Dubai’s economy expanded 4% in 1Q 2025

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Joby Aviation on track to complete first Dubai vertiport by 1Q 2026 + Could Starlink come to the UAE?

Good morning, and happy FRIDAY. We close out this uncharacteristically busy week of news — we thought everyone was on vacation? — with another packed issue, led by several macro updates on Dubai and a hefty dose of energy-related news.

On the macro front, Dubai’s GDP expanded 4% y-o-y in 1Q 2025, while inflation rose to 2.9% in July. Meanwhile, Abu Dhabi is seeking bids for a 3.3 GW power plant, and China’s Zhenzhua Oil is on track to double its crude supplies from Adnoc as it takes over Bu Hasa. Also: Mubadala Capital completed its acquisition of CI Financial.

^^ We have the details on all of this and more in the news well, below.

WEATHER- We’re in for a cloudy weekend: The National Center of Meteorology forecasts (pdf) partly cloudy, occasionally dusty conditions through Monday, with the possibility of light rain in eastern and southern areas. Temperatures today are set to reach 42°C in Dubai, with an overnight low of 32°C, and 42°C in Abu Dhabi, cooling to an overnight low of 36°C.

WATCH THIS SPACE-

#1- Electric aircraft developer Joby Aviation is on track to launch its first vertiport at Dubai International Airport by 1Q 2026, ahead of the deployment of flying taxi operations on a national scale, the firm said in a shareholder letter (pdf). The vertiport would be the first in Joby’s planned network, which includes three others located in Palm Jumeirah, Dubai Marina, and Dubai Downtown. London-based air mobility company Skyports is developing the network.

Background: Dubai’s Roads and Transport Authority (RTA) inked an agreement with Joby Aviation for the project back in early 2024. The pair successfully ran the region’s first Joby air taxi test flight last month. The company said it wrapped 21 test flights that showcased its models’ resilience against Dubai’s hot temperatures in the letter.

REMEMBER- It’s not just Joby: Archer Aviation and Chinese firms EHang and Multi Level Group (MLG) have also finalized their own eVTOL test flights this year, with Archer saying it is “ready to launch” its midnight electric air taxis in Abu Dhabi this year between Zayed International Airport and central Abu Dhabi.

#2- India’s Adia-backed NIIF aims to double AUM to USD 10 bn within 30 months: India’s quasi-sovereign wealth fund National Investment & Infrastructure Fund (NIIF), backed by several investors including the Abu Dhabi Investment Authority (Adia), Temasek Holdings, AustralianSuper, plans to double its assets under management to USD 10 bn from USD 4.9 bn over the next 30 months, Bloomberg quoted NIFF’s Managing Partner Vinod Giri as saying.

The fund is currently raising USD 3.5 bn for a second infrastructure vehicle and USD 1 bn for private markets, aiming for a first close for its fund by early 2026. Most existing investors are expected to reinvest, with additional commitments targeted from Australia, Japan, the US, Europe and Korea, Giri reportedly said.

ICYMI- Earlier reports in February said the fund had been exploring plans to raise up to USD 2 bn for a private credit fund.

Adia and NIIF go way back: The Abu Dhabi sovereign wealth fund made the first investment in NIIF in 2017 with a USD 1 bn commitment, becoming the first institutional investor in its Master fund and a shareholder in NIIF’s investment management arm.

#3- Emirates NBD just became the first general clearing member on the Abu Dhabi Securities Exchange (ADX), according to a press release. This means it can now clear and settle trades on behalf of brokers, while offering trading members credit facilities and operational support, streamlining the clearing process and helping to cut costs. Emirates NBD will also be able to service its global network with better access, channeling more domestic and international investors into the UAE’s equity markets.

#4- Could Starlink come to the UAE? The UAE’s telecom regulator is taking steps to ease regulations for satellite service providers — such as Elon Musk’s Starlink — to operate in the country, The National reports. The Telecommunications and Digital Government Regulatory Authority has invited public feedback on a draft regulation for a satellite reseller license, paving the way for licensed companies to provide satellite internet services and devices to consumers.

While Starlink has already secured a 10-year license to provide maritime satellite internet services, which is not for general consumer use, the new regulatory changes would enable its resellers to offer satellite-based services and sell devices across the country. TDRA will be accepting public feedback for its proposal until 25 September.

What’s Starlink? The low-Earth orbit satellite service can provide Internet access anywhere in the world, and is used particularly in remote and rural areas where there is limited access.

REMEMBER- Emirates Airlines was recently linked to talks with SpaceX for in-flight Starlink internet, though regulatory hurdles including Starlink’s lack of full authorization in the UAE and its inability to function over Chinese or Russian airspace — both of which are on Emirates’ route map — posed challenges. It is also reportedly in talks with Saudia, which is said to be finalizing terms of an agreement to install Starlink’s wifi services to its planes, and is also exploring an agreement with Gulf Air and Emirates’ budget carrier Flydubai, Bloomberg reports, citing sources familiar with the matter.

#5- US is tracking AI chips to thwart China sales: US law enforcement agencies are placing location trackers on shipments of high-performance semiconductors to prevent their illegal diversion to China-based buyers, Reuters reports, quoting anonymous sources. Authorities are reportedly using tracker data to investigate individuals and companies involved in diverting the chips — part of a broader crackdown on advanced chip sales to China. The US is tracking export shipments from Dell, Nvidia, and Super Micro, the report says, quoting five sources in the AI industry.

REMEMBER- The US has been working on guardrails to ensure that exports of chips to countries like the UAE will not be diverted to China. G42 has been in line for mns of chips from US-based firms like Nvidia to bolster domestic AI infrastructure, including through a 5 GW data center campus in Abu Dhabi, set to host US AI firms — to which most of the chips would be heading. The campus was set to include “strong security guarantees” aimed at addressing US concerns over G42’s historic ties to China.

#6- Abu Dhabi is setting up a labor prosecution unit to handle worker disputes following a resolution from Vice President, Deputy Prime Minister, and Chairman of the Presidential Court Mansour bin Zayed Al Nahyan, according to the Abu Dhabi Media Office. The unit will investigate and handle claims related to labor and domestic worker cases. The Labor Prosecution will be headed by a public prosecutor of at least chief prosecutor rank, supported by prosecution members and specialized staff.

PSAs-

#1- Passport renewal windows just doubled for Emiratis: UAE citizens can now renew their passports up to one year before expiry, doubling the previous six-month limit, state news agency Wam reports, citing the Federal Authority for Identity, Citizenship, Customs, and Ports Security (ICP).

#2- You can now be charged an unlimited amount of toll fees per day and month as of 1 September, after Abu Dhabi scrapped the caps for vehicles, according to an Abu Dhabi Media Office statement. An AED 4 fee 4 will apply each time a vehicle passes through a toll gate, with existing exemptions for eligible groups maintained. Previously, a maximum toll limit per day was capped at AED 16, with monthly charges also capped at between AED 100-200.

The changes — which come as ADQ’s Q Mobility takes over management and operations of the system — will also affect the evening tariff period, changing it 3pm–7pm, while keeping the morning period at 7am–9am, Monday to Saturday. Tolls will remain at no-cost on Sundays and public holidays.

THE BIG STORY ABROAD-

A handful of business and macro stories are dominating front pages of the business press this morning:

#1- The Trump administration is reportedly in talks to buy a stake in Intel, which has struggled to keep up with the pace of change in the industry and is currently on a cost-cutting spree. Trump had called for the ouster of Intel’s CEO Lip-Bu Tan citing a conflict of interest due to his earlier ties to China. The move would also be one of several interferences from Trump in US industries — he also took a so-called golden share in United States Steel Corp. to allow its sale to Japanese rival Nippon Steel. (Wall Street Journal | Reuters | CNBC | Bloomberg)

#2- Wall Street traders are dialing back expectations of a rate cut next month after fresh data on wholesale price inflation showed a higher-than-expected increase in wholesale prices as the effect of tariffs seem to begin trickling down to consumers. The odds of a September cut have now fallen to 85%, down from more than 100% earlier, ahead of the meeting. (Bloomberg)

But the Trump administration is still applying pressure: US Treasury Secretary Scott Bessent just recently called for lower interest rates, arguing they should be 150 basis points lower than current levels. (Bloomberg)

ALSO- Happening today: All eyes are on Alaska, where Trump will meet Russian President Vladimir Putin for a high-stakes summit that Trump hopes could yield a ceasefire agreement for the war in Ukraine. (Wall Street Journal | Bloomberg | Reuters | Guardian)

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OIL WATCH-

The Brent, West Texas Intermediate (WTI), and Dubai crude futures time spreads have narrowed by more than USD 1 in backwardation since the start of August, Reuters reports. Brent and Dubai spreads are softening due to the expected jump in Opec+ supply in September and easing concerns over Russian supply disruptions, the newswire said, citing Dubai-based oil trader Shohruh Zukhritdinov.

Dubai crude continues to be stronger than Brent despite the softening market, keeping the Exchange of Futures for Swaps spread narrow and directing Asia towards Atlantic Basin supply.

End of the summer season: The output increase by Opec+ in September, alongside new production from non-Opec countries like Guyana, Brazil, and Norway, comes as peak summer demand in the Northern Hemisphere is ending. The surplus of supply and drop in demand after the season ends will likely lead to weaker diesel margins in Europe and reduced crude burning for power in Saudi Arabia, traders said.

Dubai GDP growth hits 4% in 1Q 2025

Dubai’s GDP grew by 4% y-o-y in the 1Q 2025, reaching AED 119.7 bn, with growth fueled by strong performance across a broad range of strategic sectors, according to recent data by the Dubai Media Office. This is up from a 3.5% y-o-y growth in 4Q 2024, and 3.2% growth for 2024, according to a research note (pdf) from Emirates NBD.

Adding momentum to growth was the wholesale and retail trade sector, which grew 4.5% y-o-y to AED 27.5 bn during the period. This sector fueled overall growth by 1.03 percentage points and Dubai’s GDP by 23%.

The real estate sector, a cornerstone of the emirate’s economy, grew 7.8% y-o-y to reach AED 9 bn during the period. The sector contributed 7.5% of Dubai’s total GDP. Meanwhile, finance and ins., which grew 5.9% y-o-y to AED 16 bn, contributed 13.4% to Dubai’s GDP and 0.8 percentage points to growth of the overall GDP.

The manufacturing sector expanded by 3.3% y-o-y, while the transport and storage industry, which includes all land, water, and air transport services involving people and goods, as well as handling, storage, and postal activities, grew by 2% y-o-y to AED 15.7 bn. This sector contributed 13% to the GDP of the emirate and added 0.27 percentage points to total growth, with air transport serving as the largest contributor to the sector due to high output.

The human health and social work sector was the fastest growing contributor, surging 26% y-o-y to AED 1.9 bn during the period. This sector accounted for 1.5% of the emirate’s total GDP and added 0.3 percentage points to overall economic growth.

MEANWHILE- The accommodation and food services sector expanded 3.4% y-o-y to AED 4.9 bn, contributing 4.1% to the emirate’s GDP and adding 0.14 percentage points to the overall growth. The information and communications category rose 3.2% y-o-y to AED 5.3 bn, also contributing 0.14 percentage points to the growth, and accounting for 4.4% of the emirate’s GDP.

Looking ahead: Emirates NBD sees Dubai’s economy accelerating 3.7% y-o-y in 2025, thanks to “substantial public sector investment and ongoing investments from the private sector, particularly in residential, mixed use and hospitality projects,” according to the research note. This is slightly more optimistic than the IMF, which expected the emirate’s economy to grow 3.3% this year, before growing 3.5% next year.

Dubai’s annual inflation accelerates to 2.9% in July

Dubai’s annual inflation accelerated to 2.88% in July, up from 2.37% in June, according to the Dubai Statistics Center (pdf). Some components of the basket recorded moderate price growth, while other segments remained in deflation territory.

Still slowing, but at a smaller clip: Transport prices, making up just over 9% of the index, fell to -3.40% y-o-y in July, slowing from the -7.37% y-o-y reading in June. “The key differential between June and July that saw headline inflation pick up was a smaller decline in transport prices,” Emirates NBD said in a research note (pdf). This was mainly led by variations in petrol prices at the pump, which are themselves affected by global benchmark prices.

REMEMBER- The Fuel Price Committee raised fuel prices across the board in July by more than 4% for the first time in months. This month, fuel prices are down though diesel — the only outlier — is up 5.7%.

Zooming in: A liter of Super 98 cost AED 2.70 per liter in July, marking a 9.7% y-o-y dip. Yet, this was a less significant drop from June’s 17.8% dip. “In August, petrol prices are 11.8% lower y-o-y, meaning that transport will likely be a greater drag once more. We expect this trend will continue given that Brent crude averaged USD 74.8/b over August to December last year, much higher than the present USD 65.8/b, or indeed our 3Q and 4Q forecast for an average USD 65/b,” according to Emirates NBD.

Also driving the uptick: Prices for housing, water, electricity, gas, and other fuels — the largest component in the inflation basket — rose by 6.37% y-o-y, slightly down from 6.62% y-o-y in June, and 6.85% y-o-y in May. Despite the y-o-y increase, prices in the sector continue a downward trajectory since the beginning of the year.

Food and beverages saw a mild price increase of 0.36% y-o-y in July, compared to 0.6% y-o-y in the previous month. Education prices grew at 2.63% y-o-y during the month, in a slight increase from 2.47% a month earlier. Restaurants and accommodation services recorded 0.66% y-o-y price growth, compared to 0.67% a month earlier.

On a monthly basis, prices inched up for the second straight month, growing 0.42% in July, compared to 0.28% in June, according to the statistics center’s monthly inflation report (pdf).

Dubai’s consumer price index slightly rose to 114.78 in July, up from 114.30 points in the previous month, according to the Dubai Statistics Center report (pdf).

Looking ahead: 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 maintained its 2025 inflation forecast at an average of 2.5%, after averaging 2.7% y-o-y over January to July, “with the expectation that lower oil prices through the close of the year will soften the headline inflation rate through the remainder of 2H,” it said in the note.

Mubadala Capital finalizes acquisition of CI Financial

Mubadala Capital completes takeover of CI Financial: Mubadala Capital, through its units MC Accelerate Co-Invest and MC Accelerate Holdings, acquired CI Financial, valuing CI’s equity at approximately CAD 4.7 bn (USD 3.4 bn) and implying an enterprise value of CAD 12.1 bn (USD 8.8 bn), according to a press release. The agreement closed on 12 August.

The details: Mubadala Capital paid CAD 32 per share for all outstanding CI shares, except those held by CEO Kurt MacAlpine (LinkedIn). MacAlpine is rolling his shares into the private entity.

CI aims to use Mubadala’s resources to expand in North America and globally, while growing its US subsidiary Corient and retaining its private partnership model.

What’s next? CI will continue operating independently under its existing brand, structure and leadership from its Toronto headquarters. It will be delisted from the Toronto Stock Exchange soon, but it will remain a reporting issuer in all Canadian provinces. Board changes include the addition of Samuel Merksamer, Murat Konuk and Glyn Barker, joining William Holland and MacAlpine.

ADVISORS- INFOR Financial advised CI’s special committee of independent directors, with counsel from Wildeboer Dellelce. Stikeman Elliott and Skadden, Arps, Slate, Meagher & Flom also served as legal advisors to CI, and RBC Capital Markets acted as an additional advisor. Mubadala Capital’s lead financial advisor was Jefferies Securities, with counsel from Blake, Cassels & Graydon and Latham & Watkins, strategic communications from FGS Longview, and additional advisory support from BMO Capital Markets.

Ewec issues RFP for the 3.3 GW Al Nouf power plant

Ewec has issued a request for proposals (RFP) for the development of the Al Nouf Independent Power Producer (IPP) project, according to a statement. The project will be located in the newly established Al Nouf Complex and is set to become the UAE’s largest single-site carbon-capture-ready combined cycle gas turbine plant. Proposals are expected in 4Q 2025.

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About the plant: Al Nouf IPP will have a capacity of 3.3 GW of electricity and is slated for commercial operations in 3Q 2029. The plant will integrate AI tech where relevant to boost operational efficiency, performance, and predictive maintenance. Ewec also already secured the gas turbines for the plant.

How it’ll work: Al Nouf will adopt Abu Dhabi’s Independent Power Producer (IPP) model, under which developers sign long-term agreements with Ewec as the sole procurer. The selected developer or consortium will be responsible for financing, building, operating, and maintaining the plant, and will own up to 40% of the project. The rest will be held by the Abu Dhabi government.

Background: Ewec received statements of qualifications for the Al Nouf IPP last April, Meed reported. Bids were originally expected to be submitted by the end of August.

Part of a bigger plan? The plant is part of Abu Dhabi’s 5 GW of gas-fired power plant projects to support its AI strategy. Other projects under the strategy include the 1 GW open-cycle gas turbine in Al Dhafra, according to Meed.

China’s Zhenhua on track for double its Adnoc crude supply after Bu Hasa takeover

Adnoc’s crude supply to China’s Zhenhua Oil is set to double to 200k bbl/d after Zhenhua took over as lead developer of the UAE’s largest onshore oilfield, Bu Hasa, Reuters reports citing three Chinese industry sources. The company already receives 100k bbl/d offtake as an equity holder in Adnoc Onshore, after securing a 4% stake in its onshore concession in 2018, joining BP, TotalEnergies, and CNPC.

The details: Zhenhua Oil — the smallest of China’s state oil companies — will handle Bu Hasa’s development plan, production, and cost targets after replacing TotalEnergies as asset leader following a bidding process last January, the sources reportedly said. The combined 200k bbl/d of contracted crude is expected to be reached by year-end, Reuters said, citing one of the sources.

The offtake agreement, which should be reached by year-end, was finalized in April, according to the sources. Zhenhua is set to expand its trading footprint in Abu Dhabi’s flagship Murban crude and will post its first crude trader in Abu Dhabi this month, Reuters added citing the sources.

China is already digitizing the field: Adnoc has awarded a USD 920 mn contract to Chinese Jereh Oil & Gas Engineering Corporation in November for the digitization of over 2k oil wells at its Bab, Bu Hasa, and Southeast fields. Slated for completion by 2027, the program aims to boost operational efficiency and optimize the performance of the wells through remote monitoring.

Not just oil: Adnoc has signed a long-term LNG supply agreement with Zhenhua Oil last April for a supply of up to 12 cargoes annually with deliveries benchmarked to the Japan Korea Marker and Brent oil prices.

More 2Q earnings: DP World, Taqa, and RAK Properties

DP WORLD-

Dubai-based port operator DP World’s net income rose 68.5% y-o-y to USD 960 mn in 1H 2025, according to its financials (pdf). The firm’s top line surged 20.4% to USD 11.2 bn for the same period, which management attributed to new logistics segment acquisitions and strong returns from its ports division.

The breakdown: Its logistics division contributed the most to the top line, recording a 23.1% y-o-y boost in revenues to USD 4.7 bn, despite ongoing investments in expanding logistics capabilities. The company invested USD 301 mn in this segment, targeting expansions in Sub-Saharan Africa, Europe, India, and the GCC. Meanwhile, revenues from ports and terminals rose 22.2% y-o-y to around USD 4.4 bn. The growth was driven by a 6.7% y-o-y surge in handled volumes (45.5 mn TEUs), as well as rising rates for cargo handling, which went up by 11.1% per TEU, according to its earnings release. The company invested USD 539 mn in locations including Jebel Ali, London Gateway, Sub-Saharan Africa, Canada’s Fraser Surrey Docks, Ecuador’s Posorja, and Saudi’s Jeddah.

TAQA-

Abu Dhabi National Energy Company (Taqa) saw its net income decline 32.7% y-o-y in 2Q 2025 to AED 1.6 bn, according to its financials (pdf). Meanwhile, revenues rose 5.4% to AED 14.2 bn during the quarter.

On a six-month basis, Taqa’s net income declined 19.7% y-o-y to AED 3.7 bn in 1H 2025, reflecting lower oil and gas output after the closure of four UK assets, weaker crude prices, and higher financing costs. Revenues rose 4.6% y-o-y to AED 28.4 bn, supported by higher pass-through items in its transmission and distribution segment, according to a separate earnings release (pdf).

Dividends: Taqa’s board approved an interim dividend of 0.75 fils per share for 2Q 2025.

REMEMBER- The company is pressing ahead with international expansion, including an AED 52 bn integrated power and water infrastructure program in Morocco, its takeover of the Talimarjan power complex in Uzbekistan, and the acquisition of UK-based Transmission investment.

RAK PROPERTIES-

RAK Properties’ net income nearly doubled with a 94.7% uptick y-o-y in 2Q 2025, rising to AED 92.7 mn, while its top line climbed 26.2% to AED 404.5 mn, according to its financials (pdf). Growth was buoyed by a 59% surge in sold units and traction across its residential and hospitality pipeline, it stated in a separate release (pdf).

Solid 1H performance: Net income soared 80% y-o-y to AED 160.6 mn in the six-month period, while revenues also rose 27% to AED 774.8 mn due to a higher volume of project handovers and market appetite for recent launches — including the world’s first Armani-branded villas in collaboration with Giorgio Armani and SIE Group.

Backed by an AED 5 bn development pipeline, the developer is pressing ahead with Mina, its flagship urban island destination, with landmark projects — Bay Residences, Granada II, and Cape Hayat — moving steadily amid rising demand for luxury and mixed-use real estate in Ras Al Khaimah.

Wusoom appoints new board members after BlueFive acquisition + BGN taps new Dubai-based Africa business head

Wusoom appoints new board after BlueFive takeover: Abu Dhabi-based investment holding company Wusoom has named five new board members following its acquisition by BlueFive Capital, according to a press release (pdf). The new board is chaired by BlueFive founder and CEO Hazem Ben-Gacem (LinkedIn),who is joined by BlueFive’s Head of Private Equity GCC Mouna Sarih (LinkedIn), Head of Private Equity GCC Europe Emily Morse (LinkedIn), and non-executive directors Cristiano Silei (LinkedIn) and Nikolai Riesenkampff (LinkedIn).

BGN appoints new Africa business head in Dubai: Energy and commodities trader BGN appointed Guillaume Letessier as head of business development for Africa, based in Dubai, Bloomberg reports, citing a company spokesperson. Letessier left Gunvor earlier this year.

BGN is on a hiring spree: At the end of August, Gianluca Bonuglia (LinkedIn), previously at Litasco, will join as head of business development for light distillates at the firm’s Geneva headquarters.

REMEMBER- BGN ❤️ UAE: In February, a syndicate of UAE lenders more than doubled BGN’s finance facility to USD 232.5 mn to support its global commodities expansion. BGN also secured a USD 235.5 mn sharia-compliant loan from a UAE syndicate led by Abu Dhabi Islamic Bank to finance three very large gas carriers for its JV with Al Seer Marine.

ALSO- Sharjah appointed Khawla Jassim Al Serkal (LinkedIn) as vice chair and Wafaa Taymour (LinkedIn) as CEO of the Sharjah Hospitality Group, state news agency Wam reports. Al Serkal has led the Sharjah Ladies Club for over 20 years, while Taymour has 18 years of experience in hospitality and events.

Sharjah Hospitality Group? Established last week, Sharjah Hospitality Group is an independent government entity under the Sharjah Family and Community Council. The group will set hospitality policies, manage facilities, oversee the Sharjah Ladies Club, Al Jawaher Reception and Convention Center, and other affiliated entities, as well as implement programs, partnerships, and training. Its funds will come from government allocations, revenues, investments, and sponsorships.

EGA expands product line with new supply contract to Sankyo Tateyama + Adnoc L&S receives VLEC

INDUSTRIALS-

EGA debuts greener aluminum with Japan agreement: Emirates Global Aluminium (EGA) will provide its Celestial-R billets — the world’s first aluminum alloy made with solar power and scrap metal — to Japanese aluminum components maker Sankyo Tateyama through partner Itochu Corporation, it stated in a press release. The sustainable aluminum product significantly cuts greenhouse emissions and expands EGA’s product line beyond foundry alloys into billets for extrusion and forging, meeting Japan’s increased demand for low-carbon aluminum.

REMEMBER- EGA is reportedly reviving its IPO plans, which could see it raise several bn USD, potentially ranking among the region’s largest.

DEBT-

Fitch Ratings has maintained Adnoc Murban’s — Adnoc’s debt-raising arm — long-term issuer entity AA credit rating with a stable outlook, according to a press release. Its senior unsecured notes and sukuk certificates also received an AA credit rating from Fitch, the release says. The rating agency attributed Murban’s creditworthiness to its strong relationship with Adnoc, shareholders, and the Emirate of Abu Dhabi.

Fitch says: Murban has issued USD 5.5 bn in debt since 2024 and could issue up to USD 4.5 bn more in the next three years. The company’s cashflow is projected to be more than enough to cover its debt obligations, even if oil prices are low.

LOGISTICS-

Adnoc L&S receives first VLEC delivery for AW Shipping JV: Adnoc Logistics and Services (Adnoc L&S) has acquired Gas Yongjiang, the first of nine very large ethane carriers (VLECs) for AW Shipping, its joint venture with China’s Wanhua Chemical Group, state news agency Wam reports. Built by Jiangnan Shipyard, the 98k cbm vessel will operate under a 20-year time charter and feature energy-saving technologies to cut emissions.

REFRESHER- The delivery is part of AW Shipping’s USD 1.9 bn order with Jiangnan Shipyard for 11 dual-fuel carriers placed last year — nine VLECs worth USD 1.4 bn and two very large ammonia carriers (VLACs) worth USD 250 mn, with an option for two more. The VLECs are due in 2025-27 and the VLACs in 2026-28, with the full fleet projected to generate about USD 4 bn in revenue from long-term contracts.

ALSO- A new LNG carrier is joining the fleet: The company also took delivery of Al Reef, the third of six new liquefied natural gas (LNG) carriers from Jiangnan Shipyard.

BANKING-

UAE, South Sudan ink payments, security printing MoU: The Central Bank of the UAE (CBUAE) signed an MoU with the Bank of South Sudan to boost cooperation on security printing and payment card infrastructure through Oumolat, a CBUAE subsidiary, it said in a press release (pdf). The first phase will aim to align the South Sudanese bank with international standards of efficiency, security, and data confidentiality, while a second phase will see Al Etihad Payments develop a card payment system and infrastructure for local payment processing. The agreement also includes technical training through the Emirates Institute of Finance.

GCC’s assets under management rose 9% y-o-y in 2024, with the UAE and KSA leading growth

The GCC’s asset management industry grew its assets under management (AUM) to USD 2.2 tn in 2024, up 9% from the previous year, according to a statement from Boston Consulting Group (BCG). Retail mutual fund growth was led by Saudi Arabia and the UAE, while sovereign wealth funds in Kuwait and Abu Dhabi accounted for the largest institutional volumes.

It’s a good time to be an asset manager in the region: “With Saudi Arabia and the UAE anchoring regional momentum, the GCC’s strategic diversification and SWF dominance signal a future where local asset managers could rival global giants,” said Lukasz Rey, Middle East head of financial institutions at BCG. “Recent market volatility offers a chance for change, prompting asset managers to move from recovery to innovation — reimagining value delivery, client engagement, and business operations,” he added.

How can GCC asset managers become the next industry giants? By being at the forefront of the shift towards more client-centric, technologically advanced, and leaner business models, Mohammad Khan, managing director and partner at BCG, said.

Globally, the asset management industry’s total AUM hit USD 128 tn in 2024, up 12% y-o-y, extending the rebound from the 2022 downturn, according to BCG’s latest Global Asset Management report (pdf). Global revenues rose USD 58 bn in 2024, with USD 42 bn from market performance and USD 16 bn from net inflows. More than 70% of global revenue growth came from market performance, as major indices like the S&P 500 and Nasdaq rallied, but half of the growth was offset by fee compression and the shift to lower-cost products.

Active funds saw USD 0.1 tn in global outflows in 2024, while passive products drew USD 1.6 tn in inflows, as passive funds continue to gain popularity. Heavy redemptions from North America — USD 337 bn — were large enough to push worldwide active fund flows into negative territory despite inflows in every other region.

Fixed-income funds attracted USD 700 bn globally, while active ETFs booked USD 325 bn in inflows, nearly USD 300 bn of which came from North America. Active ETF AUM has expanded at a 39% CAGR over the past decade, with actively managed products accounting for 44% of all ETF launches in 2024.

MARKETS THIS MORNING-

Asian markets are broadly in the green, as Japanese indices cheer news of stronger-than-expected growth in Japan’s economy in 2Q 2025. On the flip side, the Hang Seng is down more than 1%. Over on Wall Street, futures point to another strong open after the S&P 500 notched its third consecutive record high yesterday.

ADX	10,251	-0.3% (YTD: +8.8%)
DFM	6,095	+0.1% (YTD: +18.2%)
Nasdaq Dubai UAE20	5,006	-0.5% (YTD: +20.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.2% 1 yr
TASI	10,834	+0.7% (YTD: -10.0%)
EGX30	35,576	-0.8% (YTD: +19.6%)
S&P 500	6,469	+0.0% (YTD: +10.0%)
FTSE 100	9,177	+0.1% (YTD: +12.3%)
Euro Stoxx 50	5,435	+0.9% (YTD: +11.0%)
Brent crude	USD 66.90	+0.1%
Natural gas (Nymex)	USD 2.85	+0.4%
Gold	USD 3,381.2	-0.1%
BTC	USD 118,002	-4.4% (YTD: +24.9%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.59	0.0% (YTD: +3.1%)
S&P MENA Bond & Sukuk	148.35	-0.1% (YTD: +6%)
VIX (Volatility Index)	14.83	+2.4% (YTD: -14.5%)

THE CLOSING BELL-

The DFM rose 0.1% yesterday on turnover of AED 720.8 mn. The index is up 18.2% YTD.

In the green: Sukoon Takaful (+8%), Salik (+4.1%) and Chimera S&P UAE Shariah ETF- Share class B – Income (+3.8%).

In the red: National Industries Group Holding (-4.2%), Takaful Emarat (-3.1%) and Commercial Bank of Dubai (-3%).

Over on the ADX, the index fell 0.3% on turnover of AED 929.6 mn. Meanwhile, Nasdaq Dubai is down 0.5%.

UAE mediates exchange of 168 prisoners between Russia and Ukraine

The UAE mediated the exchange of 84 Ukrainian and 84 Russian captives, bringing the total number exchanged through its efforts to over 4.3k, state news agency Wam reports. This is the sixteenth prisoner swap facilitated by the UAE between the two countries, with earlier exchanges mediated in April, February, and January this year.

My Morning Routine: Khalil Alami, founder and CEO of Telr

Khalil Alami, founder and CEO of Telr: 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 Khalil Alami (LinkedIn), founder and CEO of Telr. Edited excerpts from our conversation:

My name is Khalil. I’m the founder and CEO of Telr, or what I like to call Telr 2.0, because I joined in 2019, a few years after it was founded, and helped reshape the business into what it is today. I’m a husband, and a father of two beautiful daughters, and I’ve been in financial services — or what is now called fintech — for the past 25 years.

I started my career in the US with American Express, then moved to Jordan to set up the US trading desk at ABC Bank. After that, I launched a payments startup in Jordan, exited in 2019, and moved to the UAE.

Telr started in 2014, founded by former PayPal regional general manager Elias Ghanem because he saw a need for a payment gateway that was from this region, for this region, as the e-commerce market began to boom in the region. Back then, online merchants often had to rely on costly, distant payment providers with little customer service.

When I joined in 2019, the business needed reshaping. That was Telr 2.0; I re-engineered and innovated what I could to make sure we regained our leadership position in the market. This year marks Telr 3.0 — a technology-first payments processor licensed directly by the Central Bank of the UAE, independent from banks, and agile enough to be able to innovate at the speed merchants need.

That means offering things like a single dashboard for merchants to track all their sales — social, online, in-app, or in-store — in one place. We also just launched Telr Incepta, which lets anyone worldwide set up a UAE company in three or four hours, open a bank account, integrate payments, and access over 50 services, from tax and accounting to travel booking.

The UAE’s rollout of open finance is another shift we’re part of. Soon, Telr merchants will be able to accept payments made directly through merchants’ customers’ bank accounts — also known as pay by account — through this open banking infrastructure. With that also comes the new national debit card Jaywan and instant payments platform Aani, as well as the digital AED, which are all very important payment methods being introduced to the market. I see a huge transformation in the market over the next three to four years as these initiatives come to life.

We’re headquartered in the UAE, with a full team in Saudi Arabia, and serve clients in 11 markets, including Jordan and Bahrain. The UAE, KSA, and Egypt alone account for about 95% of the region’s e-commerce transactions, and we have Egypt in the pipeline along with other regional markets like Qatar and Kuwait. Our expansion follows our merchants’ growth, not just a desire to plant a flag.

My day starts with coffee, which is probably a common theme for this column. I check emails for overnight spillovers, then open Enterprise to scan industry headlines. I use my mornings for deep work: a quick brain dump, reorganizing yesterday’s unfinished tasks, setting goals for today and tomorrow. By noon, the office buzz begins.

I set Telr’s vision and strategy, work closely with the tech team to drive innovation, and foster a culture of agility, compliance, and creativity. I delegate heavily. I’m lucky to have a team of masters at their craft, and I try not to meddle in daily operations unless absolutely necessary, because I think that can actually mess things up rather than let things take their natural course.

Outside the operational side, my day also involves investor relations, partnerships, and keeping our public presence aligned with our values. I monitor key KPIs every morning, looking for unusual spikes or dips and digging into the why behind them.

Weekends are sacred family time. Saturdays and Sundays are important for me to spend with my wife and daughters, whether that’s at home or out doing activities together. Travel is another way I like to disconnect, although in reality, I’m never truly disconnected; I’ll still take calls on weekends if needed. One thing I look forward to every year is going camping out in the desert where there’s no reception at all. It’s just one night, so about 24 hours of a complete technology detox. It’s short, but it’s enough to reset.

On a personal level, right now I’m focusing on health and longevity, and how technology can play a role in that. I use a lot of gadgets to track my health. I also try to get to the gym as much as I can, though a heavy travel schedule sometimes gets in the way. My goal for 2025 and 2026 is to consciously maintain a better work-life balance.

I also spend time mentoring startup founders, especially in technology, which exposes me to new ideas. I maintain strong relationships with other CEOs in my space, even competitors. I don’t see them purely as rivals. We share insights, flag potential risks, and try to maintain the overall health of the market.

I measure whether our strategy is working through merit-based recognition — not awards you can buy, but ones you earn. Being named one of the UAE’s Future 100 companies by the Ministry of Trade and the Ministry of Technology, or making it into Forbes’ Fintech 50, means a lot because we didn’t apply for or pay for them. They’re based purely on merit, and that’s the kind of validation that tells me we’re moving in the right direction.

I’m currently reading Money Men by Dan McCrum, about a payment gateway that grew from a startup to a multi-bn multinational before collapsing overnight due to fraud. It’s fascinating because it’s from my industry. I listen to a lot of podcasts, some about entrepreneurship and scaling up, others completely unrelated to work just to unwind. And like everyone else, I watch Netflix. I like Black Mirror and I’m also a fan of Yellowstone.

Two pieces of advice have stuck with me. The first, from my father, who has over 50 years of experience in financial services: Always have a strong accountant or accounting department. In payments, money is emotional and unforgiving. Without strong systems, you’re lost. The second, from a former bank CEO: Put yourself in your customer’s shoes. It sounds obvious, but few leaders do it well. I regularly play devil’s advocate, challenging our processes from a merchant’s perspective to keep the customer at the center of every decision.

CALENDAR

AUGUST

15-24 August (Friday-Sunday): Abu Dhabi International Chess Festival, Radisson Blu Hotel & Resort, Abu Dhabi Corniche.

20-24 August (Wednesday-Sunday): Dubai hosts government pavilion at Gamescom 2025, Cologne, Germany.

SEPTEMBER

1-6 September (Monday-Saturday): Dubai Fashion Week, Dubai Design District.

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

9 September (Tuesday): Envision 2025, Atlantis, The Royal, Dubai.

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.

25-27 September (Thursday-Saturday): International Congress of Medical Excellence in Dermatology and Aesthetic Med, Dubai World Trade Centre.

30 September (Tuesday): Africa Debate Conference, Dubai.

30 September (Tuesday): Dubai Podfest, 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 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.

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

1-2 November (Saturday-Sunday): Women’s Empowerment Convention (WE Convention), Atlantis The Royal, Dubai.

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.

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.

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.

8-9 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, 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.

9-13 February (Monday-Friday): The World Health Expo (WHX), 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:

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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