Lunate takes stake in Brevan Howard

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Newly launched PE firm BlueFive Capital to set up China-focused PE fund with CICC

Good morning, friends, and happy hump day to you all. Things are getting slightly busier as we inch closer to September, with M&A and startup news dominating headlines.

THE BIG STORY here at home is Abu Dhabi investor Lunate’s acquisition of a minority stake in Brevan Howard and its USD 2 bn investment in a new ADGM investment platform in partnership with the hedge fund. In other M&A news: We have another update on Sidara’s takeover bid for Wood Group, as the firm lowered its bid and wrapped due diligence ahead of a deadline to submit a formal bid tomorrow.

On the startup front, crypto intelligence firm Cointel raised USD 7.4 mn as it looks to expand in North America, and agri-trade startup Maalexi secured a USD 20 mn credit facility.

WEATHER- Temperatures will reach 41°C in Dubai with an overnight low of 33°C. In Abu Dhabi, the mercury peaks at 42°C, dipping to 32°C overnight.

PSA-

#1- We have a long weekend next week: Next Friday, 5 September will be a public holiday for both federal government entities and the private sector to mark the Prophet’s birthday, according to the Federal Authority for Government Human Resources and the Human Resources and Emiratization Ministry.

#2- RAK launches E11 upgrade project: Ras Al Khaimah’s Department of Public Services will begin work on 1 September to expand Sheikh Mohammed bin Salem Road (E11) between Al Hamra Roundabout and the E311 junction, according to a Facebook post. Sections of the road will be closed during construction, with traffic diverted to alternative routes.

The details: The project will widen the road to four lanes in each direction, add a service road, and upgrade utility networks, Khaleej Times reports. Later phases will include new bridges and tunnels at four key junctions.

WATCH THIS SPACE-

#1- Newly launched PE firm BlueFive Capital sets eyes on China: Abu Dhabi-based private equity firm BlueFive Capital and CICC Capital, the PE arm of Chinese state-backed lender China International Capital Corporation, plan to set up a new private equity (PE) fund investing in China’s “new economy" sectors, according to a joint statement (pdf). Target sectors include tech, digital transformation, green energy, advanced manufacturing and consumer goods.

The aim of the fund is to help support Chinese firms’ expansion into GCC markets and beyond, including through using the region as a launchpad for manufacturing, the statement said.

REMEMBER- BlueFive — which recently closed its USD 2 bn debut fund, aims to grow into a USD 25 bn platform within five years, with geographic reach across the Gulf, Asia, and Latin America.

We knew BlueFive was eyeing China: Earlier this month, Semafor reported that the firm is in talks to acquire some USD 500 mn worth of assets in China, including the Four Seasons Beijing along with adjacent properties owned by tycoon Liu Changle.

The bigger picture: US tariffs on Chinese imports is leading more Chinese companies to consider low-tariff markets as their manufacturing bases. Chinese firms are already steadily expanding their footprint in the UAE, with China emerging as one of the biggest sources of greenfield FDI for the UAE in 1H 2025, with some USD 413.2 mn invested across 16 projects. Autonomous vehicle players like WeRide and Baidu also have local presence.

#2- Mubadala-backed Shanghai-based biotech firm Ignis Therapeutics is mulling an IPO on the Hong Kong Stock Exchange, Bloomberg quotes sources familiar with the matter as saying. The company is working with advisors on preparations, though the size and timing have yet to be decided.

ICYMI- The company raised USD 180 mn in 2021 in a round led by 6 Dimensions Capital, with Mubadala, Goldman Sachs, and HBM Healthcare among the investors. Founded in 2020, the firm develops therapies for central nervous system disorders, including epilepsy, insomnia, and Parkinson’s disease.

#3- Ajman merges tourism, culture, media bodies: Ajman Ruler Humaid bin Rashid Al Nuaimi issued a law to merge the emirate’s tourism and culture and media departments into a single body — the Ajman Department of Tourism, Culture, and Media, state news agency Wam reports. The new entity will assume the rights, obligations, budgets, and staff of the merged bodies, and will be chaired by Sheikh Abdulaziz bin Humaid Al Nuaimi, with Mahmood Alhashmi appointed director-general. The law will take effect 90 days after its issuance.

DATA POINT-

The UAE government is the fourth largest government with BTC holdings, with over USD 740 mn in BTC, blockchain analytics firm Arkham Intelligence said in a post on X. Abu Dhabi-based venture Citadel Mining — a subsidiary of IHC — holds about 6.3k BTC worth USD 700 mn, while mining firm Phoenix also holds around USD 3.2 mn in BTC.

THE BIG STORY ABROAD-

The fight over the Federal Reserve is taking over the front pages this morning, along with more tariff news and the ripples of the Gaza war in the world of investment and tech.

Not without a fight: Ousted governor Lisa Cook said she will not accept President Trump’s decision to fire her from the board. Cook is filing a lawsuit against the decision, the first of its kind in the independent institution’s history, with her lawyer arguing the alleged “deceitful and potential criminal conduct,” as Trump put it in his posts, has no basis in facts or law. Trump said yesterday he has a list of replacement candidates ready, and he is looking forward to having “a majority very shortly” on the Fed’s board, referring to people on the Fed’s board who back his plans to cut interest rates.

US Tariffs on India to go up: Additional tariffs amounting to 25% on India’s exports to the US are set to take effect today, after a showdown between Washington and Delhi over oil purchases from Russia failed to lead to a trade agreement. The US is India’s largest export partner, with over USD 86.5 bn in goods (some 20% of the total) exported to the US in the last fiscal year.

AND- The world’s largest sovereign wealth fund in Norway divested from manufacturing behemoth Caterpillar and five Israeli banks over ties to Israel’s unlawful activities in the West Bank. The fund had a USD 2.4 bn stake in Caterpillar by the end of 2024.

ALSO WORTH READING- Microsoft has reportedly enlisted the help of the FBI to track internal protesting over its ties with Israel, following a steady trickle of employee activism targeting its executives. (Bloomberg)

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CIRCLE YOUR CALENDAR-

The Spring/Summer edition of Dubai Fashion Week will run from Monday, 1 September until Saturday, 6 September at Dubai Design District (d3), ahead of the New York, London, Milan, and Paris fashion weeks. The edition will showcase more than 30 brands from the UAE, Europe, India, and beyond, with runway shows, private events, and an expanded buyers’ program.

The International Government Communication Forumis happening on Wednesday, 10 and Thursday, 11 September at Expo Center Sharjah. Hosted by the Sharjah Government Media Bureau (SGMB), the two-day forum will include panel discussions, workshops, and keynote speeches focused on using strategic communication to develop five global priorities: food security, public health, education, environmental sustainability, and green economy.

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

Lunate takes minority stake in London’s Brevan Howard + commits USD 2 bn to new Abu Dhabi platform

Lunate buys into Brevan Howard under new partnership: Abu Dhabi-based alternative investment giant Lunate nabbed an undisclosed minority stake in global hedge fund manager Brevan Howard for an undisclosed sum, they said in a joint statement. The acquisition is part of a long-term strategic partnership that will also see them set up an investment platform in ADGM, pending regulatory approval.

Lunate is committing USD 2 bn up front to seed the new ADGM-based investment platform, which will offer a suite of exclusive funds built around Brevan Howard’s macro trading and digital asset strategies, the statement read. Additional capital is expected to be raised from local and international investors, with the venture positioned to deepen Abu Dhabi’s role as a hub for global hedge fund activity.

What’s in it for Lunate: The partnership marks a strategic push into hedge funds for Lunate, which manages USD 110 bn in AUM, expanding its alternatives offering for clients across the GCC and beyond, the firm's managing partner Khalifa Al Suwaidi said in the press release. Lunate is a subsidiary of Chimera Investment, with ADQ as an anchor client.

Background: Brevan Howard set up its regional headquarters in Abu Dhabi back in 2023, which is now its largest office globally by assets managed. The firm runs USD 10 bn of its assets from Abu Dhabi, accounting for a third of its total activity.

A rare move in hedge fund land: The move is one of very few where a hedge fund has sold an equity stakes in itself, and also represents the first time a global hedge fund has secured a major new capital commitment out of Abu Dhabi, a sign of the emirate’s expanding role in the financial world. Besides luring tens of hedge funds, including Marshall Wace, Rokos Capital Management, and Hudson Bay Capital Management, to its financial center, its sovereign wealth funds are also big backers of major hedge funds.The Abu Dhabi Investment Authority was among backers of Bobby Jain’s multistrategy hedge fund.

All part of a future-proofing play: The move also comes as Alan Howard — the co-owner of Brevan Howard and b'naire trader — looks to prepare the firm for a future without him, Financial Times reports. Howard stepped back as CEO in 2019, handing leadership to Aron Landy, who has since pushed to transform Brevan Howard into a platform more akin to Citadel or Millennium, with big teams of traders rather than individual risk-takers, the salmon-colored paper wrote.

In case you don’t know… Brevan Howard is one of the world’s largest hedge fund managers with USD 34 bn AUM. The London-headquartered firm has offices in the UK and a significant presence in Jersey, Geneva, New York, Austin, Abu Dhabi, Hong Kong and Singapore, according to its website. Performance-wise, Brevan’s funds have been netting mixed returns in the past few years, with its Alpha Strategies fund gaining 6% through mid-August, while its Master fund slipped 1%, the FT wrote, citing a source it says is familiar with the matter.

The story also got ink from Bloomberg, Reuters and the Financial Times.

Sidara lowers its bid to acquire Wood Group after completing due diligence

UK-listed engineering firm Wood Group has given UAE-based Sidara more time to put forward a binding takeover bid, even as the suitor has trimmed its offer price after completing due diligence, it said in a statement. The new offer would see Sidara pay GBP 0.30 a share, valuing the firm at GBP 207.6 mn (USD 280.5 mn), Reuters reports. The reduced price is still a premium to Wood’s last closing price of GBP 0.18 per share.

ALSO- Wood reached an agreement with Sidara and its lenders on the terms of refinancing its maturing debt facilities.

Wood still wants Sidara: Wood’s board said it would still recommend the lowered bid to shareholders once Sidara submits a formal offer and both sides agree on the final terms of the acquisition.

Background: Sidara had originally said in April that it would pay GBP 0.35 a share for Wood, valuing the firm at USD 318.4 mn. The offer also included a USD 450 mn debt package. It marked a sharp drop from earlier proposals that valued the firm at GBP 1.6 bn before financial governance issues surfaced.

The clock runs out tomorrow: The UK Takeover Panel extended Sidara’s “put up or shut up” deadline to Thursday, 28 August, giving it until tomorrow to announce a firm offer or walk away.

ICYMI- Wood has been the subject of an on-again, off-again takeover bid from Dubai-based Sidara for over a year. After initially scrapping the bid, it returned to talks later and extended the deadline to submit a formal bid several times, with the latest extension giving them until 28 July. Talks have stretched on as the Financial Conduct Authority (FCA) launched a probe into Wood’s accounts, forcing the firm to restate its 2022 and 2023 financials, leading to a temporary suspension of its shares and weighing on its valuation.

OTHER M&A NEWS-

Menzies Aviation completes G2 Secure Staff acquisition: Menzies Aviation, a subsidiary of ADX-listed logistics firm Agility Global, closed the acquisition of 100% of US-based G2 Secure Staff, according to a disclosure (pdf). The transaction wrapped at an enterprise value of USD 305 mn, plus a deferred USD 10 mn payment due in 2026 subject to performance. The acquisition was first announced in April.

Looking ahead: The transaction will add roughly 20% to Menzies’ revenue, bringing group revenues above USD 3.1 bn based on FY 2024 figures. G2’s operations will be rebranded under the Menzies name, with integration already underway.

UAE boosts investments in Angola following trade and economic partnership agreement

We have more details on the agreements for cooperation and investments in Angola signed by UAE firms during President Mohamed bin Zayed’s state visit to Luanda this week. Dubai Investments, Space42, and AD Ports are among those inking agreements in the logistics, manufacturing, and space sectors alongside a wider set of MoUs.

REMEMBER- Angola and the UAE also signed a trade and economic partnership agreement during the visit, aimed at boosting trade to USD 10 bn by 2033, along with MoUs spanning AI, banking, agriculture, renewable energy, and logistics.

MANUFACTURING-

Dubai Investments’ Globalpharma to build plant in Angola: Dubai Investments’ pharma arm Globalpharma signed an MoU with Angola’s Health Ministry to set up a pharma manufacturing facility in Dubai Investments Park (DIP) Angola, according to a company statement (pdf). The plant will focus on producing essential medicines locally, with the ministry supporting licensing, permits, and regulatory approvals.

Bigger picture: The initiative aims to strengthen Angola’s healthcare self-sufficiency and cut reliance on imports. It is expected to create hundreds of jobs.

REFRESHER- DIP Angola? Dubai Investments announced plans in February to invest around USD 500 mn to develop the 2k-hectare economic zone over 12-15 years. Infrastructure work began in March 2024 in partnership with China Harbour Engineering Company.

The company is also planning additional projects in Angola, including residential and commercial towers and malls in Luanda with the Angolan sovereign wealth fund, as well as agriculture and pharma ventures, chairman Khalid bin Kalban previously said.

LOGISTICS-

AD Ports Group expands Angola operations: Abu Dhabi’s AD Ports Group signed several agreements in Angola to develop a digital single logistics trade window for the country and expand its road transport fleet, according to a company statement. This includes a USD 6 mn agreement to purchase 30 trucks and 45 trailers for its Angola unit, Noatum Unicargas Logistics.

Digital trade system: The group’s digital arm, Maqta Technologies, will roll out a digital single logistics trade window solution for Angola’s trade regulator over three years, with the first phase covering maritime trade before expanding to integrate sea, air, and land systems. The solution “will become the modern backbone of Angola’s digital trade system,” according to the statement.

IN CONTEXT- AD Ports already operates the Luanda multipurpose port terminal in Angola and has committed USD 251 mn through 2026 for the redevelopment of the Noatum Ports Luanda Terminal.

SPACE-

Space42 signs defense tech MoU with Angola: UAE space tech firm Space42 signed a five-year MoU with Angola’s Military Intelligence and Security Service, according to a press release. The agreement covers cooperation in satellite communications, Earth observation, artificial intelligence, drones, border control, and command-and-control systems.

Space42 is already in Angola: The company provides nationwide satellite broadband through its YahClick service and plans to expand offerings with the launch of the Thuraya-4 satellite in 2H 2025.

Cointel raises USD 7.4 mn to enhance crypto education

UAE-based crypto intelligence firm Cointel raised USD 7.4 mn in a funding round led by US-based layer 1 blockchain Avalanche and Japanese Web3 innovation firm Sugafam, according to a press release. The funding will help it expand further in North America, with plans to roll out localized onboarding and AI-enhanced education tools in 4Q 2025.

About Cointel: Launched in 2025, Cointel’s platform integrates AI-powered insights and gamified learning to support crypto traders. The platform aims to onboard 100 mn digital asset users. The firm has already gained early traction in Japan and Turkey and has partnered with Seychelles-based crypto exchange KuCoin to promote education through community initiatives.

OTHER INVESTMENT NEWS-

UK-based graphene electronics developer Paragraf, in which Mubadala holds a minority stake, confirmed it raised USD 55 mn in a Series C round, according to a press release. Both new and existing investors participated in the round, CEO and Co-founder Simon Thomas said. A Mubadala subsidiary acquired a 12.8% stake in Paragraf in June 2025, though it’s not clear if it was through this funding round or a separate one.

Where the money’s going: Paragraf will use the funds to scale manufacturing and accelerate production of graphene-based electronics.

Who are they? Founded in 2015, Paragraf is the first company to mass-produce graphene-based electronic devices using standard semiconductor processes, according to its website. Its products include Graphene Hall Sensors, Graphene Field-Effect Transistors, and Graphene Molecular Sensors, with other devices in development. These target applications in healthcare, automotive, industrial automation, quantum computing, and agritech. The company raised USD 85 mn across its first three rounds.

The Paragraf stake is part of a wider British investment spree by Mubadala. The fund invested GBP 500 mn in CityFibre alongside other existing shareholders, is eyeing a bigger stake in Revolut after joining a USD 500 mn share sale last year, and acquired a USD 600 mn minority stake in Nord Anglia Education.

Fintech Maalexi lands USD 20 mn credit facility to support SMEs

Maalexi lands USD 20 mn facility to support SMEs: B2B food and agri-trade platform Maalexi secured a sharia-compliant credit facility of up to USD 20 mn from leading MENA investment firm Amwal Capital, according to a press release (pdf). The first USD 5 mn tranche will help it scale operations in the UAE and KSA and continue to provide SMEs in the region with financing.

The details: The securitized facility, which is collateralized against its inventory and warehouse receivables, allows the startup to draw it down through small tickets via Maalexi’s blockchain-secured platform, the statement said.

What’s next? The funding agreement will “accommodate future funding at a significantly higher scale,” as Maalexi’s trade volumes increase and the firm deepens its AI-driven risk mitigation capabilities. The startup also plans to expand into origin-market procurement through partnerships with Farmer Producer Organizations (FPOs) and Cooperatives. It will also divert more of its equity capital to enhancing its tech stack, the statement said.

This is the second credit facility for Maalexi this year: Earlier this year, Maalexi secured a USD 3 mn credit facility from Citi to address global food security challenges and bolster SME participation in cross-border agri-trade. The startup aims to lend a hand to the underutilized SME sector in the food supply chain by offering them risk management services, including digital contracts, AI-powered inspections, and blockchain-authenticated documentation for SME agri-businesses.

About Maalexi: Founded in 2021 by Azam Pasha (Linkedin), and Rohit Majhi (LinkedIn), Maalexi has facilitated the procurement of food supplies across 70 products from 27 countries and recorded a cumulative monthly growth rate of 60% last year. It is targeting threefold expansion in 2025, including expanding procurement from US-based exporters, optimizing supply chains, and reducing food waste in the USD 2 tn global food trade.

Mashreq reshuffles Treasury and Global Markets unit

Our friends at Mashreq reorganized their Treasury and Global Markets unit into four segments — sales, trading, asset and liability management (ALM), and securities services, according to a post on LinkedIn. Leading the four segments:

Inderpreet Singh (LinkedIn), who headed Emirates NBD’s institutional sales, global markets and treasury unit, was tapped as head of sales;
Abdeslam Bennani (LinkedIn), who was part of Emirates NBD’s rates and FX options trading team, was named head of trading;
Salman Amjad (LinkedIn) will retain his position as head of ALM;
and Abdulaziz Kashwani (LinkedIn), who was senior head of value proposition and governance for Emirates NBD’s wealth management division, will be general manager of Mashreq Securities.

Dubai gov’t works to digitize payment channels and infrastructure ahead of 2026 cashless target

FINTECH-

#1- Dubai moves to digitalize gov’t transactions by end-2026: Dubai’s General Directorate of Residency and Foreigners’ Affairs (GDFRA) and Finance Department will work to expand digital payment channels and develop digital infrastructure to reduce reliance on banknotes across government services, after the two signed an MoU, according to Dubai Media Office. The MoU covers the rollout of secure payment infrastructure, adoption of financial technologies, and awareness campaigns aimed at building public trust in digital transactions.

The agreement is meant to support the emirate’s Cashless Dubai strategy, which aims to have 90% of all transactions — in both the public and private sectors — conducted digitally by the end of 2026, officials said. The city targets full digital enablement across government entities, seeking to be among the top five global hubs for digital payments. Shifting payments to digital channels could add at least AED 8 bn to the economy each year, according to government estimates.

#2- DMCC, Vermiculus to work on developing fintech systems: Dubai Multi Commodities Center (DMCC) and Swedish fintech outfit Vermiculus could work together to develop fintech solutions for exchanges, clearing houses, and central securities depositories, after signing an MoU, according to Dubai Media Office. The agreement also covers joint projects and knowledge-transfer initiatives for DMCC’s network, including subsidiaries such as Dubai Gold and Commodities Exchange and Dubai Commodities Clearing Corp.

About Vermiculus: Based in Stockholm, the fintech firm provides AI-integrated, cloud-based systems for financial institutions. Vermiculus’ solutions have been deployed at OCC in the US, nuam exchange in Latin America, and the Bermuda Stock Exchange.

CAPITAL MARKETS-

Reem Finance partners with ADX to widen IPO + trading access: Reem Finance has signed two agreements with the ADX to boost investor participation and improve access to UAE’s equity markets, according to a press release (pdf).

How it will work: The first agreement enables investors to instantly generate a National Investor Number through Reem Finance’s new digital app, a mandatory step to trade on ADX. The second allows Reem Finance to act as a receiving entity for IPO subscriptions, meaning investors will be able to subscribe directly through the app, with the option of leveraging financing to increase participation. Both parties have indicated that more joint initiatives will follow, according to the release.

DIGITIZATION-

Schneider Electric + Para partner on smart building solutions: Energy management and digital automation giant Schneider Electric and Para — a subsidiary of UAE-based Sidara Group — will integrate their smart building platforms to help fast-track smart building delivery in the UAE, Saudi Arabia, and the UK, according to a press release. The two companies are integrating their platforms, namely Para’s Para OS, which features Building Information Modeling features, and Schneider’s EcoStruxure Power and Building platform.

Nvidia’s earnings out later today could make or break the AI trade

Wall Street’s AI rally faces a critical test this week as chipmaker Nvidia gears up to release its earnings later today, the Financial Times reports. Nvidia has become the poster child for the artificial intelligence boom that has reshaped markets since late 2022. Investors see the company’s performance — and its guidance — as a proxy for AI’s broader economic promise.

Nvidia doesn’t just set the direction for AI and AI-related stocks, but the whole of the S&P 500. The company — now the most valuable publicly listed firm in the world with a market capitalization of USD 4.4 bn — has been the single biggest contributor to the S&P 500’s almost 10% YTD gain.

The company’s earnings could shape the direction of the market for weeks and even months to come, with traders bracing today for a high-volatility moment that could either reignite market momentum or trigger a pullback. “It’s not just a single stock,” said Pictet Asset Management Portfolio Manager Arun Sai. “It’s very unusual — people read through it to the economy as a whole.”

There’s concern that Nvidia shares are already overvalued, with shares of the chipmaker trading at 40x its expected earnings, according to FactSet. The tech-heavy Nasdaq 100 as a whole is trading at 28x forward earnings — well above its 25-year average of 22x.

Investor jitters intensified last week after a downbeat MIT reportand a warning from OpenAI CEO Sam Altman, who said “investors are over excited” about AI and that “some are likely to lose a lot of money.” The comments have cast a shadow over a sector many fear may be approaching a bubble territory — putting even more weight on Nvidia’s earnings. “They are the locomotive of this AI train,” said Citigroup’s Jon Zauderer. Futurum Group’s Daniel Newman added that “an unexpected surprise would be the ultimate and fastest way to send the market into a tailspin.”

But despite doubts, expectations are still sky-high, with the consensus being that Nvidia reports USD 46 bn in revenue for its July quarter — a 53% y-o-y increase. While that’s slower than the 69% growth it posted last quarter, and well off the 250%+ pace of early 2024, some analysts say the market will focus more on relative performance. “People will be more focused on growth relative to peers, and right now they are doing very well in that regard,” said Morgan Stanley’s Joseph Moore.

MARKETS THIS MORNING-

Asian markets are mostly in the green in early trading this morning, with the Hang Seng leading gains, up 0.3%. Japan’s Nikkei and the Shanghai Composite are also up, while the Kospi is flat.

ADX	10,167	-0.4% (YTD: +7.9%)
DFM	6,103	-0.5% (YTD: +18.3%)
Nasdaq Dubai UAE20	4,951	-0.9% (YTD: +18.9%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	4.5% 1 yr
Tadawul	10,875	-0.2% (YTD: -9.7%)
EGX30	35,358	-1.3% (YTD: +18.9%)
S&P 500	6,466	+0.4% (YTD: +9.9%)
FTSE 100	9,266	-0.6% (YTD: +13.4%)
Euro Stoxx 50	5,384	-1.1% (YTD: +10.0%)
Brent crude	USD 67.22	-2.3%
Natural gas (Nymex)	USD 2.75	+1.0%
Gold	USD 3,441	+0.2%
BTC	USD 111,884	+1.6% (YTD: +19.6%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.5	0.0% (YTD: +0.5%)
S&P MENA Bond & Sukuk	148.46	0.0% (YTD: +6.1%)
VIX (Volatility Index)	14.62	-1.2% (YTD: -15.7%)

THE CLOSING BELL-

The ADX fell 0.4% yesterday on turnover of AED 2.5 bn. The index is up 7.9% YTD.

In the green: Aram Group (+14.7%), National Bank of Umm Al Qaiwain (+2.3%) and Hayah Ins. (+2.2%).

In the red: Al Wathba National Ins. Co. (-9.3%), Hily Holding (-4.5%) and E7 (-3.8%).

Over on the DFM, the index fell 0.5% on turnover of AED 1.3 bn. Meanwhile, Nasdaq Dubai was down 0.9%.

CORPORATE ACTIONS-

Union Properties sets date for capital reduction: Union Properties will activate its approved capital reduction on Friday, 29 August after trading hours, bringing its capital down to AED 2.9 bn from AED 4.3 bn, with the nominal value of each share reduced to AED 0.7, according to a DFM disclosure (pdf).

REFRESHER- Shareholders approved the 33.4% capital reduction in April to offset accumulated losses.

DFM-listed Unikai Foods has raised the cap on GCC ownership in its capital to 100%, up from 49%, according to a disclosure (pdf). The changes take effect today.

CALENDAR

SEPTEMBER

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

7 September (Sunday) Opec+ meet to discuss production policy for October.

9 September (Tuesday): Envision 2025, Atlantis, The Royal, Dubai.

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.

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

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

10-11 September (Wednesday-Thursday): Annual International Government Communication Forum, Expo Centre Sharjah.

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.

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

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.

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

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

30 September (Tuesday): Dubai Podfest, 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 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.

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 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.

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.

8-9 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.

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.

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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