Rakbank issues AT1 bonds. PLUS: Emirates Driving acquires stake in Mwasalat

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WHAT WE’RE TRACKING TODAY

THIS MORNING: UAE rescues 22 people aboard a commercial vessel hit by Houthi attacks in the Red Sea

Good morning, friends. We have a busy issue for you this morning, led by a slew of debt and M&A news.

We have a new AT1 issuance, courtesy of the National Bank of Ras Al Khaimah, and another sustainable financing facility from our friends at Mashreq, this time for Arabian Gulf Steel Industries. Plus: Emirates Driving acquires a stake in Mwasalat, and Condé Nast brings Wired Middle East under its wing.

ALSO- Twenty-two people onboard a commercial vessel have been rescued by an AD Ports-operated ship following a distress call, after it came under attack by the Houthis in the Red Sea, state news agency Wam reports. The vessel — Magic Seas — was attacked by gunfire, rockets, and explosive-laden remote-controlled boats, and the Houthis claimed it had sunk following the attack, Reuters reports.

The incident marks the end of a period of calm following a series of Houthi attacks that had disrupted shipping last year, with this being the first known attack this year.

WEATHER– Dubai will see a high of 40°C, cooling to 31°C overnight. In Abu Dhabi, the mercury will reach 35°C before cooling to 30°C after dark.

WATCH THIS SPACE-

#1- The UAE and other Brics countries are working to forge a new intra-Brics tourism agreement, UAE’s Deputy Sherpa to Brics Khamis Al Shemaili told CNBC Arabia (watch, runtime: 01:52). The relevant authorities across member states will convene soon to lay the groundwork for a multilateral framework.

Brics economies are expected to heavily influence global growth over the next 25 years, Foreign Trade Minister Thani Al Zeyoudi told CNBC Arabia (watch, runtime: 03:19). The UAE’s non-oil trade with Brics now makes up 30% of its total, and a comprehensive economic partnership agreement with Mercosur is set to be finalized within two months, he added.

#2- UAE launches new AI-driven federal planning cycle: The UAE kicked off a new strategic planning cycle for federal entities that shortens timelines and embeds artificial intelligence in decision-making, Prime Minister and Dubai Ruler Sheikh Mohammed bin Rashid Al Maktoum announced in a post on X that was picked up by Wam. The three-year cycle replaces the traditional five-year model and is designed to help ministries and agencies respond faster to global volatility. The new cycle involves 38 federal entities and prioritizes integrated planning across strategy, finance, and innovation teams.

UPDATE-

We have more details on Terex’s cross-border investment initiative: UAE startups will take part in Terex Ventures’ USD 200 mn investment initiative to link investors with growth-stage AI firms, Terex CEO Priyanka Madnani told EnterpriseAM. Over 100 startups from the UAE, India, and Japan have expressed interest so far. These companies span a broad range of sectors including deeptech, generative AI, fintech, healthtech, fashion tech, and AI-powered enterprise solutions.

Who will fund these investments? The initiative will be funded in partnership with multiple stakeholders across the three countries. Strategic limited partners (LPs) include family offices, institutional investors, and high-net-worth individuals (HNWIs).

The timeline: “The first round of capital deployment is slated for 4Q 2025, with investments rolled out in tranches over a 36-month cycle,” Madnani said. While the current geographic focus remains on the UAE, India, and Japan, Terex is also exploring expansion into Southeast Asia (Singapore, Indonesia) and Europe (Germany, Nordic countries) in 2026.

The initiative aims to help Indian and UAE startups entering the Japanese market through regulatory and compliance support, localization services, market mentoring and distribution access, and partnerships with Japanese firms, Madani told us. Terex Ventures is cooperating with an AI community in Japan, Tokyo AI, to share resources as part of the initiative and support the startup ecosystem across the UAE, India, and Japan.

DATA POINT-

ADX sees increased activity in 1H 2025: The Abu Dhabi Securities Exchange (ADX) saw total trading value rise 33.5% y-o-y to AED 179.5 bn, state news agency Wam reports. Average daily trading value increased to AED 1.5 bn, up from AED 1.1 bn in 1H 2024. The exchange also saw foreign net investment reach AED 13.6 bn in 1H 2025, up 99.5% y-o-y,

This follows a strong 1Q for foreign investment for the index, which saw net foreign inflows climb 151% y-o-y in the first quarter of 2025 to reach AED 8.5 bn. Foreigners made up 42% of market activity during the period, with the uptick coming on the back of modernization measures in Februar y with the ADX improving the way trades are cleared, settled, and stored on the exchange.

Despite a sell-off in April that hit most indices following the announcement of the US’ tariff program, trading rebounded later in 2Q 2025 and is currently up 6.2% YTD.

PSAs-

#1- Fines for late contributions for GCC workers incoming: The General Pension and Social Security Authority (GPSSA) will start penalizing employers who delay contributions for employees who are GCC nationals under the unified protection extension system, effective from the start of this month, Wam reports. Contributions for the previous month’s obligations must be paid between the first and 15th of each month. Payments received after this timeframe will be subject to a 0.1% daily penalty.

#2- Emirati students looking to study abroad will have new restrictions: The Higher Education Ministry implemented new standards for Emirati students enrolling in foreign universities, according to a statement. Institutions must rank among the top 50 globally in the student’s chosen field, regardless of location.

For US and Australian universities, institutions must rank in the top 100 both in the field of study and overall. Students planning to attend a university in other English-speaking countries will need to pick one in the top 200 rankings in both categories, while those in non-English-speaking countries must rank in the top 300.

HAPPENING TODAY-

Al Mal Capital REIT’s follow-on public offering on the DFM began subscriptions yesterday, aiming to raise up to AED 242 mn by selling up to 220 mn new units priced at AED 1.125 each, according to a disclosure (pdf). The offering is open to retail and institutional investors across the UAE and GCC and runs through till 25 July. The offering includes a green shoe option, which could see an additional 20 mn units offered if demand is high.

What’s next: Unit holders on record as of 26 June will receive priority allocation, while new investors are assured at least 2k units each, subject to availability. The new units are set to be allocated between 1-8 August, with trading expected to begin between 8-15 August.

ICYMI- The REIT first announced the capital raise in May, with plans to issue up to 300 mn units. Last month, it confirmed it would offer 200 mn units at AED 1.10 to raise AED 220 mn, boosting its capital to AED 713.9 mn from AED 513.2 mn, without the green shoe option. Proceeds will go toward acquiring income-generating assets in the healthcare, education, and industrial sectors, the statement said.

THE BIG STORY ABROAD-

Most of the attention has returned to the revival of US President Donald Trump’s trade war, as the US began sending countries letters, including Japan and South Korea — two of the US’ biggest trade partners — with their reciprocal tariffs, with the two Asian countries getting hit with a 25% tariff as of 1 August. Others like Kazakhstan, Myanmar, and Laos were slapped with a 40% tariff.

The letters reportedly hinted at the potential for trade talks to resume, possibly even beyond the 1 August deadline, but also threatened a tariff hike in case tariffs are raised on US exports. (Reuters | Bloomberg | Financial Times | CNN)

ALSO- Trump threatens 10% tariff on Brics-aligned nations: Trump said that countries aligned with the “anti-American policies of Brics” will face an extra 10% in tariffs with “no exceptions” in a post on Truth Social. The warning followed a joint statemen t (pdf) by Brics leaders criticizing tariff hikes, deeming them a threat to global trade and inconsistent with World Trade Organization regulations. A source familiar with the matter later downplayed the threat, saying it’s not a blanket threat against Brics nations, but on any of the countries agreeing policies deemed “anti-American.” (Reuters)

Meanwhile, Israeli Prime Minister Benjamin Netanyahu was hosted by Trump at the White House, with talks focusing on the potential ceasefire Trump hinted could be reached this week. (Reuters)

AND- The death toll from the floods in Texas — now deemed one of the deadliest in the country’s history — has exceeded 100 as search efforts continue. (Guardian | Wall Street Journal | New York Times)

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MARKET WATCH-

Goldman Sachs expects eight Opec+ members to increase oil production quotas by 550k bbl / d in September, completing the reversal of the 2.2 mn bbl / d voluntary cuts, Reuters reports, citing a note from the bank. The move would bring the group’s production to some 33 mn bbl / d by September, and would follow the group’s decision to raise production by 548k barrels per day in August.

The bank kept its Brent crude forecast unchanged at USD 59 a barrel for 4Q this year and USD 56/bbl for next year. The forecast reflects a balancing act between lower-than-expected supply from producers like Russia and shrinking spare capacity — both supportive of prices — against downside pressures from a potential rollback of the 1.65 mn bbl / d Opec+ post-pandemic cuts and a 30% probability of a US recession.

Goldman also flagged upside risks to demand, projecting global oil consumption to increase by 600k bbl / d this year and by 1 mn bbl / d next year. Key drivers include strong demand from China, sustained global economic momentum, and further depreciation of the greenback.

Rakbank raises USD 300 mn via AT1 issuance

Rakbank closes int’l AT1 debt sale: ADX-listed and state-owned National Bank of Ras Al Khaimah (Rakbank) raised USD 300 mn through its debut additional tier one (AT1) capital issuance, according to a press release. Strong investor demand allowed the bank to tighten the note’s initial pricing by 37.5 bps, signaling solid investor confidence in its credit profile and outlook.

About the bond: The perpetual notes, which are expected to qualify as part of its regulatory capital base, carry a 6.625% coupon and a six-year non-call period. The lender is rated BBB+ with a stable outlook by Fitch Ratings. The advisors on the issuance have yet to be made public.

SOUND SMART- AT1 bonds are a common way for banks to raise core tier-one capital without diluting shareholders by issuing new equity. Additional tier one certificates (or “AT1 certificates”) are a type of subordinated debt, meaning they rank below other types of bank debt in the event of liquidation. This makes them riskier than senior debt, but still gives them priority over equity holders. AT1 certificates are “perpetual,” having no fixed maturity date. They pay interest similarly to bonds, but can often be converted into equity under certain conditions, which is why they are often referred to as CoCos, short for “contingent convertibles,” in the industry.

Proceeds will be used to shore up its capital buffers, support its lending activity, and fund the firm’s growth plans. They will also help boost Rakbank’s competitive position across its banking segments, the release read.

Rakbank laid the groundwork for the issuance earlier this year. Shareholders approved regulatory capital instruments back in March, including up to USD 500 mn in AT1 and USD 300 mn in Tier 2 securities.

Many UAE banks have been improving their capital buffers: Our friends at Mashreq raised USD 500 mn in AT1 bonds last year, followed by the National Bank of Fujairah, which raised USD 275 mn in AT1 bonds, and Dubai Islamic Bank, which also raised USD 500 mn through an AT1 sukuk issuance. This year, Emirates NBD raised USD 1 bn in AT1 bonds and

Market reax: Rakbank’s stock gained 2.6% to close at AED 7.2 apiece.

Mashreq extends sustainability-linked loan to Arabian Gulf Steel

Our friends at Mashreq added another notch to their sustainable financing belt with a AED 126 mn sustainable financing facility to low-emission steel manufacturer Arabian Gulf Steel Industries (AGSI), according to a press release. The move falls under Mashreq’s wider push to mobilize USD 30 bn in sustainable financing by 2030 and marks the bank’s third loan of its kind in less than a month.

Why it matters: “Steelmaking remains one of the most resource-intensive industries globally, and AGSI is among the first in the UAE to secure a green facility that directly supports its decarbonization efforts,” Faisal Alshimmari, head of ESG at Mashreq, said, adding that the transaction reflects a broader shift across the region’s industrial sector, where companies are increasingly using finance as a strategic lever to hit sustainability targets.

Use of proceeds: The Abu Dhabi-based steelmaker will use the capital to further decarbonize its operations and fast-track its rollout of green tech, with the aim of cutting emissions and costs in line with its plans to ramp up green steel production over the next five years. The company plans to produce 5 mn tonnes of green steel by 2030 and aims to cut emissions by 90% compared to traditional steelmaking, the release said, adding that the steel industry currently accounts for 7% of total global carbon emissions.

Background: The leading lender also inked a hybrid sustainability-linked facility with automotive firm Gargash Group earlier last week, estimated to be one of the largest in the automotive sector, after extending a green loan to UAE conglomerate Galadari Brothers late last month to support ESG-driven retrofits across its portfolio. The green loan to Galadari Brothers is also among the largest for an Emirati group.

Multiply subsidiary Emirates Driving Company is acquiring a piece of fleet operator Mwasalat Holding

Multiply subsidiary and driving institute Emirates Driving Company (EDC) has agreed to acquire a 22.5% stake in Abu Dhabi-based fleet operator Mwasalat Holding, with the option to up that to 50.6% depending on certain conditions and regulatory approvals, it said in a disclosure (pdf). There’s no publicly available information about the expected timeline for the transaction’s completion or its value.

This is the second acquisition in 12 months: The training institute acquired a 51% stake in Excellence Premier Investment last year for AED 153 mn. Excellence Premier operates delivery, limousine, and auto workshop services, with centers in 20 locations across Dubai.

The acquisition helps the firm expand its public transport services, and will lay the groundwork for collaboration in bus and taxi operations, according to a separate press release (pdf).

It will also help boost Emirates Driving’s profitability: Mwasalat generated over AED 650 mn in revenues last year, operating a fleet of public buses, taxis, school transport and corporate hire vehicles, the release read. EDC’s net income came in at AED 68.8 mn in 1Q 2025, marking a 7.6% increase compared to the same period last year, according to its financial statement (pdf). The company’s revenues rose 85.4% y-o-y to AED 167.1 mn in 1Q.

Market reax: Emirates Driving’s shares soared 10.4% yesterday.

IN OTHER M&A NEWS-

#1- Global media giant Condé Nast has acquired Wired Middle East, bringing it under its fully-owned regional portfolio, according to a press release. The tech, business, science, and culture-focused publication joins a regional portfolio that also includes Architectural Digest Middle East, Condé Nast Traveller Middle East, GQ Middle East, and Vogue Arabia. The statement didn’t disclose the value of the acquisition.

Strategic milestone: Wired Middle East was launched in 2019 by Dubai-based publisher Nervora, Arab News reports. The global media giant also recently took over GQ Middle East and Vogue Arabia from Nervora. Wired will continue publishing its print edition on a quarterly basis under Condé Nast’s ownership, but will primarily serve as a digital-first platform for tech and science-focused regional stories.

#2- UAE-based pet care retailer The Pet Shop has acquired PetHaus, a Dubai-based pet retailer and service provider, according to a press release. The acquisition includes PetHaus’ two stores in City Land Mall and on Sheikh Zayed Road, which will continue operating under the PetHaus brand. The value of the acquisition was not disclosed.

About The Pet Shop: Founded in 2011 by Charlotte and Anders Jorgensen and backed by private equity firm Aliph Capital, The Pet Shop is an omnichannel retailer with nine physical stores and an e-commerce platform serving all emirates, which distributes over 50 international brands.

Abu Dhabi set for 11.9k new homes in 2025 as 1Q sales drop

Abu Dhabi is expected to deliver around 11.9k new residential units over the rest of 2025, though completions may fall short of projections, according to Cavendish Maxwell’s latest Abu Dhabi Residential Market Performance report (pdf). The capital’s housing market had a sluggish start to the year, with sales activity plunging even as prices continued to rise.

Only 600 units were completed in 1Q, contributing to a drop in residential sales to just 1.3k transactions in 1Q 2025, down 56.4% y-o-y and 46.6% q-o-q. The slowdown was driven by a sharp decline in off-plan activity — by some 82% y-o-y — amid fewer new launches, alongside the seasonal impact of Ramadan and Eid. Ready sales fared slightly better at 900 transactions, down only 13.3% y-o-y.

Average ticket size for ready units rose to AED 2.5 mn — the highest in recent quarters. Still, the total value of residential sales declined 44.6% y-o-y to AED 3.7 bn, with ready properties accounting for AED 2.3 bn.

Apartments made up 65.7% of all transactions, though volumes fell 60.5% y-o-y and 53.1% q-o-q, and the segment’s market share also saw a downturn. Both ready and off-plan segments declined, with the latter seeing the steeper drop. On the other hand, ready villa and townhouse sales rose 10.4% y-o-y, reflecting stronger demand from families and long-term residents.

Despite weaker volumes, prices continued to climb: Apartment prices rose 12.3% y-o-y during the quarter, led by Al Reem Island and Yas Island, which saw prices rise by over 13%. Villa prices increased 12.5% y-o-y, with the strongest growth also seen on Yas Island, which saw prices rise by 15.5% y-o-y, and Saadiyat Island, up 10.6%.

The rental market also stayed strong, on the back of expat-driven population growth. Apartment rents rose 12.8% y-o-y and 3.2% q-o-q, with Yas Island and Al Reem Island leading y-o-y gains. Villa rents were up 4.3% y-o-y but remained largely flat q-o-q, with some seasonal declines in Saadiyat Island.

How mortgages fared: Total mortgage volumes dropped 44.5% y-o-y to 800, driven by reduced apartment financing. Villa and townhouse mortgages, however, surged 58.1% y-o-y, accounting for AED 1.3 bn of the AED 1.7 bn in residential lending and pointing to a shift toward higher-value, end-user purchases.

Looking ahead: Despite the muted start, the report projects stable momentum for the rest of 2025, supported by population growth, long-term visa programs, and government-backed economic diversification. Demand is set to outstrip supply, despite the 11.9k units expected to be delivered this year and 7k in 2026. Any recovery in off-plan sales “will depend on the scale and timing of new project launches,” the report noted.

ICYMI- Cavendish Maxwell’s findings broadly align with EFG Hermes’ 1Q 2025 tracker, which also reported a sharp decline in off-plan sales, continued price growth, and a firm rental market.

New regional leadership for Microsoft, Barclays

New regional leads for Microsoft: Microsoft appointed Amr Kamel (LinkedIn) as its new UAE general manager, starting this month, according to a press release. Kamel previously served as Microsoft’s general manager for global partner solutions in Central and Eastern Europe, Middle East, and Africa. He replaces Naim Yazbeck (LinkedIn), who has been promoted to president of its Middle East and Africa operations. He will lead the company’s digital transformation efforts across the region, focusing on cloud infrastructure, AI adoption, and strategic partnerships.

Barclays names co-CEOs to lead Middle East operations: Barclays has appointed Khaled El Dabag (LinkedIn) and Walid Mezher (LinkedIn) as joint CEOs for the Middle East, in a move demonstrating the region’s growing importance alongside the bank’s other key geographies in Asia Pacific, Europe, and the Americas, Bloomberg reports. Both executives will remain based in Dubai and report to Barclays’ investment bank management head Stephen Dainton (LinkedIn).

Their backgrounds: El Dabag was managing director of investment banking for the lender, having joined from Goldman Sachs in 2014. Mezher is Barclays’ head of markets for MENA and previously held roles in institutional sales, risk solutions, and debt capital markets.

ALSO- Emirates Investment Bank CLO resigns: Raymond Mouracade, Emirates Investment Bank’s chief legal officer and board secretary, has resigned from his position, according to a DFM disclosure (pdf). His last working day will be on 1 October and the bank will propose a successor at a later date.

BioSapien lands more funding from Globinvest

STARTUPS-

Biotech startup BioSapien extended its pre-Series A round to over USD 8 mn, bringing in new investment from MENA-based impact fund Globivest, though the amount was undisclosed, according to a company statement (pdf). The round already included backing from Global Ventures, Golden Gate Ventures, and Dara Holdings.

REFRESHER- The startup, which has offices in Abu Dhabi and California, had previously extended its pre-series A round to USD 7 mn in January, with investors including Golden Gate Ventures. The funding was aimed at accelerating UAE-based clinical trials for MediChip — its 3D-printed cancer treatment platform that delivers slow-release chemotherapy directly to tumors — set to begin in 2Q 2025.

What’s next: The company has made 12 senior hires across regulatory, pharmacology, and engineering roles as it gears up for first-in-human trials, the statement said.

REAL ESTATE-

Drake and Scull kicks makes real estate debut with land acquisition: Engineering firm Drake and Scull International (DSI) is making its debut as a commercial property developer after acquiring land in Dubai’s Majan to develop into a mixed-use commercial building, according to a press release (pdf). The 156k sq ft commercial building, set to be completed by the end of 2026, marks the Dubai-based contractor’s first fully self-owned development and comes as the company diversifies beyond infrastructure works.

A closer look: The building will be used for both business and retail purposes, and will include 67k sq ft of office space across nine floors and over 10k sq ft of retail space on the ground level. Bel-Yoahah Architectural and Engineering Consultants was tapped to handle design and supervision, and final approval for construction is being finalized.

RESEARCH-

#1- Trends sets up a virtual office in Paris: Abu Dhabi-based think tank Trends Research and Advisory established its 13th global virtual office in Paris, expanding its digital research network that already includes locations in Syria, Latin America, Canada, and China, among others, according to a press release. Last year the think tank said it planned to open new offices in Washington, Sao Paulo, Buenos Aires, Berlin, and Moscow.

The pitch: The new French hub will facilitate knowledge exchange between Arabic and francophone institutions through virtual events and bilingual content production. It will also track French-language research on topics ranging from emerging technologies to geopolitical shifts while promoting translation initiatives.

#2- Graphene Innovations Manchester opens up UAE facility: UK-based deep-tech firm Graphene Innovations Manchester (GIM) launched GIM WildCat, a commercial development center at Sharjah Research, Technology, and Innovation Park, according to a press release. The facility will showcase graphene-based technologies, serve as an investor hub, and collaborate on R&D with other firms in the park.

FINANCIAL SERVICES-

Sri Lankan bank opens DIFC office: The Commercial Bank of Ceylon — the country’s largest private sector bank — opened a representative office at the Dubai International Financial Center (DIFC), marking its first physical presence in the Middle East, according to a press release. The office will support trade, investment, and remittance flows between Sri Lanka and the region, with a focus on clients in Sri Lanka, Bangladesh, and the Maldives.

ICYMI- The move follows regulatory approval from the Dubai Financial Services Authority earlier in May. Commercial Bank is the first Sri Lankan bank to establish a presence in the DIFC.

AVIATION-

#1-Abu Dhabi Crown Prince meets Brazil’s Embraer CEO: Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan held talks with Brazilian aerospace firm Embraer ’s CEO Francisco Gomes Neto in Rio de Janeiro, on the sidelines of the Brics summit, state news agency Wam reports. The two discussed ways to improve research and development initiatives in aviation technology, as well as technical collaboration on aircraft maintenance.

#2- Air Arabia will begin daily flights between Sharjah International Airport and Munich International Airport starting from 15 December, according to a press release.

Brics reaffirms commitment to payment system despite slow progress

Progress on Brics’ cross-border payments system has stalled, despite a decade of discussions, Bloomberg reported yesterday. Leaders reaffirmed their commitment to continue talks on the initiative during the Brics summit in Brazil, but acknowledged the slow pace amid the challenges of a rapidly changing global trade environment.

SOUND SMART- Brics Pay is a financial system that, if developed, would allow Brics nations to trade directly with one another using their own local currencies, instead of relying on the USD. The system’s goal is to create an independent financial network that is separate from the US-dominated Swift system.

A window of opportunity: The USD has its worst start to a year since 1973, pressured by US President Donald Trump’s trade policies and critiques of the Federal Reserve, creating a potential opening for alternatives.

So, what’s the hold-up? For one, the technical execution is complex, involving decisions on payment mechanisms, currencies, infrastructure, and cost-sharing. This is compounded by the unpreparedness of some member nations’ central banks to integrate, alongside serious security concerns over a unified system. Some members have also questioned if the substantial setup and maintenance costs of this unified system are justified when compared to existing bilateral trade arrangements.

Political realities aren’t helping as well, with the bloc’s recent expansion to 10 members complicating decision-making. Existing international sanctions on members like Russia and Iran, coupled with the use of several non-convertible currencies within the bloc also present additional obstacles.

Parallel discussions on investment and finance are taking place: Brics is also working on expanding local currency financing to reduce trade financing costs, Tatiana Rosito, secretary for international relations at Brazil’s Finance Ministry, told Bloomberg. However, discussions around a new investment platform — reducing dependence on hard currency financing — have also stalled due to the complexity of the proposals and the need for further technical dialogue.

The US hangs more tariffs over the bloc: Trump threatened an additional 10% tariff on any country aligning with what he calls “Anti-American” Brics policies, rattling global trade with even more uncertainty. This follows his December threat of 100% tariffs if Brics nations ditched the USD in bilateral trade, a move that paradoxically spurred the bloc’s interest in developing alternative local payment systems.

MARKETS THIS MORNING-

Asian markets are modestly inching up in early trading, despite Trump’s new tariff announcements. The Shanghai Composite and Hong Kong’s Hang Seng are both up 0.2%, while Japan’s Nikkei remained virtually unchanged. Meanwhile, Wall Street futures are mostly in the red.

ADX	10,007	+0.3% (YTD: +6.2%)
DFM	5,803	+0.9% (YTD: +12.5%)
Nasdaq Dubai UAE20	4,794	+0.6% (YTD: +15.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.4% o/n	4.2% 1 yr
TASI	11,345	+0.3% (YTD: -5.9%)
EGX30	33,038	+0.4% (YTD: +11.1%)
S&P 500	6,230	-0.8% (YTD: +5.9%)
FTSE 100	8,807	-0.2% (YTD: +7.8%)
Euro Stoxx 50	5,342	+1.0% (YTD: +9.1%)
Brent crude	USD 69.58	+1.9%
Natural gas (Nymex)	USD 3.41	+0.1%
Gold	USD 3,343	0.0%
BTC	USD 109,044	-1.1% (YTD: +15.6%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.53	-0.8% (YTD: -1%)
S&P MENA Bond & Sukuk	145.82	-0.1% (YTD: +4.2%)
VIX (Volatility Index)	17.79	+1.8% (YTD: +2.5%)

THE CLOSING BELL-

The ADX rose 0.3% yesterday on turnover of AED 1.4 bn. The index is up 6.2% YTD.

In the green: Burjeel Holdings (+14.7%), Union Ins. Company (+13.5%) and Emirates Driving Company (+10.4%).

In the red: E7 Group PJSC Warrants (-9.9%), Al Wathba National Ins. Co (-6.3%) and United Arab Bank (-4.0%).

Over on the DFM, the index rose 0.9% on turnover of AED 715.3 mn. Meanwhile, Nasdaq Dubai was up 0.6%.

President meets with Syrian counterpart for the second time this year + Economic cooperation with Cuba?

President Sheikh Mohamed bin Zayed Al Nahyan hosted Syrian President Ahmad Al Sharaa at Qasr Al Shati yesterday in their second meeting in just a few months, Wam reports. The leaders discussed bilateral relations and boosting economic cooperation.

The meeting follows a previous visit in April, and increased interest in Syria from UAE businesses as the country begins to recover from years of US sanctions and from the impact of former president Bashar Al Assad’s regime. State-owned logistics giant DP World was among the first to do business in the country after sanctions were lifted, with a USD 800 mn agreement to develop and operate a multi-purpose terminal at Syria’s Tartous port.

ALSO- UAE and Cuba expand economic ties through joint committee: The UAE and Cuba held their first Joint Economic Committee meeting in Dubai to strengthen trade and investment ties, Arab News reports. The session focused on biotechnology, renewable energy, tourism, agriculture, and healthcare cooperation.

The plan: Key outcomes include plans for business forums, trade delegations, and SME partnerships. Both nations agreed to collaborate on food security, sustainable agriculture, and tourism promotion through joint events and data sharing.

CALENDAR

JULY

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

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

AUGUST

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

SEPTEMBER

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

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

8-19 September (Monday-Wednesday): WHX-Tech Expo, Dubai World Trade Center.

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

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

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

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

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

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

OCTOBER

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

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

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

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

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

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

14-16 October (Wednesday-Friday): Global Future Councils, Dubai.

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

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

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

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

NOVEMBER

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

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

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

17-21 November (Monday-Friday): Dubai Airshow 2025, Al Maktoum International Airport, Dubai.

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

DECEMBER

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

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

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

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

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

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

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

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

Signposted to happen sometime in 2025:

The Middle East Electric Vehicle Show, Expo Center Sharjah.
e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)
The International Civil Aviation Organization’s Global Implementation Support Symposium, Abu Dhabi.
Universal Postal Congress 2025, Dubai.

Signposted to happen sometime in 2H 2025:

Closing of XRG’s acquisition of Covestro

Signposted to happen sometime in 2026:

1 January: Client asset regime changes in Dubai International Financial Center take effect.
9-11 January (Friday-Sunday): 1 Bn Followers Summit’s fourth edition, UAE.
28-29 January (Wednesday-Thursday): IBA Arbitration Day Conference, Abu Dhabi.
3-5 February (Tuesday-Thursday): The World Governments Summit.
12-15 February (Thursday-Sunday): The Society for Incentive Travel Excellence Global Conference, Abu Dhabi.
11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center.
The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference 2026, UAE
The first edition of Dubai Future Finance Week
Investopia Global Talks, Tashkent

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

Signposted to happen sometime in 2027:

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

Signposted to happen sometime between 2027 and 2029:

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

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