S&P Global Ratings assigns the UAE an AA rating with a stable outlook

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WHAT WE’RE TRACKING TODAY

THIS MORNING: CBUAE holds rates steady again + Al Habtoor to list hotel management arm on the DFM

Good morning, friends, and happy almost-FRIDAY. We have a very macro-focused issue for you this morning as the news cycle slows from earlier this week. S&P Global assigned its first sovereign credit rating to the whole of the UAE, while separately laying out the risks of the war on the GCC’s funding flows and banking sector. PLUS: UBS’ Global Wealth Report shows the UAE was the second-fastest growing destination for USD m’naires last year.

AND- The Central Bank of the UAE kept interest rates unchanged for the fourth time in a row, in line with the US Federal Reserve’s move in its meeting yesterday, according to a statement (pdf). The base rate applicable to the overnight deposit facility remains at 4.4%, while the rate applicable to borrowing short-term liquidity was kept at 50 bps above the base rate for all standing credit facilities. We have more on the Fed’s decision in Planet Finance, below.

WEATHER- Dubai will see an afternoon high of 41°C — though it will feel like 56°C — before cooling down to an overnight low of 31°C. Abu Dhabi will be slightly milder, with a daytime peak of 35°C and overnight lows of 31°C.

WATCH THIS SPACE-

#1- Al Habtoor plans to list its hospitality division on the DFM: Al Habtoor Group is planning an initial public offering (IPO) of its hotel management arm, Habtoor Hospitality, on the Dubai Financial Market (DFM), Emarat Al Youm quotes the group’s founder and chairman, Khalaf Al Habtoor, as saying. The group said it was considering an IPO for its hotel management unit in February, and reports of a listing were also circulating as far back as 2012 but it was ultimately postponed.

More details like the size of the listing will come after the summer, Al Habtoor said, with no information yet on the expected size of the listing. The group may also consider a listing on other exchanges later on.

The portfolio: Al Habtoor Hospitality’s offerings in Dubai include Hilton Dubai Al Habtoor City, Waldorf Astoria Palm Jumeirah, Metropolitan Hotel, and V Hotel by Hilton, among others. The operator’s international offerings include properties in Budapest, London, Vienna, and the US.

#2- The UAE and Saudi Arabia are on track to be reclassified as developed markets and removed from the Emerging-Markets Bond Index (EMBI) on the back of financial and economic progress characterized by low sovereign risk, tight price spreads, and market maturity, Mashal Al Faras, the head of Middle East, Africa, and Asia at Janus Henderson, told Khaleej Times. Earlier this year, JPMorgan reclassified Qatar and Kuwait as developed markets, seeing the two also move from their emerging-markets bond index (EMBI).

REMEMBER- JPMorgan said earlier this year that the UAE's cost of living ratio has exceeded the EM index threshold for two years in a row — and, if it does so for a third consecutive year, the country would no longer be eligible for the EMBI series, triggering a review and a potential reclassification as a developed market.

What this means: Reclassifying the UAE and Saudi Arabia will attract a broader segment of investors and support their global standing, Al Faras said. It would also better reflect their economic standing and market maturity, he added.

#3- DMT rolls out AI-powered building permit platform: Abu Dhabi now has a digital platform for building permits called Binaa, which reduces permit processing times by 70% , according to the Abu Dhabi Media Office. The AI-powered platform automates plan reviews, and features building information modeling and virtual and augmented reality for enhanced inspections, the statement said. will receive support from the Abu Dhabi Civil Defense Authority, TAQA, and e&.

What’s next? Binaa’s first phase will focus on new private villa projects, which represent approximately 20k permit applications annually.

#4- CBUAE to offer AED 29.4 bn in M-bills at next auction: The Central Bank of the UAE (CBUAE) will offer up to AED 29.4 bn in monetary bills at its upcoming auction on Monday, 23 June, according to a statement (pdf). The offering includes a 28-day tap issuance worth up to AED 4.1 bn, and new issuances of AED 2.1 bn with an 84 day-tenor, AED 3.2 bn with a 168-day tenor, and AED 20 bn with a 336-days tenor. All bills will settle on 25 June.

Decoding central bank speak: M-bills are short-term, zero-coupon securities issued in AED with typical maturities of one to 12 months. They are sold via competitive tenders to licensed dealers and are not listed for public trading. A tap issuance allows the CBUAE to reopen an existing line to manage liquidity without launching a new series.

DATA POINTS-

#1- Real estate transactions in Dubai worth over AED 10 mn rose 31% y-o-y in 1Q 2025, according to Savills’ Dubai Prime Residential 2025 report (pdf). The segment has grown tenfold since 2020, with transactions over AED 10 mn rising from 469 pre-pandemic to 4.7k last year. Villas made up 70% of the sales and off-plan transactions accounted for 69% of the total, while areas like Palm Jumeirah and District One saw the most high value transactions.

Looking ahead: Savills expects the market to grow another 8-10% in 2025, buoyed by wealth migration, new master planned communities, and Dubai’s continued ranking as a global hub for lifestyle-led residences.

#2- The Dubai Multi Commodities Center (DMCC) recorded a 7% increase in US companies joining its business district over the past year, according to the Dubai Media Office. The freezone now hosts approximately 45% of the estimated 1.5k American businesses operating in the UAE.

#3- GCC markets top Dubai Chamber members' 1Q 2025 export destinations: Dubai Commerce of Chamber members recorded AED 85.9 bn in exports and re-exports during 1Q 2025, representing 16.8% y-o-y growth, state news agency Wam reports. GCC countries accounted for 47.2% of total trade volume, valued at AED 40.5 bn.

The breakdown: Middle Eastern markets outside the GCC ranked second with a 29.1% share valued at AED 25 bn, followed by Africa at AED 9.1 bn, or 10.6%. The Asia-Pacific region contributed 9.4% (AED 8 bn), while Europe accounted for AED 2.4 bn (2.8%). North and Latin American markets represented less than 1% combined.

THE BIG STORY ABROAD-

On day six of the war between Israel and Iran, concern is rising that the US is preparing to join the war. Adding to the speculation, US President Donald Trump said that he had not made a final decision on whether he will strike the country, telling reporters, “I may do it, I may not.” Iranian Supreme Leader Ayatollah Ali Khamenei made his first appearance since Friday to respond to an increasingly hawkish Trump, warning the US president that their involvement in the conflict would “undoubtedly be accompanied by irreparable damage.” (Financial Times | Associated Press | New York Times)

While over in the business press, all eyes were on the US Federal Reserve, which decided to hold interest rates steady for the fourth meeting running despite increasing pressure from the Trump administration to change course. Chair Jerome Powell doubled down on the reserve’s position that they will wait to assess the full impact of the tariffs on US imports before “considering any adjustments to our policy stance.” We have more on the Fed’s decision in this morning’s Planet Finance section, below. (Bloomberg | Financial Times | Wall Street Journal)

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OIL WATCH-

Brent crude's premium to Dubai soars: Brent crude’s premium to Middle Eastern benchmark Dubai widened above USD 3/bbl yesterday — its highest since September 2023 — amid fears of supply disruptions following the escalation of the conflict between Iran and Israel, Reuters reports, citing LSEG data and market sources. The Brent-Dubai Exchange Futures for Swaps (EFS) for August settled at a USD 3.33 premium, the newswire added, citing three oil brokers.

The EFS spread is also widening due to expectations of higher Opec exports, and the overnight jump in Brent Crude on Tuesday, LSEG senior oil analyst Emirl Jamil told the newswire.

Brent’s first-month futures contract is now trading at its highest premium to the six-month contract in nearly two years. This market structure — where near-term prices are higher than later prices, known as backwardation — reflects concerns about supply tightness.

Dubai crude has also gained ground, with prices reaching their highest premium in more than two months this week, while shipping costs to move oil from the Middle East to Asia have risen. Potential disruptions to the Strait of Hormuz, through which around 20% of the world’s seaborne oil passes, remains a key concern for market participants.

S&P Global Ratings assigns the UAE a long-term credit rating of AA + Emirates NBD gives its two cents on the UAE’s economy

S&P Global Ratings assigned the UAE a long-term credit rating of “AA,” and “A-1+” on its short-term foreign and local currency sovereign credit ratings with a stable outlook, with the agency pointing to the country’s “strong fiscal and external positions,” S&P said in a note on its website.

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This is the first time that S&P has issued a consolidated sovereign credit rating for the UAE as a whole, as opposed to issuing separate ratings for individual emirates, according to Arab News.

The rationale behind the rating: The strength of the UAE government’s net asset position provides a buffer against the effects of fluctuations in oil prices amid rising geopolitical tension in the region, and will help it maintain its economic growth prospects, government revenues, and positive external account. Meanwhile, policy measures such as expenditure restraint and diversification efforts have helped the government secure revenues from streams other than hydrocarbons, the agency wrote.

S&P expects the UAE’s GDP growth to hover around 4% over 2025-2028, which it attributes to “buoyant non-oil sector activity and increasing oil production,” the ratings agency said. The agency sees crude oil production reaching about 3.5 mn barrels per day in 2028, up from just under 3 mn in 2024 — which, coupled with increased LNG production capacity, will help boost growth over the next few years. Meanwhile, non-oil growth will be aided by “public investment and government efforts to diversify the economy, combined with increasing trade and foreign investment,” the agency wrote.

The UAE is also projected to see fiscal surpluses averaging 3.2% of GDP until 2028 — but the surplus will halve relative to what was seen between 2021-2024, according to S&P. Lower oil prices and higher government spending is expected to lower the surplus to 2% of GDP this year, and that it will average 3.8% over 2026-2028, bringing it below the 6.4% average for 2021-2024. Sharjah — unlike Dubai, Abu Dhabi, and Ras Al Khaimah — is expected to see a fiscal deficit of 5% of its GDP over the next four years.

Israel-Iran escalations come with downside risks for the UAE, with the conflict potentially causing disruption to “key transportation routes, fluctuating energy prices, reduced tourism, capital outflows, higher security spending, and weaker consumer and investment confidence,” according to S&P. An unexpected decline in the UAE's per capita wealth or interest burdens rising for the consolidated government because of higher borrowing also present potential downside risks that could lower the UAE’s credit rating.

On the upside, the agency could raise the UAE’s ratings if it sees “significant improvements in the availability and timeliness of UAE-wide and emirate-specific data disclosures, particularly on fiscal assets, contingent liabilities, and external accounts. Measures to improve the effectiveness of monetary policy, such as establishing deep domestic capital markets, could also be positive for the ratings,” S&P wrote.

IN OTHER MACRO NEWS-

Emirates NBD sees the UAE’s GDP growth coming in at 4.8% this year, up 0.8 percentage points from last year, before slowing slightly to 4.6% in 2026, the bank said in its forecast update (pdf) for the month. The accelerated growth will be driven by increased activity in the hydrocarbon sector following recent OPEC+ production hikes, the bank said.

Oil growth is expected to increase to 5% — up from just under 1% last year. Meanwhile, non-oil growth is expected to slow slightly to 4.7% this year, down from 5% in 2024. The sectors driving growth are expected to include transport & storage, construction, and financial services.

Emirates NBD expects the UAE to see a current account surplus equivalent to 8.1% of GDP, down from 9.1% last year, on the back of lower oil prices. The bank expects oil to come in at an average of USD 68 per barrel in 2025, down from USD 80 in 2024.

However, the current account balance is expected to accelerate to 9% of GDP in 2026 “as both oil production and global oil prices are likely to be higher.” Lower oil prices are also expected to bring down the UAE’s fiscal surplus to 1.8% of GDP, down from 3.4% in 2024.

As for inflation, Emirates NBD sees an average monthly CPI inflation rate of 2.5% y-o-y in Dubai, in what would mark the lowest inflation figure from the emirate since 2021.

GCC could see external funding outflows due to the Israel-Iran conflict, but the UAE is likely to weather the storm -S&P Global

S&P Global believes regional sovereigns and banks are in a good position to cope with the Israel-Iran escalations, with the agency laying out different scenarios for the conflict and how it could affect different players in the region, it wrote in a note on its website.

S&P sees four primary risks affecting regional credit conditions: Regional sovereigns and lenders could be affected by issues that include “broader confidence factors” — which could hamper economic growth, funding costs, and banking system liquidity and asset quality — as well as surges in the prices of energy, production, and transportation, weaker tourism and capital outflows, and other security-related expenditure, the agency wrote.

Outflows can be severe for the region: External funding outflows are expected to reach around USD 240 bn — equivalent to “about 30% of the cumulative external liabilities of tested systems.” However, S&P believes banks in the region have the necessary external liquidity to cover these outflows in most cases, provided their external assets can be liquidated.

The UAE is among the most likely to weather the outflow storm: UAE banks have the strongest net external asset position in the region at large, which makes them the most resilient in the face of potential capital outflows. However, escalatory attacks between Israel and Iran are expected to affect business confidence in the GCC region at large, according to S&P.

Key risks for GCC banking systems include:

Outflows of foreign funding, which would entail non-resident investors exiting the GCC region as tensions escalate;
Outflows of local funding, which could materialize only in the case of a broader regional conflict or in S&P’s “severe stress scenario” of a wider conflict involving regional and non-regional allies;
“A spike in default rates among banks' corporate and retail clients,” which would come if there were disruptions to oil exports as part of the geopolitical instability.

Local private sector deposit outflows are expected to happen only under the agency’s most severe scenario of a wider conflict, and in the event of an exit of expats and residents. In that scenario, S&P expects 20% outflows of private sector deposits, which is based on historical data from the 1990-1991 Gulf War as a precedent. Meanwhile, the agency does not expect to see outflows of government or public sector deposits, saying that previous episodes of heightened geopolitical risk saw intervention from governmental and public entities to support banks amid capital outflows.

Even in the worst case scenario, banks in the GCC are equipped to cope with the losses: Banks are expected to experience some USD 290 bn in local private sector deposits under the worst case scenario posed by S&P, which the agency thinks banks can cope with. If there is less liquidity than originally assumed, central banks are likely to step in to support, the agency said.

Another risk for the UAE and the wider region is the potential blockage of the Strait of Hormuz, which S&P Global said would “disrupt regional cargo flows, particularly through Jebel Ali port in Dubai—a key hub in regional supply chains.”

UAE posts second-fastest growth in m’naires globally in 2024

The UAE recorded the second-fastest growth in USD m’naires globally last year, adding 13k new high-net-worth individuals in 2024 — a 5.8% rise from the previous year, according to UBS’ Global Wealth Report 2025 (pdf). The rate of m’naires arriving in the UAE was outpaced only by Turkey, which saw an 8.4% increase.

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The breakdown: Wealth in the UAE remains heavily concentrated in financial and real estate assets, with 62% held in financial instruments and 48% in property and land, Gulf News cites the report as saying. Debt levels remain low at just 9% among investors.

Bigger picture: The UAE’s total m’naire population now stands at 240.3k, with combined wealth holdings of USD 785 mn. The Emirates ranks second regionally to Saudi Arabia, which saw a 4.8% increase last year, adding 15k m’naires to reach 339k. Like Emiratis, Saudis hold the bulk of their wealth in financial assets (58%) and maintain even lower debt levels at 5.7%.

The UAE also posted one of the strongest long-term wealth gains globally, with median wealth up more than 23% since 2020, the news outlet cites head of UBS’ Wealth Management Middle East Niels Zilkens as saying. However, real median wealth dipped nearly 3% in 2024, reflecting inflation-adjusted declines.

Looking ahead, UBS expects both Gulf markets to enter “a pivotal phase of generational transition,” with around USD 122 bn in wealth transfers projected over the coming years, according to Zilkens.

Globally, private wealth rose 4.6% in 2024, buoyed by equity market gains and a stable USD. The US led the charge, adding over 379k m’naires — more than 1k per day — and now accounts for nearly 40% of all m’naires worldwide, Reuters reports. UBS forecasts that the US and China will lead continued wealth growth through to 2029.

Traders are driving the UAE hedge fund boom

Bloomberg is out with a deep dive on the UAE’s rise as a global hedge fund magnet — and it’s not just capital doing the pulling. A wave of relocations is being driven by traders themselves, with firms like Dymon Asia, Millennium Management, Point72, and Brevan Howard expanding in Dubai and Abu Dhabi to keep their talent happy. Zero income tax, a globally connected time zone, and expat-friendly policies have helped tip the scales, as well as increasingly stringent regulatory and tax environments in other finance centers like the UK and Singapore.

Investors are no longer conflating the UAE with the broader Middle East, and despite the current escalating regional conflicts, the “perceived risk to most is greater than what major investors and funds actually factor into decision-making,” said Dubai-based headhunter Rahnpreet Sandhu.

ALSO- A push from regional oil giants into LNG dominance also received ink from the international press, with Bloomberg reporting on Gulf players’, including the UAE’s Adnoc and Saudi’s Aramco, expansion into liquified natural gas markets. LNG’s position as a transition fuel in the renewables drive and its quick growth are behind moves like Adnoc’s USD 18.7 bn bid for Australia’s Santos, the business news information service said. Economic diversification efforts and strong margins in the LNG sector were also cited as being behind Gulf plays into the field, previously dominated by US firms.

New leadership at Emirates Investment Bank and HSA + Rakbank departure

Emirates Investment Bank has named Kishore Venkat (LinkedIn) as its interim CEO, according to a statement (pdf). The appointment has been effective since 17 June and was confirmed by the Central Bank of the UAE. This follows the resignation of the previous CEO Gaurav Bipinchandra Shah at the end of April.

Business conglomerate Hayel Saeed Anam & Co. (HSA) appointed Dirhem Saeed as chairman of the board, according to a statement. Dirhem was previously the board’s vice chairman, and succeeds former chairman Abdul Jabbar Saeed.

Mohamed Abdelfattah resigned as group company secretary of the National Bank of Ras Al Khaimah (Rakbank), according to a bourse disclosure (pdf). The resignation has been in effect since 2 June, and the disclosure did not specify a successor or a reason for the departure.

Meraas hands Naresco AED 450 mn contract for Dubai’s City Walk

CONSTRUCTION-

Meraas taps Naresco for City Walk residential development: Dubai Holding Real Estate’s subsidiary Meraas has awarded Naresco Contracting an AED 450 mn contract for the main construction works of Central Park Plaza residential development — the final phase of Dubai’s City Walk project, according to a press release.

The details: The project will deliver 212 apartments, townhouses, and penthouses across two towers, with handover expected in 3Q 2027. The towers will be part of City Walk’s wider community development with sports, retail, and wellness facilities, and an outdoor events area.

AVIATION-

Serco secures AED 495 mn contract extension with Dubai Airports: British multinational Serco secured an extended guest services contract worth AED 495 mn with Dubai Airports until December 2030, according to a press release. The five-year extension follows a previous six-year partnership between the two.

Serco’s role: Serco will continue managing passenger experience operations at both Dubai International Airport (DXB) and Al Maktoum International (DWC). Services include passenger processing, VIP lounge hosting, traffic marshaling, and chauffeur operations.

INFRASTRUCTURE-

Empower awards contract for new district cooling plant in Dubai: Emirates Central Cooling Systems Corporation (Empower) awarded an excavation and foundation works contract for a new district cooling plant in Al Sufouh 2 in Dubai, according to a press release (pdf), which did not disclose the identity of the firm.

Timeline and details: Excavation work began this month, with full construction scheduled to start in 4Q 2025. The plant, with a capacity of 23.4k RT, will be the first in a series of three future plant rooms that Empower plans to build in the area. It will serve multiple buildings, including the Innovation Hub business park.

HEALTHCARE-

Abu Dhabi tapped as WHO virus research partner: The Abu Dhabi Public Health Center (ADPHC) has been designated as the World Health Organization’s first collaborating center in the Middle East for research and capacity building in emerging respiratory viruses and associated infections, according to Abu Dhabi Media Office. The designation is effective through 2028, adding ADPHC to a global network supporting WHO-led research.

TRADE-

Dubai International Chamber expands into Canada: Dubai International Chamber has launched its first representative office in North America, setting up shop in Toronto as part of its global push to deepen trade and investment ties, state news agency Wam reports. The new office will act as a launchpad for Canadian firms into Dubai and vice versa.

Why Canada? …and why now? Non-oil trade between the two countries hit AED 10.2 bn in 2024, and by year-end, 4.1k Canadian companies were active members of the Dubai Chamber of Commerce— up 29% y-o-y. Some 289 new firms have also joined in the first quarter of this year.

DEBT-

Galadari secures funding for sports complex from Emirates NBD: Emirates NBD has closed a green term loan facility with Galadari Sports to finance a new sustainable sports complex in Al Quoz in Dubai, according to a press release. The facility will include gyms, squash and padel courts, swimming pools, and will be powered by solar panels and water recycling systems. As part of the bank’s sustainable financing framework, the project will have to adhere to environmental standards and impact reporting.

Another one? Galadari Sports is part of Dubai-based conglomerate Galadari Brothers, which recently received sustainability-linked financing (SLF) from our friends at Mashreq.

The Federal Reserve held rates steady as economic uncertainty rises in light of Trump’s tariff agenda

The US Federal Reserve held its benchmark rates unchanged at 4.25-4.50% for the fourth straight meeting, it said in a statement (pdf). Solid market conditions, low levels of unemployment, and a solid pace of economic growth, were cited as reasons in a statement, which noted inflation is still “somewhat elevated.” The last time the Fed cut interest rates was in December, when it cut rates by 25 bps.

Incoming economic uncertainty? Persistent concerns about an incoming uptick in inflation and unemployment on the back of US President Donald Trump’s tariff agenda, the effects of which are expected to be felt soon, are also factors in the decision, according to statements from Fed Chair Jerome Powell cited by Reuters. Economic projections released alongside the decision show the Fed now expects weaker economic growth — downgraded to 1.4%, from 1.7% earlier — and higher unemployment.

As expected: A Reuters poll from 105 economists had seen all but two predict the Fed to leave interest rates where they have been since the start of the year. Recent labor statistics from the US Treasury also made the case for keeping benchmark rates unchanged, as officials stay the course on a “wait-and-see approach [that] has served them well up until this point,” Deutsche Bank AG economist Brett Ryan told Bloomberg.

Market reax: The S&P 500 fell following the Fed’s announcement, while the Nasdaq inched up 0.1%. Meanwhile, the yield on the 10-year US Treasury note ended the day nearly flat.

Someone won’t be happy: US President Donald Trump has openly called on the Fed to slash rates by a full percentage point. This time he’s been complaining of the cost of high interest rates on fiscal buffers as the US government faces refinancing a huge swathe of maturing debt, Bloomb erg reported earlier this week. Treasury stats showed the government paid USD 776 bn over the past eight months in interest fees for its debt.

Most Fed policymakers still expect two rate cuts this year, though division is rising as a minority see no rate cuts needed this year, while others see a need for more than two. Powell downplayed this to say “no one holds these rate paths with a lot of conviction.”

MARKETS THIS MORNING-

Asian markets are in the red following the Fed’s move, with Japan’s Nikkei leading losses at 0.7%, South Korea’s Kospi falling around 0.3%, and Hong Kong’s Hang Seng losing nearly 0.5%. Over on Wall Street, futures also point to a weaker open.

ADX	9,496	-0.4% (YTD: +0.8%)
DFM	5,306	-1.2% (YTD: +2.8%)
Nasdaq Dubai UAE20	4,311	-0.9% (YTD: +3.5%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.2% o/n	4.3% 1 yr
TASI	10,591	-1.2% (YTD: -12.1%)
EGX30	30,839	+0.4% (YTD: +3.7%)
S&P 500	5981	-0.0% (YTD: +1.7%)
FTSE 100	8843	+0.1% (YTD: +8.2%)
Euro Stoxx 50	5267	-0.4% (YTD: +7.6%)
Brent crude	USD 76.60	+0.3%
Natural gas (Nymex)	USD 3.99	+3.6%
Gold	USD 3386.40	-0.6%
BTC	USD 104,702.00	+0.1% (YTD: +12.0%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.56	-2.2% (YTD: -0.2%)
S&P MENA Bond & Sukuk	144.18	-0.1% (YTD: +3.0%)
VIX (Volatility Index)	20.14	-6.8% (YTD: +16.1%)

THE CLOSING BELL-

The ADX fell 0.4% yesterday on turnover of AED 1.3 bn. The index is up 0.8% YTD.

In the green: GFH Financial Group (+9.2%), E7 Group PJSC Warrants (+7.5%) and Presight AI Holding (+4.2%).

In the red: Abu Dhabi National Co. for Building Materials (-9.4%), Al Khaleej Investment (-8.3%) and Sharjah Cement and Industrial Development (-4.4%).

Over on the DFM, the index fell 1.2% on turnover of AED 624.1 mn. Meanwhile, Nasdaq Dubai was down 0.9%.

CORPORATE ACTIONS-

Agility Public Warehousing Company’s stake in Agility Global will be reduced to 25% following a share buyback program, a distribution of 20% of shares in Agility Global as in-kind dividends, according to a bourse disclosure (pdf). The company also approved an additional USD 110 mn loan from a subsidiary to Agility Public Warehousing Company, which will settle the loan partially when Agility Global buys 615 mn shares (5.9% of share capital) at AED 0.5-5 per share from an APWC subsidiary. The ADX had earlier approved a share repurchase program of up to 1.04 bn shares of its ADX-listed shares, which is set to begin on 26 June, according to a separate ADX disclosure (pdf).

UAE, Pakistan ink a government modernization MoU + Cooperation on development with Czech, and renewables with Serbia

The UAE and Pakistan have inked an MoU focused on government modernization, aimed at advancing institutional reform, data-driven policymaking, and capacity building in Pakistan, according to a press release. Under the MoU, both sides will collaborate on civil service development, public sector reform, urban planning, and science and tech integration, among other areas. The partnership will include knowledge-sharing programs, advisory support, and digitization initiatives.

PLUS- UAE deepens ties with the Czech Republic: UAE State Minister for International Cooperation Reem bint Ebrahim Al Hashimy discussed with Czech Foreign Minister Jan Lipavský and Health Minister Vlastimil Válek bilateral initiatives and trilateral cooperation with African countries, state news agency Wam reports. The two sides agreed to work together on healthcare capacity-building in Africa.

AND- UAE and Serbia presidents discuss bilateral cooperation in Abu Dhabi: President Sheikh Mohamed bin Zayed Al Nahyan met with Serbian President Aleksandar Vučić to discuss strengthening bilateral relations, Wam reports. The leaders discussed expanding cooperation in renewable energy and food security, while reviewing the implementation of the Comprehensive Economic Partnership Agreement that recently took effect.

ALSO- UAE President + Putin discuss regional escalation: President Sheikh Mohamed bin Zayed and Russian President Vladimir Putin held a call to review bilateral ties and discuss the escalating regional security situation, Wam reports. The leaders stressed the need for de-escalation and backed diplomatic solutions to ongoing regional conflicts.

CALENDAR

JUNE

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.
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:

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

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