Non-oil activity hits four-year low in July. Plus: MGX is eyeing USD 25 bn in investments

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Guinea transfers EGA’s concession to state-backed firm + Dubai Investments to IPO one of its subsidiaries this year

Good morning, friends, and happy hump day. We have another busy issue for you this morning, led with not-so-good news about the non-oil sector in July, as activity took another hit amid mounting competitive pressures and weakened demand following the escalation of regional tensions.

In investment-related news, Abu Dhabi’s MGX is reportedly eyeing USD 25 bn in investments through a fund — marking a shift from a capital-exporting-only strategy for Abu Dhabi investors. Plus: Fintech Alaan raised USD 48 mn in its series A round; and Dubai Residential REIT is out with its first earnings after listing.

WEATHER- Cloud build-up could bring showers to the east and south by afternoon, with light to moderate winds stirring up dust, according to the National Center of Meteorology (pd f). The mercury in Dubai is expected to reach a high of 42°C, before cooling to 34°C overnight. In Abu Dhabi, daytime highs will reach 45°C, with evening lows of 34°C.

UPDATE-

DFM-listed asset manager Al Mal Capital REIT wrapped up its follow-on public offering, raising some AED 210 mn, it said in a filing (pdf) to the bourse. This is AED 10 mn short of its initial target, and brings its total capital to AED 703.9 mn. The issuance, priced at AED 1.125 per unit, drew both existing and new unitholders, underlining growing interest in income-focused real estate plays. Proceeds will be deployed into high-yield assets across education, healthcare, and industrials. Trading of the new units is expected to begin between 8-15 August, pending regulatory approvals.

ADVISORS- Al Mal Capital is acting as both fund and issue manager. FAB is the lead receiving bank. Legal advisory is being handled by Al Tamimi & Company, KPMG is the auditor, Standard Chartered is the custodian and admin provider, and CBRE is on real estate valuation.

WATCH THIS SPACE-

#1- Emirates Global Aluminum’s subsidiary in Guinea is now seeking redress after the country transferred its bauxite mining lease and concession to a newly created state-backed firm, Nimba Mining Company, EGA said in a statement. This comes after Guinea's government terminated its concession agreement earlier this month, citing a failure to deliver on its commitment to build an alumina refinery in the country. The termination will lead to approximately 3k job losses, and is a “flagrant violation of GAC’s contractual and legal rights,” EGA said in the statement.

Background: The government first suspended bauxite exports from EGA in October 2024 as part of a wider push to gain more control over the country’s natural and mineral resources.

#2- Dubai Investments plans to list a stake of up to 25% in one of its portfolio companies on the DFM before year-end, CEO Khalid bin Kalban told CNBC Arabia in an interview (watch, runtime: 02:55). The firm is considering both a real estate company and a services company for the offering, with banks expected to be invited to participate after the summer.

We knew this was coming: Bin Kalban previously said that Dubai Investments aims to float four subsidiaries over the next few years, one per year. The firm has already completed evaluations and pitched its portfolio to advisors, with candidates including Dubai Investments Park, Properties Investment, Al Mal Capital, Dubai Investment Real Estate, Globalpharma, Emirates Building Systems, and Emicool.

On the ground: Dubai Investments is gearing up to launch a new multi-emirate Dubai Investments Park project, starting in Abu Dhabi and Ras Al Khaimah, with final agreements likely to be signed after the summer, bin Kalban added. The model mirrors its USD 500 mn Dubai Investments Park Angola project, which is being rolled out over 12-15 years and includes industrial, residential, and commercial zones. The company broke ground on the project in 2024, working with the China Harbour Engineering Company on development works.

#3- Masdar in line for a stake in Inerdrola’s solar portfolio in Spain: State-owned renewables firm Masdar is among several bidders shortlisted to acquire a 49% stake in Iberdrola’s Proyecto Julieta solar portfolio in Spain, Bloomberg reports, citing people familiar with the matter. Norway’s Norges Bank Investment Management and Australia’s Fortescue are also in the running to snap up the portfolio, which has a total capacity of around 1 GW. Iberdrola is reportedly seeking a valuation of at least EUR 900 mn (USD 1 bn).

IN CONTEXT- Iberdrola has been offloading minority stakes in key assets as part of its asset rotation strategy, freeing up capital to cut debt and ramp up its investments in power networks in different countries. Masdar is already a familiar partner, having recently co-invested in Iberdrola’s 476 MW Baltic Eagle wind farm in Germany through a minority stake acquisition, and the 1.4 GW East Anglia Three project in the UK, which secured funding last month in what was Masdar’s largest financing to date.

#4- Another hedge fund is set to land in Abu Dhabi: British alternative investment firm and hedge fund, Rokos Capital Management, is set to open its fourth global outpost in Abu Dhabi in 1Q 2026, Bloomberg reports, citing a person familiar with the matter. The USD 22 bn hedge fund is aiming to use its new Abu Dhabi office to take advantage of trading across global markets, attract top talent, who are increasingly being lured to financial hubs in the Middle East region and the UAE due to the favorable tax environment and lifestyle perks, and be closer to strategic investors. The firm also has outposts in New York and Singapore.

Moves: The firm’s head of finance, Chris Irish (LinkedIn), will move to the Abu Dhabi office from London and head the Middle East business, the source said.

#5- India’s Titan eyes Gulf shift amid US trade tensions: Indian jeweler Titan, part of Indian conglomerate Tata Group, is considering shifting some of its jewelry manufacturing to the Gulf to sidestep rising US tariffs on Indian exports, managing director C.K. Venkataraman told Reuters. The firm is exploring the region as a lower tariff export base for Titan’s expanding US footprint, including its Tanishq and CaratLane brands, he said. The UAE and most of the Gulf region is subject to the baseline 10% tariff on US imports, while India was recently slapped with a much higher 25% tariff.

Titan is no stranger to the UAE, with the conglomerate set to acquire a 67% stake for USD 283 mn in Dubai-based luxury retail Damas from Qatar’s Mannai Corporation. The AED 1.04 bn transaction would see it secure a majority stake in the firm, which operates 146 stores across the region, and would see Damas folded into a new DIFC-based entity, Signature Jewellery Holding.

It also has big plans to expand its footprint across the region: Titan plans to open up 75 new outlets across the GCC over the next five years, Venkataraman told Khaleej Times. Between 40 and 50 will be under the Damas brand, with a particular focus on expansion in Saudi Arabia, and the rest under Tanishq, he added.

#6- Alpha Dhabi eyes data center builds via Trojan: Alpha Dhabi Holding is exploring windows to tap into the UAE’s growing data center market through its construction arm, Trojan Group, Chief Strategy Officer Derek Nicholson told The National. While the ADX-listed firm has no direct investment plans, it’s weighing indirect exposure by building infrastructure for the increasingly in-demand sector. “[They are] going to be the construction projects of the future,” he said, adding, “We’re actively exploring opportunities.”

IPO watch: Nicholson also said Alpha Dhabi is considering listing some of its portfolio companies, though no timeline or specific entities have been confirmed. “When we think [our companies] reach the right level, then they're ready to go on the stock market,” Nicholson said.

PSA-

Dubai launches new services for family business governance: The Dubai Center for Family Businesses introduced three advisory services operating under Dubai Chambers to support family-owned firms, according to Dubai Media Office. The services will provide tailored evaluations of existing governance structures, assist in creating formal family constitutions, and guide wealth management strategies. The center also recently launched a family business advisors directory.

THE BIG STORY ABROAD-

It’s a busy day in the international press this morning, from big plays in the sports streaming world, to AI developments, to the usual flavor of disruption from Trump’s executive orders.

A big play in sports: Disney’s ESPN will acquire NFL Network and other media assets from the National Football League, in exchange for the NFL taking a 10% equity stake in the sports network. Disney did not disclose the values of the sale, analysts estimate it lands in the ballpark of USD 2-3 bn.

ALSO- AMD’s data center performance causes investor concerns: The US chipmaking giant’s share price fell some 6% after hours, after reporting lower-than-expected quarterly earnings. Muted data center revenue growth in 2Q — just 14% y-o-y to USD 3.2 bn — was a far cry from top dog Nvidia’s 73% growth in data center business over the first quarter.

Earnings season continues: Expect giants including McDonald’s, Disney, and Uber to report their quarterly earnings later today.

OVER IN TECH- OpenAI lives up to its name: ChatGPT’s maker decided to enter the open-source competition with DeepSeek and Meta head-on, releasing its first two “open-weight” models gpt-oss 120b and gpt-oss 20b. The new models are claimed to perform close to GPT’s smaller closed models.

AND- Trump cracks down on “de-banking”: US President Trump is about to issue an executive order that would crack down on “politicized or unlawful banking”, punishing US lenders who cut off accounts for political or religious reasons. The order — accompanied with claims of discrimination against conservatives — would extend to clients of “risky industries,” which translates into crypto users and traders.

Also worth reading this morning:

The US trade deficit narrowed in June due to a substantial decrease in imports, as the trade gap with China reached its lowest level in 21 years.
Norway ordered the world’s largest sovereign fund to review investments in Israelicompanies, after reports showed it financed businesses linked to the Gaza war.
Elon Musk and Tesla are being sued for fraud, following claims that the world’s richest man concealed the risks of Tesla’s Robotaxi and self-driving vehicles.

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Non-oil sector activity slumps to four-year low in July

The UAE’s non-oil private sector fell to its lowest level in over four years in July as regional tensions continued to weigh on sales, with the S&P Global PMI (pdf) edging down to 52.9 in July, from 53.5 in June. The downtick was driven by a further weakening in new business growth in the non-oil economy, as client sentiment continued to suffer following an escalation of regional tensions in Iran and Israel in June. The deceleration was also attributed to a decrease in tourism activities and disruptions in global trade.

(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)

Firms reported an uptick in new orders from the previous month, supported by client demand and a supportive price environment. However, the growth was the weakest since August 2021. The softer rise in new orders contributed to the slight easing in activity in July, further weighed down by mounting competitive pressures.

“New order volumes helped firms to expand, but this trend is declining, with the latest data indicating the softest rise in incoming new work in almost four years,” S&P Global Senior Economist David Owen said.

On a positive note, overall output still grew at a strong pace, only slightly below the historical trend. Some businesses reported an increase in output due to new sales opportunities, higher client incomes, increased technological investment and clearing of backlogged work.

Input cost pressures picked up slightly at the start of 3Q this year, after falling to a 23-month low in June. This was the fastest increase in prices since April and was mainly driven by higher costs for shipping, raw materials, wages and capital. In response, firms increased their own prices, following a slight drop from June. However, this new price increase was modest.

Hiring momentum weakened in July, marking the slowest increase in four months. This came despite a significant rise in outstanding business, as the backlog of unfinished work grew at its fastest rate since January amid continued difficulties in meeting work deadlines.

Optimism still held somewhat steady in July, with stronger demand anticipated, though confidence took a slight hit as some firms remain concerned over global economic uncertainty and increased competition.

… but downside risks remain elevated: “Should regional tensions ease, we may see a recovery in sales growth in the coming months,” Owen said. “This would also be supported by the subdued price environment, with input costs rising only modestly despite the pace of increase reaching a three-month high. Nevertheless, the ongoing trends of rising competition, limited inventory, constrained hiring growth and relatively low confidence among surveyed firms suggest that downside risks remain elevated.”

The outlook for the region overall is also less than rosy: “We think that activity in non-oil sectors across much of the Gulf will continue to soften over the coming quarters,” Capital Economics’ James Swanston wrote in a recent research note seen by EnterpriseAM. “Low oil prices will more than offset rising output volumes and, in turn, export receipts will be weaker this year than last,” he explained. Current account and budget balances are also expected to deteriorate, prompting officials to “make fiscal policy less supportive,” he added.

OVER IN DUBAI-

Dubai had a better month: Dubai’s non-oil private sector restored momentum in July, lifted by a rebound in demand growth. The emirate’s PMI increased to 53.5, up from a 45-month low of 51.8 in the previous month, indicating a strong improvement in operating conditions across the sector. “Emirates NBD’s Dubai Economy Tracker rebounded last month as the tourism and wholesale and retail trade sectors recovered from the disruption of the Israel-Iran conflict,” Swanston noted.

Sales rebound drives PMI recovery: A much sharper rise in sales volumes compared to June was a major factor behind the index’s rebound. Firms cited improved business conditions and higher levels of new client enquiries, with firms in Dubai increasing output at the fastest pace in five months, while also continuing to boost employment and inventories.

Input costs increased at the fastest pace since April, though overall inflationary pressures remained relatively mild in July. As such, non-oil companies increased their selling prices at the

lowest rate in eight months.

ELSEWHERE IN THE REGION-

In Saudi Arabia, the sector expanded at a lower pace, marking the slowest growth since January 2022, with the seasonally adjusted figure coming in at 56.3 (pdf) ;
Kuwait maintained solid growth, supported by a strong increase in new orders and business activity (pdf) ;
Egypt’s non-oil private sector activity (pdf) declined for the fifth consecutive month, although the rate of decline eased from the prior month.

MGX is reportedly eyeing USD 25 bn in external investments to invest in AI infrastructure

Abu Dhabi AI investor MGX is considering launching a fund to raise up to USD 25 bn to accelerate its investments in AI infrastructure, potentially making it among the largest of its kind globally, sources familiar with the matter told Bloomberg. The investment firm is exploring raising capital from financial and strategic investors, both in Abu Dhabi and in other locations.

A play for external funding would signal a shift in the funding strategy of UAE state-owned entities. It’s rare for Abu Dhabi state-owned entities to raise external investments, though there have been signs that this could be changing. Mubadala received outside equity for the first time last year, when it acquired a 42% stake in Silver Rock Financial and brought in three new equity owners — Silver Rock CEO Carl Meyer, co-founder Michael Haberkorn, and M-Cor Capital. US-based investment firm TWG Global also acquired a 5% stake in Mubadala for USD 2.5 bn, with the option to increase its stake as the partnership evolves.

MGX has plenty of funding commitments in its pipeline: The AI investor is contributing to the initial USD 100 bn phase of the Stargate AI infrastructure fund, a JV formed between OpenAI, SoftBank Group, Oracle, and MGX to invest in AI infrastructure. It is also pledging initial investments in the USD 30-50 bn planned data centers in France, and backing a USD 30 bn AI infrastructure fund launched by BlackRock and Global Infrastructure Partners. The AI investor is planning to invest USD 8-10 bn annually in AI infrastructure and companies, with a focus on the US market. It has a goal of reaching USD 100 bn in assets.

Ades Holding takes over Dubai-based Shelf Drilling for SAR 1.4 bn

Ades is absorbing Shelf Drilling through a premium-priced merger: Ades International Holding, a subsidiary of Tadawul-listed Ades Holding, has agreed to take over Dubai-based and Oslo-listed offshore drilling contractor Shelf Drilling in a SAR 1.4 bn (USD 379 mn) merger, they said in a statement (pdf).

The details: The agreement will see Ades pay NOK 14 (c. SAR 5) per share, representing a 62% premium to Shelf Drilling’s closing share price on 4 August. The buyer will tap its available credit lines to finance the acquisition. All of Shelf Drilling’s existing shares will be cancelled in exchange for the banknote-based consideration, and the company will be delisted from the Oslo stock exchange to become a wholly-owned private subsidiary of Ades.

The transaction will ramp up Ades’ capacity…: The merger combines 83 rigs, including 46 premium jack-ups, and extends Ades’s reach into new markets. Shelf Drilling — which operates across the Middle East, Southeast Asia, India, West Africa, the Mediterranean, and the North Sea — adds a USD 1.5 bn firm backlog to the mix, taking the combined group’s order book to USD 9.45 bn.

…and help realize USD 40-50 mn in annual cost savings over the medium term, with the transaction forecast to lift earnings per share and boost cashflow. The transaction also enables Ades to call and settle Shelf Drilling’s c. USD 1.4 bn senior notes and Norwegian bond obligations, thereby optimizing the capital structure of the merged group.

What’s next? The transaction, which is pending regulatory and customary clearances, is expected to close in 4Q. It also requires approval by a two-thirds vote at a general meeting scheduled for mid-September. Shelf Drilling’s BoD has already approved and recommended the merger, which was also determined to be offered at fair value by the firm’s financial advisor Evercore, while shareholders holding 15% of the stock have also shown their support.

Shelf Drilling had a good year in 2024: The firm reversed two years of net losses in 2024, recording USD 52.6 mn in net income last year up from a net loss of USD 17.2 mn in 2023, according to Ades’s disclosure to Tadawul. Its revenues also rose 8.5% y-o-y during the year to USD 985.2 mn.

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

Market reax: Ades’ share price closed at SAR 14.45 yesterday, up 9.97%.

Abu Dhabi residential property prices rose by 17% y-o-y in 2Q 2025

Abu Dhabi’s residential property prices grew significantly in 2Q, with average prices rising 6.4% from 1Q to reach AED 1.2k per sq ft, according to Knight Frank’s Abu Dhabi Residential Market Review (pdf). Average residential property prices increased by 17.3% y-o-y and are now 31.3% higher than pre-pandemic values.

Apartments led q-o-q growth, while villas outperformed in annual terms: Prices in the apartment segment rose by 6.8% q-o-q to AED 1.3k per sq ft, bringing yearly growth to 17.3% for the quarter and 28.7% higher than 1Q 2020. The villa market recorded a more modest quarterly growth of 3.4%, putting average prices at AED 1.1k per sq ft, though villas showed stronger long-term value growth, with prices up 42.3% since 1Q 2020.

Top areas: In the villa market, Al Saadiyat Island saw the most significant price hike, with a y-o-y increase of 28%. Yas Island wasn't far behind, with a 22% increase in the first six months of this year. On the apartment front, Al Raha Beach is leading price growth so far with an 11% uptick in 1H 2025, followed by Al Saadiyat Island with 10% growth.

Slowdown in transactions: While 890 residential units were delivered, residential market transactions witnessed a 36% slump compared to 1H 2024, coming in at AED 9 bn for the period. Luxury properties remain in demand, as houses worth above AED 10 mn accounted for a record 25% of the total transaction value in 1H, although the actual number of high-end transactions remained flat at 141 — the same as last year.

The official data tells a slightly different story: Data from the Abu Dhabi Municipalities and Transport Department reported AED 52 bn in real estate transactions for the first half of this year, whereas Knight Frank’s figures filter out outliers which don’t include specific data on transactions, the firm’s MENA head of research Faisal Durrani told EnterpriseAM. Its new supply predictions are also lower than others, as it only counts units that are currently being built and doesn’t include those being developed by individuals.

Future prospects: Knight Frank expects a total of 33.1k new homes to be completed and added to the market by 2029, with apartments set to account for 62% of new supply. Currently, apartments make up 71.1% of existing supply, with villas accounting for 28.2%.

Fintech Alaan lands USD 48 mn Series A round

Alaan secures USD 48 mn in Series A round: UAE-based, AI-powered spend management platform Alaan raised USD 48 mn in a Series A funding round led by Peak XV Partners, according to a press release. The capital raise included participants such as 885 Capital, Y Combinator, 468 Capital, and Pioneer Fund — and comes after Alaan’s USD 4.5 mn pre-Series A funding round in 2023, which was joined by Presight Capital.

Where will the money go? The new funding will accelerate the B2B fintech platform’s regional operations and improve its core product offerings, which focus on using AI to reduce manual finance and expenses work. Alaan currently serves clients in the UAE and KSA.

The round also drew participation from several regional startup founders, including Careem's Mudassir Sheikha, Tabby's Hosam Arab, and Astra Tech’s Abdallah Abu Sheikh, according to a post on LinkedIn.

About Alaan: Founded by ex-McKinsey consultants Parthi Duraisamy (LinkedIn) and Karun Kurien (LinkedIn) in 2022, Alaan has onboarded more than 1.5k UAE businesses, and recently expanded to Saudi Arabia. The platform uses AI agents to automate financial processes including receipt matching and VAT extraction.

1H results in from Dubai Residential REIT and Empower

DUBAI RESIDENTIAL REIT-

Dubai Holding’s newly-listed Dubai ResidentialREIT’s net income jumped to AED 1.9 bn in 1H 2025, more than triple the AED 565.3 mn it recorded in the same period last year on the back of a fair value gain on an investment property, according to its financials (pdf). Excluding the fair value change, net income was up 10% y-o-y to AED 622 mn. The REIT raised AED 2.1 bn in its IPO in May of this year.

Revenues climbed 9.8% y-o-y to AED 957.8 mn amid rental price growth and sustained tenant demand, according to a separate earnings release (pdf). Strong occupancy rates also buoyed the results, increasing 2% y-o-y to reach 98% across its portfolio, while revenue per leased sqm rose 6%. Its corporate housing assets were fully-occupied at 100%, while premium residences posted 98% occupancy. Increased demand for affordable housing pushed the segment’s occupancy rate to 99%.

The board approved a 1H dividend of AED 550 mn, or 4.2 fils per unit, implying a 7.7% annualized yield on the IPO price.

EMPOWER-

District cooling provider Empower saw its bottom line rise 15.1% y-o-y to AED 257.8 mn in 2Q 2025, according to the firm's financial statements (pdf). The company’s revenues saw a 12.2% y-o-y uptick to AED 913.5 mn.

The firm saw more tempered growth in 1H, reporting a 3.4% y-o-y net income increase to AED 402.7 mn. Revenues saw a larger rise, increasing 7.5% y-o-y to come in at AED 1.5 bn. An uptick in business activity drove performance, with the firm inking 86 new contracts to add 99k RT across Dubai during the period — bringing its total contracted capacity to 1.9 mn RT, according to its earnings release (pdf). Key agreements in 1H included a contract with Dubai Multi Commodities Center and with Wasl Group.

AES taps new CEO for AES Private Wealth and Family Office

Financial adviser AES International named Andrew Bates (LinkedIn) as CEO of its Private Wealth and Family Office, AES said in a post on LinkedIn. Dubai-based Bates brings over 30 years of experience in international private banking and wealth advisory. He most recently served as Middle East and Asia head at Nedbank Private Wealth, where he worked for 21 years.

Background: AES International, a certified fiduciary, is a fee-based wealth management firm in the domain of family advice. The new hire will help extend its services to globally-mobile families across MENA, as huge wealth migrates to the Middle East, AES Founder Sam Instone said in a separate press release.

Another addition to CBUAE’s open finance network + AI-powered parking in Dubai?

FINTECH-

Regional open banking platform Tarabut secured in-principle approval from the Central Bank of the UAE (CBUAE) to extend its offerings to firms in the UAE under the Open Finance Framework, according to a press release. Tarabut is also licensed in Saudi Arabia and Bahrain, and gives banks, lenders, ins. firms, and digital platforms authorized access to customer data for income verification, real-time assessments, and personalized financial options.

ICYMI- The approval comes after the UAE introduced a regulatory framework for open finance earlier this year, with alternative payment method provider Pay10 being the first firm to secure authorization. More recently, infrastructure firm Spare and Saudi Arabia’s Lean Technologies also received approval to operate under the framework.

INFRASTRUCTURE-

#1- Dubai’s public parking operator Parkin is more than doubling its parking coverage via an agreement with Dubai Holding, according to a press release (pdf). The move will strengthen Parkin’s presence in the private-developer parking segment and across several master-planned communities in Dubai, Parkin CEO Mohamed Abdulla Al Ali said.

Under the agreement, Parkin will operate and manage around 29.6k paid parking spaces, expanding its total developer-owned portfolio to approximately 50.4k spaces. It also just recently said it will take over 2.1k spaces at religious sites across Dubai, including mosques. The phased rollout is expected to moderately impact the company’s operational income from mid-3Q 2025.

#2- Dubai Holding, Parkonic, Salik partner on AI parking: Dubai Holding is partnering with Dubai-based smart parking company Parkonic and the emirate’s toll operator Salik to roll out the region’s first fully autonomous, AI-powered parking network across more than 36k parking spaces in key Dubai Holding communities, according to Dubai Media Office. The system will offer fully automated parking with billing handled by Salik’s payment infrastructure.

Wall Street warns pullback is coming, but says buy the dip

Some of Wall Street’s biggest names are bracing clients for turbulence ahead. Strategists at Morgan Stanley, Deutsche Bank, and Evercore are cautioning that US equities, particularly the S&P 500, look vulnerable to a near-term slide after a blistering rally since April pushed valuations to overheated levels, Bloomberg reports.

How steep are we talking? Morgan Stanley forecasts a correction of up to 10% this quarter, citing the drag from tariffs on consumers and corporate margins. Evercore sees the potential for an even steeper 15% drop, while Deutsche Bank’s Parag Thatte argues that equities are overdue for at least a modest pullback after more than three months of gains.

The warnings come as US economic data turns shaky: US inflation is ticking higher, job growth is softening, and consumer spending is losing steam. Seasonality is also working against stocks, with August and September historically (for the past 30 years to be specific) the weakest months for the S&P 500, averaging losses of 0.7% each versus a 1.1% monthly gain on average, according to data compiled by Bloomberg.

Buy the dip? Evercore and Deutsche Bank advised investors to stay the course and use any weakness as a buying window, particularly in sectors benefitting from the ongoing AI boom, noting that the long-term bull-cycle remains intact.

MARKETS THIS MORNING-

Asian markets are showing mixed performance this morning, with Japan’s Nikkei and the Shanghai Composite both in the green, up 0.6% and 0.1%, respectively, and the Hang Seng and Kospi in the red.

ADX	10,331	+0.3% (YTD: +9.7%)
DFM	6,166	+0.7% (YTD: +19.5%)
Nasdaq Dubai UAE20	5,125	+0.5% (YTD: +23.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.1% 1 yr
TASI	10,922	+0.7% (YTD: -9.4%)
EGX30	32,254	+1.6% (YTD: +18.5%)
S&P 500	6,299	-0.5% (YTD: +7.1%)
FTSE 100	9,143	+0.2% (YTD: +11.9%)
Euro Stoxx 50	5,250	+0.1% (YTD: +7.2%)
Brent crude	USD 67.64	-1.6%
Natural gas (Nymex)	USD 3.00	-0.4%
Gold	USD 3,434	0.0%
BTC	USD 113,903	-1.2% (YTD: +21.8%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.53	0.0% (YTD: +1.4%)
S&P MENA Bond & Sukuk	147.50	+0.2% (YTD: +5.4%)
VIX (Volatility Index)	17.85	+1.9% (YTD: +2.9%)

THE CLOSING BELL-

The DFM rose 0.7% yesterday on turnover of AED 484.7 mn. The index is up 19.5% YTD.

In the green: Al Mal Capital REIT (+6.3%), National International Holding Company (+5.7%) and Dubai Refreshment Company (+5.7%).

In the red: Chimera S&P UAE UCITS ETF (-5.3%), Al Ramz Corporation Investment and Development (-5.0%) and Emirates REIT (-2.3%).

Over on the ADX, rose 0.3% on turnover of AED 868.5 mn. Meanwhile, Nasdaq Dubai was up 0.5%.

CORPORATE ACTIONS-

United Arab Bank approves AED 1.03 bn capital increase: United Arab Bank's board of directors approved a capital increase of AED 1.03 bn, bringing its total issued capital to AED 3.09 bn following its AED 1.03 bn rights issue, which wrapped up on 29 July, according to an ADX disclosure (pdf).

UAE inks visa waiver with Moldova, eyes AI collaboration with Azerbaijan

UAE, Azerbaijan discuss investment and collaboration on AI: Industry and Advanced Technology Minister Sultan Ahmed Al Jaber met with Azerbaijan’s Digital Development and Transport Minister to discuss increasing bilateral cooperation in sectors including artificial intelligence, digitalization, and cybersecurity, according to Azerbaijan’s state news agency. The two discussed establishing a joint venture capital fund as well as an AI-focused research and development center.

UAE + Moldova ink visa waiver agreement: Deputy Prime Minister and Foreign Affairs Minister Abdullah bn Zayed Al Nahayan inked a MoU with Molodova’a Foreign Affairs Minister Mihai Popsoi on mutual visa exemption between the two countries, Wam reports. The ministers also discussed expanding bilateral cooperation in trade, investment and economic development.

CALENDAR

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.

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

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

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

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

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

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

10-20 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.

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

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

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.

12–15 October (Sunday-Wednesday): Expand North Star, Dubai Harbor.

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

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

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

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

27-29 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

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

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

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

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

13-15 November (Thursday-Saturday): International Financial Markets (ICA) Conference and Exhibition, Conrad Dubai.

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

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

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

DECEMBER

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

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

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

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

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

8-11 December (Monday-Thursday): Abu Dhabi Finance Week, Abu Dhabi's International Financial Center.

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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