Non-oil trade jumps 18.6% y-o-y in 1Q as AED 4 tn target looks within reach

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Santos shares jumps 10.9% following Adnoc-led takeover offer + Next Friday is off for Hijri New Year

Good morning, friends. Violence between Iran and Israel has now entered its fifth day, and leaders across the region and abroad are working overtime to push the countries towards de-escalation.

US President Donald Trump called on everyone in Tehran to “immediately evacuate” in a post on Truth Social that came out at about 4am in the city of 9 mn people, spreading panic across the city and causing alarm across the world’s digital front pages. The news shortly followed Israel issuing evacuation orders to residents of a large part of Tehran, in an indication that was ramping up its attacks on the city. The death toll has now risen to 244 killed in Iran and 24 in Israel. (Financial Times | Bloomberg | Reuters | Associated Press | Guardian)

The UAE issued a joint statement with 21 countries from the Arab and muslim world to condemn Israel’s attacks on Iran and to call for an immediate halt to hostilities, the ruling out of targeting nuclear facilities, along with other demands. Cosignotaries included Saudi Arabia, Egypt, Iraq, Oman, Qatar, Kuwait, and Libya, among others.

Trump’s call for Russia to be readmitted to the G7 is also getting a lot of ink this morning, with the president describing the 2014 decision to kick the country out of the then-G8 as a “big mistake.” If Russia had remained in the group, the country wouldn’t have invaded Ukraine in 2022, he claimed. (Reuters | Guardian | New York Times)

THE BIG STORY here at home is news that non-oil trade grew 18.6% in 1Q 2025, with a forecast for AED 4 tn trade by 2027 — four years ahead of schedule. Plus: We have plenty of investment news, as Binghatti enters the asset management space, Dubai Investments-backed Global Fertility Network expands its IVF capacity in Saudi Arabia with another acquisition, and Eagle Hills launches a fund to finance the redevelopment of a hotel in Venice.

WEATHER- Dubai temperatures are set to see an afternoon high of 43°C today, though it will feel as hot as 55°C, according to our weather app, before cooling down a bit to an overnight low of 32°C. Temperatures in Abu Dhabi will hit 35°C with an overnight low of 31°C.

WATCH THIS SPACE-

#1- Santos shares jumps 10.9% following Adnoc-led takeover offer: Australian oil and gas producer Santos share price rose by 10.9% yesterday, closing at AUD 7.72 after receiving a non-binding USD 18.7 bn takeover bid from Adnoc’s international investment arm XRG, alongside Abu Dhabi sovereign wealth fund ADQ and private equity firm Carley, according to market data. The consortium will pay AUD 8.89 (USD 5.76) per share as part of the transaction, marking a 28% premium to Santos’ closing price of AUD 6.96 last Friday. Santos has already announced its intention to accept the offer, unless it receives a superior proposal.

#2– ENBD wraps up full takeover of EIB: Emirates NBD has settled all of its mandatory acquisition procedures for the full takeover of Emirates Islamic Bank (EIB), securing a 100% stake (up from 99.89%) in the Shariah-compliant lender, according to a disclosure (pdf) to the DFM. The Dubai bourse had delisted EIB’s shares last week after the completion of the takeover, and all remaining shares were registered in ENBD’s name. EIB will continue to operate independently under its current trade name and commercial license. The move caps a months-long acquisition process that began with ENBD’s AED 70 mn offer in February.

Market Reax: Emirates NBD’s stock gained 0.2% at market close yesterday, settling at AED 21.25.

#3- US’ Pharo hedge fund eyes Abu Dhabi expansion: New York-based hedge fund Pharo Management is in the early stages of setting up an office in Abu Dhabi, Bloomberg reports, citing people familiar with the matter. The USD 7 bn macro fund plans to relocate its Africa Fund team — currently based in New York and London — to the emirate, drawn by its proximity to African markets in terms of both time zones and travel. The new office is expected to be up and running by year-end. Pharo’s USD 819 mn Africa Fund has gained 11.8% YTD, according to the news outlet.

ICYMI- The move adds to Abu Dhabi’s growing hedge fund roster, which now includes Brevan Howard, PGIM, and Marshall Wace. Hudson Bay Capital is expected to open a second UAE office in the emirate by year-end, while Arini plans to set up shop by September.

#4- The Dubai Financial Services Authority (DFSA) launched phase two of its tokenization regulatory sandbox, kicking off engagement with firms selected for its innovation testing license program, it said in a statement. The sandbox drew 96 expressions of interest from across the UAE, UK, EU, Canada, Singapore, and Hong Kong after opening calls earlier in March.

REFRESHER- The sandbox allows firms to trial tokenized financial solutions in a controlled environment, offering a regulatory pathway for innovative use cases. Target participants include firms working with tokenized equities, bonds, sukuk, and fund units, as well as existing DFSA-authorized entities expanding into tokenization.

What’s next? Selected firms will begin live testing in the coming weeks, with bespoke plans co-developed alongside the regulator.

PSAs-

#1- Flydubai has extended its suspension of flights to Syria, Iran, Iraq, and Israel until Friday, 20 June, according to a statement. However, the airline announced it was set to resume select daytime operations to Jordan and Lebanon yesterday, and to Minsk and St. Petersburg starting from today. Emirates, Etihad Airways, and Air Arabia also cancelled some flights earlier this week.

#2- We’re getting a long weekend next week: The Federal Authority for Government Human Resources and the Human Resources and Emiratization Ministry confirmed that Friday, 27 June will mark the official Hijri new year holiday for the public and private sectors, according to statements (here and here).

#3- UAE waives pension fines for small firms: Small private-sector companies employing four or fewer Emiratis will be exempt from fines linked to late pension registrations and delayed end-of-service processing, as part the General Pension and Social Security Authority’s efforts to ease financial pressure on these businesses, Wam reports. The waiver covers penalties incurred between 1 January 2024 and 30 April 2025, and will benefit around 1.9k employers.

No action needed: Eligible firms will be contacted directly under the Zero Bureaucracy program. Companies that do not receive official notification are not included in the initiative.

HAPPENING TODAY-

#1- The US Federal Reserve’s Open Market Committee is meeting today and tomorrow to assess interest rates and economic outlook amid global and domestic uncertainty. The Fed is widely expected to maintain its current policy, keeping benchmark federal fund rates at 4.25%-4.50% during this week’s meeting as persistent tariff-related inflation and global uncertainties overshadow easing pressures, according to a Reuters poll of economists. Economists estimate the first cut won’t arrive until September, with another potential cut set to follow by the year-end.

#2- The Global South Economic Forum is taking place today at the Anwar Gargash Diplomatic Academy in Abu Dhabi, and will gather policymakers, experts, and technocrats. The forum will tackle the USD 4 tn gap faced by developing nations in development financing, and explore frameworks to strengthen economic ties and integration through trade blocs, according to a press release.

#3- The Middle East Event Show is happening today and tomorrow at the Dubai World Trade Center. Industry players from the events sector will meet for seminars, discussions, and networking sessions on the latest sector-specific trends.

#4- The Abu Dhabi Infrastructure Summit is also running today and tomorrow at the Abu Dhabi Energy Center. The event will see upwards of 70 speakers, 2k attendees, and 25 exhibitors meet to discuss urban planning, smart cities, mobility, energy, and healthcare.

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UAE’s non-oil trade jumps 18.6% y-o-y to hit AED 835 bn in 1Q 2025

The UAE’s non-oil foreign trade rose 18.6% y-o-y to AED 835 bn in 1Q 2025, Dubai Ruler Mohammed bin Rashid Al Maktoum said in an X post. The UAE’s trade performance outpaced the global average growth during the quarter of 2-3%, buoyed by record levels of “social, economic, and strategic stability and prosperity.”

Exports drove growth: Non-oil exports surged 40.7% y-o-y and 15.7% q-o-q to AED 177.3 bn during the quarter, according to a Dubai Media Office statement, marking the first time they’ve accounted for more than 21% of total non-oil trade. Re-exports hit AED 189.1 bn, up 6% y-o-y, while imports rose 17.2% y-o-y to AED 468.6 bn, though they slipped 1.7% from the previous quarter.

Top trade partners: Trade with the UAE’s 10 biggest partners rose 20.2% y-o-y in 1Q. Saudi Arabia led with a 127% jump, followed by India (+31%), China (+9.6%), and Turkey (+8.3%).

REFRESHER- The UAE’s GDP grew 4% in 2024 to AED 1.7 tn, with the non-oil sector contributing 75.5% to output. Abu Dhabi’s non-oil foreign trade rose 25.7% to AED 89.6 bn in 1Q 2025, and on a yearly basis had grown by 7.6% to AED 306 bn in 2024.

The UAE’s non-oil foreign trade is now expected to hit AED 4 tn by 2027 — four years ahead of schedule, the statement reads. The country is currently in talks with 17 countries on potential economic and trade partnership agreements, including Morocco, Tunisia, and Egypt, with four to six new agreements expected this year. The UAE is also in negotiations with the US on a bilateral trade agreement that could ease tariffs on Emirati steel and aluminium exports.

Binghatti enters asset management space, eyes USD 1 bn in investments

Dubai-based developer Binghatti launched an asset management arm, Binghatti Capital, aiming to handle up to USD 1 bn in Shariah-compliant private credit and real estate investments, Reuters reports. The new firm, which has obtained regulatory approval to serve professional clients, will operate out of the Dubai International Financial Center (DIFC).

The move aims to “diversify capital sources,” “enhance liquidity,” and expand access to alternative capital, Chairman Ahmed Binghatti said in an interview with Bloomberg (watch, runtime: 5:20). The company’s real estate strategy will focus on acquiring and selling off-plan residential properties, as well as developing and selling residential projects, according to the statement. The private credit strategy will target supply chain financing within the real estate sector.

We are looking to attract “qualified investors, like institutional investors, high net worth investors, as well as family offices,” Binghatti said.

REMEMBER- Binghatti currently has nearly 30 projects in development, including the AED 25 bn community in Meydan, the AED 5 bn Binghatti Skyrise in Business Bay, an AED 4 bn project in Al Jaddaf, and a AED 600 mn residential development in Jumeirah Village Circle.

Dubai Investments-backed GFN acquires Jeddah’s HealthPlus

Saudi-Emirati firm Global Fertility Network (GFN) acquired a majority stake in Jeddah-based HealthPlus Fertility Center, according to a press release (pdf). This acquisition marks the firm’s second acquisition in Saudi Arabia this year after taking over Bnoon IVF Center in Riyadh. The newly acquired facility will be rebranded under GFN’s Bnoon IVF brand.

The two acquisitions represent a combined investment of over SAR 100 mn and double GFN’s capacity to more than 5k IVF cycles annually — establishing it as the largest independent provider of assisted reproductive services in Saudi Arabia.

GFN counts Dubai Investments as a shareholder with a 34.3% stake. The group previously raised around USD 60 mn in equity financing from a consortium of UAE and Saudi institutional investors and family offices.

What’s next? GFN is developing a 3.8k sqm flagship center in the northern part of Riyadh, slated to open in December 2025. The facility will offer advanced fertility and reproductive genetics services.

Plus: More acquisitions on the way? “We have identified a strong pipe-line of potential targets for acquisition across the region. New IVF facilities are also planned in Khobar, Abha, and additional cities across the Kingdom,” GFN’s CEO Majd Abu Zant said.

Abu Dhabi’s Eagle Hills and Coima launch fund to restore Venice’s Grand Hôtel des Bains

Abu Dhabi-based Eagle Hills and Italy’s Coima SGR have launched a dedicated vehicle to finance and lead the restoration of an Italian hotel, according to a press release. The Coima Des Bains Fund, backed by Coima’s ESG City Impact Fund and Eagle Hills, will finance the redevelopment of Venice’s Grand Hôtel des Bains.

The fund will invest some EUR 200 mn into the hotel’s restoration and modernization, with the investment marking Eagle Hills’ first foray into the Italian market.

Ownership structure: Italian real estate manager Coima SGR now controls the asset through its acquisition of 100% of the hotel’s outstanding debt, including a EUR 54 mn loan secured against the hotel, and will lead the restoration and repositioning of the property as a high-end resort. The loan was purchased from Intesa Sanpaolo and Altea SPV, with Christofferson, Robb & Company as noteholder and Prelios Credit Servicing as servicer.

More investors in the pipeline: Italian entrepreneur Federico Marchetti, founder of YOOX Net-A-Porter, also joined the fund as a minority investor through his firm Mavis. COIMA and Eagle Hills are also exploring the possibility of opening the fund to additional institutional and professional investors to support broader regeneration efforts across the Lido.

Eagle Hills is expanding its European footprint, having submitted top bids for 20 beach leases in Montenegro and pushing ahead with USD 6 bn in projects in Georgia and a USD 1.4 bn Trump-branded tower in Serbia. However, it is also facing growing protectionist pushback in parts of Europe, most recently withdrawing plans for a high-rise project in Budapest due to local opposition.

Nakheel hands 750 mn Palm Jebel Ali contracts to DBB

Nakheel taps DBB for AED 750 mn Palm Jebel Ali infrastructure push: Dubai government-backed real estate developer Nakheel has awarded Dutco Group’s subsidiary DBB Contracting three infrastructure contracts — valued at over AED 750 mn — for the development of the emirate’s Palm Jebel Ali, according to the Dubai Media Office.

Breaking it down: The contracts cover infrastructure work on fronds A to G from utility connections to power transmission, and are expected to be wrapped up in 4Q 2026. The scope includes excavation, backfilling, 11 kV power distribution, telecoms, and the buildout of primary and secondary roads on the fronds.

On the island’s central Spine District, DBB will lay out utility mains and connect infrastructure links with the fronds. The scope also includes rough grading for Dubai Electricity and Water Authority’s (DEWA) transmission lines to the island.

This isn’t DBB’s first rodeo in Jebel Ali, having previously handled early-stage work on the project in last May to build a six-kilometer public access road between the development Sheikh Zayed Road, and a road serving the central portion of the palm. Nakheel later awarded contracts for marine works and dredging works, and another USD 1.4 bn worth of construction contracts for the project. It also partnered with DEWA to build two electricity substations on the palm.

Dubai maintains second spot in top MENA startup ecosystems ranking

UAE startup ecosystems gain global traction: The UAE’s three major emirates — Dubai, Abu Dhabi, and Sharjah — have made strides in Startup Genome’s 2025 Global Startup Ecosystem Report (pdf). Regionally, Dubai maintained its spot in second place, trailing only Tel Aviv when it came to the top ecosystems for startups, while Abu Dhabi came in fourth place, climbing one spot from last year, and Sharjah remained seventh.

Dubai fell one place to 19th in the emerging ecosystems ranking, but made it to the top ten rankings for emerging markets in terms of early-stage funding value. The emirate’s ecosystem value stands at USD 21 bn.

Abu Dhabi’s startup ecosystem stands at USD 4.4 bn, backed by a favorable regulatory and visa environment, government support, infrastructure, and a strategic location, Startup Genome said, pointing out that its tech ecosystem Hub71’s startups had raised USD 2.2 bn as of 2024.

Sector-specific progress: Fintech, Web3 and digital assets, and climatetech are the emirate’s particular strengths, the report said. Fintech firm FlapKap secured USD 34 mn under ADGM’s regulatory framework last year, whilst climatetech startup 44.01 raised USD 37 mn for CO2 mineralization and on the web3 front tether announced an UAE AED-pegged stablecoin.

Cultural ties in Sharjah: Sharjah’s position as the emerging “intellectual brain of the Gulf” is also attracting talent to the emirates, and boosting research and development infrastructure, entrepreneurial, and research commercialization efforts, the report said, adding that this also strengthens the Emirati talent pipeline for to the tech sectors. Key players contributing to its USD 1 bn startup ecosystem include the Sharjah Entrepreneurship Center (Sheraa) and the Sharjah Research Technology and Innovation Park (SRTIP).

Regionally, GCC countries have been upping the ante on the startups front whilst other regions face a slow down, the report said. Access to funding support for early-stage ventures is part of national government strategies, with a focus on sectors like AI, fintech, deep tech, digital infrastructure, and climatetech. Cross-border growth is also a priority for its scaleup ecosystem, which includes 13 unicorns across the UAE and Saudi Arabia.

ADGM’s Registration Authority, ePoint Zero, and Adnoc Drilling tap new CEOs

The ADGM named Rashed Al Balooshi (Linkedin) as CEO of its Registration Authority, effective immediately, according to a press release (pdf). Al Balooshi, who is replacing Hamad Al Mazrouei as he moves to a new role in Abu Dhabi as undersecretary of the Abu Dhabi Department of Economic Development, will oversee the registration, licensing, and supervision of non-financial businesses in ADGM. Al Balooshi previously served as CEO of the Abu Dhabi Securities Exchange and as undersecretary of the Abu Dhabi Department of Economic Development.

Investment platform 2PointZero’s decarbonization arm ePoint Zero appointed Mohamed Hesham (Linkedin) as CEO, effective immediately, according to a press release (pdf). Hesham transitioned to the role after having served as chief investment officer at 2PointZero. He also holds board positions at Beltone and Kalyon Enerji, and previously served as CFO at ADC Acquisition Corporation.

Adnoc Drilling tapped Abdulla Ateya Al Messabi (Linkedin) as its new CEO, replacing current CEO Abdulrahman Abdulla Al Seiari — who will retire at the end of the year, according to a press release (pdf). Al Messabi previously served as CEO of Adnoc Sour Gas and Adnoc Refining.

Fujairah’s Customs Department appointed Hamid Mohammed Al Yamahi as director, and Ahmed Nasser Al Ansari as its deputy director, Wam reports. Both appointments are effective immediately.

Hedge funds eye both Abu Dhabi and Dubai in strategic shift

A growing number of hedge funds setting up shop in both Dubai and Abu Dhabi, marking a shift from hedge funds’ previous focus on just one emirate, has caught the attention of Bloomberg. Case in point: US investment firm Hudson Bay Capital Management is expanding its operations from Dubai by opening an Abu Dhabi office and Brevan Howard Asset Management has a presence in both emirates, as firms are lured by easier capital requirements in Dubai, lifestyle support and deep pools of capital in Abu Dhabi, as well as the UAE’s tax perks and regulatory momentum.

Bitcoin.com sets up shop in Dubai

CRYPTO-

Bitcoin.com launched its first MENA office at the Dubai Multi Commodities Center’s crypto center, according to a press release. The Dubai expansion will connect the global crypto services company, which also operates a crypto-focused education platform and news site, to the emirate’s growing digital economy, the statement read.

REAL ESTATE-

25 Degrees secures USD 100 mn Palm Jumeirah plot for luxury villas: Dubai-based real estate developer 25 Degrees acquired a 90k sq ft plot at the tip of Palm Jumeirah for USD 100 mn, Arabian Business reports. This marks their second major Palm Jumeirah project, after it sold a villa development for USD 17 mn last year.

The details: The new development will feature five luxury villas, including a double-sized beachfront property with 120 meters of private beach access.

LOGISTICS-

Fujairah Terminal, FFZA eye maritime investments: AD Ports logistics solutions subsidiary Fujairah Terminals has inked an MoU with the Fujairah Freezone Authority (FFZA) to develop Fujairah’s maritime sector capabilities, according to a statement. Under the agreement, the pair aim to attract further investment, boost operations, and support sustainable growth in Fujairah. The two parties seek to exchange statistical data, business forecasts, and other intelligence regarding container movement by road and sea.

Why the terminal is important: Developed in 2017, the Fujairah Terminals — located on UAE’s eastern coast — boasts a multi-purpose area for cargo services and offers several services, including container handling, general cargo, cruise, transshipment and others. It serves as a maritime gateway that aims to boost trade between GCC countries, India, the Red Sea, and East Africa.

HEALTHCARE-

Healthcare clinic Mediclinic is merging its Al Noor Hospital and Airport Road Hospital in Abu Dhabi, according to a press release. Operations at the Mediclinic Al Noor Hospital will wind down due to structural limitations, and be transferred to Airport Road Hospital. The expanded campus — which will become a 265-bed, 74 sqm facility — will be backed by AED 120 mn in investments. The new facility will have specialized oncology, cardiovascular, surgery, musculoskeletal, women’s health, and ophthalmology units.

BUSINESS-

The International Trademark Association will establish its MENA regional office in Dubai in 2H 2025, Wam reports. The Dubai office will serve as a collaboration hub with regional partners on intellectual property matters and focus on training programs, policy development, and capacity building for stakeholders across MENA markets.

AVIATION-

Kintsugi partners with GMF to support eVTOL rollout in Indonesia: Abu Dhabi-based AI and tech firm Kintsugi Holding ’s aviation subsidiary inked an MoU with Autocraft and Indonesia’s GMF AeroAsia to build a local support ecosystem for Southeast Asia’s eVTOL aircraft, according to a press release.

The details:The agreement designates GMF as the official maintenance, repair, and operation partner for Autocrat’s flagship E20+ aircraft. The two sides will also cooperate on technical training, regulatory alignment, and knowledge transfer to localize advanced aviation capabilities.

Markets rebound, but oil jitters and war risks keep nerves taut

Global equities rebounded yesterday as investors recalibrated after a bruising start of the week triggered by the escalation of strikes between Iran and Israel. The MSCI Emerging Markets Index rose nearly 1% on Monday, led by gains in GCC equities, while European and US stocks also posted gains. While the rebound reflects cautious optimism, tail risks remain firmly in place.

In Europe: The pan-European Stoxx 600 edged up 0.4%, led by a rally in energy and banking names, CNBC reports. The UK’s FTSE also rose to a near record high, closing up 0.3%.

US stocks also rebounded due to speculation over a possible truce between Israel and Iran, with the S&P 500 up 1% and the Nasdaq gaining 1.5%.

Middle East equities also joined the global rally, paring back some of the losses they made earlier this week and last Friday. The DFM gained 0.8%, ADX rose 0.2%, TASI was up 1.3%, and Egypt’s EGX30 inched up 0.1%.

The geopolitical premium was on full display in energy markets: Brent erased earlier gains to trade just below USD 75, paring back losses after last week’s 7% surge. Oil options volumes soared on Monday, with traders snapping up bullish Brent calls at USD 80 and USD 100, Bloomberg reported separately. Brent’s futures curve steepened into backwardation, suggesting fears of near-term supply shocks, especially if tensions escalate toward the Strait of Hormuz, through which 17 mn barrels per day of oil pass.

Despite calmer price action, the “margin for safety is getting ever narrower,” strategist Robin Mills wrote for the National.

Despite the rebound, forecasts point to a weaker year for US equities. RBC Capital Markets warned that the S&P 500 could drop up to 20% to 4.8k if higher oil prices drive inflation past 4%, earnings stall, and the Fed only cuts rates twice, Bloomberg reports. Even in a more benign scenario, the bank sees 13% downside from current levels. Other analysts, like Morgan Stanley’s Michael Wilson, remain cautiously optimistic on corporate earnings.

The bottomline? The rebound signals some relief, but the market’s risk appetite is still constrained by oil price volatility, geopolitical uncertainty, and policy recalibration. For now, investors are hedging hard and staying nimble.

MARKETS THIS MORNING-

Asian markets are also on the rise as investors’ attention splits between hopes for a potential truce in the Middle East and the Bank of Japan’s interest rate prospective move. Japan’s Nikkei is up 0.5%, while South Korea’s Kospi gained 1.1%, and Hong Kong’s Hang Seng was up 0.1%. Mainland China’s CSI 300 is flat in early trading. Over on Wall Street, futures fell following yesterday’s rebound.

ADX	9,585	+0.2% (YTD: +1.8%)
DFM	5,407	+0.8% (YTD: +4.8%)
Nasdaq Dubai UAE20	4,381	+0.3% (YTD: +5.2%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.4% o/n	4.3% 1 yr
TASI	10,867	+1.3% (YTD: -9.8%)
EGX30	31,042	+0.1% (YTD: +4.4%)
S&P 500	6033	+0.9% (YTD: +2.6%)
FTSE 100	8875	+0.3% (YTD: +8.6%)
Euro Stoxx 50	5340	+0.9% (YTD: +9.1%)
Brent crude	USD 73.23	-1.4%
Natural gas (Nymex)	USD 3.74	-0.3%
Gold	USD 3414.90	-0.1%
BTC	USD 108,604.70	+3.6% (YTD: +16.1%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.6	0.0% (YTD: +1%)
S&P MENA Bond & Sukuk	144.23	-0.1% (YTD: +3.1%)
VIX (Volatility Index)	19.11	-8.2% (YTD: +10.1%)

THE CLOSING BELL-

The ADX rose 0.2% yesterday on turnover of AED 1.4 bn. The index is up 1.8% YTD.

In the green: Abu Dhabi National Co. for Building Materials (+11.6%), Sudatel Telecommunications Group Company (+10.0%) and Presight AI Holding (+5.8%).

In the red: Umm Al Qaiwain General Investment Co. (-9.5%), Hayah Ins. (-5.2%) and Gulf Medical Projects (-4.5%).

Over on the DFM, the index rose 0.8% on turnover of AED 726.6 mn. Meanwhile, Nasdaq Dubai was up 0.3%.

CORPORATE ACTIONS-

Emirates Telecommunications Group (e&) now owns roughly 16% of Vodafone as a result of the UK telco firm’s ongoing buyback program, which dilutes its stake according to a statement (pdf). The increase is a higher proportional holding, not a new purchase, and e&’s total shares in Vodafone remain at 3.9 bn shares.

ICYMI- e& acquired a. 10% stake in the firm in 2022, and its stake has gradually increased since the start of Vodafone’s USD 500 mn buyback program last year.

UAE continues diplomatic push to emphasize need for de-escalation between Iran and Israel

FM holds talks with int’l counterparts: Foreign Minister Abdullah bin Zayed Al Nahyan held calls with regional and international counterparts to address regional tensions, as tensions between Israel and Iran continue to rise after Israel initiated attacks on Tehran on Friday. Al Nahyan spoke with India’s External Affairs Minister Subrahmanyam Jaishankar and Germany’s Foreign Affairs Minister Johann Wadephul, Wam reports (here and here). He also spoke with his Pakistani counterpart Muhammad Ishaq Dar, his Italian counterpart Antonio Tajani, Turkish FM Hakan Fidan, Hungarian FM Péter Szijjártó, and Syrian FM Asaad Al Shiban, Wam reports elsewhere, as well as Lebanese Prime Minister Nawaf Salam.

President Sheikh Mohamed bin Zayed Al Nahyan also spoke with Iraqi Prime Minister Mohammed Shia’ Al Sudani about the regional developments, as well as boosting bilateral ties, Wam reports.

The talks aimed to coordinate international efforts to reduce tensions and contain the conflict’s potential spread across the Middle East, and follow on from diplomatic discussions Al Nahyan had over the weekend with regional and international counterparts.

CALENDAR

JUNE

15-17 June (Sunday-Tuesday): G7 summit, Canada.

17 June (Tuesday): Global South Economic Forum (GSEF), Anwar Gargash Diplomatic Academy, Abu Dhabi.

17-18 June (Tuesday–Wednesday): Middle East Event Show, Dubai World Trade Center.

17-18 June (Tuesday-Wednesday): US Federal Reserve’s Federal Open Market Committee meeting.

17-18 June (Tuesday-Wednesday): Abu Dhabi Infrastructure Summit, Abu Dhabi Energy Center.

17-19 June (Tuesday-Thursday): Big 5 Construct Egypt, Egypt International Exhibition Center Cairo, Egypt.

24-25 June (Tuesday-Wednesday): EVCharge Live Middle East, Dubai World Trade Center.

24-25 June (Tuesday-Wednesday): Solar & Storage Live, Dubai World Trade Center.

24-25 June (Tuesday-Wednesday): Mobility Live Middle East, Dubai World Trade Center.

24-25 June (Tuesday-Wednesday): Middle East Rail, Dubai World Trade Center.

27 June (Friday): Islamic New Year holiday.

Signposted to happen sometime in 2H 2025:

Closing of XRG’s acquisition of Covestro

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.

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.

9-15 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

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.

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 the fall of 2025:

ICOM General Conference 2025, Dubai

Signposted to happen sometime in 2026:

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.

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:

The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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