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Tuesday, 5 Aug 2025

What We’re Tracking Today
Capital Markets
M&a Watch
Energy
Earnings Watch
Also On Our Radar
Planet Finance
Calendar

DFM extends rally in July, outperforming regional peers. PLUS: Mumtalakat buys into BlueFive Capital

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Today at a glance

1

CAPITAL MARKETS

DFM extends rally in July, maintaining its position as best performing index in the region so far this year.
2

M&A WATCH

Bahrain’s SWF Mumtalakat acquires a stake in BlueFive Capital. PLUS: Ghitha’s NRTC expands further in Egypt.
3

ENERGY

Adnoc Gas signs supply agreement with India’s Hindustan Petroleum Corporation.
4

EARNINGS WATCH

IHC, Fertiglobe, Invictus, and Dubai Investments post 2Q earnings.
5

WHAT WE’RE TRACKING TODAY

Al-Futtaim’s acquisition of a stake in Cenomi Retail cleared by Saudi regulator.
6

WHAT WE’RE TRACKING TODAY

Mubadala invests in LG Chem’s water treatment unit?
7

ALSO ON OUR RADAR

India’s GHV Infra to develop Rakez smart manufacturing hub.
8

PLANET FINANCE

US tariffs are pushing Chinese manufacturers to consider repatriating offshore production.

Tuesday, 5 Aug 2025

What We’re Tracking Today
Capital Markets
M&a Watch
Energy
Earnings Watch
Also On Our Radar
Planet Finance
Calendar
1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Mubadala invests in LG Chem’s water treatment unit? + PMI out today

Good morning, friends. Our issue today is heavy on capital markets updates, led by a wrap-up on DFM and ADX’s performance in July, which show Dubai’s index maintaining its position as best-performing index in the region so far this year. Also: Bahraini sovereign wealth fund Mumtalakat just bought into UAE-based private equity firm BlueFive Capital.

AND- Today’s batch of earnings brings you the latest from Abu Dhabi conglomerate IHC, Adnoc’s ammonia and urea arm Fertiglobe, Dubai Investments, and Ghitha’s Invictus.

WEATHER- Eastern areas of the country could see some rain today, with light to moderate winds kicking up blowing dust, according to the National Center of Meteorology (pdf). Temperatures will hit 42°C in Dubai, before cooling to 33°C overnight. Over in Abu Dhabi, temperatures will peak at 40°C, before dipping to an overnight low of 35°C.

WATCH THIS SPACE-

#1- Mubadala invests in LG Chem’s water treatment unit? Mubadala and Singapore’s GIC have reportedly launched a KRW 600 bn (USD 433.1 mn) joint fund to invest in LG Chem ’s water treatment unit, Membrane, as part of Glenwood Private Equity’s KRW 1.6 tn (USD 1.16 bn) acquisition of the unit, Business Korea reports, citing investment banking sources. Glenwood will manage the fund and an additional KRW 400 bn (USD 288.8 mn) from earlier blind funds. Mubadala declined to comment.

What sold it to Mubadala? Membrane’s seawater desalination technology produces water treatment filters using nanotechnology, which remove 99.89% of salt and contaminants, making it viable for industrial applications and for reintegrating into energy facilities, as well as semiconductor manufacturing, which requires ultrapure water.

Other backers include Canada Pension Plan, Adams Street Partners, and Temasek’s Pavilion Capital. Glenwood plans to allocate KRW 200 bn (USD 144.4 mn) toward facility expansion, digital transformation, and advanced manufacturing upgrades..

REMEMBER- Mubadala inked an MoU with the Korean Finance Ministry to “increase investment flows into future-focused sectors in South Korea’s economy.” The UAE reaffirmed its commitment to invest USD 30 bn in South Korean businesses through Mubadala in May.

#2- Saudi Arabia’s General Authority for Competition (Gac) signed off on Al-Futtaim Group’s acquisition of a 49.95% stake in Cenomi Retail, the authority said on X yesterday. The two retail giants had inked a share purchase agreement for SAR 2.5 bn (USD 667 mn) last month. In addition to buying the stake from the founding Alhokair family shareholders, Al-Futtaim will provide a SAR 1.3 bn loan to shore up Cenomi’s finances and fund its recovery.

IN CONTEXT- The acquisition is a boon for both sides: It’s a lifeline for Cenomi, which has struggled with losses which resulted in a negative shareholder equity of SAR 991 mn in 1Q 2025, and SAR 5.43 bn in liabilities, outweighing assets of SAR 4.42 bn. It’s also big for Al-Futtaim, which will break into a Saudi retail market that is still in its infancy. Cenomi Retail has leases across the Kingdom and in other markets.

ADVISORS- Lazard is advising Cenomi on the transaction, while JP Morgan is acting for Al-Futtaim.

#3- SCA readies new carbon trading, fractional sukuk regs: The Securities and Commodities Authority (SCA) is drafting four new regulations for carbon credit trading, retail sukuk, restructuring mechanisms, and amendments to expand its regulatory powers, CEO Waleed Al Awadhi told state news agency Wam.

Breaking it down: The carbon trading framework will set licensing and operational rules for platform operators, Al Awadhi said. It’s been a slow start for carbon credit trading platforms in the UAE, with only one exchange and clearing house launched in ADGM that we know of that has since wound down its operations. Besides that, the DFM had piloted carbon credits trading at COP28 as a trial run.

Meanwhile, the sukuk regulation aims to regulate retail investors’ access to bond and sukuk markets through fractional instruments, Al Awadhi said, without giving further details.

[wwtt4] #4- Dewa plans infrastructure boost: Dubai Electricity and Water Authority (DEWA) is developing 49 new 132 kV substations and two 400 kV substations, with tenders for 11 more 132 kV stations already open for contractor submissions, according to a press release. The authority expects to tender at least 57 new substations and extend 160 km of underground cables to support growing energy demand over the next three years.

Dewa commissioned four new 132 kV substations with a combined conversion capacity of 450 MVA and laid 228 km of new transmission cables in 1H this year, valued at AED 725 mn. The total number of transmission substations has now reached 391, including 27 at 400 kV and 364 at 132 kV.

There’s more: The authority also recently awarded AED 1.1 bn in contracts to construct 10 new substations in areas including Business Bay, Nad Al Sheba 1, and Dubai Silicon Oasis, alongside an AED 288 mn package for 60.6 km of cable extensions. The expansions are part of a broader strategy to enhance grid reliability, accommodate urban development, and support Dubai’s Economic Agenda.

#5- UAE banks limit operations for 30% of Russian clients: Financial institutions in the UAE have restricted transactions or closed accounts for nearly 30% of Russian-affiliated companies since July, according to Ukraine's Foreign Intelligence Service. The moves follow compliance failures including unanswered bank inquiries, documentation errors, mismatched financial activity, and connections to Financial Action Task Force-blacklisted jurisdictions or sanctioned entities.

IN CONTEXT- The crackdown follows several packages of sanctions that have affected UAE-based firms, including from the UK and the EU.

In the third issue of our Destination Sahel series, we’re taking a look at how Sahel could become a year-round destination, the architecture underpinning new developments, and the impact of coastal cities on our shores.

Subscribe to our Egypt edition to get the scoop delivered to your inbox, Wednesday, 6 August.

Missed the first two issues? Tap or click here to read the full series.

HAPPENING TODAY-

It’s PMI day: S&P Global’s purchasing managers’ index for the UAE is set to be released shortly after we hit “send” on this morning’s issue. Business owners and investors will be looking for signs that demand is recovering after a dip in June on the back of regional geopolitical tensions — a minor setback that was still negligible considering the expansion in output. We’ll have the full rundown in tomorrow morning’s edition of EnterpriseAM UAE.

THE BIG STORY ABROAD-

It’s a thoroughly mixed bag of headlines in the global business press this morning, with everything from the latest tariff threats from Washington against India, to Israel saying it’s coming up with “next steps” on Gaza.

Israel’s security cabinet is set to meet this week “to direct the IDF” on how to achieve the country’s “objectives” on Gaza, Israeli Prime Minister Benjamin Netanyahu said yesterday, referring to Tel Aviv’s goals to wipe out Hamas and rescue the remaining Israeli hostages. Netanyahu’s remarks — which come as the death toll from Israel’s attacks on Gaza surpass 60k — are reportedly being met with some disagreements within his cabinet, as some ministers and military officials see little more to be gained with continued military aggression. (Reuters | Bloomberg)

Meanwhile, US President Donald Trump plans to impose “substantially” higher import tariffs on India because of its continued reliance on Russian oil imports. New Delhi — which Trump accused in a post on Truth Social of turning around and selling “much of the oil purchased” from Russia at a margin — is looking unlikely to budge on its current oil purchasing strategy despite the tariff threats. (Reuters | CNN | Financial Times)

Also worth knowing this morning:

  • Brazil’s Supreme Court ordered the country’s former president Jair Bolsonaro to be placed on house arrest (Axios)
  • Palantir’s quarterly revenues broke the USD 1 bn mark for the first time in 2Q 2025 (Financial Times | CNBC)

***

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***

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2

CAPITAL MARKETS

DFM extends rally in July, outperforming regional peers

Dubai Financial Market (DFM) continued to rally in July, buoyed by strong performance from banking and real estate stocks, according to Kamco Invest’s GCC markets July report (pdf). Its benchmark index notched the strongest monthly performance in the region (+7.9%) with a 19.4% gain YTD, supported by double-digit gains in heavyweight financial stocks.

Ekttitab Holding Company made the biggest gains in July, posting a 43.2% increase in its share price, followed by United Foods (+21.5%) and Commercial Bank of Dubai (+20.1%). Financials topped the list of gainers with a 12.1% surge, followed by real estate at 11.7%.

IN CONTEXT- Dubai’s property market showed no signs of slowing in 1H 2025, with AED 326.6 bn in sales in 1H, up 40% y-o-y. While prices are widely expected to moderate this year as new supply hits the market, demand has yet to subside as population growth continues.

The index fell 0.63% last week, snapping a five-week winning streak, Sarah Alyasiri, financial market strategist at CFI Financial Group, told EnterpriseAM UAE. Still, it’s at its highest level in almost 20 years — underscoring the market’s resilience despite growing concerns over US tariffs and slowing global growth, she said.

The ADX also had a good month: The FTSE ADX General Index rose 4.1% m-o-m, its fourth straight monthly gain, bringing its YTD gain to 10.1%. Bank of Sharjah broke the charts with a 75.5% increase in its share price, followed by Commercial Bank International (47.6%) and E7 (37.5%).

The healthcare sector led gains with an 11% jump, supported by PureHealth’s 11.9% share price increase. Real estate stocks also surged (+7%), buoyed by Al Khaleej Investment’s 20.2% rise. The utilities Index recorded the sharpest decline among all sectors, falling 4.6% last month.

Zooming out: Gulf markets mostly extended their summer rally in July, buoyed by 2Q earnings optimism and a risk-on tone across global equities. The MSCI GCC Index gained 2.2% during the month, marking a second consecutive month of gains, with six of the seven GCC bourses closing in the green. The GCC index was up by 3.7% YTD.

Saudi Arabia bucked the trend: Saudi Arabia’s TadawulAll Share Index retreated 2.2% in July, weighed down by a broad selloff across sectors. Boursa Kuwait extended its rally to a third month, though July’s gains were driven primarily by mid- and small-cap names. Qatar’s QE 20 Index gained 4.8% in July, with banks and consumer stocks in the driver’s seat. The Muscat Stock Exchange’s MSX 30 Index gained 6.2% m-o-m, while the Bahrain All Share Index inched up 0.6%.

Elsewhere in the region, Egypt’s EGXgained 4.1% last month with non-bank financial services shares being the most-traded equities by value in July (excluding block trades).

Looking ahead: While July’s rally reflects optimism around corporate earnings, the divergence between diversified economies like the UAE and Qatar and oil-exporting heavyweights like Saudi Arabia could continue to shape market sentiment in the near term. Investors will also be watching oil price movements, project execution momentum, and the trajectory of US interest rates.

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3

M&A WATCH

Bahrain’s SWF Mumtalakat acquires a stake in BlueFive Capital. PLUS: Ghitha’s NRTC expands further in Egypt

Bahrain’s sovereign wealth fund Mumtalakat acquired a stake in Abu Dhabi-based private equity firm BlueFive Capital, according to a press release. No details were disclosed on the size or value of the acquired stake, though a GP stake is typically a 20% minority position.

The investment comes shortly after BlueFive closed an oversubscribed founding round that valued the firm at USD 120 mn, attracting 25 institutional and family office investors, including prominent GCC merchant and royal families, as well as finance leaders from North America, Europe, and Asia.

BlueFive has already started deploying capital, fully acquiring Abu Dhabi-based Wusoom Holding for an undisclosed amount. The transaction comes on the heels of the firm closing its USD 2 bn debut equity vehicle, the BlueFive Reef Private Equity Fund I, and marks the fund’s first public investment.

More in the pipeline: Reef Fund I is targeting large-cap opportunities across the GCC in sectors including healthcare, tech, hospitality, aviation, and industrials. It has already been linked to talks for some USD 500 mn in Chinese real estate assets, including the Four Seasons Beijing, Semafor reported yesterday, citing two sources it said are familiar with the matter. The potential acquisition, which also covers an adjacent mall, gym, and parking facility owned by Chinese tycoon Liu Changle, would reportedly be syndicated to mostly Saudi investors.

BlueFive says it aims to grow into a USD 25 bn platform within five years, with geographic reach across the Gulf, Asia, and Latin America.

What they said: “Welcoming Mumtalakat as one of our anchor shareholders is both a milestone and a strong statement of confidence in our vision and capabilities,” BlueFive Chairman Sheikh Mohamed Isa Al Khalifa said. “This partnership provides stability and credibility as we accelerate our global expansion, firmly rooted in Bahrain’s dynamic financial landscape,” he added.

IN OTHER M&A NEWS-

UAE-based NRTC Food Holding has acquired Egypt’s Al Hashemeya Farms in Wadi El Natrun, one of largest private agri complexes in the region, according to a press release. The 10k-feddan farm is 70% cultivated and yields over 70k tons of crops per year — including citrus, mango, olives, wheat, sugar beet. “This acquisition is a pivotal milestone in our journey to control quality at the source, invest in food system resilience, and deliver fresher, better produce to our customers,” NRTC CEO Mohammed Al Refaee said.

Why it matters: Food security is critical for both countries, and NRTC isn’t alone: Al Dahra is a top investor in Egypt’s agrifoods industry, investing some USD 250 mn already and deploying USD 230 mn more as the UAE builds out a global food security platform.

Looking ahead, NRTC is considering further agricultural investments in Africa, focusing on scalable and climate-resilient farming models.

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4

ENERGY

Adnoc Gas signs supply agreement with India’s Hindustan Petroleum Corporation

Adnoc Gas has signed a 10-year LNG supply agreement with India’s Hindustan Petroleum Corporation, according to a press release. Adnoc Gas will deliver 0.5 mn metric tons per annum from its Das Island liquefaction facility. No financial details were disclosed.

Not its first agreement with an Indian firm: Adnoc Gas also signed a14-year liquefied natural gas (LNG) supply agreement for 1.2 mn tons per year of LNG from the Das facility with Indian Oil Corporation, valued between USD 7-9 bn, earlier this year. Adnoc Gas also inked a 10-year sales and purchase agreement with Indian state-owned natural gas company Gail last year for 0.52 mn metric tons of LNG a year. Deliveries for both are set to start in 2026.

Securing the bag: India’s biggest refiner, Indian Oil, also bought at least 2 mn barrels from Abu Dhabi and 5 mn of US crude earlier this week, while India’s Reliance Industries purchased 1 mn barrels of Abu Dhabi’s Murban crude last month. India — the world’s fourth-largest LNG buyer — plans to more than double its LNG imports to 64 bn cubic meters annually by 2030.

Trading volumes of Murban futures have increased in recent weeks amid growing market interest in alternative crude sources, particularly against the backdrop of growing disdain for Russia from the EU and the US. US President Donald Trump has been threatening to impose secondary sanctions targeting Moscow’s oil customers if Russia does not reach a ceasefire agreement in Ukraine soon. The European Union has also recently imposed fresh sanctions on Russian crude supplies. Indian refiners, which play a pivotal role in processing Russian oil and re-exporting fuels to Europe, are now shifting toward alternative crude sources.

Still, official sources are quoted as saying that India does not plan to reduce its purchases of Russian oil, according to the New York Times. No directive has been issued to curb Russian crude purchases, which make up over a third of the country's imports. While India faces a potential 25% tariff and unspecified penalties, logistical constraints and long-term contracts limit its options.

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5

EARNINGS WATCH

IHC, Fertiglobe, Invictus, and Dubai Investments post 2Q earnings

IHC-

IHC’s bottom line reached AED 6.7 bn in 2Q: Abu Dhabi conglomerate International Holding Company (IHC) posted a 55.3% y-o-y increase in its bottomline to AED 6.7 bn in 2Q 2025, according to the firm's financial statements (pdf). The company reported a 22.5% y-o-y increase in its quarterly revenues to AED 27.5 bn.

On a six month basis, the conglomerate saw a 12.3% y-o-y dip in net income to AED 10.8 bn as it paid AED 1.5 bn in taxes — up from AED 450.9 mn the year before. However, the firm saw its revenues rise 31.1% y-o-y to AED 54.7 bn, driven by solid contributions from core operating segments, according to a separate earnings release (pdf).

The breakdown: The real estate and construction sector contributed 41.4% of total revenues — or AED 22.6 bn — during 1H. Its marine and dredging segment reported AED 14.1 bn in revenues, while hospitality and leisure brought in AED 4.9 bn in revenue, supported by broad-based demand across assets, and recent global investments and acquisitions.

A busy six months: The first half of this year saw the group obtain a controlling stake in the Nationa Corporation for Tourism and Hotels through Alpha Dhabi, as well as in Spain’s Tendam Group. It launched a new reins. platform with BlackRock and Lunate back in May, while Eyasoft acquired Good Energy Group for AED 453 mn.

FERTIGLOBE-

Fertiglobe reports bottom line growth in 2Q + 1H, delays blue ammonia project: Adnoc-owned urea and ammonia exporter Fertiglobe reported a 68% y-o-y increase in adjusted net income attributable to shareholders to USD 12 mn, according to its financials (pdf). The company’s own-produced sales volumes fell 10% y-o-y during the quarter amid operational headwinds in Egypt, it said in a separate earnings release (pdf). Still, revenues rose 14.1% y-o-y to USD 565.8 mn, buoyed by stronger urea prices and resilient demand across key markets.

On a 1H basis: Adjusted net income attributable to shareholders came in at USD 85 mn, down 18% y-o-y on the back of one-off FX gains in 1H 2024. Excluding that impact, adjusted net income attributable to shareholders rose 3.5x y-o-y while revenues climbed 20.3% y-o-y to USD 1.3 bn.

Looking ahead: Fertiglobe expects to continue benefiting from a recovery in urea prices, now 20% above 2Q averages. The company also forecasts USD 10 mn in annual interest savings following the repricing of its USD 1.1 bn term loan, the refinancing of a USD 300 mn facility, and recent credit rating upgrades. The firm opted to delay Project Rabdan, a planned blue ammonia facility that would double production capacity, citing the early-stage nature of global demand and evolving regulatory frameworks.

Dividends: The company is proposing at least USD 100 mn in 1H 2025 dividends (4.4 fils per share), pending board approval. It also executed USD 31 mn in share buybacks during 2Q under its 2.5% repurchase program launched inMay, bringing total 1H shareholder returns to USD 131 mn.

DUBAI INVESTMENTS-

Dubai Investments saw its bottom line rise 13.9% y-o-y to AED 329.4 mn in 2Q 2025, according to the company's financial statements (pdf). The firm reported a 13.9% y-o-y decline in its revenues to AED 1.1 bn. On a 1H basis, the firm posted a 23.7% y-o-y uptick in net income to AED 496.6 mn. Revenues on the other hand decreased 6.9% y-o-y to AED 1.9 bn, with both periods seeing significant dips in topline income from property and investment sales.

INVICTUS-

Ghitha’s Invictus records AED 87.5 mn net income: Ghitha’s ADX-listed agro-food subsidiary Invictus Investment reported a net income of AED 87.5 mn in 1H 2025, up 3.9% y-o-y, according to its financials (pdf). Revenues saw a 43% y-o-y boost to reach AED 6.1 bn.

Expansion drove growth: Transaction volumes jumped 104% y-o-y to 6.9 mn metric tons, driven by the acquisition of Mozambique’s Merec Industries and a 60% stake in Morocco's Graderco, according to a separate earnings release (pdf). The company also signed an agreement in May to acquire 65.25% of Angola-based fertilizer blender Angata Limitada. 1H saw Invictus enter 10 new markets — including Iraq, Lithuania, Ghana, Madagascar, and Zimbabwe — bringing its total reach to 65 countries. The firm recently said it was looking to boost revenues to AED 25 bn by 2028.

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6

ALSO ON OUR RADAR

India’s GHV Infra to develop Rakez smart manufacturing hub

INFRASTRUCTURE-

India’s GHV Infra secures contract for smart manufacturing hub in Rakez: Indian engineering and construction business Rana Group awarded India-based infrastructure firm GHV Infra Projects an AED 1.1 bn engineering, procurement, and construction (EPC) contract to develop industrial and commercial facilities at Rana’s Erisha Smart Manufacturing Hub in Ras Al Khaimah Economic Zone (Rakez), according to a press release (pdf). The project is scheduled for completion within two years, with an additional 90-day setup and mobilization period.

About the hub: Backed by a USD 1 bn investment from a UAE-based entity, the 25 mn sq ft hub will focus on products used for the green transition such as semiconductors and renewable energy equipment, group Chairman Darshan Rana said in a post on LinkedIn. Rana Group tapped a subsidiary of the China State Construction Engineering Company as the main EPC contractor for the hub, which aims to attract USD 10 bn in investments.

INS.-

#1- DIFC-based expat advisory services provider Hoxton Wealth is making its first move into Asia with the acquisition of Malaysia-based Infinity Financial Solutions, a regional expat financial services firm founded in 2004, according to a statement. There’s no publicly available information about the size of the transaction. Hoxton provides financial planning, investment, ins., and expat advisory services across global markets including in the UAE, Europe, the UK, the US, South Africa, Australia, and Asia, and is eyeing Singapore as its next Asian market.

The transaction adds USD 300 mn in assets under management (AUM) to Hoxton’s portfolio, bringing its total AUM to USD 3.3 bn. The firm targets USD 4 bn in AUM by year end. “We can now offer some medical ins. products in Asia — something we’ve never been able to offer before,” Hoxton’s CEO Chris Ball said.

About Infinity: The firm provides expat clients with tailored advice to optimize investments, pensions, savings, and trusts, alongside international banking and ins. solutions. Its corporate unit supports companies with employee benefits such as group pensions and medical coverage, while also offering company formation, corporate ins., and risk management services.

#2- AI12 sets up in DIFC: UK-headquartered specialist ins. and reins. broker AI12 received regulatory approval from the Dubai Financial Services Authority to operate out of the Dubai International Financial Center (DIFC), according to a statement. The move is part of its five-year growth strategy — Dubai’s strategic location will give the firm easier access to clients across different regions working in the aviation, aerospace, energy, marine, and complex property sectors, the statement read.

FINANCIAL SERVICES-

AbuDhabi Islamic Bank is rolling out Visa’s new cross-border payment service, Remit, according to a press release. The platform, which is powered by Visa Direct, allows customers to send funds instantly to cards, digital wallets, and bank accounts.

Visa has been active in the UAE: Our friends at Mashreq partnered with Visa in December 2023, granting its customers access to faster and more efficient money transfers across 44 markets in Europe, North America, and Southeast Asia via the Visa Direct Account feature. In February, Checkout.com rolled out Visa Direct’s push-to-card solutions in the UAE, enabling faster domestic and cross-border transactions.

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7

PLANET FINANCE

US tariffs are pushing Chinese manufacturers to consider repatriating offshore production

Trump promised to bring back manufacturing to the US, but it seems like China may be the one leading the push to onshore production. With the Trump administration’s decision to impose new tariffs on more than 90 countries starting 7 August, Chinese manufacturers are finding that the logic of offshoring production to avoid long-standing China tariffs — including from previous US administrations — may no longer make financial sense, the Financial Times reports.

Chinese factories abroad now face incoming US tariffs — some of which are higher than those imposed on China. The “China plus one” strategy had seen Chinese companies — often with state support — invest bns in opening up shop abroad in nearby countries to circumvent US trade restrictions and tariffs, which came to a crescendo under Trump’s first term. But with China now facing a much less severe 30% tariff — down from 145% — it makes little sense to stay in countries with higher tariff rates like Laos and Myanmar.

The impact may be felt further afield, possibly here in the MENA region. In addition to countries like Iraq facing significantly higher tariffs from China, all countries face a 40% tariff on goods understood to be transhipped from China to the US via a third country. The problem is that what qualifies as transhipped goods is not completely clear, with Chinese factories abroad that use inputs from China for production potentially falling prey to the rule. While many Chinese companies with existing operations here may stay put to wait and see, the move by the US will certainly weigh on Chinese investor sentiment for investments abroad.

But some think the move could also push Chinese companies to seek low-tariff markets outside of Southeast Asia, which is good news for countries in the region assigned the US’ baseline 10% tariff like the UAE, KSA, and Egypt. While some companies may move production back to China, others “will seek new manufacturing bases further afield,” according to Oxford Economics Asia economist Louise Loo.

MARKETS THIS MORNING-

It’s another morning with Asian markets in the green — South Korea’s Kospi is looking at gains of 1.5%, Japan’s Nikkei is up 0.6%, and the Shanghai Composite is up 0.4%. Meanwhile, the Hang Seng is in the red, down 0.2%.

ADX

10,299

-0.2% (YTD: +9.3%)

DFM

6,126

+0.2% (YTD: +18.7%)

Nasdaq Dubai UAE20

5,097

-0.1% (YTD: +22.4%)

USD : AED CBUAE

Buy 3.67

Sell 3.67

EIBOR

4.3% o/n

4.2% 1 yr

Tadawul

10,839

+0.1% (YTD: -10.0%)

EGX30

3,549

+1.3% (YTD: +16.7%)

S&P 500

6,330

+1.5% (YTD: +7.6%)

FTSE 100

9,128

+0.7% (YTD: +11.7%)

Euro Stoxx 50

5,242

+1.5% (YTD: +7.1%)

Brent crude

USD 68.76

-1.3%

Natural gas (Nymex)

USD 2.94

+0.4%

Gold

USD 3,429

+0.1%

BTC

USD 115,310

+1.0% (YTD: +23.2%)

Chimera JP Morgan UAE Bond UCITS ETF

AED 3.53

0.0% (YTD: +1.4%)

S&P MENA Bond & Sukuk

147.17

+0.2% (YTD: +5.2%)

VIX (Volatility Index)

17.52

-14.0% (YTD: +1.0%)

THE CLOSING BELL-

The ADX fell 0.2% yesterday on turnover of AED 994.1 mn. The index is up 9.3% YTD.

In the green: Bank of Sharjah (+3.6%), Burjeel Holdings (+3.4%) and Rapco Investment (+3.3%).

In the red: E7 Group PJSC Warrants (-9.8%), Abu Dhabi National Takaful (-9.7%) and United Arab Bank (-5.3%).

Over on the DFM, the index rose 0.2% on turnover of AED 501.6 mn. Meanwhile, Nasdaq Dubai was down 0.1%.

CORPORATE ACTIONS-

Amlak exits KSA stake for AED 197.3 mn: Amlak Finance sold its 18.7 mn shares in Saudi-based Amlak International Finance Company for SAR 201.7 mn (c. AED 197.3 mn), according to a DFM disclosure (pdf). The stake, originally acquired for AED 163.1 mn, was offloaded in three tranches between June and July following shareholder approval in April.

Bigger picture: The sale is part of Amlak’s ongoing strategy to shed non-core assets and redirect capital into growth-focused investments. The company has already received the proceeds, with the financial impact set to appear in its 2Q and 3Q 2025 results.

REMEMBER- The move is the latest in a series of steps to shore up Amlak’s balance sheet. The company recently cleared AED 898 mn in debt 15 months ahead of schedule, funded by land sales including a AED 2.9 bn agreement with Emaar for plots in Ras Al Khor. It is also drawing on reserves to offset AED 406.7 mn in accumulated losses and has formally moved to exit the real estate financing business.

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CALENDAR

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.

7 September (Sunday): Opec+ meet to discuss production policy for October.

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.

8-18 September (Monday-Thursday): BHM Capital Financial Services’s AED 200 mn rights issue will be open for subscriptions.

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.

12–15 October (Sunday-Wednesday): Expand North Star, Dubai Harbor.

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.

8-11 December (Monday-Thursday): Abu Dhabi Finance Week, Abu Dhabi's International Financial Center.

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:

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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