Property Finder gets Permira + Blackstone as investors

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Revolut plans to roll out its services in the UAE

Good morning, ladies and gentlemen. We have a relatively busy day in the business world, although the news cycle looks set to be overtaken by regional geopolitics, after Israel escalated its cross-border attacks with a strike in Doha targeting Hamas officials. We have more details in The Big Story Abroad, below.

MEANWHILE- Leading our newswell this morning is Permira and Blackstone’s USD 525 mn investment in Dubai-based Property Finder in a transaction that sees longtime backer General Atlantic partially selling down its stake in Property Finder.

WATCH THIS SPACE

#1- Global fintech and neobank Revolut is planning to roll out its services in the UAE after securing in-principle approval from the Central Bank of the UAE, according to a statement that was also picked up by Bloomberg. The digital bank secured a license for stored value facilities and retail payment services and is now set to bolster its team on the ground. Its existing operations outside of its base in the UK and Europe include Australia, Brazil, Mexico, Japan, New Zealand, Singapore, the US, and India, the statement read.

Revolut is no stranger to the UAE: Abu Dhabi sovereign wealth fund Mubadala was reported to be eyeing ramping up its investments in the neobank in the summer, after acquiring a stake as part of a USD 500 mn share sale last year. Ambreen Musa was tapped to head up the UAE office late last year as the firm filed for licenses to become an electronic-money institution and offer remittances ahead of applying for a full banking license.

#2- Abu Dhabi-backed Manchester City and the Premier League reached a settlement over the club’s arbitration challenge to the league’s associated party transaction (APT) rules, according to a statement. The proceedings have been terminated, with Man City accepting the rules as valid and binding. Neither side will comment further on the matter.

BACKGROUND- The case revolved around APT rules, which limit sponsorships linked to club ownership, and had blocked new agreements with Etihad Airways and First Abu Dhabi Bank, The Telegraph reports. City launched arbitration in January after the rules were amended in 2024, but has now dropped the challenge. Manchester City is owned by City Football Group, whose majority shareholder is Sheikh Mansour bin Zayed Al Nahyan’s Abu Dhabi United Group.

It’s not all over yet: Separately, City still faces 115 alleged financial fair-play breaches — a case the UAE has reportedly raised with the UK government — with a verdict expected in the coming months.

#3- Wynn sets land aside for second UAE casino resort: Wynn Resorts and its partners have earmarked a nearly 1.5 mn sq ft plot on Ras Al Khaimah’s Al Marjan Island for a potential second integrated resort, AGBI reports, citing shareholder documents it has seen. Wynn would be the sole casino operator if the site is developed, but it won’t make a decision until after its first property opens in 2027.

REFRESHER- Wynn is developing a USD 3.9 bn resort on Al Marjan Island, set to be the Gulf’s first casino when it opens in 2027. The company secured a USD 2.4 bn construction loan in February — the largest hospitality financing agreement in UAE history — to fund the project. As of 2Q 2024, it had invested USD 514.4 mn in the 155-acre site, nearly a quarter of which has been set aside for future expansion.

#4- Dubai-based luxury confectioner and café chain Bateel International is said to be weighing an IPO on Tadawul, Bloomberg reports, citing people it says are familiar with the matter. The group, which is majority-owned by Saudi royal family Al Sudairi, reportedly tapped Morgan Stanley and approached local banks to explore a public listing in Riyadh, though the size and timing remain undecided. This comes a year after reports that US private equity firm L Catterton, which is backed by French luxury house LVMH, was weighing a full exit of its 20% stake in Bateel.

About Bateel: Founded in 1936 as a Saudi date-farming venture, Bateel has since grown into a global luxury food and café brand, with CEO Nurtac Afridi outlining plans to triple revenues and expand its store network to 500 outlets by 2029, including a planned entry into the New York retail market next year.

#5- Saudi HSBC’s equity capital markets head to leave for PJT? Ramez Halazun is reportedly stepping down as head of equity capital markets for Saudi Arabia at HSBC Holdings, Bloomberg reports, citing sources it says are in the know. Halazun — appointed in 2024 as part of the bank’s expansion push — is set to lead Dubai-based advisory firm PJT deNovo ’s expansion into regional capital markets, the source said.

#6- Food imports are about to get easier in Abu Dhabi with new platform: The Abu Dhabi Agricultural and Food Safety Authority — in partnership with Abu Dhabi Customs — has launched the Golden Food Product List in a bid to streamline the clearance of food products, according to a statement. The new initiative is designed to support the influx of trade and uphold food safety standards. Listed firms — who demonstrate consistent conformity with approved standardized specifications and regulations through laboratory testing — will be prioritized for pre-clearance. The companies will see their products enter the local market directly — experiencing reduced custom clearance times and operational costs.

PSAs-

You can now renew your ID card in one step, Khaleej Times reports, citing the Federal Authority for Identity, Citizenship, Customs, and Ports Security (ICP). UAE citizens can now replace or renew their national ID card in a single step via the ICP smart services system, eliminating fields such as personal address.

HAPPENING TODAY-

The DigiHealth WHX-Tech Expo is on its final day at the World Trade Center in Dubai. The WHX event brings together C-suite executives, procurement heads, government officials, and investors for keynote addresses and exhibitions discussing new digital health solutions targeting global health obstacles.

The UAE’s Universal Postal Congress is running until Friday at the Dubai World Trade Center. The union’s 192 member countries will meet to set policies and strategy for the coming year, with this year’s congress looking to adopt advanced tech under the theme “Leading the Change, Creating the Future.”

The International Government Communication Forum is on today and tomorrow at Expo Centre Sharjah. Hosted by the Sharjah Government Media Bureau, the two-day event will feature panel discussions, workshops, and keynote speeches focused on using strategic communication to develop five global priorities: food security, public health, education, environmental sustainability, and green economy.

The MENA Public-Private Partnership Forum is also running today and tomorrow at Jumeirah Emirates Towers in Dubai. Stakeholders from the finance, government, industry, and development sectors will meet to discuss public-private partnerships with a focus on industries like renewables, digital infrastructure, and healthcare.

HAPPENING THIS WEEK-

TheInternational Real Estate and Investment Show Abu Dhabi is taking place from Friday until Sunday in Abu Dhabi. The conference brings together global developers and investors for insights into investment and market trends in the Middle East, Europe, and Asia Pacific regions.

THE BIG STORY ABROAD-

Israel has taken its cross-border campaign against Hamas into uncharted territory, launching what it claimed to be “a precision airstrike” in Doha targeting the group’s political leadership. The strike — which killed five Hamas members including the son of top negotiator Khalil Al Hayya — came as Hamas leaders gathered to discuss a US-backed ceasefire proposal. While Hamas claims senior figures survived, the attack has upended fragile truce efforts and drawn sharp condemnation from Qatar, which labeled the strike a “flagrant violation.” A Qatari security officer was among those killed, and Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani warned that the talks now “lack any validity.”

Qatar said it will reserve the right to retaliate: The prime minister told reporters in a press conference (watch, runtime: 2:26) following the strikes that “Qatar is committed to act in a decisive way” against any threats to its territories and “will reserve the right to take all the needed measures to retaliate.”

The UAE also condemned the attack, with Foreign Affairs Minister Sheikh Abdullah bin Zayed Al Nahyan calling the strike “blatant and cowardly” and stressing that the “irresponsible escalation” undermines regional peace, according to state news agency Wam.

AND- Trump is calling on the EU to impose tariffs of up to 100% on Chinese and Indian imports in a bid to pressure Russia — and is promising the US will match them if Brussels steps up. Speaking during a closed-door US-EU meeting in Washington, Trump said the West should keep the tariffs in place “until the Chinese agree to stop buying [Russian] oil.” (Financial Times | Reuters)

ALSO- The iPhone 17 is here: Apple announced its latest wave of products — the iPhone 17 and updated versions of its Apple Watch and AirPods — but the market wasn’t impressed. Apple shares dipped 1.6% following the event, as critics called the product refresh “incremental” and warned that Apple has yet to make its promised leap into AI. (Reuters | Bloomberg | Financial Times | CNBC | CNN)

ALSO WORTH NOTING THIS MORNING-

#1- Macron appoints new PM: French President Emmanuel Macron has appointed his long-time ally and Defense Minister Sébastien Lecornu as prime minister in a bid to push through a contested EUR 44 bn austerity plan and end months of political deadlock. His appointment follows the ousting of two prime ministers in less than a year and comes ahead of planned nationwide protests against proposed spending cuts. (Reuters | Financial Times | New York Times | Associated Press)

#2- A sweeping youth-led anti-corruption movement in Nepal forced Prime Minister K.P. Sharma Oli to resign yesterday. Protests were triggered by his government banning 26 social media platforms, including Facebook and Instagram. The movement has put fresh pressure on Nepal’s political class amid deep economic inequality and joblessness, with calls mounting for Kathmandu’s mayor Balendra Shah, a 35-year-old former rapper, to take the helm. (Reuters | BBC | Associated Press | New York Times)

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MARKET WATCH-

The LNG market is on track to swing into oversupply from 2026, marking a sharp reversal after years of tightness following Russia’s invasion of Ukraine, Bloomberg reports. The International Energy Agency expects the biggest jump in liquefaction output next year since 2019. The market is set to start easing after 1Q 2026, with supply length building through late 2026 and 2027, Bloomberg reports citing BNP Paribas’ head of energy strategy Aldo Spanjer.

More than 174 mn metric tons of new capacity is currently being built, set to lift global supply to 594 mn tons a year by 2030 — a 42% increase over 2023, according to BloombergNEF. Developers have penciled in long-term demand growth as Europe replaces Russian pipeline gas and China accelerates coal-to-gas switching.

That supply surge will likely outpace consumption, with BloombergNEF projecting that supply will consistently exceed demand between 2027 and 2030. Morgan Stanley expects European and Asian gas prices to drop below USD 10 per mn British thermal units (mmbtu) by late 2026, down from an average of USD 14 last winter, while BNP Paribas sees prices slipping as low as USD 8 in 2027.

Prices at those levels could reshape trade flow. Cheaper LNG would encourage Asian utilities to substitute oil with gas and could unlock demand in South Asia and Africa, where import terminals have sat idle due to high prices. The anticipated price drop could also broaden LNG’s role in power generation and open new growth markets for producers.

Opec leans on six members to make up for oversupply: Opec has set a compensation schedule requiring six members to make additional supply cuts between August 2025 and June 2026 to offset overproduction, according to a statement. The total aggregate reductions per month range from 190k bbl / d to 829k bbl / d.

By the numbers: Kazakhstan shouldered the largest burden at 2.63 mn bbl, followed by Iraq at 1.4 mn bbl, Russia at 311k bbl, followed by the UAE at 309k bbl, followed by Oman and Kuwait at 70k and 59k, respectively, for a combined 4.8 mn bbl. The remaining OPEC members — including Saudi Arabia — were not required to make compensatory cuts.

ICYMI- Opec+ will raise output again next month, approving an additional 137k bbl / d from October as part of its accelerated rollback of supply cuts. The cartel said it will continue monthly hikes through September 2026, fast-tracking the return of 1.65 mn bbl / d that was previously set to stay offline until the end of 2026.

Permira and Blackstone invest USD 525 mn in Dubai’s Property Finder

London’s Permira and US-based Blackstone Growth are taking a minority stake in Dubai’s Property Finder with a USD 525 mn investment, according to a press release. General Atlantic, a backer since 2018, sold part of its holding but is retaining a significant minority stake.

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

The numbers: Permira led with USD 350 mn, while Blackstone also committed “significant” capital, the press release said, without specifying the value of the investment. The transaction values Property Finder at about USD 2 bn, the Financial Times reports, citing a source familiar with the matter. It is Permira’s first Middle East investment, coming just months after opening a Dubai office.

Expansion mode: The platform has already moved into Qatar, Bahrain, and Egypt, and is eyeing growth in Saudi Arabia and Turkey, Bloomberg reports. The new funding is meant to help scale the platform across the region. The story also got ink from Reuters.

ADVISORS- JP Morgan acted as sole placement agent to Property Finder and General Atlantic. Moelis and Co., Axis Arbor Partners, Cooley, Citigroup Global Markers, Clifford Chance, Weil, Gotshal and Manges, and Dechert also worked on the transaction.

Looking ahead: Property Finder is talking to equity investors to explore the possibility of broadening its cap table. While some sources said that it is looking into a potential IPO. It previously raised a series B round from Sweden’s VNV Global and secured USD 90 mn in debt from US-based Francisco Partners.

About Property Finder: Founded in 2007, Property Finder is one of MENA’s biggest real estate classifieds sites, competing with rivals like Dubizzle and Bayut.

Indonesia lists USD 2.2 bn sukuk on Nasdaq Dubai, including green tranche

The Republic of Indonesia listed two new sukuk worth a combined USD 2.2 bn on Nasdaq Dubai, under its USD 45 bn Trust Certificate Issuance Program, according to a Dubai Media Office statement. The sukuk include a USD 1.1 bn trust certificate with a 4.55% yield due in 2030, and a USD 1.1 bn green sukuk due 2035 with a yield rate of 5.20%.

Indonesia’s tally: The latest listings bring Indonesia’s outstanding sukuk on Nasdaq Dubai to USD 24.1 bn across 21 issuances — the largest sovereign sukuk portfolio on the exchange.

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REMEMBER- In December 2024, Indonesia listed USD 2.8 bn of sukuk on Nasdaq Dubai across three tranches due 2030, 2034, and 2054. The sovereign had also listed USD 2.4 bn on the exchange earlier in the year.

Bigger picture: Nasdaq Dubai’s total sukuk market now stands at USD 98.6 bn across more than 100 listings from sovereign, supranational, and corporate issuers. Including conventional bonds, total outstanding debt on the exchange has reached USD 139 bn.

Sobha Realty raises USD 750 mn debut green sukuk, the largest by a real estate firm

Sobha Realty raises USD 750 mn in debut green sukuk: Dubai-based developer Sobha Realty issued its debut green sukuk, raising USD 750 mn from the five-year notes — the largest such issuance by a real estate company globally, according to a statement (pdf). The notes, due in 2030, will list on Nasdaq Dubai and the London Stock Exchange, carrying a 7.125% coupon and an effective yield of 7.375%.

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REMEMBER- Sobha had been on the road last week marketing the maiden benchmark-sized green sukuk.

Investor demand: The issuance drew USD 2.1 bn in orders — making the offering 2.8x oversubscribed — tightening pricing by 50 bps from initial guidance. Some 56% of allocations went to regional investors, with the remainder going to international investors.

Use of proceeds: Net proceeds will finance or refinance eligible green projects under Sobha’s green financing framework, which carries a second-party opinion from DNV.

This is Sobha’s second capital markets outing this year: In May, the developer — rated Ba2 by Moody’s and BB by S&P, both with stable outlooks — sold USD 500 mn in a sukuk issuance that was 3x oversubscribed as part of its USD 1.5 bn trust certificate program.

ADVISORS- Our friends at Mashreq, along with Dubai Islamic Bank, Emirates NBD Capital, JPMorgan, and Standard Chartered acted as joint global coordinators. They were joined by Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Ajman Bank, Arab Banking Corporation, Arqaam Capital, Deutsche Bank, First Abu Dhabi Bank, RakBank, Sharjah Bank and Warm Bank as joint lead managers. Deutsche Bank and Emirates NBD Capital were joint ESG structuring coordinators. Clifford Chance and Dentons provided counsel, with Grant Thornton as auditor.

ADGM launches consultation on new regulatory framework for fiat-referenced tokens

ADGM proposes new rules for fiat-referenced tokens: ADGM’s Financial Services Regulatory Authority (FSRA) launched a new consultation paper (pdf) proposing a regulatory framework to govern activities involving fiat-referenced tokens (FRTs) — a type of stablecoin pegged to fiat currency. The consultation is open for feedback until Tuesday, 7 October.

Acceptance criteria: The FSRA would maintain a list of accepted FRTs, automatically approving those issued in ADGM and assessing foreign FRTs against reserve adequacy, compliance with the correct FRT definition, anti-money laundering traceability, and regulatory oversight in the issuer’s home jurisdiction. It is also proposing to include CBUAE-approved, AED-denominated stablecoins in the accepted FRT list.

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REMEMBER- ADGM has so far accepted one domestic FRT, Paxos Lift USD (USDL), in addition to foreign-issued stablecoins USDC, USDP, and USDT. In December, FSRA introduced a framework for FRT issuance, defining the tokens and their use as payment instruments.

Expanded scope: The new rules would bring FRT activities into scope for those providing custody and payment services. They also introduce a new, regulated category; FRT intermediation. FRT custodians would fall under safe custody rules, while payment providers using FRTs for transactions would need to secure a payment service provider (PSP) license. Fiat intermediaries — which buy and sell FRTs as a business but aren’t PSPs — with a USD 50k base capital requirement would be regulated under Category 4 requirements.

IN OTHER REGULATION NEWS-

GPSSA extends payment window for merging service periods: The General Pension and Social Security Authority (GPSSA) will now give insured individuals up to 10 years — instead of four — to pay for merging service periods, effective this month, state news agency Wam reports. The rollout will happen in two phases, with active requests addressed first and new applications accepted from November.

CE-Invests backs Flipspaces’s USD 50 mn series C funding round

Sharjah’s CE-Invests backs India’s Flipspaces: CE-Invests, the strategic investments platform arm of Sharjah-based Crescent Enterprises (CE), participated in Indian interior design and build firm Flipspaces ’ expanded series C funding round, VCCircle reports. The firm raised USD 50 mn, up from an initial USD 35 mn, with Singapore’s Panthera Growth Partners and Japan’s SMBC Asia Rising Fund also taking part.

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Up next: The tech-driven company is using the new capital to improve its supply chain integration and tech stack through AI — as it looks to scale operations across India, the US, and the UAE.

About Flipspaces: Founded in 2015, the startup focuses on commercial and retail real estate, unifying space planning, VR walkthroughs, and execution into a single tech platform. It currently has over 1k projects — spanning 8 mn sq ft — across the US, India, and the UAE, and targets clientele in the IT, retail, education, healthcare, and financial services sectors.

IN OTHER STARTUP NEWS-

Abu Dhabi-based AI fintech Metric raised fresh funding led by early-stage VC A-typical Ventures, with participation from Hub71, 500 Global, i2i Ventures, Plus VC, Epic Angels, Oqal Angels, Accelerate Prosperity, and other regional angel investors, according to a statement (pdf). The funding amount was not disclosed.

About Metric: Founded in 2022 by Meenah Tariq (LinkedIn) and Omar Parvez Khan (LinkedIn), the startup provides SMEs with real-time financial insights via its AI tool called Max, which is already used by 130k businesses in 190 countries. The platform also links users to financial services including lending and payments.

Prypco secures pre-series A funding from General Catalyst

Prypco lands pre-series A funding from General Catalyst: UAE-based proptech platform Prypco secured an unspecified amount of pre-series A funding from a round led by venture and investment firm General Catalyst, according to a press release.

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What’s next? The funds will go toward expanding Prypco’s offerings, advancing regulatory collaboration, and growing its regional footprint, the statement read. The firm previously raised USD 10 mn in a seed funding round.

About Prypco: Founded in 2022 by Amira Sajwani (LinkedIn), the proptech firm merges real estate, tech, and residency services, enabling digital-first property investment. To date, over 50k users have invested nearly AED 20 mn across 21 properties through Prypco Blocks — its fractional property ownership platform, while its tokenized property investment platform Prypco Mint partnered with Dubai Land Department to tokenize title deeds.

Two new State Ministers + leads for Geidea, Gulftainer, Deutsche Bank, and NetApp

PM appoints two new state ministers: Prime Minister Mohammed bin Rashid Al Maktoum named Lana Nusseibeh (LinkedIn) and Saeed Al Hajeri (LinkedIn) as state ministers, according to a post on X.

About the ministers: Nusseibeh previously served as assistant foreign affairs minister for political affairs, following an 11-year stint as the UAE's ambassador to the UN, Wam reports. Al Hajeri previously worked as assistant minister of foreign affairs for economic and trade affairs, having also served as executive director at Abu Dhabi Investment Authority.

Gulftainer appoints three senior execs: Emirati ports operator Gulftainer tapped Omar Rishi (LinkedIn) as executive VP and chief commercial officer (CCO) for ports and terminals, Peter Verheijen (LinkedIn) as executive VP and MD of its newly created container shipping lines division, and Aju Abraham-Thomas (LinkedIn) as executive VP and MD of marine and logistics services, according to a statement.

Meet the team: Rishi was most recently deputy region head and CCO at CMA CGM, Verheijen previously served as VP of Milaha’s container shipping division, and Abraham-Thomas has held senior roles at Wilhelmsen Group.

Deutsche Bank to move top private banker to Middle East: German investment bank Deutsche Bank AG is relocating one of its top private bankers, Salman Mahdi (LinkedIn), to the Middle East, Bloomberg reports, citing a staff memo it has seen. Mahdi, global vice-chairman of the firm’s private banking division, will relocate next year as the company looks to strengthen its presence in Dubai, Abu Dhabi, Jeddah, Doha, and Riyadh — with a particular focus on Saudi Arabia.

NetApp taps Bassel Kassem as UAE country manager: Nasdaq-listed intelligent data infrastructure company NetApp named Bassel Kassem (LinkedIn) as country manager for the UAE, according to a press release. Kassem will focus on expansion into critical sectors including government, finance, healthcare, and energy — having previously held senior roles at Rubrik and Nutanix.

KSA fintech Geidea taps UAE office CEO: Riyadh-headquartered payment services provider Geidea appointed Pankaj Kundra (LinkedIn) as chief executive officer of its UAE office, according to a statement. Kundra’s appointment has been in effect since 25 August, with a mandate to scale the firm’s UAE operations. He has over 25 years of experience in digital transformation and growth strategies across MENA and India, previously holding senior leadership positions at Network International, Mashreq Bank, and Citibank.

Abu Dhabi Energy Department + Goldman Sachs partner on water security

ENERGY-

Energy Department partners with Goldman Sachs: The Abu Dhabi Energy Department signed an agreement with Goldman Sachs to explore financing models to improve water security in the UAE, Abu Dhabi Media Office reports. Under the agreement, the two will look to attract foreign direct investment and public-private partnerships to the emirate, explore joint water infrastructure projects, and work on advanced technologies for desalination and reducing network losses. The agreement follows an Energy Department delegation visit to the US, looking to bolster international cooperation on energy security.

REAL ESTATE-

Mair, Al Jazira Club to develop area near MBZ Stadium: ADX-listed Mair Group inked an MoU with Emirati soccer team Al Jazira Club to transform the area surrounding Mohammed bin Zayed (MBZ) Stadium — the club’s home ground — into a commercial destination, according to an ADX disclosure (pdf). The two will form a JV to develop the project, with Mair’s real estate arm Makani Real Estate set to head up development works.

The details: Some 80k sqm of land adjacent to MBZ Stadium will be allocated to Makani to develop into an integrated commercial center featuring entertainment, healthcare, and lifestyle amenities. An investment value for the project wasn’t disclosed.

FINANCIAL SERVICES-

Bahrain’s AFS certified to support Jaywan cards: Bahraini digital payment solutions provider Arab Financial Services’ (AFS) card-issuing platform is now certified to support Jaywan, the Central Bank of the UAE’s (CBUAE) national card scheme, according to a press release. AFS’ client banks and financial institutions will be able to issue Jaywan prepaid and debit cards across the UAE.

ICYMI- Astra Tech-backed platform Botim became the first fintech certified to issue Jaywan cards earlier this year. Introduced by the CBUAE’s digital payments arm Al Etihad Payments, Jaywan is also mulling launching a credit card to add to its existing debit card offering.

Botim + Ethiopia partner on remittance services: UAE-based fintech platform Botim partnered with the Commercial Bank of Ethiopia (CBE) to launch digital remittance services for Ethiopian nationals living in the UAE, according to a press release.

The details: Ethiopians residing in the UAE can now transfer money directly to CBE accounts — as well as other banks in Ethiopia — and send funds for pick-up at over 1.9k CBE branches or to Ethiopian mobile wallets in ETB.

BUSINESS-

Inveniam opens Abu Dhabi office in ADGM: New York-headquartered Inveniam, a digital middle office for private assets, launched its regional office in Abu Dhabi Global Market (ADGM) through its subsidiary Inveniam Mid East, according to a press release.

REMEMBER- Inveniam already partnered with state AI firm G42 and invested some USD 20 mn in a Hong Kong startup to tokenize real-world assets in the UAE earlier this year.

AI-

Another homegrown AI model: Abu Dhabi’s Mohamed bin Zayed University of Artificial Intelligence and state-backed AI firm G42 launched K2 Think — an open-source reasoning system with 32 bn parameters that they say performs on par with models 20x larger, according to a statement (pdf). The model is built for complex reasoning tasks at higher efficiency and will be deployed on US-based chipmaker Cerebras’ wafer-scale AI hardware.

REMEMBER- G42 invested USD 335 mn in Cerebras in April after restructuring the transaction to buy non-voting shares. The UAE firm already accounted for 87% of Cerebras’ revenues in 1H 2024 through multi-bn-USD contracts for data center and computing services.

The new release adds to a growing portfolio of UAE-built, open-source models, including Arabic-focused Jais, Hindi-language Nanda, and Kazakh-language Sherkala.

MENA fintech funding triples in 1H 2025 as UAE + KSA drive record transaction flow

It was a record 1H for MENA’s fintech sector, with both transactions and funding surging despite overall weaker global venture flows, according to a Magnitt report (pdf) and accompanying press release (pdf). The region logged 93 transactions, up 69% y-o-y and reversing two years of declines, while funding tripled to USD 598 mn — its strongest half on record.

UAE + Saudi drove the rebound: The UAE led on volume with 39 transactions (+63% y-o-y) and USD 240 mn raised (+227%), overtaking Singapore as the top emerging-market hub by transaction count. Saudi Arabia followed with 29 transactions (+142%) but led on total funding value, having raised USD 274 mn (+276%) on the back of Tabby’s USD 160 mn mega-round. Together, the two markets accounted for nearly three quarters of regional activity and 86% of funding.

Egypt also gained traction, closing 12 agreements (+50%) and attracting USD 76 mn (+101%), marking its third consecutive half of growth.

Total agreement volume was up 8% across the wider emerging venture markets (EVMs), with total EVM fintech investments rising 4% y-o-y to USD 1.7 bn across 182 transactions. Singapore remained the largest funding hub with USD 699 mn, despite a slight 2% dip. South Africa ranked behind the top three, while Côte d’Ivoire sat at the bottom with USD 17 mn.

By sub-sector: Payment solutions dominated in the region, attracting USD 232 mn (+178% y-o-y) and nearly 40% of funding — anchored by Tabby’s investment round and smaller rounds for Stitch.sa, Enza, and Octane. Lending grew the fastest, with funding up 500% to USD 83 mn and transaction count nearly tripling. Banking infrastructure along with personal finance and wealth management saw solid growth, while the cryptocurrency sub-index posted a 14% dip.

Investor interest extended across stages: Non-mega funding rose 36% y-o-y to USD 1.2 bn across EVMs, offsetting a 37% drop in mega rounds. Early-stage activity fueled much of the UAE’s rise. International participation hit a five-year high, while M&A activity picked up — with six fintech acquisitions in 1H 2025 compared to eight in all of 2024.

Looking ahead: “With record investor participation, rising international interest, and a steady flow of early-stage [transactions], momentum is building across the ecosystem, and it shows no likely signs of slowing down,” said Magnitt’s Farah El Nahlawi.

MARKETS THIS MORNING-

Asia-Pacific markets are once again firmly in the green in early morning trading, following the release of inflation data in China, which showed prices dropping 0.4% in August. Markets in Asia are also getting a shot in the arm as Asian companies that are part of Apple’s supply chain — including Foxconn and Samsung Electronics — are trading up after the iPhone maker released new iPhone models yesterday.

Futures suggest a similarly positive open for Wall Street later today, as investors keep their eyes on fresh US inflation figures set to be released today and tomorrow.

ADX	9,954	-0.1% (YTD: +5.7%)
DFM	5,958	+0.4% (YTD: +15.5%)
Nasdaq Dubai UAE20	4,780	+0.4% (YTD: +14.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.3% o/n	4.0% 1 yr
TASI	10,529	+0.3% (YTD: -12.6%)
EGX30	34,386	-0.6% (YTD: +15.6%)
S&P 500	6,513	+0.3% (YTD: +10.7%)
FTSE 100	9,243	+0.2% (YTD: +13.1%)
Euro Stoxx 50	5,369	+0.1% (YTD: +9.7%)
Brent crude	USD 66.83	+0.7%
Natural gas (Nymex)	USD 3.09	-0.8%
Gold	USD 3,665	-0.5%
BTC	USD 111,092	-0.2% (YTD: +18.8%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.65	+0.6% (YTD: +4.8%)
S&P MENA Bond & Sukuk	149.77	-0.1% (YTD: +7.0%)
VIX (Volatility Index)	15.04	-0.5% (YTD: -13.3%)

THE CLOSING BELL-

The DFM rose 0.4% yesterday on turnover of AED 618.9 mn. The index is up 15.5% YTD.

In the green: BHM Capital Financial Services (+7.0%), International Financial Advisors (+5.7%) and GFH Financial Group (+4.5%).

In the red: Agility The Public Warehousing Company (-2.8%), Emirates Reem Investments Company (-1.3%) and Spinneys 1961 Holding (-1.2%).

Over on the ADX, the index fell 0.1% on turnover of AED 1.0 bn. Meanwhile, Nasdaq Dubai was up 0.4%.

CORPORATE ACTIONS-

Empower Energy Solutions’ board of directors agreed to pay shareholders AED 437.5 mn — AED 0.437 fils per share — as an interim dividend for 1H 2025, to be disbursed in October, according to a DFM disclosure (pdf).

CALENDAR

SEPTEMBER

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.

10-11 September (Wednesday-Thursday): Annual International Government Communication Forum, Expo Center Sharjah.

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.

17-18 September (Wednesday-Thursday): SHRM MENA hosts its Annual Conference + Expo, Madinat Jumeirah, Dubai.

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 Center.

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

30 September (Tuesday): Dubai Podfest, Dubai.

OCTOBER

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

30 September-1 October (Tuesday-Wednesday): MENA Investment Congress (MENA ICON), Abu Dhabi.

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

1 September-5 October (Monday-Saturday): DMCC Web3 Unleashed applications

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

7 October (Tuesday): Enterprise Egypt Forum 2025.

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.

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

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

23 October (Thursday): S&P Global’s annual Islamic Finance Conference, DIFC Atrium, Dubai.

27 October (Monday): The UAE Africa Tourism Investment Summit, Dubai.

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

1-2 November (Saturday-Sunday): Women's Empowerment Convention (WE Convention), Atlantis The Royal, Dubai.

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

10-15 November (Monday-Saturday): SASC organizes Abu Dhabi Autonomous Week, Abu Dhabi.

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).

2-5 December (Tuesday-Friday): Sotheby’s Abu Dhabi Collectors’ Week, Abu Dhabi

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 December (Monday): DeFi Technologies Insights Global Symposium, Emirates Palace, Abu Dhabi.

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

8-9 December (Monday-Tuesday): Global AI Show 2025, Abu Dhabi.

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

8-11 December (Monday-Thursday): Abu Dhabi Finance Week, Al Maryah Island.

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

13-15 December (Saturday-Monday): Mobile Developers Week, Abu Dhabi

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.

28-30 January (Wednesday-Friday): World Customs Organization Technology Conference, Adnec Center, 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.

9-13 February (Monday-Friday): The World Health Expo (WHX), Dubai.

JUNE 2026

15 June-15 September (Monday-Thursday): Dubai Mallathon, Dubai.

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:

1Q 2027: Completion of the first phase of Hassyan seawater desalination project.
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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