Hotel revenues surged across the UAE this year amid strong visitor numbers

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Emirates cargo plane crashes in Hong Kong + Archer’s air taxi launch delayed to 2026?

Good morning, friends. Things have quieted down a bit amid a lull in business events, though don’t expect that to last too long with plenty of finance and investment-focused summits kicking off later this week.

The M&A theme continues in this morning’s issue, though we lead with one that has hit a snag — as an offer from 2PointZero-owned Sagasse Investments for Elsewedy Electric was rejected by Egypt’s Financial Regulatory Authority.

Meanwhile, we have new data on the UAE’s hospitality sector in the year to August, which has seen a boost on the back of strong visitor numbers across both Dubai and Abu Dhabi.

ALSO- Don’t miss this morning’s “coffee with” Mashreq Capital CEO Philip Philipides, who tells us all about what’s exciting him about the burgeoning local asset management industry.

WEATHER- Temperatures are continuing to cool down, with Dubai seeing a high of 34°C and an overnight low of 27°C, while Abu Dhabi will see a high of 34°C and a low of 25°C.

Emirates cargo plane crashes: An Emirates cargo aircraft coming from Dubai crashed at Hong Kong International Airport after colliding with an airport patrol vehicle and plunging into the sea, the Hong Kong’s Civil Aviation Department confirmed yesterday. Two airport security officers in the vehicle died, but all four crew members of the plane, wet-leased from Turkish carrier ACT Airlines, were unharmed, the New York Times reports. The plane was not carrying cargo at the time.

The story is everywhere in the foreign press: Reuters | BBC | CNN

WATCH THIS SPACE-

#1- ADCB sets subscription window for AED 6.1 bn rights issue: Abu Dhabi Commercial Bank (ADCB) will open subscriptions for its AED 6.1 bn rights issue from 18 November to 4 December 2025, according to an ADX disclosure (pdf). Eligible shareholders as of 7 November will receive one right for every 12.36 shares held, tradable on the ADX from 10-24 November.

ICYMI- ADCB’s general assembly approved the capital increase last week, with backing from its largest shareholder, Mubadala, which will fully subscribe to its entitlement. The bank will issue up to 592.2 mn new shares at AED 10.3 each — a 30% markdown to its 4 September close — to support growth and maintain buffers above new regulatory requirements. The rights issue will boost its share capital to AED 7.9 bn, up from AED 7.3 bn.

#2- California-based AI chipmaker Cerebras Systems is expanding its operations in Abu Dhabi and Dubai, Cerebras CEO Andrew Feldman told Semafor. Cerebras plans to increase its 18-strong UAE headcount to around 50 engineers by next year, with new hires focused on systems and hardware integration. The company is also eyeing 40 MW of computing power in the capital — enough to power some of the world’s fastest supercomputers.

ICYMI-Just last week, Cerebras CEO Andrew Feldman said the firm was planning to deploy its infrastructure in the UAE, beginning with “megawatts worth of equipment” for the Stargate UAE campus. Cerebras was also reported to be in talks with G42 about computing capacity for its 5 GW UAE-US AI Campus.

Washington’s lingering export controls are a major caveat: Feldman told Semafor he expects the Trump administration to eventually finalize a framework to approve AI chip exports to allies like the UAE, calling it “very much in the US interest” to deploy American computing infrastructure across the Gulf and Asia.

REMEMBER- Abu Dhabi AI giant G42 has held a 1% stake in Cerebras since 2021 and also agreed to buy USD 335 mn worth of non-voting shares in the chipmaker earlier this year.

#3- Archer’s air taxi launch delayed? Archer Aviation’s planned launch of passenger air taxi services in Abu Dhabi this year is likely to be delayed to 2026, as its Midnight electric vertical take-off and landing (eVTOL) aircraft still awaits approval from the UAE’s General Civil Aviation Authority, Bloomberg reports, citing people familiar with the process. The certification — the first for a passenger aircraft in the UAE — is taking longer than expected, pushing back the company’s commercial rollout. A reason for the delay wasn’t specified.

REFRESHER- Backed by Abu Dhabi Aviation and the Abu Dhabi Investment Office, Archer Aviation has already completed test flights of its four-passenger Midnight model in July, and chosen one route between Dubai’s Palm Jumeirah and Abu Dhabi. The company is also developing the UAE’s first hybrid heliport at Zayed Port with AD Ports and Falcon Aviation, alongside a planned vertiport network linking both cities.

REMEMBER- Dubai is also set to see flying taxis in its skies as early as 2026, after saying it is on track to launch its first vertiport at Dubai International Airport by 1Q 2026 earlier this year.

#4- London art dealer opens regional HQ in Dubai: London-founded art trading firm Bald win Fine Art Acquisitions is setting up its regional operations in Dubai as part of its expansion, according to a press release (pdf). The statement said the new office will serve as the company’s hub to cater to GCC clients, according to its website.

Baldwin Fine Art Acquisitions? Founded in 2019, Baldwin Fine Art Acquisitions has traded more than 5k artworks by over 150 international artists, and also supplies galleries, dealers, and auction houses globally.

REMEMBER- The UAE has a burgeoning art dealing scene: UK auction house Sotheby’s is launching its first auction series in Abu Dhabi in December this year, after Abu Dhabi’s sovereign wealth fund ADQ last year made a USD 1 bn investment to acquire a minority stake in the firm, alongside majority owner Patrick Drahi.

HAPPENING TODAY-

#1- Global Food Week is starting today and will run until Thursday at the Adnec Center in Abu Dhabi. Experts and industry leaders from the agriculture, food manufacturing, food security, and hospitality sectors will meet for discussions, exhibitions, and networking sessions focusing on showcasing solutions to improve global food security and sustainability. Last year’s event saw AED 6.2 bn worth of agreements signed.

#2- The Healthcare Future Summit is also on from today until Thursday at the Dubai World Trade Center. The summit will bring together healthcare professionals, industry leaders, and researchers to discuss the landscape of vaccine development and global disease control. Discussions will cover vaccine formulations, cancer research and therapeutic vaccines, antimicrobial resistance, measles, and the role of AI in vaccine innovation.

HAPPENING THIS WEEK-

#1- The Reuters NEXT Gulf Summit is taking place tomorrow at The St. Regis Saadiyat Island Resort in Abu Dhabi. The summit will bring together regional and global leaders and firms to discuss challenges and prospects facing Gulf economies in areas including geopolitics, banking and financing, and AI and technology.

#2- The Alternative Investment Summit is running tomorrow and Thursday at the Jumeirah Emirates Towers in Dubai, gathering asset managers, private equity firms, and institutional investors to discuss developments, market trends, and evolving regulatory frameworks in investment.

#3- The World Investment Conference and Sharjah Investment Forum are running from tomorrow until Friday at the Jawaher Reception and Convention Center in Sharjah, bringing together policymakers, investors, and multilateral institutions for over 60 workshops and conference sessions to discuss investment solutions, with this year focusing on SMEs, AI, and youth entrepreneurship.

#4- S&P Global’s annual Islamic Finance Conference is happening on Thursday at the DIFC Atrium in Dubai.The conference brings together industry leaders, regulators, and investors to discuss the future of Islamic finance. The event will focus on the global outlook for the sector with sessions exploring growth investments, structural challenges, and the GCC’s changing capital markets.

THE BIG STORY ABROAD-

Topping business headlines internationally this morning is Amazon Web Services’ outage yesterday, which lasted about 15 hours before operations were restored to normal. The outage — which was caused by a database malfunction — impacted thousands of websites and applications, including Venmo, Snapchat, and Zoom. It was the largest internet crash since CrowdStrike’s last year, and the largest for AWS since a previous crash in 2021. (Bloomberg | Reuters | Wall Street Journal | AP)

ALSO- Stock markets across the world are getting attention amid several stock rallies:

The S&P 500 rose 1% as earnings season rolls in, boosted by Apple’s shares hitting an all-time high on the back of strong sales momentum for its iPhone 17. (Bloomberg | Reuters)
Japan’s benchmark Nikkei 225 rose more than 1% to an all-time high, as the country awaits a parliamentary vote which is likely to see Sanae Takaichi become the country’s next prime minister (and its first female PM). (CNBC)

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Abu Dhabi’s Sagasse’s takeover bid for Egypt’s Elsewedy hits regulatory wall

FRA blocks Sagasse’s bid to take full control of Elsewedy Electric: Egypt’s Financial Regulatory Authority (FRA) rejected a mixed cash-and-share acquisition offer submitted by Abu Dhabi-listed holding company Sagasse Investments to acquire 100% of EGX-listed industrial heavyweight Elsewedy Electric, citing governance, valuation, and minority rights concerns, the regulator said in a statement (pdf).

The details of the offer: Sagasse wanted to offer EGP 65 per share in banknotes or via share swap through newly-issued Sagasse stock. The Abu Dhabi-based firm already holds an indirect 18.9% stake in Elsewedy Electric through its main subsidiary Electra Investment Holding.

The FRA said the proposed structure violates market fairness and investor protection principles, and raised concerns over a potential conflict of interest given Sagasse’s indirect stake in Elsewedy, warning that private negotiations with major shareholders could undermine equal treatment of investors. The watchdog also said the offer, if executed, could distort trading dynamics while Elsewedy remains listed on the EGX.

It also pointed to Sagasse’s limited track record and lack of operating assets, saying its shares cannot form a credible valuation basis for a swap offer.

ICYMI- Electra’s acquisition had reshaped Elsewedy’s freefloat profile, leading to its removal from the EGX’s main index earlier this year. The drop in trading activity had prompted speculation over a potential delisting, which Elsewedy dismissed, reiterating it has no plans to leave the EGX and remains committed to its listing..

REMEMBER- The 2PointZero-owned vehicle debuted on the ADX’s Growth Market earlier this year, and reported USD 312.8 mn in net income in 2023. The company booked USD 325.4 mn in interest income against USD 3.6 mn in expenses.

IN OTHER M&A NEWS-

Qashio enters Saudi market with SanadCash acquisition: Dubai-based B2B spend management platform Qashio acquired Saudi fintech SanadCash for an undisclosed sum, marking its entry into the Saudi market, according to a press release. The two firms will build a “unified platform that simplifies how companies manage spending” and that enhances financial transparency, the statement said.

REMEMBER- Qashio raised USD 19.8 mn in May to finance its Saudi expansion and scale its B2B fintech loyalty program. The round — led by Rocketship VC with participation from ABN Ventures and regional investors — supports regulatory compliance and growth across Mena, Europe, and the UK.

Next step, scaling up operations: Over the next six months Qashio plans to hire over 120 new employees across key markets, including KSA, Europe, the UK, and the UAE, to support its expansion and product rollout.

Hotel market revenues surge 11.9% y-o-y this year

The UAE’s hospitality sector posted another strong year, with revenue per available room (RevPAR) up 11.9% y-o-y in the year to August 2025 and average occupancy rising 4% to 78.5%, according to Knight Frank’s latest UAE Hospitality Market Review (pdf).

Abu Dhabi leads the gains: The capital recorded the sharpest growth nationwide, with RevPAR up 24% and average daily rate (ADR) rising 20.2%, followed by Dubai (+10.1%) and Ras Al Khaimah (+10%).

Strong visitor growth across Miral’s Yas, Saadiyat Islands: Visitor numbers to Abu Dhabi’s Yas Island rose 15%, while Saadiyat Island saw a 14% increase in visitors this summer — recording their strongest season on record, according to an Abu Dhabi Media Office statement. Yas Island hotels averaged 85% occupancy, peaking above 90% in August, with The WB Abu Dhabi’s average daily rate (ADR) hitting AED 1.5k. Saadiyat Island hotels averaged 66% occupancy with peak ADR at around AED 1k.

Main attractions: Yas Theme Parks saw visits climb 9% y-o-y, with visits in August alone up 16%, as international visitors rose 50%, led by Russia (+86%), the UK (+47%), the GCC (+31%), and China (+31%). Footfall at Yas Marina and Yas Bay Waterfront also jumped 27%.

Dubai occupancy and visitor growth also remain strong: The emirate welcomed 11.2 mn international visitors between January and July this year (+5.2% y-o-y), generating 25.5 mn occupied room nights and an average occupancy rate of 79.1%, up from 75.9% a year earlier. Luxury aparthotels and aparthotels recorded the highest occupancy, both at 82%, while five-star hotels averaged 79% and four-star hotels saw 78% occupancy.

RevPAR rose 10.1% y-o-y during the period to August, up from 2.8% y-o-y growth in the same period last year, the report said.

Luxury and branded hotels dominate UAE supply: Of the UAE’s 213.9k existing rooms, 26% are upscale, 22% luxury, and 21% upper-upscale. By operator, 51% belong to international brands, 37% to local brands, and 12% are unbranded. Room stock is concentrated in Dubai (165.3k), followed by Abu Dhabi (37.0k), Sharjah (14.5k), and Ras Al Khaimah (11.9k).

More rooms on the way: Total supply is projected to reach 217.9k rooms by end-2025 (+3% y-o-y), before reaching 235.7k across 1.2k hotels by 2030, with 43% of upcoming stock in the luxury segment. Dubai accounts for 55.9% of all upcoming hotel supply, maintaining its well-earned position as the UAE’s hospitality hub.

The UAE’s hotel market is entering a more mature, investment-led stage — especially in Dubai — as buyers shift from development to acquisitions and asset repositioning as capital pools deepen, Knight Frank said. Recent transactions include Select Group’s purchase of Radisson Blu Dubai Media City and Arzan Financial Group’s acquisition of Fairmont The Palm, both targeting refurbishment and higher yields.

Ras Al Khaimah and Abu Dhabi gain ground: Both are emerging as complementary investment targets, attracting interest in leisure-led and resort projects. Abu Dhabi is planning a Disney resort on Yas Island, while Ras Al Khaimah’s USD 4 bn Wynn Al Marjan Island resort — set to open in early 2027 — has triggered a wider construction boom and a growing project pipeline.

ADGM expands real estate services with new off-plan, valuation, and leasing tools

ADGM expands real estate services suite: ADGM’s Registration Authority rolled out a new set of digital real estate services aimed at streamlining transactions and improving regulatory clarity, including a new off-plan agreement termination framework, registrations for property due for future transfers, a valuation tool, and enhanced leasing services, according to a press release (pdf).

Why it matters:

The new off-plan termination framework establishes a clear, regulated process to reduce disputes between developers and buyers;
Meanwhile, the reservation agreement registration service introduces a new ownership type, ensuring property interests due for future transfer are recorded and protected;
SMART valuation allows property owners or their representatives to obtain indicative valuation certificates for land or units.

ALSO- An integrated escrow account is coming soon with ADGM set to launch the service within its unified real estate platform to ensure funds are held and released only upon fulfillment of contractual terms, strengthening trust between buyers and developers.

Cado raises USD 4.5 mn pre-seed to scale regional and US expansion

UAE-founded corporate gifting platform Cado has raised USD 4.5 mn in a pre-seed round to fuel regional and US expansion, according to a press release. The funding round saw participation from KSA-based investment firm Sanabil 500, a German family office, and several high-net-worth and angel investors. The funding will be used to expand its footprint in Saudi Arabia and launch operations in New York.

Cado? Founded in Dubai by Leila Al Marashi (LinkedIn), Cado has operations across the UAE, Saudi Arabia, Kuwait, and US, and offers a range of digital gifting solutions for corporate clients. Cado’s customer portfolio includes over 500 repeat corporate partners including Cartier, Netflix, LinkedIn, Jumeirah Group, and American Express.

NBQ 3Q bottom line up 31.6% y-o-y to AED 150.7 mn on higher operating and non-interest income

National Bank of Umm Al Qaiwain (NBQ) reported a 31.6% y-o-y rise in net income to AED 150.7 mn in 3Q 2025, according to its financials (pdf). The lender’s bottom line was supported by a 12.8% increase in operating income to AED 146.9 mn, while net interest income and income from Islamic financing products grew 4.4% y-o-y to AED 164.0 mn

On a 9M basis, NBQ’s net income rose 16.1% y-o-y to AED 464.5 mn. Gross revenue increased 12% y-o-y to AED 937 mn, driven by a 48% jump in non-interest income to AED 233 mn, while net interest income reached AED 473 mn, according to its management discussion and analysis report (pdf). The lender attributed the growth to stronger income diversification and disciplined cost management amid a challenging rate environment.

From tokenization to shariah-compliant funds, opportunity abounds for local asset managers as foreign fund managers pour into the UAE

The Gulf is fast becoming a hub for capital in all its forms — and the big players know it. Nearly every week, a new global asset manager or hedge fund sets its sights on either Abu Dhabi or Dubai — and it’s no secret that Riyadh and Doha are becoming strong contenders. The GCC’s asset management industry grew its assets under management (AUM) to USD 2.2 tn in 2024, up 9% from the previous year, according to a recent report from Boston Consulting Group (BCG). Most of that was led by Saudi Arabia and the UAE.

The UAE is now home to BlackRocks Blackstones, and State Streets of the world — but there’s also a flurry of local and regional asset managers that are looking to gain ground amid rising interest in the region by capitalizing on their local knowledge and networks.

Chief among those local players: Mashreq Capital, which, although currently in a reinvention phase, has a rich history of wealth management that spans decades and has been a pioneer in the space much like Mashreq has been in the UAE’s banking industry. It started managing money from 2004, was one of the first to be incorporated in DIFC in 2006, and launched the first MENA equities (2005), fixed income (2006), and sukuk (2009) funds in the region.

Being one of the oldest UAE-born asset managers means it has gone through several phases — and the current phase is one of transformation, which is coming at a time of broader transformation within the global asset management industry.

Mashreq Capital CEO Philip Philippides (LinkedIn) took the helm of Mashreq Capital late last year and is a veteran in the industry. He joined Morgan Stanley’s MSCI and iShares at the inception of their success. When he first joined MSCI, it was a small team of front office staff, and revenues were in the single digit mns. By the time he left six years later, the front office had increased to nearly 200 people, and revenues had also ballooned by multiples.

It was a similar story at iShares, which he joined at the infancy of the ETF wave that grew exponentially to become a multi-tn USD industry, and at Amundi, which he joined in 2014 at the very early stages of their ETF growth.

He also knows a thing or two about building something from the ground up. Working as a financial advisor, he set up a wealth management firm with colleagues that grew to have over 25 advisors. He also started a consulting firm where he helped asset managers with their strategy and managed to lock in major clients, including Mashreq.

We sat down with him and asked him what he thinks about tokenized funds, how local and regional asset managers can stay ahead of global competition, and what AI will change about investing in the next few years.

For starters, he sees plenty in the region to be excited about — and it’s not all for the global players’ taking. The government and regulators in the UAE want to build the local asset management industry, and the regulatory environment is progressive enough to support it, Philippides says.

Background: One recent regulation the Securities and Commodities Authority implemented requires foreign fund managers to establish domestic feeder funds or apply for a license here in order to market their funds to retail investors. This helps the regional asset managers that are already operating in the region with local funds and has also prompted a slew of domestic feeder funds from the likes of Franklin Templeton and Varys Capital in order to retain market access.

The key for local asset managers like Mashreq Capital is to be manufacturers, he added. “We’re not going to do everything under the sun, but we can develop solutions for clients that go beyond simply white labeling,” he explained.

The goal for Mashreq Capital is to now become a “new age asset manager” with a multi-asset framework — using technology to scale up while staying lean, and offering innovative products in under-represented segments, from equities to private assets.

Take shariah-compliant funds, for example. This space lacks innovation, and that’s something that local asset managers can take the lead on, Philippides said. “There is an opportunity in the Sharia-compliant fund space, both on the public equity and fixed income sides and well as the private assets space,” he said.

“Generally, investors only have plain vanilla products tracking the Global Islamic Index, and that’s quite limiting,” he explained, adding that a lot of the innovation happening on the conventional side of assets and equities is not yet being translated into Islamic assets. It’s also unlikely that the foreign asset managers will be the ones leading this innovation, so there’s a window for regional players here, he added.

Another trend Mashreq Capital is keeping a close eye on is the shift away from active investing. Active investing has been losing out to passive for a while, with active funds seeing USD 0.1 tn in global outflows in 2024, and passive products drawing USD 1.6 tn in inflows. “This is because most active managers are not able to beat passive investing consistently, after fees” Philippides said, citing the reduced costs, efficiency, and solid returns that come from passive investing.

But the downside is: The boat for passive funds has sailed for many asset managers. “You need size and scale to do passive effectively, so very few people can play in that area,” he explained.

What Philippides is interested in: Passive with a sprinkle of active in the mix — or what he calls “passive plus.” “It’s basically where you say we're not going to do just passive, we're going to try and outperform passive by a little bit by beating the benchmark and the fees and adding a bit of active investing to the strategy,” he said, explaining that the added risk that would come with that is not significant enough to deter investors, but lucrative enough so that it boosts returns.

The potential savior of active investing? That could be AI. The problem with active investing is that it largely depends on the team and the people leading with it, and a lack of consistency, he said. AI can help develop more of those teams and enhance the data that a human-only portfolio team can consider, he explained. Another factor it can help with is timing, which is critical for active investing — in that it can help teams take positions by flagging opportune moments, he added.

Data will also become key to asset managers. They can start creating proprietary databases and that will become the differentiator, alongside the tools they use, Philippides said.

And tokenization? That’s like “ETFs 2.0,” he noted. “What did ETFs do? They took a relatively clunky operational structure, which is the fund, where you wait for a price of your transaction for days, and you’re generally paying a lot, and turned this into something where you can invest during trading hours at a price that you know, and that is cheaper,” he said.

That is now a USD 17 tn+ industry, and tokenization has all the makings of becoming similarly massive. “Tokenization also takes a clunky structure and makes it frictionless cost-wise, instantaneous, and 24/7,” he added.

But the challenges that held ETFs back initially will also likely come into play as the tokenization wave takes hold. “The big challenges were: Where do you list it? What’s the liquidity? Who are the market makers? And the conundrum is you need to put capex to launch these products and get the infrastructure required, but you also need to know when it will start paying off,” he added.

Adoption also won’t come easy — but it’s already moving ahead in the institutional space; it’s retail that will take a bit of time, he expects. ETFs saw their biggest jump in adoption after crises, like after 9/11 when markets were closed, he added.

The good news? The region is well positioned to be at the forefront of this wave. People in the region are building, and the regulation is forward-thinking and encouraging of innovation in the digital assets space, which is very promising when compared to their counterparts in Europe and the UK, he said.

E7 appoints new CFO and Vertiv taps a new regional lead

E7 taps new CFO: Commercial printing and security solutions provider E7 Group named Mark Paver (LinkedIn) as its new chief financial officer (CFO), effective today, according to an ADX disclosure (pdf). The appointment follows the resignation of former CFO Faizal Amod (LinkedIn), who will continue with the firm in an advisory role for three months.

Paver most recently served as CFO of Modon Properties, and held senior executive roles including at BrandSafway and Tatweer prior to that.

Vertiv announces new leadership shuffle: US digital infrastructure and data center developer Vertiv has appointed Paul Ryan (LinkedIn) as the new president of Europe, Middle East, and Africa (EMEA), effective from 1 January 2026, following the retirement of Karsten Winther (LinkedIn), according to a press release.

Currently the firm’s chief procurement officer, Ryan brings over 20 years of industry experience, including senior roles at Emerson Network Power, with a track record in leading its supply chain and regional operations across EMEA and Asia Pacific. Vertiv’s Patrick Grainey (LinkedIn) has been named acting chief procurement officer, effective immediately.

Saudi unicorn Tamara secures CBUAE license

FINTECH-

Tamara receives restricted license from CBUAE: KSA-based payments fintech platform Tamara secured a restricted finance license from the Central Bank of the UAE (CBUAE), according to a press release. With the license, the fintech unicorn can roll out its credit and payment services in the UAE, expanding its footprint in the country.

Background: The fintech — which is Saudi Arabia’s first unicorn — already partnered with Mastercard earlier this year to launch a shariah-compliant split payment card, as well as with Dubai’s Finance Department to collaborate on biometric payments.

BUSINESS-

Starwood Capital to set up shop in DIFC, eyes Gulf investments: US-based alternative asset manager Starwood Capital Group received approval to operate from the Dubai International Financial Center (DIFC), Bloomberg reports, citing a document it has seen. The firm is hiring for its new regional office and is considering investment windows across the Gulf, according to a person with knowledge of the plan.

About Starwood Capital: Founded by b'naire Barry Sternlicht, Starwood manages over USD 120 bn across 18 offices globally and the move would mark Starwood’s first base in the Middle East.

REAL ESTATE-

#1- Ellington Properties signs AED 1 bn Mercer House construction contract: Dubai-based Ellington Properties has awarded a construction contract worth more than AED 1 bn to China Railway 18th Bureau Group for the development of its mixed-use uptown residential project Mercer House, according to a press release. The group will serve as the project’s main contractor overseeing its execution and design.

About the build: The two-towered development — scheduled for handover in 3Q 2027 — will feature a 34-storey North Tower and a 41-South Tower, with a mix of studio to four-bedroom units and penthouses, as well as retail and hospitality amenities.

#2- ESG’s Royal Development Holding taps contractor for phase two of AED 1.6 bn Seamont project: Emirates Stallion Group’s newly-launched development firm Royal Development Holding and Saas Properties named Swiss Pro Foundations as the main contractor for their AED 1.6 bn residential project Seamont Autograph Collection Residences, according to a press release. The scope covers shoring, deep excavation and piling for the development on Al Reem Island, which is slated to be completed by April 2026.

BACKGROUND- The developer launched phase two of the project last month, after the first phase began back in June. Phase two will include 216 waterfront units with the project set to deliver a total of 497 units overall when completed in 4Q 2028.

#3- UAE-based real estate collective Tissoli is launching Palazzo Tissoli on Al Marjan Island, valued at AED 1.2 bn, according to a press release. Marking the firm’s first architectural venture in Ras Al Khaimah, the project features studios and one or two-bedroom apartments starting from AED 1.1 mn.

Emerging markets shine as gold rally lifts assets to multi-year highs

The sharp rally in gold prices is fueling strong gains across emerging markets, lifting equities, currencies, and investor sentiment in key producers, Bloomberg reported on Sunday. South Africa’s bourse is on track for its best year in two decades, with gold miners Sibanye Stillwater, AngloGod Anshanti, and Gold Fields tripling in value this year.

“The rally in gold is beneficial for a small group of countries in emerging markets such as Uzbekistan, Ghana, and South Africa. The wider story of the rising gold price is that investors are increasingly looking for alternative investments away from the more traditional developed market currencies,” portfolio manager at William Blair Investment Management Daniel Wood told Bloomberg.

South Africa's FTSE/JSE Africa All Share Index has climbed more than 30% this year, supported by a stronger rand and 10-year government yields falling below 9% for the first time since 2018. Softer inflation and recent rate cuts have further boosted confidence — marking a sharp turnaround for a market long held back by political uncertainty and power shortages.

Ghana — Africa’s top gold producer — has taken a more direct route to capture value from its gold output. The newly established GoldBod — a state gold-trading body launched in March — has generated roughly USD 8 bn in foreign exchange inflows by centralizing gold export proceeds and channeling them through the banking system, Reuters reported, citing Central Bank Governor Johnson Asiama. The Ghanaian cedi (GHS) has also surged about 38% this year, making it the world’s best-performing currency, according to Bloomberg.

While some analysts warn against overstating the impact of the metal’s rally, many see it as part of a broader rotation away from the USD. Countries such as Poland, Turkey, Uzbekistan, and Kazakhstan have been adding to their gold reserves. “The rally does benefit emerging markets more than developed markets. Emerging markets not only produce gold, they also hoard the metal,” said senior emerging-markets strategist at State Street Markets Ning Sun.

Gold’s meteoric rise is being powered by a mix of macroeconomic and geopolitical forces. Expectations of rate cuts from the US Federal Reserve have lowered the cost of holding non-yielding assets like gold, strengthening investor appetite, Reuters reported. Safe haven flows spurred by persistent geopolitical tensions — including renewed strains between the US and China — have intensified demand. Central banks have also played a pivotal role, continuing to diversify away from the USD and increase their bullion reserves, with surveys showing a growing preference for gold as a long-term store of value.

Reflecting these trends, HSBC raised its 2025 average gold price forecast to USD 3.4k per ounce last Wednesday, citing steady demand from institutional investors and official purchases seeking protection against volatility and currency weakness.

MARKETS THIS MORNING-

Asian markets are soaring this morning on bumper Hong Kong earnings and US trade optimism, with Hong Kong’s Hang Seng up 1.9% in early trading, while Japan’s Nikkei is up 1.5% and the Shanghai Composite is up 0.8%. Meanwhile, Wall Street futures are little changed following a broad rally yesterday.

ADX	10,098	-0.3% (YTD: +7.2%)
DFM	5,955	-0.6% (YTD: +15.4%)
Nasdaq Dubai UAE20	4,883	-0.4% (YTD: +17.3%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.9% o/n	3.6% 1 yr
Tadawul	11,645	-0.4% (YTD: -3.3%)
EGX30	37,975	+0.2% (YTD: +27.7%)
S&P 500	6,735	+1.1% (YTD: +14.5%)
FTSE 100	9,404	+0.5% (YTD: +15.1%)
Euro Stoxx 50	5,681	+1.3% (YTD: +16.0%)
Brent crude	USD 61.01	-0.5%
Natural gas (Nymex)	USD 3.42	+0.5%
Gold	USD 4,378	+0.4%
BTC	USD 110,599	+1.8% (YTD: +18.3%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.79	+1.6% (YTD: +8.8%)
S&P MENA Bond & Sukuk	151.76	+0.1% (YTD: +8.4%)
VIX (Volatility Index)	18.23	-12.3% (YTD: +5.1%)

THE CLOSING BELL-

The ADX fell 0.3% yesterday on turnover of AED 904.3 mn. The index is up 7.2% YTD.

In the green: Oman & Emirates Investment Holding Co (+12.7%), Abu Dhabi National Takaful Co (+5.8%) and Orascom Construction (+2.7%).

In the red: Multiply Group (-3.7%), Phoenix Group (-2.8%) and Abu Dhabi Ship Building (-2.8%).

Over on the DFM, the index fell 0.6% on turnover of AED 427.8 mn. Meanwhile, Nasdaq Dubai was down 0.4%.

UAE, Slovakia sign economic cooperation and investment agreements to expand trade, energy, and innovation ties

UAE, Slovakia ink economic, investment accords: The UAE and Slovakia signed an economic cooperation agreement and an MoU on investment on the sidelines of a meeting between President Sheikh Mohamed bin Zayed Al Nahyan and Slovak Prime Minister Robert Fico in Abu Dhabi, state news agency Wam reports. Al Nahya and Fico also discussed strengthening cooperation in trade, renewable energy, innovation, and future technologies.

CALENDAR

OCTOBER

21-22 October (Tuesday-Wednesday): HR Summit and Expo, Dubai World Trade Center, Dubai

21-23 October (Tuesday-Thursday): Global Food Week, Adnec Center, Abu Dhabi

21-23 October (Tuesday-Thursday): International Family Med. Conference and Exhibition, Dubai World Trade Center.

21-23 October (Tuesday-Thursday): Annual Radiology Meeting (ARM), Dubai World Trade Center, Dubai

21-23 October (Tuesday-Thursday): Healthcare Future Summit, Dubai World Trade Center, Dubai

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

22-23 October (Wednesday-Thursday): Alternative Investment Summit, Jumeirah Emirates Towers, Dubai.

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.

23-29 October (Thursday-Wednesday): Subscription period for Dubizzle’s IPO.

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.

28 October (Tuesday): Emirati Media Forum, Museum of the Future in Dubai.

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

30 October (Thursday): Final pricing and allocation for Dubizzle’s IPO.

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.

6 November (Thursday): Dubbizle to ring the DFM’s opening bell.

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

10-15 November (Monday-Saturday): RoboCup Asia-Pacific (RCAP), Adnec Center, 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 November (Wednesday): DFSA–HKMA Joint Climate Finance Conference, Dubai

26-27 November (Wednesday-Thursday): DATE (Digital Acceleration and 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, 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) 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.

APRIL 2026

13-15 April (Monday-Wednesday): AIM Congress, Dubai World Trade Center.

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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