Mubadala acquires minority stake in Hayfin + ADQ wraps Aramex acquisition

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Abu Dhabi’s minority stake in Telegraph gets greenlight from UK lawmakers + Dubai’s one freezone passport goes live

Good morning, lovely people, and happy hump day. Today’s issue is filled with M&A updates, with more activity from Mubadala — which has been having a busy month — and updates on two ongoing, high-profile acquisitions. Plus: The latest data on Dubai’s property market shows a slight cooldown in price growth in 2Q 2025 despite record sales.

MORNING MUST-READ- Our long read on how homegrown Arabic AI models are competing with big league players for regional business adoption by building smaller, but smarter — and with a big focus on raw, non-translated Arabic data.

⛅WEATHER– The mercury is finally starting to dip. Dubai will see a high of 40°C today, with overnight lows of 33°C, and a small chance of rain in some areas. In Abu Dhabi, temperatures will peak at a milder 41°C, before dropping to 32°C overnight.

WATCH THIS SPACE-

#1- UK approves Abu Dhabi’s minority stake in Telegraph: The UK’s House of Lords has approved legislation that will allow the UAE to retain a 15% stake in the Telegraph as part of an agreement that will see RedBird Capital Partners acquire a majority stake in the newspaper, the Telegraph reports. This puts an end to a two-year saga that saw a previous bid from RedBird Capital’s JV with Abu Dhabi’s IMI — in which IMI holds the majority stake — blocked by the government, and forced a sale of the magazine under rules that capped foreign state ownership to 5%.

It did not come easy: Liberal Democrat peers attempted to block the legislation via a rare “fatal motion”, which is the strongest opposition on the table in the House of Lords, though it was later rejected.

This should pave the way for the acquisition to go through, pending some additional regulatory measures including a public interest test, the Guardian reports. RedBird Capital’s founder, Gerry Cardinale, said the firm will “move quickly” in the coming days to work on finalizing the acquisition.

#2- Dubai’s Freezone passport goes live with Louis Vuitton as the first taker: The Dubai Freezone Council launched its One Freezone Passport system, enabling cross-freezone operations under a single license, according to the Dubai Media Office. Luxury group Louis Vuitton was the first company to sign up, expanding its license from Jebel Ali freezone to DWTC freezone.

BACKGROUND- The Dubai Freezones Council started developing a program to enable licensed companies in one freezone to operate across all Dubai freezones back in 2019. Procuring a passport takes five days, during which firms are able to keep their existing facilities. The council approved another resolution earlier this year to allow freezone companies to operate across Dubai after obtaining a permit from the Economy and Tourism Department. Businesses can also expand to other emirates subject to local regulations, though DIFC-registered financial institutions are excluded.

#3- More expansions at Mina Al Hamriya are underway: Dubai Ruler Mohammed bin Rashid Al Maktoum has greenlit a project that aims to expand Dubai’s Mina Al Hamriya port in a bid to host mega vessels and improve cargo-handling capacity, according to statements posted on X here and here. The expansion project involves the development of a 700-meter quay with a 12-meter draft. The investment ticket for the project hasn’t been disclosed.

It’s been a busy year for the port: The port registered AED 9 bn in transshipment trade and handled 2.7k vessel calls in 1H 2025, the statement read.

Not the first expansion of the port: DP World completed an expansion project at the port back in May 2024. Launched in 2022, the expansion included the construction of an additional 1.1 km of quay wall extending the port’s quay to 3.1 km.

About the port: Mina Al Hamriya lies in strategic proximity to Dubai’s local market, which allows businesses to more easily distribute their products and services. The port handles a wide range of cargo vessel types, including RoRo vessels, general cargo vessels, container vessels, dhows, and others.

#4- Fund solutions provider Gordian Capital seeks regulatory greenlight to enter Dubai market: Singapore-based fund solutions provider Gordian Capital, which manages USD 17 bn in assets, is seeking regulatory approval as it eyes expansion into the Middle East, according to a press release. The firm, which is the only Asian fund platform operating in Singapore, Hong Kong, and Tokyo will help “provide a highly regulated market entry pathway and infrastructure for institutional quality GP’s and managers seeking to establish a regulated presence in DIFC,” according to a separate DIFC statement.

The move follows Gordian’s recent acquisition by Luxembourg-based investor services group IQ-EQ. Gordian will continue operating under its existing brand until 2Q 2026, after which it will rebrand as IQ-EQ. IQ-EQ already has offices in Dubai and Abu Dhabi, which provide services like family office, fund administration and regulatory compliance, according to its website.

Gordian is only one of many global financial firms expanding into Dubai in 2025, including Indian wealth manager Spark Capital PMW, Blackstone-backed ASK Asset & Wealth Management Group, Kuwait’s National Investments Company, and US-based outsourced trading firm Tourmaline Partners.

#5- Emirates Group is going on a hiring spree this year, with plans to expand its workforce by 14% and add 17.3k new employees by next March, it said in a statement yesterday. The flag carrier will hire talent for roles across cabin crew, pilots, engineers, commercial and sales teams, customer service, ground handling, catering, IT, HR and finance.

DATA POINTS-

#1- UAE tops global safety rankings: The UAE ranks as the world’s safest country in Numbeo’s 2025 mid-year index, scoring 85.2 points. Andorra follows at 84.8 points, with Qatar (84.6), Taiwan (83.0) and Macau (81.8) completing the top five. The UAE also topped Numbeo’s report earlier this year. The safety index considers factors such as crime rates, perceived safety during the day and night, and levels of violent and property crime.

#2- UAE passport rises once more up global rankings to 8th: The UAE passport now ranks eighth globally in the 2025 Henley Passport Index (pdf), achieving the highest position for an Arab nation to date, according to Al Khaleej. The emirates share the spot with Canada and Estonia, with all three having visa-free access to 184 countries. Earlier this year, the Emirates landed the 10th spot.

THE BIG STORY ABROAD-

The US announced several trade agreements with Asian countries as we inch closer to the 1 August implementation date for reciprocal tariffs.

#1- The US and Japan reached a trade agreement setting reciprocal tariffs for Japan at 15%, in exchange for some USD 550 bn in Japanese investments in the US, US President Donald Trump said in a social media post (with no confirmation yet from the Japanese government). (Reuters | Wall Street Journal | Financial Times | Bloomberg | CNBC)

#2- Trump also agreed to a 19% tariff with the Philippines and Indonesia, with zero tariffs on US goods exported to both countries. (Reuters | Axios | CBS)

Meanwhile, China could be in for a deadline extension as officials are set to meet for talks in Stockholm next week, US Treasury Secretary Scott Bessent said. The discussions will also set out to “rebalance” the US-China relationship, Reuters reports.

Speaking of the US and China, Microsoft said Chinese hacking groups were involved in a major hack of its SharePoint software, which has affected hundreds — if not thousands — of firms and organizations hosting the software on-premise. (CNBC | Washington Post)

ALSO GETTING PLENTY OF INK- Black Sabbath frontman and heavy metal legend Ozzy Osbourne has died aged 76, just weeks after his retirement concert. The Internet is flooded with obituaries for the singer. (Guardian | Time | New York Times | BBC)

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Mubadala to acquire minority stake in London-based private credit lender Hayfin Capital Management

Mubadala and AXA IM Prime take minority stakes in Hayfin Capital: Mubadala Investment and AXA IM Prime, the private markets arm of AXA Investment Managers, will acquire minority interests in UK-based private credit manager Hayfin Capital Management, according to a statement. The move comes as the sovereign wealth fund ramps up exposure to private credit, and follows a management buyout of Hayfin completed earlier in the year.

What we know: Investment manager Arctos Keystone, which backed the buyout transaction earlier in February, is now offloading part of its stake to Mubadala and AXA IM Prime as part of a strategy to include more strategic shareholders. While the companies did not share details about the size or valuation of the stakes, the statement mentioned that Hayfin’s strategy, leadership, and day-to-day operations will remain unchanged.

What they said: The move “reflects our conviction in Hayfin’s platform and leadership team and reinforces our strategy of backing high-quality asset managers that deliver value to all their stakeholders,” Omar Eraiqaat, deputy CEO of Mubadala’s credit and special situations platform, said in the statement.

Background: Mubadala grew its private credit portfolio to USD 20 bn last year — its best-performing asset class for three consecutive years. This included a USD 1 bn partnership with Fortress Investment Group and a separate one of a similar size with Goldman Sachs, a multi-bn partnership with Apollo, and a USD 2.5 bn private credit JV with Alpha Dhabi.

Though it hasn’t been without obstacles: Mubadala recently winded down its private credit venture with BlackRock in Asia amid difficulties sourcing viable transactions.

About Hayfin: Founded in 2009, the alternative asset management platform, which oversees around EUR 33 bn in assets, offers solutions across private credit, liquid credit, and private equity, according to its website.

Bloomberg also had the story.

ADQ takes control of Aramex with 63.2% stake

Abu Dhabi sovereign wealth fund ADQ finalized the acquisition of a 63.2% stake in DFM-listed logistics giant Aramex, slightly below the previously expected 63.3%, according to a press release (pdf). The offer became unconditional after receiving regulatory approvals and internal clearances The transaction was completed through a voluntary tender offer by Q Logistics Holding, ADQ’s wholly owned subsidiary.

REMEMBER- Q Logistics had offered AED 3 per share to acquire all Aramex shares not held by AD Ports Group, valuing the company at AED 4.4 bn. By the end of the offer period, Q Logistics had acquired 35.3% of Aramex. Additional shares were tendered after the deadline, bringing the total acquired to 40.5% and its total stake to 63.2%, ADQ had already held a 22.7% stake through AD Ports Group.

Aramex will now be integrated into ADQ’s transport and logistics portfolio, which includes assets such as AD Ports, Etihad Rail, Etihad Airways, and Abu Dhabi Airports.

What’s next? Payment to Aramex shareholders and registration of the acquired shares under Q Logistics are scheduled for 25 July.

Fujairah Port records drop in bunker fuel sales in 1H 2025

Marine bunker fuel sales at Fujairah port dipped 5% y-o-y to 3.7 mn cubic meters in 1H 2025, Reuters reports, citing data from the Fujairah Oil Industry Zone (FOIZ). The dip in sales can be attributed to vessels operating with more caution in the Gulf last month amid tensions between Iran and Israel — which also saw Iran threaten to close the Strait of Hormuz. Several ships opted to minimize the duration spent in the region following warnings of a potential closure of the strait.

Sales in June hit a four-month low to 563k cbm — easing 8% m-o-m — as tensions reached their peak. Bunker price differentials to benchmark quotes remained muted for both high-sulfur and low-sulfur bunker grades in 2025, sources told the newswire, indicating weak underlying demand and ample supply in the market.

Traders clocked it early: Several traders expected fuel sales to dampen as demand for refueling was lukewarm for the majority of 2025, even prior to the recent escalation of geopolitical tensions, Dubai-based trading sources told the newswire.

The port’s fuel sales are on a downward trajectory: Marine fuel sales volume slumped to a record low of 554k cbm in February amid an uncertain outlook facing the shipping industry. The slowdown in Fujairah is a “reflection of the broader uncertainty in global trade…as shipping firms are optimizing their operations more cautiously to navigate volatile conditions,” Container xChange CEO Christian Roeloffs told Reuters back in March.

Why is Fujairah important? Fujairah — a major regional bunkering port — is a key refuelling point for commercial vessels transporting crude out of the Gulf. The port is poised to see methanol and LNG dominating its alternative bunker fuels.

Dubai property prices continue to rise, but growth slows in 2Q 2025

Dubai’s residential market cooled slightly in 2Q, as the growth in capital values, rents, and sales volumes eased from last year, according to ValuStrat’s Dubai’s Real Estate Research 2Q 2025 (pdf). Dubai’s residential ValuStrat price index (VPI) rose 4.7% q-o-q and 23.9% y-o-y — with quarterly growth cooling from the 6.4% growth seen in 2Q 2024. This also marks a slight slowdown from the 5% quarterly rise logged in 1Q this year.

Still, sales reached record highs: Off-plan registrations surged 23.9% q-o-q to a record 35.7k valued at AED 113 bn, marking a 43.1% y-o-y increase. Ready-home transactions also saw a record high of 13.7k — up 10.4% q-o-q and 19% y-o-y.

Top areas: Jumeirah Islands and Palm Jumeirah both led villa capital gains with 8.5% growth each. Overall, the segment’s growth eased up to 6% q-o-q, compared to the 7.4% in quarterly growth recorded in the same period last year. Apartment value growth also slowed down to 3.4% q-o-q and 19.1% y-o-y, with Remraam seeing the biggest uptick at 5.4%, followed by Dubai Silicon Oasis (5%) and Town Square (4.6%).

On the rental and sales front: Asking rents for villas were up 4.8% y-o-y but held steady on a quarterly basis, while apartment rents climbed 1.2% q-o-q and 7.2% y-o-y, with average annual rent reaching AED 95.5k. Direct payments outweighed mortgage agreements, with 16k transactions valued at AED 37 bn compared to AED 24 bn in mortgages.

More supply than expected this year: Some 13.5k apartments and 4k villas were completed in 1H, accounting for 28% of the builds set to be delivered during the whole year. ValuStrat also revised its forecast for new build units entering the market this year to 66.6k, up from 61.6k earlier in 1Q. There are 158.9k apartments and 40.2k villas currently in the construction pipeline, set to be wrapped up by 2029.

Office market demand stayed strong despite slowing growth: Capital values for office assets rose 4.9% q-o-q and 23.7% y-o-y — a slowdown from 31.7% growth in the first quarter of the year. DIFC led with a 26.9% increase, followed by Jumeirah Lake Towers (23%) and Barsha Heights (21.9%). Average office transaction values reached AED 19.8k per sqm — up 10.4% q-o-q — while annual rents grew 5.6% on a quarterly basis to AED 2k per sqm.

REMEMBER- New supply is expected to cool the market over time: Knight Frank forecasts an 8% price increase in 2025, down from double-digit growth in 2024, while Moody’s sees a dip or stabilization over the next 12-18 months. S&P Global also warns that construction bottlenecks could delay completions and prolong tight conditions. Just 58% of projected units were delivered last year and historical trends suggest a 30% lag between scheduled and actual handovers.

Homegrown AI models pivot to smaller models, native Arabic data amid growing competition

Try talking to your favorite AI tool in Arabic and ask it to speak in your dialect, and you’ll be surprised how authentic it sounds. For your day-to-day requests and interactions, big players like ChatGPT and Gemini are equipped to carry out a conversation in your dialect and language of choice, including in Arabic — and do it well.

If the generic, Western AI models are so great, how — and why — are local AI players competing? The short answer is: Enterprise and sovereign adoption are a different ball game. The tasks that businesses and governments need from AI are much more complex, and a lack of Arabic native data leads to poorer results in Arabic. Data security and ethical and cultural considerations also drive the need for local AI models.

It’s not a matter of reaching OpenAI, Gemini, Meta, or Anthropic’s scale anymore. It’s a matter of ownership, control, and filling a gap. UAE models like Technology Innovation Institute’s Falcon and Mohamed bin Zayed University of AI’s Jais once touted themselves as potential rivals to other LLMs like ChatGPT and Gemini, but are now focusing on building smaller, niche enterprise tools atop existing models. This has also been the approach of startups like AI language and translation startup Tarjama and CNTXT AI.

One objective is to establish control on the sovereign level. A key driver for Abu Dhabi’s government-funded Technology Innovation Institute is to ensure full oversight and control over AI used by public institutions, including having an understanding of how, what, and where data is processed, Hakim Hacid, chief researcher at TII, told EnterpriseAM UAE.

Global models also do not meet the region’s linguistic or cultural needs, and translated English data will never accurately reflect cultural nuances, and can introduce biases, our sources agreed. “We do not face the same problems, and we do not need the same solutions […] it shouldn’t be one-size-fits-all,” Mohammad Abu Sheikh, CEO of CNTXT AI, told EnterpriseAM UAE. Tarjama ’s CEO Noor Al Hassan echoed that sentiment. “The models are not built to think in Arabic,” she said. “You have to change the way you train in order to get better results,” she added.

But do we have enough native Arabic data out there? Most LLMs are primarily trained on English data and other common (mostly Western) languages. This leaves many languages with different alphabets, such as Arabic, neglected, with most of the Arabic data being used to train LLMs coming from English-Arabic translations. This hinders the quality of the output, and is a challenge especially for industries like healthcare and law, where accuracy and cultural nuances are more high stakes.

There are initiatives setting out to change that: Tunisian natural language processing startup Clusterlab developed a curated 101 Bn Arabic Words Dataset, which resulted from a rigorous data mining of Arabic data online to help support Arabic language models.

Data mining proved to be the main sticking point for TII as well, but the result — its open-source Falcon Arabic model — significantly outperforms other models of its size, and supports a wide range of Arabic dialects. The team avoided using translated corpora and focused on 100% native Arabic data, lead researcher at TII Basma El Amel Boussaha said.

Another of Falcon’s main attractions is its compact size. “The trend shifted towards building smaller models and this is something that we also followed,” Boussaha said. Part of the appeal is they’re easier to adapt for specific use cases — especially by smaller organizations like startups or universities, she added.

Other Arabic AI developers agree: The solution is to build smaller, but smarter. “Small models are usually better at solving one specific task than generic ones — [they’re] niche, small, and cost-efficient, and you can deploy them on-prem or on private cloud,” Al Hassan added. Tarjama’s strategy is to focus on business-specific use cases — particularly content-heavy document workflows — rather than broad, conversational AI. It does so through its Arabic-first language model, Pronoia — a 14 bn parameter model designed to solve complex tasks in Arabic.

Local AI developers are also seeing increased demand for agentic AI: Having a platform that supports the small language model and that allows enterprises to deploy task-specific agents using Arabic models offers more of an end-to-end approach that enterprise buyers are looking for, Al Hassan said. “Clients want to have agents that automate tasks, increase efficiency, and drop costs,” Al Hassan added.

Voice-first models are also in demand: CNTXT AI is taking a different approach, developing a voice-first model that handles Arabic dialects and works well in spoken government or enterprise workflows. Munsit, an Arabic speech-to-text model, is one of its core products, and is being deployed in sectors like healthcare, law, and public services. CNTXT AI has also partnered with companies like Actualize to embed its ASR into their own voice agents. The end goal? Building speech-to-speech models, Abu Sheikh said.

Still, whether you would be better off opting for a generic LLM or an Arabic-first one for your operations depends largely on the nature of your industry and application. Enterprise software firm Sensei Labs has been seeing growing demand for Arabic-native interfaces among users of its flagship product Conductor and its AI tool Harmony, particularly from public sector clients in the UAE, but has not found it necessary to shift to Arabic-specific LLMs, said Jay Goldman (LinkedIn), CEO of Sensei Labs.

“We have gotten a better result so far out of more general purpose LLMs with a much larger training set,” Goldman added. Sensei Labs uses modern standard Arabic and configurable terminology to adapt to different dialects, he explained.

What can help make local offerings more attractive? The team at TII plan to focus on introducing multimodality to its product, so it can interpret audio and video in addition to text, Boussaha said. Meanwhile, other developers agree that the more AI-ready local firms are, the better the offerings of local AI developers will be. Market interest isn’t the problem — it’s the rollout where things get tricky, Abu Sheikh said. “[Local firms] need [to have the] infrastructure and high quality data, and then you’re able to build cool applications on top,” he added.

The consensus is: The window is wide open — but only if infrastructure, talent, and adoption catch up. The best way to keep those three things from falling behind is commitment to open-sourcing and benchmarking, Hacid said. “We really plan to keep [the path open] for players to play in this field,” Hacid said.

Bank of Sharjah, Ajman Bank post 2Q gains

BANK OF SHARJAH-

The Bank of Sharjah saw its bottom line come in at AED 152.2 mn during 2Q 2025, representing a 67.9% increase y-o-y, according to the lender’s financial statements (pdf). Its operating income surged 60.5% to AED 252.4 mn, while net interest income also saw a strong uptick of 49.4% to AED 175.5 mn.

For 1H 2025, net income reached AED 268.3 mn, up 56.9% y-o-y. A 51% uptick in operating income to AED 453.3 mn was bolstered by a 55.1% increase in net interest income to AED 319.5 mn. The strong 1H results were driven by a diversified business mix, prudent risk approach, and improved operations, according to a separate earnings release (pdf).

AJMAN BANK-

Ajman Bank’s net income reached AED 110.4 mn during the second quarter, a 2.1% increase y-o-y, on the back of increased financing activity, according to the bank’s financials (pdf). Total operating income dipped 6.1% y-o-y to AED 387.4 mn, driven by a drop in income from Islamic financing and investment.

The six-month view: The lender reported a net income of AED 245.1 mn for 1H, up 13.7% y-o-y, driven by its core business performance and improved operational efficiency and financing activity, according to a separate earnings release (pdf). Operating income dropped 7.6% y-o-y to AED 751.3 mn.

Mashreq taps new head of AI

Our friends at Mashreq have named Xi Liang (LinkedIn) as their new head of artificial intelligence to oversee the development and deployment of AI systems across the bank’s operations, Mashreq said in a post on LinkedIn. Liang brings over 15 years of experience in machine learning, data science, and digital product development, with a track record of building and leading AI teams and scaling enterprise AI solutions. She was previously head of data and AI products at Judo Bank in Australia.

Japanese investment bank Nomura has appointed Harish Hemandas (LinkedIn) to serve as senior executive officer and head of coverage for the Middle East and Europe from the bank’s DIFC branch, according to a memo seen by WealthBriefing. Hemandas is a financial services veteran with more than 30 years of experience in the sector, including with Standard Chartered and JP Morgan, and replaces Adil Khan (LinkedIn) who is reported to have left Nomura.

Egypt’s Middle East Glass Manufacturing opens Dubai office, appoints lead: Middle East Glass Manufacturing CEO Tawfik Laham will be the general manager of a new Dubai office, and will have full power of attorney to incorporate, manage, and operate the Dubai branch, according to an EGX disclosure (pdf).

Autocraft secures USD 1 bn of eVTOLs from China

AVIATION-

Autocraft buys USD 1 bn of eVTOLs from China’s TCab Tech: Emirati aviation firm Autocraft signed a USD 1 bn agreement to purchase 350 E20 aircraft — a type of electric vertical takeoff and landing (eVTOL) aircraft — from Shanghai-based TCab Technology, the Chinese embassy in the US said in a Facebook post. The agreement is China’s biggest eVTOL order so far, Xinhua news agency reports. Delivery of the 350 eVTOLs will come in batches.

Autocraft’s looking east: Just last month, Autocraft inked an MoU with Abu Dhabi-based AI firm Kintsugi Holding’s aviation subsidiary and Indonesia’s GMF AeroAsia to build a local support ecosystem for eVTOL aircraft in Southeast Asia.

BUSINESS-

Eric Trump-linked Hut 8 secures DIFC license: Hut 8 Investment, a subsidiary of US-based crypto mining firm Hut 8, has secured a commercial license to operate in the Dubai International Financial Center (DIFC), according to a press release. The license, which the firm applied for earlier this month, gives Hut 8 a regulatory base to expand its BTC yield strategies, particularly through structured derivatives, as well as direct access to institutional exchanges and liquidity providers.

IN CONTEXT- Hut 8 is part of American BTC, a new venture partially owned by Donald Trump Jr. and Eric Trump, which is slated to go public this year. Hut 8 will retain an 80% stake in the combined entity, though the Dubai expansion is unrelated, the spokesperson noted. The company operates mining sites in Texas, New York, and Canada, and had 220 employees at the end of 2024.

STARTUPS-

Journify lands funding to expand its AI data platform: Data management and marketing firm Journify secured investment from Shorooq, Bunat Ventures, and Plug and Play, according to a press release. The funding will focus on developing agentic AI systems for 1:1 personalization, expanding its teams, and accelerating growth across the UAE, Saudi Arabia, and the wider GCC region.

It’s been a good year for Journify: The firm landed USD 4 mn in funding earlier this year in a funding round led by VC firm Silicon Badia, with participation from RZM and other investors. It is also set to roll out autonomous agents soon.

About Journify: Founded in 2023 by Taoufik El Jamali (LinkedIn), Omar Al Shoubaki (LinkedIn), and Amine Chouki (LinkedIn), Journify is a SaaS company that uses AI and data analytics to understand consumer behavior, provide marketing solutions to businesses, and help them activate first-party data across social media platforms.

CAPITAL MARKETS-

ADX, Budapest Stock Exchange link up: The Abu Dhabi Securities Exchange (ADX) and the Budapest Stock Exchange (BSE) have inked an MoU to deepen cooperation across capital markets, according to a press release (pdf). This includes joint product development, investor outreach, and digital infrastructure integration, as well as cross-border initiatives such as dual listings, ETFs and other investment options, and cross border access to trading platforms.

The BSE will also look into joining the ADX’s Tabadul trading hub, which currently has nine members after Iraq joined in April.

REAL ESTATE-

#1- Almal Real Estate launches first int’l project in Bali: Dubai-based investment and development firm Almal Real Estate Development is entering Southeast Asia with a luxury residential development in Bali, according to a press release. The One by Almal — Almal’s first international project — will feature private residences, villas, and townhouses paired with resort-style amenities. Further expansion plans to Thailand, Vietnam, the Philippines, Seychelles, and Mauritius are also in the pipeline.

#2- Fam Properties tapped as master agent for MAG’s AED 60 bn Dubai project: Real estate broker Fam Properties has been appointed as the exclusive master agent for the first phase of Dubai-based MAG Group’s AED 60 bn (c. USD 16.3 bn) Keturah Ardh development in the emirate, TradeArabia reports. The first phase of the residential community in Al Rowaiyah First District is made up of 558 luxury townhouse plots across 93 clusters, offering buyers freehold ownership with pre-approved construction permits.

Trump’s tariff blitz could choke China’s alternative exporting routes

The Trump administration is intensifying efforts to undercut China’s exports by targeting transshipment networks, raising tariffs and tightening supply-chain rules on goods routed through third countries, according to Bloomberg analysts. This strategy risks choking off 70% of China’s exports to the US — equivalent to over 2.1% of China’s GDP.

Since Trump’s first trade war during his first term, China has increasingly leaned on countries like Vietnam, Mexico, and parts of the EU for finishing goods or components bound for the US, in a bid to cushion the blow of US tariffs. China’s share of value-added manufacturing via third countries rose 22% in 2023, up from 14% in 2017, according to Bloomberg Economics.

Away from China or else: Trump’s administration is threatening to slap 25-40% tariffs on goods from Cambodia, Indonesia, Laos, Malaysia, and Thailand to enforce his terms — including curbing China’s exports — in trade negotiations ahead of his 1 August deadline. Vietnam was the first Asian country to yield, accepting an agreement that puts a flat 20% tariff and a 40% levy on transshipped goods, and drawing Beijing’s criticism.

The war extends beyond Asia: The US reached an agreement with the UK in May that included security requirements for steel and pharmaceuticals, terms which were seen as an attempt to push Chinese products out of British supply chains. “Co-operation between states should not be conducted against or to the detriment of the interests of third parties,” China’s foreign ministry told the Financial Times at the time.

Business backpedal: Economists warn that enhanced tariffs or new supply‑chain mandates could significantly disrupt China’s export activity and dent long-term growth. There’s also concern that tighter rules could make international firms more hesitant to rely on Chinese components or production, harming business confidence and investment.

Yet enforcement faces its own challenges. The US definitions of “localized goods” remain vague, and verification protocols for origin remain underdeveloped, Bloomberg analysts said. The success of the policy will hinge on enforcement capabilities and compliance of third-country partners.

ALSO FROM PLANET FINANCE-

JP Morgan may soon let clients borrow using cryptocurrencies, a sharp shift from CEO Jamie Dimon’s earlier crypto criticism. While JP Morgan won’t hold crypto directly, it could partner with firms like Coinbase to manage crypto assets. The bank already lends against crypto-linked ETFs, and is expanding to actual tokens in a bid to outpace rivals like Goldman Sachs. (Financial Times)

MARKETS THIS MORNING-

Asian markets are in the green, led by Japan’s Nikkei which jumped 2.8% in early trading on news of a trade agreement with the US. Meanwhile, Wall Street futures are showing softer gains after another record closing for the S&P 500.

ADX	10,179	-0.6% (YTD: +8.1%)
DFM	6,025	-0.3% (YTD: +16.8%)
Nasdaq Dubai UAE20	4,986	-0.5% (YTD: +19.7%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.2% 1 yr
TASI	10,843	-1.3% (YTD: -9.9%)
EGX30	33,803	-1.0% (YTD: +13.7%)
S&P 500	6,310	+0.1% (YTD: +7.3%)
FTSE 100	9,024	+0.1% (YTD: +10.4%)
Euro Stoxx 50	5,290	-1.0% (YTD: +8.1%)
Brent crude	USD 68.74	-0.7%
Natural gas (Nymex)	USD 3.26	-1.9%
Gold	USD 3,443	+1.1%
BTC	USD 119,639	+2.1% (YTD: +27.9%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.6	-0.3% (YTD: +1%)
S&P MENA Bond & Sukuk	146.28	+0.4% (YTD: +4.5%)
VIX (Volatility Index)	16.50	-0.9% (YTD: -4.9%)

THE CLOSING BELL-

The DFM fell 0.3% yesterday on turnover of AED 602.3 mn. The index is up 16.8% YTD.

In the green: United Foods Company (+14.8%), National General Ins. (+7.3%), and Aramex (+4.1%).

In the red: Emirates Investment Bank (-3.9%), Dubai Taxi (-3.6%), and Air Arabia (-3.1%).

Over on the ADX, the index fell 0.6% on turnover of AED 1.3 bn. Meanwhile, Nasdaq Dubai was down 0.3%.

CALENDAR

JULY

7-25 July (Monday-Friday): Subscription window for Al Mal Capital REIT’s follow-on offering on the DFM.

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

AUGUST

8-15 August (Friday-Friday): Expected trading window for Al Mal Capital REIT’s new units on the DFM.

SEPTEMBER

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

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

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

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

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

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

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

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

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

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

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

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

OCTOBER

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

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

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

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

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

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

14-16 October (Tuesday-Thursday): Global Future Councils, Dubai.

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

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

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

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

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

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

NOVEMBER

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

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

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

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

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

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

DECEMBER

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

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

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

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

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

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

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

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

Signposted to happen sometime in 2025:

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

Signposted to happen sometime in 2H 2025:

Closing of XRG’s acquisition of Covestro

JANUARY 2026

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

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

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

FEBRUARY 2026

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

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

Signposted to happen in 2026:

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

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

Signposted to happen sometime in 2027:

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

Signposted to happen sometime between 2027 and 2029:

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

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