EU votes to remove UAE from money laundering watchlist

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WHAT WE’RE TRACKING TODAY

THIS MORNING: EGA to take action against Guinea? + Sequoia under fire after partner’s anti-Muslim remarks

Good morning, friends, and happy almost-FRIDAY. It’s another busy day as the UAE continues to buck the trend of a summer slowdown, with tons of M&A and investment news.

THE BIG STORY of the day is the EU greenlighting the UAE’s removal from its money laundering watchlist — a big boon for capital flows and business in the country. We also have another acquisition (and another potential divestment) from the Abu Dhabi Investment Authority, an Egyptian prototech expanding to the UAE through an acquisition of SmartCrowd, and DIFC’s first tokenized money market fund.

⛅WEATHER- It’s a mostly cloudy day today, with the mercury peaking at 40°C in Dubai before cooling to an overnight low of 31°C. Over in Abu Dhabi, temperatures will reach a high of 35°C before cooling to 29°C overnight.

Sequoia under fire after partner’s anti-Muslim remarks: Prominent investors and startup founders from the Middle East have joined a public petition against Shaun Maguire, a partner at

US-based venture capital firm Sequoia Capital, who is facing intense criticism after he posted on X that NYC politician Zohran Mamdani is promoting an “Islamist agenda” and comes from a “culture that lies about everything.” An open letter demanding his removal from client-facing roles and a zero-tolerance anti-discrimination policy has gathered almost 600 signatories from founders, investors, and operators across the tech world, including Tabby’s Hosam Arab, Lean Tech’s Hisham Al Falih, and Careem CEO Mudassir Sheikha.

Wamda Capital’s CEO Fadi Ghandour also publicly criticized the tweet as “racist” and calling him out on his “total ignorance,” adding in comments to the National that anyone who is racist is “not welcome in the region.”

The post had drawn over 5.3 mn views as of Monday afternoon — and mounting outrage. Maguire later posted a 30-minute video attempting to clarify the comment, saying his critique was aimed at “political Islamism, not Islam.”

Where’s Sequoia in all this? So far, silent. The letter gives the firm until 14 July to issue a public response, or face broader public and media escalation.

The story has gotten attention from the foreign press: CNBC | WSJ

WATCH THIS SPACE-

#1- EGA to take action against Guinea over mining contract suspension? Emirates Global Aluminium (EGA) will look to “defend its rights” ahead of international tribunals after concluding that Guinea's government wrongfully terminated a concession agreement for its subsidiary Guinea Alumina Corporation (GAC), Bloomberg and Reuters report citing a statement from the firm. The termination will lead to approximately 2k job losses and halts plans for a local alumina refinery, the statement read.

The background: The termination follows a dispute over export suspensions and refinery development requirements that began in October 2024 when the Guinean government suspended bauxite exports from EGA’s existing facilities as part of a wider push to gain more control over the country’s natural and mineral resources. Earlier this year, the government was also looking to revoke Emirates Global Aluminum’s mining license due to what it says is a failure to deliver on its commitment to develop an alumina refinery in the country. At the time, EGA had said it was working with the government to find a resolution.

#2- Capital Economics is the latest to forecast strong growth for the UAE’s non-oil sector this year, penciling in an expansion of 5.5%, up from 5% last year, on the back of strong retail and tourism growth, senior economist James Swanston said in a recent research note seen by EnterpriseAM. It also sees GDP growing 5.8% in 2025 and to 6.5% in 2026, putting it on track to maintain its spot as the top growing Gulf country for another year.

Credit growth is also a factor: Private credit growth saw a significant increase, hitting 8.0% y-o-y in March — its quickest pace since October. This rise has been partly driven by mortgage lending. “Admittedly, this only accounts for ~20% of all home sales, but the share has increased and could expand with a new initiative to help first-time buyers gain access to mortgages via banks,” the note read.

UAE oil output set for a significant increase: Despite production only rising by 0.1 mn barrels a day as OPEC+ began easing cuts in April, July’s meeting has paved the way for “a more aggressive second half of the year,” penciling in a 16% increase in oil output to 3.4 mn bbl / d by year-end and a further 7% in 2026.” This represents a greater relative increase than other Gulf states, Swanston noted.

PSAs-

#1- Shutting down the rumor mill: The Federal Authority for Identity, Citizenship, Customs and Port Security (ICP) has refuted recent reports about granting lifetime golden visas to Indian and Bangladeshi nationals on revised conditions, state news agency Wam reports. The authority added that action will be taken against entities making the offer and that golden visa applications are still handled exclusively by official government channels. The ICP also recently shut down reports of golden visas being offered to crypto investors.

ICYMI- Earlier this month, multiple media outlets reported that the UAE has relaxed eligibility criteria for Indian and Bangladeshi nationals, alleging that they can get lifetime residency for a fee of AED 100k on nomination-basis instead of existing rules that require a minimum investment of AED 2 mn.

#2- Senior citizens will get extended ins. coverage on housing loans: The UAE’s Energy and Infrastructure Ministry will extend loan coverage on housing loans for senior citizens up to 95 years of age, extending the age limit from just 70 years old, according to a press release.

The new program: The initiative aims to offer life ins. that fully covers housing loans, and includes cases of death or permanent disability. It will be implemented in partnership with key ins. industry and government stakeholders including the Central Bank of the UAE, and Takaful service providers like Sukoon Takaful, and Abu Dhabi National Ins. Company.

THE BIG STORY ABROAD-

Another day, another tariff headline is dominating front pages. The US has now said it will hit Brazil with a 50% tariff — a large hike compared to the 10% reciprocal tariff announced earlier in April — as US President Donald Trump protested what he calls a “witch hunt” against former Brazilian President Jair Bolsonaro in his letter to the country. He criticized the current trial and charges against Bolsonaro and demanded that he be allowed to run in the next election. Not stopping there, he also ordered an unfair trade practices probe into Brazil’s policies that could lead to further tariffs later. (Bloomberg | Reuters | Wall Street Journal | Guardian | Financial Times)

Meanwhile, Trump says a Gaza ceasefire agreement is “very close,” as Israeli Prime Minister Benjamin Netanyahu continues talks with Trump in Washington and US, Qatari, and Israeli officials reportedly meet to discuss the agreement. (Bloomberg | Axios)

ALSO- Chipmaker Nvidia has just became the first company ever to hit a market cap of USD 4 tn, beating its rivals Apple and Microsoft to the milestone during trading yesterday. (Bloomberg | FT | WSJ | CNBC)

ALSO- X CEO Linda Yaccarino has stepped down from her position at the Elon Musk-owned platform after two years. The resignation comes just a day after X’s chatbot, Grok, went off on a tangent, praising Adolf Hitler and spewing anti-semitic comments. (Reuters | WSJ | FT)

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MARKET WATCH-

Energy Minister Suhail Al Mazrouei brushed off concerns of a surplus in oil markets, saying that the fact that markets are absorbing additional Opec+ barrels without a notable buildup in inventories signals sustained demand, Reuters reports. “[Even] with the increases for several months we haven’t seen a major buildup in inventories, which means the market needed those barrels,” Al Mazrouei said.

REMEMBER- Recent days saw reports speculating that the latest output boost from Opec+ for August could tip oil markets into surplus later this year.

Al Mazrouei also stressed the importance of maintaining price levels that support long-term investment, warning that focusing only on short-term price movements undermines stability and noting that countries with significant reserves are still not investing enough to secure future supply.

Another hike incoming? Another hike of 550k barrels per day for September is looking likely for when the group meets on 3 August, sources told Reuters.

We’re closer to getting off of the EU’s money laundering watchlist

EU votes to remove UAE from money laundering watchlist: The European Union voted in favor of removing the UAE from its list of high-risk countries for money laundering and terrorism financing, according to a statement. The decision follows a vote by the European Parliament, which endorsed a proposal from the European Commission in June, and will come into force in the coming weeks after publication in the official journal, provided that member states don’t raise an objection.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Background: A previous attempt to remove the UAE from the list last year was blocked by EU lawmakers. At Davos in January, Economy Minister Abdulla Bin Touq Al Marri criticized the EU for the move, citing its removal from the Financial Action Task Force’s “gray list” last February, and said diplomatic efforts to reverse the designation were ongoing.

The move comes a few months after the EU and the UAE launched trade talks, expected to conclude within three to six months, and will help ease negotiations, the Financial Times reports, citing sources as saying that the issue was an obstacle in trade talks thus far.

This is very welcome news for businesses and investors: The removal will mean easier capital flows between the two regions, and potentially lower compliance costs for Wall Street banks in the UAE, Bloomberg reports.

Officials also showed their approval: “We look forward to unlocking the full potential of the UAE-EU partnership, fostering closer cooperation, enhanced prosperity and shared security for our regions and peoples,” State Minister Ahmed Ali Al Sayegh said, according to state news agency Wam.

Adia, PAI Partners acquire controlling stake in French aviation firm Alvest + Adia mulls sale of stake in Equis

ADIA and PAI Partners acquire a controlling stake in Alvest: Abu Dhabi Investment Authority (ADIA), through a subsidiary, teamed up with private equity firm PAI Partners to acquire a controlling interest in French ground support equipment firm Alvest, press release (pdf). The financial terms of the agreement were not disclosed.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Leadership remains involved: The company’s founding team and senior leadership will remain shareholders and are reinvesting as part of the agreement. Ardian, Alvest’s previous majority owner, will stay on with a minority stake.

Where will the money go? The investment aims to drive Alvest’s expansion and innovation plans, enabling it to push forward with its transition to electric ground support equipment. The funds will also allow Alvest to expand its range of products and services to include automated or autonomous systems, advanced decarbonization technologies, robust maintenance operations, fleet management tools, and support services.

This is not ADIA and PAI’s first rodeo: The sovereign fund also agreed to acquire a significant minority stake in European Camping Group (ECG) from PAI, with the latter remaining on board as a majority shareholder.

Adia has been ramping up investments over the past few weeks, with its subsidiary teaming up with Apollo’s private markets fund Apollo S3 to invest in asset manager Tikehau Capital ’s EUR 1 bn private equity continuation fund. The fund also recently took part in India’s HDB Financial Services’ INR 3.4 bn (c. AED 1.4 bn) pre-IPO funding round and participated in Malaysian equipment manufacturer Yinson Production Offshore’s USD 1 bn funding round.

IN OTHER ADIA NEWS-

ADIA and OTTP mull selling their stake in Equis: Adiaand the Ontario Teachers’ Pension Plan (OTPP) are exploring the sale of their majority interest in Singapore-based Equis Development, sources familiar with the matter told Bloomberg. The two investors have reportedly hired a financial adviser to assess the potential transaction.

What we know: It’s still early, but the company could be valued at over USD 2 bn. Infrastructure-focused investment funds are said to be among the potential buyers.

Equis develops and manages sustainable infrastructure across the Asia-Pacific region, focusing on clean energy, bioenergy, and waste-related projects, with major activities in Australia, Japan, and South Korea.

The possible sale would come amid a broader trend of asset rebalancing by Adia: The sovereign wealth fund recently sold a USD 1.5 bn stake in Shanghai’s One Museum Place to a China Post Life-backed vehicle. Together with I Squared Capital, Adia were also reportedly preparing to divest up to USD 400 mn of their combined 59.5% stake in Cube Highways Trust, an Indian infrastructure platform. The fund is also planning to exit its 19.99% stake in Australian power grid operator Transgrid, Financial Review reports.

Egyptian proptech Nawy acquires majority stake in Dubai fractional property investment startup SmartCrowd

Nawy buys into SmartCrowd, enters UAE market: Cairo-based and e&-backed proptech Nawy acquired a majority stake in the UAE’s first licensed fractional property investment outfit SmartCrowd for an undisclosed sum, according to a joint statement (pdf).

Paving the way for GCC expansion: The move marks Nawy’s first foray into a GCC market, giving it immediate exposure to the UAE’s booming real estate investment market, which is forecast to hit USD 33 bn by 2030 on the back of heightened cross-border participation, tokenization and demand for fractional ownership models, the statement said.

The acquisition comes on the heels of Nawy raising one of the region’s largest series A rounds. Nawy raised USD 52 mn in a funding round led by e& Capital back in May, alongside USD 23 mn in debt financing from Egyptian lenders. The firm said it would use the capital to expand across the Middle East and North Africa, acquire startups, and embed AI across its product stack. Nawy claims its revenues have grown more than 50x in USD terms since 2020 last year with gross merchandise value hitting USD 3 bn to date, up from USD 1.4 bn in 2024.

Not the first acquisition for Nawy this year: The proptech player acquired property management company ROA earlier this year, relaunching it as Nawy Unlocked — a new service “designed to help property owners generate income from unused or unfinished properties.”

About SmartCrowd: Founded in 2018, the Dubai-based firm allows investors from over 130 countries to co-invest in income-generating properties starting from as little as USD 150. It has processed over USD 110 mn in property transactions to date, distributed more than USD 40 mn in rental income and capital gains, and exited more than 50 properties as of June 2025. One of its flagship offerings, Flip, acquires and renovates undervalued assets to resell within 15 months – yielding an average 30% ROI as of June 2025, the statement said.

IN OTHER M&A NEWS-

ADMO becomes majority owner of Lebanon’s Em Sherif: Abu Dhabi-based ADMO Lifestyle Holding acquired a controlling stake in Lebanese fine-dining brand Em Sherif, following an initial investment in October 2023, according to a press release. The stake size and investment value were not disclosed, but the takeover gives ADMO full strategic control and is part of a broader strategy to expand its premium hospitality portfolio. The move is pending regulatory approvals.

Em Sherif’s expansion plans: The brand aims to reach 68 global outlets by 2027, up from the 29 it currently operates in 16 countries, including locations in Abu Dhabi, Monaco, Paris, and Harrods in London. The lifestyle vertical was set up in 2022 as a JV between Alpha Dhabi and Monterock International.

Dubai greenlights its first tokenized money market fund, courtesy of DMZ Finance and QNB

Meet the region’s first tokenized money market fund: DMZ Finan ce and Qatar National Bank just rolled out the first regulated tokenized money market fund in the DIFC — the QCD Money Market Fund (QCDT) — after securing formal approval from the Dubai Financial Services Authority (DFSA), according to a press release.

SOUND SMART- Tokenizing a money market fund means putting ownership shares on blockchain rails, thereby turning a traditional low-risk, interest-bearing investment vehicle into a digital asset that can be traded, settled, and integrated across decentralized and conventional platforms.

Who’s who: QNB will act as the fund’s lead originator and investment manager, while DMZ is providing the tokenization stack. The vehicle is designed for institutional use cases, including eligible collateral for banks, mapped collateral for centralized exchanges, reserves for stablecoins and a foundational layer for Web3 payment infrastructure.

Approved but not yet live: While QCDT lined up regulatory approval, neither its launch date, fund size, or capital commitments were disclosed. It remains unclear when the vehicle will begin operations or onboard its first tranche of assets.

Zooming out: Regulators in regional financial hubs like Dubai and Doha are laying the groundwork for tokenized finance, with early moves including sandbox programs, licensing frameworks, and pilot projects targeting digital assets. The ADX just recently helped facilitate the region’s first ever digital bond, a USD 100 mn issuance from First Abu Dhabi Bank, while big players like ADQ, International Holding Company, and FAB are working on AED-backed stablecoins. RWAs are projected to be a USD 18.9 tn market by 2033, according to a Ripple and BCG report (pdf).

REMEMBER- The Securities and Commodities Authority (SCA) issued draft rules for tokenized assets in January. The regulation covers contracts on distributed ledger technology (DLT), token transfers and cancellations, and gives the SCA enforcement power over violations.

IHC subsidiary Al Seer Marine lands AED 760 mn facility from ADCB to fund strategic growth

IHC’s maritime solutions subsidiary Al Seer Marine secured an AED 760 mn (USD 207 mn) facility from Abu Dhabi Commercial Bank (ADCB) to support its portfolio expansion, the company said in a statement (pdf). There’s no publicly available information about the details of the term sheet, but the company said the facility was extended on “highly competitive terms.”

Use of funds: The eight-year facility comes as part of the company’s push to grow its diversified fleet and support strategic investments, and is backed by first-priority mortgages on a select group of operating vessels.

The financing marks the second major transaction between the two firms. Earlier this year, ADCB provided an AED 210 mn (USD 57 mn) loan to ASBI Shipping, Al Seer Marine’s JV with B International Shipping & Logistics, to help fund the acquisition of small and midsize LPG tankers.

AD Ports’ new Central Asian JV begins operations

AD Ports kicks off new Central Asian logistics JV: AD Ports Group has partnered with Kazakhstan Railways’ freight arm KTZ Express to launch its new Central Asian logistics joint venture (JV), according to a statement. The Abu Dhabi-based port operator holds the majority share in the JV — known as GulfLink — at 51%, while KTZ Express owns the remaining 49%.

Expanding trade links…: GulfLink aims to offer new cargo routes for Central Asia — connecting through Pakistan, Turkey, the GCC, and the Indian subcontinent. The new firm will utilize KTZ’s 16k km of rail lines in Central Asia to boost trade flows and expand transport infrastructure. Nearly 70% of freight moves through Kazakhstan via rail.

…and supporting ongoing projects: Under the JV, AD Ports looks to revamp Central Asia’s logistics infrastructure and support its existing ventures in Kazakhstan, Uzbekistan, and Georgia. The firm also recently agreed to expand its existing partnership with Kazakhstan National Shipping Company (KMTF) on container shipping in the Caspian Sea. AD Ports Group is also investing over USD 50 mn to develop the Sarzha Grain Terminal at Kuryk Port in partnership with Kazakhstan’s Semurg.

REMEMBER- The UAE inked USD 5 bn in MoUs with Kazakhstan spanning energy, infrastructure, AI, and logistics back in May.

More potential crypto payments for flights + at airports

CRYPTO-

Emirates taps Crypto.com for crypto payments: Emirates Airlines signed an MoU with cryptocurrency exchange Crypto.com to explore integrating Crypto.com Pay into its payments system, with implementation expected in 2026, according to a press release. The tie-up means customers will be able to make flight payments through Crypto.com’s platform.

Crypto.com has been expanding its footprint in the Emirates, signing a cooperation agreement earlier this week with the Dubai Land Department to explore blockchain infrastructure for real estate transactions. Dubai Finance signed an MoU with the exchange in May to enable stablecoin payments for government services. Crypto.com is also piloting crypto payments at Emarat fuel stations — a first in MENA. This story got ink from Reuters.

Not the first airline in the crypto game: Earlier this year Air Arabia partnered with Al Maryah Community Bank’s AEC Wallet app, allowing customers to pay for flights using AE Coin — the UAE’s first AED-pegged stablecoin.

#2- Crypto.com also signed an MoU with Dubai Dutyfree to study enabling crypto payments at both its stores and online, according to the Dubai Media Office. The agreement also opens potential for joint marketing initiatives and customer engagement programs between the travel retailer and crypto platform.

DEBT-

CDB lists dual-currency bonds on Nasdaq Dubai: China Development Bank (CDB) listed a USD 500 mn three-year floating-rate bond and a EUR 500 mn three-year fixed-rate bond on Nasdaq Dubai, as part of its strategy to diversify offshore funding and broaden its international investor base, according to a statement (pdf). The listing brings total Chinese fixed-income issuances on Nasdaq Dubai to USD 13.4 bn, out of USD 136.2 bn in total debt listings.

The details: The USD tranche was priced at a spread of 30 bps above the Secured Overnight Financing Rate (SOFR) and was 3x oversubscribed. The EUR tranche, with a 2.25% coupon, saw 15x oversubscription — the highest ever for a Chinese bank EUR issuance. Both tranches are rated A1 by Moody’s.

STARTUPS-

UAE-based icogz has secured USD 1.4 mn in pre-seed funding from Emirati and Indian angel investors to expand its AI platform — Aryabot — and grow its presence in MENA and Southeast Asia, according to a press release. The funding will support product development, hiring, and go-to-market execution ahead of a planned Series A funding round.

Icogz? Founded in 2018 by Amit Tripathi (LinkedIn) and Vrutika Dawda (LinkedIn), icogz is an AI-native business intelligence platform that helps enterprises unify previously isolated operational data, and uses it to produce actionable business insights and solutions. Its flagship product, Aryabot, acts as an AI assistant and is capable of analyzing and responding to business queries in natural language.

FINANCE-

Oryx Capital secured ADGM 3C license: Abu Dhabi-based energy-focused private equity firm Oryx Global Partners has secured a category 3C fund manager license from the ADGM’s Financial Services Regulatory Authority (FRSA), enabling it to manage funds and portfolios focused on critical minerals, according to a press release. Oryx also signed the Abu Dhabi Sustainable Finance Declaration.

Why it matters: The license gives the investment firm a regulated base in Abu Dhabi to manage investment funds and portfolios in the minerals value chain, targeting critical and strategic mineral assets. Abu Dhabi’s strategic position to both eastern and western markets was cited as a reason for the move, the statement read.

CAPITAL MARKETS-

HSBC joins Lunate’s ETS platform as first int’l AP: Abu Dhabi-based alternative asset manager Lunate appointed HSBC Bank UK as its first international authorized participant (AP) for its ETF ranges, according to a statement. HSBC will support both Lunate’s UCITS and Securities and Commodities Authority-regulated ETFs, acting as a link between primary and secondary markets.

IN CONTEXT- The bank will become the seventh AP on Lunate’s platform and its first international AP — it most recently partnered with First Abu Dhabi Bank (FAB) last year, with the lender becoming its sixth AP. Lunate currently manages 18 equity and fixed-income ETFs listed on the ADX and DFM, offering exposure to developed and emerging markets.

AVIATION-

#1- Air Arabia adds new Pakistan route: Budget carrier Air Arabia will introduce flights to the industrial city of Sialkot in Pakistan, starting from Thursday, 17 July, according to a press release. The new route will operate three weekly flights from Abu Dhabi’s Zayed International Airport. The carrier already serves Faisalabad and Multan in Pakistan.

Air Arabia is on an expansion streak: The carrier introduced a daily direct service between Sharjah and Prague this month, as well as daily flights between Sharjah International Airport and Munich International Airport. It also launched a new route connecting Abu Dhabi to Almaty in Kazakhstan last month.

#2- Wizz Air Abu Dhabi will discontinue several Eastern European routes in the coming months: The airline's final flight to Belgrade will operate on 19 July, with Sarajevo services ending on 31 August, Sarajevo Times reports. Other permanent route cancellations from the Emirati capital include Varna (14 July), Tirana (20 July), and Kutaisi (29 July). Flights to Sofia and Cluj have already been suspended.

The carrier will temporarily halt services to additional destinations, including Budapest until 1 September, Vienna until 21 September, and Krakow from 29 July to 19 September. Katowice flights are suspended until 26 October, while Astana and Samarkand routes are paused until 1 November.

MENA M&As hit highest level on record in 1H 2025

Announced M&A transactions in the MENA region increased 149% y-o-y to USD 115.5 bn in 1H — their highest level on record since 1980, Zawya reports, citing LSEG data. The number — including intended, pending, and completed agreements — also grew 16% y-o-y to a three-year peak.

By the numbers: Inbound M&A, where MENA companies were the targets, amounted to USD 48 bn, an 18% y-o-y increase. Outbound M&A from the region set an all-time 1H record, reaching USD 64.5 bn, with the number of transactions increasing by 8% y-o-y.

The UAE was the most targeted nation, with inbound agreements totaling USD 39.8 bn, followed by Saudi Arabia at USD 3.5 bn, Kuwait at USD 1.7 bn, Egypt at USD 1.3 bn and Bahrain at USD 700 mn.

The materials sector came in the lead with 67% of the total agreement value, largely due to the pending USD 30.9 bn acquisition of Borouge by Borealis AG. Meanwhile, the financial sector saw the highest number of transactions, totaling USD 3.3 bn in value.

Behind the leap: The surge is attributed to strong investor confidence, strategic diversification efforts, and robust sovereign capital, Zubair Mir, Senior Partner at Norton Rose Fulbright, told Zawya. The region’s ongoing regulatory reforms and initiatives to attract foreign direct investment are also fostering a favorable environment for both inbound and outbound transactions, Mir added.

Sectors to watch: M&A activity is expected to pick up in the second half, particularly in the energy, clean energy, digital infrastructure, healthcare innovation, and technology sectors, Mir expected.

The leading advisors: Rothschild & Co topped the financial advisor league table for announced M&As in the first half, advising on agreements worth a combined USD 76.1 bn and capturing a 65.9% market share. Goldman Sachs followed in second place with USD 75.6 bn, while Citi came third with USD 48.4 bn. Morgan Stanley, which held the top spot in 1H 2024, dropped to seventh place.

ALSO FROM PLANET FINANCE-

US Inflation is projected to hit 3% a year ahead, the same level as before President Trump began taking trade protectionist measures, CNBC reports, citing a New York Federal Reserve survey.

MARKETS THIS MORNING-

Asian markets are still trading mixed this morning, with Japan’s Nikkei down 0.5% while the Shanghai Composite is up 0.3%. Meanwhile, Wall Street futures are slightly inching down following S&P’s first gains in three sessions.

ADX	10,049	+0.4% (YTD: +6.7%)
DFM	5,834	+0.7% (YTD: +13.1%)
Nasdaq Dubai UAE20	4,813	+0.5% (YTD: +15.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.3% 1 yr
TASI	11,278	-0.1% (YTD: -6.4%)
EGX30	33,152	+0.4% (YTD: +11.5%)
S&P 500	6,263	+0.6% (YTD: +6.5%)
FTSE 100	8,867	+0.1% (YTD: +8.5%)
Euro Stoxx 50	5,446	+1.4% (YTD: +11.2%)
Brent crude	USD 70.19	+0.1%
Natural gas (Nymex)	USD 3.21	-3.8%
Gold	USD 3,321	+0.1%
BTC	USD 111,080	+2.0% (YTD: +18.9%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.51	0.0% (YTD: -1.6%)
S&P MENA Bond & Sukuk	145.61	-0.2% (YTD: +4.1%)
VIX (Volatility Index)	15.94	-5.2% (YTD: -8.1%)

THE CLOSING BELL-

The ADX rose 0.4% yesterday on turnover of AED 1.3 bn. The index is up 6.7% YTD.

In the green: Abu Dhabi National Ins. Company (+6.4%), Eshraq Investments (+6.1%) and E7 Group (+3.5%).

In the red: Abu Dhabi National Takaful Co. (-9.9%), Rak Co. for White Cement & Construction Materials (-4.3%) and GFH Financial Group (-4.3%).

Over on the DFM, the index rose 0.7% on turnover of AED 1.2 bn. Meanwhile, Nasdaq Dubai was up 0.5%.

UAE, Azerbaijan ink economic partnership agreement + President meets Armenian PM ahead of Armenia, Azerbaijan peace talks in Abu Dhabi

The UAE and Azerbaijan signed an economic partnership agreement aimed at boosting investment flows and cooperation across renewables, tourism, logistics, and construction services, according to a statement and state news agency Wam. The two countries’ non-oil trade hit USD 2.4 bn in 2024, up 43% y-o-y, while the UAE’s investments in the country exceed USD 1 bn.

Al Nahyan also discussed further potential projects in the renewables sector with Azerbaijani President Ilham Aliyev yesterday, according to the statement. The UAE and Azerbaijan have strong energy ties, with the State Oil Fund of the Republic of Azerbaijan (SOFAZ) investing USD 50 mn in Adnoc’s gas pipeline unit, Adnoc Gas Pipeline Assets, earlier this year, and Masdar planning a 240 MW Absheron-Garadagh onshore wind farm in Azerbaijan as part of a a pipeline of 10 GW of clear energy capacity in Azerbaijan.

Al Nahyan also met with Armenian Prime Minister Nikol Pashinyan in Abu Dhabi, ahead of planned peace talks between Pashinyan and Aliyev in the emirate set to take place today, Wam reported separately. They discussed boosting cooperation across economic, investment and development sectors, as Al Nahyan reaffirmed his support of efforts to establish peace and stability across the Caucasus region.

Peace talks? The meeting — set to be the first formal encounter between the two leaders in months — follows a draft peace agreement that was finalized in March, though ceasefire violations have made the situation turbulent since. The agreement came after Azerbaijan recaptured Karabakh in September 2023, prompting Armenians that had established de facto independence there to flee.

UAE + Pakistan discuss fiscal cooperation in bilateral meeting: Financial Affairs Minister Mohamed bin Hadi Al Hussaini met with Pakistan's Finance and Railways Minister Bilal Azhar Kayani to discuss fiscal management, tax reforms, and digital governance, according to a social media post on X. The meeting followed a June MoU between both nations on governance modernization.

CALENDAR

JULY

7-25 July (Monday-Friday): Subscription window for Al Mal Capital REIT’s follow-on offering on the DFM.

29-30 July (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

AUGUST

8-15 August (Friday-Friday) Expected trading window for Al Mal Capital REIT’s new units on the DFM.

SEPTEMBER

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

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

8-19 September (Monday-Wednesday): WHX-Tech Expo, Dubai World Trade Center.

10-11 September (Wednesday-Thursday): Mena Public-Private Partnership Forum ,Dubai.

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.

24-25 September (Wednesday-Thursday): The KT UniExpo, The H Dubai.

24-25 September (Wednesday-Thursday): Mohammed Bin Rashid Leadership Forum, Mohammed Bin Rashid Center for Leadership Development, Dubai.

24-25 September (Wednesday-Thursday): Dubai World Congress for Self-Driving Transport, Dubai.

OCTOBER

1-2 October (Thursday-Friday):World Green Economy Summit (WGES), Dubai World Trade Center.

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

3-16 October (Friday-Thursday): Dubai Home Festival.

7-9 October (Tuesday-Thursday): The International Symposium on the System of Radiological Protection, the Ritz-Carlton Abu Dhabi, Grand Canal.

9 October (Thursday): Family Office Summit, Park Hyatt, Dubai.

9-15 October (Thursday-Wednesday): IUCN World Conservation Congress, Abu Dhabi.

14-16 October (Wednesday-Friday): Global Future Councils, Dubai.

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

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

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

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

17-21 November (Monday-Friday): Dubai Airshow 2025, Al Maktoum International Airport, Dubai.

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

DECEMBER

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

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

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

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

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

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:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.
Universal Postal Congress 2025, Dubai.

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

Signposted to happen sometime in 2026:

1 January: Client asset regime changes in Dubai International Financial Center take effect.
9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE.
28-29 January (Wednesday-Thursday): IBA Arbitration Day Conference, Abu Dhabi.
3-5 February (Tuesday-Thursday): The World Governments Summit.
12-15 February (Thursday-Sunday): The Society for Incentive Travel Excellence Global Conference, Abu Dhabi.
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 2026, UAE
The first edition of 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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