Good morning, lovely people. It looks like many of you are bridging your Eid holiday this week, judging by the volume of out-of-office replies in our inbox and the slow pace of news this morning.

THE BIG STORY here at home is Emirates Islamic Bank delisting from the DFM after Emirates NBD completed its mandatory acquisition of all outstanding shares in the shariah-compliant unit. Plus: Abu Dhabi Commercial Bank’s new fintech arm struck a partnership with money management firm Brink’s.

☀️WEATHER- Temperatures are rising once again across the country, with Dubai set to see a high of 43°C today, and an overnight low of 31°C, along with humidity at night. Abu Dhabi will see a high of 37°C and an overnight low of 30°C, though it will feel much hotter due to the humidity.

WATCH THIS SPACE-

#1- Al Habtoor eyes investments in Syria: Emirati businessman and chairman of Al Habtoor Group Khalaf Al Habtoor is set to visit Syria in the coming days, accompanied by a senior delegation of top executives from the group, CNBC Arabia reports. The trip will explore potential cooperation with the Syrian government and assess potential investments across multiple sectors. A preliminary delegation will arrive in Damascus to conduct exploratory studies and meet with relevant stakeholders ahead of Al Habtoor’s arrival.

The visit comes as Al Habtoor scales back its presence in neighboring Lebanon…: Al Habtoor scrapped plans to invest in Lebanon and plans to sell his holdings in the country, citing ongoing unrest and instability as reasons for the decision. A previous potential significant investment was tied to the formation of a “strong and independent” government in the country. He also scrapped plans to launch a TV channel and a studio city in Beirut earlier last year after he and his staff received what they said were physical threats that presented significant security challenges.

…and as the UAE ramps up investments in Syria: State-owned logistics giant DP World signed a USD 800 mn agreement to develop and operate a multi-purpose terminal at Syria’s Tartous port, days after US President Donald Trump lifted sanctions on the country.

#2- Dubai is projected to deliver just 62% of its projected residential supply this year, with completion rates set to drop further in 2026 to 48%, according to Morgan’s International Realty’s Dubai Residential Supply and Delivery Outlook (2025-2027) (pdf). Just 22.9k units of 37.2k worth of anticipated supply will be handed over, the report said. Delays usually stem from contractor shortages, funding issues, and buyer payment challenges, Khaleej Times cites Fitch Ratings as saying. Fitch noted that completion rates over the past three years averaged at around 56%.

In contrast, 2027 is set for a sharp increase, with 70.5k units expected to be delivered. Key areas set to see the uptick in unit deliveries include Jumeirah Village Circle (JVC), Business Bay, and Azizi Venice. Prices are set to hold steady, though pricing pressures could settle in if demand doesn’t rise to meet the expected uptick in supply by 2027.

#3- The consortium working on the construction of the Dubai Blue Metro Line has kicked off construction on the project, a few months after the initially planned starting date, state news agency Wam reports. The AED 20.5 bn, 30-km metro extension is set to begin operations in 2029, with an expected maximum capacity of 850k passengers a day. The line will run though 14 stations, connecting Dubai International Airport to major urban hubs such as Mirdif, Al Warqa, International City, Dubai Silicon Oasis, Academic City, and Dubai Creek Harbour. The extension will also add some 28 trains to the current fleet.

Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum also approved the architectural design for what is set to be the world’s tallest metro station, and one of the stations for the Blue Line. The Emaar Properties station will stand at 74 meters tall, and will accommodate up to 160k passengers per day.

#4- Beeah to unveil new real estate venture soon: State-backed sustainability firm Beeah is expanding into real estate with a landmark venture set to be announced in the coming weeks, according to a press release. The company — which focuses mostly on waste management and waste-to-energy projects — already has experience in the sector, with several projects under its belt including the development of the upcoming Sharjah Creative Quarter, as well as the Jawaher Boston Medical District in Sharjah.

DATA POINTS-

Mohammed bin Rashid Al Maktoum Solar Park hits 3.9 GW capacity: The Dubai Electricity and Water Authority (Dewa) has boosted the Mohammed bin Rashid Al Maktoum Solar Park’s capacity to around 3.9 GW, following the addition of 800 MW so far this year from its ongoing sixth phase, according to a statement. The sixth phase is expected to add 1.6 GW in capacity.

Expansion plans: Dewa plans to expand the park’s production capacity to 7.26 GW by 2030 and cut 8 mn tonnes of carbon dioxide annually. Clean energy production now accounts for 21.5% of Dewa’s total production capacity.

REMEMBER- The seventh phase, now open for bids, will add up to 2 GW of additional capacity and will feature one of the world’s largest solar-plus-storage systems.

PSA-

UAE launches new digital work permit service for overseas hires: The Human Resources and Emiratization Ministry (MoHRE) has launched a new digital service allowing UAE employers to apply for foreign worker permits via its website and mobile app, it said in a LinkedIn post. The updated process consolidates the job offer, employment contract, and initial permit approval into a single application, aiming to speed up and simplify overseas hiring.

What you’ll need: Employers must provide salary, working hours, job location, and quota type, and upload required documents for AI-based verification. Depending on the submission method, e-signatures or Emirates ID reader checks may be needed. Applications are finalized upon completion of payment online.

HAPPENING TODAY-

Investopia Global - Mediterranean is happening today in Cyprus. The event brings together policymakers, business leaders, and investors to discuss economic growth in various sectors across the UAE and Mediterranean region. Key topics include trade, energy transition, and regional collaboration.

HAPPENING THIS WEEK-

#1- The China Home Life Expo is starting tomorrow and will run until Friday at the Dubai World Trade Center. The event will showcase a wide range of Chinese consumer products including building materials, textiles, consumer materials, and will connect manufacturers and buyers from across the region.

#2- The International Appliances and Electronics Show will also be kicking off on Wednesday and running until Friday at the Dubai World Trade Center. The exhibition showcases the latest advancements in home appliances and consumer electronics, featuring product launches, technology showcases, and networking chances.

#3- Economy Minister Abdulla bin Touq Al Marri will lead a UAE delegation of over 50 representatives from government institutions, businesses, and startups to tech conference and exhibition VivaTechnology in Paris from Wednesday to Saturday. The event will bring together 3.2k investors and 13.5k startups.

REMEMBER- The UAE is heavily involved in France’s tech sector. Abu Dhabi’s MGX and Nvidia have partnered with French AI leaders to build Europe’s largest AI data center campus near Paris, after the Emirates signaled plans to invest USD 30-50 bn in French AI and data infrastructure.

THE BIG STORY ABROAD-

Headlining digital front pages across the globe are reports of 700 US Marines to be deployed to LA in response to anti-immigration raid protests, which are soon to enter their fifth day. The additional troops will join the already deployed California National Guard in the country’s second-largest city to protect federal personnel and property, US Northern Command said.

Governor Gavin Newsom accused Trump of staging a “manufactured crisis” and has vowed to sue over what he called an abuse of the president’s authority. The state governor also posted that he was told an additional 2k National Guard troops will be deployed, despite the majority of the already 2k mobilized “sitting, unused, in federal buildings without orders” or food and water. “This isn’t about public safety. It’s about stroking a dangerous President’s ego,” he said. (Reuters | Bloomberg | Financial Times | Associated Press | New York Times | BBC)

And in our corner of the world, Israeli naval forces seized the Freedom Flotilla Coalition vessel trying to break the Gaza blockade and detained all 12 passengers including climate activist Greta Thunberg and French MEP Rima Hassan prior to deportation. The UN recently labeled the besieged strip as “the hungriest place on Earth,” and warned that its entire population is at risk of famine. (Reuters | Financial Times | CNN | Associated Press | BBC | Guardian | AFP)

In trade war news, the Trump administration is considering easing chip export restrictions to China in exchange for accelerated rare earth shipments as part of trade talks underway in London. Top White House official Kevin Hassett said he expects an agreement that would see US controls lifted “immediately” in return for China releasing rare earths in volume — resolving what Washington claims is a “slow roll” breach of its Geneva ceasefire agreement. (Financial Times)

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