CBUAE sees the economy growing 4.9% this year

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WHAT WE’RE TRACKING TODAY

THIS MORNING: UAE to potentially downgrade Israel ties over annexation threat?

Good morning, wonderful people, and happy FRIDAY. We wrap the week with positive news, with the Central Bank of the UAE lifting its forecast for GDP this year to 4.9%, up from 4.5% earlier and 4% last year.

Meanwhile, in crypto news, UAE-based investment firm Pulsar Group backed Nasdaq-listed treasury Brera — now rebranded as “Solmate” — through a USD 300 mn private investment.

In other investment news, a strategy& report spotlights the GCC’s booming green FDI flows, with the UAE in the lead with USD 106.5 bn in FDI flows between 2020 and 2024.

WEATHER- It’s another humid day, with the mercury set to peak at 37°C in Dubai, with a low of 30°C at night. In Abu Dhabi, temperatures will reach 40°C, before dipping to 32°C at night.

WATCH THIS SPACE-

#1- UAE to potentially downgrade Israel ties over annexation threat? The UAE might downgrade diplomatic relations with Israel if Prime Minister Benjamin Netanyahu’s government proceeds with plans to annex the West Bank, Reuters reports, citing sources briefed on Abu Dhabi’s deliberations. Officials had previously warned that such a move would cross a “red line.” A full severance of ties is not currently planned, however options being discussed include recalling the UAE’s ambassador to Israel.

ICYMI- Tensions are already high: Diplomatic ties established under the 2020 Abraham Accords are already strained. The UAE has summoned Israeli diplomats twice this year — most recently the deputy ambassador after an attack on Qatar that President Mohamed bin Zayed Al Nahyan described as “reckless aggression,” and the ambassador was summoned in May following a far-right rally in Jerusalem. The UAE has consistently criticized Israeli settlement policies and military actions in Gaza, and it also barred Israeli defense firms from exhibiting at the Dubai Airshow last week.

#2- Etihad Airways will begin flying to Damascus from June 2026, adding Syria to its Middle East network for the first time in over a decade, according to a press release. The airline will run four weekly flights serviced by Airbus A320 aircraft.

Why now? There is growing demand for the route, the press release read, and the move comes after the General Civil Aviation Authority greenlit the resumption of flights between the countries in April. Earlier on in the year, a Syrian Airlines flight to Sharjah was the first international flight from Damascus since the ousting of former President Bashar Al Assad.

#3- Majid Al Futtaim has no immediate plans to replace Carrefour in the UAE: Retail conglomerate Majid Al Futtaim has for now ruled out plans to close Carrefour supermarkets in the UAE, even as it closed outlets in Bahrain, Kuwait, Oman, and Jordan in recent months due to what it called “challenging” retail conditions, retail division CEO Günther Helm told Dubai Eye (listen , runtime: 34:00). The group, which operates Carrefour in 12 markets, also told Khaleej Times there are “no immediate plans” to introduce HyperMax — the chain replacing Carrefour elsewhere — to the UAE, where Carrefour remains its flagship brand.

REMEMBER- In markets where Carrefour has exited, stores were rebranded as HyperMax, a locally focused grocery chain. Majid Al Futtaim has opened 44 outlets across Jordan and Oman, and six in Bahrain. The rollout followed pressure over Carrefour’s perceived stance on the Gaza conflict — though the company emphasized that the decision to exit was theirs alone and not influenced by the French brand.

It’s all about local demand: “It’s not a financial decision. It’s really about listening to the needs of the customers,” Helm noted. The launch of HyperMax came “in response to a growing demand for locally sourced products and services in a number of our markets,” the company said.

#4- CloudKitchens taps banks for regional IPO: California-based CloudKitchen, backed by Saudi Arabia’s Public Investment Fund (PIF), is in talks with banks to arrange an IPO of its Middle East unit, Bloomberg reports, citing sources familiar with the matter. First Abu Dhabi Bank, JPMorgan Chase, and SNB Capital are reportedly in the running to organize the offering.

ICYMI- The virtual restaurant startup was first reported to be eyeing an IPO either in the UAE or Saudi Arabia in May, with a dual listing reportedly being in the cards. Reports at the time said it had also tapped Goldman Sachs to arrange a possible debut.

DATA POINTS-

One third of registered trademarks in the UAE last year were homegrown: Emirati brands accounted for around one third, or 10.6k, of the UAE’s total registered trademarks last year, according to Economy and Tourism Ministry data picked up by Al Bayan. Trademark registrations from national brands came primarily from the food and beverage, real estate development, technology, construction, energy, and financial services sectors.

Chinese trademarks followed in second, with 2.7k registrations, while US trademarks rank third with nearly 2.6k. Gulf trademarks totaled 1.5k, led by a 1.1k contribution from Saudi Arabia. Trademarks from elsewhere in the Arab world accounted for 500, led mainly by Egyptian brands with 205 registered trademarks. The number of registered trademarks was up 94% last year compared to 2022, according to data from the Economy and Tourism Ministry.

PSAs-

#1- Dubai homeowners can now make recurring community and property service payments automatically, after Itihad Community Management adopted the CBUAE’s Direct Debit System, according to a press release. Under the system, homeowners can authorize recurring payment mandates and schedule payments made through bank accounts, as well as debit and credit cards, eliminating the need for paperwork.

#2- You can now report public transport damage via your smartphone, after Dubai’s Roads and Transport Authority (RTA) launched Madinati — a smart reporting system letting people flag issues related to public transport facilities like pavements, bus stops, and road signals, according to a statement. Users can report issues by sending a photo via WhatsApp which are then sent on to the right department to resolve the issue.

HAPPENING TODAY-

#1- The Ajman Department of Tourism Development’s roadshow in India wraps today, state news agency Wam reports. The initiative had aimed to showcase Ajman’s tourism projects and attractions while deepening ties with Indian operators and industry partners. The roadshow aims to raise Ajman’s international profile, grow visitors numbers, and attract new investment into the emirate’s tourism sector through meetings, events, and potential agreements with Indian stakeholders.

#2- India’s Union Minister of Commerce and Industry, Piyush Goyal, wraps his two-day visit to the UAE today. The minister co-chaired the India-UAE High Level Task Force on Investments with Abu Dhabi Investment Authority managing director Sheikh Hamed bin Zayed Al Nahyan and is scheduled to meet with several UAE ministers and business leaders, including National Security Adviser Sheikh Tahnoun bin Zayed Al Nahyan, to discuss strengthening trade and investment ties, the Economic Times reports.

Discussions during the task force meeting focused on building on the comprehensive economic partnership agreement and expanding cooperation into sectors such as maritime and space, CNBC TV18 reports. Talks are also set to cover the double taxation treaty, closer coordination between the two countries’ central banks, and deeper engagement through the UAE-India Business Council roundtable with CEOs from leading Emirati and Indian firms.

THE BIG STORY ABROAD-

A single business story is dominating the international business press: US chipmaker Nvidia has invested USD 5 bn to acquire a 4% stake in rival, struggling chipmaker Intel, weeks after the US government bought into the company. The two firms will together develop PC and data center chips, while Intel’s contract manufacturing business will supply processors and packaging for joint products.

A massive lifeline for Intel: The firm, which has been struggling to match the pace of the industry in AI, is getting direct access to future AI infrastructure through the acquisition, analysts say. Intel’s shares surged nearly 23% on the news.

The story is everywhere in the business press: Reuters | CNBC | Bloomberg | Financial Times | Wall Street Journal

IN OTHER NVIDIA-RELATED NEWS- Nvidia is the newfound focus for China in US trade talks, after the country dropped its probe into Google ahead of US President Donald Trump and China’s XI Jinping call today. The country had earlier decided to investigate Google for anti-monopoly practices, after being slapped with massive tariffs that were later lowered by the US. Nvidia is now the subject of a similar probe, after China’s cyberspace regulator found it violated anti-monopoly laws with its USD 7 bn acquisition of Israel’s Mellanox Technologies in 2020. (Reuters | Bloomberg)

Over in France, hundreds of thousands took to the streets yesterday to protest the previous government’s fiscal plans, including looming budget cuts, with unions at the helm. France’s new prime minister, Sebastien Lecornu, has pledged to find a way for a budget that helps address the country’s debt issues and provide new policy directions. (Reuters | WSJ | Guardian | AP)

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CBUAE upgrades 2025 GDP forecast to 4.9% on oil rebound, easing inflation

The Central Bank of the UAE (CBUAE) now expects real GDP to grow 4.9% in 2025, up from a 4.4% projection in June, according to its latest Quarterly Economic Review (pdf). The revision, which comes on the back of momentum in the non-oil sector and higher oil production, reverses a downgrade from June, when the central bank had cut its 2025 forecast to 4.4% from 4.7% due to weaker global economic activity and lower oil prices.

Growth is forecast to accelerate to 5.3% in 2026 — slightly below the 5.4% projected earlier.

Hydrocarbons are to thank: Hydrocarbon GDP is forecast to rise 5.8% in 2025 — up significantly from an earlier forecast of 4.1% — and 6.5% in 2026, after stagnating at just 1% in 2024. The forecast comes after Opec+ last month approved an oil production increase of 547k bbl / d for September, wrapping up its supply restoration strategy ahead of schedule. The hike reverses the bloc’s 2.2 mn bbl / d cut from in 2023, and also allows the UAE a 300k bbl / d quota increase ahead of schedule.

A boost from steady non-oil momentum as well: The CBUAE maintained its forecast for non-hydrocarbon GDP this year at 4.5%, while revising up next year’s forecast to 4.8% from 4.5% earlier. It attributed the upward revision to expectations of indirect tailwinds from rising oil production, including higher investment, government spending, and growing confidence in the economy.

REMEMBER- The non-oil sector grew 5.3% y-o-y in 1Q, led by manufacturing, financial services, construction, and real estate. PMI data shows an uptick in output levels despite softening new orders, with trade and tourism being key growth drivers. Meanwhile, non-oil foreign trade jumped 24% y-o-y to nearly AED 1.7 tn in 1H 2025, with exports up 44.7% to a record AED 369.5 bn, accounting for 21.4% of total non-oil trade. Trade made up the largest share of non-oil GDP in 1Q 2025 at 15.6%, with the sector now on track to hit AED 4 tn by 2027 — four years ahead of the original 2031 target.

Inflation easing: Headline inflation stood at 0.6% y-o-y in 2Q, down from 1.4% in 1Q as energy costs dropped. The CBUAE cut its 2025 inflation forecast to 1.5%, from 1.9%, on the back of falling food and transport costs. Inflation is expected to edge up to 1.8% in 2026, with the rise coming primarily from the impact of base effects.

How CBUAE’s forecast compares: The CBUAE’s 4.9% projection is broadly in line with Standard Chartered’s 5% forecast for 2025, but above Fitch Solutions’ BMI (4.3%) and the IMF (4%). Further ahead, Standard Chartered expects growth to moderate to 4% in the following two years.

Regional outlook: The CBUAE sees GCC growth rising to 3.6% in 2025, up from 2.2% in 2024, before accelerating to 4.3% in 2026. That marks an upward revision from June, when the central bank had projected 3.2% growth in 2025, though its 2026 forecast is unchanged.

BlueFive targets USD 1 bn Asia fund launch in 4Q 2025

Abu Dhabi-based private equity firm BlueFive Capital is preparing to close a new USD 1 bn Asia fund in 4Q 2025, Reuters reports citing statements made by CEO Hazem Ben-Gacem at a conference in Singapore. The Mumtalakat-backed firm is currently courting Middle Eastern family offices looking to break into Asian markets.

Focused on alternative investments: The proposed vehicle will channel capital into Indonesian aviation and mining, alongside transport-linked infrastructure in China (such as airports and ports), as the PE firm looks to capture shifting trade and capital flows. “The direction of the geopolitics for the next, most likely, decade or two, is such where you will see a very close rerouting of both trade and capital between Asia, China and the Middle East,” Ben-Gacem said, adding that BlueFive aims to be “in the middle” of that rerouting.

BlueFive already has a China play in motion: Just last month, BlueFive partnered with China’s CICC Capital to launch a USD 500 mn private equity fund — the first GCC-originated PE platform to be denominated in CNY — targeting China’s new economy sectors including tech, green energy and advanced manufacturing. The firm was also said to be in talks to acquire some USD 500 mn worth of Chinese real estate assets, including the Four Seasons Beijing.

ICYMI- BlueFive, which recently closed its USD 2 bn debut fund, is aiming to scale into a USD 25 bn platform within five years across the Gulf, Asia and Latin America, hitting the USD 5 bn mark as early as November.

ALSO- The firm is pushing into Southeast Asia through a new Shariah-compliant asset management platform launched under its partnership with Jeddah-based Al Murjan Group. The tie-up will also see BlueFive open a Riyadh office to co-manage Saudi investments with Al Murjan unit Sidra Capital.

UAE-based investment firm Pulsar backs Nasdaq-listed crypto treasury Brera, now Solmate

UAE-based Pulsar Group, a virtual assets-focused investment and advisory group, has led a USD 300 mn private investment in Nasdaq-listed crypto treasury firm Brera, which has now rebranded to Solmate, according to a statement. Also participating in the investment round in the firm, which holds stakes in sports teams: the Solana Foundation, RockawayX, and ARK Invest.

The company plans to develop crypto infrastructure projects in the UAE, with the first being bare metal servers in Abu Dhabi, in a bid to outperform traditional validator setups and give regional investors access to Solana’s staking yields, the statement said. It also plans to stake SOL tokens — the native cryptocurrency on the Solana blockchain.

A dual listing on the table? The company plans to dual list on a UAE exchange, the statement said, without clarifying the timeline or the venue it would choose.

ADVISORS- Cantor Fitzgerald & Co is the financial advisor and sole placement agent for the PIPE financing. Lowenstein Sandler is acting as legal advisor to the investing consortium, while DLA Piper is acting as legal advisor to Cantor Fitzgerald & Co. Boustead Securities is Brera’s majority shareholder’s advisor, and Wachsman is the communications and strategy firm for the transaction and the agency of record for Solmate.

UAE directed USD 106.5 bn into green FDI between 2020-24 -strategy&

The UAE funneled some USD 106.5 bn into green FDI between 2020-24, accounting for the bulk of green FDI outflows from the region, according to a strategy & report (pdf). Saudi Arabia’s outflows amounted to USD 25.1 bn, with the two countries and Oman together logging 29 outbound investments and 10 inbound ones.

Most of the UAE’s capital went to hydrogen and ammonia (USD 62 bn), while USD 22 bn each was allocated to renewable power and sustainable construction. Mauritania (USD 34 bn), Egypt (USD 26 bn), South Africa (USD 22 bn), Spain (USD 7 bn), India (USD 6 bn) were the biggest recipients, while “other” markets accounted for USD 11 bn.

On the other hand, the UAE was the recipient of just USD 2.5 bn in green FDI inflows during the same period. Saudi Arabia received the largest amount of green investment inflows across the region (USD 12.6 bn), followed by Oman at USD 8.9 bn, with the bulk of inflows to the region focusing on hydrogen and the EV sector. Weak investment support, policy gaps, and regulatory uncertainty weighed on inbound FDI flows.

The GCC can step up its green FDI game by securing long-term buyers for green products and deepening local markets. A few policy tweaks would help, too: clearer carbon pricing and green taxes, more flexible ownership rules, and stronger investor protections. A dedicated green manufacturing law and industry fund could also help incentivize eco-friendly production and spur demand by reducing risk and fueling demand.

The outlook: Despite trade frictions, geopolitical uncertainty, and shifting capital flows from climate tech to data centers, corporate sustainability targets and technology advances will keep green FDI on a growth path in the long term, the report said. At a time when tariffs are recalibrating trade and manufacturing flows, countries can also benefit from fresh avenues for green FDI flows, and the GCC is well positioned to emerge not just as an investor but also as a leading destination for sustainable investment, the report noted.

EFG Hermes One-on-One conference ranked best investment conference in region

EFG Hermes One-on-One takes first place: Our friends at EFG Hermes were awarded first place in the Corporate Access Conference for Emerging EMEA category for its EFG Hermes One-on-One Conference by buy-side investors in Extel’s 2025 research survey, according to a press release (pdf). The event, which takes place in Dubai every year, is the largest of its kind in the region, connecting hundreds of global corporate leaders with fund and portfolio managers, institutional investors, and family offices from around the world.

Success in London as well: Meanwhile, its annual EFG Hermes London Conference, which ran last week, secured third place in the Conferences Corporate View category. The conference saw 285 investors from 146 prominent institutions convene to explore investment pathways across the region.

UAE, Hong Kong agree mutual recognition of licensed fund, investment managers

CAPITAL MARKETS-

SCA inks agreement for mutual recognition of fund and investment managers with Hong Kong: The Securities and Commodities Authority (SCA) signed an MoU with Hong Kong’s Securities and Futures Commission (SFC) to mutually recognize funds and investment managers licensed in each other’s markets, according to a statement (pdf). The agreement aims to accelerate cross-border market access and expand investment windows by reducing regulatory duplication.

ICYMI- Hong Kong’s SFC also recently inked MoUs for cooperation with ADGM’s Financial Services Regulatory Authority and the Dubai Financial Services Authority.

ADX to boost cooperation with Hong Kong exchange: The Abu Dhabi Securities Exchange (ADX) also signed an MoU with Hong Kong Exchanges and Clearing (HKEX) to expand cross-border cooperation, according to a separate press release. This will include dual listings, cross-border financing, and developing products like exchange-traded funds, while also promoting both markets through joint roadshows and seminars.

Background: The agreement builds on a previous MoU between ADX and HKEX in 2007, and follows ADX’s addition to HKEX’s list of recognized stock exchanges last year.

INVESTMENT-

#1- Meedaf invests in InDebted UAE for local push: Abu Dhabi Commercial Bank’s fintech arm, Meedaf, invested an undisclosed amount in InDebted’s UAE entity to support the Australian fintech’s regional expansion, according to a statement. InDebted — which specializes in AI-powered debt collection and launched local operations in March, serving consumer lenders, fintechs, and Buy Now Pay Later (BNPL) providers — will use the funding to establish a UAE hub and expand into banking, financial services, government, and telecoms.

REFRESHER- Abu Dhabi Commercial Bank launched Meedaf in April to provide AI, blockchain, and analytics solutions for banks and financial firms. Its first agreement was a joint venture with US money-handling group Brink’s to offer secure money transport, ATM management, and digital retail money solutions for UAE financial institutions.

#2- Mavryk raises USD 10 mn for RWA tokenization: Blockchain firm Mavryk has secured USD 10 mn in funding, led by financial derivatives broker MultiBank Group, to push forward their joint plan to tokenize USD 10 bn worth of real-world assets (RWA) through real estate in the UAE, CoinDesk reports. The project looks to allow investors to trade and borrow real estate tokens without the need to manage it through private keys.

ALSO INVOLVED- Dubai-based developer MAG Holding Group inked a USD 3 bn real estate tokenization with Mavryk and MultiBank back in May, bringing the real estate developer’s inventory onto MultiBank.io’s regulated real world assets marketplace, with Mavryk providing the blockchain infrastructure.

CONSTRUCTION-

Arada awards AED 2.2 bn Aljada contract to UNEC: Sharjah-based developer Arada awarded Dubai-based United Engineering Construction (UNEC) an AED 2.2 bn contract to build Madar Mall, the retail and entertainment anchor of its USD 9.5 bn Aljada mixed-use community project, according to a press release. Construction begins immediately, with completion set for December 2028.

Scale and scope: Madar Mall will span a 3.9 mn sq ft built-up area, with 1.1 mn sq ft of gross leasable area. The project will house over 400 shops, 80 dining outlets, and lifestyle and leisure facilities. Aljada is planned to accommodate over 25k homes and is slated to be ready in 2030, with Arada awarding AED 604 mn in contracts for its business district hub in March.

FINTECH-

Kamel Pay secures CBUAE in-principal approval to streamline payroll and B2B payments: UAE-based fintech Kamel Pay secured in-principal approval from the Central Bank of the UAE (CBUAE) for stored value facilities (SVF) and retail payment services (RPS) licenses, according to a press release. The fintech aims to provide full payroll and business payment solutions for firms, including supplier payments and salary management.

MARITIME-

AD Ports has awarded a contract to Azerbaijan’s Baku Shipyards for the construction of two shallow-draft container ships, according to a press release. The vessels — whose capacities stand at 780 TEU — are slated for delivery by 4Q 2027 and will be deployed in the Caspian Sea.

REMEMBER- The UAE and Azerbaijan signed an economic partnership agreement earlier this year aimed at boosting investment flows and cooperation across renewables, tourism, logistics, and construction services.

LOGISTICS-

Amazon lands in Kezad: Amazon — in collaboration with the Abu Dhabi Investment Office — has launched its first fulfillment center in Khalifa Economic Zones Abu Dhabi (Kezad), according to a statement. The facility — which has an 8 mn unit storage capacity — is set to boost fulfilment capabilities, ease delivery times, and increase customers’ product selection on offer. Half of it will be dedicated to sellers using the firm’s tailored Fulfillment by Amazon services.

SUSTAINABILITY-

UAE launches new platform for trading recyclables: The Climate Change and Environment Ministry launched a digital marketplace — Tahweel — dedicated to exchanging recyclable materials, Wam reports. Firms holding a valid trade license can use the platform, which was developed in partnership with state-backed sustainability firm Beeah and operates via a direct digital channel that offers auctions, and instant transactions, to trade materials including plastics, metals, e-waste, glass, rubber, and wood.

Crypto treasuries face test as altcoins challenge BTC’s dominance

Corporates pile into digital assets as BTC vs altcoin split emerges: Institutional treasuries of public companies are moving USD bns into crypto, but a divide is emerging over whether the balance sheet should stick to BTC or diversify into altcoins, Bloomberg reports.

Who’s buying into what? With USD 116 bn held by 190 listed firms in BTC, the crypto mainstay’s backing outweighs altcoin holdings — however this lead is being challenged to some degree on the back of altcoin’s promising yields, with ETH treasuries reaching USD 16 bn and firms holding USD bns worth of SOL, pointing to shifting preferences.

The case for BTC: BTC backers see it as the only virtual asset that carries real legitimacy as a treasury asset, with its fixed supply of 21 mn tokens and established position in crypto markets providing “stability and simplicity,” Bit Digital CEO Sam Tabar said. BTC is also less susceptible to price volatility than its altcoin counterparts.

In the other corner: Alternative assets like ETH and SOL could offer bigger upside and returns, because of the various tactics like staking, staking, and lending that they offer. However, more exposure to market volatility and price swings make it a “horrible asset for a treasury company,” according to Strive Inc’s CEO Matt Cole.

BTC’s stagnant position on balance sheets will need to be challenged through the issuance of instruments or bonds, some argue, adding that the “moment has passed” for BTC to just be bought and held on balance sheets.

BUT- Skepticism around altcoins remains: CEO of BTC treasury firm Nakamoto David Bailey warned in an X post that failed altcoin projects and “toxic financing” have blurred the purpose of digital asset treasuries. He likened BTC treasuries to banks, arguing that firms with strong balance sheets will grow while weaker ones will be absorbed. Altcoins are also among the most vulnerable to market downturns, which would hit treasury firms hard.

MARKETS THIS MORNING-

Japan’s Nikkei notched another record high this morning as the Bank of Japan meets for its interest rate decision, while China’s CSI 300 and Hong Kong’s Hang Seng are both in the green, riding the broader wave across global stocks following the Fed’s interest rate cut yesterday. South Korea’s Kospi, however, is the one outlier, falling 0.4%. Over on Wall Street, futures are little changed after yesterday’s rally.

ADX	10,099	+0.6% (YTD: +7.2%)
DFM	5,979	-0.2% (YTD: +15.9%)
Nasdaq Dubai UAE20	4,864	+0.9% (YTD: +16.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.0% o/n	3.8% 1 yr
TASI	10,781	+1.2% (YTD: -10.6%)
EGX30	35,403	+1.2% (YTD: +19.0%)
S&P 500	6,632	+0.5% (YTD: +12.8%)
FTSE 100	9,228	+0.2% (YTD: +12.9%)
Euro Stoxx 50	5,457	+1.6% (YTD: +11.5%)
Brent crude	USD 67.44	-0.8%
Natural gas (Nymex)	USD 2.94	+0.1%
Gold	USD 3,675.30	-0.1%
BTC	USD 117,481	+1.5 (YTD: +24.4%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.62	+0.6% (YTD: +3.9%)
S&P MENA Bond & Sukuk	150.55	-0.2% (YTD: +7.6%)
VIX (Volatility Index)	15.7	-0.1% (YTD: -13.9%)

THE CLOSING BELL-

The ADX rose 0.6% yesterday on turnover of AED 1.5 bn. The index is up 7.2% YTD.

In the green: Orascom Construction (+11.8%), Abu Dhabi National Takaful (+10.9%) and Abu Dhabi National Co. for Building Materials (+4.8%).

In the red: Al Khaleej Investment (-10.0%), Al Ain Alahlia Ins. Co. (-9.9%) and Rak Co. for White Cement & Construction Materials (-4.6%).

Over on the DFM, the index fell 0.2% on turnover of AED 773.8 mn. Meanwhile, Nasdaq Dubai was up 0.9%.

My Morning Routine: Martin Linder, CEO and founding partner of Global Partners

Martin Linder, CEO and founding partner of Global Partners: Each week, My Morning Routine looks at how a successful member of the community starts their day — and then throws in a couple of random business questions just for fun. Speaking to us this week is Martin Linder, CEO and founding partner of Global Partners. Edited excerpts from our conversation:

I’m Martin, and I’m from Switzerland. I spent my childhood and did my university studies there. I had an international career, starting with investment banking at Goldman Sachs, which kind of defined the way I work and the corporate culture I got used to throughout my entire career. I was there for two years and then eventually got recruited by a private equity firm that was founded by former Goldman Sachs employees, called Partners Group, which was among the first out of Europe with significance.

When I came to Dubai about 10 years ago, I had wanted to experience another big city after living in New York and London, and I fell in love with it. At one point, I noticed that Dubai didn't have an independently managed homegrown alternative asset manager — there’s plenty of family offices with a single principal or something attached to another fund, but no independent alternative asset managers of scale.

I studied the market to try to understand what local developers do, what could be done differently, and what could work for international investors. That was the beginning of the Global Partners journey. We started when covid-19 hit, and I always say it’s best to work against the tide. Between 2014 and 2020, the real estate market was on a downward path, and people were saying there’s an oversupply problem. But I spoke with some people who inspired me, who said it’s more of a demand problem, and the question was whether it would return — and the fundamentals said that it would.

The pitch was to create a gateway for international investors to get exposure to the real estate market here. Back in 2021, you mostly had options for retail investors in the off-plan market or a few ready products that existed, but there was no institutional offering. There was also a huge market gap on the rentals side. All the big private developers do off-plan sales, but very few have a broader asset strategy where they would build and own to lease apartments and create an institutional portfolio.

With that approach, we attracted our co-founders and successfully established our

local presence. We identified the first locations for our projects and raised USD 212

mn in equity for our debut fund. Our second fund secured USD 255 mn at first close, and earlier this year we completed another close at USD 310 mn, bringing us closer to the target fund size of USD 350 mn.

We would typically enter at a time when the location is prime but undervalued because of issues that had arisen at a certain point in time. We come together with other developers to transform that master plan into an elevated luxurious neighborhood by taking a big piece of land and supporting the activity there.

In the US and Europe, there’s a lot more financial structuring that can take place compared to here, so we have to compensate here with the margins, and by trying to find different ways to be an interesting spot from a risk return profile point of view globally.

Dubai has the most interesting profile for us. It's a highly liquid market, unlike any other city in the Middle East. It is highly attractive from a macro, top down perspective, but also from a bottom up point of view. We have seen a very strong cycle until now, and is it topping out? Eventually, it will, but does it matter to us? No.

We are very disciplined at the entry level. I think it matters if you go out there and compete for pieces of land with a dozen other potential buyers and pay exorbitant prices and build your business case on high numbers, putting yourself under pressure. We operate very differently by trying to discover opportunities that are not out there in the market and unlock the potential there.

I love routine. Every day for me involves some sort of sports activity. After the summer heat, I usually start my day with a run by Kite Beach. But while it’s still hot outside, I usually move that over lunchtime and do indoor sports, like cycling. I do triathlons, so I have three disciplines to pack into my schedule somehow and spread over the week.

Travel is also big in my schedule, with the majority of our investors being from the US, Europe, etc. I try to keep the routine flexible enough with the travel schedule to adjust. Wherever I travel, I always have my running shoes with me and would run in the city, and that actually helps me get over the jet lag really easily.

I’m not the type of CEO who goes to the office to check what my employees are doing. I’m a strong believer that ownership is key. I want to have the best people on my team, and I want to give them the space to own their job by creating a supportive environment with minimal distractions and disturbances.

I believe my contribution to the team should be my energy and my passion for the business. They need to know they have a realistic but passionate leader. I think every business — and I’ve experienced that at other companies as well — in its initial phases is always on the brink of failure, with a 50/50 chance for things to either go really wrong or really right. You create success by always turning that tide to the positive side with some force, optimism, and will power.

The triathlons help. I once did a triathlon in a sandstorm here in Dubai, and we were struggling to see anything and breathing in sand — those moments really challenge you and make you want to give up, but I just kept going and finished it. In business, it’s no different — and you do it with calm and by trying not to panic.

The best piece of advice I’ve received was from one of my mentors at Partners Group, who saw my energy and my impatience, and saw me always trying to force things, and he would tell me, simply, “the water always finds its way to the sea.” I repeat that to the team now. Sometimes, there’s a rock that blocks you or you face an obstacle, but water will always find its way around. It’s really about having patience, acceptance, and finding a solution.

CALENDAR

SEPTEMBER

8-19 September (Monday-Friday): Universal Postal Congress, Dubai World Trade Center.

10-20 September (Wednesday-Saturday): IFMAYouth World Muay Thai Championship, Abu Dhabi.

15-19 September (Monday-Friday): The Ajman Department of Tourism Development promotional roadshow in India today.

22-24 September (Monday-Wednesday): South African State-Owned Enterprises Investment, Waldorf Astoria, DIFC

23-24 September (Tuesday-Wednesday): MENA EV Show, The Agenda, Dubai Media City.

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

24 September (Wednesday): Syria Recovery and Investment Forum, Abu Dhabi.

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

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

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

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

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.

9-15 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.

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

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.

JUNE 2026

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

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:

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.

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