Du’s secondary offering goes live

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Adnoc Gas is joining the FTSE Emerging Index

Good morning, ladies and gentlemen. We have a busy issue today, packed with plenty of investment and capital markets stories, leading with du’s follow-on offering kicking off yesterday. The secondary sale, which will entail Mubadala’s Mamoura selling down its stake, will see the new shares trading on the DFM next week.

ALSO- ADGM cemented its position as the region’s premier IFC on the back of surging AUM, while Modon is reportedly planning to invest some EGP 45 bn in infrastructure projects in Egypt’s Ras El Hekma.

WATCH THIS SPACE-

#1- Adnoc Gas will be added to the FTSE Emerging Index on Monday, 22 September — a move market analysts say could channel more than USD 250 mn in passive inflows into the stock, according to a press release (pdf). The upgrade comes a little under four months after Adnoc Gas was included in the MSCI Emerging Markets Index .

REFRESHER- Adnoc Gas raised USD 2.5 bn in its ADX IPO in 2023 before its parent company Adnoc sold down an additional part of its interest in a USD 2.8 bn follow-on offering back in February.

#2- TAIC plots USD 1 bn asset shift: The Arab Investment Co. (TAIC) tapped Saudi Arabia’s Jadwa Investment to reallocate USD 1 bn from the sale of legacy holdings, CEO Abdullah Bakhraibah tells Bloomberg. The move is part of a turnaround plan that will see TAIC exit its entire USD 1.2 bn portfolio of bonds and letters of credit to focus on public equities, private markets, and venture capital.

REMEMBER- TAIC, backed by 17 governments, outlined plans last month to sell its legacy portfolio and pivot toward sectors such as healthcare, education, industrials, and technology — with 20 transactions targeted across shareholder nations. The UAE is its third-largest investor with a 13.5% stake, behind Saudi Arabia and Kuwait.

What’s next? TAIC aims to redeploy as much as USD 800 mn by year-end, Bakhraibah said, in line with a broader shift among Gulf sovereign funds toward higher-yielding alternative assets.

#3- Cyprus eyes UAE role in EUR 1.9 bn subsea cable: Cyprus is talking to the UAE about possible cooperation on a power link — financially backed by the EU — connecting Greece, Cyprus, and eventually Israel, Reuters quotes Cypriot President Nikos Christodoulides as saying. Christodoulides met with President Mohamed bin Zayed Al Nahyan to discuss “the possibility of a joint partnership... to invest in other areas related to this project,” the Cypriot President said.

IN CONTEXT- The approach comes as the EUR 1.9 bn project faces repeated delays and is currently under investigation by European prosecutors for possible criminal offenses. Slated for completion by 2030, the fully extended 1.2k km-long, 3k meter-deep cable is set to be the world’s longest and deepest high-voltage direct current interconnector. Abu Dhabi’s Taqa expressed interest in participating in the project last year.

DATA POINTS-

Gross bank assets grew 1.9% m-o-m to AED 5 tn in June, according to the Central Bank of the UAE’s latest monetary and banking developments report (pdf). Gross credit rose 1.8% to AED 2.3 tn, driven by AED 22.5 bn in domestic credit and an AED 18.4 bn growth in foreign credit. Within domestic credit, lending to non-banking financial institutions increased 4.6% and private sector credit went up 2.1%, while credit to government-related entities decreased by 2.3% and credit to the government sector went down 0.4%.

Total bank deposits increased 0.9% m-o-m to AED 3.0 tn, as resident deposits rose 1.7% to AED 2.8 tn, despite a 7.2% decrease in non-resident deposits to AED 257.2 bn. Among resident deposits, deposits from non-banking financial institutions increased by 26.7%, followed by government-related entities deposits (+2.3%), and private sector deposits (+1.7%), while government sector deposits declined 1.6%.

PSAs-

RTA to regulate tourist transport permits: Dubai’s Roads and Transport Authority (RTA) will now be responsible for issuing and renewing permits for tourist transport firms, registering and renewing vehicles, and licensing drivers, under new regulations enacted yesterday, according to a statement. Applications must be submitted through RTA’s approved service channels.

HAPPENING TODAY-

The DigiHealth WHX-Tech Expo is on until tomorrow at the World Trade Center in Dubai. The WHX event brings together C-suite executives, procurement heads, government officials, and investors for keynote addresses and exhibitions discussing new digital health solutions targeting global health obstacles.

The UAE’s Universal Postal Congress kicked off yesterday and will continue until Friday at the Dubai World Trade Center. The union’s 192 member countries will meet to set policies and strategy for the coming year, with this year’s congress looking to adopt advanced tech under the theme “Leading the Change, Creating the Future.”

Du’s tech event Envision is starting today at Atlantis, The Royal in Dubai. The event will bring together decisionmakers, tech partners and industry leaders for a conference and exhibition focusing on the digital transformation in areas like data centers, sovereign cloud, and cloud computing.

HAPPENING THIS WEEK-

The International Government Communication Forum is happening tomorrow and on Thursday at Expo Centre Sharjah. Hosted by the Sharjah Government Media Bureau, the two-day event will feature panel discussions, workshops, and keynote speeches focused on using strategic communication to develop five global priorities: food security, public health, education, environmental sustainability, and green economy.

TheInternational Real Estate and Investment Show Abu Dhabi is taking place from Friday until Sunday in Abu Dhabi. The conference brings together global developers and investors for insights into investment and market trends in the Middle East, Europe, and Asia Pacific regions.

THE BIG STORY ABROAD-

The front pages are shining the spotlight on US President Donald Trump and his past ties to Jeffrey Epstein, after House Democrats released — in a post on X — what they say is a handwritten birthday note from Trump to the convicted deceased fund manager. The message, allegedly referencing a “wonderful secret” the two shared, appears in a birthday book compiled for Epstein by his former accomplice Ghislaine Maxwell. Trump denied writing the note, and his chief of staff Taylor Budowich claimed the image is fake. (Bloomberg | CNBC | New York Times | BBC | The Guardian | Axios | Reuters)

AND IN US MARKETS- Nasdaq hits a fresh high ahead of key inflation data: The tech-heavy Nasdaq closed at an all-time high yesterday as investors braced for fresh US inflation figures out later this week. Chipmakers Broadcom and Nvidia were up 3% and 1%, respectively, pushing the index up 0.45%. The S&P 500 and the Dow Jones also closed in the green. Analysts say markets are pricing in a Fed rate cut this month, especially after last week’s underwhelming jobs report, CNBC reports.

ACROSS THE ATLANTIC- France’s government collapses amid budget standoff: French Prime Minister François Bayrou’s nine-month-old government was toppled yesterday after losing a confidence vote in parliament, deepening France’s fiscal and political crisis. Bayrou’s unpopular austerity plan — including tax hikes, spending cuts, and scrapping two public holidays — was rejected by a wide opposition front. His ouster leaves President Emmanuel Macron scrambling to name his fifth prime minister in less than two years. (Financial Times | Reuters | BBC | New York Times)

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MARKET WATCH-

Goldman Sachs expects a slightly larger oil surplus in 2026, revising its estimate to 1.9 mn bbl/d, up from 1.7 mn bbl / d, with the change tied to faster expected OECD stock builds between late 2025 and late 2026, Reuters reports.

Price forecasts: The investment bank left its 2025 Brent and WTI price forecasts unchanged, and now sees 2026 averages at USD 56 and USD 52, Reuters said. Goldman linked Opec+’s decision to begin unwinding 1.65 mn bbl / d of cuts to still-low OECD commercial stocks, but stressed that the group is likely to retain flexibility and could pause quota increases from early 2026 if inventories begin to rise.

S&P Global is also projecting weaker crude prices by year-end, with dated Brent seen falling toward USD 55 a barrel as Opec+ continues to release additional supply, Reuters reports separately, citing co-president Dave Ernsberger of S&P Global Commodity Insights. Dated Brent under pins more than 60% of global oil trade and serves as a key benchmark for futures pricing.

Prices could dip below that level if surpluses deepen, Russian flows remain steady, and commercial stock-building slows, Ernesberger said. Under such conditions, futures markets could swing into wider contango, with prompt crude priced below forward contracts — a signal of ample supply.

ICYMI- Opec+ will raise output again next month, approving an additional 137k bbl/d from October as part of its accelerated rollback supply cuts. The cartel said that it will continue monthly hikes through September 2026, fast-tracking the return of 1.65 mn bbl/d that was previously set to stay offline until the end of 2026.

The Brent-Dubai spread is set to stay negative as demand for heavier Middle Eastern grades holds firm, even with rising Opec supply, Reuters reports, citing TotalEnergies trading chief Rahim Azouni. The tighter spread has made sweeter crudes more appealing for Asian refiners relative to Middle East sour grades, while also reopening the arbitrage for US barrels to move into Asia. On Monday, the Brent-Dubai Exchange of Futures for Swaps (EFS) narrowed by USD 0.12 to USD 0.47 per barrel.

Du kicks off follow-on offering as Mubadala’s Mamoura cuts stake

Mubadala trims du stake in follow-on offering: Mamoura Diversified Global Holding — Mubadala’s debt issuing arm — is floating an additional 7.6% stake in DFM-listed telco Emirates Integrated Telecommunications (du) on the Dubai bourse, according to a bourse disclosure (pdf). Some 342.1 mn shares are up for grabs by both retail and institutional investors here at home and abroad. Mamoura currently holds a 10% interest in du. The story was also picked up by Reuters.

ICYMI- News of Mubadala’s plans to pare down its stake in du first surfaced in March, when Bloomberg reported the fund was weighing a selldown of its USD 1 bn holding. Mubadala last offloaded a 10% stake in 2019 to Emirates Investment Authority (EIA) for USD 630 mn, retaining a minority stake through Mamoura.

Proceeds + market cap: Du is guiding on a price range of AED 9-9.90 per share, which could see Mamoura raise up to AED 3.4 bn in proceeds, implying a market cap of AED 44.9 bn at listing, according to our calculations. Du will not receive any proceeds from the share sale.

What’s next: The bookbuilding process, which kicked off yesterday, ends this Friday, 12 September. The final offer price will be announced on Monday, 15 September with new shares set to start trading on 16 September, according to du’s offering webpage and prospectus (pdf). Institutional investors can place orders starting from AED 5 mn with no upper cap, while retail investors can book subscriptions with a minimum of AED 5k each.

EIA gets first dibs: As du’s largest shareholder, EIA — currently holding over 50% of the company — has a preferential right to take up to 5% of the offered shares, to be carved out of the institutional tranche. The bulk of the offering (95%) is reserved for institutions in the UAE, international markets under Regulation S, and under Rule 144A in the US — with the remaining 5% open to retail investors.

Market reax: Du’s stock closed down 3% at AED 9.60 yesterday.

IN CONTEXT- Secondary share sales are starting to eclipse new listings here at home: The UAE has logged only two IPOs this year (Alpha Data on the ADX and Dubai Residential REIT on the DFM), while secondary sales have already pulled in nearly USD 3.8 bn through transactions from two Adnoc units, and First Abu Dhabi Bank (FAB), according to Bloomberg.

Boasting healthy financials: Du saw its net income jump 22.4% y-o-y to AED 1.4 bn in 1H 2025, while its top line rose 8% y-o-y to AED 7.8 bn. The board approved an interim dividend of AED 0.24 per share for the first half of the year, representing a 20% increase y-o-y. The firm now sees revenues growing 6-8% this year, upgrading its guidance for 2025 on the back of the strong growth in 1H.

ADVISORS- First Abu Dhabi Bank, Emirates NBD Capital, Goldman Sachs, and Abu Dhabi Commercial Bank are acting as joint lead managers, with Linklaters, Clifford Chance, White and Case, and Al Tamimi and Co providing counsel.

Receiving agents: Emirates NBD is the lead receiving bank. Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Al Maryah Bank Community Bank, Dubai Islamic Bank, Emirates Islamic Bank, FAB, and Wio Bank have also been appointed as receiving banks.

ADGM becomes MENA’s largest international financial center with record licenses and AUM growth

ADGM cemented its position as the region’s largest international financial center in 1H 2025, with total active licenses climbing to 11.1k, according to a press release (pdf). The center issued 1.9k new licenses in the period — the highest six-month tally since its inception — marking a 47% y-o-y increase.

Business activity expanded sharply: The number of operational entities rose 42% y-o-y to 3.0k, comprising 308 financial and 2.7k non-financial firms. The Financial Services Regulatory Authority (FSRA) also granted 52 in-principle approvals, up 27% from a year earlier, and 45 new financial services permissions, up 45%.

REMEMBER- ADGM expanded to Al Reem Island in 1Q 2025, adding 500k sqm of premium office inventory to the market, and significantly driving business activity.

Asset management continued its rapid growth, with assets under management (AUM) surging 42% y-o-y. By June, ADGM hosted 209 funds and 154 fund and asset managers — with the center’s momentum demonstrated by US-based Nuveen’s target to double the USD 3-5 bn it currently manages out of ADGM — since joining in 2024 — within three years.

1H also saw moves from major institutions:

US-based alternative asset manager Fortr ess Investment Group opened an ADGM office and launched a USD 1 bn global credit and real estate partnership with Mubadala;
Energy-focused PE firm Kimmeridge Energy Management also opened regional bases in ADGM and signed an MoU with Mubadala Energy to co-develop LNG ventures;
IHC, BlackRock, and Lunate launched an ADGM-based AI-driven reins. platform with ambitions to manage USD 10 bn in liabilities.

ADGM also led market capitalization: By the end of June, entities registered in the center and listed on the ADX had a combined value exceeding AED 500 bn, making it the largest international financial center in the region by listed market cap.

ADGM expanded its workforce on Al Maryah and Al Reem islands to nearly 36.0k professionals, with Al Maryah alone seeing a 17% uptick to surpass 29k professionals. The financial center also widened its global footprint through roadshows in London, China, and Japan.

Regulatory cooperation continued apace, with new MoUs signed with counterparts in Hong Kong, Sweden, Azerbaijan, and Bhutan for cross-border collaboration, along with updated rules on sanctions compliance and cybersecurity. FSRA also issued amendments to its digital assets framework in 1H, introducing stricter criteria as well as new capital requirements and licensing conditions for firms.

Abu Dhabi, Dubai snap multi-month rallies in August

Abu Dhabi’s FTSE ADX index dropped 2.7% to 10.1k points in August, its first monthly loss since April and the biggest monthly decline in the GCC, trimming YTD gains to 7.2%. Eight of 10 sectors ended lower, including consumer discretionary (-6.0%), telecoms (-4.8%), and financials, according to a Kamco Invest report (pdf). Property was the standout sector, gaining 1.4%.

Dubai’s DFM index also snapped a four-month upwards streak, slipping 1.6% to 6.1k points. The losses were concentrated in heavyweights — banks (-3.6%), real estate (-5.6%), and investment companies (-3.5%). Gains in telecoms (+4.5%) and materials (+3.9%) offered some balance, but not enough to prevent the first monthly decline since March. The benchmark is up 17.5% YTD, the highest in the GCC.

Zooming out: Gulf stock markets lost momentum in August, ending two consecutive months of gains, with the MSCI GCC index down 2.3% despite rallies in the US, Europe, and emerging markets. The pullback came as Brent crude slid 6.1% on supply glut concerns, even as global demand showed signs of recovery. Meanwhile, the index is up 1.4% YTD.

ELSEWHERE IN THE REGION- Saudi Arabia’s benchmark index TASI shed 2.1% in August to close the month at 10.7k points. Egypt’s EGX30 rose 2.8% last month, closing at 35.1k points. Qatar’s QE index was broadly flat, easing 0.3% to 11.2k points. Oman was the GCC’s bright spot, with the MSM 30 gaining 5.2% in August to close at 5k points.

Across the region, sector performance was mixed. GCC materials outperformed thanks to petrochemicals and Saudi heavyweights, while ins. (-7.2%) and healthcare (-3.9%) were among the weakest. Energy was flat, and banks delivered uneven results, pressured in Saudi and Kuwait but stronger in Oman and Qatar.

Abu Dhabi’s Modon to invest EGP 45 bn in Ras El Hekma infrastructure, tenders 2k acres of works to Egyptian contractors

Abu Dhabi-based developer Modon Holding will invest up to EGP 45 bn (c. USD 928 mn) over the next 2.5 years in infrastructure to support its Ras El Hekma project in Egypt, Asharq Business reports, citing three sources it says have knowledge of the matter.

Modon tendered 2k acres (8.1 mn sqm) of works — including roads and bridges, electricity networks, water and sewage systems — to 10 Egyptian contractors, with awards expected before year-end, according to one source. The 50 sqm Modon project will feature seven luxury hotels, hotel units, and a large marina.

The first district to launch, Wadi Yemm, will be a coastal zone featuring residential units, hotels, two golf courses, a country club, and an open-air theater with 10k seats.

REMEMBER- Abu Dhabi sovereign fund ADQ appointed Modon as the master developer for the 170 mn sqm USD 35 bn (c. EGP 1.7 tn) Ras El Hekma megaproject and it will also develop the first 50 mn sqm phase of the city. The remaining 120 mn sqm will be built out with Egyptian, Emirati, and international partners under the Ras El Hekma Urban Development Company.

UAE developers are ramping up their investments in Egypt: Emaar Misr, the Egyptian arm of Emaar Properties, and Citystars Properties announced this week they will develop the EGP 900 bn Marassi Red Sea tourism project. The UAE-based KSH Investment and Safwat Kaliouby Group are investing EGP 24 bn in a mixed-use development in Giza’s Tanash area that will include three towers and a five-star hotel over four years. Meanwhile, AD Ports will develop and operate a new industrial and logistics zone in East Port Said.

BlueFive and Al Murjan to establish a global asset management investment platform

BlueFive, Al Murjan to launch global Islamic finance platform: Abu Dhabi’s BlueFive Capital and Jeddah-based Al Murjan Group are partnering to set up a joint shariah-compliant asset management investment platform, according to a press release (pdf).

The transaction: BlueFive will acquire a minority stake in Sidra Capital, Al Murjan’s Islamic asset manager specializing in private assets. In return, Al Murjan will take a minority stake in BlueFive786, BlueFive’s newly launched shariah-compliant investment arm based in Singapore.

What BlueFive786 will do: The firm will focus on offering Islamic investment products — including retirement and savings schemes — to savers and retirees in Southeast Asia, particularly Indonesia, Malaysia, Bangladesh, Brunei, and Singapore.

What’s next? BlueFive will establish an office in Riyadh to work alongside Sidra Capital in managing and executing investments in Saudi Arabia. The tie-up is meant to give both sides broader access to cross-border investments and to support the rollout of co-branded Islamic investment products.

Leadership moves: BlueFive Capital founder and CEO Hazem Ben-Gacem (LinkedIn) and co-founder Yasser Bajsair (LinkedIn) will join the board of Sidra Capital. Taufiq Bahamdain (LinkedIn), CEO of Al Murjan Group, and board member Shahid Shaikh (LinkedIn) will represent Al Murjan on the board of BlueFive786.

REMEMBER- BlueFive has been on an expansion drive, having acquired DIFC-based private wealth manager Neo Capital last week. The firm also closed a USD 2 bn debut fund in July and recently unveiled a USD 500 mn China-focused PE fund with CICC Capital.

Adia unit commits to Oak Hill’s European special situations strategy

Adia to back Oak Hill’s European investments: A subsidiary of the Abu Dhabi Investment Authority (Adia) will invest in credit-focused asset manager Oak Hill Advisors’ (OHA) European special situations strategy, according to a press release (pdf). The strategy will offer flexible financing solutions for European corporate and non-corporate borrowers and will be run by OHA’s London-based special situations team.

About the company: OHA manages USD 98 bn across private credit, distressed and special situations, high-yield bonds, and leveraged loans. Active in European markets since 1992, the firm has deployed more than EUR 18 bn in the region, including EUR 7 bn in private transactions.

REMEMBER- Adia has been ramping up its exposure to private credit. It recently acquired a 5.1% stake in India’s IDFC First Bank for around USD 310 mn (INR 26.2 bn), anchored AlbaCore Capital Group’s USD 1.8 bn senior direct lending strategy, invested USD 200 mn in Australia’s Qualitas Diversified Credit Investments, put USD 831 mn into UK-based Cheyne Capital, and committed USD 1 bn to Barclays and AGL Credit Management’s joint fund.

Ewec receives bids for 2.5 GW CCGT plant

Emirates Water and Electricity Company (Ewec) has received three proposals to develop the 2.5 GW Taweelah C independent power producer (IPP) project in Abu Dhabi, according to a press release. The plant will use combined cycle gas turbine (CCGT) technology and be built in the Al Taweelah Power and Desalination Complex.

Whose hat is in the ring? The bidders include a consortium of Saudi’s Al Jomaih Energy and Water Company with Singapore's Sembcorp; another formed of Japan’s Sumitomo Corporation, Korea Overseas Infrastructure, Urban Development Corporation, and Korea Midland Power; and a final consortium of Korea Western Power Company, Etihad Water and Electricity, and Japan’s Kyuden International.

While bid prices were not disclosed, Ewec described the proposals as competitive, adding that the project is expected to rank among the most efficient CCGT plants in the region. The facility will be carbon capture ready and equipped with AI and digital twin systems to improve efficiency and optimize real-time output.

Where we’re at in the process: The evaluation process is now underway, with the contract awarding and power purchase agreement scheduled for 4Q 2025, while commercial operations are slated to begin in 4Q 2028.

REMEMBER- Ewec issued the request for proposals for the development, operation, and maintenance of the CCGT plant in Al Taweelah last year in July. At the time, it said that it will grant the successful developer an ownership stake of up to 40% in the plants.

Veeam appoints regional Microsoft Alliance senior director

US-based Veeam Software tapped Doriane Groene (LinkedIn) as senior director for its Microsoft Alliance in Europe, the Middle East, and Africa (EMEA), according to a press release. Groene brings over 20 years of experience in Azure cloud, intelligent edge technologies, and enterprise digital transformation. She was most recently at Intel, where she led the EMEA Microsoft Global Account Team.

In her new role, Groene will oversee the expansion of Veeam’s partnership with Microsoft across the region.

Dubai South launches digital-first freezone platform

FREEZONES-

Dubai South has launched a digital-first freezone platform — Dubai South Business Hub (DSHB) — designed to optimize business set-up processes for SMEs, entrepreneurs, and international firms, Dubai Media Office reports. The hub will offer online services to support set-up documentation and same-day licensing processes via a secure portal, as well as ones for visas, license renewals, and compliance.

Also on offer: Companies will have direct links to banks and government entities through the hub in the Dubai South Business Park. Corporate banking, accounting, family relocation, and VAT services will also be available.

LOGISTICS-

State-owned conglomerate 7X has rolled out a new national logistics network, National X Network (NXN), to streamline postal and logistics services in the Emirates, state news agency Wam reports. The network will provide delivery, storage, and fulfillment services to individuals and SMEs across the UAE. The conglomerate tapped its logistics platform Waslah serving as operational manager and Wayn, its digital PO Box, for address services.

The details: The network includes over 87 branches and more than 1k out-of-home pick-up and drop-off locations. NXN will also provide dark-store logistics solutions for e-commerce businesses and SMEs, as well as same-day and next-day delivery.

LOGISTICS-

DP World puts pen to paper for Montreal port expansion: The Montreal Port Authority and DP World Canada signed a joint development agreement covering the design and construction of land works at the planned container terminal in Canada’s Contrecœur, according to a statement. DP World will build the terminal yard, buildings, utilities, and rail link, and operate the facility for 40 years once completed.

BACKGROUND- DP World was last reported to be in advanced talks to take control of the USD 1.2 bn project, which is set to feature two berths, a 1.2 mn TEU container yard, and an intermodal link. The expansion is expected to raise Montreal’s handling capacity by 1.15 mn containers annually, with completion targeted for 2030.

Timeline: Construction is slated to start with site prep in 2025, followed by in-water works in 2026, land works in 2027, and commissioning by 2030.

REAL ESTATE-

Dubai-based developer Binghatti launched an AED 2 bn luxury residential tower — Binghatti Skyblade — in Downtown Dubai’s Burj Khalifa Boulevard, according to a press release. The tower will feature 621 units, including Royal suites, premium studios, and two- and three-bedroom Royal units with private pools.

ICYMI- Binghatti had recently spoken of plans for a new Downtown Dubai development. It also said it was looking to almost double its 90 mn sq ft portfolio of land with an 80 mn sq ft acquisition.

Emerging markets flood debt markets as investors chase yield

Emerging market borrowers are rushing to tap global debt markets at the fastest pace in at least a decade, taking advantage of a brief risk-on window before a possible return of volatility to the market, Bloomberg reports. More than USD 27 bn worth of issuances were priced last week alone, including sales from Saudi Arabia, Brazilian oil giant Petrobras, and Turkey’s sovereign wealth fund.

The surge has pushed YTD EM issuances to nearly USD 511 bn — the busiest similar time period since 2021. JPMorgan now forecasts a record year of nearly USD 240 bn in sovereign issuances, with September already logging USD 8.5 bn — more than half the average for the month. Even Brazil, which typically relies on local markets, has tapped global markets three times this year.

Investor appetite has been outsized: Saudi Arabia’s USD 5.5 bn sukuk drew USD 17.5 bn in orders, while Turkey’s USD 1 bn sale was 10x oversubscribed. Demand has narrowed EM risk premiums, with the extra yield over US Treasuries falling to 298 bps on average — the tightest since 2019, according to JPMorgan’s gauge. The strong appetite shows investors are “preemptively anticipating some volatility,” said Aayush Sonthalia of PGIM Fixed Income.

This backdrop has lured steady inflows into EM-dedicated debt funds for 20 consecutive weeks, totaling USD 1.9 bn in the week ending 3 September, EPFR data shows. Local currency debt is up 13% this year, with USD-denominated bonds up by more than 8% — both outpacing developed-market debt returns of 6.5%.

Still, strategists warn the window may be short-lived. Persistent inflation, heavy sovereign borrowing, and political instability in core markets from the UK to Japan are unsettling global bonds, raising the risk that higher US yields will push up EM borrowing costs.

More agreements are in the pipeline: Saudi Aramco is preparing a USD sukuk this month, and Mexico may issue up to USD 10 bn to fund a Pemex bond buyback — with Indonesia, Kuwait, Oman, and Nigeria all expected to follow by year-end.

MARKETS THIS MORNING-

Equity markets in Asia are firmly in the green this morning, maintaining gains on the back of Japan’s prime minister stepping down over the weekend, and tracking a positive day for US tech stocks yesterday. Japan’s Nikkei hit an all-time high yesterday and is up in early trading, while the Shanghai index is trading flat.

Over on Wall Street, markets are on track to follow suit and open in the green, after the tech-heavy Nasdaq, the Dow Jones, and the S&P 500 all closed up yesterday.

ADX	9,960	-0.7% (YTD: +5.8%)
DFM	5,935	-0.9% (YTD: +15.0%)
Nasdaq Dubai UAE20	4,760	-1.4% (YTD: +14.3%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.4% o/n	4.0% 1 yr
TASI	10,497	-0.9% (YTD: -12.9%)
EGX30	34,602	+0.4% (YTD: +16.3%)
S&P 500	6,495	+0.2% (YTD: +10.4%)
FTSE 100	9,221	+0.1% (YTD: +12.8%)
Euro Stoxx 50	5,363	+0.8% (YTD: +9.5%)
Brent crude	USD 66.19	+0.3%
Natural gas (Nymex)	USD 3.09	0.0%
Gold	USD 3,677	0.0%
BTC	USD 111,665	+0.8% (YTD: +19.4%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.63	+0.3% (YTD: +4.2%)
S&P MENA Bond & Sukuk	149.46	+0.5% (YTD: +6.8%)
VIX (Volatility Index)	15.11	-0.5% (YTD: -12.9%)

THE CLOSING BELL-

The ADX fell 0.7% yesterday on turnover of AED 1.5 bn. The index is up 5.8% YTD.

In the green: GFH Financial Group (+5.6%), Hayah Ins. Company (+5.3%) and Adnoc Gas (+1.8%).

In the red: Umm Al Qaiwain General Investment Co. (-8.7%), Abu Dhabi Commercial Bank (-7.5%) and Abu Dhabi National Co. for Building Materials (-7.1%).

Over on the DFM, the index fell 0.9% on turnover of AED 714.9 mn. Meanwhile, Nasdaq Dubai was down 1.4%.

CORPORATE ACTIONS-

ADCB plans AED 6.1 bn rights issue: Abu Dhabi Commercial Bank (ADCB) is planning to raise its capital to AED 7.9 bn through a rights issue worth up to AED 6.1 bn, according to an ADX disclosure (pdf). The move will see the bank issue as many as 592.7 mn new shares at AED 10.3 each — including AED 1 in nominal value and an AED 9.3 share premium — representing a 30% markdown to ADCB’s 4 September closing price on the ADX.

Shareholders will vote on the proposal at a general assembly scheduled for 13 October. Mubadala, ADCB’s largest shareholder, said it supports the move and will fully subscribe in line with its ownership.

REMEMBER- Earlier in March, shareholders authorized ADCB to set up and renew debt programs worth up to USD 8 bn, issue up to USD 2 bn in standalone bonds and sukuk, and raise a further USD 2 bn via capital instruments to bolster its adequacy ratios.

UAE, Hungary Foreign Ministers meet to advance trade ties

UAE, Hungary discuss deeper trade ties: Foreign Trade Minister Thani bin Ahmed Al Zeyoudi met Hungarian officials, including Foreign Minister Péter Szijjártó and Budapest Mayor Gergely Karácsony, during a visit to Budapest, Wam reports. The minister also met with private sector representatives and talks centered on boosting trade and private sector partnerships.

REMEMBER- President Mohamed bin Zayed Al Nahyan also visited Hungary in July, where agreements were signed across AI, energy, agriculture, government modernization, and defense. The two countries previously signed an economic cooperation agreement in 2024, with non-oil trade rising 29.4% y-o-y to USD 434.2 mn in 1H 2025.

CALENDAR

SEPTEMBER

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.

10-11 September (Wednesday-Thursday): Annual International Government Communication Forum, Expo Center Sharjah.

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.

17-18 September (Wednesday-Thursday): SHRM MENA hosts its Annual Conference + Expo, Madinat Jumeirah, Dubai.

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 Center.

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-1 October (Tuesday-Wednesday): MENA Investment Congress (MENA ICON), Abu Dhabi.

30 September-2 October (Tuesday-Thursday): The Water, Energy, Technology, and Environment Exhibition (Wetex), Dubai World Trade Center.

1 September-5 October (Monday-Saturday): DMCC Web3 Unleashed applications

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.

22 October (Wednesday): Reuters NEXT Gulf Summit, The St. Regis Saadiyat Island Resort, Abu Dhabi.

22-24 October (Wednesday-Friday): World Investment Conference, Expo Center Sharjah.

23 October (Thursday): S&P Global’s annual Islamic Finance Conference, DIFC Atrium, Dubai.

27 October (Monday): The UAE Africa Tourism Investment Summit, Dubai.

27-29 October (Monday-Wednesday): Future Hospitality Summit, Madinat Jumeirah, Dubai.

27-29 October (Monday-Wednesday): Asia Pacific Cities Summit, Dubai Exhibition Center.

28-29 October (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

NOVEMBER

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

4-9 November (Tuesday-Saturday):Dubai Design Week, Dubai.

10-15 November (Monday-Saturday): SASC organizes Abu Dhabi Autonomous Week, Abu Dhabi.

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

12 November (Wednesday): Dubai Business Forum, Cipriani South Street, New York City.

12-17 November (Wednesday-Monday): RoboCup Asia-Pacific, Khalifa University, Abu Dhabi.

13-15 November (Thursday-Saturday): International Financial Markets (ICA) Conference and Exhibition, Conrad Dubai.

15-17 November (Saturday-Monday): Myplant & Garden Middle East Green Expo, Dubai Exhibition Center, Expo City.

17-21 November (Monday-Friday): Dubai Airshow, Al Maktoum International Airport, Dubai.

18-19 November (Tuesday-Wednesday): Dubai Future Forum, Museum of the Future, Dubai.

DECEMBER

1-3 December (Monday-Wednesday): Eid Al Etihad (UAE National Day).

2-5 December (Tuesday-Friday): Sotheby’s Abu Dhabi Collectors’ Week, Abu Dhabi

1-5 December (Monday-Friday): The World Congress of Neurosurgery, Dubai World Trade Center.

7-14 December (Sunday-Sunday): Asian Youth Para Games, APC headquarters, Dubai.

8 December (Monday): DeFi Technologies Insights Global Symposium, Emirates Palace, Abu Dhabi.

8-9 December (Monday-Tuesday): BTC Mena Conference, Adnec, Abu Dhabi.

8-9 December (Monday-Tuesday): Global AI Show 2025, Abu Dhabi.

8-10 December (Monday-Wednesday): Bridge media summit, Abu Dhabi.

8-11 December (Monday-Thursday): Abu Dhabi Finance Week, Al Maryah Island.

9-10 December (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

13-15 December (Saturday-Monday): Mobile Developers Week, Abu Dhabi

18-23 December (Thursday-Tuesday): Games of the Future, Adnec, Abu Dhabi.

29-30 December (Monday-Tuesday): World Sports Summit, Dubai.

Signposted to happen sometime in 2025:

e& will complete Adnoc’s private 5G network
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

JANUARY 2026

1 January: Client asset regime changes in Dubai International Financial Center take effect.

9-11 January (Friday-Sunday): 1 Bn Followers Summit, UAE.

28-29 January (Wednesday-Thursday): IBA Arbitration Day Conference, Abu Dhabi.

28-30 January (Wednesday-Friday): World Customs Organization Technology Conference, Adnec Center, Abu Dhabi.

FEBRUARY 2026

3-5 February (Tuesday-Thursday): The World Governments Summit.

12-15 February (Thursday-Sunday): The Society for Incentive Travel Excellence Global Conference, Abu Dhabi.

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

JUNE 2026

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

Signposted to happen in 2026:

31 March - 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.
13-15 April ( Monday-Wednesday) : The International Glass Manufacturing Show, Dubai.
14-16 April: (Tuesday-Thursday): the International Property Show, Sheikh Zayed Rd, Dubai.
11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center.
The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference
Dubai Future Finance Week
Investopia Global Talks, Tashkent

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

Signposted to happen sometime in 2027:

1Q 2027: Completion of the first phase of Hassyan seawater desalination project.
Abu Dhabi’s solar and battery energy facility, combining 5.2 GW of solar capacity and 19 GWh of battery storage, is set for commissioning.

Signposted to happen sometime between 2027 and 2029:

Sibos 2029 organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Dubai.
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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