UAE economy contracts in 2Q

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Mubadala eyes stake in Italian telecom giant + Softbank’s Masayoshi Son sounds out GCC investors for AI fund

Good morning, everyone. We have an investment-heavy issue for you today as everyone from Mubadala, Oraseya Capital, and SoftBank’s Masayoshi Son eye new ways to deploy their funds.

But first, we start with sobering news that the UAE economy contracted 2.1% y-o-y in 2Q to AED 476.9 bn, with non-oil activity down 1.1% as the war hit the tourism sector. Diversification cushioned the blow somewhat, with financing leading 1H growth and non-oil’s share of GDP still rising.

Despite that, Abu Dhabi’s capital is still making tracks: Mubadala is reportedly in talks to take a stake in Italy’s biggest mobile tower firm INWIT, as part of a wider take-private, and

Adia is weighing up adding another element of India exposure to its portfolio by backing manufacturing platform Zetwerk.

PLUS- DIEZ has doubled the venture capital fund run by its investment arm Oraseya Capital to AED 1 bn in a move that gives it more space to follow high-growth startups rather than hand them off as they scale up.

The Gulf’s sovereign funds and largest companies are committing billions to AI infrastructure at home and to AI companies in the US and beyond. EnterpriseAM AI + Innovation reports on where that capital goes, who controls it and what it is actually buying.

Every Tuesday and Thursday, we also cover the startups and established firms across MENA putting AI to work, and how it is changing jobs, education and the way business runs.

It’s sharp, analytical and skeptical journalism that ignores hype and is laser-focused on informing our readers, not pleasing our sources.

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PSAs

#1- Flying to Saudi Arabia this week? Check your booking. UAE carriers have extended cancellations to Riyadh following Houthi attacks on King Khalid International Airport. Etihad Airways has canceled its Abu Dhabi-Riyadh flights through tomorrow, while flydubai has suspended flights to Riyadh and Abha up to and including Wednesday, 14 October. Others, including Qatar Airways and Kuwait Airways, have also canceled or diverted services to Saudi’s capital through early next week. All the airlines say the situation is fluid and further changes are possible.

IN CONTEXT- A missile hit King Khalid International on Saturday, killing 12 and injuring more than 300 in the third strike on the airport in a week.

#2- The UAE scrapped the pre-approval stage for e-invoicing service providers and moved to direct accreditation, under a new Finance Ministry decision effective 1 October, state news agency Wam reports. Providers now have to complete the required assessment and testing before they can be accredited as the program shifts from a pilot stage into a live operating system.

BACKGROUND- We reported in June that the pilot phase was underway, with businesses beginning to onboard ahead of mandatory adoption. Providers that received preliminary approval under the old system now have 30 days from 1 October to complete the new requirements or lose that status.

The framework also gets permanent from here. It now sets out renewal, ongoing evaluation, termination, and objection procedures while keeping the flexibility for providers to use third-party Peppol products or outsource parts of their service — so long as they remain responsible for compliance. We’ve explained previously that mandatory adoption begins in 2027.

Prosecutors say flydubai co-pilot planned to crash jet

UAE prosecutors say the co-pilot aboard flydubai flight FZ1073 intended to seize the aircraft and crash it into a terminal at Tel Aviv’s Ben Gurion Airport in a suicide attack, Wam reports. Prosecutors say the perpetrator attacked the captain with a cockpit crash axe before being overpowered, after which two other pilots on board — serving as the return flight crew — took control and landed the aircraft safely in Saudi Arabia.

What we already knew: We reported on 1 October that the flight diverted to Tabuk after transmitting an unlawful-interference code, while flydubai described the event as an “altercation” on the flight deck. UAE authorities opened a formal investigation the following day, which later determined that the co-pilot had attempted to carry out an act of terrorism.

The investigation findings indicate that the alleged plot was inspired by the 11 September attacks and that the co-pilot had flown the Tel Aviv route twice beforehand to familiarize himself with the route and airport. Investigators found that, after working for Oman Air and Royal Air Maroc, he had passed flydubai’s professional and security checks, none of which revealed that he had been drifting toward extremist views since 2017.

The next thing to watch is whether that changes airline safeguards. Saudi Arabia has opened a separate safety investigation into FZ1073, while the UAE findings put fresh scrutiny on crew vetting and cockpit security after investigators said existing recruitment checks raised no red flags.

Mubadala eyes stake in Italian telecom giant

Abu Dhabi sovereign wealth fund Mubadala is reportedly in talks to take a stake in Italy’s biggest mobile telecoms tower firm, Reuters reports, citing sources it says are familiar with the matter. Any stake acquisition would come as part of a wider take-private transaction for Infrastrutture Wireless Italiane (INWIT).

For now, discussions are still ongoing. However, a possible structure would see French private equity player Ardian, which has a 32% stake in INWIT, and Oak Holdings — an investment vehicle backed by KKR, Vodafone, and GIP — which holds 39%, buy out minority shareholders, with financing being arranged through banks.

The target: Over the last year, INWIT’s market value has dipped by 27% and its two primary clients, Telecom Italia and Fastweb, are looking to end their contracts. However, the firm still brought in EUR 1.1 bn in revenue and EUR 785 mn in EBITDAaL last year. Mubadala’s investments in the telecom sector include UK telco CityFibre, Indian telecoms giant Jio, and Northern Europe’s GlobalConnect, as well as du on home turf.

Airtel Money slips below IPO price on London debut

Dubai-based Airtel Money hit an early speed bump on its London debut, with its shares falling below the offer price despite a heavily oversubscribed IPO that valued it around USD 7 bn, Reuters reports. The fintech initially rose to GBP 2 per share before slipping to GBP 1.93, below its GBP 1.96 offer price. The secondary sale raised approximately USD 703 mn for existing shareholders selling 270 mn shares, making it London’s largest listing since last September.

Strong demand, weak market: The muted debut comes with a broader selloff in telecom stocks. Shares in parent Airtel Africa, which owned nearly 78% of Airtel Money before the IPO and will remain its majority shareholder, fell about 6% in London.

IN CONTEXT- A dual listing in Dubai is still on the table: The company is leaving the door open to a potential UAE dual listing later, according to the firm’s group CEO Ian Ferrao. Last November, Airtel Money secured a regulatory waiver to pursue a UAE listing, with the choice of exchange expected to hinge on landing a heavyweight Emirati cornerstone investor — it ended up with the World Bank’s IFC.

Back for another Gulf mega-check?

SoftBank’s Masayoshi Son is sounding out Gulf investors to raise up to USD 100 bn for a new AI-focused acquisition fund, the Financial Times reports, citing people it says are familiar with the discussions. Son has reportedly approached potential backers in the UAE for the fund, which would acquire companies and rebuild their operations around AI, with SoftBank’s robotics arm Roze — which Son wants to take public — likely to be involved. No commitments have been announced, and the fundraising could still fall through.

REMEMBER- There’s history here: Mubadala committed USD 15 bn to SoftBank’s first Vision Fund in 2017, alongside Saudi Arabia’s Public Investment Fund. Abu Dhabi’s ties with SoftBank have since expanded, with G42 partnering with the Japanese group and other US tech giants on Stargate UAE, while FAB took a nearly USD 1 bn share of SoftBank’s USD 40 bn OpenAI bridge loan in July.

Abu Dhabi has already demonstrated its appetite for mega AI funds. MGX closed a USD 49 bn fundraising round in July, beating its original USD 45 bn target with backing from investors across the Gulf, Europe, Asia, and North America.

What to watch out for: Whether Son can persuade Gulf investors to write another round of big checks, particularly with SoftBank already exposed to OpenAI to the tune of USD 65 bn and the ChatGPT maker’s postponed IPO adding uncertainty to its investment plans.

IPO rebound in sight

Morgan Stanley expects the UAE’s IPO market to bounce back once the regional conflict subsides, with the bank’s Co-President Dan Simkowitz telling The National that we “will definitely see a rebound in the IPO marketplace in the UAE.” The Emirates has seen no IPOs so far in 2026, after three offerings raised USD 1.1 bn last year, according to Dealogic data cited by the news outlet.

Simkowitz is also bullish on the UAE and broader Gulf credit markets, where regional issuers have raised more than USD 100 bn this year. His conversations with Gulf finance ministries and bourses are turning increasingly to bonds, he said, calling it the “natural progression” for exchanges like the ADX that have already grown their equity markets. Gulf debt capital markets stood at around USD 1.2 tn outstanding at the end of 1H 2026, against some USD 4 tn in listed equity, according to Fitch. As the region finances its growth and diversification ambitions, “it can’t all be done with equity,” Simkowitz argues.

REMEMBER- We reported in September that follow-on offerings and secondaries were expected to lead any reopening of the UAE’s capital markets ahead of fresh IPOs. The listing drought has pushed Gulf investment banks to chase agreements in Egypt, Turkey, and India. Debt markets face their own headwinds, with GCC bond and sukuk issuance falling 17.5% q-o-q in 3Q as higher borrowing costs encouraged issuers to hold off.

The tanker threat is spilling beyond Hormuz

A fully laden crude supertanker was struck by an unknown projectile 13 nautical miles west of Al Jazeera in the UAE over the weekend in what maritime security sources say could signal a widening of shipping risk beyond the Strait of Hormuz, Reuters reports. The Panama-flagged Gem No. 2 caught fire after the strike, though the blaze was extinguished; the crew’s status, damage, and any environmental impact remain unclear.

That shifts the geography of the problem: Last month, attacks were still concentrated around the strait itself, including one on the Adnoc-operated Al Maryah. The latest strike happened outside the Hormuz area and came days after another tanker was hit off Qatar, pointing to a broader threat across Gulf waters rather than just at the chokepoint.

ALSO- Dubai goes cashless

Dubai is now 90% cashless — hitting its 2026 digital payments target early, according to the Dubai Media Office. Government cashless collections reached 99.7% in 1H 2026, with nearly every government entity offering a digital payment option.

REMEMBER- Launched in October 2024, Dubai’s cashless push targets full digital enablement across government entities. The emirate is eyeing a spot among the top five cities worldwide for digital payments.

The gas crunch gave Egypt every reason to speed up its energy transition, and the question now is who builds it and who pays for it.

Power Trip, our four-part signature series, turns this week to the transition and the private developers now building much of Egypt’s new power.

Issue II looks at how the deals behind these projects work, who is lending to them, and why the country is building a nuclear plant at El Dabaa alongside its solar and wind farms. We also look at whether the regional crisis has finally pushed industry toward renewables, and at the factories Egypt is counting on to build its own panels, batteries, and turbines.

Tap here to subscribe to the Egypt edition and get Power Trip delivered straight to your inbox.

WEATHER- The mercury is dropping somewhat today in Abu Dhabi, with highs of 37°C and overnight lows of 29°C, and top temperatures of 38°C in Dubai before dropping to 29°C overnight, according to our favorite weather app.

The big story abroad

US President Donald Trump has announced an immediate Russia-Ukraine “energy ceasefire,” saying that both sides have agreed to it. Ukrainian President Volodymyr Zelenskiy said he was still awaiting the ceasefire’s specifics. The announcement follows days of pressure from Washington on Kyiv to halt its attacks on Russian oil refineries. Moscow has not confirmed the ceasefire.

US Central Command (Centcom) forces disabled a commercial cargo ship in the Gulf of Oman for allegedly trying to run the US naval blockade on Iran, the first such attack in more than a month. The Panama-flagged vessel attempted to cross regional waters after departing an Iranian port and was fired upon after receiving warnings, Centcom said.

E-commerce giant Amazon is negotiating an acquisition of startup Decart AI in a transaction that could be worth roughly USD 7 bn. Decart AI — whose software simplifies switching between different AI chips for developers — raised more than USD 400 mn in venture capital funds and was valued at USD 4 bn in May.

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UAE economy contracts 2.1% in 2Q as war hits non-oil activity

The UAE economy slipped into reverse in 2Q as the war hit its non-oil engines. Real GDP contracted 2.1% y-o-y to AED 476.9 bn in 2Q 2026, with non-oil activity shrinking 1.1% as regional disruptions weighed on tourism, transport, and trade, according to preliminary data from the Federal Competitiveness and Statistics Center cited by Wam. The contraction left 1H growth barely in positive territory at 0.4%, with GDP reaching AED 961.9 bn (USD 262 bn).

Oil took the bigger hit: The headline contraction is nearly twice as deep as the non-oil decline, which means oil output fell considerably faster. On our rough math, oil GDP dropped around 5-6% y-o-y in the quarter. The FCSC didn't publish a separate oil figure.

ICYMI- 1Q looked resilient at the time, with GDP up 3% and non-oil activity up 4.8%. But the war broke out in late February, so 1Q captured only about a month of disruption. 2Q is the first full quarter of data.

Diversification provided a cushion — but not immunity: Non-oil GDP still grew 1.8% across 1H, lifting its share of the economy to 79.2% from 78.1% a year earlier. But the six-month figure masks the 2Q reversal, with non-oil activities down 1.1%, as some of the sectors central to the UAE’s diversification drive were among those hit by disruptions to travel and trade.

Finance kept growing: Financial and ins. activities led 1H growth at 14.8%, followed by information and communications at 7.3%, health and social work at 6%, and construction at 5.1%. Trade remained the largest contributor to non-oil GDP at 16.2%, followed by finance at 15.2%, construction at 13.1%, and manufacturing at 11.8%.

The rebound may already be underway: 2Q was the low point in business surveys too: The UAE’s non-oil private-sector PMI slipped to 50.8 in June, its weakest June reading in more than five years, as businesses grappled with weaker tourism demand, delayed spending decisions, and higher costs. The latest GDP figures show how that pressure translated into an economy-wide contraction in 2Q, even as the PMI remained marginally in expansion territory.

But it isn't a clean recovery: Firms raised selling prices at the fastest rate in more than 15 years in September as input and freight costs climbed, and business optimism remains subdued. S&P Global also flags risks for the non-oil private sector as firms struggle to keep drawing on inventories without squeezing margins, given their reliance on imported inputs and overseas markets, according to Asharq Business. Still, it doesn't expect the UAE economy to contract over the full year.

ZOOM OUT- The Gulf has a bigger problem: The World Bank expects GCC economies to contract 4.3% in 2026, reversing its earlier growth forecast as the war disrupts energy production and exports. It sees the UAE contracting 1.6% this year, as we reported on Friday. The UAE has some protection through its Habshan-Fujairah pipeline, which can bypass the Strait of Hormuz — but that does little to shield its tourism, transport, and trade sectors from the wider disruption.

DIEZ doubles size of its VC fund to AED 1 bn

Dubai Integrated Economic Zones Authority (DIEZ) has doubled the size of the venture capital fund managed by its investment arm Oraseya Capital to AED 1 bn from AED 500 mn, according to the Dubai Media Office. It is also doubling its maximum investment per company to USD 6 mn from USD 3 mn and expanding beyond Series B, giving the fund room to stay with companies further into their growth cycle.

The mandate is widening geographically too: Oraseya can now back global companies deemed strategically relevant to the UAE while continuing to invest at the early stage. Healthcare and longevity, fintech and digital assets, and AI are among the priority areas.

Why it matters: The changes let Oraseya keep backing its best-performing companies as they scale, rather than handing them off to other investors. That fits a market where, as we reported in April, UAE VC deal counts are falling but average rounds are getting larger, with capital concentrating in fewer companies. Oraseya has been the UAE's most active investor by transaction count and early-stage activity, according to MAGNiTT's 1H 2026 rankings, so the bigger tickets put it in a better position to take part in those larger follow-on rounds.

It’s also a sizable jump from Oraseya’s early-stage roots: We reported in 2024 on Oraseya’s Sandbox accelerator writing USD 150k checks to startups. Oraseya now has 66 active portfolio companies and makes around 25 investments a year, while portfolio annual recurring revenue has risen to USD 387 mn from roughly USD 180 mn at the point of investment. Portfolio companies have also raised a combined USD 1.1 bn from other investors.

Taaleem’s FY 2025/26 earnings fall 22% as expansion costs offset enrollment growth

Taaleem’s net income fell 22% y-o-y to AED 127.2 mn in FY 2025/26, while operating revenue rose 15.6% to a record AED 1.3 bn, according to the company’s financials (pdf). Higher financing and depreciation costs tied to its expansion program outweighed stronger enrollment across its premium schools, Taaleem said in its earnings release (pdf). Most of the decline came during the summer: Taaleem's net income was up 9% at AED 283.2 mn after nine months, as we reported in July.

Premium schools remained the growth engine, with enrollment climbing 11.1% to 18.6k students, slightly outpacing a 10.5% increase in capacity, and average tuition fees rising 3.7%. Newer campuses still have room to fill, with 61% of available premium-school seats concentrated at DBS Mira, DBS Jumeira, and Raha International School Khalifa City.

KFG took the bigger hit from the conflict: Kids First Group (KFG) contributed an AED 4.3 mn share of net loss following purchase-price adjustments as nursery enrollment fell 6.6% and utilization dropped to 72.6%. The segment was more exposed because remote learning is harder for early-years education and parents pay monthly — the same pressure point we flagged in July. Enrollment has since continued to recover after reopening.

The next wave of capacity is already landing: Harrow Dubai opened at the end of August with around 400 registered students, ahead of its roughly 370-student business plan — after Taaleem told us in August it had hit its enrollment target despite the regional disruption. Harrow Abu Dhabi is due in the 2027/28 academic year, followed by DBS Ghaf Woods in 2028/29. Taaleem is also putting AED 1.5-2 bn toward growth, with five to six potential M&A targets lined up for KFG, as we’ve previously reported.

There’s growth headroom without another major buildout too: Dubai Schools PPP enrollment jumped 35.1% to 4.5k students, but utilization remains at just 46.3% across its 9.7k seats — leaving plenty of capacity to fill before Taaleem needs to add more.

Adia drops another anchor in India + Nextgen sets up HQ in UAE

Adia drops another anchor in India

Abu Dhabi Investment Authority (Adia) is weighing an anchor ticket in Indian manufacturing platform Zetwerk’s planned IPO, which could value the company at USD 3.1 bn (INR 270 bn), Livemint reports, citing two sources it says are familiar with the matter. Adia is among more than 30 investors considering participation, including Norway’s Norges Bank, BlackRock, Goldman Sachs Asset Management, and HDFC Asset Management. The firm is expected to announce its price band today, with the offer set to open within weeks.

Zetwerk? Founded in 2018, Bengaluru-based Zetwerk runs a platform that connects manufacturers with businesses across sectors including renewables, electronics, defense, aerospace, and AI infrastructure.

REMEMBER- Adia anchored three of India’s biggest listings this year: SBI Funds Management, Manipal Health, and the National Stock Exchange. Zetwerk would add a manufacturing platform to the sovereign fund’s exposure to India’s energy and industrial supply chain, after it anchored solar panel maker Emmvee’s IPO in late 2025 and joined share placements by renewables developer Acme Solar and precision equipment manufacturer KRN earlier this year.

Nextgen moves global HQ to the UAE

UK-born AI consultancy Nextgen is packing up its global headquarters and relocating to the UAE, Albayan reports. The firm chose the UAE for its high AI adoption rates and practical deployment, rather than developing tech alone.

What is Nextgen? Founded in 2012, Nextgen has over 75 experts across five offices and serves more than 50 major corporate and institutional clients — helping develop and operate more than 200 practical AI applications, including for government agencies and organizations operating under strict regulatory requirements.

KSA, UAE agree on rail link

Riyadh and Abu Dhabi signed a preliminary agreement on rail links and electricity interconnection, according to The National, with UAE Investment Minister Mohamed Alsuwaidi and Saudi Energy Minister Prince Abdulaziz bin Salman putting their names to it in Riyadh. It sets a framework for moving goods and cargo by rail across the border, commissions feasibility studies on linking the two networks, covers cooperation on exchanging and selling power, and provides for coordination with the rest of the GCC on the wider Gulf grid. There are no figures, timelines, or named projects in the agreement, which comes 10 days after Sheikh Mansour’s visit to Riyadh reopened the conversation.

Abu Dhabi lines up AED 150 bn+ of new projects and initiatives

Government entities, investors, developers and tech companies announced more than 50 agreements and initiatives worth over AED 150 bn at Abu Dhabi's inaugural LIVEX, spanning infrastructure, real estate, mobility and urban tech, according to an Abu Dhabi Media Office statement.

On infrastructure: The Department of Municipalities and Transport (DMT) launched the Musaffah Innovation District, unveiled plans for phase two of the 14.5 km Mid-Island Parkway linking Abu Dhabi's central islands with the E-10 and Khalifa City, and rolled out a portal for investors to assess government-owned land and built assets. Al Ain also got a new long-term planning framework running to 2040.

On tech: Abu Dhabi Mobility launched an AI platform for transport planning. DMT and e& are trialling sensor- and AI-based flood monitoring in Al Ain, and signed DMT's first drone-as-a-service agreement covering traffic, inspections and construction monitoring. Other agreements cover smart parking at Etihad Rail stations, autonomous mobility and real estate development.

What to watch is delivery: The Media Office says the agreements will now move toward implementation, against a wider pipeline of AED 450 bn in committed infrastructure investment across the emirate. That comes as UAE contractors are growing warier of locking in prices on long-term projects amid rising material costs.

Wall Street sees Treasury yields at 6% as structural pressures outlast oil-driven selloff

Oil lit the fuse on the Treasury selloff, but it isn’t what Wall Street expects to keep yields high. The benchmark 10-year has climbed almost 120 bps this year to 5.29%, close to its highest level since 2002, and Pimco’s Dan Ivascyn tells the Financial Times that 6% — a level unseen since 2000 — isn’t a far-off scenario. A Wall Street Journal survey shows economists expect oil to drop below USD 80 / bbl by July and inflation to cool to 2.3% by the end of 2027, yet they see the 10-year still near 4.8% by then. That’s half a point above what they forecast in July.

The oil shock is expected to pass, but the higher cost of US borrowing isn’t. Forecasters now see the 10-year ending this year at 5.1%, up from 4.4% in July, which they attribute to a mix of drivers that has little to do with the oil price. The fiscal picture keeps worsening, with interest on the national debt now exceeding military spending. The AI infrastructure build-out is soaking up capital, and the growth outlook has firmed, with 2026 GDP now seen at 2.4%, up from 2.1% in July.

The Fed has also turned hawkish, raising rates last month for the first time in three years and projecting rates above 4% through 2027. Northern Trust’s Carl Tannenbaum concedes that an end to the Iran war would ease some pressure on yields. Debt worries and AI-driven capital demand would remain, however, and he sees the 10-year at 5.2% through 2028. Decision Economics’ Allen Sinai calls it “a sea change in the fundamentals.” He expects yields near 6% next year and above 5% for the rest of the decade.

The near-term danger is positioning. Oil-driven inflation fears started the selling. What could carry yields to 6% is forced selling, according to Ivascyn. Platform hedge funds and other leveraged players are being stopped out of losing bond bets. Their exits push yields to levels that trigger further selling from holders like REITs, the “vicious loop” investors have been warning about for weeks. 3Q was already the Treasury market’s worst quarter this century.

Where it starts to hurt: Ivascyn draws the line at 5.5%. Beyond it, he expects “decent weakness in risk markets,” in both credit and equities, even with US indices near record highs. The strain is already showing in the weakest borrowers, with junk bond yields hitting 17% this month, the highest since May 2020. US households are feeling it too, weeks before the midterms, as the 30-year mortgage rate reaches 7.4%, a high not seen since 2023. Ivascyn also expects slow-motion trouble in private markets, where commercial real estate and other fragile capital structures are most exposed. Washington’s planning hasn’t caught up. The Congressional Budget Office’s February baseline assumed the 10-year wouldn’t top 4.3% this decade, and the White House budget office sees yields falling into the mid-3% range.

What could cap it: Yields this high eventually draw buyers looking to lock in returns, and this week’s 10- and 30-year auctions saw robust demand. Ivascyn also argues there’s no need to be all-in on US paper. He points to Australia, the UK, Canada, and Germany as offering attractive yields with better fiscal starting positions.

MARKETS THIS MORNING-

Asian markets were mixed in early trading. South Korea’s Kospi was down around 2.2%, and MSCI's broadest index of Asia-Pacific shares outside Japan was largely flat. Japanese markets are closed today.

ADX	9,796	-0.1% (YTD: -2.0%)
DFM	5,818	+0.3% (YTD: -3.8%)
Nasdaq Dubai UAE20	4,756	+0.3% (YTD: -2.7%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.7% o/n	4.8% 1 yr
TASI	10,360	-0.2% (YTD: -1.2%)
EGX30	52,207	-2.0% (YTD: +24.8%)
S&P 500	7,812	+0.6% (YTD: +14.1%)
FTSE 100	10,552	+1.1% (YTD: +6.3%)
Euro Stoxx 50	6,173	+0.8% (YTD: +6.5%)
Brent crude	USD 104.13	-0.6%
Natural gas (Nymex)	USD 3.18	-1.2%
Gold	USD 4,221	+0.1%
BTC	USD 83,660	+0.4% (YTD: -4.8%)
Lunate JP Morgan UAE Bond UCITS ETF	AED 3.53	+0.3% (YTD: -1.8%)
S&P MENA Bond & Sukuk	146.90	+0.3% (YTD: -3.3%)
VIX (Volatility Index)	14.84	-3.7% (YTD: -0.7%)

THE CLOSING BELL-

The DFM rose 0.3% on Friday on turnover of AED 642.5 mn. The index is down 3.8% YTD.

In the green: Islamic Arab Ins. Company (+3.7%), Dubai Islamic Ins. and Reins. Co. (+2.6%), and Al Firdous Holdings (+2.4%).

In the red: Unikai Foods (-5.0%), Emirates Reem Investments Company (-2.7%), and ENBD REIT (CEIC) (-2.5%).

Over on the ADX, the index fell 0.1% on turnover of AED 949.4 mn. Meanwhile, Nasdaq Dubai was up 0.3%.

CALENDAR

OCTOBER

12-14 October (Monday-Wednesday): Airport Show, Dubai World Trade Center, Dubai.

14-15 October (Wednesday-Thursday): Sharjah Investment Forum, Jawaher Reception and Convention Center, Sharjah.

13-15 October (Tuesday-Thursday): Annual Meeting of Global Future Leaders, Dubai.

20-22 October (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.

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

27-28 October (Tuesday-Wednesday): Arab Competition Forum, Dubai.

27-28 October (Tuesday-Wednesday): Federal Open Market Committee (FOMC) meeting.

30 October (Friday): Large businesses achieving annual revenues equal to or above AED 50 mn must appoint an accredited service provider for e-invoicing implementation.

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

NOVEMBER

2-5 November (Monday-Thursday): Adipec, Adnec Center, Abu Dhabi.

2-6 November (Monday-Friday): Dubai Future Finance Week, Dubai.

4 November (Wednesday): Digital Transformation Summit, Sofitel, Abu Dhabi.

9-10 November (Monday-Tuesday): Annual government meetings, Abu Dhabi.

9-12 November (Monday-Thursday): EMEA Council on Hotel, Restaurant and Institutional Education Conference, Dubai College of Tourism, Dubai.

9-13 November (Monday-Friday): World Congress of Military Med, Adnec Center, Abu Dhabi.

10-12 November (Tuesday-Thursday): Dubai International Electric Vehicle Exhibition & Conference, Dubai World Trade Center.

16-18 November (Monday-Wednesday): World Police Summit, Dubai World Trade Center, Dubai.

18-19 November (Wednesday-Thursday): Touchdown Middle East 2026, Conrad Abu Dhabi Etihad Towers, Abu Dhabi.

25-26 November (Saturday-Sunday): Doers Summit, Dubai Silicon Oasis, Dubai.

DECEMBER

2-4 December (Wednesday-Friday): UN Water Conference, UAE.

4-6 December (Friday-Sunday): Formula 1 Abu Dhabi Grand Prix, Abu Dhabi.

8-9 December (Tuesday-Wednesday): Capital Market Summit, Madinat Jumeirah, Dubai.

8-9 December (Tuesday-Wednesday): Federal Open Market Committee (FOMC) meeting.

7-10 December (Monday-Thursday): Abu Dhabi Finance Week, Al Maryah Island, Abu Dhabi.

8-10 December (Tuesday-Thursday): Abu Dhabi Water & Power Week, Adnec Center, Abu Dhabi.

8-10 December (Tuesday-Thursday): Middle East & North Africa Business Aviation Association Show, DWC, Dubai Airshow Site.

Signposted to happen sometime in 2027:

1 January: Deadline for large businesses to implement e-invoicing;
14-17 January (Thursday-Sunday): MOC27 Motor, Outdoor & Camping Festival, Dubai Sevens Stadium, Dubai.
1Q 2027: Completion of the first phase of Hassyan seawater desalination project;
1-3 February (Monday-Wednesday): World Governments Summit;
31 March: Small businesses with annual revenues of less than AED 50 mn are obliged to contract with an accredited service provider for e-invoicing implementation;
31 March: Government entities are required to appoint an accredited service provider for e-invoicing implementation;
21-22 April (Wednesday-Thursday): Token2049, Dubai;
31 May-2 June (Monday-Wednesday): RailX Dubai, Dubai World Trade Center, Dubai.
1 July: Deadline for small businesses to implement e-invoicing;
1 October: Deadline for governments to implement e-invoicing;
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 in 2028:

Artificial Intelligence Summit.

Signposted to happen sometime in 2029:

Sibos 2029 organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Dubai;
Annual Meetings of the World Bank Group and the International Monetary Fund, Abu Dhabi;
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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