Inflation cools in Dubai on easing property prices

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WHAT WE’RE TRACKING TODAY

THIS MORNING: ADGM updates data protection regulations + Fed set to cut rates for the first time in months today

Good morning, friends. Hump day is living up to its reputation as news dump day, with a busy stream of news on both the macro front and capital markets, as well as a big milestone from our friends at Mashreq. We don’t expect things to quiet down anytime soon, as we brace ourselves for what’s set to be the US Federal Reserve’s first interest rate cut in months later today.

THE BIG STORY here at home is a toss-up between Dubai inflation figures in August showing signs of cooling prices, particularly in the housing sector, and MGX’s involvement in Silver Lake’s buyout of Intel’s programmable chip unit, Altera.

WEATHER- Expect a partly cloudy day, with a humid night in store, as temperatures in Dubai reach 39°C, with a low of 30°C. In Abu Dhabi, the mercury will also top out at 39°C, dipping to 31°C at night.

WATCH THIS SPACE-

#1- ADGM tightens data rules: ADGM has set out new data protection rules (pdf) to safeguard sensitive public information, particularly targeting the ins. and education sectors. The rules allow ins. providers to process certain personal data without individual consent only when it serves a public interest, like when it affects minors or children.

#2- US eases drone export rules, paving the way for easier drone exports to UAE: Washington will now classify advanced military drones as fighter jets rather than missile systems, sidestepping restrictions under the 1987 Missile Technology Control Regime, Reuters reports. Approved by Secretary of State Marco Rubio, the change opens the door for sales to countries including the UAE, and in Eastern Europe, as US manufacturers struggle with competition from firms in countries with less restrictions like China, Israel, and Turkey. It also unlocks a Saudi request for more than 100 MQ-9 drones, potentially tied to a USD 142 bn arms package announced in May.

REFRESHER- In June, the US Senate also voted down efforts to block over USD 3 bn in arms sales to the UAE and Qatar, including a US D 1.3 bn package for helicopters and other equipment to Abu Dhabi and a USD 1.9 bn drone sale to Doha. Washington last year designated the UAE a “major defense partner” — a status previously granted only to India.

#3- Alec Holding eyes SAR 4.3 tn Saudi pipeline as IPO approaches: Dubai-based engineering and contracting group Alec Holding sees around SAR 4.3 tn in prospects in Saudi Arabia, CEO Barry Lewis told Asharq Business (watch, runtime: 9:16). The firm is targeting projects linked to the Kingdom’s Vision 2030, such as Qiddiya and Diriyah Gate. The company is already involved in Qiddiya's Aquarabia water park and Formula 1 racetrack, along with a science and innovation discovery center at Riyadh’s non-profit Misk City.

He also pointed to AED 2.8 tn worth of prospects in the UAE, pointing to potential involvement in upcoming entertainment projects in Abu Dhabi like Disneyland Abu Dhabi and Sphere Abu Dhabi, as well as in Ras Al Khaimah with the Wynn Al Marjan Island gaming resort, for which Alec Holding secured the main construction contract last year.

REMEMBER- Alec is planning to take a 20% stake public on the DFM through a secondary offering of 1 bn shares, with the subscription period opening next week.

#4- UAE’s Crescent Petroleum has offered to supply Iraq with some 100 mn scfd of

natural gas from the Khor Mor field to support its electricity generation needs, CEO Abdullah Al-Qadi told Shafaq News last week. The company plans to scale that up to 400 mn scfd over the next three years to support 2 GW of output. The offer is currently under review by Iraq’s Electricity Ministry.

ICYMI- Iraq’s Khor Mor gas field expansion project — where Crescent Petroleum and Dragon oil have developed significant gas production — could be completed as early as 1Q 2026. The USD 1 bn project is slated to boost capacity at the gas field by 50%. The gas field produced some 525 mn scfd of natural gas in early March, up some 75% since 2017. Khor Mor supplies fuel for some 75% of the Kurdistan Region of Iraq’s electricity generation, serving some 6 mn in the region.

#5- UAE-Mercosur trade pact could close in the next few months: Brazilian Foreign Minister Mauro Vieira said he hopes the trade agreement between the UAE and Mercosur bloc will be finalized by the end of this year, Reuters reports. Talks launched in 2024, aiming to cut tariffs and facilitate investment and services.

REMEMBER- The first round of negotiations took place in July 2024, while Brazil’s President Luiz Inácio Lula da Silva said in December 2024 that negotiations were “progressing rapidly” and should conclude by 2025.

DATA POINT-

Abu Dhabi reports 98% surge in youth-led businesses, with AED 14.9 bn in capital: The Abu Dhabi Chamber of Commerce and Industry has reported a 97.8% uptick in youth memberships in 2024, according to Abu Dhabi Chamber data. As of August, over 21k individuals between the ages of 18 to 35 were signed up with the chamber, with over AED 14.9 bn in combined registered capital.

By the sector: 40% of members in the youth category were involved in the wholesale and retail trade sector, the Chamber said, while other top sectors included construction, restaurants, hospitality and administrative services.

HAPPENING TODAY-

#1- The Abu Dhabi Chamber of Commerce and Industry is leading a delegation to Germany, with the roadshow kicking off earlier this week and running through Thursday, 18 September, according to a statement. The visit focuses on strengthening economic ties, with agreements expected in renewable energy, technology, financial services, logistics, and SME development.

The delegation includes representatives from Abu Dhabi Investment Office, Hub71, Emirates Nuclear Energy Corporation, and private-sector firms, with family business cooperation also high on the agenda, state news agency Wam reports.

#2- The Ajman Department of Tourism Development’s roadshow in India is underway and will run until Friday, 19 September with stops in New Delhi, Pune, and Kolkata, state news agency Wam reports. The initiative will showcase Ajman’s tourism projects and attractions while deepening ties with Indian operators and industry partners. The roadshow aims to raise Ajman’s international profile, grow visitors numbers, and attract new investment into the emirate’s tourism sector through meetings, events, and potential agreements with Indian stakeholders.

#3- The US Federal Reserve is expected to cut interest rates for the first time in months at its Federal Open Market Committee today. Gulf central banks — including the Central Bank of the UAE — are expected to follow suit, given the peg to the USD. We dove into what to expect from this week’s meeting, and from other central banks across the globe this week, in yesterday’s Planet Finance, here.

#4- ISM Middle East wraps up today at Dubai World Trade Center. The three-day event is the region’s largest confectionery and snacks trade show, bringing together more than 700 exhibitors — 86% of them from overseas — and showcasing trends across Asia, the Middle East, and Africa, the fastest-growing global market for sweets and snacks, with sales projected to hit USD 389.8 bn by year-end.

#5- The Dubai World Trade Center will also see Private Label Middle East wrap today, with nearly 82% of exhibitors from overseas. The show is the region’s only dedicated private label platform and is part of a global sector expected to reach USD 2.3 tn by 2033.

HAPPENING THIS WEEK-

Mohammed Bin Rashid Space Center will host MBRSC Space Science Connect today and Thursday at the center’s headquarters in Dubai, according to the Dubai Media Office. The two-day event will gather leading scientists and engineers with the goal of fostering space innovation, collaboration, and scientific research in the UAE space industry.

THE BIG STORY ABROAD-

A high-stakes courtroom twist is dominating international headlines this morning, after a New York judge dismissed two terrorism charges against Luigi Mangione — the man accused of killing UnitedHealthcare CEO Brian Thompson — while allowing other counts including second-degree murder to proceed. The high-profile case, which has attracted national and international attention since Thompson was shot outside a midtown Manhattan hotel in December, now heads toward trial with Mangione still facing a potential life sentence in state court and the death penalty on federal charges. (Financial Times | BBC | The Guardian | CNN | New York Times | Reuters)

AND IN MARKET NEWS- Wall Street edged lower yesterday as investors hit pause ahead of an expected 25 bps rate cut from the Fed later today — the S&P 500 fell 0.1%, the Dow Jones 0.3%, and the tech-heavy Nasdaq 0.1%. The muted session came even after data showed that August retail sales rose higher than expected. Fed Chair Jerome Powell’s remarks later today will be closely watched for any shift in tone as the central bank tries to balance sticky inflation with a deteriorating labor market. (Reuters | Wall Street Journal | CNBC)

ALSO WORTH NOTING THIS MORNING- EU competitiveness czar Mario Draghi delivered a sharp warning on Tuesday that Europe is “in a harder place” than a year ago, with its growth model “fading” and “vulnerabilities mounting” because of inaction by Brussels and national governments, writes the Financial Times. Draghi — who issued 383 recommendations last year to boost the bloc’s economic standing — said only a fraction had been enacted and blasted EU inertia as “complacency.”

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MARKET WATCH-

Marine fuel sales at the Fujairah bunker hub jumped to a four-month high of 650k cbm in August, a 1.5% increase from July, Reuters reports, citing Fujairah Oil Industry Zone data published by S&P Global Commodity Insights. The bulk of this growth came from low-sulfur marine fuels, which climbed 6.1% m-o-m to some 462k cbm. These fuels — namely low-sulfur fuel oils and marine gasoils — have experienced strengthening premiums, climbing to their highest levels so far this year in early September.

High-sulfur marine fuel sales, meanwhile, dropped by 8.2% m-o-m to some 189k cbm, following an 18-month peak in July. The drop was attributed to a narrowing price spread between low- and high-sulfur fuels, which had widened sharply the previous month. UAE supply may also tighten slightly due to the suspension of Sudanese oil imports, a key input for producing low-sulfur marine fuel in topping refineries, the newswire added citing trading sources.

CIRCLE YOUR CALENDAR-

The Evolve Future Mobility Show (EFMS 2025) will debut in Sharjah from 15-18 October at Expo Center Sharjah. The exhibition, backed by the Sharjah Chamber of Commerce and Industry, will bring together more than 200 exhibitors from over 30 countries to showcase the latest in electric and hybrid vehicles, charging infrastructure, and green mobility technologies.

Check out our full calendar on the web for a comprehensive listing of upcoming news events, national holidays and news triggers.

Dubai inflation slows to 2.43% in August

Dubai’s annual inflation slowed to 2.43% in August, after accelerating 2 .88% in July, according to the Dubai Statistics Center (pdf). The reading marks the first deceleration in annual price growth in four months, Emirates NBD said in a research note (pdf). Despite the dip, several sectors continued to record price growth.

Housing prices are cooling slightly: Price upticks came primarily from the housing, water, electricity, gas, and other fuels segment — the largest component of the basket at just over 40% — which rose 6.05% y-o-y. This does however mark the slowest pace of growth in 20 months, easing from 6.37% in July and follows on from a gradual slowdown that started earlier this year.

Other categories also still seeing inflation included education, which climbed 2.63% y-o-y for the second consecutive month, health which was up 1.38% for the second month in a row as well, and personal care and miscellaneous goods which rose 1.09%. Tobacco recorded one of the sharpest gains, rising 3.66% but holding steady on a m-o-m basis.

The biggest drags came from transport, which fell 3.49% in August after a 3.40% decline in July, and recreation, sport, and culture, which dipped 1.76%. Food and beverages slipped 0.37% y-o-y after a 0.36% rise the prior month, while information and communication edged down 0.05%. Clothing and footwear price increases eased to 0.39% from 1.02% in July, and the inflation in the ins. and financial services segment slowed to 0.85% from 1.61% the month before.

REMEMBER- The moderation in transport reflects a broader drop in petrol prices in August, even as diesel costs rose.

On a monthly basis, consumer prices edged up 0.11% in August, slowing from 0.42% in July, according to the statistics center’s monthly inflation report (pdf).

Looking ahead: Emirates NBD expects headline inflation to remain moderate through year-end, averaging 2.5% for 2025, as housing pressures continue to ease as supply picks up. The bank also noted that transport will likely provide a smaller drag going forward than in previous months, with base effects from lower oil prices this time last year expected to marginally offset the impact of cheaper petrol.

MGX joins Silver Lake in Altera buyout

MGX joins Silver Lake in Altera majority investment: Abu Dhabi AI investment firm MGX has joined private equity firm Silver Lake as a co-investor in its acquisition of a majority stake in Altera, Intel’s programmable chip unit, according to a press release. Intel will retain a 49% holding.

What we know: The value of MGX’s investment was not disclosed, however the transaction, completed on 12 September, saw Silver Lake take majority ownership at an equity value of around USD 3.3 bn when factoring in debt financing, according to regulatory filings cited by Reuters.

BACKGROUND- Intel agreed in April to sell 51% of Altera to Silver Lake in a transaction valuing the unit at USD 8.75 bn, according to regulatory filings — less than half the USD 17 bn Intel paid in 2015.

In context: Intel has been struggling to keep its market edge amid a shift towards AI in the industry and in the face of rising competition in recent years, Reuters reported elsewhere. This prompted the US government to buy a 9.9% stake in Intel last month for USD 8.9 bn in an effort by US President Donald Trump to boost American manufacturing amid rising global competition.

More on Altera: Headquartered in California, Altera manufactures chips for use in sectors like data centers, telecoms, and robotics, and its offerings include semiconductors that can be reprogrammed after post-production.

REMEMBER- The UAE has been looking to secure easier access to US semiconductors, while MGX has focused on backing AI startups like OpenAI and xAI, as well as backing major AI infrastructure projects like Microsoft and BlackRock’s USD 30 bn global AI infrastructure fund.

“Altera provides a foundational platform for next generation computing,” MGX’s chief investment officer, Omar Alismail, said. “This is an opportunity to scale a company of such significance into a true global leader for the AI era."

This isn’t Silver Lake’s first tie-up with Emirati heavyweights, having previously invested alongside MGX in Khazna Data Centers, as well as with Abu Dhabi sovereign wealth fund Mubadala to take NYSE-listed entertainment agency Endeavor private.

Ades raises bid for Dubai-based Shelf Drilling

Ades ups offer to take over Shelf Drilling: Ades International Holding, along with its Cayman-based BidCo, agreed revised terms with Dubai-based and Oslo-listed Shelf Drilling to acquire all outstanding shares at NOK 18.50 per share, up from NOK 14 previously, according to a joint statement (pdf). The new price is a premium of 33.6% to its previous closing price on 15 September. Ades already owns 17.9% of Shelf.

The increase represents around 6% more enterprise value compared to the previous price — or a USD 100 mn increase in enterprise value terms, which Ades CEO Mohamed Farouk said is a reasonable increase to reach an agreement with shareholders in transactions of this size in an interview with Al Arabiya (watch, runtime: 5:47). The firm’s equity value is now estimated at USD 1.7 bn, up from USD 1.6 bn under the previous terms.

The company has already secured 53.4% voting commitments in favor of the merger under the new terms, up from 15% before the initial August announcement. Shelf’s board of directors has unanimously recommended the offer. expects to secure 80-90% of votes, making the transaction almost certain, he said

Background: Shelf’s stock had fallen to NOK 18 a year ago from NOK 30 the previous year, Farouk said, before dropping to around NOK 8.5, which made the offer highly attractive, Farouk said in the interview.

Annual cost synergies are now estimated to come in at USD 50-60 mn, from USD 40-50 mn previously, taking into account jack-up market fundamentals. Farouk added that Ades currently operates in 13 countries, and after completing the transaction, that footprint will expand to 19 countries.

What’s next: Shelf Drilling cancelled the extraordinary general meeting scheduled for 16 September and will instead convene a new meeting expected to take place on or around 6 October. The transaction timeline remains unchanged, with closing still expected in 4Q.

ADVISORS- SpareBank 1 Markets is quarterbacking the transaction as Ades’s sole financial advisor, with Schjødt and Maples Group providing counsel. Meanwhile, Evercore is advising Shelf Drilling, with Advokatfirmaet Thommessen AS, Conyers and Latham & Watkins providing counsel.

Market reax: Ades’ share prices rose 2.3% to SAR 15.10 on market close.

Mashreq makes Pakistan its first international digital retail banking market

Our friends at Mashreq have rolled out commercial operations for its full services digital retail bank in Pakistan, marking the bank’s first full-scale international deployment of the platform outside the UAE, according to a press release. The lender had so far been operating on a pilot basis since the start of the year, under a restricted license from State Bank of Pakistan.

In the pipeline: Mashreq has pledged USD 100 mn to build out its Pakistan operations by 2025 and is also looking to double its workforce by investing in local talent though Mashreq Global Network Pakistan.

To be rolled out: Mashreq Bank Pakistan will provide Mashreq Neo services for retail customers and Mashreq NEOBiz for SMEs. Both are fully digital, mobile-first, and paperless, offering features such as instant onboarding, debit cards, 24/7 customer access, and zero-fee ATM withdrawals. Pakistani nationals living abroad will also be able to open accounts and send remittances.

It’s a good time to be in Pakistan: “Pakistan holds strategic significance for Mashreq, underpinned by its progressive regulatory framework for digital banking, growing technology adoption, dynamic youth population, and the strong cultural and economic ties that link our nations,” Mashreq CEO Ahmed Abdelaal said. The country’s digital banking offerings are still at a nascent stage, despite strong digital penetration and its booming remittance market.

We spoke with Mashreq Pakistan CEOMuhammad Hamayun Sajjad earlier this yearabout Mashreq’s strategy and plans in Pakistan, as well as how it plans to navigate the shift to Islamic banking in the country and its target clients.

Ex-Sequoia India-backed beauty startup Amaani taps USD 3 mn in seed funding

Middle East beauty startup raises USD 3 mn in seed funding: Dubai-based beauty and wellness startup Amaani has secured USD 3 mn in seed funding, backed by Peak XV’s seed platform, Surge, according to a press release (pdf). The funds will go toward expanding the retail and online presence of its debut skincare and haircare brand Aïza both regionally and globally. The funding round marks Surge’s first seed investment in the MENA region.

About Amaani: Founded by Shubham Poddar (LinkedIn), a former Sequoia India investor who led the company’s Middle East expansion, Amaani aims to scale global beauty brands from the region. The company’s first brand, Aïza, has exceeded USD 2 mn in annualized revenue since its online launch in May.

New leads for Deyaar, Emarat Takaful, BoS, and United Hospitality

Deyaar taps new CFO: DFM-listed real estate developer Deyaar has named Bassam El Ghawi (LinkedIn) as the firm’s new CFO, following his tenure as chief audit executive, according to a DFM disclosure (pdf). El Ghawi brings over three decades of experience in risk management and financial operations, including serving as chief audit executive at Union Properties and at Arabtec Holding. He also served as the internal audit manager at Dubai Airports.

Takaful appoints new CEO: Shariah-compliant ins. company Takaful Emarat appointed Adnan Sab'a El Aish (LinkedIn) as its CEO, according to a DFM disclosure (pdf). El Aish, who joined the company in 2016, previously served as director of finance and has been acting CEO since the start of this year. He has over 20 years of experience in the ins. industry with global firms.

Bank of Sharjah appointed Adnan Sajwani (LinkedIn) as acting chief compliance officer (CCO), placing him in charge of regulatory compliance, anti-money laundering, and financial crime frameworks, according to a press release. Sajwani brings more than 20 years of senior banking experience, including tenures as CCO at Al Hilal Bank, as well as senior compliance positions at HSC, National Bank of Umm Al Qaiwain, Barclays, and du. Sajwani is also a Securities and Commodities Authority-certified compliance officer.

United Hospitality Management (UHM) appointed Panos Loupasis (LinkedIn) as the new vice president of development for the Middle East, Africa, and Asia, according to a press release. Loupasis will work with stakeholders and investors on property development acquisitions to support UHM’s expansion strategy, aiming for a portfolio of 100 hotels by 2030.

Loupasis’ previous roles include serving as Managing Director at Wyndham Hotels & Resorts for Turkey, the Middle East, and Asia, where he oversaw 187 operational assets. Prior to that, he worked at Rezidor Hotel Group and Accor Hotels, and is responsible for bringing the Holiday Inn Express brand to the GCC.

HSBC opens its first Mena wealth center in Dubai

BANKING-

HSBC opens first Middle East wealth center in Dubai: HSBC has launched its first wealth center in the Middle East, located at its flagship Jumeirah branch in Dubai, according to a press release (pdf). The facility, catering to high-net-worth and premier clients, provides a private space for wealth management services and solutions with specialists, as well as an event space for networking events and seminars.

Why now? The opening coincides with the bank's effort to tap into the growing number of wealthier, younger individuals in sectors like tech and asset tokenization coming to the UAE. HSBC also operates wealth centers in China, Hong Kong, the UK, Mexico, Malaysia, and Taiwan.

INFRASTRUCTURE-

Emicool enters Abu Dhabi: Emirates District Cooling (Emicool) inked a concession agreement with Al Reef Cooling Company, securing the exclusive cooling concession for Al Reef Downtown in Abu Dhabi, according to a press release. The move marks Emicool’s first entry into the Abu Dhabi market.

The details: Al Reef plant has an installed capacity of around 8k TR and a connected capacity of 9.6 TR, serving 46 buildings, more than 1.8k residential customers, and 36 retail units. Emicool assumed operational management last July and plans to implement upgrades under its build, own, operate, transfer model.

TECH-

US AI firm Hypercycle moves HQ to Abu Dhabi: US-based global tech company Hypercycle has relocated its headquarters from the United States to Abu Dhabi, Khaleej Times reports. The relocation of its global operations comes as the firm looks to increase collaboration with local institutions and expand from the emirate, choosing the new base due to its infrastructure and strategic location.

About Hypercycle: Founded in the US, the AI-tech company was valued at USD 2.5 bn in 2024 and states that over 1k companies use its products. Several Emirati investors hold equity stakes in the firm.

CAPITAL MARKETS-

XM secures SCA license in Dubai: CFD broker XM obtained a Category 5 license from the Securities and Commodities Authority (SCA), allowing it to market services locally through its new entity, XM Financial Products Promotion, as reported by Finance Magnates, citing the authority’s register. The firm — which already holds a Dubai Financial Services Authority license — plans to activate the new approval before year-end.

REMEMBER- Category 5 licenses allow brokers to promote products but not hold client funds or execute trades — activities that require a Category 1 license. XM said it may seek a Category 1 license later.

AUTOMOTIVE-

Robo.ai plans industrial city in Dubai: US-listed robotics firm Robo.ai announced a joint venture with JW Group and Dubai’s Ferox Investments to establish Robo.ai Industrial City in Dubai Industrial City, according to a press release. The site will serve as a manufacturing hub for the company’s mobility and smart city ventures, including its eVTOL arm RoVTOL.

What to expect: The facility will manufacture smart vehicles, eVTOL aircraft, and logistics hardware. JW Group will supply land and industrial infrastructure, while Ferox Investments will support market expansion and branding.

FINANCE-

Halan UAE taps Lean to use its open banking infrastructure: Cairo-based fintech MNT-Halan’s UAE unit signed a partnership with Saudi-based fintech infrastructure provider Lean Technologies to use its open-banking platform, according to a press release. The tie-up will give Halan access to consenting customers’ bank statement data to build credit scores and extend loans to individuals and small businesses without credit histories. The rollout is slated for this autumn, Bloomberg reports, citing an emailed statement.

BACKGROUND- Halan entered the UAE market in December with its early salary access service, Halan Advance, targeting the country’s 3.7 mn underbanked expatriates. The firm is aiming to grow its local customer base to 250k by the end of next year and in January it partnered with Al Ansari Financial Services to launch earned wage access and send now pay later services.

GCC to remain among the top emerging market USD debt issuers this year -Fitch

GCC banks are on course to set a new USD debt issuance record in 2025, with USD-denominated debt set to surpass USD 60 bn this year — or USD 40 bn excluding certificates of deposit (CDs), Fitch Ratings said in a research note. The momentum — which follows last year’s high — is expected to continue into 2026, driven by strong credit growth, Fed rate cuts, refinancing needs, and tight domestic liquidity in Saudi Arabia.

GCC banks have accounted for around 30% of USD issuance by emerging-market banks so far this year — or over 60% when excluding Chinese banks.

Issuances from GCC banks this year have already reached nearly USD 55 bn, significantly higher than the USD 36 bn total in 2024 and well above the USD 23 bn in maturities due in 2025. Excluding CDs, issuance stands at USD 36 bn, already exceeding Fitch’s expectations at the start of the year. Sukuk accounted for nearly half of the non-CD issuance.

Saudi banks are dominating activity, with USD 28.3 bn in issuance, followed by banks in the UAE (USD 11 bn), Qatar (USD 8 bn), and Kuwait (USD 7 bn).

Subordinated debt issuance has surged to USD 14.5 bn, already doubling last year’s total and accounting for nearly 40% of non-CD issuance. Saudi banks were the main contributors, issuing USD 11.2 bn to support lending tied to Vision 2030 and in anticipation of tighter capital regulations. They returned to the USD Tier 2 market for the first time since 2020, making up the majority of the USD 6 bn in Tier 2 issuance by GCC banks so far this year.

AT1 issuance has also hit a new high of USD 8.45 bn in 2025, up from a total of USD 5.6 bn last year. Fitch expects most of the record USD 10 bn in AT1 instruments with first call dates in 2026 to be redeemed, due to high reset spreads and favorable market conditions.

UAE and Qatari banks have been big on senior unsecured debt issuance on the back of refinancing needs and a desire to diversify funding. This includes ESG bonds and sukuk, as well as activity in the Taiwanese Formosa market. UAE banks raised about USD 3.5 bn in floating-rate notes, while Qatari banks raised USD 1 bn. Fitch expects issuance from UAE banks to remain active given their good liquidity and solid net foreign asset positions.

Short-term CD issuance has also seen a sharp rise, reaching USD 18 bn so far in 2025, compared to just USD 3 bn in 2024. Nearly 70% of this came from Saudi banks, attracted by cheaper offshore funding available through major financial hubs such as New York, London, Hong Kong, and Singapore.

Looking ahead, Fitch expects strong issuance to continue in 2026, supported by an additional USD 36 bn in maturities, ongoing credit growth in Saudi Arabia and the UAE, and persistent tight liquidity in the Saudi market. Liquidity will remain a key credit challenge for Saudi banks next year, which it expects to lead to continued reliance on external funding. The sector’s net foreign liability position is likely to remain above 3% of total assets, though foreign funding still represents a modest 11.4% of sector liabilities as of end-August. The recent launch of residential mortgage-backed securities in Saudi Arabia could provide a new source of local-currency funding, given banks’ significant mortgage portfolios.

MARKETS THIS MORNING-

Asian markets are mixed this morning as global investors await the US Federal Reserve’s interest rate move later today. Japan’s Nikkei reversed earlier losses to rise nearly 0.2%, while Hong Kong’s Hang Seng is also up 0.7%. Meanwhile, China’s CSI 300 was flat at the open, and South Korea’s Kospi lost 1.1%.

Over on Wall Street, futures are little changed after a losing session for both the S&P 500 and Nasdaq yesterday.

ADX	10,064	+0.3% (YTD: +6.8%)
DFM	6,000	-0.7% (YTD: +16.3%)
Nasdaq Dubai UAE20	4,844	-0.2% (YTD: +16.3%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	3.9% 1 yr
TASI	10,519	+0.9% (YTD: -12.7%)
EGX30	34,841	-0.9% (YTD: +17.1%)
S&P 500	6,607	-0.1% (YTD: +12.3%)
FTSE 100	9,196	-0.9% (YTD: +12.5%)
Euro Stoxx 50	5,372	-1.3% (YTD: +9.7%)
Brent crude	USD 68.50	+1.6%
Natural gas (Nymex)	USD 3.10	+2.0%
Gold	USD 3,725	+0.2%
BTC	USD 116,877	+1.3% (YTD: +24.9%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.62	0.0% (YTD: +3.9%)
S&P MENA Bond & Sukuk	150.56	+0.1% (YTD: +7.6%)
VIX (Volatility Index)	16.36	+4.3% (YTD: -5.7%)

THE CLOSING BELL-

The ADX rose 0.3% yesterday on turnover of AED 1.3 bn. The index is up 6.8% YTD.

In the green: RAPCO Investment (+8.5%), United Arab Bank (+6.1%) and Hayah Ins. (+6.0%).

In the red: Orascom Construction (-10.0%), Gulf Medical Projects Company (-6.9%) and Sharjah Cement and Industrial Development Co. (-2.7%).

Over on the DFM, the index fell 0.7% on turnover of AED 3.8 bn. Meanwhile, Nasdaq Dubai was down 0.2%.

CORPORATE ACTIONS-

National Central Cooling Company’s (Tabreed) shareholders approved the company’s first-ever interim dividend of AED 184.9 mn for 1H 2025, according to a press release (pdf). Payment is due on or before 15 October 2025.

UAE, Azerbaijan now have a strategic partnership, ink MoUs on clean energy, investment, and AI

UAE, Azerbaijan leaders discuss expanding ties: The UAE and Azerbaijan further elevated their relations to a comprehensive strategic partnership during President Mohamed bin Zayed Al Nahyan’s visit to the country, state news agency Wam reports. The two countries had signed an economic partnership agreement in July.

The two nations also signed MoUs covering transport, tourism, media, justice, and workforce development, and agreed to cooperate on container-ship building and to establish a UAE–Azerbaijan Business Council. They also signed MoUs to explore clean energy projects in the UAE and apply AI strategies in various sectors, Wam reported elsewhere.

The visit also saw sovereign wealth fund ADQ sign an MoU with Azerbaijani wealth fund Azerbaijan Investment Holding, to explore collaboration in financial service and market connectivity, building on the joint investment fund they established in 2023, Wam reported.

The president spoke with his Azerbaijani counterpart, Ilham Aliyev, about strengthening cooperation in economic, investment, food security, renewable energy, and cultural sectors, Wam reports. Discussions also addressed regional stability, with the president reaffirming the UAE’s support for peace efforts in the Caucasus and the ongoing peace process between Azerbaijan and Armenia.

CALENDAR

SEPTEMBER

8-18 September (Monday-Thursday): BHM Capital Financial Services’s AED 200 mn rights issue will be open for subscriptions.

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

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

15-17 September (Monday-Wednesday): ISM Middle East, Dubai World Trade Center.

15-17 September (Monday-Wednesday): Private Label Middle East, Dubai World Trade Center.

15-18 September (Monday-Thursday): Abu Dhabi Chamber of Commerce and Industry will lead a delegation to Germany.

15-19 September (Monday-Friday): The Ajman Department of Tourism Development promotional roadshow in India today.

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

17-18 September (Wednesday-Thursday): SHRM MENA hosts its Annual Conference + Expo, Madinat Jumeirah, Dubai.

17-18 September (Wednesday-Thursday): MBRSC hosts Space Science Connect event, Dubai

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

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

24 September (Wednesday): Syria Recovery and Investment Forum, Abu Dhabi.

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.

25-27 September (Thursday-Saturday): International Congress of Medical Excellence in Dermatology and Aesthetic Med, Dubai World Trade Center.

29 September-October 1 (Monday-Wednesday): African, Middle East, and Islamic Finance Aviation 100 Awards, Dubai.

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

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 (Thursday): Final price for Alec Holding’s IPO to be announced.

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

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

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.

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

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 & Conference, Expo Centre Sharjah.

15-18 October (Wednesday-Saturday): Evolve Future Mobility Show, Expo Centre 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.

NOVEMBER

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

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

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

19-23 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

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): Bridge media summit, 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.

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.

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.

JUNE 2026

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

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:

1Q 2027: Completion of the first phase of Hassyan seawater desalination project.
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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