FinMin outlines requirements, deadlines for new e-invoicing system

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Gems Education eyes Saudi school operator + Air taxis to hit Ras al Khaimah’s skies in 2027

Good morning, lovely people, and welcome to the final day of September. We lead today’s news well with more details on the implementation plan of the UAE’s upcoming e-invoicing system — including key deadlines and requirements for businesses.

We also have a healthy dose of investment, M&A, and debt news, and a report from Standard Chartered that handpicks the UAE as one of six burgeoning global trade markets.

PLUS- With all the speculation around Dubai’s property market lately as investors and analysts alike attempt to make sense of what the ongoing boom in prices means, we speak with two real estate experts about both the risks and positive signs underpinning the market.

The takeaway? While inflated prices mean the market will inevitably top out at some point, there’s a slew of healthy signs — from more interest from institutional investors to a booming regional economy — indicating that there’s plenty of room for a more mature, and less speculative, market to take shape. We have more on this in the news well, below.

WEATHER- Temperatures in Dubai will reach 37°C by day and dip to 29°C at night. Meanwhile, Abu Dhabi will see a daytime high of 38°C and an overnight low of 29°C.

WATCH THIS SPACE-

#1- Abu Dhabi earmarks AED 42 bn for livability strategy: Abu Dhabi is set to get a host of new green spaces, infrastructure, and community facilities following Crown Prince Khaled bin Mohamed bin Zayed’s approval of an AED 42 bn (USD 11.4 bn) expansion of the emirate’s livability strategy, according to the Abu Dhabi Media Office. The program is overseen by the Department of Municipalities and Transport. Some AED 12 bn in projects, including parks, schools, and mosques were launched as part of the initial phase of the initiative, which was launched in 2023.

#2- Dubai-based school operator Gems Education is one of several firms who submitted an initial bid to acquire Saudi Arabia’s Ajialuna Educational, with the transaction expected to close as early as November, Bloomberg reports, citing people familiar with the matter. Ajialuna’s majority owner, Sulaiman Alrajhi Holding, is said to be seeking a full exit.

About Ajialuna: Founded in 2008, Ajialuna runs Al Forsan International Schools in Riyadh, Al Khobar, and most recently Jeddah. Its network offers international curricula from kindergarten to high school, catering to both Saudi families and expatriates and serving over 14k students across the Kingdom.

#3- Global payments platform PayPal Holdings plans to invest USD 100 mn across the Middle East and Africa, according to a press release (pdf). The strategic investment will be spread across minority stakes, acquisitions, PayPal Ventures funding, human resources, technology deployments to help local firms scale, and attracting new customers. It will target “high-growth and underserved markets” across the region, Otto Williams, Senior Vice President, Regional Head and General Manager at PayPal Middle East and Africa told EnterpriseAM UAE.

Fintech, e-commerce, and digital infrastructure are among the priority areas for PayPal, as well as logistics and cybersecurity, given their importance for SMEs and cross-border trade, Williams said. The firm also plans to collaborate with sovereign wealth funds and regional investment vehicles to to help accelerate innovation and scale local startups, he added.

REMEMBER- PayPal opened its first regional hub in Dubai in April, designed to expand the company’s global commerce capabilities and support businesses with cross-border payments and access to wider markets.

#4- Emirates National Oil Company’s (Enoc) subsidiary Dragon Oil has secured the North July oil field concession in Egypt, northeast of the Gulf of Suez, Asharq Business reports, citing a government official. The agreement, expected to be signed before year-end, will run for six years and see Dragon Oil invest at least USD 20 mn, including drilling up to three wells. Production is slated to begin within two years of signing.

REMEMBER- Dragon Oil was reportedly vying for the concession in July, alongside others like Saudi-based Ades Holding and Egypt-based Cheiron Petroleum.

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

So far in Egypt: Dragon Oil entered Egypt’s upstream scene in 2020 after acquiring BP’s Gulf of Suez assets, replacing it as Egyptian General Petroleum Corporation's (EGPC) partner. The company agreed to merge its concession agreements in the Gulf of Suez under a unified framework with EGPC back in April, and had previously committed USD 500 mn in investments to the country this year. It inked a USD 40.5 mn agreement with EGPC earlier this month to drill three new wells at the Al Hamd oil field off the Gulf of Suez. Elsewhere, Dragon Oil recently inked multiple agreements with Iraqi oil sector players to expand its footprint in the country.

#5- Abu Dhabi-based waste management firm Tadweer expects to begin production from its waste-to-energy (WtE) project in 2Q 2027, with construction progress currently at 52%, CEO Ali Al Dhaheri told CNBC Arabia (watch, runtime: 2:36). The group is looking to convert 1 mn tons of solid waste into green energy annually, supported by the launch of its subsidiary Tadweer Environmental Solutions by year-end, and two additional companies — Upcycle and Tahweel — in 2026.

Tadweer is also looking to close its acquisition of Masdar’s stake in the Sharjah WtE plant by the end of October. Masdar offloaded its share back in July, leaving Tadweer to join Bee’ah Group as a co-owner and operator of the facility.

Waste sorting in the pipeline: The firm is preparing to kick off work on a new waste-sorting plant at the beginning of next year, and also recently set up Tadweer Collection, or Tajmee’e, to handle waste collection across the emirate.

#6- Air taxis to hit RAK’s skies by 2027: Ras Al Khaimah Transport Authority has inked an MoU with UK-based all-electric vertical takeoff and landing (eVTOL) infrastructure provider Skyports Infrastructure and US-based Joby Aviation to launch the emirate’s first air taxi service by 2027, according to a statement. The project aims to cut the trip between Dubai International Airport and Al Marjan Island, which typically takes 60 minutes by car, to less than 15 minutes.

What we know: Skyports will build a vertiport next to Al Marjan Island’s Wynn Resort and another in Jebel Jais, CEO Duncan Walker told Dubai Eye 103.8 on a podcast (listen, runtime: 37:04).

Skyports is also set to roll out its first fleet of flying taxis in Dubai on 31 March 2026, Walker said on the podcast. Air ticket prices are valued at USD 200-300 per person, with helicopters supplementing the early roll-out stages. Skyports is currently building vertiports at Dubai International Airport, Marina, The Palm, and Dubai Mall — and plans to sell naming rights to the landing stations.

REMEMBER- Joby Aviation and Dubai’s Roads and Transport Authority completed the region’s first Joby air taxi test flight last July. A month prior, Abu Dhabi Investment Office tested its passenger eVTOL aircraft while Archer Aviation also completed the first test flight for its Midnight eVTOL — set to launch soon in the capital. Skyports also inked an agreement in July with Ajman’s Transport Authority to explore smart air mobility solutions, and is looking to extend its services to Abu Dhabi and Sharjah in the future.

#7- The UAE-Australia trade agreement is coming into effect tomorrow, Australia’s Prime Minister Anthony Albanese said in a post on X following a visit to Abu Dhabi, which saw him meet with President Mohamed bin Zayed Al Nahyan. The two countries signed the comprehensive economic partnership agreement in November 2024, with the pact removing most tariffs, expanding market access, and aiming to lift trade from USD 4.23 bn in 2023 to USD 15 bn by 2032.

PSA-

ICP rolls out new visa categories: The Federal Authority for Identity, Citizenship, Customs, and Port Security (ICP) has introduced four new visa categories, state news agency Wam reports. The new visas include:

Specialist visas for professionals in the AI, entertainment, events, cruise ships, and leisure boats sectors;
A sponsored friend/relative visit visa covering up to the third degree of kinship, subject to sponsor income;
A business exploration visa requiring proof of solvency, ownership in a foreign company, or professional practice;
A truck driver visa requiring a sponsor, as well as health and financial assurances.

ICP also introduced new residence permits, namely a one-year humanitarian permit — renewable under certain conditions — and a renewable one-year permit for foreign widows and divorcees.

HAPPENING TODAY-

#1- The Abu Dhabi Securities Exchange’s (ADX) Global Investor Roadshow and Conference kicked off yesterday and runs until tomorrow in New York, held in partnership with Morgan Stanley, Wam reports. ADX Chairman Ghannam Almazrouei and CEO Abdulla Alnuaimi are leading a delegation of 15 listed companies — together worth over USD 300 bn — for meetings with global asset managers, hedge funds, and institutional investors.

#2- The Global Rail Transport Infrastructure Exhibition and Conference will run from today until Thursday at the Adnec Center Abu Dhabi. The conference will gather industry leaders, government officials, and operators to discuss rail technologies and network expansion.

#3- The Water, Energy, Technology, and Environment Exhibition (Wetex) is also on from today until Thursday at the Dubai World Trade Center. The exhibition will showcase innovations in clean energy, water, and sustainability, and host panels on the energy transition and climate action.

#4- MENA Investment Congress (MENA Icon) kicks off today and runs until Wednesday at Rosewood Hotel Abu Abu Dhabi. The event will bring together regional and international investors, asset managers, and policymakers to discuss capital markets, portfolio strategies, and regional growth prospects. Speakers include hedge fund manager Ray Dalio, Apex Group’s Chief AI and Data Science Officer Helen Wang, and early stage investor Hamza Khushaim.

#5- The Africa Debate Conference will take place today at the Address Sky View Hotel in Dubai. Policymakers and business leaders will meet to discuss Africa’s role in global trade and investment, with a focus on economic partnerships and future growth.

#5- Dubai Podfest is taking place today at the Ritz Carlton in Dubai. The gathering will bring together creators, media professionals, and industry players to discuss trends in podcasting and digital audio.

HAPPENING THIS WEEK-

#6- The World Green Economy Summit (WGES) is running from tomorrow to Friday this week at the Dubai World Trade Center. Organized by the World Green Economy Organization — in partnership with Dubai’s Electricity and Water Authority and Supreme Council of Energy — the global summit focuses on green economy, sustainability, and climate action. The forum convenes policymakers, business leaders, academics, and civil society to discuss climate solutions and sustainable economic models.

#7- The Zawya GCC Capital Markets Forum will take place on Thursday at the Fairmont in Dubai. The forum will bring together GCC corporates from traditional wealth exporters to growing capital market participants to address how capital markets are evolving, as well as their surrounding macro environment. The forum will feature C-suite speakers from banks and leading financial institutions including HSBC, Standard Chartered Bank, Emirates NBD, and EFG Hermes.

THE BIG STORY ABROAD-

The foreign press is leading with Donald Trump’s announcement that he and Israeli Prime Minister Benjamin Netanyahu have agreed on a US-brokered peace framework for Gaza — a 20-point plan that calls for an immediate ceasefire. Trump warned Hamas that Israel would have Washington’s “full support” to destroy Hamas if it rejects the deal. (Reuters | The Guardian | Bloomberg | Financial Times | Washington Post | BBC | New York Times)

Arab, Islamic FMs back Trump’s Gaza peace plan: Foreign ministers from Egypt, Jordan, the UAE, Indonesia, Pakistan, Turkey, Saudi Arabia, and Qatar issued a joint statement yesterday welcoming US President Donald Trump’s proposal to end the war in Gaza. The ministers said they “assert their confidence in his ability to find a path to peace” and underscored the importance of partnership with Washington in advancing regional stability. The FMs expressed their readiness to work with the US to finalize the agreement and ensure its implementation.

What’s in the plan? The 20-point plan — which secured Israeli backing last night — calls for an immediate ceasefire, a swap of hostages for Palestinian prisoners, a staged Israeli withdrawal, and Hamas’ disarmament. It envisions Gaza run by a technocratic Palestinian committee backed by a “Board of Peace” chaired by Trump. Hamas is yet to respond to the proposal.

ON THE CLIMATE FRONT- Leaders from climate-vulnerable nations used the UN General Assembly to blast rich countries for falling short on funding commitments, Reuters reports. Developing countries’ leaders said the USD 100 bn pledged back in 2009 came too late and that the USD 300 bn target set for 2035 is nowhere near the USD 1 tn they estimate is needed annually by the end of the decade. We suspect climate action will be a frequent guest on the foreign pages in the weeks to come with COP30 less than two weeks away.

AND IN THE COURTS- Charlie Javice, the founder of student-loan fintech Frank, was sentenced to seven years in prison for defrauding JPMorgan in its USD 175 mn acquisition of her company. The 33-year-old entrepreneur was also ordered to pay USD 288 mn in restitution and forfeit another USD 22 mn, though the judge allowed her to remain free on bail pending appeal, citing her medical condition. (Financial Times | The Guardian | CNBC | New York Times | Reuters | Axios | Associated Press)

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FinMin outlines deadlines for new e-invoicing system, with phased rollout planned for next year

The Finance Ministry has outlined the implementation plan for its new e-invoicing system, state news agency Wam reports. The system will apply to all business-to-business (B2B) and business-to-government (B2G) transactions, while exempt cases can still voluntarily use the system.

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REMEMBER- The Finance Ministry amended tax and VAT regulations last year, in preparation for the launch of the e-invoicing system to streamline invoicing processes for businesses and government entities, enabling immediate exchanges and tax reporting to the Federal Tax Authority (FTA).

Both issuers and recipients of invoices will be required to appoint an accredited service provider (ASP) to manage their obligations, with the ministry set to announce a list of accredited providers soon. The system is built on the international OpenPeppol standard, a globally recognized framework that allows easier interoperability with international business communities, facilitates cross-border trade, and enhances security, Wam said.

The timeline: A pilot program will begin on 1 July, 2026, with a select group of taxpayers, after which mandatory implementation will be introduced in phases based on businesses’ annual topline:

Large businesses achieving annual revenues equal to or above AED 50 mn must appoint an ASP by 31 July, 2026, and adopt the system by 1 January, 2027;
Small businesses with annual revenues of less than AED 50 mn are obliged to contract with an ASP by 31 March, 2027, and implement the system by 1 July, 2027;
Government entities are required to appoint an ASP by 31 March, 2027 to implement the system by 1 October, 2027.

Businesses are also required to submit an electronic credit note when “a transaction is cancelled, consideration is reduced, a refund is made, or an error occurs.”

Adia backs GL Capital’s continuation vehicle for SciClone Pharma + MGX invests in DataBricks, OpenAI again

Adia invests in GL Capital’s continuation vehicle for SciClone: A subsidiary of the Abu Dhabi Investment Authority (Adia) anchored a single-asset continuation vehicle set up by US-based healthcare-focused private equity firm GL Capital for its portfolio company, SciClone Pharma, according to a press release (pdf). The funding will allow GL Capital to retain control of SciClone while deploying fresh funds to scale up its commercial operations, advance pipeline execution, and pursue selective business development prospects.

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SOUND SMART- Continuation vehicles are funds structured in a way that allows an investment manager to move an existing asset from one fund into a new vehicle it controls. Investors can either cashout or roll their stakes into the new fund, giving the manager more time — and often fresh capital — to grow the asset.

About SCiClone: GL Capital first invested in SciClone in 2012. Since then, it has grown into a leading China-focused pharma company with a strong presence in oncology and immunology.

REMEMBER- Adia has been ramping up its private equity investments in 2025, committing up USD 1.5 bn to Singapore-based GLP, USD 200 mn to India’s Micro Life Sciences, and taking a controlling interest in Alvest alongside PAI Partners. The sovereign wealth fund increased its allocation to the asset class — which accounted for 12-17% of its portfolio in 2024 — to take advantage of cheaper LP portfolios, with take-privates and carve-outs making up a growing share of transactions.

IN OTHER INVESTMENT NEWS-

MGX co-leads Databricks’ USD 1 bn Series K: Abu Dhabi AI investor MGX co-led a USD 1 bn Series K funding round for San Francisco-based software company Databricks, valuing the company at more than USD 100 bn, according to company statements here and here. Databricks recently surpassed a USD 4 bn revenue run rate, including USD 1 bn from AI products, and counts over 650 clients.

And more for OpenAI: MGX confirmed joining OpenAI’s latest round — valuing the ChatGPT maker at USD 300 bn — after holding talks earlier in February and backing its USD 6.6 bn raise last year. This month, it partnered with Silver Lake to acquire 51% of Intel’s programmable chip unit Altera, in a transaction valuing it at USD 8.7 bn, and agreed to take a stake in social media app TikTok alongside Oracle and Silver Lake to keep it running in the US.

Five Holdings secures USD 460 mn revolving credit facility

Five Holdings lines up fresh credit for int’l expansion: A syndicate of banks that includes the Commercial Bank of Dubai, Arab African International Bank, and Spain-based Santander are handing Dubai-based luxury hospitality and entertainment group Five Holdings a USD 460 mn revolving credit facility, Zawya reports. The fresh financing is earmarked for expansion and debt management.

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SOUND SMART- A revolving credit facility is a flexible loan that lets a company borrow, repay, and reborrow up to an agreed limit — similar to a corporate credit card. Firms typically use it for working capital, short-term liquidity, or to bridge investments.

The facility will support a planned USD 500 mn investment over the next two years to grow Five’s portfolio in the US, Asia and the UAE, while also strengthening its footprint in Dubai and Ibiza, where it already owns flagship nightlife and hotel assets alongside three Five hotel properties. The facility will also allow the group to refinance obligations early, including its maiden USD 350 mn Nasdaq-listed green bond issued in 2023.

REMEMBER- Five’s latest credit line comes after a string of debt-funded acquisitions in Spain, including its AED 210 mn (EUR 52.57 mn) purchase of Chioro last year, which handed it El Hotel Pacha in Ibiza and land slated for a residential project — both of which were financed through a mix of equity, deferred payments and an external loan. The firm also acquired the Pacha Group for AED 1.2 bn in 2023 through green bond and a previous revolving credit facility.

ALSO- The hospitality group is teeing up a Dubai IPO: Five Holdings reportedly tapped Citi and Deutsche Bank to work on its planned IPO on the DFM this year. The firm was also said to be mulling a potential dual listing, though the exact timing and size of the IPO were not disclosed.

UAE is among six top global trade markets, Standard Chartered survey finds

The UAE was ranked among six booming trade hotspots for sourcing, manufacturing and exporting in the medium term, according to a Standard Chartered report (pdf). The UAE was the only Middle Eastern country to feature on the list, ranking alongside India, China, Malaysia, Indonesia, and the US.

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The ranking was based on a survey of 1.2k corporate leaders from 17 markets across four sectors: including consumer and retail; energy and power; technology; and telecommunications.

Corporations looking to diversify their global supply chains are increasingly turning to the UAE. Around 20% of respondents indicated that the Emirates stands out as a market of interest for sourcing, manufacturing, and exporting when looking to shift their existing supply chains. This was increasingly important to respondents — with 56% of them looking towards realigning supply chains geographically to build resilience against trade disruptions.

The UAE remains a key global connector to China and ASEAN markets — indicated by increasing engagement and trade, the report finds. This was particularly evident for Vietnam, Thailand and Malaysia.

ICYMI- The UAE has trade agreements in place with Vietnam, Malaysia, India, Indonesia, and Turkey, and is looking to finalize an agreement with Thailand and Philippines sometime this year. On the other hand, the UAE signed a comprehensive economic partnership agreement (CEPA) with Malaysia in January.

Other key attractions: The country also has one of the world’s busiest container ports — Jebel Ali — and is solidifying its position as a hub for financial services, AI, and digital infrastructure, the report said.

Who’s eyeing the UAE? The UAE is getting a lot of interest from Saudi Arabia, India, and Egypt in particular, with 50% of corporate respondents from KSA, Egypt and India indicating a strong interest in the Emirates, highlighting a strong potential to further intra-regional trade and further investments along the Middle East-India trade corridor.

REMEMBER- Projects like the India-Middle East-Europe Economic Corridor (IMEC) project are set to give cross-border trade between India, the Middle East, and Europe a further boost. The project kicked off in June of last year, with a focus on establishing the first leg between India and the UAE via sea and rail links. Efforts are currently underway to streamline procedures across the Indian ports of Mundra, Kandla and Nhava Sheva as well as the UAE ports of Jebel Ali and Fujairah.

The caveat: Realigning supply chains geographically “does not come cheap,” Standard Chartered Global Head of Transaction Banking Corporate Sales Mark Troutman said. Over three in five respondents expect the overall costs of goods to rise by between 5% and 14% in the medium term.

Dubai’s property boom is freaking people out, but experts say signs are pointing to a maturing market

Is the ongoing property boom a sign of an impending crash or a maturing market? With plenty of momentum in Dubai’s property market, an increase in supply, and consecutive record quarters for prices and sales, speculation has been rising on whether there are emerging signs of a bubble, similar to those that came up before the 2008 crash.

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While the market is widely expected to peak at a point in the near future, with some differentiation expected to take place across different segments of the market, the overall consensus is that there is more upside and signs of a maturing market than there is of an impending bubble.

Refresher: Home values have risen over 70% in the past four years, but market analysts now expect a correction in prices starting later this year. Fitch Ratings expects a moderate correction of up to 15% to Dubai home prices beginning in 2H 2025, while Moody’s and Deloitte also forecast a slowdown or stabilization in price and rent growth. Supply is also surging, with nearly 250k new homes set for completion in the next few years, a 30% jump, as scores of new developers enter the fray.

The fundamentals that have propped up Dubai’s property market are still there — and are arguably only getting stronger. Attractions include lower taxes, relaxed visa regulations, and a booming economy standing in stark contrast to peers in Europe, where the likes of London and Paris are quickly losing high net worth individuals and m’naires — (read: some 16.5k high-net-worth individuals are leaving the UK this year) — due to unfavorable tax regimes and economic stagnation. Increased political volatility and concerns over fiscal health in several European countries will likely continue to drive more people away from the region.

Saudi Arabia’s rise is also a boon for the UAE: The GCC in its own right has been doing very well economically, Mashreq’s global head of real estate finance and advisory, Zain Qureshi, says. It’s becoming increasingly open and global in its approach, with Saudi Arabia’s recent reforms drawing in countless people. “Saudi Arabia could be a formidable player [...] and some are coming to the sidelines — like the UAE — to watch what’s happening there and in the broader GCC,” he added.

So, what is the persistent boom in prices telling us right now? Demand has yet to let up, but if you take a deeper look at the data, signs that off-plan sales are seeing a slight dip are reflective of increased price sensitivity, especially in the middle to lower-income segments. As rentals continue to increase, end users are more likely to go for a ready product instead of burning a lot of banknotes on rent until their off-plan units are delivered, Qureshi said.

Increased off-plan activity in general could potentially be unhealthy in the long run, with some projects becoming unsustainable, boutique real estate investment firm Global Partners CEO Martin Linder said, adding that he is seeing more speculators in the market. While official data still points to record sales, those are largely off the back of off-plan activity, which could show cases of speculation, he added.

Is there an overbuilding problem? Qureshi says the bigger issue is the “ability to deliver these projects, and on time, and that largely depends on whether there is a sufficient [number] of contractors and whether or not they have sufficient capabilities and resources to do so,” Al Qureshi said.

REMEMBER- Some real estate developers have been bringing construction in-house in a bid to exercise more oversight and control over the delivery of their projects. This includes big players like Emaar, Azizi Developments, and Sobha Group, as well as others like Samana Developers. But some analysts have said that the move could stretch management capacity and add more overhead costs that could become an issue during market downturns.

Strong performance in some secondary markets still points to strong demand from end users for good products, Linder said. But there needs to be more differentiation in pricing between good quality and bad quality products, he added.

More institutionalization is going to be a good thing for the market: One thing that could help with this is the arrival of large institutional investors like Brookfield and Blackstone, which will likely prompt an improvement in the quality of products, because they’re looking for things like strong ESG standards and good locations. “Having institutional investors coming into the market doing their homework and chasing high quality products will raise the price on that product, and the gap will simply open,” he said.

Location also matters: There are pockets across Dubai where the land is undervalued and needs serious investors and an attractive masterplan to turn things around, and that’s what Global Partners is focusing on for its portfolio, which it says is on track to offer a net internal rate of return of more than 30%. The investment firm raised over USD 503 mn in capital and currently manages assets exceeding USD 1.4 bn. It is working on developing close to a USD 1 bn mixed-use project in the second phase of Dubai Healthcare City, as well as a luxury residential development along the Dubai Water Canal.

The key common factor between those projects? A masterplan that Global Partners can help shape in an area already anchored by one of Dubai’s top schools — Swiss International Scientific School Dubai — and surrounded by luxury developments and hotels, some completed and others with work underway. While the neighborhood is still evolving, its central location, connectivity to key business hubs, and ambitious future plans signal a transformative shift, Linder said.

Another sign of a maturing market, according to Qureshi, is more diversified funding options for real estate players. Alternative financing including bonds, sukuk, mezzanine options, and private debt, are becoming extremely common within the UAE, he said. “There’s a lot more depth in the market as far as liquidity is concerned, and that's what you're looking for in a developed economy,” Qureshi said. This is a sign of a more robust market, because there’s a higher level of endurance in the marketplace when macro conditions change, he added.

The government is also continuing to support demand and those who might be getting priced out of the market, he said, with initiatives like the first-time home buyer program and real estate tokenization drawing in more diversified investments to the market.

Mashreq expands Climb2Change initiative to India + Investcorp continues divestment drive

FINANCIAL SERVICES-

Mashreq takes Climb2Change to India: Our friends at Mashreq launched the next phase of the Climb2Change initiative with a clean-up expedition along Himachal Pradesh’s Kheerganga and Hampta Pass trails in India, according to a statement (pdf). The mission, which runs through 18 October, will focus on waste removal, community engagement, and promoting responsible tourism in the Himalayan ecosystem.

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Climb2Change? The initiative aims to clean up 14 mountain sites worldwide, including seven peaks and seven base camps. It has so far included expeditions in Nepal, Pakistan, and Egypt’s Wadi Degla. The clean-ups have eliminated around 6.8 tons of waste to date, the statement read.

M&A WATCH-

Investcorp makes another US exit for USD 365 mn: ADX-listed private equity firm Investcorp Capital exited its stake in a US-based industrial real estate portfolio valued at USD 365 mn, according to an ADX disclosure (pdf). While the company did not disclose the income generated from the sale, it said the divestment is part of a broader sale of a portfolio managed by Investcorp, comprising 3.5 mn sq ft of prime industrial assets across locations in Chicago and Ohio.

ICYMI- Investcorp has been busy exiting assets as it looks to realize gains while reallocating capital. So far this year, it has offloaded 12 US multifamily real estate assets for USD 550 mn, brought in a 4x return through a full divestment from India’s CityKart, and sold an industrial US portfolio for USD 360 mn. On the flip side, it invested in Italian payments firm Epipoli back in February and acquired a USD 200 mn portfolio of North American and European assets in growth sectors like tech and business from its parent company, Investcorp Group.

MANUFACTURING-

Italian polymers manufacturer Roboze opened a new office in Abu Dhabi, as it looks to localize its manufacturing operations in the Emirates, according to a press release. The manufacturer specializes in 3D printing using high-performance super polymers and composite materials.

The rationale: Roboze aims to tap into growing demand in the Emirates for local production of critical components for the aerospace, defense, transportation, and oil and gas sectors, the release says. It will cooperate with prominent Emirati industry players as it looks to streamline supply chain security.

REAL ESTATE-

Dubai-headquartered real estate developer Dar Global is launching Trump Plaza Jeddah, a USD 1 bn 28k sqm mixed-use development that is the firm’s second Trump-branded development in Saudi Arabia, it said in a press release yesterday.

Dar Global has been busy lately in KSA…: The real estate developer is rolling out USD 4.8 bn in new community projects in Riyadh and Jeddah via a joint development agreement with Dar Al Arkan, lifting its total GDV to USD 12.5 bn. It also snapped up land plots in both cities for USD 390 mn in March and a month earlier secured financing from the National Bank of Oman to develop its 3.5 mn sqm Aida luxury project in Muscat by 2028.

….and also in Dubai: The developer inked an agreement with The Trump Organization last year to develop Trump Tower in Dubai.

STARTUPS-

DLD launches real estate incubator: Dubai Land Department (DLD) has launched an Emirati Real Estate Business Incubator with Dubai Silicon Oasis, the New Economy Academy, and the Rochester Institute of Technology of Dubai, state news agency Wam reports. Starting from 27 October at Dubai Silicon Oasis, the six-month program will support 50 Emirati firms transitioning from individual brokers to licensed real estate agencies. Graduates will receive an accredited certificate and a year of professional mentorship, with training covering regulatory, financial, and tech aspects of running a brokerage.

REMEMBER- DLD has been ramping up its efforts to engage Emiratis in real estate. Its Emirati broker program — which last year saw nine developers agree to channel 10-15% of sales through Emirati brokers — has brought 1.8k nationals into the market since 2024, completing AED 10 bn in agreements.

Private credit boom hits emerging markets with record USD 11.7 bn in H1 2025

Emerging markets (EM) are on track for their biggest year yet in private credit, Bloomberg reports. Global lenders including Blackstone, Apollo, KKR, and Ares deployed USD 11.7 bn in 1H 2025 — nearly matching last year’s total of USD 13.9 bn — putting the asset class on course for a record, the business news information service reports, citing the Global Private Capital Association.

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Funds are looking to pivot away from their long-standing reliance on US assets as a way to diversify allocations. EM-based firms, meanwhile, are drawn to the flexibility and confidentiality offered by private lenders, though often at a higher cost than public debt.

India has led the surge, with Prime Minister Narendra Modi’s infrastructure push fueling demand for capital for projects ranging from solar plants to roads. Elsewhere, Romania’s sports gaming platform Superbet alone secured EUR 1.3 bn from Blackstone and HPS, while Southeast Asia logged USD 1.1 bn in transactions.

Despite this, private credit in EMs still makes up less than 10% of the USD 1.7 tn global market, with some lenders viewing them as too risk-prone. Momentum is nevertheless building as investors chase diversification and higher returns, with inflows into public markets boosting confidence. EM equities are up 23% YTD, while hard-currency bonds have gained nearly 9%. “It’s still at a relatively early phase compared to the US [...] but in general we do see it growing,” said Jeff Schlapinski of the Global Private Capital Association.

Most transactions are also on the smaller side, with the majority in the tens of mns of USD, and volumes accounting for only a fraction of most corporates’ debt books, with bank lending and public debt markets still accounting for the majority.

However, regional players are giving the market a boost, enabling bigger transactions and larger fundraisings. India’s EAAA India Alternatives raised USD 510 mn for its first private credit vehicle, while in the Gulf, Saudi’s Public Investment Fund recently agreed to anchor new Goldman Sachs funds targeting private credit and public equity across the GCC. In the UAE, Mubadala grew its private credit portfolio to USD 20 bn last year.

It’s a big year for private credit more in general: Wealthy individuals poured USD 48 bn into US private credit funds in 1H 2025 — surpassing last year’s total — even as institutional demand waned. Policy tailwinds are helping, with Trump signing an executive order in August opening 401ks to private assets. Evergreen debt funds in Europe also more than doubled y-o-y.

MARKETS THIS MORNING-

Asian markets are mixed this morning, with mainland China’s CSI 300 flat at the open after China’s latest manufacturing data showed the sector contracting for a sixth straight month. Japan’s Nikkei fell 0.1%, while South Korea’s Kospi was also flat. Hong Kong’s Hang Seng was the only outlier, rising nearly 0.5%.

Over on Wall Street, futures have only marginally dipped, with stocks set to close out September on an unusually high note following the rebound of AI stocks yesterday.

ADX	9,991	-0.1% (YTD: +6.1%)
DFM	5,869	+0.2% (YTD: +13.5%)
Nasdaq Dubai UAE20	4,737	-0.2% (YTD: +13.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	3.8% 1 yr
TASI	11,434	+1.8% (YTD: -5.0%)
EGX30	36,391	+0.6% (YTD: +22.4%)
S&P 500	6,661	+0.3% (YTD: +13.3%)
FTSE 100	9,300	+0.2% (YTD: +13.8%)
Euro Stoxx 50	5,507	+0.1% (YTD: +12.5%)
Brent crude	USD 67.97	-3.1%
Natural gas (Nymex)	USD 3.27	+0.1%
Gold	USD 3,828	-0.1%
BTC	USD 114,255	+1.9% (YTD: +22.2%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.73	-0.5% (YTD: +7.1%)
S&P MENA Bond & Sukuk	150.44	+0.1% (YTD: +7.5%)
VIX (Volatility Index)	16.12	+5.4% (YTD: -7.1%)

THE CLOSING BELL-

The DFM rose 0.2% yesterday on turnover of AED 715.4 mn. The index is up 13.5% YTD.

In the green: National Industries Group Holding (+5.1%), National International Holding Company (+3.7%) and Al Mal Capital REIT (+3.5%).

In the red: National General Ins. (-8.2%), Chimera S&P UAE UCITS ETF — Share Class A — Accumulating (-3.5%) and Agility The Public Warehousing Company (-3.4%).

Over on the ADX, the index fell 0.1% on turnover of AED 937 mn. Meanwhile, Nasdaq Dubai was down 0.2%.

UAE President, Egypt’s El Sisi discuss trade, development ties in Cairo talks

UAE, Egypt talk cooperation: UAE President Sheikh Mohamed bin Zayed Al Nahyan met Egyptian President Abdel Fattah El Sisi in Cairo yesterday, where the two leaders discussed strengthening economic, trade, and development cooperation alongside regional security priorities, Wam reports.

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

Talks centered on Israel’s war on Gaza, with both sides reiterating that a two-state solution remains the only viable path to lasting peace and stability. They also voiced support for efforts to secure a Gaza ceasefire and a permanent resolution to the conflict. The president and El Sisi also stressed the urgency of reinforcing joint Arab action in the face of "unprecedented regional challenges” to safeguard security and drive sustainable prosperity.

CALENDAR

SEPTEMBER

23-30 September (Tuesday-Tuesday): Subscription period for Alec Holding’s IPO.

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

30 September - 1 October (Tuesday-Wednesday): IMO World Maritime Day Parallel Event, Dubai.

30 September-2 October (Tuesday-Thursday): Global Rail Transport Infrastructure Exhibition and Conference, Abu Dhabi.

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

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

30 September (Tuesday): Dubai Podfest, Dubai.

OCTOBER

1 October (Wednesday): Final price for Alec Holding’s IPO to be announced.

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

2 October (Thursday): Zawya GCC Capital Markets Forum, Fairmont, Dubai.

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

4 October (Saturday): Syria Recovery and Investment Forum, Adnec Center, Abu Dhabi.

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.

8-9 October (Wednesday-Thursday): Quantum Maritime Conference, Mussafah, Abu Dhabi

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

9-11 October (Thursday-Saturday): European Arab Medical Congress (EAMC 2025), Abu Dhabi Energy Center, Abu Dhabi

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.

14 October (Tuesday): Dubai Safari Park, Dubai

15 October (Wednesday): Alec Holding’s shares to begin trading on the DFM.

15-18 October (Wednesday-Saturday): Middle East Electric Vehicle Show, Expo Center Sharjah.

15-18 October (Wednesday-Saturday): The Future Mobility Expo and Conference, Expo Center Sharjah.

15-18 October (Wednesday-Saturday): Evolve Future Mobility 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.

29 October (Wednesday): The Brand Residences Forum, Dubai.

NOVEMBER

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

4-6 November (Tuesday-Thursday): Annual government meetings, Abu Dhabi.

4-6 November (Tuesday-Thursday): ARABAL International Aluminum Conference, Dubai

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

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

10 November (Monday): SASC organizes The Abu Dhabi Autonomous Summit, 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.

19-20 November (Wednesday-Thursday): Investment and Business Summit, Al Hamra International Exhibition and Convention Center, Ras Al Khaimah

19-23 November (Tuesday-Sunday): Abu Dhabi Art, Manarat Al Saadiyat, Abu Dhabi

24-27 November (Monday-Thursday): Big 5 Global Exhibition, Dubai World Trade Center, Dubai

26-27 November (Wednesday-Thursday): DATE (Digital Acceleration & Transformation Expo), 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): The Bridge Summit, Adnec Center, 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.

9-11 December (Tuesday-Thursday): Automechanika Dubai Trade Show, Dubai World Trade Center.

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.

13-15 January (Tuesday-Thursday): FESPA Middle East, Dubai Exhibition Center, Dubai

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.

MARCH 2026

31 March - 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.

26-28 March (Thursday-Saturday): Social Capital Conference, Dubai.

JUNE 2026

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

JULY 2026

31 July (Friday): Large businesses achieving annual revenues equal to or above AED 50 mn must appoint an accredited service provider for e-invoicing implementation.

Signposted to happen in 2026:

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:

1 January: Deadline for large businesses to implement e-invoicing.
1Q 2027: Completion of the first phase of Hassyan seawater desalination project.
31 March: Small businesses with annual revenues of less than AED 50 mn are obliged to contract with an accredited service provider for e-invoicing implementation
31 March: Government entities are required to appoint an accredited service provider for e-invoicing implementation.
1 July: Deadline for small businesses to implement e-invoicing.
1 October: Deadline for governments to implement e-invoicing.
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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