Capital Intelligence affirms UAE’s credit rating. PLUS: Khazna to develop data center in Italy

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Huawei eyes chip sales to the region + GCC sukuk to regain momentum in 2H?

Good morning, lovely people. We kick off the week with a busy issue filled with tech and investment news, as well as positive macro updates, with Dubai inflation holding steady in June and Capital Intelligence affirming the UAE’s credit ratings.

On the tech front: Khazna is developing a 500 MW data center in Italy. Plus: Mubadala is eyeing more investments in British firms, and DP World inked a 30-year agreement to develop a port in Syria.

WEATHER- Dubai will see a high of 44°C today, and an overnight low of 35°C. In Abu Dhabi, expect a daytime high of 43°C and a nighttime low of 33°C.

For decades, Sahel has been synonymous with summer’s embrace: clear waters, crisp breezes, and vibrant nights. Last year, Ras El-Hekma cast a spotlight on its potential as a regional investment and tourism engine.

In the second issue of our Destination Sahel series, we’re digging deep into the infrastructure needed to support this evolution — and whether Sahel has a spot on the global tourism stage..

Subscribe to our Egypt edition to get the second issue of our series EnterpriseAM Destination Sahel in your inbox tomorrow at 10am Cairo time.

Is Sahel overpriced? Are you still sorting out how to open your summer place — or hoping to line up a rental? We’ve got your back in issue one: Tap here to read it now.

WATCH THIS SPACE-

#1- Huawei is looking to our neck of the woods for AI chip buyers: Chinese tech giant Huawei Technologies is looking to export a small number of its AI chips to the Middle East and Southeast Asia, as it looks to tap into markets currently dominated by the US’ Nvidia, Bloomberg reports. Huawei has sounded out potential buyers in the UAE, Saudi Arabia, and Thailand for a few thousand of its Ascend 910B chips to mixed results with sources reporting a lack of Emirati interest, the business news information service reports.

But it’s not going to be easy: The UAE’s G42 severed ties with Chinese tech companies in a bid to pivot to American advanced tech amid increased pressure from the US to do so in exchange for access to Nvidia chips. The UAE and the US have since inked a USD 200 bn partnership agreement on AI and data centers, which will include 500k Nvidia chips, and incorporates “robust security guarantees” to allay US concerns regarding the historical links between UAE tech companies and China. The US has also previously threatened penalties for the global purchase and use of Huawei’s Ascend AI chips earlier this year, saying they were likely to have violated US export guidance and used US tech, the Financial Times reported.

#2- Saudi eases investment regs for GCC investors: Saudi Arabia’s Capital Markets Authority (CMA) approved amendments making it easier for clients to open investment accounts in the Kingdom, according to a statement. GCC-based retail investors can now invest directly in TASI by opening an investment account and taking their pick of a wider range of securities. This marks a change from previous regulations which restricted investments to debt markets, the Nomu parallel market, investment funds, and derivatives.

Moved on? No problem: Investors who opened investment accounts while residing in the GCC can continue investing in TASI shares even after they leave.

#3- GCC sukuk markets are expected to regain momentum in 2H 2025, driven by refinancing needs with USD 171 bn in Islamic bonds set to mature between 2025 and 2029, Kamco Invests’ Junaid Ansari told Khaleej Times. Government issuers face USD 92.4 bn in upcoming sukuk maturities, while businesses are looking at USD 78.6 bn worth of maturing debt. A market rebound is also likely to be supported by Kuwait’s planned USD 6 bn international debt offering, which may include sukuk components.

Analysts also attribute the expected second-half recovery to the US Federal Reserve’s projected incoming interest rate cuts, which are set to lower regional borrowing costs, and ongoing oil price volatility continuing to pressure government budgets.

This anticipated revival follows a sluggish first half across most GCC markets, with the UAE being the notable exception bucking the overall market slowdown, with total volumes rising to USD 12.4 bn.

PSA-

Museum of the Future rolls out summer pass: Dubai’s Museum of the Future is offering an unlimited-entry summer pass valid from 1 July to 30 September for AED 229, according to a Dubai Media Office statement. The pass allows individual holders to visit without pre-booking and includes access to seasonal events, children’s areas, behind-the-scenes tours, and AED 50 in retail credit.

MORNING MUST READ-

We have for you two offerings this morning, depending on the kind of mood you’re in.

FIRST- Drop that vape. New evidence is emerging that vaping is (shockingly…) probably not all that good for you. Data on long-term health effects is still limited, but scientists point to high concentrations of heavy metals in some vapes (to make you stupid, impotent, and infertile) while regular use of all of them puts constant strain on your heart and the rest of your cardiovascular system. The New York Times wants to scare you straight in Just how harmful is vaping? More evidence is emerging.

NEED A PALATE CLEANSER? We point you to menswear columnist / thinker Derek Guy’s recent (and richly illustrated) thread on men’s suiting.

THE BIG STORY ABROAD-

There’s no single story dominating global headlines this morning — but tensions are still high on the transatlantic trade front: The European Commission said it would extend its suspension of retaliatory tariffs on the US until early August, keeping the door open for a negotiated solution to Donald Trump’s latest protectionist threats. Trump is pushing ahead with a 30% blanket tariff on EU imports starting 1 August unless better offers are made, according to White House economic adviser Kevin Hassett.

Europe isn’t exactly staying quiet: EU leaders are pushing to avoid escalation, but they do plan to ramp up engagement with other US trading partners affected by the tariffs for potential coordination. Some — like France’s Emmanuel Macron — are calling for the implementation of countermeasures, including the potential use of the anti-coercion instrument, the bloc’s most powerful trade tool, though EU Commission chief Ursula von der Leyen said there are no plans to use it at this point. (Reuters | Bloomberg | FT | Politico | Guardian)

CLOSER TO HOME- At least eight Palestinians, most of them children, were killed in central Gaza on Sunday when an Israeli missile struck a water distribution point in the Nuseirat refugee camp. The Israeli army said the missile had malfunctioned and “missed its target,” which it claimed was an Islamic Jihad militant. Seventeen others were wounded, including multiple children.

This comes as talks for a ceasefire stall, despite the US’ Middle East envoy Steve Witkoff saying he is still hopeful ahead of a meeting with Qatari officials on the sidelines of the Club World Cup Final. (Reuters | CNN | BBC | Guardian)

ON THE SPORTS FRONT-

Tennis world no. 1 Janik Sinner claimed his first Wimbledon title after defeating Spain’s Carlos Alcaraz, becoming the first Italian to claim the title. (Guardian | CNN | Reuters)
Meanwhile, Chelsea beat PSG to become Club World Cup champions, ending the game 3-0 with the help of a double lead from Cole Palmer. (BBC | New York Times)

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Capital Intelligence affirms the UAE’s AA- credit rating with stable outlook

Capital Intelligence Ratings affirmed the UAE’s long-term foreign and local currency ratings at AA-, with a stable outlook, according to a Capital Intelligence Ratings’s report picked up by Al Etihad. The sovereign’s short-term foreign and local currency ratings were also affirmed at A1+.

Fiscal strength + solid banking sector underpin the ratings: The affirmation reflects the strength of the UAE’s consolidated fiscal and external position, its stable domestic political environment, high GDP per capita, a strong banking sector, and the government’s ongoing efforts to diversify the economy and enhance the consolidated budget structure.

The UAE’s current account balance is anticipated to record a surplus of 6.5% of GDP between 2025 and 2027, driven by increased hydrocarbon exports and more non-hydrocarbon goods and services exports, according to the report. The ratings agency also sees UAE penciling in a budget surplus of 3.6% of GDP in 2025, and an average surplus of 4% of GDP during the 2026-2027 period. These projections assume an average oil price of USD 60 per barrel, boosted by robust non-hydrocarbon revenues.

Positive outlook ahead: CI is also optimistic on the UAE’s economic growth, with expectations for the GDP to expand by an average of 4.8% during the 2025- 2027 period, according to the report. This is underpinned by strong domestic activity, the implementation of reforms and the rapid growth in non-oil sectors.

REMEMBER– S&P Global Ratings assigned the UAE a long-term credit rating of “AA,” and “A-1+” on its short-term foreign and local currency sovereign credit ratings with a stable outlook, with the agency pointing to the country’s “strong fiscal and external positions,” it said in a note in June. S&P also sees the UAE’s GDP growth hovering around 4% over 2025-2028, which it attributes to “buoyant non-oil sector activity and increasing oil production.” Fitch Ratings also affirmed the UAE’s long-term foreign-currency issuer default ratings at AA- with a stable outlook.

Dubai inflation holds steady in June

Dubai’s annual inflation remained steady in June, coming in at 2.37%, unchanged from May, according to the Dubai Statistics Center (pdf). Some components of the basket recorded moderate price growth, while other segments remained in deflation territory.

The breakdown: Prices for housing, water, electricity, gas, and other fuels — the largest component in the inflation basket — rose by 6.62% y-o-y, slightly down from 6.85% y-o-y in May and 7.02% y-o-y in April, continuing a downward trajectory since the beginning of the year. Food and beverages saw a 0.6% y-o-y rise in June, compared to 0.33% y-o-y in the previous month. Furnishing, household equipment and routine household maintenance saw a price growth of 0.14% y-o-y in June, slower than the 0.29% y-o-y increase recorded in May, while restaurants and accommodation services recorded 0.67% y-o-y price growth, compared to 0.48% a month earlier.

Segments seeing deflation: Transport prices, making up just over 9% of the index, fell to -7.37% y-o-y in June from -8.75% y-o-y in May. The information and communication sector dipped to -1.88% y-o-y, compared to -1.78% y-o-y in the previous month.

On a monthly basis, prices grew 0.28% in June, returning to inflation territory, according to the statistics center’s monthly inflation report (pdf). The reading came after May’s prices saw a 0.18% m-o-m fall in what was the second instance of monthly deflation since July 2024.

Dubai’s consumer price index slightly rose to 114.30 points in June, up from 113.98 points in the previous month, according to the Dubai Statistics Center report (pdf).

REMEMBER- The Central Bank of the UAE (CBUAE) slightly lowered in June its inflation forecast for the UAE for 2025 down by a 0.1 percentage point to 1.9, which it attributed to a “continuous downward trend in transportation costs” and “moderating energy prices.” Meanwhile, Emirates NBD anticipates that inflation “should be maintained around current levels through the rest of the year,” the bank said last month.

Mubadala eyes further investment in Revolut + GBP 500 mn in new capital for Cityfibre

Mubadala could invest more in Revolut: Abu Dhabi sovereign wealth fund Mubadala is eyeing ramping up investments in multiple British firms in which it is already a shareholder, according to multiple reports.

#1- GBP 500 mn for CityFibre? Mubadala and other existing shareholders, including Goldman Sachs, are in late-stage talks to invest an additional GBP 500 mn in British telco CityFibre, sources familiar with the matter told The Financial Times. The capital injection is part of a larger GBP 2.3 bn refinancing plan aimed at strengthening the company’s financial position.

As part of the broader package, CityFibre is also securing up to GBP 960 mn in new debt from lenders such as NatWest, ING, and Société Générale, with an option included to increase the facility by a further GBP 800 mn. The financing agreement is expected to close today, according to the sources.

CityFibre has faced ongoing funding challenges, warning in its 2023 financial results that it could run out of liquidity by mid-2025. The company also flagged uncertainty over its ability to continue operating without fresh external financing.

The network provider plans to use the funds to double its customer numbers by the end of 2025, through acquiring smaller companies in the market. A key part of CityFibre’s growth plan is a newly activated agreement with Sky, enabling the broadcaster to offer broadband services over CityFibre’s fibre network. The agreement gives CityFibre potential access to Sky’s 5.7 mn broadband customers, allowing it to widen its subscriber base.

#2- Mubadala is looking to increase its stake in global fintech and neobank Revolut after acquiring a stake as part of a USD 500 mn share sale last year, the Financial Times reported separately, quoting two people familiar with the matter. Revolut is seeking USD 1 bn in a funding round through a sale of existing stock and issuance of new shares to fund its strategic expansion. The capital raise could be led by US investment firm Greenoaks, the salmon-colored paper reports.

The wealth fund could acquire a USD 100 mn stake from existing shareholders, according to Sky News. The identities of the sellers have not been disclosed, but reports have said early investor Balderton Capital is looking to sell some of its holdings.

Mubadala has been ramping up its British investments in 2025. A Mubadala subsidiary acquired a 12.8% stake in graphene-based technology provider Paragraf last month, according to a UK Cabinet statement. Earlier in April, it acquired a USD 600 mn minority stake in private education provider Nord Anglia Education.

REMEMBER- Mubadala has been in talks with UK Prime Minister Keir Starmer as he looks to secure funding for a range of projects and works to improve ties with Gulf countries, including the UAE.

DP World to develop Tartous Port under 30-year agreement

DP World inks USD 800 mn agreement to develop Syrian port: State-owned logistics giant DP World inked a 30-year concession agreement with Syria’s General Authority for Land and Sea Ports (GALSP) to develop and operate Tartous Port in Syria, according to a press release. Under the agreement, the port operator will invest USD 800 mn over the concession’s duration to boost the port’s infrastructure in a bid to facilitate trade across Europe, the Middle East, and North Africa, the statement reads.

The details: The agreement will see DP World develop the port under a build-operate-transfer (BOT) model, with DP World having full ownership, according to the Dubai Media Office. The UAE port operator will also explore the option of setting up industrial zones, freezones, dry ports, and freight transit stations in strategic areas across Syria under the agreement.

Background: The signing formalizes an MoU inked back in May, which had been a major investment milestone for the Syrian government following the lifting of long-standing sanctions.

Khazna to develop 500 MW data center in Italy

Khazna + Eni join forces in Italy: Dubai-based Khazna Data Centers signed a head of terms agreement with Italian energy firm Eni to establish a joint venture to develop data centers in Italy, according to a press release (pdf). The ownership structure of the tie-up wasn’t disclosed.

The details: Plans will initially include a 500 MW AI data center campus in Italy’s Lombardy region. The Milan AI Data Center Campus will be powered by Eni’s “blue power” low-carbon electricity source and will be generated from a combined cycle gas turbine power plant. This marks the first time low-carbon power is being used to power up hyperscale data infrastructure in Italy, according to the press release.

The first step, but not the last: The campus will be the first step in a wider project, with the JV aiming to establish up to 1 GW of IT capacity in Italy as part of a wider bilateral agreement signed between Italy and the UAE in February.

This is the latest in Khazna’s overseas AI activity, with the firm making moves into Turkey, Saudi Arabia, and Egypt, while also partnering with international heavyweights including Nvidia to build data centers in the region.

Abu Dhabi real estate transactions surge 40% in 1H 2025 on strong demand for new launches

Abu Dhabi’s real estate transactions surged 40% y-o-y to AED 52 bn in 1H 2025, according to data from the Abu Dhabi Municipalities and Transport Department’s Dari platform. The increase was driven by strong demand for newly-launched projects, many of which sold out shortly after release, and comes despite a 1Q that saw weaker volumes.

2Q alone saw AED 26.5 bn in transactions, up 45% y-o-y. Sales during the quarter rose 62% to AED 16.2 bn, while mortgage activity increased 56% y-o-y to AED 9.2 bn. During the first quarter, the market recorded AED 25.2 bn in transactions, up 34.5% y-o-y.

Several launches sold out within days: Aldar reported full sellouts of multiple projects, including all 133 units of the Waldorf Astoria Residences on Yas Island on launch day in May, generating AED 850 mn in sales. Sales on Al Fahid Island have exceeded AED 3.5 bn, with international buyers accounting for 67% of transactions. Modon also reported strong buyer interest, selling all its plots in the Wadeem project in Hudayriat in three days in July and bringing in over AED 5.5 bn.

More units set for delivery: Abu Dhabi is expected to deliver around 11.9k new residential units during the rest of the year, after just 600 units were completed during 1Q, according to a previous Cavendish Maxwell report.

New Dubai law creates regulatory body, compliance system for contractors

Dubai introduced a new framework for the emirate’s contracting sector, issued by Vice President and Prime Minister Mohammed bin Rashid Al Maktoum, according to a Dubai Media Office statement. The law applies to all contractors operating in Dubai — including those in freezones and special development zones — except for airport-related infrastructure and any activities formally exempt by the Executive Council.

A new oversight committee: The sector will get a new Contracting Activities Regulation and Development Committee that will be chaired by a Dubai Municipality representative and made up of members from relevant government bodies. The council’s responsibilities will include approving and supervising contracting activities, resolving jurisdictional disputes, coordinating with stakeholders, and proposing new policies and legislation. It will also adopt a sector-wide code of ethics and oversee the law’s implementation.

Centralized registry incoming: Dubai Municipality will set up and manage an integrated electronic system for all contracting activities, linked to the Invest in Dubai platform. The system will act as the sector’s central registry, covering contractor classification, issuance of technical competency certificates, and code of conduct enforcement.

Contractors will need to register and operate within their approved classifications, with subcontracting or exceeding limits only permitted with prior approval.

Enforcement and penalties: Violations of the law can result in fines ranging between AED 1k-100k. Repeat offenses within one year could see fines doubled to AED 200k. Additional measures include activity suspension, classification downgrades, registry removal, license cancellations, and deregistration of technical staff.

Transitional timeline: The new law will come into effect six months after its publication in the official gazette. Once effective, contractors currently operating in Dubai will have one year to comply with the new rules, with the possibility of a one-year extension granted by the committee if needed. During this transition window, existing registrations that are set to expire can be renewed by submitting a compliance pledge. Any conflicting legislation will be annulled.

IN OTHER REGULATION NEWS-

Abu Dhabi rolls out maritime safety bylaws: Abu Dhabi’s Department of Municipalities and Transport (DMT) has introduced new regulatory bylaws for maritime safety in Abu Dhabi waterways that aim to implement standardized benchmarks for all waterway usage, according to an Abu Dhabi Media Office statement. Abu Dhabi Maritime — in partnership with DMT’s Integrated Transport Centre (Abu Dhabi Mobility) — will act as the executing body for several regulations. The regulations are slated to take effect once they are published in the official gazette.

The bylaws outline licensing requirements, operational standards, environmental compliance, as well as emergency protocols. It also prioritizes marine environmental protection — with regulations focused on mitigating pollution.

A maritime service fees and fines’ system will be established to ensure the application of the new measures. The fees will apply to licenses, permits, and inspections, while violations of the laws — including high-risk behavior, environmental breaches, and failures to adhere to navigation laws — could result in monetary penalties.

Dragon Oil taps acting CEO + new real estate head for Shurooq

Dragon Oil names acting CEO: Emirates National Oil Company’s subsidiary Dragon Oil appointed Abdulkarim Almaazmi (LinkedIn) as its acting CEO, according to a statement. Almaazmi has over four decades of experience in the oil and gas sector, having held leadership roles at BP UAE, BP Middle East, and Abu Dhabi Gas Industries. He joined Dragon Oil in 2018 and most recently served as its executive director of new ventures, engineering and projects.

SharjahInvestment and Development Authority (Shurooq) has appointed Yousif Ahmed AlMutawa (LinkedIn) as chief real estate officer, according to a press release. AlMutawa was previously CEO of Sharjah Sustainable City, and will oversee Shurooq’s strategy, investor relations, and sustainable planning across its Sharjah and the northern Emirates portfolio. He worked at Shurooq between 2006 and 2019, and his most recent role with the firm was as its director of operations.

Presight launches Kazakhstan’s national supercomputer

TECH-

Presight launches Kazakhstan’s first national supercomputer: Data analytics firm Presight has launched Kazakhstan’s first national supercomputer under a partnership with Kazakhstan’s Digital Development Ministry, according to a disclosure (pdf). The system helps support large-scale AI model training, secure data infrastructure, and cross-border collaboration with the MENA region.

Presight has had Kazakhstan in its data loop for a while, announcing in May that it will deliver two Nvidia H200 superpods for a new data center in Astana to support its smart city project. The firm also opened its first overseas office in Kazakhstan that month, while back in 2023, it formed a JV with Kazakhstan’s sovereign wealth fund Samruk-Kazyna to use Presight’s big data in the central Asian country’s energy, public services, and transport sectors.

STARTUPS-

eVoost AI signs EUR 860 mn sales agreement with Hercesa: Abu Dhabi-based proptech and AI startup eVoost has entered into an EUR 860 mn sales agreement with Spanish real estate firm Hercesa to use the proptech’s “emotional AI” in Hercesa’ marketing campaigns in Spain, Portugal, Bulgaria, and Romania, according to a statement on LinkedIn.

Hercesa will deploy eVoost’s virtual AI agents to automate its real estate sales processes, providing buyers with personalized property recommendations and real-time analytics into the real estate industry.

BACKGROUND- eVoost AI secured an undisclosed amount from Qora71 in a seed funding round in June, marking the syndicate’s first lead investment.

M&A WATCH-

Shrimp Nation hooks Olive Rock for expansion: Saudi seafood restaurant concept chain Shrimp Nation sold a 30% stake for an undisclosed sum to UAE-based private equity firm Olive Rock Partners to fund its expansion across the Kingdom and beyond, according to a press release.

About Shrimp Nation: Founded by Mohammed Abualizz (LinkedIn) in 2018, Shrimp Nation operates 35 branches fusing local and international flavors across the Middle East region, including the Kingdom, Jordan, Egypt, Bahrain, and Qatar.

REAL ESTATE-

New AED 400 mn Ras Al Khaimah residences in the works: Indian developer Mantra Properties and American watchmaker Jacob & Co have partnered to develop the Jacob & Co Residences on Al Marjan Island in Ras Al Khaimah, according to a press release. The AED 400 mn project marks Mantra’s first venture in the UAE, whilst Jacob & Co’s previous local projects include an AED 4.7 bn residential build in Al Jurf. Mantra is looking to generate AED 1.3 bn in sales value through five new projects in the Emirates over the next three years, the statement read.

TRANSPORT-

Dubai’s RTA begins AED 633 mn upgrade to slash commute times: Dubai’s Roads and Transport Authority (RTA) awarded a contract to develop Al Mustaqbal Street as part of an AED 633 mn project, according to a press release. The works will span from the intersection with Za’abeel Palace Street to Financial Center Street.

The project includes building 1.7k meters of bridges and tunnels, while widening the road from three to four lanes in each direction. These improvements will boost capacity by 33% to 8.8k vehicles per hour and cut travel time from 13 to six minutes. 500k users are set to pass daily through the upgraded corridor which will serve major commercial hubs including Dubai World Trade Centre and Dubai International Financial Centre.

INS.-

CBUAE rescinds Al Khazna Ins.’ license: The Central Bank of the UAE (CBUAE) revoked the license of Al Khazna Ins. for failing to meet licensing requirements during its suspension period, according to a statement (pdf). The decision followed examinations confirming continued non-compliance with the federal ins. law.

Ultra-rich families eye pivoting to private credit over slower private equity yields

The ultra-rich are increasingly eyeing the private credit sector over the slowing private equity distributions, Bloomberg reports, citing discussions at a recent London Private Markets Meeting panel. This interest is fueled by family offices — controlling about USD 3.1 tn globally as of last year — which are drawn to private credit’s regular banknote interest payments, a key advantage over private equity’s reliance on future exits.

Looking for higher returns: Offering attractive, high single-digit returns with less risk than equities, the illiquid asset class is a natural fit for the “buy-and-hold” mentality of family offices, especially amid public market volatility. Alternative credit’s ability to reliably generate yield and income is “great in the current environment,” Harinder Hundle of the Hundle multi-family office noted.

Private credit has strong growth potential: A late 2024 BNY Wealth survey showed private credit has not historically been a top allocation for family office. That seems to have changed in 2025, when a BlackRock family office survey revealed that a third of respondents plan to increase their exposure to private credit — the highest of any asset class.

ALSO- US President Donald Trump’s tariffs are expected to drive a shift of corporate operations back to the US, creating a window for private credit to step in where capacity-constrained governments fall short, Moody’s Global Head of Private Credit Marc Pinto told Bloomberg. Infrastructure — particularly USD 2.5 tn in expected data center investment — is one of the major growth areas, Pinto added.

As the market expands, it is also maturing, with Pinto noting a pivot toward financing more stable, investment-grade firms to meet demand from institutional clients like ins. companies rather than traditional high-yield companies.

The rapid influx of capital is not without concerns: Hundle warned of a potential problem, caused by the huge sums of capital concentrated among the largest managers and a lack of transparency in the biggest agreements. Pinto echoed the sentiment, cautioning that agreement complexity and the need for more detailed information for buyers can introduce credit risks.

MARKETS THIS MORNING-

Asian markets are showing mixed performance this morning, with the Shanghai Composite is up 0.4%, while Japan’s Nikkei is down 0.4%. Trump’s tariff threats toward the EU and Mexico also sent Wall Street futures into the red territory.

ADX	10,065	+0.2% (YTD: +6.9%)
DFM	5,855	+0.4% (YTD: +13.5%)
Nasdaq Dubai UAE20	4,821	+0.2% (YTD: +15.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.3% o/n	4.2% 1 yr
TASI	11,253	-0.2% (YTD: -6.5%)
EGX30	33,053	-0.8% (YTD: +11.1%)
S&P 500	6,260	-0.3% (YTD: +6.4%)
FTSE 100	8,941	-0.4% (YTD: +9.4%)
Euro Stoxx 50	5,383	-1.0% (YTD: +10.0%)
Brent crude	USD 70.36	+2.5%
Natural gas (Nymex)	USD 3.31	-0.7%
Gold	USD 3,364	+1.2%
BTC	USD 119,024	+1.4% (YTD: +26%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.51	0.0% (YTD: -1.6%)
S&P MENA Bond & Sukuk	145.86	-0.1% (YTD: +4.2%)
VIX (Volatility Index)	16.4	+3.9% (YTD: -5.5%)

THE CLOSING BELL-

The ADX rose 0.2% on Friday on turnover of AED 1.3 bn. The index is up 6.9% YTD.

In the green: Oman & Emirates Investment Holding Co (+15.0%), Al Khaleej Investment (+10.2%) and United Arab Bank (+7.1%).

In the red: Rapco Investment (-7.0%), Abu Dhabi Ports Company (-4.5%) and Investcorp Capital (-2.4%).

Over on the DFM, the index rose 0.4% on turnover of AED 753.1 mn. Meanwhile, Nasdaq Dubai was up 0.4%

UAE and Germany launch Business Council, expand bilateral ties during Berlin visit

The UAE and Germany launched the UAE-Germany Business Council during Industry and Advanced Technology Minister Sultan Al Jaber’s visit to Berlin, state news agency Wam reports. Co-chaired by Adnoc’s executive director of low carbon solutions and international growth Musabbeh Al Kaabi and German politician Günther Oettinger, the council aims to facilitate bilateral trade and investment.

Masdar gets a head start: On the sidelines, Masdar signed an MoU with German energy infrastructure firm EnBW to explore battery energy storage and offshore wind projects in Germany and the UK.

More high-level talks on trade and energy: Al Jaber met with Germany’s foreign affairs, economy, and energy ministers to discuss cooperation in energy, industry, infrastructure, healthcare, and tourism, Wam reported separately. The talks included updates on the UAE-Germany Energy Partnership and efforts to expand private-sector engagement. He also met with business and chamber representatives to explore legislative and institutional cooperation.

From the president: Al Jaber delivered a written message from UAE President Sheikh Mohamed bin Zayed Al Nahyan to German Chancellor Friedrich Merz, which focused on strengthening bilateral ties, Wam reports.

Trade snapshot: Non-oil trade between the UAE and Germany rose 4% y-o-y to AED 50 bn in 2024, driven by a 43% jump in UAE exports.

ALSO- UAE, Burkina Faso discuss deepening ties: Foreign Affairs State Minister Shakhboot bin Nahyan Al Nahyan met with Burkina Faso’s Foreign Minister Karamoko Jean-Marie Traoré in Abu Dhabi to discuss bilateral ties and expand cooperation across economic and development sectors, according to a Foreign Affairs Ministry statement. The two leaders explored partnerships in investment and sustainability.

CALENDAR

JULY

7-25 July (Monday-Friday): Subscription window for Al Mal Capital REIT’s follow-on offering on the DFM.

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.

8-19 September (Monday-Wednesday): WHX-Tech Expo, Dubai World Trade Center.

10-11 September (Wednesday-Thursday): Mena Public-Private Partnership Forum ,Dubai.

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.

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 (Wednesday-Friday): Global Future Councils, Dubai.

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

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

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 2025, 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:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.
Universal Postal Congress 2025, Dubai.

Signposted to happen sometime in 2H 2025:

Closing of XRG’s acquisition of Covestro

Signposted to happen sometime in 2026:

1 January: Client asset regime changes in Dubai International Financial Center take effect.
9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE.
28-29 January (Wednesday-Thursday): IBA Arbitration Day Conference, Abu Dhabi.
3-5 February (Tuesday-Thursday): The World Governments Summit.
12-15 February (Thursday-Sunday): The Society for Incentive Travel Excellence Global Conference, Abu Dhabi.
13-15 April ( Monday-Wednesday) : The International Glass Manufacturing Show, 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 2026, UAE
The first edition of 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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