UAE retains spot as strongest performer worldwide for greenfield FDI

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Ins. prices are down + UAE airport passenger volumes up in 1H 2025

Good morning, lovely people. It’s still busy here at home this week, with plenty of earnings, real estate, and tech news topping headlines.

THE BIG STORY here at home is fDI Intelligence’s latest report showing the UAE coming out on top once again with the biggest FDI flows relative to its GDP in 2024. On the real estate front, Emaar is taking construction in-house, signaling a wider market trend as pressure to deliver on time builds up, while the office market in Dubai and Abu Dhabi remains stronger than ever in 1H 2025, according to Knight Frank.

In tech news, Abu Dhabi’s Technology Innovation Institute is getting access to quantum computing firm Quantinuum’s hardware as it looks to expand quantum computing capabilities.

WEATHER- Dubai will see highs of 39°C and overnight lows of 33°C today, while Abu Dhabi is set for a high of 41°C and a low of 33°C. The capital could feel hotter, with humidity expected to hit 78% overnight, possibly causing mist in some coastal areas, according to the National Center of Meteorology (pdf).

WATCH THIS SPACE-

The Norwegian sovereign wealth fund increased its holdings in listed UAE companies to AED 12 bn in 1H 2025, up 7.3% from 2H 2024, according to its website. The world’s largest investment fund by assets under management holds stakes in 41 UAE companies across real estate, finance, energy, logistics, and consumer sectors.

Top holdings: Emaar Properties topped the list (pdf) with an AED 1.9 bn stake (equivalent to a 1.6% stake), followed by Abu Dhabi Commercial Bank with AED 970.8 mn, Dubai Electricity and Water Authority with AED 818.9 mn, Emirates NBD with AED 802.5 mn, Salik with AED 732.7 mn, and First Abu Dhabi Bank with AED 707.4 mn.

DATA POINTS-

#1- Commercial ins. prices fell 5% in India, the Middle East, and Africa (IMEA) in 2Q 2025, with the UAE and Saudi Arabia seeing sharper drops on the back of strong reins. capacity, according to Marsh’s 2Q 2025 IMEA Ins. Market Index. Globally, commercial ins. prices fell 4% — the fourth straight quarterly drop.

The breakdown: Property ins. rates in the UAE and Saudi saw the sharpest falls, supported by competition from regional players and multinational reinsurers. Casualty ins. rates were stable in the UAE, while financial and professional lines dropped 15-20% in both countries. Financial institutions in the Middle East saw reductions of 10-15% thanks to increased London and Dubai capacity. Cyber ins. fell 5% overall, with some Middle East clients seeing over 15% of declines on news excess and primary layer capacity.

#2- The Federal Tax Authority collected AED 357.22 mn in taxes and fines from inspections alone during the first half of the year — marking an 86.3% y-o-y increase, state news agency Wam reports. It carried out a record 85.5k field inspections across UAE markets in 1H 2025, up 110.7% y-o-y. The campaigns also led to the seizure of more than 17.6 mn non-compliant excise goods, up 144.4% y-o-y.

#3- Airports across the UAE handled 75.4 mn passengers in 1H 2025, up 5% y-o-y, as national carriers added flights to 15 new destinations including cities in Russia, Poland, Vietnam, and Egypt, Wam reports. Air traffic movements rose 6.2% y-o-y to 531k, with Riyadh, Jeddah, Kuwait, Mumbai, and Bahrain ranked as the busiest routes by weekly flights.

Air cargo volumes were also up: UAE airports processed over 2.2 mn tons of cargo in 1H 2025, up 4.7% y-o-y, with national carriers handling 67% of the total.

PSAs-

#1- New marine service fees in the capital: Abu Dhabi Maritime will implement updated fees (pdf) for marine facility services starting 1 September, according to a post on X. Affected services include: Wet and dry berthing, jet ski and boat launch/recovery, engine flushing, and additional utilities (electricity/water) as per consumption or fixed rates, with different fees for private and commercial boats depending on the service.

Other key charges under the new decision include:

AED 5 per tariff item (collected by the operator);
AED 1.76 service fee per transaction;
AED 100 for contract attestation;
and fees for cancellation requests.

#2- You can soon request on-demand fuel and car wash service at Dubai’s Parkin-operated parking spots: Dubai’s Parkin signed a long-term agreement with demand fuel delivery and vehicle services platform Cafu to roll out on-demand fuel delivery and car wash services across its paid public parking network, according to a Dubai Media Office statement. Starting today, customers will be able to request the service via SMS, WhatsApp, or the Parkin app, while Cafu users can access them through its platform.

Bigger picture: The partnership — which requires no capital investment from Parkin — is expected to generate AED 5-7 mn in annual revenues.

THE BIG STORY ABROAD-

It’s much less of a business-focused morning in the international press this morning as US President Donald Trump’s upcoming summit with Russia’s Vladimir Putin dominates headlines. Trump threatened Russia with “severe consequences” if Putin doesn’t agree to a ceasefire during their upcoming meeting, and has agreed with the leaders of Ukraine and other European countries that he would not enter territory negotiations with Putin on Friday. The Wall Street Journal and Reuters have more.

IN THE BUSINESS AND FINANCE WORLD- Crypto exchange Bullish saw its shares close up 83.8% on its first day of trading on the NYSE, after rising as much as 219% in intraday trading. The crypto player — which had priced its IPO above its price guidance — raised c. USD 1.1 bn in the IPO, and now has a market value of USD 9.9 bn. (Bloomberg | WSJ)

AND- Succession plans at the US Federal Reserve are beginning to take form ahead of the end of Fed Chairman Jerome Powell’s second term next May. The US Treasury has selected a list of 11 candidates for Trump to select, including Jefferies Chief Market Strategist David Zervos, BlackRock CIO of Global Fixed Income Rick Rieder, and a handful of current and former Fed governors. CNBC and the Financial Times have the story.

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OIL WATCH-

#1- The International Energy Agency (IEA) expects global oil demand to grow by 700k bbl/d in 2026, according to the IEA’s August oil market report. The agency kept its 2025 demand forecast unchanged at 104.4 mn bbl/d, with growth of 680k bbl/d, despite weaker-than-expected consumption in China, India, Egypt, and Brazil in recent months.

REMEMBER- Opec is more bullish on demand next year: Opec raised its forecast for oil demand growth in 2026 to 1.4 mn bbl / d — 100k bbl / d higher than previously expected — on the back of strong economic activity in its monthly outlook earlier this week.

Global oil supply was flat in July at 105.6 mn bbl/d, as a 230k bbl/d fall in Opec+ output to 42.72 mn bbl/d was offset by gains from non-Opec+ producers. Higher Opec+ targets for September are set to lift global supply growth to 2.5 mn bbl/d this year and 1.9 mn bbl/d in 2026, with non-Opec+ accounting for half.

This means it’s on track for a surplus: “While oil market balances look ever more bloated as forecast supply far eclipses demand towards year-end and in 2026, additional sanctions on Russia and Iran may curb supplies from the world’s third and fifth largest producers,” the Paris-based agency said.

#2-The Brent-Dubai exchange of futures for swaps (EFS) has narrowed further amid US pressure on Indian imports of Russian oil, Bloomberg reports. Brent’s premium over Dubai crude fell to just USD 0.6 cents per barrel from USD 3.9 in late June, Bloomberg said, citing PVM Oil Associates data. The shift reflects growing expectations that Indian refiners will pivot away from Russian Urals crude in favor of medium-density grades from the Middle East under US pressure.

The shift is already happening: The US push, including tariffs threats, has already impacted October-loading cargoes. Indian state refiners have pulled back from Russian oil and are now sourcing from Abu Dhabi, Libya, Nigeria, and the US. The shift has also opened an arbitrage window for Atlantic Basin crudes — typically priced against Brent and WTI — to flow into Asia, reshaping regional trade flows, Bloomberg adds.

UAE tops global greenfield FDI rankings for 2024

UAE holds onto global greenfield FDI crown: The UAE was once again the strongest performer worldwide for greenfield foreign direct investment (FDI) relative to its GDP in 2024, according to fDi Intelligence’s ’s Greenfield FDI Performance Index 2025. The country recorded a score of 14.26, meaning it secured more than 14 times the volume of FDI anticipated for an economy of its size.

What the score means: A score above 1.0 indicates the country attracted more FDI than its share of global GDP, while a score below 1.0 indicates it attracted less.

Who’s behind the UAE? Namibia came second with a score of 7.95, followed by Costa Rica (6.16) and Monaco (5.90). Regionally, Bahrain ranked fifth (5.84), Qatar 12th (4.70), Oman 36th (2.4) and Saudi Arabia 47th (2), according to another section of the report.

Project volumes: The UAE ranked second globally for inbound projects after the US, with activity rising 1.8% y-o-y in 2024.

Sectors in focus: Business services, technology, and financial services drew the largest number of projects. Other sectors with notable growth included transport and warehousing, communications, and consumer goods. AI, cybersecurity, and cloud computing remained major drivers of investment into the UAE.

What’s driving it: A mix of pro-investment regulation, political stability, open diplomatic ties with East and West, and long-term residency programs (golden and green visas) are helping the country maintain its edge.

REMEMBER- The value of UAE greenfield FDI projects fell 33% y-o-y to USD 14.5 bn in 2024, accounting for 36% of GCC projects, trailing only Saudi Arabia, while the number of projects rose 2%. Dubai topped the global list for greenfield FDI project destinations in 2024, drawing in AED 52.3 bn in capital, and maintained its lead in greenfield FDI in cultural and creative industries for the third consecutive year.

The momentum has continued this year: The UAE attracted USD 5.4 bn in greenfield FDI across 613 projects, according to a report by Emirates NBD. Big AI projects, including G42 and OpenAI’s Stargate UAE and Microsoft and Core42’s plans to build sovereign AI cloud infrastructure in Abu Dhabi, were among several major projects secured during the period. The UAE has set a target of AED 1.3 tn in FDI inflows between 2025 and 2031.

Emaar brings construction in-house as more UAE developers take work off the market

EmaarProperties has established an in-house contracting arm — RuknMirage — under its subsidiary Mirage, Reuters reports, citing a spokesperson. The new arm will handle certain internal projects while Emaar continues to outsource others, founder and managing director Mohamed Alabbar told the newswire.

The shift reflects a wider trend among UAE developers seeking greater control over construction timelines, costs, and quality — and a larger share of income — by relying less on third-party contractors. It comes amid surging demand, as Dubai real estate prices have climbed 70% over four years to December 2024, while the government aims to double the city’s population to 7.8 mn by 2040.

Emaar’s not alone: Arada Developments acquired 100% of the New South Wales arm of Roberts Co — a Sydney-based commercial construction company — in May, with plans to integrate it into UAE operations. Samana Developers launched its in-house contracting unit in September 2024 and has shifted from allocating 20% of work to the unit to handling 80-90% of its new projects internally, Reuters quotes CEO Imran Farooq as saying. Other developers launching in-house construction units in recent years include Ellington Properties, Azizi Developments, and Sobha Group.

Developers say controlling the full pipeline — from land acquisition to handover — helps them deliver on time, unlock escrowed buyer payments sooner, and avoid penalties for delays. Funds from off-plan sales remain in escrow until after final inspection, with a one-year delivery window before buyers become eligible for refunds.

But the move carries risk, industry experts warn. Splitting focus between development and construction could stretch management capacity, while a downturn could leave costly in-house equipment and facilities idle, construction consultancy Stonehaven ’s founder and managing partner Gordon Rodger told the newswire. Independent contractors, squeezed by reduced awards from developers, may start pivoting to infrastructure, manufacturing, or oil and gas projects, he added.

Dubai and Abu Dhabi office markets see strong 1H demand and growing supply pipelines

Business service firms prompted record demand for offices in 1H, accounting for 38% of demand in Dubai and 32% in Abu Dhabi, according to Knight Frank’s latest Dubai (pdf) and Abu Dhabi (pdf) office market reviews. Occupancy levels in both emirates remained at record highs, meaning that the supply pipeline is only growing bigger.

DUBAI-

Sales activity remained brisk, with 83 office transactions over AED 10 mn recorded in the first half, up from 27 a year earlier. Prime fitted office rents in Dubai’s Dubai International Financial Center (DIFC) averaged AED 400 per sqft in 1H 2025, maintaining its position as the most expensive submarket.

Downtown retained its spot as the top sales market, with average prices exceeding AED 5k per sqft — well ahead of Business Bay, where prices have grown at a compound annual growth rate (CAGR) of 21.2% since 2020. Other submarkets, including the Greens (AED 260 per sqft) and Dubai Design District (AED 280 per sqft), also saw robust gains.

New spaces are getting more expensive as secondary stock cools: While Savills’ 2Q data pointed to a cooling in parts of the market — nearly half of the submarkets it tracks saw flat rents — Knight Frank’s 1H report shows prime districts continuing to post strong gains and attract high-value transactions. The difference underscores a widening gap between top-tier space and secondary stock, where rental growth has begun to ease from the steep jumps seen a year earlier, Knight Frank said.

Looking ahead: Developers are responding to the tight prime availability with a pipeline set to deliver 15.8 mn sqft by 2030, more than 7 mn sqft of which will be in the DIFC — largely set to be offered as build-to-rent schemes. Business Bay is leading the build-to-sell segment, with more than 1.3 mn sqft planned. Knight Frank expects demand to stay strong and outpace new premium supply this year, driving further rental growth in prime space and widening the gap with older stock.

ABU DHABI-

Demand doubles as Grade A space remains tight: Office requirements in Abu Dhabi totalled more than 50k sqm in 1H 2025, up 110% y-o-y, according to Knight Frank. Grade A occupancy remains near full, while January saw a surge in transactions driven by new rental contracts.

Rents jumped in several districts in 2Q, led by Musaffah, up 68% q-o-q, followed by Al Bateen, up 64%, and Al Hisn, up 18%. Older stock saw modest declines, with Al Danah down 2% and Al Nahyan down 6%.

Looking ahead: This year will see around 51k sqm of new office space delivered, while next year could see 43k sqm delivered. Upcoming completions include Aldar’s 22.2k sqm HB Tower in Yas Island and the 12.0k sqm Saas Business Tower on Al Reem Island. A larger wave of supply is expected in 2027, with almost 175k sqm of new office space scheduled.

REMEMBER- ADGM’s 1Q 2025 expansion to Al Reem Island added 500k sqm of premium office inventory to the market. Business activity saw a significant uptick on the back of this, with the financial freezone now housing 2.8k operational firms — a 43% increase from the previous year.

TII partners with Quantinuum to advance quantum computing in the UAE

TII gets access to quantum computing hardware from leading player: Abu Dhabi’s Technology Innovation Institute (TII) will gain access to the world’s largest integrated quantum computing company Quantinuum ’s highest-performing hardware and systems under an agreement inked between the two, according to a press release. This will help speed up the development of algorithms and commercial quantum applications in the UAE, the statement said.

The details: The partnership gives TII researchers access to Quantinuum’s quantum computing platforms, including Helios, the firm’s upcoming machine designed to improve gate fidelity and qubit connectivity. The agreement also covers training for quantum developers in the UAE.

SOUND SMART- Gate fidelity measures how accurately a quantum computer executes its basic operations without errors, with higher fidelity meaning more reliable calculations. Qubit connectivity refers to how easily qubits — the basic units of information in a quantum computer — can interact with each other in a processor.

The aim is to combine hardware with TII algorithm research to address three focus areas:

Chemistry and materials science: Modeling superconductors and estimating ground-state energies for advanced materials;
Classical-to-quantum data integration: Finding efficient ways to encode classical information, such as images, into quantum states;
Complex optimization: Solving large-scale combinatorial challenges in logistics, finance, and AI with few qubits.

Quantinuum? Founded in 2021 through the merger of Honeywell Quantum Solutions and Cambridge Quantum Computing, the US- and UK-headquartered company develops quantum computers and quantum software, with some of the highest benchmarks in the industry — including a 99.914% 2-qubit gate fidelity and one of the highest quantum volumes.

UAE proptech Coraly.ai lands USD 2 mn to boost AI capabilities and global rollout

Coraly.ai raises USD 2 mn pre-seed: UAE-based proptech Cor aly.ai — formerly Coralytics — secured USD 2 mn in a pre-seed round led by Salica Oryx Fund, with participation from EQ2 Ventures and angel investors, according to a press release.

Where will the money go? The capital will fund product development, expand AI capabilities, and grow the engineering team. It will also support the company’s commercial launch in Saudi Arabia this year, pilot programs in France and the US, and bolster its UAE presence.

About Coraly.ai: Founded in 2022 by Fouad Bekkar (LinkedIn), the company offers an AI-powered growth platform for real estate professionals, providing lead enrichment, automated campaigns, and performance insights. The startup has signed a go-to-market partnership with SNPI, France’s largest professional real estate union, representing more than 14.8k agencies; while in North America, it has secured its first multiple listing service partner in the US, with pilots scheduled in the coming months.

More and more earnings

AD PORTS-

UAE-based port operator AD Ports Group saw its top line jump 15% y-o-y to AED 4.8 bn in 2Q 2025, driven by robust performance across all its segments, according to an earnings release (pdf). The company’s net income after tax was flat, gaining just 1% y-o-y to AED 445 mn, largely due to higher income taxes. This came as maritime revenues soared 20% y-o-y to AED 2.4 bn despite Red Sea disruptions.

The company also reported a solid 1H overall, with its top line surging 17% y-o-y to AED 9.4 bn and its bottom line rising 8% y-o-y to AED 908 mn.

Steady despite tensions: AD Ports believes it is well-positioned against uncertainties in the container shipping industry — such as escalating geopolitical and trade tensions — thanks to its mitigation strategy and resilient demand and spot rates, as well as a lack of exposure to North American routes, the company said. That being said, AD Ports still expects geopolitical conflict in the Red Sea to continue into 2026,

LULU RETAIL-

Lulu Retail saw its net income rise 1.8% y-o-y to USD 57.3 mn in 2Q 2025, according to its financials (pdf). Revenue for the quarter were up 4.6% y-o-y to USD 2.0 bn, which Lulu Retail said was “a function of like-for-like sales growth of 2.1% and new stores,” according to its earnings release (pdf).

In 1H 2025, net income rose 9.1% y-o-y to USD 127 mn, while revenues were up 5.9% y-o-y to USD 4.1 bn.

Market breakdown: Lulu said its revenue growth was driven by healthy performance across its footprint, particularly as demand for fresh food in the region remained strong. In the UAE — Lulu’s largest market — revenues rose 9.4% in 2Q 2025, while Saudi Arabia saw 3.8% y-o-y revenue growth, with “particularly high growth in sales of electrical goods,” along with new store openings. Kuwait also reported 4.9% y-o-y revenue growth, Qatar’s revenue grew 0.1% y-o-y, and revenue in Oman dipped 1% y-o-y “on account of flat supermarket sales which was driven by price declines although volumes were up.”

PRESIGHT-

Presight boasts record 1H revenues as 2Q momentum holds: ADX-listed data analytics firm Presight AI’s revenue surged 53.5% y-o-y to AED 523.9 mn in 2Q 2025, as net income climbed 11.5% y-o-y to AED 89.7 mn, according to its earnings report (pdf). This came on the back of strong backlog execution, new domestic agreements, and deployment from AIQ, in which it acquired a 51% stake in June 2024.

International markets’ revenue share soared to 26.8%, up from 4.9% in 2Q of the previous year. The company aims to nearly double its revenue share from international markets to 40%, up from last year’s 23%, CEO Thomas Pramotedham told us last year. Meanwhile, its backlog reached AED 3.7 bn as of the end of June, 3x its backlog the previous year.

In 1H 2025, Presight’s revenue hit AED 1.1 bn, up 80.2% y-o-y, helped by an uptick in sovereign AI contracts and landmark agreements across key growth sectors in the UAE — including with the National Media Office, Media Council, and Abu Dhabi Department of Energy. Pramotedham said his firm is a “key AI and digital transformation partner” across the Emirati federal government and state-owned enterprises.

Diversifying its global foothold: Presight recently opened a new office in Astana to strengthen its Kazakh energy partnerships — via its majority-owned unit, AIQ — and drive targeted expansion across Central Asia. The company also secured agreements for Malaysia’s Madani AI initiative and Uganda’s national digital government rollout.

FIVE HOLDINGS-

Luxury hospitality and entertainment group Five Holdings posted a net income of AED 58 mn in 2Q 2025, a 42% y-o-y increase, according to its financials (pdf). Revenues rose 9.4% y-o-y to AED 596.8 mn, led by hospitality, which alone delivered AED 548 mn in revenues, up 22.4% y-o-y, according to a separate earnings release (pdf). Meanwhile, real estate revenues fell 49.5% y-o-y, reaching AED 49 mn.

Net income reached AED 92.8 mn in 1H, up 150% y-o-y, while revenues reached AED 1.1 bn, up 21.1% y-o-y.

AL ANSARI FINANCIAL SERVICES-

AlAnsari Financial Services reported a net income of AED 103.4 mn in 2Q 2025, down 3.1% y-o-y, according to its financials (pdf). Total income for the quarter stood at AED 352.9 mn, up 17.7% y-o-y. For the first six months of the year, net income rose 3.3% y-o-y, reaching AED 212.2 mn. Total income reached AED 655 mn in 1H 2025, up 11.9% y-o-y.

Revenue growth was driven by results from the Bahraini forex firm it acquired in April, which positioned its subsidiary Al Ansari Exchange as the main currency exchange service in the UAE and Bahrain, and the third largest in Kuwait, according to a separate earnings release (pdf). Transaction volumes supported the growth, with total transactions up 10% y-o-y to 28 mn, outward remittances rising 12%, and banknote values increasing 105%.

Looking ahead, the group plans to launch Al Ansari Digital Wallet in 3Q 2025 and complete its acquisition of Al Ansari Exchange in Kuwait by the end of 3Q.

RAK CERAMICS-

RAK Ceramics’ net income rose 30.1% y-o-y to AED 66.4 mn in 2Q 2025, due to higher-margin products and operational efficiencies, according to its earnings release (pdf). Meanwhile, revenues in 2Q climbed 6.4% y-o-y to AED 826.8 mn on the back of strong demand within the UAE and Middle East. The ADX-listed company’s 1H net income inched up 1.2% y-o-y to AED 115.2 mn with revenues worth AED 1.6 bn, a 2.9% y-o-y rise.

The regional picture is mixed: Revenue share in European and Saudi Arabian markets declined, while revenues from the UAE and wider Middle East region surged by 33.4% due to demand from Bahrain, Iraq, and Jordan. Tiles remained the biggest revenue driver, bringing in AED 474.3 mn during the second quarter, supported by high-margin project and retail channels in the UAE, while sanitaryware sales rose 3.6%, according to the release.

SALIK-

Salik’s 2Q net income jumps on higher trips, variable pricing: Dubai toll operator Salik posted a net income of 400.2 mn in 2Q 2025, up 49.6% y-o-y, according to its earnings release (pdf). Revenues climbed 45.6% to AED 775.7 mn.

Behind the performance: Toll usage fees grew 49.4% to AED 691.3 mn during the quarter, boosted by the first full quarter of variable pricing and the addition of two new gates in November 2024. Total chargeable trips reached 160.4 mn, up 1.6% from 1Q despite it being a typically slower season.

In 1H 2025, net income rose 41.5% y-o-y to AED 770.9 mn, while revenues increased 39.5% to AED 1.5 bn. Toll usage fees for the period grew 42.3% to AED 1.4 bn, with total chargeable trips reaching 318.4 mn. Fines contributed AED 134.3 mn, up 15.7% y-o-y.

Looking ahead: Salik raised its FY 2025 guidance, now expecting revenue growth of 34-36% — up from 28-29% previously — and EBITDA margins of 68.5-69.5%, supported by strong tolling volumes and ancillary revenues from parking and partnerships.

Dividends: The board proposed an interim dividend of AED 770.9 mn, or 10.278 fils per share, equivalent to 100% of 1H net income. The company was also recently included in the MSCI Emerging Markets Index.

AIR ARABIA-

Air Arabia net income dips in 2Q: Air Arabia posted a net income after tax of AED 349.9 mn in 2Q 2025, down 10.3% y-o-y, according to its financials (pdf). Meanwhile, revenues rose 2.2% y-o-y to AED 1.7 bn as passenger numbers increased 15% to 5.1 mn across its hubs, the carrier said in a separate earnings release (pdf).

In 1H 2025, net income after tax inched up 3.7% y-o-y to AED 655.0 mn, while revenues rose 7.8% to AED 3.4 bn as passenger traffic climbed 13% to 10.1 mn, with an average seat load factor of 84%. The airline added two aircraft to its fleet, bringing the total to 83, and launched 13 new routes across the UAE, Morocco, Egypt, and Pakistan.

AMANAT HOLDINGS-

Amanat Holdings posts higher 2Q bottom line: Amanat Holdings reported a net income of AED 48.8 in 2Q 2025, up 19.4% y-o-y, according to its financials (pdf). Revenues rose 13.5% to AED 227.7 mn, driven by growth in the education segment, according to a separate earnings release (pdf).

In 1H 2025, net income came in at AED 93.2 mn, up 4.6% y-o-y, while revenues grew 13.1% to AED 468.4 mn. Education revenues climbed 23% y-o-y to AED 284.9 mn, supported by a 17% increase in student and beneficiary numbers to a record 23.9k. Healthcare revenues were only up 1% y-o-y to AED 183.4 mn, with growth in Dhahran and Khobar tempered by discontinued Covid-related programs.

REMEMBER- Post-period, Amanat agreed to sell the real estate assets of North London Collegiate School for AED 453 mn, as part of its strategy to focus on core healthcare and education operations.

Du brings 5G advanced for the first time to the region

TELECOMS-

Du launches Middle East’s first-ever 5G-A network: State-owned telecom giant du has deployed 5G-Advanced (5G-A) on its live network in partnership with Huawei, making the UAE the first country in the region to launch the next-gen capacity, according to a press release.

The upgrade will deliver up to 33% faster average data speed — with a peak data speed of about 5.4 Gbps — as well as stronger coverage, lower latency, and reduced power consumption. The deployment also features the world’s first dual-band active antenna unit to support massive IoT, autonomous vehicles, and smart city infrastructure.

EVs-

India’s Omega Seki to open EV plant in Jafza: Indian electric vehicle (EV) manufacturer Omega Seki Mobility (OSM) is setting up its first international EV assembly facility in Jebel Ali Freezone (Jafza), with plans to invest AED 92 mn over the next five years for global expansion, according to a press release. The plant — spanning 42k sq ft — will produce electric two- and three-wheelers for export to Middle Eastern and African markets, creating over 100 jobs in its first phase.

ENERGY-

Sabson Energy acquires Bangladeshi power plant: Dhaka-based power generation company Summit Power International signed an agreement to sell and re-export its 102 MW Narayanganj Unit I power plant to Dubai-based Sabson Energy, according to a bourse filing (pdf).

BACKGROUND- Commissioned in April 2011, the plant supplied electricity to the Bangladesh Power Development Board until March 2024. With no further scope for contract renewal, Summit’s board approved the transaction after negotiations with interested buyers.

LOGISTICS-

Dubai-based logistics firm Al Sharqi Shipping is expanding to Kenya and Uganda, with the support of the Dubai Chamber of Commerce’s Kenyan office, according to the Dubai Media Office. The firm will extend supply chain, freight forwarding, and cargo consolidation services, while expanding its offerings — from customs clearance to investing in local trucking infrastructure — across African markets.

AI-

Adnoc awards USD 95 mn AI HSE project to AIQ, Presight, and e&: Abu Dhabi National Oil Company (Adnoc) Group facilities awarded AIQ, its JV with Presight, alongside Presight and e& UAE, a USD 95 mn contract to deploy AI-powered health, safety, and environment (HSE) applications across its facilities, according to a statement. The system will use computer vision, predictive analytics, and centralized reporting to enable real-time monitoring, proactive risk management, and faster incident response, aiming to improve operational safety and efficiency across Adnoc’s energy sector sites.

REMEMBER- Adnoc is already working closely with AIQ to deploy AI across its supply chain, with a USD 340 mn agreement inked earlier this year. The three-year partnership will see its agentic AI solution EnergyAi rolled out across Adnoc’s upstream operations, and will include seismic analysis, geological modeling and real-time process monitoring, to expedite business processes.

Investors continue to shift bns of USD out of US equities amid growth concerns, weakening USD

Global investors are increasingly shifting capital away from US stock markets, funneling USD 13.6 bn into global equity funds outside the US in July — the biggest inflow since December 2021, Reuters reports, citing data from LSEG Lipper. Meanwhile, US-focused equity funds saw USD 6.3 bn in outflows, marking the third consecutive month of net withdrawals. The exodus comes amid mounting investor macro concerns, worries of overvalued stocks, and a weakening greenback.

The shift began earlier this year, as investors grew wary of President Donald Trump’s protectionist economic agenda and its effect on US assets. “While tariff de-escalation was a tailwind in the second quarter, unresolved trade negotiations and policy deadlines approaching in the early third quarter pose ongoing risks,” said Shelton Capital Management CIO Derek Izuel. He warned that persistent uncertainty “could reignite flows out of US equities, particularly if growth differentials continue to narrow or the Federal Reserve maintains restrictive monetary policy.”

Investors are now turning to markets with lower valuations, easier monetary conditions, and improved growth prospects. Both the MSCI Emerging Markets EMEA Index and MSCI Europe Index are up over 19% YTD, while the MSCI Asia Pacific ex-Japan Index is up 14% — both outperforming the S&P 500, which is up just over 7.2% so far this year.

Adding to the pressure to relocate capital outside the states is a weakening greenback, which is down around 10% YTD. This has, in turn, boosted returns from overseas investments for USD-based investors.

Valuation gaps are also hard to ignore, with the 12-month forward price-to-earnings ratio for the MSCI US Index standing at 22.6, compared to 14.4 for MSCI Asia, 14.2 for MSCI Europe, and 19.7 for the MSCI World Index, further underlining the appeal of non-US markets.

But some say it’s just a rebalance, not a retreat. While the scale of July’s shift is significant, not all analysts see it as a fundamental reversal of the US equity story. “We see this recent trend as more of a strategic rebalancing to neutral positioning from a geographic perspective and less of an adoption of any underweight to the US,” SEI CIO Jim Smigiel told the newswire.

MARKETS THIS MORNING-

Asian markets are mixed in early trading this morning — Japan’s Nikkei is in the red, down 1.4%, while the Shanghai Composite and Hang Seng are in the green, looking at gains of 0.5% and 0.4%, respectively. South Korea’s Kospi is flat.

ADX	10,283	-0.1% (YTD: +9.2%)
DFM	6,091	-0.4% (YTD: +18.1%)
Nasdaq Dubai UAE20	5,029	-0.5% (YTD: +20.8%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	4.1% o/n	4.1% 1 yr
TASI	10,763	-0.1% (YTD: -10.6%)
EGX30	35,855	-0.4% (YTD: +20.6%)
S&P 500	6,467	+0.3% (YTD: +10.0%)
FTSE 100	9,165	+0.2% (YTD: +12.1%)
Euro Stoxx 50	5,388	+1.0% (YTD: +10.1%)
Brent crude	USD 65.63	-0.7%
Natural gas (Nymex)	USD 2.82	-0.4%
Gold	USD 3,408	0.0%
BTC	USD 123,388	+2.7% (YTD: +32.0%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.59	-0.3% (YTD: +3.1%)
S&P MENA Bond & Sukuk	147.90	0.0% (YTD: +5.7%)
VIX (Volatility Index)	14.49	-1.6% (YTD: -16.5%)

THE CLOSING BELL-

The DFM fell 0.4% yesterday on turnover of AED 671.9 mn. The index is up 18.1% YTD.

In the green: International Financial Advisors (+11.2%), Takaful Emarat (+8.3%) and Taaleem Holdings (+6.9%).

In the red: Chimera S&P UAE Shariah ETF- Share class B – Income (-4.3%), Amlak Finance (-3.6%) and Dubai Residential REIT (-2.9%).

Over on the ADX, the index fell 0.1% on turnover of AED 1.1 bn. Meanwhile, Nasdaq Dubai was down 0.5%.

CALENDAR

AUGUST

20-24 August (Wednesday-Sunday): Dubai hosts government pavilion at Gamescom 2025, Cologne, Germany.

SEPTEMBER

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

7 September (Sunday) Opec+ meet to discuss production policy for October.

9 September (Tuesday): Envision 2025, Atlantis, The Royal, Dubai.

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

8-10 September (Monday-Wednesday): WHX-Tech Expo, Dubai World Trade Center.

8-19 September (Monday-Friday): Universal Postal Congress, Dubai World Trade Center.

8-18 September (Monday-Thursday): BHM Capital Financial Services’s AED 200 mn rights issue will be open for subscriptions.

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

10-20 September (Wednesday-Saturday): IFMA Youth World Muay Thai Championship, Abu Dhabi.

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

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

23-24 September (Tuesday-Wednesday): MENA EV Show, The Agenda, Dubai Media City.

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

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

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

25-27 September (Thursday-Saturday): International Congress of Medical Excellence in Dermatology and Aesthetic Med, Dubai World Trade Centre.

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

30 September (Tuesday): Dubai Podfest, Dubai.

OCTOBER

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

30 September-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 October (Tuesday): Enterprise Egypt Forum 2025.

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

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

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

12–15 October (Sunday-Wednesday): Expand North Star, Dubai Harbor.

14-16 October (Tuesday-Thursday): Global Future Councils, Dubai.

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

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

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

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

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

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

12 November (Wednesday): Dubai Business Forum, Cipriani South Street, New York City.

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

13-15 November (Thursday-Saturday): International Financial Markets (ICA) Conference and Exhibition, Conrad Dubai.

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

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

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

DECEMBER

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

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.

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

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

8-11 December (Monday-Thursday): Abu Dhabi Finance Week, Abu Dhabi’s International Financial Center.

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.

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

Signposted to happen in 2026:

31 March – 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.
13-15 April ( Monday-Wednesday) : The International Glass Manufacturing Show, Dubai.
14-16 April: (Tuesday-Thursday): the International Property Show, Sheikh Zayed Rd, Dubai.
11-13 May (Monday-Wednesday): AI Everything Global, Adnec Center.
The UAE to host the Arab Competition Forum
Dubai to host the Arab Actuarial Conference
United Nations Water Conference
Dubai Future Finance Week
Investopia Global Talks, Tashkent

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

Signposted to happen sometime in 2027:

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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