Mubadala earns third highest score in Global SWF ranking. Plus: Robo-advisory gets green light

1

WHAT WE’RE TRACKING TODAY

THIS MORNING: Adnoc could reportedly slow down its M&A spree amid falling oil prices + Trump-linked BTC miner sets up shop in Dubai

Good morning, friends, and happy hump day. There are still no signs of a summer news lull in sight — with news on everything from real estate to debt and investments.

In today’s issue, we have our friends at Mashreq’s latest sustainability-linked facility for Gargash Group, a report from Global SWF ranking Mubadala among the top three sovereign wealth funds in terms of governance and reliability, and the SCA approving robo-advisory regulations. Plus: More on the real estate sector in Dubai, construction costs in 1Q 2025, and the outlook for the banking sector…

WEATHER- Dubai will be seeing an afternoon high of 40°C today, and an overnight low of 31°C. In Abu Dhabi, the mercury will peak at 34°C, though it will feel like 44°C, before cooling to an overnight low of 31°C.

WATCH THIS SPACE-

#1- Could Adnoc slow down its M&A spree amid falling oil prices? State oil giant Adnoc and Saudi Aramco are reportedly slowing down their multi-bn-USD global acquisitions as falling oil prices put pressure on revenues, the Financial Times reported yesterday, citing people it says are familiar with the matter. The two companies spent over USD 60 bn on acquisitions over the last three years to expand into gas, chemicals, and lubricants, but both are now being urged to “focus more on dividends and less on growth” by their governments, according to the sources.

REMEMBER- Oil prices have fallen from over USD 80 a barrel earlier in January to below USD 70 this week, with oversupply set to add further pressure on prices.

Adnoc has a lot in its pipeline, but it might pause here: Adnoc just a few weeks ago submitted a non-binding USD 18.7 bn takeover bid for Australian oil and gas producer Santos, and is also working on getting its EUR 14.7 bn acquisition of German chemicals firm Covestro past the finish line. It has also been linked to a potential acquisition of BP’s assets, though the sources have said there is no interest from Adnoc or Aramco in BP’s lubricant business. Adnoc has also pledged to increase its US investments to USD 440 bn over the next decade, and was said to be considering USD 9 bn acquisition of US natural gas assets. But one source familiar with Adnoc’s thinking said it would need some time to integrate the businesses it has already acquired as well as some certainty over the trajectory of oil price.s

#2- On the flip side, Tabreed could be eyeing more acquisitions: State-owned district cooling giant Tabreed is exploring additional acquisitions after agreeing to acquire PAL Cooling Holding in a transaction worth an equity value of AED 3.8 bn (USD 1 bn), CEO Khalid Al Marzooqi told Bloomberg in an interview (watch, runtime: 5:40). The 50/50 joint acquisition with CVC DIF gives Tabreed exclusive operating rights and brings its total capacity to 1.5 mn RT, Al Marzooqi told CNBC Arabia in a separate interview (watch, runtime: 07:33). The acquisition is set to be financed by the firm’s reserves as well as sukuk issuances and bank loans, he added.

The company is assessing potential growth areas, including cooling services around Dubai’s upcoming Al Maktoum International Airport. “We’re deep-pocketed,” Al Marzooqi said, adding that if potential prospects arise, they will pursue it.

The PAL Cooling acquisition is expected to close in 2H, according to Fitch Ratings. The rating agency expects a dividend inflow from the transaction at roughly AED 30 mn annually over 2025-2029. Fitch says Tabreed will have little room left to take on more debt without risking a credit rating downgrade after the acquisition.

#3- Trump-linked BTC miner heads to Dubai: US-based crypto mining firm Hut 8 registered to open an office in the Dubai International Financial Center (DIFC) last week, Bloomberg reports, citing a DIFC regulatory filing. The new office will support its trading and crypto-hoarding strategies, a company spokesperson told the business news information service in an emailed statement.

Hut 8? The firm 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.

#4- The UAE is one step closer to joining Depa: The Digital Economy Partnership Agreement (Depa) Joint Committee established an accession working group for the UAE after it applied for membership in 2023, according to a press release (pdf). The working group, chaired by Singapore, will assess the UAE’s compliance with Depa standards.

What is Depa? The agreement, signed in 2020 by Chile, New Zealand, and Singapore, sets common digital trade rules and reduces barriers to cross-border digital commerce. South Korea became the first accession member in May 2024. Seven economies, including China, the UAE, and Canada, have applied to join.

#5- Adia-backed Ardonagh raises USD 2.5 bn: One of the world’s largest independent ins. Brokers, Ardonagh Group, which is backed by the Abu Dhabi Investment Authority, raised a USD 2.5 bn equity round, it said in a statement. The investment — led by US private equity firm Stone Point Capital — values Ardonagh at USD 14 bn and makes Stone Point a major new shareholder, alongside existing backers Adia, Madison Dearborn Partners and HPS Investment Partners.

Where will the money go? Ardonagh, which has placed USD 18 bn in annual premiums, said the funding will support its global expansion following a string of recent acquisitions, including the AUD 2.3 bn takeover of Australia’s PSC Ins. Group.

PSAs-

#1- Budget airline Flydubai is starting to resume normal operations after regional airspaces mostly reopened, with direct flights to St Petersburg restarting today, according to a company state ment. Flights to Iran — with the exception of Mashhad — remain suspended until Saturday, 5 July. Routes to Iraq, Israel, Jordan, Lebanon, and Syria have returned to normal.

#2- Emirates NBD to charge remittance fees for non-core corridors: Emirates NBD will charge an AED 26.25 transfer fee for all non-core transaction corridors from 1 September, except for outbound transactions to India, Pakistan, Egypt, and the Philippines, Gulf N ews reports, citing a statement from the bank. The fee will only apply to international transactions outside of the zero-fee corridors and made through its app-based and online platforms, such as DirectRemit.

DATA POINT-

Some 22.4k new Indian firms began operating in the UAE in 1H 2025, marking a 10% y-o-y increase and bringing the total volume of Indian companies in the country to 264.7k, state news agency Wam reports, citing Economy and Tourism Minister Abdullah bin Touq Al Marri.

THE BIG STORY ABROAD-

Most foreign outlets are leading with US President Donald Trump’s “big, beautiful bill” this morning, which narrowly passed the Senate following an all-nighter vote-a-rama. The sweeping legislation — which introduces a trove of tax cuts and reductions to spending on social safety net programs, and boosts immigration enforcement spending — will now head to the House for final approval ahead of Trump’s 4 July deadline.

It’s not going to be easy: Division within the Republican party over some aspects of the bill could make it difficult for the bill to pass, with some hardliners demanding steeper spending cuts, other affected states objecting to changes to Medicaid financing mechanisms, and still some concerned about the USD 5 tn increase in the debt ceiling that the bill is expected bring. (Reuters | Bloomberg | Guardian | Wall Street Journal | Financial Times | New York Times)

ALSO- Trump said Israel has agreed to a proposal for a 60-day ceasefire in Gaza which will now be delivered by mediators in Qatar and Egypt to Hamas. The ceasefire will be used as a period during which “we will work with all parties to end the war,” Trump said, while urging Hamas to accept the agreement, warning that “things will only get worse” if it does not. This comes ahead of Israeli Prime Minister Benjamin Netanyahu’s upcoming visit to Washington on Monday, and following an escalation of violence that has killed hundreds in the past day alone. (Bloomberg | Reuters | Guardian | CNBC)

AND- Another Trump deadline is looming: The 90-day pause on reciprocal tariffs is set to end on 9 July, and Trump has confirmed it will resume with the tariffs with countries with which it has yet to reach trade agreements, including Japan, which is set to see a 24% tariff on all of its imports. Trump has threatened to hike the levies for Japan further as trade talks falter. (FT)

***

You’re reading EnterpriseAM UAE, your essential daily roundup of business, economics, and must-read news about the UAE, delivered straight to your inbox. We’re out Monday through Friday by 7am UAE time.

EnterpriseAM UAE is available without charge thanks to the generous support of our friends at Mashreq.

Were you forwarded this email? Tap or click here to get your own copy of EnterpriseAM UAE.

Want to send us a story idea, request coverage, ask for a correction, or otherwise get in touch? Reach out to us on UAE@enterpriseAM.com .

DID YOU KNOW that we also cover Egypt, Saudi Arabia, and the MENA climate and logistics industries?

***

MARKET WATCH-

Opec+ is expected to approve a fourth consecutive 411k bbl/d oil supply increase for August this Sunday, according to a Bloomberg survey of 32 traders and analysts. The move follows the previous hikes in May, June, and July that were agreed at triple the initially scheduled pace.

Oversupply risks and weak demand: The group’s rapid output revival is weighing on prices, with Brent futures down more than 9% YTD to USD 68/bbl, following geopolitical de-escalation between Iran and Israel. JPMorgan expects that Brent futures will decline to the low USD 60s later this year, and fall further in 2026, Bloomberg said. Analysts warn that August hike could further swell the anticipated global surplus, adding to price pressure.

By the numbers: The UAE’s planned August output of 3 mn bbl/d is 4% below July’s target and 8% lower than current estimates of actual production, according to a note (pdf) by Emirates NBD. With recent output restraint doing little to support prices, the bank remains skeptical that producers will stick to lower quotas.

Mubadala earns third highest score in Global SWF’s governance, sustainability, and resilience ranking

Abu Dhabi sovereign wealth fund Mubadala secured a top spot in Global SWF’s 2025 Governance, Sustainability, and Resilience (GSR) rankings — a global benchmark for best practices among state-owned investors — while other UAE funds made it to the top 10, according to its report (pdf). Mubadala also came in second globally in terms of capital deployed over the past 5.5 years — pouring in USD 9.6 bn — while the Abu Dhabi Investment Authority ranked 10th with USD 4.5 bn.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

The breakdown: Mubadala led the cohort, taking third place globally alongside other SWFs, with a score of 92%. ADQ and the Dubai Investment Fund followed in eighth place with a score of 72%. The Abu Dhabi Investment Authority (ADIA) and the Investment Corporation of Dubai (ICD) landed in 12th place with a score of 56%, while Dubai Holding came in 14th at 48%. Further down the list, the Emirates Investment Authority came in 19th place with a score of 28%, and Sharjah Asset Management came in 20th place with a score of 24%.

UAE SOIs manage a collective USD 2.5 tn in assets as of 1H 2025, placing the country third globally. The UAE’s GSR score hit 49% this year, ranking 46th worldwide, with a 90% credit rating and a 68% score on the corruption perception index, according to the report.

More love for home turf this year? The SWFs are dialing up their domestic investments in 2025. ADQ deployed 45% of its capital locally this year, up from an average of 35% in 2020-2024. Mubadala also bumped up its local investments to 15%, from 9% over the last five years.

ICD Dubai placed third for 10-year annualized returns among global state-owned investors, with a return of 9.3%, followed by Mubadala in fifth place with 8.7%. DP World landed in 12th with 8%, while ADIA came in 27th with a 6.9% return.

In terms of AUM: ADIA is the fifth largest SWF in terms of assets under management, at USD 1.1 tn. ICD Dubai followed at 17th with USD 400 bn, and Mubadala came in at 21st with USD 330 bn. ADQ currently holds USD 251 bn in AUM, while the Emirates Investment Authority holds USD 102 bn, Dubai Investment Fund holds USD 80 bn, and Dubai Holding holds USD 72 bn. Sharjah Asset Management is the smallest of the bunch, with USD 3 bn in AUM.

Regionally, GCC sovereign wealth funds managed USD 5.9 tn in assets in 1H 2025 — accounting for 36% of global sovereign wealth fund (SWF) assets. They also deployed 36% of all sovereign investments during the same period, up from 32% in 2H 2024. Over the past five years, SOIs in the Middle East have steadily improved GSR scores, rising from 32% in 2020 to 48% in 2025.

REMEMBER- Gulf sovereign wealth funds were reportedly set to remain the focus of growth and activity in SWF investments globally despite looming competition, due to their sizable assets and higher risk appetite both geographically and strategically.

Gargash lands one of auto sector’s largest sustainability-linked facilities from Mashreq

Our friends at Mashreq are handing Gargash Group a sustainability-linked facility, estimated to be one of the largest in the UAE’s automotive sector, according to a statement (pdf). The facility has a hybrid structure, combining both revolving credit and term loans, a Mashreq representative told EnterpriseAM in an emailed response. There’s no publicly available information about the exact size of the facility.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

IN CONTEXT- The SLF forms part of a wider energy transformation plan being rolled out across Gargash’s network, including investments in solar energy infrastructure and improvements in overall energy efficiency. The automotive distributor had last year received its debut green loan from Mashreq to fund the company’s solar installations across 25 sites, in addition to other potential energy efficiency projects.

The facility directly links borrowing terms to the achievement of specific ESG goals, including reductions in carbon emissions, increased investment in employee training and development, and more sustainable practices throughout the supply chain. “This agreement enables Gargash Group to accelerate its sustainability initiatives while setting a benchmark for the automotive sector and the wider business community in the region,” said Marwan Galadari, executive VP & head of trading division at Mashreq.

This agreement marks Mashreq Bank’s second sustainability-linked financing inless than amonth, and brings the lender’s total sustainable finance transactions in the sector to AED 2.8 bn in 2025, the statement said. Mashreq aims to provide some USD 30 bn in sustainable financing by 2030, the statement reads.

About Gargash: Gargash Group operates across four key sectors including automotive, real estate, financial services, and F&B. The Group offers integrated services and has introduced leading names including Mercedes-Benz, SIXT, and Alfa Romeo to the UAE.

SCA approves robo-advisory services for licensed portfolio managers

SCA clears robo-advisors for UAE launch: The Securities and Commodities Authority (SCA) has approved regulations (pdf) allowing licensed portfolio management firms to offer robo-advisory services. Robo-advisory services will be offered under the UAE’s existing discretionary and non-discretionary portfolio management frameworks and remain subject to client agreements.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Uh, Enterprise, what’s robo-advisory? The move allows digital investment platforms to deliver automated investment recommendations using artificial intelligence and algorithm-driven models. The SCA’s CEO Waleed Al Awadhi said the integration of AI solutions into investment advisory was a “transformative turning point,” according to Khaleej Times.

Safeguarding measures: The regulation mandates quarterly IT audits and cybersecurity reports, periodic reviews of algorithms and systems, and a clear disclosure of risks and costs to investors. The regulation also requires firms to provide a back-up plan in the event of the termination of the platform that would secure investors’ data and service continuity.

The big picture: The framework adds to a series of SCA regulatory moves to modernize the Emirates’ capital markets, including:

Issuing draft rules for distributed ledger technology-based tokenized assets;
Regulating special purpose vehicles (SPVs), including the creation of a dedicated SPV manager role;
Approving a GCC fund passporting framework to enable cross-border marketing of investment funds within the Gulf, set to be implemented this year;
Proposing changes to corporate governance rules to allow board chairs at public joint-stock companies to also serve as managing directors.

Dubai real estate transactions hit record AED 431.2 bn in 1H 2025

Dubai’s real estate market hits AED 431.2 bn in 1H: Total real estate transactions from Dubai’s real estate market, including sales, mortgages, and grants, reached a new record of AED 431.2 bn in 1H 2025, an uptick of roughly 25% y-o-y, Emarat Al Youm reports, citing Dubai Land Department data. The increase came on the back of some 123.3k transactions.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

The breakdown: The sector saw some AED 326.6 bn in sales across 98.5k transactions in 1H 2025, a 40.2% uptick compared to the same period last year. AED 83.1 bn came from 20.3k mortgage transactions, while 4.6k grant transactions accounted for AED 21.3 bn.

The top spots: Business Bay led the charge in terms of sales value with AED 16.5 bn, followed by Me’aisem 2 with AED 15 bn and Al Yalayis with AED 14 bn.

A strong start to the summer: June saw sales hit AED 54.2 bn, up 20.7% y-o-y, but May remains the strongest month, with sales of AED 66.9 bn, followed by April with AED 62.1 bn.

More real estate transactions ≠ higher prices: Fitch Ratings anticipates a moderate price correction of up to 15% in Dubai’s residential real estate market as supply is set to catch up with demand, with approximately 250k new units expected by 2026. Developers and banks are expected to absorb any sharp price declines, with prime areas likely to remain resilient. Knight Frank predicts that this year will see price increases of 8% — a slowdown from 2024’s double-digit growth, while Moody’s predicts a dip or stabilization over the coming 12-18 months.

UAE banks seen resilient to property prices risks, but geopolitical tensions could pose a risk, says BMI

Speaking of real estate…: Fitch Solutions’ research unit BMI is confident that UAE banks will weather a potential decline in real-estate prices, supported by a reduced exposure to the construction sector in recent years, it said in a research note on its website.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Property prices may strain banks with high real estate exposure: The expected decline in property prices this year will impact the financial soundness of banks with higher exposure to the construction and real estate sector. “A decline in prices may increase loan repayment delays for these banks, resulting in more loans migrating to stage 2”, the research note read. However, this is unlikely to have a significant impact on the banking sector overall, as “falling interest rates provide a cushioning effect and banks have adequate provisions with 60.6% coverage ratio,” BMI said.

Regional tensions also pose a risk: BMI sees rising regional tensions intensifying global trade uncertainty, posing downside risk to the UAE’s banking sector as investors adopt what it described as “a wait-and-see approach,” the agency wrote. Weakness in UAE’s non-oil activity is therefore expected to continue on the back of weakened tourism activity and investor sentiment, which is clearly shown in the decline of the country’s PMI so far this year, BMI noted. May saw the slowest growth in non-oil activity in nearly four years, as global economic uncertainty linked to US tariffs weighed on output.

Still, credit growth is seen remaining steady at 10.1% in 2025, despite a slight easing in monetary policy. “While tighter monetary conditions did not stop credit growth from accelerating in the UAE over the past two years, economic uncertainties will somewhat inhibit credit demand,” the research note read.

What this means for interest rates: BMI anticipates that the Central Bank of the UAE (CBUAE) will cut its policy rate by 50 bps — following in the footsteps of the US Federal Reserve given the AED’s peg to the USD — less than its projections of 100 bps in the last quarter. This will keep interest rates higher than trend for longer, BMI added.

UAE banks are still well positioned compared to GCC peers: The UAE’s banks have “the strongest net external asset position” among GCC countries, giving them the highest resilience to any potential capital outflows resulting from current volatility in the market, ratings agency S&P Global said in April. UAE-listed banks also saw their net income increase by 11.8% (USD 639.6 mn) in 1Q 2025, marking “the biggest absolute growth” among banks in the region, according to Kamco Invest’s banking sector quarterly report (pdf) published in May.

Construction costs climb in 1Q 2025 in Dubai

Dubai construction costs tick higher in 1Q: Dubai’s Construction Cost Index (CCI) rose 0.8% y-o-y, according to data (pdf) from Dubai Data & Statistics. This was driven by increases in equipment hires (+2.5%) and labor wages (+1.6%). The cost of materials like computers and optical products (+1.8%), non-metallic minerals (+1.3%), and basic metals (+1.2%) also all increased.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

On the flip side, petroleum products saw prices dip 9.6%, while rubber and plastics prices fell 2.5%, and mining and quarrying declined 2.5%.

On a quarterly basis: Construction costs rose 0.8% y-o-y q-o-q in 1Q 2025, with non-residential buildings seeing a slightly higher increase than residential ones, according to separate data (pdf). The rise was driven by a 0.6% uptick in materials costs, led by gains in refined petroleum products (+4%) and non-metallic mineral products (+1.4%).

On the other hand, other machinery and equipment segments saw a 0.7% decline, while prices of basic metals fell 0.6%, chemical products edged down 0.1%, and wood products dropped 0.2%.

ICYMI- Construction costs in Abu Dhabi also rose 0.8% q-o-q in 1Q 2025, driven largely by labor costs, which jumped 2.4% in the quarter and 6.7% y-o-y. On an annual basis, the CCI rose by 1.9%, with upward pressure from electrical works materials (+5.9% y-o-y). Some relief on prices came from mechanical works A/C (-0.6% q-o-q) and equipment (-0.8% q-o-q), whilst a 2.8% dip y-o-y in services costs eased pressures somewhat.

Aldar Properties acquires AED 530 mn in leasable warehouse space at Abu Dhabi’s Almarkaz Industrial Park

Aldar taps Waha for leasable warehouse space: Abu Dhabi-based real estate developer Aldar Properties has acquired warehousing and light industrial assets in Abu Dhabi’s Almarkaz Industrial Park from Waha Capital for AED 530 mn, according to an ADX disclosure (pdf). The assets will provide Aldar with nearly 182.5k sqm in net leasable space in a special economic zone.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

About the assets: Aldar’s new assets are nearly at full occupancy — hosting international, regional, and government tenants. “Our logistics platform continues to grow across Abu Dhabi and Dubai capitalising on demand for well-located premium logistics and industrial space,” Aldar’s CEO Jassem Salah Busaibe noted.

Aldar has been expanding its logistics portfolio: The developer announced plans to pour AED 1 bn (c. 272 mn) into the expansion of its logistics operations in Abu Dhabi and Dubai last year. It onboarded three major projects last year:

The developer acquired 7 Central Logistics Hub from steel supplier Seven Seas Steel Industries and an adjacent plot in the Dubai Investment Park (DIP);
Aldar inked an agreement with DP World to develop a 144k sqm Grade A logistics park at National Industries Park (NIP) in Jebel Ali. The project is slated to open for tenants in 4Q 2025;
The firm is also developing logistics facilities in Dubai South under a new JV agreement.

Abu Dhabi’s Bunat joins USD 50 mn round for Saudi fleettech PetroApp

Bunat backs Saudi fleettech Petroapp in USD 50 mn round: Abu Dhabi-based Buna t Ventures joined a USD 50 mn funding round for Saudi digital fuel and fleet management company PetroApp, Bloomberg reports. The round was led by Saudi private equity firm Jadwa Investment, which contributed USD 45 mn.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

Use of proceeds: The funding will be used to help prepare for a planned IPO by 2028, and to support PetroApp’s regional growth and launch its retail offering in the Kingdom, according to a press release.

About PetroApp: Founded in 2018, PetroApp helps businesses and government entities manage fuel spending and vehicle fleets through its digital platform. It currently operates across more than 5k fuel stations in the Kingdom, as well as Egypt, Thailand, and Nigeria.

About Bunat: The firm combines a venture studio and operational VC model, backing early-stage to Series B startups with commercial scale-up potential, according to its website. It focuses on profitability and measurable social or environmental impact through hands-on support and follow-on capital.

Joby Aviation’s first air taxi flight in Dubai garners attention

Dubai’s air taxi rollout is getting attention in the foreign press, with Reuters reporting on Joby Aviation’s first test flight in the emirate and the city’s plans to integrate electric air taxis into its transport network. “We want to change the way people commute,” Joby’s UAE GM Anthony Khoury said, noting that a flight from DXB to Palm Jumeirah could take just 12 minutes, versus 45 minutes by car. The firm aims for broad accessibility, though early pricing will likely cater to premium travelers. Reuters also flagged regulatory and infrastructure hurdles ahead.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

REFRESHER- The California-based firm signed a six-year agreement with Dubai’s Roads and Transport Authority last year to launch commercial services by early 2026. The pair completed the region’s first Joby test flight earlier this week.

First private developer Select enters Palm Jebel Ali + GEMS launches school-in-a-box venture

REAL ESTATE-

#1- Select Group to become the first private developer at Palm Jebel Ali: Investment firm Dubai Holdings partnered up with Dubai-based real estate developer Select Group and Emirates Strategic Investments Company (ESIC) to develop projects at Palm Jebel Ali and Dubai Design District (d3), according to the Dubai Media Office. This marks the first private developer involvement in Palm Jebel Ali, previously developed exclusively by state-backed Nakheel, according to Gulf News.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

The partnership will deliver two projects — upscale residential and hospitality units at Palm Jebel Ali and a mixed-use community in d3. The planning and design of the two projects is currently underway, though an investment ticket for the builds wasn’t disclosed.

ICYMI- Nakheel awarded Dutco Group’s subsidiary DBB Contracting three infrastructure contracts — valued at over AED 750 mn — for the development of Palm Jebel Ali last month.

#2- Modon launches luxury Wadeem complex with residential plots: IHC-owned developer Modon is offering residential land parcels on Abu Dhabi’s Hudayriyat Island for homebuyers to design and build their own homes, according to a press release (pdf). The Wadeem complex will feature 1.7k plots with the capacity for four- to six-bedroom villas, including a swimming pool and an outdoor dining space. It will also include educational and lifestyle facilities.

#3- Major acquires Rak Central land plot: Marjan inked a land sale agreement with Dubai-based Major Developers for a new mixed-use development at Rak Central, Ras Al Khaimah’s upcoming mixed-use development district, according to a press release. The 265k sq ft mixed-use project will be Major’s second in the emirate, following the AED 1 bn Manta Bay project, and is slated for completion by 4Q 2028.

The bigger picture: The wider Rak Central masterplan includes 3 mn sq ft of office space, over 4k residential units, four hotels, and green and retail areas. Rak Central HQ, the main office complex, is due in 1Q 2027.

EDUCATION-

Gems Education launches school-in-a-box venture: Dubai-based school operator Gems Education launched Gems School Management (GSM), a new business offering turnkey K-12 school solutions for governments, investors, developers, and school groups, according to a press release. Built around its proprietary Aspire model, the service includes curriculum plans, architectural design, staffing, training, tech infrastructure, and operational systems.

Where’s it headed? GSM is in advanced talks with partners in eight undisclosed markets. The platform supports new school developments and upgrades to existing institutions, offering curriculum-aligned models including British, American, IB, Indian, and local systems.

REMEMBER- The company plans to invest USD 300 mn over the next two to three years, aiming to grow student capacity by 30k–35k by 2028. The USD 100 mn Gems School of Research and Innovation will open in Dubai August of this year — potentially the city’s priciest school, with tuition reaching up to USD 56k per year.

MINERALS-

Indian mining firm NMDC sets up shop in Dubai: Indian state-owned miner NMDC established a Dubai office to track mineral sector developments as it eyes acquisition prospects, Reuters reports. The office will serve as NMDC’s global coordination center — monitoring potential acquisitions in the critical minerals sectors, carrying out due diligence, and engaging with regulators and business partners. The firm is primarily looking for takeover targets in Africa, Australia, and South America, the news outlet reported.

FINANCE-

Financial advisory firm Apolonia gets SCA greenlight: UAE-based financial advisory firm Apolonia Capital secured a full regulatory license from the Securities and Commodities Authority (SCA), according to a press release. The license allows the firm to offer cross-border financial transactions across the GCC, Asia, and other global markets, as well as expand its advisory offerings and relationships with clients and partners abroad, CEO Ali Nadir said.

AGRITECH-

Núafeeds launches Dubai facility to turn food waste into animal feed: Australian agritech firm Núafeeds will begin operations in Dubai this quarter, establishing a facility to transform surplus bread into livestock feed, according to a press release. The project will cut down the UAE’s dependence on imported animal feed.

How it works: Núafeeds will collect unsold bread from its partner retailers, bakeries, and manufacturers, then sterilize and process it to fit feed biosecurity standards. The project offers lower food waste disposal costs, the firm said, and also reduces CO2 emissions by 500kg for every ton of bread processed. It will offer the livestock feed at fixed prices to buyers.

DEFENSE-

Al Taif, Singapore’s partner on MRO services: Edge’s military land platforms supporter Al Taif inked an MoU with Singapore-based ST Engineering Land MRO & Services (STELMS) to collaborate on digitizing and optimizing maintenance for maintenance, repair and overhaul (MRO) capabilities in the UAE, according to a press release. The partnership will focus on computerized maintenance management system tools for asset tracking and maintenance scheduling, IoT-powered monitoring, and engineering consultancy for lifecycle extension and platform remanufacturing.

INFRASTRUCTURE-

du rolls out hyperscale cloud platform: Emirates Integrated Telecommunications Company (du) introduced its du Tech National Hypercloud, the country’s first sovereign hyperscale cloud platform, according to a press release. The offering targets government entities and large enterprises requiring data sovereignty.

The details: Developed in partnership with US-based IT firm Oracle, the platform will deliver over 150 Oracle Cloud Infrastructure services with embedded AI, and will be hosted in du’s liquid-cooled data centers. It provides GPU access without capital expenditure requirements while keeping data within UAE borders.

AI-

Dewa to integrate Google Cloud AI into services: Dubai Electricity and Water Authority (Dewa) has partnered with Google Cloud to integrate generative AI into its core operations using its NotebookLM tech, according to the Dubai Media Office. The gen AI-powered initiative also enables multilingual output and allows DEWA to reallocate resources, and cut annual costs by AED 25.5 mn. Dewa is aiming to be the first global AI-native utility, the statement said.

Rising US job openings + Senate passing “big beautiful bill” help buoy USD

Higher-than-expected job openings in the US and the Senate passing President Donald Trump’s “Big, Beautiful Bill” overnight helped the USD trim its losses against other major currencies like the JPY and CHF, Reuters reports. The USD’s losses against the JPY narrowed by 0.17 percentage points and by 0.12 percentage points against the CHF compared to before the jobs data was released.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

That being said, the USD is still down: The USD had fallen earlier in the day by 0.6% against the CHF to a 10-year low of CHF 0.79, and 0.8% against the JPY to 142.9. Meanwhile, the EUR climbed to a near four-year high at USD 1.2, while GBP inched up by 0.2% to USD 1.4. As a result, the USD index — one that measures the greenback against six peers — slipped by over 10% this year to its lowest since February 2022, marking its worst 1H performance in over half a century. The USD index is now at 96.68.

Labor market data may be somewhat positive, but it’s not enough yet to stimulate positive sentiment: The US labor market showed job openings rising to 7.769 mn at the end of May — coming in higher than economist forecasts and showing “1.07 jobs for every unemployed person,” Reuters reports. Despite the increase in available jobs, hiring declined by the end of the month to 3.4%, particularly in healthcare and social assistance, manufacturing, and professional and business services. The hiring slowdown comes in part due to “lack of clarity” on the outlook for businesses once Trump’s 90-day pause on reciprocal tariffs sunsets, which economists say has “left businesses unable to make long-term plans.”

Investors are watching and waiting: US Federal Reserve Chair Jerome Powell signaled yesterday that a move to cut interest rates at the end of this month would depend on more economic data. Speaking at the European Central Bank Forum in Portugal yesterday, Powell confirmed that the central bank would have pushed ahead with further rate cuts this year, but put its easing cycle on hold because “the size of the tariffs and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs,” according to CNBC. Powell’s comments come amid growing fears over the Fed’s credibility as Trump continues his campaign for drastically lower interest rates. They will also have their eyes on Thursday’s nonfarm payrolls report, which measures the health of the US labor market.

MARKETS THIS MORNING-

It’s another mixed morning for Asian markets this morning, although most are leaning towards the red on the back of Jerome Powell saying that the US Fed could have already pushed through with interest rate cuts this year had it not been for President Donald Trump’s trade tariffs. Japan’s Nikkei and South Korea’s Kospi are each down more than 1% in early trading, while the Hang Seng Index is trading up. Futures suggest that Wall Street will open in the green later today.

ADX	9,929	-0.3% (YTD: +5.4%)
DFM	5,693	-0.2% (YTD: +10.3%)
Nasdaq Dubai UAE20	4,688	-0.4% (YTD: +12.6%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.2% 1 yr
TASI	11,122	-0.4% (YTD: -7.7%)
EGX30	32,707	-0.5% (YTD: +10.0%)
S&P 500	6,198	-0.1% (YTD: +5.4%)
FTSE 100	8,785	+0.3% (YTD: +7.5%)
Euro Stoxx 50	5,282	-0.4% (YTD: +7.9%)
Brent crude	USD 67.11	+0.6%
Natural gas (Nymex)	USD 3.42	-1.2%
Gold	USD 3,350	+1.3%
BTC	USD 105,762	-1.3% (YTD: +13.0%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.59	0.0% (YTD: +0.7%)
S&P MENA Bond & Sukuk	145.5	+0.2% (YTD: +4.0%)
VIX (Volatility Index)	16.83	+0.6% (YTD: -3.0%)

THE CLOSING BELL-

The ADX fell 0.3% yesterday on turnover of AED 1.1 bn. The index is up 5.4% YTD.

In the green: Fujairah Cement Industries (+8.9%), Emsteel Building Materials (+5.9%) and Alpha Data (+4.1%).

In the red: Union Ins. Company (-9.9%), Abu Dhabi National Takaful Co. (-9.9%), and National Bank of Fujairah (-7.6%).

Over on the DFM, the index fell 0.2% on turnover of AED 730.2 mn. Meanwhile, Nasdaq Dubai was down 0.4%.

CORPORATE ACTIONS-

Amlak Finance moves to offset losses, exits real estate portfolio: Amlak Finance will transfer AED 307.4 mn from its statutory reserve and AED 99.3 mn from its special reserve to partially cover its accumulated losses as of 31 December 2024, according to a bourse disclosure (pdf). The move requires approval from relevant authorities.

The company also approved a plan to exit its real estate finance portfolio. The strategy includes selling financing contracts to other institutions and negotiating mutual exits with customers. Amlak’s board authorized waivers to facilitate the transactions.

We knew this was happening: Amlak sold its lands in Dubai’s Ras Al Khor to Emaar Developments last month. The transaction was valued at AED 2.9 bn and is expected to close by 31 July 2025. The move comes as part of a wider repayment agreement as the firm looks to shore up its finances and meet a commitment to settle its outstanding debts of AED 1.4 bn by October 2026. As of last December, it had reduced its liabilities by AED 800 mn and floated the idea of exiting the real estate financing sector to strengthen its balance sheet.

UAE, South Korea Presidents talk economic ties

President Mohamed bin Zayed Al Nahyan held his first call with South Korea’s newly–elected President Lee Jae Myung, Yonhap News A gency reports. Both sides agreed to expand their Special Strategic Partnership agreement — signed in 2018 — and further bilateral ties. The two leaders are eager to cooperate on artificial intelligence, nuclear power, defense, and advanced technologies, the news outlet reports, citing presidential spokesperson Kan Yu-jung. President bin Zayed is likely to meet his South Korean counterpart at the Asia-Pacific Economic Cooperation summit to be held in Gyeongju, South Korea later this year.

(** Tap or click the headline above to read this story with all of the links to our background and outside sources.)

ALSO- Al Nahyan spoke with his Nigerian counterpart Bola Ahmed Tinubu about boosting investment and sustainability cooperation, Wam reports.

Foreign Minister Abdullah bin Zayed Al Nahyan and International Atomic Energy Agency (IAEA) chief Rafael Grossi discussed boosting cooperation on nuclear issues, according to a statement. The two also discussed broader regional developments, with Al Nahyan reiterating the UAE’s commitment to fostering peaceful nuclear energy use in line with international safety and non-proliferation norms, the news outlet reports. The call comes days after Tehran expressed its distrust of the IAEA’s role in inspecting its nuclear facilities.

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.

Sections

About

Privacy & Support

Get EnterpriseAM daily