Zamanat leans on tokenization to open up GCC private credit, plus Neopay buys into noon payments

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WHAT WE’RE TRACKING TODAY

THIS MORNING: PMI holds steady + Guinea bauxite is finding its way back to EGA

Good morning, everyone. Tokenization is now reaching private credit, and Zamanat is building a fund to open up access to channel capital into underserved regional businesses. Moving private credit on-chain changes who can access it, not whether borrowers can repay, Zamanat CEO Umair Tariq tells us. His firm secured an anchor commitment and is now assessing its prospects.

As the UAE’s PMI holds steady, pointing to improved business conditions, subsequently rising costs from firms are leading to a bite elsewhere. UAE contractors are increasingly unwilling to lock in prices on longer-term projects as they grapple with rising materials prices. The result? More cost risk passed onto developers and clients.

In M&A, Dubai-based Neopay is buying a 65% controlling stake in noon payments, the latest deal in a fast-consolidating payments market.

Plus: EGA is awaiting its first Guinean bauxite shipment since settling its dispute with the government, and Adnoc inked a multi-year LNG agreement for around 2 mn tons with Thailand’s Gulf Group, due to start in 2027.

EGA-Guinea ties are back in business

Emirates Global Aluminium (EGA) is awaiting its first shipment of Guinean bauxite since settling its dispute with the country’s government, with a 66k-ton cargo loaded in late August now en route to the UAE, EGA said in a statement. The settlement locks in 4.9 mn tons of bauxite annually through 2044 for EGA — roughly a third of what its Guinean unit was exporting before the fallout in 2023.

The supply comes as EGA rebuilds after Iranian strikes knocked its Al Taweelah complex offline in March. The alumina refinery, which turns bauxite into the alumina the smelter runs on, is at around 50% capacity. The smelter has restarted a quarter of its reduction cells as of late August and is targeting full production in 1Q 2027.

It has also been strengthening its contingency plans, working to shore up supplies from elsewhere, including taking a stake in Italian aluminum recycling company Eco Green and planning to move more exports to the east coast.

REMEMBER- A settlement was originally reached in May this year following the shutdown of EGA’s Guinean unit last year, after the Guinean government seized its mining lease and accused it of failing to build an alumina refinery. At the time, an EGA statement described the agreement as made “under mutually beneficial commercial terms” and added that the supply agreement had been renewed without disclosing specific volumes or timelines.

DFSA takes up two amendments and shelves a third

The Dubai Financial Services Authority (DFSA) has shelved proposed changes to how it defines stablecoins and tokenized securities while pushing ahead with lighter rules for credit rating agencies (CRAs) and updated prudential reporting, according to a feedback statement (pdf). The regulator says it will consider the token proposals further in light of consultation feedback and communicate next steps separately.

What was shelved: The original proposals (pdf) would have narrowed the definition of a fiat-pegged crypto token to tokens backed only by reserves in the same currency as the peg. They would also have loosened the investment token definition so it captures hybrid on-chain and off-chain structures, such as tokenized sukuk.

An overview of the changes: The DFSA will now adopt a more principles-based approach when determining conflict of interest cases within the CRA framework, remove the need to disclose fees and charges on every announcement, and eliminate duplicative or overly prescriptive disclosure requirements.

What changes:

Analysts used to be barred from rating a company if a close relative worked there. Now the test is whether any relationship with someone at the company could create, or look like, a conflict — which can catch a close friend while clearing a low-risk family tie;
CRAs no longer have to disclose fees and charges in every rating announcement. The disclosure stays in annual reports and on their websites;
CRAs no longer have to state whether the information behind a structured finance rating is public.

For prudential reporting, firms can look forward to simpler paperwork. Data previously split between the B180 and B120 forms will now just be collected in a redesigned B110 form.

The timeline: The CRA category changes will be implemented from 1 January 2027, while the prudential reporting amendments took effect on 2 October.

Wizz Air pushes back Abu Dhabi resumption

Wizz Air is holding off on resuming its flights to Abu Dhabi, pushing back its planned start date from later this month to 10 January following updates from European aviation authorities, The National reports, citing a company statement. The decision comes as extended flight paths around closed Iraqi airspace make the route “commercially unviable,” it said.

The budget Hungarian airline had been due to restart travel to Dubai and Abu Dhabi on 25 October, alongside routes to Jeddah and Amman. Despite having shut down its locally based Abu Dhabi JV in September 2025, it had been flying into Abu Dhabi through its Wizz Air Hungary and Wizz Air Malta.

IN CONTEXT- The postponement comes as regional hotel demand has been showing signs of recovery ahead of its peak season, with Abu Dhabi and Dubai among those slated to benefit from an expected 4Q rebound. A pickup in inbound air travel to the region was also set to help move things along. For now, Lufthansa and British Airways have said they’ll be making their return in the coming weeks.

Alabbar unveils more of Syria plan

Mohamed Alabbar’s Eagle Hills has signed a framework agreement with the Syrian government to develop urban and tourism projects in Damascus and Latakia. This turns part of the Emaar founder’s USD 18 bn planned investment pipeline for Syria into a signed agreement with the state. President Ahmad al-Sharaa attended yesterday’s signing in Damascus, according to Syrian state news agency SANA. Two projects will move straight to implementation, Public Works and Housing Minister Mustafa Abdul Razzaq said: the Tadamon Towers in Damascus and the Eco Life development on the Latakia coastline.

The first phase is affordable housing, which is where Damascus most needs the private sector. Syria’s housing deficit could pass 2 mn units by 2030 without an immediate response, Abdul Razzaq said, citing ministry estimates. On the tourism side, the projects could create more than 40k direct and indirect jobs, including over 10k permanent positions, Tourism Minister Mazen al-Salhani said.

REMEMBER- While state-linked UAE firms including DP World, Arada, and AD Ports are already involved in Syria’s reconstruction and lining up bns of USD for it, analysts previously told us that the question of pipeline capacity and execution is something else. Only one or two flagship projects are viable at a time due to infrastructure, financing, and physical constraints, they said.

UAE-Jordan’s new rail link on track

The UAE-Jordan railway project kicked off yesterday with Abu Dhabi Crown Prince Khaled bin Mohamed bin Zayed Al Nahyan arriving in Aqaba, Jordan to mark the launch of the Aqaba-Shidiya-Ma’an railway project, according to Wam. He was received by Jordan’s King Abdullah II, alongside other senior officials.

BACKGROUND: Jordan and the UAE inked an agreement on the USD 2.3 bn railway project back in 2024, with plans to connect Jordan’s Al Shidiya and Ghor es Safi mining regions with its sole maritime gateway in Aqaba. As part of this, the two agreed to set up the UAE-Jordan Railway Company to develop and operate the 360-km railway project. Financial close is expected in early 2027, and construction is estimated to take five years.

MGX might go for seconds

Several UAE investment funds — including Abu Dhabi’s MGX — and BlackRock are reportedly negotiating to join a USD 30 bn round of financing for OpenAI, Bloomberg reports, citing unnamed sources. The UAE funders are expected to form a syndicate to invest as much as USD 10 bn. For BlackRock, the fundraise is ongoing, and details may change, the sources said. The ChatGPT-maker has been eyeing investors for a major capital raise that would boost the company to a USD 1.2 tn valuation before its public debut.

IN CONTEXT- MGX AI Investment chief Ali Osman told Bloomberg in February that MGX plans to spend as much as USD 10 bn annually on select companies in the next few years. MGX was among several investors co-leading a USD 30 bn Series G funding round for AI startup Anthropic, making it now a backer of three major AI rivals: OpenAI, xAI, and Anthropic.

Data point

55.3 — that’s the UAE PMI reading (pdf) for September, remaining unchanged from August as sustained improvement in business conditions allowed firms to raise output prices at the fastest pace in 15 years to offset rising input costs, including freight and raw materials. Exports also increased at the fastest pace since 2024, driving a rise in new orders — not as high as August levels, though.

September’s data is a sign that the non-oil sector “has moved past the mid-year slowdown linked to the Middle East conflict,” Principal Economist at S&P Global Market Intelligence David Owen said. Still, sentiment is subdued for the year ahead, a sign that firms “still view the economic outlook as uncertain,” Owen added.

Output rose at the fastest pace since February — before the war — on strong demand, and businesses staffed up in response, though staffing saw only a modest rise. Still, that’s an improvement from August, when employment fell for the second time in three months.

Dubai had the best month of 2026 so far, with the PMI rising to 54.5 in September, up from 54.1 in August, as output increased at the fastest pace YTD and new orders rose. Prices also rose at their fastest pace in 12 years, while backlogs continued to accumulate.

PSA

WEATHER- The mercury is reaching a high of 39°C in Dubai and 38°C in Abu Dhabi today, while the former will see an overnight low of 31°C and the capital will see a low of 30°C, according to our favorite weather app.

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The big story abroad

Anthropic’s lease of Google microchips has secured backing from major Wall Street banks. Bank of America, Citigroup, and Morgan Stanley have begun syndicating part of a USD 60 bn debt package — partially guaranteed by semiconductor maker Broadcom — in what stands as the largest chip-financing agreement to date. The move tests AI debt appetite as investors demand higher returns amid long-term profitability fears.

Singapore-based data center operator DayOne filed for a US IPO, marking the latest in a wave of public listing plans across the sector amid robust demand for AI infrastructure. The firm has secured more than 1.5 GW of bookings for capacity across Asia-Pacific and Europe since 2022, and closed a USD 4.5 bn Series C funding round in June.

McDonald’s is facing a proposed nationwide class-action lawsuit alleging that the company coordinates menu pricing between corporate locations and independent franchises using an AI system trained on nonpublic data.

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Zamanat’s tokenized fund aims to widen access to GCC private credit — the lending risks stay familiar

Putting private credit on the blockchain changes how investors access it — it doesn’t change whether a borrower can repay. That distinction sits at the heart of Zamanat’s bid to channel capital into underserved GCC businesses through a tokenized fund targeting up to USD 100 mn. “The loan does not become safer by being represented digitally,” CEO Umair Tariq tells EnterpriseAM UAE. The underwriting, security analysis, and risk management still have to stand up as they would in a conventional fund.

The DIFC-based company is building infrastructure to connect investors with assets through tokenization, starting with regional private credit. In our recent My Morning Routine interview, Tariq highlighted the window: smaller businesses struggle to secure financing, while wealthy individuals and private family offices have limited access to the regional asset class. The fund is intended to connect those two sides: combining regional lending with digital access for qualifying private investors.

The proposition is still at the fundraising stage. At the time of our interview, the fund had not begun deploying capital, Tariq said. It launched on 10 September with an anchor commitment from Disrupt Group and was evaluating a USD 40-50 mn prospective agreement pipeline. Those are prospects under assessment rather than completed loans — the USD 100 mn is the fundraising target.

Zamanat brings together two trends already taking shape in the UAE: Dubai-based Amwal Capital Partners launched a USD 150 mn private credit fund in May 2025, targeting transactions primarily in Saudi Arabia and the UAE. More recently, Mubadala Capital partnered with Kaio to tokenize a private-markets fund in July.

What the token changes

The immediate benefit is largely on the investor side: Tariq puts the entry ticket at USD 250k, opening a route into regional private credit for qualifying professional investors who may not write the large checks associated with institutional allocations. Investors receive fund shares represented by ZM1 tokens on ZIGChain. Dubai-based Truleum Venture Partners manages the fund, while Apex Group provides administration, as we reported when it was announced.

The digital infrastructure is also meant to reduce administrative work. Eligibility rules and transfer restrictions are built into the token contracts from the outset, Tariq says, while investors can check their holdings on-chain and reconcile them against Apex’s register. Receiving a token does not remove those eligibility requirements or transfer controls. The aim, he explains, is to reduce the operational work around issuing and administering fund holdings.

For the borrower, “the token is invisible.” It does not change the loan agreement or the security supporting the borrowing, Tariq says. The intended benefit is access to a wider pool of capital that might otherwise never reach the business. While tokenization provides the infrastructure around the investment, the underlying transaction remains a loan that needs to be assessed and repaid.

Who gets the financing?

Zamanat is looking for established businesses with revenue and a credible growth plan. The target borrowers are profitable trading or services companies with an operating track record, contracted revenue, and the ability to sustain repayments, Tariq says. For companies seeking USD 2-5 mn, he argues, bank credit can be off the table, leaving them to delay expansion, turn down profitable contracts, raise equity, or use expensive short-term facilities.

One prospective borrower illustrates the gap: a property management company with long-term rental contracts, strong operating inflows, and no debt, yet in need of growth capital to take on new mandates. Tariq describes it as “too small for a bank, but too large for a fintech lender.” The company was under consideration at the time of the interview rather than an investment already made.

The price of filling the gap

Private credit comes at a premium to bank financing — something Tariq readily acknowledges. His argument is that the relevant comparison is the funding a business can actually obtain, weighed against the prospect it would otherwise miss. Financing a profitable contract or an expansion can make sense if the return supports the borrowing cost. “If the economics do not support it, the transaction should not happen,” he says. He did not specify lending rates in our conversation, leaving the size of that premium unquantified.

The underwriting issue

The underwriting starts with how the business will repay. That means examining revenue quality, customer concentration, margins, existing obligations, management, and whether the financing will fund productive growth. Collateral remains part of the assessment, but Tariq says it should reinforce the credit case rather than replace it.

That focus on underwriting comes amid wider scrutiny of the asset class: The Financial Stability Board warned in May that opacity, data gaps, and interconnected exposures could obscure risks and amplify losses in private credit during market stress.

The planned safeguards extend beyond individual borrower selection. The fund intends to take senior secured positions in most instances and also invest through lending platforms with established SME portfolios, Tariq says. A single borrower or platform should not exceed 25% of the fund’s net asset value. It is also exploring co-investments, particularly in Saudi Arabia, with partners familiar with local enforcement requirements.

If a borrower runs into trouble, the first question is whether the problem is temporary or fundamental. Tariq says the agreed process involves assessing whether a disruption can be remedied, whether restructuring is viable, or whether the loan is in default. These are planned procedures rather than a recovery track record: the fund had not yet deployed capital when we spoke.

For Tariq, a successful first year means more than hitting the fundraising target. He points to deployment into quality businesses, diversification within the fund’s concentration limits, and investor onboarding and reporting that work as intended. There is also interest in receivable-backed and asset-backed financing for future products. But the first fund’s central test will be whether the capital it brings together can finance viable growth and be repaid. “Scale will of course not necessarily make a credit portfolio better,” he says. “It still needs to have the right process and diligence throughout.”

Neopay buys into noon payments to fuel regional expansion

Neopay is buying its way into Saudi Arabia and Egypt. The Dubai-based merchant acquirer has agreed to buy a 65% controlling stake in noon payments, the online payment gateway of e-commerce platform noon, according to a press release. The acquisition pairs Neopay's in-store card terminals with noon payments' online checkout. Neither side disclosed the price, and the transaction still needs regulatory and antitrust approval.

The pitch to merchants is one provider for online and in-store payments across the UAE, Saudi Arabia, and Egypt. Today, a retailer selling in several GCC markets often deals with a different acquirer and gateway in each country. The combined company says it will offer both online and in-store payment acceptance, cross-border settlement, and faster onboarding for new merchants.

This is the latest transaction in a fast-consolidating payments market. Mashreq sold a 65% stake in Neopay to a consortium of Arcapita and Turkish fintech Dgpays for USD 385 mn in January 2025, we reported at the time. The new owners said then that they planned to scale and enter new markets, and this acquisition is the first big step in that plan. Nine months later, Network International and Magnati completed their merger under a Brookfield-led consortium. The combined company now operates as Network International and describes itself as the largest payments platform in the Middle East and Africa.

Why it matters: The UAE's merchant-payments market is turning into a contest between a handful of large, well-funded platforms. Network International already has the scale. With noon payments, Neopay is buying an online business and two new markets so it can compete with Network on breadth.

UAE contractors back away from fixed-price contracts as materials costs climb

UAE contractors are increasingly unwilling to lock in prices on long-term projects, shifting more of the cost risk from regional tensions onto developers and clients, according to a new market report from consultancy Currie & Brown.

What’s happening: Tenders are coming back with additional qualifications and shorter quote validity windows, with some steel prices now locked for only around 30 days. Fluctuation clauses, which let contractors adjust their price if material costs move, are becoming common on longer programs. And contractors are also filing more extension-of-time claims — formal requests for more time to finish a project without penalties — as they stretch their capacity and wait longer for specialist materials and equipment to arrive.

The squeeze shows up in materials prices: Average cement prices are up 16% since January, concrete 10%, and steel reinforcement 8%, based on supplier pricing as of 31 August, the report says. Diesel has swung the most, jumping in April, falling back, and then rising again in August and September.

Metal- and energy-heavy work is taking the biggest hit, including MEP systems, electrical infrastructure, façades, steel, and aluminum. Higher freight, supplier, and ins. costs are part of it, the report says, alongside sharp global price rises for oil, aluminum, and copper. Demand from data centers is adding to the pressure on specialist electrical and cooling equipment, which data centers need in large volumes.

The pipeline is still moving

Work is moving ahead on data centers, Al Maktoum International Airport’s expansion, Etihad Rail, industrial and logistics projects, and residential units already sold off plan.

But new awards have slowed since the war began. UAE project awards fell 18.5% y-o-y to USD 29.2 bn in 1Q 2026, as we reported in April. They then dropped 56.6% q-o-q to USD 20.5 bn in 2Q, costing the UAE its spot as the Gulf's busiest projects market to Saudi Arabia, according to Kamco Invest data we reported in July. That’s c. USD 49.7 bn for 1H. The decline was broad-based, as seven of the UAE’s eight project sectors saw lower award values than a year earlier in 2Q.

Government transport projects are the exception. Transport made up more than a third of 1Q awards at around USD 10.1 bn, up from USD 3 bn a year earlier. The biggest item is Al Maktoum International Airport, where more than AED 55 bn in airport contracts are expected to be awarded by the end of 2026, and first-phase operations are targeted for 2032, as we reported in August.

Adnoc to supply Thailand’s Gulf Group 2 mn tons of LNG

Adnoc is back with Thailand’s Gulf Group on a multi-year LNG agreement for around 2 mn tons in total, starting in 2027, it said in a statement. Adnoc Trading will deliver the volumes under a sales and purchase agreement that builds on the company’s first LNG supply agreement, signed in 2025, Wam reports. The value and exact duration of the agreement were not disclosed.

REMEMBER- Adnoc says the agreement is enabled by the LNG platform it launched in July, combining Adnoc Gas and XRG’s marketing operations with Adnoc Trading’s desk. The platform targets 47 mn tons annually by 2035, and Adnoc Trading remains the counterparty for LNG trading.

Three buyers, one unnamed plant

Adnoc’s Asian LNG book is expanding: Adnoc Gas signed a USD 2.5-3 bn agreement with India’s Hindustan Petroleum in January to supply 500k tons annually from Das Island for 10 years starting 2028. In July, it signed a 15-year agreement with Japan’s Inpex for 1 mn tons a year from Ruwais LNG, also starting 2028, amounting to 15 mn in total.

Origin not found: No source plant has been named for Gulf Group’s supply agreement, unlike the Hindustan Petroleum and Inpex contracts, which are tied to Das Island and Ruwais. Adnoc Trading supplies from a portfolio that includes third-party LNG, and Adnoc says the platform is designed to enhance flexibility and shipping optionality.

The strait is still in the way

Getting LNG out of the Gulf already takes workarounds. By early September, the UAE and Qatar had moved three cargoes through rare LNG ship-to-ship transfers off Oman and the UAE’s east coast for delivery to India and Japan. The gas must stay chilled throughout the handoff, limiting the pool of compatible tankers and equipment. Most LNG tankers also need to switch off their transponders while passing the strait.

Adnoc is also adding ships: Adnoc Logistics & Services ordered two LNG carriers for USD 444 mn in August, with delivery scheduled for 2029, taking its LNG fleet to 24 ships: 10 delivered and 14 under construction.

A permanent way around the strait is still on the drawing board: Adnoc Gas was studying an east-coast LNG export facility as of August, with no final investment decision taken. Its existing 6 mn ton annual capacity at Das Island and the 9.6 mn ton Ruwais project sit inside the strait, leaving UAE-produced LNG exposed to disruptions even as the group expands its international sales portfolio.

The signal: While Adnoc is filling its order book, Hormuz will test its delivery plans. Adnoc is committing LNG to Asian buyers from 2027 while its UAE plants sit inside the strait, and the platform it launched in July is pitched on flexibility and shipping optionality. Neither statement says where the Gulf Group cargoes will load.

Mashreq taps Rajeev Bhatnagar as new chief risk officer

Our friends at Mashreq hired BNY’s Rajeev Bhatnagar (LinkedIn) as group chief risk officer, according to a statement. In his most recent role in London, Bhatnagar served as BNY’s chief risk and compliance officer for international operations, overseeing risk management across client portfolios in more than 100 countries. He previously served as the bank’s interim global chief compliance and ethics officer, and before joining BNY, he held senior risk management roles at Commonwealth Bank of Australia and Citigroup.

Rox eyes new energy storage platform + UAE, Washington follow up on AI ties

Rox wagers on the Gulf’s storage gap

Rox Capital Group, a Dubai-based asset manager focused on sustainability, is in talks with potential partners for a new energy-storage platform targeting utility-scale and commercial projects in the UAE and Oman, founder Robin Antony tells EnterpriseAM UAE. Rox’s plans will focus on storage technologies ranging from lithium-ion, flow, and sodium-ion batteries to longer-duration options such as thermal, gravity, and compressed-air storage, according to a press release. The plan includes jointly submitting bids for upcoming storage tenders. Depending on the project, Rox could invest directly, co-develop with partners, or broker contracts between technology providers, investors, and project owners, Antony said.

The pitch is that Gulf projects need a mix of technologies: Summer heat raises cooling needs for batteries, and solar-heavy grids need storage that lasts longer after dark, Antony argues. Demand is building: Masdar and EWEC are developing a USD 6.1 bn Abu Dhabi plant that pairs 5.2 GW of solar with 19 GWh of storage, and Masdar’s Ibri III project is Oman’s first solar-plus-storage plant.

Still no specifics: Rox hasn’t named partners, projects, or target tenders, and Antony declined to give a capital target or timeline.

Following up on A:5

(xNF>AF) A UAE delegation was in Washington last week pushing for deeper tech ties, including follow-through on the US decision to ease export controls on the UAE. The trip was led by Omran Sharaf, assistant minister for advanced science and technology at the Foreign Affairs Ministry, according to a ministry statement. The delegation met White House science and technology adviser Michael Kratsios and Under Secretary of State for Economic Growth Jacob Helberg. Talks covered AI, cybersecurity, space, quantum computing, and post-quantum encryption. With the Commerce Department, the agenda covered trade facilitation and export management.

BACKGROUND- Washington moved the UAE into Country Group A:5, its allies-only export tier, in July. That lets G42 and other approved firms buy advanced chips without a license, as we’ve reported. But G42’s access lapses in April 2027 unless it’s extended, and G42 is reportedly in exploratory talks about selling a majority stake to US firms to secure access beyond that date. The two countries are working together on a 5 GW UAE-US AI campus in Abu Dhabi, anchored by the 1 GW Stargate UAE cluster.

Why European central banks are relocating gold reserves out of North America

European central banks are rethinking where they store their gold. The Dutch central bank (DNB) moved 86 tonnes from North America to London, lifting London’s share of its reserves to 32.1% from 18.1% and putting it ahead of the 30.8% held domestically. The relocation leaves DNB “better prepared for severe crises,” with the gold “readily available for use in a crisis situation,” the bank said.

Wars and trade tensions are only part of it. Conflict does not “top the list” of motivations, World Gold Council Senior Market Strategist Joseph Cavatoni tells the BBC, with inflation, interest rates, and the ability to trade gold quickly also shaping reserve decisions. “I don’t get a sense that there’s an impending doom,” he said. Central banks are instead “being better educated around how to manage their reserve assets.”

The Netherlands isn’t alone. Banque de France sold 129 tonnes of gold held in New York and bought replacement gold that meets London Bullion Market Association standards in Europe, which it described as upgrading the quality of its reserves rather than changing their size.

Why London: The market offers deep liquidity and large quantities of bars meeting the London Good Delivery standard, according to the World Gold Council. The Bank of England’s vaults hold around 400k gold bars worth more than GBP 200 bn and give central banks access to that liquidity.

Looks a lot like home: Around 59 tonnes of the Dutch holdings in New York were sold and replaced with equivalent stocks in London, meaning the gold didn’t have to cross the Atlantic. About 27 tonnes were physically shipped from North America to the Netherlands, with a similar amount later moved from there to London. “With this relocation, we have improved the tradability of our gold reserves. We expect that we will never need to use them, but we do need to strengthen our resilience and preparedness,” said DNB Governor Olaf Sleijpen.

The volume is the pressure: Central banks bought an average of around 1k tonnes a year over the past four years, roughly twice the 500-tonne annual average of the preceding decade, according to the World Gold Council. Keeping it at home is expensive. “Domestic storage requires investment in physical security, audit infrastructure, and ins.; costs that can be disproportionate for smaller central banks,” Goldman Sachs research analysts tell the BBC.

REMEMBER- Gold passed USD 5k an ounce in January, setting a run of records before pulling back, and remains historically elevated. Goldman Sachs expects USD 4.9k per troy ounce by the end of this year.

Precedent, in the other direction: Germany moved 300 tonnes from New York to Frankfurt between 2013 and 2016, as part of a plan to hold half of its gold reserves domestically. Austria repatriated 90 tonnes in 2018 and now holds roughly half of its 280-tonne reserves domestically, with the rest distributed across the UK, France, and Switzerland to reduce concentration risk and maintain access to major gold markets.

MARKETS THIS MORNING-

Asian markets were mixed in early trading. Japan’s Nikkei was up around 0.2% and South Korea’s Kospi was down 0.2%. Meanwhile, US equities were broadly in the green, with the S&P 500 taking the lead.

ADX	10,011	+0.4% (YTD: +0.2%)
DFM	5,908	+0.1% (YTD: +2.3%)
Nasdaq Dubai UAE20	4,891	+0.4% (YTD: +0.0%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.7% o/n	5.0% 1 yr
TASI	10,479	-0.2% (YTD: -0.1%)
EGX30	53,553	-0.7% (YTD: +28.0%)
S&P 500	7,774	+0.7% (YTD: +13.6%)
FTSE 100	10,498	+0.3% (YTD: +5.7%)
Euro Stoxx 50	6,242	+0.1% (YTD: +7.7%)
Brent crude	USD 100.32	-1.9%
Natural gas (Nymex)	USD 3.08	+0.3%
Gold	USD 4,170	+0.3%
BTC	USD 85,971	-0.5% (YTD: -1.9%)
Lunate JP Morgan UAE Bond UCITS ETF	AED 3.55	+0.6% (YTD: -1.3%)
S&P MENA Bond & Sukuk	146.49	+0.3% (YTD: -3.6%)
VIX (Volatility Index)	15.52	+1.4% (YTD: +3.8%)

THE CLOSING BELL-

The DFM rose 0.1% yesterday on turnover of AED 444 mn. The index is up 2.3% YTD.

In the green: Dubai Islamic Ins. and Reinsurance Co. (+6.0%), Dubai Electricity & Water Authority (+3.8%), and Amanat Holdings (+1.3%).

In the red: National Cement Company (-5.0%), National International Holding Company (-4.9%), and United Foods Company (-4.9%).

Over on the ADX, the index rose 0.4% on turnover of AED 846.3 mn. Meanwhile, Nasdaq Dubai was up 0.4%.

CALENDAR

OCTOBER

4-10 October (Sunday-Saturday): World Space Week, Abu Dhabi.

6-7 October (Tuesday-Wednesday): AI Everything Global, Adnec Center, Abu Dhabi.

7 October (Wednesday): Annual Islamic Finance Conference, The Atrium, Level 2, Gate District, DIFC, Dubai.

8-9 October (Thursday-Friday): Climate Forum, Conrad Hotel, Abu Dhabi.

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 Medicine, 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;
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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