Mashreq to set up shop in India’s GIFT City this year

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WHAT WE’RE TRACKING TODAY

THIS MORNING: More PE giants eye Abu Dhabi + India’s RBL Bank denies reports of Emirates NBD acquisition talks

Good morning, wonderful people. We have a brisk issue for you this morning, filled with plenty of India-related news — including our friends at Mashreq receiving in-principle approval to set up a unit in India’s financial hub, GIFT City, and Indian firms setting up shop in Dubai to boost steel cooperation.

Plus: A new real estate program targets first-time home buyers (and new investors) in Dubai, and the General Civil Aviation Authority is out with regulations allowing helicopters and eVTOLs to share the same infrastructure.

WEATHER- The mercury will reach 41°C in Dubai today, before cooling to 30°C overnight. Abu Dhabi will see a high of 34°C — though it will feel more like 42°C — and an overnight low of 32°C.

FROM THE RUMOR MILL-

India’s RBL Bank has denied reports of a minority stake sale to Dubai-based Emirates NBD, CNBCTV18 reports, citing a company statement. The Economic Times reported on Tuesday that Emirates NBD was in advanced negotiations to acquire a minority stake in RBL Bank. RBL Bank denied the report, describing it as “incorrect and speculative in nature,” CNBCTV18 reports, citing the statement.

This is not the first time Emirates NBDhas been tied to a potential acquisition of a stake in an Indian bank. It was reportedly in talks in May to acquire a majority stake in IDBI Bank, and was said to be shortlisted among the final bidders for the stake in August. India’s central bank also granted the bank in-principle regulatory approval to set up a wholly-owned subsidiary. Last year, the Dubai-based bank was looking to buy a stake in Yes Bank.

WATCH THIS SPACE-

#1- Three international universities are coming to Dubai next academic year, according to the Dubai Media Office. Lebanon’s American University of Beirut and Saudi Arabia’s Fakeeh College for Medical Sciences will open their campuses in the coming academic year, as other major universities continue discussions to open their own campuses and others pending final approval, the statement said. The Indian Institute of Management Ahmedabad — a management school ranking 27th on the QS World University Rankings for business schools — will also offer a one-year MBA at its Dubai International Academic City campus in September while its own campus is being built.

Dubai already hosts 41 international education providers, two of which are ranked among the top 100 by QS. The three new campuses aim to bolster the city’s reputation as a global education hub, according to the press release.

#2- More private equity firms eye Abu Dhabi: Private market firms including Sweden’s EQT, with upwards of USD 300 bn in assets under management, France’s Eurazeo, managing USD 40 bn, and UK-based Pollen Street Capital, overseeing USD 7 bn, are looking to set up shop in Abu Dhabi, Bloomberg reports citing sources familiar with the matter. They join a long list of firms — including Brookfield, KKR, and Brevan Howard Asset Management — drawn by access to USD 3 tn in sovereign and private wealth, a low tax environment, and time zone advantages.

What we know: EQT plans to set up shop and start working on transactions in the region, while Eurazeo is also planning to invest locally as well as fundraise after it sets up shop this year. HarbourVest Partners, which manages some USD 147 bn in assets, is also looking to set up shop in Abu Dhabi.

#3- Archer begins eVTOL test flights in Abu Dhabi: Archer Aviation’s Midnight electric vertical take-off and landing (eVTOL) aircraft completed its first test flight at Al Bateen Executive Airport, the company said in a statement. The trials aim to assess performance in high heat, humidity, and dust ahead of a planned commercial launch, and are part of Archer’s Launch Edition program with Abu Dhabi Aviation to roll out air taxi services in the emirate, potentially this year. More regional testing is expected as certification progresses.

It’s been a busy week for air taxis: Joby Aviation and Dubai’s Roads and Transport Authority carried out the region’s first Joby air taxi test flight earlier this week, targeting a 2026 commercial debut.

DATA POINT-

The UAE ranked second in Kearney’s 2025 Emerging Markets Foreign DirectInvestment Confidence Index with a score of 1.86, trailing only China (1.97) and ranking ahead of Saudi Arabia (1.76), Brazil (1.59), and India (1.53). The ranking reflects strong investor confidence in the UAE’s macroeconomic outlook and its investments in infrastructure.

The UAE also placed ninth in Kearney’s overall global index — making it one of only two emerging markets to make the top 10 alongside China — though it slipped one place since last year. It recorded a 42% net investor optimism score, the second-highest worldwide after the US and up 4% y-o-y, driven by its perceived policy stability and business-friendly environment.

PSAs-

#1- Drone operations shift to centralized digital platform: The UAE's General Civil Aviation Authority (GCAA) will no longer be providing direct drone services, after directing all applications to the official UAE drones portal, according to a notice (pdf) on its website. The portal facilitates pilot registration, real-time airspace monitoring, mission planning, post-flight reports, and instant approvals for controlled airspace operations, Khaleej Times reports. The website lists three certified training providers, links for commercial and recreational drone use, and usage guidelines.

Regulatory context: Earlier this year the UAE partially lifted its drone ban on recreational drone use — except in Dubai where the Dubai Civil Aviation Authority has jurisdiction — allowing drones to operate under strict safety conditions. The GCAA later rolled out new regulations on standards for drone service providers in March, while cybersecurity guidelines came in May. Abu Dhabi Mobility later introduced the new unified platform for drones in January.

#2- You can now use your Amex card for taxi payments, after American Express Middle East partnered with five Dubai taxi operators to enable card payments for 13k RTA-licensed taxis, Arabian Business reports. The participating companies are National Taxi, Arabia Taxi, Kabi Taxi, Dubai Taxi, and Metro Taxi, and the payment option will be available to both local and international cardholders.

THE BIG STORY ABROAD-

It’s somewhat of a mixed bag in the foreign press this morning, with US President Donald Trump’s “big, beautiful bill” — which includes a trove of tax cuts, immigration measures, and a phase-out of clean energy subsidies — still getting plenty of play as the House races to vote ahead of Trump’s Friday deadline. House Speaker Mike Johnson said he expects the vote to take place later today, though many are still unhappy with the USD 3.4 tn deficit it adds to the US’ ballooning debt, while others are concerned about cuts to healthcare programs. (Reuters | Bloomberg | Wall Street Journal | Financial Times)

In other US news, the country struck a trade agreement with Vietnam ahead of the resumption of sweeping reciprocal tariffs next week as the 90-day pause expires. Vietnam will drop levies on US products, while a 20% tariff will be placed on Vietnamese exports to the US, with a 40% levy on goods that are transshipped through the country, Trump said in a social media post. (Bloomberg | CNBC | FT | Reuters )

ALSO GETTING PLENTY OF ATTENTION- The high-profile Sean Diddy trial has wrapped with the jury finding him guilty of only two of five charges, including a racketeering charge and [redacted] trafficking. He will remain in jail and is set to see a maximum of 10 years in prison. (Reuters | Guardian | FT | NYT)

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Mashreq to open a branch in India's GIFT City this year

Our friends at Mashreq are preparing to open their first branch in India’s Gujarat International Finance Tec-City (GIFT City) — the Asian country’s equivalent of DIFC and ADGM — in 4Q 2025, Mashreq India’s CEO Tushar Vikram told EnterpriseAM UAE. The lender just became the first in the UAE to secure in-principle approval to establish an International Financial Services Center Banking Unit (IBU) in the city, according to a press release (pdf).

The bank is in the final stages of securing a full license from India’s special economic zones regulator the International Financial Services Centres Authority, after having also secured approvals from the Central Bank of the UAE. It has also already identified a location for the branch and is now recruiting key staff, according to the statement.

The branch will offer services including foreign currency loans, trade finance, and treasury and risk management products, the statement added. The branch will benefit from the incentives on offer at the city, which include tax exemptions that will allow the lender to offer competitive financing structures, it said.

This would make Mashreq the second Middle Eastern lender in the low-tax zone after Qatar National Bank, joining a growing list of global banks using the hub for cross-border financing and acquisition lending. First Abu Dhabi Bank is also eyeing expansion there.

Mashreq is going big on India: The bank’s post in India is currently their largest offshore hub, housing a quarter of all its international assets, Vikram said. The bank’s India branch raised a USD 150 mn AT1 bond last year to support its growth plans, he added.

The UAE is also ramping up investments there: In February 2024, the Abu Dhabi Investment Authority received regulatory approval to establish a local subsidiary and launch a USD 4-5 bn fund in GIFT City. In October, the UAE and India also announced a USD 2 bn food corridor initiative and agreed to set up joint investment offices in both countries. The two sides were also in talks to raise UAE foreign direct investment in India to USD 100 bn, up from around USD 75 bn in existing commitments. This all comes as the two countries aim to bring bilateral non-oil trade to USD 100 bn by 2030.

More Indian firms are pouring investments in the UAE — and vice versa. This puts Mashreq in a strategic position to “play on both sides,” Vikram said. Mashreq is the largest AED-clearing bank in India, so the lender plays a big role in facilitating growing trade relations between the countries, he added. The bank is sector-agnostic, but some strategic sectors that are a good fit for Mashreq India include oil and gas, metals and mining, pharma, auto, chemicals, and retail, Vikram said.

Mashreq is also banking on the growth and expansion of Indian firms and banks. India is the fastest growing country in the world right now, with GDP expected to grow 7% y-o-y in 2025, and this is reflected in the ambitions of local entities, Vikram said.

Mashreq’s global network is a big part of its success in India: “We are seeing a lot of interest in India, and we as a bank bring our distribution reach in the Middle East and the GCC to Indian firms and banks,” Vikram said. The bank’s corporate banking and FI businesses have a healthy pipeline for the next quarter, he added.

WATCH THIS SPACE- The bank is also considering introducing gold leasing sometime this year or next year, he added.

Dubai launches first-time buyer scheme with priority access and mortgage perks

Dubai launches first-time homebuyer program: Dubai has rolled out a new initiative to help residents purchase their first homes, offering exclusive access to new real estate projects, preferential pricing, and flexible mortgage options, according to a statement. The program is a joint effort between the Dubai Land Department (DLD) and the Economy and Tourism Department.

Who’s eligible? UAE residents aged 18 and above with valid Emirates IDs who have never owned a property in the country can register, with no restrictions based on nationality.

How it works: Interested buyers can register via the DLD website or the Dubai REST app by submitting their budget, property preferences, and contact details, Khaleej Times reports. Registered users will be matched with developers and banks offering eligible units — including those priced below AED 5 mn — along with financing options. Properties can be leased or resold without restriction.

Who’s onboard? Participating developers include Emaar, Meraas, Nakheel, Damac, Azizi, Beyond Developments, Binghatti Holding, Danube properties, Dubai Properties, Ellington Properties, Majid Al Futtaim Group, Palma Holding, and Wasl. Meanwhile, our friends at Mashreq, as well as Emirates NBD, Emirates Islamic, Dubai Islamic Bank, and Commercial Bank of Dubai are providing mortgage support. Property platforms including Bayut, Property Finder, and Dubizzle are also involved.

The rationale: Dubai officials hope the program will help boost the number of new investors, currently averaging around 10k per month. It's part of a broader strategy to reach AED 1 tn in real estate transactions by 2033 and support population growth targets, with Dubai aiming to grow to 5.8 mn residents by 2040.

UAE sets rules for hybrid eVTOL-helicopter operations

GCAA approves world's first dual-use air mobility regulations: The General Civil Aviation Authority (GCAA) established the first global regulatory framework (pdf) allowing electric vertical take-off and landing (eVTOL) aircraft and helicopters to share the same infrastructure, state news agency Wam reports. The GCAA’s proposed regulations for eVTOL infrastructure were expected this month.

Behind the move: The hybrid model reduces infrastructure costs by eliminating the need for separate eVTOL facilities, and looks to accelerate deployment timelines by using existing helipad networks.

The process: Approved heliport and vertiport operators must contact the GCAA to be certified for hybrid operations and provide a safety assessment, compliance register, and a workflow to implement the necessary changes. The ports will need to be up to specification requirements prior to any application.

The UAE is on an eVTOL roll, with Joby Aviation and Dubai’s Roads and Transport Authority completing the region’s first Joby air taxi test flight earlier this week. The Abu Dhabi Investment Office, along with Chinese autonomous aerial vehicle firm EHang and Multi Level Group, also tested their passenger eVTOL aircraft last month, and Archer Aviation completed the first test flight for its Midnight eVTOL aircraft set to launch in Abu Dhabi soon. The GCAA granted design approval for the country’s first hybrid heliport at the Abu Dhabi Cruise Terminal in Zayed Port back in April.

Abu Dhabi and Dubai take top global spots in data center growth rankings

Abu Dhabi and Dubai now lead the world’s emerging data center markets, ranking first and second in Cushman & Wakefield’s 2025 Global Data Center Market Comparison. Rapid infrastructure rollout, competitive infrastructure costs, fast-track approvals, and accelerating demand tied to AI and cloud expansion have put the emirates in the top spots, the report said.

How fast are we talking? While global markets struggle with grid delays, the UAE is accelerating delivery. Dubai’s Electricity and Water Authority connects commercial projects up to 150 kW within five days. Abu Dhabi’s Transco and Taqa are coordinating inter-emirate grid links, with Taqa planning USD 10.9 bn in upgrades. A zero-VAT regime for most data center activities also adds to investor appeal.

Anchor tenants are also driving scale: The availability of land, infrastructure, and power is attracting global hyperscalers to the emirate. Microsoft leads a USD 540 mn du-developed facility in Dubai, while OpenAI and Oracle are anchor tenants at Stargate UAE in Abu Dhabi. Other hyperscalers including Amazon Web Services, Alibaba, Equinix, and Khazna are scaling up, while enterprise demand is rising — with Emirates Group relocating its infrastructure to a solar-powered site at Mohammed bin Rashid Solar Park.

Global partnerships and access also helps ease supply chain woes: Despite global bottlenecks in GPUs, cooling systems, and transformers, Emirati projects are advancing quickly, with several expected online within a year of announcement. Efficient customs and strategic public-private partnerships, like Microsoft’s USD 1.5 bn investment in G42, are helping to mitigate the procurement and supply chain delays normally affecting the industry, Cushman & Wakefield said.

REMEMBER- The UAE and the US reportedly reached an export agreement allowing the UAE to receive up to 500k Nvidia chips annually.

By the numbers: The UAE hosts over 250 MW of live capacity, with an additional 500 MW in development. Abu Dhabi accounts for 40% of that pipeline, including 150 MW set to go live by end-2025. Khazna Data Centers — valued at USD 5.5 bn — holds over half of the current market share.

Capital inflows are accelerating: The UAE data center market is projected to grow from USD 1.3 bn in 2024 to over USD 3.3 bn by 2030. Notable investments include:

A USD 25 bn ADQ-Energy Capital Partners platform targeting data center power;
A USD 30 bn MGX-Microsoft-BlackRock AI infrastructure consortium ;
Stargate UAE, a 5 GW G42-led campus backed by OpenAI, Oracle, Nvidia, and Cisco, with 1 GW expected online by 2026.

Khazna is pushing expansion at home: The operator is building three AI-optimized facilities in the UAE — two 30 MW data centers in Mafraq and Masdar City, and a 100 MW site in Ajman — all scheduled for completion by end-2026. Khazna is also partnering with Nvidia to deploy up to 250 MW of AI clusters across the Middle East and Africa, starting with UAE facilities based on Nvidia’s Blackwell architecture.

G42 CEO Peng Xiao appointed chairman of Cleveland Clinic Abu Dhabi

M42’s Cleveland Clinic Abu Dhabi has named G42 CEO Peng Xiao (LinkedIn) as its new chairman, according to a press release. The appointment aligns with the hospital’s growing integration of AI and precision medicine in its operations, the statement read. Peng’s leadership is expected to accelerate integration of advanced tech to improve complex-care outcomes. Xiao will take over from Hasan Jasem Al Nowais (LinkedIn), who is currently group CEO and managing director at M42.

Late-stage funding squeeze clouds startup-to-IPO pipeline in the region -Bloomberg

Scale-up capital lacking in the region: Despite a solid 1Q for venture activity, the Middle East’s startup ecosystem is grappling with a late-stage capital gap, especially at Series B and beyond, Bloomberg reports, citing data from Magnitt. While sovereign-backed funds like Mubadala Ventures and Dubai Future District Fund support early-stage funding rounds, regional late-stage funding remains thin compared to global markets — with rare exceptions like Tabby, which raised USD 160 mn in a Series E round in February, more than doubling its valuation.

Companies are looking abroad: Property Finder, one of Dubai’s most established startups, had to secure its Series B from Sweden’s VNV Global and later raised a USD 90 mn debt round led by US-based Francisco Partners.

IPO pipeline under pressure: “When UAE-founded companies raise abroad, we risk losing not just the funding, but the IP, the jobs, and the eventual listings,” said Emirates Growth Fund Vice Chair and MD Najla Al Midfa, who also stressed the need for local funding for scale-stage firms. Just 6.5% of funded startups in the region have gone public in the last decade, raising concerns over the region’s long-term exit track.

Flydubai breaks ground on USD 190 mn MRO hub in Dubai South

AVIATION-

Budget carrier flydubai broke ground on its USD 190 mn aircraft maintenance, repair, and overhaul (MRO) facility in Dubai South, according to a statement. The facility — scheduled for completion in 4Q 2026 — will span 32.6k sqm and host an aircraft hangar, support workshops, and office buildings. The facility is set to bring “significant reductions in operational costs,” COO Mick Hills said. “Having our own in-country MRO facility will ensure a quicker turnaround of our fleet maintenance while adhering to the highest quality standards,” he said.

Part of a larger strategy: Flydubai has been on a quest to secure catered MRO services for its growing operations in order to cut down on costs and reduce schedule disruptions due to repairs. In February, the airline inked a services agreement with Boeing that will see the latter provide tailored parts packages, including quick engine change kits for the airline’s 737 Max fleet.

REFRESHER- Flydubai secured an agreement with Mohammed bin Rashid Aerospace Hub (MBRAH) in Dubai South to set up the purpose-built MRO facility back in November. MBRAH launched the first phase of its Aerospace Supply Chain zone in Dubai South in April, featuring 11 separate facilities tailored to support engine shops, solution workshops, and landing gear MRO services.

#2- Air Arabia will launch a daily direct service between Sharjah and Prague starting 20 December, according to a press release. The route connects Sharjah International Airport with Václav Havel Airport Prague.

#3- Etihad Airways is expanding its network with three new seasonal routes, with plans to fly to Kazan in Russia from December, Salalah in Oman from next May, and Krakow in Poland from June 2026, according to a press release.

CONSTRUCTION-

Dar tapped as engineer for Paris airport expansion: Sidara-owned Dar will oversee a five-year modernization program at Paris-Beauvais Airport under a contract with project commissioner SPV Bellova, according to a press release.

The details: The project will include airside and landside upgrades, parking expansions, building renovations and equipment installations. The engineering firm's French subsidiary, Dar France, will audit designs, monitor construction quality and work on resolving any outstanding issues through to the end of the liability period.

M&A-

Knowledge Group acquires Biz Group: Abu Dhabi’s Knowledge Group, part of Nema Education, has acquired UAE-based Biz Group to scale up regional learning and consulting services, according to a press release (pdf). The transaction boosts Knowledge Group’s capabilities in digital learning, AI integration, and VR-powered training. No rebranding will take place post-acquisition for business continuity purposes, the statement read.

Biz Group? Biz Group has over 30 years of experience providing corporate training to both public and private sector clients, and has worked with firms in the UAE, Saudi Arabia, as well as in the wider MENA region.

REAL ESTATE-

Reef launches AED 450 mn Dubai residential project: Reef Luxury Developments has launched Reef 998, a AED 450 mn residential project in Dubai Land Residence Complex, according to a press release (pdf). The 355.7k sq ft development on Hamdan Bin Zayed Road will include 323 residences, along with lifestyle amenities, and is slated for handover in 2Q 2028.

A few AED bn to go: The developer is planning to deploy AED 14 bn over 30 upcoming projects by this December. The firm already launched its AED 175 mn Reef 1000 project, as well as its AED 300 mn Reef 999 development in Al Furjan earlier this year.

BANKING-

#1- ADIB to ease business banking for Rakez tenants: Ras Al Khaimah Economic Zone (Rakez) inked an MoU with Abu Dhabi Islamic Bank (ADIB) to facilitate opening bank accounts for its clients, according to a press release. The partnership provides access to business accounts, digital banking solutions, and financing options tailored for SMEs and startups. The bank will offer dedicated support to Rakez clients during account setup and ongoing operations.

#2- Ajman Bank launched its first in-house point of sale (POS) and payment processing solution for business clients, in partnership with Dubai-based fintech VaultsPay, according to a statement. The system offers instant settlement, real-time processing, and fraud protection — and supports credit, debit, and prepaid card transactions, according to a separate press release. VaultsPay, licensed by the Central Bank of the UAE (CBUAE), will provide the back-end infrastructure for the co-branded platform.

LOGISTICS-

#1- Companies registered in Meydan Freezone will get preferential shipping rates and dedicated assistance for DHL’s services under an agreement with DHL, according to a press release. The tie-up looks to boost SME growth, particularly in the e-commerce, manufacturing, healthcare, and retail sectors, by facilitating cross-border trade, faster customs clearance, and automated tracking.

#2- Sanad expands Leap engine overhaul capacity with GE and Safran: Mubadala-owned aerospace engineering and leasing solutions firm Sanad will expand its existing maintenance agreement with GE Aerospace and Safran Aircraft Engines to offer full maintenance, repair and overhaul (MRO) capabilities for LEAP-1A and LEAP-1B engines at its Abu Dhabi facilities, according to a press release (pdf). The expansion will see Sanad invest in tooling, equipment and infrastructure upgrades, and create 140 new jobs focusing on local talent.

OIL AND GAS-

Spain’s Ampo to provide valves on Adnoc’s USD 3.6 bn Meram: Spain’s Ampo Poyam Valves will supply 116 cryogenic valves for Adnoc’s USD 3.6 bn maximizing ethane recovery and monetization (MERAM) project, with delivery scheduled for this year and the next, Ampo said in a press release. The order includes large-format valves for use in extreme low-temperature conditions at the Habshan 5 gas plant to help extract ethane from natural gas.

SOUND SMART- A cryogenic valve is specifically engineered to safely operate in low-temperature applications such as liquified natural gas (LNG).

SPACE-

Aspire Space partners with Leap71 on UAE-based launch systems: Luxembourg-founded Aspire Space partnered with Dubai-based engineering firm Leap 71 to develop a large reusable space launch vehicle capable of delivering up to 15 metric tons to low Earth orbit, according to a statement. The first launch is slated for 2030, with hot-fire testing of the propulsion system set to begin in 3Q 2026. Leap71 will design the propulsion stack using its proprietary AI model Noyron. Aspire is also relocating its core operations to the UAE as part of the agreement.

Investment landscape shaped by “mega forces” in 2025 midyear outlook -BlackRock

The investment landscape for 2025 is entering a new phase shaped by “mega forces” like AI, the energy transition, and geopolitical fragmentation, according to BlackRock Investment Institute's 2025 Midyear Global Outlook (pdf). As inflation and fiscal discipline become less reliable, BlackRock advises focusing on regions and sectors most exposed to structural shifts, naming the Middle East, US, and India as key markets to watch.

The Middle East is a key player in this global transformation: BlackRock highlights Saudi Arabia, the UAE, and Qatar as countries successfully positioning themselves at the intersection of AI, energy, and geopolitics. The region is attracting investment through mega infrastructure projects, green hydrogen plans, and local AI hubs. For example, the Kingdom’s national AI strategy is targeting USD 20 bn in investment by 2030, while Abu Dhabi’s sovereign funds are pouring USD 10 bn into local chip plants and data centers. The UAE is also expanding high-tech freezones, while Qatar is aiming for 50% non-oil GDP by 2030.

A tactical approach is driving decisions: With long-term macro anchors weakening, BlackRock remains overweight on US equities, supported by strong earnings and AI momentum, while maintaining a neutral stance on China and Europe. Japan stands out with positive momentum driven by shareholder-friendly reforms and the return of inflation. The firm also sees local currency-denominated emerging market bonds becoming “more attractive in a whole portfolio context,” according to the report.

AI is powering US market strength: BlackRock views the evolution of AI happening in three phases — buildout, adoption, and transformation — with the current phase focused on infrastructure buildout, which is boosting capital expenditures among major tech firms. Companies tied to semiconductors, power utilities, and data infrastructure are positioned to benefit the most. US technology companies are also leading in earnings growth, reinforcing BlackRock’s overweight position in the sector.

Infrastructure is at the center of these trends: Infrastructure links many of the key global forces, including supply chain realignment, rising energy demand, and decarbonization. BlackRock sees infrastructure investment as a growing segment of the market that supports long-term capital allocation. In the Middle East, capital is flowing both from sovereigns and global investors into infrastructure, as the region pushes more towards economic diversification. Private infrastructure assets under management have already surpassed USD 1 tn and are projected to exceed USD 2 tn by 2028, with activity led by Europe and North America.

Private capital is becoming more important in funding transformation: With governments facing tighter fiscal constraints, private markets are stepping in to fill the funding gap for infrastructure, AI, and energy transition projects. BlackRock sees this not as a temporary fix, but a structural shift in how capital is raised. Companies are staying private longer, increasingly relying on private credit and equity instead of going public. The average age of firms at IPO has nearly doubled over the past two decades.

MARKETS THIS MORNING-

Asian markets are broadly trading in the red this morning, with South Korea’s Kospi index bucking the trend to trade up around 0.6%. Investors are looking at another day of mixed signals, as US President Donald Trump announced a trade agreement with Vietnam yesterday, but the 90-day pause on reciprocal tariffs for several US trade partners is due to expire next Wednesday.

Meanwhile, Wall Street futures are trading flat, suggesting the S&P 500, Dow Jones, and Nasdaq are due for a muted open later today.

ADX	9,920	-0.1% (YTD: +5.3%)
DFM	5,669	-0.4% (YTD: +10.0%)
Nasdaq Dubai UAE20	4,678	-0.2% (YTD: +12.3%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.0% o/n	4.2% 1 yr
TASI	11,130	+0.1% (YTD: -7.7%)
EGX30	32,821	+0.4% (YTD: +10.3%)
S&P 500	6,227	+0.5% (YTD: +5.9%)
FTSE 100	8,775	-0.1% (YTD: +7.4%)
Euro Stoxx 50	5,319	+0.7% (YTD: +8.6%)
Brent crude	USD 68.89	-0.3%
Natural gas (Nymex)	USD 3.50	+2.5%
Gold	USD 3,358	+0.3%
BTC	USD 109,193	+3.2% (YTD: +15.6%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.59	0.0% (YTD: +0.7%)
S&P MENA bond & sukuk	145.93	+0.3% (YTD: +4.3%)
VIX (Volatility Index)	16.64	+1.1% (YTD: -4.1%)

THE CLOSING BELL-

The DFM fell 0.4% yesterday on turnover of AED 674.7 mn. The index is up 10.0% YTD.

In the green: National Cement Company (+12.7%), Al Mazaya Holding Company (+10.5%) and Orascom Construction (+10.0%).

In the red: Al Mal Capital REIT (-10.0%), National Industries Group Holding (-9.7%) and Dubai National Ins. and Reinsurance PJSC (-8.7%).

Over on the ADX, the index fell 0.1% on turnover of AED 1.1 bn. Meanwhile, Nasdaq Dubai was down 0.2%.

UAE, India eye expanding metal industry ties

UAE + India eye stronger cooperation in steel, minerals: India’s Steel Minister H.D. Kumaraswamy met UAE’s Economy Minister Abdulla Bin Touq Al Marri and Ras Al Khaimah Ruler Saqr Al Qasimi to discuss expanding trade and collaboration in the metals industry, according to an Indian government statement and an X pos t. Kumaraswamy proposed joint development of high-grade steel and aluminum with the support of UAE’s clean energy ecosystem, advanced infrastructure, and strategic trade location.

IN CONTEXT- India has a target to produce 300 mn tons of steel by 2030.

The details: Indian public sector entities such as Steel Authority of India Limited (SAIL), NMDC, and Metallurgical & Engineering Consultants (MECON) recently set up offices in Dubai to boost cooperation. SAIL is exploring long-term supply agreements to provide Indian steel to the UAE market, while MECON is looking to tap into oil and gas, steel plants, and infrastructure projects in the Gulf. NMDC, which launched a local office earlier this week is looking to develop mining supply chains with UAE companies.

UAE, Greece discuss expanding cooperation in tech, energy, and AI: President Sheikh Mohamed bin Zayed Al Nahyan and Greek Prime Minister Kyriakos Mitsotakis held a phone call to discuss advancing bilateral cooperation, focusing on economic cooperation, AI, renewable energy, food security, and sustainability, Wam reports.

CALENDAR

JULY

6-7 July (Sunday-Monday): BRICS Summit, Rio de Janeiro.

29-30 July (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

SEPTEMBER

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

8-10 September (Monday-Wednesday): DigiHealth exhibition, World Trade Center, Dubai.

8-19 September (Monday-Wednesday): WHX-Tech Expo, Dubai World Trade Centre.

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

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

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

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

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

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

OCTOBER

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

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

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

7-9 October (Tuesday-Thursday): The International Symposium on the System of Radiological Protection, the Ritz-Carlton Abu Dhabi, Grand Canal.

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

9-15 October (Thursday-Wednesday): IUCN World Conservation Congress, Abu Dhabi.

14-16 October (Wednesday-Friday): Global Future Councils, Dubai.

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

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

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

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

NOVEMBER

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

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

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

17-21 November (Monday-Friday): Dubai Airshow 2025, Al Maktoum International Airport, Dubai.

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

DECEMBER

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

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

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

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

8-10 December (Monday-Wednesday): BRIDGE media summit, Abu Dhabi.

9-10 December (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

18-23 December (Thursday-Tuesday): Games of the Future, Adnec, Abu Dhabi.

29-30 December (Monday-Tuesday): World Sports Summit, Dubai.

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.
Universal Postal Congress 2025, Dubai.

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

Signposted to happen sometime in 2026:

1 January: Client asset regime changes in Dubai International Financial Center take effect.
9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE.
28-29 January (Wednesday-Thursday): IBA Arbitration Day Conference, Abu Dhabi.
3-5 February (Tuesday-Thursday): The World Governments Summit.
12-15 February (Thursday-Sunday): The Society for Incentive Travel Excellence Global Conference, Abu Dhabi.
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 2026, UAE
The first edition of Dubai Future Finance Week
Investopia Global Talks, Tashkent

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

Signposted to happen sometime in 2027:

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

Signposted to happen sometime between 2027 and 2029:

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

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