Fitch’s BMI cuts UAE’s GDP growth forecast on weaker non-oil growth

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Three or five IPOs before the end of the year? + CBUAE, Presight form tech JV focused on financial markets

Good morning, wonderful people. It’s almost the end of the week, and the news cycle has slowed only slightly before we head into the final workweek of July.

The big story of the day is Fitch’s research unit BMI slashing growth forecasts for the UAE on the back of weaker non-oil growth and the impact of geopolitical tensions. Also: Space42 landed funding from European banks for its Al Yah satellites.

Plus: We have earnings from First Abu Dhabi Bank, Abu Dhabi Islamic Bank, and Commercial Bank of Dubai, as well as NMDC Energy. Let’s dive in.

WEATHER- It could get foggy today due to the humidity, but at least temperatures are on the milder side. The mercury in Dubai is expected to reach a high of 40°C, before cooling to 35°C overnight. In Abu Dhabi, daytime highs will also reach 40°C, with lows of 32°C.

WATCH THIS SPACE-

#1- The UAE could see between three to five IPOs before year-end, Zawya quotes Citi Managing Director and head of MENA equity capital markets Rudy Saadi as saying. Saadi pointed to a healthy pipeline that includes Dubizzle, Five Holdings, Alec Engineering, Etihad Airways, and IHC’s 2PointZero. While fewer privatizations may give the impression of a quieter market, Saadi said investor appetite remains strong, and remains optimistic about activity in 2H and 1H 2026.

He chalked up delays in listings to regulatory approvals or shareholder timing preferences, rather than weak demand, saying that investors are always looking at the UAE and Saudi Arabia since they are the GCC’s most active markets. “IPOs will still launch and price, but not at any valuation given the higher scrutiny,” he said, attributing the scrutiny to the “difficult business models” of some firms.

#2- One of the biggest and most-anticipated IPO targets, Etihad Airways, still has its eyes set firmly on expansion, with some 18 aircraft expected to be onboarded before year-end, CEO Antonoaldo Neves told state news agency Wam. The carrier — which has transported 10 mn passengers in 1H 2025 — aims to grow its fleet to 115-120 aircraft as well as handle 21.5 mn passengers by the end of 2025. It has already acquired two aircraft and is awaiting 16 more deliveries in the upcoming months.

Yes, but…: That’s assuming no delays from manufacturers, though Neves said the airline planned accordingly and leased aircraft and reintroduced seven A380 aircrafts into service to accommodate the delays.

A stronger market push: The carrier is looking to boost its market presence, with a specific focus on markets within a four-hour flight range, including Middle East, India, and Pakistan, he noted.

REMEMBER- The airline invested USD 14.5 bn for 28 Boeing 787 and 777X aircraft manufactured in the US by GE engines in May. Neves said in April Etihad plans to add 20 to 22 new planes this year in a bid to meet its target of 170 planes by 2030. The carrier was expected to IPO earlier this year with a 20% stake floated for USD 1 bn in proceeds, but the IPO was pushed back several times.

#3- Citigroup to bolster MENA headcount: Citigroup ’s private banking arm is planning to bring in new hires for its Dubai, Abu Dhabi, and Saudi Arabia operations, Bloomberg reports, citing comments made by the bank’s head of UK, Europe, and Middle East James Holder. Citigroup recently tapped Carmen Haddad as vice chair of its Middle East private bank, and the hiring strategy comes as financial players look to tap into lucrative investment programs amid economic diversification efforts.

#4- The Central Bank of the UAE (CBUAE) and AI firm Presight are launching a joint venture, which will deploy AI-powered technology platforms for the UAE’s financial market tech stack, according to a press release (pdf). As part of CBUAE’s two-year digital transformation agenda, the entity will develop, maintain, and support critical IT infrastructure for financial markets, including for its central bank digital currency, instant payments platform Aani, domestic card scheme Jaywan, and the open finance network. It could also include developing a real-time gross settlement system.

#5- EAD publishes climate change adaptation roadmap for Abu Dhabi: Abu Dhabi’s Environmental Agency has launched a 25-year roadmap to protect Abu Dhabi’s natural resources from the growing threats of climate change, according to a statement. The plan, covering through 2050, was developed under the Abu Dhabi Climate Change Strategy 2023-2027 (pdf).

What we know: While the details of the actual plan and its key action points are scant, it focuses on three vulnerable environmental systems — groundwater, soil, and biodiversity. It also identifies 142 climate adaptation actions, including 86 high-priority projects scheduled for implementation over the next five years. These include a mix of nature-based, technical, and institutional solutions.

The EAD’s plan is the first of four sectoral adaptation plans set to roll out under the emirate-wide climate adaptation strategy. Upcoming plans will address the energy, health, and infrastructure sectors.

DATA POINTS-

#1- Record 2Q boosts 1H results for Dubai real estate: Dubai logged a total of 94.5k residential transactions in 1H 2025, up 27% y-o-y, according to Knight Frank’s Dubai Residential Market Review (pdf). Total sales value surged 41% y-o-y to AED 267.7 bn during the six months, with 2Q alone seeing more than 50k sales — the first time Dubai has crossed that threshold in a single quarter.

Luxury demand is rewriting the record book: Home sales priced over USD 10 mn reached AED 9.5 bn in 2Q — the highest quarterly total on record — with a total of 143 luxury agreements signed. For the first time since 2Q 2023, apartments in this segment outpaced villas.

ICYMI- Recent ValuStrat data showed that quarterly price growth eased to 4.7% in 2Q 2025 from 6.4% a year earlier, with apartment values rising 3.4% and villas 6% q-o-q.

#2- 1H also saw a 30% surge in daily average gold trading, with the Dubai Gold a nd Commodities Exchange (DGCX) seeing over 1 mn contracts traded by the end of June, according to a press release. The exchange’s shariah-compliant gold spot contract volumes saw a 199.8% y-o-y increase in the value of its trades.

The uptick was attributed to geopolitical volatility triggering more demand for hedging instruments. INR quanto futures contracts, which allow investors to hedge INR exposure against the USD without direct market access, were also popular, suggesting investors are looking to spread risk exposure.

#3- Gross bank assets in the UAE grew 0.6% m-o-m to AED 4.7 tn in April 2025, according to the Central Bank of the UAE’s (CBUAE) latest monetary and banking developments report (pdf). Gross credit increased 0.9% m-o-m to AED 2.2 tn, driven by a AED 12.3 bn rise in domestic credit and AED 7.1 bn in foreign credit. Within domestic credit, lending to the private sector rose by 0.6%, to government-related entities by 1.2%, and to the government sector by 0.7%, while credit to non-banking financial institutions fell 4.3%.

Total bank deposits rose 1.0% m-o-m to AED 2.97 tn, supported by a 10.9% jump in non-resident deposits, which reached AED 275.6 bn. Resident deposits rose marginally by 0.1% to AED 2.69 tn. Within that, private sector deposits rose 1.1%, government sector deposits grew 0.9%, while deposits from non-banking financial institutions declined 9.2% and government-related entities fell 6.5%.

PSA-

You’ll have to settle any incurred traffic fines in Dubai before you can modify your visa status, following new rules issued by Dubai’s General Directorate of Residency and Foreigners Affairs, The National reports. All outstanding traffic fines will need to be resolved before you can access immigration services, including visa application, renewal, or cancellation. The authority will work with Dubai Police to cross-check applications.

THE BIG STORY ABROAD-

It’s a busy morning in the foreign press, with more updates on tariffs and trade agreements, a handful of high-profile earnings, and updates on the Epstein files debacle in the US.

US President Donald Trump seemed to indicate that reciprocal tariffs would come in at a minimum of 15%, higher than the 10% baseline tariff he had announced earlier, and a maximum of 50%. It’s not clear whether this is Trump causing panic, or if it’s true, given that the administration had announced a universal 10% tariff earlier in April and Commerce Secretary Howard Lutnick clarified earlier this week that many African countries, as well as Latin American and Caribbean countries, would be subject to a 10% tariff. (Bloomberg)

REMEMBER- Gulf countries have been subject to a blanket 10% tariff that the US maintained with most countries after the 9 April 90-day freeze of higher tariffs.

ALSO- The US and the EU are reportedly nearing an agreement for a 15% tariff on imports from the bloc, mirroring the US’ agreement with Japan earlier this week. (Financial Times | Guardian | Reuters)

American newspapers’ front pages are almost all topped by news that Trump was briefed about his name being in files related to the Jeffrey Epstein case, making it more concerning that Trump has refused to make the files public. A House subcommittee for the first time voted to subpoena the administration for the files later last night. Sources told CNN that the briefing was “routine” and revealed nothing new, since Trump was already known to be an associate of Epstein’s. (New York Times | Wall Street Journal | Washington Post)

AND IN EARNINGS NEWS-

Shares in Tesla fell 5% in after-hour trading after CEO Elon Musk said on an earnings call that the EV maker is in for a “rough few quarters.” The company posted a sharp decline in revenues and sales in 2Q 2025. (Bloomberg | WSJ | Financial Times | Reuters)
Google owner Alphabet posted double-digit net income growth in 2Q 2025 on the back of strong cloud and search engine growth. (Financial Times | CNBC)

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BMI trims its growth forecast for the UAE to 4.3% in 2025

Fitch Solutions’ research unit BMI lowered its GDP growth forecast for the UAE to 4.3% in 2025, down from its earlier prediction of 4.6% but still faster than the 4% recorded last year, it said in a recent research note. However, its prediction for next year remains unchanged, with growth of 5.6% pencilled in.

The rationale: The downgrade is primarily attributed to a sharper than expected drop in non-oil activity so far this year. BMI now sees non-oil growth coming in at 4.2% this year rather than 4.7% — down from the 5% growth seen last year. Fallout from the Israel-Isran conflict, market uncertainty on the back of US trade tariffs, and lower oil prices are also dampening the outlook, the research unit said.

Abu Dhabi’s growth prediction was also trimmed…: BMI revised its forecast for Abu Dhabi’s growth in 2025 to 5%, down from 5.5%. The revision comes after 1Q saw the emirate record 3.4% y-o-y growth— short of BMI’s projections of 4.2% y-o-y growth. The tempered growth was attributed to “to weaker performance in the non-hydrocarbon sector,” with the transport, financial, construction, and storage sectors taking the hardest hit.

… as was Dubai’s: The research unit also lowered its growth forecast for Dubai this year to 2.7%, down from 3%. This was due to a decline in the purchasing managers’ index for the UAE to an average of 53.4 in 1H this year, a drop from its 56.2 average for the same period last year, on the back of global uncertainty from trade tensions and elevated regional risks, which impacted sentiment and new business.

REFRESHER- The UAE’s non-oil private sector saw a slight improvement in June despite a slowdown in demand on the back of regional tensions, with the S&P Global PMI edging up to 53.5 from 53.3 in May.

Things are expected to only go up from here, especially as the oil sector continues to benefit from the phased output hikes from Opec+, which are expected to boost oil sector growth to 8.7% next year, the research note said. The UAE’s non-oil sector is also expected to strengthen, further boosting overall growth. Looser monetary policy, a recovering tourism industry, and more investment as geopolitical tensions subside are expected to support economic activity. Further support will come from significant public investment in infrastructure projects and ongoing reforms.

There are still some downside risks, as any renewed escalation in geopolitical tensions would severely hit tourism, investment, and airport activity, as well as trigger an exodus from the foreign workforce. Any sharp drop in oil prices could also undermine public investment if it prompts spending cuts.

How does this compare to other forecasts? BMI’s forecast is very slightly lower than the Central Bank of the UAE’s (CBUAE), which revised down in June its growth forecast for the UAE this year to 4.4% in 2025. It’s more optimistic than the IMF’s, though, which maintained its UAE-wide growth forecast, leaving it unchanged at 4% for 2025, among the highest in the GCC. Meanwhile, the World Bank raised its GDP growth forecast for the UAE to 4.6% in 2025, citing increased oil production and non-oil momentum.

On the non-oil front, Capital Economics had penciled in an expansion of 5.5% for the sector, up from 5% last year, on the back of strong retail and tourism growth, while CBUAE predicted that non-oil growth is set to slow down to 4.5% this year, down from the 5% growth seen in 2024. The IMF sees the UAE’s non-oil GDP growing by 4.5% this year, with tourism, public spending, construction, and financial services driving growth.

Multiply Group is the new majority shareholder of Spanish retail group Tendam

ADX-listed Abu Dhabi-based investment firm Multiply Group completed its first major investment in Europe with the acquisition of a controlling stake in Castellano Investments, the parent company of Spanish retail group Tendam, it said in a disclosure (pdf). The acquisition gives Castellano an enterprise value of AED 5.6 bn (EUR 1.3 bn).

Refresher: Multiply acquired a 67.91% stake in Tendam in February, becoming a majority shareholder alongside CVC Funds and PAI Partners, who remain minority shareholders.

About Tendam: Founded in Spain, Tendam manages a portfolio of 12 international fashion brands, including Women’s Secret, Springfield, Cortefiel, and Pedro del Hierro, among others. The group has a broad geographical footprint, operating more than 1.8k points of sale across over 80 markets, including the UAE, Spain, Portugal, France, and Latin America, according to the statement.

The acquisition will be a boon for Multiply’s financials: Tendam generated EUR 1.4 bn in sales during the 12 months ending June 2025, with EBITDA reaching EUR 340.7 mn, the disclosure said. It’s expected to double Multiply’s operational EBITDA post-consolidation.

More expansion ahead for Tendam under Multiply’s leadership: The firm plans to accelerate the retail operator’s international expansion across Europe, Latin America, and the Middle East, according to the statement. This will include targeted acquisitions to add new brands and verticals.

What's next? The acquisition of Tendam’s Bosnia and Herzegovina operations is pending regulatory approval from the local competition authority, the statement read.

Market reax: Multiply’s share price gained 3.4% to close at AED 2.7 a pop at Wednesday’s close.

ADVISORS- Greenhill, Hogan Lovells and KPMG advised Multiply, while Uria Menendez advised Castellano Investments. Ramón Hermosilla, Abogados and Lathan & Watkins were legal advisors.

Space42 secures debt from European lenders for Al Yah satellites

Space42 secures USD 695.5 mn from European lenders for Al Yah satellites: AI-powered space tech firm Space42 secured USD 695.5 mn in loans through a consortium of European banks to fund the development of its next generation geostationary satellites, according to a press release. The funds will go towards developing the Al Yah 4 satellite, scheduled for launch in 2027, and the Al Yah 5 satellite, launching in 2028.

Who’s involved? The funding came from a consortium of Spanish and French banks, with France’s Crédit Agricole, Société Générale, Natixis, and Spain’s Santander arranging the facility — backed by Bpifrance Assurance Export, France’s export credit agency.

REFRESHER- Space42 received AED 3.7 bn in advance payments to develop the Al Yah 4 and Al Yah 5 satellites, part of a wider 17-year AED 18.7 bn contract with the UAE government. The program will provide secure and multi-path communications capabilities for the defense and civil sectors, according to Space42’s Chief Financial Officer Andrew Cole. The satellites have flexible payloads, meaning their capabilities — such as coverage area, bandwidth, and frequency — can be adjusted in real-time while in orbit.

Lots of outside support: Al Yah 4 and Al Yah 5 satellites are being developed by the European firm Airbus Defence and Space under an AED 3.9 bn contract signed last year. They will be launched using Falcon 9 rockets developed by Elon Musk’s SpaceX and will eventually replace the UAE’s older-generation Al Yah 1 and Al Yah 2 satellites.

FAB, ADIB, NMDC Energy, and CBD earnings are in

FIRST ABU DHABI BANK-

First Abu Dhabi Bank (FAB) posted net income of AED 5.5 bn in 2Q 2025, up 29.3% y-o-y, beating analyst estimates of AED 4.4 bn in net income, according to its financials (pdf). This came on the back of double-digit growth in operating income in the quarter, rising 22.4% y-o-y to AED 9.5 bn.

On a six-month basis, FAB’s net income came in at AED 10.7 bn, up 26.5% y-o-y — its first time exceeding the AED 10 bn mark in a six-month period. This was supported by a 16.4% rise in operating income to AED 18.3 bn. The 1H growth was attributed to robust performance across core businesses, diversified streams of revenue, strong margins, and investments in technology and AI to drive efficiency, Group CFO Lars Karmer said in a separate earnings release (pdf). Non-interest income contributed a significant 46% of revenues, the earnings release said.

“We achieved broad-based growth with all divisions delivering double-digit revenue expansion, highlighting effective balance sheet deployment, the deepening of relationships and sustained client engagement in dynamic market conditions,” he added.

COMMERCIAL BANK OF DUBAI-

The Commercial Bank of Dubai saw its bottom line increase 15.4% y-o-y to AED 867.2 mn in 2Q 2025, on the back of strong lending activity, customer engagement, and economic growth in the UAE, according to the bank's financial statements (pdf). The lender's operating income reached AED 1.5 bn, growing 8.6% y-o-y, while total assets surpassed AED 150 bn for the first time.

Its net income grew 16.7% y-o-y to AED 1.7 bn in 1H 2025, while operating income totaled AED 2.8 bn, up from AED 2.7 bn the year before, driven by strong growth in loans and current and savings accounts balances, according to a separate earnings report (pdf

ABU DHABI ISLAMIC BANK-

Abu Dhabi Islamic Bank (ADIB) reported net income of AED 1.8 bn, marking a 12.8% y-o-y increase in 2Q 2025, according to the lender's financial statements (pdf). Operating income reached AED 4.4 bn, up from AED 3.8 bn the year before.

On a 1H basis, ADIB reported net income of AED 3.5 bn, representing 15.2% growth compared to the same period in last year. Its topline reached AED 5.9 bn, up from AED 5.3 bn the year before, driven by diversified income streams and continued growth in business volumes, according to a separate earnings release (pdf).

NMDC ENERGY-

NMDC Energy sees bottom line, top line growth: NMDC’s engineering, procurement, and construction unit NDMC Energy saw its net income climb 12% y-o-y to AED 366 mn in 2Q 2025, according to its earnings report (pdf). The firm’s topline grew 21% y-o-y to AED 4.4 bn in the same period, which it attributes to higher backlog execution.

On a 1H basis: The company’s net income rose 16% y-o-y to AED 583 mn in 1H 2025, while its revenues grew 41% y-o-y to AED 8.2 bn. Around 30% of the firm’s revenues come from Saudi Arabia’s Aramco, while 3% comes from Taiwan operations, NMDC Energy CEO Ahmed Al Dhaheri told CNBC Arabia.

The company's pipeline reached approximately AED 66 bn at the end of 2Q 2025, the release said. Its expected backlog stands at AED 49.9 bn, composed of projects slated to launch in 2025-2030 — with 21% of them international and 79% based in the UAE. NMDC Energy was awarded AED 13.9 bn in projects in 1H 2025, chief among them a USD 1 bn EPC contract for a subsea gas pipeline project in Taiwan.

WATCH THIS SPACE- NMDC Energy is eyeing onshore projects in Saudi Arabia, and is seeking local partners to support growth, Al Dhaheri told Asharq Business yesterday (watch, runtime: 8:35).

REFRESHER- NMDC Energy inked a long-term partnership with Aramco in January, allowing the firm to take part in multiple projects.

Rak Tourism Development Authority CEO to step down this year

Ras Al Khaimah Tourism Development Authority’s (RAKTDA) CEO Raki Phillips (LinkedIn) will step down from his role in October following a six year tenure, Skift reports. He will move to a new role at Accor, based out of Dubai, where he will be regional president for premium, midscale and economy division in the Middle East, Africa and Turkey. It’s not yet clear who will take his place.

Phillips helped develop the authority’s international tourism strategy during his tenure, while developing hospitality and leisure infrastructure that transformed the lesser-known emirate to an investment destination. One of his biggest achievements during this time: securing the USD 5.4 bn Wynn Resorts project on Al Marjan Island, the emirate’s largest foreign direct investment to date. The resort, set to open in 2027, will feature the Middle East’s first regulated gaming facility.

Edge to launch JV with Turkey’s Pavo Group

DEFENSE-

Edge links up with Turkish defense firm on digital defense and security solutions: State-owned defense firm Edge Group and Turkey-based Pavo Group are launching Key4, a joint venture that will develop advanced defense and security solutions for the UAE and global markets, according to a statement. The JV will focus on cybersecurity, electronic warfare, artificial intelligence, and secure systems. The statement did not disclose the breakdown of ownership between the two firms nor the value of its planned investments.

ENERGY-

Dana Gas kicks off USD 100 mn Egypt venture: Sharjah’s Dana Gas estimates some 9 bn cubic feet of natural reserves from its Begonia 2 appraisal well in Egypt’s onshore Nile Delta, according to a press release (pdf). The well, located in the New El Manzala concession and operated by JV El Wastani Petroleum Company, is the first in a series of 11 appraisal and exploration wells planned under a two-year USD 100 mn investment program — aiming to add 80 bcf in recoverable reserves. The initial drilling process on the next well is slated to start in August.

Dana Gas is also drilling into its existing wells to tap into the area’s deeper geological layers. At Balsam 3, the company redeployed the Egyptco rig, which had previously been sealed off, to unlock 4 bcf in additional reserves. The recompleted well is expected to produce 3 mcf/d and reduce the exploration risk in the surrounding area.

M&A-

EHC Investment acquires fire and safety firm: Emirates International Firefighting, the safety arm of International Holding Company’s EHC Investments, completed the full acquisition of Abu Dhabi-based safety services firm Tamouh Fire and Safety, according to a press release, which did not disclose the value of the acquisition. Tamouh’s fire safety operations cover emergency response services, as well as system installation and maintenance. The firm will now expand their offerings across the region, the statement said.

REAL ESTATE-

#1- Arada inks AED 678 mn contract with China Tiesju for Palm Jumeirah luxury residences: Sharjah-based property developer Arada appointed China Tiesju Civil Engineering, a subsidiary of China Railway Group, to construct Armani Beach Residences at Palm Jumeirah under a AED 678 mn contract, according to a press release.

The details: The development, scheduled for completion by the end of 2027, will feature 57 residences ranging from two to five bedrooms, including penthouses and two presidential suites.

#2- TownX launches AED 662 mn Ashley Hills project in Dubai's Arjan: Real estate developer TownX launched Ashley Hills, a AED 662 mn residential project in Dubai's Arjan district, according to a press release. The build will include 616 units across 400k sq ft and is located near Sheikh Mohammed Bin Zayed Road and Al Khail Road.

AVIATION-

Volar Air and Falcon Aviation Partner on Electric Aircraft: Hong Kong-based air mobility firm Volar Air Mobility and Abu Dhabi’s Falcon Aviation signed a MoU to bring RX-series electric aircraft to the UAE market, according to a press release. The two will coordinate on the certification, sale and distribution, maintenance, and final assembly of the aircraft.

EM fundamentals and high yields attract investors amid US uncertainty

EM debt is getting cheaper: Strong demand for emerging market (EM) debt has pushed borrowing costs for highly-rated issuers to their lowest levels relative to developed markets since 2007, the Financial Times reported yesterday. Faith in traditional safe havens has faded over the year, due to the Trump administration’s erratic trade policies, the salmon colored paper said.

By the numbers: Government bond spreads over US Treasuries have dropped to 1.04 percentage points, their lowest level since 2007, while corporate debt spreads have narrowed to 1.1 points, below pre-Trump’s election levels.

The push factors: The shift is being fueled by Trump’s political pressure on the Federal Reserve and mounting concerns over the high levels of US government debt. “The safe assets aren’t as safe as they used to be,” the Bank of America’s head of global EM fixed-income strategy David Hauner told the paper.

The pull factors: Other than the attractive yields, the appeal of EM is underpinned by a growing appreciation for the improving economic health and credit quality. The market is being supported by increased bond issuance from stable, highly-rated Gulf states and economic reforms in other developing nations like Argentina and Pakistan. EM bonds have also been “under-owned” for many years, suggesting there is still substantial capacity for future investment and growth, Hauner said.

Macro winds are blowing in the EM’s favor: A high appetite for risk, spurred by “superstrong” global equities, is leading investors to overlook trade war concerns and focus on positive fundamentals like a weaker USD and Chinese growth, the FT cites unnamed Citi analysts as saying.

BUT- The current optimism for EM leaves little room for error, posing big risks if the global economy slows or if US inflation rises, JP Morgan’s head of EM fixed-income strategy Jonny Goulden told the FT.

ALSO FROM PLANET FINANCE-

Asset managers are launching active ETFs at a record pace, to capitalize on growing investor interest in products that aim to outperform traditional passive index trackers. During 1H 2025 alone, 476 active ETFs debuted across the US and Europe, marking twice the 234 new passive funds launched over the same period. (Financial Times)

MARKETS THIS MORNING-

Asian markets are in the green this morning, with Japan’s Nikkei up 1.9% and Hong Kong’s Hang Seng up 0.4%. Wall Street futures are virtually unchanged following big tech earnings releases from Alphabet and Tesla.

ADX	10,296	+1.2% (YTD: +9.3%)
DFM	6,086	+1.0% (YTD: +17.9%)
Nasdaq Dubai UAE20	5,083	+1.9% (YTD: 22.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.2% 1 yr
TASI	10,984	+1.3% (YTD: -8.7%)
EGX30	34,125	+1.0% (YTD: +14.7%)
S&P 500	6,359	+0.8% (YTD: +8.1%)
FTSE 100	9,061	+0.4% (YTD: +10.9%)
Euro Stoxx 50	5,344	+1.0% (YTD: +9.2%)
Brent crude	USD 68.76	+0.4%
Natural gas (Nymex)	USD 3.09	+0.5%
Gold	USD 3,398.4	+0.0%
BTC	USD 118,013	-1.4% (YTD: +24.9%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.57	-0.8% (YTD: +0.1%)
S&P MENA Bond & Sukuk	146.45	+0.1% (YTD: +4.7%)
VIX (Volatility Index)	15.37	-6.9% (YTD: -11.4%)

THE CLOSING BELL-

The ADX rose 1.2% yesterday on turnover of AED 1.3 bn. The index is up 9.3% YTD.

In the green: Abu Dhabi National Takaful Co (+14.8%), Bank of Sharjah (+10.0%) and Commercial Bank International (+8.0%).

In the red: Ins. House (-9.9%), Gulf Cement Co. (-3.2%) and Hayah Ins. (-3.2%).

Over on the DFM, the index rose 1.0% on turnover of AED 662.7 mn. Meanwhile, Nasdaq Dubai was up 1.9%.

CORPORATE ACTIONS-

Ghitha Holding sells Egypt-based SPV to UAE subsidiary: Ghitha Holding's Egypt-based farming subsidiary Agrinv SPV inked an agreement to transfer 100% of its shares to Ghitha’s UAE-based fresh produce arm NRTC Food for USD 47 mn, according to a bourse disclosure (pdf). The transaction is subject to regulatory approval.

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.

8-10 September (Monday-Wednesday): WHX-Tech Expo, Dubai World Trade Center.

8-19 September (Monday-Friday): Universal Postal Congress, Dubai World Trade Center.

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

10-20 September (Wednesday-Saturday): IFMA Youth World Muay Thai Championship, Abu Dhabi.

12-14 September (Friday-Sunday): The International Real Estate and Investment Show, Abu Dhabi.

16-17 September (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

23-24 September (Tuesday-Wednesday): MENA EV Show, The Agenda, Dubai Media City.

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

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

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

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 (Tuesday-Thursday): Global Future Councils, Dubai.

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

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

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

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

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

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

NOVEMBER

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

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

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

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

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

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

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

DECEMBER

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

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

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

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

8-10 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:

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

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

JANUARY 2026

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

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

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

FEBRUARY 2026

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

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

Signposted to happen in 2026:

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

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

Signposted to happen sometime in 2027:

Abu Dhabi’s solar and battery energy facility, combining 5.2 GW of solar capacity and 19 GWh of battery storage, is set for commissioning.

Signposted to happen sometime between 2027 and 2029:

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

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