Good morning, friends. We have a brisk issue for you this morning, with only a handful of big stories from over the weekend. The M&A story of the day is courtesy of DP World, which is expanding into cement logistics with the acquisition of Switzerland’s NovaAlgoma. Plus: More AI investment news, DFSA amendments, and real estate projects…

WEATHER- It’s slightly cooler than normal today, with Dubai set to see a high of 39°C, before cooling to 31°C overnight. Over in Abu Dhabi, the mercury peaks at 34°C, before cooling to an overnight low of 30°C.

Don’t expect this to last too long: With the onset of the hottest weather period — locally known as Jamrat Al Qayth — in the Arabian Peninsula, temperatures are expected to rise over 50°C in some desert areas between 3 July and 10 August, Gulf News reports, quoting astronomers. The UAE will witness intense heat coupled with strong winds, humidity, and dry conditions. Rotational heat waves lasting two or more days will bring temperatures more than 3°C above seasonal norms.

FROM THE RUMOR MILL-

UAE denies claims of golden visas for crypto investors: The Federal Authority for Identity, Citizenship, Customs and Port Security, along with the Virtual Assets Regulatory Authority and the Securities and Commodities Authority, have denied reports of an agreement to grant the 10-year golden visa to digital asset investors of any kind, confirming the Golden Visa criteria has not changed, state news agency Wam reports.

This followed a claim from the Open Network (TON), Telegram’s blockchain platform, that staking USD 100k worth of Toncoin for three years could grant investors a Golden Visa. The announcement claimed that applicants must pay a one-time USD 35k processing fee along with the investment. VARA also clarified TON is not regulated or licensed by the authority.

ALSO- The Indian press is reporting on a new nomination-based golden visa pathway, offering Indian and Bangladeshi citizens lifetime residency for a fee of AED 100k. The news is in Mint, Times of India, Moneycontrol, and more.

Background: The previous rules required investments of at least AED 2 mn in Emirati real estate or businesses.

How it works: Candidates must show potential contributions to the UAE’s economic, scientific, or cultural sectors, and final approval is granted by Emirati authorities. Unlike the property-linked golden visa — which expires if the underlying asset is sold — the nomination-based visa provides permanent residency and holders can sponsor family members, employ domestic staff, and pursue business or professional activities in the Emirates. Dubai-based consultancy Rayad Group is reportedly running the pilot program.

WATCH THIS SPACE-

#1- Brookfield eyes first Dubai hotel transaction: Canadian investment firm Brookfield Asset Management is in talks to acquire Sofitel Dubai The Palm in a potential AED 2 bn transaction, Bloomberg reports, citing people familiar with the matter. The 546-room beachfront hotel is operated by Accor, though ownership details remain undisclosed. If completed, it would be Brookfield’s first hotel acquisition in Dubai.

Brookfield ❤️ UAE real estate: Brookfield partnered with Abu Dhabi-based Lunate in May on a USD 1 bn joint venture targeting residential developments across the UAE, Saudi Arabia, and the wider region. It also holds a 24.5% stake in Dubai’s ICD Brookfield Place and, through its Merex JV with Dubai Holding, is redeveloping La Mer North into an ultra-luxury residential enclave. The firm is also reportedly weighing a mixed-use community project in Dubai Hills.

#2- Further weakening of the USD is set to be a boost for the UAE, and in particular Dubai, which could see demand rise for real estate among emerging market investors and a boost in tourism, Century Financial’s Chief Investment Officer for the Middle East Vijay Valecha told CNBC (watch, runtime: 05:02). The escalation of geopolitical tensions over the past few weeks is also unlikely to impact capital flows, though there was a small decline in flows for about a month, Valecha estimates.

On the tariff front, Valecha does not see a significant direct impact from US tariffs, though a potential 40-45% on transshipment is a primary concern for goods being repackaged and shipped elsewhere, Valecha said.

#3- Dragon Oil is eyeing Egypt’s North July concession: Emirates National Oil Company’s (Enoc) subsidiary Dragon Oil, Saudi-based Ades Holding, and Egypt-based Cheiron Petroleum, are vying for the North July oil field concession, located northeast of the Gulf of Suez, a government official told Asharq Business.

Dragon has the edge: The field is located near the Gulf of Suez Petroleum Company’s production facilities, in which Dragon Oil is a shareholder, a key factor the official says could speed up development and output timelines.

BACKGROUND- Dragon Oil entered Egypt’s upstream scene in 2020 after acquiring BP’s Gulf of Suez assets, replacing BP as the Egyptian General Petroleum Corporation's (EGPC) partner across the region’s production and exploration licenses. The company agreed to merge its concession agreements in the Gulf of Suez under a unified framework with EGPC back in April. The company also previously said it is eyeing further investments in Egypt, after it committed to an investment of USD 500 mn in the country this year for operational and capital expenditures.

#4- Oversupply in the labor market raises concerns: The UAE is experiencing a significant surplus of qualified professionals in mid-to-senior level positions across several sectors, The National reports, citing human resources experts. Law, finance, and real estate are seeing an oversupply, while tech and supply chain roles are facing shortages.

More people, same jobs: Application volumes have surged 50% in the past two years, with some postings attracting as many as 1k applicants, just as emirates like Abu Dhabi saw significant population growth in 2024, driving up competition for open roles.

What this means: Employers are placing greater emphasis on UAE-specific experience and companies are increasingly opting for short-term contracts before making permanent hires. AI is also having a bigger role in applicant screening, as well as replacing some existing roles.

#5- RTA, Pony.ai to test driverless cars: Dubai's Roads and Transport Authority (RTA) inked an agreement with autonomous vehicle company Pony.ai to begin testing driverless cars in the emirate, according to a press release. Pilot trials will start later this year, with full commercial operations planned for 2026.

DATA POINT-

The UAE is the second most popular destination for digital nomads: The UAE secured the second spot globally in VisaGuide's 2025 Digital Nomad Visa Index, up from fourth place in 2023 and trailing only Spain. The Emirates’ internet speed and tax-friendly environment were cited as its main draws.

PSA-

Hand over your out-of-use laptops and phones for money: The UAE could soon pay you in exchange for your discarded devices to encourage recycling electronic waste, after the Climate Change and Environment Ministry and Abu Dhabi-based waste management firm Tadweer Group signed an MoU to develop a pilot initiative, according to a ministry post on X.

But there’s a catch: Manufacturers and producers will pay an additional fee to make them more accountable for the disposal of devices. This fee will likely be passed down to consumers, but they’ll be refunded when consumers drop off their devices at the designated collection centers, the National reports.

THE BIG STORY ABROAD-

It’s a busy morning in the foreign press, with more updates on the US’ reciprocal tariffs and Israel’s potential ceasefire in Gaza, as well as a flood in Texas with a rising death toll.

#1- The US is finalizing trade agreements ahead of the 9 July deadline, though it has clarified that tariffs will go into effect on 1 August, giving countries a bit of time to strike agreements. US President Donald Trump will reportedly be sending letters to the countries without a trade agreement about their tariff rates after tomorrow. (Reuters | Financial Times | CNBC)

#2- Floods caused by a sudden storm in Central Texas have killed around 78 people, with many more missing and more rain set to strike in the next couple of days. Most of the affected were young children in private summer camps, and experts have raised concerns that Trump’s federal workforce cuts — which affected, among many others, the National Weather Service — led to a failure by officials to accurately predict the storms and issue warnings ahead of the storm. (Reuters | Guardian | Bloomberg | BBC)

#3- Trump is set to meet with Israeli Prime Minister Benjamin Netanyahu today as a potential 60-day ceasefire hangs in the balance. Indirect talks in Qatar ended inconclusively yesterday after representatives from Hamas said the Israeli delegation did not have a sufficient mandate to reach an agreement. Attacks in Gaza continued yesterday, with some 38 people killed.

Meanwhile, the Brics summit is also generating some headlines, as the countries condemned attacks on Gaza and Iran and called for reforms of global institutions including the IMF. (Bloomberg | Reuters)

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MARKET WATCH-

Opec+ strikes again: The oil group agreed yesterday to raise production by 548k barrels per day in August, accelerating its plan to return supply to the market and surpassing expectations for the size of the hike, according to a statement from the group. The August hike is larger than previous monthly increments of 411k bbl / d for May, June and July.

The rationale: The group cited a steady global economic outlook and healthy market fundamentals, including low oil inventories.

Getting closer to the finish line: With the August increase, Opec+ will have restored over 1.9 mn bbl / d, out of a total of 2.2 mn bbl / d in voluntary cuts, according to Reuters calculations. This is in addition to a separate 300k bbl / d increase granted to the UAE. The adjustments are separate from other production cuts amounting to about 3.7 mn bbl / d that remain in place.

Opec+ will meet on 3 August to decide on production levels for September, noting that the return of supply could be paused or reversed depending on market conditions.

ALSO- Opec’s oil output rose by 270k bbl / d in June to a total of 27 mn bbl / d, according to a Reuters survey. The increase was driven by production hikes in Saudi Arabia (200k bbl / d) and the UAE (100k bbl / d) as part of a broader agreement of Opec+ — which includes Opec members and other allies like Russia. The overall rise was limited by Iraq, which cut production to compensate for previous overages.