UAE dominates VC funding in the region in 1H 2025. PLUS: Mubadala pours more capital into existing investments

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WHAT WE’RE TRACKING TODAY

THIS MORNING: More share sales coming up in 2H? + President Mohamed bin Zayed Al Nahyan heads to Turkey on a working visit

Good morning, friends, and happy hump day. We have plenty for you to dig your teeth into this morning, including several 1H wrap-ups — one on venture capital funding in the region, another on trading performance on the UAE’s exchanges, and another on IPO activity.

PLUS- We take note of more investments from Abu Dhabi sovereign wealth fund Mubadala, and a AED 3.9 bn facility for Dubai Metro Blue Line.

WEATHER- The mercury peaks at 44°C in Dubai, before cooling to 35°C overnight. In Abu Dhabi, temperatures peak at 39°C before cooling to 31°C overnight.

HAPPENING TODAY-

President Mohamed bin Zayed Al Nahyan is heading to Turkey for talks with his Turkish counterpart, Recep Tayyip Erdogan, which will explore boosting cooperation as well as other regional issues of interest, state news agency Wam reports. The visit will also mark the first meeting of the UAE and Turkey’s first high-level strategic council, Turkish Communications Director Burhanettin Duran said on X.

WATCH THIS SPACE-

#1- Momentum seems to be picking up for IPOs and share sales in 2H 2025 after a relatively quiet start to the year, with several share sales being prepped for after the summer, Bloomberg reports. Dubai’s Alec Construction has been holding investor meetings as it eyes a c. USD 500 mn IPO, the business news information service reports, citing people familiar with the matter, while sovereign wealth fund Mubadala is mulling a follow-on offering for state telco Du, likely to take place after the summer.

What else is in the pipeline? Abu Dhabi AI firm AIQ’s has been sounding out in vestors for a potential IPO, while Etihad Airways, IHC’s 2PointZero, and other real estate players including Arabian Construction, Dubizzle Group, and hospitality group Five Holdings have all been said to be close to an IPO. Meanwhile, Abu Dhabi Investment Group (ADIG) is eyeing listings for its financial unit and energy subsidiary and Amanat Holdings is looking to float its education and healthcare units. Shisha producer Advanced Inhalation Rituals is also rumored to potentially IPO.

For a refresher on IPO activity in 1H 2025, we have a rundown in this morning’s Planet Finance, below.

#2- Inflation across the Gulf is set to moderate in 2H 2025 amid falling oil and shipping prices as geopolitical tensions ease and as the US Federal Reserve is expected to resume its rate-cutting cycle, Emirates NBD said in a recent report (pdf). Inflation across the bloc has been modest so far in 2025, averaging 1.3% y-o-y from January to May, marking a slowdown from 1.8% recorded last year.

Housing is set to keep inflation in Dubai and Saudi Arabia slightly higher than their peers, as new initiatives like the first-time home buyer program in Dubai and more relaxed foreign real estate ownership rules in the Kingdom boost demand, the report said.

REFRESHER- Dubai’s annual inflation remained steady in June, coming in at 2.37%, the Dubai Statistics Center data recently showed. The Central Bank of the UAE (CBUAE) slightly lowered in June its inflation forecast for the UAE for 2025 down by a 0.1 percentage point to 1.9, which it attributed to a “continuous downward trend in transportation costs” and “moderating energy prices.”

#3- Fujairah is kicking off construction of a 77km rainwater drainage network as part of a package of upgrades to its internal roads, state news agency Wam reports. The upgrades include a 1.2 km tunnel in the Al Sharia area, and another 1.4 km one near Sheikh Khalifa General Hospital, as well as road lighting, signage, speed bumps, parking, and pedestrian crossings.

DATA POINTS-

#1- UAE accounts for 34% of MENA sustainable bond issuances in 1H: The UAE issued USD 3.2 bn in green, social, sustainable, and sustainability-linked (GSSS) bonds in 1H 2025, making up 34% of total regional activity, Zawya reports, citing Bloomberg’s Capital Markets League Tables. Notable issuances included a USD 700 mn greek sukuk from Tabreed and USD 500 mn one from real estate developer Omniyat.

The regional picture: Saudi Arabia led the region with USD 6.3 bn in issuances, while overall regional GSSS volume declined 4.4% y-o-y to USD 9.5 bn, amid a slowdown in activity from Egypt and Qatar. Islamic instruments made up USD 6.8 bn of the total, while AT1 sukuk reached USD 3.2 bn — the highest 1H figure in five years.

REMEMBER- The UAE and Saudi Arabia are expected to lead sustainable bond issuances in the region this year, with total volumes forecast at USD 18-23 bn. On a wider scale, the UAE’s debt issuance saw an uptick in 1H despite a regional slowdown. Sukuk markets, however, as set to regain momentum in 2H, driven by refinancing needs.

#2- The UAE now accounts for 3% of all foreign purchases of US residential real estate — its highest ever share — tying with Brazil, Columbia, and Nigeria in the latest National Association of Realtors (NAR) International Transactions in US Residential Real Estate report (pdf). This puts the UAE in the top 10 countries of foreign buyer purchases, and it also came fifth in terms of foreign clients selling US residential property.

The increase comes as foreign buyers picked up 78.1k US homes over the past year, up 44% y-o-y, with total transaction value reaching USD 56 bn, according to NAR. Buyers from China led the pack, accounting for 15% of purchases, followed by Canada at 14%. Florida, California, Texas, and New York remained the most popular states.

THE BIG STORY ABROAD-

There’s no single big story abroad this morning, but a mix of new tariff updates, rising inflation in the US, and increased violence in southern Syria are getting a lot of attention.

Tariffs on pharma and semiconductor chips could come as soon as this month, with the pharma tariff coming in low at first before US President Donald Trump hikes them a year later once pharma firms have gotten a chance to regroup. Trump had previously floated a tariff on pharma that could reach as high as 200%, and said he plans to impose a 50% tariff on copper. (Bloomberg)

Trump says we can expect two or three more trade agreements to be struck before 1 August, when reciprocal tariffs are set to go into effect, name-checking India as one that could materialize soon.

The US also reached an agreement with Indonesia that will see Indonesian imports face a 19% tariff, in exchange for bns in USD worth of committed purchases, including of Boeing jets and US energy. (Reuters | Guardian)

ALSO- The impact of tariffs seem to have started to trickle down to consumers, with consumer prices rising 0.3% in the US last month. The latest data suggests the US Federal Reserve will keep holding off on rate cuts until inflation is back in check. (Wall Street Journal | Reuters | Financial Times)

CLOSER TO HOME- Israel attacked military targets in Syria and Lebanon, killing 12 people in Bekaa Valley in Lebanon, including several Hezbollah fighters, and ramping up tensions with the Syrian government, which condemned the attacks on the southern city of Sweida. Sweida had seen an escalation of violence amid clashes between Druze — who dominate the city — and Bedouin groups that have killed more than 100 people, according to the Syrian government. (Guardian | BBC | New York Times)

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Mubadala pours more capital into CityFibre and PCI Pharma Services

Continuing a busy week for Mubadala, the Abu Dhabi sovereign wealth fund has committed fresh funds to two existing investments: UK telco CityFibre and US pharma manufacturer PCI Pharma Services.

REFRESHER- Mubadala Investment Company, alongside other existing shareholders, Infrastructure at Goldman Sachs Alternatives, Antin Infrastructure Partners, and Interogo Holding, were in talks to invest GBP 500 mn in fresh equity to CityFibre as part of a GBP 2.3 bn capital raise to accelerate its UK rollout and acquisition strategy. The shareholders have now inked the agreement, according to a press release.

In parallel, CityFibre also secured GBP 960 mn in a debt expansion from lenders, including ABN AMRO, BBVA, Crédit Agricole CIB, ING, Intesa Sanpaolo IMI CIB, Lloyds, the National Wealth Fund, NatWest, SEB and Société Générale to expand its infrastructure and customer base. An additional GBP 800 mn accordion facility was also arranged to fund future acquisitions.

REMEMBER- CityFibre aims to double its customer base by the end of 2025, driven by organic growth and the acquisition of smaller market players. A key part of this strategy is a newly activated agreement with Sky, enabling the broadcaster to offer broadband services over CityFibre’s fibre network.

Mubadala Investment Company also made a sizable reinvestment in PCI Pharma Services, in which it is already a backer, according to a press release. The capital injection is part of a strategic investment co-led by Bain Capital and existing lead investor Kohlberg, with a minority investment from Partners Group. Mubadala initially invested in the company in 2020. The financial terms of the transaction were not disclosed.

Where will the money go? The company plans to channel the funding into accelerating its growth through new service offerings and entry into additional markets. A significant portion will be directed toward strengthening its US investments, with targeted investments in advanced manufacturing capabilities, including injectable drug production and facilities for handling high-potency and specialized pharmaceuticals.

Advisors: Citi acted as financial advisor to Mubadala, with Skadden, Arps, Slate, Meagher & Flom LLP serving as legal counsel. Jefferies acted as lead financial advisor to PCI, while Moelis & Company LLC acted as co-advisor. Paul, Weiss, Rifkind, Wharton & Garrison also acted as counsel to PCI.

It’s not just Mubadala who’s been active

Adia pours AED 17.7 mn into Anthem Biosciences’ IPO: The Abu Dhabi Investment Authority (ADIA) invested 41.3 crore (c. AED 17.7 mn) in the USD 395 mn IPO of the Indian drugmaker Anthem Biosciences, according to a disclosure (pdf).

The sovereign wealth fund picked up 723k equity shares, accounting for 4.1% of the anchor investor portion. Anthem’s IPO was 1.6x oversubscribed as of yesterday, with strong interest from non-institutional investors. The share sale is set to close today, and trading is expected to begin on 21 July, Reuters reports.

REMEMBER- Adia has been ramping up its Indian equity investments in 2025, shelling out roughly USD 310 mn (INR 26.2 bn) for a 5.1% stake in Mumbai-listed IDFC First Bank. The fund also took part in Mumbai-based HDB Financial Services’ INR 3.4 bn (c. AED 1.4 bn) pre-IPO funding round. Adia also participated in Ather Energy’s USD 156.9 mn pre-IPO funding round.

UAE, KSA dominate VC funding in the region in 1H 2025

Venture capital funding in the MENA region rose 92% to USD 1.5 bn across 310 investments in 1H 2025, led by investments in the UAE and Saudi Arabia, according to a Magnitt emerging venture market funding report (pdf) and press release (pdf). The figure marks the region’s strongest half-year performance since 2022 and represents 39% of total funding across emerging markets tracked by the platform.

Saudi Arabia and the UAE contributed 85% of total funding and 74% of total transaction count in the MENA region. Saudi Arabia ranked second among all EVM geographies, with USD 860 mn raised from 114 investments in 1H 2025, a 116% y-o-y increase. A couple of mega-transactions buoyed the figure for 1H, with Ninja raising a USD 250 mn funding round and Tabby raising a USD 160 mn Series E round.

The UAE saw some USD 447 mn investments (up 84% y-o-y) across 114 transactions (up 10% y-o-y) — its highest deployment since 1H 2020. The largest disclosed transaction was AppliedAI’s USD 55 mn series A round. Meanwhile, Egypt attracted USD 185 mn in investments in 1H 2025, marking a 90% y-o-y increase.

Quarterly performance: In 2Q 2025, Middle East funding rose 22% y-o-y to USD 741 mn across 117 investments. The region secured USD 1.4 bn across 258 investments in 1H 2025, doubling its performance compared to the same period in 2024. Despite a slight contraction in volume of investments, the quarter saw more Series A and B investments, reflecting a strong interest in mid-sized rounds on the back of new fund launches and a strong LP network.

PLUS- Some 42% of Series A and B rounds exceeded USD 20 mn, up from just 10% a year ago — reflecting a growing preference for ventures with proven traction and scalability.

Fintech was the standout sector in 1H 2025, with funding in the Middle East rising to USD 516 mn, representing 38% of total capital deployed in the region. E-commerce followed in second place in terms of funding in the Middle East with USD 321 mn and Enterprise Software with USD 105 mn. Across the broader MENA region, fintech attracted USD 596 mn in 1H 2025, tripling y-o-y.

Who were the top investors? Riyad Capital emerged as the most active investor by capital deployed, while UAE-based Plus.VC led in terms of the number of investments, according to a separate brief (pdf).

The Middle East bucked a wider slowdown among emerging venture markets, with total VC funding across EVMs dropping 7% y-o-y to USD 4 bn — the lowest half-year level since 2017. The decline was primarily due to a 32% drop in mega rounds and continued contraction in Southeast Asia, historically the largest EVM market.

Dubai Metro expansion gets AED 3.9 bn boost from Emirates NBD

Dubai Metro expansion gets boost from Emirates NBD: DFM-listed Emirates NBD has wrapped the underwriting of a AED 3.9 bn green syndicated bonding facility to a consortium of contractors working on the new Dubai Metro Blue Line, it said in a press release. Turkey’s Mapa and Limak, alongside China’s CRRC, are building the line.

Refresher: The AED 20.5 bn Blue Line, scheduled for completion by September 2029, will connect with the existing Red and Green Metro lines and integrate with bus and taxi networks. It is expected to carry 350k daily passengers by 2040, with the 30-km line running through 14 stations connecting Dubai International Airport to major urban hubs such as Mirdif, Al Warqa, International City, Dubai Silicon Oasis, Academic City, and Dubai Creek Harbour.

The timeline so far: The Dubai Roads and Transportation Authority (RTA) awarded the project to the consortium last year. They started construction last month, a few months after the initially-planned starting date.

AED 56 bn in ROI? The project is slated to bring about AED 56 bn in return on investments through reductions in fuel consumption, travel time, emissions, and accident-related fatalities, according to RTA Director General Mattar Al Tayer.

UAE and Saudi stocks emerged as top performers in 2Q -Kamco Invest

Foreign investors continued to pour into GCC equity markets in 2Q 2025, marking the sixth consecutive quarter of net inflows. Net foreign buying doubled to USD 4.2 bn on quarterly basis, bringing the total for the first half of the year to USD 7 bn, a nearly 40% y-o-y jump from the USD 5 bn logged in 1H 2024, according to Kamco Invest’s quarterly report (pdf).

The UAE and Saudi Arabia were the star performers in 2Q: Abu Dhabi and Riyadh were the most attractive destinations for foreign capital. Investors snapped up USD 1.4 bn in Saudi Arabia’s equities in 2Q, while net buying in the UAE reached USD 1.33 bn. Kuwait followed with USD 696.5 mn in inflows, while Dubai saw foreign investors scoop up USD 462 mn worth of shares.

Not everyone was in foreign buyers’ good books in 2Q: Foreign investors offloaded USD 29.6 mn in Omani equities — their second straight quarter of net selling in the market — and USD 27.9 mn in Bahraini stocks.

UAE equities were the most attractive to foreign isnvestors in 1H: Foreign investors were the biggest buyers of UAE equities in 1H, recording net purchases of USD 4.5 bn, followed by Saudi Arabia (USD 1.6 bn) and Kuwait (USD 1.4 bn). Foreigners were net sellers across Qatar, Oman, and Bahrain in 1H, collectively pulling USD 580.7 mn from those exchanges.

Momentum shifting in Saudi? Despite a healthy showing in 2Q, foreign buying in Saudi stocks fell 37% y-o-y in the first half to SAR 7.3 bn. The highest level of foreign purchase was last month, reaching SAR 3.64 bn. Retail investors recorded net buying of SAR 7.1 bn during 1H, down 35.5% y-o-y, with April being the peak month.

The outlook for the rest of the year is uncertain: Market-specific reforms, IPO pipelines, and macro sentiment will determine whether the region can extend its six-quarter streak of foreign inflows through the rest of the year, the report reads.

Trading volume is up, but value is down: Total trading volumes across the GCC rose 9.1% y-o-y in 2Q to 94.7 bn shares, thanks largely to a 39% jump in activity on the Qatar exchange and a 21% boost in Dubai. But value traded slipped to USD 151.8 bn in 2Q, down from USD 157.5 bn the previous quarter. Abu Dhabi was the only market to post a significant gain in value traded, rising to USD 22.5 bn from USD 20.3 bn in 1Q, allowing it to capture a 14.9% share of the total value traded during the period.

GCC investors were net sellers in 2Q: GCC nationals (excluding Bahrain) trimmed their holdings in regional equities in 2Q, with net outflows of USD 50.5 mn — a steep 89.5% drop from 1Q. Most of the selling came from Kuwait, Qatar and Oman, partially offset by net buying in Abu Dhabi (USD 48.4 mn), Dubai (USD 23 mn), and Saudi Arabia (USD 4 mn).

Saudi Arabia tops the list of most-traded stocks: Al Rajhi Bank, Aramco, and International Holding Company were the region’s most actively traded stocks by value in 2Q, together accounting for nearly 43% of the top 10. The full list includes Adnoc Gas, Emaar Properties, and Kuwait Finance House, with the top 10 representing 36.6% of all trading activity across the GCC.

SIB, NBQ see double-digit net income growth in 1H 2025

More local banks are reporting 1Q 2025 — and 1H 2025 — earnings as we kick off earnings season.

SHARJAH ISLAMIC BANK-

SIB net income up 24.8% in 1H 2025: Sharjah Islamic Bank (SIB) reported a 24.8% y-o-y rise in net income to AED 697.2 mn in 1H 2025, according to its management discussion and analysis report (pdf). The increase was driven by a 6.4% rise in income from Islamic finance and sukuk to AED 1.9 bn, and a 40.2% jump in investment, fee, and commission income to AED 412.4 mn. Total operating income rose 13% y-o-y to AED 1.2 bn.

NBQ-

National Bank of Umm Al Quwain (NBQ) reported a 16.7% y-o-y rise in net income to AED 128 mn in 2Q 2025, according to its financials (pdf). Its bottom line was boosted by a 50.2% y-o-y jump in operating income, which reached AED 214.5 mn.

On a six-month basis, NBQ posted a net income of AED 313.8 mn, up 10% compared to 1H 2024. Meanwhile, gross revenues rose 8% y-o-y to AED 643 mn. The lender attributed its solid 1H performance — despite difficult interest rate conditions — to improved income diversification and tight cost control, according to a separate earnings release (pdf).

SCA CEO elected to regional board

SCA CEO elected to head IOSCO’s Amerc committee: Securities and Commodities Authority (SCA) CEO Waleed Saeed Al Awadi (LinkedIn) has been elected as chair of the Africa and Middle East Regional Committee (Amerc) — one of four regional bodies under the International Organization of Securities Commissions (IOSCO), state news agency Wam reports. He will represent Amerc on IOSCO’s 34-member board, which includes the world’s top securities regulators.

In case you don’t know: Amerc includes 43 regulators from across the MENA region and focuses on advancing regional coordination and regulatory reform, whilst IOSCO oversees over 95% of global financial markets.

Brendan Law (LinkedIn) has been appointed as the founding principal of Gordonstoun Jubail in Abu Dhabi, which is set to open in September 2027, according to a press release. Law will head up the campus — the first international outpost of the Scottish boarding school — under International Education Holding (IEH) which he will join this September. He is currently the executive principal and director general of Wuxi Dipont School in China, and was previously vice president of Gems Education and headmaster of Cranleigh Abu Dhabi.

India’s Shapoorji Pallonji completes first Dubai residential project

REAL ESTATE-

Shapoorji Pallonji makes int’l debut with AED 1.4 bn Dubai build: Indian conglomerate Shapoorji Pallonji completed its first international residential project, a 45-story tower in Downtown Dubai called Imperial Avenue, Trade Arabia reports. The AED 1.4 bn project is backed by London-based alternative asset management firm Hayfin Capital and the UAE’s Commercial Bank International. The project has been certified by Dubai’s Real Estate Regulatory Authority, with property inspections and handovers now underway.

No stranger to the Emirates: Shapoorji is also working on 275 villas on Dubai Holding’s Palm Jebel Ali, and it was also awarded a contract for construction work in Abu Dhabi’s Mangrove Residences.

CONSTRUCTION-

Dar Global awards AED 201.5 mn main works contract for RAK project: Dubai-based real estate developer Dar Global awarded GCC-based Gulf Asia Contracting an AED 201.5 mn main works contract for The Astera, its residential development on Al Marjan Island in Ras Al Khaimah, the company said in a statement. The contract comes after Stromek Emirates Foundations wrapped up shoring, excavation, and piling works, and will cover full construction of the tower’s superstructure and finishes.

REMEMBER- Launched in June 2024, the Astera is an AED 900 mn beachfront development that luxury carmaker Aston Martin is designing the interiors for. The project includes apartments and villas, and is slated for completion in December 2028. It is being developed in partnership with Dubai-based developer Aarvees Group.

FINANCIAL SERVICES-

Network International taps Wio Bank to offer digital SME loans: Dubai-based payments provider Network International partnered with homegrown digital-only bank Wio to integrate the bank’s lending products into Network’s digital merchant lending platform, according to a statement. Eligible SME merchants will be able to apply for loans and receive personalized offers based on real-time transaction data through the initiative, which aims to improve credit access for SMEs in the UAE.

AVIATION-

Etihad to expand Caucus, central Asia, KSA network: Etihad Airways will launch flights to seven new destinations from next March, expanding its network in central Asia and the Caucus, according to a press release. The additions include Kazakhstan’s Almaty, Baku in Azerbaijan, Tashkent in Uzbekistan, as well as Bucharest, Tbilisi, and Yerevan. A route to Saudi Arabia’s Medina will begin earlier in November of this year.

Etihad is on an expansion streak: Etihad recently added three new seasonal routes to its network, with plans to fly to Kazan in Russia from December, Salalah in Oman from next May, and Krakow in Poland from June 2026.

MANUFACTURING-

Ducab Group secures cable contract for Hong Kong hospital project: Dubai Cable (Ducab) will supply cables to the Acute Hospital in Hong Kong, according to a press release. The hospital, scheduled for completion by the end of next year, is set to be one of the largest in the city with 2.4k beds and 37 operating theaters.

The details: Ducab will provide over 40k km of building wires and 15k km of fire-resistant cables for emergency power continuity. The hospital project is backed by Hong Kong’s government.

BUSINESS-

Emirates NBD, Dubai to offer governance, succession planning for family firms: The Dubai Center for Family Businesses signed an MoU with Emirates NBD to support family-owned companies with governance, succession planning, and family office structuring, according to the Dubai Media Office. The center will provide services including governance maturity assessments, family charter development, and tailored advisory.

REMEMBER- An estimated USD 1 tn is set to be controlled by the Emirates’ wealthiest families by 2026, and the government is keen to implement formalized processes to avoid up to USD 49 bn floating around unaccounted for if generational succession plans aren’t in place.

FINTECH-

UAE fintech firms Telr + Peko launch new platform: UAE-based payment gateway solutions provider Telr and business payments-focused fintech Peko have joined forces to launch Telr Incepta, according to a press release. The tech platform aims to offer SMEs tech solutions to manage their financial and business operations. It centralizes 50 services like business registration, license renewal, and automated reporting, and will be immediately available to Telr’s existing 30k clients. QR payment and buy-now-pay-later options will also be available.

COMMODITIES-

Zarea establishes Dubai subsidiary for regional expansion: Pakistan's commodities B2B platform Zarea incorporated a wholly-owned subsidiary in Dubai, named Zarea Commerce, according to a bourse disclosure (pdf) to the Pakistan Stock Exchange. The new entity will serve as the company's regional headquarters and will focus on technology-driven B2B trade and international market access, the disclosure said.

LOGISTICS-

Tesco will develop a multi-mn GBP distribution center at DP World’s London Gateway port, according to statements here and here. Tesco will tap German logistics firm Witron for its smart automation systems to bolster throughput, reduce waste, and ensure a seamless distribution network. The center is slated to open in 2029.

DP World’s been preparing for this: The port operator acquired Hong Kong-based logistics firm Cargo Services Far East last year — accumulating more than 200 freight forwarding offices by the end of 2024. The move enabled DP World to have exposure to nearly 95% of global trade flows.

Gulf IPOs cool in 1H, and Saudi Arabia keeps the crown

Gulf IPOs pulled back slightly in 1H, raising a combined USD 3.4 bn across 24 listings — a 6% y-o-y drop from the same period last year, according to a report (pdf) by Kuwaiti research firm Markaz.

Saudi remained the region’s IPO powerhouse, accounting for the lion’s share with USD 2.8 bn raised across 22 offerings — a 36% increase in value over 1H 2024 and representing 85% of total GCC IPO proceeds in the first six months of the year. The largest Saudi listing of the period came from Flynas, followed by Umm Al Qura.

A slow 1H for the rest: The UAE saw only one listing in the first half of the year, with IT services firm Alpha Data raising USD 163 mn, excluding Dubai Holding’s blockbuster AED 2.2 bn (USD 600 mn) listing of Dubai Residential REIT. Oman also contributed a single listing via Asyad Shipping, which raised USD 333 mn. Kuwait, Qatar, and Bahrain saw no listings in 1H.

Cyclicals dominated: The industrial sector led the way, accounting for 43% of total IPO proceeds with USD 1.4 bn raised. That included listings from Asyad, Nass, and several logistics and consultancy firms. Real estate followed with 17% of total proceeds, led by Umm Al Qura. Meanwhile, Specialized Medical Company contributing the bulk of USD 505 mn raised by healthcare IPOs

Kuwait’s bourse topped the region in performance, rising 18.1% YTD, followed by Dubai (10.6%), Abu Dhabi (5.7%), and Qatar (1.7%). In contrast, Tadawul ended H1 down 7.6%, and Bahrain’s Bourse lost 2.1%.

MARKETS THIS MORNING-

Asian markets are seeing yet another mixed morning, following gains for Asian chip stocks after the US lifted export curbs to China. Hong Kong’s Hang Seng is up 0.5%, while Japan’s Nikkei and the Shanghai Composite are both inching down 0.1%. Meanwhile, Wall Street futures are indicating a lower opening as the bank earnings season kicks into gear.

ADX	10,151	+0.9% (YTD: +7.8%)
DFM	5,914	+1.0% (YTD: +14.6%)
Nasdaq Dubai UAE20	4,932	+2.1% (YTD: +18.4%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	4.3% 1 yr
TASI	11,095	-1.1% (YTD: -8.0%)
EGX30	33,815	+0.3% (YTD: +13.7%)
S&P 500	6,244	-0.4% (YTD: +6.2%)
FTSE 100	8,938	-0.7% (YTD: +9.4%)
Euro Stoxx 50	5,354	-0.3% (YTD: +9.4%)
Brent crude	USD 68.86	-0.5%
Natural gas (Nymex)	USD 3.52	+1.6%
Gold	USD 3,337	-0.7%
BTC	USD 116,821	-2.7% (YTD: +24.7%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.62	+0.6% (YTD: +1.5%)
S&P MENA Bond & Sukuk	145.63	-0.2% (YTD: +4.1%)
VIX (Volatility Index)	17.38	+1.1% (YTD: +0.2%)

THE CLOSING BELL-

The ADX rose 0.9% yesterday on turnover of AED 1.9 bn. The index is up 7.8% YTD.

In the green: Multiply Group (+7.7%), Abu Dhabi Commercial Bank (+7.6%) and Bank of Sharjah (+5.9%).

In the red: Umm Al Qaiwain General Investment (-9%), Al Wathba National Ins. (-8.1%) and Agility Global (-7.5%).

Over on the DFM, the index rose 1.0% on turnover of AED 961.4 mn. Meanwhile, Nasdaq Dubai was up 2.1%.

CORPORATE ACTIONS-

Ajman ruler + gov’t increase stakes in Ajman Bank: Ajman’s ruler Humaid bin Rashid Al Nuaimi has raised his ownership in Ajman Bank from 14.15% to 15.98%, according to a DFM disclosure (pdf). Separately, the Ajman government increased its stake from 28.43% to 31.15%, according to a separate bourse disclosure (pdf).

India’s Madhya Pradesh and UAE hold investment talks + UAE, Tunisia explore food security cooperation

India’s Madhya Pradesh seeks UAE investments: Mohan Yadav, chief minister of the central Indian state of Madhya Pradesh, held meetings with UAE officials, including Foreign Trade Minister Thani bin Ahmed Al Zeyoudi, to discuss increasing bilateral investment and trade cooperation, according to an X post. The meetings come on the sidelines of a three-day visit to the UAE to attract investments and bolster trade with the Emirates,

MoUs signed at investment forum: The Indian state’s Industrial Development Corporation signed two MoUs with Dubai-based Texmas and with the India-Arab Countries Chamber of Commerce, Industry, and Agriculture, that aim to boost the state’s industrial, textile, and agricultural goods exports, according to another post on X.

ALSO- President Mohamed bin Zayed Al Nahyan spoke with Iranian President Masoud Pezeshkian over a call in a bid to boost bilateral ties, state news agency Wam reports. This is the latest in a series of recent calls amid rising geopolitical tensions and during the 12-day war with Israel.

UAE + Tunisia explore food security partnerships at agricultural forum: Tunisian and Emirati officials and private sector representatives discussed improving food security, supply chains, and agricultural technology during the UAE-Tunisia Agriculture and Food Forum in Tunisia, according to a press release.

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.

8-19 September (Monday-Wednesday): Universal Postal Congress, 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.

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.

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

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

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, 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:

e& will complete Adnoc’s private 5G network.
Executive Committee Meeting (EXCOM 2025) conference of the World Smart Sustainable Cities Organisation (WeGO)

Signposted to happen sometime in 2H 2025:

Closing of XRG's acquisition of Covestro

JANUARY 2026

1 January: Client asset regime changes in Dubai International Financial Center take effect.

9-11 January (Friday-Sunday): 1 Bn Followers Summit, UAE.

28-29 January (Wednesday-Thursday): IBA Arbitration Day Conference, Abu Dhabi.

FEBRUARY 2026

3-5 February (Tuesday-Thursday): The World Governments Summit.

12-15 February (Thursday-Sunday): The Society for Incentive Travel Excellence Global Conference, Abu Dhabi.

Signposted to happen in 2026:

31 March - 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.
13-15 April ( Monday-Wednesday) : The International Glass Manufacturing Show, Dubai.
11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center.
The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference
Dubai Future Finance Week
Investopia Global Talks, Tashkent

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

Signposted to happen sometime in 2027:

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

Signposted to happen sometime between 2027 and 2029:

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

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