-hectare green reserve completed by 1.2k trees, a lake, and a wadi.

AVIATION-

Etihad receives first of 30 Airbus orders: Etihad Airways ’ first Airbus A321LRs will enter commercial service on 1 August, initially flying between Abu Dhabi and Thailand's Phuket before expanding to other destinations including Bangkok, Chiang Mai, Copenhagen, Milan, Paris, and Zurich, according to a press release. The aircraft, which arrived at Abu Dhabi International Airport on Friday, is part of a broader fleet expansion strategy that will see nine more A321LRs delivered this year. In total, the airline will add 30 of the aircraft to its fleet.

REMEMBER- At the start of the year, the airline had said it was planning to acquire up to 40 widebody aircraft as part of its five-year plan to double its fleet.

LOGISTICS-

AD Ports Group's Noatum Maritime opened its first Shanghai office for maritime services — another step in its China expansion, after it opened its first international office in Beijing last week, according to a press release. The new facility will provide shipping agency and maritime logistics services to vessel operators and cargo owners. It will target the firm’s growing client base in the region, with Shanghai being a key location in its global supply chain, the firm’s maritime and shipping cluster CEO Ammar Al Shaiba said.

Lower-than-expected tariffs and weaker USD prop up IMF’s global growth outlook

The IMF revises global growth forecast upwards: The International Monetary Fund (IMF) now forecasts global growth to reach 3.0% in 2025, a 0.2 percentage point upgrade from its previous estimate in April, it said in its latest World Economic Outlook report (pdf). The fund expects growth to slightly accelerate to 3.1% in 2026, revising up its previous estimate by 0.1 percentage point.

Behind the upgrade: The upward revision came on the back of stronger-than-expected front-loading of economic activity by firms and households in anticipation of higher tariffs, the fund said. The revision is also supported by lower average US tariff rates than were initially assumed in April. “At the time of the April forecast we had an effective tariff rate of 24%. We’re now looking at an effective tariff rate of 17%, [...] still much higher than where we were in January,” IMF’s chief economist Pierre-Olivier Gourinchas told the Financial Times.

A weaker USD had also helped the outlook: The USD is down by some 9% in the year-to-date against a basket of currencies including the EUR and the GBP, mainly due to the trade war and attacks on the Federal Reserve, Gourinchas added.

Major economies saw modest upgrades: The IMF now expects the US to grow 1.9% in 2025, a 0.1 percentage point upgrade from the previous forecast. Meanwhile, Japan’s 2025 growth was revised up by 0.1 percentage point to 0.7%. The fund also upgraded its forecast for Canada’s growth by 0.2 percentage points to 1.6% and for the UK by 0.1 percentage point to 1.2%.

China and India also see stronger outlooks: China’s 2025 outlook got a significant upgrade by 0.8 percentage points to 4.8%, reflecting stronger-than-expected activity in the first half of the year and a significant reduction in US-China tariffs. Meanwhile, India’s growth forecast was revised slightly upward to 6.4% for both 2025 and 2026 due to a more benign external environment.

Across the Atlantic: Growth in the Eurozone is now projected at 1.0% in 2025, an upward revision of 0.2 percentage points, mainly driven by a strong GDP outturn in Ireland, which was boosted by front-loading of pharma exports to the US. The IMF projects 1.2% growth for the area in 2026, unchanged from April.

Trade distortions cloud the picture: Global trade volumes are now expected to grow 2.6% in 2025, a 0.9 percentage point upgrade from April, due to the front-loading of trade flows ahead of anticipated restrictions. However, this effect is expected to fade, with a "payback" materializing through 2026, leading to a 0.6 percentage point downgrade in the 2026 trade volume forecast, where it’s expected to log 1.9% increase, the fund said.

A hazy horizon: The IMF warns that the outlook is marked by "tenuous resilience amid persistent uncertainty," with risks tilted to the downside. An escalation of protectionist measures could dampen global growth. However, growth prospects could improve if trade negotiations lead to a predictable framework and a decline in tariffs.

The inflation outlook: Global headline inflation is expected to continue its decline over the next two years, falling to 4.2% in 2025 and 3.6% in 2026. This forecast is "virtually unchanged" from the April report. However, the report notes cross-country differences, with inflation projected to remain above target in the US while being more subdued in other big economies.

MARKETS THIS MORNING-

It’s another mixed morning for Asian markets, as investors await for updates on US-China trade talks. The Shanghai Composite is up 0.4%, while Hong Kong’s Hang Seng is down 0.5%, and Japan’s Nikkei is unchanged. US investors are also bracing for the Fed’s decision today, leaving Wall Street futures unchanged.

ADX	10,342	-0.2% (YTD: +9.8%)
DFM	6,178	+0.2% (YTD: +19.7%)
Nasdaq Dubai UAE20	5,133	-0.3% (YTD: +23.3%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	4.1% 1 yr
TASI	10,824	-0.6% (YTD: -10.2%)
EGX30	34,086	+0.0% (YTD: +14.6%)
S&P 500	6,371	-0.3% (YTD: +8.3%)
FTSE 100	9,136	+0.6% (YTD: +11.8%)
Euro Stoxx 50	5,379	+0.8% (YTD: +9.9%)
Brent crude	USD 72.51	+3.5%
Natural gas (Nymex)	USD 3.08	+3.1%
Gold	USD 3,384	0.0%
BTC	USD 117,571	-0.2% (YTD: +25.7%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.58	-0.6% (YTD: +0.4%)
S&P MENA Bond & Sukuk	146.42	+0.2% (YTD: +4.6%)
VIX (Volatility Index)	15.98	+6.3% (YTD: -7.9%)

THE CLOSING BELL-

The ADX fell 0.2% yesterday on turnover of AED 1.4 bn. The index is up 9.8% YTD.

In the green: Commercial Bank International (+12.2%), Americana Restaurants International (+1.8%) and Emirates Driving Company (+1.4%).

In the red: Rapco Investment (-9.2%), E7 Group Warrants (-6.8%) and Aram Group (-4.5%).

Over on the DFM, the index rose 0.2% on turnover of AED 770.6 mn. Meanwhile, Nasdaq Dubai was down 0.3%.

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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